Basso Capital Management, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Basso Capital Management, L.P. reported 72 stock positions worth $117.5 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 23.9% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 12.9%) and VG Morningstar TS MKT ETF-US (VTI, 10.8%). Compared with Q4 2024, it opened 6 new positions, sold out of 9, added to 17 and reduced 10. The biggest buy was SPDR Gold Shares (GLD, shares +12%) and the biggest sale an exit from Franklin Ftse India ETF (FLIN).

Most Recent 13F
Q2 2026
Location
STAMFORD, CT
CIK
0001287978
Portfolio Value
$117.5M (Q1 2025)
SEC Filing
0001013594-25-000618 ↗ filed May 12, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $106.0M Q1 2024 Q2 2024: $110.9M Q2 2024 Q3 2024: $108.7M Q3 2024 Q4 2024: $115.6M Q4 2024 Q1 2025: $117.5M $117.5M Q1 2025 Q2 2025: $134.9M Q2 2025 Q3 2025: $149.4M Q3 2025 Q4 2025: $167.9M Q4 2025 Q1 2026: $163.4M Q1 2026 Q2 2026: $405.9M Q2 2026

Holdings 72 stocks · $117.5M
VOO Vanguard S&P 500 ETF 23.92% 54,672 $28.1M Add +8.8%
SPY SS SPDR S&P 500 ETF Trust-US 12.92% 27,126 $15.2M No change
VTI VG Morningstar TS MKT ETF-US 10.81% 46,193 $12.7M Add +21.6%
RSP Invesco S&P 500 Equal Weight 10.33% 70,082 $12.1M Add +5.1%
GLD SPDR Gold Shares 5.56% 22,651 $6.5M Add +12.2%
MPLX MPLX LP 3.24% 71,200 $3.8M No change
ET Energy Transfer LP 2.98% 188,500 $3.5M No change
QQQM Invesco Nasdaq 100 ETF 2.86% 17,410 $3.4M Reduce -15.7%
OKE Oneok Inc. 2.44% 28,937 $2.9M Add +5.1%
EPD Enterprise Products Partners 1.86% 64,095 $2.2M Reduce -0.0%
WMB Williams Cos Inc. 1.81% 35,500 $2.1M No change
WES Western Midstream Partners L 1.43% 41,150 $1.7M No change
IBIT iShares Bitcoin Trust ETF 1.40% 35,125 $1.6M Add +11.9%
FBTC Fidelity Wise Origin Bitcoin 1.26% 20,500 $1.5M Add +20.6%
FSK FS KKR Capital Corp. 1.19% 67,000 $1.4M No change
WHF Whitehorse Finance Inc. 0.99% 120,138 $1.2M No change
TRGP Targa Resources Corp. 0.93% 5,450 $1.1M Add +9.0%
CPER United States Copper Index 0.88% 32,600 $1.0M Add +1530.0%
SLV iShares Silver Trust 0.88% 33,233 $1.0M Add +121.5%
PAA Plains All Amer Pipeline LP 0.86% 50,500 $1.0M No change
IJH iShares Core S&P Midcap ETF 0.83% 16,670 $973K Add +301.7%
HESM Hess Midstream LP Class A 0.83% 23,000 $973K No change
LNG Cheniere Energy Inc. 0.72% 3,650 $845K Add +5.8%
QQQ Invesco QQQ Trust Series 1 0.68% 1,707 $800K No change
DFUV Dimensional US Marketwide Va 0.59% 16,800 $692K Reduce -56.5%
BLOCK INC (XYZ 0.25 11/01/27) 0.56% 750,000 $660K No change
GOOGL Alphabet Inc. Class A 0.56% 4,229 $654K Reduce -17.9%
TRP TC Energy Corp. 0.54% 13,370 $631K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.53% 2,500 $622K New
MSFT Microsoft Corp. 0.48% 1,494 $561K Reduce -27.2%
FEZ State Street SPDR Euro Stoxx 0.39% 8,350 $454K Add +19.3%
URA Global X Uranium ETF 0.33% 16,800 $385K Reduce -37.1%
ARGT Global X MSCI Argentina ETF 0.30% 4,350 $351K New
SUN Sunoco LP 0.28% 5,680 $330K No change
EMXC iShares MSCI Emr MRK Ex Chna 0.24% 5,150 $284K Reduce -63.0%
VGSH Vanguard Short-Term Treasury 0.24% 4,784 $281K Add +1584.5%
FXY Invesco Currencyshares Japan 0.23% 4,300 $264K New
ETSY INC (ETSY 0.25 06/15/28) 0.22% 300,000 $255K No change
AMZN Amazon.com Inc. 0.22% 1,335 $254K No change
DFAT Dimensional US Target Value 0.21% 4,750 $245K Reduce -54.8%
XLE SS Energy Select Sector 0.20% 2,505 $234K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.19% 867 $224K No change
KBA Kraneshares Bosera MSCI Chin 0.19% 9,300 $220K Add +16.3%
VXF Vanguard Extended Market ETF 0.18% 1,198 $206K No change
PBA Pembina Pipeline Corp. 0.17% 5,001 $200K No change
KWEB Kranesh Csi China Internet 0.15% 5,050 $176K New
JPM JPMorgan Chase & Co. 0.14% 654 $160K Add +8.3%
VPU Vanguard Utilities ETF 0.13% 902 $154K No change
SOXX iShares Semiconductor ETF 0.12% 739 $139K Add +33.6%
DABS Doubleline Asset-Backed ETF 0.09% 2,175 $109K New
VHT Vanguard Health Care ETF 0.09% 398 $105K No change
SU Suncor Energy Inc. 0.09% 2,700 $105K No change
AEE Ameren Corporation 0.07% 796 $80K No change
PSX Phillips 66 0.06% 612 $76K No change
CNQ Canadian Natural Resources 0.06% 2,400 $74K No change
ED Consolidated Edison Inc. 0.06% 642 $71K No change
SOBO South Bow Corp. 0.06% 2,674 $68K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.05% 799 $63K Reduce -0.1%
PM Philip Morris International 0.05% 389 $62K No change
GIS General Mills Inc. 0.05% 904 $54K No change
PEP Pepsico Inc. 0.04% 352 $53K No change
BP BP PLC-Spons ADR 0.04% 1,500 $51K No change
PGX Invesco Preferred ETF 0.04% 4,258 $48K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.03% 582 $38K No change
MO Altria Group Inc. 0.03% 635 $38K No change
IWM iShares Russell 2000 ETF 0.03% 159 $32K Reduce -29.3%
BRK.B Berkshire Hathaway Inc. Class B 0.02% 50 $27K New
MOAT Vaneck Morningstar Wide Moat 0.02% 270 $24K No change
IVW iShares S&P 500 Growth ETF 0.02% 201 $19K No change
SCHG Schwab US Large-Cap Growth 0.01% 692 $17K No change
DYNF Ishrs US E F R A ETF-Usd Inc. 0.01% 292 $14K No change
EEMS iShares MSCI Emerging MKT SM 0.00% 76 $4K No change

