Breakwater Investment Management

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 17, 2025), Breakwater Investment Management reported 314 stock positions worth $234.2 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 14.2% of the portfolio, followed by Schwab US Broad Market ETF (SCHB, 8.7%) and Vanguard Total Intl Stock (VXUS, 6.2%). Compared with Q4 2024, it opened 10 new positions, sold out of 3, added to 45 and reduced 29. The biggest buy was Vanguard Core Bond ETF (VCRB, shares +136%) and the biggest sale Vanguard Total Intl Bond ETF (BNDX, shares −4%).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0002025925
Portfolio Value
$234.2M (Q1 2025)
SEC Filing
0002025925-25-000004 ↗ filed Apr 17, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $217.3M Q1 2024 Q2 2024: $223.6M Q2 2024 Q3 2024: $239.5M Q3 2024 Q4 2024: $235.2M Q4 2024 Q1 2025: $234.2M $234.2M Q1 2025 Q2 2025: $258.5M Q2 2025 Q3 2025: $271.2M Q3 2025 Q4 2025: $276.4M Q4 2025 Q1 2026: $268.9M Q1 2026 Q2 2026: $293.7M Q2 2026

Holdings 314 stocks · $234.2M
VTI VG Morningstar TS MKT ETF-US 14.20% 120,969 $33.2M Add +0.5%
SCHB Schwab US Broad Market ETF 8.70% 946,272 $20.4M Add +0.1%
VXUS Vanguard Total Intl Stock 6.23% 234,990 $14.6M Reduce -0.2%
BND Vanguard Total Bond Market 5.64% 179,815 $13.2M Add +1.1%
BNDX Vanguard Total Intl Bond ETF 4.67% 223,837 $10.9M Reduce -4.1%
MSFT Microsoft Corp. 4.42% 27,565 $10.3M Add +0.1%
SPTM SS SPDR P S&P 1500 Comp ETF 2.88% 99,324 $6.8M Add +0.2%
VEU Vanguard Ftse All-World Ex-U 2.51% 96,824 $5.9M Add +0.4%
VYM Vanguard High DVD Yield ETF 2.33% 42,383 $5.5M Add +0.3%
VT Vanguard Tot World STK ETF 2.23% 45,088 $5.2M Reduce -3.6%
VWO Vanguard Ftse Emerging Marke 2.12% 109,670 $5.0M Reduce -0.3%
SPY SS SPDR S&P 500 ETF Trust-US 2.08% 8,695 $4.9M No change
SCHF Schwab Intl Equity ETF 2.04% 241,070 $4.8M Reduce -1.0%
VIG Vanguard Dividend Apprec ETF 2.01% 24,229 $4.7M Reduce -0.2%
SCHD Schwab US DVD Equity ETF 1.84% 154,040 $4.3M Reduce -4.4%
SCHZ Schwab US Aggregate Bond ETF 1.84% 185,795 $4.3M Add +5.2%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 1.81% 32,877 $4.2M Reduce -0.7%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 1.79% 13,569 $4.2M Add +0.4%
VGSH Vanguard Short-Term Treasury 1.59% 63,526 $3.7M Add +1.6%
SCHO Schwab Short-Term US Treas 1.38% 132,356 $3.2M Add +0.1%
IAGG iShares Intl Aggregate Bond 1.26% 58,970 $2.9M Add +7.1%
SPAB SS SPDR P Agg Bond ETF 1.14% 104,287 $2.7M Add +0.5%
VYMI Vanguard Int High DVD YLD Inc. 0.99% 31,582 $2.3M Add +2.4%
SCHE Schwab Emrg Mrkts Eqty ETF 0.94% 80,040 $2.2M Add +2.7%
SPDW Ste STR SPDR PT DW Eu ETF 0.91% 58,317 $2.1M Add +3.5%
SCHP Schwab U.S. Tips ETF 0.88% 76,633 $2.1M Add +36.4%
VNQ Vanguard Real Estate ETF 0.88% 22,677 $2.1M Add +0.1%
GII State Street SPDR S&P Global 0.83% 31,500 $2.0M Reduce -0.5%
VWOB Vanguard Emerg MKTS Gov BND 0.82% 29,845 $1.9M Add +3.8%
SCHX Schwab US Large-Cap ETF 0.75% 79,280 $1.8M Add +0.3%
EUHY iShares Euro High Yield Corp. 0.71% 33,858 $1.7M Reduce -1.3%
VGIT Vanguard Intermediate-Term T 0.68% 26,808 $1.6M No change
VTIP Vanguard Short-Term Tips 0.63% 29,492 $1.5M Add +5.2%
MGC Vngrd Mrngstr MG Cap ETF-Usd 0.60% 6,970 $1.4M Add +0.5%
MUB iShares National Muni Bond E 0.54% 11,952 $1.3M Add +19.8%
STIP iShares 0-5 Year Tips Bond E 0.53% 12,003 $1.2M Add +0.9%
VIGI Vanguard Int Div App Indx FD 0.52% 14,788 $1.2M No change
VUG Vanguard Mrngstar GR ETF-Sui 0.52% 3,284 $1.2M Add +5.7%
SCHH Schwab US REIT ETF 0.51% 55,820 $1.2M Reduce -2.2%
BBEU JPMorgan Betabuilders Europe 0.50% 18,893 $1.2M Reduce -4.0%
