Smith Salley Wealth Management

GREENSBORO, NC · CIK 1482012 · 13F filing filed 2023-10-27

SEC-registered investment adviser since 2003 · limited liability company

Assets managed$2.9bn
Staff18 · 15 in investment roles
Main clients (by assets)High net worth individuals 86%, Individuals 6%, Companies 6%
Websitesmith-salley.com
Form ADV · 2026-09-09SEC adviser record

$1.3bn reported value -0.6% vs Q2 2023

229positions

31.7%in top 10

14 new 103 added 89 reduced 11 sold out vs Q2 2023

This report includes the holdings of 1 other manager that shares the investment decisions:

AMERICAN NATIONAL BANK & TRUST CO /VA/ – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q3 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	MICROSOFT CORP COM MSFT	MSFT	264,981	$83.7m6.21%	6.21%	Added +8.2k	+8,174 3.2%
2	APPLE INC COM AAPL	AAPL	459,408	$78.7m5.84%	5.84%	Added +24.6k	+24,620 5.7%
3	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	116,621	$40.9m3.03%	3.03%	Added +3.7k	+3,679 3.3%
4	ALPHABET INC CAP STK CL C GOOG	GOOG	285,289	$37.6m2.79%	2.79%	Added +9.7k	+9,741 3.5%
5	AMAZON COM INC COM AMZN	AMZN	270,334	$34.4m2.55%	2.55%	Added +10.2k	+10,179 3.9%
6	JPMORGAN CHASE & CO COM JPM	JPM	221,128	$32.1m2.38%	2.38%	Added +6.2k	+6,246 2.9%
7	NVIDIA CORPORATION COM NVDA	NVDA	71,177	$31.0m2.30%	2.30%	Added +2.8k	+2,768 4.0%
8	ABBVIE INC COM ABBV	ABBV	206,733	$30.8m2.29%	2.29%	Added +5.9k	+5,935 3.0%
9	VISA INC COM CL A V	V	126,292	$29.0m2.16%	2.16%	Added +5.6k	+5,564 4.6%
10	CHEVRON CORP NEW COM CVX	CVX	171,367	$28.9m2.14%	2.14%	Added +6.3k	+6,283 3.8%
11	LOWES COS INC COM LOW	LOW	130,517	$27.1m2.01%	2.01%	Reduced -8.6k	-8,623 -6.2%
12	META PLATFORMS INC CL A META	META	89,500	$26.9m1.99%	1.99%	Added +4.5k	+4,461 5.2%
13	TJX COS INC NEW COM TJX	TJX	301,212	$26.8m1.99%	1.99%	Reduced -18.6k	-18,625 -5.8%
14	PROCTER AND GAMBLE CO COM PG	PG	178,556	$26.0m1.93%	1.93%	Added +5.5k	+5,458 3.1%
15	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	49,063	$24.8m1.84%	1.84%	Added +1.3k	+1,285 2.7%
16	PEPSICO INC COM PEP	PEP	133,207	$22.6m1.67%	1.67%	Added +8.1k	+8,053 6.4%
17	MASTERCARD INCORPORATED CL A MA	MA	55,898	$22.1m1.64%	1.64%	Added +2.3k	+2,326 4.3%
18	NXP SEMICONDUCTORS N V COM NXPI	NXPI	109,914	$22.0m1.63%	1.63%	Added +3.8k	+3,760 3.5%
19	AMETEK INC COM AME	AME	146,354	$21.6m1.60%	1.60%	Added +6.4k	+6,354 4.5%
20	MERCK & CO INC COM MRK	MRK	204,495	$21.1m1.56%	1.56%	Added +12.6k	+12,572 6.5%
