Breakwater Investment Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Breakwater Investment Management reported 496 stock positions worth $276.4 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 14.6% of the portfolio, followed by Schwab US Broad Market ETF (SCHB, 8.3%) and Vanguard Total Intl Stock (VXUS, 6.4%). Compared with Q3 2025, it opened 90 new positions, sold out of 124, added to 56 and reduced 77. The biggest buy was Schwab Core Bond ETF (SCCR, shares +100%) and the biggest sale Microsoft (MSFT, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0002025925
- Portfolio Value
- $276.4M (Q4 2025)
- SEC Filing
- 0002025925-26-000002 ↗ filed Feb 2, 2026
Holdings Value
Holdings 496 stocks · $276.4M
| VTI VG Morningstar TS MKT ETF-US | 14.61% | 120,412 | $40.4M | Add +0.4% |
| SCHB Schwab US Broad Market ETF | 8.28% | 872,018 | $22.9M | Reduce -1.7% |
| VXUS Vanguard Total Intl Stock | 6.43% | 235,490 | $17.8M | Reduce -1.2% |
| MSFT Microsoft Corp. | 4.42% | 25,270 | $12.2M | Reduce -8.5% |
| BNDX Vanguard Total Intl Bond ETF | 4.17% | 238,694 | $11.5M | Reduce -0.9% |
| BND Vanguard Total Bond Market | 4.09% | 152,456 | $11.3M | Reduce -0.9% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 2.72% | 91,019 | $7.5M | Reduce -3.7% |
| VEU Vanguard Ftse All-World Ex-U | 2.49% | 93,522 | $6.9M | Reduce -0.1% |
| VCRB Vanguard Core Bond ETF | 2.38% | 84,304 | $6.6M | Add +1.8% |
| VT Vanguard Tot World STK ETF | 2.18% | 42,710 | $6.0M | Reduce -0.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.13% | 8,624 | $5.9M | Reduce -0.5% |
| VWO Vanguard Ftse Emerging Marke | 2.05% | 105,362 | $5.7M | Reduce -2.8% |
| VYM Vanguard High DVD Yield ETF | 2.05% | 39,439 | $5.7M | Reduce -3.0% |
| VIG Vanguard Dividend Apprec ETF | 1.92% | 24,166 | $5.3M | Reduce -0.1% |
| SCHF Schwab Intl Equity ETF | 1.88% | 216,224 | $5.2M | Add +1.0% |
| SCCR Schwab Core Bond ETF | 1.87% | 199,686 | $5.2M | Add +100.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 1.83% | 12,236 | $5.1M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 1.77% | 21,233 | $4.9M | Reduce -0.1% |
| IAGG iShares Intl Aggregate Bond | 1.63% | 90,181 | $4.5M | Add +20.1% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 1.58% | 31,022 | $4.4M | Reduce -2.0% |
| SCHD Schwab US DVD Equity ETF | 1.45% | 146,518 | $4.0M | Add +6.2% |
| VGSH Vanguard Short-Term Treasury | 1.42% | 66,710 | $3.9M | Add +18.2% |
| SCHZ Schwab US Aggregate Bond ETF | 1.24% | 146,227 | $3.4M | Reduce -1.8% |
| VYMI Vanguard Int High DVD YLD Inc. | 1.16% | 35,513 | $3.2M | Add +2.3% |
| SCHO Schwab Short-Term US Treas | 1.04% | 117,671 | $2.9M | Reduce -0.2% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.96% | 59,773 | $2.7M | Reduce -0.2% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.85% | 71,528 | $2.3M | Reduce -4.2% |
| GII State Street SPDR S&P Global | 0.78% | 30,715 | $2.1M | Reduce -0.6% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.73% | 29,860 | $2.0M | Reduce -3.4% |
| SCHP Schwab U.S. Tips ETF | 0.70% | 72,615 | $1.9M | Reduce -0.7% |
| VNQ Vanguard Real Estate ETF | 0.65% | 20,403 | $1.8M | Reduce -8.0% |
| SCMB Schwab Municipal Bond ETF | 0.63% | 68,100 | $1.8M | Add +70.2% |
| SPAB SS SPDR P Agg Bond ETF | 0.62% | 66,260 | $1.7M | Add +6.8% |
| BBEU JPMorgan Betabuilders Europe | 0.58% | 22,022 | $1.6M | Add +3.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.58% | 3,284 | $1.6M | No change |
| EUHY iShares Euro High Yield Corp. | 0.57% | 29,657 | $1.6M | No change |
| VGK Vanguard Ftse Europe ETF | 0.56% | 18,357 | $1.5M | Add +3.4% |
| SCHX Schwab US Large-Cap ETF | 0.54% | 55,893 | $1.5M | Reduce -7.3% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.53% | 5,810 | $1.5M | Reduce -7.5% |
| VTIP Vanguard Short-Term Tips | 0.52% | 29,326 | $1.5M | Add +0.1% |
| VIGI Vanguard Int Div App Indx FD | 0.49% | 14,788 | $1.4M | No change |
| GOOGL Alphabet Inc. Class A | 0.48% | 4,202 | $1.3M | Reduce -0.6% |
| SCHH Schwab US REIT ETF | 0.45% | 59,936 | $1.3M | Add +2.5% |
| VEA Vanguard Ftse Developed ETF | 0.45% | 19,746 | $1.2M | Reduce -0.8% |
| STIP iShares 0-5 Year Tips Bond E | 0.44% | 12,003 | $1.2M | No change |
