PARTHENON LLC
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| MICROSOFT CORP | MSFT | $116.5M | 227,186 | +3.23pp | 32q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $68.0M | 136,634 | -0.08pp | 32q | HELD | |
| ALPHABET INC | GOOGL | $51.6M | 149,916 | -0.30pp | 32q | -1.0%-$540.9K | |
| META PLATFORMS INC | META | $49.1M | 67,683 | +1.12pp | 32q | HELD | |
| APPLE INC | AAPL | $41.8M | 125,595 | +0.50pp | 32q | -1.1%-$474.6K | |
| ALPHABET INC | GOOG | $37.1M | 109,001 | -0.18pp | 32q | HELD | |
| CORNING INC | GLW | $35.1M | 228,533 | -2.44pp | 32q | HELD | |
| JOHNSON & JOHNSON | JNJ | $31.7M | 119,820 | +0.11pp | 32q | HELD | |
| EXXONMOBIL HOLDINGS CORP | XOM | $27.2M | 167,390 | - | new | NEW | |
| FASTENAL CO | FAST | $25.6M | 517,147 | +0.02pp | 32q | -1.9%-$501.5K | |
| PAYCHEX INC | PAYX | $24.5M | 248,332 | -0.01pp | 32q | HELD | |
| WALMART INC | WMT | $23.4M | 224,946 | -0.24pp | 32q | HELD | |
| MERCK & CO INC | MRK | $21.6M | 148,512 | +0.23pp | 32q | -0.8%-$163.5K | |
| CISCO SYS INC | CSCO | $21.0M | 195,182 | -0.21pp | 32q | HELD | |
| AMERICAN EXPRESS CO | AXP | $20.2M | 66,300 | -0.25pp | 32q | HELD | |
| DOVER CORP | DOV | $19.5M | 104,203 | -0.42pp | 32q | HELD | |
| PROCTER & GAMBLE CO | PG | $18.1M | 124,733 | -0.05pp | 32q | -1.3%-$244.4K | |
| BOOKING HOLDINGS INC | BKNG | $16.8M | 103,400 | -0.03pp | 30q | +8.4%+$1.3M | |
| JPMORGAN CHASE & CO | JPM | $13.7M | 41,437 | -0.01pp | 32q | -1.0%-$137.6K | |
| ICON PUB LTD CO | ICLR | $13.5M | 79,603 | -0.02pp | 6q | +1.2%+$161.5K | |
| SALESFORCE INC | CRM | $13.1M | 56,905 | +0.43pp | 4q | HELD | |
| CHARLES SCHWAB CORP (THE) | SCHW | $12.9M | 132,321 | +0.07pp | 15q | HELD | |
| PEPSICO INC | PEP | $12.8M | 101,065 | -0.10pp | 32q | HELD | |
| WATERS CORP | WAT | $12.7M | 28,828 | +0.18pp | 32q | -0.5%-$65.9K | |
| VANGUARD INDEX FDS | VOO | $11.3M | 16,133 | +0.08pp | 32q | +5.3%+$570.5K | |
| LANDSTAR SYS INC | LSTR | $11.3M | 66,984 | -0.28pp | 32q | HELD | |
| ATLANTA BRAVES HLDGS INC | BATRK | $11.2M | 211,315 | +0.02pp | 13q | HELD | |
| STRYKER CORPORATION | SYK | $10.4M | 37,642 | -0.15pp | 32q | HELD | |
| CVS HEALTH CORP | CVS | $9.5M | 110,966 | -0.22pp | 32q | -1.1%-$103.3K | |
| YETI HLDGS INC | YETI | $8.8M | 213,730 | -0.20pp | 17q | HELD | |
| ISHARES TR | IJR | $7.7M | 56,409 | -0.07pp | 32q | +0.8%+$60.1K | |
| DISNEY WALT CO | DIS | $7.6M | 72,057 | +0.06pp | 32q | HELD | |