Portfolio Sells Q4 2024 → Q1 2025
FLIN Franklin Ftse India ETF Sold out 0.00% −1.27
QQQM Invesco Nasdaq 100 ETF Reduce -15.7% 2.86% −0.90
DFUV Dimensional US Marketwide Va Reduce -56.5% 0.59% −0.78
BXSL Blackstone Secured Lending F Sold out 0.00% −0.73
EPI Wisdomtree India Earnings Sold out 0.00% −0.69
COPX Global X Copper Miners ETF Sold out 0.00% −0.58
EMXC iShares MSCI Emr MRK Ex Chna Reduce -63.0% 0.24% −0.43
DFAT Dimensional US Target Value Reduce -54.8% 0.21% −0.30
URA Global X Uranium ETF Reduce -37.1% 0.33% −0.29
GOOGL Alphabet Inc. Class A Reduce -17.9% 0.56% −0.29
MSFT Microsoft Corp. Reduce -27.2% 0.48% −0.27
ENLC Enlink Midstream LLC Sold out 0.00% −0.12
ITB iShares U.S. Home Constructi Sold out 0.00% −0.12
DIS The Walt Disney Co. Sold out 0.00% −0.09
GBDC Golub Capital BDC Inc. Sold out 0.00% −0.04
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.03
IWM iShares Russell 2000 ETF Reduce -29.3% 0.03% −0.02
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -0.1% 0.05% +0.00
EPD Enterprise Products Partners Reduce -0.0% 1.86% +0.12

Portfolio Buys Q4 2024 → Q1 2025
GLD SPDR Gold Shares Add +12.2% 5.56% +1.33
VTI VG Morningstar TS MKT ETF-US Add +21.6% 10.81% +1.28
CPER United States Copper Index Add +1530.0% 0.88% +0.83
IJH iShares Core S&P Midcap ETF Add +301.7% 0.83% +0.60
SLV iShares Silver Trust Add +121.5% 0.88% +0.54
IBM Intl Business Machines Corp. New 0.53% +0.53
VOO Vanguard S&P 500 ETF Add +8.8% 23.92% +0.49
ARGT Global X MSCI Argentina ETF New 0.30% +0.30
FXY Invesco Currencyshares Japan New 0.23% +0.23
VGSH Vanguard Short-Term Treasury Add +1584.5% 0.24% +0.22
RSP Invesco S&P 500 Equal Weight Add +5.1% 10.33% +0.22
TRGP Targa Resources Corp. Add +9.0% 0.93% +0.16
KWEB Kranesh Csi China Internet New 0.15% +0.15
FEZ State Street SPDR Euro Stoxx Add +19.3% 0.39% +0.10
DABS Doubleline Asset-Backed ETF New 0.09% +0.09
LNG Cheniere Energy Inc. Add +5.8% 0.72% +0.08
FBTC Fidelity Wise Origin Bitcoin Add +20.6% 1.26% +0.06
OKE Oneok Inc. Add +5.1% 2.44% +0.05
KBA Kraneshares Bosera MSCI Chin Add +16.3% 0.19% +0.02
BRK.B Berkshire Hathaway Inc. Class B New 0.02% +0.02
SOXX iShares Semiconductor ETF Add +33.6% 0.12% +0.02
JPM JPMorgan Chase & Co. Add +8.3% 0.14% +0.01
IBIT iShares Bitcoin Trust ETF Add +11.9% 1.40% −0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 135$405.9MVOO, VTI, PAAA, SPY, IWM
Q1 2026 137$163.4MVOO, SPY, VTI, GLD, IWM
Q4 2025 115$167.9MVOO, SPY, VTI, GLD, IWM
Q3 2025 78$149.4MVOO, SPY, VTI, RSP, GLD
Q2 2025 77$134.9MVOO, SPY, VTI, RSP, GLD
Q1 2025 72$117.5MVOO, SPY, VTI, RSP, GLD
Q4 2024 75$115.6MVOO, SPY, RSP, VTI, GLD
Q3 2024 73$108.7MVOO, SPY, VTI, RSP, GLD
Q2 2024 75$110.9MVOO, SPY, VTI, RSP, GLD
Q1 2024 70$106.0MVOO, SPY, VTI, RSP, GLD