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Portfolio (Quarterly) Guide ↗

Baldwin Investment Management, LLC

· CIK 0001346378
13F Portfolio $856M AUM 210 positions Filed May 12, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 10 New 48 Added 52 Reduced 7 Exited
Page 10 of 11  ·  210 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
181 EXP Eagle Materials Inc Basic Materials 1,800.0 $341K 0.04% $189.45 +5.1%
182 SHEL SHELL ADR EACH REP 2 ORD WI Energy 3,629.0 $337K 0.04% $93.00 -4.9%
183 Canadian Pacific Kansas City Ltd 4,185.0 $329K 0.04% $78.66
184 CSX C S X Corp Industrials 7,883.0 $324K 0.04% $41.05 +13.2%
185 EXC Exelon Corporation Utilities 6,450.0 $316K 0.04% $49.02 -9.0%
186 GLD SPDR Gold Trust Financial Services 726.0 $312K 0.04% +101.0 +16.2% $430.29 -3.8%
187 SYLD Cambria Shareholder Yield ETF 4,012.0 $303K 0.04% -177.0 -4.2% $75.42 +2.6%
188 DOV Dover Corp Industrials 1,450.0 $302K 0.04% $208.45 +0.1%
189 AON Aon PLC Financial Services 900.0 $291K 0.03% $322.78 +1.2%
190 VEA Vanguard FTSE Developed Markets ETF 4,493.0 $288K 0.03% $64.08 +8.2%
191 RPM RPM International Inc Basic Materials 2,750.0 $273K 0.03% -400.0 -12.7% $99.40 -3.9%
192 TotalEnergies SE 2,990.0 $272K 0.03% NEW $90.98
193 TSLA Tesla Inc Consumer Cyclical 729.0 $271K 0.03% $371.75 +8.0%
194 NUE Nucor Corp Basic Materials 1,453.0 $246K 0.03% -225.0 -13.4% $169.10 +32.0%
195 IJH Ishares Tr S&P Midcap 3,620.0 $244K 0.03% $67.53 +6.3%
196 VLO Valero Energy Corp Energy 960.0 $237K 0.03% NEW $247.08 +5.6%
197 SCHA Schwab US Small Cap ETF 8,156.0 $237K 0.03% $29.08 +10.6%
198 PEG Public Service Enterprise Group Utilities 2,900.0 $235K 0.03% $80.95 -4.1%
199 INCY Incyte Corporation Healthcare 2,480.0 $233K 0.03% +340.0 +15.9% $94.12 +1.7%
200 ON On Semiconductor Co Technology 3,735.0 $231K 0.03% NEW $61.92 +74.3%
Page 10 of 11  ·  210 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 30.7%
Financial Services 14.3%
Healthcare 13.4%
Industrials 11.5%
Consumer Cyclical 8.1%
Energy 6.4%
Communication Services 4.9%
Consumer Defensive 4.6%
Basic Materials 3.4%
Utilities 1.9%