Exchange Capital Management 13F annual report
Exchange Capital Management is an investment fund managing more than $614 billion ran by Michael Reid. There are currently 192 companies in Mr. Reid’s portfolio. The largest investments include Microsoft and Alphabet Inc, together worth $54.9 billion.
Limited to 30 biggest holdings
$614 billion Assets Under Management (AUM)
As of 16th July 2024, Exchange Capital Management’s top holding is 72,733 shares of Microsoft currently worth over $32.5 billion and making up 5.3% of the portfolio value.
Relative to the number of outstanding shares of Microsoft, Exchange Capital Management owns more than approximately 0.1% of the company.
In addition, the fund holds 123,013 shares of Alphabet Inc worth $22.4 billion, whose value grew 23.3% in the past six months.
The third-largest holding is Amazon.com worth $20.4 billion and the next is Vanguard Sector Index Fds Vanguard Information Tec worth $20.1 billion, with 34,827 shares owned.
Currently, Exchange Capital Management's portfolio is worth at least $614 billion. The total portfolio value may be much higher due to cash
assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.
Careers at Exchange Capital Management
The Exchange Capital Management office and employees reside in Ann Arbor, Michigan. According to the last 13-F report filed with the SEC, Michael Reid serves as the CCO at Exchange Capital Management.
Recent trades
In the most recent 13F filing, Exchange Capital Management revealed that it had opened a new position in
Raytheon Technologies Ord and bought 42,910 shares worth $4.31 billion.
The investment fund also strengthened its position in Vanguard Sector Index Fds Vanguard Information Tec by buying
1,582 additional shares.
This makes their stake in Vanguard Sector Index Fds Vanguard Information Tec total 34,827 shares worth $20.1 billion.
On the other hand, there are companies that Exchange Capital Management is getting rid of from its portfolio.
Exchange Capital Management closed its position in Raytheon Technologies Ord on 23rd July 2024.
It sold the previously owned 43,465 shares for $4.24 billion.
Michael Reid also disclosed a decreased stake in Microsoft by approximately 0.1%.
This leaves the value of the investment at $32.5 billion and 72,733 shares.
One of the average hedge funds
The two most similar investment funds to Exchange Capital Management are Gabelli & Co Investment Advisers, Inc and Castleknight Management L.P.. They manage $614 billion and $614 billion respectively.
Michael Reid investment strategy
Exchange Capital Management’s portfolio is diversified across 12 sectors.
Currently, their heaviest sector is Technology — making up 14.6% of
the total portfolio value.
The fund focuses on investments in the United States as
35.4% of the portfolio companies
are based in the United States.
The majority of the companies in the fund’s portfolio are large-cap stocks.
Stocks with a size of more than $10 billion in market cap make up
34% of the total holdings value.
On the other hand, small-cap stocks make up only 3.6% of the portfolio.
The average market cap of the portfolio companies is close to $194 billion.
The complete list of Exchange Capital Management trades based on 13F SEC filings
These positions were updated on July 23rd based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.
