Breakwater Investment Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 3, 2025), Breakwater Investment Management reported 529 stock positions worth $271.2 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 14.5% of the portfolio, followed by Schwab US Broad Market ETF (SCHB, 8.4%) and Vanguard Total Intl Stock (VXUS, 6.5%). Compared with Q2 2025, it opened 229 new positions, sold out of 9, added to 90 and reduced 51. The biggest buy was Schwab Core Bond ETF (SCCR, shares +278%) and the biggest sale Vanguard Total Bond Market (BND, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0002025925
- Portfolio Value
- $271.2M (Q3 2025)
- SEC Filing
- 0002025925-25-000007 ↗ filed Oct 3, 2025
Holdings Value
Holdings 529 stocks · $271.2M
| VTI VG Morningstar TS MKT ETF-US | 14.52% | 119,986 | $39.4M | Reduce -0.2% |
| SCHB Schwab US Broad Market ETF | 8.41% | 887,200 | $22.8M | Reduce -5.2% |
| VXUS Vanguard Total Intl Stock | 6.46% | 238,393 | $17.5M | Reduce -0.3% |
| MSFT Microsoft Corp. | 5.27% | 27,617 | $14.3M | Add +0.2% |
| BNDX Vanguard Total Intl Bond ETF | 4.39% | 240,901 | $11.9M | Add +3.4% |
| BND Vanguard Total Bond Market | 4.22% | 153,773 | $11.4M | Reduce -1.8% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 2.81% | 94,513 | $7.6M | No change |
| VEU Vanguard Ftse All-World Ex-U | 2.46% | 93,569 | $6.7M | Reduce -3.0% |
| VCRB Vanguard Core Bond ETF | 2.39% | 82,809 | $6.5M | Reduce -0.1% |
| VT Vanguard Tot World STK ETF | 2.19% | 43,068 | $5.9M | Reduce -3.5% |
| VWO Vanguard Ftse Emerging Marke | 2.17% | 108,391 | $5.9M | Reduce -1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.13% | 8,665 | $5.8M | No change |
| VYM Vanguard High DVD Yield ETF | 2.11% | 40,672 | $5.7M | Reduce -4.0% |
| VIG Vanguard Dividend Apprec ETF | 1.93% | 24,195 | $5.2M | Reduce -1.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 1.85% | 12,474 | $5.0M | Reduce -1.5% |
| SCHF Schwab Intl Equity ETF | 1.84% | 214,082 | $5.0M | Reduce -6.1% |
| AMZN Amazon.com Inc. | 1.72% | 21,257 | $4.7M | Add +0.4% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 1.61% | 31,669 | $4.4M | Reduce -1.7% |
| IAGG iShares Intl Aggregate Bond | 1.42% | 75,087 | $3.8M | Add +11.8% |
| SCHD Schwab US DVD Equity ETF | 1.39% | 137,926 | $3.8M | Reduce -6.3% |
| SCHZ Schwab US Aggregate Bond ETF | 1.29% | 148,971 | $3.5M | Reduce -9.8% |
| VGSH Vanguard Short-Term Treasury | 1.22% | 56,421 | $3.3M | Reduce -7.4% |
| VYMI Vanguard Int High DVD YLD Inc. | 1.08% | 34,704 | $2.9M | Add +5.6% |
| SCHO Schwab Short-Term US Treas | 1.06% | 117,923 | $2.9M | Reduce -6.3% |
| SCCR Schwab Core Bond ETF | 0.95% | 99,752 | $2.6M | Add +278.2% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.95% | 59,912 | $2.6M | Reduce -1.4% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.92% | 74,643 | $2.5M | Reduce -3.7% |
| GII State Street SPDR S&P Global | 0.79% | 30,914 | $2.2M | Reduce -2.3% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.76% | 30,912 | $2.1M | Add +6.3% |
| VNQ Vanguard Real Estate ETF | 0.75% | 22,183 | $2.0M | Reduce -2.1% |
