Managers / Q4 2023 · view latest →
Citadel Investment Advisory, Inc.
CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877
Reported Value
$163M
Q4 2023
Positions
82
Filings on Record
22
2021–present window
Filed
Jan 23, 2024
original filing
Summary
Citadel Investment Advisory, Inc. reported $163M in U.S.-listed holdings across 82 positions for Q4 2023.
The portfolio is heavily concentrated: BRK/B alone accounts for 23.6% of reported value.
Compared with Q3 2023, the fund opened 1 new position and exited 0.
Portfolio Metrics
Turnover
+0.7%
vs prior filed quarter
Top-10 Concentration
+59.9%
share of reported value
Largest Position
+23.6%
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 · 94.9% · $155M
- Other · 3.8% · $6M
- ADR · 1.0% · $2M
- PUBLIC · 0.2% · $390,000
Quarter-over-Quarter Changes full breakdown →
vs Q3 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| METAMETA | NEW | +287 | 287 | +$810,000 | $810,000 |
| PARAAParamount Global | TRIMMED | −1.3K | 11.1K | +$4,000 | $165,000 |
| SYYSysco Corp | TRIMMED | −1.3K | 12.2K | +$0 | $889,000 |
| MDLZMondelez Intl Inc | TRIMMED | −551 | 5.5K | −$22,000 | $397,000 |
| WYNNWynn Resorts | TRIMMED | −705 | 8.5K | −$76,000 | $776,000 |
| Ascent Industries Corp | TRIMMED | −1.2K | 15.2K | +$0 | $146,000 |
| ESABESAB Corp | TRIMMED | −304 | 4.7K | +$55,000 | $403,000 |
| FISVFiserv Inc | TRIMMED | −232 | 3.7K | +$52,000 | $497,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2023
80 positions (from 82 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BRK/BBeckshire Hathawayhistory → | BRKB | 23.55% | $38M | 107.8K |
| 2 | MKLMarkel Corphistory → | MKL | 13.79% | $23M | 15.9K |
| 3 | GOOGLAlphabet Inc. Class A | GOOGL | 7.08% | $12M | 82.5K |
| 4 | MSFTMicrosoft Corphistory → | MSFT | 3.46% | $6M | 15.0K |
| 5 | PMPhilip Morris Intlhistory → | PM | 2.36% | $4M | 41.0K |
| 6 | JNJJohnson & Johnsonhistory → | JNJ | 2.32% | $4M | 24.2K |
| 7 | MCDMcDonald'shistory → | MCD | 1.92% | $3M | 10.6K |
| 8 | MCOMoodys Corphistory → | MCO | 1.88% | $3M | 7.9K |
| 9 | IBMIBM Corphistory → | IBM | 1.78% | $3M | 17.7K |
| 10 | IPMLFImperial Metals Corphistory → | IPMLF | 1.71% | $3M | 1.73M |
| 11 | PEPPepsiCohistory → | PEP | 1.68% | $3M | 16.1K |
| 12 | RTXRaytheon Technologies Corphistory → | RTX | 1.55% | $3M | 30.0K |
| 13 | KOCoca Cola Cohistory → | KO | 1.55% | $3M | 42.9K |
| 14 | ABBVAbbvie Inchistory → | ABBV | 1.53% | $2M | 16.1K |
| 15 | ORCLOracle Corphistory → | ORCL | 1.43% | $2M | 22.2K |
| 16 | DISDisney Companyhistory → | DIS | 1.39% | $2M | 25.2K |
| 17 | GDGeneral Dynamics Corphistory → | GD | 1.34% | $2M | 8.5K |
| 18 | BKNGBooking Holdings Inchistory → | BKNG | 1.32% | $2M | 609 |
| 19 | MTDMettler Toledo Intlhistory → | MTD | 1.28% | $2M | 1.9K |
| 20 | IDXXIdexx Labs Inchistory → | IDXX | 1.26% | $2M | 3.7K |
| 21 | Medtronic | MDT | 1.21% | $2M | 24.1K |
| 22 | GSGoldman Sachs Group Inc.history → | GS | 1.09% | $2M | 4.6K |
| 23 | BUDAB Inbev | BUD | 0.98% | $2M | 24.8K |
| 24 | JPMJPMorgan Chase & Co | JPM | 0.93% | $2M | 8.9K |
| 25 | CSXCSX Corp | CSX | 0.91% | $1M | 42.7K |
| 26 | MHKMohawk Industries | MHK | 0.79% | $1M | 12.5K |
| 27 | AXPAmerican Express | AXP | 0.79% | $1M | 6.9K |
