Smith Salley Wealth Management

GREENSBORO, NC · CIK 1482012 · 13F filing filed 2025-04-25

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

$1.5bn reported value -2.0% vs Q4 2024

244positions

35.3%in top 10

19 new 129 added 74 reduced 20 sold out vs Q4 2024

Holdings, Q1 2025

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	398,461	$88.5m5.80%	5.80%	Added +4.5k	+4,509 1.1%
2	MICROSOFT CORP COM MSFT	MSFT	221,048	$83.0m5.44%	5.44%	Added +2.0k	+1,954 0.9%
3	NVIDIA CORPORATION COM NVDA	NVDA	658,691	$71.4m4.68%	4.68%	Added +6.1k	+6,135 0.9%
4	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	98,211	$52.3m3.43%	3.43%	Added +247	+247 0.2%
5	AMAZON COM INC COM AMZN	AMZN	255,934	$48.7m3.19%	3.19%	Added +2.3k	+2,328 0.9%
6	META PLATFORMS INC CL A META	META	74,280	$42.8m2.81%	2.81%	Reduced -6.7k	-6,735 -8.3%
7	JPMORGAN CHASE & CO COM JPM	JPM	165,454	$40.6m2.66%	2.66%	Reduced -22.9k	-22,863 -12.1%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	256,652	$40.1m2.63%	2.63%	Added +2.4k	+2,414 0.9%
9	VISA INC COM CL A V	V	111,682	$39.1m2.57%	2.57%	Added +1.1k	+1,126 1.0%
10	TJX COS INC NEW COM TJX	TJX	265,933	$32.4m2.12%	2.12%	Added +2.6k	+2,557 1.0%
11	ABBVIE INC COM ABBV	ABBV	150,923	$31.6m2.07%	2.07%	Reduced -19.3k	-19,257 -11.3%
12	LOWES COS INC COM LOW	LOW	126,425	$29.5m1.93%	1.93%	Added +1.5k	+1,528 1.2%
13	RTX CORPORATION COM RTX	RTX	209,715	$27.8m1.82%	1.82%	Added +13.8k	+13,830 7.1%
14	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	55,660	$27.7m1.82%	1.82%	Added +7.0k	+6,989 14.4%
15	MASTERCARD INCORPORATED CL A MA	MA	49,727	$27.3m1.79%	1.79%	Added +651	+651 1.3%
16	PROCTER AND GAMBLE CO COM PG	PG	152,364	$26.0m1.70%	1.70%	Added +717	+717 0.5%
17	ABBOTT LABS COM ABT	ABT	177,196	$23.5m1.54%	1.54%	Added +4.8k	+4,798 2.8%
18	NEXTERA ENERGY INC COM NEE	NEE	326,969	$23.2m1.52%	1.52%	Added +34.0k	+33,962 11.6%
19	LINDE PLC SHS LIN	LIN	49,750	$23.2m1.52%	1.52%	Added +3.4k	+3,407 7.3%
20	BROOKFIELD CORP CL A LTD VT SH BN	BN	432,462	$22.7m1.49%	1.49%	Added +2.8k	+2,764 0.6%
21	AMETEK INC COM AME	AME	129,732	$22.3m1.46%	1.46%	Added +1.0k	+1,004 0.8%
22	ANALOG DEVICES INC COM ADI	ADI	104,318	$21.0m1.38%	1.38%	Added +1.2k	+1,188 1.1%
23	CHEVRON CORP NEW COM CVX	CVX	124,520	$20.8m1.37%	1.37%	Added +1.9k	+1,864 1.5%
24	ROPER TECHNOLOGIES INC COM ROP	ROP	35,088	$20.7m1.36%	1.36%	Added +222	+222 0.6%
25	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	28,830	$19.1m1.25%	1.25%	Added +570	+570 2.0%
