SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Citadel Investment Advisory, Inc.

CIK 0001811907 · PO BOX 900, CHESTERLAND, OH, 44026 · 440-942-8877

Reported Value
$231M
Q4 2025
Positions
79
Filings on Record
22
2021–present window
Filed
Jan 21, 2026
original filing

Summary

Citadel Investment Advisory, Inc. reported $231M in U.S.-listed holdings across 79 positions for Q4 2025.

The portfolio is heavily concentrated: BRK/B alone accounts for 23.0% of reported value.

Compared with Q3 2025, the fund opened 1 new position and exited 4.

Portfolio Metrics

Turnover
+2.6%
vs prior filed quarter
Top-10 Concentration
+67.6%
share of reported value
Largest Position
+23.0%
Beckshire Hathaway
New / Exited
1 / 4
positions this quarter

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
Q4 ’20: $140MQ4 ’20Q1 ’21: $153MQ2 ’21: $162MQ3 ’21: $161MQ3 ’21Q4 ’21: $171MQ1 ’22: $172MQ2 ’22: $148MQ2 ’22Q3 ’22: $131MQ4 ’22: $146MQ1 ’23: $147MQ1 ’23Q2 ’23: $155MQ3 ’23: $153MQ4 ’23: $163MQ4 ’23Q1 ’24: $178MQ2 ’24: $176MQ3 ’24: $190MQ3 ’24Q4 ’24: $193MQ1 ’25: $204MQ2 ’25: $206MQ2 ’25Q3 ’25: $218MQ4 ’25: $231MQ1 ’26: $210MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 97.5%Other: 2.0%ADR: 0.5%PUBLIC: 0.1%
  • Common Stock · 97.5% · $226M
  • Other · 2.0% · $5M
  • ADR · 0.5% · $1M
  • PUBLIC · 0.1% · $268,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
Radiant LogisticsNEW+33.1K33.1K+$209,000$209,000
WRBBerkley W R CorpADDED+15.2K29.7K+$975,000$2M
INTCIntelSOLD OUT−10.7K0−$240,000$0
Ascent Industries CorpSOLD OUT−13.1K0−$168,000$0
ECHOEchostar CorpSOLD OUT−5.0K0−$114,000$0
PARAAParamount GlobalSOLD OUT−6.7K0−$87,000$0
CABOCable One Inc.TRIMMED−395215−$84,000$24,000
BUDAB InbevTRIMMED−4.3K16.9K−$182,000$1M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

