Winthrop Capital Management, LLC

Carmel, IN · CIK 2010657 · 13F filing filed 2025-08-07

SEC-registered investment adviser since 2010 · limited liability company

Assets managed$4.0bn
Staff29 · 9 in investment roles
Main clients (by assets)Insurers 79%, Individuals 5%, Private funds 5%
Private funds1 · $185.4m gross assets
Websitewinthropis.com
Form ADV · 2026-03-27SEC adviser record

Legal entityWinthrop Capital Management, LLC (US)

$395.6m reported value +8.8% vs Q1 2025

351positions

38.6%in top 10

29 new 61 added 78 reduced 10 sold out vs Q1 2025

Holdings, Q2 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	VANGUARD WORLD FD INF TECH ETF VGT	VGT	46,427	$30.8m7.78%	7.78%	Added +2.6k	+2,575 5.9%
2	SPDR SER TR PORTFOLIO SHORT SPSB	SPSB	663,656	$20.0m5.06%	5.06%	Added +6.4k	+6,415 1.0%
3	SCHWAB STRATEGIC TR US LRG CAP ETF SCHX	SCHX	662,805	$16.2m4.09%	4.09%	Reduced -3.7k	-3,719 -0.6%
4	ELI LILLY & CO COM LLY	LLY	17,661	$13.8m3.48%	3.48%	Reduced -295	-295 -1.6%
5	VANGUARD WORLD FD FINANCIALS ETF VFH	VFH	104,994	$13.4m3.38%	3.38%	Added +5.0k	+5,032 5.0%
6	ISHARES TR CORE MSCI EAFE IEFA	IEFA	155,863	$13.0m3.29%	3.29%	Reduced -8.6k	-8,556 -5.2%
7	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	474,307	$12.6m3.18%	3.18%	Reduced -25.7k	-25,681 -5.1%
8	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	64,657	$11.8m2.97%	2.97%	Reduced -925	-925 -1.4%
9	ISHARES TR IBOXX INV CP ETF LQD	LQD	97,300	$10.7m2.70%	2.70%	Reduced -239	-239 -0.2%
10	ISHARES TR MSCI USA MIN VOL USMV	USMV	111,557	$10.5m2.65%	2.65%	Reduced -4.8k	-4,812 -4.1%
11	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	16,758	$10.4m2.62%	2.62%	Reduced -428	-428 -2.5%
12	SELECT SECTOR SPDR TR COMMUNICATION XLC	XLC	90,769	$9.9m2.49%	2.49%	Added +866	+866 1.0%
13	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	106,727	$8.8m2.24%	2.24%	Reduced -2.1k	-2,134 -2.0%
14	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	62,942	$8.5m2.14%	2.14%	Added +396	+396 0.6%
15	SELECT SECTOR SPDR TR SBI CONS DISCR XLY	XLY	38,419	$8.3m2.11%	2.11%	Added +11.6k	+11,631 43.4%
16	SCHWAB STRATEGIC TR INTL EQTY ETF SCHF	SCHF	343,436	$7.6m1.92%	1.92%	Reduced -1.2k	-1,246 -0.4%
17	ISHARES TR CORE S&P500 ETF IVV	IVV	11,142	$6.9m1.75%	1.75%	Added +778	+778 7.5%
18	MICROSOFT CORP COM MSFT	MSFT	13,469	$6.7m1.69%	1.69%	Reduced -12	-12 -0.1%
19	SPDR SERIES TRUST PORTFLI HIGH YLD SPHY	SPHY	276,074	$6.6m1.66%	1.66%	Reduced -17.5k	-17,493 -6.0%
