2026 Q1 Portfolio Activity
In 2026 Q1, Adalta Capital Management LLC maintained a portfolio of 101 distinct positions. The most significant new addition was Landbridge Co LLC Class A, now representing 0.37% of the total fund value. They heavily accumulated shares in Micron Technology, Inc., increasing the position by 384.7%. The fund also reduced its exposure to Brookfield Asset Management Lt by 25.4%.
Position History
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Total Positions
101
Quarter
2026 Q1
Top Holding
MSFT (7.0%)
Top 10 Concentration
49.1%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 101
Adalta Capital Management LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
MSFT
Microsoft Corpo...
|
Technology | 6.99% | 9.76% |
#1
Prev: #1
|
5.3 |
—
|
-5,754 | -12.7% |
P
S
|
39,474 | $14,612,091 |
$74.85
+463.7%
|
2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | ||
|
JPM
JPMorgan Chase ...
|
Financial Services | 6.70% | 6.86% |
#2
Prev: #2
|
4.7 |
—
|
-70 | -0.1% |
P
S
|
47,610 | $14,004,958 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
GOOGL
Alphabet Inc. C...
|
Communication Services | 5.28% | 6.04% |
#3
Prev: #3
|
3.6 |
—
|
-4,830 | -11.2% |
P
S
|
38,419 | $11,047,768 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
MRK
Merck & Co. Inc...
|
Healthcare | 5.13% | 4.24% |
#4
4
Prev: #8
|
3.1 |
—
|
-989 | -1.1% |
P
S
|
88,591 | $10,732,499 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BN
Brookfield Corp...
|
Financial Services | 5.13% | 5.46% |
#5
Prev: #5
|
3.1 |
—
|
-1,393 | -0.5% |
P
S
|
265,083 | $10,727,909 | 2022 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BX
Blackstone Grou...
|
Financial Services | 4.77% | 6.01% |
#6
2
Prev: #4
|
2.4 |
—
|
-670 | -0.8% |
P
S
|
86,721 | $9,972,048 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
HD
Home Depot
|
Consumer Cyclical | 4.59% | 4.49% |
#7
1
Prev: #6
|
2.3 |
—
|
-10 | -0.0% |
P
S
|
29,207 | $9,605,890 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
UNP
Union Pacific C...
|
Industrials | 3.91% | 3.48% |
#8
3
Prev: #11
|
2.6 |
—
|
no change | no change |
P
S
|
33,685 | $8,172,655 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
QCOM
Qualcomm Inc.
|
Technology | 3.29% | 4.27% |
#9
2
Prev: #7
|
1.8 |
—
|
-2,454 | -4.4% |
P
S
|
53,457 | $6,884,132 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
PFX
PhenixFIN Corpo...
|
Financial Services | 3.28% | 3.50% |
#10
Prev: #10
|
2.3 |
—
|
no change | no change |
P
S
|
175,569 | $6,861,925 | 2021 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
AXP
American Expres...
|
Financial Services | 3.26% | 3.84% |
#11
2
Prev: #9
|
1.8 |
—
|
-740 | -3.2% |
P
S
|
22,503 | $6,806,707 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
GH
Guardant Health...
|
Healthcare | 2.72% | 2.89% |
#12
Prev: #12
|
1.6 |
—
|
-1,815 | -2.9% |
P
S
|
61,473 | $5,678,261 | 2019 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
MKL
Markel Group In...
|
Financial Services | 2.54% | 2.62% |
#13
Prev: #13
|
1.5 |
—
|
43 | 1.6% |
P
S
|
2,775 | $5,311,545 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
ACGL
Arch Capital Gr...
|
Financial Services | 2.48% | 2.36% |
#14
Prev: #14
|
1.5 |
—
|
-1,110 | -2.0% |
P
S
|
53,921 | $5,175,877 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
MELI
Mercadolibre In...
