Annex Advisory Services, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), Annex Advisory Services, LLC reported 314 stock positions worth $4.7 billion. Its top holding was Victoryshares Core Plus Bond (UBND) at 7.7% of the portfolio, followed by Avantis U.S. Equity ETF (AVUS, 6.1%) and Avantis International Equity (AVDE, 3.6%). Compared with Q2 2025, it opened 28 new positions, sold out of 35, added to 120 and reduced 141. The biggest buy was a new position in iShares MBS ETF (MBB) and the biggest sale SS SPDR BB Intl Treasury BD (BWX, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKFIELD, WI
- CIK
- 0001542287
- Portfolio Value
- $4.7B (Q3 2025)
- SEC Filing
- 0001542287-25-000002 ↗ filed Oct 17, 2025
Holdings Value
Holdings 314 stocks · $4.7B
| UBND Victoryshares Core Plus Bond | 7.74% | 16,487,843 | $363.6M | Reduce -1.5% |
| AVUS Avantis U.S. Equity ETF | 6.06% | 2,619,704 | $284.8M | Add +1.3% |
| AVDE Avantis International Equity | 3.58% | 2,131,312 | $168.2M | Reduce -9.0% |
| AVEM Avantis Emerging Markets Eq | 3.50% | 2,186,603 | $164.2M | Add +23.7% |
| IOO iShares Global 100 ETF | 3.43% | 1,342,494 | $161.1M | Reduce -5.6% |
| SMTH Alps SMTH Cor BD Plus ETF | 3.04% | 5,454,646 | $142.7M | Add +6.0% |
| GFLW VS Free Cash Flow Growth ETF filed as VICTORY PORTFOLIOS II | 2.96% | 4,852,683 | $139.2M | Reduce -28.3% |
| NVDA Nvidia Corp. | 2.52% | 634,838 | $118.4M | Add +5.6% |
| AAPL Apple Inc. | 2.25% | 415,892 | $105.9M | Reduce -2.9% |
| VFLO Victoryshares Free Cash Flow | 2.25% | 2,815,802 | $105.6M | Reduce -11.3% |
| META Meta Platforms Inc. Class A | 2.14% | 136,651 | $100.4M | Add +4.5% |
| AMZN Amazon.com Inc. | 2.01% | 430,998 | $94.6M | Add +5.5% |
| MFSI MFS Active International | 1.75% | 2,789,409 | $82.4M | Add +10.6% |
| DFIC Dimensional International Co. | 1.74% | 2,497,373 | $81.9M | Add +9.7% |
| MBB iShares MBS ETF | 1.74% | 860,417 | $81.9M | New |
| TKO Tko Group Holdings Inc. | 1.72% | 399,427 | $80.7M | Add +7.1% |
| OSEA Harbor Intl Compounders ETF | 1.69% | 2,691,109 | $79.6M | Add +11.3% |
| HOOD Robinhood Markets Inc. Class A | 1.56% | 512,335 | $73.4M | Reduce -21.8% |
| V Visa Inc. Class A | 1.56% | 214,056 | $73.1M | Add +5.0% |
| AVGO Broadcom Inc. | 1.46% | 208,455 | $68.8M | Reduce -1.2% |
| ORLY O'reilly Automotive Inc. | 1.37% | 594,934 | $64.1M | Add +5.3% |
| MSFT Microsoft Corp. | 1.34% | 121,306 | $62.8M | Add +4.1% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.33% | 1,056,426 | $62.5M | New |
| GRIN Victoryshares Intl FR CSH FL | 1.32% | 2,276,881 | $62.1M | New |
| ASML ASML Holding NV-NY Reg SHS | 1.28% | 62,054 | $60.1M | Add +5.5% |
| ORCL Oracle Corp. | 1.24% | 206,991 | $58.2M | Reduce -17.7% |
| UBER Uber Technologies Inc. | 1.23% | 587,920 | $57.6M | Add +6.4% |
| MEDP Medpace Holdings Inc. | 1.11% | 101,685 | $52.3M | Add +6.6% |
