Brave Asset Management Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 8, 2026), Brave Asset Management Inc. reported 164 stock positions worth $423.9 million. Its top holding was iShares MSCI Eafe Value ETF (EFV) at 12.2% of the portfolio, followed by SS Technology Select Sector (XLK, 9.1%) and iShares Core U.S. Aggregate (AGG, 9.0%). Compared with Q3 2025, it opened 10 new positions, sold out of 11, added to 28 and reduced 45. The biggest buy was iShares MSCI Eafe Value ETF (EFV, shares +4%) and the biggest sale Microsoft (MSFT, shares −0%).

Most Recent 13F
Q2 2026
Location
Summit, NJ
CIK
0001085867
Portfolio Value
$423.9M (Q4 2025)
SEC Filing
0001172661-26-000070 ↗ filed Jan 8, 2026

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 Q3 2025 Q4 2025: $423.9M $423.9M Q4 2025 Q1 2026: $420.8M Q1 2026 Q2 2026: $467.5M Q2 2026

Holdings 164 stocks · $423.9M
EFV iShares MSCI Eafe Value ETF 12.18% 722,977 $51.6M Add +3.8%
XLK SS Technology Select Sector 9.06% 266,690 $38.4M Add +0.2%
AGG iShares Core U.S. Aggregate 9.02% 382,740 $38.2M Reduce -0.3%
AAPL Apple Inc. 5.56% 86,690 $23.6M Add +0.1%
GOOG Alphabet Inc. Class C 4.81% 64,941 $20.4M Reduce -0.3%
VOO Vanguard S&P 500 ETF 4.70% 31,740 $19.9M Reduce -1.2%
SPY SS SPDR S&P 500 ETF Trust-US 4.60% 28,623 $19.5M Add +4.0%
MSFT Microsoft Corp. 4.48% 39,230 $19.0M Reduce -0.1%
JPM JPMorgan Chase & Co. 3.63% 47,804 $15.4M Reduce -0.0%
ZD Ziff Davis Inc. 3.48% 420,155 $14.8M Add +3.4%
IAU iShares Gold Trust 3.47% 181,106 $14.7M Reduce -2.7%
XLV SS Health Care Select Sector 3.15% 86,137 $13.3M Add +1.1%
AMZN Amazon.com Inc. 2.42% 44,413 $10.3M Reduce -1.2%
XLY SS Consumer Disc Select Sect 1.96% 69,472 $8.3M Add +2.3%
VEU Vanguard Ftse All-World Ex-U 1.74% 100,487 $7.4M Add +0.0%
AXP American Express Co. 1.40% 16,064 $5.9M Add +0.3%
XLP SS Consumer Staples Sel Sect 1.39% 75,596 $5.9M Add +2.6%
BRK.B Berkshire Hathaway Inc. Class B 0.96% 8,098 $4.1M Add +0.6%
GOOGL Alphabet Inc. Class A 0.90% 12,222 $3.8M Reduce -2.3%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.72% 71,818 $3.1M Add +2.8%
GLW Corning Inc. 0.71% 34,250 $3.0M Reduce -1.1%
IVE iShares S&P 500 Value ETF 0.66% 13,242 $2.8M Reduce -0.1%
NVDA Nvidia Corp. 0.53% 11,946 $2.2M Reduce -19.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.51% 7,229 $2.1M Reduce -3.3%
NOC Northrop Grumman Corp. 0.48% 3,598 $2.1M No change
JNJ Johnson & Johnson 0.46% 9,477 $2.0M Reduce -0.2%
WTM White Mountains Insurance GP 0.45% 924 $1.9M No change
BX Blackstone Inc. 0.45% 12,419 $1.9M No change
LLY Eli Lilly & Co. 0.44% 1,737 $1.9M Reduce -7.7%
GS Goldman Sachs Group Inc. 0.39% 1,882 $1.7M Reduce -21.0%
ALL Allstate Corp. 0.39% 7,865 $1.6M No change
KO The Coca-Cola Co. 0.35% 21,249 $1.5M Reduce -10.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.35% 26,999 $1.5M No change
CSCO Cisco Systems Inc. 0.35% 19,143 $1.5M Add +0.0%
PFF iShares Preferred & Income S 0.34% 47,168 $1.5M Reduce -6.3%
MRK Merck & Co. Inc. 0.34% 13,734 $1.4M Reduce -2.1%
YUM Yum! Brands Inc. 0.30% 8,387 $1.3M Reduce -4.0%
VTV Vanguard Mrngstr Val ETF-Aui 0.27% 5,994 $1.1M Add +1.4%
APO Apollo Global Management Inc. 0.27% 7,778 $1.1M No change
AMGN Amgen Inc. 0.26% 3,341 $1.1M Reduce -5.2%
VZ Verizon Communications Inc. 0.26% 26,566 $1.1M Reduce -0.5%
