Managers / Q3 2025 · view latest →
Citadel Investment Advisory, Inc.
CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877
Reported Value
$218M
Q3 2025
Positions
82
Filings on Record
22
2021–present window
Filed
Oct 21, 2025
original filing
Summary
Citadel Investment Advisory, Inc. reported $218M in U.S.-listed holdings across 82 positions for Q3 2025.
The portfolio is heavily concentrated: BRK/B alone accounts for 24.4% of reported value.
Compared with Q2 2025, the fund opened 0 new positions and exited 1.
Portfolio Metrics
Turnover
+2.9%
vs prior filed quarter
Top-10 Concentration
+65.9%
share of reported value
Largest Position
+24.4%
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 · 97.3% · $212M
- Other · 2.0% · $4M
- ADR · 0.6% · $1M
- PUBLIC · 0.1% · $304,000
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| Cedar Fair | SOLD OUT | −58.5K | 0 | −$2M | $0 |
| ABTAbbott Laboratories | TRIMMED | −81.1K | 9.1K | −$19,000 | $1M |
| WRBBerkley W R Corp | ADDED | +5.5K | 14.5K | +$451,000 | $1M |
| Sirius XM Holdings | TRIMMED | −1.1K | 7.4K | −$23,000 | $172,000 |
| Ascent Industries Corp | TRIMMED | −1.6K | 13.1K | −$17,000 | $168,000 |
| AAPLApple Inc | TRIMMED | −100 | 1.5K | +$54,000 | $382,000 |
| ESABESAB Corp | TRIMMED | −199 | 3.5K | −$55,000 | $394,000 |
| Colgate Palmolive | TRIMMED | −200 | 3.8K | −$59,000 | $304,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
80 positions (from 82 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BRK/BBeckshire Hathawayhistory → | BRKB | 24.45% | $53M | 106.0K |
| 2 | MKLMarkel Corphistory → | MKL | 13.60% | $30M | 15.5K |
| 3 | GOOGLAlphabet Inc. Class A | GOOGL | 8.58% | $19M | 76.9K |
| 4 | MSFTMicrosoft Corphistory → | MSFT | 3.54% | $8M | 14.9K |
| 5 | IPMLFImperial Metals Corphistory → | IPMLF | 3.38% | $7M | 1.75M |
| 6 | ORCLOracle Corphistory → | ORCL | 2.99% | $7M | 23.1K |
| 7 | PMPhilip Morris Intlhistory → | PM | 2.94% | $6M | 39.6K |
| 8 | IBMIBM Corphistory → | IBM | 2.22% | $5M | 17.2K |
| 9 | RTXRaytheon Technologies Corphistory → | RTX | 2.19% | $5M | 28.6K |
| 10 | JNJJohnson & Johnsonhistory → | JNJ | 1.99% | $4M | 23.4K |
| 11 | ABBVAbbvie Inchistory → | ABBV | 1.94% | $4M | 18.3K |
| 12 | MCOMoodys Corphistory → | MCO | 1.68% | $4M | 7.7K |
| 13 | GSGoldman Sachs Group Inc.history → | GS | 1.56% | $3M | 4.3K |
| 14 | MCDMcDonald'shistory → | MCD | 1.47% | $3M | 10.5K |
| 15 | BKNGBooking Holdings Inchistory → | BKNG | 1.45% | $3M | 587 |
| 16 | GDGeneral Dynamics Corphistory → | GD | 1.32% | $3M | 8.4K |
| 17 | JPMJPMorgan Chase & Cohistory → | JPM | 1.24% | $3M | 8.6K |
| 18 | KOCoca Cola Cohistory → | KO | 1.23% | $3M | 40.4K |
| 19 | DISDisney Companyhistory → | DIS | 1.22% | $3M | 23.2K |
| 20 | IDXXIdexx Labs Inchistory → | IDXX | 1.08% | $2M | 3.7K |
| 21 | PEPPepsiCohistory → | PEP | 1.03% | $2M | 16.0K |
| 22 | MTDMettler Toledo Intl | MTD | 0.96% | $2M | 1.7K |
| 23 | Medtronic | MDT | 0.96% | $2M | 21.9K |
| 24 | AXPAmerican Express | AXP | 0.92% | $2M | 6.0K |
| 25 | WFCWells Fargo | WFC | 0.78% | $2M | 20.3K |
| 26 | MHKMohawk Industries | MHK | 0.75% | $2M | 12.6K |
| 27 | AMGAffiliated Managers | AMG | 0.70% | $2M | 6.4K |
