Annex Advisory Services, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 12, 2024), Annex Advisory Services, LLC reported 285 stock positions worth $2.8 billion. Its top holding was Avantis U.S. Equity ETF (AVUS) at 8.2% of the portfolio, followed by JPMorgan US Quality Factor (JQUA, 7.9%) and iShares 10-20 Year Treasury (TLH, 6.6%). Compared with Q4 2023, it opened 47 new positions, sold out of 28, added to 118 and reduced 103. The biggest buy was JPMorgan US Quality Factor (JQUA, shares +149%) and the biggest sale iShares 20+ Year Treasury BD (TLT, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKFIELD, WI
- CIK
- 0001542287
- Portfolio Value
- $2.8B (Q1 2024)
- SEC Filing
- 0001085146-24-001754 ↗ filed Apr 12, 2024
Holdings Value
Holdings 285 stocks · $2.8B
| AVUS Avantis U.S. Equity ETF | 8.23% | 2,589,189 | $231.7M | Add +67.2% |
| JQUA JPMorgan US Quality Factor | 7.90% | 4,205,639 | $222.4M | Add +148.8% |
| TLH iShares 10-20 Year Treasury | 6.57% | 1,761,192 | $185.0M | Add +171.3% |
| VIG Vanguard Dividend Apprec ETF | 5.83% | 898,754 | $164.1M | Add +79.5% |
| COWZ Pacer US Cash Cows 100 ETF | 5.08% | 2,462,464 | $143.1M | Add +0.7% |
| IQLT iShares MSCI International Q | 4.80% | 3,409,543 | $135.2M | Add +4.6% |
| AVEM Avantis Emerging Markets Eq | 4.75% | 2,309,443 | $133.9M | Add +16.3% |
| AVDE Avantis International Equity | 4.70% | 2,075,377 | $132.3M | Add +6.4% |
| VGT Vanguard Info Tech ETF | 3.50% | 188,123 | $98.6M | Reduce -0.3% |
| AVUV Avantis US Small Cap Value | 3.39% | 1,018,539 | $95.4M | Reduce -0.8% |
| AVDV Avantis Intl S/C Value ETF | 2.22% | 947,666 | $62.4M | Add +4.2% |
| VTI VG Morningstar TS MKT ETF-US | 1.31% | 142,263 | $37.0M | Reduce -67.5% |
| AAPL Apple Inc. | 1.19% | 194,808 | $33.4M | Reduce -4.2% |
| MRK Merck & Co. Inc. | 1.14% | 243,786 | $32.2M | Add +11.7% |
| V Visa Inc. Class A | 1.13% | 114,022 | $31.8M | Add +5.9% |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | 1.12% | 396,279 | $31.4M | New |
| AMZN Amazon.com Inc. | 1.11% | 172,590 | $31.1M | Add +12.7% |
| COST Costco Wholesale Corp. | 0.98% | 37,582 | $27.5M | Add +9.7% |
| MSFT Microsoft Corp. | 0.95% | 63,599 | $26.8M | Reduce -1.3% |
| CRM Salesforce Inc. | 0.94% | 88,207 | $26.6M | Add +7.8% |
| FCX Freeport-McMoran Inc. | 0.94% | 563,489 | $26.5M | Add +16.2% |
| META Meta Platforms Inc. Class A | 0.89% | 51,430 | $25.0M | Add +345.5% |
| SMTH Alps SMTH Cor BD Plus ETF | 0.88% | 961,611 | $24.7M | New |
| NVDA Nvidia Corp. | 0.82% | 25,680 | $23.2M | Add +3.3% |
| MS Morgan Stanley | 0.80% | 238,497 | $22.5M | Add +12.0% |
| CVX Chevron Corp. | 0.74% | 132,792 | $20.9M | Add +26.2% |
| LIN Linde PLC | 0.73% | 44,557 | $20.7M | Add +6.8% |
| IJR iShares Core S&P Small-Cap E | 0.73% | 187,018 | $20.7M | Reduce -55.9% |
| JPM JPMorgan Chase & Co. | 0.72% | 101,443 | $20.3M | Add +2.6% |
| ORCL Oracle Corp. | 0.72% | 160,497 | $20.2M | Reduce -28.9% |
