Annex Advisory Services, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 11, 2025), Annex Advisory Services, LLC reported 309 stock positions worth $3.5 billion. Its top holding was Avantis International Equity (AVDE) at 7.1% of the portfolio, followed by Avantis U.S. Equity ETF (AVUS, 6.1%) and Janus Henderson Aaa Clo ETF (JAAA, 4.9%). Compared with Q4 2024, it opened 26 new positions, sold out of 26, added to 124 and reduced 126. The biggest buy was Janus Henderson Aaa Clo ETF (JAAA, shares +25027%) and the biggest sale Avantis U.S. Equity ETF (AVUS, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKFIELD, WI
- CIK
- 0001542287
- Portfolio Value
- $3.5B (Q1 2025)
- SEC Filing
- 0001085146-25-002042 ↗ filed Apr 11, 2025
Holdings Value
Holdings 309 stocks · $3.5B
| AVDE Avantis International Equity | 7.12% | 3,790,021 | $251.2M | Reduce -23.2% |
| AVUS Avantis U.S. Equity ETF | 6.07% | 2,319,087 | $214.2M | Reduce -34.9% |
| JAAA Janus Henderson Aaa Clo ETF | 4.94% | 3,437,851 | $174.3M | Add +25026.8% |
| VGLT Vanguard Long-Term Treasury | 4.43% | 2,712,844 | $156.3M | Add +4.5% |
| GFLW VS Free Cash Flow Growth ETF filed as VICTORY PORTFOLIOS II | 3.18% | 5,170,160 | $112.2M | New |
| AVEM Avantis Emerging Markets Eq | 3.08% | 1,807,879 | $108.8M | Reduce -13.3% |
| IOO iShares Global 100 ETF | 2.96% | 1,085,956 | $104.6M | New |
| XMHQ Invesco S&P Midcap Qual ETF | 2.88% | 1,109,163 | $101.5M | Add +5.4% |
| SMTH Alps SMTH Cor BD Plus ETF | 2.57% | 3,496,658 | $90.5M | Add +17.9% |
| AAPL Apple Inc. | 2.47% | 391,808 | $87.0M | Add +14.2% |
| UBND Victoryshares Core Plus Bond | 2.39% | 3,871,944 | $84.4M | Add +32.1% |
| VFLO Victoryshares Free Cash Flow | 2.27% | 2,338,656 | $80.2M | Reduce -11.3% |
| META Meta Platforms Inc. Class A | 1.91% | 117,040 | $67.5M | Add +40.0% |
| AMZN Amazon.com Inc. | 1.83% | 338,455 | $64.4M | Add +35.8% |
| V Visa Inc. Class A | 1.82% | 182,935 | $64.1M | Add +2.8% |
| NVDA Nvidia Corp. | 1.67% | 544,031 | $59.0M | Add +6.0% |
| MFSI MFS Active International | 1.59% | 2,176,084 | $56.0M | New |
| OSEA Harbor Intl Compounders ETF | 1.57% | 2,084,963 | $55.3M | Add +2969.0% |
| ORLY O'reilly Automotive Inc. | 1.56% | 38,471 | $55.1M | Add +13.1% |
| TKO Tko Group Holdings Inc. | 1.41% | 324,632 | $49.6M | Add +15.0% |
| QLTY GMO U.S. Quality ETF | 1.16% | 1,309,663 | $40.9M | Add +0.9% |
| MSFT Microsoft Corp. | 1.16% | 108,771 | $40.8M | Reduce -0.2% |
| NTNX Nutanix Inc. Class A | 1.06% | 534,221 | $37.3M | New |
| LIN Linde PLC | 1.00% | 75,941 | $35.4M | Add +11.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.99% | 127,010 | $34.9M | Reduce -4.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.98% | 52,154 | $34.6M | Add +107.2% |
| MS Morgan Stanley | 0.97% | 291,900 | $34.1M | Add +15.5% |
| CRM Salesforce Inc. | 0.92% | 120,356 | $32.3M | Add +42.6% |