| VGIT Vanguard Intermediate-Term T | 0.44% | 20,334 | $1.2M | No change |
| GLD SPDR Gold Shares | 0.43% | 3,031 | $1.2M | Add +2.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.42% | 6,013 | $1.1M | Add +17.2% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.41% | 24,928 | $1.1M | Reduce -1.6% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.41% | 22,684 | $1.1M | Add +2.6% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.37% | 3,280 | $1.0M | No change |
| VTC Vanguard Total Corporate BND | 0.36% | 12,789 | $993K | Reduce -12.4% |
| VOTE TCW Transform 500 ETF | 0.33% | 11,396 | $914K | Add +0.1% |
| MUB iShares National Muni Bond E | 0.32% | 8,281 | $887K | Reduce -0.4% |
| SPTS SS SPDR P St Term TSY ETF | 0.29% | 27,022 | $791K | Add +2.2% |
| XLK SS Technology Select Sector | 0.24% | 4,545 | $654K | No change |
| PIT Vaneck Commodity Strat ETF | 0.23% | 12,220 | $645K | Add +6.2% |
| BSV Vanguard Short-Term Bond ETF | 0.19% | 6,664 | $525K | No change |
| BIV Vanguard Intermediate-Term B | 0.18% | 6,501 | $506K | No change |
| SPSB SS SPDR P St C Corp. ETF | 0.17% | 15,857 | $479K | No change |
| VGT Vanguard Info Tech ETF | 0.16% | 597 | $450K | No change |
| AAXJ iShares MSCI All Country Asi | 0.16% | 4,761 | $443K | No change |
| STPZ PIMCO 1-5 Year US Tips Index | 0.16% | 8,219 | $441K | No change |
| JIVE JPM Interntl Value ETF filed as J P MORGAN EXCHANGE TRADED F | 0.16% | 5,393 | $433K | Add +40.9% |
| AAPL Apple Inc. | 0.16% | 1,584 | $431K | Reduce -1.7% |
| GOOG Alphabet Inc. Class C | 0.14% | 1,232 | $387K | No change |
| PLTR Palantir Technologies Inc. Class A | 0.13% | 2,092 | $372K | No change |
| IWM iShares Russell 2000 ETF | 0.13% | 1,504 | $370K | No change |
| SPBO SS SPDR P Corp. Bond ETF | 0.13% | 12,332 | $362K | Add +1.5% |
| WOOD iShares Global Timber & Fore | 0.12% | 4,792 | $345K | No change |
| IVV iShares Core S&P 500 ETF | 0.11% | 449 | $308K | No change |
| EMB iShares JP Morgan Usd Emergi | 0.11% | 3,182 | $306K | Add +5.1% |
| OMER Omeros Corp. | 0.11% | 17,048 | $293K | No change |
| META Meta Platforms Inc. Class A | 0.10% | 435 | $287K | Reduce -0.7% |
| DGRW Wisdomtree U.S. Quality Divi | 0.10% | 3,162 | $283K | No change |
| PRF Invesco Rafi US 1000 ETF | 0.10% | 5,600 | $263K | No change |
| ISRG Intuitive Surgical Inc. | 0.09% | 451 | $255K | Reduce -0.2% |
| IOO iShares Global 100 ETF | 0.09% | 1,990 | $252K | No change |
| SPEM State Street SP PTF Em ETF | 0.09% | 5,165 | $242K | Add +5.8% |
| FNDB Schwab Fndmntl US BRD Mr ETF | 0.09% | 8,943 | $238K | No change |
| NVDA Nvidia Corp. | 0.08% | 1,254 | $234K | Reduce -4.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.08% | 2,887 | $232K | No change |
| MDY State Street SPDR S&P Midcap | 0.08% | 380 | $229K | No change |
| DVY iShares Select Dividend ETF | 0.08% | 1,548 | $218K | No change |
| WMT Walmart Inc. | 0.08% | 1,961 | $218K | No change |
| VIS Vanguard Industrials ETF | 0.08% | 731 | $218K | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 0.08% | 2,656 | $212K | Reduce -3.9% |
| TMO Thermo Fisher Scientific Inc. | 0.08% | 359 | $208K | Reduce -0.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.07% | 758 | $196K | No change |
| GSG iShares S&P Gsci Commodity I | 0.07% | 8,457 | $195K | No change |
| VCIT Vanguard Int-Term Corporate | 0.07% | 2,268 | $190K | No change |
| VPL Vanguard Ftse Pacific ETF | 0.07% | 2,099 | $190K | No change |
| EEM iShares MSCI Emerging Market | 0.06% | 3,274 | $179K | Reduce -9.1% |
| XHB SS SPDR S&P Homebldrs ETF | 0.06% | 1,720 | $177K | No change |
| XOM Exxon Mobil Corp. | 0.06% | 1,462 | $176K | Add +0.8% |
| GRMN Garmin Ltd. | 0.06% | 790 | $160K | Reduce -0.3% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.05% | 3,329 | $151K | No change |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.05% | 5,388 | $147K | No change |
| IXJ iShares Global Healthcare Et | 0.05% | 1,478 | $144K | No change |
| AGGY Wisdomtree Yield Enhanced US | 0.05% | 3,262 | $144K | Add +6.6% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $20 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 1 | $20 | No change |
Total filed on the 13F, all lines: $276.4M.