| SCHP Schwab U.S. Tips ETF | 0.73% | 73,156 | $2.0M | Reduce -4.7% |
| EUHY iShares Euro High Yield Corp. | 0.61% | 29,657 | $1.6M | Reduce -6.9% |
| SPAB SS SPDR P Agg Bond ETF | 0.59% | 62,025 | $1.6M | Reduce -1.1% |
| SCHX Schwab US Large-Cap ETF | 0.59% | 60,321 | $1.6M | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.58% | 3,284 | $1.6M | No change |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.56% | 6,278 | $1.5M | Reduce -2.8% |
| VTIP Vanguard Short-Term Tips | 0.55% | 29,290 | $1.5M | Add +1.9% |
| BBEU JPMorgan Betabuilders Europe | 0.54% | 21,206 | $1.5M | Add +7.6% |
| VGK Vanguard Ftse Europe ETF | 0.52% | 17,753 | $1.4M | Add +13.0% |
| VIGI Vanguard Int Div App Indx FD | 0.49% | 14,788 | $1.3M | No change |
| SCHH Schwab US REIT ETF | 0.47% | 58,481 | $1.3M | Add +2.0% |
| STIP iShares 0-5 Year Tips Bond E | 0.46% | 12,003 | $1.2M | No change |
| VGIT Vanguard Intermediate-Term T | 0.45% | 20,334 | $1.2M | Reduce -0.3% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.45% | 25,338 | $1.2M | Add +2.1% |
| VEA Vanguard Ftse Developed ETF | 0.44% | 19,899 | $1.2M | No change |
| VTC Vanguard Total Corporate BND | 0.42% | 14,600 | $1.1M | Add +1.4% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.41% | 22,107 | $1.1M | Add +11.6% |
| GLD SPDR Gold Shares | 0.39% | 2,953 | $1.0M | Add +5.8% |
| GOOGL Alphabet Inc. Class A | 0.38% | 4,228 | $1.0M | Add +1.0% |
| SCMB Schwab Municipal Bond ETF | 0.38% | 40,006 | $1.0M | Add +310.7% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.37% | 3,280 | $1.0M | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.35% | 5,130 | $957K | Add +34.4% |
| VOTE TCW Transform 500 ETF | 0.33% | 11,387 | $894K | No change |
| MUB iShares National Muni Bond E | 0.33% | 8,315 | $885K | Reduce -23.1% |
| SPTS SS SPDR P St Term TSY ETF | 0.29% | 26,431 | $775K | No change |
| XLK SS Technology Select Sector | 0.24% | 2,273 | $641K | No change |
| PIT Vaneck Commodity Strat ETF | 0.23% | 11,509 | $631K | Add +24.9% |
| BSV Vanguard Short-Term Bond ETF | 0.19% | 6,664 | $526K | No change |
| BIV Vanguard Intermediate-Term B | 0.19% | 6,501 | $508K | No change |
| SPSB SS SPDR P St C Corp. ETF | 0.18% | 15,857 | $480K | No change |
| VGT Vanguard Info Tech ETF | 0.16% | 597 | $446K | No change |
| STPZ PIMCO 1-5 Year US Tips Index | 0.16% | 8,219 | $445K | Reduce -7.9% |
| AAXJ iShares MSCI All Country Asi | 0.16% | 4,761 | $434K | Reduce -21.8% |
| AAPL Apple Inc. | 0.15% | 1,612 | $410K | Add +3.7% |
| PLTR Palantir Technologies Inc. Class A | 0.14% | 2,092 | $382K | Reduce -71.1% |
| IWM iShares Russell 2000 ETF | 0.13% | 1,504 | $364K | No change |
| SPBO SS SPDR P Corp. Bond ETF | 0.13% | 12,153 | $360K | No change |
| WOOD iShares Global Timber & Fore | 0.13% | 4,792 | $352K | No change |
| META Meta Platforms Inc. Class A | 0.12% | 438 | $322K | Add +4.0% |
| IVV iShares Core S&P 500 ETF | 0.11% | 449 | $301K | No change |
| GOOG Alphabet Inc. Class C | 0.11% | 1,232 | $300K | Add +2.7% |