PG The Procter & Gamble Co. 0.25% 7,357 $1.1M Reduce -1.2%
MMM 3M Co. 0.25% 6,495 $1.0M Reduce -5.5%
MA Mastercard Inc. Class A 0.23% 1,723 $984K Reduce -1.1%
CRSP Crispr Therapeutics AG 0.22% 18,034 $946K Add +38.4%
MKL Markel Group Inc. 0.22% 439 $944K No change
C Citigroup Inc. 0.22% 8,024 $936K Reduce -11.1%
T AT&T Inc. 0.20% 33,922 $843K No change
RDNT Radnet Inc. 0.20% 11,791 $841K No change
HD Home Depot Inc. 0.20% 2,444 $841K Add +3.3%
LOW Lowe's Cos Inc. 0.20% 3,445 $831K No change
CSX CSX Corp. 0.19% 22,641 $821K No change
XOM Exxon Mobil Corp. 0.19% 6,809 $819K No change
ORCL Oracle Corp. 0.19% 4,183 $815K Reduce -26.7%
TRV The Travelers Cos Inc. 0.19% 2,710 $786K Reduce -2.5%
MET Metlife Inc. 0.18% 9,850 $778K No change
HON Honeywell International Inc. 0.18% 3,878 $757K Reduce -5.3%
MCO Moody's Corp. 0.18% 1,463 $747K No change
EMR Emerson Electric Co. 0.17% 5,386 $715K Reduce -9.7%
META Meta Platforms Inc. Class A 0.17% 1,072 $708K Add +38.9%
NEM Newmont Corp. 0.16% 6,900 $689K Reduce -13.8%
TXT Textron Inc. 0.16% 7,800 $680K Reduce -2.5%
ABT Abbott Laboratories 0.16% 5,405 $677K Reduce -7.7%
TXN Texas Instruments Inc. 0.16% 3,843 $667K Add +0.4%
CVX Chevron Corp. 0.16% 4,366 $665K Add +3.1%
KMI Kinder Morgan Inc. 0.15% 23,500 $646K No change
ADBE Adobe Inc. 0.15% 1,842 $645K Reduce -1.1%
ADP Automatic Data Processing 0.15% 2,473 $636K No change
HIG Hartford Insurance Group Inc. 0.15% 4,487 $618K No change
GLD SPDR Gold Shares 0.14% 1,472 $583K No change
VLO Valero Energy Corp. 0.14% 3,555 $579K No change
DE Deere & Co. 0.14% 1,229 $572K Add +0.5%
XLF SS Financial Select Sector 0.13% 10,374 $568K No change
ABBV Abbvie Inc. 0.13% 2,447 $559K Reduce -9.3%
CRS Carpenter Technology 0.13% 1,760 $554K No change
COP Conocophillips 0.13% 5,846 $547K Add +3.8%
HII Huntington Ingalls Industrie 0.13% 1,583 $538K No change
WMS Advanced Drainage Systems Inc. 0.12% 3,600 $521K No change
WAT Waters Corp. 0.12% 1,366 $519K No change
SLV iShares Silver Trust 0.12% 7,816 $504K Reduce -17.9%
QQQ Invesco QQQ Trust Series 1 0.12% 818 $503K Reduce -9.3%
NFLX Netflix Inc. 0.12% 5,330 $500K Add +1.9%
GE General Electric filed as GE AEROSPACE 0.12% 1,621 $499K No change
PH Parker Hannifin Corp. 0.12% 555 $488K Add +0.4%
CRWD CrowdStrike Holdings Inc. Class A 0.11% 1,014 $475K Add +24.6%
IBIT iShares Bitcoin Trust ETF 0.11% 9,168 $455K Reduce -18.6%
ITW Illinois Tool Works 0.11% 1,843 $454K No change
B Barrick Mining Corp. 0.10% 10,000 $436K No change
CR Crane Co. 0.10% 2,355 $434K No change
VGSH Vanguard Short-Term Treasury 0.10% 7,382 $434K Reduce -1.8%
AFL Aflac Inc. 0.10% 3,859 $426K No change
WPM Wheaton Precious Metals Corp. 0.10% 3,583 $421K Reduce -16.8%
FLR Fluor Corp. 0.10% 10,400 $412K No change
BND Vanguard Total Bond Market 0.10% 5,524 $409K Reduce -0.2%
TPL Texas Pacific Land Corp. 0.09% 1,401 $402K No change
CACC Credit Acceptance Corp. 0.09% 891 $395K No change
ROM Proshares Ultra Technology 0.09% 4,176 $394K No change
LNC Lincoln National Corp. 0.09% 8,736 $389K No change
ET Energy Transfer LP 0.09% 23,178 $382K No change
AMD Advanced Micro Devices 0.09% 1,779 $381K New
SQQQ Proshares Ultrapro Short QQQ 0.09% 5,276 $361K New
EFIV SS SPDR S&P 500 ESG ETF 0.08% 5,418 $358K No change
