SEC 13F Intelligence

Managers / Q1 2026

Aspen Investment Management Inc

CIK 0001541596 · 4020 E BELTLINE NE SUITE 103, GRAND RAPIDS, MI, 49525 · 616-361-2500

Reported Value
$327M
Q1 2026
Positions
171
Filings on Record
30
2019–present window
Filed
Apr 15, 2026
original filing

Summary

Aspen Investment Management Inc reported $327M in U.S.-listed holdings across 171 positions for Q1 2026.

Its largest position, IWM, represents 15.4% of the portfolio.

Compared with Q4 2025, the fund opened 5 new positions and exited 10.

Portfolio Metrics

Turnover
+6.2%
vs prior filed quarter
Top-10 Concentration
+47.9%
share of reported value
Largest Position
+15.4%
Ishares Tr
New / Exited
5 / 10
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
Q4 ’18: $125MQ4 ’18Q1 ’19: $143MQ2 ’19: $152MQ3 ’19: $150MQ4 ’19: $160MQ4 ’19Q1 ’20: $115MQ2 ’20: $140MQ3 ’20: $150MQ4 ’20: $169MQ4 ’20Q2 ’21: $191MQ4 ’21: $203MQ1 ’22: $191MQ2 ’22: $160MQ2 ’22Q3 ’22: $150MQ4 ’22: $153MQ1 ’23: $156MQ2 ’23: $168MQ2 ’23Q3 ’23: $165MQ4 ’23: $179MQ1 ’24: $197MQ2 ’24: $200MQ2 ’24Q3 ’24: $214MQ4 ’24: $215MQ1 ’25: $217MQ2 ’25: $238MQ2 ’25Q3 ’25: $259MQ4 ’25: $332MQ1 ’26: $327Mfilingsflow.com

Portfolio Composition

By security type
ETP: 52.9%Common Stock: 46.7%REIT: 0.2%ADR: 0.2%
  • ETP · 52.9% · $173M
  • Common Stock · 46.7% · $153M
  • REIT · 0.2% · $672,000
  • ADR · 0.2% · $571,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SGOVISHARES TRNEW+17.4K17.4K+$2M$2M
MRNAMODERNA INCNEW+11.4K11.4K+$579,000$579,000
XBISPDR SERIES TRUSTNEW+2.5K2.5K+$316,000$316,000
J P MORGAN EXCHANGE TRADED FNEW+5.3K5.3K+$295,000$295,000
RSGREPUBLIC SVCS INCNEW+945945+$207,000$207,000
BMYBRISTOL-MYERS SQUIBB COADDED+13.1K23.8K+$868,000$1M
ORCLORACLE CORPSOLD OUT−5.9K0−$1M$0
AMDADVANCED MICRO DEVICES INCSOLD OUT−3.2K0−$678,000$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