| JIVE JPM Interntl Value ETF filed as J P MORGAN EXCHANGE TRADED F | 0.11% | 3,829 | $289K | Add +80.6% |
| EMB iShares JP Morgan Usd Emergi | 0.11% | 3,027 | $288K | Add +35.3% |
| DGRW Wisdomtree U.S. Quality Divi | 0.10% | 3,162 | $281K | Add +61.0% |
| PRF Invesco Rafi US 1000 ETF | 0.09% | 5,600 | $253K | No change |
| NVDA Nvidia Corp. | 0.09% | 1,307 | $244K | Add +15.7% |
| IOO iShares Global 100 ETF | 0.09% | 1,990 | $239K | No change |
| FNDB Schwab Fndmntl US BRD Mr ETF | 0.08% | 8,943 | $230K | No change |
| SPEM State Street SP PTF Em ETF | 0.08% | 4,883 | $229K | No change |
| MDY State Street SPDR S&P Midcap | 0.08% | 380 | $226K | No change |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.08% | 2,887 | $226K | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 0.08% | 2,764 | $221K | Reduce -8.9% |
| DVY iShares Select Dividend ETF | 0.08% | 1,548 | $220K | Reduce -0.6% |
| VIS Vanguard Industrials ETF | 0.08% | 731 | $217K | No change |
| ISRG Intuitive Surgical Inc. | 0.07% | 452 | $202K | Add +0.2% |
| WMT Walmart Inc. | 0.07% | 1,961 | $202K | Add +0.8% |
| GRMN Garmin Ltd. | 0.07% | 792 | $195K | Add +0.3% |
| GSG iShares S&P Gsci Commodity I | 0.07% | 8,457 | $194K | Reduce -0.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.07% | 758 | $193K | Reduce -20.3% |
| EEM iShares MSCI Emerging Market | 0.07% | 3,601 | $192K | No change |
| VCIT Vanguard Int-Term Corporate | 0.07% | 2,268 | $191K | No change |
| XHB SS SPDR S&P Homebldrs ETF | 0.07% | 1,720 | $191K | No change |
| VPL Vanguard Ftse Pacific ETF | 0.07% | 2,099 | $184K | Reduce -33.5% |
| TMO Thermo Fisher Scientific Inc. | 0.06% | 360 | $175K | Add +0.6% |
| XOM Exxon Mobil Corp. | 0.06% | 1,450 | $163K | Add +3.4% |
| VGLT Vanguard Long-Term Treasury | 0.06% | 2,830 | $161K | No change |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.05% | 3,329 | $143K | No change |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.05% | 5,388 | $142K | No change |
| CSCO Cisco Systems Inc. | 0.05% | 2,011 | $138K | Add +0.7% |
| AGGY Wisdomtree Yield Enhanced US | 0.05% | 3,061 | $136K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $26 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 1 | $26 | No change |
Total filed on the 13F, all lines: $271.2M.
Portfolio Sells Q2 2025 → Q3 2025
| BND Vanguard Total Bond Market | Reduce -1.8% | 4.22% | −0.25 |
| PLTR Palantir Technologies Inc. Class A | Reduce -71.1% | 0.14% | −0.24 |
| SCHB Schwab US Broad Market ETF | Reduce -5.2% | 8.41% | −0.22 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -9.8% | 1.29% | −0.20 |
| VGSH Vanguard Short-Term Treasury | Reduce -7.4% | 1.22% | −0.16 |
| SCHO Schwab Short-Term US Treas | Reduce -6.3% | 1.06% | −0.13 |
| SCHD Schwab US DVD Equity ETF | Reduce -6.3% | 1.39% | −0.12 |
| SCHF Schwab Intl Equity ETF | Reduce -6.1% | 1.84% | −0.11 |
| MUB iShares National Muni Bond E | Reduce -23.1% | 0.33% | −0.11 |
| VCRB Vanguard Core Bond ETF | Reduce -0.1% | 2.39% | −0.10 |
| VYM Vanguard High DVD Yield ETF | Reduce -4.0% | 2.11% | −0.07 |
