Uhlmann Diversifies Portfolio
Uhlmann Price Securities Significantly Increases Holdings in Philip Morris, Energy, and Tech ETFs
Key Points
Uhlmann said Charles Schwab is a very small holding in its book: Schwab “makes up about 0.1% of [its] portfolio” and is its “29th biggest position,” even though the firm increased its stake by 72.6% to 22,417 shares (~$2.123 million).
The iShares Global Tech ETF (IXN) Uhlmann bought into is described as a fund that “formerly [was] iShares S&P Global Technology Sector Index Fund,” and it aims to track the “S&P Global 1200 Information Technology Sector Index” via performance of companies classified in the information technology sector by S&P.
Beyond Uhlmann’s PM increase, the articles detail additional institutional activity in Philip Morris International (PM): Diversified Trust Co, for example, boosted its stake by 31.9% to 73,044 shares (~$12.077 million) after buying 17,663 shares.
For Phillips 66 (PSX), the analysts cited include both the rating direction and the revised targets: Citigroup raised its PSX price target to $183 and assigned a “neutral” rating, while Raymond James lifted its target to $218 with an “outperform” rating.
Uhlmann Price Securities LLC has boosted its stake in Philip Morris International by 351%, adding 4,391 shares to bring its total to 5,642 shares worth about $925,000, according to Watchlist News. The move is part of a broader Q1 portfolio shift by the firm into tobacco, energy, and technology assets.
The filing covers the first quarter of 2026 and reveals Uhlmann loading up on high-dividend, cash-flow-heavy stocks. Philip Morris now sits among several major positions the firm expanded during the period. Institutional investors as a group own 78.63% of Philip Morris shares, per Watchlist News.
Why Uhlmann Is Betting Big on Tobacco
Philip Morris is no longer a pure cigarette company. The firm has grown its smoke-free lineup — including ZYN nicotine pouches and the IQOS heat-not-burn device — into a major revenue driver. CEO Jacek Olczak described "broad-based momentum" in the company's smoke-free business at a June investor conference, per Ticker Report. The company posted Q1 earnings of $1.96 per share, well above the $1.83 analyst estimate.
Uhlmann is not alone. Diversified Trust Co raised its Philip Morris stake by 31.9%, buying 17,663 additional shares to reach 73,044 shares worth about $12.08 million, according to Ticker Report. That is more than 13 times the size of Uhlmann's position in the same stock. The wave of buying signals broad institutional confidence in Philip Morris's transformation story.
Phillips 66 Gets a 135% Boost Alongside Mixed Analyst Signals
Uhlmann also increased its Phillips 66 stake by 135.7% during Q1, ending with 8,481 shares worth roughly $1.56 million, per Watchlist News. The energy company has faced pressure from activist investor Elliott Investment Management, which pushed for board changes and tighter capital discipline. Phillips 66 beat Q1 expectations, posting an adjusted profit of $0.49 per share against a forecast for a loss.
Analyst views on Phillips 66 are split. Citigroup raised its price target to $183 but kept a "neutral" rating, reflecting caution about energy sector volatility. Raymond James was more upbeat, lifting its target to $218 with an "outperform" rating, arguing the company's integrated business model offers strong diversification. Institutional investors own 76.93% of Phillips 66 shares.
Schwab Stake Jumps 72% But Remains a Footnote in the Portfolio
Uhlmann raised its Charles Schwab holdings by 72.6%, reaching 22,417 shares valued at about $2.12 million. Despite the big percentage jump, the firm was quick to put it in context. Schwab "makes up about 0.1% of [its] portfolio" and is its "29th biggest position," according to Ticker Report. It is a meaningful move in percentage terms but a minor one in dollar terms.
The firm also made a fresh entry into the iShares Global Tech ETF, buying 6,000 shares worth about $614,000. That fund tracks the S&P Global 1200 Information Technology Sector Index and was formerly known as the iShares S&P Global Technology Sector Index Fund. The purchase is small relative to Uhlmann's energy and tobacco bets, pointing to tech as a hedge rather than a core conviction.
A Broader Shift Toward Dividend-Paying, Cash-Flow Stocks
Uhlmann's moves fit a pattern playing out across institutional portfolios in 2026. Big money is moving toward stocks with reliable dividends and strong cash flow, and away from high-risk growth bets. Philip Morris pays an annualized dividend of $5.88 per share. With a market cap of $278.48 billion and 78.63% institutional ownership, it has become what analysts at Watchlist News call a "consensus long" among large funds.
Uhlmann also initiated a brand-new position in Southern Company during Q1, purchasing 107,523 shares worth $10.1 million — a stake that makes up 0.7% of its total portfolio, per Ticker Report. The firm also picked up 9,296 shares of American Express worth about $2.81 million. Taken together, the filings paint a picture of a firm building a defensive, income-focused book while keeping a small foot in tech and financial services.
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