120 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IWMISHARES TRRUSSELL 2000 ETF · CORE MSCI EAFE · ISHS 5-10YR INVT · ISHS 1-5YR INVS · CORE S&P500 ETF · RUS 1000 ETF · 20+ YEAR TR BD · 0-3 MNTH TREASRY · MSCI EAFE ETF · CORE S&P MCP ETF · CALIF MUN BD ETF · U.S. TECH ETF · S&P 100 ETF · RUS 1000 GRW ETF · S&P 500 GRWT ETF · RUS MD CP GR ETF · S&P 500 VAL ETF · RUS MID CAP ETF15.44%$50M617.8K
2SPYSTATE STR SPDR S&P 500 ETF Thistory →TR UNIT7.16%$23M35.9K
3RSPINVESCO EXCHANGE TRADED FD TS&P500 EQL WGT · AI AND NEXT GEN4.00%$13M73.5K
4SCHDSCHWAB STRATEGIC TRUS DIVIDEND EQ · US SML CAP ETF · US LRG CAP ETF · INTL EQTY ETF · INTL SCEQT ETF · EMRG MKTEQ ETF · US MID-CAP ETF · US LCAP GR ETF · US LCAP VA ETF3.81%$12M426.6K
5BSCRINVESCO EXCH TRD SLF IDX FDBULSHS 2027 CB · INVSCO BLSH 28 · BULETSHS 2029 · BULSHS 2026 CB3.60%$12M600.8K
6VTIVANGUARD INDEX FDSTOTAL STK MKT · REAL ESTATE ETF · MID CAP ETF · S&P 500 ETF SHS · LARGE CAP ETF · VALUE ETF3.28%$11M48.5K
7XLESELECT SECTOR SPDR TRSTATE STREET ENE · STATE STREET UTI · STATE STREET IND · STATE STREET TEC · STATE STREET HEA · STATE STREET FIN2.99%$10M145.5K
8AAPLAPPLE INChistory →COM2.62%$9M33.8K
9MSFTMICROSOFT CORPhistory →COM2.58%$8M22.8K
10GOOGLALPHABET INCCAP STK CL A · CAP STK CL C2.37%$8M26.9K
11VIGVANGUARD SPECIALIZED FUNDShistory →DIV APP ETF1.92%$6M29.2K
12GSGOLDMAN SACHS GROUP INChistory →COM1.86%$6M7.2K
13JPMJPMORGAN CHASE & COhistory →COM1.85%$6M20.5K
14WMTWALMART INChistory →COM1.64%$5M43.2K
15FTSLFIRST TR EXCHANGE-TRADED FDSENIOR LN FD · NO AMER ENERGY · NASDAQ CYB ETF1.38%$5M97.4K
16GLWCORNING INChistory →COM1.38%$4M33.0K
17JNJJOHNSON & JOHNSONhistory →COM1.36%$4M18.2K
18FIRST TR EXCH TRADED FD IIIPFD SECS INC ETF1.34%$4M247.2K
19AMZNAMAZON COM INChistory →COM1.22%$4M19.2K
20NVDANVIDIA CORPORATIONhistory →COM1.15%$4M21.6K
21DESWISDOMTREE TRUS SMALLCAP DIVD · US MIDCAP DIVID · EMER MKT HIGH FD · ITL HDG QTLY DIV0.99%$3M80.4K
22LLYELI LILLY & COCOM0.92%$3M3.2K
23ABBVABBVIE INCCOM0.88%$3M13.3K
24SPYINEOS ETF TRUSTNEOS S&P 500 HI0.86%$3M56.9K
25AMGNAMGEN INCCOM0.83%$3M7.7K
26HYSPIMCO ETF TR0-5 HIGH YIELD0.80%$3M28.1K
27CVXCHEVRON CORPORATIONCOM0.79%$3M12.4K
28EXMOCEXXON MOBIL CORPCOM0.78%$3M15.1K
29CATCATERPILLAR INCCOM0.77%$3M3.5K
30PEPPEPSICO INCCOM0.77%$3M16.1K
31SCHWSCHWAB CHARLES CORPCOM0.73%$2M25.3K
32PGPROCTER & GAMBLE COCOM0.71%$2M16.0K
33SYKSTRYKER CORPORATIONCOM0.69%$2M6.8K
34VVISA INCCOM CL A0.68%$2M7.4K
35TTTRANE TECHNOLOGIES PLCSHS0.68%$2M5.3K
36HDHOME DEPOT INCCOM0.65%$2M6.4K
37VOXVANGUARD WORLD FDCOMM SRVC ETF · INF TECH ETF0.64%$2M9.0K
38ICEINTERCONTINENTAL EXCHANGE INCOM0.64%$2M13.3K
39GLDSPDR GOLD TRGOLD SHS0.63%$2M4.8K
40KOCOCA COLA COCOM0.63%$2M27.1K
41WMWASTE MGMT INC DELCOM0.63%$2M8.9K
42PWRQUANTA SVCS INCCOM0.62%$2M3.7K
43JEPIJ P MORGAN EXCHANGE TRADED FEQUITY PREMIUM · NASDAQ EQT PREM0.62%$2M35.7K
44QQQINVESCO QQQ TRUNIT SER 10.61%$2M3.5K
45PLTRPALANTIR TECHNOLOGIES INCCL A0.61%$2M13.6K
46JCIJOHNSON CONTROLS INTERNATIONSHS0.59%$2M14.8K
47CSXCSX CORPCOM0.57%$2M45.5K
48CSCOCISCO SYS INCCOM0.56%$2M23.6K
49IBMINTERNATIONAL BUSINESS MACHSCOM0.55%$2M7.3K
50QLTYGMO ETF TRUSTGMO US QUALITY E · GMO INTL VALUE · GMO US VALUE0.52%$2M49.4K
51BACBANK AMERICA CORPCOM0.52%$2M34.7K
52WMBWILLIAMS COS INCCOM0.52%$2M23.2K
53HOODROBINHOOD MKTS INCCOM CL A0.50%$2M23.7K
54VYMVANGUARD WHITEHALL FDSHIGH DIV YLD · INTL DVD ETF0.49%$2M12.4K
55MUMICRON TECHNOLOGY INCCOM0.49%$2M4.7K
56ITWILLINOIS TOOL WKS INCCOM0.47%$2M5.9K
57COSTCOSTCO WHOLESALE CORPORATIONCOM0.47%$2M1.5K
58NEENEXTERA ENERGY INCCOM0.46%$1M16.1K
