Annex Advisory Services, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Annex Advisory Services, LLC reported 321 stock positions worth $4.2 billion. Its top holding was Victoryshares Core Plus Bond (UBND) at 8.8% of the portfolio, followed by Avantis U.S. Equity ETF (AVUS, 6.3%) and VS Free Cash Flow Growth ETF (GFLW, 4.3%). Compared with Q1 2025, it opened 32 new positions, sold out of 20, added to 119 and reduced 134. The biggest buy was Victoryshares Core Plus Bond (UBND, shares +332%) and the biggest sale Janus Henderson Aaa Clo ETF (JAAA, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKFIELD, WI
- CIK
- 0001542287
- Portfolio Value
- $4.2B (Q2 2025)
- SEC Filing
- 0001085146-25-003756 ↗ filed Jul 11, 2025
Holdings Value
Holdings 321 stocks · $4.2B
| UBND Victoryshares Core Plus Bond | 8.80% | 16,731,387 | $365.6M | Add +332.1% |
| AVUS Avantis U.S. Equity ETF | 6.28% | 2,585,372 | $260.7M | Add +11.5% |
| GFLW VS Free Cash Flow Growth ETF filed as VICTORY PORTFOLIOS II | 4.28% | 6,766,265 | $177.9M | Add +30.9% |
| AVDE Avantis International Equity | 4.17% | 2,342,328 | $173.4M | Reduce -38.2% |
| IOO iShares Global 100 ETF | 3.69% | 1,422,141 | $153.3M | Add +31.0% |
| SMTH Alps SMTH Cor BD Plus ETF | 3.20% | 5,143,368 | $133.0M | Add +47.1% |
| AVEM Avantis Emerging Markets Eq | 2.92% | 1,767,726 | $121.2M | Reduce -2.2% |
| VFLO Victoryshares Free Cash Flow | 2.70% | 3,173,134 | $112.2M | Add +35.7% |
| META Meta Platforms Inc. Class A | 2.32% | 130,770 | $96.5M | Add +11.7% |
| NVDA Nvidia Corp. | 2.29% | 601,418 | $95.0M | Add +10.6% |
| AMZN Amazon.com Inc. | 2.16% | 408,477 | $89.6M | Add +20.7% |
| AAPL Apple Inc. | 2.12% | 428,462 | $87.9M | Add +9.4% |
| BWX SS SPDR BB Intl Treasury BD | 1.77% | 3,130,772 | $73.5M | New |
| V Visa Inc. Class A | 1.74% | 203,889 | $72.4M | Add +11.4% |
| MFSI MFS Active International | 1.73% | 2,522,840 | $71.8M | Add +15.9% |
| DFIC Dimensional International Co. | 1.70% | 2,277,634 | $70.8M | New |
| OSEA Harbor Intl Compounders ETF | 1.70% | 2,416,917 | $70.7M | Add +15.9% |
| TKO Tko Group Holdings Inc. | 1.63% | 373,059 | $67.9M | Add +14.9% |
| HOOD Robinhood Markets Inc. Class A | 1.48% | 654,878 | $61.3M | Reduce -10.8% |
| AVGO Broadcom Inc. | 1.40% | 210,989 | $58.2M | Add +29.2% |
| MSFT Microsoft Corp. | 1.40% | 116,541 | $58.0M | Add +7.1% |
| ORCL Oracle Corp. | 1.32% | 251,615 | $55.0M | Add +14.0% |
| UBER Uber Technologies Inc. | 1.24% | 552,662 | $51.6M | Add +35.6% |
| MELI MercadoLibre Inc. | 1.24% | 19,695 | $51.5M | Add +28.0% |
| ORLY O'reilly Automotive Inc. | 1.23% | 565,079 | $50.9M | Reduce -2.1% |
| ASML ASML Holding NV-NY Reg SHS | 1.13% | 58,823 | $47.1M | Add +12.8% |
| NTNX Nutanix Inc. Class A | 1.13% | 613,264 | $46.9M | Add +14.8% |
| MS Morgan Stanley | 1.04% | 307,868 | $43.4M | Add +5.5% |
