SEC 13F Intelligence

Managers / Q4 2019 · view latest →

Aspen Investment Management Inc

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

Reported Value
$160M
Q4 2019
Positions
130
Filings on Record
30
2019–present window
Filed
Feb 14, 2020
original filing

Summary

Aspen Investment Management Inc reported $160M in U.S.-listed holdings across 130 positions for Q4 2019.

Its largest position, IWM, represents 12.1% of the portfolio.

Compared with Q3 2019, the fund opened 4 new positions and exited 5.

Portfolio Metrics

Turnover
+2.6%
vs prior filed quarter
Top-10 Concentration
+56.0%
share of reported value
Largest Position
+12.1%
Ishares Tr
New / Exited
4 / 5
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: 57.2%Common Stock: 40.7%Other: 1.7%ADR: 0.3%
  • ETP · 57.2% · $92M
  • Common Stock · 40.7% · $65M
  • Other · 1.7% · $3M
  • ADR · 0.3% · $536,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INVESCO EXCH TRD SLF IDX FDNEW+10.8K10.8K+$282,000$282,000
UNHUNITEDHEALTH GROUP INCNEW+818818+$241,000$241,000
XLVSELECT SECTOR SPDR TRNEW+2.2K2.2K+$225,000$225,000
UNPUNION PACIFIC CORPNEW+1.2K1.2K+$217,000$217,000
IGSBISHARES TRADDED+35.6K58.3K+$2M$3M
CCITIGROUP INCADDED+7.9K14.9K+$708,000$1M
IGIBISHARES TRSOLD OUT−26.2K0−$2M$0
IBBISHARES TRSOLD OUT−7.6K0−$759,000$0

