Annex Advisory Services, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 16, 2025), Annex Advisory Services, LLC reported 309 stock positions worth $3.3 billion. Its top holding was Avantis U.S. Equity ETF (AVUS) at 10.4% of the portfolio, followed by Avantis International Equity (AVDE, 9.1%) and Vanguard Long-Term Treasury (VGLT, 4.3%). Compared with Q3 2024, it opened 39 new positions, sold out of 16, added to 139 and reduced 100. The biggest buy was a new position in Vanguard Long-Term Treasury (VGLT) and the biggest sale Wisdomtree Floating Rate Tre (USFR, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKFIELD, WI
- CIK
- 0001542287
- Portfolio Value
- $3.3B (Q4 2024)
- SEC Filing
- 0001085146-25-000240 ↗ filed Jan 16, 2025
Holdings Value
Holdings 309 stocks · $3.3B
| AVUS Avantis U.S. Equity ETF | 10.41% | 3,563,572 | $345.4M | Add +5.0% |
| AVDE Avantis International Equity | 9.13% | 4,935,212 | $302.9M | Reduce -14.3% |
| VGLT Vanguard Long-Term Treasury | 4.33% | 2,595,934 | $143.7M | New |
| JQUA JPMorgan US Quality Factor | 4.09% | 2,368,039 | $135.6M | Reduce -7.9% |
| AVEM Avantis Emerging Markets Eq | 3.69% | 2,083,961 | $122.5M | Reduce -17.9% |
| QLTA iShares Aaa - A Rated Corpor | 3.41% | 2,415,882 | $113.0M | New |
| XMHQ Invesco S&P Midcap Qual ETF | 3.12% | 1,052,604 | $103.6M | Add +15.9% |
| VFLO Victoryshares Free Cash Flow | 2.71% | 2,636,460 | $89.9M | Reduce -8.8% |
| AAPL Apple Inc. | 2.59% | 343,025 | $85.9M | Add +14.9% |
| SMTH Alps SMTH Cor BD Plus ETF | 2.28% | 2,966,770 | $75.7M | Add +81.9% |
| NVDA Nvidia Corp. | 2.08% | 512,985 | $68.9M | Add +30.0% |
| UBND Victoryshares Core Plus Bond | 1.89% | 2,930,146 | $62.6M | Add +131.3% |
| V Visa Inc. Class A | 1.69% | 177,944 | $56.2M | Add +17.6% |
| AMZN Amazon.com Inc. | 1.65% | 249,161 | $54.7M | Add +16.7% |
| APP AppLovin Corp. Class A | 1.64% | 168,069 | $54.4M | Reduce -30.6% |
| META Meta Platforms Inc. Class A | 1.47% | 83,595 | $48.9M | Add +19.3% |
| MSFT Microsoft Corp. | 1.38% | 108,960 | $45.9M | Add +60.6% |
| QLTY GMO U.S. Quality ETF | 1.25% | 1,297,309 | $41.5M | Reduce -63.1% |
| ORLY O'reilly Automotive Inc. | 1.22% | 34,027 | $40.3M | Add +23.3% |
| TKO Tko Group Holdings Inc. | 1.21% | 282,394 | $40.1M | Add +20.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.15% | 132,249 | $38.3M | Reduce -3.0% |
| AVDV Avantis Intl S/C Value ETF | 1.08% | 551,619 | $35.9M | Add +23.4% |
| ORCL Oracle Corp. | 0.97% | 193,989 | $32.3M | Add +7.6% |
| MS Morgan Stanley | 0.96% | 252,714 | $31.8M | Reduce -3.2% |
| MEDP Medpace Holdings Inc. | 0.87% | 87,145 | $29.0M | Add +18.7% |
| LIN Linde PLC | 0.86% | 68,286 | $28.6M | Add +16.2% |
