SEC 13F Intelligence

Managers / Q2 2022 · view latest →

Citadel Investment Advisory, Inc.

CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877

Reported Value
$148M
Q2 2022
Positions
80
Filings on Record
22
2021–present window
Filed
Aug 2, 2022
original filing

Summary

Citadel Investment Advisory, Inc. reported $148M in U.S.-listed holdings across 80 positions for Q2 2022.

The portfolio is heavily concentrated: BRK/B alone accounts for 20.1% of reported value.

Compared with Q1 2022, the fund opened 3 new positions and exited 3.

Portfolio Metrics

Turnover
+1.3%
vs prior filed quarter
Top-10 Concentration
+57.9%
share of reported value
Largest Position
+20.1%
Beckshire Hathaway
New / Exited
3 / 3
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 ’20: $140MQ4 ’20Q1 ’21: $153MQ2 ’21: $162MQ3 ’21: $161MQ3 ’21Q4 ’21: $171MQ1 ’22: $172MQ2 ’22: $148MQ2 ’22Q3 ’22: $131MQ4 ’22: $146MQ1 ’23: $147MQ1 ’23Q2 ’23: $155MQ3 ’23: $153MQ4 ’23: $163MQ4 ’23Q1 ’24: $178MQ2 ’24: $176MQ3 ’24: $190MQ3 ’24Q4 ’24: $193MQ1 ’25: $204MQ2 ’25: $206MQ2 ’25Q3 ’25: $218MQ4 ’25: $231MQ1 ’26: $210MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 93.8%Other: 4.9%ADR: 0.9%PUBLIC: 0.3%
  • Common Stock · 93.8% · $138M
  • Other · 4.9% · $7M
  • ADR · 0.9% · $1M
  • PUBLIC · 0.3% · $427,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
WBDWarner Brothers Discovery,incNEW+73.3K73.3K+$983,000$983,000
ENOVEnovis CorpNEW+5.2K5.2K+$288,000$288,000
ESABESAB CorpNEW+5.2K5.2K+$229,000$229,000
AMZNAmazonADDED+5.0K5.2K−$297,000$557,000
MKLMarkel CorpADDED+14.4K16.0K−$4M$21M
BABoeing CompanyADDED+2.1K3.7K+$205,000$511,000
DLTRDollar Tree IncSOLD OUT−11.9K0−$2M$0
Discovery Holdings ASOLD OUT−58.7K0−$1M$0