20	ISHARES TR MBS ETF MBB	MBB	69,755	$6.5m1.66%	1.66%	Reduced -3.3k	-3,347 -4.6%
21	NVIDIA CORPORATION COM NVDA	NVDA	41,078	$6.5m1.64%	1.64%	Reduced -1.7k	-1,668 -3.9%
22	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	13,632	$6.0m1.51%	1.51%	Added +371	+371 2.8%
23	SELECT SECTOR SPDR TR INDL XLI	XLI	39,759	$5.9m1.48%	1.48%	Reduced -12	-12 -0.0%
24	VANGUARD INDEX FDS VALUE ETF VTV	VTV	30,201	$5.3m1.35%	1.35%	Reduced -2.4k	-2,369 -7.3%
25	SCHWAB STRATEGIC TR US LCAP GR ETF SCHG	SCHG	161,338	$4.7m1.19%	1.19%	Reduced -4.1k	-4,083 -2.5%
26	ISHARES INC CORE MSCI EMKT IEMG	IEMG	78,204	$4.7m1.19%	1.19%	Reduced -388	-388 -0.5%
27	NEXTERA ENERGY INC COM NEE	NEE	64,258	$4.5m1.13%	1.13%	Reduced -147	-147 -0.2%
28	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	43,930	$4.4m1.12%	1.12%	Added +22.0k	+22,030 100.6%
29	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	54,493	$4.4m1.12%	1.12%	Reduced -5.3k	-5,348 -8.9%
30	APPLE INC COM AAPL	AAPL	20,409	$4.2m1.06%	1.06%	New
31	ISHARES TR PFD AND INCM SEC PFF	PFF	126,090	$3.9m0.98%	0.98%	Reduced -230	-230 -0.2%
32	JPMORGAN CHASE & CO COM JPM	JPM	13,025	$3.8m0.95%	0.95%	Reduced -15	-15 -0.1%
33	ALPHABET INC CAP STK CL A GOOGL	GOOGL	21,365	$3.8m0.95%	0.95%	Added +191	+191 0.9%
34	ISHARES TR CORE US AGGBD ET AGG	AGG	36,593	$3.6m0.92%	0.92%	Reduced -700	-700 -1.9%
35	SELECT SECTOR SPDR TR ENERGY XLE	XLE	41,065	$3.5m0.88%	0.88%	Added +3.8k	+3,848 10.3%
36	AMAZON COM INC COM AMZN	AMZN	14,120	$3.1m0.78%	0.78%	New
37	PEPSICO INC COM PEP	PEP	22,579	$3.0m0.75%	0.75%	Added +126	+126 0.6%
38	SCHWAB STRATEGIC TR US SML CAP ETF SCHA	SCHA	115,261	$2.9m0.74%	0.74%	Reduced -4.5k	-4,526 -3.8%
39	SELECT SECTOR SPDR TR SBI INT-UTILS XLU	XLU	32,934	$2.7m0.68%	0.68%	Added +2.7k	+2,663 8.8%
40	ORACLE CORP COM ORCL	ORCL	10,299	$2.3m0.57%	0.57%	Added +6	+6 0.1%
41	ISHARES TR 7-10 YR TRSY BD IEF	IEF	23,325	$2.2m0.56%	0.56%	Added +16	+16 0.1%
42	ISHARES TR US AER DEF ETF ITA	ITA	11,634	$2.2m0.55%	0.55%	Reduced -712	-712 -5.8%
43	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	40,320	$2.1m0.54%	0.54%	Unchanged
44	SELECT SECTOR SPDR TR RL EST SEL SEC XLRE	XLRE	46,631	$1.9m0.49%	0.49%	Reduced -594	-594 -1.3%
45	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	6,352	$1.9m0.47%	0.47%	Added +19	+19 0.3%
46	SCHWAB STRATEGIC TR US MID-CAP ETF SCHM	SCHM	65,912	$1.8m0.47%	0.47%	Reduced -8.6k	-8,570 -11.5%
47	VISA INC COM CL A V	V	5,082	$1.8m0.46%	0.46%	Reduced -181	-181 -3.4%
