Magnolia Capital Management

COLD SPRING, NYfiles as MAGNOLIA CAPITAL MANAGEMENT LTD

$145m in 75 US stocks at the end of 30 June 2026. The top 10 are 64.0% of the money. It changed about 7.4% of the portfolio this quarter.

Value

$145m

Stocks

Top 10 share

64.0%

Turnover

7.4%

What changed this quarter

New

Bought for the first time this quarter.

Honeywell InternationalHON
0.3% of the fund
Honeywell AerospaceHONA
0.3% of the fund
Texas InstrumentsTXN
0.2% of the fund
Proshares TRTDV
0.2% of the fund

Added

Bought more of a stock they already held.

None this quarter.

Cut

Sold some of their stake.

Invesco QQQ TRQQQ
18.0% of the fund
-13%
State STR Spdr S&P 500 ETF TSPY
15.3% of the fund
-13%
Ishares TRIJH
6.2% of the fund
-11%
State STR Spdr DOW Jones INDDIA
5.6% of the fund
-11%
AppleAAPL
5.1% of the fund
-23%
AlphabetGOOG
3.5% of the fund
-15%
Ishares TRIJR
3.4% of the fund
-13%
Berkshire HathawayBRK-B
2.5% of the fund
-18%
Cisco SystemsCSCO
2.2% of the fund
-14%
Johnson & JohnsonJNJ
1.9% of the fund
-4%
Select Sector Spdr TRXLY
1.8% of the fund
-9%
MicrosoftMSFT
1.7% of the fund
-3%
BroadcomAVGO
1.3% of the fund
-3%
Select Sector Spdr TRXLI
1.2% of the fund
-25%
Select Sector Spdr TRXLV
0.9% of the fund
-25%
QualcommQCOM
0.7% of the fund
-4%
MerckMRK
0.7% of the fund
-25%
Vertiv HoldingsVRT
0.7% of the fund
-17%
Royal Bank of CanadaRY
0.7% of the fund
-14%
Select Sector Spdr TRXLC
0.7% of the fund
-17%
ExxonMobil HoldingsXOM
0.6% of the fund
-6%
ASML Holding NVASML
0.6% of the fund
-14%
AmgenAMGN
0.5% of the fund
-17%
PepsiCoPEP
0.5% of the fund
-11%
Realty IncomeO
0.5% of the fund
-15%

Sold out

Sold their entire stake.

