CALDWELL SUTTER CAPITAL, INC.

SAUSALITO, CA · CIK 702007 · 13F filing filed 2023-07-19

SEC-registered investment adviser since 2006 · corporation

Assets managed$605.7m
Staff17 · 5 in investment roles
Main clients (by assets)High net worth individuals 70%, Individuals 25%, Companies 4%
Websitecald.com
Form ADV · 2026-04-17SEC adviser record

Legal entityCALDWELL SUTTER CAPITAL, INC. (US)

$190.9m reported value +39.2% vs Q1 2023

867positions

24.4%in top 10

310 new 289 added 37 reduced 9 sold out vs Q1 2023

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	APPLE INC COM AAPL	AAPL	65,663	$12.7m6.67%	6.67%	Added +7.8k	+7,752 13.4%
2	MSA SAFETY INC COM MSA	MSA	35,899	$6.2m3.27%	3.27%	Unchanged
3	VISA INC COM CL A V	V	18,186	$4.3m2.26%	2.26%	Added +704	+704 4.0%
4	MICROSOFT CORP COM MSFT	MSFT	11,055	$3.8m1.97%	1.97%	Added +3.3k	+3,309 42.7%
5	A-MARK PRECIOUS METALS INC COM GOLD	GOLD	95,002	$3.6m1.86%	1.86%	Reduced -208	-208 -0.2%
6	CHEVRON CORP NEW COM CVX	CVX	21,473	$3.4m1.77%	1.77%	Added +9.9k	+9,859 84.9%
7	NATURAL ALTERNATIVES INTL IN COM NEW NAII	NAII	459,544	$3.3m1.73%	1.73%	Reduced -7.8k	-7,760 -1.7%
8	KINETIK HOLDINGS INC COM NEW CL A KNTK	KNTK	88,973	$3.1m1.64%	1.64%	Reduced -2.9k	-2,927 -3.2%
9	CATERPILLAR INC COM CAT	CAT	12,590	$3.1m1.62%	1.62%	Added +3.0k	+2,963 30.8%
10	DONEGAL GROUP INC CL A DGICA	DGICA	210,170	$3.0m1.59%	1.59%	Reduced -4.6k	-4,614 -2.1%
11	SUMMIT ST BK SANTA ROSA CALI COM SSBI	SSBI	198,320	$3.0m1.57%	1.57%	Added +3.1k	+3,144 1.6%
12	COSTCO WHSL CORP NEW COM COST	COST	5,478	$2.9m1.55%	1.55%	Added +618	+618 12.7%
13	PFIZER INC COM PFE	PFE	69,430	$2.5m1.33%	1.33%	Added +11.7k	+11,673 20.2%
14	NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT NEN	NEN	33,939	$2.5m1.30%	1.30%	Added +1.0k	+1,000 3.0%
15	PERMA-PIPE INTL HLDGS INC COM PPIH	PPIH	238,057	$2.3m1.19%	1.19%	Reduced -1.0k	-1,000 -0.4%
16	CREATIVE MEDIA & CMNTY TR COM NEW COM NEW		426,762	$2.1m1.12%	1.12%	Added +17.5k	+17,461 4.3%
17	INTERGROUP CORP COM INTG	INTG	56,422	$1.9m1.01%	1.01%	Reduced -2.0k	-1,986 -3.4%
18	ISHARES TR CORE S&P500 ETF IVV	IVV	4,296	$1.9m1.00%	1.00%	Added +4.2k	+4,196 4196.0%
19	PEPSICO INC COM PEP	PEP	10,065	$1.9m0.98%	0.98%	Added +2.8k	+2,798 38.5%
20	EXXON MOBIL CORP COM XOM	XOM	17,272	$1.9m0.97%	0.97%	Added +10.4k	+10,437 152.7%
21	AMERICAN RLTY INVS INC COM ARL	ARL	83,924	$1.8m0.96%	0.96%	Reduced -883	-883 -1.0%
