SEC 13F Intelligence

Managers / Q4 2022 · view latest →

Aspen Investment Management Inc

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

Reported Value
$153M
Q4 2022
Positions
125
Filings on Record
29
2019–present window
Filed
Feb 6, 2023
original filing

Summary

Aspen Investment Management Inc reported $153M in U.S.-listed holdings across 125 positions for Q4 2022.

Its largest position, IWM, represents 11.2% of the portfolio.

Compared with Q3 2022, the fund opened 7 new positions and exited 10.

Portfolio Metrics

Turnover
+8.9%
vs prior filed quarter
Top-10 Concentration
+47.1%
share of reported value
Largest Position
+11.2%
Ishares Tr
New / Exited
7 / 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
Q1 ’19: $143MQ1 ’19Q2 ’19: $152MQ3 ’19: $150MQ4 ’19: $160MQ1 ’20: $115MQ1 ’20Q2 ’20: $140MQ3 ’20: $150MQ4 ’20: $169MQ2 ’21: $191MQ2 ’21Q4 ’21: $203MQ1 ’22: $191MQ2 ’22: $160MQ3 ’22: $150MQ3 ’22Q4 ’22: $153MQ1 ’23: $156MQ2 ’23: $168MQ3 ’23: $165MQ3 ’23Q4 ’23: $179MQ1 ’24: $197MQ2 ’24: $200MQ3 ’24: $214MQ3 ’24Q4 ’24: $215MQ1 ’25: $217MQ2 ’25: $238MQ3 ’25: $259MQ3 ’25Q4 ’25: $332MQ1 ’26: $327Mfilingsflow.com

Portfolio Composition

By security type
ETP: 47.6%Common Stock: 47.2%Other: 5.2%
  • ETP · 47.6% · $73M
  • Common Stock · 47.2% · $72M
  • Other · 5.2% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
JPSTJ P MORGAN EXCHANGE TRADED FNEW+18.3K18.3K+$919,000$919,000
ETNEATON CORP PLCNEW+2.0K2.0K+$315,000$315,000
MPCMARATHON PETE CORPNEW+1.8K1.8K+$215,000$215,000
FVFIRST TR EXCHANGE-TRADED FDNEW+4.6K4.6K+$214,000$214,000
MDYSPDR S&P MIDCAP 400 ETF TRNEW+463463+$205,000$205,000
IWRISHARES TRNEW+3.0K3.0K+$203,000$203,000
RTXRAYTHEON TECHNOLOGIES CORPNEW+2.0K2.0K+$202,000$202,000
INVESCO EXCH TRD SLF IDX FDSOLD OUT−134.5K0−$3M$0

