Top Institutional Investors

Bristlecone Advisors, LLC — 13F Holdings & Portfolio

CIK 1671716 · latest 13F-HR filed 2025-10-24

Backtest portfolio

Bristlecone Advisors, LLC manages $1.20B in 13F-reported U.S. long-equity assets across 233 reported positions as of its 2025-09-30 13F-HR filing. Its largest disclosed positions are MSFT (9.80%), IVV (5.60%), NVDA (4.05%). Quarter over quarter (versus its 2025-06-30 filing) the fund opened 22 new positions and exited 82; 115 existing positions rose in reported value and 45 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
$1.20B

Long-equity book

Holdings
233

Distinct positions

Period
2025-09-30

Filed 2025-10-24

Q/Q Activity
+22 / −82 / ↑115 / ↓45

vs 2025-06-30

Portfolio charts

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

Portfolio map

Q3 25
MSFT9.8% · -28%IVV5.6% · +4%NVDA4.1% · -1%AAPL3.8% · -11%SPDW3.5% · +2%AGG3.2% · -1%IJH2.7% · +1%SCHX2.7% · -1%AMZN2.2% · -22%VV2.2% · +0%GOOGL2.1% · -2%COST2.1% · -1%SPAB1.9% · -3%BND1.9% · +24%XLK1.8% · +0%AJG1.8% · 0%DLN1.7% · +1%IJR1.6% · +5%JPST1.5% · +25%VB1.4% · +1%SPY1.3% · +2%VUG1.3% · +0%VEA1.3% · +2%IWR1.3% · +0%META1.2% · +1%SCHF1.1% · -6%PLTR0.9% · -0%JPM0.9% · -2%BRK.B0.8% · -2%TSLA0.8% · -5%QQQ0.8% · -1%SPYG0.7% · +10%VWO0.7% · +3%GSST0.7% · +7%V0.6% · -3%JNJ0.6% · -3%VO0.6% · -0%EFA0.6% · +0%NFLX0.6% · +4%GCOR0.5% · +14%HD0.5% · -3%FTNT0.5% · -3%USFR0.5% · -33%TRV0.4% · -3%LRCX0.4% · -3%SOXX0.4% · -0%ITA0.4% · -1%NKE0.4% · -12%SPEM0.4% · +1%AMGN0.4% · -2%BLK0.4% · -2%SBUX0.4% · -3%WPM0.4% · -5%VTEB0.4% · -7%RTX0.4% · -2%XOM0.4% · +1%CTAS0.4% · -4%PEP0.3% · -1%VOO0.3% · +0%PCAR0.3% · -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

Q2 25 → Q3 25

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

2 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 = 39.8%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Jul 11, 2025.

Assets Under Management
$2.11B
Discretionary
$2.11B
Employees
19
Accounts
1,263
Address
10900 NE 4TH STREET, SUITE 1920
BELLEVUE, WA 98004
Phone
(206) 664-2500
Website
Name Title / Status Ownership Type
BERRY, KEVIN, SEAN ControlPARTNER/CCO
since Apr 2010
10–25%Individual
MCCANDLISH, KEVIN, GEORGE ControlPARTNER
since Mar 2015
5–10%Individual
PARKER, JEFF, KNOX ControlPARTNER
since Mar 2015
5–10%Individual
TAYLOR, CHRISTOPHER, JON ControlPARTNER
since Apr 2010
10–25%Individual
WALTIER, ANTHONY, DAVID ControlPARTNER
since Apr 2010
10–25%Individual
FOX, STEPHANIE, BPARTNER
since Jan 2020
Less than 5%Individual
GUENTHER, ADAM, CHRISTIANPARTNER
since Jan 2020
Less than 5%Individual
OSWALD, SCOTT, ADAIRPARTNER
since Jan 2020
Less than 5%Individual
Ownership & leadership changes · 14 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.

