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

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 Q2 2025 Q3 2025: $271.2M Q3 2025 Q4 2025: $276.4M $276.4M Q4 2025 Q1 2026: $268.9M Q1 2026 Q2 2026: $293.7M Q2 2026

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%
VOO Vanguard S&P 500 ETF 0.05% 219 $137K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 2,433 $134K Add +2.0%
AMP Ameriprise Financial Inc. 0.05% 262 $128K Add +0.4%
QQQ Invesco QQQ Trust Series 1 0.05% 208 $128K No change
REET iShares Global REIT ETF 0.04% 4,879 $122K No change
IAU iShares Gold Trust 0.04% 1,480 $120K No change
SBUX Starbucks Corp. 0.04% 1,422 $120K Add +0.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.04% 404 $117K No change
EBND State Street SPDR Bloomberg 0.04% 5,485 $117K Add +17.7%
CSCO Cisco Systems Inc. 0.04% 1,494 $115K Reduce -25.7%
EMHC SS SPDR BB Em Usd Bond ETF 0.04% 4,516 $115K New
HLT Hilton Worldwide Holdings Inc. 0.04% 394 $113K No change
FLR Fluor Corp. 0.04% 2,700 $107K No change
AGG iShares Core U.S. Aggregate 0.04% 1,033 $103K No change
EFA iShares MSCI Eafe ETF 0.04% 1,063 $102K No change
MA Mastercard Inc. Class A 0.04% 178 $102K No change
SCHR Schwab Intermediate-Term US 0.04% 3,926 $98K Reduce -8.6%
ADBE Adobe Inc. 0.04% 281 $98K Add +0.4%
SPTB SS SPDR P Treasury ETF 0.04% 3,183 $97K No change
BWX SS SPDR BB Intl Treasury BD 0.03% 4,247 $96K Add +51.3%
SCYB Schwab High Yield Bond ETF 0.03% 3,503 $93K No change
VTEC Vanguard Ca Tax-Ex Bond 0.03% 917 $92K Add +7.8%
ROK Rockwell Automation Inc. 0.03% 226 $88K No change
HD Home Depot Inc. 0.03% 250 $86K Reduce -0.8%
LOW Lowe's Cos Inc. 0.03% 355 $86K Reduce -2.7%
FNDE Schwab Fndmntl Em MRK Eq ETF 0.03% 2,236 $81K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.03% 524 $80K Reduce -1.1%
DHR Danaher Corp. 0.03% 343 $79K No change
ICE Intercontinental Exchange Inc. 0.03% 483 $78K Add +0.6%
ACWX iShares MSCI Acwi Ex US ETF 0.03% 1,155 $78K No change
IXUS iShares Core Intl Stock ETF 0.03% 910 $77K No change
SCHM Schwab US Mid Cap ETF 0.03% 2,550 $77K No change
ARTY iShares Future AI & Tech ETF 0.03% 1,591 $77K No change
BA The Boeing Co. 0.03% 351 $76K No change
EWY iShares MSCI South Korea ETF 0.03% 763 $74K No change
TIP iShares Tips Bond ETF 0.03% 654 $72K No change
COST Costco Wholesale Corp. 0.03% 83 $72K Reduce -1.2%
CVX Chevron Corp. 0.03% 453 $69K Reduce -1.9%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.02% 323 $68K No change
SMH Vaneck Semiconductor ETF 0.02% 185 $67K No change
ITOT iShares Core S&P Total U.S. 0.02% 442 $66K No change
SHY iShares 1-3 Year Treasury Bo 0.02% 782 $65K No change
ACN Accenture PLC Class A 0.02% 236 $63K Add +0.8%
AVGO Broadcom Inc. 0.02% 178 $62K Reduce -5.3%
IJJ iShares S&P Mid-Cap 400 Valu 0.02% 463 $61K No change
ECL Ecolab Inc. 0.02% 231 $61K Reduce -0.9%
EWT iShares MSCI Taiwan ETF 0.02% 935 $59K No change
