Annex Advisory Services, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Annex Advisory Services, LLC reported 357 stock positions worth $5.2 billion. Its top holding was Victoryshares Core Plus Bond (UBND) at 7.1% of the portfolio, followed by Avantis U.S. Equity ETF (AVUS, 5.3%) and Alps SMTH Cor BD Plus ETF (SMTH, 3.5%). Compared with Q3 2025, it opened 64 new positions, sold out of 21, added to 154 and reduced 118. The biggest buy was a new position in Dimensional US Core Equity M (DFAU) and the biggest sale VS Free Cash Flow Growth ETF (GFLW, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKFIELD, WI
- CIK
- 0001542287
- Portfolio Value
- $5.2B (Q4 2025)
- SEC Filing
- 0001542287-26-000001 ↗ filed Jan 26, 2026
Holdings Value
Holdings 357 stocks · $5.2B
| UBND Victoryshares Core Plus Bond | 7.13% | 16,978,957 | $373.5M | Add +3.0% |
| AVUS Avantis U.S. Equity ETF | 5.26% | 2,464,437 | $275.5M | Reduce -5.9% |
| SMTH Alps SMTH Cor BD Plus ETF | 3.47% | 6,974,911 | $181.8M | Add +27.9% |
| AVEM Avantis Emerging Markets Eq | 3.10% | 2,106,433 | $162.2M | Reduce -3.7% |
| IOO iShares Global 100 ETF | 3.09% | 1,276,938 | $161.7M | Reduce -4.9% |
| AVDE Avantis International Equity | 2.97% | 1,887,261 | $155.4M | Reduce -11.4% |
| DFAU Dimensional US Core Equity M | 2.56% | 2,868,665 | $134.3M | New |
| NVDA Nvidia Corp. | 2.56% | 718,014 | $133.9M | Add +13.1% |
| AAPL Apple Inc. | 2.42% | 465,193 | $126.5M | Add +11.8% |
| AMZN Amazon.com Inc. | 2.03% | 460,821 | $106.4M | Add +6.9% |
| META Meta Platforms Inc. Class A | 1.80% | 142,673 | $94.2M | Add +4.4% |
| MFSI MFS Active International | 1.75% | 3,001,089 | $91.4M | Add +7.6% |
| OSEA Harbor Intl Compounders ETF | 1.69% | 2,917,083 | $88.2M | Add +8.4% |
| DFIC Dimensional International Co. | 1.66% | 2,515,017 | $86.7M | Add +0.7% |
| MBB iShares MBS ETF | 1.64% | 903,008 | $86.0M | Add +5.0% |
| TKO Tko Group Holdings Inc. | 1.59% | 399,014 | $83.4M | Reduce -0.1% |
| BAB Invesco Taxable Municipal Bo | 1.59% | 3,065,649 | $83.4M | New |
| MSFT Microsoft Corp. | 1.51% | 163,014 | $78.8M | Add +34.4% |
| V Visa Inc. Class A | 1.50% | 224,298 | $78.7M | Add +4.8% |
| GSY Invesco Ultra Short Duration | 1.49% | 1,554,711 | $78.1M | New |
| AVGO Broadcom Inc. | 1.45% | 218,730 | $75.7M | Add +4.9% |
| GFLW VS Free Cash Flow Growth ETF filed as VICTORY PORTFOLIOS II | 1.44% | 2,676,635 | $75.4M | Reduce -44.8% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.42% | 1,222,445 | $74.3M | Add +15.7% |
| ASML ASML Holding NV-NY Reg SHS | 1.34% | 65,470 | $70.0M | Add +5.5% |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | 1.16% | 943,470 | $60.6M | Add +27.7% |
| GRIN Victoryshares Intl FR CSH FL | 1.15% | 2,176,641 | $60.1M | Reduce -4.4% |
| GOOGL Alphabet Inc. Class A | 1.14% | 191,099 | $59.8M | Add +283.1% |
| MS Morgan Stanley | 1.14% | 334,841 | $59.4M | Add +3.7% |
