Cambridge Investment Research Advisors, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Cambridge Investment Research Advisors, Inc. reported 3,703 stock positions worth $36.4 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 3.3% of the portfolio, followed by Apple (AAPL, 3.1%) and Nvidia (NVDA, 2.8%). Compared with Q2 2025, it opened 298 new positions, sold out of 191, added to 2,038 and reduced 1,296. The biggest buy was Apple (AAPL, shares +2%) and the biggest sale Vanguard Ftse Developed ETF (VEA, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- FAIRFIELD, IA
- CIK
- 0001419186
- Portfolio Value
- $36.4B (Q3 2025)
- SEC Filing
- 0001419186-25-000008 ↗ filed Nov 12, 2025
Holdings Value
Holdings 3,703 stocks · $36.4B
| VOO Vanguard S&P 500 ETF | 3.29% | 1,955,277 | $1.2B | Add +6.3% |
| AAPL Apple Inc. | 3.07% | 4,394,125 | $1.1B | Add +1.9% |
| NVDA Nvidia Corp. | 2.84% | 5,533,571 | $1.0B | Reduce -0.0% |
| QQQ Invesco QQQ Trust Series 1 | 2.21% | 1,340,065 | $804.5M | Add +1.4% |
| VTI VG Morningstar TS MKT ETF-US | 1.90% | 2,106,871 | $691.4M | Add +3.3% |
| IVV iShares Core S&P 500 ETF | 1.85% | 1,007,977 | $674.6M | Add +1.1% |
| MSFT Microsoft Corp. | 1.73% | 1,216,192 | $629.9M | Add +3.1% |
| AMZN Amazon.com Inc. | 1.45% | 2,396,583 | $526.2M | Add +1.8% |
| VXUS Vanguard Total Intl Stock | 1.29% | 6,381,611 | $468.8M | Reduce -0.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.21% | 661,870 | $440.9M | Reduce -2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.04% | 754,305 | $379.2M | Reduce -1.6% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 0.73% | 6,279,946 | $263.9M | Add +8.6% |
| META Meta Platforms Inc. Class A | 0.67% | 333,484 | $244.9M | Add +5.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.66% | 500,639 | $240.1M | Add +3.8% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.66% | 3,046,554 | $238.7M | Add +11.8% |
| GOOGL Alphabet Inc. Class A | 0.65% | 974,631 | $236.9M | Reduce -0.3% |
| GOOG Alphabet Inc. Class C | 0.64% | 953,107 | $232.1M | Add +1.9% |
| TSLA Tesla Inc. | 0.62% | 508,996 | $226.4M | Reduce -1.1% |
| COWZ Pacer US Cash Cows 100 ETF | 0.61% | 3,843,017 | $220.9M | Reduce -5.5% |
| AVGO Broadcom Inc. | 0.60% | 664,403 | $219.2M | Reduce -2.7% |
| PLTR Palantir Technologies Inc. Class A | 0.60% | 1,191,650 | $217.4M | Reduce -0.8% |
| GLD SPDR Gold Shares | 0.59% | 606,191 | $215.5M | Add +11.2% |
| JPM JPMorgan Chase & Co. | 0.55% | 639,651 | $201.8M | Add +3.9% |
| VEA Vanguard Ftse Developed ETF | 0.55% | 3,340,352 | $200.2M | Reduce -12.3% |
| VIG Vanguard Dividend Apprec ETF | 0.52% | 879,400 | $189.8M | Reduce -3.5% |
| SCHD Schwab US DVD Equity ETF | 0.52% | 6,890,806 | $188.1M | Add +0.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.51% | 986,565 | $184.0M | Add +2.8% |
| QQQM Invesco Nasdaq 100 ETF | 0.49% | 727,568 | $179.8M | Add +28.6% |
| BND Vanguard Total Bond Market | 0.49% | 2,389,764 | $177.7M | Reduce -0.5% |
| XLK SS Technology Select Sector | 0.48% | 618,406 | $174.3M | Add +11.3% |
| RDVY First Trust Rising Dividend | 0.48% | 2,590,920 | $174.3M | Add +8.8% |
| CGGR Cap Group Growth Equity | 0.45% | 3,753,708 | $164.9M | Add +15.9% |