VTC Vanguard Total Corporate BND 0.49% 14,918 $1.1M Reduce -0.8%
VCRB Vanguard Core Bond ETF 0.48% 14,412 $1.1M Add +135.9%
AMZN Amazon.com Inc. 0.47% 5,814 $1.1M Reduce -3.3%
VEA Vanguard Ftse Developed ETF 0.43% 19,899 $1.0M Add +2.5%
VNQI Vanguard GLBL Ex-US Real Est 0.43% 24,820 $1.0M Add +6.3%
SPTS SS SPDR P St Term TSY ETF 0.33% 26,724 $781K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.33% 3,021 $776K Reduce -1.9%
VOTE TCW Transform 500 ETF 0.32% 11,387 $745K Add +0.4%
GLD SPDR Gold Shares 0.31% 2,490 $717K Add +16.3%
VTEB Vanguard Tax-Exempt Bond ETF 0.29% 13,614 $676K No change
GOOGL Alphabet Inc. Class A 0.28% 4,187 $647K Reduce -2.0%
PLTR Palantir Technologies Inc. Class A 0.26% 7,246 $612K Add +3.0%
VTV Vanguard Mrngstr Val ETF-Aui 0.25% 3,422 $591K Add +11.2%
VGK Vanguard Ftse Europe ETF 0.25% 8,416 $591K No change
BSV Vanguard Short-Term Bond ETF 0.22% 6,664 $522K No change
BIV Vanguard Intermediate-Term B 0.21% 6,501 $498K No change
AAXJ iShares MSCI All Country Asi 0.21% 6,625 $490K Reduce -0.2%
STPZ PIMCO 1-5 Year US Tips Index 0.21% 8,924 $482K Add +2.1%
SPSB SS SPDR P St C Corp. ETF 0.20% 15,857 $477K No change
XLK SS Technology Select Sector 0.20% 2,273 $469K No change
GSG iShares S&P Gsci Commodity I 0.19% 19,885 $453K Reduce -26.2%
SPBO SS SPDR P Corp. Bond ETF 0.16% 13,046 $379K Add +6.0%
WOOD iShares Global Timber & Fore 0.16% 4,841 $365K No change
AAPL Apple Inc. 0.15% 1,555 $345K Reduce -0.7%
VGT Vanguard Info Tech ETF 0.14% 597 $324K No change
IWM iShares Russell 2000 ETF 0.13% 1,504 $300K No change
VCSH Vanguard S/T Corp. Bond ETF 0.11% 3,346 $264K No change
VCIT Vanguard Int-Term Corporate 0.11% 3,227 $264K Add +0.9%
IVV iShares Core S&P 500 ETF 0.11% 449 $252K No change
META Meta Platforms Inc. Class A 0.10% 421 $243K No change
VPL Vanguard Ftse Pacific ETF 0.10% 3,157 $229K No change
PRF Invesco Rafi US 1000 ETF 0.10% 5,600 $226K No change
ISRG Intuitive Surgical Inc. 0.10% 451 $223K No change
MRK Merck & Co. Inc. 0.09% 2,461 $221K No change
EMB iShares JP Morgan Usd Emergi 0.09% 2,380 $216K Add +4.9%
VB Vanguard Most SM-Cap ETF-Usd 0.09% 951 $211K No change
DVY iShares Select Dividend ETF 0.09% 1,558 $209K No change
FNDB Schwab Fndmntl US BRD Mr ETF 0.09% 8,943 $206K Reduce -1.6%
MDY State Street SPDR S&P Midcap 0.09% 380 $203K No change
SPEM State Street SP PTF Em ETF 0.08% 4,883 $192K No change
IOO iShares Global 100 ETF 0.08% 1,990 $192K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.08% 2,887 $190K No change
GOOG Alphabet Inc. Class C 0.08% 1,200 $187K Reduce -6.5%
CSCO Cisco Systems Inc. 0.08% 2,992 $185K No change
DGRW Wisdomtree U.S. Quality Divi 0.08% 2,267 $181K Add +59.6%
VIS Vanguard Industrials ETF 0.08% 731 $181K No change
TMO Thermo Fisher Scientific Inc. 0.08% 358 $178K No change
PIT Vaneck Commodity Strat ETF 0.08% 3,486 $178K Add +53.2%
IXJ iShares Global Healthcare Et 0.08% 1,948 $178K No change
GRMN Garmin Ltd. 0.07% 790 $172K No change
WMT Walmart Inc. 0.07% 1,946 $171K No change
XOM Exxon Mobil Corp. 0.07% 1,403 $167K No change
XHB SS SPDR S&P Homebldrs ETF 0.07% 1,720 $167K Reduce -1.8%
VGLT Vanguard Long-Term Treasury 0.07% 2,830 $163K No change
EEM iShares MSCI Emerging Market 0.07% 3,601 $157K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.06% 563 $146K No change
SCHA Schwab US Small-Cap ETF 0.06% 6,108 $143K Reduce -13.9%
OMER Omeros Corp. 0.06% 17,048 $140K No change
SBUX Starbucks Corp. 0.06% 1,416 $139K No change
AGGY Wisdomtree Yield Enhanced US 0.06% 3,061 $133K No change

