SEC 13F Intelligence

Managers / Q3 2019 · view latest →

Aspen Investment Management Inc

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

Reported Value
$150M
Q3 2019
Positions
131
Filings on Record
30
2019–present window
Filed
Nov 13, 2019
original filing

Summary

Aspen Investment Management Inc reported $150M in U.S.-listed holdings across 131 positions for Q3 2019.

Its largest position, IWM, represents 12.3% of the portfolio.

Compared with Q2 2019, the fund opened 1 new position and exited 6.

Portfolio Metrics

Turnover
+2.8%
vs prior filed quarter
Top-10 Concentration
+56.4%
share of reported value
Largest Position
+12.3%
Ishares Tr
New / Exited
1 / 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
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: 57.3%Common Stock: 40.8%Other: 1.5%ADR: 0.3%
  • ETP · 57.3% · $86M
  • Common Stock · 40.8% · $61M
  • Other · 1.5% · $2M
  • ADR · 0.3% · $524,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TCFTCF FINANCIAL CORPORATION NENEW+14.8K14.8K+$563,000$563,000
CHEMICAL FINL CORPSOLD OUT−15.0K0−$616,000$0
VBVANGUARD INDEX FDSSOLD OUT−2.3K0−$359,000$0
FITBFIFTH THIRD BANCORPSOLD OUT−12.8K0−$357,000$0
LYFTLYFT INCSOLD OUT−3.8K0−$248,000$0
UNPUNION PACIFIC CORPSOLD OUT−1.2K0−$203,000$0
UNHUNITEDHEALTH GROUP INCSOLD OUT−8230−$201,000$0
XLKSELECT SECTOR SPDR TRTRIMMED−2.0K2.7K−$153,000$221,000

