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Aspen Investment Management Inc — 13F Holdings & Portfolio

CIK 1541596 · latest 13F-HR filed 2026-07-17

Backtest portfolio

Aspen Investment Management Inc manages $372.0M in 13F-reported U.S. long-equity assets across 187 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SPY (6.69%), RSP (3.82%), IWM (3.33%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 18 new positions and exited 2; 101 existing positions rose in reported value and 31 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$372.0M

Long-equity book

Holdings
187

Distinct positions

Period
2026-06-30

Filed 2026-07-17

Q/Q Activity
+18 / −2 / ↑101 / ↓31

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
SPY6.7% · -7%RSP3.8% · +2%IWM3.3% · +7%IEFA2.8% · +3%AAPL2.7% · +2%MSFT2.3% · +2%IGIB2.3% · +3%IGSB2.2% · +4%GLW2.1% · -9%GOOGL2.0% · +0%GS1.9% · -0%VIG1.9% · +0%JPM1.8% · +0%VTI1.5% · +6%WMT1.3% · -1%IVV1.3% · +13%AMZN1.3% · +5%JNJ1.3% · +2%MU1.3% · -14%NVDA1.2% · +3%FPE1.2% · -0%SCHD1.2% · +49%LLY1.1% · +3%BSCR1.0% · +0%CAT1.0% · -1%ABBV0.9% · +4%BSCS0.9% · +1%FTSL0.9% · -1%XLE0.8% · +0%SPYI0.8% · +3%VNQ0.8% · +48%SCHA0.8% · -0%MRVL0.8% · +15%BSCT0.8% · +1%CSCO0.7% · +0%AMGN0.7% · -1%PWR0.7% · +4%SCHX0.7% · +5%TT0.7% · +1%HYS0.7% · +0%XLU0.7% · +1%V0.7% · +1%DES0.6% · +2%SCHW0.6% · +2%PG0.6% · -0%HD0.6% · -1%KO0.6% · +1%PEP0.6% · +1%IWB0.6% · -0%GOOG0.6% · +1%CSX0.6% · -0%JCI0.6% · -0%SYK0.6% · -2%IBM0.6% · -0%XOM0.6% · -0%CVX0.6% · -1%SCHF0.5% · -2%SGOV0.5% · +13%TLTW0.5% · +5%BAC0.5% · -1%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 30.2%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Feb 24, 2026.

Assets Under Management
$1.34B
Discretionary
$1.34B
Employees
12
Accounts
1,518
Address
101 S CAPITOL BLVD
SUITE 610
BOISE, ID 83702
Phone
(208) 345-0174
Website
Name Title / Status Ownership Type
MERS, MIKE, SEAN ControlMEMBER
since Jan 2002
75% or moreIndividual
LYSNE, RACHEL, ANNECHIEF COMPLIANCE OFFICER
since Jan 2023
5–10%Individual
THOMAS, LAVEA, GRACEMEMBER
since Jul 2025
5–10%Individual
Ownership & leadership changes · 5 filings with changes since Jan 23, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Nov 21, 2025 filing
  • No longer listedDOW, KATHERINE, GRACE · MEMBER · 10–25% · listed since Jan 2023
  • AddedTHOMAS, LAVEA, GRACE · MEMBER · 5–10%
Mar 5, 2025 filing
  • ChangedLYSNE, RACHEL, ANNE · title MEMBER → CHIEF COMPLIANCE OFFICER
  • ChangedMERS, MIKE, SEAN · title MEMBER - CHIEF COMPLIANCE OFFICER → MEMBER
Mar 29, 2024 filing
  • ChangedMERS, MIKE, SEAN · ownership 50–75% → 75% or more
Mar 30, 2023 filing
  • No longer listedMERS, LORI, CHRISTINE · MEMBER · 50–75% · control person · listed since Jan 2002
  • AddedDOW, KATHERINE, GRACE · MEMBER · 10–25%
  • AddedLYSNE, RACHEL, ANNE · MEMBER · 5–10%
Mar 11, 2014 filing
  • AddedMERS, LORI, CHRISTINE · MEMBER · 50–75% · control person
  • ChangedMERS, MIKE, SEAN · ownership 75% or more → 50–75%
Jan 23, 2012 filing (earliest on record)
  • ListedMERS, MIKE, SEAN · MEMBER - CHIEF COMPLIANCE OFFICER · 75% or more · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 101 →