| SPOT Spotify Technology SA | 1.00% | 53,984 | $41.4M | Add +56.9% |
| FCX Freeport-McMoran Inc. | 0.96% | 916,899 | $39.7M | Add +27.2% |
| LIN Linde PLC | 0.94% | 83,011 | $38.9M | Add +9.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.92% | 125,182 | $38.0M | Reduce -1.4% |
| CRM Salesforce Inc. | 0.89% | 136,195 | $37.1M | Add +13.2% |
| COST Costco Wholesale Corp. | 0.85% | 35,554 | $35.2M | Add +9.5% |
| GRBK Green Brick Partners Inc. | 0.83% | 546,427 | $34.4M | Add +16.3% |
| AVDV Avantis Intl S/C Value ETF | 0.81% | 421,957 | $33.5M | Add +12.6% |
| VCTR Victory Capital Holding - A | 0.80% | 520,028 | $33.1M | Add +31.6% |
| SFM Sprouts Farmers Market Inc. | 0.79% | 198,583 | $32.7M | Add +12.8% |
| ISRG Intuitive Surgical Inc. | 0.74% | 56,628 | $30.8M | New |
| MEDP Medpace Holdings Inc. | 0.72% | 95,421 | $29.9M | Reduce -3.8% |
| FNV Franco-Nevada Corp. | 0.71% | 180,403 | $29.6M | Reduce -1.5% |
| UFPT Ufp Technologies Inc. | 0.70% | 118,593 | $29.0M | Add +12.6% |
| CVX Chevron Corp. | 0.68% | 197,116 | $28.2M | Add +9.8% |
| GNRC Generac Holdings Inc. | 0.61% | 178,133 | $25.5M | Add +15.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.59% | 76,997 | $24.6M | Add +16.1% |
| QLTY GMO U.S. Quality ETF | 0.57% | 688,515 | $23.6M | Reduce -47.4% |
| DPZ Domino's Pizza Inc. | 0.57% | 52,128 | $23.5M | Add +16.5% |
| PBR Petroleo Brasileiro-Spon ADR | 0.56% | 1,856,898 | $23.2M | Add +2.1% |
| GDDY GoDaddy Inc. Class A | 0.55% | 127,319 | $22.9M | Add +19.1% |
| CTAS Cintas Corp. | 0.55% | 102,290 | $22.8M | Add +8.1% |
| VIG Vanguard Dividend Apprec ETF | 0.49% | 99,004 | $20.3M | Reduce -8.4% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.46% | 254,583 | $19.1M | Reduce -3.8% |
| VGT Vanguard Info Tech ETF | 0.45% | 27,924 | $18.5M | Reduce -5.2% |
| LMAT Lemaitre Vascular Inc. | 0.44% | 219,667 | $18.2M | Add +535.2% |
| MRSH Marsh & McLennan Cos | 0.39% | 73,440 | $16.1M | Add +16.0% |
| FPEI First Trust Institutional PR | 0.38% | 840,952 | $16.0M | New |
| JPM JPMorgan Chase & Co. | 0.37% | 53,341 | $15.5M | Add +1.8% |
| WST West Pharmaceutical Services | 0.36% | 69,130 | $15.1M | Add +15.5% |
| AS Amer Sports Inc. | 0.36% | 380,989 | $14.8M | Add +19.9% |
| GSHD Goosehead Insurance Inc. Class A | 0.35% | 136,564 | $14.4M | Add +1248.8% |
| LB Landbridge Co. LLC-A | 0.34% | 208,586 | $14.1M | Add +14.8% |
| HON Honeywell International Inc. | 0.31% | 55,454 | $12.9M | Add +8.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.30% | 55,463 | $12.6M | Reduce -4.4% |
| SMCI Super Micro Computer Inc. | 0.30% | 250,233 | $12.3M | Add +0.1% |
| GLBE Global-E Online Ltd. | 0.29% | 363,459 | $12.2M | New |
| WMB Williams Cos Inc. | 0.29% | 193,878 | $12.2M | Add +9.2% |
| WEC WEC Energy Group Inc. | 0.28% | 110,530 | $11.5M | Add +0.1% |
| ABBV Abbvie Inc. | 0.25% | 56,510 | $10.5M | Reduce -2.0% |