| GSIE Goldman Sachs Activebeta Int | 1.12% | 1,365,028 | $58.6M | Add +694.2% |
| HOOD Robinhood Markets Inc. Class A | 1.09% | 503,831 | $57.0M | Reduce -1.7% |
| VFLO Victoryshares Free Cash Flow | 1.05% | 1,394,047 | $54.9M | Reduce -50.5% |
| GSWO Goldman Sachs Activebeta Wor | 1.01% | 912,436 | $52.7M | New |
| MELI MercadoLibre Inc. | 1.00% | 25,961 | $52.3M | Add +23.5% |
| MEDP Medpace Holdings Inc. | 0.98% | 91,693 | $51.5M | Reduce -9.8% |
| UBER Uber Technologies Inc. | 0.97% | 619,193 | $50.6M | Add +5.3% |
| ORCL Oracle Corp. | 0.94% | 251,580 | $49.0M | Add +21.5% |
| FCX Freeport-McMoran Inc. | 0.93% | 957,782 | $48.6M | Reduce -0.4% |
| EXPE Expedia Group Inc. | 0.88% | 162,152 | $45.9M | Add +28.6% |
| AVDV Avantis Intl S/C Value ETF | 0.84% | 465,391 | $43.7M | Add +3.4% |
| ZETA Zeta Global Holdings Corp. Class A | 0.80% | 2,070,556 | $42.1M | New |
| FNV Franco-Nevada Corp. | 0.79% | 199,972 | $41.5M | Add +4.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.79% | 123,140 | $41.3M | Add +0.8% |
| ORLY O'reilly Automotive Inc. | 0.75% | 429,714 | $39.2M | Reduce -27.8% |
| RBRK Rubrik Inc. Class A | 0.71% | 485,699 | $37.1M | New |
| ISRG Intuitive Surgical Inc. | 0.69% | 64,143 | $36.3M | Add +5.1% |
| VCTR Victory Capital Holding - A | 0.69% | 574,699 | $36.3M | Add +5.6% |
| ADI Analog Devices Inc. | 0.68% | 132,001 | $35.8M | Add +7678.5% |
| SPOT Spotify Technology SA | 0.68% | 61,223 | $35.6M | Add +5.2% |
| COST Costco Wholesale Corp. | 0.65% | 39,512 | $34.1M | Add +2.9% |
| WST West Pharmaceutical Services | 0.65% | 122,958 | $33.8M | Add +8.7% |
| GRBK Green Brick Partners Inc. | 0.64% | 532,515 | $33.4M | Reduce -8.3% |
| QLTY GMO U.S. Quality ETF | 0.60% | 810,984 | $31.2M | Add +12.0% |
| UFPT Ufp Technologies Inc. | 0.54% | 126,884 | $28.2M | Add +3.5% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.51% | 102,631 | $26.6M | Add +7.9% |
| GLBE Global-E Online Ltd. | 0.48% | 640,016 | $25.2M | Add +64.4% |
| PBR Petroleo Brasileiro-Spon ADR | 0.48% | 2,108,579 | $25.0M | Add +5.7% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.43% | 212,889 | $22.7M | Add +3168.7% |
| BBLU Ea Bridgeway Blue Chip ETF | 0.42% | 1,443,393 | $22.0M | New |
| CVX Chevron Corp. | 0.42% | 143,172 | $21.8M | Reduce -30.4% |
| VGT Vanguard Info Tech ETF | 0.40% | 27,628 | $20.8M | Reduce -0.7% |
| GMED Globus Medical Inc. Class A | 0.39% | 235,617 | $20.6M | New |
| CTAS Cintas Corp. | 0.39% | 107,361 | $20.2M | Add +2.6% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.38% | 244,270 | $20.2M | Reduce -2.3% |
| VIG Vanguard Dividend Apprec ETF | 0.38% | 91,233 | $20.1M | Reduce -5.0% |
| LMAT Lemaitre Vascular Inc. | 0.38% | 243,709 | $19.8M | Add +6.0% |
| FPEI First Trust Institutional PR | 0.36% | 972,278 | $18.9M | Add +7.6% |