| Security | Shares Owned | Value | Allocation |
|---|---|---|---|
| Microsoft Corporation |
1.93%
72,733
|
$32,508,138,000 | 5.30% |
| Alphabet Inc |
4.18%
123,013
|
$22,406,818,000 | 3.65% |
| Amazon.com Inc. |
2.75%
105,635
|
$20,413,964,000 | 3.33% |
| Vanguard Sector Index Fds Vanguard Information Tec |
4.76%
34,827
|
$20,080,883,000 | 3.27% |
| Wisdomtree Dynamic Ccy Hdgd Intl Eq Etf |
1.28%
474,205
|
$16,151,412,000 | 2.63% |
| Berkshire Hathaway Inc. |
3.94%
38,382
|
$15,613,798,000 | 2.54% |
| Kla-tencor Corp |
6.64%
16,424
|
$13,541,752,000 | 2.21% |
| Ishares Core S&p Small-cap |
7.42%
105,854
|
$11,290,413,000 | 1.84% |
| Spdr S&p Midcap 400 Etf |
4.93%
20,769
|
$11,113,077,000 | 1.81% |
| Salesforce.com Inc |
4.19%
43,191
|
$11,104,406,000 | 1.81% |
| ServiceNow Inc |
2.32%
13,618
|
$10,712,872,000 | 1.75% |
| Blackrock Inc. |
2.28%
13,392
|
$10,543,843,000 | 1.72% |
| Ishares Currency Hedged Msci Eafe |
1.30%
294,632
|
$10,475,630,000 | 1.71% |
| Vanguard Financials Etf |
4.45%
98,320
|
$9,820,190,000 | 1.60% |
| Ishares Core Us Aggregate Bond |
2.25%
81,955
|
$7,955,340,000 | 1.30% |
| Vanguard Health Care Etf |
5.68%
29,046
|
$7,726,324,000 | 1.26% |
| Vanguard Consumer Discretionary Etf |
2.66%
24,599
|
$7,683,115,000 | 1.25% |
| Guidewire Software Inc |
7.44%
54,900
|
$7,570,161,000 | 1.23% |
| Emerson Electric Co. |
0.20%
68,627
|
$7,559,908,000 | 1.23% |
| Fidelity Msci Information Tech Etf |
1.08%
43,888
|
$7,527,703,000 | 1.23% |
| Ishares Core S&p Mid-cap |
12.70%
128,628
|
$7,527,304,000 | 1.23% |
| Merck & Co Inc |
3.66%
59,591
|
$7,377,356,000 | 1.20% |
| Vanguard Telecommunication Services Etf |
0.89%
53,335
|
$7,370,853,000 | 1.20% |
| JPMorgan Chase & Co. |
1.00%
36,138
|
$7,309,199,000 | 1.19% |
| Vanguard Industrials Etf |
8.89%
26,793
|
$6,302,295,000 | 1.03% |
| Monster Beverage Corp. |
11.99%
124,804
|
$6,233,960,000 | 1.02% |
| Spdr Portfolio S&p 400 Mid Cap Etf |
43.03%
121,457
|
$6,230,744,000 | 1.01% |
| Comcast Corp |
1.70%
150,183
|
$5,881,166,000 | 0.96% |
| Apple Inc |
5.53%
27,752
|
$5,845,203,000 | 0.95% |
| Schwab Us Large-cap Etf(tm) |
6.89%
88,514
|
$5,687,035,000 | 0.93% |
| Home Depot, Inc. |
6.72%
16,242
|
$5,591,054,000 | 0.91% |
| AMGEN Inc. |
3.07%
17,225
|
$5,382,004,000 | 0.88% |
| Adobe Systems Inc |
1.32%
9,649
|
$5,360,405,000 | 0.87% |
| Veeva Systems Inc |
3.13%
28,294
|
$5,178,085,000 | 0.84% |
| Procter & Gamble Co. |
1.21%
29,943
|
$4,938,261,000 | 0.80% |
| Spdr S&p 1500 Etf |
7.07%
74,331
|
$4,931,862,000 | 0.80% |
| Invesco Bulletshares 2024 Corp Bd Etf |
4.49%
234,181
|
$4,931,846,000 | 0.80% |
| Schwab Us Mid-cap Etf(tm) |
13.02%
61,315
|
$4,772,126,000 | 0.78% |
| Vanguard Materials Etf |
0.81%
24,503
|
$4,720,065,000 | 0.77% |
| Biogen Idec Inc |
1.03%
20,139