| ABT Abbott Laboratories | 0.25% | 76,006 | $10.3M | Add +4.2% |
| ETN Eaton Corp. PLC | 0.24% | 28,383 | $10.1M | Add +2.0% |
| CL Colgate-Palmolive Co. | 0.23% | 103,631 | $9.4M | Reduce -4.9% |
| PZA Invesco National Amt-Free Mu | 0.22% | 416,668 | $9.3M | Reduce -47.0% |
| GS Goldman Sachs Group Inc. | 0.22% | 12,876 | $9.1M | Reduce -12.8% |
| GOOGL Alphabet Inc. Class A | 0.20% | 47,974 | $8.5M | Add +4.8% |
| HD Home Depot Inc. | 0.19% | 21,536 | $7.9M | Add +3.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 12,730 | $7.9M | Add +15.7% |
| QUAL iShares MSCI USA Quality Fac | 0.18% | 40,700 | $7.4M | Reduce -7.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.18% | 30,885 | $7.3M | Reduce -9.6% |
| MNST Monster Beverage Corp. | 0.17% | 114,175 | $7.2M | Add +8.9% |
| SYK Stryker Corp. | 0.17% | 17,540 | $6.9M | Add +1.9% |
| XLV SS Health Care Select Sector | 0.15% | 47,705 | $6.4M | Reduce -2.4% |
| PM Philip Morris International | 0.15% | 35,183 | $6.4M | Add +1.4% |
| IVV iShares Core S&P 500 ETF | 0.15% | 9,885 | $6.1M | Reduce -13.9% |
| WM Waste Management Inc. | 0.14% | 25,810 | $5.9M | Add +985.4% |
| UNH Unitedhealth Group Inc. | 0.14% | 18,018 | $5.6M | Reduce -69.8% |
| VLO Valero Energy Corp. | 0.13% | 39,808 | $5.4M | Reduce -2.8% |
| JNJ Johnson & Johnson | 0.12% | 33,795 | $5.2M | Add +1.1% |
| TOL Toll Brothers Inc. | 0.12% | 44,495 | $5.1M | Reduce -5.6% |
| MAMA Mama's Creations Inc. | 0.12% | 604,750 | $5.0M | Reduce -39.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.11% | 15,727 | $4.6M | Add +27.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.11% | 9,530 | $4.6M | Add +8.2% |
| IJR iShares Core S&P Small-Cap E | 0.11% | 41,051 | $4.5M | Reduce -13.4% |
| SO The Southern Co. | 0.11% | 48,378 | $4.4M | Reduce -20.1% |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.10% | 13,976 | $4.1M | Add +4.1% |
| VZ Verizon Communications Inc. | 0.10% | 93,421 | $4.0M | Reduce -1.2% |
| PG The Procter & Gamble Co. | 0.10% | 25,336 | $4.0M | Reduce -3.5% |
| QCOM Qualcomm Inc. | 0.10% | 25,324 | $4.0M | Add +0.5% |
| TMO Thermo Fisher Scientific Inc. | 0.09% | 9,096 | $3.7M | Add +3.5% |
| HWKN Hawkins Inc. | 0.09% | 25,341 | $3.6M | Add +4.2% |
| CSCO Cisco Systems Inc. | 0.09% | 51,239 | $3.6M | Add +97.8% |
Portfolio Sells Q1 2025 → Q2 2025
| JAAA Janus Henderson Aaa Clo ETF | Reduce -99.1% | 0.04% | −4.91 |
| VGLT Vanguard Long-Term Treasury | Reduce -99.0% | 0.04% | −4.39 |
| AVDE Avantis International Equity | Reduce -38.2% | 4.17% | −2.95 |
| XMHQ Invesco S&P Midcap Qual ETF | Reduce -99.4% | 0.02% | −2.86 |
| UNH Unitedhealth Group Inc. | Reduce -69.8% | 0.14% | −0.75 |
| MRK Merck & Co. Inc. | Reduce -96.0% | 0.02% | −0.69 |
| QLTY GMO U.S. Quality ETF | Reduce -47.4% | 0.57% | −0.59 |
| IPAR Interparfums Inc. | Sold out | 0.00% | −0.49 |
