SEC 13F Intelligence

Managers / Q1 2026

DILLON & ASSOCIATES INC

CIK 0001054425 · PO BOX 1347, JACKSON, MI, 49204 · 5177967090

Reported Value
$726M
Q1 2026
Positions
75
Filings on Record
30
2019–present window
Filed
May 7, 2026
original filing

Summary

Dillon & Associates Inc reported $726M in U.S.-listed holdings across 75 positions for Q1 2026.

The portfolio is heavily concentrated: NVDA alone accounts for 20.6% of reported value.

Compared with Q4 2025, the fund opened 4 new positions and exited 6.

Portfolio Metrics

Turnover
+4.2%
vs prior filed quarter
Top-10 Concentration
+62.5%
share of reported value
Largest Position
+20.6%
Nvidia
New / Exited
4 / 6
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $308MQ1 ’19Q2 ’19: $323MQ3 ’19: $329MQ4 ’19: $357MQ1 ’20: $297MQ1 ’20Q2 ’20: $369MQ3 ’20: $415MQ4 ’20: $461MQ1 ’21: $468MQ1 ’21Q2 ’21: $511MQ3 ’21: $522MQ4 ’21: $574MQ1 ’22: $527MQ1 ’22Q2 ’22: $444MQ3 ’22: $431MQ4 ’22: $462MQ1 ’23: $504MQ1 ’23Q2 ’23: $544MQ3 ’23: $520MQ4 ’23: $551MQ1 ’24: $637MQ1 ’24Q2 ’24: $688MQ3 ’24: $711MQ4 ’24: $721MQ1 ’25: $673MQ1 ’25Q2 ’25: $737MQ3 ’25: $778MQ4 ’25: $774MQ1 ’26: $726MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 97.2%ADR: 1.5%Other: 1.3%
  • Common Stock · 97.2% · $706M
  • ADR · 1.5% · $11M
  • Other · 1.3% · $9M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NextEra Energy IncNEW+82.8K82.8K+$8M$8M
AbbVie IncNEW+7.0K7.0K+$2M$2M
AXPAmerican ExpressNEW+1.6K1.6K+$492,000$492,000
GEVGE Vernova IncNEW+412412+$360,000$360,000
NFLXNetflix IncADDED+34.0K40.2K+$3M$4M
NEENextEra Energy IncSOLD OUT−75.6K0−$6M$0
ABBVAbbVie IncSOLD OUT−7.1K0−$2M$0
FISVFiserv IncSOLD OUT−22.1K0−$1M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

