Bailard, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Bailard, Inc. reported 753 stock positions worth $4.3 billion. Its top holding was Microsoft (MSFT) at 5.1% of the portfolio, followed by Apple (AAPL, 4.2%) and Nvidia (NVDA, 3.6%). Compared with Q1 2025, it opened 125 new positions, sold out of 107, added to 252 and reduced 282. The biggest buy was iShares MSCI Emerging Market (EEM, shares +671%) and the biggest sale an exit from Vanguard Total Bond Market (BND).
- Most Recent 13F
- Q2 2026
- Location
- Foster City, CA
- CIK
- 0000750641
- Portfolio Value
- $4.3B (Q2 2025)
- SEC Filing
- 0001172661-25-002963 ↗ filed Aug 8, 2025
Holdings Value
Holdings 753 stocks · $4.3B
| MSFT Microsoft Corp. | 5.05% | 435,572 | $216.7M | Add +0.6% |
| AAPL Apple Inc. | 4.22% | 881,294 | $180.8M | Add +1.4% |
| NVDA Nvidia Corp. | 3.62% | 982,007 | $155.1M | Reduce -3.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.98% | 206,654 | $127.7M | Add +1.8% |
| EFA iShares MSCI Eafe ETF | 2.89% | 1,386,025 | $123.9M | Add +2.6% |
| GLD SPDR Gold Shares | 2.25% | 317,261 | $96.7M | Reduce -1.9% |
| EEM iShares MSCI Emerging Market | 2.13% | 1,894,392 | $91.4M | Add +671.0% |
| GOOGL Alphabet Inc. Class A | 1.96% | 476,402 | $84.0M | Add +1.1% |
| VGT Vanguard Info Tech ETF | 1.79% | 116,052 | $77.0M | Add +3.9% |
| CMF iShares California Muni Bond | 1.75% | 1,344,831 | $75.0M | Add +16.7% |
| GILD Gilead Sciences Inc. | 1.72% | 666,045 | $73.8M | Reduce -0.0% |
| IEFA iShares Core MSCI Eafe ETF | 1.60% | 821,334 | $68.6M | Add +3.5% |
| JMUB JPMorgan Municipal ETF | 1.55% | 1,341,884 | $66.6M | Add +22.5% |
| JMBS Janus Henderson Mortg Backed | 1.49% | 1,418,951 | $63.9M | Reduce -1.0% |
| VTI VG Morningstar TS MKT ETF-US | 1.44% | 202,693 | $61.6M | Reduce -5.1% |
| META Meta Platforms Inc. Class A | 1.41% | 82,225 | $60.7M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 1.35% | 264,471 | $58.0M | Add +0.9% |
| V Visa Inc. Class A | 1.34% | 161,755 | $57.4M | Reduce -1.4% |
| VOO Vanguard S&P 500 ETF | 1.30% | 98,445 | $55.9M | Add +0.6% |
| QQQ Invesco QQQ Trust Series 1 | 1.14% | 88,279 | $48.7M | Reduce -4.5% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.12% | 246,697 | $48.1M | Add +0.4% |
| JPM JPMorgan Chase & Co. | 1.10% | 163,323 | $47.3M | Add +8.3% |
| IVV iShares Core S&P 500 ETF | 1.03% | 71,189 | $44.2M | Add +0.8% |
| COST Costco Wholesale Corp. | 0.95% | 41,017 | $40.6M | Add +2.1% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.81% | 680,488 | $34.7M | Reduce -34.4% |
| VEU Vanguard Ftse All-World Ex-U | 0.80% | 512,822 | $34.5M | Reduce -1.1% |
| HD Home Depot Inc. | 0.80% | 93,483 | $34.3M | Add +4.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.74% | 140,786 | $31.9M | Reduce -0.4% |
| NFLX Netflix Inc. | 0.74% | 23,792 | $31.9M | Reduce -0.5% |
| GOVT iShares US Treasury Bond ETF | 0.73% | 1,359,378 | $31.2M | Reduce -1.8% |
| AVGO Broadcom Inc. | 0.72% | 112,044 | $30.9M | Add +70.5% |
| MS Morgan Stanley | 0.70% | 213,830 | $30.1M | Reduce -0.2% |
| XLK SS Technology Select Sector | 0.70% | 118,632 | $30.0M | Add +1.7% |
| BLK BlackRock Inc. | 0.69% | 28,360 | $29.8M | Add +2.7% |
| IJH iShares Core S&P Midcap ETF | 0.67% | 461,726 | $28.6M | Add +6.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.64% | 223,184 | $27.6M | Reduce -0.3% |
| IJS iShares S&P Small-Cap 600 Va | 0.64% | 276,415 | $27.5M | Reduce -4.0% |
| UBER Uber Technologies Inc. | 0.61% | 280,699 | $26.2M | Reduce -5.8% |
| SPOT Spotify Technology SA | 0.61% | 33,934 | $26.0M | Reduce -16.5% |
| TT Trane Technologies PLC | 0.60% | 58,490 | $25.6M | Reduce -0.9% |
| INTU Intuit Inc. | 0.60% | 32,461 | $25.6M | Reduce -0.2% |
| PG The Procter & Gamble Co. | 0.59% | 157,814 | $25.1M | Add +6.7% |
| VWO Vanguard Ftse Emerging Marke | 0.56% | 484,734 | $24.0M | Reduce -2.1% |
| JNJ Johnson & Johnson | 0.55% | 154,306 | $23.6M | Add +9.2% |
| UNH Unitedhealth Group Inc. | 0.54% | 74,473 | $23.2M | Reduce -1.9% |
| BSX Boston Scientific Corp. | 0.51% | 205,537 | $22.1M | Add +0.1% |
| KLAC KLA Corp. | 0.51% | 24,379 | $21.8M | Reduce -0.9% |
| QCOM Qualcomm Inc. | 0.50% | 135,010 | $21.5M | Add +6.8% |
| ETN Eaton Corp. PLC | 0.49% | 58,755 | $21.0M | Reduce -0.3% |
| SUB iShares Short-Term National | 0.46% | 185,745 | $19.8M | Add +322.2% |
| WM Waste Management Inc. | 0.46% | 85,544 | $19.6M | Reduce -0.4% |
| ACN Accenture PLC Class A | 0.44% | 63,014 | $18.8M | Add +10.1% |
| GOOG Alphabet Inc. Class C | 0.43% | 104,086 | $18.5M | Add +9.9% |
| CMI Cummins Inc. | 0.43% | 55,795 | $18.3M | Reduce -1.9% |
| CB Chubb Ltd. | 0.42% | 62,422 | $18.1M | Reduce -0.2% |
| ORCL Oracle Corp. | 0.41% | 80,982 | $17.7M | Add +5.3% |
| FISV Fiserv Inc. | 0.40% | 100,552 | $17.3M | Add +4.6% |
| COP Conocophillips | 0.40% | 192,766 | $17.3M | Add +2.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.40% | 38,147 | $17.0M | Add +0.5% |
| SPGI S&P Global Inc. | 0.38% | 30,681 | $16.2M | Add +2.2% |
| VEA Vanguard Ftse Developed ETF | 0.37% | 276,374 | $15.8M | Reduce -0.6% |
| NOW ServiceNow Inc. | 0.36% | 15,230 | $15.7M | Add +1.1% |
| IGM iShares Expanded Tech Sector | 0.36% | 136,161 | $15.3M | Add +0.5% |
| ADBE Adobe Inc. | 0.35% | 38,814 | $15.0M | Reduce -11.6% |
| DHR Danaher Corp. | 0.35% | 75,997 | $15.0M | Reduce -1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 30,785 | $15.0M | Add +7.4% |
| CVX Chevron Corp. | 0.33% | 98,838 | $14.2M | Add +13.2% |
| AGZ iShares Agency Bond ETF | 0.33% | 127,218 | $14.0M | Add +1.8% |
| AMGN Amgen Inc. | 0.32% | 49,458 | $13.8M | Add +6.3% |
| VNQ Vanguard Real Estate ETF | 0.32% | 153,662 | $13.7M | Add +0.7% |
| IWM iShares Russell 2000 ETF | 0.32% | 63,361 | $13.7M | Reduce -3.7% |
| ABT Abbott Laboratories | 0.32% | 99,808 | $13.6M | Add +13.3% |
| IJR iShares Core S&P Small-Cap E | 0.32% | 124,073 | $13.6M | Reduce -0.9% |
| TXN Texas Instruments Inc. | 0.30% | 62,036 | $12.9M | Reduce -10.2% |
| PANW Palo Alto Networks Inc. | 0.30% | 62,121 | $12.7M | Reduce -6.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.29% | 101,276 | $12.6M | Add +7.4% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.29% | 206,049 | $12.6M | Reduce -0.0% |
| MUNI PIMCO Intermediate Municipal | 0.29% | 240,845 | $12.4M | Add +59.3% |
| IWR iShares Russell Mid-Cap ETF | 0.28% | 131,412 | $12.1M | Reduce -5.1% |
| STLD Steel Dynamics Inc. | 0.27% | 90,345 | $11.6M | Reduce -0.4% |
| AMD Advanced Micro Devices | 0.27% | 80,757 | $11.5M | Reduce -0.9% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.26% | 215,228 | $11.4M | Add +29.6% |
| LIN Linde PLC | 0.26% | 23,557 | $11.1M | Reduce -0.0% |
| COF Capital One Financial Corp. | 0.26% | 51,854 | $11.0M | Add +22.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.26% | 39,267 | $11.0M | Add +9.3% |
| MCD McDonald's Corp. | 0.26% | 37,549 | $11.0M | Add +1.3% |
| SYK Stryker Corp. | 0.26% | 27,723 | $11.0M | Add +0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.25% | 230,354 | $10.9M | Reduce -2.3% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.25% | 204,185 | $10.9M | Add +16.3% |
| CSCO Cisco Systems Inc. | 0.25% | 156,038 | $10.8M | Add +26.3% |
| IWN iShares Russell 2000 Value E | 0.25% | 66,666 | $10.5M | Reduce -0.2% |
| PLD Prologis Inc. | 0.24% | 99,936 | $10.5M | Reduce -2.2% |
| PEP Pepsico Inc. | 0.24% | 78,618 | $10.4M | Add +6.4% |
| KO The Coca-Cola Co. | 0.24% | 145,258 | $10.3M | Add +10.8% |
| LLY Eli Lilly & Co. | 0.24% | 12,990 | $10.1M | Reduce -0.6% |
| AZN Astrazeneca PLC-Spons ADR | 0.23% | 143,373 | $10.0M | Reduce -4.3% |
| ZTS Zoetis Inc. | 0.23% | 64,144 | $10.0M | Reduce -2.2% |
| PNC PNC Financial Services Group | 0.23% | 52,734 | $9.8M | Reduce -0.4% |
| SE Sea Ltd.-ADR | 0.23% | 61,081 | $9.8M | Reduce -3.2% |
| VCR Vanguard Consumer Discre ETF | 0.21% | 24,749 | $9.0M | Reduce -2.9% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $276K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 235 | $276K | New |
Total filed on the 13F, all lines: $4.3B.
Portfolio Sells Q1 2025 → Q2 2025
| BND Vanguard Total Bond Market | Sold out | 0.00% | −2.02 |
| JMST JPM Ultra-Short Muni Income | Reduce -34.4% | 0.81% | −0.55 |
| UNH Unitedhealth Group Inc. | Reduce -1.9% | 0.54% | −0.48 |
| IBTG iShares Ibonds Dec 2026 Term | Reduce -81.0% | 0.07% | −0.32 |
| GILD Gilead Sciences Inc. | Reduce -0.0% | 1.72% | −0.20 |
| JMBS Janus Henderson Mortg Backed | Reduce -1.0% | 1.49% | −0.18 |
| TGT Target Corp. | Reduce -68.8% | 0.06% | −0.16 |
| SPTS SS SPDR P St Term TSY ETF | Reduce -72.8% | 0.05% | −0.16 |
| GLD SPDR Gold Shares | Reduce -1.9% | 2.25% | −0.15 |
| RSP Invesco S&P 500 Equal Weight | Reduce -60.0% | 0.09% | −0.15 |
| V Visa Inc. Class A | Reduce -1.4% | 1.34% | −0.15 |
| MBB iShares MBS ETF | Reduce -52.8% | 0.08% | −0.11 |
| GOVT iShares US Treasury Bond ETF | Reduce -1.8% | 0.73% | −0.09 |
| SPTI SS SPDR P Int Term TSY ETF | Sold out | 0.00% | −0.09 |
| ADBE Adobe Inc. | Reduce -11.6% | 0.35% | −0.08 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -4.0% | 0.64% | −0.08 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -5.1% | 1.44% | −0.08 |
| CB Chubb Ltd. | Reduce -0.2% | 0.42% | −0.07 |
| SPSB SS SPDR P St C Corp. ETF | Reduce -88.8% | 0.01% | −0.07 |
| TJX TJX Companies Inc. | Reduce -0.3% | 0.64% | −0.06 |
| DHR Danaher Corp. | Reduce -1.6% | 0.35% | −0.06 |
| WM Waste Management Inc. | Reduce -0.4% | 0.46% | −0.06 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -41.9% | 0.07% | −0.05 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -4.3% | 0.23% | −0.05 |
| PLD Prologis Inc. | Reduce -2.2% | 0.24% | −0.05 |
| ZTS Zoetis Inc. | Reduce -2.2% | 0.23% | −0.05 |
| PGR Progressive Corp. | Reduce -29.9% | 0.07% | −0.05 |
| HUBS HubSpot Inc. | Reduce -14.4% | 0.13% | −0.04 |
| LLY Eli Lilly & Co. | Reduce -0.6% | 0.24% | −0.04 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −0.04 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.04 |
| TEAM Atlassian Corp. Class A | Reduce -19.4% | 0.08% | −0.03 |
| CMI Cummins Inc. | Reduce -1.9% | 0.43% | −0.03 |
| OEF iShares S&P 100 ETF | Reduce -42.1% | 0.05% | −0.03 |
| SPIB SS SPDR P Int C Corp. ETF | Reduce -33.6% | 0.04% | −0.03 |
| KIM Kimco Realty Corp. | Sold out | 0.00% | −0.03 |
| LIN Linde PLC | Reduce -0.0% | 0.26% | −0.03 |
| SONY Sony Group Corp. - SP ADR | Reduce -35.8% | 0.04% | −0.03 |
| QLTA iShares Aaa - A Rated Corpor | Reduce -63.2% | 0.01% | −0.02 |
| STLD Steel Dynamics Inc. | Reduce -0.4% | 0.27% | −0.02 |
| SYY Sysco Corp. | Reduce -2.2% | 0.18% | −0.02 |
| IWR iShares Russell Mid-Cap ETF | Reduce -5.1% | 0.28% | −0.02 |
| REGN Regeneron Pharmaceuticals | Reduce -10.7% | 0.04% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.9% | 0.32% | −0.02 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.02 |
| IEF iShares 7-10 Year Treasury B | Reduce -68.5% | 0.01% | −0.02 |
| ALL Allstate Corp. | Reduce -1.7% | 0.13% | −0.02 |
| NSIT Insight Enterprises Inc. | Reduce -3.6% | 0.08% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -3.7% | 0.32% | −0.02 |
| IYR iShares US Real Estate ETF | Reduce -1.1% | 0.15% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| EEM iShares MSCI Emerging Market | Add +671.0% | 2.13% | +1.85 |
| MSFT Microsoft Corp. | Add +0.6% | 5.05% | +0.85 |
| AVGO Broadcom Inc. | Add +70.5% | 0.72% | +0.44 |
| SUB iShares Short-Term National | Add +322.2% | 0.46% | +0.34 |
| VGT Vanguard Info Tech ETF | Add +3.9% | 1.79% | +0.23 |
| JPM JPMorgan Chase & Co. | Add +8.3% | 1.10% | +0.15 |
| JMUB JPMorgan Municipal ETF | Add +22.5% | 1.55% | +0.14 |
| ORCL Oracle Corp. | Add +5.3% | 0.41% | +0.14 |
| DMXF iShares ESG Advanc MSCI Eafe | New | 0.12% | +0.12 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.11% | +0.11 |
| AXP American Express Co. | Add +129.9% | 0.18% | +0.11 |
| APP AppLovin Corp. Class A | Add +1579.5% | 0.10% | +0.10 |
| MUNI PIMCO Intermediate Municipal | Add +59.3% | 0.29% | +0.09 |
| XLK SS Technology Select Sector | Add +1.7% | 0.70% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +1.1% | 1.96% | +0.08 |
| DASH DoorDash Inc. Class A | New | 0.08% | +0.08 |
| CMF iShares California Muni Bond | Add +16.7% | 1.75% | +0.07 |
| KGC Kinross Gold Corp. | New | 0.07% | +0.07 |
| ANET Arista Networks Inc. | New | 0.07% | +0.07 |
| AMZN Amazon.com Inc. | Add +0.9% | 1.35% | +0.07 |
| ICSH iShares Ultra Short Duration | New | 0.06% | +0.06 |
| VIG Vanguard Dividend Apprec ETF | Add +366.1% | 0.08% | +0.06 |
| COF Capital One Financial Corp. | Add +22.5% | 0.26% | +0.06 |
| WAY Waystar Holding Corp. | New | 0.06% | +0.06 |
| CYBR Cyberark Software Ltd./Israel | Add +210.1% | 0.08% | +0.06 |
| MCHP Microchip Technology Inc. | New | 0.06% | +0.06 |
| AJG Arthur J Gallagher & Co. | New | 0.06% | +0.06 |
| CAT Caterpillar Inc. | Add +37.1% | 0.18% | +0.06 |
| CSCO Cisco Systems Inc. | Add +26.3% | 0.25% | +0.06 |
| NOW ServiceNow Inc. | Add +1.1% | 0.36% | +0.06 |
| DIS The Walt Disney Co. | Add +7.4% | 0.29% | +0.05 |
| GOOG Alphabet Inc. Class C | Add +9.9% | 0.43% | +0.05 |
| IEFA iShares Core MSCI Eafe ETF | Add +3.5% | 1.60% | +0.05 |
| HON Honeywell International Inc. | Add +62.5% | 0.12% | +0.05 |
| OTIS Otis Worldwide Corp. | New | 0.05% | +0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.8% | 2.98% | +0.04 |
| GLW Corning Inc. | Add +668.5% | 0.05% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +123.5% | 0.07% | +0.04 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +29.6% | 0.26% | +0.04 |
| IGM iShares Expanded Tech Sector | Add +0.5% | 0.36% | +0.04 |
| EFA iShares MSCI Eafe ETF | Add +2.6% | 2.89% | +0.04 |
| ADP Automatic Data Processing | Add +53.7% | 0.13% | +0.04 |
| MDLZ Mondelez International Inc. Class A | Add +59.4% | 0.12% | +0.04 |
| DIA SS SPDR Dow Jones Indus Avg | New | 0.03% | +0.03 |
| WFC Wells Fargo & Co. | Add +133.3% | 0.06% | +0.03 |
| MRVL Marvell Technology Inc. | New | 0.03% | +0.03 |
| NKE Nike Inc. Class B | Add +39.5% | 0.11% | +0.03 |
| ABBV Abbvie Inc. | Add +66.4% | 0.13% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +142.4% | 0.06% | +0.03 |
| GWRE Guidewire Software Inc. | New | 0.03% | +0.03 |
Notes & Other Activity Q1 2025 → Q2 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | New | 235 | $276K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 763 | $4.9B | AAPL, NVDA, GOOGL, MSFT, SPY |
| Q1 2026 | 736 | $4.4B | AAPL, NVDA, MSFT, SPY, GOOGL |
| Q4 2025 | 743 | $4.5B | AAPL, MSFT, NVDA, GOOGL, SPY |
| Q3 2025 | 776 | $4.6B | MSFT, AAPL, NVDA, SPY, QQQ |
| Q2 2025 | 753 | $4.3B | MSFT, AAPL, NVDA, SPY, EFA |
| Q1 2025 | 735 | $3.9B | AAPL, MSFT, SPY, NVDA, EFA |
| Q4 2024 | 725 | $3.9B | AAPL, MSFT, QQQ, SPY, NVDA |
| Q3 2024 | 734 | $3.8B | AAPL, MSFT, QQQ, SPY, NVDA |
| Q2 2024 | 722 | $3.6B | MSFT, AAPL, QQQ, SPY, EFA |
| Q1 2024 | 731 | $3.6B | MSFT, AAPL, QQQ, SPY, EFA |