Jul 11, 2025 filing
  • No longer listedROLFE, JUSTIN, DEVERE · PARTNER · 5–10% · control person · listed since Aug 2019
  • No longer listedWINKLER, JOSEPH, BRENNAN · PARTNER · 5–10% · control person · listed since Oct 2015
Mar 11, 2022 filing
  • ChangedPARKER, JEFF, KNOX · title PARTER → PARTNER; ownership 10–25% → 5–10%
  • ChangedROLFE, JUSTIN, DEVERE · ownership Less than 5% → 5–10%
  • ChangedWINKLER, JOSEPH, BRENNAN · ownership 10–25% → 5–10%
Nov 10, 2021 filing
  • No longer listedKINNER, LARRY, DALE · PARTNER · 5–10% · control person · listed since Mar 2015
Mar 13, 2020 filing
  • AddedFOX, STEPHANIE, B · PARTNER · Less than 5%
  • AddedGUENTHER, ADAM, CHRISTIAN · PARTNER · Less than 5%
  • AddedOSWALD, SCOTT, ADAIR · PARTNER · Less than 5%
Sep 24, 2019 filing
  • AddedROLFE, JUSTIN, DEVERE · PARTNER · Less than 5% · control person
Mar 6, 2019 filing
  • ChangedWINKLER, JOSEPH, BRENNAN · ownership 5–10% → 10–25%
Feb 15, 2018 filing
  • ChangedPARKER, JEFF, KNOX · ownership 5–10% → 10–25%
  • ChangedWINKLER, JOSEPH, BRENNAN · ownership Less than 5% → 5–10%
Mar 29, 2016 filing
  • ChangedPARKER, JEFF, KNOX · ownership 10–25% → 5–10%
  • ChangedWINKLER, JOSEPH, BRENNAN · ownership 10–25% → Less than 5%
Oct 15, 2015 filing
  • AddedWINKLER, JOSEPH, BRENNAN · PARTNER · 10–25% · control person
Apr 30, 2015 filing
  • ChangedPARKER, JEFF, KNOX · title PARTNER → PARTER
Older changes (5 more filings)
Apr 2, 2015 filing
  • ChangedKINNER, LARRY, DALE · ownership 5–10% → 10–25%
  • ChangedKINNER, LARRY, DALE · ownership 10–25% → 5–10%
  • ChangedMCCANDLISH, KEVIN, GEORGE · ownership 5–10% → 10–25%
  • ChangedMCCANDLISH, KEVIN, GEORGE · ownership 10–25% → 5–10%
Mar 27, 2015 filing
  • No longer listedTALBOT, MATTHEW, PARKER · PARTNER · 10–25% · control person · listed since Jun 2003
  • No longer listedVERNON, KEITH, RANDOLPH · PARTNER · 10–25% · control person · listed since Apr 1999
  • AddedKINNER, LARRY, DALE · PARTNER · 5–10% · control person
  • AddedMCCANDLISH, KEVIN, GEORGE · PARTNER · 5–10% · control person
  • AddedPARKER, JEFF, KNOX · PARTNER · 10–25% · control person
Mar 28, 2014 filing
  • ChangedBERRY, KEVIN, SEAN · title PARTNER/ CHIEF COMPLIANCE OFFICER → PARTNER/CCO
  • ChangedTALBOT, MATTHEW, PARKER · title PARTNER/PORTFOLIO MANAGER → PARTNER
  • ChangedVERNON, KEITH, RANDOLPH · ownership 25–50% → 10–25%
  • ChangedWALTIER, ANTHONY, DAVID · title PARTNER/PORTFOLIO MANAGER → PARTNER
May 23, 2012 filing
  • ChangedBERRY, KEVIN, SEAN · title PARTNER → PARTNER/ CHIEF COMPLIANCE OFFICER
  • ChangedTALBOT, MATTHEW, PARKER · title PARTNER/CHIEF COMPLIANCE OFFICER/PORTFOLIO MANAGER → PARTNER/PORTFOLIO MANAGER
Mar 30, 2012 filing (earliest on record)
  • ListedBERRY, KEVIN, SEAN · PARTNER · 10–25% · control person
  • ListedTALBOT, MATTHEW, PARKER · PARTNER/CHIEF COMPLIANCE OFFICER/PORTFOLIO MANAGER · 10–25% · control person
  • ListedTAYLOR, CHRISTOPHER, JON · PARTNER · 10–25% · control person
  • ListedVERNON, KEITH, RANDOLPH · PARTNER · 25–50% · control person
  • ListedWALTIER, ANTHONY, DAVID · PARTNER/PORTFOLIO MANAGER · 10–25% · 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 115 →

Top Trims

Show all 45 →

New Positions

Show all 22 →

Exited Positions

Show all 82 →

Bristlecone Advisors, LLC Holdings (2025-09-30)

