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Piedmont Capital Management, LLC

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13F filer, CIK 1656150, WHITEFISH, MT

Piedmont Capital Management, LLC reported $189,529,764 across 53 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-07. Its ten largest share positions make up 79.59% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001656150-25-000005

Period
2025-09-30
Reported value
$190M
Holdings
53
Top 10 weight
79.59%
New
2
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VUGnew+48,449$23.3M
FEZadded+27,543$1.73M
VOOadded+1,021$626K
FLOTadded+7,829$398K
IEFAadded+3,278$288K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SPHQexited-283,226-$20.2M
ARGTexited-20,102-$1.7M
VYMreduced-4,157-$585K
IWPreduced-3,285-$466K
GDXreduced-2,725-$211K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001656150-25-000005, largest first. % of portfolio is the value over $189,529,764, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VUGVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 48,449 shares 48,449$23.3M12.29%newTimeline
VYMVANGUARD WHITEHALL FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,622 shares; 2024Q4: 162,237 shares; 2025Q1: 168,004 shares; 2025Q2: 169,103 shares; 2025Q3: 164,946 shares 164,946$23.2M12.25%-4,157Timeline
FEZSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 342,504 shares; 2025Q3: 370,047 shares 370,047$23.2M12.24%+27,543Timeline
GLDMWORLD GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 237,906 shares; 2024Q4: 237,864 shares; 2025Q1: 235,622 shares; 2025Q2: 236,683 shares; 2025Q3: 236,351 shares 236,351$18.1M9.56%-332Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 177,146 shares; 2025Q2: 176,647 shares; 2025Q3: 179,925 shares 179,925$15.8M8.33%+3,278Timeline
VOOVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,070 shares; 2024Q4: 25,146 shares; 2025Q1: not reported; 2025Q2: 21,103 shares; 2025Q3: 22,124 shares 22,124$13.6M7.15%+1,021Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 160,664 shares; 2025Q2: 159,335 shares; 2025Q3: 156,610 shares 156,610$12.1M6.39%-2,725Timeline
FLOTISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 153,693 shares; 2024Q4: 158,988 shares; 2025Q1: 164,919 shares; 2025Q2: 168,878 shares; 2025Q3: 176,707 shares 176,707$8.99M4.75%+7,829Timeline
IWPISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 59,232 shares; 2025Q1: 62,074 shares; 2025Q2: 61,082 shares; 2025Q3: 57,797 shares 57,797$8.2M4.32%-3,285Timeline
BKLNINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,113 shares; 2024Q4: 172,372 shares; 2025Q1: 190,694 shares; 2025Q2: 199,331 shares; 2025Q3: 210,031 shares 210,031$4.39M2.32%+10,700Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,883 shares; 2024Q4: 10,129 shares; 2025Q1: 10,099 shares; 2025Q2: 10,093 shares; 2025Q3: 10,064 shares 10,064$3.31M1.74%-29Timeline
ANGLVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,131 shares; 2024Q4: 90,106 shares; 2025Q1: 91,563 shares; 2025Q2: 95,164 shares; 2025Q3: 101,801 shares 101,801$3.01M1.59%+6,637Timeline
ISHARES TRISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,122 shares; 2024Q4: 47,124 shares; 2025Q1: 48,052 shares; 2025Q2: 47,998 shares; 2025Q3: 47,649 shares 47,649$2.8M1.48%-349
CLOIVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,505 shares; 2024Q4: 38,912 shares; 2025Q1: 44,604 shares; 2025Q2: 46,792 shares; 2025Q3: 49,292 shares 49,292$2.61M1.37%+2,500Timeline