IJH iShares Core S&P Midcap ETF 0.02% 895 $59K No change
XLV SS Health Care Select Sector 0.02% 369 $57K No change
PG The Procter & Gamble Co. 0.02% 372 $53K Add +0.5%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.02% 176 $53K No change
ORCL Oracle Corp. 0.02% 269 $52K Reduce -2.5%
EPP iShares MSCI Pacific Ex Japa 0.02% 1,005 $51K No change
TFI SS SPDR N Ice Muni Bond ETF 0.02% 1,069 $49K New
LMT Lockheed Martin Corp. 0.02% 101 $49K No change
PCY Invesco Emerging Markets Sov 0.02% 2,230 $48K No change
IEFA iShares Core MSCI Eafe ETF 0.02% 519 $46K No change
JNJ Johnson & Johnson 0.02% 221 $46K No change
HON Honeywell International Inc. 0.02% 228 $44K Reduce -2.1%
ARKW ARK Next Generation Technolo 0.02% 300 $44K No change
JPM JPMorgan Chase & Co. 0.02% 136 $44K Add +3.8%
SCHY Schwab International DVD ETF 0.02% 1,463 $44K No change
IUSG iShares Core S&P U.S. Growth 0.01% 245 $41K No change
SCHK Schwab 1000 Index ETF 0.01% 1,174 $39K No change
EFV iShares MSCI Eafe Value ETF 0.01% 528 $38K No change
LLY Eli Lilly & Co. 0.01% 35 $38K Reduce -7.9%
EWJ iShares MSCI Japan ETF 0.01% 464 $37K No change
EZU iShares MSCI Eurozone ETF 0.01% 577 $37K No change
ALLW State Street Brgwtr All WTHR 0.01% 1,290 $35K New
PIO Invesco Global Water ETF 0.01% 774 $34K No change
ICF iShares Select U.S. REIT ETF 0.01% 570 $34K No change
ACWI iShares MSCI Acwi ETF 0.01% 232 $33K No change
EWL iShares MSCI Switzerland ETF 0.01% 546 $33K No change
SCHC Schwab Intl Small-Cap Equity 0.01% 715 $33K Add +21.8%
IWB iShares Russell 1000 ETF 0.01% 86 $32K No change
IWV iShares Russell 3000 ETF 0.01% 83 $32K No change
EFG iShares MSCI Eafe Growth ETF 0.01% 275 $31K No change
ITW Illinois Tool Works 0.01% 126 $31K No change
ARKK ARK Innovation ETF 0.01% 400 $31K No change
PHO Invesco Water Resources ETF 0.01% 424 $30K No change
TUR iShares MSCI Turkey ETF 0.01% 838 $29K No change
EPI Wisdomtree India Earnings 0.01% 621 $29K No change
VMBS Vanguard Mortgage-Backed Sec 0.01% 590 $28K No change
ESGV Vanguard ESG US Stock ETF 0.01% 229 $28K Reduce -3.4%
FXI iShares China Large-Cap ETF 0.01% 708 $27K No change
IXP iShares Global Comm Services 0.01% 201 $24K No change
VDC Vanguard Consumer Staple ETF 0.01% 115 $24K No change
VOE Vngrd Mrngstr MD-Cap Val ETF 0.01% 135 $24K No change
ABBV Abbvie Inc. 0.01% 94 $21K No change
MCD McDonald's Corp. 0.01% 70 $21K Add +2.9%
DWMF Wisdomtree International Mul 0.01% 657 $21K No change
V Visa Inc. Class A 0.01% 59 $21K Add +5.4%
VCRM Vanguard Core Tax-Ex Bond 0.01% 271 $20K No change
HYBL SS Blackstone High Inc. ETF 0.01% 695 $20K New
RLY SS Multi-Asset Real Ret ETF 0.01% 621 $20K New
ADM Archer-Daniels-Midland Co. 0.01% 333 $19K No change
CAT Caterpillar Inc. 0.01% 32 $18K No change
FDN First Trust DJ Internet Ind 0.01% 68 $18K No change
IEI iShares 3-7 Year Treasury Bo 0.01% 152 $18K No change
ILF iShares Latin America 40 ETF 0.01% 555 $17K No change