| RSP Invesco S&P 500 Equal Weight | 0.41% | 794,272 | $150.7M | Reduce -10.1% |
| VYM Vanguard High DVD Yield ETF | 0.39% | 1,007,058 | $141.9M | Add +6.1% |
| IVW iShares S&P 500 Growth ETF | 0.38% | 1,142,758 | $138.0M | Add +1.3% |
| LLY Eli Lilly & Co. | 0.37% | 176,841 | $134.9M | Add +4.2% |
| V Visa Inc. Class A | 0.37% | 390,995 | $133.5M | Add +3.8% |
| AGG iShares Core U.S. Aggregate | 0.36% | 1,323,132 | $132.6M | Add +6.8% |
| WMT Walmart Inc. | 0.36% | 1,285,348 | $132.5M | Reduce -1.0% |
| BNDX Vanguard Total Intl Bond ETF | 0.36% | 2,677,060 | $132.4M | Add +1.4% |
| XOM Exxon Mobil Corp. | 0.35% | 1,144,750 | $129.1M | Add +3.3% |
| VGT Vanguard Info Tech ETF | 0.35% | 171,238 | $127.9M | Add +9.6% |
| COST Costco Wholesale Corp. | 0.35% | 136,975 | $126.8M | Add +5.7% |
| ABBV Abbvie Inc. | 0.34% | 535,456 | $124.0M | Add +2.6% |
| JPST JPMorgan Ultra-Short Income | 0.34% | 2,436,688 | $123.6M | Add +2.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.32% | 1,270,539 | $116.6M | Reduce -16.1% |
| JEPI JPMorgan Equity Premium Inco | 0.32% | 2,033,531 | $116.1M | Add +1.9% |
| QUAL iShares MSCI USA Quality Fac | 0.32% | 589,533 | $114.7M | Reduce -6.8% |
| USMV iShares MSCI USA Min Vol Fac | 0.31% | 1,173,603 | $111.7M | Reduce -2.0% |
| PG The Procter & Gamble Co. | 0.30% | 701,480 | $107.8M | Add +7.1% |
| SCHG Schwab US Large-Cap Growth | 0.29% | 3,283,430 | $104.8M | Add +8.0% |
| CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET | 0.29% | 2,638,620 | $104.3M | Add +5.8% |
| BSV Vanguard Short-Term Bond ETF | 0.28% | 1,314,736 | $103.7M | Add +0.1% |
| VXF Vanguard Extended Market ETF | 0.28% | 488,318 | $102.2M | Add +14.9% |
| SPMO Invesco S&P 500 Momentum ETF | 0.28% | 838,769 | $101.5M | Add +18.9% |
| HD Home Depot Inc. | 0.28% | 247,295 | $100.2M | Add +5.8% |
| NFLX Netflix Inc. | 0.27% | 83,441 | $100.0M | Reduce -0.3% |
| CAT Caterpillar Inc. | 0.27% | 207,983 | $99.2M | Add +4.8% |
| IWY iShares Russell Top 200 Grow | 0.27% | 361,057 | $98.8M | Add +4.6% |
| IEFA iShares Core MSCI Eafe ETF | 0.27% | 1,129,979 | $98.7M | Add +3.6% |
| CGGO Cap Group Global Growth filed as CAPITAL GROUP GBL GROWTH EQT | 0.27% | 2,855,191 | $97.6M | Add +11.4% |
| JAAA Janus Henderson Aaa Clo ETF | 0.26% | 1,891,196 | $96.0M | Add +9.6% |
| AIRR First Trust Rba American Ind | 0.26% | 986,237 | $95.3M | Add +9.8% |
| IWF iShares Russell 1000 Growth | 0.26% | 203,358 | $95.3M | Add +4.5% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.26% | 2,844,131 | $95.1M | Add +8.1% |
| FTCS First Trust Capital Strength | 0.26% | 1,011,465 | $94.7M | Add +1.1% |
| ITOT iShares Core S&P Total U.S. | 0.25% | 634,888 | $92.5M | Add +1.8% |
| IJR iShares Core S&P Small-Cap E | 0.25% | 759,891 | $90.3M | Reduce -2.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.24% | 344,471 | $87.6M | Add +5.3% |
| IVE iShares S&P 500 Value ETF | 0.24% | 423,627 | $87.5M | Add +0.9% |
| JNJ Johnson & Johnson | 0.24% | 470,475 | $87.2M | Add +2.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 305,070 | $86.1M | Add +12.3% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.24% | 184,866 | $85.7M | Reduce -2.0% |
