Brave Asset Management Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 16, 2025), Brave Asset Management Inc. reported 162 stock positions worth $367.2 million. Its top holding was iShares MSCI Eafe Value ETF (EFV) at 11.8% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 10.3%) and SS Technology Select Sector (XLK, 9.1%). Compared with Q1 2025, it opened 17 new positions, sold out of 12, added to 19 and reduced 33. The biggest buy was a new position in iShares Core U.S. Aggregate (AGG) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −44%).

Most Recent 13F
Q2 2026
Location
Summit, NJ
CIK
0001085867
Portfolio Value
$367.2M (Q2 2025)
SEC Filing
0001172661-25-002614 ↗ filed Jul 16, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $385.2M Q1 2024 Q2 2024: $392.5M Q2 2024 Q3 2024: $402.6M Q3 2024 Q4 2024: $314.5M Q4 2024 Q1 2025: $318.1M Q1 2025 Q2 2025: $367.2M $367.2M Q2 2025 Q3 2025: $409.4M Q3 2025 Q4 2025: $423.9M Q4 2025 Q1 2026: $420.8M Q1 2026 Q2 2026: $467.5M Q2 2026

Holdings 162 stocks · $367.2M
EFV iShares MSCI Eafe Value ETF 11.75% 679,009 $43.2M Add +43.9%
AGG iShares Core U.S. Aggregate 10.25% 379,283 $37.6M New
XLK SS Technology Select Sector 9.13% 132,368 $33.5M Reduce -1.5%
MSFT Microsoft Corp. 5.15% 37,978 $18.9M Reduce -1.7%
VOO Vanguard S&P 500 ETF 5.07% 33,080 $18.6M Reduce -0.2%
SPY SS SPDR S&P 500 ETF Trust-US 4.56% 27,049 $16.7M Reduce -44.0%
AAPL Apple Inc. 4.53% 81,089 $16.6M Reduce -11.0%
JPM JPMorgan Chase & Co. 3.77% 47,682 $13.8M Reduce -2.0%
ZD Ziff Davis Inc. 3.35% 406,495 $12.3M No change
GOOG Alphabet Inc. Class C 3.14% 65,052 $11.5M Reduce -0.4%
XLV SS Health Care Select Sector 3.12% 84,944 $11.5M Reduce -0.3%
IAU iShares Gold Trust 2.76% 162,598 $10.1M Add +5.1%
AMZN Amazon.com Inc. 2.71% 45,394 $10.0M Reduce -2.8%
XLY SS Consumer Disc Select Sect 1.99% 33,623 $7.3M Reduce -0.7%
VEU Vanguard Ftse All-World Ex-U 1.83% 99,808 $6.7M Reduce -28.2%
XLP SS Consumer Staples Sel Sect 1.57% 70,929 $5.8M Reduce -0.5%
AXP American Express Co. 1.39% 16,009 $5.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.89% 6,703 $3.3M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.75% 33,728 $2.8M Reduce -0.4%
IVE iShares S&P 500 Value ETF 0.71% 13,250 $2.6M Reduce -0.1%
NVDA Nvidia Corp. 0.63% 14,684 $2.3M Reduce -9.9%
GOOGL Alphabet Inc. Class A 0.60% 12,514 $2.2M Reduce -1.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.60% 7,479 $2.2M No change
GS Goldman Sachs Group Inc. 0.59% 3,062 $2.2M Add +3.9%
BX Blackstone Inc. 0.51% 12,419 $1.9M No change
GLW Corning Inc. 0.49% 34,250 $1.8M No change
NOC Northrop Grumman Corp. 0.49% 3,598 $1.8M Reduce -5.3%
KO The Coca-Cola Co. 0.46% 23,810 $1.7M No change
WTM White Mountains Insurance GP 0.45% 924 $1.7M No change
ALL Allstate Corp. 0.43% 7,865 $1.6M No change
LLY Eli Lilly & Co. 0.40% 1,881 $1.5M Reduce -9.1%
JNJ Johnson & Johnson 0.40% 9,512 $1.5M No change
PFF iShares Preferred & Income S 0.37% 44,024 $1.4M No change
YUM Yum! Brands Inc. 0.35% 8,733 $1.3M No change
CSCO Cisco Systems Inc. 0.34% 17,842 $1.2M No change
VZ Verizon Communications Inc. 0.32% 27,553 $1.2M Add +33.1%
PG The Procter & Gamble Co. 0.32% 7,449 $1.2M No change
ORCL Oracle Corp. 0.31% 5,265 $1.2M No change
T AT&T Inc. 0.31% 38,744 $1.1M Add +90.9%
