SEC 13F Intelligence

Managers / Q1 2020 · view latest →

Aspen Investment Management Inc

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

Reported Value
$115M
Q1 2020
Positions
105
Filings on Record
30
2019–present window
Filed
May 15, 2020
original filing

Summary

Aspen Investment Management Inc reported $115M in U.S.-listed holdings across 105 positions for Q1 2020.

Its largest position, SPY, represents 11.7% of the portfolio.

Compared with Q4 2019, the fund opened 4 new positions and exited 29.

Portfolio Metrics

Turnover
+7.1%
vs prior filed quarter
Top-10 Concentration
+55.0%
share of reported value
Largest Position
+11.7%
Spdr S P 500 Etf Tr
New / Exited
4 / 29
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: 50.9%Common Stock: 46.9%Other: 1.6%ADR: 0.4%Closed-End Fund: 0.2%
  • ETP · 50.9% · $59M
  • Common Stock · 46.9% · $54M
  • Other · 1.6% · $2M
  • ADR · 0.4% · $485,000
  • Closed-End Fund · 0.2% · $242,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INVESCO EXCH TRD SLF IDX FDNEW+130.7K130.7K+$3M$3M
DOCUDOCUSIGN INCNEW+9.0K9.0K+$830,000$830,000
TTTRANE TECHNOLOGIES PLCNEW+4.3K4.3K+$357,000$357,000
QQQXNUVEEN NASDAQ 100 DYNAMIC OVNEW+12.8K12.8K+$242,000$242,000
COSTCOSTCO WHSL CORP NEWADDED+1.3K2.2K+$359,000$621,000
AMZNAMAZON COM INCADDED+1.7K3.0K+$3M$6M
INVESCO EXCH TRD SLF IDX FDSOLD OUT−124.8K0−$3M$0
IWDISHARES TRSOLD OUT−13.1K0−$2M$0

