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Allied Investment Advisors, LLC — 13F Holdings & Portfolio

CIK 1729869 · latest 13F-HR filed 2026-10-13

Backtest portfolio

Allied Investment Advisors, LLC manages $1.06B in 13F-reported U.S. long-equity assets across 112 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are BSV (12.88%), VTIP (7.59%), BIV (6.17%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 6 new positions and exited 4; 35 existing positions rose in reported value and 35 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
$1.06B

Long-equity book

Holdings
112

Distinct positions

Period
2026-09-30

Filed 2026-10-13

Q/Q Activity
+6 / −4 / ↑35 / ↓35

vs 2026-06-30

Portfolio charts

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

Portfolio map

Q3 26
BSV12.9% · +551%VTIP7.6% · +37724%BIV6.2% · +477%SCHD4.7% · -18%VHT4.3% · -20%MSFT3.3% · +0%JPM2.2% · +0%XOM2.0% · +1%DE1.9% · -0%JNJ1.9% · -0%STT1.9% · -8%SHEL1.9% · +1%CVX1.8% · +1%RTX1.8% · +0%AAON1.8% · +52%GS1.7% · -1%BAC1.7% · +0%VGK1.6% · +15%WFC1.6% · +1%TTE1.6% · +2%USB1.5% · +1%VPU1.5% · +3%TGT1.5% · -3%CAT1.5% · -4%AAPL1.5% · -3%MMM1.4% · +2%FDX1.4% · +4%SYY1.3% · +3%PG1.3% · +4%PFE1.3% · +5%MDT1.3% · +4%GPC1.3% · +3%LOW1.2% · +8%LMT1.2% · +3%ABT1.2% · +5%MRSH1.1% · newO1.1% · +4%PEP1.1% · +7%ZTS1.1% · newKMB1.1% · +5%DEO1.1% · +7%OTIS1.0% · +10%BA1.0% · +11%AMRZ0.9% · +10%VTI0.8% · +5%PICK0.4% · +0%EMR0.3% · -4%GLD0.3% · +0%VTV0.2% · +17%NVDA0.2% · +1%WMT0.2% · -7%VGT0.2% · +0%BRK.B0.2% · +1%BRK.A0.1% · 0%NOBL0.1% · 0%GOOGL0.1% · -7%COST0.1% · -8%IBM0.1% · -1%SPY0.1% · +5%AVGO0.1% · +6%

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 26 → Q3 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

4 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 = 47%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Jul 29, 2026.

Assets Under Management
$1.49B
Discretionary
$1.47B
Employees
12
Accounts
2,411
Address
3409 TRANSTECH WAY
SUITE A
BILLINGS, MT 59102
Phone
(406) 839-2037
Website
Name Title / Status Ownership Type
ABY, BART, WILLIAM ControlMEMBER
since Aug 2011
10–25%Individual
Galt, John, Elton ControlCHIEF COMPLIANCE OFFICER
since Jul 2026
Less than 5%Individual
LUCAS, GARY, ROBERT ControlMANAGING MEMBER
since Aug 2011
50–75%Individual
VERMULM, ERIC, ALLEN ControlCHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER, MEMBER
since Feb 2018
5–10%Individual
DANIEL M KELLY REV TRUSTMEMBER
since Jan 2022
10–25%Domestic Entity
ELKIN, TYLER, RONALDMEMBER
since Apr 2026
Less than 5%Individual
HIRSCH, KELLIE, ROSEMEMBER
since Apr 2026
Less than 5%Individual
SIDERIUS, SARAH, LYNNMEMBER
since Apr 2026
Less than 5%Individual
KELLY, DANIEL, MICHAEL
Indirect owner via DANIEL M KELLY REV TRUST
TRUSTEE
since Dec 2021
General partner, trustee or managerIndividual
Ownership & leadership changes · 6 filings with changes since Feb 6, 2014