|
$4,668,623,000 | 0.76% |
| Honeywell International Inc |
2.29%
21,122
|
$4,510,428,000 | 0.73% |
| Invesco Bulletshares 2025 Corp Bond Etf |
1.23%
214,496
|
$4,386,447,000 | 0.71% |
| Raytheon Technologies Ord |
Opened
42,910
|
$4,307,696,000 | 0.70% |
| Raytheon Technologies Ord |
Closed
43,465
|
$4,239,103,000 | |
| Technology Select Sector Spdr Etf |
6.67%
18,647
|
$4,218,511,000 | 0.69% |
| Spdr S&p 600 Small Cap Etf |
44.60%
98,664
|
$4,097,516,000 | 0.67% |
| Visa Inc |
8.50%
15,514
|
$4,071,987,000 | 0.66% |
| Walt Disney Co (The) |
5.01%
40,430
|
$4,014,294,000 | 0.65% |
| Exxon Mobil Corp. |
1.45%
34,831
|
$4,009,745,000 | 0.65% |
| Fidelity Msci Health Care Etf |
1.76%
55,355
|
$3,797,364,000 | 0.62% |
| Kenvue |
2.10%
203,669
|
$3,702,702,000 | 0.60% |
| Pepsico Inc |
2.48%
21,977
|
$3,624,603,000 | 0.59% |
| Ishares Core Msci Emerging Markets |
0.95%
67,062
|
$3,589,819,000 | 0.58% |
| Microchip Technology, Inc. |
6.78%
38,587
|
$3,530,752,000 | 0.58% |
| Vanguard Utilities Etf |
19.80%
23,462
|
$3,470,568,000 | 0.57% |
| Invesco Bulletshares 2029 Corp Bond Etf |
12.56%
189,937
|
$3,449,262,000 | 0.56% |
| Starbucks Corp. |
2.56%
44,021
|
$3,427,057,000 | 0.56% |
| Vanguard Consumer Staples Etf |
9.99%
16,140
|
$3,276,898,000 | 0.53% |
| Lockheed Martin Corp. |
6.51%
7,001
|
$3,270,167,000 | 0.53% |
| Lam Research Corp. |
4.10%
3,068
|
$3,266,986,000 | 0.53% |
| U.s. Bancorp |
0.90%
81,486
|
$3,234,994,000 | 0.53% |
| General Dynamics Corp. |
0.79%
11,122
|
$3,226,937,000 | 0.53% |
| Schwab Us Small-cap Etf(tm) |
13.73%
67,845
|
$3,219,236,000 | 0.52% |
| Corteva Inc |
2.44%
57,839
|
$3,119,855,000 | 0.51% |
| Invesco Bulletshares 2028 Corp Bond Etf |
9.96%
154,193
|
$3,076,155,000 | 0.50% |
| Cheniere Energy Inc. |
0.81%
17,420
|
$3,045,539,000 | 0.50% |
| Zimmer Biomet Holdings Inc |
1.90%
28,029
|
$3,041,987,000 | 0.50% |
| Invesco Bulletshares 2026 Corp Bond Etf |
0.31%
154,288
|
$2,958,470,000 | 0.48% |
| Medtronic Inc |
3.06%
36,355
|
$2,861,502,000 | 0.47% |
| Invesco Bulletshares 2031 Corp Bond Etf |
20.73%
174,313
|
$2,780,289,000 | 0.45% |
| Mcdonald S Corp |
3.13%
10,757
|
$2,741,314,000 | 0.45% |
| Vanguard Total Stock Market Etf |
1.62%
10,108
|
$2,703,963,000 | 0.44% |
| Invesco Bulletshares 2033 Corp Bond Etf |
443.72%
129,535
|
$2,669,723,000 | 0.43% |
| Invesco Bulletshares 2027 Corp Bond Etf |
0.25%
136,123
|
$2,616,292,000 | 0.43% |
| Powershares Build America Bond Etf |
13.90%
98,869
|
$2,608,157,000 | 0.42% |
| Lowe S Companies Inc |
4.54%
11,627
|
$2,563,288,000 | 0.42% |
| Fidelity Msci Consumer Discret Etf |
2.64%
31,349
|
$2,539,565,000 | 0.41% |
| Gilead Sciences, Inc. |
1.68%
36,812
|
$2,525,663,000 | 0.41% |
| Ishares Short-term National Muni Bond |
22.23%
24,144
|
$2,524,255,000 | 0.41% |