77 positions (from 79 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/BBeckshire Hathawayhistory →BRKB22.98%$53M105.8K
2MKLMarkel Corphistory →MKL14.51%$34M15.6K
3GOOGLAlphabet Inc. Class AGOOGL10.20%$24M75.4K
4IPMLFImperial Metals Corphistory →IPMLF5.52%$13M1.75M
5MSFTMicrosoft Corphistory →MSFT3.12%$7M14.9K
6PMPhilip Morris Intlhistory →PM2.74%$6M39.6K
7RTXRaytheon Technologies Corphistory →RTX2.26%$5M28.6K
8IBMIBM Corphistory →IBM2.20%$5M17.2K
9JNJJohnson & Johnsonhistory →JNJ2.08%$5M23.2K
10ORCLOracle Corphistory →ORCL1.95%$5M23.1K
11ABBVAbbvie Inchistory →ABBV1.81%$4M18.3K
12MCOMoodys Corphistory →MCO1.70%$4M7.7K
13GSGoldman Sachs Group Inc.history →GS1.62%$4M4.3K
14MCDMcDonald'shistory →MCD1.39%$3M10.5K
15BKNGBooking Holdings Inchistory →BKNG1.33%$3M573
16GDGeneral Dynamics Corphistory →GD1.22%$3M8.4K
17JPMJPMorgan Chase & Cohistory →JPM1.20%$3M8.6K
18KOCoca Cola Cohistory →KO1.20%$3M39.6K
19DISDisney Companyhistory →DIS1.11%$3M22.6K
20MTDMettler Toledo Intlhistory →MTD1.02%$2M1.7K
21IDXXIdexx Labs Inchistory →IDXX1.01%$2M3.7K
22PEPPepsiCoPEP0.98%$2M15.8K
23AXPAmerican ExpressAXP0.96%$2M6.0K
24WRBBerkley W R CorpWRB0.90%$2M29.7K
25MedtronicMDT0.88%$2M21.3K
26WFCWells FargoWFC0.81%$2M20.1K
27AMGAffiliated ManagersAMG0.80%$2M6.5K
28WBDWarner Brothers Discovery,incWBD0.65%$2M52.6K
29CSXCSX CorpCSX0.61%$1M38.9K
30BACBank of AmericaBAC0.52%$1M21.7K
31CACCCredit Acceptance CorpCACC0.51%$1M2.6K
32MHKMohawk IndustriesMHK0.50%$1M10.7K
33JEFJefferies FinancialJEF0.49%$1M18.5K
34ABTAbbott LaboratoriesABT0.49%$1M9.0K
35AMZNAmazonAMZN0.47%$1M4.7K
36BUDAB InbevBUD0.47%$1M16.9K
37LOWLowesLOW0.45%$1M4.3K
38ETNEaton CorpETN0.45%$1M3.2K
39DHRDanaher CorpDHR0.43%$995,0004.3K
40Howard HughsHHC0.40%$933,00011.7K
41John Marshall BancorpJMSB0.33%$764,00038.2K
42CNICanadian National RailwayCNI0.33%$762,0007.7K
43BABoeing CompanyBA0.33%$759,0003.5K
44LDOSLeidos Holdings IncLDOS0.33%$754,0004.2K
45EGEverest Re Group IncRE0.31%$722,0002.1K
46SYYSysco CorpSYY0.31%$721,0009.8K
47WYNNWynn ResortsWYNN0.31%$717,0006.0K
48MAMastercardMA0.28%$659,0001.2K
49Vistaprint NV CimpressCMPR0.25%$571,0008.6K
50PGProctor & Gamble CoPG0.23%$527,0003.7K
51METAMETAMETA0.23%$521,000790
52CMCSAComcastCMCSA0.21%$485,00016.2K
53AAPLApple IncAAPL0.18%$408,0001.5K
54United Parcel Service IncUPS0.17%$385,0003.9K
55ESABESAB CorpESAB0.16%$367,0003.3K
56TATTT0.15%$350,00014.1K
57LECOLincoln Electric HoldingsLECO0.15%$340,0001.4K
58MSCIMSCI IncMSCI0.15%$336,000585
59SEICSEI InvestmentsSEIC0.14%$323,0003.9K
60CICigna CorpCI0.13%$298,0001.1K
61FCNFTI Consulting, Inc.FCN0.12%$285,0001.7K
62Colgate PalmoliveCL0.12%$268,0003.4K
63WTWWillis Tower WatsonWTW0.12%$268,000817
64MDLZMondelez Intl IncMDLZ0.11%$247,0004.6K
65FISVFiserv IncFISV0.10%$238,0003.5K
66COFCapital OneCOF0.10%$230,000950
67KDPKeurig Dr. PepperKDP0.09%$218,0007.8K
68Radiant LogisticsRLGT0.09%$209,00033.1K
69White MountainsWTM0.09%$208,000100
70Pinnacle Financial PartnersPNFP0.08%$182,0001.9K
71BF/BBrown FormanBFB0.08%$177,0006.8K
72KHCKraft Heintz CoKHC0.07%$164,0006.8K
73LBRDKLiberty Broadband cl CLBRDK0.07%$162,0003.3K
74Liberty Global cl CLBTYK · LBTYA0.07%$151,00013.6K
75Sirius XM HoldingsSIRI0.06%$148,0007.4K
76ENOVEnovis CorpENOV0.03%$73,0002.8K
77CABOCable One Inc.CABO0.01%$24,000215

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$210M78Apr 16, 202613F-HRchanges · EDGAR ↗
Q4 2025$231M79Jan 21, 202613F-HRchanges · EDGAR ↗
Q3 2025$218M82Oct 21, 202513F-HRchanges · EDGAR ↗
Q2 2025$206M83Aug 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$204M82Apr 17, 202513F-HRchanges · EDGAR ↗
Q4 2024$193M82Jan 24, 202513F-HRchanges · EDGAR ↗
Q3 2024$190M81Oct 16, 202413F-HRchanges · EDGAR ↗
Q2 2024$176M82Jul 15, 202413F-HRchanges · EDGAR ↗
Q1 2024$178M82Apr 17, 202413F-HRchanges · EDGAR ↗
Q4 2023$163M82Jan 23, 202413F-HRchanges · EDGAR ↗
Q3 2023$153M81Oct 31, 202313F-HRchanges · EDGAR ↗
Q2 2023$155M80Jul 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$147M79May 1, 202313F-HRchanges · EDGAR ↗
Q4 2022$146M79Jan 18, 202313F-HRchanges · EDGAR ↗
Q3 2022$131M78Oct 20, 202213F-HRchanges · EDGAR ↗
Q2 2022$148M80Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$172M80May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$171M75Jan 27, 202213F-HRchanges · EDGAR ↗
Q3 2021$161M74Nov 2, 202113F-HRchanges · EDGAR ↗
Q2 2021$162M74Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$153M74Apr 20, 202113F-HRchanges · EDGAR ↗
Q4 2020$140M72Jan 29, 202113F-HRchanges · 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 ↗.