SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Aspen Investment Management Inc

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

Reported Value
$332M
Q4 2025
Positions
177
Filings on Record
29
2019–present window
Filed
Feb 6, 2026
original filing

Summary

Aspen Investment Management Inc reported $332M in U.S.-listed holdings across 177 positions for Q4 2025.

Its largest position, IWM, represents 14.3% of the portfolio.

Compared with Q3 2025, the fund opened 32 new positions and exited 5.

Portfolio Metrics

Turnover
+3.0%
vs prior filed quarter
Top-10 Concentration
+48.0%
share of reported value
Largest Position
+14.3%
Ishares Tr
New / Exited
32 / 5
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: 51.2%Common Stock: 48.5%REIT: 0.2%ADR: 0.2%
  • ETP · 51.2% · $170M
  • Common Stock · 48.5% · $161M
  • REIT · 0.2% · $575,000
  • ADR · 0.2% · $523,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VOXVANGUARD WORLD FDNEW+8.1K8.1K+$2M$2M
TLTWISHARES TRNEW+65.0K65.0K+$1M$1M
JEPIJ P MORGAN EXCHANGE TRADED FNEW+25.7K25.7K+$1M$1M
BRK/BBERKSHIRE HATHAWAY INC DELNEW+2.5K2.5K+$1M$1M
MCDMCDONALDS CORPNEW+4.1K4.1K+$1M$1M
VOOVANGUARD INDEX FDSNEW+2.0K2.0K+$1M$1M
QLTYGMO ETF TRUSTNEW+26.6K26.6K+$1M$1M
UNMUNUM GROUPNEW+8.3K8.3K+$646,000$646,000

