Capital Planning 13F annual report

Capital Planning is an investment fund managing more than $307 billion ran by Michael Miller. There are currently 81 companies in Mr. Miller’s portfolio. The largest investments include Ishares Core Sp 500 Etf and Schwab Us Large-cap Growth Etf, together worth $63.5 billion.

$307 billion Assets Under Management (AUM)

As of 5th April 2024, Capital Planning’s top holding is 69,769 shares of Ishares Core Sp 500 Etf currently worth over $36.7 billion and making up 12.0% of the portfolio value. In addition, the fund holds 289,005 shares of Schwab Us Large-cap Growth Etf worth $26.8 billion. The third-largest holding is Microsoft worth $22.9 billion and the next is Ishares Core Dividend Growth Etf worth $19.7 billion, with 339,195 shares owned.

Currently, Capital Planning's portfolio is worth at least $307 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 Capital Planning

The Capital Planning office and employees reside in Bellevue, Washington. According to the last 13-F report filed with the SEC, Michael Miller serves as the Chief Compliance Officer at Capital Planning.

Recent trades

In the most recent 13F filing, Capital Planning revealed that it had opened a new position in Vanguard Small-cap Growth Etf and bought 3,597 shares worth $938 million.

The investment fund also strengthened its position in Ishares Core Sp 500 Etf by buying 15,096 additional shares. This makes their stake in Ishares Core Sp 500 Etf total 69,769 shares worth $36.7 billion.

On the other hand, there are companies that Capital Planning is getting rid of from its portfolio. Capital Planning closed its position in Schwab Short-term Us Treasury Etf on 12th April 2024. It sold the previously owned 26,425 shares for $1.27 billion. Michael Miller also disclosed a decreased stake in Microsoft by 0.1%. This leaves the value of the investment at $22.9 billion and 54,416 shares.

One of the smaller hedge funds

The two most similar investment funds to Capital Planning are Hall Kathryn A and Winthrop Capital Management. They manage $307 billion and $306 billion respectively.


Michael Miller investment strategy

Capital Planning’s portfolio is diversified across 7 sectors. Currently, their heaviest sector is Industrials — making up 10.7% of the total portfolio value. The fund focuses on investments in the United States as 29.6% 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 27% of the total holdings value. On the other hand, small-cap stocks make up only 4.9% of the portfolio. The average market cap of the portfolio companies is close to $226 billion.