| 28 | WFCWells Fargo | WFC | 0.74% | $1M | 24.7K |
| 29 | LOWLowes | LOW | 0.72% | $1M | 5.3K |
| 30 | Howard Hughs | HHC | 0.63% | $1M | 12.1K |
| 31 | CNICanadian National Railway | CNI | 0.63% | $1M | 8.2K |
| 32 | ABTAbbott Laboratories | ABT | 0.62% | $1M | 9.2K |
| 33 | DHRDanaher Corp | DHR | 0.62% | $1M | 4.4K |
| 34 | BABoeing Company | BA | 0.59% | $966,000 | 3.7K |
| 35 | AMGAffiliated Managers | AMG | 0.56% | $914,000 | 6.0K |
| 36 | John Marshall Bancorp | JMSB | 0.55% | $893,000 | 39.6K |
| 37 | SYYSysco Corp | SYY | 0.54% | $889,000 | 12.2K |
| 38 | CMCSAComcast | CMCSA | 0.52% | $845,000 | 19.3K |
| 39 | ETNEaton Corp | ETN | 0.51% | $833,000 | 3.5K |
| 40 | EGEverest Re Group Inc | RE | 0.51% | $831,000 | 2.4K |
| 41 | United Parcel Service Inc | UPS | 0.51% | $826,000 | 5.3K |
| 42 | METAMETA | META | 0.50% | $810,000 | 287 |
| 43 | BACBank of America | BAC | 0.49% | $799,000 | 23.7K |
| 44 | WBDWarner Brothers Discovery,inc | WBD | 0.48% | $789,000 | 69.3K |
| 45 | AMZNAmazon | AMZN | 0.48% | $784,000 | 5.2K |
| 46 | WYNNWynn Resorts | WYNN | 0.48% | $776,000 | 8.5K |
| 47 | Vistaprint NV Cimpress | CMPR | 0.44% | $722,000 | 9.0K |
| 48 | Cedar Fair | FUN | 0.44% | $711,000 | 17.9K |
| 49 | CACCCredit Acceptance Corp | CACC | 0.43% | $699,000 | 1.3K |
| 50 | INTCIntel | INTC | 0.41% | $672,000 | 13.4K |
| 51 | LECOLincoln Electric Holdings | LECO | 0.40% | $651,000 | 3.0K |
| 52 | Walgreens | WBA | 0.38% | $622,000 | 23.8K |
| 53 | PGProctor & Gamble Co | PG | 0.38% | $617,000 | 4.2K |
| 54 | JEFJefferies Financial | JEF | 0.37% | $602,000 | 14.9K |
| 55 | LDOSLeidos Holdings Inc | LDOS | 0.32% | $516,000 | 4.8K |
| 56 | MAMastercard | MA | 0.31% | $503,000 | 1.2K |
| 57 | FISVFiserv Inc | FISV | 0.30% | $497,000 | 3.7K |
| 58 | TATT | T | 0.29% | $470,000 | 28.0K |
| 59 | WRBBerkley W R Corp | WRB | 0.26% | $429,000 | 6.1K |
| 60 | CABOCable One Inc. | CABO | 0.26% | $419,000 | 752 |
| 61 | ESABESAB Corp | ESAB | 0.25% | $403,000 | 4.7K |
| 62 | KHCKraft Heintz Co | KHC | 0.24% | $399,000 | 10.8K |
| 63 | MDLZMondelez Intl Inc | MDLZ | 0.24% | $397,000 | 5.5K |
| 64 | Colgate Palmolive | CL | 0.24% | $390,000 | 4.9K |
| 65 | BF/BBrown Forman | BFB | 0.24% | $389,000 | 6.8K |
| 66 | Liberty Global cl C | LBTYK · LBTYA | 0.23% | $377,000 | 20.6K |
| 67 | CICigna Corp | CI | 0.22% | $366,000 | 1.2K |
| 68 | LBRDKLiberty Broadband cl C | LBRDK | 0.21% | $344,000 | 4.3K |
| 69 | FCNFTI Consulting, Inc. | FCN | 0.20% | $333,000 | 1.7K |
| 70 | AAPLApple Inc | AAPL | 0.19% | $308,000 | 1.6K |
| 71 | SEICSEI Investments | SEIC | 0.17% | $273,000 | 4.3K |
| 72 | ENOVEnovis Corp | ENOV | 0.16% | $268,000 | 4.8K |
| 73 | Liberty Media Sirius C | LSXMK | 0.14% | $229,000 | 8.0K |
| 74 | WTWWillis Tower Watson | WTW | 0.12% | $199,000 | 826 |
| 75 | KDPKeurig Dr. Pepper | KDP | 0.12% | $196,000 | 5.9K |
| 76 | DISHDish Network | DISH | 0.11% | $173,000 | 30.0K |
| 77 | PARAAParamount Global | PARA | 0.10% | $165,000 | 11.1K |
| 78 | AAPAdvande Auto Parts | AAP | 0.10% | $156,000 | 2.5K |
| 79 | Ascent Industries Corp | ACNT | 0.09% | $146,000 | 15.2K |
| 80 | Liberty Media Sirius A | LSXMA | 0.07% | $119,000 | 4.1K |
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 ↗.