IWF iShares Russell 1000 Growth 0.08% 752 $356K No change
SHEL Shell PLC-ADR 0.08% 4,800 $353K No change
SCHW Schwab (charles) Corp. 0.08% 3,505 $350K No change
ROP Roper Technologies Inc. 0.08% 773 $344K No change
NGD New Gold Inc. 0.08% 38,500 $335K No change
DVN Devon Energy Corp. 0.08% 9,100 $333K Reduce -31.1%
L Loews Corp. 0.08% 3,100 $326K No change
URI United Rentals Inc. 0.08% 403 $326K No change
OXY Occidental Petroleum Corp. 0.07% 7,708 $317K Add +6.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.07% 2,780 $316K Reduce -11.2%
PFE Pfizer Inc. 0.07% 12,645 $315K Reduce -13.9%
UNH Unitedhealth Group Inc. 0.07% 944 $312K No change
FLNG Flex LNG Ltd. 0.07% 12,250 $306K No change
FLEX Flex Ltd. 0.07% 5,000 $302K No change
MS Morgan Stanley 0.07% 1,700 $302K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.07% 618 $301K No change
CI The Cigna Group 0.07% 1,093 $301K No change
WFC Wells Fargo & Co. 0.07% 3,187 $297K No change
GBTC Grayscale Bitcoin Trust ETF 0.07% 4,274 $292K Add +51.4%
UNP Union Pacific Corp. 0.07% 1,213 $281K No change
ACN Accenture PLC Class A 0.06% 1,009 $271K No change
AMAT Applied Materials Inc. 0.06% 1,049 $270K No change
SYY Sysco Corp. 0.06% 3,628 $267K No change
GEV GE Vernova Inc. 0.06% 404 $264K No change
LH Labcorp Holdings Inc. 0.06% 995 $250K No change
BN Brookfield Corp. 0.06% 5,400 $248K No change
APA Apa Corp. 0.06% 10,000 $245K No change
WMT Walmart Inc. 0.06% 2,183 $243K No change
NYT New York Times Co. Class A 0.06% 3,440 $239K Reduce -3.6%
BMY Bristol-Myers Squibb Co. 0.06% 4,400 $237K New
FYBR Frontier Communications Pare 0.06% 6,191 $236K No change
DOV Dover Corp. 0.05% 1,179 $230K New
XLE SS Energy Select Sector 0.05% 5,038 $225K No change
FCX Freeport-McMoran Inc. 0.05% 4,400 $223K New
QCOM Qualcomm Inc. 0.05% 1,263 $216K No change
SHOP Shopify Inc. Class A 0.05% 1,313 $211K New
LIN Linde PLC 0.05% 494 $211K No change
SAFT Safety Insurance Group Inc. 0.05% 2,600 $203K New
ENB Enbridge Inc. 0.05% 4,224 $202K No change
SBUX Starbucks Corp. 0.05% 2,400 $202K No change
HYT BlackRock Corp. Hi YLD 0.05% 22,000 $196K No change
SMR Nuscale Power Corp. 0.03% 10,000 $142K New
BTG B2GOLD Corp. 0.03% 30,000 $135K No change
XRX Xerox Holdings Corp. 0.03% 54,000 $128K Add +176.9%
RIG Transocean Ltd. 0.02% 23,000 $95K No change
TDOC Teladoc Health Inc. 0.02% 13,275 $93K No change
KSCP Knightscope Inc. Class A 0.02% 22,000 $82K New
PLUG Plug Power Inc. 0.02% 40,400 $80K Reduce -58.4%
SRFM Surf Air Mobility Inc. 0.02% 40,000 $78K Add +60.0%
DHF BNYM High Yield Strategies filed as BNY MELLON HIGH YIELD STRATE 0.01% 25,100 $62K No change
UROY Uranium Royalty Corp. 0.01% 16,000 $57K No change
DLTH Duluth Holdings Inc. Class B 0.01% 24,500 $51K No change
URG Ur-Energy Inc. 0.01% 36,000 $50K No change
RXRX Recursion Pharmaceuticals-A 0.01% 11,433 $47K No change
PROP Prairie Operating Co. 0.01% 20,000 $34K No change
MDCX Medicus Pharma Ltd. 0.01% 20,000 $31K No change
SNOW LAKE RES LTD 0.01% 10,000 $30K New
MIN Aberdeen Intermediate Inc. FD 0.01% 10,000 $26K No change
KOPN Kopin Corp. 0.01% 10,000 $23K No change
ONCY Oncolytics Biotech Inc. 0.01% 25,000 $22K No change
BLNK Blink Charging Co. 0.00% 14,000 $9K No change
ORIGIN MATERIALS INC 0.00% 22,000 $5K No change