Top Trims

Show all 31 →

New Positions

Show all 18 →

Exited Positions

Show all 2 →

Aspen Investment Management Inc Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $24.9M 6.69% 33,300 SH
2 INVESCO EXCHANGE TRADED FD T RSP 46137V357 $14.2M 3.82% 66,777 SH
3 ISHARES TR IWM 464287655 $12.4M 3.33% 41,217 SH
4 ISHARES TR IEFA 46432F842 $10.4M 2.79% 107,296 SH
5 APPLE INC AAPL 037833100 $9.9M 2.67% 34,299 SH
6 MICROSOFT CORP MSFT 594918104 $8.7M 2.33% 23,195 SH
7 ISHARES TR IGIB 464288638 $8.6M 2.32% 162,040 SH
8 ISHARES TR IGSB 464288646 $8.3M 2.24% 158,883 SH
9 CORNING INC GLW 219350105 $7.7M 2.06% 29,977 SH
10 ALPHABET INC GOOGL 02079K305 $7.5M 2.00% 20,850 SH
11 GOLDMAN SACHS GROUP INC GS 38141G104 $7.2M 1.94% 7,142 SH
12 VANGUARD SPECIALIZED FUNDS VIG 921908844 $6.9M 1.86% 29,260 SH
13 JPMORGAN CHASE & CO JPM 46625H100 $6.7M 1.81% 20,540 SH
14 VANGUARD INDEX FDS VTI 922908769 $5.7M 1.53% 15,349 SH
15 WALMART INC WMT 931142103 $4.9M 1.31% 42,885 SH
16 ISHARES TR IVV 464287200 $4.8M 1.29% 6,403 SH
17 AMAZON COM INC AMZN 023135106 $4.8M 1.29% 20,100 SH
18 JOHNSON & JOHNSON JNJ 478160104 $4.7M 1.26% 18,458 SH
19 MICRON TECHNOLOGY INC MU 595112103 $4.7M 1.26% 4,060 SH
20 NVIDIA CORPORATION NVDA 67066G104 $4.5M 1.20% 22,272 SH
21 FIRST TR EXCH TRADED FD III FPE 33739E108 $4.4M 1.19% 246,947 SH
22 SCHWAB STRATEGIC TR SCHD 808524797 $4.4M 1.18% 138,852 SH
23 ELI LILLY & CO LLY 532457108 $4.0M 1.08% 3,349 SH
24 INVESCO EXCH TRD SLF IDX FD BSCR 46138J783 $3.8M 1.01% 191,659 SH
25 CATERPILLAR INC CAT 149123101 $3.7M 1.01% 3,515 SH
26 ABBVIE INC ABBV 00287Y109 $3.5M 0.93% 13,782 SH
27 INVESCO EXCH TRD SLF IDX FD BSCS 46138J643 $3.4M 0.90% 164,663 SH
28 FIRST TR EXCHANGE-TRADED FD FTSL 33738D309 $3.2M 0.87% 72,334 SH
29 SELECT SECTOR SPDR TR XLE 81369Y506 $3.2M 0.85% 59,349 SH
30 NEOS ETF TRUST SPYI 78433H303 $3.1M 0.83% 58,305 SH
31 VANGUARD INDEX FDS VNQ 922908553 $3.0M 0.82% 31,632 SH
32 SCHWAB STRATEGIC TR SCHA 808524607 $2.9M 0.78% 80,443 SH
33 MARVELL TECHNOLOGY INC MRVL 573874104 $2.9M 0.78% 9,744 SH
34 INVESCO EXCH TRD SLF IDX FD BSCT 46138J577 $2.8M 0.76% 152,737 SH
35 CISCO SYS INC CSCO 17275R102 $2.8M 0.75% 23,704 SH
36 AMGEN INC AMGN 031162100 $2.8M 0.74% 7,645 SH
37 QUANTA SVCS INC PWR 74762E102 $2.8M 0.74% 3,819 SH
38 SCHWAB STRATEGIC TR SCHX 808524201 $2.7M 0.71% 90,217 SH
39 TRANE TECHNOLOGIES PLC TT G8994E103 $2.6M 0.71% 5,369 SH
40 PIMCO ETF TR HYS 72201R783 $2.6M 0.71% 28,187 SH
41 SELECT SECTOR SPDR TR XLU 81369Y886 $2.6M 0.71% 58,050 SH
42 VISA INC V 92826C839 $2.5M 0.69% 7,431 SH
43 WISDOMTREE TR DES 97717W604 $2.4M 0.64% 58,678 SH
44 SCHWAB CHARLES CORP SCHW 808513105 $2.4M 0.64% 25,797 SH
45 PROCTER & GAMBLE CO PG 742718109 $2.3M 0.63% 15,938 SH
46 HOME DEPOT INC HD 437076102 $2.2M 0.60% 6,374 SH
47 COCA COLA CO KO 191216100 $2.2M 0.59% 27,234 SH
48 PEPSICO INC PEP 713448108 $2.2M 0.59% 16,302 SH
49 ISHARES TR IWB 464287622 $2.2M 0.59% 5,369 SH
50 ALPHABET INC GOOG 02079K107 $2.2M 0.59% 6,193 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-07-17 $372.0M 187 0001541596-26-000003
2026-03-31 2026-04-15 $326.5M 171 0001541596-26-000002
2025-12-31 2026-02-06 $331.8M 177 0001541596-26-000001
Filer Information
Address
4020 E BELTLINE NE SUITE 103
GRAND RAPIDS, MI 49525
Phone
(616) 361-2500
Filing Manager
Aspen Investment Management Inc
GRAND RAPIDS, MI
Signatory
William Alphenaar
CCO