48	SELECT SECTOR SPDR TR SBI MATERIALS XLB	XLB	19,964	$1.8m0.44%	0.44%	Added +100	+100 0.5%
49	SCHWAB STRATEGIC TR EMRG MKTEQ ETF SCHE	SCHE	56,960	$1.7m0.43%	0.43%	Added +8	+8 0.0%
50	VANGUARD INDEX FDS SML CP GRW ETF VBK	VBK	5,852	$1.6m0.41%	0.41%	Added +254	+254 4.5%
51	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	5,073	$1.5m0.39%	0.39%	Reduced -40	-40 -0.8%
52	ISHARES TR CORE S&P SCP ETF IJR	IJR	14,045	$1.5m0.39%	0.39%	Reduced -94	-94 -0.7%
53	ISHARES TR CORE S&P MCP ETF IJH	IJH	24,105	$1.5m0.38%	0.38%	Added +8	+8 0.0%
54	ISHARES TR S&P 500 GRWT ETF IVW	IVW	13,492	$1.5m0.38%	0.38%	Added +2	+2 0.0%
55	DISNEY WALT CO COM DIS	DIS	11,451	$1.4m0.36%	0.36%	Reduced -259	-259 -2.2%
56	EXXON MOBIL CORP COM XOM	XOM	12,322	$1.3m0.34%	0.34%	Added +60	+60 0.5%
57	INVESCO EXCH TRADED FD TR II S&P500 LOW VOL SPLV	SPLV	18,228	$1.3m0.34%	0.34%	Unchanged
58	WALMART INC COM WMT	WMT	13,569	$1.3m0.34%	0.34%	Reduced -2.8k	-2,763 -16.9%
59	CITIGROUP INC COM NEW C	C	15,165	$1.3m0.33%	0.33%	Added +9	+9 0.1%
60	HONEYWELL INTL INC COM COM		5,539	$1.3m0.33%	0.33%	Reduced -125	-125 -2.2%
61	CUMMINS INC COM CMI	CMI	3,930	$1.3m0.33%	0.33%	Reduced -178	-178 -4.3%
62	COSTCO WHSL CORP NEW COM COST	COST	1,293	$1.3m0.32%	0.32%	Reduced -181	-181 -12.3%
63	JOHNSON & JOHNSON COM JNJ	JNJ	8,224	$1.3m0.32%	0.32%	Reduced -1.8k	-1,801 -18.0%
64	DUKE ENERGY CORP NEW COM NEW DUK	DUK	10,028	$1.2m0.30%	0.30%	Added +48	+48 0.5%
65	YUM BRANDS INC COM YUM	YUM	7,976	$1.2m0.30%	0.30%	Unchanged
66	JOHNSON CTLS INTL PLC SHS JCI	JCI	10,382	$1.1m0.28%	0.28%	Reduced -16	-16 -0.1%
67	PROCTER AND GAMBLE CO COM PG	PG	6,882	$1.1m0.28%	0.28%	Added +19	+19 0.3%
68	MERCK & CO INC COM MRK	MRK	13,251	$1.0m0.27%	0.27%	Reduced -1.0k	-1,013 -7.1%
69	HOME DEPOT INC COM HD	HD	2,824	$1.0m0.26%	0.26%	Reduced -83	-83 -2.9%
70	SPDR GOLD TR GOLD SHS GLD	GLD	3,391	$1.0m0.26%	0.26%	Added +787	+787 30.2%
71	ISHARES INC MSCI EMRG CHN EMXC	EMXC	15,312	$967.0k0.24%	0.24%	Reduced -3.0k	-3,026 -16.5%
72	US BANCORP DEL COM NEW USB	USB	20,968	$949.0k0.24%	0.24%	Reduced -75	-75 -0.4%
73	INVESCO EXCHANGE TRADED FD T S&P 100 EQL WIGH EQWL	EQWL	8,498	$935.0k0.24%	0.24%	Reduced -2.2k	-2,177 -20.4%
74	SCHWAB STRATEGIC TR US REIT ETF SCHH	SCHH	42,110	$891.0k0.23%	0.23%	Reduced -2.3k	-2,280 -5.1%
75	VANGUARD INDEX FDS SMALL CP ETF VB	VB	3,616	$857.0k0.22%	0.22%	Unchanged
76	QUALCOMM INC COM QCOM	QCOM	5,262	$838.0k0.21%	0.21%	Reduced -1.5k	-1,509 -22.3%
77	CHEVRON CORP NEW COM CVX	CVX	5,784	$828.0k0.21%	0.21%	Reduced -602	-602 -9.4%