| PSX Phillips 66 | 0.71% | 121,608 | $19.9M | Add +17.4% |
| AMAT Applied Materials Inc. | 0.69% | 94,011 | $19.4M | Reduce -6.7% |
| UNH Unitedhealth Group Inc. | 0.67% | 38,120 | $18.9M | Add +6.1% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.67% | 292,287 | $18.8M | Reduce -2.1% |
| CTAS Cintas Corp. | 0.67% | 27,256 | $18.7M | Add +8.2% |
| AOS Smith (a.o.) Corp. | 0.65% | 205,447 | $18.4M | Add +20.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.60% | 74,478 | $17.0M | Reduce -44.7% |
| MEDP Medpace Holdings Inc. | 0.59% | 41,438 | $16.7M | Add +8.6% |
| FNV Franco-Nevada Corp. | 0.57% | 133,702 | $15.9M | Add +23.4% |
| UNP Union Pacific Corp. | 0.54% | 61,851 | $15.2M | Add +7.4% |
| ADBE Adobe Inc. | 0.51% | 28,707 | $14.5M | Reduce -26.5% |
| TKO Tko Group Holdings Inc. | 0.51% | 165,910 | $14.3M | Add +20.6% |
| ORLY O'reilly Automotive Inc. | 0.49% | 12,218 | $13.8M | Add +16.4% |
| SFM Sprouts Farmers Market Inc. | 0.45% | 197,789 | $12.8M | Add +8.5% |
| UFPT Ufp Technologies Inc. | 0.42% | 46,489 | $11.7M | Add +8.3% |
| APP AppLovin Corp. Class A | 0.41% | 168,234 | $11.6M | New |
| ABBV Abbvie Inc. | 0.41% | 63,876 | $11.6M | Reduce -2.0% |
| MRSH Marsh & McLennan Cos | 0.41% | 56,149 | $11.6M | Add +1.8% |
| WEC WEC Energy Group Inc. | 0.40% | 137,482 | $11.3M | Reduce -39.3% |
| MELI MercadoLibre Inc. | 0.37% | 6,813 | $10.3M | New |
| FCFS Firstcash Holdings Inc. | 0.37% | 80,596 | $10.3M | Add +24.0% |
| NOW ServiceNow Inc. | 0.36% | 13,400 | $10.2M | New |
| NSSC Napco Security Technologies | 0.33% | 234,594 | $9.4M | Add +588.0% |
| ETN Eaton Corp. PLC | 0.31% | 27,937 | $8.7M | Add +1.9% |
| QUAL iShares MSCI USA Quality Fac | 0.30% | 51,989 | $8.5M | Reduce -53.4% |
| BLMN Bloomin' Brands Inc. | 0.30% | 295,261 | $8.5M | Add +27.7% |
| WST West Pharmaceutical Services | 0.29% | 20,994 | $8.3M | Reduce -33.5% |
| ROL Rollins Inc. | 0.29% | 179,282 | $8.3M | Add +22.4% |
| QLTY GMO U.S. Quality ETF | 0.29% | 277,599 | $8.2M | New |
| CELH Celsius Holdings Inc. | 0.29% | 98,966 | $8.2M | Reduce -3.6% |
| XLV SS Health Care Select Sector | 0.29% | 54,763 | $8.1M | Add +1.1% |
| HON Honeywell International Inc. | 0.28% | 39,021 | $8.0M | Reduce -40.7% |
| GS Goldman Sachs Group Inc. | 0.28% | 19,122 | $8.0M | Reduce -3.2% |
| COP Conocophillips | 0.28% | 61,889 | $7.9M | Add +3.5% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.28% | 31,481 | $7.9M | New |
| VLO Valero Energy Corp. | 0.28% | 45,652 | $7.8M | Reduce -18.7% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.28% | 179,914 | $7.7M | Reduce -25.4% |
| IPAR Interparfums Inc. | 0.27% | 53,111 | $7.5M | Add +26.9% |
| GNRC Generac Holdings Inc. | 0.26% | 58,999 | $7.4M | Add +20.0% |
| AVGO Broadcom Inc. | 0.26% | 5,603 | $7.4M | Reduce -12.7% |
| ACLS Axcelis Technologies Inc. | 0.26% | 65,324 | $7.3M | Add +26.6% |