| UNH Unitedhealth Group Inc. | 0.88% | 59,571 | $31.2M | Add +9.2% |
| ORCL Oracle Corp. | 0.87% | 220,686 | $30.9M | Add +13.8% |
| COST Costco Wholesale Corp. | 0.87% | 32,471 | $30.7M | Add +8.0% |
| HOOD Robinhood Markets Inc. Class A | 0.87% | 734,454 | $30.6M | Add +26.0% |
| MEDP Medpace Holdings Inc. | 0.86% | 99,190 | $30.2M | Add +13.8% |
| CVX Chevron Corp. | 0.85% | 179,482 | $30.0M | Add +10.6% |
| MELI MercadoLibre Inc. | 0.85% | 15,388 | $30.0M | Add +17.6% |
| UBER Uber Technologies Inc. | 0.84% | 407,591 | $29.7M | Add +64.1% |
| FNV Franco-Nevada Corp. | 0.82% | 183,106 | $28.9M | Add +14.9% |
| GRBK Green Brick Partners Inc. | 0.78% | 469,955 | $27.4M | Add +72.8% |
| AVGO Broadcom Inc. | 0.78% | 163,248 | $27.3M | Add +322.2% |
| FCX Freeport-McMoran Inc. | 0.77% | 720,864 | $27.3M | Add +0.0% |
| SFM Sprouts Farmers Market Inc. | 0.76% | 175,969 | $26.9M | Reduce -3.0% |
| AVDV Avantis Intl S/C Value ETF | 0.74% | 374,874 | $26.1M | Reduce -32.0% |
| PBR Petroleo Brasileiro-Spon ADR | 0.74% | 1,818,558 | $26.1M | Add +20.5% |
| MRK Merck & Co. Inc. | 0.71% | 277,700 | $24.9M | Add +0.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.65% | 66,294 | $22.9M | Add +25.0% |
| VCTR Victory Capital Holding - A | 0.65% | 395,252 | $22.9M | Add +127.7% |
| UFPT Ufp Technologies Inc. | 0.60% | 105,288 | $21.2M | Add +70.3% |
| VIG Vanguard Dividend Apprec ETF | 0.59% | 108,039 | $21.0M | Reduce -5.3% |
| DPZ Domino's Pizza Inc. | 0.58% | 44,746 | $20.6M | Add +27.5% |
| GNRC Generac Holdings Inc. | 0.55% | 153,714 | $19.5M | Add +62.4% |
| CTAS Cintas Corp. | 0.55% | 94,639 | $19.5M | Reduce -25.7% |
| GDDY GoDaddy Inc. Class A | 0.55% | 106,931 | $19.3M | New |
| SPOT Spotify Technology SA | 0.54% | 34,407 | $18.9M | New |
| PZA Invesco National Amt-Free Mu | 0.51% | 785,365 | $18.1M | Add +10.3% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.51% | 264,609 | $18.0M | Reduce -3.9% |
| IPAR Interparfums Inc. | 0.49% | 150,567 | $17.1M | Add +27.2% |
| VGT Vanguard Info Tech ETF | 0.45% | 29,461 | $16.0M | Reduce -5.7% |
| MRSH Marsh & McLennan Cos | 0.44% | 63,300 | $15.4M | Add +2.1% |
| WST West Pharmaceutical Services | 0.38% | 59,866 | $13.4M | Add +23.1% |
| LB Landbridge Co. LLC-A | 0.37% | 181,703 | $13.1M | Add +907.2% |
| JPM JPMorgan Chase & Co. | 0.36% | 52,395 | $12.9M | Reduce -5.0% |
| ABBV Abbvie Inc. | 0.34% | 57,664 | $12.1M | Reduce -7.0% |
| WEC WEC Energy Group Inc. | 0.34% | 110,377 | $12.0M | Reduce -0.2% |
| HON Honeywell International Inc. | 0.31% | 51,283 | $10.9M | Add +4.8% |
| WMB Williams Cos Inc. | 0.30% | 177,471 | $10.6M | Add +4.7% |
| CL Colgate-Palmolive Co. | 0.29% | 108,990 | $10.2M | Add +41.7% |
| ABT Abbott Laboratories | 0.27% | 72,947 | $9.7M | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.27% | 58,008 | $9.6M | Add +9.1% |
| SMCI Super Micro Computer Inc. | 0.24% | 250,073 | $8.6M | Add +13.6% |