WFC Wells Fargo & Co. 0.01% 178 $17K No change
DTE DTE Energy Company 0.01% 128 $17K No change
IJR iShares Core S&P Small-Cap E 0.01% 136 $16K No change
EWN iShares MSCI Netherlands ETF 0.01% 275 $16K No change
INDY iShares India 50 ETF 0.01% 316 $16K No change
IEMG iShares Core MSCI Emerging 0.01% 230 $15K Reduce -9.1%
OEF iShares S&P 100 ETF 0.01% 45 $15K No change
RTX RTX Corp. 0.01% 81 $15K Reduce -64.2%
PEP Pepsico Inc. 0.01% 102 $15K Reduce -6.4%
EIRL iShares MSCI Ireland ETF 0.01% 191 $14K No change
VAW Vanguard Materials ETF 0.00% 65 $13K No change
RWX State Street SPDR Dow Jones 0.00% 477 $13K No change
TXN Texas Instruments Inc. 0.00% 76 $13K No change
PRIV SS Ig Publ Priv Cred ETF-Usd 0.00% 516 $13K New
EWC iShares MSCI Canada ETF 0.00% 242 $13K No change
IGE iShares North American Natur 0.00% 255 $13K No change
INDA iShares MSCI India ETF 0.00% 235 $13K No change
JPXN iShares JPX-Nikkei 400 ETF 0.00% 146 $13K No change
ICLN iShares Global Clean Energy 0.00% 766 $13K No change
IBIT iShares Bitcoin Trust ETF 0.00% 253 $13K No change
BBJP JPMorgan Betabuilders Japan 0.00% 183 $12K No change
MRK Merck & Co. Inc. 0.00% 109 $11K Reduce -85.6%
SCHA Schwab US Small-Cap ETF 0.00% 402 $11K Reduce -71.4%
MBB iShares MBS ETF 0.00% 119 $11K No change
VLTO Veralto Corp. 0.00% 113 $11K Reduce -4.2%
NEE Nextera Energy Inc. 0.00% 135 $11K No change
BKNG Booking Holdings Inc. 0.00% 2 $11K No change
IBB iShares Biotechnology ETF 0.00% 63 $11K No change
SCHJ Schwab 1-5 YR Corp. BND ETF 0.00% 406 $10K No change
PBW Invesco Wilderhill Clean Ene 0.00% 331 $10K No change
SPTI SS SPDR P Int Term TSY ETF 0.00% 335 $10K No change
BHP BHP Group Ltd.-Spon ADR 0.00% 160 $10K No change
BBCA JPMorgan Betabuilders Canada 0.00% 102 $9K No change
SPYG SS SPDR P S&P 500 Growth ETF 0.00% 88 $9K No change
RIVN Rivian Automotive Inc. Class A 0.00% 456 $9K No change
GOVT iShares US Treasury Bond ETF 0.00% 380 $9K New
CMCSA Comcast Corp. Class A 0.00% 287 $9K Add +7.5%
VIOO Vanguard S&P Small-Cap 600 E 0.00% 76 $8K New
EWD iShares MSCI Sweden ETF 0.00% 169 $8K No change
SCHG Schwab US Large-Cap Growth 0.00% 252 $8K No change
IBND SS SPDR BB Intl Corp. BD ETF 0.00% 248 $8K No change
IWS iShares Russell Mid-Cap Valu 0.00% 55 $8K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.00% 68 $8K Add +1.5%
DTM DT Midstream Inc. 0.00% 64 $8K No change
DWX State Street SPDR S&P Intern 0.00% 170 $7K No change
DFIV Dimensional International Va 0.00% 145 $7K No change
SHEL Shell PLC-ADR 0.00% 96 $7K No change
F Ford Motor Co. filed as FORD MTR CO 0.00% 514 $7K No change
ALK Alaska Air Group Inc. 0.00% 128 $6K No change
KO The Coca-Cola Co. 0.00% 87 $6K Reduce -76.9%
MS Morgan Stanley 0.00% 34 $6K No change
MDLZ Mondelez International Inc. Class A 0.00% 112 $6K No change
IXC iShares Global Energy ETF 0.00% 138 $6K No change
IWN iShares Russell 2000 Value E 0.00% 31 $6K No change
