Adalta Capital Management LLC — 13F Holdings & Portfolio
CIK 1698926 · latest 13F-HR filed 2026-08-14
Adalta Capital Management LLC manages $227.8M in 13F-reported U.S. long-equity assets across 126 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are JPM (6.77%), MSFT (6.20%), GOOGL (5.66%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 12 new positions and exited 6; 33 existing positions rose in reported value and 25 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.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box 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 valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated 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
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 49.3%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 31, 2026.
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| RAPPA, DAVID, EDWARD Control | MEMBER since Feb 2016 | 50–75% | Individual |
| VLACHOS, ZOE, AUSTIN Control | MEMBER, CHIEF COMPLIANCE OFFICER since Feb 2016 | 25–50% | Individual |
Ownership & leadership changes · 1 filing with changes since May 6, 2016
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.
- ChangedRAPPA, DAVID, EDWARD · title PARTNER → MEMBER
- ChangedVLACHOS, ZOE, AUSTIN · title PARTNER, CHIEF COMPLIANCE OFFICER → MEMBER, CHIEF COMPLIANCE OFFICER
- ListedRAPPA, DAVID, EDWARD · PARTNER · 50–75% · control person
- ListedVLACHOS, ZOE, AUSTIN · PARTNER, CHIEF COMPLIANCE OFFICER · 25–50% · 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)
- Guardant Health, Inc.$3.4M +59.4%
- Micron Technology, Inc.$2.9M +235.7%
- Qualcomm Inc.$2.8M +40.3%
- Alphabet Inc. Class A$1.9M +17.4%
- JPMorgan Chase & Co$1.4M +10.0%
Top Trims
- Franco-Nevada Corp-$558.0K -16.2%
- Chevron Corp.-$412.1K -22.2%
- ExxonMobil Corp-$303.9K -22.1%
- Nu Holdings Ltd.-$295.2K -11.7%
- SLB-$281.6K -12.4%
New Positions
- BlackRock Health Sciences Term Trust$569.2K
- Honeywell International Inc$423.2K
- Honeywell Aerospace Inc.$417.8K
- Servicenow Inc$360.4K
- VeriSign, Inc.$271.7K
Exited Positions
- Honeywell International Inc.$819.6K
- iShares 0-5 Year Investment Grade Corporate Bond ETF$333.2K
- Loews Corp$181.5K
- JPMorgan Equity Premium Income ETF$170.0K
- iShares 0-5 Year TIPS Bond ETF$103.4K
Adalta Capital Management 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 | JPMorgan Chase & Co | JPM | 46625H100 | $15.4M | 6.77% | 47,083 | SH |
| 2 | Microsoft Corporation | MSFT | 594918104 | $14.1M | 6.20% | 37,874 | SH |
| 3 | Alphabet Inc. Class A | GOOGL | 02079K305 | $12.9M | 5.66% | 36,079 | SH |
| 4 | Merck & Co. Inc. | MRK | 58933Y105 | $11.1M | 4.88% | 85,966 | SH |
| 5 | Brookfield Corporation Class A | BN | 11271J107 | $10.7M | 4.71% | 251,866 | SH |
| 6 | Blackstone Group Inc | BX | 09260D107 | $9.8M | 4.31% | 83,471 | SH |
| 7 | Qualcomm Inc. | QCOM | 747525103 | $9.7M | 4.24% | 52,272 | SH |
| 8 | Home Depot | HD | 437076102 | $9.6M | 4.20% | 27,128 | SH |
| 9 | Union Pacific Corp. | UNP | 907818108 | $9.1M | 3.97% | 33,285 | SH |
| 10 | Guardant Health, Inc. | GH | 40131M109 | $9.0M | 3.97% | 60,310 | SH |
| 11 | PhenixFIN Corporation | PFX | 71742W103 | $7.5M | 3.29% | 176,119 | SH |
| 12 | American Express Co. | AXP | 025816109 | $7.1M | 3.11% | 20,911 | SH |