74 positions (from 75 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA Corphistory →NVDA20.57%$149M858.8K
2GOOGLAlphabet Inc CL AGOOGL9.95%$72M251.2K
3AAPLApple Inchistory →AAPL8.83%$64M252.5K
4VVISA Inchistory →V4.84%$35M116.5K
5SYKStryker Corphistory →SYK3.95%$29M87.2K
6ABTAbbott Laboratorieshistory →ABT3.28%$24M231.3K
7CASYCasey's General Storeshistory →CASY2.99%$22M29.8K
8AMZNAmazon.com Inchistory →AMZN2.86%$21M99.8K
9PANWPalo Alto Networkshistory →PANW2.76%$20M125.3K
10ORLYO'Reilly Automotive Inchistory →ORLY2.42%$18M191.0K
11LOWLowe's Companies Inchistory →LOW2.40%$17M74.0K
12APDAir Products & Chemicalshistory →APD2.27%$16M56.8K
13ISRGIntuitive Surgicalhistory →ISRG2.17%$16M34.2K
14ADPAutomatic Data Prochistory →ADP1.99%$14M71.2K
15COSTCostco Wholesale Corphistory →COST1.98%$14M14.4K
16NSCNorfolk Southern Corphistory →NSC1.94%$14M49.1K
17ECLEcolab Inchistory →ECL1.91%$14M52.3K
18DHRDanaher Corporationhistory →DHR1.44%$10M55.0K
19CMGChipotle Mexican Grillhistory →CMG1.23%$9M279.7K
20PAYCPaycom Softwarehistory →PAYC1.15%$8M68.4K
21ETNEaton Corp PLChistory →ETN1.14%$8M23.2K
22LLYLilly (Eli)history →LLY1.13%$8M9.0K
23RTXRTX Corphistory →RTX1.08%$8M40.8K
24NextEra Energy IncNEE1.06%$8M82.8K
25NVONovo-Nordisk A-S ADRhistory →NVO1.05%$8M206.3K
26MSFTMicrosoft Corphistory →MSFT1.05%$8M20.6K
27CNICanadian Nat'l Railwayhistory →CNI1.03%$7M72.6K
28METAMeta Platforms IncMETA0.97%$7M12.3K
29SBUXStarbucks CorpSBUX0.93%$7M75.2K
30CRMSalesforce.comCRM0.85%$6M33.1K
31JNJJohnson & JohnsonJNJ0.78%$6M23.2K
32JPMJP Morgan Chase & CoJPM0.63%$5M15.6K
33MNSTMonster Beverage CorpMNST0.58%$4M58.5K
34NFLXNetflix IncNFLX0.53%$4M40.2K
35HDHome DepotHD0.49%$4M10.9K
36PEPPepsiCo IncPEP0.49%$4M23.0K
37PAYXPaychex IncPAYX0.48%$4M38.1K
38REGNRegeneron PharmaceuticalsREGN0.47%$3M4.4K
39MCDMcDonald's CorpMCD0.40%$3M9.3K
40AZNNAstraZeneca PLCAZN0.39%$3M14.3K
41PGProcter & GamblePG0.33%$2M16.5K
42CLColgate-PalmoliveCL0.31%$2M26.5K
43ASMLASML Holding NVASML0.31%$2M1.7K
44WMTWal-Mart StoresWMT0.27%$2M16.1K
45AbbVie IncABBV0.21%$2M7.0K
46HONHoneywell Int'lHON0.21%$2M6.7K
47ADIAnalog DevicesADI0.21%$2M4.7K
48CELHCelsius Holdings IncCELH0.17%$1M35.7K
49GNRCGenerac Holdings IncGNRC0.15%$1M5.6K
50AMGNAmgen IncAMGN0.12%$883,0002.5K
51SYYSysco CorpSYY0.12%$853,00012.0K
52QCOMQUALCOMM IncQCOM0.11%$818,0006.3K
53AXPAmerican ExpressAXP0.07%$492,0001.6K
54ROKRockwell Automation IncROK0.06%$472,0001.3K
55HSYHershey CompanyHSY0.06%$443,0002.1K
56CSCOCisco SystemsCSCO0.06%$422,0005.4K
57EMREmerson ElectricEMR0.06%$420,0003.2K
58TSMTaiwan Semiconductor Mfg ADRTSM0.05%$380,0001.1K
59AFLAFLAC IncAFL0.05%$363,0003.3K
60GEVGE Vernova IncGEV0.05%$360,000412
61DISDisney Walt CoDIS0.05%$328,0003.4K
62TSLATesla Motors IncTSLA0.04%$322,000865
63MRSHMarsh & McLennanMRSH0.04%$311,0001.8K
64NVSNovartis AG ADSNVS0.04%$311,0002.0K
65MDLZMondelez Int'lMDLZ0.04%$310,0005.3K
66UNHUnitedHealth Group IncUNH0.04%$302,0001.1K
67KOCoca-Cola CoKO0.04%$283,0003.7K
68ENBEnbridge IncENB0.04%$283,0005.2K
69COFCapital One Fin'lCOF0.04%$273,0001.5K
70USBU S BancorpUSB0.04%$269,0005.2K
71LINLinde PLCLIN0.03%$253,000511
72BRK/BBerkshire Hathaway Cl BBRKB0.03%$247,000515
73ADBEAdobe IncADBE0.03%$224,000923
74IBRXImmunityBio IncIBRX0.03%$190,00023.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$726M75May 7, 202613F-HRchanges · EDGAR ↗
Q4 2025$774M77Feb 9, 202613F-HRchanges · EDGAR ↗
Q3 2025$778M76Oct 28, 202513F-HRchanges · EDGAR ↗
Q2 2025$737M77Aug 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$673M78May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$721M81Feb 11, 202513F-HRchanges · EDGAR ↗
Q3 2024$711M81Nov 5, 202413F-HRchanges · EDGAR ↗
Q2 2024$688M80Aug 6, 202413F-HRchanges · EDGAR ↗
Q1 2024$637M82Apr 30, 202413F-HRchanges · EDGAR ↗
Q4 2023$551M78Feb 8, 202413F-HRchanges · EDGAR ↗
Q3 2023$520M77Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$544M81Aug 8, 202313F-HRchanges · EDGAR ↗
Q1 2023$504M78May 2, 2023RESTATEMENTchanges · EDGAR ↗
Q4 2022$462M77Feb 6, 202313F-HRchanges · EDGAR ↗
Q3 2022$431M74Nov 8, 202213F-HRchanges · EDGAR ↗
Q2 2022$444M73Jul 26, 202213F-HRchanges · EDGAR ↗
Q1 2022$527M78May 6, 202213F-HRchanges · EDGAR ↗
Q4 2021$574M78Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$522M72Oct 28, 202113F-HRchanges · EDGAR ↗
Q2 2021$511M71Aug 2, 202113F-HRchanges · EDGAR ↗
Q1 2021$468M72May 10, 202113F-HRchanges · EDGAR ↗
Q4 2020$461M66Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$415M67Nov 6, 202013F-HRchanges · EDGAR ↗
Q2 2020$369M68Jul 28, 202013F-HRchanges · EDGAR ↗
Q1 2020$297M64May 7, 202013F-HRchanges · EDGAR ↗
Q4 2019$357M68Feb 3, 202013F-HRchanges · EDGAR ↗
Q3 2019$329M67Oct 25, 201913F-HRchanges · EDGAR ↗
Q2 2019$323M66Jul 22, 201913F-HRchanges · EDGAR ↗
Q1 2019$308M66May 7, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.