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -8.5% | 4.42% | −0.85 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -0.9% | 4.17% | −0.22 |
| SCHB Schwab US Broad Market ETF | Reduce -1.7% | 8.28% | −0.13 |
| BND Vanguard Total Bond Market | Reduce -0.9% | 4.09% | −0.13 |
| VWO Vanguard Ftse Emerging Marke | Reduce -2.8% | 2.05% | −0.12 |
| VNQ Vanguard Real Estate ETF | Reduce -8.0% | 0.65% | −0.09 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -3.7% | 2.72% | −0.09 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -4.2% | 0.85% | −0.07 |
| VYM Vanguard High DVD Yield ETF | Reduce -3.0% | 2.05% | −0.07 |
| VTC Vanguard Total Corporate BND | Reduce -12.4% | 0.36% | −0.06 |
| VGLT Vanguard Long-Term Treasury | Sold out | 0.00% | −0.06 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -1.8% | 1.24% | −0.05 |
| SCHX Schwab US Large-Cap ETF | Reduce -7.3% | 0.54% | −0.04 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Reduce -7.5% | 0.53% | −0.04 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -3.4% | 0.73% | −0.03 |
| RSP Invesco S&P 500 Equal Weight | Reduce -94.2% | 0.00% | −0.03 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -1.6% | 0.41% | −0.03 |
| SCHP Schwab U.S. Tips ETF | Reduce -0.7% | 0.70% | −0.03 |
| VXUS Vanguard Total Intl Stock | Reduce -1.2% | 6.43% | −0.03 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | Reduce -2.0% | 1.58% | −0.02 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Reduce -1.9% | 1.83% | −0.02 |
| SCHO Schwab Short-Term US Treas | Reduce -0.2% | 1.04% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -85.6% | 0.00% | −0.02 |
| GII State Street SPDR S&P Global | Reduce -0.6% | 0.78% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -0.7% | 0.10% | −0.01 |
| GRMN Garmin Ltd. | Reduce -0.3% | 0.06% | −0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -71.4% | 0.00% | −0.01 |
| ORCL Oracle Corp. | Reduce -2.5% | 0.02% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -25.7% | 0.04% | −0.01 |
| RTX RTX Corp. | Reduce -64.2% | 0.01% | −0.01 |
| VT Vanguard Tot World STK ETF | Reduce -0.8% | 2.18% | −0.01 |
| KO The Coca-Cola Co. | Reduce -76.9% | 0.00% | −0.01 |
| HD Home Depot Inc. | Reduce -0.8% | 0.03% | −0.01 |
| EEM iShares MSCI Emerging Market | Reduce -9.1% | 0.06% | −0.01 |
| MUB iShares National Muni Bond E | Reduce -0.4% | 0.32% | −0.01 |
| NVDA Nvidia Corp. | Reduce -4.1% | 0.08% | −0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -3.9% | 0.08% | −0.00 |
| SCHR Schwab Intermediate-Term US | Reduce -8.6% | 0.04% | −0.00 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.1% | 1.92% | −0.00 |
| IBTF iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.00 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.00 |
| COST Costco Wholesale Corp. | Reduce -1.2% | 0.03% | −0.00 |
| LOW Lowe's Cos Inc. | Reduce -2.7% | 0.03% | −0.00 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.00 |
| HON Honeywell International Inc. | Reduce -2.1% | 0.02% | −0.00 |
| ECL Ecolab Inc. | Reduce -0.9% | 0.02% | −0.00 |
| CVX Chevron Corp. | Reduce -1.9% | 0.03% | −0.00 |
| MLM Martin Marietta Materials | Reduce -83.3% | 0.00% | −0.00 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.00 |