| PNC FINL SVCS GROUP INC | PNC | $7.4M | 33,424 | -0.09pp | 32q | HELD | |
| MONDELEZ INTL INC | MDLZ | $7.4M | 127,423 | -0.05pp | 32q | -5.6%-$438.0K | |
| GE AEROSPACE | GE | $6.9M | 22,067 | -0.14pp | 21q | HELD | |
| VANGUARD INTL EQUITY INDEX F | VWO | $6.7M | 113,506 | flat | 32q | +1.0%+$69.4K | |
| HOME DEPOT INC | HD | $6.5M | 22,944 | -0.17pp | 32q | HELD | |
| VANGUARD TAX-MANAGED FDS | VEA | $6.2M | 87,455 | flat | 32q | +1.5%+$92.1K | |
| PHILIP MORRIS INTL INC | PM | $5.6M | 29,470 | +0.03pp | 32q | HELD | |
| CHURCHILL DOWNS INC | CHDN | $5.5M | 72,654 | -0.11pp | 32q | HELD | |
| COCA COLA CO | KO | $5.0M | 58,179 | +0.02pp | 32q | -0.6%-$30.1K | |
| ELI LILLY & CO | LLY | $4.5M | 3,913 | -0.02pp | 32q | HELD | |
| MEDTRONIC PLC | MDT | $4.5M | 52,017 | -0.02pp | 32q | -13.0%-$671.9K | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $4.5M | 6 | flat | 32q | HELD | |
| CLARUS CORP NEW | CLAR | $4.2M | 1,241,662 | +0.03pp | 27q | HELD | |
| ABBVIE INC | ABBV | $3.7M | 14,335 | +0.02pp | 32q | +0.8%+$31.4K | |
| SMUCKER J M CO | SJM | $3.7M | 30,848 | +0.01pp | 32q | -1.0%-$35.7K | |
| VANGUARD INTL EQUITY INDEX F | VPL | $3.6M | 30,937 | -0.01pp | 32q | -0.9%-$33.8K | |
| GE VERNOVA INC | GEV | $3.5M | 3,686 | -0.09pp | 10q | -1.2%-$43.7K | |
| HERSHEY CO | HSY | $3.5M | 22,101 | -0.05pp | 32q | -1.1%-$37.7K | |
| MCDONALDS CORP | MCD | $3.0M | 12,788 | -0.05pp | 32q | HELD | |
| ALTRIA GROUP INC | MO | $2.9M | 43,227 | -0.02pp | 32q | HELD | |
| BROWN FORMAN CORP | BFB | $2.8M | 105,035 | -0.01pp | 32q | HELD | |
| CHEVRON CORPORATION | CVX | $2.4M | 11,620 | +0.05pp | 32q | +0.7%+$15.7K | |
| COLGATE PALMOLIVE CO | CL | $2.3M | 27,486 | -0.02pp | 32q | HELD | |
| ABBOTT LABORATORIES | ABT | $2.1M | 21,336 | +0.02pp | 32q | HELD | |
| VANGUARD INDEX FDS | VTI | $2.0M | 5,237 | flat | 32q | -1.8%-$35.6K | |
| ISHARES TR | IVV | $1.9M | 2,507 | flat | 32q | -2.0%-$38.3K | |
| VANGUARD INTL EQUITY INDEX F | VGK | $1.9M | 21,856 | -0.01pp | 32q | -1.8%-$34.7K | |
| TURNING PT BRANDS INC | TPB | $1.8M | 31,470 | -0.09pp | 27q | HELD | |
| SEAGATE TECHNOLOGY HLDNGS PL | STX | $1.8M | 2,000 | -0.01pp | 4q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $1.7M | 2,204 | flat | 32q | HELD | |
| RICHARDSON ELECTRS LTD | RELL | $1.5M | 85,748 | -0.04pp | 13q | -12.8%-$222.8K | |
| VANGUARD INTL EQUITY INDEX F | VEU | $1.5M | 17,711 | flat | 32q | +4.6%+$65.0K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $1.4M | 6,154 | -0.04pp | 32q | +2.0%+$26.6K | |