| CRM Salesforce Inc. | 0.85% | 84,407 | $28.2M | Add +11.5% |
| MRK Merck & Co. Inc. | 0.83% | 277,633 | $27.6M | Reduce -10.0% |
| UNH Unitedhealth Group Inc. | 0.83% | 54,550 | $27.6M | Add +30.0% |
| COST Costco Wholesale Corp. | 0.83% | 30,061 | $27.5M | Add +14.9% |
| FCX Freeport-McMoran Inc. | 0.83% | 720,736 | $27.4M | Add +15.7% |
| IJR iShares Core S&P Small-Cap E | 0.77% | 221,928 | $25.6M | Add +8.3% |
| CVX Chevron Corp. | 0.71% | 162,340 | $23.5M | Add +19.0% |
| CTAS Cintas Corp. | 0.70% | 127,441 | $23.3M | Add +1.6% |
| NOW ServiceNow Inc. | 0.70% | 21,947 | $23.3M | Add +18.8% |
| SFM Sprouts Farmers Market Inc. | 0.69% | 181,312 | $23.0M | Reduce -2.3% |
| VIG Vanguard Dividend Apprec ETF | 0.67% | 114,095 | $22.3M | Add +0.2% |
| MELI MercadoLibre Inc. | 0.67% | 13,087 | $22.3M | Add +21.2% |
| HOOD Robinhood Markets Inc. Class A | 0.65% | 582,869 | $21.7M | Reduce -8.0% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.59% | 275,344 | $19.7M | Reduce -2.8% |
| VGT Vanguard Info Tech ETF | 0.59% | 31,226 | $19.4M | Reduce -6.6% |
| PBR Petroleo Brasileiro-Spon ADR | 0.58% | 1,508,806 | $19.4M | Add +56.1% |
| FNV Franco-Nevada Corp. | 0.56% | 159,404 | $18.7M | Add +24.7% |
| PSX Phillips 66 | 0.56% | 162,922 | $18.6M | Add +25.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.53% | 25,172 | $17.4M | New |
| PZA Invesco National Amt-Free Mu | 0.51% | 712,036 | $16.8M | New |
| VB Vanguard Most SM-Cap ETF-Usd | 0.49% | 67,047 | $16.1M | Reduce -3.2% |
| WST West Pharmaceutical Services | 0.48% | 48,648 | $15.9M | Add +34.8% |
| AOS Smith (a.o.) Corp. | 0.48% | 232,047 | $15.8M | Add +48.0% |
| IPAR Interparfums Inc. | 0.47% | 118,390 | $15.6M | Add +36.5% |
| GRBK Green Brick Partners Inc. | 0.46% | 271,931 | $15.4M | Add +26.6% |
| UFPT Ufp Technologies Inc. | 0.46% | 61,808 | $15.1M | Add +34.8% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.45% | 53,021 | $15.1M | Add +29.0% |
| UBER Uber Technologies Inc. | 0.45% | 248,343 | $15.0M | New |
| DPZ Domino's Pizza Inc. | 0.44% | 35,096 | $14.7M | Add +43.6% |
| GNRC Generac Holdings Inc. | 0.44% | 94,667 | $14.7M | Add +26.1% |
| JPM JPMorgan Chase & Co. | 0.40% | 55,141 | $13.2M | Add +7.7% |
| MRSH Marsh & McLennan Cos | 0.40% | 62,012 | $13.2M | Add +4.4% |
| VCTR Victory Capital Holding - A | 0.34% | 173,562 | $11.4M | Add +599.7% |
| NSSC Napco Security Technologies | 0.34% | 316,171 | $11.2M | Add +4.1% |
| HON Honeywell International Inc. | 0.33% | 48,952 | $11.1M | Add +7.2% |
| ABBV Abbvie Inc. | 0.33% | 62,034 | $11.0M | Reduce -1.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.32% | 53,150 | $10.5M | Add +10.8% |