| SGOV iShares 0-3 Month Treasury B | 0.23% | 839,446 | $84.5M | Add +9.1% |
| SDVY First Trust Smid Cap Rising | 0.23% | 2,187,019 | $83.1M | Reduce -2.3% |
| CVX Chevron Corp. | 0.22% | 524,219 | $81.4M | Add +6.9% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.22% | 275,752 | $81.0M | Add +9.8% |
| XLF SS Financial Select Sector | 0.21% | 1,452,462 | $78.2M | Add +16.5% |
| PHYS Sprott Physical Gold Trust | 0.21% | 2,628,030 | $77.8M | Add +4.9% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.21% | 1,289,273 | $76.3M | Add +14.6% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.20% | 713,704 | $74.6M | Add +8.1% |
| MA Mastercard Inc. Class A | 0.20% | 130,200 | $74.1M | Add +2.5% |
| ORCL Oracle Corp. | 0.20% | 262,312 | $73.8M | Add +8.2% |
| IAU iShares Gold Trust | 0.20% | 1,000,779 | $72.8M | Add +9.1% |
| IEMG iShares Core MSCI Emerging | 0.20% | 1,100,633 | $72.6M | Add +7.3% |
| SCHX Schwab US Large-Cap ETF | 0.20% | 2,716,644 | $71.6M | Add +1.0% |
| T AT&T Inc. | 0.20% | 2,528,536 | $71.4M | Add +3.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.20% | 255,122 | $71.3M | Add +2.5% |
| IJH iShares Core S&P Midcap ETF | 0.20% | 1,088,814 | $71.1M | Add +0.0% |
| IWM iShares Russell 2000 ETF | 0.20% | 293,379 | $71.0M | Add +9.2% |
| FVD First Trust Value Line DVD | 0.19% | 1,533,287 | $70.9M | Reduce -15.9% |
| DGRO iShares Core Dividend Growth | 0.19% | 1,030,310 | $70.1M | Add +3.0% |
| MOAT Vaneck Morningstar Wide Moat | 0.19% | 706,544 | $70.0M | Reduce -4.2% |
| TCAF T Rowe PRC Cap Appreciation | 0.19% | 1,845,645 | $69.6M | Add +4.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 141,005 | $69.1M | Reduce -2.0% |
| VCIT Vanguard Int-Term Corporate | 0.19% | 818,395 | $68.8M | Add +57.1% |
| BIV Vanguard Intermediate-Term B | 0.19% | 880,245 | $68.7M | Add +0.7% |
| SMH Vaneck Semiconductor ETF | 0.19% | 209,932 | $68.5M | Add +9.7% |
| TLT iShares 20+ Year Treasury BD | 0.19% | 763,812 | $68.3M | Add +5.2% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 0.19% | 1,456,587 | $68.0M | Reduce -6.0% |
Other holdings (12): bonds, preferreds, convertibles and warrants · $10.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 3,410 | $4.2M | Reduce -3.9% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 41,220 | $1.9M | New |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 17,819 | $1.6M | Reduce -42.4% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,234 | $1.6M | Reduce -2.8% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 16,279 | $812K | Reduce -68.2% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 16,488 | $416K | Add +16.2% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 5,160 | $206K | Reduce -1.3% |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 20,208 | $75K | Reduce -0.3% |
| RVSNW Rail Vision Ltd.-CW27 | *W EXP 03/27/202 | 112,780 | $12K | Add +9.4% |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | 81,281 | $6K | Reduce -0.5% |
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | 19,016 | $1K | No change |
| TALKW Hudson Executive Inv -CW25 | *W EXP 06/21/202 | 10,550 | $0 | No change |
Total filed on the 13F, all lines: $36.4B.