21	ANALOG DEVICES INC COM ADI	ADI	113,685	$19.9m1.48%	1.48%	Added +4.8k	+4,832 4.4%
22	ROPER TECHNOLOGIES INC COM ROP	ROP	40,591	$19.7m1.46%	1.46%	Added +1.6k	+1,646 4.2%
23	CONSTELLATION BRANDS INC CL A STZ	STZ	75,900	$19.1m1.42%	1.42%	Added +3.1k	+3,073 4.2%
24	LINDE PLC SHS LIN	LIN	50,299	$18.7m1.39%	1.39%	Added +2.5k	+2,500 5.2%
25	DIAGEO PLC SPON ADR NEW DEO	DEO	124,774	$18.6m1.38%	1.38%	Added +4.5k	+4,479 3.7%
26	ABBOTT LABS COM ABT	ABT	184,264	$17.8m1.32%	1.32%	Added +5.8k	+5,836 3.3%
27	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	55,157	$16.9m1.26%	1.26%	Added +1.9k	+1,908 3.6%
28	S&P GLOBAL INC COM SPGI	SPGI	44,178	$16.1m1.20%	1.20%	Added +1.7k	+1,725 4.1%
29	RTX CORPORATION COM RTX	RTX	222,958	$16.0m1.19%	1.19%	Added +9.0k	+8,991 4.2%
30	BROOKFIELD CORP CL A LTD VT SH BN	BN	509,030	$15.9m1.18%	1.18%	Added +29.4k	+29,405 6.1%
31	UNION PAC CORP COM UNP	UNP	76,608	$15.6m1.16%	1.16%	Added +3.2k	+3,175 4.3%
32	HONEYWELL INTL INC COM COM		83,365	$15.4m1.14%	1.14%	Added +5.9k	+5,907 7.6%
33	MEDTRONIC PLC SHS MDT	MDT	187,276	$14.7m1.09%	1.09%	Added +6.5k	+6,486 3.6%
34	NEXTERA ENERGY INC COM NEE	NEE	252,589	$14.5m1.07%	1.07%	Added +107.9k	+107,891 74.6%
35	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	23,587	$13.9m1.03%	1.03%	Added +783	+783 3.4%
36	INTEL CORP COM INTC	INTC	381,363	$13.6m1.01%	1.01%	Added +17.8k	+17,816 4.9%
37	ELEVANCE HEALTH INC COM ELV	ELV	30,431	$13.2m0.98%	0.98%	Added +7.1k	+7,080 30.3%
38	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	29,411	$12.6m0.93%	0.93%	Added +986	+986 3.5%
39	NORTHROP GRUMMAN CORP COM NOC	NOC	27,329	$12.0m0.89%	0.89%	Added +1.3k	+1,322 5.1%
40	BROADCOM INC COM AVGO	AVGO	14,154	$11.8m0.87%	0.87%	Reduced -63	-63 -0.4%
41	MARKEL GROUP INC COM MKL	MKL	7,441	$11.0m0.81%	0.81%	Reduced -2.7k	-2,726 -26.8%
42	ISHARES TR CORE TOTAL USD IUSB	IUSB	247,404	$10.8m0.80%	0.80%	Added +5.5k	+5,506 2.3%
43	CHEMED CORP NEW COM CHE	CHE	19,157	$10.0m0.74%	0.74%	Added +760	+760 4.1%
44	JOHNSON & JOHNSON COM JNJ	JNJ	60,913	$9.5m0.70%	0.70%	Reduced -197	-197 -0.3%
45	PNC FINL SVCS GROUP INC COM PNC	PNC	71,772	$8.8m0.65%	0.65%	Added +2.7k	+2,661 3.9%
46	XYLEM INC COM XYL	XYL	95,884	$8.7m0.65%	0.65%	Added +3.1k	+3,150 3.4%
47	DOLLAR GEN CORP NEW COM DG	DG	76,930	$8.1m0.60%	0.60%	New
48	CISCO SYS INC COM CSCO	CSCO	150,557	$8.1m0.60%	0.60%	Reduced -683	-683 -0.5%
49	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	63,269	$7.8m0.58%	0.58%	Added +2.6k	+2,625 4.3%
