1y return+7.8%S&P 500 +20.9%
3y return+37.5%S&P 500 +68.5%
5y return+18.7%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2017: $215 against $317 in the S&P 500.2
Adalta Capital Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| JPMJPMorgan Chase & Co | $15.4M | 6.8% | −1.1% |
| MSFTMicrosoft Corporation | $14.3M | 6.3% | −2.7% |
| GOOGLAlphabet Inc. Class A | $13.0M | 5.7% | −5.6% |
| MRKMerck & Co. Inc. | $11.2M | 4.9% | −1.8% |
| BNBrookfield Corporation Class A | $10.8M | 4.7% | −4.2% |
| BXBlackstone Group Inc | $9.9M | 4.4% | −2.8% |
| HDHome Depot | $9.8M | 4.3% | −4.7% |
| QCOMQualcomm Inc. | $9.7M | 4.2% | −2.2% |
| UNPUnion Pacific Corp. | $9.2M | 4.0% | |
| GHGuardant Health, Inc. | $9.0M | 4.0% | −1.9% |
| PFXPhenixFIN Corporation | $7.5M | 3.3% | |
| AXPAmerican Express Co. | $7.2M | 3.2% | −5.3% |
| MKLMarkel Group Inc. | $5.3M | 2.3% | −1.5% |
| Arch Capital Group LtdCUSIP G0450A105 | $5.1M | 2.3% | −1.8% |
| MELIMercadolibre Inc | $5.0M | 2.2% | +10.9% |
| GOOGAlphabet Inc. Class C | $4.2M | 1.9% | −3.9% |
| JNJJohnson & Johnson | $4.2M | 1.8% | −4.0% |
| MUMicron Technology, Inc. | $4.1M | 1.8% | −1.7% |
| WYWeyerhaeuser Co REIT | $4.1M | 1.8% | −2.3% |
| CSCOCisco Systems, Inc. | $3.6M | 1.6% | |
| BRK/BBerkshire Hathaway Class B | $3.6M | 1.6% | |
| SOSouthern Company | $3.1M | 1.4% | |
| FNVFranco-Nevada Corp | $2.9M | 1.3% | |
| DUKDuke Energy Corp | $2.8M | 1.2% | −1.5% |
| Nu Holdings Ltd.CUSIP G6683N103 | $2.2M | 1.0% | −5.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| GOOGLAlphabet Inc. Class A | June 30, 2020 | +404.0% | $13.0M |
| GOOGAlphabet Inc. Class C | June 30, 2020 | +399.9% | $4.2M |
| AXPAmerican Express Co. | June 30, 2020 | +255.3% | $7.2M |
| AMATApplied Materials | March 31, 2024 | +250.6% | $1.3M |
| JPMJPMorgan Chase & Co | June 30, 2020 | +248.0% | $15.4M |
| Arch Capital Group LtdCUSIP G0450A105 | June 30, 2020 | +238.8% | $5.1M |
| AAPLApple Inc. | June 30, 2020 | +217.3% | $1.8M |
| ExxonMobil CorpCUSIP 30231G102 | June 30, 2020 | +205.7% | $1.1M |
| BWXTBWX Technologies Inc | September 30, 2023 | +159.6% | $2.1M |
| SLBSlb | June 30, 2020 | +152.8% | $2.0M |
Sold off last quarter
- Honeywell International Inc.CUSIP 438516106 was $820K
- SLQDiShares 0-5 Year Investment Grade Corporate Bond ETF was $333K
- LLoews Corp was $181K
- JEPIJPMorgan Equity Premium Income ETF was $170K
- STIPiShares 0-5 Year TIPS Bond ETF was $103K
- TICTIC Solutions, Inc. was $13K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +8.4% | +14.8% |
| March 31, 2026 | −7.0% | −4.6% |
| December 31, 2025 | −0.1% | +2.4% |
| September 30, 2025 | +7.1% | +7.8% |
| June 30, 2025 | +8.0% | +10.5% |
| March 31, 2025 | −2.8% | −4.6% |
| December 31, 2024 | −0.6% | +2.1% |
| September 30, 2024 | +5.2% | +5.4% |
| June 30, 2024 | +0.6% | +4.0% |
| March 31, 2024 | +7.5% | +10.0% |
| December 31, 2023 | +11.7% | +11.2% |
| September 30, 2023 | −3.7% | −3.6% |
| June 30, 2023 | +6.2% | +8.3% |
| March 31, 2023 | +5.1% | +7.0% |
| December 31, 2022 | +2.3% | +7.1% |
| September 30, 2022 | −7.0% | −5.3% |
| June 30, 2022 | −17.2% | −16.5% |
| March 31, 2022 | −8.2% | −4.9% |
| December 31, 2021 | +8.9% | +10.7% |
| September 30, 2021 | −1.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Adalta Capital Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1698926&type=13F-HR&dateb=&owner=include&count=40CIK 1698926
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1698926/000169892626000003/Filed August 14, 2026 · accession 0001698926-26-000003