| WEC WEC Energy Group Inc. | 0.31% | 110,644 | $10.4M | Add +6.5% |
| MAMA Mama's Creations Inc. | 0.29% | 1,221,373 | $9.7M | Add +71.0% |
| DESP Despegar.com Corp. | 0.29% | 493,445 | $9.5M | New |
| ETN Eaton Corp. PLC | 0.28% | 28,233 | $9.4M | Add +4.3% |
| WMB Williams Cos Inc. | 0.28% | 169,533 | $9.2M | Add +2.5% |
| AVGO Broadcom Inc. | 0.27% | 38,665 | $9.0M | Reduce -3.5% |
| QUAL iShares MSCI USA Quality Fac | 0.25% | 47,024 | $8.4M | Reduce -6.1% |
| GS Goldman Sachs Group Inc. | 0.25% | 14,582 | $8.3M | Reduce -19.9% |
| ABT Abbott Laboratories | 0.25% | 73,028 | $8.3M | Add +4.5% |
| HD Home Depot Inc. | 0.25% | 21,032 | $8.2M | Reduce -2.2% |
| GOOGL Alphabet Inc. Class A | 0.23% | 40,306 | $7.6M | Add +3.3% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.22% | 161,936 | $7.3M | Reduce -4.0% |
| XLV SS Health Care Select Sector | 0.22% | 52,363 | $7.2M | Reduce -0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 12,203 | $7.2M | Add +16.4% |
| CL Colgate-Palmolive Co. | 0.21% | 76,905 | $7.0M | Add +1844.5% |
| IVV iShares Core S&P 500 ETF | 0.21% | 11,580 | $6.8M | Reduce -5.2% |
| SMCI Super Micro Computer Inc. | 0.20% | 220,073 | $6.7M | New |
| VLO Valero Energy Corp. | 0.19% | 51,424 | $6.3M | Reduce -8.8% |
| TOL Toll Brothers Inc. | 0.18% | 46,564 | $5.9M | Reduce -0.4% |
| PG The Procter & Gamble Co. | 0.17% | 34,215 | $5.7M | Add +5.3% |
| AMAT Applied Materials Inc. | 0.16% | 32,474 | $5.3M | Reduce -75.8% |
| MNST Monster Beverage Corp. | 0.16% | 97,990 | $5.2M | Add +5.1% |
| VZ Verizon Communications Inc. | 0.15% | 125,510 | $5.0M | Reduce -4.7% |
| SYK Stryker Corp. | 0.15% | 13,549 | $4.9M | Add +63.0% |
| TMO Thermo Fisher Scientific Inc. | 0.14% | 9,232 | $4.8M | Add +7.7% |
| JNJ Johnson & Johnson | 0.14% | 31,703 | $4.6M | Add +2.6% |
| COP Conocophillips | 0.14% | 46,075 | $4.6M | Reduce -19.3% |
| VSTS Vestis Corp. | 0.14% | 293,899 | $4.5M | Add +13.5% |
| TTE Totalenergies SE -Spon ADR | 0.12% | 75,737 | $4.1M | Add +3.2% |
| AMGN Amgen Inc. | 0.12% | 15,768 | $4.1M | Reduce -11.4% |
| LPLA LPL Financial Holdings Inc. | 0.12% | 12,351 | $4.0M | Reduce -20.9% |
| COWZ Pacer US Cash Cows 100 ETF | 0.12% | 69,766 | $3.9M | Reduce -8.8% |
| DOV Dover Corp. | 0.12% | 20,784 | $3.9M | Reduce -4.9% |
| QCOM Qualcomm Inc. | 0.11% | 24,620 | $3.8M | Reduce -3.6% |
| IWF iShares Russell 1000 Growth | 0.10% | 8,154 | $3.3M | Reduce -1.8% |
| AEM Agnico Eagle Mines Ltd. | 0.10% | 40,573 | $3.2M | Reduce -4.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 5,872 | $3.0M | Add +54.9% |
Options reported separately and not counted above: XLF calls ($121K), SPY puts ($117K).