VIGVANGUARD SPECIALIZED FUNDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,375 shares; 2024Q4: 6,854 shares; 2025Q1: 6,832 shares; 2025Q2: 6,950 shares; 2025Q3: 7,341 shares 7,341$1.59M0.84%+391Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,721 shares; 2024Q4: 22,643 shares; 2025Q1: 22,392 shares; 2025Q2: 22,068 shares; 2025Q3: 22,379 shares 22,379$1.52M0.8%+311Timeline
AORISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,433 shares; 2024Q4: 23,216 shares; 2025Q1: 23,048 shares; 2025Q2: 23,190 shares; 2025Q3: 22,836 shares 22,836$1.47M0.78%-354Timeline
IBMINTERNATIONAL BUSINESS MACHSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,492 shares; 2024Q4: 5,421 shares; 2025Q1: 5,365 shares; 2025Q2: 4,758 shares; 2025Q3: 4,840 shares 4,840$1.37M0.72%+82Timeline
KOCOCA COLA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,181 shares; 2024Q4: 17,108 shares; 2025Q1: 17,110 shares; 2025Q2: 17,663 shares; 2025Q3: 18,194 shares 18,194$1.21M0.64%+531Timeline
VZVERIZON COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,823 shares; 2024Q4: 27,750 shares; 2025Q1: 27,356 shares; 2025Q2: 27,084 shares; 2025Q3: 27,602 shares 27,602$1.2M0.63%+518Timeline
STNSTANTEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,458 shares; 2024Q4: 10,458 shares; 2025Q1: 10,458 shares; 2025Q2: 10,458 shares; 2025Q3: 10,458 shares 10,458$1.14M0.6%0Timeline
INVESCO QQQ TRINVESCO QQQ TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,726 shares; 2024Q4: 1,814 shares; 2025Q1: 1,781 shares; 2025Q2: 1,724 shares; 2025Q3: 1,790 shares 1,790$1.08M0.57%+66
BNDVANGUARD BD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,231 shares; 2024Q4: 13,320 shares; 2025Q1: 13,285 shares; 2025Q2: 13,212 shares; 2025Q3: 14,377 shares 14,377$1.07M0.56%+1,165Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,578 shares; 2024Q4: 3,563 shares; 2025Q1: 3,538 shares; 2025Q2: 5,438 shares; 2025Q3: 5,585 shares 5,585$1.03M0.54%+147Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,715 shares; 2024Q4: 2,715 shares; 2025Q1: 2,715 shares; 2025Q2: 2,748 shares; 2025Q3: 2,848 shares 2,848$1.01M0.54%+100Timeline
VNQVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,261 shares; 2024Q4: 11,093 shares; 2025Q1: 10,709 shares; 2025Q2: 10,780 shares; 2025Q3: 10,333 shares 10,333$945K0.5%-447Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,473 shares; 2024Q4: 23,473 shares; 2025Q1: 23,473 shares; 2025Q2: 20,120 shares; 2025Q3: 21,281 shares 21,281$918K0.48%+1,161Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,692 shares; 2024Q4: 3,692 shares; 2025Q1: 3,694 shares; 2025Q2: 9,494 shares; 2025Q3: 9,949 shares 9,949$881K0.47%+455Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,729 shares; 2024Q4: 1,729 shares; 2025Q1: 1,670 shares; 2025Q2: 1,803 shares; 2025Q3: 1,699 shares 1,699$878K0.46%-104Timeline
CVXCHEVRON CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,226 shares; 2024Q4: 5,170 shares; 2025Q1: 5,170 shares; 2025Q2: 5,322 shares; 2025Q3: 5,356 shares 5,356$826K0.44%+34Timeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,624 shares; 2024Q4: 2,586 shares; 2025Q1: 2,567 shares; 2025Q2: 2,622 shares; 2025Q3: 2,687 shares 2,687$801K0.42%+65Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,396 shares; 2024Q4: 2,396 shares; 2025Q1: 2,387 shares; 2025Q2: 2,328 shares; 2025Q3: 2,328 shares 2,328$725K0.38%0Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,031 shares; 2024Q4: 6,033 shares; 2025Q1: 6,014 shares; 2025Q2: 6,016 shares; 2025Q3: 5,978 shares 5,978$666K0.35%-38Timeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 856 shares; 2024Q4: 882 shares; 2025Q1: 908 shares; 2025Q2: 931 shares; 2025Q3: 950 shares 950$636K0.34%+19Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,739 shares; 2025Q3: 1,821 shares 1,821$626K0.33%+82Timeline
XLRESELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,803 shares; 2024Q4: 36,621 shares; 2025Q1: 44,237 shares; 2025Q2: 9,311 shares; 2025Q3: 12,216 shares 12,216$514K0.27%+2,905Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,595 shares; 2025Q3: 6,834 shares 6,834$500K0.26%+239Timeline
MMM3M COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,045 shares; 2024Q4: 8,816 shares; 2025Q1: 8,661 shares; 2025Q2: 3,014 shares; 2025Q3: 3,014 shares 3,014$469K0.25%0Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,391 shares; 2024Q4: 1,392 shares; 2025Q1: not reported; 2025Q2: 1,553 shares; 2025Q3: 1,554 shares 1,554$448K0.24%+1Timeline
CATCATERPILLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 732 shares; 2024Q4: 732 shares; 2025Q1: 732 shares; 2025Q2: 732 shares; 2025Q3: 732 shares 732$351K0.19%0Timeline
SPGSIMON PPTY GROUP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,846 shares; 2024Q4: 1,849 shares; 2025Q1: 1,851 shares; 2025Q2: 1,791 shares; 2025Q3: 1,794 shares 1,794$333K0.18%+3Timeline
MGKVANGUARD WORLD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 124,438 shares; 2024Q4: 126,385 shares; 2025Q1: not reported; 2025Q2: 792 shares; 2025Q3: 792 shares 792$320K0.17%0Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 503 shares; 2024Q4: 503 shares; 2025Q1: 503 shares; 2025Q2: 503 shares; 2025Q3: 446 shares 446$297K0.16%-57Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,053 shares; 2024Q4: 1,053 shares; 2025Q1: 1,054 shares; 2025Q2: 744 shares; 2025Q3: 744 shares 744$296K0.16%0Timeline
MOATVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,880 shares; 2024Q4: 2,820 shares; 2025Q1: 2,820 shares; 2025Q2: 2,820 shares; 2025Q3: 2,820 shares 2,820$281K0.15%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 930 shares; 2024Q4: 930 shares; 2025Q1: not reported; 2025Q2: 1,090 shares; 2025Q3: 1,072 shares 1,072$275K0.15%-18Timeline
GBCIGLACIER BANCORP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,032 shares; 2024Q4: 5,256 shares; 2025Q1: not reported; 2025Q2: 5,048 shares; 2025Q3: 5,059 shares 5,059$244K0.13%+11Timeline
WMTWALMART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,374 shares; 2025Q1: not reported; 2025Q2: 2,340 shares; 2025Q3: 2,340 shares 2,340$237K0.12%0Timeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 848 shares; 2024Q4: 704 shares; 2025Q1: 688 shares; 2025Q2: 294 shares; 2025Q3: 294 shares 294$232K0.12%0Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 879 shares 879$211K0.11%newTimeline
TUTELUS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,998 shares; 2024Q4: 23,998 shares; 2025Q1: 11,999 shares; 2025Q2: 11,999 shares; 2025Q3: 11,999 shares 11,999$189K0.1%0Timeline
GUTGABELLI UTIL TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,710 shares; 2024Q4: 24,710 shares; 2025Q1: 24,710 shares; 2025Q2: 27,437 shares; 2025Q3: 27,437 shares 27,437$166K0.09%0Timeline
NAKNORTHERN DYNASTY MINERALS LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares 10,000$11.7K0.01%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SPHQINVESCO EXCHANGE TRADED FD T283,226$20.2Mshares
ARGTGLOBAL X FDS20,102$1.7Mshares
PGPROCTER & GAMBLE CO1,320$210Kshares
DOWDOW HLDGS INC7,726$205Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001656150-25-000005 base2025-11-07acceptance time not in the bulk data set