Brave Asset Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Brave Asset Management Inc. reported 165 stock positions worth $409.4 million. Its top holding was iShares MSCI Eafe Value ETF (EFV) at 11.5% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 9.4%) and SS Technology Select Sector (XLK, 9.2%). Compared with Q2 2025, it opened 13 new positions, sold out of 10, added to 36 and reduced 15. The biggest buy was Apple (AAPL, shares +7%) and the biggest sale Amazon.com (AMZN, shares −1%).

Most Recent 13F
Q2 2026
Location
Summit, NJ
CIK
0001085867
Portfolio Value
$409.4M (Q3 2025)
SEC Filing
0001172661-25-004342 ↗ filed Oct 21, 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 Q2 2025 Q3 2025: $409.4M $409.4M Q3 2025 Q4 2025: $423.9M Q4 2025 Q1 2026: $420.8M Q1 2026 Q2 2026: $467.5M Q2 2026

Holdings 165 stocks · $409.4M
EFV iShares MSCI Eafe Value ETF 11.54% 696,832 $47.3M Add +2.6%
AGG iShares Core U.S. Aggregate 9.40% 383,923 $38.5M Add +1.2%
XLK SS Technology Select Sector 9.16% 133,076 $37.5M Add +0.5%
AAPL Apple Inc. 5.39% 86,643 $22.1M Add +6.8%
MSFT Microsoft Corp. 4.97% 39,271 $20.3M Add +3.4%
VOO Vanguard S&P 500 ETF 4.80% 32,121 $19.7M Reduce -2.9%
SPY SS SPDR S&P 500 ETF Trust-US 4.48% 27,528 $18.3M Add +1.8%
GOOG Alphabet Inc. Class C 3.87% 65,129 $15.9M Add +0.1%
ZD Ziff Davis Inc. 3.78% 406,495 $15.5M No change
JPM JPMorgan Chase & Co. 3.68% 47,807 $15.1M Add +0.3%
IAU iShares Gold Trust 3.31% 186,105 $13.5M Add +14.5%
XLV SS Health Care Select Sector 2.89% 85,156 $11.8M Add +0.3%
AMZN Amazon.com Inc. 2.41% 44,938 $9.9M Reduce -1.0%
XLY SS Consumer Disc Select Sect 1.99% 33,969 $8.1M Add +1.0%
VEU Vanguard Ftse All-World Ex-U 1.73% 100,452 $7.1M Add +0.7%
XLP SS Consumer Staples Sel Sect 1.41% 73,666 $5.8M Add +3.9%
AXP American Express Co. 1.30% 16,009 $5.3M No change
BRK.B Berkshire Hathaway Inc. Class B 0.99% 8,053 $4.0M Add +20.1%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.74% 34,929 $3.0M Add +3.6%
GOOGL Alphabet Inc. Class A 0.74% 12,514 $3.0M No change
GLW Corning Inc. 0.69% 34,632 $2.8M Add +1.1%
NVDA Nvidia Corp. 0.67% 14,779 $2.8M Add +0.7%
IVE iShares S&P 500 Value ETF 0.67% 13,250 $2.7M No change
NOC Northrop Grumman Corp. 0.54% 3,598 $2.2M No change
BX Blackstone Inc. 0.52% 12,419 $2.1M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.52% 7,479 $2.1M No change
GS Goldman Sachs Group Inc. 0.46% 2,382 $1.9M Reduce -22.2%
JNJ Johnson & Johnson 0.43% 9,497 $1.8M Reduce -0.2%
ALL Allstate Corp. 0.41% 7,865 $1.7M No change
ORCL Oracle Corp. 0.39% 5,706 $1.6M Add +8.4%
PFF iShares Preferred & Income S 0.39% 50,311 $1.6M Add +14.3%
KO The Coca-Cola Co. 0.39% 23,810 $1.6M No change
WTM White Mountains Insurance GP 0.38% 924 $1.5M No change
LLY Eli Lilly & Co. 0.35% 1,881 $1.4M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.34% 26,999 $1.4M Add +160.2%
YUM Yum! Brands Inc. 0.32% 8,733 $1.3M No change
CSCO Cisco Systems Inc. 0.32% 19,142 $1.3M Add +7.3%
MRK Merck & Co. Inc. 0.29% 14,034 $1.2M Add +5.0%
VZ Verizon Communications Inc. 0.29% 26,701 $1.2M Reduce -3.1%
PG The Procter & Gamble Co. 0.28% 7,449 $1.1M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.27% 5,913 $1.1M No change