|
Consumer Cyclical | 2.20% | 1.92% |
#15
Prev: #15
|
3.4 |
—
|
529 | 24.8% |
P
S
|
2,661 | $4,600,922 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
WY
Weyerhaeuser Co...
|
Real Estate | 2.04% | 1.77% |
#16
Prev: #16
|
1.3 |
—
|
7,100 | 4.2% |
P
S
|
174,582 | $4,265,038 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
JNJ
Johnson & Johns...
|
Healthcare | 2.00% | 1.59% |
#17
2
Prev: #19
|
1.3 |
—
|
-125 | -0.7% |
P
S
|
17,096 | $4,178,946 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
GOOG
Alphabet Inc. C...
|
Communication Services | 1.71% | 1.69% |
#18
1
Prev: #17
|
1.2 |
—
|
345 | 2.9% |
P
S
|
12,429 | $3,565,383 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BRK/B
Berkshire Hatha...
|
Financial Services | 1.65% | 1.61% |
#19
1
Prev: #18
|
1.2 |
—
|
10 | 0.1% |
P
S
|
7,203 | $3,451,678 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
FNV
Franco-Nevada C...
|
Basic Materials | 1.65% | 1.27% |
#20
2
Prev: #22
|
1.2 |
—
|
188 | 1.4% |
P
S
|
13,946 | $3,445,360 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
SO
Southern Compan...
|
Utilities | 1.52% | 1.28% |
#21
Prev: #21
|
1.6 |
—
|
no change | no change |
P
S
|
32,838 | $3,169,524 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
DUK
Duke Energy Cor...
|
Utilities | 1.41% | 1.16% |
#22
1
Prev: #23
|
1.1 |
—
|
250 | 1.1% |
P
S
|
22,475 | $2,942,877 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
NU
Nu Holdings Ltd...
|
Financial Services | 1.21% | 1.37% |
#23
3
Prev: #20
|
1.0 |
—
|
-7,225 | -3.9% |
P
S
|
175,875 | $2,527,324 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CSCO
Cisco Systems, ...
|
Technology | 1.15% | 1.07% |
#24
Prev: #24
|
1.5 |
—
|
no change | no change |
P
S
|
31,024 | $2,407,152 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
SLB
SLB
|
Energy | 1.09% | 0.62% |
#25
7
Prev: #32
|
2.9 |
—
|
7,700 | 21.3% |
P
S
|
43,894 | $2,268,661 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BWXT
BWX Technologie...
|
Industrials | 1.04% | 0.81% |
#26
3
Prev: #29
|
0.9 |
—
|
140 | 1.3% |
P
S
|
10,623 | $2,172,297 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
AAPL
Apple Inc.
|
Technology | 0.91% | 0.93% |
#27
1
Prev: #26
|
0.9 |
—
|
-200 | -2.6% |
P
S
|
7,500 | $1,903,425 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CVX
Chevron Corp.
|
Energy | 0.89% | 0.61% |
#28
5
Prev: #33
|
1.4 |
—
|
no change | no change |
P
S
|
8,969 | $1,855,686 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
DHR
Danaher Corp
|
Healthcare | 0.81% | 0.87% |
#29
1
Prev: #28
|
0.8 |
—
|
340 | 4.0% |
P
S
|
8,864 | $1,684,200 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CPNG
Coupang, Inc.
|
Consumer Cyclical | 0.79% | 0.91% |
#30
3
Prev: #27
|
0.8 |
—
|
1,335 | 1.5% |
P
S
|
87,801 | $1,657,683 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BRW
Saba Capital In...
|
Financial Services | 0.78% | 0.71% |
#31
Prev: #31
|
2.3 |
—
|
14,885 | 6.6% |
P
S
|
240,672 | $1,622,129 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BA
Boeing
|
Industrials | 0.75% | 0.77% |
#32
2
Prev: #30
|
0.8 |
—
|
-100 | -1.3% |
P
S
|
7,850 | $1,562,386 | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CNI
Canadian Nation...