Options reported separately and not counted above: CRSP calls ($650K), NOC puts ($285K).

Other holdings (2): bonds, preferreds, convertibles and warrants · $2K (not counted above)
SecurityClassShares / PrincipalValueChange
LUCYW Innovative Eyewear Inc.-CW23 *W EXP 08/16/202 31,388$1KNo change
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 10,000$750No change

Total filed on the 13F, all lines: $423.9M.

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -0.1% 4.48% −0.49
AGG iShares Core U.S. Aggregate Reduce -0.3% 9.02% −0.38
ORCL Oracle Corp. Reduce -26.7% 0.19% −0.20
NVDA Nvidia Corp. Reduce -19.2% 0.53% −0.15
VOO Vanguard S&P 500 ETF Reduce -1.2% 4.70% −0.11
GS Goldman Sachs Group Inc. Reduce -21.0% 0.39% −0.07
PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −0.07
IBIT iShares Bitcoin Trust ETF Reduce -18.6% 0.11% −0.07
URA Global X Uranium ETF Sold out 0.00% −0.07
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.05
INTC Intel Corp. Sold out 0.00% −0.05
SMCI Super Micro Computer Inc. Sold out 0.00% −0.05
SQQQ Proshares TR Sold out 0.00% −0.05
J Jacobs Solutions Inc. Sold out 0.00% −0.05
CPNG Coupang Inc. Sold out 0.00% −0.05
M Macy's Inc. Sold out 0.00% −0.05
MTDR Matador Resources Co. Sold out 0.00% −0.05
JPM JPMorgan Chase & Co. Reduce -0.0% 3.63% −0.05
PFF iShares Preferred & Income S Reduce -6.3% 0.34% −0.04
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.04
PLUG Plug Power Inc. Reduce -58.4% 0.02% −0.04
KO The Coca-Cola Co. Reduce -10.8% 0.35% −0.04
DVN Devon Energy Corp. Reduce -31.1% 0.08% −0.03
HON Honeywell International Inc. Reduce -5.3% 0.18% −0.03
ABT Abbott Laboratories Reduce -7.7% 0.16% −0.03
VZ Verizon Communications Inc. Reduce -0.5% 0.26% −0.03
PG The Procter & Gamble Co. Reduce -1.2% 0.25% −0.03
YUM Yum! Brands Inc. Reduce -4.0% 0.30% −0.02
EMR Emerson Electric Co. Reduce -9.7% 0.17% −0.02
ABBV Abbvie Inc. Reduce -9.3% 0.13% −0.02
WPM Wheaton Precious Metals Corp. Reduce -16.8% 0.10% −0.02
PFE Pfizer Inc. Reduce -13.9% 0.07% −0.02
MMM 3M Co. Reduce -5.5% 0.25% −0.02
QQQ Invesco QQQ Trust Series 1 Reduce -9.3% 0.12% −0.01
DIS The Walt Disney Co. Reduce -11.2% 0.07% −0.01
IBM Intl Business Machines Corp. Reduce -3.3% 0.51% −0.01
MA Mastercard Inc. Class A Reduce -1.1% 0.23% −0.01
ADBE Adobe Inc. Reduce -1.1% 0.15% −0.01
IVE iShares S&P 500 Value ETF Reduce -0.1% 0.66% −0.01
VGSH Vanguard Short-Term Treasury Reduce -1.8% 0.10% −0.01
TXT Textron Inc. Reduce -2.5% 0.16% −0.00
TRV The Travelers Cos Inc. Reduce -2.5% 0.19% −0.00
BND Vanguard Total Bond Market Reduce -0.2% 0.10% −0.00
C Citigroup Inc. Reduce -11.1% 0.22% −0.00
NEM Newmont Corp. Reduce -13.8% 0.16% −0.00
NYT New York Times Co. Class A Reduce -3.6% 0.06% +0.01
AMZN Amazon.com Inc. Reduce -1.2% 2.42% +0.01
GLW Corning Inc. Reduce -1.1% 0.71% +0.01
AMGN Amgen Inc. Reduce -5.2% 0.26% +0.01
SLV iShares Silver Trust Reduce -17.9% 0.12% +0.02

