SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Aspen Investment Management Inc

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

Reported Value
$238M
Q2 2025
Positions
147
Filings on Record
30
2019–present window
Filed
Aug 11, 2025
original filing

Summary

Aspen Investment Management Inc reported $238M in U.S.-listed holdings across 147 positions for Q2 2025.

Its largest position, IEFA, represents 15.3% of the portfolio.

Compared with Q1 2025, the fund opened 11 new positions and exited 10.

Portfolio Metrics

Turnover
+4.7%
vs prior filed quarter
Top-10 Concentration
+51.7%
share of reported value
Largest Position
+15.3%
Ishares Tr
New / Exited
11 / 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
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: 53.8%Common Stock: 46.0%REIT: 0.2%
  • ETP · 53.8% · $128M
  • Common Stock · 46.0% · $109M
  • REIT · 0.2% · $465,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BSCTINVESCO EXCH TRD SLF IDX FDNEW+149.2K149.2K+$3M$3M
QQQINVESCO QQQ TRNEW+3.6K3.6K+$2M$2M
AVGOBROADCOM INCNEW+2.0K2.0K+$555,000$555,000
CRWDCROWDSTRIKE HLDGS INCNEW+940940+$479,000$479,000
FTNTFORTINET INCNEW+3.8K3.8K+$404,000$404,000
SLVISHARES SILVER TRNEW+10.8K10.8K+$354,000$354,000
SNOWSNOWFLAKE INCNEW+1.3K1.3K+$295,000$295,000
ONTOONTO INNOVATION INCNEW+2.9K2.9K+$293,000$293,000