| MS Morgan Stanley | 1.09% | 322,836 | $51.3M | Add +4.9% |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | 1.07% | 738,738 | $50.2M | New |
| MELI MercadoLibre Inc. | 1.05% | 21,026 | $49.1M | Add +6.8% |
| NTNX Nutanix Inc. Class A | 1.04% | 653,915 | $48.6M | Add +6.6% |
| XHB SS SPDR S&P Homebldrs ETF | 0.96% | 408,923 | $45.3M | New |
| GRBK Green Brick Partners Inc. | 0.91% | 580,724 | $42.9M | Add +6.3% |
| KCE SS SPDR S&P Cap MKTS ETF | 0.91% | 278,560 | $42.6M | New |
| FNV Franco-Nevada Corp. | 0.90% | 190,636 | $42.5M | Add +5.7% |
| LIN Linde PLC | 0.87% | 86,228 | $41.0M | Add +3.9% |
| SPOT Spotify Technology SA | 0.86% | 58,186 | $40.6M | Add +7.8% |
| VTI VG Morningstar TS MKT ETF-US | 0.85% | 122,185 | $40.1M | Reduce -2.4% |
| AVDV Avantis Intl S/C Value ETF | 0.85% | 449,982 | $40.1M | Add +6.6% |
| FCX Freeport-McMoran Inc. | 0.80% | 961,212 | $37.7M | Add +4.8% |
| COST Costco Wholesale Corp. | 0.76% | 38,395 | $35.5M | Add +8.0% |
| VCTR Victory Capital Holding - A | 0.75% | 544,078 | $35.2M | Add +4.6% |
| CRM Salesforce Inc. | 0.73% | 144,112 | $34.2M | Add +5.8% |
| GNRC Generac Holdings Inc. | 0.69% | 194,519 | $32.6M | Add +9.2% |
| CVX Chevron Corp. | 0.68% | 205,705 | $31.9M | Add +4.4% |
| WST West Pharmaceutical Services | 0.63% | 113,158 | $29.7M | Add +63.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.63% | 95,153 | $29.5M | Add +23.6% |
| ISRG Intuitive Surgical Inc. | 0.58% | 61,051 | $27.3M | Add +7.8% |
| EXPE Expedia Group Inc. | 0.57% | 126,111 | $27.0M | New |
| QLTY GMO U.S. Quality ETF | 0.56% | 723,997 | $26.2M | Add +5.2% |
| PBR Petroleo Brasileiro-Spon ADR | 0.54% | 1,994,268 | $25.2M | Add +7.4% |
| UFPT Ufp Technologies Inc. | 0.52% | 122,613 | $24.5M | Add +3.4% |
| SFM Sprouts Farmers Market Inc. | 0.48% | 207,331 | $22.6M | Add +4.4% |
| CTAS Cintas Corp. | 0.46% | 104,647 | $21.5M | Add +2.3% |
| VGT Vanguard Info Tech ETF | 0.44% | 27,815 | $20.8M | Reduce -0.4% |
| VIG Vanguard Dividend Apprec ETF | 0.44% | 96,082 | $20.7M | Reduce -3.0% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.43% | 249,984 | $20.2M | Reduce -1.8% |
| LMAT Lemaitre Vascular Inc. | 0.43% | 230,017 | $20.1M | Add +4.7% |
| MRSH Marsh & McLennan Cos | 0.41% | 96,356 | $19.4M | Add +31.2% |
| FPEI First Trust Institutional PR | 0.37% | 903,544 | $17.5M | Add +7.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.33% | 56,331 | $15.7M | Add +1.6% |
| JPM JPMorgan Chase & Co. | 0.32% | 47,079 | $14.9M | Reduce -11.7% |
| WMB Williams Cos Inc. | 0.31% | 231,515 | $14.7M | Add +19.4% |
| AS Amer Sports Inc. | 0.31% | 420,643 | $14.6M | Add +10.4% |
| LB Landbridge Co. LLC-A | 0.31% | 270,819 | $14.4M | Add +29.8% |
| GLBE Global-E Online Ltd. | 0.30% | 389,391 | $13.9M | Add +7.1% |
| ABBV Abbvie Inc. | 0.29% | 59,241 | $13.7M | Add +4.8% |