WOR Worthington Enterprises Inc. 0.00% 108 $6K No change
RSP Invesco S&P 500 Equal Weight 0.00% 29 $6K Reduce -94.2%
PFE Pfizer Inc. 0.00% 215 $5K No change
SPMD SS SPDR P S&P 400 Midcap ETF 0.00% 90 $5K No change
BBAX JPMorgan Betabuilders Develo 0.00% 92 $5K No change
LIN Linde PLC 0.00% 12 $5K No change
WY Weyerhaeuser Co. 0.00% 214 $5K No change
GWX State Street SPDR S&P Intern 0.00% 122 $5K New
EZA iShares MSCI South Africa Et 0.00% 72 $5K No change
TSLA Tesla Inc. 0.00% 11 $5K Reduce -21.4%
USRT iShares Core US REIT ETF 0.00% 80 $5K No change
CB Chubb Ltd. 0.00% 14 $4K Add +16.7%
SPSM SS SPDR P S&P 600 Small Cap 0.00% 85 $4K No change
WS Worthington Steel Inc. 0.00% 108 $4K No change
XLRE SS Real Estate Select Sector 0.00% 82 $3K No change
UNH Unitedhealth Group Inc. 0.00% 10 $3K Reduce -23.1%
GEM Goldman Sachs Activebeta Em 0.00% 75 $3K No change
LHX L3HARRIS Technologies Inc. 0.00% 10 $3K Reduce -16.7%
SOLS Solstice Adv Materials Inc. 0.00% 56 $3K Reduce -3.9%
EWI iShares MSCI Italy ETF 0.00% 50 $3K No change
STZ Constellation Brands Inc. Class A 0.00% 19 $3K Add +26.7%
TRV The Travelers Cos Inc. 0.00% 9 $3K No change
BSX Boston Scientific Corp. 0.00% 24 $2K Reduce -17.2%
VZ Verizon Communications Inc. 0.00% 52 $2K No change
WCN Waste Connections Inc. 0.00% 12 $2K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.00% 8 $2K Reduce -20.0%
NSC Norfolk Southern Corp. 0.00% 7 $2K No change
EWS iShares MSCI Singapore ETF 0.00% 73 $2K No change
C Citigroup Inc. 0.00% 17 $2K No change
AXP American Express Co. 0.00% 5 $2K Add +66.7%
PGR Progressive Corp. 0.00% 8 $2K Reduce -38.5%
CRM Salesforce Inc. 0.00% 6 $2K Add +50.0%
SPYV SS SPDR P S&P 500 Value ETF 0.00% 26 $1K No change
TE T1 Energy Inc. 0.00% 217 $1K Reduce -28.4%
ETN Eaton Corp. PLC 0.00% 4 $1K Reduce -60.0%
GE General Electric filed as GE AEROSPACE 0.00% 4 $1K No change
WDC Western Digital Corp. 0.00% 7 $1K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.00% 4 $1K No change
MU Micron Technology Inc. 0.00% 4 $1K No change
MRSH Marsh & McLennan Cos 0.00% 6 $1K Add +200.0%
SHV iShares 0-1 Year Treasury Bo 0.00% 10 $1K No change
CTSH Cognizant Tech Solutions-A 0.00% 13 $1K New
RVMD Revolution Medicines Inc. 0.00% 13 $1K No change
CMI Cummins Inc. 0.00% 2 $1K Add +100.0%
VLO Valero Energy Corp. 0.00% 6 $977 Add +100.0%
FORM Formfactor Inc. 0.00% 17 $949 No change
FIX Comfort Systems USA Inc. 0.00% 1 $934 New
GHYB Goldman Sachs Access HY Corp. 0.00% 20 $907 No change
MPWR Monolithic Power Systems Inc. 0.00% 1 $907 No change
INTC Intel Corp. 0.00% 24 $886 No change
GS Goldman Sachs Group Inc. 0.00% 1 $879 No change
PH Parker Hannifin Corp. 0.00% 1 $879 No change
INSM Insmed Inc. 0.00% 5 $871 No change
LRCX Lam Research Corp. 0.00% 5 $856 No change
STX Seagate Technology Holdings 0.00% 3 $827 No change
MCK McKesson Corp. 0.00% 1 $821 New
NEM Newmont Corp. 0.00% 8 $799 No change
ALNY Alnylam Pharmaceuticals Inc. 0.00% 2 $796 No change