Eli LillyLLY
-100%
Honeywell InternationalHON
-100%
Vanguard Index FDSVO
-100%

Holdings

Invesco QQQ TRQQQ
Share
18.0%
Value
$26m
Shares
35,345
-13%
State STR Spdr S&P 500 ETF TSPY
Share
15.3%
Value
$22m
Shares
29,595
-13%
Ishares TRIJH
Share
6.2%
Value
$9m
Shares
117,375
-11%
State STR Spdr DOW Jones INDDIA
Share
5.6%
Value
$8m
Shares
15,426
-11%
AppleAAPL
Share
5.1%
Value
$7m
Shares
25,578
-23%
AlphabetGOOG
Share
3.5%
Value
$5m
Shares
14,545
-15%
Ishares TRIJR
Share
3.4%
Value
$5m
Shares
32,764
-13%
Berkshire HathawayBRK-B
Share
2.5%
Value
$4m
Shares
7,158
-18%
Ishares TRIYJ
Share
2.3%
Value
$3m
Shares
20,076
Held
Cisco SystemsCSCO
Share
2.2%
Value
$3m
Shares
27,530
-14%
Johnson & JohnsonJNJ
Share
1.9%
Value
$3m
Shares
10,713
-4%
Select Sector Spdr TRXLY
Share
1.8%
Value
$3m
Shares
21,742
-9%
MicrosoftMSFT
Share
1.7%
Value
$2m
Shares
6,450
-3%
Amazon.comAMZN
Share
1.4%
Value
$2m
Shares
8,313
Held
BroadcomAVGO
Share
1.3%
Value
$2m
Shares
5,167
-3%
NvidiaNVDA
Share
1.3%
Value
$2m
Shares
9,601
Held
Select Sector Spdr TRXLP
Share
1.3%
Value
$2m
Shares
22,375
Held
Select Sector Spdr TRXLI
Share
1.2%
Value
$2m
Shares
9,140
-25%
Select Sector Spdr TRXLV
Share
0.9%
Value
$1m
Shares
8,305
-25%
JPMorgan ChaseJPM
Share
0.9%
Value
$1m
Shares
3,916
Held
Ishares TRIYF
Share
0.8%
Value
$1m
Shares
8,845
Held
QualcommQCOM
Share
0.7%
Value
$1m
Shares
5,860
-4%
MerckMRK
Share
0.7%
Value
$1m
Shares
8,417
-25%
Vertiv HoldingsVRT
Share
0.7%
Value
$1m
Shares
3,100
-17%
Royal Bank of CanadaRY
Share
0.7%
Value
$1m
Shares
4,865
-14%
Select Sector Spdr TRXLC
Share
0.7%
Value
$952,000
Shares
8,891
-17%
Costco WholesaleCOST
Share
0.7%
Value
$947,000
Shares
1,012
Held
AbbVieABBV
Share
0.6%
Value
$930,000
Shares
3,695
Held
Procter & GamblePG
Share
0.6%
Value
$916,000
Shares
6,250
Held
ExxonMobil HoldingsXOM
Share
0.6%
Value
$915,000
Shares
6,689
-6%
ASML Holding NVASML
Share
0.6%
Value
$867,000
Shares
436
-14%
Valero EnergyVLO
Share
0.6%
Value
$819,000
Shares
3,145
Held
AmgenAMGN
Share
0.5%
Value
$788,000
Shares
2,175
-17%
Dell TechnologiesDELL
Share
0.5%
Value
$783,000
Shares
1,815
Held
PepsiCoPEP
Share
0.5%
Value
$746,000
Shares
5,512
-11%
Realty IncomeO
Share
0.5%
Value
$746,000
Shares
12,036
-15%
Ishares TRITA
Share
0.5%
Value
$731,000
Shares
3,015
-22%
Ishares TRIVE
Share
0.5%
Value
$730,000
Shares
3,215
-30%
CSXCSX
Share
0.5%
Value