| AS Amer Sports Inc. | 0.24% | 317,654 | $8.5M | New |
| GS Goldman Sachs Group Inc. | 0.23% | 14,761 | $8.1M | Add +1.2% |
| HD Home Depot Inc. | 0.22% | 20,740 | $7.6M | Reduce -1.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.21% | 34,161 | $7.6M | Reduce -49.0% |
| ETN Eaton Corp. PLC | 0.21% | 27,815 | $7.6M | Reduce -1.5% |
| QUAL iShares MSCI USA Quality Fac | 0.21% | 44,158 | $7.5M | Reduce -6.1% |
| XLV SS Health Care Select Sector | 0.20% | 48,887 | $7.1M | Reduce -6.6% |
| GOOGL Alphabet Inc. Class A | 0.20% | 45,786 | $7.1M | Add +13.6% |
| MAMA Mama's Creations Inc. | 0.18% | 1,002,439 | $6.5M | Reduce -17.9% |
| IVV iShares Core S&P 500 ETF | 0.18% | 11,483 | $6.5M | Reduce -0.8% |
| SYK Stryker Corp. | 0.18% | 17,211 | $6.4M | Add +27.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 10,999 | $6.2M | Reduce -9.9% |
| MNST Monster Beverage Corp. | 0.17% | 104,886 | $6.1M | Add +7.0% |
| SO The Southern Co. | 0.16% | 60,584 | $5.6M | Add +1629.0% |
| JNJ Johnson & Johnson | 0.16% | 33,438 | $5.5M | Add +5.5% |
| PM Philip Morris International | 0.16% | 34,715 | $5.5M | Add +46.6% |
| VLO Valero Energy Corp. | 0.15% | 40,943 | $5.4M | Reduce -20.4% |
| COP Conocophillips | 0.14% | 47,761 | $5.0M | Add +3.7% |
| TOL Toll Brothers Inc. | 0.14% | 47,137 | $5.0M | Add +1.2% |
| IJR iShares Core S&P Small-Cap E | 0.14% | 47,413 | $5.0M | Reduce -78.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.13% | 8,810 | $4.7M | Add +34.6% |
| PG The Procter & Gamble Co. | 0.13% | 26,256 | $4.5M | Reduce -23.3% |
| TMO Thermo Fisher Scientific Inc. | 0.12% | 8,787 | $4.4M | Reduce -4.8% |
| VZ Verizon Communications Inc. | 0.12% | 94,593 | $4.3M | Reduce -24.6% |
| QCOM Qualcomm Inc. | 0.11% | 25,189 | $3.9M | Add +2.3% |
| VSTS Vestis Corp. | 0.10% | 372,416 | $3.7M | Add +26.7% |
| DOV Dover Corp. | 0.10% | 20,440 | $3.6M | Reduce -1.7% |
| AMGN Amgen Inc. | 0.10% | 11,145 | $3.5M | Reduce -29.3% |
| LLY Eli Lilly & Co. | 0.10% | 4,124 | $3.4M | Add +6.2% |
| BRC Brady Corporation Class A | 0.09% | 46,253 | $3.3M | New |
| FCFS Firstcash Holdings Inc. | 0.09% | 26,136 | $3.1M | Add +6.1% |
Portfolio Sells Q4 2024 → Q1 2025
| AVUS Avantis U.S. Equity ETF | Reduce -34.9% | 6.07% | −4.33 |
| JQUA JPMorgan US Quality Factor | Reduce -98.7% | 0.05% | −4.04 |
| QLTA iShares Aaa - A Rated Corpor | Reduce -98.9% | 0.04% | −3.37 |
| AVDE Avantis International Equity | Reduce -23.2% | 7.12% | −2.00 |
| APP AppLovin Corp. Class A | Reduce -99.5% | 0.01% | −1.63 |
| NOW ServiceNow Inc. | Reduce -96.3% | 0.02% | −0.68 |
| IJR iShares Core S&P Small-Cap E | Reduce -78.6% | 0.14% | −0.63 |
| AVEM Avantis Emerging Markets Eq | Reduce -13.3% | 3.08% | −0.61 |
| PSX Phillips 66 | Reduce -94.1% | 0.03% | −0.53 |
| AOS Smith (a.o.) Corp. | Reduce -95.4% | 0.02% | −0.46 |
