Managers / Q1 2023 · view latest →
Citadel Investment Advisory, Inc.
CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877
Reported Value
$147M
Q1 2023
Positions
79
Filings on Record
22
2021–present window
Filed
May 1, 2023
original filing
Summary
Citadel Investment Advisory, Inc. reported $147M in U.S.-listed holdings across 79 positions for Q1 2023.
The portfolio is heavily concentrated: BRK/B alone accounts for 22.4% of reported value.
The book was largely unchanged from Q4 2022.
Portfolio Metrics
Turnover
+3.2%
vs prior filed quarter
Top-10 Concentration
+58.4%
share of reported value
Largest Position
+22.4%
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% · $139M
- Other · 4.2% · $6M
- ADR · 1.1% · $2M
- PUBLIC · 0.3% · $386,000
Quarter-over-Quarter Changes full breakdown →
vs Q4 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CACCCredit Acceptance Corp | TRIMMED | −290 | 1.3K | −$188,000 | $572,000 |
| BKNGBooking Holdings Inc | TRIMMED | −100 | 620 | +$193,000 | $2M |
| IPMLFImperial Metals Corp | TRIMMED | −212.8K | 1.75M | +$33,000 | $3M |
| GOOGLAlphabet Inc. Class A | TRIMMED | −5.7K | 50.6K | +$280,000 | $5M |
| John Marshall Bancorp | TRIMMED | −2.3K | 40.8K | −$359,000 | $881,000 |
| BACBank of America | HELD | −1.2K | 24.4K | −$151,000 | $697,000 |
| LDOSLeidos Holdings Inc | HELD | −200 | 5.1K | −$88,000 | $466,000 |
| CICigna Corp | HELD | −48 | 1.2K | −$110,000 | $318,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2023
77 positions (from 79 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BRK/BBeckshire Hathawayhistory → | BRKB | 22.43% | $33M | 108.2K |
| 2 | MKLMarkel Corphistory → | MKL | 13.96% | $21M | 16.1K |
| 3 | GOOGLAlphabet Inc. Class A | GOOGL | 5.82% | $9M | 82.4K |
| 4 | MSFTMicrosoft Corphistory → | MSFT | 2.98% | $4M | 15.2K |
| 5 | PMPhilip Morris Intlhistory → | PM | 2.70% | $4M | 40.8K |
| 6 | JNJJohnson & Johnsonhistory → | JNJ | 2.57% | $4M | 24.3K |
| 7 | MCDMcDonald'shistory → | MCD | 2.01% | $3M | 10.6K |
| 8 | MTDMettler Toledo Intlhistory → | MTD | 2.01% | $3M | 1.9K |
| 9 | PEPPepsiCohistory → | PEP | 2.00% | $3M | 16.1K |
| 10 | RTXRaytheon Technologies Corphistory → | RTX | 1.89% | $3M | 28.3K |
| 11 | KOCoca Cola Cohistory → | KO | 1.84% | $3M | 43.7K |
| 12 | IPMLFImperial Metals Corphistory → | IPMLF | 1.81% | $3M | 1.75M |
| 13 | ABBVAbbvie Inchistory → | ABBV | 1.78% | $3M | 16.4K |
| 14 | DISDisney Companyhistory → | DIS | 1.73% | $3M | 25.4K |
| 15 | MCOMoodys Corphistory → | MCO | 1.64% | $2M | 7.9K |
| 16 | IBMIBM Corphistory → | IBM | 1.62% | $2M | 18.2K |
| 17 | ORCLOracle Corphistory → | ORCL | 1.44% | $2M | 22.8K |
| 18 | Medtronic | MDT | 1.34% | $2M | 24.5K |
| 19 | GDGeneral Dynamics Corphistory → | GD | 1.31% | $2M | 8.5K |
| 20 | IDXXIdexx Labs Inchistory → | IDXX | 1.26% | $2M | 3.7K |
| 21 | BUDAB Inbevhistory → | BUD | 1.15% | $2M | 25.3K |
| 22 | BKNGBooking Holdings Inchistory → | BKNG | 1.12% | $2M | 620 |
| 23 | GSGoldman Sachs Group Inc.history → | GS | 1.04% | $2M | 4.7K |
| 24 | CSXCSX Corp | CSX | 0.87% | $1M | 42.7K |
| 25 | MHKMohawk Industries | MHK | 0.86% | $1M | 12.7K |