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 29, 2026 filing
  • No longer listedWHITE, MICHELE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Feb 2023
  • AddedELKIN, TYLER, RONALD · MEMBER · Less than 5%
  • AddedGalt, John, Elton · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • AddedHIRSCH, KELLIE, ROSE · MEMBER · Less than 5%
  • AddedSIDERIUS, SARAH, LYNN · MEMBER · Less than 5%
Mar 20, 2023 filing
  • No longer listedWATSON, LISA · CCO · Less than 5% · listed since Jun 2020
  • AddedWHITE, MICHELE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 10, 2022 filing
  • No longer listedKELLY, DANIEL, MICHAEL · MEMBER · 10–25% · listed since Apr 2013
  • AddedDANIEL M KELLY REV TRUST · MEMBER · 10–25%
  • AddedKELLY, DANIEL, MICHAEL · TRUSTEE · General partner, trustee or manager · indirect via DANIEL M KELLY REV TRUST
Feb 19, 2021 filing
  • ChangedVERMULM, ERIC, ALLEN · title CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER → CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER, MEMBER; ownership Less than 5% → 5–10%
Jun 30, 2020 filing
  • AddedWATSON, LISA · CCO · Less than 5%
  • ChangedLUCAS, GARY, ROBERT · title MANAGING MEMBER & CHIEF COMPLIANCE OFFICER → MANAGING MEMBER
Mar 22, 2018 filing
  • AddedVERMULM, ERIC, ALLEN · CHIEF INVESTMENT OFFICER AND CHIEF OPERATING OFFICER · Less than 5% · control person
Feb 6, 2014 filing (earliest on record)
  • ListedABY, BART, WILLIAM · MEMBER · 10–25% · control person
  • ListedKELLY, DANIEL, MICHAEL · MEMBER · 10–25%
  • ListedLUCAS, GARY, ROBERT · MANAGING MEMBER & CHIEF COMPLIANCE OFFICER · 50–75% · 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.

Allied Investment Advisors, LLC Holdings (2026-09-30)