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

Holdings — Q2 2025

111 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IEFAISHARES TRCORE MSCI EAFE · RUSSELL 2000 ETF · ISHS 5-10YR INVT · ISHS 1-5YR INVS · CORE S&P500 ETF · RUS 1000 ETF · MSCI EAFE ETF · CALIF MUN BD ETF · CORE S&P MCP ETF · RUS 1000 GRW ETF · S&P 100 ETF · RUS MID CAP ETF15.30%$36M419.6K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT8.76%$21M33.7K
3BSCRINVESCO EXCH TRD SLF IDX FDBULSHS 2027 CB · INVSCO BLSH 28 · BULETSHS 2029 · BULSHS 2026 CB · BULSHS 2025 CB6.02%$14M725.3K
4RSPINVESCO EXCHANGE TRADED FD Thistory →S&P500 EQL WGT4.71%$11M61.6K
5SCHASCHWAB STRATEGIC TRUS SML CAP ETF · US LRG CAP ETF · INTL EQTY ETF · INTL SCEQT ETF · EMRG MKTEQ ETF · US MID-CAP ETF · US LCAP GR ETF · US DIVIDEND EQ · US LCAP VA ETF3.78%$9M342.4K
6MSFTMICROSOFT CORPhistory →COM3.45%$8M16.5K
7XLESELECT SECTOR SPDR TRENERGY · SBI INT-UTILS · TECHNOLOGY · SBI HEALTHCARE · FINANCIAL · INDL2.89%$7M75.8K
8VNQVANGUARD INDEX FDSREAL ESTATE ETF · MID CAP ETF · TOTAL STK MKT · LARGE CAP ETF2.58%$6M46.5K
9JPMJPMORGAN CHASE & CO.history →COM2.18%$5M17.9K
10FTSLFIRST TR EXCHANGE-TRADED FDSENIOR LN FD · NO AMER ENERGY · NASDAQ CYB ETF2.02%$5M104.1K
11WMTWALMART INChistory →COM1.93%$5M46.9K
12FIRST TR EXCH TRADED FD IIIPFD SECS INC ETF1.81%$4M241.2K
13GSGOLDMAN SACHS GROUP INChistory →COM1.76%$4M5.9K
14AAPLAPPLE INChistory →COM1.39%$3M16.1K
15AMZNAMAZON COM INChistory →COM1.20%$3M13.0K
16HOODROBINHOOD MKTS INChistory →COM CL A1.15%$3M29.2K
17VVISA INChistory →COM CL A1.10%$3M7.4K
18HYSPIMCO ETF TRhistory →0-5 HIGH YIELD1.10%$3M27.5K
19DESWISDOMTREE TRUS SMALLCAP DIVD · US MIDCAP DIVID · ITL HDG QTLY DIV1.09%$3M73.8K
20GOOGLALPHABET INCCAP STK CL A · CAP STK CL C1.02%$2M13.7K
21ICEINTERCONTINENTAL EXCHANGE INhistory →COM1.01%$2M13.1K
22FICOFAIR ISAAC CORPCOM1.00%$2M1.3K
23HDHOME DEPOT INCCOM0.95%$2M6.2K
24TTTRANE TECHNOLOGIES PLCSHS0.94%$2M5.1K
25SCHWSCHWAB CHARLES CORPCOM0.94%$2M24.5K
26GLDSPDR GOLD TRGOLD SHS0.89%$2M7.0K
27IBMINTERNATIONAL BUSINESS MACHSCOM0.88%$2M7.1K
28SYKSTRYKER CORPORATIONCOM0.85%$2M5.1K
29QQQINVESCO QQQ TRUNIT SER 10.83%$2M3.6K
30WMWASTE MGMT INC DELCOM0.82%$2M8.5K
31PEPPEPSICO INCCOM0.75%$2M13.6K
32ADPAUTOMATIC DATA PROCESSING INCOM0.71%$2M5.5K
33BACBANK AMERICA CORPCOM0.69%$2M34.6K
34JCIJOHNSON CTLS INTL PLCSHS0.67%$2M15.1K
35EXMOCEXXON MOBIL CORPCOM0.67%$2M14.7K
36CSXCSX CORPCOM0.66%$2M48.2K
37ITWILLINOIS TOOL WKS INCCOM0.66%$2M6.3K
38AMGNAMGEN INCCOM0.65%$2M5.5K
39CSCOCISCO SYS INCCOM0.61%$1M21.1K
40JNJJOHNSON & JOHNSONCOM0.60%$1M9.3K
41CVXCHEVRON CORP NEWCOM0.60%$1M9.9K
42WMBWILLIAMS COS INCCOM0.58%$1M22.0K
43GLWCORNING INCCOM0.56%$1M25.2K
44PWRQUANTA SVCS INCCOM0.54%$1M3.4K
45ETNEATON CORP PLCSHS0.52%$1M3.5K
46AXPAMERICAN EXPRESS COCOM0.49%$1M3.7K
47PGPROCTER AND GAMBLE COCOM0.49%$1M7.4K
48HBANHUNTINGTON BANCSHARES INCCOM0.49%$1M69.8K
49CATCATERPILLAR INCCOM0.48%$1M2.9K
50BSXBOSTON SCIENTIFIC CORPCOM0.47%$1M10.5K
51COSTCOSTCO WHSL CORP NEWCOM0.46%$1M1.1K
52NEENEXTERA ENERGY INCCOM0.46%$1M15.6K
53VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.46%$1M21.9K
54BNYBANK NEW YORK MELLON CORPCOM0.45%$1M11.8K
55ABTABBOTT LABSCOM0.44%$1M7.8K
56MDLZMONDELEZ INTL INCCL A0.44%$1M15.5K
57PYPLPAYPAL HLDGS INCCOM0.42%$987,00013.3K
58ABBVABBVIE INCCOM0.38%$895,0004.8K
59LMTLOCKHEED MARTIN CORPCOM0.36%$866,0001.9K
60WFCWELLS FARGO CO NEWCOM0.36%$860,00010.7K
61EWEDWARDS LIFESCIENCES CORPCOM0.34%$800,00010.2K
62LLYELI LILLY & COCOM0.33%$793,0001.0K
63TXNTEXAS INSTRS INCCOM0.32%$767,0003.7K
64NVDANVIDIA CORPORATIONCOM0.32%$761,0004.8K
65BCIABRDN ETFSBBRG ALL COMD K10.30%$704,00033.9K
66KOCOCA COLA COCOM0.29%$688,0009.7K
67IEMGISHARES INCCORE MSCI EMKT0.28%$675,00011.2K
68ORCLORACLE CORPCOM0.27%$653,0003.0K
69DUKDUKE ENERGY CORP NEWCOM NEW0.26%$628,0005.3K
70GE AEROSPACECOM NEW0.26%$623,0002.4K
71AIGAMERICAN INTL GROUP INCCOM NEW0.26%$609,0007.1K
72MUMICRON TECHNOLOGY INCCOM0.26%$609,0004.9K
73VGTVANGUARD WORLD FDINF TECH ETF0.25%$602,000908
74ETDETHAN ALLEN INTERIORS INCCOM0.25%$593,00021.3K
75MRVLMARVELL TECHNOLOGY INCCOM0.24%$580,0007.5K
76METMETLIFE INCCOM0.24%$565,0007.0K
77AVGOBROADCOM INCCOM0.23%$555,0002.0K
78CRWDCROWDSTRIKE HLDGS INCCL A0.20%$479,000940
79DEDEERE & COCOM0.20%$470,000925
80TTDTHE TRADE DESK INCCOM CL A0.20%$467,0006.5K
81IRMIRON MTN INC DELCOM0.20%$465,0004.5K
82COPCONOCOPHILLIPSCOM0.19%$453,0005.0K
83ELVELEVANCE HEALTH INCCOM0.19%$445,0001.1K
84MPCMARATHON PETE CORPCOM0.18%$435,0002.6K
85FTNTFORTINET INCCOM0.17%$404,0003.8K
86VIGVANGUARD SPECIALIZED FUNDSDIV APP ETF0.17%$397,0001.9K
87TRVTRAVELERS COMPANIES INCCOM0.16%$376,0001.4K
88MNSTMONSTER BEVERAGE CORP NEWCOM0.16%$376,0006.0K
89BMYBRISTOL-MYERS SQUIBB COCOM0.15%$359,0007.8K
90SLVISHARES SILVER TRISHARES0.15%$354,00010.8K
91MDTMEDTRONIC PLCSHS0.15%$352,0004.0K
92DISDISNEY WALT COCOM0.14%$342,0002.8K
93DOCUDOCUSIGN INCCOM0.14%$322,0004.1K
94CCITIGROUP INCCOM NEW0.13%$318,0003.7K
95INTCINTEL CORPCOM0.13%$317,00014.2K
96SNOWSNOWFLAKE INCCL A0.12%$295,0001.3K
97ONTOONTO INNOVATION INCCOM0.12%$293,0002.9K
98MSIMOTOROLA SOLUTIONS INCCOM NEW0.12%$290,000690
99BROSDUTCH BROS INCCL A0.12%$290,0004.2K
100PAYXPAYCHEX INCCOM0.12%$278,0001.9K

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 ↗.