| 26 | JPMJPMorgan Chase & Co | JPM | 0.81% | $1M | 9.1K |
| 27 | AXPAmerican Express | AXP | 0.77% | $1M | 6.9K |
| 28 | DHRDanaher Corp | DHR | 0.76% | $1M | 4.4K |
| 29 | WYNNWynn Resorts | WYNN | 0.74% | $1M | 9.7K |
| 30 | SYYSysco Corp | SYY | 0.74% | $1M | 14.1K |
| 31 | WBDWarner Brothers Discovery,inc | WBD | 0.74% | $1M | 71.5K |
| 32 | LOWLowes | LOW | 0.73% | $1M | 5.3K |
| 33 | United Parcel Service Inc | UPS | 0.72% | $1M | 5.5K |
| 34 | CNICanadian National Railway | CNI | 0.67% | $991,000 | 8.4K |
| 35 | Howard Hughs | HHC | 0.66% | $974,000 | 12.2K |
| 36 | WFCWells Fargo | WFC | 0.66% | $967,000 | 25.9K |
| 37 | ABTAbbott Laboratories | ABT | 0.65% | $953,000 | 9.4K |
| 38 | John Marshall Bancorp | JMSB | 0.60% | $881,000 | 40.8K |
| 39 | EGEverest Re Group Inc | RE | 0.60% | $877,000 | 2.5K |
| 40 | Walgreens | WBA | 0.59% | $860,000 | 24.9K |
| 41 | BABoeing Company | BA | 0.55% | $814,000 | 3.8K |
| 42 | CMCSAComcast | CMCSA | 0.50% | $738,000 | 19.5K |
| 43 | BACBank of America | BAC | 0.47% | $697,000 | 24.4K |
| 44 | PGProctor & Gamble Co | PG | 0.43% | $637,000 | 4.3K |
| 45 | ETNEaton Corp | ETN | 0.40% | $592,000 | 3.5K |
| 46 | CACCCredit Acceptance Corp | CACC | 0.39% | $572,000 | 1.3K |
| 47 | AMZNAmazon | AMZN | 0.36% | $531,000 | 5.1K |
| 48 | CABOCable One Inc. | CABO | 0.36% | $528,000 | 752 |
| 49 | TATT | T | 0.35% | $519,000 | 26.9K |
| 50 | JEFJefferies Financial | JEF | 0.34% | $495,000 | 15.6K |
| 51 | LDOSLeidos Holdings Inc | LDOS | 0.32% | $466,000 | 5.1K |
| 52 | FISVFiserv Inc | FISV | 0.32% | $463,000 | 4.1K |
| 53 | INTCIntel | INTC | 0.31% | $461,000 | 14.1K |
| 54 | KHCKraft Heintz Co | KHC | 0.30% | $443,000 | 11.5K |
| 55 | BF/BBrown Forman | BFB | 0.30% | $437,000 | 6.8K |
| 56 | MAMastercard | MA | 0.29% | $429,000 | 1.2K |
| 57 | MDLZMondelez Intl Inc | MDLZ | 0.29% | $425,000 | 6.1K |
| 58 | Liberty Global cl C | LBTYK · LBTYA | 0.29% | $424,000 | 21.2K |
| 59 | Vistaprint NV Cimpress | CMPR | 0.29% | $422,000 | 9.6K |
| 60 | WRBBerkley W R Corp | WRB | 0.28% | $406,000 | 6.5K |
| 61 | Cedar Fair | FUN | 0.27% | $392,000 | 8.6K |
| 62 | Colgate Palmolive | CL | 0.26% | $386,000 | 5.1K |
| 63 | LBRDKLiberty Broadband cl C | LBRDK | 0.24% | $357,000 | 4.4K |
| 64 | FCNFTI Consulting, Inc. | FCN | 0.22% | $330,000 | 1.7K |
| 65 | CICigna Corp | CI | 0.22% | $318,000 | 1.2K |
| 66 | AAPAdvande Auto Parts | AAP | 0.21% | $311,000 | 2.6K |
| 67 | ESABESAB Corp | ESAB | 0.21% | $303,000 | 5.1K |
| 68 | DISHDish Network | DISH | 0.21% | $302,000 | 32.4K |
| 69 | PARAAViacomCBS cl B | VIAC | 0.20% | $299,000 | 13.4K |
| 70 | ENOVEnovis Corp | ENOV | 0.19% | $274,000 | 5.1K |
| 71 | AAPLApple Inc | AAPL | 0.18% | $264,000 | 1.6K |
| 72 | Liberty Media Sirius C | LSXMK | 0.17% | $252,000 | 9.0K |
| 73 | SEICSEI Investments | SEIC | 0.17% | $252,000 | 4.4K |
| 74 | KDPKeurig Dr. Pepper | KDP | 0.15% | $214,000 | 6.1K |
| 75 | WTWWillis Tower Watson | WTW | 0.13% | $192,000 | 826 |
| 76 | Ascent Industries Corp | ACNT | 0.11% | $163,000 | 17.8K |
| 77 | Liberty Media Sirius A | LSXMA | 0.08% | $119,000 | 4.2K |
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 ↗.