MMM 3M Co. 0.26% 6,870 $1.1M No change
APO Apollo Global Management Inc. 0.25% 7,778 $1.0M No change
AMGN Amgen Inc. 0.24% 3,525 $995K Add +20.5%
MA Mastercard Inc. Class A 0.24% 1,743 $991K No change
HD Home Depot Inc. 0.23% 2,365 $958K No change
T AT&T Inc. 0.23% 33,922 $958K Reduce -12.4%
C Citigroup Inc. 0.22% 9,024 $916K No change
RDNT Radnet Inc. 0.22% 11,791 $899K No change
LOW Lowe's Cos Inc. 0.21% 3,445 $866K Add +13.1%
HON Honeywell International Inc. 0.21% 4,095 $862K No change
CRSP Crispr Therapeutics AG 0.21% 13,034 $845K Reduce -3.7%
MKL Markel Group Inc. 0.20% 439 $839K No change
MET Metlife Inc. 0.20% 9,850 $811K No change
CSX CSX Corp. 0.20% 22,641 $804K Add +9.0%
ABT Abbott Laboratories 0.19% 5,855 $784K Add +2.8%
EMR Emerson Electric Co. 0.19% 5,966 $783K Add +20.1%
TRV The Travelers Cos Inc. 0.19% 2,780 $776K No change
XOM Exxon Mobil Corp. 0.19% 6,809 $768K No change
IBIT iShares Bitcoin Trust ETF 0.18% 11,269 $732K Add +1.2%
ADP Automatic Data Processing 0.18% 2,473 $726K No change
TXN Texas Instruments Inc. 0.17% 3,826 $703K No change
MCO Moody's Corp. 0.17% 1,463 $697K No change
TXT Textron Inc. 0.17% 8,000 $676K No change
NEM Newmont Corp. 0.16% 8,000 $674K Reduce -19.2%
KMI Kinder Morgan Inc. 0.16% 23,500 $665K No change
CVX Chevron Corp. 0.16% 4,235 $658K Add +1.9%
ADBE Adobe Inc. 0.16% 1,862 $657K No change
NFLX Netflix Inc. 0.15% 523 $627K No change
ABBV Abbvie Inc. 0.15% 2,697 $624K No change
VLO Valero Energy Corp. 0.15% 3,555 $605K Reduce -4.0%
HIG Hartford Insurance Group Inc. 0.15% 4,487 $599K No change
META Meta Platforms Inc. Class A 0.14% 772 $567K No change
DE Deere & Co. 0.14% 1,223 $559K No change
XLF SS Financial Select Sector 0.14% 10,374 $559K No change
QQQ Invesco QQQ Trust Series 1 0.13% 902 $542K No change
COP Conocophillips 0.13% 5,633 $533K No change
GLD SPDR Gold Shares 0.13% 1,472 $523K No change
WMS Advanced Drainage Systems Inc. 0.12% 3,600 $499K No change
GE General Electric filed as GE AEROSPACE 0.12% 1,621 $488K No change
WPM Wheaton Precious Metals Corp. 0.12% 4,305 $481K No change
ITW Illinois Tool Works 0.12% 1,843 $481K No change
DVN Devon Energy Corp. 0.11% 13,200 $463K No change
HII Huntington Ingalls Industrie 0.11% 1,583 $456K No change
VGSH Vanguard Short-Term Treasury 0.11% 7,519 $443K No change
FLR Fluor Corp. 0.11% 10,400 $438K No change
TPL Texas Pacific Land Corp. 0.11% 467 $436K Add +74.9%
CR Crane Co. 0.11% 2,355 $434K No change
CRS Carpenter Technology 0.11% 1,760 $432K No change
AFL Aflac Inc. 0.11% 3,859 $431K Add +87.4%
PH Parker Hannifin Corp. 0.10% 553 $419K No change
CACC Credit Acceptance Corp. 0.10% 891 $416K No change
BND Vanguard Total Bond Market 0.10% 5,534 $412K No change
WAT Waters Corp. 0.10% 1,366 $410K No change
SLV iShares Silver Trust 0.10% 9,523 $403K New
CRWD CrowdStrike Holdings Inc. Class A 0.10% 814 $399K No change
ET Energy Transfer LP 0.10% 23,178 $398K No change
ROM Proshares Ultra Technology 0.09% 4,176 $387K No change
ROP Roper Technologies Inc. 0.09% 773 $385K No change
URI United Rentals Inc. 0.09% 403 $385K No change

