D. Scott Neal

LEXINGTON, KYfiles as D. SCOTT NEAL, INC.

$216m in 58 US stocks at the end of 30 September 2025. The top 10 are 78.9% of the money. It changed about 3.9% of the portfolio this quarter.

Value

$216m

Stocks

Top 10 share

78.9%

Turnover

3.9%

What changed this quarter

New

Bought for the first time this quarter.

Micron TechnologyMU
0.1% of the fund
Ishares TRITB
<0.1% of the fund
Bank of AmericaBAC
<0.1% of the fund
WalmartWMT
<0.1% of the fund

Added

Bought more of a stock they already held.

Select Sector Spdr TRXLU
1.4% of the fund
+10%

Cut

Sold some of their stake.

Unum GroupUNM
9.3% of the fund
-3%
Ishares Gold TRIAU
2.3% of the fund
-9%
State STR Spdr S&P 500 ETF TSPY
1.9% of the fund
-10%
NvidiaNVDA
0.8% of the fund
-10%
International Business MachinesIBM
0.3% of the fund
-13%
Vanguard Index FDSVOO
0.3% of the fund
-4%
Ishares TRESGU
0.2% of the fund
-4%
Abbott LaboratoriesABT
0.1% of the fund
-18%
ExxonMobil HoldingsXOM
0.1% of the fund
-4%

Sold out

Sold their entire stake.

Novo Nordisk A SNVO
-100%

Holdings

Spdr Gold TRGLD
Share
16.7%
Value
$36m
Shares
101,674
Held
Invesco QQQ TRQQQ
Share
14.3%
Value
$31m
Shares
51,460
Held
Select Sector Spdr TRXLC
Share
10.1%
Value
$22m
Shares
185,200
Held
Unum GroupUNM
Share
9.3%
Value
$20m
Shares
257,423
-3%
Arthur J. GallagherAJG
Share
8.1%
Value
$18m
Shares
56,663
Held
FlexFLEX
Share
7.2%
Value
$16m
Shares
267,835
Held
KLAKLAC
Share
5.4%
Value
$12m
Shares
10,886
Held
National Storage Affiliates
Share
3.6%
Value
$8m
Shares
255,877
Held
Ishares Gold TRIAU
Share
2.3%
Value
$5m
Shares
67,117
-9%
MicrosoftMSFT
Share
2.0%
Value
$4m
Shares
8,172
Held
State STR Spdr S&P 500 ETF TSPY
Share
1.9%
Value
$4m
Shares
6,211
-10%
CaterpillarCAT
Share
1.7%
Value
$4m
Shares
7,549
Held
Proshares TRQLD
Share
1.6%
Value
$3m
Shares
24,928
Held
Select Sector Spdr TRXLU
Share
1.4%
Value
$3m
Shares
33,558
+10%
Berkshire HathawayBRK-B
Share
1.3%
Value
$3m
Shares
5,719
Held
Rekor SystemsREKR
Share
1.2%
Value
$3m
Shares
1,700,650
Held
Proshares TRSSO
Share
1.2%
Value
$3m
Shares
22,688
Held
AppleAAPL
Share
0.8%
Value
$2m
Shares
6,882
Held
NvidiaNVDA
Share
0.8%
Value
$2m
Shares
9,122
-10%
Republic BancorpRBCAA
Share
0.7%
Value
$2m
Shares
21,000
Held
Ishares TRIVV
Share
0.7%
Value
$1m
Shares
2,129
Held
Ishares TRHEFA
Share
0.6%
Value
$1m
Shares
31,360
Held
AT&TT
Share
0.5%
Value
$1m
Shares
36,040
Held
Home DepotHD
Share
0.4%
Value
$946,524
Shares
2,336
Held
VisaV
Share
0.4%
Value
$870,519
Shares
2,550
Held
MastercardMA
Share
0.4%
Value
$775,324
Shares
1,363
Held
Lowe's CompaniesLOW
Share
0.3%
Value
$653,406
Shares
2,600
Held
International Business MachinesIBM
Share
0.3%
Value
$606,644
Shares
2,150
-13%
Vanguard Index FDSVOO
Share
0.3%
Value
$605,644
Shares
989
-4%
Johnson & JohnsonJNJ
Share
0.3%
Value
$574,802
Shares
3,100
Held
Regions FinancialRF
Share
0.3%
Value
$565,215
Shares
21,434
Held
TeslaTSLA
Share
0.3%
Value
$557,679
Shares
1,254
Held
Procter & GamblePG
Share
0.3%
Value
$555,753
Shares
3,617
Held
AlphabetGOOGL
Share
0.2%
Value
$539,682
Shares
2,220
Held
Amazon.comAMZN
Share
0.2%
Value
$513,575
Shares
2,339
Held
AlphabetGOOG
Share
0.2%
Value
$487,100
Shares
2,000
Held
Altria GroupMO
Share
0.2%
Value
$469,159
Shares
7,102
Held
State STR Spdr S&P Midcap 40MDY
Share
0.2%
Value
$464,904
Shares
780
Held
Ishares TRIWM
Share
0.2%
Value
$450,046
Shares
1,860
Held
Ishares TRESGU
Share
0.2%
Value
$420,639
Shares
2,889
-4%
Ishares TRIWR
Share
0.2%
Value
$343,718
Shares
3,560
Held
GSKGSK
Share
0.2%
Value
$342,173
Shares
7,928
Held
BroadcomAVGO
Share
0.2%
Value
$341,291
Shares
1,034
Held
OracleORCL
Share
0.2%
Value
$337,488
Shares
1,200
Held
NikeNKE
Share
0.1%
Value
$320,758
Shares
4,600
Held
Abbott LaboratoriesABT
Share
0.1%
Value
$308,062
Shares
2,300
-18%
Ishares TRESGD
Share
0.1%
Value
$305,719
Shares
3,288
Held
ExxonMobil HoldingsXOM
Share
0.1%
Value
$285,709
Shares
2,534
-4%
Honeywell InternationalHON
Share
0.1%
Value
$270,493
Shares
1,285
Held
Vanguard World FDESGV
Share
0.1%
Value
$252,515
Shares
2,132
Held
Goldman Sachs GroupGS
Share
0.1%
Value
$238,905
Shares
300
Held
Micron TechnologyMU
Share
0.1%
Value
$227,221
Shares
1,358
New
Waste ManagementWM
Share
0.1%
Value
$224,585
Shares
1,017
Held
Empire ST Rlty OP L PESBA
Share
<0.1%
Value
$215,760
Shares
29,000
Held
Ishares TRITB
Share
<0.1%
Value
$214,500
Shares
2,000
New
Bank of AmericaBAC
Share
<0.1%
Value
$205,948
Shares
3,992
New
WalmartWMT
Share
<0.1%
Value
$200,864
Shares
1,949
New
LivepersonLPSN
Share
<0.1%
Value
$14,645
Shares
25,107
Held