| COHERENT CORP | COHR | $1.3M | 4,600 | -0.05pp | 12q | HELD | |
| ISHARES TR | IWM | $1.3M | 4,745 | -0.01pp | 32q | HELD | |
| TELEFLEX INCORPORATED | TFX | $1.3M | 10,317 | flat | 32q | -1.1%-$14.1K | |
| PFIZER INC | PFE | $1.3M | 44,880 | +0.02pp | 32q | HELD | |
| 3M CO | MMM | $1.3M | 7,691 | flat | 32q | HELD | |
| AUTOMATIC DATA PROCESSING IN | ADP | $1.2M | 4,700 | +0.02pp | 32q | HELD | |
| SCOTTS MIRACLE GRO CO | SMG | $1.2M | 23,685 | -0.05pp | 32q | HELD | |
| KENVUE INC | KVUE | $1.2M | 66,830 | -0.01pp | 13q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $1.2M | 1,278 | flat | 32q | HELD | |
| NIKE INC | NKE | $1.1M | 30,295 | -0.02pp | 9q | HELD | |
| NVIDIA CORPORATION | NVDA | $1.0M | 4,425 | +0.02pp | 24q | +10.6%+$97.1K | |
| ISHARES TR | IWR | $986.3K | 9,243 | flat | 32q | -0.9%-$8.5K | |
| ORACLE CORP | ORCL | $956.7K | 6,968 | -0.01pp | 31q | HELD | |
| RESEARCH SOLUTIONS INC COM | RSSS | $847.3K | 392,284 | -0.01pp | 25q | HELD | |
| LAM RESEARCH CORP | LRCX | $845.9K | 2,575 | -0.03pp | 5q | HELD | |
| ISHARES TR | MUB | $839.1K | 8,300 | flat | 2q | +7.8%+$60.7K | |
| CELLEBRITE DI LTD | CLBT | $837.0K | 74,334 | - | new | NEW | |
| ISHARES TR | IWB | $823.9K | 1,980 | flat | 32q | HELD | |
| YUM! BRANDS INC | YUM | $764.0K | 5,604 | -0.01pp | 32q | HELD | |
| MOTOROLA SOLUTIONS INC | MSI | $732.7K | 1,643 | flat | 32q | HELD | |
| ISHARES TR | IVW | $730.6K | 5,136 | flat | 32q | HELD | |
| MASTERCARD INCORPORATED | MA | $685.5K | 1,243 | flat | 31q | HELD | |
| JEWETT-CAMERON TRADING LTD | JCTC | $631.6K | 217,053 | +0.01pp | 32q | HELD | |
| APPLIED MATLS INC | AMAT | $613.7K | 1,200 | -0.03pp | 6q | HELD | |
| EATON CORP PLC | ETN | $612.3K | 1,425 | flat | 15q | HELD | |
| SELECT SECTOR SPDR TR | XLK | $589.6K | 3,012 | flat | 24q | +2.6%+$15.1K | |
| VISA INC | V | $581.0K | 1,617 | flat | 12q | HELD | |
| ZOETIS INC | ZTS | $575.6K | 8,243 | -0.01pp | 32q | -10.8%-$69.3K | |
| JABIL INC | JBL | $573.7K | 2,000 | -0.02pp | 14q | HELD | |
| AMAZON COM INC | AMZN | $527.0K | 2,115 | flat | 26q | -2.3%-$12.5K | |
| WASTE MGMT INC DEL | WM | $523.7K | 2,568 | flat | 32q | +2.7%+$13.9K | |
| LOWES COS INC | LOW | $521.5K | 2,830 | -0.01pp | 32q | -4.7%-$26.0K | |
| BROWN FORMAN CORP | BFA | $488.3K | 18,200 | flat | 32q | HELD | |
| CINCINNATI FINL CORP | CINF | $478.1K | 3,000 | -0.01pp | 32q | HELD | |