| ORLY O'reilly Automotive Inc. | Reduce -2.1% | 1.23% | −0.34 |
| PZA Invesco National Amt-Free Mu | Reduce -47.0% | 0.22% | −0.29 |
| AVEM Avantis Emerging Markets Eq | Reduce -2.2% | 2.92% | −0.17 |
| MEDP Medpace Holdings Inc. | Reduce -3.8% | 0.72% | −0.14 |
| VIG Vanguard Dividend Apprec ETF | Reduce -8.4% | 0.49% | −0.11 |
| FNV Franco-Nevada Corp. | Reduce -1.5% | 0.71% | −0.11 |
| VSTS Vestis Corp. | Sold out | 0.00% | −0.10 |
| ABBV Abbvie Inc. | Reduce -2.0% | 0.25% | −0.09 |
| DOV Dover Corp. | Reduce -79.1% | 0.02% | −0.08 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -1.4% | 0.92% | −0.07 |
| COP Conocophillips | Reduce -24.9% | 0.08% | −0.06 |
| MAMA Mama's Creations Inc. | Reduce -39.7% | 0.12% | −0.06 |
| CL Colgate-Palmolive Co. | Reduce -4.9% | 0.23% | −0.06 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −0.06 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -3.8% | 0.46% | −0.05 |
| SO The Southern Co. | Reduce -20.1% | 0.11% | −0.05 |
| XLV SS Health Care Select Sector | Reduce -2.4% | 0.15% | −0.05 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -9.6% | 0.18% | −0.04 |
| IVV iShares Core S&P 500 ETF | Reduce -13.9% | 0.15% | −0.04 |
| QUAL iShares MSCI USA Quality Fac | Reduce -7.8% | 0.18% | −0.03 |
| IJR iShares Core S&P Small-Cap E | Reduce -13.4% | 0.11% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -3.5% | 0.10% | −0.03 |
| IWB iShares Russell 1000 ETF | Reduce -62.9% | 0.01% | −0.03 |
| JQUA JPMorgan US Quality Factor | Reduce -50.1% | 0.02% | −0.03 |
| QLTA iShares Aaa - A Rated Corpor | Reduce -70.1% | 0.01% | −0.03 |
| VLO Valero Energy Corp. | Reduce -2.8% | 0.13% | −0.02 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -16.9% | 0.06% | −0.02 |
| UTL Unitil Corp. | Reduce -10.9% | 0.05% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -1.2% | 0.10% | −0.02 |
| TLT iShares 20+ Year Treasury BD | Reduce -47.7% | 0.02% | −0.02 |
| LLY Eli Lilly & Co. | Reduce -4.8% | 0.07% | −0.02 |
| WEYS Weyco Group Inc. | Sold out | 0.00% | −0.02 |
| TOL Toll Brothers Inc. | Reduce -5.6% | 0.12% | −0.02 |
| FCFS Firstcash Holdings Inc. | Reduce -16.5% | 0.07% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -12.3% | 0.04% | −0.02 |
| PSX Phillips 66 | Reduce -37.7% | 0.02% | −0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -36.0% | 0.03% | −0.02 |
| TLH iShares 10-20 Year Treasury | Reduce -43.8% | 0.01% | −0.02 |
| UNP Union Pacific Corp. | Reduce -28.4% | 0.02% | −0.01 |
| AOS Smith (a.o.) Corp. | Reduce -70.4% | 0.01% | −0.01 |
| AVUV Avantis US Small Cap Value | Reduce -26.7% | 0.03% | −0.01 |
| AIZ Assurant Inc. | Reduce -5.7% | 0.04% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| UBND Victoryshares Core Plus Bond | Add +332.1% | 8.80% | +6.41 |
| BWX SS SPDR BB Intl Treasury BD | New | 1.77% | +1.77 |
| DFIC Dimensional International Co. | New | 1.70% | +1.70 |
