SEC Filing Analysis: White Pine Investment CO

Executive Summary

• Trading Significance: Medium
• Key Takeaway: White Pine Investment CO filed its quarterly Form 13F-HR, disclosing $421.5 million in assets under management as of September 30, 2025. The portfolio shows a strong preference for large-cap U.S. equities and a variety of ETFs, reflecting a diversified investment strategy.
• Market Impact: As a standard quarterly disclosure from a mid-sized firm, the direct market impact is likely low. However, the composition of the top holdings—including Berkshire Hathaway, Alphabet, and Microsoft—reaffirms institutional confidence in blue-chip technology and financial giants.

Filer Information

Field	Value
Filer Name	White Pine Investment CO
CIK	0001318259
Form Type	13F-HR
Period of Report	2025-09-30
Total Portfolio Value	$421,498,000
Number of Holdings	67

Top 5 Holdings Overview

This table represents the largest positions by value in White Pine's portfolio as of the reporting date.

Issuer	CUSIP	Class	Shares	Value (USD)
Berkshire Hathaway Inc	084670702	CL B	71,007	$35,698,000
Alphabet Inc	02079K305	STK CL A	89,199	$21,684,000
Schwab Fundamental U.S. Large	808524771	FDT US LG	588,977	$15,490,000
Goldman Sachs ActiveBeta Inter	381430107	ACTIVEBETA INT	374,836	$15,409,000
Microsoft Corp	594918104	COM	26,855	$13,910,000

Portfolio Analysis

Strategy & Composition

• Core Strategy: The portfolio is built around a core of well-established, large-cap U.S. companies, supplemented by significant allocations to various ETFs for diversification across different factors (value, growth, low volatility) and asset classes (equity, fixed income).
• Top Holdings Concentration: The top 5 holdings account for approximately 24.3% of the total portfolio value, indicating a moderately concentrated bet on its highest-conviction positions.
• Sector Exposure: The top individual stock holdings are concentrated in Technology (Alphabet, Microsoft, Apple, NVIDIA) and Financials (Berkshire Hathaway, JPMorgan Chase).

Investment Insights

Positive Market Indicators

• Blue-Chip Confidence: Continued large positions in mega-cap stocks like Alphabet, Microsoft, and Apple suggest a bullish long-term outlook on the technology sector's leaders.
• Diversification via ETFs: The heavy use of ETFs (e.g., Schwab, iShares, VanEck) demonstrates a disciplined approach to managing risk and achieving broad market exposure without concentrated single-stock risk outside of their top picks.
• Economic Moat Investing: The top holding in Berkshire Hathaway aligns with a value-oriented strategy focused on companies with strong, durable competitive advantages.

Risk Factors & Considerations

• Backward-Looking Data: This 13F filing reflects positions held on September 30, 2025. The firm's current portfolio may have changed significantly since then.
• Concentration Risk: While diversified, the portfolio's performance is still heavily influenced by the performance of its top large-cap equity holdings.

Key Takeaways

1. White Pine Investment CO operates with a total AUM of $421.5 million.
2. The investment strategy is a blend of high-conviction individual stock picking in established leaders and broad diversification through ETFs.
3. The firm shows a clear preference for the Technology and Financial sectors in its direct equity investments.

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IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.

Analysis generated on 2025-10-15 | Data source: SEC EDGAR