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

Holdings — Q4 2019

94 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IWMISHARES TRRUSSELL 2000 ETF · CORE MSCI EAFE · SH TR CRPORT ETF · CORE S&P500 ETF · RUS 1000 VAL ETF · MSCI EAFE ETF · 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 ETF12.14%$19M212.8K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT9.89%$16M49.3K
3INVESCO EXCH TRD SLF IDX FDBULSHS 2021 CB · BULSHS 2020 CB · BULSHS 2022 CB · BULSHS 2023 CB · BULSHS 2020 HY · BULSHS 2021 HY · BULSHS 2023 HY7.11%$11M520.3K
4FTSLFIRST TR EXCHANGE-TRADED FDPFD SECS INC ETF · SENIOR LN FD · NO AMER ENERGY · DORSEY WRT 5 ETF5.89%$9M344.4K
5SCHXSCHWAB STRATEGIC TRUS LRG CAP ETF · INTL EQTY ETF · US SML CAP ETF · EMRG MKTEQ ETF · INTL SCEQT ETF · US MID-CAP ETF · 1000 INDEX ETF · US BRD MKT ETF5.48%$9M196.2K
6RSPINVESCO EXCHANGE TRADED FD Thistory →S&P500 EQL WGT4.63%$7M64.2K
7VNQVANGUARD INDEX FDSREAL ESTATE ETF · MID CAP ETF3.44%$6M47.8K
8DGRWWISDOMTREE TRUS QTLY DIV GRT · US MIDCAP DIVID · US SMALLCAP DIVD · ITL HDG QTLY DIV3.20%$5M138.1K
9MSFTMICROSOFT CORPhistory →COM2.45%$4M24.9K
10SDYSPDR SERIES TRUSTS&P DIVID ETF · BLOMBERG BRC INV1.73%$3M48.8K
11XLUSELECT SECTOR SPDR TRSBI INT-UTILS · SBI INT-FINL · TECHNOLOGY · SBI HEALTHCARE1.61%$3M42.7K
12HYSPIMCO ETF TRhistory →0-5 HIGH YIELD1.54%$2M24.7K
13AMZNAMAZON COM INChistory →COM1.43%$2M1.2K
14JPMJPMORGAN CHASE & COhistory →COM1.36%$2M15.6K
15PYPLPAYPAL HLDGS INChistory →COM1.32%$2M19.6K
16JNJJOHNSON & JOHNSONhistory →COM1.23%$2M13.5K
17AAPLAPPLE INChistory →COM1.23%$2M6.7K
18AMGNAMGEN INChistory →COM1.06%$2M7.1K
19INTCINTEL CORPhistory →COM1.05%$2M28.2K
20WMTWALMART INChistory →COM1.03%$2M13.9K
21CSXCSX CORPhistory →COM1.01%$2M22.3K
22HDHOME DEPOT INCCOM0.99%$2M7.3K
23VVISA INCCOM CL A0.95%$2M8.2K
24PEPPEPSICO INCCOM0.88%$1M10.4K
25BACBANK AMER CORPCOM0.80%$1M36.6K
26METAFACEBOOK INCCL A0.80%$1M6.3K
27CCITIGROUP INCCOM NEW0.74%$1M14.9K
28VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.74%$1M26.7K
29ITWILLINOIS TOOL WKS INCCOM0.73%$1M6.6K
30CVXCHEVRON CORP NEWCOM0.72%$1M9.7K
31DISDISNEY WALT COCOM DISNEY0.68%$1M7.6K
32VZVERIZON COMMUNICATIONS INCCOM0.67%$1M17.5K
33LMTLOCKHEED MARTIN CORPCOM0.67%$1M2.8K
34CSCOCISCO SYS INCCOM0.64%$1M21.5K
35MDLZMONDELEZ INTL INCCL A0.64%$1M18.6K
36PFEPFIZER INCCOM0.64%$1M26.2K
37EWEDWARDS LIFESCIENCES CORPCOM0.64%$1M4.4K
38YUMYUM BRANDS INCCOM0.62%$998,0009.9K
39WMWASTE MGMT INC DELCOM0.62%$995,0008.7K
40EXMOCEXXON MOBIL CORPCOM0.62%$989,00014.2K
41ADPAUTOMATIC DATA PROCESSING INCOM0.61%$974,0005.7K
42NEENEXTERA ENERGY INCCOM0.60%$965,0004.0K
43PGPROCTER & GAMBLE COCOM0.59%$948,0007.6K
44ICEINTERCONTINENTAL EXCHANGE INCOM0.58%$933,00010.1K
45SYKSTRYKER CORPCOM0.58%$923,0004.4K
46FICOFAIR ISAAC CORPCOM0.54%$862,0002.3K
47MDTMEDTRONIC PLCSHS0.53%$847,0007.5K
48IEMGISHARES INCCORE MSCI EMKT0.52%$834,00015.5K
49INGERSOLL-RAND PLCSHS0.51%$813,0006.1K
50SBUXSTARBUCKS CORPCOM0.51%$812,0009.2K
51WFCWELLS FARGO CO NEWCOM0.49%$788,00014.7K
52GSGOLDMAN SACHS GROUP INCCOM0.43%$690,0003.0K
53TCFTCF FINANCIAL CORPORATION NECOM0.43%$688,00014.7K
54ADBEADOBE INCCOM0.42%$682,0002.1K
55CATCATERPILLAR INC DELCOM0.41%$662,0004.5K
56BMYBRISTOL MYERS SQUIBB COCOM0.40%$647,00010.1K
57KOCOCA COLA COCOM0.37%$595,00010.7K
58DUKDUKE ENERGY CORP NEWCOM NEW0.37%$593,0006.5K
59ABTABBOTT LABSCOM0.37%$588,0006.8K
60TXNTEXAS INSTRS INCCOM0.33%$537,0004.2K
61HSBCHSBC HLDGS PLCSPON ADR NEW0.33%$536,00013.7K
62MRKMERCK & CO INCCOM0.33%$524,0005.8K
63TMOTHERMO FISHER SCIENTIFIC INCCOM0.32%$520,0001.6K
64SCHWTHE CHARLES SCHWAB CORPORATICOM0.32%$513,00010.8K
65AXPAMERICAN EXPRESS COCOM0.32%$506,0004.1K
66ABBVABBVIE INCCOM0.30%$482,0005.4K
67DDDUPONT DE NEMOURS INCCOM0.27%$427,0006.7K
68GOOGLALPHABET INCCAP STK CL A0.24%$386,000288
69BSXBOSTON SCIENTIFIC CORPCOM0.22%$361,0008.0K
70ORCLORACLE CORPCOM0.21%$339,0006.4K
71COPCONOCOPHILLIPSCOM0.20%$323,0005.0K
72TAT&T INCCOM0.20%$317,0008.1K
73UTXZUNITED TECHNOLOGIES CORPCOM0.19%$300,0002.0K
74YUMCYUM CHINA HLDGS INCCOM0.19%$300,0006.2K
75IBMINTERNATIONAL BUSINESS MACHSCOM0.18%$295,0002.2K
76CBCHUBB LIMITEDCOM0.18%$293,0001.9K
77SHWSHERWIN WILLIAMS COCOM0.18%$292,000500
78MOALTRIA GROUP INCCOM0.18%$288,0005.8K
79JCIJOHNSON CTLS INTL PLCSHS0.18%$283,0006.9K
80DTEDTE ENERGY COCOM0.18%$281,0002.2K
81VIGVANGUARD GROUPDIV APP ETF0.17%$280,0002.2K
82NEARISHARES US ETF TRSHT MAT BD ETF0.17%$266,0005.3K
83COSTCOSTCO WHSL CORP NEWCOM0.16%$262,000892
84GENERAL ELECTRIC COCOM0.16%$262,00023.5K
85HBANHUNTINGTON BANCSHARES INCCOM0.16%$254,00016.9K
86UMPQUA HLDGS CORPCOM0.16%$249,00014.1K
87DOWDOW INCCOM0.15%$247,0004.5K
88UNHUNITEDHEALTH GROUP INCCOM0.15%$241,000818
89MMM3M COCOM0.15%$240,0001.4K
90TRVTRAVELERS COMPANIES INCCOM0.15%$237,0001.7K
91UNPUNION PACIFIC CORPCOM0.14%$217,0001.2K
92DEDEERE & COCOM0.13%$216,0001.2K
93WMBWILLIAMS COS INC DELCOM0.13%$208,0008.8K
94MARATHON OIL CORPCOM0.10%$166,00012.2K

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 ↗.