ONTO Onto Innovation Inc. 0.00% 5 $790 No change
GLW Corning Inc. 0.00% 9 $789 No change
TER Teradyne Inc. 0.00% 4 $775 No change
REGN Regeneron Pharmaceuticals 0.00% 1 $772 No change
ECHO Echostar Corp. Class A 0.00% 7 $761 New
APTV Aptiv PLC 0.00% 10 $761 No change
PSKY Paramount Skydance Class B 0.00% 56 $751 No change
WBD Warner Bros Discovery Inc. 0.00% 26 $750 New
GM General Motors Co. 0.00% 9 $732 No change
ASTS Ast Spacemobile Inc. 0.00% 10 $727 New
ROST Ross Stores Inc. 0.00% 4 $721 No change
IR Ingersoll-Rand Inc. 0.00% 9 $713 No change
BIIB Biogen Inc. 0.00% 4 $704 No change
ELV Elevance Health Inc. 0.00% 2 $702 No change
RDDT Reddit Inc. Class A 0.00% 3 $690 No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.00% 16 $684 No change
IDXX Idexx Laboratories Inc. 0.00% 1 $677 No change
APH Amphenol Corp. Class A 0.00% 5 $676 No change
APP AppLovin Corp. Class A 0.00% 1 $674 No change
GD General Dynamics Corp. 0.00% 2 $674 Reduce -60.0%
JLL Jones Lang Lasalle Inc. 0.00% 2 $673 New
AMGN Amgen Inc. 0.00% 2 $655 New
GEV GE Vernova Inc. 0.00% 1 $654 No change
PLD Prologis Inc. 0.00% 5 $639 No change
CVS CVS Health Corp. 0.00% 8 $635 No change
CRS Carpenter Technology 0.00% 2 $630 New
SOFI Sofi Technologies Inc. 0.00% 24 $629 No change
CDNS Cadence Design SYS Inc. 0.00% 2 $626 Add +100.0%
DOCN Digitalocean Holdings Inc. 0.00% 13 $626 New
DAL Delta Air Lines Inc. 0.00% 9 $625 No change
LULU Lululemon Athletica Inc. 0.00% 3 $624 New
CRH CRH PLC 0.00% 5 $624 No change
FTI Technipfmc PLC 0.00% 14 $624 No change
MLM Martin Marietta Materials 0.00% 1 $623 Reduce -83.3%
MAR Marriott International Class A 0.00% 2 $621 New
VTR Ventas Inc. 0.00% 8 $620 No change
AME Ametek Inc. 0.00% 3 $616 No change
MNST Monster Beverage Corp. 0.00% 8 $614 No change
EA Electronic Arts Inc. 0.00% 3 $613 No change
STRL Sterling Infrastructure Inc. 0.00% 2 $613 New
CADE Cadence Bank 0.00% 14 $600 No change
UPS United Parcel Service Class B 0.00% 6 $596 New
WU Western Union Co. 0.00% 64 $596 No change
BMY Bristol-Myers Squibb Co. 0.00% 11 $594 No change
ADSK Autodesk Inc. 0.00% 2 $593 Reduce -50.0%
FTAI Ftai Aviation Ltd. 0.00% 3 $591 New
TGT Target Corp. 0.00% 6 $587 New
USB US Bancorp 0.00% 11 $587 No change
KRMN Karman Holdings Inc. 0.00% 8 $586 New
FOXA Fox Corp. Class A 0.00% 8 $585 New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.00% 5 $581 No change
FDS Factset Research Systems Inc. 0.00% 2 $581 New
APO Apollo Global Management Inc. 0.00% 4 $580 New
PCG P G & E Corp. 0.00% 36 $579 No change
FDX FedEx Corp. 0.00% 2 $578 New
AEP American Electric Power 0.00% 5 $577 No change
COO The Cooper Cos Inc. 0.00% 7 $574 New
ERIE Erie Indemnity Company Class A 0.00% 2 $574 New
HBAN Huntington Bancshares Inc. 0.00% 33 $573 New
DIV Global X Superdividend Use 0.00% 33 $572 No change
VECO Veeco Instruments Inc. 0.00% 20 $572 No change