| 28 | CSXCSX Corp | CSX | 0.66% | $1M | 40.8K |
| 29 | BUDAB Inbev | BUD | 0.58% | $1M | 21.3K |
| 30 | CACCCredit Acceptance Corp | CACC | 0.57% | $1M | 2.6K |
| 31 | ABTAbbott Laboratories | ABT | 0.56% | $1M | 9.1K |
| 32 | ETNEaton Corp | ETN | 0.56% | $1M | 3.2K |
| 33 | JEFJefferies Financial | JEF | 0.55% | $1M | 18.4K |
| 34 | BACBank of America | BAC | 0.52% | $1M | 21.9K |
| 35 | LOWLowes | LOW | 0.51% | $1M | 4.4K |
| 36 | WRBBerkley W R Corp | WRB | 0.51% | $1M | 14.5K |
| 37 | AMZNAmazon | AMZN | 0.48% | $1M | 4.7K |
| 38 | WBDWarner Brothers Discovery,inc | WBD | 0.47% | $1M | 52.6K |
| 39 | Howard Hughs | HHC | 0.44% | $969,000 | 11.8K |
| 40 | DHRDanaher Corp | DHR | 0.40% | $862,000 | 4.3K |
| 41 | SYYSysco Corp | SYY | 0.38% | $839,000 | 10.2K |
| 42 | LDOSLeidos Holdings Inc | LDOS | 0.36% | $789,000 | 4.2K |
| 43 | WYNNWynn Resorts | WYNN | 0.35% | $765,000 | 6.0K |
| 44 | John Marshall Bancorp | JMSB | 0.35% | $757,000 | 38.2K |
| 45 | BABoeing Company | BA | 0.35% | $754,000 | 3.5K |
| 46 | EGEverest Re Group Inc | RE | 0.34% | $745,000 | 2.1K |
| 47 | CNICanadian National Railway | CNI | 0.33% | $727,000 | 7.7K |
| 48 | MAMastercard | MA | 0.30% | $657,000 | 1.2K |
| 49 | PGProctor & Gamble Co | PG | 0.28% | $616,000 | 4.0K |
| 50 | METAMETA | META | 0.27% | $580,000 | 790 |
| 51 | Vistaprint NV Cimpress | CMPR | 0.25% | $541,000 | 8.6K |
| 52 | CMCSAComcast | CMCSA | 0.23% | $510,000 | 16.2K |
| 53 | FISVFiserv Inc | FISV | 0.21% | $458,000 | 3.5K |
| 54 | TATT | T | 0.19% | $410,000 | 14.5K |
| 55 | ESABESAB Corp | ESAB | 0.18% | $394,000 | 3.5K |
| 56 | AAPLApple Inc | AAPL | 0.18% | $382,000 | 1.5K |
| 57 | LECOLincoln Electric Holdings | LECO | 0.17% | $370,000 | 1.6K |
| 58 | United Parcel Service Inc | UPS | 0.17% | $363,000 | 4.3K |
| 59 | SEICSEI Investments | SEIC | 0.15% | $334,000 | 3.9K |
| 60 | MSCIMSCI Inc | MSCI | 0.15% | $329,000 | 580 |
| 61 | CICigna Corp | CI | 0.15% | $326,000 | 1.1K |
| 62 | MDLZMondelez Intl Inc | MDLZ | 0.15% | $317,000 | 4.7K |
| 63 | Colgate Palmolive | CL | 0.14% | $304,000 | 3.8K |
| 64 | WTWWillis Tower Watson | WTW | 0.13% | $282,000 | 817 |
| 65 | FCNFTI Consulting, Inc. | FCN | 0.12% | $270,000 | 1.7K |
| 66 | INTCIntel | INTC | 0.11% | $240,000 | 10.7K |
| 67 | LBRDKLiberty Broadband cl C | LBRDK | 0.10% | $217,000 | 3.4K |
| 68 | COFCapital One | COF | 0.09% | $202,000 | 950 |
| 69 | KDPKeurig Dr. Pepper | KDP | 0.09% | $200,000 | 7.8K |
| 70 | KHCKraft Heintz Co | KHC | 0.09% | $190,000 | 7.3K |
| 71 | BF/BBrown Forman | BFB | 0.08% | $183,000 | 6.8K |
| 72 | Pinnacle Financial Partners | PNFP | 0.08% | $179,000 | 1.9K |
| 73 | Sirius XM Holdings | SIRI | 0.08% | $172,000 | 7.4K |
| 74 | Ascent Industries Corp | ACNT | 0.08% | $168,000 | 13.1K |
| 75 | White Mountains | WTM | 0.08% | $167,000 | 100 |
| 76 | Liberty Global cl C | LBTYK · LBTYA | 0.07% | $150,000 | 13.9K |
| 77 | ECHOEchostar Corp | SATS | 0.05% | $114,000 | 5.0K |
| 78 | CABOCable One Inc. | CABO | 0.05% | $108,000 | 610 |
| 79 | ENOVEnovis Corp | ENOV | 0.04% | $91,000 | 2.9K |
| 80 | PARAAParamount Global | PARA | 0.04% | $87,000 | 6.7K |
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 ↗.