SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Aspen Investment Management Inc

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

Reported Value
$259M
Q3 2025
Positions
149
Filings on Record
29
2019–present window
Filed
Nov 12, 2025
original filing

Summary

Aspen Investment Management Inc reported $259M in U.S.-listed holdings across 149 positions for Q3 2025.

Its largest position, IWM, represents 15.9% of the portfolio.

Compared with Q2 2025, the fund opened 11 new positions and exited 9.

Portfolio Metrics

Turnover
+2.6%
vs prior filed quarter
Top-10 Concentration
+52.4%
share of reported value
Largest Position
+15.9%
Ishares Tr
New / Exited
11 / 9
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: 55.4%Common Stock: 44.4%REIT: 0.2%
  • ETP · 55.4% · $143M
  • Common Stock · 44.4% · $115M
  • REIT · 0.2% · $463,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPYINEOS ETF TRUSTNEW+23.9K23.9K+$1M$1M
AMDADVANCED MICRO DEVICES INCNEW+3.0K3.0K+$477,000$477,000
MTZMASTEC INCNEW+1.6K1.6K+$350,000$350,000
XHBSPDR SERIES TRUSTNEW+2.9K2.9K+$324,000$324,000
URAGLOBAL X FDSNEW+6.7K6.7K+$319,000$319,000
METAMETA PLATFORMS INCNEW+431431+$317,000$317,000
SMHVANECK ETF TRUSTNEW+799799+$261,000$261,000
IGPTINVESCO EXCHANGE TRADED FD TNEW+4.6K4.6K+$249,000$249,000

