# EDGAR Filing Document

**Accession Number:** 0001724090
**File Stem:** 0001724090-26-000001
**Filing Date:** 2026-1
**Character Count:** 13179
**Document Hash:** 42f4c256bb928bc9e0bd1510c4998ad1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001724090-26-000001.hdr.sgml**: 20260115

**ACCESSION NUMBER**: 0001724090-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260115

**DATE AS OF CHANGE**: 20260115

**EFFECTIVENESS DATE**: 20260115

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fulcrum Capital LLC
- **CENTRAL INDEX KEY:** 0001724090

**ORGANIZATION NAME:**
- **EIN:** 261277028
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18230
- **FILM NUMBER:** 26536018

**BUSINESS ADDRESS:**
- **STREET 1:** 800 FIFTH AVENUE
- **STREET 2:** SUITE 3800
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104
- **BUSINESS PHONE:** 2062239790

**MAIL ADDRESS:**
- **STREET 1:** 800 FIFTH AVENUE
- **STREET 2:** SUITE 3800
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Fulcrum Capital LLC<br>**Address:** 800 FIFTH AVENUE<br>SUITE 3800<br>SEATTLE, WA 98104

**Form 13F File Number:** 028-18230

**CRD Number (if applicable):** 000145322

**SEC File Number (if applicable):** 801-68459

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Matthew Wilkins<br>**Title:** Chief Compliance Officer<br>**Phone:** 206 223-9790

**Signature, Place, and Date of Signing:**

Matthew Wilkins  Seattle, WA  01-15-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 99

