SEC 13F Intelligence

Managers / Q3 2025

D. SCOTT NEAL, INC.

CIK 0001596920 · P.O. BOX 2010, LEXINGTON, KY, 40588 · 8592543036

Reported Value
$216M
Q3 2025
Positions
66
Filings on Record
28
2019–present window
Filed
Oct 28, 2025
original filing

Summary

D. Scott Neal, Inc. reported $216M in U.S.-listed holdings across 66 positions for Q3 2025.

Its largest position, GQ9, represents 16.3% of the portfolio.

Compared with Q2 2025, the fund opened 4 new positions and exited 1.

Portfolio Metrics

Turnover
+1.6%
vs prior filed quarter
Top-10 Concentration
+76.9%
share of reported value
Largest Position
+16.3%
Spdr Gold Tr
New / Exited
4 / 1
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. 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: $183MQ4 ’18Q1 ’19: $191MQ2 ’19: $184MQ3 ’19: $194MQ4 ’19: $207MQ4 ’19Q1 ’20: $166MQ2 ’20: $160MQ3 ’20: $178MQ4 ’20: $205MQ4 ’20Q1 ’21: $223MQ2 ’21: $220MQ3 ’21: $237MQ4 ’21: $265MQ4 ’21Q1 ’22: $252MQ2 ’22: $240MQ3 ’22: $238MQ4 ’22: $206MQ4 ’22Q1 ’23: $179MQ2 ’23: $133MQ3 ’23: $117MQ4 ’23: $112MQ4 ’23Q1 ’24: $153MQ2 ’24: $180MQ3 ’24: $189MQ4 ’24: $182MQ4 ’24Q1 ’25: $180MQ2 ’25: $201MQ3 ’25: $216Mfilingsflow.com

Portfolio Composition

By security type
ETP: 52.1%Common Stock: 36.9%Other: 7.2%REIT: 3.6%ADR: 0.2%Other: 0.1%
  • ETP · 52.1% · $113M
  • Common Stock · 36.9% · $80M
  • Other · 7.2% · $16M
  • REIT · 3.6% · $8M
  • ADR · 0.2% · $342,173
  • Other · 0.1% · $215,760

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MUMICRON TECHNOLOGY INCNEW+1.4K1.4K+$227,221$227,221
ISHARES TRNEW+2.0K2.0K+$214,500$214,500
BACBANK AMERICA CORPNEW+4.0K4.0K+$205,948$205,948
WMTWALMART INCNEW+1.9K1.9K+$200,864$200,864
NVONOVO-NORDISK A SSOLD OUT−3.2K0−$221,555$0
ABTABBOTT LABSTRIMMED−5002.3K−$72,766$308,062
IBMINTERNATIONAL BUSINESS MACHSTRIMMED−3122.1K−$119,105$606,644
SPDR S&P 500 ETF TRTRIMMED−7106.2K−$138,497$4M