22	PARKE BANCORP INC COM PKBK	PKBK	101,503	$1.7m0.90%	0.90%	Unchanged
23	BLACK STONE MINERALS L P COM UNIT BSM	BSM	105,700	$1.7m0.88%	0.88%	Unchanged
24	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	10,240	$1.7m0.87%	0.87%	Added +5.9k	+5,912 136.6%
25	BANNER CORP COM NEW BANR	BANR	36,687	$1.6m0.84%	0.84%	Added +35.5k	+35,457 2882.7%
26	CISCO SYS INC COM CSCO	CSCO	30,178	$1.6m0.82%	0.82%	Added +13.2k	+13,156 77.3%
27	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	11,668	$1.6m0.82%	0.82%	Added +3.2k	+3,225 38.2%
28	CSW INDUSTRIALS INC COM CSW	CSW	9,164	$1.5m0.80%	0.80%	Unchanged
29	KAYNE ANDERSON ENERGY INFRST COM KYN	KYN	185,326	$1.5m0.79%	0.79%	Added +1.6k	+1,596 0.9%
30	UMH PPTYS INC COM UMH	UMH	93,021	$1.5m0.78%	0.78%	Unchanged
31	JPMORGAN CHASE & CO COM JPM	JPM	9,594	$1.4m0.73%	0.73%	Added +3.3k	+3,331 53.2%
32	BAYCOM CORP COM BCML	BCML	83,290	$1.4m0.73%	0.73%	Unchanged
33	WILEY JOHN & SONS INC CL A WLY	WLY	39,488	$1.3m0.70%	0.70%	Unchanged
34	BARINGS CORPORATE INVS COM MCI	MCI	87,614	$1.3m0.68%	0.68%	Reduced -50	-50 -0.1%
35	AMCON DISTRG CO COM NEW DIT	DIT	6,343	$1.3m0.67%	0.67%	Unchanged
36	AMERICAN EXPRESS CO COM AXP	AXP	7,352	$1.3m0.67%	0.67%	Added +7.3k	+7,312 18280.0%
37	UNION PAC CORP COM UNP	UNP	6,208	$1.3m0.67%	0.67%	Added +6.0k	+6,049 3804.4%
38	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	5,523	$1.2m0.64%	0.64%	Added +5.3k	+5,323 2661.5%
39	BOEING CO COM BA	BA	5,679	$1.2m0.63%	0.63%	Added +4.8k	+4,753 513.3%
40	PATRIOT NATL BANCORP INC COM NEW PNBK	PNBK	151,001	$1.2m0.62%	0.62%	Added +40.8k	+40,801 37.0%
41	MCDONALDS CORP COM MCD	MCD	3,981	$1.2m0.62%	0.62%	Added +1.3k	+1,321 49.7%
42	HOME DEPOT INC COM HD	HD	3,602	$1.1m0.59%	0.59%	Added +678	+678 23.2%
43	FIRST INTERNET BANCORP COM INBK	INBK	74,258	$1.1m0.58%	0.58%	Added +7.4k	+7,375 11.0%
44	MERCK & CO INC COM MRK	MRK	9,326	$1.1m0.56%	0.56%	Added +3.5k	+3,466 59.1%
45	ENBRIDGE INC COM ENB	ENB	28,921	$1.1m0.56%	0.56%	Added +1.6k	+1,573 5.8%
46	CANADIAN PACIFIC KANSAS CITY COM CP	CP	13,250	$1.1m0.56%	0.56%	New
47	HONEYWELL INTL INC COM COM		5,017	$1.0m0.55%	0.55%	New
48	NATIONAL WESTN LIFE GROUP IN CL A NWLI	NWLI	2,400	$997.3k0.52%	0.52%	Unchanged
49	ELECTRO-SENSORS INC COM COM		221,759	$984.6k0.52%	0.52%	Reduced -7.8k	-7,822 -3.4%
50	VERIZON COMMUNICATIONS INC COM VZ	VZ	26,475	$984.6k0.52%	0.52%	Added +9.7k	+9,699 57.8%
51	AMREP CORP COM AXR	AXR	54,872	$984.2k0.52%	0.52%	Unchanged