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

Holdings — Q4 2022

95 positions (from 125 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IWMISHARES TRRUSSELL 2000 ETF · CORE MSCI EAFE · ISHS 1-5YR INVS · SELECT DIVID ETF · CORE S&P500 ETF · MSCI EAFE ETF · RUS 1000 ETF · ISHS 5-10YR INVT · S&P 100 ETF · RUS MID CAP ETF11.17%$17M183.1K
2INVESCO EXCH TRD SLF IDX FDBULSHS 2023 CB · BULSHS 2024 CB · BULSHS 2025 CB11.06%$17M819.0K
3SPYSPDR S&P 500 ETF TRhistory →TR UNIT5.63%$9M22.5K
4SCHASCHWAB STRATEGIC TRUS SML CAP ETF · INTL EQTY ETF · US LRG CAP ETF · INTL SCEQT ETF · EMRG MKTEQ ETF · US MID-CAP ETF · US DIVIDEND EQ3.63%$6M150.9K
5FTSLFIRST TR EXCHANGE-TRADED FDSENIOR LN FD · NO AMER ENERGY · DORSEY WRT 5 ETF3.44%$5M125.1K
6MSFTMICROSOFT CORPhistory →COM2.87%$4M18.3K
7FIRST TR EXCH TRADED FD IIIPFD SECS INC ETF2.42%$4M220.6K
8RSPINVESCO EXCHANGE TRADED FD Thistory →S&P500 EQL WGT2.37%$4M25.7K
9XLVSELECT SECTOR SPDR TRSBI HEALTHCARE · SBI INT-UTILS · SBI INT-INDS · ENERGY · FINANCIAL · TECHNOLOGY2.32%$4M44.2K
10SPYDSPDR SER TRPRTFLO S&P500 HI · BLOOMBERG INVT · S&P BIOTECH2.19%$3M82.3K
11VNQVANGUARD INDEX FDSREAL ESTATE ETF · MID CAP ETF2.13%$3M30.4K
12JNJJOHNSON & JOHNSONhistory →COM1.91%$3M16.5K
13DESWISDOMTREE TRUS SMALLCAP DIVD · US MIDCAP DIVID · ITL HDG QTLY DIV1.66%$3M83.0K
14JPMJPMORGAN CHASE & COhistory →COM1.54%$2M17.5K
15PEPPEPSICO INChistory →COM1.52%$2M12.9K
16HYSPIMCO ETF TRhistory →0-5 HIGH YIELD1.41%$2M24.1K
17AAPLAPPLE INChistory →COM1.36%$2M16.0K
18CSXCSX CORPhistory →COM1.33%$2M65.8K
19HDHOME DEPOT INChistory →COM1.33%$2M6.4K
20GSGOLDMAN SACHS GROUP INChistory →COM1.31%$2M5.8K
21WMTWALMART INChistory →COM1.29%$2M13.9K
22CVXCHEVRON CORP NEWhistory →COM1.22%$2M10.4K
23EXMOCEXXON MOBIL CORPhistory →COM1.05%$2M14.5K
24AMGNAMGEN INChistory →COM1.01%$2M5.9K
25ITWILLINOIS TOOL WKS INCCOM0.88%$1M6.1K
26WMWASTE MGMT INC DELCOM0.88%$1M8.5K
27VVISA INCCOM CL A0.87%$1M6.4K
28BMYBRISTOL-MYERS SQUIBB COCOM0.87%$1M18.5K
29NEENEXTERA ENERGY INCCOM0.85%$1M15.6K
30LMTLOCKHEED MARTIN CORPCOM0.81%$1M2.5K
31ADPAUTOMATIC DATA PROCESSING INCOM0.81%$1M5.2K
32BCIABRDN ETFSBBRG ALL COMD K10.80%$1M55.5K
33BACBANK AMERICA CORPCOM0.76%$1M35.2K
34ICEINTERCONTINENTAL EXCHANGE INCOM0.74%$1M11.1K
35RVTYPERKINELMER INCCOM0.74%$1M8.1K
36KOCOCA COLA COCOM0.73%$1M17.5K
37COSTCOSTCO WHSL CORP NEWCOM0.72%$1M2.4K
38ABTABBOTT LABSCOM0.69%$1M9.6K
39PGPROCTER AND GAMBLE COCOM0.69%$1M6.9K
40JCIJOHNSON CTLS INTL PLCSHS0.68%$1M16.4K
41FICOFAIR ISAAC CORPCOM0.68%$1M1.7K
42PFEPFIZER INCCOM0.68%$1M20.3K
43PYPLPAYPAL HLDGS INCCOM0.65%$992,00013.9K