The complete list of Capital Planning trades based on 13F SEC filings

These positions were updated on April 12th 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
Ishares Core Sp 500 Etf
27.61%
69,769
$36,679,710,000 11.97%
Schwab Us Large-cap Growth Etf
3.27%
289,005
$26,796,569,000 8.74%
Microsoft Corporation
14.30%
54,416
$22,893,830,000 7.47%
Ishares Core Dividend Growth Etf
16.32%
339,195
$19,693,601,000 6.42%
Quanta Services, Inc.
0.17%
62,475
$16,231,005,000 5.29%
Boeing Co.
30.81%
60,799
$11,733,618,000 3.83%
Vanguard Mid-cap Etf
21.85%
46,200
$11,543,619,000 3.77%
Vanguard Information Technology Etf
3.51%
21,027
$11,025,503,000 3.60%
Vanguard Mega Cap Value Etf
18.76%
86,739
$10,366,178,000 3.38%
Vanguard Small-cap Etf
18.01%
43,993
$10,056,285,000 3.28%
Ishares Msci Usa Min Vol Factor Etf
25.24%
115,202
$9,628,565,000 3.14%
Vanguard Mega Cap Growth Etf
14.61%
29,519
$8,460,441,000 2.76%
Schwab Us Large-cap Value Etf
0.17%
109,892
$8,349,594,000 2.72%
Ishares Msci Usa Momentum Factor Etf
4.35%
34,794
$6,518,656,000 2.13%
Technology Select Sector Spdr Etf
7.39%
29,865
$6,219,993,000 2.03%
Vanguard Large-cap Etf
27.88%
25,570
$6,130,764,000 2.00%
First Trust Tcwopportunistic Fxd Inc Etf
22.04%
138,782
$6,050,895,000 1.97%
Ishares Core Sp Total Us Stock Mkt Etf
66.42%
47,725
$5,502,726,000 1.80%
Capital Group Municipal Inc Etf
2.54%
201,242
$5,449,915,000 1.78%
Jpmorgan Core Plus Bond Etf
26.11%
103,919
$4,847,302,000 1.58%
iShares Core Total USD Bond Market ETF
4.88%
90,333
$4,118,281,000 1.34%
Apple Inc
14.60%
23,866
$4,092,464,000 1.33%
Vanguard Growth Etf
69.59%
10,062
$3,463,340,000 1.13%
Invesco QQQ Trust
70.94%
5,745
$2,554,045,000 0.83%
FTI Consulting Inc.
1.48%
12,043
$2,532,522,000 0.83%
Costco Wholesale Corp
14.55%
2,976
$2,180,661,000 0.71%
Fidelity Msci Information Tech Etf
73.66%
13,681
$2,132,047,000 0.70%
Vanguard Dividend Appreciation Etf
55.06%
11,296
$2,062,841,000 0.67%
Ishares Core Sp Small-cap Etf
37.38%
18,635
$2,059,540,000 0.67%
Fidelity Total Bond Etf
0.00%
45,113
$2,051,736,000 0.67%
Capital Group Core Plus Incm Etf
8.28%
89,579
$2,020,296,000 0.66%
Capital Group Growth Etf
3.41%
62,603
$2,002,676,000 0.65%
Oracle Corp.
No change
15,602
$1,959,767,000 0.64%
Capital Group Intrtnl Foc Eqy Etf
5.07%
70,014
$1,804,961,000 0.59%
Schwab Us Mid-cap Etf
68.26%
20,750
$1,689,673,000 0.55%
Schwab Us Large-cap Etf
77.13%
26,360
$1,635,912,000 0.53%
Capital Group Dividend Value Etf
3.39%
41,943
$1,367,317,000 0.45%
Schwab Short-term Us Treasury Etf
Closed
26,425
$1,269,986,000
Waste Management, Inc.
No change
5,800
$1,236,270,000 0.40%
Ishares Core Msci Eafe Etf
49.72%
14,986
$1,112,261,000 0.36%
Abbvie Inc
18.14%
6,084
$1,107,896,000 0.36%
Core Alternative Etf
23.14%
38,768
$1,026,232,000 0.33%
Schwab Us Dividend Equity Etf
76.05%
12,443
$1,003,279,000 0.33%
Abbott Laboratories
11.84%
8,523
$968,724,000 0.32%
Vanguard Small-cap Growth Etf
Opened
3,597
$937,810,000 0.31%
Dimensional Us Small Cap Valu Etf
Opened
30,184
$908,538,000 0.30%
Dimensional Wld Ex Us Cr Eq 2 Etf
Opened
34,682
$882,310,000 0.29%
Schwab International Equity Etf
83.71%
19,599
$764,753,000 0.25%
Starbucks Corp.
19.45%
8,205
$749,866,000 0.24%
Capital Group U S Multi Sec Etf
7.31%
25,045
$680,404,000 0.22%
Vanguard Extended Market Etf
Closed
4,285
$639,868,000
Berkshire Hathaway Inc B
No change
1,500
$630,780,000 0.21%
Vanguard Total Stock Market Etf
14.22%
1,991
$517,461,000 0.17%
Paccar Inc.
No change
4,169
$516,507,000 0.17%
Vanguard Russell 1000 Growth Etf
0.02%
5,480
$474,977,000 0.15%
Vanguard Mega Cap Etf
No change
2,506
$468,296,000 0.15%
Broadcom Inc.
Opened
350
$465,731,000 0.15%
Capital Group Global Grwt Eqy Etf
1.07%
15,541
$447,573,000 0.15%
Ishares Core Sp Mid-cap Etf
325.25%
7,140
$433,684,000 0.14%
Schwab Emerging Markets Equity Etf
Opened
16,803
$424,276,000 0.14%
Toews Agility Shs Managed Rsk Etf
33.85%
13,446
$415,460,000 0.14%
Alphabet Inc A
Opened
2,730
$412,039,000 0.13%
Leatherback Lng Shrt Altern Yld Etf
33.66%
14,672
$396,897,000 0.13%
Invesco Fundamental Hi Yld Corp Bd Etf
70.39%
21,860
$396,322,000 0.13%
General Dynamics Corp.
Opened
1,400
$395,486,000 0.13%
Kimberly-Clark Corp.
No change
2,780
$362,985,000 0.12%
Jpmorgan Chase Co
0.86%
1,730
$346,519,000 0.11%
HP Inc
No change
11,164
$340,453,000 0.11%
Ishares Jp Morgan Usd Em Mkts Bd Etf
Closed
3,659
$316,650,000
Pimco Investment Grade Corporate Bd Etf
Closed
3,285
$311,582,000
Amazon.com Inc.
Opened
1,694
$305,564,000 0.10%
Agilent Technologies Inc.
No change
2,029
$295,240,000 0.10%
Stryker Corp.
Opened
800
$286,936,000 0.09%
JPMorgan Equity Premium Income
No change
4,680
$270,785,000 0.09%
Keysight Technologies Inc
Opened
1,714
$268,035,000 0.09%
Vanguard Ftse Emerging Markets Etf
6.86%
6,366
$265,908,000 0.09%
Schwab Us Small-cap Etf
Opened
5,347
$263,286,000 0.09%
Vanguard Ftse Developed Markets Etf
28.60%
5,239
$262,841,000 0.09%
Eli Lilly And Co
Opened
337
$262,173,000 0.09%
IQVIA Holdings Inc
Opened
1,000
$252,890,000 0.08%
Home Depot, Inc.
Closed
774
$240,408,000
Global X Sp 500 Catholic Values Etf
0.83%
3,689
$234,768,000 0.08%
Invesco Sp Midcap Momentum Etf
62.27%
2,007
$230,524,000 0.08%
Philip Morris International Inc
Opened
2,400
$223,008,000 0.07%
Exxon Mobil Corp.
Closed
1,990
$213,428,000
NVIDIA Corp
Opened
227
$205,108,000 0.07%
Hewlett Packard Enterprise Co
Opened
11,164
$199,389,000 0.07%
No transactions found
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