$708,000
Shares
14,895
Held
International Business MachinesIBM
Share
0.5%
Value
$691,000
Shares
2,457
-20%
WalmartWMT
Share
0.5%
Value
$686,000
Shares
6,060
-22%
American ExpressAXP
Share
0.5%
Value
$680,000
Shares
2,010
-21%
Home DepotHD
Share
0.5%
Value
$670,000
Shares
1,900
-18%
Trane TechnologiesTT
Share
0.5%
Value
$653,000
Shares
1,330
Held
Nestle SA ADRNSRGY
Share
0.4%
Value
$616,000
Shares
6,000
-8%
Spdr Index SHS FDSGMF
Share
0.4%
Value
$606,000
Shares
3,860
-30%
Air Products & ChemicalsAPD
Share
0.4%
Value
$586,000
Shares
2,000
Held
Agnico Eagle MinesAEM
Share
0.4%
Value
$571,000
Shares
3,680
-8%
Spinnaker ETF SeriesEUAD
Share
0.4%
Value
$565,000
Shares
13,385
-14%
Fidelity Covington TrustFTEC
Share
0.4%
Value
$525,000
Shares
1,840
-21%
Ishares TREFA
Share
0.4%
Value
$511,000
Shares
4,915
-2%
M&T BankMTB
Share
0.3%
Value
$495,000
Shares
2,080
-85%
Alps ETF TRAMLP
Share
0.3%
Value
$447,000
Shares
8,625
Held
Abbott LaboratoriesABT
Share
0.3%
Value
$438,000
Shares
4,827
Held
Spdr Series TrustXME
Share
0.3%
Value
$435,000
Shares
4,065
Held
Constellation EnergyCEG
Share
0.3%
Value
$414,000
Shares
1,665
-3%
Fidelity Covington TrustFDIS
Share
0.3%
Value
$409,000
Shares
3,980
-21%
Dick's Sporting GoodsDKS
Share
0.3%
Value
$405,000
Shares
1,785
Held
Honeywell InternationalHON
Share
0.3%
Value
$392,000
Shares
1,750
New
Honeywell AerospaceHONA
Share
0.3%
Value
$387,000
Shares
1,750
New
Bank of New York MellonBNY
Share
0.3%
Value
$384,000
Shares
2,657
-74%
Select Sector Spdr TRXLF
Share
0.3%
Value
$373,000
Shares
6,955
Held
AdobeADBE
Share
0.3%
Value
$369,000
Shares
1,800
Held
Select Sector Spdr TRXLU
Share
0.2%
Value
$337,000
Shares
7,440
Held
Deutsche Telekom AGDTEGY
Share
0.2%
Value
$317,000
Shares
11,615
-15%
IsharesIEMG
Share
0.2%
Value
$313,000
Shares
3,775
Held
American Electric PowerAEP
Share
0.2%
Value
$295,000
Shares
2,155
Held
Select Sector Spdr TRXLE
Share
0.2%
Value
$269,000
Shares
5,070
-32%
Ishares TRACWI
Share
0.2%
Value
$261,000
Shares
1,665
Held
Texas InstrumentsTXN
Share
0.2%
Value
$259,000
Shares
868
New
AlphabetGOOGL
Share
0.2%
Value
$252,000
Shares
706
-5%
AccentureACN
Share
0.2%
Value
$249,000
Shares
2,000
-3%
Proshares TRTDV
Share
0.2%
Value
$239,000
Shares
2,300
New
L3harris TechnologiesLHX
Share
0.1%
Value
$216,000
Shares
743
-46%
IsharesEWG
Share
0.1%
Value
$209,000
Shares
5,055
Held

