SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Aspen Investment Management Inc

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

Reported Value
$179M
Q4 2023
Positions
140
Filings on Record
29
2019–present window
Filed
Feb 9, 2024
original filing

Summary

Aspen Investment Management Inc reported $179M in U.S.-listed holdings across 140 positions for Q4 2023.

Its largest position, IWM, represents 13.5% of the portfolio.

Compared with Q3 2023, the fund opened 18 new positions and exited 16.

Portfolio Metrics

Turnover
+11.8%
vs prior filed quarter
Top-10 Concentration
+46.0%
share of reported value
Largest Position
+13.5%
Ishares Tr
New / Exited
18 / 16
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
Common Stock: 51.4%ETP: 48.5%Closed-End Fund: 0.1%
  • Common Stock · 51.4% · $92M
  • ETP · 48.5% · $87M
  • Closed-End Fund · 0.1% · $200,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BSCRINVESCO EXCH TRD SLF IDX FDNEW+131.4K131.4K+$3M$3M
BSCSINVESCO EXCH TRD SLF IDX FDNEW+95.0K95.0K+$2M$2M
BSCQINVESCO EXCH TRD SLF IDX FDNEW+90.5K90.5K+$2M$2M
KBESPDR SER TRNEW+14.7K14.7K+$677,000$677,000
ELVELEVANCE HEALTH INCNEW+935935+$441,000$441,000
SHOPSHOPIFY INCNEW+4.5K4.5K+$348,000$348,000
WRBBERKLEY W R CORPNEW+4.9K4.9K+$347,000$347,000
DBXDROPBOX INCNEW+8.9K8.9K+$262,000$262,000