| WEC WEC Energy Group Inc. | 0.26% | 106,498 | $12.2M | Reduce -3.6% |
| HON Honeywell International Inc. | 0.26% | 57,739 | $12.2M | Add +4.1% |
| GOOGL Alphabet Inc. Class A | 0.26% | 49,880 | $12.1M | Add +4.0% |
| ETN Eaton Corp. PLC | 0.25% | 31,367 | $11.7M | Add +10.5% |
| GSHD Goosehead Insurance Inc. Class A | 0.23% | 142,891 | $10.6M | Add +4.6% |
| UPST Upstart Holdings Inc. | 0.22% | 207,094 | $10.5M | New |
| ABT Abbott Laboratories | 0.22% | 78,054 | $10.5M | Add +2.7% |
| GS Goldman Sachs Group Inc. | 0.21% | 12,492 | $9.9M | Reduce -3.0% |
| TMO Thermo Fisher Scientific Inc. | 0.18% | 17,620 | $8.5M | Add +93.7% |
| CL Colgate-Palmolive Co. | 0.18% | 106,068 | $8.5M | Add +2.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.18% | 12,502 | $8.3M | Reduce -1.8% |
| HD Home Depot Inc. | 0.18% | 20,502 | $8.3M | Reduce -4.8% |
| MNST Monster Beverage Corp. | 0.17% | 120,423 | $8.1M | Add +5.5% |
| VLO Valero Energy Corp. | 0.17% | 45,778 | $7.8M | Add +15.0% |
| PM Philip Morris International | 0.17% | 47,942 | $7.8M | Add +36.3% |
| QUAL iShares MSCI USA Quality Fac | 0.16% | 39,355 | $7.7M | Reduce -3.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.16% | 29,705 | $7.6M | Reduce -3.8% |
| GSIE Goldman Sachs Activebeta Int | 0.15% | 171,865 | $7.1M | New |
| USFR Wisdomtree Floating Rate Tre | 0.15% | 139,861 | $7.0M | Add +615.7% |
| XLV SS Health Care Select Sector | 0.14% | 46,522 | $6.5M | Reduce -2.5% |
| IVV iShares Core S&P 500 ETF | 0.14% | 9,660 | $6.5M | Reduce -2.3% |
| SYK Stryker Corp. | 0.14% | 17,408 | $6.4M | Reduce -0.8% |
| JNJ Johnson & Johnson | 0.13% | 33,000 | $6.1M | Reduce -2.4% |
| UNH Unitedhealth Group Inc. | 0.13% | 17,178 | $5.9M | Reduce -4.7% |
| WM Waste Management Inc. | 0.12% | 25,941 | $5.7M | Add +0.5% |
| MAMA Mama's Creations Inc. | 0.11% | 508,917 | $5.3M | Reduce -15.8% |
| TOL Toll Brothers Inc. | 0.10% | 33,831 | $4.7M | Reduce -24.0% |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.10% | 11,417 | $4.5M | Reduce -18.3% |
| SO The Southern Co. | 0.10% | 47,354 | $4.5M | Reduce -2.1% |
| CSCO Cisco Systems Inc. | 0.09% | 64,622 | $4.4M | Add +26.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.09% | 8,667 | $4.4M | Reduce -9.1% |
| IWF iShares Russell 1000 Growth | 0.09% | 8,969 | $4.2M | Add +8.7% |
Portfolio Sells Q2 2025 → Q3 2025
| BWX SS SPDR BB Intl Treasury BD | Reduce -99.4% | 0.01% | −1.76 |
| GFLW VS Free Cash Flow Growth ETF | Reduce -28.3% | 2.96% | −1.32 |
| UBND Victoryshares Core Plus Bond | Reduce -1.5% | 7.74% | −1.06 |
| AVDE Avantis International Equity | Reduce -9.0% | 3.58% | −0.59 |
| DPZ Domino's Pizza Inc. | Reduce -97.2% | 0.01% | −0.55 |
| GDDY GoDaddy Inc. Class A | Reduce -98.4% | 0.01% | −0.55 |
| VFLO Victoryshares Free Cash Flow | Reduce -11.3% | 2.25% | −0.45 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.30 |