| Johnson & Johnson |
3.89%
16,677
|
$2,437,440,000 | 0.40% |
| Invesco Bulletshares 2032 Corp Bond Etf |
43.66%
121,395
|
$2,430,321,000 | 0.40% |
| Ishares Core S&p 500 |
7.25%
4,390
|
$2,402,170,000 | 0.39% |
| Bank of America Corporation |
5.31%
58,312
|
$2,319,082,000 | 0.38% |
| Moody S Corporation |
2.96%
5,344
|
$2,249,450,000 | 0.37% |
| Bndblxx Blmbrg 6 Mnth Trg Us Tr Etf |
12.37%
44,388
|
$2,231,827,000 | 0.36% |
| Applied Materials Inc. |
4.77%
9,219
|
$2,175,617,000 | 0.35% |
| Wisdomtree International Hedged Quality Dividend G |
8.10%
47,188
|
$2,151,301,000 | 0.35% |
| Fidelity Msci Industrials Etf |
1.65%
32,178
|
$2,103,454,000 | 0.34% |
| Fidelity Msci Financials Etf |
2.73%
35,699
|
$2,068,413,000 | 0.34% |
| Valero Energy Corp. |
3.41%
13,060
|
$2,047,286,000 | 0.33% |
| Accenture plc |
0.42%
6,698
|
$2,032,240,000 | 0.33% |
| Invesco Bulletshares 2030 Corp Bond Etf |
55.24%
124,862
|
$2,030,256,000 | 0.33% |
| Fidelity Msci Telecommunication Svc Etf |
4.21%
36,657
|
$1,914,602,000 | 0.31% |
| Ishares Ibonds 2024 High Yield Corp Bond Etf |
0.54%
75,973
|
$1,909,194,000 | 0.31% |
| Costco Wholesale Corp |
7.91%
2,223
|
$1,889,528,000 | 0.31% |
| Vanguard Ftse Emerging Markets Etf |
3.51%
42,747
|
$1,870,605,000 | 0.30% |
| Spdr Kensho Clean Power Etf |
2.47%
30,495
|
$1,840,065,000 | 0.30% |
| Bristol-Myers Squibb Co. |
25.00%
43,919
|
$1,823,973,000 | 0.30% |
| Eli Lilly And Co |
1.75%
1,960
|
$1,774,234,000 | 0.29% |
| Bndblxx Blmbrg 1 Yr Trg Us Tr Etf |
21.28%
35,715
|
$1,768,786,000 | 0.29% |
| Spdr S&p 500 Etf |
3.71%
3,221
|
$1,752,933,000 | 0.29% |
| Ecolab, Inc. |
0.57%
7,031
|
$1,673,378,000 | 0.27% |
| Equifax, Inc. |
0.79%
6,518
|
$1,580,354,000 | 0.26% |
| Roper Industries Inc |
33.58%
2,709
|
$1,526,955,000 | 0.25% |
| Domino S Pizza Inc |
7.17%
2,915
|
$1,505,102,000 | 0.25% |
| ASML Holding NV |
3.97%
1,378
|
$1,409,322,000 | 0.23% |
| Consumer Discret Sel Sect Spdr Etf |
3.74%
7,600
|
$1,386,240,000 | 0.23% |
| Nike, Inc. |
0.21%
18,266
|
$1,376,715,000 | 0.22% |
| Spdr Portfolio Mortgage Backed Bond Etf |
0.80%
62,247
|
$1,342,658,000 | 0.22% |
| Wisdomtree Dyn Ccy Hdgd Intl Smcp Eq Etf |
9.48%
38,450
|
$1,321,139,000 | 0.22% |
| Industrial Select Sector Spdr Etf |
4.28%
10,603
|
$1,292,196,000 | 0.21% |
| Schwab Us Aggregate Bond Etf(tm) |
5.80%
27,030
|
$1,232,027,000 | 0.20% |
| S&pglobal Inc Com |
3.17%
2,747
|
$1,225,162,000 | 0.20% |
| Ishares Ibonds 2025 High Yield Corp Bond Etf |
0.32%
60,745
|
$1,491,850,000 | 0.24% |
| Ishares National Amt-free Muni Bond |
27.77%
11,320
|
$1,206,146,000 | 0.20% |
| Union Pacific Corp. |
0.91%
5,313
|
$1,202,119,000 | 0.20% |
| Vanguard Tax-exempt Bond Etf |
19.36%
23,675
|
$1,186,354,000 | 0.19% |
| Ishares Ibonds Dec 2033 Term Treasury Etf |