Portfolio Sells Q3 2024 → Q4 2024
| USFR Wisdomtree Floating Rate Tre | Reduce -99.4% | 0.03% | −5.62 |
| AVDE Avantis International Equity | Reduce -14.3% | 9.13% | −3.23 |
| QLTY GMO U.S. Quality ETF | Reduce -63.1% | 1.25% | −2.42 |
| AVEM Avantis Emerging Markets Eq | Reduce -17.9% | 3.69% | −1.56 |
| AMAT Applied Materials Inc. | Reduce -75.8% | 0.16% | −0.71 |
| JMST JPM Ultra-Short Muni Income | Reduce -97.8% | 0.01% | −0.68 |
| JQUA JPMorgan US Quality Factor | Reduce -7.9% | 4.09% | −0.57 |
| ADBE Adobe Inc. | Reduce -82.2% | 0.08% | −0.49 |
| UNP Union Pacific Corp. | Reduce -87.6% | 0.05% | −0.44 |
| JSI JH Securitized Income ETF | Reduce -94.0% | 0.02% | −0.40 |
| VFLO Victoryshares Free Cash Flow | Reduce -8.8% | 2.71% | −0.37 |
| MRK Merck & Co. Inc. | Reduce -10.0% | 0.83% | −0.29 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.0% | 1.15% | −0.08 |
| ABBV Abbvie Inc. | Reduce -1.6% | 0.33% | −0.07 |
| AMGN Amgen Inc. | Reduce -11.4% | 0.12% | −0.06 |
| EGY Vaalco Energy Inc. | Reduce -96.1% | 0.00% | −0.06 |
| COP Conocophillips | Reduce -19.3% | 0.14% | −0.05 |
| TOL Toll Brothers Inc. | Reduce -0.4% | 0.18% | −0.05 |
| VLO Valero Energy Corp. | Reduce -8.8% | 0.19% | −0.05 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -2.8% | 0.59% | −0.04 |
| XLV SS Health Care Select Sector | Reduce -0.5% | 0.22% | −0.04 |
| VGT Vanguard Info Tech ETF | Reduce -6.6% | 0.59% | −0.04 |
| ACLS Axcelis Technologies Inc. | Sold out | 0.00% | −0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -3.2% | 0.49% | −0.04 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -4.7% | 0.15% | −0.04 |
| GS Goldman Sachs Group Inc. | Reduce -19.9% | 0.25% | −0.04 |
| QUAL iShares MSCI USA Quality Fac | Reduce -6.1% | 0.25% | −0.03 |
| HD Home Depot Inc. | Reduce -2.2% | 0.25% | −0.03 |
| YOU Clear Secure Inc. Class A | Sold out | 0.00% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -8.0% | 0.09% | −0.03 |
| TLH iShares 10-20 Year Treasury | Reduce -25.2% | 0.05% | −0.03 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -4.0% | 0.22% | −0.03 |
| TLT iShares 20+ Year Treasury BD | Reduce -10.8% | 0.08% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -3.6% | 0.11% | −0.03 |
| TNC Tennant Co. | Sold out | 0.00% | −0.02 |
| USB US Bancorp | Reduce -32.7% | 0.05% | −0.02 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -8.8% | 0.12% | −0.02 |
| FIS Fidelity National Info Serv | Reduce -15.7% | 0.07% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -5.2% | 0.21% | −0.02 |
| DOV Dover Corp. | Reduce -4.9% | 0.12% | −0.02 |
| HPQ HP Inc. | Reduce -3.6% | 0.07% | −0.02 |
| CF CF Industries Holdings Inc. | Sold out | 0.00% | −0.01 |
| DHI D.R. Horton Inc. | Reduce -6.2% | 0.03% | −0.01 |
| AEM Agnico Eagle Mines Ltd. | Reduce -4.0% | 0.10% | −0.01 |
| IDV iShares International Select | Reduce -17.2% | 0.03% | −0.01 |
| IQLT iShares MSCI International Q | Reduce -15.1% | 0.03% | −0.01 |
| ZIM Zim Integrated Shipping Serv | Reduce -45.9% | 0.01% | −0.01 |
| AVUV Avantis US Small Cap Value | Reduce -9.3% | 0.06% | −0.01 |
| MU Micron Technology Inc. | Reduce -0.7% | 0.03% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| VGLT Vanguard Long-Term Treasury | New | 4.33% | +4.33 |