Show all 165 holdings

Options reported separately and not counted above: SPY puts ($1.7M), CRSP calls ($933K), GS puts ($796K), NOC puts ($305K).

Other holdings (3): bonds, preferreds, convertibles and warrants · $4K (not counted above)
SecurityClassShares / PrincipalValueChange
LUCYW Innovative Eyewear Inc.-CW23 *W EXP 08/16/202 31,388$2KNo change
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 10,000$2KNo change
RBOT.WS Vicarious Surgical Inc.-CW27 *W EXP 09/17/202 25,000$500No change

Total filed on the 13F, all lines: $409.4M.

Portfolio Sells Q2 2025 → Q3 2025
AMZN Amazon.com Inc. Reduce -1.0% 2.41% −0.30
VOO Vanguard S&P 500 ETF Reduce -2.9% 4.80% −0.26
GS Goldman Sachs Group Inc. Reduce -22.2% 0.46% −0.13
ESGR Enstar Group Ltd. Sold out 0.00% −0.10
FCX Freeport-McMoran Inc. Sold out 0.00% −0.08
T AT&T Inc. Reduce -12.4% 0.23% −0.07
CMCSA Comcast Corp. Class A Sold out 0.00% −0.06
DOV Dover Corp. Sold out 0.00% −0.06
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.06
VZ Verizon Communications Inc. Reduce -3.1% 0.29% −0.04
F Ford Motor Co. Sold out 0.00% −0.04
DIS The Walt Disney Co. Reduce -7.4% 0.09% −0.03
QS Quantumscape Corp. Sold out 0.00% −0.02
INTC Intel Corp. Reduce -47.1% 0.05% −0.02
EDIT Editas Medicine Inc. Sold out 0.00% −0.01
TDOC Teladoc Health Inc. Reduce -11.5% 0.03% −0.01
CLF Cleveland-Cliffs Inc. Reduce -44.4% 0.04% −0.01
QCOM Qualcomm Inc. Reduce -8.9% 0.05% −0.01
CNTN Canton Strategic Holdings Inc. Sold out 0.00% −0.01
CHPT Chargepoint Holdings Inc. Sold out 0.00% −0.00
PLUG Plug Power Inc. Reduce -30.9% 0.06% −0.00
NEM Newmont Corp. Reduce -19.2% 0.16% +0.01
VLO Valero Energy Corp. Reduce -4.0% 0.15% +0.01
CRSP Crispr Therapeutics AG Reduce -3.7% 0.21% +0.03
JNJ Johnson & Johnson Reduce -0.2% 0.43% +0.03

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. Add +6.8% 5.39% +0.86
GOOG Alphabet Inc. Class C Add +0.1% 3.87% +0.73
IAU iShares Gold Trust Add +14.5% 3.31% +0.54
BAC Bank of America Corp. Add +160.2% 0.34% +0.21
GLW Corning Inc. Add +1.1% 0.69% +0.20
BRK.B Berkshire Hathaway Inc. Class B Add +20.1% 0.99% +0.10
SLV iShares Silver Trust New 0.10% +0.10
UNH Unitedhealth Group Inc. New 0.08% +0.08
ORCL Oracle Corp. Add +8.4% 0.39% +0.08
SYY Sysco Corp. New 0.07% +0.07
NVO Novo-Nordisk A/S-Spons ADR New 0.05% +0.05
SMCI Super Micro Computer Inc. New 0.05% +0.05
AMAT Applied Materials Inc. New 0.05% +0.05
ENB Enbridge Inc. New 0.05% +0.05
J Jacobs Solutions Inc. New 0.05% +0.05
NYT New York Times Co. Class A New 0.05% +0.05
CPNG Coupang Inc. New 0.05% +0.05
SBUX Starbucks Corp. New 0.05% +0.05
AFL Aflac Inc. Add +87.4% 0.11% +0.05
NVDA Nvidia Corp. Add +0.7% 0.67% +0.04
TPL Texas Pacific Land Corp. Add +74.9% 0.11% +0.03
LOW Lowe's Cos Inc. Add +13.1% 0.21% +0.03
XLK SS Technology Select Sector Add +0.5% 9.16% +0.03
PFF iShares Preferred & Income S Add +14.3% 0.39% +0.02
AMGN Amgen Inc. Add +20.5% 0.24% +0.02
PBR Petroleo Brasileiro-Spon ADR Add +47.1% 0.07% +0.02
XRX Xerox Holdings Corp. New 0.02% +0.02
SRFM Surf Air Mobility Inc. Add +150.0% 0.03% +0.02
CSX CSX Corp. Add +9.0% 0.20% +0.01
MDCX Medicus Pharma Ltd. New 0.01% +0.01
EMR Emerson Electric Co. Add +20.1% 0.19% +0.01
LNC Lincoln National Corp. Add +4.8% 0.09% +0.01
SCHW Schwab (charles) Corp. Add +17.3% 0.08% +0.01
PFE Pfizer Inc. Add +8.9% 0.09% +0.00
MRK Merck & Co. Inc. Add +5.0% 0.29% −0.00
CVX Chevron Corp. Add +1.9% 0.16% −0.00
XLY SS Consumer Disc Select Sect Add +1.0% 1.99% −0.00
XLU St Sr Utl SL SE SPDR ETF-Usd Add +3.6% 0.74% −0.01
IBIT iShares Bitcoin Trust ETF Add +1.2% 0.18% −0.01
CSCO Cisco Systems Inc. Add +7.3% 0.32% −0.02
ABT Abbott Laboratories Add +2.8% 0.19% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +1.8% 4.48% −0.08
JPM JPMorgan Chase & Co. Add +0.3% 3.68% −0.08
VEU Vanguard Ftse All-World Ex-U Add +0.7% 1.73% −0.10
XLP SS Consumer Staples Sel Sect Add +3.9% 1.41% −0.16
MSFT Microsoft Corp. Add +3.4% 4.97% −0.18
EFV iShares MSCI Eafe Value ETF Add +2.6% 11.54% −0.21
XLV SS Health Care Select Sector Add +0.3% 2.89% −0.23
AGG iShares Core U.S. Aggregate Add +1.2% 9.40% −0.85

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -28.6% 2,500 $1.7M
CRSP Crispr Therapeutics AG call Add +2.9% 14,400 $933K
NOC Northrop Grumman Corp. put New 500 $305K
INTC Intel Corp. call Sold out 5,000 $112Kbefore 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