SEC Filing Analysis: Alhambra Investment Management LLC

Executive Summary

• Trading Significance: Medium
• Key Takeaway: Alhambra Investment Management LLC has filed its quarterly Form 13F-HR, disclosing $210.6 million in assets under management across 178 positions for the period ending September 30, 2025. The portfolio shows a strong concentration in large-cap equities and ETFs, with Apple Inc. as its largest single-stock holding.
• Market Impact: As a routine quarterly disclosure, this filing is unlikely to cause significant, immediate market volatility. However, it provides valuable insight into the strategies of a mid-sized institutional investor, contributing to the broader picture of institutional sentiment and sector allocations.

Filer Information

Field	Value
Filer Name	Alhambra Investment Management LLC
CIK	0001802696
Total Portfolio Value	$210,603,752
Number of Holdings	178

Portfolio Summary

This filing is a Form 13F-HR, a mandatory quarterly report for institutional investment managers with over $100 million in qualifying assets. It provides a snapshot of the firm's holdings at the end of the quarter and does not detail individual buy/sell transactions.

Top 10 Holdings by Market Value

Issuer	Security Class	Market Value ($)	Shares
Apple Inc	Common Stock	13,710,260	53,844
Schwab Strategic TR (Fundamental US Large)	ETF	10,678,165	406,014
iShares TR (Core Dividend Growth)	ETF	7,565,118	111,121
Invesco Exchange Traded FD T (S&P 500 GARP)	ETF	5,622,940	49,489
Costco Wholesale Corp	Common Stock	5,402,902	5,837
Schwab Strategic TR (Fundamental Intl)	ETF	5,356,596	124,688
Alphabet Inc (Class A)	Capital Stock	4,710,549	19,377
iShares TR (Global REIT ETF)	ETF	4,406,813	172,411
Vanguard Index FDS (Real Estate ETF)	ETF	4,223,415	46,198
iShares TR (Core S&P Mid-Cap ETF)	ETF	4,115,968	63,070

Investment Insights

Positive Market Indicators

• Concentration in Blue-Chips: The significant holding in Apple (AAPL) and other large-caps like Alphabet (GOOGL) and Costco (COST) indicates a bullish long-term stance on established, high-quality companies.
• ETF-Driven Diversification: A substantial portion of the portfolio is allocated to ETFs, including dividend growth, large-cap, and international funds. This suggests a strategy focused on broad market exposure and risk management.
• Sector Bets: The portfolio shows notable exposure to Technology, Consumer Discretionary, and broad-market index funds, reflecting confidence in these areas of the market.

Risk Factors

• Backward-Looking Data: 13F filings report positions held at the end of the previous quarter (September 30, 2025). These holdings may have changed significantly since the reporting date.
• Lack of Context: The filing does not disclose the firm's cost basis, short positions, or the specific rationale behind its investment decisions.

Key Takeaways

1. Core Strategy: Alhambra's strategy appears to be centered around a core of large-cap US equities, supplemented by significant, diversified holdings in various ETFs for broader market and international exposure.
2. Top Holding Conviction: Apple Inc. represents approximately 6.5% of the disclosed portfolio, making it the firm's highest conviction single-stock position.
3. Balanced Approach: The mix of individual stocks and broad ETFs (like Schwab's fundamental indices and iShares' dividend growth funds) points to a balanced approach, seeking both specific company growth and overall market returns.

Contextual Analysis

Filing Significance

This 13F-HR filing is a standard compliance document required by the SEC. Its primary value is for transparency, allowing the public and market participants to track the holdings and concentration of institutional investors over time. Analysts often aggregate 13F data to gauge shifts in institutional sentiment across different stocks and sectors.

Company Context

Alhambra Investment Management LLC is a Florida-based investment advisor. With a portfolio of $210.6M, it is a notable but not whale-sized player. Its investment choices can be seen as representative of strategies employed by similar-sized registered investment advisors (RIAs).

---

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