52	INTEL CORP COM INTC	INTC	29,280	$979.1k0.51%	0.51%	Added +13.8k	+13,808 89.2%
53	ISHARES TR EXPND TEC SC ETF IGM	IGM	2,444	$960.2k0.50%	0.50%	Added +2.3k	+2,344 2344.0%
54	META PLATFORMS INC CL A META	META	3,343	$959.4k0.50%	0.50%	Added +10	+10 0.3%
55	COMMUNITY WEST BANCSHARES COM COM		78,857	$958.1k0.50%	0.50%	Unchanged
56	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	5,681	$951.3k0.50%	0.50%	Added +66	+66 1.2%
57	PIMCO ETF TR ACTIVE BD ETF BOND	BOND	10,318	$945.3k0.50%	0.50%	Added +5.3k	+5,332 106.9%
58	MANITEX INTL INC COM MNTX	MNTX	173,725	$945.1k0.50%	0.50%	Unchanged
59	UNITEDHEALTH GROUP INC COM UNH	UNH	1,898	$912.3k0.48%	0.48%	Added +638	+638 50.6%
60	STARBUCKS CORP COM SBUX	SBUX	9,179	$909.2k0.48%	0.48%	Added +684	+684 8.1%
61	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	3,192	$903.3k0.47%	0.47%	Added +2.1k	+2,065 183.2%
62	APARTMENT INVT & MGMT CO CL A AIV	AIV	104,700	$892.0k0.47%	0.47%	Reduced -2.0k	-2,000 -1.9%
63	JOHNSON & JOHNSON COM JNJ	JNJ	5,378	$890.2k0.47%	0.47%	Added +2.4k	+2,408 81.1%
64	REALTY INCOME CORP COM O	O	14,858	$888.4k0.47%	0.47%	Added +3.8k	+3,788 34.2%
65	CAPITAL SOUTHWEST CORP COM CSWC	CSWC	43,228	$852.5k0.45%	0.45%	Unchanged
66	ABBVIE INC COM ABBV	ABBV	6,267	$844.4k0.44%	0.44%	Added +2.5k	+2,499 66.3%
67	NICHOLAS FINL INC BC COM NEW COM NEW		160,696	$803.5k0.42%	0.42%	Added +1.2k	+1,211 0.8%
68	MODINE MFG CO COM MOD	MOD	24,172	$798.2k0.42%	0.42%	Unchanged
69	PROCTER AND GAMBLE CO COM PG	PG	5,166	$783.9k0.41%	0.41%	Added +2.0k	+1,996 63.0%
70	OLD NATL BANCORP IND COM ONB	ONB	56,172	$783.0k0.41%	0.41%	Reduced -5.6k	-5,557 -9.0%
71	DANAHER CORPORATION COM DHR	DHR	3,247	$779.3k0.41%	0.41%	Unchanged
72	GILEAD SCIENCES INC COM GILD	GILD	10,101	$778.5k0.41%	0.41%	Added +5.5k	+5,476 118.4%
73	SELECT SECTOR SPDR TR ENERGY XLE	XLE	9,454	$767.4k0.40%	0.40%	Added +569	+569 6.4%
74	LOCKHEED MARTIN CORP COM LMT	LMT	1,616	$744.0k0.39%	0.39%	Added +1.0k	+1,048 184.5%
75	CLOROX CO DEL COM CLX	CLX	4,618	$734.4k0.38%	0.38%	Added +956	+956 26.1%
76	COCA COLA CO COM KO	KO	11,093	$668.0k0.35%	0.35%	Added +6.5k	+6,512 142.2%
77	AT&T INC COM T	T	39,766	$634.3k0.33%	0.33%	Added +18.8k	+18,758 89.3%
78	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,820	$620.6k0.33%	0.33%	Added +258	+258 16.5%
79	DOW INC COM DOW	DOW	11,496	$612.3k0.32%	0.32%	Added +3.7k	+3,684 47.2%