59BMYBRISTOL-MYERS SQUIBB COCOM0.44%$1M23.8K
60VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.42%$1M25.4K
61ETNEATON CORP PLCSHS0.40%$1M3.6K
62MCDMCDONALDS CORPCOM0.39%$1M4.1K
63ABTABBOTT LABORATORIESCOM0.38%$1M12.1K
64BNYBANK NEW YORK MELLON CORPCOM0.38%$1M10.4K
65AXPAMERICAN EXPRESS COCOM0.36%$1M3.9K
66BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.35%$1M2.4K
67LMTLOCKHEED MARTIN CORPCOM0.34%$1M1.8K
68FICOFAIR ISAAC CORPCOM0.33%$1M1.0K
69IEMGISHARES INCCORE MSCI EMKT0.31%$1M14.6K
70GE AEROSPACECOM NEW0.31%$1M3.6K
71ADPAUTOMATIC DATA PROCESSING INCOM0.31%$1M4.9K
72WFCWELLS FARGO & COCOM0.26%$863,00010.8K
73MDLZMONDELEZ INTL INCCL A0.26%$845,00014.7K
74MRVLMARVELL TECHNOLOGY INCCOM0.26%$841,0008.5K
75EWEDWARDS LIFESCIENCES CORPCOM0.26%$837,00010.5K
76MRKMERCK & CO INCCOM0.23%$758,0006.3K
77TXNTEXAS INSTRS INCCOM0.21%$701,0003.6K
78BSXBOSTON SCIENTIFIC CORPCOM0.21%$698,00011.1K
79DUKDUKE ENERGY CORP NEWCOM NEW0.21%$679,0005.2K
80SMHVANECK ETF TRUSTSEMICONDUCTR ETF0.21%$673,0001.8K
81MPCMARATHON PETE CORPCOM0.20%$655,0002.7K
82AVGOBROADCOM INCCOM0.20%$653,0002.1K
83XSDSPDR SERIES TRUSTSTATE STREET SPD0.20%$653,0003.5K
84COPCONOCOPHILLIPSCOM0.20%$652,0004.9K
85HBANHUNTINGTON BANCSHARES INCCOM0.19%$623,00039.8K
86UNMUNUM GROUPCOM0.18%$583,0008.0K
87MRNAMODERNA INCCOM0.18%$579,00011.4K
88GEVGE VERNOVA INCCOM0.18%$574,000658
89NVSNOVARTIS AGSPONSORED ADR0.17%$571,0003.7K
90INTCINTEL CORPCOM0.17%$568,00012.9K
91MDTMEDTRONIC PLCSHS0.17%$566,0006.5K
92METAMETA PLATFORMS INCCL A0.17%$562,000982
93BCIABRDN ETFSBBRG ALL COMD K10.17%$550,00022.6K
94CCITIGROUP INCCOM NEW0.17%$549,0004.8K
95PYPLPAYPAL HLDGS INCCOM0.17%$549,00012.1K
96DEDEERE & COCOM0.16%$521,000925
97AIGAMERICAN INTL GROUP INCCOM NEW0.16%$519,0006.9K
98YOUCLEAR SECURE INCCOM CL A0.15%$493,00010.2K
99IAUISHARES GOLD TRISHARES NEW0.15%$477,0005.4K
100IRMIRON MTN INC DELCOM0.14%$459,0004.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$327M171Apr 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$332M177Feb 6, 202613F-HRchanges · EDGAR ↗
Q3 2025$259M149Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$238M147Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$217M146May 20, 202513F-HRchanges · EDGAR ↗
Q4 2024$215M141Feb 3, 202513F-HRchanges · EDGAR ↗
Q3 2024$214M147Nov 8, 202413F-HRchanges · EDGAR ↗
Q2 2024$200M148Jul 26, 202413F-HRchanges · EDGAR ↗
Q1 2024$197M153Apr 26, 202413F-HRchanges · EDGAR ↗
Q4 2023$179M140Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$165M138Nov 1, 202313F-HRchanges · EDGAR ↗
Q2 2023$168M139Jul 28, 202313F-HRchanges · EDGAR ↗
Q1 2023$156M128May 16, 202313F-HRchanges · EDGAR ↗
Q4 2022$153M125Feb 6, 202313F-HRchanges · EDGAR ↗
Q3 2022$150M128Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$160M137Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$191M143May 11, 202213F-HRchanges · EDGAR ↗
Q4 2021$203M140Jan 26, 202213F-HRchanges · EDGAR ↗
Q2 2021$191M145Aug 4, 202113F-HRchanges · EDGAR ↗
Q4 2020$169M134Jan 25, 202113F-HRchanges · EDGAR ↗
Q3 2020$150M123Nov 30, 202013F-HRchanges · EDGAR ↗
Q2 2020$140M117Aug 6, 202013F-HRchanges · EDGAR ↗
Q1 2020$115M105May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$160M130Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$150M131Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$152M136Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$143M137May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$125M129Feb 15, 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 ↗.