Company	Share of fund	Value	Shares	Change
Invesco QQQ TRQQQ	18.0%	$26m	35,345	-13%
State STR Spdr S&P 500 ETF TSPY	15.3%	$22m	29,595	-13%
Ishares TRIJH	6.2%	$9m	117,375	-11%
State STR Spdr DOW Jones INDDIA	5.6%	$8m	15,426	-11%
AppleAAPL	5.1%	$7m	25,578	-23%
AlphabetGOOG	3.5%	$5m	14,545	-15%
Ishares TRIJR	3.4%	$5m	32,764	-13%
Berkshire HathawayBRK-B	2.5%	$4m	7,158	-18%
Ishares TRIYJ	2.3%	$3m	20,076	Held
Cisco SystemsCSCO	2.2%	$3m	27,530	-14%
Johnson & JohnsonJNJ	1.9%	$3m	10,713	-4%
Select Sector Spdr TRXLY	1.8%	$3m	21,742	-9%
MicrosoftMSFT	1.7%	$2m	6,450	-3%
Amazon.comAMZN	1.4%	$2m	8,313	Held
BroadcomAVGO	1.3%	$2m	5,167	-3%
NvidiaNVDA	1.3%	$2m	9,601	Held
Select Sector Spdr TRXLP	1.3%	$2m	22,375	Held
Select Sector Spdr TRXLI	1.2%	$2m	9,140	-25%
Select Sector Spdr TRXLV	0.9%	$1m	8,305	-25%
JPMorgan ChaseJPM	0.9%	$1m	3,916	Held
Ishares TRIYF	0.8%	$1m	8,845	Held
QualcommQCOM	0.7%	$1m	5,860	-4%
MerckMRK	0.7%	$1m	8,417	-25%
Vertiv HoldingsVRT	0.7%	$1m	3,100	-17%
Royal Bank of CanadaRY	0.7%	$1m	4,865	-14%
Select Sector Spdr TRXLC	0.7%	$952,000	8,891	-17%
Costco WholesaleCOST	0.7%	$947,000	1,012	Held
AbbVieABBV	0.6%	$930,000	3,695	Held
Procter & GamblePG	0.6%	$916,000	6,250	Held
ExxonMobil HoldingsXOM	0.6%	$915,000	6,689	-6%
ASML Holding NVASML	0.6%	$867,000	436	-14%
Valero EnergyVLO	0.6%	$819,000	3,145	Held
AmgenAMGN	0.5%	$788,000	2,175	-17%
Dell TechnologiesDELL	0.5%	$783,000	1,815	Held
PepsiCoPEP	0.5%	$746,000	5,512	-11%
Realty IncomeO	0.5%	$746,000	12,036	-15%
Ishares TRITA	0.5%	$731,000	3,015	-22%
Ishares TRIVE	0.5%	$730,000	3,215	-30%
CSXCSX	0.5%	$708,000	14,895	Held
International Business MachinesIBM	0.5%	$691,000	2,457	-20%
WalmartWMT	0.5%	$686,000	6,060	-22%
American ExpressAXP	0.5%	$680,000	2,010	-21%
Home DepotHD	0.5%	$670,000	1,900	-18%
Trane TechnologiesTT	0.5%	$653,000	1,330	Held
Nestle SA ADRNSRGY	0.4%	$616,000	6,000	-8%
Spdr Index SHS FDSGMF	0.4%	$606,000	3,860	-30%
Air Products & ChemicalsAPD	0.4%	$586,000	2,000	Held
Agnico Eagle MinesAEM	0.4%	$571,000	3,680	-8%
Spinnaker ETF SeriesEUAD	0.4%	$565,000	13,385	-14%
Fidelity Covington TrustFTEC	0.4%	$525,000	1,840	-21%
Ishares TREFA	0.4%	$511,000	4,915	-2%
M&T BankMTB	0.3%	$495,000	2,080	-85%
Alps ETF TRAMLP	0.3%	$447,000	8,625	Held
Abbott LaboratoriesABT	0.3%	$438,000	4,827	Held
Spdr Series TrustXME	0.3%	$435,000	4,065	Held
Constellation EnergyCEG	0.3%	$414,000	1,665	-3%
Fidelity Covington TrustFDIS	0.3%	$409,000	3,980	-21%
Dick's Sporting GoodsDKS	0.3%	$405,000	1,785	Held
Honeywell InternationalHON	0.3%	$392,000	1,750	New
Honeywell AerospaceHONA	0.3%	$387,000	1,750	New
Bank of New York MellonBNY	0.3%	$384,000	2,657	-74%
Select Sector Spdr TRXLF	0.3%	$373,000	6,955	Held
AdobeADBE	0.3%	$369,000	1,800	Held
Select Sector Spdr TRXLU	0.2%	$337,000	7,440	Held
Deutsche Telekom AGDTEGY	0.2%	$317,000	11,615	-15%
IsharesIEMG	0.2%	$313,000	3,775	Held
American Electric PowerAEP	0.2%	$295,000	2,155	Held
Select Sector Spdr TRXLE	0.2%	$269,000	5,070	-32%
Ishares TRACWI	0.2%	$261,000	1,665	Held
Texas InstrumentsTXN	0.2%	$259,000	868	New
AlphabetGOOGL	0.2%	$252,000	706	-5%
AccentureACN	0.2%	$249,000	2,000	-3%
Proshares TRTDV	0.2%	$239,000	2,300	New
L3harris TechnologiesLHX	0.1%	$216,000	743	-46%
IsharesEWG	0.1%	$209,000	5,055	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 15.8% since 30 June 2025.

Where the money is

Technology14.0%

Financial services5.1%

Health care4.1%

Media & telecom3.7%

Industrials2.9%

Everyday goods2.3%

Retail & consumer2.1%

Energy1.2%

Materials0.8%

Real estate0.5%

Utilities0.5%

Other62.7%

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.