| UPST Upstart Holdings Inc. | 0.35% | 421,373 | $18.4M | Add +103.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.33% | 57,166 | $17.4M | Add +1.5% |
| DBEF Xtrackers MSCI Eafe Hedged E | 0.30% | 328,775 | $15.8M | New |
| JPM JPMorgan Chase & Co. | 0.30% | 48,181 | $15.5M | Add +2.3% |
| PM Philip Morris International | 0.29% | 95,628 | $15.3M | Add +99.5% |
| HHH Howard Hughes Holdings Inc. | 0.28% | 181,388 | $14.5M | Add +1117.5% |
| LB Landbridge Co. LLC-A | 0.28% | 294,143 | $14.4M | Add +8.6% |
| WMB Williams Cos Inc. | 0.27% | 236,280 | $14.2M | Add +2.1% |
| ABBV Abbvie Inc. | 0.26% | 60,408 | $13.8M | Add +2.0% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.25% | 92,465 | $13.1M | New |
| IWL iShares Russell Top 200 ETF | 0.25% | 75,809 | $12.9M | New |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 21,089 | $12.2M | Add +19.7% |
| WEC WEC Energy Group Inc. | 0.23% | 114,136 | $12.0M | Add +7.2% |
| HON Honeywell International Inc. | 0.22% | 59,189 | $11.5M | Add +2.5% |
| ABT Abbott Laboratories | 0.21% | 87,004 | $10.9M | Add +11.5% |
| GS Goldman Sachs Group Inc. | 0.20% | 12,040 | $10.6M | Reduce -3.6% |
| XLP SS Consumer Staples Sel Sect | 0.20% | 135,518 | $10.5M | New |
| CRM Salesforce Inc. | 0.19% | 38,165 | $10.1M | Reduce -73.5% |
| ETN Eaton Corp. PLC | 0.19% | 31,476 | $10.0M | Add +0.3% |
| PYLD PIMCO Multisector Bond Actv | 0.19% | 373,458 | $10.0M | New |
| MNST Monster Beverage Corp. | 0.18% | 123,342 | $9.5M | Add +2.4% |
| TPL Texas Pacific Land Corp. | 0.18% | 32,075 | $9.2M | New |
| RSP Invesco S&P 500 Equal Weight | 0.17% | 45,515 | $8.7M | Add +1223.1% |
| SCHD Schwab US DVD Equity ETF | 0.16% | 312,387 | $8.6M | Add +3070.8% |
| UNH Unitedhealth Group Inc. | 0.16% | 25,784 | $8.5M | Add +50.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 12,397 | $8.5M | Reduce -0.8% |
| MRSH Marsh & McLennan Cos | 0.16% | 44,117 | $8.2M | Reduce -54.2% |
| VLO Valero Energy Corp. | 0.14% | 46,123 | $7.5M | Add +0.8% |
| QUAL iShares MSCI USA Quality Fac | 0.14% | 37,222 | $7.4M | Reduce -5.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.14% | 28,508 | $7.4M | Reduce -4.0% |
| XLV SS Health Care Select Sector | 0.14% | 46,587 | $7.2M | Add +0.1% |
| VFH Vanguard Financials ETF | 0.13% | 52,715 | $7.0M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.13% | 11,443 | $7.0M | Add +209.7% |
| JNJ Johnson & Johnson | 0.13% | 33,394 | $6.9M | Add +1.2% |
Portfolio Sells Q3 2025 → Q4 2025
| GFLW VS Free Cash Flow Growth ETF | Reduce -44.8% | 1.44% | −1.52 |
| VFLO Victoryshares Free Cash Flow | Reduce -50.5% | 1.05% | −1.20 |
| NTNX Nutanix Inc. Class A | Reduce -98.8% | 0.01% | −1.03 |
| XHB SS SPDR S&P Homebldrs ETF | Sold out | 0.00% | −0.96 |
| KCE SS SPDR S&P Cap MKTS ETF | Sold out | 0.00% | −0.91 |
| LIN Linde PLC | Reduce -91.7% | 0.06% | −0.81 |
| AVUS Avantis U.S. Equity ETF | Reduce -5.9% | 5.26% | −0.80 |