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

Holdings — Q4 2023

110 positions (from 140 filing rows — )
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 · MSCI EAFE ETF · RUS 1000 ETF · S&P 100 ETF13.54%$24M289.5K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT7.50%$13M28.2K
3BSCRINVESCO EXCH TRD SLF IDX FDBULSHS 2027 CB · BULSHS 2025 CB · INVSCO BLSH 28 · BULSHS 2026 CB4.70%$8M423.9K
4MSFTMICROSOFT CORPhistory →COM3.94%$7M18.8K
5SCHASCHWAB STRATEGIC TRUS SML CAP ETF · INTL EQTY ETF · US LRG CAP ETF · INTL SCEQT ETF · EMRG MKTEQ ETF · US MID-CAP ETF · US DIVIDEND EQ · US LCAP VA ETF · US LCAP GR ETF3.93%$7M158.7K
6RSPINVESCO EXCHANGE TRADED FD Thistory →S&P500 EQL WGT3.71%$7M42.1K
7FTSLFIRST TR EXCHANGE-TRADED FDSENIOR LN FD · NO AMER ENERGY2.50%$4M103.2K
8SPYGSPDR SER TRPRTFLO S&P500 GW · S&P BK ETF2.18%$4M64.4K
9FIRST TR EXCH TRADED FD IIIPFD SECS INC ETF2.01%$4M213.6K
10VNQVANGUARD INDEX FDSREAL ESTATE ETF · MID CAP ETF1.98%$4M30.2K
11AAPLAPPLE INChistory →COM1.94%$3M18.0K
12JPMJPMORGAN CHASE & COhistory →COM1.76%$3M18.5K
13DESWISDOMTREE TRUS SMALLCAP DIVD · US MIDCAP DIVID · ITL HDG QTLY DIV1.46%$3M75.6K
14HYSPIMCO ETF TRhistory →0-5 HIGH YIELD1.43%$3M27.6K
15XLISELECT SECTOR SPDR TRINDL · TECHNOLOGY · ENERGY · SBI MATERIALS · FINANCIAL · SBI HEALTHCARE1.38%$2M27.1K
16PEPPEPSICO INChistory →COM1.36%$2M14.3K
17GSGOLDMAN SACHS GROUP INChistory →COM1.32%$2M6.1K
18WMTWALMART INChistory →COM1.30%$2M14.7K
19AMZNAMAZON COM INChistory →COM1.29%$2M15.2K
20HDHOME DEPOT INChistory →COM1.24%$2M6.4K
21GOOGLALPHABET INCCAP STK CL A · CAP STK CL C1.24%$2M15.8K
22CSXCSX CORPhistory →COM1.24%$2M63.9K
23INTCINTEL CORPhistory →COM1.18%$2M41.9K
24JNJJOHNSON & JOHNSONhistory →COM1.12%$2M12.8K
25FICOFAIR ISAAC CORPhistory →COM1.03%$2M1.6K
26VVISA INCCOM CL A1.00%$2M6.9K
27ITWILLINOIS TOOL WKS INCCOM0.92%$2M6.3K
28ICEINTERCONTINENTAL EXCHANGE INCOM0.91%$2M12.6K
29AMGNAMGEN INCCOM0.90%$2M5.6K
30PYPLPAYPAL HLDGS INCCOM0.88%$2M25.6K
31CVXCHEVRON CORP NEWCOM0.86%$2M10.3K
32WMWASTE MGMT INC DELCOM0.84%$1M8.4K
33SCHWSCHWAB CHARLES CORPCOM0.81%$1M21.0K
34EXMOCEXXON MOBIL CORPCOM0.80%$1M14.3K
35TTTRANE TECHNOLOGIES PLCSHS0.74%$1M5.5K
36SYKSTRYKER CORPORATIONCOM0.73%$1M4.3K
37IBMINTERNATIONAL BUSINESS MACHSCOM0.71%$1M7.8K
38BACBANK AMERICA CORPCOM0.68%$1M36.0K
39ADPAUTOMATIC DATA PROCESSING INCOM0.67%$1M5.2K
40ABTABBOTT LABSCOM0.65%$1M10.6K
41MDLZMONDELEZ INTL INCCL A0.65%$1M16.1K
42CSCOCISCO SYS INCCOM0.61%$1M21.5K
43PGPROCTER AND GAMBLE COCOM0.59%$1M7.2K
44ADBEADOBE INCCOM0.58%$1M1.7K
45CATCATERPILLAR INCCOM0.57%$1M3.5K
46LMTLOCKHEED MARTIN CORPCOM0.56%$1M2.2K
47HBANHUNTINGTON BANCSHARES INCCOM0.56%$1M79.1K
48CRWDCROWDSTRIKE HLDGS INCCL A0.56%$1M3.9K
49ONTOONTO INNOVATION INCCOM0.53%$944,0006.2K
50NEENEXTERA ENERGY INCCOM0.52%$926,00015.2K
51JCIJOHNSON CTLS INTL PLCSHS0.52%$923,00016.0K
52BCIABRDN ETFSBBRG ALL COMD K10.51%$913,00047.2K
53VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.48%$865,00021.0K
54PINSPINTEREST INCCL A0.48%$857,00023.1K
55IEMGISHARES INCCORE MSCI EMKT0.48%$853,00016.9K
56WDAYWORKDAY INCCL A0.47%$841,0003.0K
57EWEDWARDS LIFESCIENCES CORPCOM0.47%$833,00010.9K
58TMOTHERMO FISHER SCIENTIFIC INCCOM0.44%$796,0001.5K
59MRKMERCK & CO INCCOM0.44%$787,0007.2K
60AMDADVANCED MICRO DEVICES INCCOM0.44%$783,0005.3K
61ABBVABBVIE INCCOM0.43%$776,0005.0K
62ETDETHAN ALLEN INTERIORS INCCOM0.41%$740,00023.2K
63ETNEATON CORP PLCSHS0.40%$707,0002.9K
64WMBWILLIAMS COS INCCOM0.38%$681,00019.6K
65MDYSPDR S&P MIDCAP 400 ETF TRUTSER1 S&PDCRP0.36%$638,0001.3K
66TXNTEXAS INSTRS INCCOM0.36%$638,0003.7K
67LLYELI LILLY & COCOM0.35%$632,0001.1K
68AXPAMERICAN EXPRESS COCOM0.35%$622,0003.3K
69KOCOCA COLA COCOM0.34%$610,00010.3K
70COPCONOCOPHILLIPSCOM0.33%$587,0005.1K
71MMM3M COCOM0.30%$529,0004.8K
72PFEPFIZER INCCOM0.29%$525,00018.3K
73DUKDUKE ENERGY CORP NEWCOM NEW0.28%$508,0005.2K
74WFCWELLS FARGO CO NEWCOM0.26%$472,0009.6K
75AMATAPPLIED MATLS INCCOM0.26%$468,0002.9K
76METAMETA PLATFORMS INCCL A0.25%$455,0001.3K
77BMYBRISTOL-MYERS SQUIBB COCOM0.25%$453,0008.8K
78ELVELEVANCE HEALTH INCCOM0.25%$441,000935
79DEDEERE & COCOM0.23%$404,0001.0K
80MDTMEDTRONIC PLCSHS0.23%$403,0004.9K
81MCDMCDONALDS CORPCOM0.22%$391,0001.3K
82EMEEMCOR GROUP INCCOM0.21%$378,0001.8K
83ORCLORACLE CORPCOM0.21%$377,0003.6K
84OCOWENS CORNING NEWCOM0.20%$354,0002.4K
85MNSTMONSTER BEVERAGE CORP NEWCOM0.20%$351,0006.1K
86SHOPSHOPIFY INCCL A0.19%$348,0004.5K
87WRBBERKLEY W R CORPCOM0.19%$347,0004.9K
88UNHUNITEDHEALTH GROUP INCCOM0.19%$346,000658
89MPCMARATHON PETE CORPCOM0.18%$331,0002.2K
90VIGVANGUARD SPECIALIZED FUNDSDIV APP ETF0.18%$323,0001.9K
91DISDISNEY WALT COCOM0.17%$309,0003.4K
92DLTRDOLLAR TREE INCCOM0.17%$305,0002.1K
93MCKMCKESSON CORPCOM0.16%$294,000635
94TRVTRAVELERS COMPANIES INCCOM0.16%$290,0001.5K
95MARMARRIOTT INTL INC NEWCL A0.16%$285,0001.3K
96GENERAL ELECTRIC COCOM NEW0.16%$281,0002.2K
97BSXBOSTON SCIENTIFIC CORPCOM0.16%$280,0004.8K
98PAYXPAYCHEX INCCOM0.16%$279,0002.3K
99DBXDROPBOX INCCL A0.15%$262,0008.9K
100PWRQUANTA SVCS INCCOM0.15%$261,0001.2K

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 ↗

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 ↗.