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

Holdings — Q4 2025

127 positions (from 176 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 · 20+ YEAR TR BD · MSCI EAFE ETF · CALIF MUN BD ETF · CORE S&P MCP ETF · U.S. TECH ETF · S&P 100 ETF · RUS 1000 GRW ETF · S&P 500 GRWT ETF · RUS MD CP GR ETF · S&P 500 VAL ETF · RUS MID CAP ETF14.32%$48M564.1K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT7.33%$24M35.7K
3BSCRINVESCO EXCH TRD SLF IDX FDBULSHS 2027 CB · INVSCO BLSH 28 · BULETSHS 2029 · BULSHS 2026 CB3.83%$13M644.0K
4RSPINVESCO EXCHANGE TRADED FD TS&P500 EQL WGT · AI AND NEXT GEN3.77%$13M70.4K
5AAPLAPPLE INChistory →COM3.55%$12M43.4K
6MSFTMICROSOFT CORPhistory →COM3.49%$12M23.9K
7VTIVANGUARD INDEX FDSTOTAL STK MKT · REAL ESTATE ETF · MID CAP ETF · S&P 500 ETF SHS · LARGE CAP ETF · VALUE ETF3.31%$11M47.6K
8SCHASCHWAB 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 ETF3.28%$11M380.2K
9XLESELECT SECTOR SPDR TRSTATE STREET ENE · STATE STREET UTI · STATE STREET IND · STATE STREET TEC · STATE STREET HEA · STATE STREET FIN · STATE STREET CON2.61%$9M147.0K
10GOOGLALPHABET INCCAP STK CL A · CAP STK CL C2.55%$8M27.0K
11JPMJPMORGAN CHASE & CO.history →COM2.01%$7M20.7K
12VIGVANGUARD SPECIALIZED FUNDShistory →DIV APP ETF1.95%$6M29.4K
13GSGOLDMAN SACHS GROUP INChistory →COM1.90%$6M7.2K
14WMTWALMART INChistory →COM1.47%$5M43.7K
15FTSLFIRST TR EXCHANGE-TRADED FDSENIOR LN FD · NASDAQ CYB ETF · NO AMER ENERGY1.39%$5M97.8K
16FIRST TR EXCH TRADED FD IIIPFD SECS INC ETF1.36%$5M248.0K
17NVDANVIDIA CORPORATIONhistory →COM1.26%$4M22.5K
18AMZNAMAZON COM INChistory →COM1.24%$4M17.9K
19JNJJOHNSON & JOHNSONhistory →COM1.13%$4M18.2K
20LLYELI LILLY & COhistory →COM1.02%$3M3.2K
21DESWISDOMTREE TRUS SMALLCAP DIVD · US MIDCAP DIVID · EMER MKT HIGH FD · ITL HDG QTLY DIV0.93%$3M81.3K
22SPYINEOS ETF TRUSTNEOS S&P 500 HI0.88%$3M55.7K
23ABBVABBVIE INCCOM0.88%$3M12.8K
24GLWCORNING INCCOM0.87%$3M33.0K
25GLDSPDR GOLD TRGOLD SHS0.85%$3M7.1K
26HYSPIMCO ETF TR0-5 HIGH YIELD0.80%$3M28.1K
27QQQINVESCO QQQ TRUNIT SER 10.80%$3M4.3K
28HOODROBINHOOD MKTS INCCOM CL A0.78%$3M23.0K
29VVISA INCCOM CL A0.78%$3M7.4K
30PLTRPALANTIR TECHNOLOGIES INCCL A0.74%$2M13.9K
31SCHWSCHWAB CHARLES CORPCOM0.74%$2M24.7K
32AMGNAMGEN INCCOM0.74%$2M7.5K
33SYKSTRYKER CORPORATIONCOM0.72%$2M6.8K
34PEPPEPSICO INCCOM0.70%$2M16.1K
35PGPROCTER AND GAMBLE COCOM0.69%$2M16.0K
36VOXVANGUARD WORLD FDCOMM SRVC ETF · INF TECH ETF0.68%$2M9.0K
37CATCATERPILLAR INCCOM0.67%$2M3.9K
38HDHOME DEPOT INCCOM0.66%$2M6.4K
39ICEINTERCONTINENTAL EXCHANGE INCOM0.65%$2M13.3K
40IBMINTERNATIONAL BUSINESS MACHSCOM0.64%$2M7.1K
41TTTRANE TECHNOLOGIES PLCSHS0.62%$2M5.3K
42WMWASTE MGMT INC DELCOM0.59%$2M8.9K
43EXMOCEXXON MOBIL CORPCOM0.58%$2M16.0K
44CVXCHEVRON CORP NEWCOM0.57%$2M12.4K
45CSCOCISCO SYS INCCOM0.55%$2M23.5K
46QLTYGMO ETF TRUSTGMO US QUALITY E · GMO INTL VALUE · GMO US VALUE0.54%$2M51.3K
47JCIJOHNSON CTLS INTL PLCSHS0.53%$2M14.8K
48BACBANK AMERICA CORPCOM0.53%$2M31.9K
49FICOFAIR ISAAC CORPCOM0.52%$2M1.0K
50CSXCSX CORPCOM0.51%$2M46.4K
51ABTABBOTT LABSCOM0.50%$2M13.3K
52VYMVANGUARD WHITEHALL FDSHIGH DIV YLD · INTL DVD ETF0.49%$2M12.8K
53PWRQUANTA SVCS INCCOM0.46%$2M3.6K
54JEPIJ P MORGAN EXCHANGE TRADED FEQUITY PREMIUM0.44%$1M25.7K
55KOCOCA COLA COCOM0.44%$1M21.0K
56ITWILLINOIS TOOL WKS INCCOM0.44%$1M6.0K
57AXPAMERICAN EXPRESS COCOM0.43%$1M3.8K
58WMBWILLIAMS COS INCCOM0.41%$1M22.6K
59MUMICRON TECHNOLOGY INCCOM0.41%$1M4.7K
60ADPAUTOMATIC DATA PROCESSING INCOM0.39%$1M5.1K
61COSTCOSTCO WHSL CORP NEWCOM0.39%$1M1.5K
62BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.39%$1M2.5K
63VWOVANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.37%$1M23.1K
64MCDMCDONALDS CORPCOM0.37%$1M4.1K
65NEENEXTERA ENERGY INCCOM0.37%$1M15.4K
66BNYBANK NEW YORK MELLON CORPCOM0.37%$1M10.5K
67ORCLORACLE CORPCOM0.34%$1M5.9K
68ETNEATON CORP PLCSHS0.34%$1M3.6K
69BSXBOSTON SCIENTIFIC CORPCOM0.34%$1M11.7K
70WFCWELLS FARGO CO NEWCOM0.30%$1M10.7K
71GE AEROSPACECOM NEW0.29%$958,0003.1K
72EWEDWARDS LIFESCIENCES CORPCOM0.27%$885,00010.4K
73LMTLOCKHEED MARTIN CORPCOM0.27%$880,0001.8K
74IEMGISHARES INCCORE MSCI EMKT0.25%$843,00012.5K
75SLVISHARES SILVER TRISHARES0.25%$840,00013.0K
76AVGOBROADCOM INCCOM0.24%$808,0002.3K
77MDLZMONDELEZ INTL INCCL A0.24%$791,00014.7K
78PYPLPAYPAL HLDGS INCCOM0.23%$772,00013.2K
79HBANHUNTINGTON BANCSHARES INCCOM0.21%$701,00040.4K
80METAMETA PLATFORMS INCCL A0.21%$690,0001.0K
81AMDADVANCED MICRO DEVICES INCCOM0.20%$678,0003.2K
82MRVLMARVELL TECHNOLOGY INCCOM0.20%$666,0007.8K
83SMHVANECK ETF TRUSTSEMICONDUCTR ETF0.20%$650,0001.8K
84UNMUNUM GROUPCOM0.19%$646,0008.3K
85MDTMEDTRONIC PLCSHS0.19%$640,0006.7K
86MRKMERCK & CO INCCOM0.19%$628,0006.0K
87TXNTEXAS INSTRS INCCOM0.19%$626,0003.6K
88AIGAMERICAN INTL GROUP INCCOM NEW0.18%$611,0007.1K
89DUKDUKE ENERGY CORP NEWCOM NEW0.18%$605,0005.2K
90BMYBRISTOL-MYERS SQUIBB COCOM0.17%$575,00010.7K
91EBAYEBAY INC.COM0.16%$531,0006.1K
92NVSNOVARTIS AGSPONSORED ADR0.16%$523,0003.8K
93CRWDCROWDSTRIKE HLDGS INCCL A0.14%$479,0001.0K
94INTCINTEL CORPCOM0.14%$477,00012.9K
95ETDETHAN ALLEN INTERIORS INCCOM0.14%$465,00020.3K
96UBERUBER TECHNOLOGIES INCCOM0.14%$463,0005.7K
97COPCONOCOPHILLIPSCOM0.14%$462,0004.9K
98BCIABRDN ETFSBBRG ALL COMD K10.13%$445,00022.8K
99IAUISHARES GOLD TRISHARES NEW0.13%$439,0005.4K
100CCITIGROUP INCCOM NEW0.13%$436,0003.7K

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 ↗.