Managers / Q4 2020 · view latest →
Citadel Investment Advisory, Inc.
CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877
Reported Value
$140M
Q4 2020
Positions
72
Filings on Record
22
2021–present window
Filed
Jan 29, 2021
original filing
Summary
Citadel Investment Advisory, Inc. reported $140M in U.S.-listed holdings across 72 positions for Q4 2020.
Its largest position, BRK/B, represents 19.5% of the portfolio.
Portfolio Metrics
Top-10 Concentration
+56.4%
share of reported value
Largest Position
+19.5%
Beckshire Hathaway
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
Portfolio Composition
By security type
- Common Stock · 94.1% · $132M
- Other · 4.2% · $6M
- ADR · 1.4% · $2M
- PUBLIC · 0.4% · $503,000
Quarter-over-Quarter Changes full breakdown →
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BRK/BBeckshire Hathaway | NEW | +117.9K | 117.9K | +$27M | $27M |
| MKLMarkel Corp | NEW | +14.3K | 14.3K | +$15M | $15M |
| IPMLFImperial Metals Corp | NEW | +1.83M | 1.83M | +$7M | $7M |
| GOOGLAlphabet Inc. Class A | NEW | +3.1K | 3.1K | +$5M | $5M |
| DISDisney Company | NEW | +27.6K | 27.6K | +$5M | $5M |
| JNJJohnson & Johnson | NEW | +23.4K | 23.4K | +$4M | $4M |
| PMPhilip Morris Intl | NEW | +42.2K | 42.2K | +$3M | $3M |
| MSFTMicrosoft Corp | NEW | +13.9K | 13.9K | +$3M | $3M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2020
70 positions (from 72 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BRK/BBeckshire Hathawayhistory → | BRKB | 19.55% | $27M | 117.9K |
| 2 | MKLMarkel Corphistory → | MKL | 10.58% | $15M | 14.3K |
| 3 | GOOGLAlphabet Inc. Class A | GOOGL | 5.95% | $8M | 4.7K |
| 4 | IPMLFImperial Metals Corphistory → | IPMLF | 5.28% | $7M | 1.83M |
| 5 | DISDisney Companyhistory → | DIS | 3.58% | $5M | 27.6K |
| 6 | JNJJohnson & Johnsonhistory → | JNJ | 2.84% | $4M | 23.4K |
| 7 | PMPhilip Morris Intlhistory → | PM | 2.50% | $3M | 42.2K |
| 8 | MSFTMicrosoft Corphistory → | MSFT | 2.21% | $3M | 13.9K |
| 9 | IBMIBM Corphistory → | IBM | 2.01% | $3M | 22.3K |
| 10 | KOCoca Cola Cohistory → | KO | 1.87% | $3M | 47.7K |
| 11 | PEPPepsiCohistory → | PEP | 1.83% | $3M | 17.3K |
| 12 | MTDMettler Toledo Intlhistory → | MTD | 1.83% | $3M | 2.2K |
| 13 | MCDMcDonald'shistory → | MCD | 1.76% | $2M | 11.5K |
| 14 | MCOMoodys Corphistory → | MCO | 1.70% | $2M | 8.2K |
| 15 | RTXRaytheon Technologies Corphistory → | RTX | 1.59% | $2M | 31.2K |
| 16 | IDXXIdexx Labs Inchistory → | IDXX | 1.47% | $2M | 4.1K |
| 17 | Medtronic | MDT | 1.42% | $2M | 17.0K |
| 18 | MHKMohawk Industrieshistory → | MHK | 1.38% | $2M | 13.7K |
| 19 | BUDAB Inbevhistory → | BUD | 1.36% | $2M | 27.2K |
| 20 | CABOCable One Inc.history → | CABO | 1.35% | $2M | 845 |
| 21 | BKNGBooking Holdings Inchistory → | BKNG | 1.29% | $2M | 809 |
| 22 | ORCLOracle Corphistory → | ORCL | 1.13% | $2M | 24.4K |
| 23 | DLTRDollar Tree Inchistory → | DLTR | 1.03% | $1M | 13.3K |
| 24 | CSXCSX Corphistory → | CSX | 1.00% | $1M | 15.4K |
| 25 | GDGeneral Dynamics Corp | GD | 0.97% | $1M | 9.1K |
| 26 | GSGoldman Sachs Group Inc. | GS | 0.91% | $1M | 4.8K |
| 27 | DISHDish Network | DISH | 0.91% | $1M | 39.3K |
| 28 | SYYSysco Corp | SYY | 0.91% | $1M | 17.1K |
| 29 | JPMJPMorgan Chase & Co | JPM | 0.86% | $1M | 9.5K |
| 30 | ABTAbbott Laboratories | ABT | 0.81% | $1M | 10.3K |
| 31 | Walgreens | WBA | 0.79% | $1M | 27.7K |
| 32 | CMCSAComcast | CMCSA | 0.78% | $1M | 20.9K |
| 33 | United Parcel Service Inc | UPS | 0.78% | $1M | 6.5K |
| 34 | FRBKQRepublic First Bancorp Inc | FRBK | 0.76% | $1M | 375.2K |
| 35 | BACBank of America | BAC | 0.75% | $1M | 34.4K |
| 36 | Howard Hughs | HHC | 0.72% | $1M | 12.8K |
| 37 | WFCWells Fargo | WFC | 0.72% | $1M | 33.2K |