No change
49,151
|
$1,179,591,000 | 0.19% |
| Ishares Iboxx $ Invst Grade Crp Bond |
8.77%
10,561
|
$1,131,254,000 | 0.18% |
| Alphabet Inc |
1.15%
6,161
|
$1,130,051,000 | 0.18% |
| Coca-Cola Co |
0.84%
17,259
|
$1,098,532,000 | 0.18% |
| Qcr Holdings Inc |
No change
18,250
|
$1,095,000,000 | 0.18% |
| Wisdomtree Emmkts Ex-stt-ownd Entrprsetf |
3.09%
34,617
|
$1,060,322,000 | 0.17% |
| Fidelity Msci Consumer Staples Etf |
1.09%
21,852
|
$1,035,834,000 | 0.17% |
| Schwab Us Broad Market Etf(tm) |
0.88%
16,265
|
$1,022,550,000 | 0.17% |
| CMS Energy Corporation |
12.39%
16,692
|
$993,700,000 | 0.16% |
| Ishares Ibonds 2024 Term Hy And Inc Etf |
2.52%
42,520
|
$988,165,000 | 0.16% |
| Pfizer Inc. |
1.47%
34,533
|
$966,223,000 | 0.16% |
| Masco Corp. |
4.89%
14,308
|
$953,914,000 | 0.16% |
| Vanguard Small-cap Etf |
2.26%
4,212
|
$918,411,000 | 0.15% |
| Fortinet Inc |
7.76%
15,075
|
$908,570,000 | 0.15% |
| Etsy Inc |
0.35%
15,310
|
$902,984,000 | 0.15% |
| Intercontinental Exchange Inc |
1.43%
6,531
|
$894,029,000 | 0.15% |
| Fidelity Msci Materials Etf |
4.27%
18,064
|
$892,884,000 | 0.15% |
| Unilever plc |
1.38%
15,702
|
$863,453,000 | 0.14% |
| Ishares Ibonds 2026 Corp Bond Etf |
No change
35,878
|
$854,606,000 | 0.14% |
| Linde Plc. |
3.97%
1,934
|
$848,659,000 | 0.14% |
| Canadian National Railway Co. |
2.47%
7,105
|
$839,314,000 | 0.14% |
| Workday Inc |
1.46%
3,721
|
$831,867,000 | 0.14% |
| NextEra Energy Inc |
2.39%
11,231
|
$795,267,000 | 0.13% |
| CME Group Inc |
No change
3,634
|
$714,444,000 | 0.12% |
| Constellation Brands, Inc. |
0.07%
2,745
|
$706,250,000 | 0.12% |
| Clorox Co. |
3.67%
4,996
|
$681,804,000 | 0.11% |
| Ishares Ibonds 2027 Corp Bond Etf |
No change
28,546
|
$677,387,000 | 0.11% |
| Chevron Corp. |
2.33%
4,230
|
$661,657,000 | 0.11% |
| Oracle Corp. |
3.90%
4,259
|
$601,371,000 | 0.10% |
| Teradyne, Inc. |
5.11%
3,806
|
$564,392,000 | 0.09% |
| Ishares Ibonds 2025 Muni Bond Etf |
Opened
20,930
|
$554,331,000 | 0.09% |
| Core Laboratories Nv |
Opened
27,259
|
$553,085,000 | 0.09% |
| Wisdomtree Emerging Mkts Qual Div Gr Etf |
23.41%
20,027
|
$528,513,000 | 0.09% |
| Spdr S&p Bank Etf |
14.03%
10,796
|
$500,826,000 | 0.08% |
| Ishares Msci Emerging Mkts Ex China Etf |
1.73%
8,053
|
$476,738,000 | 0.08% |
| Autodesk Inc. |
0.81%
1,831
|
$453,081,000 | 0.07% |
| Wisdomtree Emerging Markets Smcp Div Etf |
16.98%
8,782
|
$451,746,000 | 0.07% |
| iShares Global Clean Energy ETF |
15.60%
33,342
|
$444,115,000 | 0.07% |
| Fidelity Msci Utilities Etf |
1.39%
10,039
|
$441,330,000 | 0.07% |
| Financial Select Sector Spdr Etf |
11.95%
10,534
|
$433,053,000 | 0.07% |
| General Electric Co |
0.75%
2,683
|
$426,517,000 | 0.07% |
| Wal-mart Stores Inc |
1.36%
6,150
|
$416,429,000 | 0.07% |
| 3M Co. |
6.55%
4,065