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

Holdings — Q2 2022

78 positions (from 80 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/BBeckshire Hathawayhistory →BRKB20.15%$30M108.9K
2MKLMarkel Corphistory →MKL14.04%$21M16.0K
3GOOGLAlphabet Inc. Class AGOOGL6.58%$10M4.5K
4IPMLFImperial Metals Corphistory →IPMLF3.02%$4M1.98M
5JNJJohnson & Johnsonhistory →JNJ2.98%$4M24.7K
6PMPhilip Morris Intlhistory →PM2.71%$4M40.5K
7MSFTMicrosoft Corphistory →MSFT2.71%$4M15.5K
8KOCoca Cola Cohistory →KO1.91%$3M44.7K
9RTXRaytheon Technologies Corphistory →RTX1.90%$3M29.2K
10IBMIBM Corphistory →IBM1.88%$3M19.6K
11PEPPepsiCohistory →PEP1.83%$3M16.2K
12MCDMcDonald'shistory →MCD1.76%$3M10.5K
13ABBVAbbvie Inchistory →ABBV1.74%$3M16.7K
14DISDisney Companyhistory →DIS1.64%$2M25.6K
15MedtronicMDT1.54%$2M25.3K
16MTDMettler Toledo Intlhistory →MTD1.53%$2M2.0K
17MCOMoodys Corphistory →MCO1.46%$2M7.9K
18GDGeneral Dynamics Corphistory →GD1.26%$2M8.4K
19CSXCSX Corphistory →CSX1.15%$2M45.4K
20ORCLOracle Corphistory →ORCL1.09%$2M23.1K
21MHKMohawk Industrieshistory →MHK1.07%$2M12.8K
22GSGoldman Sachs Group Inc.GS0.96%$1M4.7K
23BUDAB InbevBUD0.94%$1M25.8K
24IDXXIdexx Labs IncIDXX0.94%$1M4.0K
25FRBKQRepublic First Bancorp IncFRBK0.88%$1M340.7K
26AXPAmerican ExpressAXP0.87%$1M6.9K
27BKNGBooking Holdings IncBKNG0.86%$1M725
28SYYSysco CorpSYY0.82%$1M14.2K
29DHRDanaher CorpDHR0.76%$1M4.4K
30WFCWells FargoWFC0.70%$1M26.2K
31JPMJPMorgan Chase & CoJPM0.69%$1M9.1K
32John Marshall BancorpJMSB0.69%$1M45.0K
33ABTAbbott LaboratoriesABT0.69%$1M9.3K
34United Parcel Service IncUPS0.68%$998,0005.5K
35WBDWarner Brothers Discovery,incWBD0.67%$983,00073.3K
36CNICanadian National RailwayCNI0.65%$965,0008.6K
37CABOCable One Inc.CABO0.65%$957,000742
38WalgreensWBA0.63%$927,00024.5K
39LOWLowesLOW0.61%$899,0005.1K
40Howard HughsHHC0.57%$843,00012.4K
41BACBank of AmericaBAC0.54%$797,00025.6K
42CMCSAComcastCMCSA0.51%$751,00019.1K
43CACCCredit Acceptance CorpCACC0.46%$683,0001.4K
44EGEverest Re Group IncRE0.46%$673,0002.4K
45PGProctor & Gamble CoPG0.45%$665,0004.6K
46TATTT0.45%$662,00028.0K
47ColfaxCFX0.44%$649,00016.3K
48DISHDish NetworkDISH0.44%$643,00035.8K
49Vistaprint NV CimpressCMPR0.41%$599,0009.4K
50LDOSLeidos Holdings IncLDOS0.40%$589,0005.9K
51WYNNWynn ResortsWYNN0.40%$586,00010.3K
52AMZNAmazonAMZN0.38%$557,0005.2K
53INTCIntelINTC0.36%$532,00014.2K
54BABoeing CompanyBA0.35%$511,0003.7K
55LBRDKLiberty Broadband cl CLBRDK0.34%$503,0004.4K
56BF/BBrown FormanBFB0.32%$477,0006.8K
57Liberty Global cl CLBTYK · LBTYA0.31%$462,00021.4K
58KHCKraft Heintz CoKHC0.31%$452,00011.9K
59AAPAdvande Auto PartsAAP0.31%$451,0002.6K
60WRBBerkley W R CorpWRB0.30%$441,0006.6K
61JEFJefferies FinancialJEF0.29%$430,00015.6K
62ETNEaton CorpETN0.29%$429,0003.4K
63Colgate PalmoliveCL0.29%$427,0005.3K
64MDLZMondelez Intl IncMDLZ0.26%$382,0006.1K
65Cedar FairFUN0.26%$381,0008.7K
66MAMastercardMA0.26%$380,0001.2K
67FISVFiserv IncFISV0.26%$377,0004.2K
68ViacomCBS cl BVIAC0.25%$368,00014.9K
69CICigna CorpCI0.23%$338,0001.3K
70Liberty Media Sirius CLSXMK0.22%$323,0009.0K
71FCNFTI Consulting, Inc.FCN0.20%$302,0001.7K
72ENOVEnovis CorpENOV0.20%$288,0005.2K
73ACNTSynalloy CorpSYNL0.17%$255,00018.2K
74SEICSEI InvestmentsSEIC0.16%$242,0004.5K
75ESABESAB CorpESAB0.16%$229,0005.2K
76KDPKeurig Dr. PepperKDP0.15%$223,0006.3K
77AAPLApple IncAAPL0.15%$219,0001.6K
78Liberty Media Sirius ALSXMA0.10%$151,0004.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$210M78Apr 16, 202613F-HRchanges · EDGAR ↗
Q4 2025$231M79Jan 21, 202613F-HRchanges · EDGAR ↗
Q3 2025$218M82Oct 21, 202513F-HRchanges · EDGAR ↗
Q2 2025$206M83Aug 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$204M82Apr 17, 202513F-HRchanges · EDGAR ↗
Q4 2024$193M82Jan 24, 202513F-HRchanges · EDGAR ↗
Q3 2024$190M81Oct 16, 202413F-HRchanges · EDGAR ↗
Q2 2024$176M82Jul 15, 202413F-HRchanges · EDGAR ↗
Q1 2024$178M82Apr 17, 202413F-HRchanges · EDGAR ↗
Q4 2023$163M82Jan 23, 202413F-HRchanges · EDGAR ↗
Q3 2023$153M81Oct 31, 202313F-HRchanges · EDGAR ↗
Q2 2023$155M80Jul 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$147M79May 1, 202313F-HRchanges · EDGAR ↗
Q4 2022$146M79Jan 18, 202313F-HRchanges · EDGAR ↗
Q3 2022$131M78Oct 20, 202213F-HRchanges · EDGAR ↗
Q2 2022$148M80Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$172M80May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$171M75Jan 27, 202213F-HRchanges · EDGAR ↗
Q3 2021$161M74Nov 2, 202113F-HRchanges · EDGAR ↗
Q2 2021$162M74Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$153M74Apr 20, 202113F-HRchanges · EDGAR ↗
Q4 2020$140M72Jan 29, 202113F-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 ↗.