50	ISHARES TR 7-10 YR TRSY BD IEF	IEF	84,720	$7.8m0.58%	0.58%	Added +2.3k	+2,291 2.8%
51	ISHARES TR USD INV GRDE ETF USIG	USIG	160,016	$7.7m0.57%	0.57%	Added +3.0k	+3,049 1.9%
52	ALPHABET INC CAP STK CL A GOOGL	GOOGL	53,166	$7.0m0.52%	0.52%	Added +3.3k	+3,301 6.6%
53	HOME DEPOT INC COM HD	HD	22,720	$6.9m0.51%	0.51%	Reduced -1.2k	-1,176 -4.9%
54	ISHARES TR CORE MSCI EAFE IEFA	IEFA	106,083	$6.8m0.51%	0.51%	Added +1.7k	+1,657 1.6%
55	EXXON MOBIL CORP COM XOM	XOM	51,446	$6.0m0.45%	0.45%	Reduced -2.3k	-2,252 -4.2%
56	FIDELITY COVINGTON TRUST MSCI INFO TECH I FTEC	FTEC	49,191	$6.0m0.45%	0.45%	Reduced -208	-208 -0.4%
57	DUKE ENERGY CORP NEW COM NEW DUK	DUK	66,889	$5.9m0.44%	0.44%	Reduced -11.6k	-11,640 -14.8%
58	ISHARES TR 3 7 YR TREAS BD IEI	IEI	51,373	$5.8m0.43%	0.43%	Added +2.1k	+2,104 4.3%
59	EATON CORP PLC SHS ETN	ETN	26,211	$5.6m0.41%	0.41%	Reduced -5.9k	-5,864 -18.3%
60	AMGEN INC COM AMGN	AMGN	18,560	$5.0m0.37%	0.37%	Reduced -62	-62 -0.3%
61	ISHARES TR MSCI EAFE ETF EFA	EFA	71,891	$5.0m0.37%	0.37%	Added +454	+454 0.6%
62	COCA COLA CO COM KO	KO	86,858	$4.9m0.36%	0.36%	Reduced -622	-622 -0.7%
63	AMERICAN NATL BANKSHARES INC COM AMNB	AMNB	124,702	$4.7m0.35%	0.35%	Reduced -81.9k	-81,906 -39.6%
64	QUALCOMM INC COM QCOM	QCOM	40,816	$4.5m0.34%	0.34%	Reduced -199	-199 -0.5%
65	TEXAS INSTRS INC COM TXN	TXN	28,114	$4.5m0.33%	0.33%	Reduced -763	-763 -2.6%
66	BANK AMERICA CORP COM BAC	BAC	161,917	$4.4m0.33%	0.33%	Reduced -4.0k	-4,009 -2.4%
67	STARBUCKS CORP COM SBUX	SBUX	43,213	$3.9m0.29%	0.29%	Added +435	+435 1.0%
68	ENBRIDGE INC COM ENB	ENB	113,749	$3.8m0.28%	0.28%	Reduced -2.0k	-2,041 -1.8%
69	AIR PRODS & CHEMS INC COM APD	APD	12,995	$3.7m0.27%	0.27%	Reduced -66	-66 -0.5%
70	EMERSON ELEC CO COM EMR	EMR	36,442	$3.5m0.26%	0.26%	Reduced -29	-29 -0.1%
71	INVESCO EXCH TRADED FD TR II TAXABLE MUN BD BAB	BAB	138,277	$3.5m0.26%	0.26%	Added +4.1k	+4,146 3.1%
72	UNITED PARCEL SERVICE INC CL B UPS	UPS	22,087	$3.4m0.26%	0.26%	Reduced -175	-175 -0.8%
73	MONDELEZ INTL INC CL A MDLZ	MDLZ	49,067	$3.4m0.25%	0.25%	Reduced -348	-348 -0.7%
74	FIRST BANCORP N C COM FBNC	FBNC	113,894	$3.2m0.24%	0.24%	Unchanged
75	ISHARES TR CORE S&P500 ETF IVV	IVV	7,173	$3.1m0.23%	0.23%	Added +3.5k	+3,545 97.7%
76	VANGUARD WORLD FD INF TECH ETF VGT	VGT	7,284	$3.0m0.22%	0.22%	Reduced -157	-157 -2.1%
77	LOCKHEED MARTIN CORP COM LMT	LMT	7,243	$3.0m0.22%	0.22%	Reduced -8	-8 -0.1%
78	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	13,799	$2.9m0.22%	0.22%	Added +3.8k	+3,838 38.5%