Portfolio Buys Q3 2025 → Q4 2025
EFV iShares MSCI Eafe Value ETF Add +3.8% 12.18% +0.64
XLV SS Health Care Select Sector Add +1.1% 3.15% +0.25
AAPL Apple Inc. Add +0.1% 5.56% +0.17
SPY SS SPDR S&P 500 ETF Trust-US Add +4.0% 4.60% +0.13
AXP American Express Co. Add +0.3% 1.40% +0.10
AMD Advanced Micro Devices New 0.09% +0.09
SQQQ Proshares Ultrapro Short QQQ New 0.09% +0.09
BMY Bristol-Myers Squibb Co. New 0.06% +0.06
DOV Dover Corp. New 0.05% +0.05
FCX Freeport-McMoran Inc. New 0.05% +0.05
SHOP Shopify Inc. Class A New 0.05% +0.05
SAFT Safety Insurance Group Inc. New 0.05% +0.05
SMR Nuscale Power Corp. New 0.03% +0.03
META Meta Platforms Inc. Class A Add +38.9% 0.17% +0.03
CSCO Cisco Systems Inc. Add +0.0% 0.35% +0.03
KSCP Knightscope Inc. Class A New 0.02% +0.02
VEU Vanguard Ftse All-World Ex-U Add +0.0% 1.74% +0.02
CRSP Crispr Therapeutics AG Add +38.4% 0.22% +0.02
CRWD CrowdStrike Holdings Inc. Class A Add +24.6% 0.11% +0.01
PH Parker Hannifin Corp. Add +0.4% 0.12% +0.01
XRX Xerox Holdings Corp. Add +176.9% 0.03% +0.01
SNOW LAKE RES LTD New 0.01% +0.01
GBTC Grayscale Bitcoin Trust ETF Add +51.4% 0.07% +0.01
VTV Vanguard Mrngstr Val ETF-Aui Add +1.4% 0.27% +0.00
COP Conocophillips Add +3.8% 0.13% −0.00
DE Deere & Co. Add +0.5% 0.14% −0.00
CVX Chevron Corp. Add +3.1% 0.16% −0.00
SRFM Surf Air Mobility Inc. Add +60.0% 0.02% −0.01
OXY Occidental Petroleum Corp. Add +6.1% 0.07% −0.01
TXN Texas Instruments Inc. Add +0.4% 0.16% −0.01
XLU St Sr Utl SL SE SPDR ETF-Usd Add +2.8% 0.72% −0.02
XLP SS Consumer Staples Sel Sect Add +2.6% 1.39% −0.02
BRK.B Berkshire Hathaway Inc. Class B Add +0.6% 0.96% −0.03
XLY SS Consumer Disc Select Sect Add +2.3% 1.96% −0.03
NFLX Netflix Inc. Add +1.9% 0.12% −0.04
HD Home Depot Inc. Add +3.3% 0.20% −0.04
XLK SS Technology Select Sector Add +0.2% 9.06% −0.10
ZD Ziff Davis Inc. Add +3.4% 3.48% −0.30

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 2,500 $1.7Mbefore exit
GS Goldman Sachs Group Inc. put Sold out 1,000 $796Kbefore exit
CRSP Crispr Therapeutics AG call Reduce -13.9% 12,400 $650K

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

Notes & Other Activity Q3 2025 → Q4 2025
RBOT.WS Vicarious Surgical Inc.-CW27 *W EXP 09/17/202 Sold out 25,000 $500before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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