80	SMARTFINANCIAL INC COM NEW SMBK	SMBK	28,431	$611.6k0.32%	0.32%	Unchanged
81	VANGUARD WORLD FD ENERGY ETF VDE	VDE	5,402	$609.8k0.32%	0.32%	Added +17	+17 0.3%
82	DIGITAL RLTY TR INC COM DLR	DLR	5,279	$601.1k0.31%	0.31%	Added +3.2k	+3,246 159.7%
83	BARINGS PARTN INVS SH BEN INT MPV	MPV	45,377	$585.8k0.31%	0.31%	Unchanged
84	WILEY JOHN & SONS INC CL B WLYB	WLYB	17,104	$580.2k0.30%	0.30%	Added +16.8k	+16,754 4786.9%
85	PIMCO ETF TR ENHNCD LW DUR AC LDUR	LDUR	6,186	$579.9k0.30%	0.30%	Added +3.2k	+3,170 105.1%
86	BANK AMERICA CORP COM BAC	BAC	20,167	$578.6k0.30%	0.30%	Added +11.3k	+11,264 126.5%
87	QUALCOMM INC COM QCOM	QCOM	4,732	$563.3k0.30%	0.30%	Added +2.0k	+2,046 76.2%
88	UNITED PARCEL SERVICE INC CL B UPS	UPS	3,073	$550.8k0.29%	0.29%	Added +1.5k	+1,458 90.3%
89	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	1	$517.8k0.27%	0.27%	Unchanged
90	SOUTHERN STS BANCSHARES INC COM SSBK	SSBK	24,494	$516.8k0.27%	0.27%	Unchanged
91	STAGWELL INC COM CL A STGW	STGW	70,900	$511.2k0.27%	0.27%	Unchanged
92	NEUBERGER BERMAN HIGH YIELD COM NHS	NHS	67,068	$502.3k0.26%	0.26%	New
93	BANK MARIN BANCORP COM BMRC	BMRC	28,048	$495.6k0.26%	0.26%	Unchanged
94	FS BANCORP INC COM FSBW	FSBW	16,468	$495.2k0.26%	0.26%	Unchanged
95	DEVON ENERGY CORP NEW COM DVN	DVN	10,161	$491.2k0.26%	0.26%	Added +24	+24 0.2%
96	NORTHRIM BANCORP INC COM NRIM	NRIM	12,367	$486.4k0.25%	0.25%	Unchanged
97	DUKE ENERGY CORP NEW COM NEW DUK	DUK	5,415	$485.9k0.25%	0.25%	Added +3.5k	+3,497 182.3%
98	KIMBERLY-CLARK CORP COM KMB	KMB	3,506	$484.0k0.25%	0.25%	Added +1.6k	+1,645 88.4%
99	VANGUARD INDEX FDS VALUE ETF VTV	VTV	3,404	$483.7k0.25%	0.25%	Added +2.1k	+2,086 158.3%
100	WILLIAMS COS INC COM WMB	WMB	14,661	$478.4k0.25%	0.25%	Added +7.3k	+7,289 98.9%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
UNITY SOFTWARE INC U	U	10,000	$324.4k10.0k shares
SPDR SER TR		265	$22.3k265 shares
SPROTT PHYSICAL GOLD TR PHYS	PHYS	1,000	$15.5k1.0k shares
LIPOCINE INC NEW		8,000	$2.5k8.0k shares
ALIBABA GROUP HLDG LTD BABA	BABA	10	$1.0k10 shares
EVOQUA WATER TECHNOLOGIES CO AQUA	AQUA	19	$94519 shares
SURFACE ONCOLOGY INC SURF	SURF	200	$140200 shares
ASSURED GUARANTY LTD AGO	AGO	1	$501 shares
GREENLANE HLDGS INC		58	$2158 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NATURAL ALTERNATIVES INTL IN NAII · 13G · filed 2025-02-11	NAII	7.8%≈ $1.1m		13G	2025-02-11
ELECTRO-SENSORS INC 13G · filed 2025-02-11		7.3%≈ $1.9m		13G	2025-02-11