Managers / Q3 2023 · view latest →
Citadel Investment Advisory, Inc.
CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877
Reported Value
$153M
Q3 2023
Positions
81
Filings on Record
22
2021–present window
Filed
Oct 31, 2023
original filing
Summary
Citadel Investment Advisory, Inc. reported $153M in U.S.-listed holdings across 81 positions for Q3 2023.
The portfolio is heavily concentrated: BRK/B alone accounts for 24.1% of reported value.
Compared with Q2 2023, the fund opened 1 new position and exited 0.
Portfolio Metrics
Turnover
+3.0%
vs prior filed quarter
Top-10 Concentration
+61.5%
share of reported value
Largest Position
+24.1%
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 · 95.1% · $145M
- Other · 3.8% · $6M
- ADR · 0.9% · $1M
- PUBLIC · 0.2% · $348,000
Quarter-over-Quarter Changes full breakdown →
vs Q2 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| AMGAffiliated Managers | NEW | +6.0K | 6.0K | +$787,000 | $787,000 |
| IPMLFImperial Metals Corp | ADDED | +1.71M | 1.71M | +$315,000 | $3M |
| Cedar Fair | ADDED | +4.1K | 17.9K | +$110,000 | $661,000 |
| RTXRaytheon Technologies Corp | ADDED | +2.0K | 29.8K | −$579,000 | $2M |
| SYYSysco Corp | HELD | −550 | 13.5K | −$151,000 | $889,000 |
| WYNNWynn Resorts | HELD | −250 | 9.2K | −$148,000 | $852,000 |
| PARAAViacomCBS cl B | HELD | −300 | 12.5K | −$43,000 | $161,000 |
| LDOSLeidos Holdings Inc | HELD | −100 | 4.9K | +$10,000 | $449,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2023
79 positions (from 81 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BRK/BBeckshire Hathawayhistory → | BRKB | 24.10% | $37M | 107.9K |
| 2 | MKLMarkel Corphistory → | MKL | 15.27% | $23M | 15.8K |
| 3 | GOOGLAlphabet Inc. Class A | GOOGL | 7.04% | $11M | 81.9K |
| 4 | MSFTMicrosoft Corphistory → | MSFT | 3.12% | $5M | 15.1K |
| 5 | PMPhilip Morris Intlhistory → | PM | 2.49% | $4M | 41.0K |
| 6 | JNJJohnson & Johnsonhistory → | JNJ | 2.47% | $4M | 24.2K |
| 7 | MCDMcDonald'shistory → | MCD | 1.82% | $3M | 10.6K |
| 8 | PEPPepsiCohistory → | PEP | 1.79% | $3M | 16.1K |
| 9 | IPMLFImperial Metals Corphistory → | IPMLF | 1.78% | $3M | 1.71M |
| 10 | IBMIBM Corphistory → | IBM | 1.64% | $3M | 17.9K |
| 11 | MCOMoodys Corphistory → | MCO | 1.63% | $2M | 7.9K |
| 12 | KOCoca Cola Cohistory → | KO | 1.59% | $2M | 43.3K |
| 13 | ABBVAbbvie Inchistory → | ABBV | 1.57% | $2M | 16.1K |
| 14 | ORCLOracle Corphistory → | ORCL | 1.54% | $2M | 22.2K |
| 15 | RTXRaytheon Technologies Corphistory → | RTX | 1.40% | $2M | 29.8K |
| 16 | MTDMettler Toledo Intlhistory → | MTD | 1.37% | $2M | 1.9K |
| 17 | DISDisney Companyhistory → | DIS | 1.34% | $2M | 25.2K |
| 18 | BKNGBooking Holdings Inchistory → | BKNG | 1.25% | $2M | 619 |
| 19 | Medtronic | MDT | 1.24% | $2M | 24.1K |
| 20 | GDGeneral Dynamics Corphistory → | GD | 1.22% | $2M | 8.5K |
| 21 | IDXXIdexx Labs Inchistory → | IDXX | 1.06% | $2M | 3.7K |
| 22 | GSGoldman Sachs Group Inc. | GS | 0.98% | $1M | 4.6K |
| 23 | BUDAB Inbev | BUD | 0.90% | $1M | 24.8K |
| 24 | CSXCSX Corp | CSX | 0.86% | $1M | 42.7K |
| 25 | JPMJPMorgan Chase & Co | JPM | 0.85% | $1M | 8.9K |
| 26 | LOWLowes | LOW | 0.73% | $1M | 5.3K |
| 27 | DHRDanaher Corp | DHR | 0.71% | $1M | 4.4K |
