Spence Asset Management

RIA/Wealth

Spence Asset Management is a RIA/Wealth based in Las Cruces, NM led by Eric Marshall Walton, reporting $715.1M in AUM as of Q3 2025 with 33% Technology concentration and 60% concentrated in top 10 holdings.

PresidentEric Marshall Walton

Portfolio Value: $478.1M
Positions: 36
Top Holding: V at 8.32%
Last Reported: Q3 2025

Address1800 S. Telshor, Las Cruces, NM, 88011, United States

Top Holdings

Largest long holdings in Spence Asset Management's portfolio (59.7% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Visa V	Financial - Credit Services Financial Services	$39.8M	8.32%	+$292.9K Bought	0.01% 116.5K shares	Q4 2017 Held for 7y 11m
2 Mastercard MA	Financial - Credit Services Financial Services	$39.3M	8.23%	-$143.3K Sold	0.01% 69.2K shares	Q4 2017 Held for 7y 11m
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$31.3M	6.56%	+$366.0K Bought	0.00% 142.8K shares	Q3 2024 Held for 1y 2m
4 Microsoft MSFT	Software - Infrastructure Technology	$31.1M	6.50%	+$400.9K Bought	0.00% 60.0K shares	Q4 2017 Held for 7y 11m
5 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$30.1M	6.30%	-$278.1K Sold	0.00% 123.7K shares	Q4 2017 Held for 7y 11m
6 Goldman Sachs Group GS	Financial - Capital Markets Financial Services	$26.7M	5.59%	-$5.8M Sold	0.01% 33.5K shares	Q4 2024 Held for 11 months
7 Intuitive Surgical ISRG	Medical - Instruments & Supplies Healthcare	$24.8M	5.18%	+$441.0K Bought	0.02% 55.4K shares	Q4 2017 Held for 7y 11m
8 ServiceNow NOW	Software - Application Technology	$22.8M	4.77%	+$533.8K Bought	0.01% 24.8K shares	Q2 2024 Held for 1y 5m
9 Idexx Laboratories IDXX	Medical - Diagnostics & Research Healthcare	$19.9M	4.16%	-$9.3M Sold	0.04% 31.1K shares	Q4 2017 Held for 7y 11m
10 Samsara IOT	Software - Infrastructure Technology	$19.6M	4.10%	+$189.9K Bought	0.09% 525.7K shares	Q3 2023 Held for 2y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Spence Asset Management's latest filing

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Market Value

$478.1M

Prior: $486.6M

Q/Q Change

-1.75%

-$8.5M

Net Flows % of MV

-1.04%

Turnover Ratio

12.81%

New Purchases

4 stocks

$51.3M

Added To

20 stocks

+$7.4M

Sold Out Of

8 stocks

$36.9M

Reduced Holdings

9 stocks

-$26.8M

Increased Positions

Position	Shares Δ	Change
1 Uber Technologies UBER	New	0 → 159.3K +$15.6M
2 Boston Scientific BSX	New	0 → 141.3K +$13.8M
3 Mercado Libre MELI	New	0 → 5.5K +$12.8M
4 Spotify Technology SPOT	New	0 → 12.9K +$9.0M
5 iShares MSCI USA Momentum Factor MTUM	+246.52%	2.6K → 9.1K +$1.7M

Decreased Positions

Position	Shares Δ	Change
1 MSCI MSCI	Sold	23.1K → 0 −$13.3M
2 Salesforce CRM	Sold	42.4K → 0 −$11.6M
3 The Trade Desk TTD	Sold	132.1K → 0 −$9.5M
4 iShares U.S. Regional Banks IAT	Sold	39.5K → 0 −$2.0M
5 VOOG Vanguard S&P 500 Growth VOOG	Sold	995.0 → 0 −$394.6K