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MANAGED ASSET PORTFOLIOS, LLC — 13F Holdings & Portfolio

CIK 1600999 · latest 13F-HR filed 2026-08-06

Backtest portfolio

MANAGED ASSET PORTFOLIOS, LLC manages $874.9M in 13F-reported U.S. long-equity assets across 51 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are AMAT (8.89%), CVX (4.44%), CEF (4.40%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 6 new positions and exited 6; 19 existing positions rose in reported value and 18 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.

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AUM
$874.9M

Long-equity book

Holdings
51

Distinct positions

Period
2026-06-30

Filed 2026-08-06

Q/Q Activity
+6 / −6 / ↑19 / ↓18

vs 2026-03-31

Portfolio charts

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

Portfolio map

Q2 26
AMAT8.9% · -1%CVX4.4% · +1%CEF4.4% · -1%TTEK4.4% · +49%GOOG4.2% · -0%MU3.6% · -6%MSFT3.6% · +2%NFG3.5% · +2%TAK3.3% · +1%BG3.1% · +3%NVS3.0% · +1%VZ2.9% · +1%MDT2.8% · +2%CSCO2.6% · -49%V2.6% · +9%META2.6% · +5%UL2.6% · +27%MDU2.5% · +0%SNY2.5% · -26%PTTWF2.3% · newWMT2.3% · +1%FCX2.0% · +1%BIL2.0% · -10%MOS1.8% · +4%AON1.8% · -32%AMZN1.7% · newCME1.7% · +58%HON1.6% · -38%HONA1.6% · newJNJ1.6% · -34%ETN1.5% · +1%UBER1.5% · +53%ARCO1.4% · +1%HD1.3% · +1%BRK.B1.2% · +438%SOLS1.1% · -0%GLDM0.9% · +1%IXJ0.9% · newKIE0.9% · newFIS0.4% · -34%XLF0.2% · newXCEM0.2% · +3%XLP0.1% · +50%ACWI0.1% · -12%CPB0.1% · -26%ONT0.1% · +5%XLI0.1% · 0%XLK0.0% · 0%AAPL0.0% · +10%XLV0.0% · 0%XLC0.0% · 0%

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 = 43.4%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Aug 10, 2026.

Assets Under Management
$1.27B
Discretionary
$1.24B
Employees
22
Accounts
1,955
Address
950 W. UNIVERSITY, SUITE 100
ROCHESTER, MI 48307
Phone
(248) 601-6677
Website
Name Title / Status Ownership Type
DZIALO, MICHAEL, STEPHEN ControlPRESIDENT, CHIEF INVESTMENT OFFICER
since Nov 2000
75% or moreIndividual
CULVER, KAREN, MICHELEPORTFOLIO MANAGER, PRINCIPAL OPERATING OFFICER
since Oct 2004
Less than 5%Individual
FITZGERALD, THOMAS, PATRICKCHIEF COMPLIANCE OFFICER
since Apr 2018
Less than 5%Individual
NEWCOMBE, BRIAN, DAVIDDIRECTOR OF OPERATIONS
since Sep 2016
Less than 5%Individual
Ownership & leadership changes · 7 filings with changes since Mar 30, 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.

Mar 27, 2026 filing
  • ChangedCULVER, KAREN, MICHELE · title PORTFOLIO MANAGER → PORTFOLIO MANAGER, PRINCIPAL OPERATING OFFICER
Mar 30, 2023 filing
  • No longer listedHUSOVSKY, SUSAN · CLIENT RELATIONS SPECIALIST & OFFICE MANAGER · Less than 5% · listed since Jan 2008
  • No longer listedPATTERSON, DANIEL, SCOTT · CLIENT RELATIONSHIP MANAGER · Less than 5% · listed since Sep 2001
  • No longer listedSWAN, PETER, JORDAN · INTERNATIONAL PM · Less than 5% · listed since May 2002
Mar 30, 2022 filing
  • ChangedCULVER, KAREN, MICHELE · ownership 5–10% → Less than 5%
  • ChangedDZIALO, MICHAEL, STEPHEN · ownership 50–75% → 75% or more
  • ChangedHUSOVSKY, SUSAN · ownership 5–10% → Less than 5%
  • ChangedPATTERSON, DANIEL, SCOTT · ownership 5–10% → Less than 5%
  • ChangedSWAN, PETER, JORDAN · ownership 5–10% → Less than 5%
Mar 27, 2020 filing
  • AddedHUSOVSKY, SUSAN · CLIENT RELATIONS SPECIALIST & OFFICE MANAGER · 5–10%
Mar 29, 2018 filing
  • No longer listedNIZZA, JAYNE, ELLEN · OPERATIONS MANAGER AND CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Mar 2016
  • AddedFITZGERALD, THOMAS, PATRICK · CHIEF COMPLIANCE OFFICER · Less than 5%
  • AddedNEWCOMBE, BRIAN, DAVID · DIRECTOR OF OPERATIONS · Less than 5%
  • AddedPATTERSON, DANIEL, SCOTT · CLIENT RELATIONSHIP MANAGER · 5–10%
Mar 30, 2016 filing
  • AddedNIZZA, JAYNE, ELLEN · OPERATIONS MANAGER AND CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedCULVER, KAREN, MICHELE · title CHIEF COMPLIANCE OFFICER AND PORTFOLIO MANAGER → PORTFOLIO MANAGER
Mar 31, 2015 filing
  • AddedSWAN, PETER, JORDAN · INTERNATIONAL PM · 5–10%
  • ChangedCULVER, KAREN, MICHELE · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER AND PORTFOLIO MANAGER; ownership Less than 5% → 5–10%
  • ChangedDZIALO, MICHAEL, STEPHEN · ownership 75% or more → 50–75%
Mar 30, 2012 filing (earliest on record)
  • ListedCULVER, KAREN, MICHELE · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ListedDZIALO, MICHAEL, STEPHEN · PRESIDENT, CHIEF INVESTMENT 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.