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

Holdings — Q1 2020

82 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SPYSPDR S&P 500 ETF TRhistory →TR UNIT11.68%$13M52.3K
2IGSBISHARES TRSH TR CRPORT ETF · RUSSELL 2000 ETF · CORE MSCI EAFE · CORE S&P500 ETF · MSCI EAFE ETF · RUS 1000 ETF · INTL SEL DIV ETF · S&P 100 ETF9.67%$11M159.9K
3INVESCO EXCH TRD SLF IDX FDBULSHS 2021 CB · BULSHS 2024 CB · BULSHS 2022 CB · BULSHS 2023 CB · BULSHS 2021 HY · BULSHS 2023 HY8.62%$10M473.3K
4FIRST TR EXCH TRADED FD IIIPFD SECS INC ETF5.13%$6M360.8K
5AMZNAMAZON COM INChistory →COM4.99%$6M3.0K
6MSFTMICROSOFT CORPhistory →COM3.82%$4M28.0K
7SCHFSCHWAB STRATEGIC TRINTL EQTY ETF · US SML CAP ETF · US LRG CAP ETF · INTL SCEQT ETF · EMRG MKTEQ ETF · US MID-CAP ETF3.61%$4M134.3K
8FTSLFIRST TR EXCHANGE-TRADED FDSENIOR LN FD · NO AMER ENERGY3.47%$4M106.1K
9HYSPIMCO ETF TRhistory →0-5 HIGH YIELD2.20%$3M29.6K
10VNQVANGUARD INDEX FDSREAL ESTATE ETF · MID CAP ETF1.78%$2M23.9K
11JNJJOHNSON & JOHNSONhistory →COM1.68%$2M14.8K
12AAPLAPPLE INChistory →COM1.65%$2M7.5K
13XLUSELECT SECTOR SPDR TRSBI INT-UTILS · TECHNOLOGY · SBI INT-FINL1.65%$2M39.7K
14PYPLPAYPAL HLDGS INChistory →COM1.50%$2M18.1K
15WMTWALMART INChistory →COM1.35%$2M13.8K
16INTCINTEL CORPhistory →COM1.25%$1M26.7K
17HDHOME DEPOT INChistory →COM1.23%$1M7.6K
18JPMJPMORGAN CHASE & COhistory →COM1.22%$1M15.6K
19AMGNAMGEN INChistory →COM1.17%$1M6.7K
20DESWISDOMTREE TRUS SMALLCAP DIVD · US MIDCAP DIVID · ITL HDG QTLY DIV1.13%$1M64.3K
21CSXCSX CORPhistory →COM1.05%$1M21.1K
22PEPPEPSICO INChistory →COM1.00%$1M9.7K
23VVISA INCCOM CL A0.96%$1M6.8K
24NEENEXTERA ENERGY INCCOM0.92%$1M4.4K
25VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.90%$1M30.9K
26VZVERIZON COMMUNICATIONS INCCOM0.89%$1M19.2K
27METAFACEBOOK INCCL A0.80%$925,0005.5K
28CSCOCISCO SYS INCCOM0.79%$917,00023.3K
29FLRNSPDR SER TRBLOMBERG BRC INV0.79%$907,00030.8K
30LMTLOCKHEED MARTIN CORPCOM0.78%$898,0002.6K
31PFEPFIZER INCCOM0.73%$842,00025.8K
32ADPAUTOMATIC DATA PROCESSING INCOM0.73%$841,0006.2K
33RSPINVESCO EXCHANGE TRADED FD TS&P500 EQL WGT0.72%$831,0009.9K
34DOCUDOCUSIGN INCCOM0.72%$830,0009.0K
35PGPROCTER & GAMBLE COCOM0.72%$827,0007.5K
36ITWILLINOIS TOOL WKS INCCOM0.70%$808,0005.7K
37MDLZMONDELEZ INTL INCCL A0.70%$808,00016.1K
38ICEINTERCONTINENTAL EXCHANGE INCOM0.70%$804,00010.0K
39WMWASTE MGMT INC DELCOM0.67%$774,0008.4K
40EWEDWARDS LIFESCIENCES CORPCOM0.66%$760,0004.0K
41WFCWELLS FARGO CO NEWCOM0.64%$739,00025.8K
42BACBK OF AMERICA CORPCOM0.62%$719,00033.9K
43MDTMEDTRONIC PLCSHS0.60%$691,0007.7K
44FICOFAIR ISAAC CORPCOM0.60%$688,0002.2K
45CVXCHEVRON CORP NEWCOM0.59%$685,0009.5K
46DISDISNEY WALT COCOM DISNEY0.59%$685,0007.1K
47SYKSTRYKER CORPCOM0.58%$673,0004.0K
48COSTCOSTCO WHSL CORP NEWCOM0.54%$621,0002.2K
49IEMGISHARES INCCORE MSCI EMKT0.53%$617,00015.2K
50ADBEADOBE INCCOM0.49%$562,0001.8K
51EXMOCEXXON MOBIL CORPCOM0.48%$558,00014.7K
52BMYBRISTOL-MYERS SQUIBB COCOM0.46%$528,0009.5K
53ABTABBOTT LABSCOM0.44%$507,0006.4K
54DUKDUKE ENERGY CORP NEWCOM NEW0.44%$504,0006.2K
55HSBCHSBC HLDGS PLCSPON ADR NEW0.42%$485,00017.3K
56SBUXSTARBUCKS CORPCOM0.42%$484,0007.4K
57KOCOCA COLA COCOM0.41%$476,00010.7K
58CATCATERPILLAR INC DELCOM0.41%$472,0004.1K
59TMOTHERMO FISHER SCIENTIFIC INCCOM0.39%$454,0001.6K
60GSGOLDMAN SACHS GROUP INCCOM0.38%$437,0002.8K
61MRKMERCK & CO. INCCOM0.37%$424,0005.5K
62ABBVABBVIE INCCOM0.36%$411,0005.4K
63TXNTEXAS INSTRS INCCOM0.34%$388,0003.9K
64CCITIGROUP INCCOM NEW0.32%$372,0008.8K
65TTTRANE TECHNOLOGIES PLCSHS0.31%$357,0004.3K
66SCHWSCHWAB CHARLES CORPCOM0.30%$352,00010.5K
67TCFTCF FINANCIAL CORPORATION NECOM0.29%$332,00014.6K
68AXPAMERICAN EXPRESS COCOM0.27%$316,0003.7K
69GOOGLALPHABET INCCAP STK CL A0.25%$288,000248
70NEARISHARES U S ETF TRSHT MAT BD ETF0.22%$257,0005.3K
71ORCLORACLE CORPCOM0.22%$256,0005.3K
72YUMCYUM CHINA HLDGS INCCOM0.21%$246,0005.8K
73QQQXNUVEEN NASDAQ 100 DYNAMIC OVCOM SHS0.21%$242,00012.8K
74IBMINTERNATIONAL BUSINESS MACHSCOM0.20%$233,0002.1K
75VIGVANGUARD SPECIALIZED FUNDSDIV APP ETF0.20%$233,0002.2K
76TAT&T INCCOM0.20%$228,0007.8K
77DDDUPONT DE NEMOURS INCCOM0.18%$209,0006.1K
78MOALTRIA GROUP INCCOM0.18%$206,0005.3K
79DTEDTE ENERGY COCOM0.18%$205,0002.2K
80UNHUNITEDHEALTH GROUP INCCOM0.18%$204,000818
81GENERAL ELECTRIC COCOM0.14%$163,00020.5K
82HBANHUNTINGTON BANCSHARES INCCOM0.12%$138,00016.9K

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 ↗.