APO Apollo Global Management Inc. 0.30% 7,778 $1.1M No change
MRK Merck & Co. Inc. 0.29% 13,365 $1.1M No change
MMM 3M Co. 0.28% 6,870 $1.0M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.28% 5,913 $1.0M Reduce -8.7%
MA Mastercard Inc. Class A 0.27% 1,743 $979K No change
HON Honeywell International Inc. 0.26% 4,095 $954K No change
MKL Markel Group Inc. 0.24% 439 $877K No change
HD Home Depot Inc. 0.24% 2,365 $867K Add +14.0%
AMGN Amgen Inc. 0.22% 2,925 $817K No change
TXN Texas Instruments Inc. 0.22% 3,826 $794K Reduce -0.9%
MET Metlife Inc. 0.22% 9,850 $792K No change
ABT Abbott Laboratories 0.21% 5,694 $774K Add +1.8%
C Citigroup Inc. 0.21% 9,024 $768K No change
ADP Automatic Data Processing 0.21% 2,473 $763K No change
TRV The Travelers Cos Inc. 0.20% 2,780 $744K No change
XOM Exxon Mobil Corp. 0.20% 6,809 $734K No change
MCO Moody's Corp. 0.20% 1,463 $734K No change
ADBE Adobe Inc. 0.20% 1,862 $720K Reduce -11.3%
NFLX Netflix Inc. 0.19% 523 $700K Add +0.2%
KMI Kinder Morgan Inc. 0.19% 23,500 $691K No change
IBIT iShares Bitcoin Trust ETF 0.19% 11,137 $690K New
CSX CSX Corp. 0.18% 20,766 $678K Reduce -0.8%
LOW Lowe's Cos Inc. 0.18% 3,045 $676K No change
RDNT Radnet Inc. 0.18% 11,791 $671K No change
EMR Emerson Electric Co. 0.18% 4,966 $662K No change
CRSP Crispr Therapeutics AG 0.18% 13,534 $658K Add +150.2%
TXT Textron Inc. 0.17% 8,000 $642K No change
DE Deere & Co. 0.17% 1,223 $622K No change
CVX Chevron Corp. 0.16% 4,155 $595K Add +5.5%
NEM Newmont Corp. 0.16% 9,900 $577K Add +76.8%
META Meta Platforms Inc. Class A 0.16% 772 $570K Reduce -2.9%
HIG Hartford Insurance Group Inc. 0.15% 4,487 $569K No change
XLF SS Financial Select Sector 0.15% 10,374 $543K Reduce -91.0%
FLR Fluor Corp. 0.15% 10,400 $533K No change
COP Conocophillips 0.14% 5,633 $506K Add +6.1%
ABBV Abbvie Inc. 0.14% 2,697 $501K Add +9.1%
VLO Valero Energy Corp. 0.14% 3,705 $498K No change
QQQ Invesco QQQ Trust Series 1 0.14% 902 $498K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.13% 10,375 $491K No change
CRS Carpenter Technology 0.13% 1,760 $486K No change
WAT Waters Corp. 0.13% 1,366 $477K No change
ITW Illinois Tool Works 0.12% 1,843 $456K No change
CACC Credit Acceptance Corp. 0.12% 891 $454K No change
GLD SPDR Gold Shares 0.12% 1,472 $449K Reduce -14.5%
CR Crane Co. 0.12% 2,355 $447K No change
VGSH Vanguard Short-Term Treasury 0.12% 7,519 $442K Reduce -0.1%
ROP Roper Technologies Inc. 0.12% 773 $438K No change
ET Energy Transfer LP 0.11% 23,178 $420K Reduce -14.7%
DVN Devon Energy Corp. 0.11% 13,200 $420K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.11% 3,380 $419K No change
GE General Electric filed as GE AEROSPACE 0.11% 1,621 $417K No change
CRWD CrowdStrike Holdings Inc. Class A 0.11% 814 $415K No change
WMS Advanced Drainage Systems Inc. 0.11% 3,600 $413K No change
BND Vanguard Total Bond Market 0.11% 5,534 $407K No change
WPM Wheaton Precious Metals Corp. 0.11% 4,305 $387K No change
PH Parker Hannifin Corp. 0.11% 553 $386K No change
HII Huntington Ingalls Industrie 0.10% 1,583 $382K No change
CI The Cigna Group 0.10% 1,093 $361K Add +4.8%
ESGR Enstar Group Ltd. 0.10% 1,040 $350K No change
SHEL Shell PLC-ADR 0.09% 4,800 $338K No change
PFE Pfizer Inc. 0.09% 13,488 $327K Add +17.9%