| ABT Abbott Laboratories | 0.26% | 63,486 | $7.2M | Add +0.4% |
| HD Home Depot Inc. | 0.25% | 18,120 | $7.0M | Reduce -33.1% |
| IVV iShares Core S&P 500 ETF | 0.24% | 12,884 | $6.8M | Reduce -6.8% |
| PG The Procter & Gamble Co. | 0.20% | 35,315 | $5.7M | Add +0.9% |
| GOOGL Alphabet Inc. Class A | 0.20% | 37,166 | $5.6M | Reduce -47.5% |
| SMCI Super Micro Computer Inc. | 0.20% | 5,514 | $5.6M | Add +175.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 10,468 | $5.5M | Add +16.2% |
| PBR Petroleo Brasileiro-Spon ADR | 0.19% | 352,415 | $5.4M | Add +12.5% |
| JNJ Johnson & Johnson | 0.19% | 33,288 | $5.3M | Reduce -2.9% |
| KSS Kohls Corp. | 0.17% | 164,603 | $4.8M | Add +31.7% |
| TMO Thermo Fisher Scientific Inc. | 0.16% | 7,919 | $4.6M | Reduce -1.5% |
| AMGN Amgen Inc. | 0.15% | 15,091 | $4.3M | Add +1.9% |
| VZ Verizon Communications Inc. | 0.15% | 101,246 | $4.2M | Reduce -0.6% |
| QCOM Qualcomm Inc. | 0.15% | 24,290 | $4.1M | Reduce -21.9% |
| DOV Dover Corp. | 0.15% | 23,121 | $4.1M | Reduce -4.6% |
| CSCO Cisco Systems Inc. | 0.15% | 81,896 | $4.1M | Reduce -27.0% |
| MNST Monster Beverage Corp. | 0.14% | 67,285 | $4.0M | Add +3.0% |
| WMB Williams Cos Inc. | 0.14% | 97,923 | $3.8M | Add +4.1% |
| BX Blackstone Inc. | 0.14% | 28,927 | $3.8M | Add +616.9% |
| F Ford Motor Co. filed as FORD MTR CO DEL | 0.13% | 273,132 | $3.6M | Add +873.2% |
| TTE Totalenergies SE -Spon ADR | 0.12% | 49,778 | $3.4M | Reduce -4.0% |
| LLY Eli Lilly & Co. | 0.12% | 4,332 | $3.4M | Add +14.1% |
| AEM Agnico Eagle Mines Ltd. | 0.12% | 55,459 | $3.3M | New |
| LPLA LPL Financial Holdings Inc. | 0.11% | 11,618 | $3.1M | Reduce -4.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.10% | 6,664 | $2.8M | Add +7.1% |
| IWF iShares Russell 1000 Growth | 0.10% | 7,974 | $2.7M | Add +4.7% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.09% | 42,639 | $2.6M | Reduce -3.0% |
| HPQ HP Inc. | 0.09% | 81,858 | $2.5M | New |
| DOC Healthpeak Properties Inc. | 0.08% | 115,790 | $2.2M | New |
Portfolio Sells Q4 2023 → Q1 2024
| TLT iShares 20+ Year Treasury BD | Reduce -98.3% | 0.07% | −5.24 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -67.5% | 1.31% | −3.03 |
| XLC SS Comm Select Sector SPDR | Sold out | 0.00% | −1.64 |
| IJR iShares Core S&P Small-Cap E | Reduce -55.9% | 0.73% | −1.18 |
| AGG iShares Core U.S. Aggregate | Reduce -90.9% | 0.07% | −0.85 |
| MUB iShares National Muni Bond E | Reduce -92.0% | 0.05% | −0.71 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -44.7% | 0.60% | −0.59 |
| ADBE Adobe Inc. | Reduce -26.5% | 0.51% | −0.46 |
| AVUV Avantis US Small Cap Value | Reduce -0.8% | 3.39% | −0.46 |
| AAPL Apple Inc. | Reduce -4.2% | 1.19% | −0.45 |
| WEC WEC Energy Group Inc. | Reduce -39.3% | 0.40% | −0.39 |
| QUAL iShares MSCI USA Quality Fac | Reduce -53.4% | 0.30% | −0.38 |
| VGT Vanguard Info Tech ETF | Reduce -0.3% | 3.50% | −0.31 |