| 38 | DHRDanaher Corp | DHR | 0.71% | $988,000 | 4.4K |
| 39 | CNICanadian National Railway | CNI | 0.70% | $976,000 | 8.9K |
| 40 | INTCIntel | INTC | 0.61% | $848,000 | 17.0K |
| 41 | LOWLowes | LOW | 0.60% | $842,000 | 5.2K |
| 42 | AXPAmerican Express | AXP | 0.60% | $839,000 | 6.9K |
| 43 | TATT | T | 0.58% | $817,000 | 28.4K |
| 44 | Discovery Holdings A | DISCA | 0.56% | $787,000 | 26.2K |
| 45 | LBRDKLiberty Broadband cl C | LBRDK | 0.53% | $741,000 | 4.7K |
| 46 | LDOSLeidos Holdings Inc | LDOS | 0.51% | $712,000 | 6.8K |
| 47 | PGProctor & Gamble Co | PG | 0.50% | $695,000 | 5.0K |
| 48 | ABBVAbbvie Inc | ABBV | 0.49% | $690,000 | 6.4K |
| 49 | ViacomCBS cl B | VIAC | 0.44% | $609,000 | 16.4K |
| 50 | EGEverest Re Group Inc | RE | 0.42% | $585,000 | 2.5K |
| 51 | CACCCredit Acceptance Corp | CACC | 0.41% | $568,000 | 1.6K |
| 52 | BF/BBrown Forman | BFB | 0.39% | $540,000 | 6.8K |
| 53 | Liberty Global cl C | LBTYK · LBTYA | 0.38% | $533,000 | 22.3K |
| 54 | FISVFiserv Inc | FISV | 0.38% | $530,000 | 4.7K |
| 55 | Colgate Palmolive | CL | 0.36% | $503,000 | 5.9K |
| 56 | KHCKraft Heintz Co | KHC | 0.32% | $448,000 | 12.9K |
| 57 | MAMastercard | MA | 0.31% | $434,000 | 1.2K |
| 58 | ETNEaton Corp | ETN | 0.31% | $428,000 | 3.6K |
| 59 | AAPAdvande Auto Parts | AAP | 0.30% | $416,000 | 2.6K |
| 60 | Liberty Media Sirius C | LSXMK | 0.30% | $414,000 | 9.5K |
| 61 | MDLZMondelez Intl Inc | MDLZ | 0.29% | $400,000 | 6.8K |
| 62 | JEFJefferies Financial | JEF | 0.27% | $383,000 | 15.6K |
| 63 | CICigna Corp | CI | 0.26% | $362,000 | 1.7K |
| 64 | Cedar Fair | FUN | 0.25% | $350,000 | 8.9K |
| 65 | WRBBerkley W R Corp | WRB | 0.22% | $302,000 | 4.5K |
| 66 | Discovery Holdings C | DISCK | 0.21% | $292,000 | 11.2K |
| 67 | SEICSEI Investments | SEIC | 0.19% | $261,000 | 4.5K |
| 68 | WYNNWynn Resorts | WYNN | 0.17% | $237,000 | 2.1K |
| 69 | AAPLApple Inc | AAPL | 0.15% | $212,000 | 1.6K |
| 70 | Liberty Media Sirius A | LSXMA | 0.15% | $203,000 | 4.7K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $210M | 78 | Apr 16, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $231M | 79 | Jan 21, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $218M | 82 | Oct 21, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $206M | 83 | Aug 5, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $204M | 82 | Apr 17, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $193M | 82 | Jan 24, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $190M | 81 | Oct 16, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $176M | 82 | Jul 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $178M | 82 | Apr 17, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $163M | 82 | Jan 23, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $153M | 81 | Oct 31, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $155M | 80 | Jul 11, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $147M | 79 | May 1, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $146M | 79 | Jan 18, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $131M | 78 | Oct 20, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $148M | 80 | Aug 2, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $172M | 80 | May 12, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $171M | 75 | Jan 27, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $161M | 74 | Nov 2, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $162M | 74 | Aug 10, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $153M | 74 | Apr 20, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $140M | 72 | Jan 29, 2021 | 13F-HR | changes · 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 ↗.