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

Holdings — Q3 2019

94 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IWMISHARES TRRUSSELL 2000 ETF · CORE MSCI EAFE · CORE S&P500 ETF · RUS 1000 VAL ETF · INTRM TR CRP ETF · SH TR CRPORT ETF · MSCI EAFE ETF · NASDAQ BIOTECH · RUS 1000 ETF · RUS 1000 GRW ETF · INTL SEL DIV ETF · CHINA LG-CAP ETF · RUS MID CAP ETF · S&P 100 ETF · MSCI EMG MKT ETF12.34%$18M210.5K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT9.45%$14M47.7K
3INVESCO EXCH TRD SLF IDX FDBULSHS 2021 CB · BULSHS 2020 CB · BULSHS 2022 CB · BULSHS 2023 CB · BULSHS 2020 HY · BULSHS 2021 HY · BULSHS 2019 CB7.60%$11M522.0K
4FTSLFIRST TR EXCHANGE-TRADED FDPFD SECS INC ETF · SENIOR LN FD · NO AMER ENERGY · DORSEY WRT 5 ETF6.05%$9M333.9K
5SCHXSCHWAB STRATEGIC TRUS LRG CAP ETF · INTL EQTY ETF · US SML CAP ETF · INTL SCEQT ETF · EMRG MKTEQ ETF · US MID-CAP ETF · 1000 INDEX ETF · US BRD MKT ETF5.68%$9M200.2K
6RSPINVESCO EXCHANGE TRADED FD Thistory →S&P500 EQL WGT4.60%$7M63.8K
7VNQVANGUARD INDEX FDSREAL ESTATE ETF · MID CAP ETF3.57%$5M47.4K
8DGRWWISDOMTREE TRUS QTLY DIV GRT · US SMALLCAP DIVD · US MIDCAP DIVID · ITL HDG QTLY DIV3.21%$5M137.0K
9MSFTMICROSOFT CORPhistory →COM2.38%$4M25.7K
10XLUSELECT SECTOR SPDR TRSBI INT-UTILS · SBI INT-FINL · TECHNOLOGY1.52%$2M40.2K
11HYSPIMCO ETF TRhistory →0-5 HIGH YIELD1.48%$2M22.3K
12AMZNAMAZON COM INChistory →COM1.41%$2M1.2K
13PYPLPAYPAL HLDGS INChistory →COM1.39%$2M20.0K
14SDYSPDR SERIES TRUSTS&P DIVID ETF · BLOMBERG BRC INV1.30%$2M39.9K
15JPMJPMORGAN CHASE & COhistory →COM1.23%$2M15.7K
16JNJJOHNSON & JOHNSONhistory →COM1.17%$2M13.5K
17WMTWALMART INChistory →COM1.09%$2M13.8K
18CSXCSX CORPhistory →COM1.03%$2M22.3K
19HDHOME DEPOT INChistory →COM1.01%$2M6.5K
20AAPLAPPLE INChistory →COM1.00%$2M6.7K
21INTCINTEL CORPCOM0.98%$1M28.4K
22PEPPEPSICO INCCOM0.95%$1M10.4K
23VVISA INCCOM CL A0.94%$1M8.2K
24AMGNAMGEN INCCOM0.91%$1M7.0K
25YUMYUM BRANDS INCCOM0.81%$1M10.7K
26CVXCHEVRON CORP NEWCOM0.77%$1M9.7K
27METAFACEBOOK INCCL A0.75%$1M6.3K
28CSCOCISCO SYS INCCOM0.71%$1M21.5K
29MDLZMONDELEZ INTL INCCL A0.71%$1M19.2K
30BACBANK AMER CORPCOM0.71%$1M36.4K
31ITWILLINOIS TOOL WKS INCCOM0.71%$1M6.8K
32DISDISNEY WALT COCOM DISNEY0.70%$1M8.1K
33LMTLOCKHEED MARTIN CORPCOM0.69%$1M2.7K
34WMWASTE MGMT INC DELCOM0.69%$1M9.0K
35EWEDWARDS LIFESCIENCES CORPCOM0.68%$1M4.7K
36VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.68%$1M25.4K
37VZVERIZON COMMUNICATIONS INCCOM0.67%$1M16.6K
38EXMOCEXXON MOBIL CORPCOM0.67%$999,00014.2K
39PFEPFIZER INCCOM0.65%$972,00027.1K
40ADPAUTOMATIC DATA PROCESSING INCOM0.65%$967,0006.0K
41SYKSTRYKER CORPCOM0.64%$956,0004.4K
42ICEINTERCONTINENTAL EXCHANGE INCOM0.62%$931,00010.1K
43PGPROCTER & GAMBLE COCOM0.62%$925,0007.4K
44NEENEXTERA ENERGY INCCOM0.60%$902,0003.9K
45SBUXSTARBUCKS CORPCOM0.56%$835,0009.4K
46MDTMEDTRONIC PLCSHS0.55%$827,0007.6K
47FICOFAIR ISAAC CORPCOM0.53%$791,0002.6K
48IEMGISHARES INCCORE MSCI EMKT0.51%$760,00015.5K
49WFCWELLS FARGO CO NEWCOM0.49%$739,00014.7K
50INGERSOLL-RAND PLCSHS0.49%$735,0006.0K
51ADBEADOBE INCCOM0.46%$690,0002.5K
52DUKDUKE ENERGY CORP NEWCOM NEW0.42%$623,0006.5K
53GSGOLDMAN SACHS GROUP INCCOM0.41%$621,0003.0K
54KOCOCA COLA COCOM0.39%$585,00010.7K
55CATCATERPILLAR INC DELCOM0.38%$567,0004.5K
56ABTABBOTT LABSCOM0.38%$566,0006.8K
57TCFTCF FINANCIAL CORPORATION NECOM0.38%$563,00014.8K
58TXNTEXAS INSTRS INCCOM0.36%$541,0004.2K
59HSBCHSBC HLDGS PLCSPON ADR NEW0.35%$524,00013.7K
60MRKMERCK & CO INCCOM0.34%$512,0006.1K
61BMYBRISTOL MYERS SQUIBB COCOM0.34%$511,00010.1K
62AXPAMERICAN EXPRESS COCOM0.33%$492,0004.2K
63CCITIGROUP INCCOM NEW0.32%$484,0007.0K
64DDDUPONT DE NEMOURS INCCOM0.32%$474,0006.7K
65SCHWTHE CHARLES SCHWAB CORPORATICOM0.32%$472,00011.3K
66TMOTHERMO FISHER SCIENTIFIC INCCOM0.31%$466,0001.6K
67ORCLORACLE CORPCOM0.28%$413,0007.5K
68ABBVABBVIE INCCOM0.28%$412,0005.4K
69COPCONOCOPHILLIPSCOM0.24%$360,0006.3K
70GOOGLALPHABET INCCAP STK CL A0.24%$353,000289
71IBMINTERNATIONAL BUSINESS MACHSCOM0.21%$320,0002.2K
72TAT&T INCCOM0.20%$306,0008.1K
73BSXBOSTON SCIENTIFIC CORPCOM0.20%$304,0007.5K
74CBCHUBB LIMITEDCOM0.20%$304,0001.9K
75YUMCYUM CHINA HLDGS INCCOM0.19%$290,0006.4K
76DTEDTE ENERGY COCOM0.19%$288,0002.2K
77SHWSHERWIN WILLIAMS COCOM0.18%$275,000500
78UTXZUNITED TECHNOLOGIES CORPCOM0.18%$273,0002.0K
79VIGVANGUARD GROUPDIV APP ETF0.18%$269,0002.2K
80NEARISHARES US ETF TRSHT MAT BD ETF0.18%$267,0005.3K
81JCIJOHNSON CTLS INTL PLCSHS0.18%$267,0006.1K
82TRVTRAVELERS COMPANIES INCCOM0.17%$258,0001.7K
83COSTCOSTCO WHSL CORP NEWCOM0.17%$257,000892
84DOWDOW INCCOM0.16%$243,0005.1K
85MOALTRIA GROUP INCCOM0.16%$240,0005.9K
86GSGISHARES S&P GSCI COMMODITY IUNIT BEN INT0.15%$226,00015.0K
87MMM3M COCOM0.15%$224,0001.4K
88DEDEERE & COCOM0.14%$211,0001.2K
89UMPQUA HLDGS CORPCOM0.14%$211,00012.8K
90WMBWILLIAMS COS INC DELCOM0.14%$211,0008.8K
91GENERAL ELECTRIC COCOM0.14%$210,00023.5K
92HBANHUNTINGTON BANCSHARES INCCOM0.14%$203,00014.2K
93GLWCORNING INCCOM0.13%$201,0007.0K
94MARATHON OIL CORPCOM0.10%$151,00012.3K

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 ↗.