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 MICROSOFT CORP MSFT 594918104 $117.2M 9.80% 226,320 SH
2 ISHARES TR IVV 464287200 $67.0M 5.60% 100,119 SH
3 NVIDIA CORPORATION NVDA 67066G104 $48.5M 4.05% 259,999 SH
4 APPLE INC AAPL 037833100 $45.2M 3.78% 177,528 SH
5 SPDR INDEX SHS FDS SPDW 78463X889 $41.8M 3.49% 976,872 SH
6 ISHARES TR AGG 464287226 $38.6M 3.23% 385,520 SH
7 ISHARES TR IJH 464287507 $32.5M 2.72% 498,272 SH
8 SCHWAB STRATEGIC TR SCHX 808524201 $32.3M 2.70% 1,226,756 SH
9 AMAZON COM INC AMZN 023135106 $26.8M 2.24% 122,211 SH
10 VANGUARD INDEX FDS VV 922908637 $25.8M 2.15% 83,711 SH
11 ALPHABET INC GOOGL 02079K305 $25.3M 2.11% 104,082 SH
12 COSTCO WHSL CORP NEW COST 22160K105 $24.6M 2.05% 26,551 SH
13 SPDR SERIES TRUST SPAB 78464A649 $22.7M 1.90% 877,707 SH
14 VANGUARD BD INDEX FDS BND 921937835 $22.6M 1.88% 303,262 SH
15 SELECT SECTOR SPDR TR XLK 81369Y803 $21.7M 1.81% 77,031 SH
16 GALLAGHER ARTHUR J & CO AJG 363576109 $21.0M 1.75% 67,794 SH
17 WISDOMTREE TR DLN 97717W307 $19.8M 1.65% 227,025 SH
18 ISHARES TR IJR 464287804 $19.4M 1.62% 163,270 SH
19 J P MORGAN EXCHANGE TRADED F JPST 46641Q837 $17.5M 1.46% 344,989 SH
20 VANGUARD INDEX FDS VB 922908751 $16.3M 1.36% 64,155 SH
21 SPDR S&P 500 ETF TR SPY 78462F103 $16.0M 1.34% 23,981 SH
22 VANGUARD INDEX FDS VUG 922908736 $15.9M 1.33% 33,251 SH
23 VANGUARD TAX-MANAGED FDS VEA 921943858 $15.9M 1.33% 264,824 SH
24 ISHARES TR IWR 464287499 $15.8M 1.32% 163,187 SH
25 META PLATFORMS INC META 30303M102 $14.5M 1.22% 19,799 SH
26 SCHWAB STRATEGIC TR SCHF 808524805 $13.2M 1.10% 565,337 SH
27 PALANTIR TECHNOLOGIES INC PLTR 69608A108 $11.3M 0.94% 61,746 SH
28 JPMORGAN CHASE & CO. JPM 46625H100 $10.8M 0.91% 34,386 SH
29 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $10.0M 0.83% 19,841 SH
30 TESLA INC TSLA 88160R101 $9.7M 0.81% 21,823 SH
31 INVESCO QQQ TR QQQ 46090E103 $9.3M 0.78% 15,558 SH
32 SPDR SERIES TRUST SPYG 78464A409 $8.5M 0.71% 81,587 SH
33 VANGUARD INTL EQUITY INDEX F VWO 922042858 $8.5M 0.71% 156,532 SH
34 GOLDMAN SACHS ETF TR GSST 381430230 $7.9M 0.66% 156,676 SH
35 VISA INC V 92826C839 $7.5M 0.63% 21,983 SH
36 JOHNSON & JOHNSON JNJ 478160104 $7.3M 0.61% 39,236 SH
37 VANGUARD INDEX FDS VO 922908629 $7.2M 0.60% 24,476 SH
38 ISHARES TR EFA 464287465 $6.9M 0.58% 74,292 SH
39 NETFLIX INC NFLX 64110L106 $6.8M 0.57% 5,650 SH
40 GOLDMAN SACHS ETF TR GCOR 38149W101 $6.6M 0.55% 156,815 SH
41 HOME DEPOT INC HD 437076102 $6.5M 0.54% 16,048 SH
42 FORTINET INC FTNT 34959E113 $6.2M 0.52% 74,095 SH
43 WISDOMTREE TR USFR 97717Y527 $5.7M 0.48% 113,306 SH
44 TRAVELERS COMPANIES INC TRV 89417E109 $5.4M 0.45% 19,177 SH
45 LAM RESEARCH CORP LRCX 512807306 $5.3M 0.44% 39,304 SH
46 ISHARES TR SOXX 464287523 $5.2M 0.44% 19,213 SH
47 ISHARES TR ITA 464288760 $4.9M 0.41% 23,560 SH
48 NIKE INC NKE 654106103 $4.9M 0.41% 70,520 SH
49 SPDR INDEX SHS FDS SPEM 78463X509 $4.9M 0.41% 103,638 SH
50 AMGEN INC AMGN 031162100 $4.7M 0.39% 16,673 SH
Filing History
Period Filed AUM Holdings Accession
2025-09-30 2025-10-24 $1.20B 233 0001671716-25-000004
2025-06-30 2025-08-04 $1.19B 296 0001398344-25-014361