| HON Honeywell International Inc. | Reduce -40.7% | 0.28% | −0.29 |
| ORCL Oracle Corp. | Reduce -28.9% | 0.72% | −0.28 |
| SWN Southwestern Energy Co. | Reduce -97.3% | 0.01% | −0.26 |
| GOOGL Alphabet Inc. Class A | Reduce -47.5% | 0.20% | −0.21 |
| ITM Vaneck Intermediate Muni ETF | Sold out | 0.00% | −0.21 |
| HYMB SS SPDR N Ice HY Muni ETF | Sold out | 0.00% | −0.17 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -84.8% | 0.03% | −0.17 |
| WST West Pharmaceutical Services | Reduce -33.5% | 0.29% | −0.17 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -88.2% | 0.02% | −0.15 |
| DHI D.R. Horton Inc. | Reduce -75.1% | 0.04% | −0.15 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -25.4% | 0.28% | −0.15 |
| HD Home Depot Inc. | Reduce -33.1% | 0.25% | −0.14 |
| BND Vanguard Total Bond Market | Sold out | 0.00% | −0.14 |
| HYD Vaneck High Yield Muni ETF | Reduce -87.0% | 0.02% | −0.14 |
| MINT PIMCO Enhanced Short Maturit | Reduce -85.8% | 0.02% | −0.13 |
| EQIX Equinix Inc. | Reduce -87.7% | 0.01% | −0.12 |
| PHYSICIANS REALTY TRUST | Sold out | 0.00% | −0.09 |
| CSCO Cisco Systems Inc. | Reduce -27.0% | 0.15% | −0.09 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -2.1% | 0.67% | −0.06 |
| MSFT Microsoft Corp. | Reduce -1.3% | 0.95% | −0.06 |
| QCOM Qualcomm Inc. | Reduce -21.9% | 0.15% | −0.04 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -55.9% | 0.02% | −0.04 |
| JNJ Johnson & Johnson | Reduce -2.9% | 0.19% | −0.04 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -65.8% | 0.02% | −0.04 |
| AVGO Broadcom Inc. | Reduce -12.7% | 0.26% | −0.04 |
| IVV iShares Core S&P 500 ETF | Reduce -6.8% | 0.24% | −0.04 |
| GS Goldman Sachs Group Inc. | Reduce -3.2% | 0.28% | −0.03 |
| TSLA Tesla Inc. | Reduce -18.5% | 0.03% | −0.03 |
| VLO Valero Energy Corp. | Reduce -18.7% | 0.28% | −0.03 |
| VET Vermilion Energy Inc. | Sold out | 0.00% | −0.03 |
| EXPD Expeditors Intl Wash Inc. | Sold out | 0.00% | −0.03 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.03 |
| TTE Totalenergies SE -Spon ADR | Reduce -4.0% | 0.12% | −0.02 |
| XLK SS Technology Select Sector | Reduce -33.3% | 0.04% | −0.02 |
| KE Kimball Electronics Inc. | Sold out | 0.00% | −0.02 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.02 |
| WINA Winmark Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2023 → Q1 2024
| JQUA JPMorgan US Quality Factor | Add +148.8% | 7.90% | +4.52 |
| TLH iShares 10-20 Year Treasury | Add +171.3% | 6.57% | +3.64 |
| AVUS Avantis U.S. Equity ETF | Add +67.2% | 8.23% | +2.96 |
| VIG Vanguard Dividend Apprec ETF | Add +79.5% | 5.83% | +2.27 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | New | 1.12% | +1.12 |
| SMTH Alps SMTH Cor BD Plus ETF | New | 0.88% | +0.88 |
| META Meta Platforms Inc. Class A | Add +345.5% | 0.89% | +0.72 |
| APP AppLovin Corp. Class A | New | 0.41% | +0.41 |
| MELI MercadoLibre Inc. | New | 0.37% | +0.37 |