26	S&P GLOBAL INC COM SPGI	SPGI	37,318	$19.0m1.24%	1.24%	Added +239	+239 0.6%
27	PEPSICO INC COM PEP	PEP	125,165	$18.8m1.23%	1.23%	Added +2.1k	+2,119 1.7%
28	UNION PAC CORP COM UNP	UNP	75,391	$17.8m1.17%	1.17%	Added +1.3k	+1,346 1.8%
29	MARKEL GROUP INC COM MKL	MKL	9,178	$17.2m1.12%	1.12%	Added +54	+54 0.6%
30	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	54,336	$17.0m1.11%	1.11%	Added +774	+774 1.4%
31	MEDTRONIC PLC SHS MDT	MDT	180,276	$16.2m1.06%	1.06%	Added +3.6k	+3,588 2.0%
32	NXP SEMICONDUCTORS N V COM NXPI	NXPI	82,293	$15.6m1.03%	1.03%	Reduced -15.3k	-15,309 -15.7%
33	MERCK & CO INC COM MRK	MRK	152,953	$13.7m0.90%	0.90%	Reduced -15.2k	-15,227 -9.1%
34	MARVELL TECHNOLOGY INC COM MRVL	MRVL	222,326	$13.7m0.90%	0.90%	Added +45.7k	+45,748 25.9%
35	BROADCOM INC COM AVGO	AVGO	81,735	$13.7m0.90%	0.90%	Added +12.0k	+11,987 17.2%
36	ARISTA NETWORKS INC COM SHS ANET	ANET	175,318	$13.6m0.89%	0.89%	Added +103.9k	+103,923 145.6%
37	ELEVANCE HEALTH INC COM ELV	ELV	30,649	$13.3m0.87%	0.87%	Added +944	+944 3.2%
38	CASEYS GEN STORES INC COM CASY	CASY	30,035	$13.0m0.85%	0.85%	Added +252	+252 0.8%
39	PNC FINL SVCS GROUP INC COM PNC	PNC	72,844	$12.8m0.84%	0.84%	Added +9.8k	+9,836 15.6%
40	CONSTELLATION BRANDS INC CL A STZ	STZ	68,818	$12.6m0.83%	0.83%	Reduced -2.5k	-2,459 -3.5%
41	ALPHABET INC CAP STK CL A GOOGL	GOOGL	80,219	$12.4m0.81%	0.81%	Added +2.8k	+2,758 3.6%
42	TRANSDIGM GROUP INC COM TDG	TDG	7,881	$10.9m0.71%	0.71%	Added +282	+282 3.7%
43	NORTHROP GRUMMAN CORP COM NOC	NOC	21,214	$10.9m0.71%	0.71%	Added +65	+65 0.3%
44	ISHARES TR MBS ETF MBB	MBB	115,808	$10.9m0.71%	0.71%	Added +48.6k	+48,645 72.4%
45	CHEMED CORP NEW COM CHE	CHE	17,155	$10.6m0.69%	0.69%	Added +167	+167 1.0%
46	CURTISS WRIGHT CORP COM CW	CW	31,401	$10.0m0.65%	0.65%	Added +195	+195 0.6%
47	XYLEM INC COM XYL	XYL	81,144	$9.7m0.64%	0.64%	Added +264	+264 0.3%
48	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	164,361	$8.6m0.56%	0.56%	Added +1.7k	+1,671 1.0%
49	ISHARES TR CORE MSCI EAFE IEFA	IEFA	111,683	$8.4m0.55%	0.55%	Added +9.4k	+9,391 9.2%
50	FIDELITY COVINGTON TRUST MSCI INFO TECH I FTEC	FTEC	45,752	$7.4m0.48%	0.48%	Added +985	+985 2.2%
51	JOHNSON & JOHNSON COM JNJ	JNJ	44,478	$7.4m0.48%	0.48%	Added +165	+165 0.4%
52	EXXON MOBIL CORP COM XOM	XOM	59,342	$7.1m0.46%	0.46%	Added +3.1k	+3,103 5.5%
53	HOME DEPOT INC COM HD	HD	18,730	$6.9m0.45%	0.45%	Reduced -1.6k	-1,630 -8.0%
54	ISHARES TR 20 YR TR BD ETF TLT	TLT	70,187	$6.4m0.42%	0.42%	Added +27.6k	+27,565 64.7%
