Q3 2026 13F · SEC CIK 1811907

Citadel Investment Advisory, Inc.

Wealth managerFiled 2026-10-15 for Q3 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $218.2M
Reported positions: 76
Top holdings a year, 3 yrs: +16.4%
Assets under management: $278.3M

Citadel Investment Advisory, Inc. is a wealth manager that reported 76 positions worth $218.2M in its Q3 2026 13F, filed 2026-10-15. Its largest holdings were Berkshire Hathaway Inc Del (BRK-B, 23.8%), Markel Group Inc (MKL, 12.1%), Alphabet Inc (GOOGL, 7.2%). A portfolio copying its top holdings returned 16.4% a year over the last 3 years, against 20.4% for the S&P 500.

Citadel Investment Advisory, Inc. holdings largest 50 of 76 positions.

Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Citadel Investment Advisory, Inc. 13F holdings
Stock	% of 13F value	Q2 2026	Shares	Share change	Reported value
BRK-BBerkshire Hathaway Inc Del	23.8%	23.8%	104,359	-0.4%	$52.0M
MKLMarkel Group Inc	12.1%	13.5%	15,409	+1.1%	$26.4M
GOOGLAlphabet Inc	7.2%	7.6%	45,959	-1.5%	$15.8M
IPMLFImperial Metals Corp	4.7%	3.4%	1,719,147	-0.8%	$10.2M
GOOGAlphabet Inc	4.3%	4.4%	27,280	-0.5%	$9.3M
MSFTMicrosoft Corp	3.5%	2.5%	14,774	+1.4%	$7.6M
PMPhilip Morris Intl Inc	3.5%	3.2%	39,455	+1.1%	$7.5M
JNJJohnson & Johnson	2.8%	2.7%	23,001	-0.2%	$6.1M
RTXRtx Corporation	2.4%	2.4%	27,773	-0.6%	$5.2M
ABBVAbbvie Inc	2.1%	2.0%	17,791	-0.3%	$4.7M
GSGoldman Sachs Group Inc	1.7%	1.9%	4,047	-1.3%	$3.6M
IBMInternational Business Machs	1.7%	2.2%	16,525	-2.1%	$3.6M
MCOMoodys Corp	1.6%	1.5%	7,627	+2.7%	$3.5M
KOCoca Cola Co	1.5%	1.4%	38,983	+1.5%	$3.4M
ORCLOracle Corp	1.4%	1.5%	22,400	+0.2%	$3.1M
JPMJpmorgan Chase & Co	1.3%	1.3%	8,589	+2.0%	$2.8M
GDGeneral Dynamics Corp	1.3%	1.3%	8,307	+0.2%	$2.8M
MTDMettler Toledo International	1.2%	1.0%	1,695	-0.3%	$2.6M
MCDMcdonalds Corp	1.1%	1.3%	10,392	+1.1%	$2.4M
DISDisney Walt Co	1.1%	1.0%	21,961	-1.6%	$2.3M
BKNGBooking Holdings Inc	1.1%	1.2%	14,075	-1.7%	$2.3M
AMGAffiliated Managers Group	1.0%	1.0%	6,197	-4.0%	$2.3M
WRBBerkley W R Corp	0.9%	0.9%	29,243	-0.8%	$2.0M
PEPPepsico Inc	0.9%	1.0%	15,441	-0.3%	$2.0M
IDXXIdexx Labs Inc	0.9%	0.8%	3,637	+4.3%	$1.9M
AXPAmerican Express Co	0.8%	0.9%	6,032	+3.4%	$1.8M
CSXCsx Corp	0.8%	0.8%	38,485	+2.4%	$1.8M
MDTMedtronic	0.8%	0.7%	20,361	-1.6%	$1.8M
WFCWells Fargo & Co	0.7%	0.7%	20,041	+1.3%	$1.6M
WBDWarner Bros Discovery Inc	0.7%	0.6%	50,263	-0.2%	$1.6M
ETNEaton Corp PLC	0.6%	0.6%	3,244	+3.2%	$1.4M
CACCCredit Accep Corp Mich	0.6%	0.7%	2,515	-0.4%	$1.3M
MHKMohawk Inds Inc	0.6%	0.5%	9,710	-1.4%	$1.2M
BUDAnheuser Busch Inbev SA NV	0.5%	0.6%	16,070	-1.9%	$1.2M
AMZNAmazon Com Inc	0.5%	0.5%	4,532	-1.7%	$1.1M
BACBank of Amer Corp	0.5%	0.5%	19,940	-3.0%	$1.1M
DHRDanaher Corp Del	0.4%	0.4%	4,348	+0.0%	$963K
ABTAbbott Laboratories	0.4%	0.4%	8,864	+1.5%	$876K
JEFJefferies Financial Group in	0.4%	0.4%	19,050	-0.2%	$871K
CNICanadian Natl Ry Co	0.4%	0.4%	7,161	+0.0%	$851K
HHCHoward Hughs	0.4%	0.4%	11,692	+0.0%	$831K
47804G103John Marshall Bancorp	0.4%	0.4%	36,250	-2.6%	$823K
LOWLowes Cos Inc	0.4%	0.4%	4,160	+3.3%	$767K
REEverest Group Ltd	0.3%	0.3%	2,027	+3.4%	$740K
SYYSysco Corp	0.3%	0.4%	9,226	-1.9%	$720K
N93540107Vistaprint NV Cimpress	0.3%	0.4%	8,575	+0.0%	$661K
MAMastercard Incorporated	0.3%	0.3%	1,155	+0.0%	$637K
BABoeing Co	0.3%	0.3%	3,395	-2.9%	$632K
METAMeta Platforms Inc	0.3%	—	790	—	$573K
AAPLApple Inc	0.2%	—	1,500	—	$500K