| GNRC Generac Holdings Inc. | Reduce -96.3% | 0.02% | −0.67 |
| ORLY O'reilly Automotive Inc. | Reduce -27.8% | 0.75% | −0.62 |
| AVDE Avantis International Equity | Reduce -11.4% | 2.97% | −0.61 |
| CRM Salesforce Inc. | Reduce -73.5% | 0.19% | −0.53 |
| HOOD Robinhood Markets Inc. Class A | Reduce -1.7% | 1.09% | −0.47 |
| SFM Sprouts Farmers Market Inc. | Reduce -87.3% | 0.04% | −0.44 |
| AVEM Avantis Emerging Markets Eq | Reduce -3.7% | 3.10% | −0.40 |
| IOO iShares Global 100 ETF | Reduce -4.9% | 3.09% | −0.34 |
| AS Amer Sports Inc. | Sold out | 0.00% | −0.31 |
| GRBK Green Brick Partners Inc. | Reduce -8.3% | 0.64% | −0.28 |
| CVX Chevron Corp. | Reduce -30.4% | 0.42% | −0.26 |
| MRSH Marsh & McLennan Cos | Reduce -54.2% | 0.16% | −0.26 |
| GRIN Victoryshares Intl FR CSH FL | Reduce -4.4% | 1.15% | −0.17 |
| CL Colgate-Palmolive Co. | Reduce -92.5% | 0.01% | −0.17 |
| USFR Wisdomtree Floating Rate Tre | Reduce -90.0% | 0.01% | −0.14 |
| MEDP Medpace Holdings Inc. | Reduce -9.8% | 0.98% | −0.13 |
| TKO Tko Group Holdings Inc. | Reduce -0.1% | 1.59% | −0.12 |
| SYK Stryker Corp. | Reduce -87.1% | 0.02% | −0.12 |
| GSHD Goosehead Insurance Inc. Class A | Reduce -39.0% | 0.12% | −0.10 |
| HD Home Depot Inc. | Reduce -35.4% | 0.09% | −0.09 |
| CPRT Copart Inc. | Sold out | 0.00% | −0.07 |
| COP Conocophillips | Reduce -89.7% | 0.01% | −0.06 |
| VIG Vanguard Dividend Apprec ETF | Reduce -5.0% | 0.38% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -61.4% | 0.03% | −0.06 |
| DUK Duke Energy Corp. | Reduce -90.3% | 0.00% | −0.05 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -2.3% | 0.38% | −0.04 |
| VGT Vanguard Info Tech ETF | Reduce -0.7% | 0.40% | −0.04 |
| IESC Ies Holdings Inc. | Reduce -30.4% | 0.06% | −0.04 |
| MAMA Mama's Creations Inc. | Reduce -41.5% | 0.08% | −0.04 |
| UTL Unitil Corp. | Sold out | 0.00% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -32.4% | 0.04% | −0.03 |
| TRNS Transcat Inc. | Reduce -41.0% | 0.02% | −0.03 |
| HWKN Hawkins Inc. | Reduce -14.8% | 0.04% | −0.03 |
| HSTM Healthstream Inc. | Sold out | 0.00% | −0.02 |
| UTI Universal Technical Institut | Reduce -45.8% | 0.02% | −0.02 |
| QUAL iShares MSCI USA Quality Fac | Reduce -5.4% | 0.14% | −0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -4.0% | 0.14% | −0.02 |
| WINA Winmark Corp. | Reduce -50.5% | 0.01% | −0.02 |
| FISV Fiserv Inc. | Reduce -2.5% | 0.02% | −0.02 |
| CSCO Cisco Systems Inc. | Reduce -21.7% | 0.07% | −0.02 |
| CEG Constellation Energy | Reduce -69.5% | 0.01% | −0.02 |
| SO The Southern Co. | Reduce -0.2% | 0.08% | −0.02 |
| PZA Invesco National Amt-Free Mu | Reduce -59.7% | 0.01% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| DFAU Dimensional US Core Equity M | New | 2.56% | +2.56 |
| BAB Invesco Taxable Municipal Bo | New | 1.59% | +1.59 |
| GSY Invesco Ultra Short Duration | New | 1.49% | +1.49 |