| RTX CORPORATION | RTX | $470.3K | 2,533 | flat | 9q | +4.3%+$19.5K | |
| BOSTON SCIENTIFIC CORP | BSX | $458.7K | 10,509 | flat | 32q | HELD | |
| AT&T INC | T | $449.0K | 18,404 | +0.01pp | 32q | HELD | |
| TRUIST FINL CORP | TFC | $421.9K | 9,112 | flat | 28q | HELD | |
| ISHARES TR | EEM | $419.2K | 6,276 | flat | 11q | HELD | |
| US BANCORP | USB | $391.1K | 6,771 | flat | 32q | HELD | |
| WW GRAINGER INC | GWW | $373.7K | 300 | flat | 15q | HELD | |
| MCKESSON CORP | MCK | $363.7K | 426 | flat | 11q | HELD | |
| UNITED GUARDIAN INC COM | UG | $362.6K | 50,636 | flat | 32q | HELD | |
| INTUIT | INTU | $351.5K | 1,275 | flat | 32q | HELD | |
| CONOCOPHILLIPS | COP | $349.9K | 2,796 | +0.01pp | 19q | HELD | |
| CHUBB LIMITED | CB | $346.7K | 1,066 | flat | 21q | +3.8%+$12.7K | |
| CATERPILLAR INC | CAT | $333.2K | 411 | -0.01pp | 4q | +2.8%+$8.9K | |
| ECOLAB INC | ECL | $325.1K | 1,184 | flat | 14q | HELD | |
| SCHWAB STRATEGIC TR | FNDX | $307.2K | 9,762 | flat | 10q | HELD | |
| ISHARES GOLD TR | IAU | $289.0K | 3,700 | flat | 2q | HELD | |
| EMERSON ELEC CO | EMR | $270.2K | 1,742 | flat | 6q | +7.8%+$19.5K | |
| ISHARES TR | EFA | $240.3K | 2,313 | flat | 6q | HELD | |
| REPUBLIC BANCORP INC KY | RBCAA | $233.8K | 2,550 | flat | 2q | HELD | |
| BROADCOM INC | AVGO | $227.2K | 647 | flat | 6q | +2.7%+$6.0K | |
| YUM CHINA HLDGS INC | YUMC | $222.1K | 5,404 | flat | 9q | HELD | |
| FLEX LTD | FLEX | $220.0K | 2,000 | -0.01pp | 2q | HELD | |
| KROGER CO | KR | $214.8K | 3,664 | flat | 9q | HELD | |
| EDWARDS LIFESCIENCES CORP | EW | $213.7K | 2,476 | flat | 4q | -2.0%-$4.3K | |
| EBAY INC. | EBAY | $212.1K | 2,000 | flat | 2q | HELD | |
| ISHARES TR | IVE | $211.2K | 925 | flat | 2q | HELD | |
| TRAVELERS COMPANIES INC | TRV | $208.9K | 586 | - | new | NEW | |
| MARSH & MCLENNAN COS INC | MRSH | $207.1K | 1,213 | flat | 11q | HELD | |
| ISHARES TR | IWP | $202.9K | 1,474 | flat | 2q | HELD | |
| FORD MTR CO | F | $134.1K | 11,119 | flat | 9q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $270.8M | 28.0% |
| Biotech & Pharma | $91.7M | 9.5% |
| Insurance | $73.8M | 7.6% |
| Computer Hardware | $66.0M | 6.8% |
| Retail & Consumer | $62.5M | 6.5% |
| Food, Drink & Tobacco | $46.0M | 4.8% |
| Banks & Lending | $42.3M | 4.4% |
| Mining & Metals | $35.1M | 3.6% |
| Industrials | $34.3M | 3.5% |
| Energy | $30.0M | 3.1% |
| Transport & Logistics | $28.1M | 2.9% |
| Business Services | $26.8M | 2.8% |