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 VANGUARD SHORT-TERM BOND ETF BSV 921937827 $136.4M 12.88% 1,784,911 SH
2 VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF VTIP 922020805 $80.4M 7.59% 1,633,246 SH
3 VANGUARD INTERMEDIATE-TERM BOND ETF BIV 921937819 $65.3M 6.17% 896,849 SH
4 SCHWAB US DIVIDEND EQUITY ETF SCHD 808524797 $50.1M 4.73% 1,540,888 SH
5 VANGUARD HEALTH CARE ETF VHT 92204A504 $45.9M 4.34% 145,231 SH
6 MICROSOFT CORP COM MSFT 594918104 $35.0M 3.31% 68,320 SH
7 JPMORGAN CHASE & CO COM JPM 46625H100 $23.4M 2.21% 70,869 SH
8 EXXONMOBIL HOLDINGS CORP COM SHS XOM 30233Q108 $21.1M 1.99% 129,426 SH
9 DEERE & CO COM DE 244199105 $20.2M 1.91% 30,057 SH
10 JOHNSON & JOHNSON COM JNJ 478160104 $20.1M 1.90% 75,800 SH
11 STATE STR CORP COM STT 857477103 $19.8M 1.87% 113,473 SH
12 SHELL PLC SPON ADS SHEL 780259305 $19.6M 1.85% 206,455 SH
13 CHEVRON CORPORATION COM CVX 166764100 $19.5M 1.84% 95,265 SH
14 RTX CORPORATION COM RTX 75513E101 $18.8M 1.78% 101,527 SH
15 AAON INC COM PAR $0.004 AAON 000360206 $18.8M 1.78% 227,453 SH
16 GOLDMAN SACHS GROUP INC COM GS 38141G104 $18.3M 1.73% 20,312 SH
17 BANK OF AMER CORP COM BAC 060505104 $18.2M 1.72% 334,312 SH
18 VANGUARD FTSE EUROPE ETF VGK 922042874 $17.2M 1.62% 198,110 SH
19 WELLS FARGO & CO COM WFC 949746101 $17.0M 1.61% 212,829 SH
20 TOTALENERGIES SE ACT TTE F92124100 $16.7M 1.58% 195,741 SH
21 US BANCORP COM NEW USB 902973304 $16.3M 1.54% 281,617 SH
22 VANGUARD UTILITIES ETF VPU 92204A876 $16.1M 1.52% 94,010 SH
23 TARGET CORP COM TGT 87612E106 $16.0M 1.51% 101,846 SH
24 CATERPILLAR INC COM CAT 149123101 $15.7M 1.48% 19,317 SH
25 APPLE INC COM AAPL 037833100 $15.4M 1.45% 46,206 SH
26 3M CO COM MMM 88579Y101 $15.2M 1.44% 92,599 SH
27 FEDEX CORP COM FDX 31428X106 $14.6M 1.38% 51,258 SH
28 SYSCO CORP COM SYY 871829107 $13.9M 1.31% 178,240 SH
29 PROCTER & GAMBLE CO COM PG 742718109 $13.9M 1.31% 95,589 SH
30 PFIZER INC COM PFE 717081103 $13.5M 1.28% 473,320 SH
31 MEDTRONIC PLC SHS MDT G5960L103 $13.3M 1.26% 154,429 SH
32 GENUINE PARTS CO COM GPC 372460105 $13.2M 1.25% 105,298 SH
33 LOWES COS INC COM LOW 548661107 $13.2M 1.25% 71,825 SH
34 LOCKHEED MARTIN CORP COM LMT 539830109 $13.1M 1.24% 25,724 SH
35 ABBOTT LABORATORIES COM ABT 002824100 $12.8M 1.21% 129,788 SH
36 MARSH & MCLENNAN COS INC COM MRSH 571748102 $12.2M 1.15% 71,270 SH
37 REALTY INCOME CORP COM O 756109104 $12.1M 1.15% 223,333 SH
38 PEPSICO INC COM PEP 713448108 $11.8M 1.11% 92,828 SH
39 ZOETIS INC CL A ZTS 98978V103 $11.7M 1.10% 167,241 SH
40 KIMBERLY-CLARK CORP COM KMB 494368103 $11.6M 1.10% 119,394 SH
41 DIAGEO PLC SPON ADR NEW DEO 25243Q205 $11.4M 1.07% 132,889 SH
42 OTIS WORLDWIDE CORP COM OTIS 68902V107 $10.7M 1.01% 166,248 SH
43 BOEING CO COM BA 097023105 $10.5M 0.99% 56,317 SH
44 AMRIZE LTD SHS AMRZ H2927K103 $9.9M 0.94% 264,812 SH
45 VANGUARD MORNINGSTAR TOTAL STOCK MARKET ETF VTI 922908769 $8.6M 0.81% 22,874 SH
46 ISHARES MSCI GLOBAL METALS & MINING PRODUCERS ETF PICK 46434G848 $4.2M 0.40% 70,214 SH
47 EMERSON ELEC CO COM EMR 291011104 $3.6M 0.34% 23,387 SH
48 SPDR GOLD SHARES GLD 78463V107 $2.7M 0.25% 6,967 SH
49 VANGUARD MORNINGSTAR VALUE ETF VTV 922908744 $2.1M 0.20% 9,903 SH
50 NVIDIA CORPORATION COM NVDA 67066G104 $2.0M 0.19% 8,953 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-13 $1.06B 112 0001729869-26-000006
2026-06-30 2026-07-20 $796.5M 110 0001729869-26-000004
2026-03-31 2026-04-27 $697.4M 100 0001729869-26-000003
2025-12-31 2026-02-09 $646.8M 102 0001729869-26-000001
Filer Information
Address
3409 TRANSTECH WAY
SUITE A
BILLINGS, MT 59102
Phone
(406) 839-2035
Filing Manager
Allied Investment Advisors, LLC
BILLINGS, MT
Signatory
John Galt
CCO