| GFLW VS Free Cash Flow Growth ETF | Add +30.9% | 4.28% | +1.10 |
| ISRG Intuitive Surgical Inc. | New | 0.74% | +0.74 |
| IOO iShares Global 100 ETF | Add +31.0% | 3.69% | +0.73 |
| SMTH Alps SMTH Cor BD Plus ETF | Add +47.1% | 3.20% | +0.63 |
| AVGO Broadcom Inc. | Add +29.2% | 1.40% | +0.63 |
| NVDA Nvidia Corp. | Add +10.6% | 2.29% | +0.62 |
| SPOT Spotify Technology SA | Add +56.9% | 1.00% | +0.46 |
| ORCL Oracle Corp. | Add +14.0% | 1.32% | +0.45 |
| VFLO Victoryshares Free Cash Flow | Add +35.7% | 2.70% | +0.43 |
| META Meta Platforms Inc. Class A | Add +11.7% | 2.32% | +0.41 |
| UBER Uber Technologies Inc. | Add +35.6% | 1.24% | +0.40 |
| MELI MercadoLibre Inc. | Add +28.0% | 1.24% | +0.39 |
| FPEI First Trust Institutional PR | New | 0.38% | +0.38 |
| LMAT Lemaitre Vascular Inc. | Add +535.2% | 0.44% | +0.36 |
| AMZN Amazon.com Inc. | Add +20.7% | 2.16% | +0.33 |
| GSHD Goosehead Insurance Inc. Class A | Add +1248.8% | 0.35% | +0.31 |
| GLBE Global-E Online Ltd. | New | 0.29% | +0.29 |
| MSFT Microsoft Corp. | Add +7.1% | 1.40% | +0.24 |
| TKO Tko Group Holdings Inc. | Add +14.9% | 1.63% | +0.23 |
| AVUS Avantis U.S. Equity ETF | Add +11.5% | 6.28% | +0.20 |
| FCX Freeport-McMoran Inc. | Add +27.2% | 0.96% | +0.18 |
| ASML ASML Holding NV-NY Reg SHS | Add +12.8% | 1.13% | +0.15 |
| VCTR Victory Capital Holding - A | Add +31.6% | 0.80% | +0.15 |
| MFSI MFS Active International | Add +15.9% | 1.73% | +0.14 |
| OSEA Harbor Intl Compounders ETF | Add +15.9% | 1.70% | +0.13 |
| WM Waste Management Inc. | Add +985.4% | 0.14% | +0.13 |
| AS Amer Sports Inc. | Add +19.9% | 0.36% | +0.11 |
| UFPT Ufp Technologies Inc. | Add +12.6% | 0.70% | +0.09 |
| CPRT Copart Inc. | New | 0.09% | +0.09 |
| MS Morgan Stanley | Add +5.5% | 1.04% | +0.08 |
| NTNX Nutanix Inc. Class A | Add +14.8% | 1.13% | +0.07 |
| AVDV Avantis Intl S/C Value ETF | Add +12.6% | 0.81% | +0.06 |
| GNRC Generac Holdings Inc. | Add +15.9% | 0.61% | +0.06 |
| SMCI Super Micro Computer Inc. | Add +0.1% | 0.30% | +0.05 |
| NEE Nextera Energy Inc. | Add +246.0% | 0.08% | +0.05 |
| GRBK Green Brick Partners Inc. | Add +16.3% | 0.83% | +0.05 |
| CSCO Cisco Systems Inc. | Add +97.8% | 0.09% | +0.04 |
| IESC Ies Holdings Inc. | Add +4.1% | 0.10% | +0.04 |
| ETN Eaton Corp. PLC | Add +2.0% | 0.24% | +0.03 |
| SFM Sprouts Farmers Market Inc. | Add +12.8% | 0.79% | +0.03 |
| IBM Intl Business Machines Corp. | Add +27.1% | 0.11% | +0.02 |
| UTI Universal Technical Institut | Add +48.6% | 0.05% | +0.02 |
| OSCR Oscar Health Inc. Class A | New | 0.02% | +0.02 |
| GHM Graham Corp. | Add +10.4% | 0.05% | +0.02 |
| KSS Kohls Corp. | Add +51.1% | 0.06% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +15.7% | 0.19% | +0.01 |
| HWKN Hawkins Inc. | Add +4.2% | 0.09% | +0.01 |
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 |