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

Holdings — Q3 2025

110 positions (from 149 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 · 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 ETF15.85%$41M457.3K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT9.09%$24M35.3K
3BSCRINVESCO EXCH TRD SLF IDX FDBULSHS 2027 CB · INVSCO BLSH 28 · BULETSHS 2029 · BULSHS 2026 CB · BULSHS 2025 CB5.51%$14M720.1K
4RSPINVESCO EXCHANGE TRADED FD TS&P500 EQL WGT · AI AND NEXT GEN4.72%$12M67.7K
5SCHASCHWAB STRATEGIC TRUS SML CAP ETF · US LRG CAP ETF · INTL EQTY ETF · US DIVIDEND EQ · INTL SCEQT ETF · EMRG MKTEQ ETF · US MID-CAP ETF · US LCAP GR ETF · US LCAP VA ETF4.06%$11M372.7K
6MSFTMICROSOFT CORPhistory →COM3.42%$9M17.1K
7XLESELECT SECTOR SPDR TRENERGY · SBI INT-UTILS · INDL · TECHNOLOGY · FINANCIAL · SBI HEALTHCARE3.00%$8M78.4K
8VNQVANGUARD INDEX FDSREAL ESTATE ETF · MID CAP ETF · TOTAL STK MKT · LARGE CAP ETF · VALUE ETF2.64%$7M48.9K
9JPMJPMORGAN CHASE & CO.history →COM2.23%$6M18.3K
10FTSLFIRST TR EXCHANGE-TRADED FDSENIOR LN FD · NO AMER ENERGY · NASDAQ CYB ETF1.87%$5M104.4K
11GSGOLDMAN SACHS GROUP INChistory →COM1.86%$5M6.0K
12WMTWALMART INChistory →COM1.76%$5M44.2K
13FIRST TR EXCH TRADED FD IIIPFD SECS INC ETF1.72%$4M244.4K
14AAPLAPPLE INChistory →COM1.49%$4M15.1K
15GOOGLALPHABET INCCAP STK CL A · CAP STK CL C1.45%$4M15.4K
16HOODROBINHOOD MKTS INChistory →COM CL A1.28%$3M23.2K
17AMZNAMAZON COM INChistory →COM1.24%$3M14.6K
18DESWISDOMTREE TRUS SMALLCAP DIVD · US MIDCAP DIVID · ITL HDG QTLY DIV1.05%$3M73.6K
19HYSPIMCO ETF TRhistory →0-5 HIGH YIELD1.04%$3M28.1K
20QQQINVESCO QQQ TRUNIT SER 11.00%$3M4.3K
21HDHOME DEPOT INCCOM0.96%$2M6.2K
22VVISA INCCOM CL A0.96%$2M7.3K
23SCHWSCHWAB CHARLES CORPCOM0.90%$2M24.4K
24GLDSPDR GOLD TRGOLD SHS0.90%$2M6.5K
25ICEINTERCONTINENTAL EXCHANGE INCOM0.87%$2M13.3K
26GLWCORNING INCCOM0.86%$2M27.2K
27TTTRANE TECHNOLOGIES PLCSHS0.85%$2M5.2K
28FICOFAIR ISAAC CORPCOM0.77%$2M1.3K
29IBMINTERNATIONAL BUSINESS MACHSCOM0.76%$2M7.0K
30SYKSTRYKER CORPORATIONCOM0.75%$2M5.2K
31WMWASTE MGMT INC DELCOM0.74%$2M8.7K
32JNJJOHNSON & JOHNSONCOM0.69%$2M9.6K
33PEPPEPSICO INCCOM0.67%$2M12.4K
34BACBANK AMERICA CORPCOM0.66%$2M33.2K
35CSXCSX CORPCOM0.66%$2M48.2K
36EXMOCEXXON MOBIL CORPCOM0.66%$2M15.1K
37JCIJOHNSON CTLS INTL PLCSHS0.64%$2M15.1K
38AMGNAMGEN INCCOM0.62%$2M5.7K
39ADPAUTOMATIC DATA PROCESSING INCOM0.62%$2M5.5K
40ITWILLINOIS TOOL WKS INCCOM0.62%$2M6.2K
41CVXCHEVRON CORP NEWCOM0.60%$2M9.9K
42CSCOCISCO SYS INCCOM0.56%$1M21.3K
43PWRQUANTA SVCS INCCOM0.56%$1M3.5K
44WMBWILLIAMS COS INCCOM0.55%$1M22.4K
45CATCATERPILLAR INCCOM0.54%$1M2.9K
46ETNEATON CORP PLCSHS0.52%$1M3.6K
47ABBVABBVIE INCCOM0.51%$1M5.7K
48AXPAMERICAN EXPRESS COCOM0.49%$1M3.9K
49SPYINEOS ETF TRUSTNEOS S&P 500 HI0.48%$1M23.9K
50VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.47%$1M22.6K
51NEENEXTERA ENERGY INCCOM0.45%$1M15.5K
52BNYBANK NEW YORK MELLON CORPCOM0.45%$1M10.6K
53PGPROCTER AND GAMBLE COCOM0.44%$1M7.5K
54BSXBOSTON SCIENTIFIC CORPCOM0.42%$1M11.2K
55NVDANVIDIA CORPORATIONCOM0.38%$991,0005.3K
56HBANHUNTINGTON BANCSHARES INCCOM0.38%$983,00056.9K
57LLYELI LILLY & COCOM0.37%$967,0001.3K
58MDLZMONDELEZ INTL INCCL A0.37%$957,00015.3K
59VIGVANGUARD SPECIALIZED FUNDSDIV APP ETF0.36%$926,0004.3K
60LMTLOCKHEED MARTIN CORPCOM0.35%$908,0001.8K
61WFCWELLS FARGO CO NEWCOM0.35%$900,00010.7K
62PYPLPAYPAL HLDGS INCCOM0.34%$887,00013.2K
63ORCLORACLE CORPCOM0.32%$841,0003.0K
64EWEDWARDS LIFESCIENCES CORPCOM0.31%$796,00010.2K
65MUMICRON TECHNOLOGY INCCOM0.30%$789,0004.7K
66ABTABBOTT LABSCOM0.30%$769,0005.7K
67IEMGISHARES INCCORE MSCI EMKT0.29%$740,00011.2K
68GE AEROSPACECOM NEW0.28%$728,0002.4K
69BCIABRDN ETFSBBRG ALL COMD K10.27%$709,00032.9K
70VGTVANGUARD WORLD FDINF TECH ETF0.26%$678,000908
71AVGOBROADCOM INCCOM0.26%$677,0002.1K
72TXNTEXAS INSTRS INCCOM0.26%$663,0003.6K
73MRVLMARVELL TECHNOLOGY INCCOM0.25%$659,0007.8K
74XSDSPDR SERIES TRUSTS&P SEMICNDCTR · S&P HOMEBUILD0.25%$654,0004.0K
75KOCOCA COLA COCOM0.25%$645,0009.7K
76DUKDUKE ENERGY CORP NEWCOM NEW0.25%$639,0005.2K
77ETDETHAN ALLEN INTERIORS INCCOM0.24%$613,00020.8K
78AIGAMERICAN INTL GROUP INCCOM NEW0.22%$559,0007.1K
79CRWDCROWDSTRIKE HLDGS INCCL A0.20%$509,0001.0K
80MPCMARATHON PETE CORPCOM0.20%$505,0002.6K
81COSTCOSTCO WHSL CORP NEWCOM0.19%$503,000543
82AMDADVANCED MICRO DEVICES INCCOM0.18%$477,0003.0K
83COPCONOCOPHILLIPSCOM0.18%$467,0004.9K
84INTCINTEL CORPCOM0.18%$467,00013.9K
85IRMIRON MTN INC DELCOM0.18%$463,0004.5K
86DEDEERE & COCOM0.16%$423,000925
87SLVISHARES SILVER TRISHARES0.16%$412,0009.7K
88TRVTRAVELERS COMPANIES INCCOM0.15%$393,0001.4K
89MDTMEDTRONIC PLCSHS0.15%$380,0004.0K
90CCITIGROUP INCCOM NEW0.15%$380,0003.7K
91MTZMASTEC INCCOM0.14%$350,0001.6K
92MNSTMONSTER BEVERAGE CORP NEWCOM0.12%$321,0004.8K
93URAGLOBAL X FDSGLOBAL X URANIUM0.12%$319,0006.7K
94TTDTHE TRADE DESK INCCOM CL A0.12%$318,0006.5K
95METAMETA PLATFORMS INCCL A0.12%$317,000431
96DISDISNEY WALT COCOM0.12%$316,0002.8K
97MSIMOTOROLA SOLUTIONS INCCOM NEW0.12%$316,000690
98BMYBRISTOL-MYERS SQUIBB COCOM0.12%$313,0006.9K
99GEVGE VERNOVA INCCOM0.12%$311,000505
100HCAHCA HEALTHCARE INCCOM0.12%$298,000699

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 ↗.