Show all 314 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $28 (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 1$28No change

Total filed on the 13F, all lines: $234.2M.

Portfolio Sells Q4 2024 → Q1 2025
BNDX Vanguard Total Intl Bond ETF Reduce -4.1% 4.67% −0.20
VT Vanguard Tot World STK ETF Reduce -3.6% 2.23% −0.10
AMZN Amazon.com Inc. Reduce -3.3% 0.47% −0.09
GEV GE Vernova Inc. Sold out 0.00% −0.08
GOOGL Alphabet Inc. Class A Reduce -2.0% 0.28% −0.07
GSG iShares S&P Gsci Commodity I Reduce -26.2% 0.19% −0.06
KO The Coca-Cola Co. Reduce -58.4% 0.04% −0.05
SCHD Schwab US DVD Equity ETF Reduce -4.4% 1.84% −0.03
GOOG Alphabet Inc. Class C Reduce -6.5% 0.08% −0.02
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -1.9% 0.33% −0.02
AAPL Apple Inc. Reduce -0.7% 0.15% −0.02
IVOG Vanguard S&P Mid-Cap 400 Gro Sold out 0.00% −0.02
SCHA Schwab US Small-Cap ETF Reduce -13.9% 0.06% −0.02
VIG Vanguard Dividend Apprec ETF Reduce -0.2% 2.01% −0.01
XHB SS SPDR S&P Homebldrs ETF Reduce -1.8% 0.07% −0.01
EWZ iShares MSCI Brazil ETF Sold out 0.00% −0.01
WFC Wells Fargo & Co. Reduce -54.9% 0.00% −0.00
VOO Vanguard S&P 500 ETF Reduce -2.7% 0.05% −0.00
FNDB Schwab Fndmntl US BRD Mr ETF Reduce -1.6% 0.09% −0.00
CMCSA Comcast Corp. Class A Reduce -8.7% 0.01% −0.00
IJR iShares Core S&P Small-Cap E Reduce -2.9% 0.01% −0.00
SCHR Schwab Intermediate-Term US Reduce -1.3% 0.05% +0.00
SCHH Schwab US REIT ETF Reduce -2.2% 0.51% +0.00
VTC Vanguard Total Corporate BND Reduce -0.8% 0.49% +0.01
AAXJ iShares MSCI All Country Asi Reduce -0.2% 0.21% +0.01
EUHY iShares Euro High Yield Corp. Reduce -1.3% 0.71% +0.03
BBEU JPMorgan Betabuilders Europe Reduce -4.0% 0.50% +0.04
GII State Street SPDR S&P Global Reduce -0.5% 0.83% +0.04
MGV Vngrd Mrgstr MG CP VL ETF-Ui Reduce -0.7% 1.81% +0.05
VWO Vanguard Ftse Emerging Marke Reduce -0.3% 2.12% +0.06
SCHF Schwab Intl Equity ETF Reduce -1.0% 2.04% +0.12
VXUS Vanguard Total Intl Stock Reduce -0.2% 6.23% +0.33