| IOO iShares Global 100 ETF | Reduce -5.6% | 3.43% | −0.26 |
| PZA Invesco National Amt-Free Mu | Reduce -87.3% | 0.03% | −0.20 |
| ORCL Oracle Corp. | Reduce -17.7% | 1.24% | −0.09 |
| KSS Kohls Corp. | Sold out | 0.00% | −0.06 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.4% | 0.85% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -11.7% | 0.32% | −0.06 |
| VIG Vanguard Dividend Apprec ETF | Reduce -3.0% | 0.44% | −0.05 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -39.5% | 0.05% | −0.03 |
| KFRC Kforce Inc. | Sold out | 0.00% | −0.03 |
| SYK Stryker Corp. | Reduce -0.8% | 0.14% | −0.03 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -1.8% | 0.43% | −0.03 |
| FPI Farmland Partners Inc. | Sold out | 0.00% | −0.03 |
| GPRK Geopark Ltd. | Sold out | 0.00% | −0.03 |
| HWKN Hawkins Inc. | Reduce -36.9% | 0.06% | −0.02 |
| TOL Toll Brothers Inc. | Reduce -24.0% | 0.10% | −0.02 |
| IBM Intl Business Machines Corp. | Reduce -5.7% | 0.09% | −0.02 |
| DVN Devon Energy Corp. | Sold out | 0.00% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -15.8% | 0.09% | −0.02 |
| LPLA LPL Financial Holdings Inc. | Reduce -4.4% | 0.06% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -9.1% | 0.09% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -4.0% | 0.08% | −0.02 |
| WEC WEC Energy Group Inc. | Reduce -3.6% | 0.26% | −0.02 |
| XLV SS Health Care Select Sector | Reduce -2.5% | 0.14% | −0.02 |
| VGLT Vanguard Long-Term Treasury | Reduce -36.6% | 0.02% | −0.02 |
| QUAL iShares MSCI USA Quality Fac | Reduce -3.3% | 0.16% | −0.02 |
| UTL Unitil Corp. | Reduce -14.3% | 0.04% | −0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -3.8% | 0.16% | −0.02 |
| NATH Nathan's Famous Inc. | Reduce -16.0% | 0.04% | −0.02 |
| RDVT Red Violet Inc. | Reduce -14.0% | 0.06% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -51.1% | 0.01% | −0.01 |
| UTI Universal Technical Institut | Reduce -14.2% | 0.04% | −0.01 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -32.3% | 0.02% | −0.01 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -7.5% | 0.08% | −0.01 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.01 |
| AMAT Applied Materials Inc. | Reduce -18.2% | 0.06% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -4.0% | 0.08% | −0.01 |
| HD Home Depot Inc. | Reduce -4.8% | 0.18% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.8% | 0.18% | −0.01 |
| ZM Zoom Communications Inc. | Sold out | 0.00% | −0.01 |
| BCPC Balchem Corp. | Reduce -18.9% | 0.02% | −0.01 |
| SO The Southern Co. | Reduce -2.1% | 0.10% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| MBB iShares MBS ETF | New | 1.74% | +1.74 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | New | 1.33% | +1.33 |