|
Industrials | 0.67% | 0.60% |
#33
1
Prev: #34
|
1.3 |
—
|
no change | no change |
P
S
|
13,700 | $1,407,949 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BAM
Brookfield Asse...
|
Financial Services | 0.67% | 0.99% |
#34
9
Prev: #25
|
0.3 |
—
|
-10,707 | -25.4% |
P
S
|
31,471 | $1,398,886 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
XOM
ExxonMobil Corp
|
Energy | 0.66% | 0.44% |
#35
2
Prev: #37
|
1.3 |
—
|
no change | no change |
P
S
|
8,121 | $1,377,809 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
MU
Micron Technolo...
|
Technology | 0.59% | 0.10% |
#36
43
Prev: #79
|
3.2 |
—
|
2,885 | 384.7% |
P
S
|
3,635 | $1,228,594 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BXMT
Blackstone Mort...
|
Real Estate | 0.58% | 0.55% |
#37
2
Prev: #35
|
0.7 |
—
|
-829 | -1.3% |
P
S
|
61,531 | $1,207,236 | 2018 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BMY
Bristol-Myers S...
|
Healthcare | 0.54% | 0.45% |
#38
2
Prev: #36
|
0.7 |
—
|
-50 | -0.3% |
P
S
|
18,572 | $1,126,392 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
EQT
EQT Corporation
|
Energy | 0.54% | 0.33% |
#39
4
Prev: #43
|
2.7 |
—
|
3,750 | 26.9% |
P
S
|
17,670 | $1,124,519 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BTI
British America...
|
Consumer Defensive | 0.49% | 0.40% |
#40
2
Prev: #38
|
2.2 |
—
|
1,605 | 10.3% |
P
S
|
17,120 | $1,015,285 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
TPL
Texas Pacific L...
|
Energy | 0.45% | 0.17% |
#41
27
Prev: #68
|
3.2 |
—
|
670 | 50.6% |
P
S
|
1,995 | $946,747 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
LLY
Eli Lilly & Com...
|
Healthcare | 0.44% | 0.40% |
#42
2
Prev: #40
|
2.7 |
—
|
183 | 22.2% |
P
S
|
1,009 | $928,048 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
ED
Consolidated Ed...
|
Utilities | 0.43% | 0.35% |
#43
1
Prev: #42
|
0.7 |
—
|
-100 | -1.3% |
P
S
|
7,867 | $890,387 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
HSY
Hershey Co
|
Consumer Defensive | 0.41% | 0.26% |
#44
11
Prev: #55
|
2.7 |
—
|
895 | 27.7% |
P
S
|
4,126 | $857,754 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
HON
Honeywell Inter...
|
Industrials | 0.39% | 0.14% |
#45
25
Prev: #70
|
3.2 |
—
|
2,015 | 125.1% |
P
S
|
3,626 | $819,585 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
OPCH
Option Care Hea...
|
Healthcare | 0.39% | 0.30% |
#46
1
Prev: #47
|
2.7 |
—
|
9,525 | 45.6% |
P
S
|
30,405 | $818,503 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
LB
Landbridge Co L...
|
Energy | 0.37% | — |
#47
Prev: #—
|
3.6 |
—
|
11,285 | — |
NEW
|
11,285 | $779,229 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
CL
Colgate-Palmoli...
|
Consumer Defensive | 0.36% | 0.31% |
#48
4
Prev: #44
|
1.1 |
—
|
no change | no change |
P
S
|
8,810 | $750,876 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
BEP
Brookfield Rene...
|
Utilities | 0.35% | 0.27% |
#49
2
Prev: #51
|
1.1 |
—
|
no change | no change |
P
S
|
22,451 | $734,211 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-18 | |||
|
D
Dominion Resour...
|
Utilities | 0.35% | 0.31% |
#50
4
Prev: #46
|
0.6 |
—
|
100 | 0.9% |
P
S
|
11,800 | $729,476 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-18 |
Showing 1-50 of 101 holdings