| VFLO Victoryshares Free Cash Flow | Reduce -11.3% | 2.27% | −0.44 |
| AVDV Avantis Intl S/C Value ETF | Reduce -32.0% | 0.74% | −0.34 |
| NSSC Napco Security Technologies | Sold out | 0.00% | −0.34 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.29 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -49.0% | 0.21% | −0.27 |
| MSFT Microsoft Corp. | Reduce -0.2% | 1.16% | −0.23 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -4.0% | 0.99% | −0.17 |
| CTAS Cintas Corp. | Reduce -25.7% | 0.55% | −0.15 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -57.5% | 0.08% | −0.14 |
| VGT Vanguard Info Tech ETF | Reduce -5.7% | 0.45% | −0.13 |
| TTE Totalenergies SE -Spon ADR | Reduce -95.0% | 0.01% | −0.12 |
| MAMA Mama's Creations Inc. | Reduce -17.9% | 0.18% | −0.11 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -3.9% | 0.51% | −0.08 |
| AMAT Applied Materials Inc. | Reduce -40.2% | 0.08% | −0.08 |
| VIG Vanguard Dividend Apprec ETF | Reduce -5.3% | 0.59% | −0.08 |
| HPQ HP Inc. | Sold out | 0.00% | −0.07 |
| ETN Eaton Corp. PLC | Reduce -1.5% | 0.21% | −0.07 |
| ADBE Adobe Inc. | Reduce -71.0% | 0.02% | −0.06 |
| SPNS Sapiens International Corp. | Sold out | 0.00% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -23.3% | 0.13% | −0.05 |
| LPLA LPL Financial Holdings Inc. | Reduce -30.3% | 0.08% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -9.9% | 0.17% | −0.04 |
| KSS Kohls Corp. | Reduce -0.0% | 0.05% | −0.04 |
| AEHR Aehr Test Systems | Sold out | 0.00% | −0.04 |
| QUAL iShares MSCI USA Quality Fac | Reduce -6.1% | 0.21% | −0.04 |
| VLO Valero Energy Corp. | Reduce -20.4% | 0.15% | −0.04 |
| TLT iShares 20+ Year Treasury BD | Reduce -44.8% | 0.04% | −0.04 |
| CELH Celsius Holdings Inc. | Sold out | 0.00% | −0.04 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -22.4% | 0.08% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -5.0% | 0.36% | −0.03 |
| HD Home Depot Inc. | Reduce -1.4% | 0.22% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -24.6% | 0.12% | −0.03 |
| AEM Agnico Eagle Mines Ltd. | Reduce -46.4% | 0.07% | −0.03 |
| TRNS Transcat Inc. | Reduce -4.1% | 0.05% | −0.03 |
| AMGN Amgen Inc. | Reduce -29.3% | 0.10% | −0.03 |
| MUB iShares National Muni Bond E | Reduce -50.5% | 0.02% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -0.8% | 0.18% | −0.02 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -15.8% | 0.07% | −0.02 |
| TSLA Tesla Inc. | Reduce -13.1% | 0.02% | −0.02 |
| AVUV Avantis US Small Cap Value | Reduce -23.6% | 0.04% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| JAAA Janus Henderson Aaa Clo ETF | Add +25026.8% | 4.94% | +4.92 |
| GFLW VS Free Cash Flow Growth ETF | New | 3.18% | +3.18 |
| IOO iShares Global 100 ETF | New | 2.96% | +2.96 |
| MFSI MFS Active International | New | 1.59% | +1.59 |
| OSEA Harbor Intl Compounders ETF | Add +2969.0% | 1.57% | +1.52 |