MANAGED ASSET PORTFOLIOS, LLC 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 Applied Materials AMAT 038222105 $77.8M 8.89% 107,629 SH
2 Chevron Corporation CVX 166764100 $38.8M 4.44% 234,297 SH
3 Sprott Physical Gold & Silver CEF 85208R101 $38.5M 4.40% 955,967 SH
4 Tetra Tech Inc TTEK 88162G103 $38.2M 4.36% 1,321,714 SH
5 Alphabet Inc CL C GOOG 02079K107 $36.5M 4.17% 103,278 SH
6 Micron Technology Inc MU 595112103 $31.8M 3.64% 27,589 SH
7 Microsoft MSFT 594918104 $31.3M 3.58% 84,034 SH
8 National Fuel Gas Company NFG 636180101 $30.4M 3.47% 393,623 SH
9 Takeda Pharmaceutical Company TAK 874060205 $29.2M 3.34% 1,823,884 SH
10 Bunge Global SA NPV BG H11356104 $27.2M 3.10% 254,462 SH
11 Novartis AG-ADR NVS 66987V109 $25.9M 2.96% 165,519 SH
12 Verizon Communications VZ 92343V104 $25.2M 2.88% 595,289 SH
13 Medtronic PLC MDT G5960L103 $24.8M 2.84% 317,221 SH
14 Cisco Systems Inc CSCO 17275R102 $23.1M 2.65% 197,033 SH
15 Visa Inc. CL A V 92826C839 $22.9M 2.62% 66,846 SH
16 Meta Platforms, Inc. META 30303M102 $22.8M 2.60% 40,457 SH
17 Unilever PLC - Sponsored ADR UL 904767803 $22.6M 2.58% 375,179 SH
18 MDU Resources Group Inc. MDU 552690109 $22.1M 2.52% 1,040,108 SH
19 Sanofi ADR SNY 80105N105 $21.5M 2.46% 504,024 SH
20 Orange - ADR ORMXF 684060106 $20.5M 2.35% 1,091,303 SH
21 Walmart Inc. WMT 931142103 $20.2M 2.31% 178,651 SH
22 Freeport-McMoran Inc FCX 35671D857 $17.8M 2.04% 283,129 SH
23 SPDR Bloomberg Barclays 1-3 Mo BIL 78468R663 $17.1M 1.95% 186,446 SH
24 The Mosaic Company MOS 61945C103 $16.1M 1.84% 761,336 SH
25 Aon PLC AON G0403H108 $16.0M 1.83% 48,322 SH
26 Amazon.com, Inc. AMZN 023135106 $14.5M 1.66% 60,880 SH
27 CME Group Inc CME 12572Q105 $14.5M 1.66% 65,592 SH
28 Honeywell International Inc HON 438516205 $14.3M 1.64% 64,003 SH
29 Honeywell Aerospace Inc HONA 43849R105 $14.1M 1.61% 63,749 SH
30 Johnson & Johnson JNJ 478160104 $13.7M 1.56% 53,838 SH
31 Eaton Corp PLC ETN G29183103 $13.5M 1.55% 31,794 SH
32 Uber Technologies Inc. UBER 90353T100 $13.3M 1.52% 184,655 SH
33 Arcos Dorados Holdings Inc ARCO G0457F107 $12.5M 1.43% 1,554,885 SH
34 Home Depot Inc HD 437076102 $10.9M 1.25% 31,028 SH
35 Berkshire Hathaway Inc Cl B BRK.B 084670702 $10.9M 1.25% 21,811 SH
36 Solstice Advanced Materials In SOLS 83443Q103 $9.3M 1.07% 105,305 SH
37 SPDR Gold MiniShares Trust GLDM 98149E303 $8.1M 0.92% 101,567 SH
38 ISHARES GLOBAL HEALTHCARE ETF IXJ 464287325 $7.8M 0.89% 78,965 SH
39 SPDR S&P Insurance ETF KIE 78464A789 $7.8M 0.89% 127,336 SH
40 Fidelity National Information FIS 31620M106 $3.1M 0.36% 80,105 SH
41 Financial Select Sector SPDR XLF 81369Y605 $2.0M 0.23% 37,113 SH
42 Columbia EM Core ex-China ETF XCEM 19762B202 $1.4M 0.16% 27,065 SH
43 Consumer Staples Select Sector XLP 81369Y308 $873.2K 0.10% 10,512 SH
44 iShares MSCI ACWI ETF ACWI 464288257 $757.4K 0.09% 4,825 SH
45 The Campbell's Company CPB 134429109 $663.6K 0.08% 29,799 SH
46 Onterris ONT 615111101 $631.7K 0.07% 31,255 SH
47 Industrial Select Sector SPDR XLI 81369Y704 $446.2K 0.05% 2,409 SH
48 Technology Select Sector SPDR XLK 81369Y803 $378.8K 0.04% 1,988 SH
49 Apple Inc. AAPL 037833100 $331.8K 0.04% 1,147 SH
50 Health Care Select Sector XLV 81369Y209 $266.9K 0.03% 1,682 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-06 $874.9M 51 0001600999-26-000007
2026-03-31 2026-05-07 $834.4M 51 0001600999-26-000006
2025-12-31 2026-01-29 $828.1M 62 0001600999-26-000003
Filer Information
Address
950 W. UNIVERSITY DRIVE
SUITE 100
ROCHESTER, MI 48307
Phone
(248) 601-6677
Filing Manager
MANAGED ASSET PORTFOLIOS, LLC
ROCHESTER, MI
Signatory
Michael S. Dzialo
President and Chief Investment Officer