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

Holdings — Q3 2025

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GQ9SPDR GOLD TRhistory →GOLD SHS16.72%$36M101.7K
2NDQINVESCO QQQ TRhistory →UNIT SER 114.29%$31M51.5K
3XLCSELECT SECTOR SPDR TRCOMMUNICATION · SBI INT-UTILS11.49%$25M218.8K
4UNMUNUM GROUPhistory →COM9.26%$20M257.4K
5AJGGALLAGHER ARTHUR J & COhistory →COM8.12%$18M56.7K
6FLEX LTDORD7.04%$15M262.5K
7KLACKLA CORPhistory →COM NEW5.29%$11M10.6K
8NSANATIONAL STORAGE AFFILIATEShistory →COM SHS BEN IN3.58%$8M255.9K
9PROSHARES TRPSHS ULTRA QQQ · PSHS ULT S&P 5002.76%$6M47.6K
10IAU*ISHARES GOLD TRhistory →ISHARES NEW2.13%$5M63.4K
11MSFTMICROSOFT CORPhistory →COM1.96%$4M8.2K
12SPDR S&P 500 ETF TRTR UNIT1.91%$4M6.2K
13ISHARES TRCORE S&P500 ETF · HDG MSCI EAFE · RUSSELL 2000 ETF · ESG AWR MSCI USA · RUS MID CAP ETF1.80%$4M41.8K
14CATCATERPILLAR INChistory →COM1.67%$4M7.5K
15BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.33%$3M5.7K
16REKRREKOR SYSTEMS INChistory →COM1.24%$3M1.70M
17AAPLAPPLE INCCOM0.81%$2M6.9K
18NVDANVIDIA CORPORATIONCOM0.79%$2M9.1K
19RBCAAREPUBLIC BANCORP INC KYCL A0.70%$2M21.0K
20GOOGLALPHABET INCCAP STK CL A · CAP STK CL C0.47%$1M4.2K
21TAT&T INCCOM0.47%$1M36.0K
22HDHOME DEPOT INCCOM0.44%$946,5242.3K
23VVISA INCCOM CL A0.40%$870,5192.5K
24MAMASTERCARD INCORPORATEDCL A0.36%$775,3241.4K
25LOWLOWES COS INCCOM0.30%$653,4062.6K
26IBMINTERNATIONAL BUSINESS MACHSCOM0.28%$606,6442.1K
27VANGUARD INDEX FDSS&P 500 ETF SHS0.28%$605,644989
28JNJJOHNSON & JOHNSONCOM0.27%$574,8023.1K
29RFREGIONS FINANCIAL CORP NEWCOM0.26%$565,21521.4K
30TSLATESLA INCCOM0.26%$557,6791.3K
31PGPROCTER AND GAMBLE COCOM0.26%$555,7533.6K
32AMZNAMAZON COM INCCOM0.24%$513,5752.3K
33MOALTRIA GROUP INCCOM0.22%$469,1597.1K
34MDYSPDR S&P MIDCAP 400 ETF TRUTSER1 S&PDCRP0.22%$464,904780
35GSKGSK PLCSPONSORED ADR0.16%$342,1737.9K
36AVGOBROADCOM INCCOM0.16%$341,2911.0K
37ORCLORACLE CORPCOM0.16%$337,4881.2K
38NKENIKE INCCL B0.15%$320,7584.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2025$216M66Oct 28, 202513F-HRchanges · EDGAR ↗
Q2 2025$201M64Jul 8, 202513F-HRchanges · EDGAR ↗
Q1 2025$180M61Apr 11, 202513F-HRchanges · EDGAR ↗
Q4 2024$182M65Jan 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$189M70Oct 17, 202413F-HRchanges · EDGAR ↗
Q2 2024$180M75Jul 15, 202413F-HRchanges · EDGAR ↗
Q1 2024$153M67Apr 11, 202413F-HRchanges · EDGAR ↗
Q4 2023$112M63Jan 17, 202413F-HRchanges · EDGAR ↗
Q3 2023$117M63Oct 11, 202313F-HRchanges · EDGAR ↗
Q2 2023$133M64Jul 17, 202313F-HRchanges · EDGAR ↗
Q1 2023$179M64Apr 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$206M58Jan 11, 202313F-HRchanges · EDGAR ↗
Q3 2022$238M61Oct 27, 202213F-HRchanges · EDGAR ↗
Q2 2022$240M62Jul 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$252M64May 4, 202213F-HRchanges · EDGAR ↗
Q4 2021$265M57Jan 21, 202213F-HRchanges · EDGAR ↗
Q3 2021$237M51Nov 4, 202113F-HRchanges · EDGAR ↗
Q2 2021$220M49Aug 2, 202113F-HRchanges · EDGAR ↗
Q1 2021$223M47Apr 30, 202113F-HRchanges · EDGAR ↗
Q4 2020$205M43Feb 5, 202113F-HRchanges · EDGAR ↗
Q3 2020$178M38Oct 15, 202013F-HRchanges · EDGAR ↗
Q2 2020$160M37Jul 16, 202013F-HRchanges · EDGAR ↗
Q1 2020$166M35Apr 27, 202013F-HRchanges · EDGAR ↗
Q4 2019$207M42Jan 16, 202013F-HRchanges · EDGAR ↗
Q3 2019$194M35Oct 16, 201913F-HRchanges · EDGAR ↗
Q2 2019$184M31Jul 25, 201913F-HRchanges · EDGAR ↗
Q1 2019$191M32Apr 11, 201913F-HRchanges · EDGAR ↗
Q4 2018$183M28Feb 6, 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 ↗.