| 28 | MHKMohawk Industries | MHK | 0.70% | $1M | 12.5K |
| 29 | WFCWells Fargo | WFC | 0.68% | $1M | 25.6K |
| 30 | AXPAmerican Express | AXP | 0.67% | $1M | 6.9K |
| 31 | Howard Hughs | HHC | 0.59% | $900,000 | 12.1K |
| 32 | ABTAbbott Laboratories | ABT | 0.58% | $892,000 | 9.2K |
| 33 | SYYSysco Corp | SYY | 0.58% | $889,000 | 13.5K |
| 34 | CNICanadian National Railway | CNI | 0.58% | $884,000 | 8.2K |
| 35 | EGEverest Re Group Inc | RE | 0.57% | $873,000 | 2.4K |
| 36 | CMCSAComcast | CMCSA | 0.57% | $864,000 | 19.5K |
| 37 | WYNNWynn Resorts | WYNN | 0.56% | $852,000 | 9.2K |
| 38 | United Parcel Service Inc | UPS | 0.54% | $830,000 | 5.3K |
| 39 | AMGAffiliated Managers | AMG | 0.52% | $787,000 | 6.0K |
| 40 | WBDWarner Brothers Discovery,inc | WBD | 0.50% | $765,000 | 70.4K |
| 41 | ETNEaton Corp | ETN | 0.48% | $737,000 | 3.5K |
| 42 | BABoeing Company | BA | 0.46% | $710,000 | 3.7K |
| 43 | John Marshall Bancorp | JMSB | 0.46% | $710,000 | 39.8K |
| 44 | BACBank of America | BAC | 0.43% | $662,000 | 24.2K |
| 45 | Cedar Fair | FUN | 0.43% | $661,000 | 17.9K |
| 46 | AMZNAmazon | AMZN | 0.42% | $641,000 | 5.0K |
| 47 | Vistaprint NV Cimpress | CMPR | 0.42% | $639,000 | 9.1K |
| 48 | PGProctor & Gamble Co | PG | 0.40% | $618,000 | 4.2K |
| 49 | CACCCredit Acceptance Corp | CACC | 0.40% | $604,000 | 1.3K |
| 50 | LECOLincoln Electric Holdings | LECO | 0.36% | $553,000 | 3.0K |
| 51 | Walgreens | WBA | 0.36% | $549,000 | 24.7K |
| 52 | JEFJefferies Financial | JEF | 0.36% | $545,000 | 14.9K |
| 53 | INTCIntel | INTC | 0.32% | $484,000 | 13.6K |
| 54 | MAMastercard | MA | 0.31% | $467,000 | 1.2K |
| 55 | CABOCable One Inc. | CABO | 0.30% | $463,000 | 752 |
| 56 | LDOSLeidos Holdings Inc | LDOS | 0.29% | $449,000 | 4.9K |
| 57 | FISVFiserv Inc | FISV | 0.29% | $445,000 | 4.0K |
| 58 | TATT | T | 0.28% | $432,000 | 28.8K |
| 59 | MDLZMondelez Intl Inc | MDLZ | 0.27% | $419,000 | 6.0K |
| 60 | LBRDKLiberty Broadband cl C | LBRDK | 0.26% | $393,000 | 4.3K |
| 61 | BF/BBrown Forman | BFB | 0.26% | $393,000 | 6.8K |
| 62 | WRBBerkley W R Corp | WRB | 0.25% | $385,000 | 6.1K |
| 63 | KHCKraft Heintz Co | KHC | 0.25% | $375,000 | 11.1K |
| 64 | Liberty Global cl C | LBTYK · LBTYA | 0.24% | $371,000 | 20.7K |
| 65 | CICigna Corp | CI | 0.23% | $356,000 | 1.2K |
| 66 | Colgate Palmolive | CL | 0.23% | $348,000 | 4.9K |
| 67 | ESABESAB Corp | ESAB | 0.23% | $348,000 | 5.0K |
| 68 | FCNFTI Consulting, Inc. | FCN | 0.20% | $298,000 | 1.7K |
| 69 | AAPLApple Inc | AAPL | 0.18% | $274,000 | 1.6K |
| 70 | SEICSEI Investments | SEIC | 0.17% | $264,000 | 4.4K |
| 71 | ENOVEnovis Corp | ENOV | 0.17% | $262,000 | 5.0K |
| 72 | Liberty Media Sirius C | LSXMK | 0.14% | $215,000 | 8.4K |
| 73 | DISHDish Network | DISH | 0.12% | $186,000 | 31.7K |
| 74 | KDPKeurig Dr. Pepper | KDP | 0.12% | $186,000 | 5.9K |
| 75 | WTWWillis Tower Watson | WTW | 0.11% | $173,000 | 826 |
| 76 | PARAAViacomCBS cl B | VIAC | 0.11% | $161,000 | 12.5K |
| 77 | Ascent Industries Corp | ACNT | 0.10% | $146,000 | 16.4K |
| 78 | AAPAdvande Auto Parts | AAP | 0.09% | $143,000 | 2.6K |
| 79 | Liberty Media Sirius A | LSXMA | 0.07% | $106,000 | 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 ↗.