Company	Share of fund	Value	Shares	Change
Spdr Gold TRGLD	16.7%	$36m	101,674	Held
Invesco QQQ TRQQQ	14.3%	$31m	51,460	Held
Select Sector Spdr TRXLC	10.1%	$22m	185,200	Held
Unum GroupUNM	9.3%	$20m	257,423	-3%
Arthur J. GallagherAJG	8.1%	$18m	56,663	Held
FlexFLEX	7.2%	$16m	267,835	Held
KLAKLAC	5.4%	$12m	10,886	Held
National Storage Affiliates	3.6%	$8m	255,877	Held
Ishares Gold TRIAU	2.3%	$5m	67,117	-9%
MicrosoftMSFT	2.0%	$4m	8,172	Held
State STR Spdr S&P 500 ETF TSPY	1.9%	$4m	6,211	-10%
CaterpillarCAT	1.7%	$4m	7,549	Held
Proshares TRQLD	1.6%	$3m	24,928	Held
Select Sector Spdr TRXLU	1.4%	$3m	33,558	+10%
Berkshire HathawayBRK-B	1.3%	$3m	5,719	Held
Rekor SystemsREKR	1.2%	$3m	1,700,650	Held
Proshares TRSSO	1.2%	$3m	22,688	Held
AppleAAPL	0.8%	$2m	6,882	Held
NvidiaNVDA	0.8%	$2m	9,122	-10%
Republic BancorpRBCAA	0.7%	$2m	21,000	Held
Ishares TRIVV	0.7%	$1m	2,129	Held
Ishares TRHEFA	0.6%	$1m	31,360	Held
AT&TT	0.5%	$1m	36,040	Held
Home DepotHD	0.4%	$946,524	2,336	Held
VisaV	0.4%	$870,519	2,550	Held
MastercardMA	0.4%	$775,324	1,363	Held
Lowe's CompaniesLOW	0.3%	$653,406	2,600	Held
International Business MachinesIBM	0.3%	$606,644	2,150	-13%
Vanguard Index FDSVOO	0.3%	$605,644	989	-4%
Johnson & JohnsonJNJ	0.3%	$574,802	3,100	Held
Regions FinancialRF	0.3%	$565,215	21,434	Held
TeslaTSLA	0.3%	$557,679	1,254	Held
Procter & GamblePG	0.3%	$555,753	3,617	Held
AlphabetGOOGL	0.2%	$539,682	2,220	Held
Amazon.comAMZN	0.2%	$513,575	2,339	Held
AlphabetGOOG	0.2%	$487,100	2,000	Held
Altria GroupMO	0.2%	$469,159	7,102	Held
State STR Spdr S&P Midcap 40MDY	0.2%	$464,904	780	Held
Ishares TRIWM	0.2%	$450,046	1,860	Held
Ishares TRESGU	0.2%	$420,639	2,889	-4%
Ishares TRIWR	0.2%	$343,718	3,560	Held
GSKGSK	0.2%	$342,173	7,928	Held
BroadcomAVGO	0.2%	$341,291	1,034	Held
OracleORCL	0.2%	$337,488	1,200	Held
NikeNKE	0.1%	$320,758	4,600	Held
Abbott LaboratoriesABT	0.1%	$308,062	2,300	-18%
Ishares TRESGD	0.1%	$305,719	3,288	Held
ExxonMobil HoldingsXOM	0.1%	$285,709	2,534	-4%
Honeywell InternationalHON	0.1%	$270,493	1,285	Held
Vanguard World FDESGV	0.1%	$252,515	2,132	Held
Goldman Sachs GroupGS	0.1%	$238,905	300	Held
Micron TechnologyMU	0.1%	$227,221	1,358	New
Waste ManagementWM	0.1%	$224,585	1,017	Held
Empire ST Rlty OP L PESBA	<0.1%	$215,760	29,000	Held
Ishares TRITB	<0.1%	$214,500	2,000	New
Bank of AmericaBAC	<0.1%	$205,948	3,992	New
WalmartWMT	<0.1%	$200,864	1,949	New
LivepersonLPSN	<0.1%	$14,645	25,107	Held

Over time and by industry

Value over time

Sep '25

Value is up 7.8% since 30 June 2025.

Where the money is

Financial services20.6%

Technology18.1%

Industrials1.9%

Retail & consumer1.4%

Media & telecom0.9%

Everyday goods0.6%

Health care0.4%

Energy0.1%

Other55.9%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.