**Form 13F Information Table Value Total:** $497955015

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 6091399 | 48618 | SH |  | SOLE |  | 48618 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 586243 | 2566 | SH |  | SOLE |  | 2566 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 12703237 | 36296 | SH |  | SOLE |  | 36296 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 352440 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1373537 | 4377 | SH |  | SOLE |  | 4377 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 31470814 | 100546 | SH |  | SOLE |  | 100546 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 24919789 | 107962 | SH |  | SOLE |  | 107962 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 999108 | 7656 | SH |  | SOLE |  | 7656 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 3289138 | 10049 | SH |  | SOLE |  | 10049 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 27480406 | 101083 | SH |  | SOLE |  | 101083 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 329240 | 2037 | SH |  | SOLE |  | 2037 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 687283 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 239261 | 476 | SH |  | SOLE |  | 476 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 735116 | 2124 | SH |  | SOLE |  | 2124 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 246496 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 11970550 | 43835 | SH |  | SOLE |  | 43835 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 548024 | 7839 | SH |  | SOLE |  | 7839 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 289910 | 3097 | SH |  | SOLE |  | 3097 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1166746 | 1353 | SH |  | SOLE |  | 1353 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 527805 | 1034 | SH |  | SOLE |  | 1034 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 380293 | 4792 | SH |  | SOLE |  | 4792 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 6669309 | 46305 | SH |  | SOLE |  | 46305 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 330500 | 1796 | SH |  | SOLE |  | 1796 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 2726878 | 41086 | SH |  | SOLE |  | 41086 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 303884 | 1535 | SH |  | SOLE |  | 1535 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 1428109 | 5440 | SH |  | SOLE |  | 5440 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 11698005 | 137220 | SH |  | SOLE |  | 137220 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 4103128 | 3818 | SH |  | SOLE |  | 3818 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 375198 | 11703 | SH |  | SOLE |  | 11703 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 4745087 | 45187 | SH |  | SOLE |  | 45187 | 0 | 0 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 239750 | 6250 | SH |  | SOLE |  | 6250 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 10123185 | 38752 | SH |  | SOLE |  | 38752 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 11443457 | 144106 | SH |  | SOLE |  | 144106 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 274592 | 798 | SH |  | SOLE |  | 798 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 9937625 | 15002 | SH |  | SOLE |  | 15002 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 368366 | 5480 | SH |  | SOLE |  | 5480 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 4313752 | 6298 | SH |  | SOLE |  | 6298 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 309505 | 3223 | SH |  | SOLE |  | 3223 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 1623401 | 16863 | SH |  | SOLE |  | 16863 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 209199 | 442 | SH |  | SOLE |  | 442 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 357382 | 957 | SH |  | SOLE |  | 957 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 764972 | 8551 | SH |  | SOLE |  | 8551 | 0 | 0 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 507495 | 5337 | SH |  | SOLE |  | 5337 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | US QUALTY FCTR | 46641Q761 |  | 4730669 | 74876 | SH |  | SOLE |  | 74876 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 946382 | 4573 | SH |  | SOLE |  | 4573 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 14568830 | 45214 | SH |  | SOLE |  | 45214 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 13355977 | 78023 | SH |  | SOLE |  | 78023 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 545940 | 4313 | SH |  | SOLE |  | 4313 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 6145297 | 14412 | SH |  | SOLE |  | 14412 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 632890 | 2040 | SH |  | SOLE |  | 2040 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 15974583 | 27982 | SH |  | SOLE |  | 27982 | 0 | 0 |
| MEDICAL PPTYS TRUST INC | COM | 58463J304 |  | 172500 | 34500 | SH |  | SOLE |  | 34500 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 261396 | 396 | SH |  | SOLE |  | 396 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 37244756 | 77012 | SH |  | SOLE |  | 77012 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 544307 | 3066 | SH |  | SOLE |  | 3066 | 0 | 0 |
| MORGAN STANLEY ETF TRUST | CALVERT US LARCP | 61774R205 |  | 2122256 | 25193 | SH |  | SOLE |  | 25193 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 11228791 | 119761 | SH |  | SOLE |  | 119761 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 24053092 | 128971 | SH |  | SOLE |  | 128971 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 466806 | 10228 | SH |  | SOLE |  | 10228 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 220500 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 314951 | 2876 | SH |  | SOLE |  | 2876 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 307934 | 2745 | SH |  | SOLE |  | 2745 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 3060396 | 52422 | SH |  | SOLE |  | 52422 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 6869750 | 47866 | SH |  | SOLE |  | 47866 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 273900 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 403887 | 2518 | SH |  | SOLE |  | 2518 | 0 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 3524224 | 136123 | SH |  | SOLE |  | 136123 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 394819 | 2755 | SH |  | SOLE |  | 2755 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 386163 | 4809 | SH |  | SOLE |  | 4809 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 379098 | 2216 | SH |  | SOLE |  | 2216 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 11353790 | 21726 | SH |  | SOLE |  | 21726 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 627736 | 22885 | SH |  | SOLE |  | 22885 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 478796 | 3093 | SH |  | SOLE |  | 3093 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 542187 | 2929 | SH |  | SOLE |  | 2929 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 307728 | 893 | SH |  | SOLE |  | 893 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 634186 | 930 | SH |  | SOLE |  | 930 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 2032614 | 25338 | SH |  | SOLE |  | 25338 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 6947449 | 56979 | SH |  | SOLE |  | 56979 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 433502 | 5148 | SH |  | SOLE |  | 5148 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 2603714 | 68591 | SH |  | SOLE |  | 68591 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 14417298 | 37043 | SH |  | SOLE |  | 37043 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 6318961 | 77334 | SH |  | SOLE |  | 77334 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 10426742 | 17234 | SH |  | SOLE |  | 17234 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 306464 | 4686 | SH |  | SOLE |  | 4686 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 8393608 | 25427 | SH |  | SOLE |  | 25427 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 39392431 | 135733 | SH |  | SOLE |  | 135733 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 5140087 | 10536 | SH |  | SOLE |  | 10536 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 432834 | 1291 | SH |  | SOLE |  | 1291 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 1544993 | 10765 | SH |  | SOLE |  | 10765 | 0 | 0 |
| VANGUARD WORLD FD | CONSUM STP ETF | 92204A207 |  | 511201 | 2420 | SH |  | SOLE |  | 2420 | 0 | 0 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 379332 | 2050 | SH |  | SOLE |  | 2050 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 7533030 | 16616 | SH |  | SOLE |  | 16616 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 658956 | 1879 | SH |  | SOLE |  | 1879 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 10798577 | 49149 | SH |  | SOLE |  | 49149 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 232832 | 691 | SH |  | SOLE |  | 691 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 841556 | 4534 | SH |  | SOLE |  | 4534 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 349591 | 1429 | SH |  | SOLE |  | 1429 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 8004282 | 58777 | SH |  | SOLE |  | 58777 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 7940830 | 63113 | SH |  | SOLE |  | 63113 | 0 | 0 |

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