| NOW ServiceNow Inc. | New | 0.36% | +0.36 |
| NVDA Nvidia Corp. | Add +3.3% | 0.82% | +0.31 |
| QLTY GMO U.S. Quality ETF | New | 0.29% | +0.29 |
| NSSC Napco Security Technologies | Add +588.0% | 0.33% | +0.29 |
| AJG Arthur J Gallagher & Co. | New | 0.28% | +0.28 |
| SMCI Super Micro Computer Inc. | Add +175.7% | 0.20% | +0.17 |
| MRK Merck & Co. Inc. | Add +11.7% | 1.14% | +0.15 |
| AMZN Amazon.com Inc. | Add +12.7% | 1.11% | +0.13 |
| PSX Phillips 66 | Add +17.4% | 0.71% | +0.13 |
| AEM Agnico Eagle Mines Ltd. | New | 0.12% | +0.12 |
| F Ford Motor Co. | Add +873.2% | 0.13% | +0.11 |
| BX Blackstone Inc. | Add +616.9% | 0.14% | +0.11 |
| UFPT Ufp Technologies Inc. | Add +8.3% | 0.42% | +0.11 |
| MEDP Medpace Holdings Inc. | Add +8.6% | 0.59% | +0.11 |
| CVX Chevron Corp. | Add +26.2% | 0.74% | +0.09 |
| HPQ HP Inc. | New | 0.09% | +0.09 |
| SFM Sprouts Farmers Market Inc. | Add +8.5% | 0.45% | +0.09 |
| AVEM Avantis Emerging Markets Eq | Add +16.3% | 4.75% | +0.08 |
| FCX Freeport-McMoran Inc. | Add +16.2% | 0.94% | +0.08 |
| DOC Healthpeak Properties Inc. | New | 0.08% | +0.08 |
| ORLY O'reilly Automotive Inc. | Add +16.4% | 0.49% | +0.07 |
| FCFS Firstcash Holdings Inc. | Add +24.0% | 0.37% | +0.07 |
| AOS Smith (a.o.) Corp. | Add +20.8% | 0.65% | +0.07 |
| FNV Franco-Nevada Corp. | Add +23.4% | 0.57% | +0.06 |
| CRM Salesforce Inc. | Add +7.8% | 0.94% | +0.04 |
| TKO Tko Group Holdings Inc. | Add +20.6% | 0.51% | +0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.04% | +0.04 |
| LYTS Lsi Industries Inc. | New | 0.04% | +0.04 |
| ETN Eaton Corp. PLC | Add +1.9% | 0.31% | +0.03 |
| COST Costco Wholesale Corp. | Add +9.7% | 0.98% | +0.03 |
| CTAS Cintas Corp. | Add +8.2% | 0.67% | +0.03 |
| BLMN Bloomin' Brands Inc. | Add +27.7% | 0.30% | +0.03 |
| ROL Rollins Inc. | Add +22.4% | 0.29% | +0.03 |
| LLY Eli Lilly & Co. | Add +14.1% | 0.12% | +0.03 |
| SHAK Shake Shack Inc. Class A | New | 0.02% | +0.02 |
| CEG Constellation Energy | New | 0.02% | +0.02 |
| KSS Kohls Corp. | Add +31.7% | 0.17% | +0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.02% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +2.6% | 0.72% | +0.02 |
| VCTR Victory Capital Holding - A | New | 0.02% | +0.02 |
| LIN Linde PLC | Add +6.8% | 0.73% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 356 | $5.9B | UBND, GSIE, AVUS, SMTH, DFAU |
| Q1 2026 | 374 | $5.3B | UBND, GSIE, AVUS, SMTH, DFAU |
| Q4 2025 | 357 | $5.2B | UBND, AVUS, SMTH, AVEM, IOO |
| Q3 2025 | 314 | $4.7B | UBND, AVUS, AVDE, AVEM, IOO |
| Q2 2025 | 321 | $4.2B | UBND, AVUS, GFLW, AVDE, IOO |
| Q1 2025 | 309 | $3.5B | AVDE, AVUS, JAAA, VGLT, GFLW |
| Q4 2024 | 309 | $3.3B | AVUS, AVDE, VGLT, JQUA, AVEM |
| Q3 2024 | 286 | $3.1B | AVDE, AVUS, USFR, AVEM, JQUA |
| Q2 2024 | 283 | $2.8B | AVDE, AVUS, TLT, JQUA, VGT |
| Q1 2024 | 285 | $2.8B | AVUS, JQUA, TLH, VIG, COWZ |