Show all 162 holdings

Options reported separately and not counted above: SPY puts ($2.2M), GS puts ($708K), CRSP calls ($681K), INTC calls ($112K).

Other holdings (3): bonds, preferreds, convertibles and warrants · $8K (not counted above)
SecurityClassShares / PrincipalValueChange
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 10,000$5KNo change
LUCYW Innovative Eyewear Inc.-CW23 *W EXP 08/16/202 31,388$3KNo change
RBOT.WS Vicarious Surgical Inc.-CW27 *W EXP 09/17/202 25,000$728No change

Total filed on the 13F, all lines: $367.3M.

Portfolio Sells Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -44.0% 4.56% −3.93
AAPL Apple Inc. Reduce -11.0% 4.53% −1.83
XLF SS Financial Select Sector Reduce -91.0% 0.15% −1.66
XLI SS Industrial Select Sector Sold out 0.00% −1.15
VEU Vanguard Ftse All-World Ex-U Reduce -28.2% 1.83% −0.82
XLV SS Health Care Select Sector Reduce -0.3% 3.12% −0.79
VOO Vanguard S&P 500 ETF Reduce -0.2% 5.07% −0.29
XLP SS Consumer Staples Sel Sect Reduce -0.5% 1.57% −0.26
TBT Proshares Ultrashort 20+Y TR Sold out 0.00% −0.18
TPL Texas Pacific Land Corp. Reduce -50.3% 0.08% −0.15
LLY Eli Lilly & Co. Reduce -9.1% 0.40% −0.14
NOC Northrop Grumman Corp. Reduce -5.3% 0.49% −0.12
XLY SS Consumer Disc Select Sect Reduce -0.7% 1.99% −0.11
EQT Eqt Corp. Sold out 0.00% −0.09
FXI iShares China Large-Cap ETF Sold out 0.00% −0.09
IVE iShares S&P 500 Value ETF Reduce -0.1% 0.71% −0.09
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.09
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -0.4% 0.75% −0.09
DOW Dow Inc. Sold out 0.00% −0.09
AMZN Amazon.com Inc. Reduce -2.8% 2.71% −0.08
KMB Kimberly-Clark Corp. Sold out 0.00% −0.08
SJM The JM Smucker Co. Sold out 0.00% −0.07
VTV Vanguard Mrngstr Val ETF-Aui Reduce -8.7% 0.28% −0.07
GOOG Alphabet Inc. Class C Reduce -0.4% 3.14% −0.06
ADBE Adobe Inc. Reduce -11.3% 0.20% −0.06
BMY Bristol-Myers Squibb Co. Reduce -22.1% 0.06% −0.05
XLE SS Energy Select Sector Reduce -30.7% 0.06% −0.05
ET Energy Transfer LP Reduce -14.7% 0.11% −0.04
GLD SPDR Gold Shares Reduce -14.5% 0.12% −0.03
XRX Xerox Holdings Corp. Sold out 0.00% −0.03
VGSH Vanguard Short-Term Treasury Reduce -0.1% 0.12% −0.02
GOOGL Alphabet Inc. Class A Reduce -1.3% 0.60% −0.02
FCX Freeport-McMoran Inc. Reduce -14.5% 0.08% −0.01
MVST Microvast Holdings Inc. Sold out 0.00% −0.01
CSX CSX Corp. Reduce -0.8% 0.18% −0.01
KWEB Kranesh Csi China Internet Sold out 0.00% −0.00
ACHL Achilles Therapeutics PL-ADR Sold out 0.00% −0.00
TXN Texas Instruments Inc. Reduce -0.9% 0.22% −0.00
GBTC Grayscale Bitcoin Trust ETF Reduce -11.0% 0.07% +0.00
EDIT Editas Medicine Inc. Reduce -28.6% 0.01% +0.00
META Meta Platforms Inc. Class A Reduce -2.9% 0.16% +0.01
JPM JPMorgan Chase & Co. Reduce -2.0% 3.77% +0.01
NVDA Nvidia Corp. Reduce -9.9% 0.63% +0.08
XLK SS Technology Select Sector Reduce -1.5% 9.13% +0.41
MSFT Microsoft Corp. Reduce -1.7% 5.15% +0.58