78	META PLATFORMS INC CL A META	META	1,078	$796.0k0.20%	0.20%	Added +73	+73 7.3%
79	ABBVIE INC COM ABBV	ABBV	4,247	$788.0k0.20%	0.20%	Added +1.6k	+1,615 61.4%
80	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	1,799	$730.0k0.18%	0.18%	Reduced -16	-16 -0.9%
81	WELLS FARGO CO NEW COM WFC	WFC	8,835	$708.0k0.18%	0.18%	Added +116	+116 1.3%
82	MEDTRONIC PLC SHS MDT	MDT	7,824	$682.0k0.17%	0.17%	Reduced -21	-21 -0.3%
83	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	8,328	$662.0k0.17%	0.17%	Reduced -42	-42 -0.5%
84	TEXAS INSTRS INC COM TXN	TXN	3,168	$658.0k0.17%	0.17%	Added +60	+60 1.9%
85	MCDONALDS CORP COM MCD	MCD	2,193	$641.0k0.16%	0.16%	Added +50	+50 2.3%
86	LOWES COS INC COM LOW	LOW	2,869	$637.0k0.16%	0.16%	Added +1	+1 0.0%
87	COMCAST CORP NEW CL A CMCSA	CMCSA	17,718	$632.0k0.16%	0.16%	Added +7	+7 0.0%
88	SPDR SERIES TRUST S&P 600 SMCP GRW SLYG	SLYG	7,030	$624.0k0.16%	0.16%	Reduced -207	-207 -2.9%
89	VANGUARD INDEX FDS MID CAP ETF VO	VO	2,188	$612.0k0.15%	0.15%	Unchanged
90	ABRDN PRECIOUS METALS BASKET PHYSCL PRECS MET GLTR	GLTR	4,090	$565.0k0.14%	0.14%	New
91	SCHWAB STRATEGIC TR US BRD MKT ETF SCHB	SCHB	23,700	$565.0k0.14%	0.14%	Reduced -6.7k	-6,739 -22.1%
92	S&P GLOBAL INC COM SPGI	SPGI	1,050	$553.0k0.14%	0.14%	Reduced -41	-41 -3.8%
93	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	2,409	$546.0k0.14%	0.14%	Added +29	+29 1.2%
94	CONOCOPHILLIPS COM COP	COP	6,044	$542.0k0.14%	0.14%	Reduced -711	-711 -10.5%
95	ISHARES TR RUSSELL 2000 ETF IWM	IWM	2,509	$541.0k0.14%	0.14%	Unchanged
96	SUNCOR ENERGY INC NEW COM SU	SU	13,616	$510.0k0.13%	0.13%	Reduced -38	-38 -0.3%
97	AERCAP HOLDINGS NV SHS AER	AER	4,262	$499.0k0.13%	0.13%	Reduced -340	-340 -7.4%
98	PNC FINL SVCS GROUP INC COM PNC	PNC	2,619	$488.0k0.12%	0.12%	Added +55	+55 2.1%
99	PROLOGIS INC. COM PLD	PLD	4,503	$473.0k0.12%	0.12%	Added +29	+29 0.7%
100	ABRDN ETFS BBRG ALL COMD K1 BCI	BCI	22,654	$471.0k0.12%	0.12%	New

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
ZIMMER BIOMET HOLDINGS INC ZBH	ZBH	180	$20.0k180 shares
ROBINHOOD MKTS INC HOOD	HOOD	341	$14.0k341 shares
ISHARES ETHEREUM TR ETHA	ETHA	699	$10.0k699 shares
VANGUARD INDEX FDS VOO	VOO	13	$7.0k13 shares
WEC ENERGY GROUP INC WEC	WEC	25	$2.0k25 shares
INTRA-CELLULAR THERAPIES INC ITCI	ITCI	13	$2.0k13 shares
XYLEM INC XYL	XYL	15	$2.0k15 shares
ROCKET LAB USA INC		55	$1.0k55 shares
COINBASE GLOBAL INC COIN	COIN	5	$1.0k5 shares
CHARGEPOINT HOLDINGS INC		90	$090 shares