| GRIN Victoryshares Intl FR CSH FL | New | 1.32% | +1.32 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | New | 1.07% | +1.07 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.96% | +0.96 |
| KCE SS SPDR S&P Cap MKTS ETF | New | 0.91% | +0.91 |
| AVEM Avantis Emerging Markets Eq | Add +23.7% | 3.50% | +0.58 |
| EXPE Expedia Group Inc. | New | 0.57% | +0.57 |
| MEDP Medpace Holdings Inc. | Add +6.6% | 1.11% | +0.39 |
| WST West Pharmaceutical Services | Add +63.7% | 0.63% | +0.27 |
| NVDA Nvidia Corp. | Add +5.6% | 2.52% | +0.23 |
| UPST Upstart Holdings Inc. | New | 0.22% | +0.22 |
| FNV Franco-Nevada Corp. | Add +5.7% | 0.90% | +0.19 |
| GSIE Goldman Sachs Activebeta Int | New | 0.15% | +0.15 |
| ASML ASML Holding NV-NY Reg SHS | Add +5.5% | 1.28% | +0.14 |
| ORLY O'reilly Automotive Inc. | Add +5.3% | 1.37% | +0.14 |
| USFR Wisdomtree Floating Rate Tre | Add +615.7% | 0.15% | +0.13 |
| TMO Thermo Fisher Scientific Inc. | Add +93.7% | 0.18% | +0.09 |
| GRBK Green Brick Partners Inc. | Add +6.3% | 0.91% | +0.09 |
| TKO Tko Group Holdings Inc. | Add +7.1% | 1.72% | +0.08 |
| GNRC Generac Holdings Inc. | Add +9.2% | 0.69% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +4.0% | 0.26% | +0.05 |
| DUK Duke Energy Corp. | New | 0.05% | +0.05 |
| MS Morgan Stanley | Add +4.9% | 1.09% | +0.05 |
| AVDV Avantis Intl S/C Value ETF | Add +6.6% | 0.85% | +0.05 |
| ABBV Abbvie Inc. | Add +4.8% | 0.29% | +0.04 |
| DFIC Dimensional International Co. | Add +9.7% | 1.74% | +0.04 |
| VLO Valero Energy Corp. | Add +15.0% | 0.17% | +0.04 |
| AJG Arthur J Gallagher & Co. | Add +23.6% | 0.63% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.6% | 0.33% | +0.03 |
| OII Oceaneering Intl Inc. | New | 0.03% | +0.03 |
| MRSH Marsh & McLennan Cos | Add +31.2% | 0.41% | +0.03 |
| HHH Howard Hughes Holdings Inc. | New | 0.03% | +0.03 |
| MFSI MFS Active International | Add +10.6% | 1.75% | +0.03 |
| WMB Williams Cos Inc. | Add +19.4% | 0.31% | +0.02 |
| SPYG SS SPDR P S&P 500 Growth ETF | New | 0.01% | +0.01 |
| PM Philip Morris International | Add +36.3% | 0.17% | +0.01 |
| JMTG Mortgage-Backed Securities | New | 0.01% | +0.01 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +23.9% | 0.07% | +0.01 |
| SPYV SS SPDR P S&P 500 Value ETF | New | 0.01% | +0.01 |
| GOOG Alphabet Inc. Class C | Add +0.6% | 0.05% | +0.01 |
| CSCO Cisco Systems Inc. | Add +26.1% | 0.09% | +0.01 |
| OSCR Oscar Health Inc. Class A | Add +84.7% | 0.03% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +1.5% | 0.05% | +0.01 |
| JMST JPM Ultra-Short Muni Income | New | 0.01% | +0.01 |
| ETN Eaton Corp. PLC | Add +10.5% | 0.25% | +0.01 |
| VGSH Vanguard Short-Term Treasury | New | 0.01% | +0.01 |
| BMNR Bitmine Immersion Technologi | New | 0.01% | +0.01 |
| GPIQ GS Nasdaq-100 PR Inc. ETF-Usd | New | 0.01% | +0.01 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.01% | +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 |