| Other sectors | $110.5M | 11.4% |
| Not classified | $49.4M | 5.1% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | +0.8% | +2.1% | -1.3% | 100% |
| Q2 2026 | +11.0% | +14.8% | -3.8% | 100% |
| Q1 2026 | -4.7% | -4.6% | -0.1% | 100% |
| Q4 2025 | +2.5% | +2.4% | +0.2% | 100% |
| Q3 2025 | +6.1% | +7.8% | -1.8% | 100% |
| Q2 2025 | +6.7% | +10.5% | -3.7% | 100% |
| Q1 2025 | -0.9% | -4.6% | +3.6% | 100% |
| Q4 2024 | -0.3% | +2.1% | -2.5% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $967.3M | 129 | 3 | 19 | 25 | 7 | 50.0% | 22 |
| Q2 2026 | $962.0M | 133 | 11 | 11 | 46 | 5 | 47.9% | 23 |
| Q1 2026 | $874.7M | 127 | 0 | 7 | 41 | 4 | 47.8% | 28 |
| Q4 2025 | $926.7M | 131 | 6 | 4 | 52 | 4 | 48.5% | 23 |
| Q3 2025 | $902.5M | 129 | 4 | 18 | 49 | 1 | 49.7% | 31 |
| Q2 2025 | $874.1M | 126 | 6 | 21 | 32 | 2 | 49.0% | 29 |
| Q1 2025 | $813.1M | 122 | 1 | 5 | 22 | 2 | 48.5% | 32 |
| Q4 2024 | $826.7M | 123 | 2 | 21 | 41 | 4 | 49.3% | 34 |
| Q3 2024 | $837.4M | 125 | 7 | 17 | 23 | 3 | 48.3% | 36 |
| Q2 2024 | $787.2M | 121 | 3 | 9 | 38 | 3 | 49.7% | 39 |
| Q1 2024 | $788.8M | 121 | 9 | 23 | 36 | 5 | 48.2% | 30 |
| Q4 2023 | $723.4M | 117 | 3 | 27 | 32 | 0 | 47.2% | 36 |
| Q3 2023 | $666.5M | 114 | 3 | 5 | 33 | 5 | 47.7% | 30 |
| Q2 2023 | $692.3M | 116 | 2 | 8 | 18 | 0 | 47.3% | 27 |
| Q1 2023 | $653.4M | 114 | 5 | 19 | 24 | 1 | 45.8% | 38 |
| Q4 2022 | $609.6M | 110 | 4 | 10 | 31 | 1 | 46.4% | 39 |
| Q3 2022 | $554.1M | 107 | 1 | 15 | 22 | 5 | 47.4% | 32 |
| Q2 2022 | $589.7M | 111 | 1 | 14 | 29 | 5 | 47.4% | 29 |
| Q1 2022 | $689.9M | 115 | 1 | 23 | 16 | 4 | 48.0% | 39 |
| Q4 2021 | $712.9M | 118 | 1 | 9 | 38 | 3 | 47.3% | 38 |
| Q3 2021 | $665.5M | 120 | 4 | 7 | 39 | 5 | 45.6% | 28 |
| Q2 2021 | $667.5M | 121 | 6 | 26 | 14 | 1 | 44.5% | 28 |
| Q1 2021 | $621.8M | 116 | 3 | 27 | 33 | 4 | 43.0% | 23 |
| Q4 2020 | $579.9M | 117 | 11 | 34 | 32 | 0 | 43.6% | 34 |
| Q3 2020 | $515.5M | 106 | 2 | 6 | 17 | 1 | 45.6% | 29 |
| Q2 2020 | $481.6M | 105 | 6 | 18 | 18 | 4 | 45.4% | 24 |
| Q1 2020 | $420.2M | 103 | 4 | 26 | 36 | 8 | 45.0% | 28 |
| Q4 2019 | $501.0M | 107 | 5 | 16 | 19 | 3 | 44.5% | 28 |
| Q3 2019 | $467.5M | 105 | 0 | 12 | 43 | 2 | 44.4% | 31 |
| Q2 2019 | $466.3M | 107 | 4 | 12 | 25 | 3 | 44.8% | 29 |
| Q1 2019 | $447.3M | 106 | 6 | 12 | 50 | 1 | 45.0% | 33 |
| Q4 2018 | $406.1M | 101 | 0 | 0 | 0 | 0 | 45.1% | 29 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.