VMC Vulcan Materials Co. 0.00% 2 $571 No change
EXPE Expedia Group Inc. 0.00% 2 $567 No change
HOOD Robinhood Markets Inc. Class A 0.00% 5 $566 No change
PRU Prudential Financial Inc. 0.00% 5 $565 No change
UAL United Airlines Holdings Inc. 0.00% 5 $560 No change
COLB Columbia Banking System Inc. 0.00% 20 $559 No change
WELL Welltower Inc. 0.00% 3 $557 No change
SPG Simon Property Group Inc. 0.00% 3 $556 No change
CMG Chipotle Mexican Grill Inc. 0.00% 15 $555 New
SOLV Solventum Corp. 0.00% 7 $555 New
CTRA Coterra Energy Inc. 0.00% 21 $553 New
AFL Aflac Inc. 0.00% 5 $552 No change
WST West Pharmaceutical Services 0.00% 2 $551 No change
DVN Devon Energy Corp. 0.00% 15 $550 Add +7.1%
CME Cme Group Inc. 0.00% 2 $547 New
A Agilent Technologies Inc. 0.00% 4 $545 No change
XYL Xylem Inc. 0.00% 4 $545 No change
AVB Avalonbay Communities Inc. 0.00% 3 $544 No change
ADI Analog Devices Inc. 0.00% 2 $543 Reduce -66.7%
ROIV Roivant Sciences Ltd. 0.00% 25 $543 New
LDOS Leidos Holdings Inc. 0.00% 3 $542 No change
ROL Rollins Inc. 0.00% 9 $541 No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.00% 8 $540 New
CDZI Cadiz Inc. 0.00% 96 $539 New
CTVA Corteva Inc. 0.00% 8 $537 Add +14.3%
NTAP Netapp Inc. 0.00% 5 $536 No change
KVUE Kenvue Inc. 0.00% 31 $535 New
KDP Keurig Dr Pepper Inc. 0.00% 19 $533 New
KTOS Kratos Defense & Security 0.00% 7 $532 New
UCTT Ultra Clean Holdings Inc. 0.00% 21 $532 No change
DXCM Dexcom Inc. 0.00% 8 $531 New
SRE Sempra 0.00% 6 $530 No change
AMT American Tower Corp. 0.00% 3 $527 Add +50.0%
REZI Resideo Technologies Inc. 0.00% 15 $527 New
EOG EOG Resources Inc. 0.00% 5 $526 Add +25.0%
EBAY eBay Inc. 0.00% 6 $523 No change
FSLR First Solar Inc. 0.00% 2 $523 New
NWSA News Corp. Class A 0.00% 20 $523 New
SPGI S&P Global Inc. 0.00% 1 $523 No change
T AT&T Inc. 0.00% 21 $522 Reduce -40.0%
PSA Public Storage 0.00% 2 $519 No change
WLDN Willdan Group Inc. 0.00% 5 $519 New
XEL Xcel Energy Inc. 0.00% 7 $518 No change
ZM Zoom Communications Inc. 0.00% 6 $518 New
PSX Phillips 66 0.00% 4 $517 No change
RHI Robert Half Inc. 0.00% 19 $517 New
STT State Street Corp. 0.00% 4 $517 No change
AIG American International Group 0.00% 6 $514 No change
ECG Everus Construction Group 0.00% 6 $514 New
QCOM Qualcomm Inc. 0.00% 3 $514 No change
HUM Humana Inc. 0.00% 2 $513 No change
PPG PPG Industries Inc. 0.00% 5 $513 New
TTWO Take-Two Interactive Softwre 0.00% 2 $513 No change
EW Edwards Lifesciences Corp. 0.00% 6 $512 Reduce -57.1%
MCO Moody's Corp. 0.00% 1 $511 No change
NKE Nike Inc. Class B 0.00% 8 $510 Add +33.3%
NVT Nvent Electric PLC 0.00% 5 $510 New
IT Gartner Inc. 0.00% 2 $505 Reduce -33.3%
CHD Church & Dwight Co. Inc. 0.00% 6 $504 Add +20.0%
ATO Atmos Energy Corp. 0.00% 3 $503 No change
ABT Abbott Laboratories 0.00% 4 $502 Reduce -50.0%
CBOE Cboe Global Markets Inc. 0.00% 2 $502 No change
CNP Centerpoint Energy Inc. 0.00% 13 $499 No change
OPXS Optex Systems Holdings Inc. 0.00% 35 $497 New
