Breakwater Investment Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 9, 2025), Breakwater Investment Management reported 309 stock positions worth $258.5 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 14.1% of the portfolio, followed by Schwab US Broad Market ETF (SCHB, 8.6%) and Vanguard Total Intl Stock (VXUS, 6.4%). Compared with Q1 2025, it opened 4 new positions, sold out of 9, added to 20 and reduced 51. The biggest buy was Vanguard Core Bond ETF (VCRB, shares +475%) and the biggest sale Vanguard Total Bond Market (BND, shares −13%).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0002025925
Portfolio Value
$258.5M (Q2 2025)
SEC Filing
0002025925-25-000005 ↗ filed Jul 9, 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 Q1 2025 Q2 2025: $258.5M $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 309 stocks · $258.5M
VTI VG Morningstar TS MKT ETF-US 14.14% 120,263 $36.6M Reduce -0.6%
SCHB Schwab US Broad Market ETF 8.63% 936,063 $22.3M Reduce -1.1%
VXUS Vanguard Total Intl Stock 6.39% 239,102 $16.5M Add +1.8%
MSFT Microsoft Corp. 5.30% 27,565 $13.7M No change
BND Vanguard Total Bond Market 4.46% 156,637 $11.5M Reduce -12.9%
BNDX Vanguard Total Intl Bond ETF 4.46% 232,895 $11.5M Add +4.0%
SPTM SS SPDR P S&P 1500 Comp ETF 2.74% 94,513 $7.1M Reduce -4.8%
VEU Vanguard Ftse All-World Ex-U 2.51% 96,482 $6.5M Reduce -0.3%
VCRB Vanguard Core Bond ETF 2.49% 82,930 $6.4M Add +475.4%
VT Vanguard Tot World STK ETF 2.22% 44,612 $5.7M Reduce -1.1%
VYM Vanguard High DVD Yield ETF 2.18% 42,356 $5.6M Reduce -0.1%
VWO Vanguard Ftse Emerging Marke 2.10% 109,579 $5.4M Reduce -0.1%
SPY SS SPDR S&P 500 ETF Trust-US 2.07% 8,665 $5.4M Reduce -0.3%
SCHF Schwab Intl Equity ETF 1.95% 227,913 $5.0M Reduce -5.5%
VIG Vanguard Dividend Apprec ETF 1.94% 24,480 $5.0M Add +1.0%
AMZN Amazon.com Inc. 1.80% 21,178 $4.6M Add +264.3%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 1.79% 12,669 $4.6M Reduce -6.6%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 1.64% 32,212 $4.2M Reduce -2.0%
SCHD Schwab US DVD Equity ETF 1.51% 147,265 $3.9M Reduce -4.4%
SCHZ Schwab US Aggregate Bond ETF 1.48% 165,106 $3.8M Reduce -11.1%
VGSH Vanguard Short-Term Treasury 1.39% 60,904 $3.6M Reduce -4.1%
IAGG iShares Intl Aggregate Bond 1.33% 67,161 $3.4M Add +13.9%
SCHO Schwab Short-Term US Treas 1.19% 125,866 $3.1M Reduce -4.9%
VYMI Vanguard Int High DVD YLD Inc. 1.02% 32,855 $2.6M Add +4.0%
SPDW Ste STR SPDR PT DW Eu ETF 0.95% 60,756 $2.5M Add +4.2%
SCHE Schwab Emrg Mrkts Eqty ETF 0.90% 77,522 $2.3M Reduce -3.1%
GII State Street SPDR S&P Global 0.82% 31,649 $2.1M Add +0.5%
SCHP Schwab U.S. Tips ETF 0.79% 76,773 $2.0M Add +0.2%
VNQ Vanguard Real Estate ETF 0.78% 22,666 $2.0M Reduce -0.1%
VWOB Vanguard Emerg MKTS Gov BND 0.74% 29,090 $1.9M Reduce -2.5%
EUHY iShares Euro High Yield Corp. 0.68% 31,841 $1.7M Reduce -6.0%
SPAB SS SPDR P Agg Bond ETF 0.62% 62,739 $1.6M Reduce -39.8%
SCHX Schwab US Large-Cap ETF 0.57% 60,321 $1.5M Reduce -23.9%
MGC Vngrd Mrngstr MG Cap ETF-Usd 0.56% 6,456 $1.5M Reduce -7.4%
VTIP Vanguard Short-Term Tips 0.56% 28,738 $1.4M Reduce -2.6%
VUG Vanguard Mrngstar GR ETF-Sui 0.56% 3,284 $1.4M No change
VIGI Vanguard Int Div App Indx FD 0.52% 14,788 $1.3M No change
BBEU JPMorgan Betabuilders Europe 0.51% 19,710 $1.3M Add +4.3%
STIP iShares 0-5 Year Tips Bond E 0.48% 12,003 $1.2M No change
VGIT Vanguard Intermediate-Term T 0.47% 20,403 $1.2M Reduce -23.9%
VGK Vanguard Ftse Europe ETF 0.47% 15,715 $1.2M Add +86.7%
SCHH Schwab US REIT ETF 0.47% 57,358 $1.2M Add +2.8%
VNQI Vanguard GLBL Ex-US Real Est 0.44% 24,813 $1.1M Reduce -0.0%
VEA Vanguard Ftse Developed ETF 0.44% 19,899 $1.1M No change
MUB iShares National Muni Bond E 0.44% 10,807 $1.1M Reduce -9.6%
VTC Vanguard Total Corporate BND 0.43% 14,400 $1.1M Reduce -3.5%
PLTR Palantir Technologies Inc. Class A 0.38% 7,246 $988K No change
VTEB Vanguard Tax-Exempt Bond ETF 0.38% 19,814 $971K Add +45.5%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.36% 3,280 $936K Add +8.6%
GLD SPDR Gold Shares 0.33% 2,790 $850K Add +12.1%
VOTE TCW Transform 500 ETF 0.32% 11,387 $828K No change
SPTS SS SPDR P St Term TSY ETF 0.30% 26,431 $774K Reduce -1.1%
GOOGL Alphabet Inc. Class A 0.29% 4,187 $738K No change
SCCR Schwab Core Bond ETF 0.26% 26,375 $675K New
VTV Vanguard Mrngstr Val ETF-Aui 0.26% 3,817 $675K Add +11.5%
XLK SS Technology Select Sector 0.22% 2,273 $576K No change
BSV Vanguard Short-Term Bond ETF 0.20% 6,664 $524K No change
AAXJ iShares MSCI All Country Asi 0.19% 6,087 $503K Reduce -8.1%
BIV Vanguard Intermediate-Term B 0.19% 6,501 $503K No change
STPZ PIMCO 1-5 Year US Tips Index 0.19% 8,924 $480K No change
SPSB SS SPDR P St C Corp. ETF 0.19% 15,857 $479K No change
PIT Vaneck Commodity Strat ETF 0.18% 9,218 $470K Add +164.4%
VGT Vanguard Info Tech ETF 0.15% 597 $396K No change
SPBO SS SPDR P Corp. Bond ETF 0.14% 12,153 $355K Reduce -6.8%
WOOD iShares Global Timber & Fore 0.14% 4,792 $352K Reduce -1.0%
IWM iShares Russell 2000 ETF 0.13% 1,504 $325K No change
AAPL Apple Inc. 0.12% 1,555 $319K No change
META Meta Platforms Inc. Class A 0.12% 421 $311K No change
IVV iShares Core S&P 500 ETF 0.11% 449 $279K No change
VPL Vanguard Ftse Pacific ETF 0.10% 3,157 $259K No change
SCMB Schwab Municipal Bond ETF 0.09% 9,740 $245K New
ISRG Intuitive Surgical Inc. 0.09% 451 $245K No change
VCSH Vanguard S/T Corp. Bond ETF 0.09% 3,033 $241K Reduce -9.3%
PRF Invesco Rafi US 1000 ETF 0.09% 5,600 $237K No change
VB Vanguard Most SM-Cap ETF-Usd 0.09% 951 $225K No change
MDY State Street SPDR S&P Midcap 0.08% 380 $215K No change
IOO iShares Global 100 ETF 0.08% 1,990 $215K No change
FNDB Schwab Fndmntl US BRD Mr ETF 0.08% 8,943 $214K No change
GOOG Alphabet Inc. Class C 0.08% 1,200 $213K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.08% 2,887 $210K No change
SPEM State Street SP PTF Em ETF 0.08% 4,883 $209K No change
EMB iShares JP Morgan Usd Emergi 0.08% 2,237 $207K Reduce -6.0%
DVY iShares Select Dividend ETF 0.08% 1,558 $207K No change
VIS Vanguard Industrials ETF 0.08% 731 $205K No change
WMT Walmart Inc. 0.07% 1,946 $190K No change
VCIT Vanguard Int-Term Corporate 0.07% 2,268 $188K Reduce -29.7%
GSG iShares S&P Gsci Commodity I 0.07% 8,493 $187K Reduce -57.3%
NVDA Nvidia Corp. 0.07% 1,130 $179K No change
EEM iShares MSCI Emerging Market 0.07% 3,601 $174K No change
XHB SS SPDR S&P Homebldrs ETF 0.07% 1,720 $170K No change
IXJ iShares Global Healthcare Et 0.06% 1,948 $168K No change
GRMN Garmin Ltd. 0.06% 790 $165K No change
DGRW Wisdomtree U.S. Quality Divi 0.06% 1,964 $164K Reduce -13.4%
VGLT Vanguard Long-Term Treasury 0.06% 2,830 $159K No change
XOM Exxon Mobil Corp. 0.06% 1,403 $151K No change
JIVE JPM Interntl Value ETF filed as J P MORGAN EXCHANGE TRADED F 0.06% 2,120 $147K New
TMO Thermo Fisher Scientific Inc. 0.06% 358 $145K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.06% 515 $144K Reduce -8.5%
INDY iShares India 50 ETF 0.05% 2,565 $139K No change
AMP Ameriprise Financial Inc. 0.05% 261 $139K No change

Show all 309 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $21 (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 1$21No change

Total filed on the 13F, all lines: $258.5M.

Portfolio Sells Q1 2025 → Q2 2025
BND Vanguard Total Bond Market Reduce -12.9% 4.46% −1.18
SPAB SS SPDR P Agg Bond ETF Reduce -39.8% 0.62% −0.52
SCHZ Schwab US Aggregate Bond ETF Reduce -11.1% 1.48% −0.35
SCHD Schwab US DVD Equity ETF Reduce -4.4% 1.51% −0.33
VGIT Vanguard Intermediate-Term T Reduce -23.9% 0.47% −0.21
VGSH Vanguard Short-Term Treasury Reduce -4.1% 1.39% −0.21
SCHO Schwab Short-Term US Treas Reduce -4.9% 1.19% −0.19
SCHX Schwab US Large-Cap ETF Reduce -23.9% 0.57% −0.18
MGV Vngrd Mrgstr MG CP VL ETF-Ui Reduce -2.0% 1.64% −0.17
VYM Vanguard High DVD Yield ETF Reduce -0.1% 2.18% −0.15
SPTM SS SPDR P S&P 1500 Comp ETF Reduce -4.8% 2.74% −0.15
GSG iShares S&P Gsci Commodity I Reduce -57.3% 0.07% −0.12
MUB iShares National Muni Bond E Reduce -9.6% 0.44% −0.10
VNQ Vanguard Real Estate ETF Reduce -0.1% 0.78% −0.10
SCHF Schwab Intl Equity ETF Reduce -5.5% 1.95% −0.09
VWOB Vanguard Emerg MKTS Gov BND Reduce -2.5% 0.74% −0.08
SCHB Schwab US Broad Market ETF Reduce -1.1% 8.63% −0.07
VTIP Vanguard Short-Term Tips Reduce -2.6% 0.56% −0.07
VTC Vanguard Total Corporate BND Reduce -3.5% 0.43% −0.06
MRK Merck & Co. Inc. Reduce -51.3% 0.04% −0.06
VTI VG Morningstar TS MKT ETF-US Reduce -0.6% 14.14% −0.06
SCHA Schwab US Small-Cap ETF Reduce -77.0% 0.01% −0.05
VCIT Vanguard Int-Term Corporate Reduce -29.7% 0.07% −0.04
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -3.1% 0.90% −0.04
MGC Vngrd Mrngstr MG Cap ETF-Usd Reduce -7.4% 0.56% −0.04
EUHY iShares Euro High Yield Corp. Reduce -6.0% 0.68% −0.04
SPTS SS SPDR P St Term TSY ETF Reduce -1.1% 0.30% −0.03
CSCO Cisco Systems Inc. Reduce -33.3% 0.05% −0.03
SPBO SS SPDR P Corp. Bond ETF Reduce -6.8% 0.14% −0.02
PCY Invesco Emerging Markets Sov Reduce -52.9% 0.02% −0.02
VWO Vanguard Ftse Emerging Marke Reduce -0.1% 2.10% −0.02
WOOD iShares Global Timber & Fore Reduce -1.0% 0.14% −0.02
VCSH Vanguard S/T Corp. Bond ETF Reduce -9.3% 0.09% −0.02
AAXJ iShares MSCI All Country Asi Reduce -8.1% 0.19% −0.01
VT Vanguard Tot World STK ETF Reduce -1.1% 2.22% −0.01
SONO Sonos Inc. Sold out 0.00% −0.01
DGRW Wisdomtree U.S. Quality Divi Reduce -13.4% 0.06% −0.01
EMB iShares JP Morgan Usd Emergi Reduce -6.0% 0.08% −0.01
IEO iShares U.S. Oil & Gas Explo Sold out 0.00% −0.01
GIS General Mills Inc. Sold out 0.00% −0.01
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -8.5% 0.06% −0.01
REET iShares Global REIT ETF Reduce -4.2% 0.05% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.3% 2.07% −0.01
HD Home Depot Inc. Reduce -3.9% 0.04% −0.01
CMCSA Comcast Corp. Class A Reduce -41.9% 0.00% −0.00
PEP Pepsico Inc. Reduce -24.6% 0.01% −0.00
JWN Nordstrom Inc. Sold out 0.00% −0.00
STCE Schwab Crypto TNLP ETF Sold out 0.00% −0.00
WY Weyerhaeuser Co. Reduce -14.4% 0.00% −0.00
KHC The Kraft Heinz Co. Sold out 0.00% −0.00

Portfolio Buys Q1 2025 → Q2 2025
VCRB Vanguard Core Bond ETF Add +475.4% 2.49% +2.01
AMZN Amazon.com Inc. Add +264.3% 1.80% +1.33
SCCR Schwab Core Bond ETF New 0.26% +0.26
VGK Vanguard Ftse Europe ETF Add +86.7% 0.47% +0.22
VXUS Vanguard Total Intl Stock Add +1.8% 6.39% +0.16
PIT Vaneck Commodity Strat ETF Add +164.4% 0.18% +0.11
SCMB Schwab Municipal Bond ETF New 0.09% +0.09
VTEB Vanguard Tax-Exempt Bond ETF Add +45.5% 0.38% +0.09
IAGG iShares Intl Aggregate Bond Add +13.9% 1.33% +0.07
JIVE JPM Interntl Value ETF New 0.06% +0.06
SPDW Ste STR SPDR PT DW Eu ETF Add +4.2% 0.95% +0.04
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +8.6% 0.36% +0.03
VYMI Vanguard Int High DVD YLD Inc. Add +4.0% 1.02% +0.02
GLD SPDR Gold Shares Add +12.1% 0.33% +0.02
BBEU JPMorgan Betabuilders Europe Add +4.3% 0.51% +0.02
VTV Vanguard Mrngstr Val ETF-Aui Add +11.5% 0.26% +0.01
SCHY Schwab International DVD ETF Add +37.5% 0.02% +0.00
USRT iShares Core US REIT ETF New 0.00% +0.00
RWX State Street SPDR Dow Jones Add +12.2% 0.01% +0.00
GII State Street SPDR S&P Global Add +0.5% 0.82% −0.01
SCHH Schwab US REIT ETF Add +2.8% 0.47% −0.04
VIG Vanguard Dividend Apprec ETF Add +1.0% 1.94% −0.07
SCHP Schwab U.S. Tips ETF Add +0.2% 0.79% −0.09
BNDX Vanguard Total Intl Bond ETF Add +4.0% 4.46% −0.21

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