Managers / Q4 2022 · view latest →
Citadel Investment Advisory, Inc.
CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877
Reported Value
$146M
Q4 2022
Positions
79
Filings on Record
22
2021–present window
Filed
Jan 18, 2023
original filing
Summary
Citadel Investment Advisory, Inc. reported $146M in U.S.-listed holdings across 79 positions for Q4 2022.
The portfolio is heavily concentrated: BRK/B alone accounts for 22.9% of reported value.
Compared with Q3 2022, the fund opened 1 new position and exited 0.
Portfolio Metrics
Turnover
+2.0%
vs prior filed quarter
Top-10 Concentration
+58.8%
share of reported value
Largest Position
+22.9%
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 · 94.4% · $138M
- Other · 4.3% · $6M
- ADR · 1.0% · $2M
- PUBLIC · 0.3% · $405,000
Quarter-over-Quarter Changes full breakdown →
vs Q3 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| WTWWillis Tower Watson | NEW | +826 | 826 | +$202,000 | $202,000 |
| PARAAViacomCBS cl B | TRIMMED | −1.7K | 13.4K | −$62,000 | $227,000 |
| CACCCredit Acceptance Corp | ADDED | +160 | 1.6K | +$128,000 | $760,000 |
| LDOSLeidos Holdings Inc | TRIMMED | −535 | 5.3K | +$46,000 | $554,000 |
| DISHDish Network | TRIMMED | −2.8K | 33.6K | −$32,000 | $471,000 |
| PGProctor & Gamble Co | TRIMMED | −340 | 4.3K | +$66,000 | $650,000 |
| MDLZMondelez Intl Inc | TRIMMED | −354 | 6.1K | +$53,000 | $407,000 |
| Liberty Global cl A | HELD | −450 | 9.5K | +$25,000 | $181,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2022
77 positions (from 79 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BRK/BBeckshire Hathawayhistory → | BRKB | 22.94% | $34M | 108.6K |
| 2 | MKLMarkel Corphistory → | MKL | 14.46% | $21M | 16.1K |
| 3 | GOOGLAlphabet Inc. Class A | GOOGL | 5.33% | $8M | 88.2K |
| 4 | JNJJohnson & Johnsonhistory → | JNJ | 2.95% | $4M | 24.5K |
| 5 | PMPhilip Morris Intlhistory → | PM | 2.81% | $4M | 40.6K |
| 6 | MSFTMicrosoft Corphistory → | MSFT | 2.52% | $4M | 15.3K |
| 7 | PEPPepsiCohistory → | PEP | 2.02% | $3M | 16.3K |
| 8 | RTXRaytheon Technologies Corphistory → | RTX | 1.99% | $3M | 28.9K |
| 9 | MCDMcDonald'shistory → | MCD | 1.90% | $3M | 10.6K |
| 10 | MTDMettler Toledo Intlhistory → | MTD | 1.90% | $3M | 1.9K |
| 11 | KOCoca Cola Cohistory → | KO | 1.90% | $3M | 43.7K |
| 12 | ABBVAbbvie Inchistory → | ABBV | 1.85% | $3M | 16.8K |
| 13 | IBMIBM Corphistory → | IBM | 1.80% | $3M | 18.7K |
| 14 | IPMLFImperial Metals Corphistory → | IPMLF | 1.79% | $3M | 1.96M |
| 15 | DISDisney Companyhistory → | DIS | 1.52% | $2M | 25.6K |
| 16 | MCOMoodys Corphistory → | MCO | 1.50% | $2M | 7.9K |
| 17 | GDGeneral Dynamics Corphistory → | GD | 1.43% | $2M | 8.5K |
| 18 | Medtronic | MDT | 1.31% | $2M | 24.7K |
| 19 | ORCLOracle Corphistory → | ORCL | 1.26% | $2M | 22.5K |
| 20 | GSGoldman Sachs Group Inc.history → | GS | 1.10% | $2M | 4.7K |
| 21 | IDXXIdexx Labs Inchistory → | IDXX | 1.06% | $2M | 3.8K |
| 22 | BUDAB Inbevhistory → | BUD | 1.05% | $2M | 25.5K |
| 23 | BKNGBooking Holdings Inc | BKNG | 0.99% | $1M | 720 |
| 24 | CSXCSX Corp | CSX | 0.90% | $1M | 42.7K |
| 25 | MHKMohawk Industries | MHK | 0.89% | $1M | 12.7K |