| EUHY iShares Euro High Yield Corp. | Reduce -6.9% | 0.61% | −0.07 |
| SCHP Schwab U.S. Tips ETF | Reduce -4.7% | 0.73% | −0.07 |
| INDY iShares India 50 ETF | Reduce -87.7% | 0.01% | −0.05 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -3.0% | 2.46% | −0.05 |
| IWB iShares Russell 1000 ETF | Reduce -76.3% | 0.01% | −0.04 |
| AAXJ iShares MSCI All Country Asi | Reduce -21.8% | 0.16% | −0.03 |
| VNQ Vanguard Real Estate ETF | Reduce -2.1% | 0.75% | −0.03 |
| VPL Vanguard Ftse Pacific ETF | Reduce -33.5% | 0.07% | −0.03 |
| GII State Street SPDR S&P Global | Reduce -2.3% | 0.79% | −0.03 |
| KO The Coca-Cola Co. | Reduce -74.5% | 0.01% | −0.03 |
| SPAB SS SPDR P Agg Bond ETF | Reduce -1.1% | 0.59% | −0.03 |
| VT Vanguard Tot World STK ETF | Reduce -3.5% | 2.19% | −0.03 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | Reduce -1.7% | 1.61% | −0.03 |
| VGIT Vanguard Intermediate-Term T | Reduce -0.3% | 0.45% | −0.02 |
| STPZ PIMCO 1-5 Year US Tips Index | Reduce -7.9% | 0.16% | −0.02 |
| CRM Salesforce Inc. | Reduce -98.0% | 0.00% | −0.02 |
| IXJ iShares Global Healthcare Et | Reduce -24.1% | 0.05% | −0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -20.3% | 0.07% | −0.02 |
| IWR iShares Russell Mid-Cap ETF | Sold out | 0.00% | −0.01 |
| VIG Vanguard Dividend Apprec ETF | Reduce -1.2% | 1.93% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -36.6% | 0.02% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -21.6% | 0.04% | −0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -8.9% | 0.08% | −0.01 |
| XLV SS Health Care Select Sector | Reduce -33.0% | 0.02% | −0.01 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -1.4% | 0.95% | −0.01 |
| ILF iShares Latin America 40 ETF | Reduce -53.9% | 0.01% | −0.01 |
| BDX Becton Dickinson and Co. | Reduce -96.6% | 0.00% | −0.01 |
| IXC iShares Global Energy ETF | Reduce -73.1% | 0.00% | −0.01 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -17.9% | 0.03% | −0.01 |
| EWP iShares MSCI Spain ETF | Sold out | 0.00% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -16.3% | 0.02% | −0.00 |
| EWG iShares MSCI Germany ETF | Sold out | 0.00% | −0.00 |
| RWX State Street SPDR Dow Jones | Reduce -37.7% | 0.00% | −0.00 |
| SPIB SS SPDR P Int C Corp. ETF | Sold out | 0.00% | −0.00 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.00 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.00 |
| CMCSA Comcast Corp. Class A | Reduce -14.2% | 0.00% | −0.00 |
| GSG iShares S&P Gsci Commodity I | Reduce -0.4% | 0.07% | −0.00 |
| HES Hess Corp. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| SCCR Schwab Core Bond ETF | Add +278.2% | 0.95% | +0.69 |
| SCMB Schwab Municipal Bond ETF | Add +310.7% | 0.38% | +0.28 |
| GOOGL Alphabet Inc. Class A | Add +1.0% | 0.38% | +0.09 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +34.4% | 0.35% | +0.09 |
| IAGG iShares Intl Aggregate Bond | Add +11.8% | 1.42% | +0.09 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +5.6% | 1.08% | +0.07 |
| GLD SPDR Gold Shares | Add +5.8% | 0.39% | +0.06 |
| VGK Vanguard Ftse Europe ETF | Add +13.0% | 0.52% | +0.05 |
| PIT Vaneck Commodity Strat ETF | Add +24.9% | 0.23% | +0.05 |
| JIVE JPM Interntl Value ETF | Add +80.6% | 0.11% | +0.05 |
| DGRW Wisdomtree U.S. Quality Divi | Add +61.0% | 0.10% | +0.04 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +11.6% | 0.41% | +0.03 |
| VTEC Vanguard Ca Tax-Ex Bond | New | 0.03% | +0.03 |
| BBEU JPMorgan Betabuilders Europe | Add +7.6% | 0.54% | +0.03 |
| IAU iShares Gold Trust | Add +221.7% | 0.04% | +0.03 |
| GOOG Alphabet Inc. Class C | Add +2.7% | 0.11% | +0.03 |
| AAPL Apple Inc. | Add +3.7% | 0.15% | +0.03 |
| VWOB Vanguard Emerg MKTS Gov BND | Add +6.3% | 0.76% | +0.03 |
| EMB iShares JP Morgan Usd Emergi | Add +35.3% | 0.11% | +0.03 |
| NVDA Nvidia Corp. | Add +15.7% | 0.09% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | Add +0.6% | 0.06% | +0.01 |
| GRMN Garmin Ltd. | Add +0.3% | 0.07% | +0.01 |
| VCRM Vanguard Core Tax-Ex Bond | New | 0.01% | +0.01 |
| ORCL Oracle Corp. | Add +2.6% | 0.03% | +0.01 |
| AVGO Broadcom Inc. | Add +17.5% | 0.02% | +0.01 |
| EFA iShares MSCI Eafe ETF | Add +14.4% | 0.04% | +0.00 |
| BBJP JPMorgan Betabuilders Japan | New | 0.00% | +0.00 |
| BKNG Booking Holdings Inc. | New | 0.00% | +0.00 |
| TJX TJX Companies Inc. | Add +3.7% | 0.03% | +0.00 |
| LOW Lowe's Cos Inc. | Add +4.0% | 0.03% | +0.00 |
| ABBV Abbvie Inc. | Add +44.6% | 0.01% | +0.00 |
| BBCA JPMorgan Betabuilders Canada | New | 0.00% | +0.00 |
| VNQI Vanguard GLBL Ex-US Real Est | Add +2.1% | 0.45% | +0.00 |
| BAC Bank of America Corp. | Add +2.9% | 0.05% | +0.00 |
| HD Home Depot Inc. | Add +0.8% | 0.04% | +0.00 |
| MS Morgan Stanley | New | 0.00% | +0.00 |
| BBAX JPMorgan Betabuilders Develo | New | 0.00% | +0.00 |
| TSLA Tesla Inc. | Add +366.7% | 0.00% | +0.00 |
| LIN Linde PLC | Add +1100.0% | 0.00% | +0.00 |
| XOM Exxon Mobil Corp. | Add +3.4% | 0.06% | +0.00 |
| RTX RTX Corp. | Add +2.7% | 0.01% | +0.00 |
| WFC Wells Fargo & Co. | Add +36.9% | 0.01% | +0.00 |
| CVX Chevron Corp. | Add +2.0% | 0.03% | +0.00 |
| MLM Martin Marietta Materials | New | 0.00% | +0.00 |
| UNH Unitedhealth Group Inc. | Add +333.3% | 0.00% | +0.00 |
| CAT Caterpillar Inc. | Add +6.7% | 0.01% | +0.00 |
| AJG Arthur J Gallagher & Co. | New | 0.00% | +0.00 |
| BSX Boston Scientific Corp. | New | 0.00% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +3.1% | 0.02% | +0.00 |
| NFLX Netflix Inc. | New | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 599 | $293.7M | VTI, SCHB, VXUS, SPTM, MSFT |
| Q1 2026 | 505 | $268.9M | VTI, SCHB, VXUS, BND, MSFT |
| Q4 2025 | 496 | $276.4M | VTI, SCHB, VXUS, MSFT, BNDX |
| Q3 2025 | 529 | $271.2M | VTI, SCHB, VXUS, MSFT, BNDX |
| Q2 2025 | 309 | $258.5M | VTI, SCHB, VXUS, MSFT, BND |
| Q1 2025 | 314 | $234.2M | VTI, SCHB, VXUS, BND, BNDX |
| Q4 2024Amended | 307 | $235.2M | VTI, SCHB, VXUS, BND, MSFT |
| Q3 2024Amended | 308 | $239.5M | VTI, SCHB, VXUS, BND, MSFT |
| Q2 2024 | 315 | $223.6M | VTI, SCHB, VXUS, BND, MSFT |
| Q1 2024 | 312 | $217.3M | VTI, SCHB, VXUS, BND, MSFT |