| QLTA iShares Aaa - A Rated Corpor | New | 3.41% | +3.41 |
| UBND Victoryshares Core Plus Bond | Add +131.3% | 1.89% | +0.99 |
| SMTH Alps SMTH Cor BD Plus ETF | Add +81.9% | 2.28% | +0.90 |
| NVDA Nvidia Corp. | Add +30.0% | 2.08% | +0.54 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.53% | +0.53 |
| PZA Invesco National Amt-Free Mu | New | 0.51% | +0.51 |
| UBER Uber Technologies Inc. | New | 0.45% | +0.45 |
| MSFT Microsoft Corp. | Add +60.6% | 1.38% | +0.45 |
| AMZN Amazon.com Inc. | Add +16.7% | 1.65% | +0.37 |
| V Visa Inc. Class A | Add +17.6% | 1.69% | +0.36 |
| AAPL Apple Inc. | Add +14.9% | 2.59% | +0.36 |
| VCTR Victory Capital Holding - A | Add +599.7% | 0.34% | +0.30 |
| DESP Despegar.com Corp. | New | 0.29% | +0.29 |
| TKO Tko Group Holdings Inc. | Add +20.5% | 1.21% | +0.28 |
| SMCI Super Micro Computer Inc. | New | 0.20% | +0.20 |
| ORLY O'reilly Automotive Inc. | Add +23.3% | 1.22% | +0.20 |
| CL Colgate-Palmolive Co. | Add +1844.5% | 0.21% | +0.20 |
| META Meta Platforms Inc. Class A | Add +19.3% | 1.47% | +0.19 |
| CRM Salesforce Inc. | Add +11.5% | 0.85% | +0.19 |
| NOW ServiceNow Inc. | Add +18.8% | 0.70% | +0.17 |
| XMHQ Invesco S&P Midcap Qual ETF | Add +15.9% | 3.12% | +0.14 |
| PBR Petroleo Brasileiro-Spon ADR | Add +56.1% | 0.58% | +0.14 |
| WST West Pharmaceutical Services | Add +34.8% | 0.48% | +0.13 |
| MAMA Mama's Creations Inc. | Add +71.0% | 0.29% | +0.13 |
| IPAR Interparfums Inc. | Add +36.5% | 0.47% | +0.11 |
| DPZ Domino's Pizza Inc. | Add +43.6% | 0.44% | +0.11 |
| MEDP Medpace Holdings Inc. | Add +18.7% | 0.87% | +0.09 |
| COST Costco Wholesale Corp. | Add +14.9% | 0.83% | +0.09 |
| AJG Arthur J Gallagher & Co. | Add +29.0% | 0.45% | +0.08 |
| AVUS Avantis U.S. Equity ETF | Add +5.0% | 10.41% | +0.08 |
| BMI Badger Meter Inc. | Add +1284.9% | 0.08% | +0.08 |
| AVDV Avantis Intl S/C Value ETF | Add +23.4% | 1.08% | +0.07 |
| CVX Chevron Corp. | Add +19.0% | 0.71% | +0.07 |
| GNRC Generac Holdings Inc. | Add +26.1% | 0.44% | +0.06 |
| FNV Franco-Nevada Corp. | Add +24.7% | 0.56% | +0.06 |
| OSEA Harbor Intl Compounders ETF | New | 0.05% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +7.7% | 0.40% | +0.05 |
| SYK Stryker Corp. | Add +63.0% | 0.15% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | Add +10.8% | 0.32% | +0.05 |
| UNH Unitedhealth Group Inc. | Add +30.0% | 0.83% | +0.05 |
| AEHR Aehr Test Systems | New | 0.04% | +0.04 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +137.9% | 0.06% | +0.04 |
| CELH Celsius Holdings Inc. | New | 0.04% | +0.04 |
| LB Landbridge Co. LLC-A | New | 0.04% | +0.04 |
| WMB Williams Cos Inc. | Add +2.5% | 0.28% | +0.03 |
| HSTM Healthstream Inc. | New | 0.03% | +0.03 |
| PM Philip Morris International | Add +77.0% | 0.09% | +0.03 |
| IWB iShares Russell 1000 ETF | Add +276.9% | 0.05% | +0.03 |
| WINA Winmark Corp. | New | 0.03% | +0.03 |
Options Activity Q3 2024 → Q4 2024
| XLF SS Financial Select Sector | call | New | 2,500 | $121K |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 200 | $117K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |