Bailard, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Bailard, Inc. reported 743 stock positions worth $4.5 billion. Its top holding was Apple (AAPL) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Nvidia (NVDA, 3.8%). Compared with Q3 2025, it opened 120 new positions, sold out of 153, added to 213 and reduced 330. The biggest buy was a new position in Vanguard Short-Term Tips (VTIP) and the biggest sale Meta Platforms Class A (META, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- Foster City, CA
- CIK
- 0000750641
- Portfolio Value
- $4.5B (Q4 2025)
- SEC Filing
- 0001172661-26-000466 ↗ filed Feb 4, 2026
Holdings Value
Holdings 743 stocks · $4.5B
| AAPL Apple Inc. | 4.99% | 828,481 | $225.2M | Reduce -2.3% |
| MSFT Microsoft Corp. | 4.53% | 422,852 | $204.5M | Reduce -1.9% |
| NVDA Nvidia Corp. | 3.78% | 914,400 | $170.5M | Reduce -8.2% |
| GOOGL Alphabet Inc. Class A | 3.20% | 461,402 | $144.4M | Reduce -1.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.06% | 202,575 | $138.1M | Reduce -1.2% |
| QQQ Invesco QQQ Trust Series 1 | 3.00% | 220,922 | $135.7M | Reduce -2.8% |
| GLD SPDR Gold Shares | 2.73% | 310,893 | $123.2M | Reduce -1.4% |
| EFA iShares MSCI Eafe ETF | 2.71% | 1,272,638 | $122.2M | Reduce -10.8% |
| GILD Gilead Sciences Inc. | 2.00% | 734,057 | $90.1M | Add +9.7% |
| VGT Vanguard Info Tech ETF | 1.90% | 113,885 | $85.8M | Add +0.2% |
| CMF iShares California Muni Bond | 1.83% | 1,439,125 | $82.7M | Add +0.3% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 1.64% | 1,450,504 | $74.1M | Add +11.6% |
| IEFA iShares Core MSCI Eafe ETF | 1.57% | 794,385 | $71.1M | Reduce -0.0% |
| VTI VG Morningstar TS MKT ETF-US | 1.50% | 202,079 | $67.8M | Reduce -1.9% |
| IBTG iShares Ibonds Dec 2026 Term | 1.43% | 2,824,210 | $64.6M | Reduce -8.8% |
| AMZN Amazon.com Inc. | 1.32% | 258,962 | $59.8M | Reduce -4.7% |
| V Visa Inc. Class A | 1.20% | 154,467 | $54.2M | Reduce -4.3% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.17% | 249,231 | $52.8M | Add +0.6% |
| JPM JPMorgan Chase & Co. | 1.10% | 154,817 | $49.9M | Reduce -4.5% |
| IVV iShares Core S&P 500 ETF | 1.06% | 69,847 | $47.8M | Reduce -1.0% |
| AVGO Broadcom Inc. | 0.96% | 125,712 | $43.5M | Add +9.9% |
| GOVT iShares US Treasury Bond ETF | 0.96% | 1,879,087 | $43.3M | Add +20.5% |
| VOO Vanguard S&P 500 ETF | 0.94% | 67,501 | $42.3M | Reduce -32.8% |
| META Meta Platforms Inc. Class A | 0.89% | 61,095 | $40.3M | Reduce -25.8% |
| JMUB JPMorgan Municipal ETF | 0.89% | 794,545 | $40.1M | Add +4.2% |
| VEU Vanguard Ftse All-World Ex-U | 0.88% | 540,697 | $39.8M | Add +4.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.86% | 127,890 | $38.9M | Reduce -8.7% |
| MS Morgan Stanley | 0.76% | 194,271 | $34.5M | Reduce -0.6% |
| COST Costco Wholesale Corp. | 0.75% | 39,354 | $33.9M | Reduce -1.9% |
| XLK SS Technology Select Sector | 0.74% | 233,201 | $33.6M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 0.69% | 99,867 | $31.3M | Reduce -0.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.69% | 203,821 | $31.3M | Reduce -5.5% |
| HD Home Depot Inc. | 0.69% | 90,342 | $31.1M | Reduce -3.3% |
| JNJ Johnson & Johnson | 0.68% | 149,439 | $30.9M | Reduce -2.0% |
| IJS iShares S&P Small-Cap 600 Va | 0.68% | 270,840 | $30.8M | Reduce -0.9% |
| CMI Cummins Inc. | 0.65% | 57,435 | $29.3M | Reduce -4.0% |
| BLK BlackRock Inc. | 0.63% | 26,691 | $28.6M | Reduce -3.6% |
| VTIP Vanguard Short-Term Tips | 0.59% | 538,707 | $26.6M | New |
| KLAC KLA Corp. | 0.58% | 21,598 | $26.2M | Reduce -6.6% |
| NFLX Netflix Inc. | 0.52% | 248,046 | $23.3M | Reduce -0.5% |
| UBER Uber Technologies Inc. | 0.51% | 282,988 | $23.1M | Add +2.0% |
| TT Trane Technologies PLC | 0.51% | 58,918 | $22.9M | Reduce -1.5% |
| QCOM Qualcomm Inc. | 0.50% | 132,313 | $22.6M | Reduce -0.2% |
| SUB iShares Short-Term National | 0.47% | 199,528 | $21.3M | Add +63.2% |
| INTU Intuit Inc. | 0.46% | 31,255 | $20.7M | Reduce -4.6% |
| PG The Procter & Gamble Co. | 0.45% | 142,108 | $20.4M | Reduce -7.7% |
| IJH iShares Core S&P Midcap ETF | 0.45% | 307,238 | $20.3M | Reduce -32.1% |
| UNH Unitedhealth Group Inc. | 0.44% | 60,224 | $19.9M | Reduce -5.8% |
| PANW Palo Alto Networks Inc. | 0.43% | 106,025 | $19.5M | Reduce -3.1% |
| SPOT Spotify Technology SA | 0.43% | 33,284 | $19.3M | Reduce -2.1% |
| BSX Boston Scientific Corp. | 0.43% | 202,156 | $19.3M | Reduce -0.6% |
| CB Chubb Ltd. | 0.42% | 60,213 | $18.8M | Reduce -1.9% |
| VEA Vanguard Ftse Developed ETF | 0.41% | 299,526 | $18.7M | Add +2.7% |
| ETN Eaton Corp. PLC | 0.40% | 56,843 | $18.1M | Reduce -3.2% |
| WM Waste Management Inc. | 0.39% | 79,667 | $17.5M | Reduce -4.2% |
| STLD Steel Dynamics Inc. | 0.38% | 102,031 | $17.3M | Add +0.9% |
| IGM iShares Expanded Tech Sector | 0.37% | 130,075 | $16.8M | Reduce -5.5% |
| COP Conocophillips | 0.37% | 177,475 | $16.6M | Add +0.5% |
| SPGI S&P Global Inc. | 0.37% | 31,748 | $16.6M | Add +1.2% |
| VWO Vanguard Ftse Emerging Marke | 0.36% | 303,791 | $16.3M | Reduce -38.7% |
| CVX Chevron Corp. | 0.36% | 107,005 | $16.3M | Reduce -6.9% |
| AMGN Amgen Inc. | 0.36% | 49,565 | $16.2M | Add +2.8% |
| DHR Danaher Corp. | 0.35% | 69,384 | $15.9M | Reduce -1.0% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.35% | 294,024 | $15.8M | Add +7.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.34% | 33,975 | $15.4M | Reduce -1.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.33% | 29,262 | $14.7M | Reduce -4.4% |
| AZN Astrazeneca PLC-Spons ADR | 0.32% | 159,013 | $14.6M | Add +6.4% |
| IJR iShares Core S&P Small-Cap E | 0.32% | 121,596 | $14.6M | Reduce -0.8% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.32% | 212,394 | $14.3M | Add +2.7% |
| LLY Eli Lilly & Co. | 0.30% | 12,772 | $13.7M | Reduce -4.7% |
| EEM iShares MSCI Emerging Market | 0.30% | 247,528 | $13.5M | Reduce -0.1% |
| ACN Accenture PLC Class A | 0.29% | 49,138 | $13.2M | Reduce -9.7% |
| ABBV Abbvie Inc. | 0.28% | 56,246 | $12.9M | Add +24.0% |
| IWN iShares Russell 2000 Value E | 0.28% | 69,165 | $12.5M | Add +5.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.28% | 227,456 | $12.5M | Add +0.1% |
| IWR iShares Russell Mid-Cap ETF | 0.28% | 129,460 | $12.5M | Reduce -0.3% |
| AGZ iShares Agency Bond ETF | 0.28% | 112,826 | $12.4M | Add +2.3% |
| COF Capital One Financial Corp. | 0.27% | 50,996 | $12.4M | Add +0.5% |
| ADBE Adobe Inc. | 0.27% | 35,229 | $12.3M | Reduce -4.9% |
| ORCL Oracle Corp. | 0.27% | 62,727 | $12.2M | Reduce -25.3% |
| NOW ServiceNow Inc. | 0.27% | 79,350 | $12.2M | Add +4.6% |
| MUNI PIMCO Intermediate Municipal | 0.27% | 230,890 | $12.1M | Reduce -1.4% |
| ABT Abbott Laboratories | 0.26% | 93,322 | $11.7M | Reduce -6.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.26% | 40,041 | $11.6M | Add +0.1% |
| MCD McDonald's Corp. | 0.26% | 37,918 | $11.6M | Add +1.7% |
| VNQ Vanguard Real Estate ETF | 0.26% | 130,662 | $11.6M | Reduce -29.0% |
| CSCO Cisco Systems Inc. | 0.25% | 149,204 | $11.5M | Reduce -4.5% |
| PEP Pepsico Inc. | 0.25% | 79,214 | $11.4M | Add +0.8% |
| PLD Prologis Inc. | 0.25% | 88,954 | $11.4M | Reduce -8.7% |
| EXPE Expedia Group Inc. | 0.25% | 39,902 | $11.3M | Add +0.4% |
| CAT Caterpillar Inc. | 0.25% | 19,655 | $11.3M | Add +2.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 97,628 | $11.1M | Reduce -0.7% |
| PNC PNC Financial Services Group | 0.23% | 50,824 | $10.6M | Add +0.5% |
| KO The Coca-Cola Co. | 0.23% | 149,523 | $10.5M | Reduce -1.5% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.22% | 191,272 | $10.1M | Reduce -13.1% |
| EFAX State Street SPDR MSCI Eafe | 0.22% | 197,825 | $10.0M | Add +11.4% |
| TXN Texas Instruments Inc. | 0.22% | 56,096 | $9.7M | Reduce -8.7% |
| VCR Vanguard Consumer Discre ETF | 0.21% | 24,594 | $9.7M | Add +3.0% |
| XJH Ishare ESG SS S&P Midcap ETF | 0.21% | 213,468 | $9.5M | Add +1.0% |
| LIN Linde PLC | 0.21% | 21,737 | $9.3M | Reduce -3.9% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $285K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 235 | $285K | No change |
Total filed on the 13F, all lines: $4.5B.
Portfolio Sells Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Reduce -25.8% | 0.89% | −0.42 |
| VOO Vanguard S&P 500 ETF | Reduce -32.8% | 0.94% | −0.40 |
| MSFT Microsoft Corp. | Reduce -1.9% | 4.53% | −0.32 |
| NVDA Nvidia Corp. | Reduce -8.2% | 3.78% | −0.26 |
| ORCL Oracle Corp. | Reduce -25.3% | 0.27% | −0.24 |
| FISV Fiserv Inc. | Reduce -94.3% | 0.01% | −0.23 |
| VWO Vanguard Ftse Emerging Marke | Reduce -38.7% | 0.36% | −0.22 |
| IJH iShares Core S&P Midcap ETF | Reduce -32.1% | 0.45% | −0.19 |
| EFA iShares MSCI Eafe ETF | Reduce -10.8% | 2.71% | −0.19 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -73.6% | 0.05% | −0.14 |
| NFLX Netflix Inc. | Reduce -0.5% | 0.52% | −0.13 |
| HD Home Depot Inc. | Reduce -3.3% | 0.69% | −0.13 |
| IWM iShares Russell 2000 ETF | Reduce -41.2% | 0.20% | −0.13 |
| IYR iShares US Real Estate ETF | Reduce -88.9% | 0.02% | −0.13 |
| AMD Advanced Micro Devices | Reduce -55.4% | 0.19% | −0.13 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Sold out | 0.00% | −0.11 |
| IBTG iShares Ibonds Dec 2026 Term | Reduce -8.8% | 1.43% | −0.11 |
| VNQ Vanguard Real Estate ETF | Reduce -29.0% | 0.26% | −0.11 |
| SE Sea Ltd.-ADR | Reduce -19.1% | 0.16% | −0.11 |
| NTNX Nutanix Inc. Class A | Sold out | 0.00% | −0.11 |
| SPOT Spotify Technology SA | Reduce -2.1% | 0.43% | −0.09 |
| ETN Eaton Corp. PLC | Reduce -3.2% | 0.40% | −0.08 |
| VRNS Varonis Systems Inc. | Sold out | 0.00% | −0.07 |
| P Everpure Inc. Class A | Reduce -16.2% | 0.15% | −0.07 |
| BLK BlackRock Inc. | Reduce -3.6% | 0.63% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -7.7% | 0.45% | −0.06 |
| TSLA Tesla Inc. | Reduce -51.2% | 0.06% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -1.9% | 0.75% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -3.1% | 0.43% | −0.05 |
| PH Parker Hannifin Corp. | Reduce -92.9% | 0.00% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -44.3% | 0.06% | −0.05 |
| CCEP Coca-Cola Europacific Partne | Sold out | 0.00% | −0.04 |
| CYBR Cyberark Software Ltd./Israel | Reduce -49.6% | 0.04% | −0.04 |
| LNG Cheniere Energy Inc. | Reduce -34.4% | 0.05% | −0.04 |
| PGR Progressive Corp. | Reduce -74.5% | 0.01% | −0.04 |
| TT Trane Technologies PLC | Reduce -1.5% | 0.51% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -5.8% | 0.44% | −0.04 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.04 |
| REET iShares Global REIT ETF | Reduce -20.0% | 0.13% | −0.03 |
| HON Honeywell International Inc. | Reduce -25.8% | 0.08% | −0.03 |
| MBB iShares MBS ETF | Reduce -48.8% | 0.04% | −0.03 |
| BAH Booz Allen Hamilton Holdings | Reduce -67.4% | 0.01% | −0.03 |
| VYM Vanguard High DVD Yield ETF | Reduce -65.1% | 0.02% | −0.03 |
| ABT Abbott Laboratories | Reduce -6.5% | 0.26% | −0.03 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -14.9% | 0.15% | −0.03 |
| TXN Texas Instruments Inc. | Reduce -8.7% | 0.22% | −0.03 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -13.1% | 0.22% | −0.03 |
| LIN Linde PLC | Reduce -3.9% | 0.21% | −0.03 |
| CECO Ceco Environmental Corp. | Reduce -52.9% | 0.04% | −0.03 |
| INTU Intuit Inc. | Reduce -4.6% | 0.46% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| VTIP Vanguard Short-Term Tips | New | 0.59% | +0.59 |
| GILD Gilead Sciences Inc. | Add +9.7% | 2.00% | +0.38 |
| JMTG Mortgage-Backed Securities | Add +11.6% | 1.64% | +0.20 |
| SUB iShares Short-Term National | Add +63.2% | 0.47% | +0.19 |
| GOVT iShares US Treasury Bond ETF | Add +20.5% | 0.96% | +0.17 |
| AVGO Broadcom Inc. | Add +9.9% | 0.96% | +0.14 |
| IBTK iShares Ibonds Dec 2030 Trea | New | 0.09% | +0.09 |
| SPTI SS SPDR P Int Term TSY ETF | Add +542.5% | 0.10% | +0.08 |
| STLD Steel Dynamics Inc. | Add +0.9% | 0.38% | +0.08 |
| AZN Astrazeneca PLC-Spons ADR | Add +6.4% | 0.32% | +0.07 |
| VEU Vanguard Ftse All-World Ex-U | Add +4.0% | 0.88% | +0.07 |
| EXPE Expedia Group Inc. | Add +0.4% | 0.25% | +0.07 |
| AMGN Amgen Inc. | Add +2.8% | 0.36% | +0.06 |
| ABBV Abbvie Inc. | Add +24.0% | 0.28% | +0.06 |
| VGT Vanguard Info Tech ETF | Add +0.2% | 1.90% | +0.06 |
| CMF iShares California Muni Bond | Add +0.3% | 1.83% | +0.05 |
| JMUB JPMorgan Municipal ETF | Add +4.2% | 0.89% | +0.05 |
| CAT Caterpillar Inc. | Add +2.0% | 0.25% | +0.05 |
| TTWO Take-Two Interactive Softwre | Add +70.5% | 0.11% | +0.05 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +0.6% | 1.17% | +0.04 |
| SNPS Synopsys Inc. | New | 0.04% | +0.04 |
| UPS United Parcel Service Class B | Add +392.6% | 0.05% | +0.04 |
| DNOW Dnow Inc. | New | 0.04% | +0.04 |
| AMAT Applied Materials Inc. | Add +1.6% | 0.17% | +0.04 |
| COF Capital One Financial Corp. | Add +0.5% | 0.27% | +0.04 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +41.1% | 0.13% | +0.04 |
| NYF iShares New York Muni Bond E | Add +51.6% | 0.11% | +0.04 |
| SPGI S&P Global Inc. | Add +1.2% | 0.37% | +0.04 |
| VEA Vanguard Ftse Developed ETF | Add +2.7% | 0.41% | +0.03 |
| FIVE Five Below | New | 0.03% | +0.03 |
| EFAX State Street SPDR MSCI Eafe | Add +11.4% | 0.22% | +0.03 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +7.8% | 0.35% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +21.3% | 0.11% | +0.03 |
| RS Reliance Inc. | New | 0.03% | +0.03 |
| IWN iShares Russell 2000 Value E | Add +5.0% | 0.28% | +0.02 |
| DASH DoorDash Inc. Class A | Add +53.9% | 0.10% | +0.02 |
| JMBS Janus Henderson Mortg Backed | Add +29.9% | 0.10% | +0.02 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +2.7% | 0.32% | +0.02 |
| VHT Vanguard Health Care ETF | Add +3.4% | 0.16% | +0.02 |
| KSS Kohls Corp. | New | 0.02% | +0.02 |
| BAC Bank of America Corp. | Add +0.1% | 0.28% | +0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +36.1% | 0.07% | +0.02 |
| DMXF iShares ESG Advanc MSCI Eafe | Add +14.6% | 0.15% | +0.02 |
| AXON Axon Enterprise Inc. | Add +370.6% | 0.03% | +0.02 |
| JHG Janus Henderson Group PLC | Add +59.9% | 0.05% | +0.02 |
| BRX Brixmor Property Group Inc. | New | 0.02% | +0.02 |
| FR First Industrial Realty TR | Add +240.6% | 0.03% | +0.02 |
| GWW WW Grainger Inc. | Add +81.1% | 0.04% | +0.02 |
| NHI Natl Health Investors Inc. | New | 0.02% | +0.02 |
| NRIM Northrim Bancorp Inc. | New | 0.02% | +0.02 |
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 |