Portfolio Sells Q2 2025 → Q3 2025
| VEA Vanguard Ftse Developed ETF | Reduce -12.3% | 0.55% | −0.11 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -16.1% | 0.32% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.6% | 1.04% | −0.09 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -5.5% | 0.61% | −0.08 |
| RSP Invesco S&P 500 Equal Weight | Reduce -10.1% | 0.41% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.7% | 1.21% | −0.07 |
| NFLX Netflix Inc. | Reduce -0.3% | 0.27% | −0.07 |
| VXUS Vanguard Total Intl Stock | Reduce -0.4% | 1.29% | −0.06 |
| FSK FS KKR Capital Corp. | Reduce -10.6% | 0.08% | −0.06 |
| USFR Wisdomtree Floating Rate Tre | Reduce -18.9% | 0.15% | −0.05 |
| FVD First Trust Value Line DVD | Reduce -15.9% | 0.19% | −0.05 |
| BND Vanguard Total Bond Market | Reduce -0.5% | 0.49% | −0.05 |
| VIG Vanguard Dividend Apprec ETF | Reduce -3.5% | 0.52% | −0.05 |
| FTSM First Trust Enh Short Mat FD | Reduce -15.8% | 0.15% | −0.05 |
| EFG iShares MSCI Eafe Growth ETF | Reduce -42.6% | 0.05% | −0.04 |
| UCON First Trust Smith Unconstrai | Reduce -38.1% | 0.05% | −0.04 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -60.5% | 0.02% | −0.04 |
| QUAL iShares MSCI USA Quality Fac | Reduce -6.8% | 0.32% | −0.04 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -2.0% | 0.31% | −0.04 |
| VFLO Victoryshares Free Cash Flow | Reduce -24.5% | 0.09% | −0.03 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -2.0% | 0.19% | −0.03 |
| TFLO iShares Treasury Floating Ra | Reduce -9.6% | 0.14% | −0.03 |
| IQLT iShares MSCI International Q | Reduce -19.0% | 0.09% | −0.03 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -6.0% | 0.19% | −0.03 |
| KNG FT Vest S&P 500 DVD Arst TRG | Reduce -38.7% | 0.04% | −0.03 |
| IXUS iShares Core Intl Stock ETF | Reduce -12.9% | 0.16% | −0.03 |
| FXO First Trust Financial Alphad | Reduce -57.1% | 0.02% | −0.03 |
| GRW TCW Durable Growth ETF | Reduce -91.9% | 0.00% | −0.03 |
| FXD First Trust Consumer Discret | Reduce -92.3% | 0.00% | −0.03 |
| XLP SS Consumer Staples Sel Sect | Reduce -25.9% | 0.05% | −0.03 |
| IYW iShares Ustechnology ETF | Reduce -21.3% | 0.11% | −0.03 |
| IVVB iShares Large Cap Deep Quart | Sold out | 0.00% | −0.03 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -18.7% | 0.10% | −0.02 |
| JGLO JPMorgan GLBL SLCT Eq ETF | Reduce -28.1% | 0.05% | −0.02 |
| FXU First Trust Utilities Alphad | Reduce -50.6% | 0.02% | −0.02 |
| BBIN JPM Betabuilders Intl Eqty | Reduce -92.0% | 0.00% | −0.02 |
| WMT Walmart Inc. | Reduce -1.0% | 0.36% | −0.02 |
| OEF iShares S&P 100 ETF | Reduce -13.4% | 0.13% | −0.02 |
| MINT PIMCO Enhanced Short Maturit | Reduce -10.6% | 0.09% | −0.02 |
| SYK Stryker Corp. | Reduce -7.1% | 0.08% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -28.1% | 0.02% | −0.02 |
| SPAB SS SPDR P Agg Bond ETF | Reduce -19.1% | 0.06% | −0.02 |
| EFV iShares MSCI Eafe Value ETF | Reduce -8.1% | 0.16% | −0.02 |