PRIM Primoris Services Corp. 0.00% 4 $497 New
FYBR Frontier Communications Pare 0.00% 13 $495 New
TARS Tarsus Pharmaceuticals Inc. 0.00% 6 $492 New
UBER Uber Technologies Inc. 0.00% 6 $491 No change
NUE Nucor Corp. 0.00% 3 $490 No change
ATRO Astronics Corp. 0.00% 9 $489 New
JOBY Joby Aviation Inc. 0.00% 37 $489 New
MPC Marathon Petroleum Corp. 0.00% 3 $488 No change
VRSN Verisign Inc. 0.00% 2 $486 New
ARES Ares Management Corp. Class A 0.00% 3 $485 New
COF Capital One Financial Corp. 0.00% 2 $485 No change
AVAV Aerovironment Inc. 0.00% 2 $484 New
CBRE CBRE Group Inc. Class A 0.00% 3 $483 No change
MMM 3M Co. 0.00% 3 $481 No change
MDT Medtronic PLC 0.00% 5 $481 No change
BOX Box Inc. Class A 0.00% 16 $479 New
JCI Johnson Controls Internation 0.00% 4 $479 No change
HNRG Hallador Energy Co. 0.00% 25 $476 New
CL Colgate-Palmolive Co. 0.00% 6 $475 New
LGN Legence Corp. Class A 0.00% 11 $474 New
DBX Dropbox Inc. Class A 0.00% 17 $473 New
ODFL Old Dominion Freight Line 0.00% 3 $471 New
PHM Pultegroup Inc. 0.00% 4 $470 No change
SNPS Synopsys Inc. 0.00% 1 $470 New
COP Conocophillips 0.00% 5 $469 No change
HCA HCA Healthcare Inc. 0.00% 1 $467 No change
DE Deere & Co. 0.00% 1 $466 New
BX Blackstone Inc. 0.00% 3 $463 No change
BWMN Bowman Consulting Group Ltd. 0.00% 14 $463 New
UNP Union Pacific Corp. 0.00% 2 $463 No change
MSTR Strategy Inc. 0.00% 3 $456 New
TEL Te Connectivity PLC 0.00% 2 $456 New
TYL Tyler Technologies Inc. 0.00% 1 $454 New
VRTX Vertex Pharmaceuticals Inc. 0.00% 1 $454 New
IQV Iqvia Holdings Inc. 0.00% 2 $451 New
DLB Dolby Laboratories Inc. Class A 0.00% 7 $450 New
PAYX Paychex Inc. 0.00% 4 $449 New
PAHC Phibro Animal Health Corp. Class A 0.00% 12 $449 New
VRSK Verisk Analytics Inc. 0.00% 2 $448 New
BR Broadridge Financial Solutio 0.00% 2 $447 No change
FERG Ferguson Enterprises Inc. 0.00% 2 $446 No change
ROP Roper Technologies Inc. 0.00% 1 $446 New
INGR Ingredion Inc. 0.00% 4 $442 New
ADPT Adaptive Biotechnologies 0.00% 27 $439 New
SNOW Snowflake Inc. 0.00% 2 $439 No change
MORN Morningstar Inc. 0.00% 2 $435 New
OKLO Oklo Inc. 0.00% 6 $431 New
PWR Quanta Services Inc. 0.00% 1 $423 New
CHTR Charter Communications Inc. Class A 0.00% 2 $418 New
ALL Allstate Corp. 0.00% 2 $417 Reduce -33.3%
DPZ Domino's Pizza Inc. 0.00% 1 $417 New
LEN Lennar Corp. Class A 0.00% 4 $412 No change
CORP PIMCO Inv Grade Corp. BD ETF 0.00% 4 $392 No change
MSI Motorola Solutions Inc. 0.00% 1 $384 No change
WAT Waters Corp. 0.00% 1 $380 New
CORT Corcept Therapeutics Inc. 0.00% 6 $209 New
WIP State Street SPDR Ftse Inter 0.00% 5 $197 No change
NATL NCR Atleos Corp. 0.00% 1 $39 No change
LUMN Lumen Technologies Inc. 0.00% 3 $24 No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $20 (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 1$20No 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

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