| 26 | John Marshall Bancorp | JMSB | 0.85% | $1M | 43.1K |
| 27 | JPMJPMorgan Chase & Co | JPM | 0.84% | $1M | 9.1K |
| 28 | DHRDanaher Corp | DHR | 0.81% | $1M | 4.4K |
| 29 | LOWLowes | LOW | 0.74% | $1M | 5.4K |
| 30 | SYYSysco Corp | SYY | 0.74% | $1M | 14.1K |
| 31 | WFCWells Fargo | WFC | 0.73% | $1M | 25.8K |
| 32 | ABTAbbott Laboratories | ABT | 0.71% | $1M | 9.4K |
| 33 | AXPAmerican Express | AXP | 0.70% | $1M | 6.9K |
| 34 | CNICanadian National Railway | CNI | 0.68% | $999,000 | 8.4K |
| 35 | United Parcel Service Inc | UPS | 0.65% | $954,000 | 5.5K |
| 36 | Howard Hughs | HHC | 0.64% | $931,000 | 12.2K |
| 37 | Walgreens | WBA | 0.64% | $929,000 | 24.9K |
| 38 | BACBank of America | BAC | 0.58% | $848,000 | 25.6K |
| 39 | WYNNWynn Resorts | WYNN | 0.57% | $831,000 | 10.1K |
| 40 | EGEverest Re Group Inc | RE | 0.56% | $812,000 | 2.5K |
| 41 | CACCCredit Acceptance Corp | CACC | 0.52% | $760,000 | 1.6K |
| 42 | BABoeing Company | BA | 0.50% | $730,000 | 3.8K |
| 43 | WBDWarner Brothers Discovery,inc | WBD | 0.47% | $683,000 | 72.1K |
| 44 | CMCSAComcast | CMCSA | 0.47% | $681,000 | 19.5K |
| 45 | PGProctor & Gamble Co | PG | 0.44% | $650,000 | 4.3K |
| 46 | LDOSLeidos Holdings Inc | LDOS | 0.38% | $554,000 | 5.3K |
| 47 | ETNEaton Corp | ETN | 0.37% | $543,000 | 3.5K |
| 48 | CABOCable One Inc. | CABO | 0.37% | $535,000 | 752 |
| 49 | JEFJefferies Financial | JEF | 0.37% | $534,000 | 15.6K |
| 50 | TATT | T | 0.33% | $489,000 | 26.6K |
| 51 | KHCKraft Heintz Co | KHC | 0.33% | $480,000 | 11.8K |
| 52 | WRBBerkley W R Corp | WRB | 0.32% | $473,000 | 6.5K |
| 53 | DISHDish Network | DISH | 0.32% | $471,000 | 33.6K |
| 54 | BF/BBrown Forman | BFB | 0.31% | $447,000 | 6.8K |
| 55 | AMZNAmazon | AMZN | 0.30% | $433,000 | 5.2K |
| 56 | CICigna Corp | CI | 0.29% | $428,000 | 1.3K |
| 57 | FISVFiserv Inc | FISV | 0.28% | $414,000 | 4.1K |
| 58 | MAMastercard | MA | 0.28% | $410,000 | 1.2K |
| 59 | Liberty Global cl C | LBTYK · LBTYA | 0.28% | $408,000 | 21.2K |
| 60 | MDLZMondelez Intl Inc | MDLZ | 0.28% | $407,000 | 6.1K |
| 61 | Colgate Palmolive | CL | 0.28% | $405,000 | 5.1K |
| 62 | AAPAdvande Auto Parts | AAP | 0.26% | $376,000 | 2.6K |
| 63 | INTCIntel | INTC | 0.26% | $373,000 | 14.1K |
| 64 | Cedar Fair | FUN | 0.24% | $354,000 | 8.6K |
| 65 | Liberty Media Sirius C | LSXMK | 0.24% | $352,000 | 9.0K |
| 66 | LBRDKLiberty Broadband cl C | LBRDK | 0.23% | $333,000 | 4.4K |
| 67 | ENOVEnovis Corp | ENOV | 0.19% | $280,000 | 5.2K |
| 68 | Vistaprint NV Cimpress | CMPR | 0.18% | $266,000 | 9.6K |
| 69 | FCNFTI Consulting, Inc. | FCN | 0.18% | $265,000 | 1.7K |
| 70 | SEICSEI Investments | SEIC | 0.18% | $256,000 | 4.4K |
| 71 | ESABESAB Corp | ESAB | 0.17% | $245,000 | 5.2K |
| 72 | PARAAViacomCBS cl B | VIAC | 0.16% | $227,000 | 13.4K |
| 73 | KDPKeurig Dr. Pepper | KDP | 0.15% | $214,000 | 6.0K |
| 74 | AAPLApple Inc | AAPL | 0.14% | $208,000 | 1.6K |
| 75 | WTWWillis Tower Watson | WTW | 0.14% | $202,000 | 826 |
| 76 | Liberty Media Sirius A | LSXMA | 0.11% | $166,000 | 4.2K |
| 77 | Ascent Industries Corp | ACNT | 0.11% | $155,000 | 17.9K |
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 ↗.