Managers / Q3 2022 · view latest →
Citadel Investment Advisory, Inc.
CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877
Reported Value
$131M
Q3 2022
Positions
78
Filings on Record
22
2021–present window
Filed
Oct 20, 2022
original filing
Summary
Citadel Investment Advisory, Inc. reported $131M in U.S.-listed holdings across 78 positions for Q3 2022.
The portfolio is heavily concentrated: BRK/B alone accounts for 22.0% of reported value.
Compared with Q2 2022, the fund opened 2 new positions and exited 4.
Portfolio Metrics
Turnover
+0.8%
vs prior filed quarter
Top-10 Concentration
+58.9%
share of reported value
Largest Position
+22.0%
Beckshire Hathaway
New / Exited
2 / 4
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
Portfolio Composition
By security type
- Common Stock · 94.2% · $124M
- Other · 4.6% · $6M
- ADR · 0.9% · $1M
- PUBLIC · 0.3% · $378,000
Quarter-over-Quarter Changes full breakdown →
vs Q2 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| PARAAViacomCBS cl B | NEW | +15.1K | 15.1K | +$289,000 | $289,000 |
| Ascent Industries Corp | NEW | +18.2K | 18.2K | +$254,000 | $254,000 |
| GOOGAlphabet Inc. Class C | ADDED | +30.5K | 32.1K | −$425,000 | $3M |
| GOOGLAlphabet Inc. Class A | ADDED | +53.9K | 56.8K | −$767,000 | $5M |
| FRBKQRepublic First Bancorp Inc | SOLD OUT | −340.7K | 0 | −$1M | $0 |
| Colfax | SOLD OUT | −16.3K | 0 | −$649,000 | $0 |
| ViacomCBS cl B | SOLD OUT | −14.9K | 0 | −$368,000 | $0 |
| ACNTSynalloy Corp | SOLD OUT | −18.2K | 0 | −$255,000 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2022
76 positions (from 78 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BRK/BBeckshire Hathawayhistory → | BRKB | 21.98% | $29M | 109.4K |
| 2 | MKLMarkel Corphistory → | MKL | 13.36% | $18M | 16.2K |
| 3 | GOOGLAlphabet Inc. Class A | GOOGL | 6.50% | $9M | 88.9K |
| 4 | JNJJohnson & Johnsonhistory → | JNJ | 3.08% | $4M | 24.7K |
| 5 | MSFTMicrosoft Corphistory → | MSFT | 2.78% | $4M | 15.6K |
| 6 | IPMLFImperial Metals Corphistory → | IPMLF | 2.75% | $4M | 1.97M |
| 7 | PMPhilip Morris Intlhistory → | PM | 2.59% | $3M | 40.9K |
| 8 | PEPPepsiCohistory → | PEP | 2.03% | $3M | 16.3K |
| 9 | KOCoca Cola Cohistory → | KO | 1.94% | $3M | 45.3K |
| 10 | DISDisney Companyhistory → | DIS | 1.88% | $2M | 26.1K |
| 11 | MCDMcDonald'shistory → | MCD | 1.87% | $2M | 10.6K |
| 12 | RTXRaytheon Technologies Corphistory → | RTX | 1.82% | $2M | 29.2K |
| 13 | IBMIBM Corphistory → | IBM | 1.77% | $2M | 19.6K |
| 14 | ABBVAbbvie Inchistory → | ABBV | 1.73% | $2M | 16.9K |
| 15 | MTDMettler Toledo Intlhistory → | MTD | 1.62% | $2M | 2.0K |
| 16 | Medtronic | MDT | 1.56% | $2M | 25.3K |
| 17 | MCOMoodys Corphistory → | MCO | 1.46% | $2M | 7.9K |
| 18 | GDGeneral Dynamics Corphistory → | GD | 1.38% | $2M | 8.5K |
| 19 | GSGoldman Sachs Group Inc.history → | GS | 1.07% | $1M | 4.8K |
| 20 | ORCLOracle Corphistory → | ORCL | 1.06% | $1M | 22.7K |
| 21 | IDXXIdexx Labs Inc | IDXX | 0.98% | $1M | 4.0K |
| 22 | BKNGBooking Holdings Inc | BKNG | 0.91% | $1M | 726 |
| 23 | MHKMohawk Industries | MHK | 0.89% | $1M | 12.8K |
| 24 | CSXCSX Corp | CSX | 0.89% | $1M | 43.7K |