|
$415,408,000 | 0.07% |
| Vanguard Ftse Developed Markets Etf |
5.05%
8,363
|
$413,318,000 | 0.07% |
| Health Care Select Sector Spdr Etf |
2.78%
2,800
|
$408,100,000 | 0.07% |
| Comerica, Inc. |
No change
7,618
|
$388,823,000 | 0.06% |
| Dimensional U.S. Core Equity 2 ETF |
22.67%
11,887
|
$383,237,000 | 0.06% |
| Materials Select Sector Spdr Etf |
0.47%
4,276
|
$377,578,000 | 0.06% |
| Global X S&P 500 Catholic Values ETF |
No change
5,708
|
$373,303,000 | 0.06% |
| AT&T Inc. |
0.32%
18,701
|
$357,371,000 | 0.06% |
| Ishares Ibonds 2029 Muni Bond Etf |
Opened
13,689
|
$340,309,000 | 0.06% |
| Caterpillar Inc. |
No change
1,016
|
$338,430,000 | 0.06% |
| Spdr(r) Nuveen Barclays St Muni Bd Etf |
Closed
7,065
|
$335,164,000 | |
| Intel Corp. |
21.74%
10,646
|
$329,718,000 | 0.05% |
| Ishares Ibonds 2028 Muni Bond Etf |
Opened
13,129
|
$328,488,000 | 0.05% |
| Ishares Ibonds 2027 Muni Bond Etf |
Opened
13,111
|
$327,906,000 | 0.05% |
| Invesco Ftse Rafi Us 1000 Etf |
No change
8,580
|
$325,611,000 | 0.05% |
| Ishares Ibonds 2026 Muni Bond Etf |
Opened
12,754
|
$322,931,000 | 0.05% |
| Verizon Communications Inc |
No change
7,759
|
$319,968,000 | 0.05% |
| Charles Schwab Corp. |
Opened
4,243
|
$312,667,000 | 0.05% |
| Vanguard 500 Etf |
5.52%
612
|
$306,080,000 | 0.05% |
| Spdr(r) Nuveen Blmbg Barclays Muni Bd Etf |
Closed
6,500
|
$302,120,000 | |
| Schwab Short-term Us Treasury Etf(tm) |
3.65%
5,909
|
$284,386,000 | 0.05% |
| Glaxosmithkline Plc |
Opened
7,254
|
$279,279,000 | 0.05% |
| Vanguard Growth Etf |
Opened
725
|
$271,173,000 | 0.04% |
| Ishares S&p 500 Growth |
No change
2,772
|
$256,521,000 | 0.04% |
| Aspen Technology Inc |
3.90%
1,282
|
$254,644,000 | 0.04% |
| Stryker Corp. |
2.50%
740
|
$251,785,000 | 0.04% |
| Schwab Fundamental Us Small Company Etf |
4.41%
4,496
|
$246,920,000 | 0.04% |
| Ishares Ibonds 2028 Corp Bond Etf |
No change
9,898
|
$245,181,000 | 0.04% |
| Powershares Dynamic Large Cap Growth Etf |
18.96%
2,577
|
$243,410,000 | 0.04% |
| The Southern Co. |
No change
3,056
|
$237,054,000 | 0.04% |
| Compass Minerals International Inc |
5.23%
22,382
|
$231,208,000 | 0.04% |
| Mastercard Inc A |
Closed
473
|
$227,783,000 | |
| Fidelity Wise Origin Bitcoin Fund |
Opened
4,300
|
$225,578,000 | 0.04% |
| Ishares Russell 1000 Growth |
No change
610
|
$222,351,000 | 0.04% |
| iShares 7-10 Year Treasury Bond ETF |
1.19%
2,251
|
$210,806,000 | 0.03% |
| Waste Management, Inc. |
Closed
968
|
$206,329,000 | |
| Ishares Russell 2000 |
Closed
979
|
$205,884,000 | |
| Ford Motor Co. |
9.40%
13,236
|
$165,984,000 | 0.03% |
| Sirius XM Holdings Inc |
No change
40,305
|
$114,063,000 | 0.02% |
| No transactions found | |||
| Showing first 500 out of 198 holdings | |||
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