| 13 | Markel Group Inc. | MKL | 570535104 | $5.3M | 2.32% | 2,707 | SH |
| 14 | Arch Capital Group Ltd | ACGL | G0450A105 | $5.1M | 2.25% | 52,693 | SH |
| 15 | Mercadolibre Inc | MELI | 58733R102 | $5.0M | 2.19% | 2,940 | SH |
| 16 | Alphabet Inc. Class C | GOOG | 02079K107 | $4.2M | 1.82% | 11,749 | SH |
| 17 | Micron Technology, Inc. | MU | 595112103 | $4.1M | 1.81% | 3,573 | SH |
| 18 | Johnson & Johnson | JNJ | 478160104 | $4.1M | 1.81% | 16,210 | SH |
| 19 | Weyerhaeuser Co REIT | WY | 962166104 | $4.0M | 1.78% | 169,030 | SH |
| 20 | Cisco Systems, Inc. | CSCO | 17275R102 | $3.6M | 1.60% | 31,024 | SH |
| 21 | Berkshire Hathaway Class B | BRK.B | 084670702 | $3.6M | 1.58% | 7,203 | SH |
| 22 | Southern Company | SO | 842587107 | $3.1M | 1.38% | 32,813 | SH |
| 23 | Franco-Nevada Corp | FNV | 351858105 | $2.8M | 1.24% | 13,577 | SH |
| 24 | Duke Energy Corp | DUK | 26441C204 | $2.8M | 1.23% | 22,131 | SH |
| 25 | Nu Holdings Ltd. | NU | G6683N103 | $2.2M | 0.97% | 165,575 | SH |
| 26 | BWX Technologies Inc | BWXT | 05605H100 | $2.1M | 0.90% | 10,558 | SH |
| 27 | SLB | SLB | 806857108 | $2.0M | 0.87% | 42,464 | SH |
| 28 | Danaher Corp | DHR | 235851102 | $1.8M | 0.81% | 9,612 | SH |
| 29 | Apple Inc. | AAPL | 037833100 | $1.8M | 0.77% | 6,095 | SH |
| 30 | Boeing | BA | 097023105 | $1.6M | 0.72% | 7,550 | SH |
| 31 | Canadian National Railway Co. | CNI | 136375102 | $1.6M | 0.72% | 13,700 | SH |
| 32 | Saba Capital Income & Opportunities Fund | BRW | 78518H202 | $1.6M | 0.71% | 245,773 | SH |
| 33 | Chevron Corp. | CVX | 166764100 | $1.4M | 0.63% | 8,709 | SH |
| 34 | Coupang, Inc. | CPNG | 22266T109 | $1.4M | 0.63% | 82,896 | SH |
| 35 | Brookfield Asset Management Ltd. | BAM | 113004105 | $1.3M | 0.58% | 29,644 | SH |
| 36 | Applied Materials | AMAT | 038222105 | $1.3M | 0.57% | 1,800 | SH |
| 37 | WisdomTree Floating Rate Treasury Fund | USFR | 97717Y527 | $1.1M | 0.47% | 21,395 | SH |
| 38 | ExxonMobil Corp | XOM | 30231G102 | $1.1M | 0.47% | 7,855 | SH |
| 39 | Blackstone Mortgage Trust | BXMT | 09257W100 | $1.1M | 0.47% | 61,532 | SH |
| 40 | Texas Pacific Land Corp | TPL | 88262P102 | $1.0M | 0.46% | 2,385 | SH |
| 41 | British American Tobacco ADR | BTI | 110448107 | $1.0M | 0.46% | 16,860 | SH |
| 42 | Landbridge Co LLC Class A | LB | 514952100 | $1.0M | 0.44% | 12,735 | SH |
| 43 | Bristol-Myers Squibb | BMY | 110122108 | $941.4K | 0.41% | 16,338 | SH |
| 44 | Eli Lilly & Company | LLY | 532457108 | $915.2K | 0.40% | 763 | SH |
| 45 | WaterBridge Infrastructure LLC | WBI | 940923105 | $852.5K | 0.37% | 24,875 | SH |
| 46 | EQT Corporation | EQT | 26884L109 | $845.1K | 0.37% | 15,895 | SH |
| 47 | Philip Morris International Inc. | PM | 718172109 | $828.0K | 0.36% | 4,540 | SH |
| 48 | Dominion Resources, Inc | D | 25746U109 | $808.2K | 0.35% | 11,835 | SH |
| 49 | Colgate-Palmolive Co | CL | 194162103 | $807.7K | 0.35% | 8,810 | SH |
| 50 | Consolidated Edison | ED | 209115104 | $803.9K | 0.35% | 7,267 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $227.8M | 126 | 0001698926-26-000003 |
| 2026-03-31 | 2026-05-18 | $209.1M | 120 | 0001698926-26-000002 |
| 2025-12-31 | 2026-02-17 | $224.0M | 111 | 0001698926-26-000001 |
| 2025-09-30 | 2025-11-17 | $220.3M | 126 | 0001698926-25-000007 |
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