55	DUKE ENERGY CORP NEW COM NEW DUK	DUK	51,757	$6.3m0.41%	0.41%	Added +232	+232 0.5%
56	WALMART INC COM WMT	WMT	69,983	$6.1m0.40%	0.40%	Added +483	+483 0.7%
57	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	112,292	$5.4m0.36%	0.36%	Added +574	+574 0.5%
58	BANK AMERICA CORP COM BAC	BAC	122,146	$5.1m0.33%	0.33%	Added +3.1k	+3,086 2.6%
59	MOODYS CORP COM MCO	MCO	10,075	$4.7m0.31%	0.31%	Added +367	+367 3.8%
60	FIRST BANCORP N C COM FBNC	FBNC	111,644	$4.5m0.29%	0.29%	Unchanged
61	COCA COLA CO COM KO	KO	61,239	$4.4m0.29%	0.29%	Added +1.1k	+1,104 1.8%
62	ISHARES TR 7-10 YR TRSY BD IEF	IEF	45,975	$4.4m0.29%	0.29%	Added +1.4k	+1,433 3.2%
63	CISCO SYS INC COM CSCO	CSCO	68,242	$4.2m0.28%	0.28%	Added +2.3k	+2,252 3.4%
64	ISHARES TR ISHS 5-10YR INVT IGIB	IGIB	79,847	$4.2m0.27%	0.27%	Added +714	+714 0.9%
65	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	98,276	$4.2m0.27%	0.27%	New
66	EATON CORP PLC SHS ETN	ETN	15,309	$4.2m0.27%	0.27%	Added +443	+443 3.0%
67	CATERPILLAR INC COM CAT	CAT	12,617	$4.2m0.27%	0.27%	Added +4.1k	+4,093 48.0%
68	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	14,210	$3.9m0.26%	0.26%	Added +20	+20 0.1%
69	STARBUCKS CORP COM SBUX	SBUX	38,898	$3.8m0.25%	0.25%	Added +1.2k	+1,238 3.3%
70	ISHARES INC CORE MSCI EMKT IEMG	IEMG	69,320	$3.7m0.25%	0.25%	Added +920	+920 1.4%
71	FIDELITY COVINGTON TRUST MSCI FINLS IDX FNCL	FNCL	53,072	$3.7m0.24%	0.24%	Added +718	+718 1.4%
72	AMERICAN EXPRESS CO COM AXP	AXP	13,350	$3.6m0.24%	0.24%	Added +179	+179 1.4%
73	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	14,347	$3.6m0.23%	0.23%	Added +5.1k	+5,053 54.4%
74	VANGUARD WORLD FD INF TECH ETF VGT	VGT	6,382	$3.5m0.23%	0.23%	Reduced -81	-81 -1.2%
75	AT&T INC COM T	T	120,133	$3.4m0.22%	0.22%	Added +10.0k	+10,028 9.1%
76	AMGEN INC COM AMGN	AMGN	10,803	$3.4m0.22%	0.22%	Reduced -4.0k	-4,035 -27.2%
77	TEXAS INSTRS INC COM TXN	TXN	18,542	$3.3m0.22%	0.22%	Added +6	+6 0.0%
78	FIDELITY COVINGTON TRUST MSCI COMMNTN SVC FCOM	FCOM	58,531	$3.3m0.22%	0.22%	Added +484	+484 0.8%
79	WELLS FARGO CO NEW COM WFC	WFC	43,808	$3.1m0.21%	0.21%	Added +1.5k	+1,474 3.5%
80	AMERICAN ELEC PWR CO INC COM AEP	AEP	28,260	$3.1m0.20%	0.20%	Added +1.5k	+1,455 5.4%
81	QUALCOMM INC COM QCOM	QCOM	19,891	$3.1m0.20%	0.20%	Added +540	+540 2.8%
82	FIDELITY COVINGTON TRUST MSCI HLTH CARE I FHLC	FHLC	43,874	$3.0m0.20%	0.20%	Added +321	+321 0.7%
83	MERCADOLIBRE INC COM MELI	MELI	1,531	$3.0m0.20%	0.20%	Added +80	+80 5.5%