| GSWO Goldman Sachs Activebeta Wor | New | 1.01% | +1.01 |
| GSIE Goldman Sachs Activebeta Int | Add +694.2% | 1.12% | +0.97 |
| GOOGL Alphabet Inc. Class A | Add +283.1% | 1.14% | +0.88 |
| ZETA Zeta Global Holdings Corp. Class A | New | 0.80% | +0.80 |
| RBRK Rubrik Inc. Class A | New | 0.71% | +0.71 |
| ADI Analog Devices Inc. | Add +7678.5% | 0.68% | +0.67 |
| SMTH Alps SMTH Cor BD Plus ETF | Add +27.9% | 3.47% | +0.44 |
| BBLU Ea Bridgeway Blue Chip ETF | New | 0.42% | +0.42 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +3168.7% | 0.43% | +0.42 |
| GMED Globus Medical Inc. Class A | New | 0.39% | +0.39 |
| EXPE Expedia Group Inc. | Add +28.6% | 0.88% | +0.30 |
| DBEF Xtrackers MSCI Eafe Hedged E | New | 0.30% | +0.30 |
| HHH Howard Hughes Holdings Inc. | Add +1117.5% | 0.28% | +0.25 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | New | 0.25% | +0.25 |
| IWL iShares Russell Top 200 ETF | New | 0.25% | +0.25 |
| XLP SS Consumer Staples Sel Sect | New | 0.20% | +0.20 |
| PYLD PIMCO Multisector Bond Actv | New | 0.19% | +0.19 |
| GLBE Global-E Online Ltd. | Add +64.4% | 0.48% | +0.18 |
| TPL Texas Pacific Land Corp. | New | 0.18% | +0.18 |
| MSFT Microsoft Corp. | Add +34.4% | 1.51% | +0.17 |
| AAPL Apple Inc. | Add +11.8% | 2.42% | +0.16 |
| SCHD Schwab US DVD Equity ETF | Add +3070.8% | 0.16% | +0.16 |
| RSP Invesco S&P 500 Equal Weight | Add +1223.1% | 0.17% | +0.15 |
| VFH Vanguard Financials ETF | New | 0.13% | +0.13 |
| UPST Upstart Holdings Inc. | Add +103.5% | 0.35% | +0.13 |
| PM Philip Morris International | Add +99.5% | 0.29% | +0.13 |
| ACWV iShares MSCI Global Min Vol | New | 0.11% | +0.11 |
| ISRG Intuitive Surgical Inc. | Add +5.1% | 0.69% | +0.11 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | Add +27.7% | 1.16% | +0.09 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +15.7% | 1.42% | +0.09 |
| QQQ Invesco QQQ Trust Series 1 | Add +209.7% | 0.13% | +0.09 |
| MRVL Marvell Technology Inc. | New | 0.09% | +0.09 |
| COF Capital One Financial Corp. | New | 0.08% | +0.08 |
| C Citigroup Inc. | New | 0.07% | +0.07 |
| DHR Danaher Corp. | New | 0.07% | +0.07 |
| T AT&T Inc. | Add +749.1% | 0.08% | +0.06 |
| HAL Halliburton Co. | New | 0.06% | +0.06 |
| ASML ASML Holding NV-NY Reg SHS | Add +5.5% | 1.34% | +0.06 |
| BIPC Brookfield Infrastructure-A | New | 0.05% | +0.05 |
| CVE Cenovus Energy Inc. | New | 0.05% | +0.05 |
| IWB iShares Russell 1000 ETF | Add +362.4% | 0.07% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | Add +19.7% | 0.23% | +0.05 |
| MS Morgan Stanley | Add +3.7% | 1.14% | +0.04 |
| QLTY GMO U.S. Quality ETF | Add +12.0% | 0.60% | +0.04 |
| NVDA Nvidia Corp. | Add +13.1% | 2.56% | +0.04 |
| UNH Unitedhealth Group Inc. | Add +50.1% | 0.16% | +0.04 |
| PIPR Piper Sandler Cos | New | 0.04% | +0.04 |
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 |