What Citadel Investment Advisory, Inc. bought and sold in Q3 2026, against Q2 2026.

New positions

Q2 2026's filing was too long to tell new positions apart.

Added to

No position grew by more than 5%.

Reduced

No position shrank by more than 5%.

Left the top 50

WYNN Wynn Resorts Ltdwas 0.3%
PG Procter & Gamble Cowas 0.2%

Share counts compared with the Q2 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +13.3% /yr; S&P 500 +20.1%
3 years: +16.4% /yr; S&P 500 +20.4%
5 years: +10.0% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q3 2026	$218.2M	76
Q2 2026	$220.3M	76
Q1 2026	$209.5M	78
Q4 2025	$231.4M	79
Q3 2025	$218.0M	82
Q2 2025	$206.5M	83
Q1 2025	$203.8M	82
Q4 2024	$193.0M	82
Q3 2024	$190.2M	81
Q2 2024	$175.9M	82
Q1 2024	$177.5M	82
Q4 2023	$163.3M	82

Questions about Citadel Investment Advisory, Inc.'s portfolio

What stocks does Citadel Investment Advisory, Inc. own?

Citadel Investment Advisory, Inc.'s latest 13F, for Q3 2026 and filed Oct 15, 2026, lists 76 positions worth $218.2M. The largest are Berkshire Hathaway Inc Del (BRK-B) at 23.8%, Markel Group Inc (MKL) at 12.1%, Alphabet Inc (GOOGL) at 7.2%, Imperial Metals Corp (IPMLF) at 4.7% and Alphabet Inc (GOOG) at 4.3%.

What did Citadel Investment Advisory, Inc. buy last quarter?

Citadel Investment Advisory, Inc. opened no new positions and grew none by more than 5% among its largest holdings in Q3 2026.

What did Citadel Investment Advisory, Inc. sell last quarter?

In Q3 2026, Citadel Investment Advisory, Inc. cut from its top 50 Wynn Resorts Ltd (WYNN) and cut from its top 50 Procter & Gamble Co (PG), compared with its Q2 2026 filing.

How has Citadel Investment Advisory, Inc.'s portfolio performed?

A portfolio copying Citadel Investment Advisory, Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +16.4% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +13.3% against +20.1%. Over 5 years: +10.0% a year against +11.6%.

When is Citadel Investment Advisory, Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Citadel Investment Advisory, Inc.'s filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.

How much money does Citadel Investment Advisory, Inc. manage?

Citadel Investment Advisory, Inc. reported $278.3M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $218.2M.