| NTNX Nutanix Inc. Class A | New | 1.06% | +1.06 |
| GDDY GoDaddy Inc. Class A | New | 0.55% | +0.55 |
| SPOT Spotify Technology SA | New | 0.54% | +0.54 |
| UBND Victoryshares Core Plus Bond | Add +32.1% | 2.39% | +0.51 |
| AVGO Broadcom Inc. | Add +322.2% | 0.78% | +0.50 |
| ASML ASML Holding NV-NY Reg SHS | Add +107.2% | 0.98% | +0.45 |
| META Meta Platforms Inc. Class A | Add +40.0% | 1.91% | +0.44 |
| UBER Uber Technologies Inc. | Add +64.1% | 0.84% | +0.39 |
| ORLY O'reilly Automotive Inc. | Add +13.1% | 1.56% | +0.35 |
| LB Landbridge Co. LLC-A | Add +907.2% | 0.37% | +0.34 |
| GRBK Green Brick Partners Inc. | Add +72.8% | 0.78% | +0.31 |
| VCTR Victory Capital Holding - A | Add +127.7% | 0.65% | +0.31 |
| SMTH Alps SMTH Cor BD Plus ETF | Add +17.9% | 2.57% | +0.28 |
| FNV Franco-Nevada Corp. | Add +14.9% | 0.82% | +0.25 |
| AS Amer Sports Inc. | New | 0.24% | +0.24 |
| HOOD Robinhood Markets Inc. Class A | Add +26.0% | 0.87% | +0.21 |
| TKO Tko Group Holdings Inc. | Add +15.0% | 1.41% | +0.20 |
| AJG Arthur J Gallagher & Co. | Add +25.0% | 0.65% | +0.20 |
| MELI MercadoLibre Inc. | Add +17.6% | 0.85% | +0.18 |
| AMZN Amazon.com Inc. | Add +35.8% | 1.83% | +0.18 |
| PBR Petroleo Brasileiro-Spon ADR | Add +20.5% | 0.74% | +0.15 |
| SO The Southern Co. | Add +1629.0% | 0.16% | +0.15 |
| UFPT Ufp Technologies Inc. | Add +70.3% | 0.60% | +0.15 |
| CVX Chevron Corp. | Add +10.6% | 0.85% | +0.14 |
| LIN Linde PLC | Add +11.2% | 1.00% | +0.14 |
| DPZ Domino's Pizza Inc. | Add +27.5% | 0.58% | +0.14 |
| V Visa Inc. Class A | Add +2.8% | 1.82% | +0.12 |
| GNRC Generac Holdings Inc. | Add +62.4% | 0.55% | +0.11 |
| VGLT Vanguard Long-Term Treasury | Add +4.5% | 4.43% | +0.10 |
| BRC Brady Corporation Class A | New | 0.09% | +0.09 |
| CL Colgate-Palmolive Co. | Add +41.7% | 0.29% | +0.08 |
| IBM Intl Business Machines Corp. | Add +853.7% | 0.09% | +0.08 |
| BAC Bank of America Corp. | Add +766.3% | 0.08% | +0.07 |
| PM Philip Morris International | Add +46.6% | 0.16% | +0.07 |
| CRM Salesforce Inc. | Add +42.6% | 0.92% | +0.07 |
| NXPI NXP Semiconductors NV | New | 0.06% | +0.06 |
| UNH Unitedhealth Group Inc. | Add +9.2% | 0.88% | +0.05 |
| TCBX Third Coast Bancshares Inc. | New | 0.05% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +34.6% | 0.13% | +0.04 |
| UTL Unitil Corp. | Add +119.2% | 0.08% | +0.04 |
| MRSH Marsh & McLennan Cos | Add +2.1% | 0.44% | +0.04 |
| COST Costco Wholesale Corp. | Add +8.0% | 0.87% | +0.04 |
| SMCI Super Micro Computer Inc. | Add +13.6% | 0.24% | +0.04 |
| RDVT Red Violet Inc. | Add +113.1% | 0.07% | +0.04 |
| CSCO Cisco Systems Inc. | Add +340.4% | 0.05% | +0.03 |
Options Activity Q4 2024 → Q1 2025
| XLF SS Financial Select Sector | call | Sold out | 2,500 | $121Kbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 200 | $117Kbefore exit |
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 |