84	HONEYWELL INTL INC COM COM		13,439	$2.8m0.19%	0.19%	Reduced -2.2k	-2,208 -14.1%
85	ENBRIDGE INC COM ENB	ENB	63,985	$2.8m0.19%	0.19%	Added +451	+451 0.7%
86	CHUBB LIMITED COM CB	CB	9,180	$2.8m0.18%	0.18%	Reduced -12	-12 -0.1%
87	BLACKROCK INC COM BLK	BLK	2,895	$2.7m0.18%	0.18%	Added +289	+289 11.1%
88	MCDONALDS CORP COM MCD	MCD	8,553	$2.7m0.18%	0.18%	Added +68	+68 0.8%
89	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	4,624	$2.6m0.17%	0.17%	Reduced -1.0k	-1,027 -18.2%
90	EMERSON ELEC CO COM EMR	EMR	23,477	$2.6m0.17%	0.17%	Reduced -1.4k	-1,419 -5.7%
91	PAYCHEX INC COM PAYX	PAYX	16,644	$2.6m0.17%	0.17%	Reduced -25	-25 -0.1%
92	HUNTINGTON BANCSHARES INC COM HBAN	HBAN	170,036	$2.6m0.17%	0.17%	Added +909	+909 0.5%
93	MORGAN STANLEY COM NEW MS	MS	21,676	$2.5m0.17%	0.17%	Added +737	+737 3.5%
94	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	59,300	$2.4m0.16%	0.16%	Reduced -100	-100 -0.2%
95	GARTNER INC COM IT	IT	5,524	$2.3m0.15%	0.15%	Added +272	+272 5.2%
96	PROGRESSIVE CORP COM PGR	PGR	8,070	$2.3m0.15%	0.15%	Added +310	+310 4.0%
97	SALESFORCE INC COM CRM	CRM	8,466	$2.3m0.15%	0.15%	Added +3.0k	+3,024 55.6%
98	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	4,418	$2.2m0.14%	0.14%	Added +3.7k	+3,663 485.2%
99	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	11,122	$2.2m0.14%	0.14%	Reduced -721	-721 -6.1%
100	ISHARES TR AGENCY BOND ETF AGZ	AGZ	19,585	$2.1m0.14%	0.14%	Added +112	+112 0.6%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
ISHARES TR IUSB	IUSB	244,507	$11.1m244.5k shares
ADOBE INC ADBE	ADBE	7,250	$3.2m7.2k shares
US BANCORP DEL USB	USB	43,000	$2.1m43.0k shares
NIKE INC NKE	NKE	22,075	$1.7m22.1k shares
ELECTRONIC ARTS INC EA	EA	7,657	$1.1m7.7k shares
DIAGEO PLC DEO	DEO	7,631	$970.1k7.6k shares
WASTE MGMT INC DEL WM	WM	4,011	$809.4k4.0k shares
BROOKFIELD RENEWABLE CORP BEPC	BEPC	25,862	$715.4k25.9k shares
ISHARES TR IJR	IJR	3,339	$384.7k3.3k shares
INVESCO EXCH TRD SLF IDX FD OMFL	OMFL	6,276	$340.3k6.3k shares
VANGUARD INDEX FDS VB	VB	963	$231.4k963 shares
ISHARES TR SGOV	SGOV	2,272	$227.9k2.3k shares
DISNEY WALT CO DIS	DIS	2,002	$222.9k2.0k shares
DISCOVER FINL SVCS DFS	DFS	1,267	$219.5k1.3k shares
DELTA AIR LINES INC DEL DAL	DAL	3,505	$212.1k3.5k shares
SHOPIFY INC SHOP	SHOP	1,974	$209.9k2.0k shares
TRANE TECHNOLOGIES PLC TT	TT	568	$209.8k568 shares
CHIPOTLE MEXICAN GRILL INC CMG	CMG	3,450	$208.0k3.5k shares
VANGUARD INDEX FDS VV	VV	762	$205.5k762 shares
ISHARES TR QUAL	QUAL	1,135	$202.1k1.1k shares