Portfolio Buys Q4 2024 → Q1 2025
VCRB Vanguard Core Bond ETF Add +135.9% 0.48% +0.28
SCHP Schwab U.S. Tips ETF Add +36.4% 0.88% +0.26
BND Vanguard Total Bond Market Add +1.1% 5.64% +0.21
VEU Vanguard Ftse All-World Ex-U Add +0.4% 2.51% +0.16
SCHZ Schwab US Aggregate Bond ETF Add +5.2% 1.84% +0.13
VYMI Vanguard Int High DVD YLD Inc. Add +2.4% 0.99% +0.10
IAGG iShares Intl Aggregate Bond Add +7.1% 1.26% +0.09
SPDW Ste STR SPDR PT DW Eu ETF Add +3.5% 0.91% +0.09
MUB iShares National Muni Bond E Add +19.8% 0.54% +0.09
GLD SPDR Gold Shares Add +16.3% 0.31% +0.09
SCHE Schwab Emrg Mrkts Eqty ETF Add +2.7% 0.94% +0.06
VTIP Vanguard Short-Term Tips Add +5.2% 0.63% +0.05
VWOB Vanguard Emerg MKTS Gov BND Add +3.8% 0.82% +0.05
VGSH Vanguard Short-Term Treasury Add +1.6% 1.59% +0.05
VYM Vanguard High DVD Yield ETF Add +0.3% 2.33% +0.04
VEA Vanguard Ftse Developed ETF Add +2.5% 0.43% +0.04
VNQI Vanguard GLBL Ex-US Real Est Add +6.3% 0.43% +0.04
PLTR Palantir Technologies Inc. Class A Add +3.0% 0.26% +0.04
SPAB SS SPDR P Agg Bond ETF Add +0.5% 1.14% +0.04
VTV Vanguard Mrngstr Val ETF-Aui Add +11.2% 0.25% +0.03
PIT Vaneck Commodity Strat ETF Add +53.2% 0.08% +0.03
DGRW Wisdomtree U.S. Quality Divi Add +59.6% 0.08% +0.03
FNDF Schwab Fndmn Intl LRG Co. ETF Add +86.7% 0.05% +0.03
SCHO Schwab Short-Term US Treas Add +0.1% 1.38% +0.02
VBR Vngrd Mrngst SL-CP Val ETF-U Add +310.6% 0.03% +0.02
IJH iShares Core S&P Midcap ETF Add +5866.7% 0.02% +0.02
STIP iShares 0-5 Year Tips Bond E Add +0.9% 0.53% +0.02
VNQ Vanguard Real Estate ETF Add +0.1% 0.88% +0.02
VBK Van Morst SML-Cap Gro-Usd Inc. New 0.02% +0.02
EFV iShares MSCI Eafe Value ETF New 0.01% +0.01
SPBO SS SPDR P Corp. Bond ETF Add +6.0% 0.16% +0.01
EFG iShares MSCI Eafe Growth ETF New 0.01% +0.01
VMBS Vanguard Mortgage-Backed Sec New 0.01% +0.01
STPZ PIMCO 1-5 Year US Tips Index Add +2.1% 0.21% +0.01
SCHC Schwab Intl Small-Cap Equity New 0.01% +0.01
AGG iShares Core U.S. Aggregate Add +22.7% 0.04% +0.01
EMB iShares JP Morgan Usd Emergi Add +4.9% 0.09% +0.01
DWMF Wisdomtree International Mul Add +152.7% 0.01% +0.01
IBTF iShares Ibonds Dec 2025 Term New 0.00% +0.00
VCIT Vanguard Int-Term Corporate Add +0.9% 0.11% +0.00
DFIV Dimensional International Va New 0.00% +0.00
RIVN Rivian Automotive Inc. Class A New 0.00% +0.00
RSP Invesco S&P 500 Equal Weight Add +6.1% 0.04% +0.00
SCYB Schwab High Yield Bond ETF Add +3.2% 0.04% +0.00
STCE Schwab Crypto TNLP ETF New 0.00% +0.00
ARKQ ARK Autonomous Tech & Robot New 0.00% +0.00
VOTE TCW Transform 500 ETF Add +0.4% 0.32% −0.01
VUG Vanguard Mrngstar GR ETF-Sui Add +5.7% 0.52% −0.02
MGC Vngrd Mrngstr MG Cap ETF-Usd Add +0.5% 0.60% −0.03
SCHX Schwab US Large-Cap ETF Add +0.3% 0.75% −0.03

Notes & Other Activity Q4 2024 → Q1 2025
LUV Southwest Airlines Co. COM Sold out 0 $7before exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 599$293.7MVTI, SCHB, VXUS, SPTM, MSFT
Q1 2026 505$268.9MVTI, SCHB, VXUS, BND, MSFT
Q4 2025 496$276.4MVTI, SCHB, VXUS, MSFT, BNDX
Q3 2025 529$271.2MVTI, SCHB, VXUS, MSFT, BNDX
Q2 2025 309$258.5MVTI, SCHB, VXUS, MSFT, BND
Q1 2025 314$234.2MVTI, SCHB, VXUS, BND, BNDX
Q4 2024Amended 307$235.2MVTI, SCHB, VXUS, BND, MSFT
Q3 2024Amended 308$239.5MVTI, SCHB, VXUS, BND, MSFT
Q2 2024 315$223.6MVTI, SCHB, VXUS, BND, MSFT
Q1 2024 312$217.3MVTI, SCHB, VXUS, BND, MSFT