| ETN Eaton Corp. PLC | Reduce -60.0% | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| SCCR Schwab Core Bond ETF | Add +100.2% | 1.87% | +0.91 |
| SCMB Schwab Municipal Bond ETF | Add +70.2% | 0.63% | +0.26 |
| IAGG iShares Intl Aggregate Bond | Add +20.1% | 1.63% | +0.21 |
| VGSH Vanguard Short-Term Treasury | Add +18.2% | 1.42% | +0.19 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.4% | 14.61% | +0.09 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +2.3% | 1.16% | +0.07 |
| SCHD Schwab US DVD Equity ETF | Add +6.2% | 1.45% | +0.07 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +17.2% | 0.42% | +0.06 |
| JIVE JPM Interntl Value ETF | Add +40.9% | 0.16% | +0.05 |
| GLD SPDR Gold Shares | Add +2.6% | 0.43% | +0.05 |
| SCHF Schwab Intl Equity ETF | Add +1.0% | 1.88% | +0.04 |
| EMHC SS SPDR BB Em Usd Bond ETF | New | 0.04% | +0.04 |
| BBEU JPMorgan Betabuilders Europe | Add +3.9% | 0.58% | +0.04 |
| VGK Vanguard Ftse Europe ETF | Add +3.4% | 0.56% | +0.03 |
| SPAB SS SPDR P Agg Bond ETF | Add +6.8% | 0.62% | +0.03 |
| TFI SS SPDR N Ice Muni Bond ETF | New | 0.02% | +0.02 |
| ALLW State Street Brgwtr All WTHR | New | 0.01% | +0.01 |
| BWX SS SPDR BB Intl Treasury BD | Add +51.3% | 0.03% | +0.01 |
| HYBL SS Blackstone High Inc. ETF | New | 0.01% | +0.01 |
| RLY SS Multi-Asset Real Ret ETF | New | 0.01% | +0.01 |
| EBND State Street SPDR Bloomberg | Add +17.7% | 0.04% | +0.01 |
| PRIV SS Ig Publ Priv Cred ETF-Usd | New | 0.00% | +0.00 |
| EMB iShares JP Morgan Usd Emergi | Add +5.1% | 0.11% | +0.00 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +2.6% | 0.41% | +0.00 |
| XOM Exxon Mobil Corp. | Add +0.8% | 0.06% | +0.00 |
| GOVT iShares US Treasury Bond ETF | New | 0.00% | +0.00 |
| SPEM State Street SP PTF Em ETF | Add +5.8% | 0.09% | +0.00 |
| VIOO Vanguard S&P Small-Cap 600 E | New | 0.00% | +0.00 |
| BAC Bank of America Corp. | Add +2.0% | 0.05% | +0.00 |
| VTEC Vanguard Ca Tax-Ex Bond | Add +7.8% | 0.03% | +0.00 |
| AGGY Wisdomtree Yield Enhanced US | Add +6.6% | 0.05% | +0.00 |
| SCHC Schwab Intl Small-Cap Equity | Add +21.8% | 0.01% | +0.00 |
| GWX State Street SPDR S&P Intern | New | 0.00% | +0.00 |
| ACN Accenture PLC Class A | Add +0.8% | 0.02% | +0.00 |
| VOTE TCW Transform 500 ETF | Add +0.1% | 0.33% | +0.00 |
| PIT Vaneck Commodity Strat ETF | Add +6.2% | 0.23% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +3.8% | 0.02% | +0.00 |
| SPTS SS SPDR P St Term TSY ETF | Add +2.2% | 0.29% | +0.00 |
| CTSH Cognizant Tech Solutions-A | New | 0.00% | +0.00 |
| V Visa Inc. Class A | Add +5.4% | 0.01% | +0.00 |
| ASTS Ast Spacemobile Inc. | New | 0.00% | +0.00 |
| AXP American Express Co. | Add +66.7% | 0.00% | +0.00 |
| FIX Comfort Systems USA Inc. | New | 0.00% | +0.00 |
| ECHO Echostar Corp. Class A | New | 0.00% | +0.00 |
| MRSH Marsh & McLennan Cos | Add +200.0% | 0.00% | +0.00 |
| MCK McKesson Corp. | New | 0.00% | +0.00 |
| WBD Warner Bros Discovery Inc. | New | 0.00% | +0.00 |
| CB Chubb Ltd. | Add +16.7% | 0.00% | +0.00 |
| ADPT Adaptive Biotechnologies | New | 0.00% | +0.00 |
| AVAV Aerovironment 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 |