Portfolio Buys Q1 2025 → Q2 2025
AGG iShares Core U.S. Aggregate New 10.25% +10.25
EFV iShares MSCI Eafe Value ETF Add +43.9% 11.75% +3.01
IBIT iShares Bitcoin Trust ETF New 0.19% +0.19
QQQ Invesco QQQ Trust Series 1 New 0.14% +0.14
T AT&T Inc. Add +90.9% 0.31% +0.12
CRSP Crispr Therapeutics AG Add +150.2% 0.18% +0.12
GS Goldman Sachs Group Inc. Add +3.9% 0.59% +0.08
NEM Newmont Corp. Add +76.8% 0.16% +0.07
FLEX Flex Ltd. New 0.07% +0.07
MS Morgan Stanley New 0.07% +0.07
URA Global X Uranium ETF New 0.06% +0.06
BN Brookfield Corp. New 0.06% +0.06
CMCSA Comcast Corp. Class A New 0.06% +0.06
GEV GE Vernova Inc. New 0.06% +0.06
WMT Walmart Inc. New 0.06% +0.06
PBR Petroleo Brasileiro-Spon ADR New 0.05% +0.05
APA Apa Corp. New 0.05% +0.05
PLUG Plug Power Inc. Add +603.8% 0.06% +0.05
CLF Cleveland-Cliffs Inc. New 0.05% +0.05
NFLX Netflix Inc. Add +0.2% 0.19% +0.04
F Ford Motor Co. New 0.04% +0.04
TDOC Teladoc Health Inc. New 0.04% +0.04
BTG B2GOLD Corp. New 0.03% +0.03
VZ Verizon Communications Inc. Add +33.1% 0.32% +0.03
PROP Prairie Operating Co. New 0.02% +0.02
SQQQ Proshares TR Add +127.0% 0.07% +0.00
PFE Pfizer Inc. Add +17.9% 0.09% −0.00
HD Home Depot Inc. Add +14.0% 0.24% −0.00
QCOM Qualcomm Inc. Add +0.5% 0.06% −0.01
CI The Cigna Group Add +4.8% 0.10% −0.01
OXY Occidental Petroleum Corp. Add +11.4% 0.08% −0.02
ABT Abbott Laboratories Add +1.8% 0.21% −0.02
ABBV Abbvie Inc. Add +9.1% 0.14% −0.03
COP Conocophillips Add +6.1% 0.14% −0.04
CVX Chevron Corp. Add +5.5% 0.16% −0.05
IAU iShares Gold Trust Add +5.1% 2.76% −0.10

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +40.0% 3,500 $2.2M
CRSP Crispr Therapeutics AG call Add +300.0% 14,000 $681K
KWEB Kranesh Csi China Internet call Sold out 7,500 $262Kbefore exit
NVDA Nvidia Corp. call Sold out 1,000 $108Kbefore exit
FCX Freeport-McMoran Inc. call Sold out 1,500 $57Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 144$467.5MEFV, XLK, AGG, ZD, AAPL
Q1 2026 154$420.8MEFV, AGG, XLK, AAPL, ZD
Q4 2025 164$423.9MEFV, XLK, AGG, AAPL, GOOG
Q3 2025 165$409.4MEFV, AGG, XLK, AAPL, MSFT
Q2 2025 162$367.2MEFV, AGG, XLK, MSFT, VOO
Q1 2025 157$318.1MEFV, XLK, SPY, AAPL, VOO
Q4 2024 159$314.5MXLK, EFV, AAPL, SPY, ZD
Q3 2024 162$402.6MAGG, XLK, EFV, IAU, AAPL
Q2 2024 157$392.5MAGG, XLK, QQQ, EFV, AAPL
Q1 2024 164$385.2MAGG, XLK, QQQ, EFV, ZD