79	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	87,877	$2.9m0.22%	0.22%	Added +4.8k	+4,772 5.7%
80	ISHARES INC CORE MSCI EMKT IEMG	IEMG	59,238	$2.8m0.21%	0.21%	Reduced -4.0k	-4,020 -6.3%
81	MCDONALDS CORP COM MCD	MCD	10,609	$2.8m0.21%	0.21%	Added +7.2k	+7,211 212.2%
82	FIDELITY COVINGTON TRUST MSCI HLTH CARE I FHLC	FHLC	44,218	$2.7m0.20%	0.20%	Reduced -3.2k	-3,198 -6.7%
83	PAYCHEX INC COM PAYX	PAYX	23,116	$2.7m0.20%	0.20%	Reduced -5.5k	-5,535 -19.3%
84	CATERPILLAR INC COM CAT	CAT	9,756	$2.7m0.20%	0.20%	Reduced -105	-105 -1.1%
85	ADOBE INC COM ADBE	ADBE	5,117	$2.6m0.19%	0.19%	Added +251	+251 5.2%
86	GENERAL MLS INC COM GIS	GIS	40,439	$2.6m0.19%	0.19%	Reduced -12.5k	-12,547 -23.7%
87	ARISTA NETWORKS INC COM COM		13,927	$2.6m0.19%	0.19%	Reduced -1.7k	-1,727 -11.0%
88	HUNTINGTON BANCSHARES INC COM HBAN	HBAN	237,846	$2.5m0.18%	0.18%	Reduced -1.9k	-1,899 -0.8%
89	COSTCO WHSL CORP NEW COM COST	COST	4,341	$2.5m0.18%	0.18%	Added +295	+295 7.3%
90	NIKE INC CL B NKE	NKE	24,670	$2.4m0.18%	0.18%	Added +448	+448 1.9%
91	AT&T INC COM T	T	156,796	$2.4m0.17%	0.17%	Reduced -2.7k	-2,673 -1.7%
92	CHUBB LIMITED COM CB	CB	11,280	$2.3m0.17%	0.17%	Reduced -143	-143 -1.2%
93	FIDELITY COVINGTON TRUST MSCI COMMNTN SVC FCOM	FCOM	58,972	$2.3m0.17%	0.17%	Added +7.9k	+7,868 15.4%
94	WALMART INC COM WMT	WMT	14,614	$2.3m0.17%	0.17%	Added +11.1k	+11,069 312.2%
95	AMERICAN ELEC PWR CO INC COM AEP	AEP	30,616	$2.3m0.17%	0.17%	Reduced -588	-588 -1.9%
96	CME GROUP INC COM CME	CME	11,367	$2.3m0.17%	0.17%	Reduced -251	-251 -2.2%
97	MOODYS CORP COM MCO	MCO	7,075	$2.2m0.17%	0.17%	Added +370	+370 5.5%
98	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	13,681	$2.1m0.16%	0.16%	Reduced -166	-166 -1.2%
99	ISHARES TR 1 3 YR TREAS BD SHY	SHY	25,973	$2.1m0.16%	0.16%	Added +2.4k	+2,413 10.2%
100	AMERICAN EXPRESS CO COM AXP	AXP	12,794	$1.9m0.14%	0.14%	Reduced -103	-103 -0.8%

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
TARGET CORP TGT	TGT	22,464	$3.0m22.5k shares
ABB LTD ABBNY	ABBNY	73,076	$2.9m73.1k shares
ISHARES TR AGG	AGG	3,137	$307.3k3.1k shares
VANGUARD MUN BD FDS VTEB	VTEB	5,701	$286.3k5.7k shares
WISDOMTREE TR DWM	DWM	5,619	$281.1k5.6k shares
INVESCO EXCHANGE TRADED FD T RSP	RSP	1,707	$255.4k1.7k shares
ISHARES TR IWN	IWN	1,651	$232.5k1.7k shares
DISNEY WALT CO DIS	DIS	2,408	$215.0k2.4k shares
VANGUARD WORLD FD VCR	VCR	732	$207.3k732 shares
VANGUARD WORLD FD VHT	VHT	845	$206.9k845 shares
SIRIUS XM HOLDINGS INC SIRI	SIRI	20,785	$94.0k20.8k shares