| 25 | BUDAB Inbev | BUD | 0.89% | $1M | 25.8K |
| 26 | DHRDanaher Corp | DHR | 0.88% | $1M | 4.4K |
| 27 | John Marshall Bancorp | JMSB | 0.84% | $1M | 45.1K |
| 28 | WFCWells Fargo | WFC | 0.81% | $1M | 26.4K |
| 29 | LOWLowes | LOW | 0.78% | $1M | 5.4K |
| 30 | SYYSysco Corp | SYY | 0.78% | $1M | 14.4K |
| 31 | JPMJPMorgan Chase & Co | JPM | 0.73% | $963,000 | 9.2K |
| 32 | AXPAmerican Express | AXP | 0.71% | $929,000 | 6.9K |
| 33 | CNICanadian National Railway | CNI | 0.71% | $926,000 | 8.6K |
| 34 | ABTAbbott Laboratories | ABT | 0.69% | $911,000 | 9.4K |
| 35 | United Parcel Service Inc | UPS | 0.69% | $899,000 | 5.6K |
| 36 | WBDWarner Brothers Discovery,inc | WBD | 0.65% | $853,000 | 74.1K |
| 37 | Walgreens | WBA | 0.60% | $792,000 | 25.2K |
| 38 | BACBank of America | BAC | 0.59% | $773,000 | 25.6K |
| 39 | Howard Hughs | HHC | 0.53% | $691,000 | 12.5K |
| 40 | WYNNWynn Resorts | WYNN | 0.50% | $661,000 | 10.5K |
| 41 | EGEverest Re Group Inc | RE | 0.49% | $643,000 | 2.5K |
| 42 | CABOCable One Inc. | CABO | 0.49% | $641,000 | 752 |
| 43 | CACCCredit Acceptance Corp | CACC | 0.48% | $632,000 | 1.4K |
| 44 | PGProctor & Gamble Co | PG | 0.45% | $584,000 | 4.6K |
| 45 | CMCSAComcast | CMCSA | 0.44% | $576,000 | 19.6K |
| 46 | AMZNAmazon | AMZN | 0.42% | $557,000 | 5.2K |
| 47 | LDOSLeidos Holdings Inc | LDOS | 0.39% | $508,000 | 5.8K |
| 48 | DISHDish Network | DISH | 0.38% | $503,000 | 36.4K |
| 49 | BABoeing Company | BA | 0.36% | $467,000 | 3.9K |
| 50 | ETNEaton Corp | ETN | 0.35% | $461,000 | 3.5K |
| 51 | JEFJefferies Financial | JEF | 0.35% | $460,000 | 15.6K |
| 52 | BF/BBrown Forman | BFB | 0.35% | $453,000 | 6.8K |
| 53 | KHCKraft Heintz Co | KHC | 0.34% | $452,000 | 11.9K |
| 54 | WRBBerkley W R Corp | WRB | 0.33% | $428,000 | 6.6K |
| 55 | TATT | T | 0.32% | $418,000 | 27.3K |
| 56 | AAPAdvande Auto Parts | AAP | 0.31% | $408,000 | 2.6K |
| 57 | FISVFiserv Inc | FISV | 0.30% | $397,000 | 4.2K |
| 58 | Colgate Palmolive | CL | 0.29% | $378,000 | 5.4K |
| 59 | INTCIntel | INTC | 0.28% | $373,000 | 14.5K |
| 60 | CICigna Corp | CI | 0.27% | $358,000 | 1.3K |
| 61 | Cedar Fair | FUN | 0.27% | $357,000 | 8.7K |
| 62 | Liberty Global cl C | LBTYK · LBTYA | 0.27% | $355,000 | 22.1K |
| 63 | MDLZMondelez Intl Inc | MDLZ | 0.27% | $354,000 | 6.5K |
| 64 | Liberty Media Sirius C | LSXMK | 0.27% | $351,000 | 9.3K |
| 65 | MAMastercard | MA | 0.26% | $336,000 | 1.2K |
| 66 | LBRDKLiberty Broadband cl C | LBRDK | 0.25% | $334,000 | 4.5K |
| 67 | PARAAViacomCBS cl B | VIAC | 0.22% | $289,000 | 15.1K |
| 68 | FCNFTI Consulting, Inc. | FCN | 0.21% | $277,000 | 1.7K |
| 69 | Ascent Industries Corp | ACNT | 0.19% | $254,000 | 18.2K |
| 70 | ENOVEnovis Corp | ENOV | 0.19% | $245,000 | 5.3K |
| 71 | Vistaprint NV Cimpress | CMPR | 0.18% | $236,000 | 9.6K |
| 72 | AAPLApple Inc | AAPL | 0.17% | $221,000 | 1.6K |
| 73 | SEICSEI Investments | SEIC | 0.17% | $219,000 | 4.5K |
| 74 | KDPKeurig Dr. Pepper | KDP | 0.17% | $218,000 | 6.1K |
| 75 | ESABESAB Corp | ESAB | 0.13% | $177,000 | 5.3K |
| 76 | Liberty Media Sirius A | LSXMA | 0.13% | $166,000 | 4.4K |
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 ↗.