44MDLZMONDELEZ INTL INCCL A0.65%$989,00014.8K
45SYKSTRYKER CORPORATIONCOM0.63%$971,0004.0K
46JPSTJ P MORGAN EXCHANGE TRADED FULTRA SHRT INC0.60%$919,00018.3K
47CSCOCISCO SYS INCCOM0.59%$903,00019.0K
48CATCATERPILLAR INCCOM0.58%$881,0003.7K
49HBANHUNTINGTON BANCSHARES INCCOM0.57%$875,00062.1K
50TTTRANE TECHNOLOGIES PLCSHS0.56%$860,0005.1K
51SCHWSCHWAB CHARLES CORPCOM0.54%$833,00010.0K
52TMOTHERMO FISHER SCIENTIFIC INCCOM0.54%$826,0001.5K
53VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.54%$824,00021.1K
54AMZNAMAZON COM INCCOM0.53%$815,0009.7K
55EWEDWARDS LIFESCIENCES CORPCOM0.53%$812,00010.9K
56ABBVABBVIE INCCOM0.53%$809,0005.0K
57GOOGLALPHABET INCCAP STK CL A · CAP STK CL C0.49%$752,0008.5K
58LEGG MASON ETF INVTROYCE QUANT SML0.48%$728,00021.2K
59IEMGISHARES INCCORE MSCI EMKT0.46%$711,00015.2K
60UNHUNITEDHEALTH GROUP INCCOM0.44%$667,0001.3K
61VZVERIZON COMMUNICATIONS INCCOM0.41%$625,00015.9K
62KELKELLOGG COCOM0.40%$618,0008.7K
63TXNTEXAS INSTRS INCCOM0.40%$613,0003.7K
64ETDETHAN ALLEN INTERIORS INCCOM0.38%$584,00022.1K
65COPCONOCOPHILLIPSCOM0.38%$576,0004.9K
66INTCINTEL CORPCOM0.38%$574,00021.7K
67CVSCVS HEALTH CORPCOM0.37%$562,0006.0K
68DUKDUKE ENERGY CORP NEWCOM NEW0.36%$551,0005.4K
69MRKMERCK & CO INCCOM0.35%$528,0004.8K
70WMBWILLIAMS COS INCCOM0.33%$505,00015.4K
71CAGCONAGRA BRANDS INCCOM0.32%$494,00012.8K
72IBMINTERNATIONAL BUSINESS MACHSCOM0.31%$478,0003.4K
73MDTMEDTRONIC PLCSHS0.31%$471,0006.1K
74AXPAMERICAN EXPRESS COCOM0.31%$467,0003.2K
75DEDEERE & COCOM0.29%$444,0001.0K
76WFCWELLS FARGO CO NEWCOM0.27%$416,00010.1K
77DLTRDOLLAR TREE INCCOM0.27%$410,0002.9K
78DISDISNEY WALT COCOM0.26%$399,0004.6K
79GISGENERAL MLS INCCOM0.26%$395,0004.7K
80VIGVANGUARD SPECIALIZED FUNDSDIV APP ETF0.22%$335,0002.2K
81MNSTMONSTER BEVERAGE CORP NEWCOM0.21%$316,0003.1K
82ETNEATON CORP PLCSHS0.21%$315,0002.0K
83ORCLORACLE CORPCOM0.20%$301,0003.7K
84TRVTRAVELERS COMPANIES INCCOM0.19%$285,0001.5K
85PAYXPAYCHEX INCCOM0.18%$276,0002.4K
86LLYLILLY ELI & COCOM0.17%$253,000692
87ADMARCHER DANIELS MIDLAND COCOM0.16%$252,0002.7K
88DTEDTE ENERGY COCOM0.16%$245,0002.1K
89NEARISHARES U S ETF TRBLACKROCK ST MAT0.15%$236,0004.8K
90ELVELEVANCE HEALTH INCCOM0.15%$229,000446
91AMATAPPLIED MATLS INCCOM0.14%$220,0002.3K
92MPCMARATHON PETE CORPCOM0.14%$215,0001.8K
93METAMETA PLATFORMS INCCL A0.14%$214,0001.8K
94MDYSPDR S&P MIDCAP 400 ETF TRUTSER1 S&PDCRP0.13%$205,000463
95RTXRAYTHEON TECHNOLOGIES CORPCOM0.13%$202,0002.0K

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 ↗

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 ↗.