| VOOV Vanguard S&P 500 Value ETF | Reduce -20.9% | 0.06% | −0.02 |
| VDC Vanguard Consumer Staple ETF | Reduce -5.8% | 0.09% | −0.02 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -13.7% | 0.07% | −0.02 |
| FLQL Franklin U.S. Large Cap Mult | Reduce -53.0% | 0.02% | −0.02 |
| MO Altria Group Inc. | Reduce -14.1% | 0.13% | −0.02 |
| ACN Accenture PLC Class A | Reduce -19.3% | 0.03% | −0.02 |
| ARM Arm Holdings PLC-ADR | Reduce -22.2% | 0.03% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +1.9% | 3.07% | +0.38 |
| GOOG Alphabet Inc. Class C | Add +1.9% | 0.64% | +0.13 |
| VOO Vanguard S&P 500 ETF | Add +6.3% | 3.29% | +0.11 |
| QQQM Invesco Nasdaq 100 ETF | Add +28.6% | 0.49% | +0.10 |
| GLD SPDR Gold Shares | Add +11.2% | 0.59% | +0.09 |
| VCIT Vanguard Int-Term Corporate | Add +57.1% | 0.19% | +0.06 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +11.8% | 0.66% | +0.05 |
| CGGR Cap Group Growth Equity | Add +15.9% | 0.45% | +0.05 |
| XLK SS Technology Select Sector | Add +11.3% | 0.48% | +0.05 |
| ABBV Abbvie Inc. | Add +2.6% | 0.34% | +0.05 |
| GDX Vaneck Gold Miners ETF | Add +12.3% | 0.13% | +0.04 |
| SPHY SS SPDR P High Yield ETF | Add +87.6% | 0.10% | +0.04 |
| ORCL Oracle Corp. | Add +8.2% | 0.20% | +0.04 |
| AIRR First Trust Rba American Ind | Add +9.8% | 0.26% | +0.04 |
| CAT Caterpillar Inc. | Add +4.8% | 0.27% | +0.04 |
| SPMO Invesco S&P 500 Momentum ETF | Add +18.9% | 0.28% | +0.04 |
| SOXX iShares Semiconductor ETF | Add +26.6% | 0.16% | +0.04 |
| VGT Vanguard Info Tech ETF | Add +9.6% | 0.35% | +0.04 |
| JIRE JPMorgan Int Res Enh Eqty | Add +64.3% | 0.10% | +0.04 |
| PVAL Putnam Focused LRG Cap Value | Add +43.4% | 0.13% | +0.04 |
| VXF Vanguard Extended Market ETF | Add +14.9% | 0.28% | +0.03 |
| USB US Bancorp | Add +99.1% | 0.06% | +0.03 |
| KAT Scharf ETF | New | 0.03% | +0.03 |
| CGDV Cap Group Dividend Value | Add +8.6% | 0.73% | +0.03 |
| BAI Ishrs AI in and Tech Act ETF | Add +142.3% | 0.05% | +0.03 |
| AVDE Avantis International Equity | Add +198.5% | 0.04% | +0.03 |
| HOOD Robinhood Markets Inc. Class A | Add +59.4% | 0.05% | +0.03 |
| IYZ iShares US Telecommunication | Add +119.4% | 0.05% | +0.03 |
| VT Vanguard Tot World STK ETF | Add +61.7% | 0.08% | +0.03 |
| JNJ Johnson & Johnson | Add +2.7% | 0.24% | +0.03 |
| IAU iShares Gold Trust | Add +9.1% | 0.20% | +0.03 |
| ITA iShares U.S. Aerospace & Def | Add +42.8% | 0.09% | +0.03 |
| SMH Vaneck Semiconductor ETF | Add +9.7% | 0.19% | +0.03 |
| VCLT Vanguard Long-Term Corp. Bond | Add +114.1% | 0.05% | +0.03 |
| ARKK ARK Innovation ETF | Add +34.2% | 0.08% | +0.03 |
| RDVY First Trust Rising Dividend | Add +8.8% | 0.48% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.5% | 0.20% | +0.02 |
| GLW Corning Inc. | Add +15.8% | 0.06% | +0.02 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +47.2% | 0.09% | +0.02 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +14.6% | 0.21% | +0.02 |
| OUNZ Vaneck Merk Gold ETF | Add +38.3% | 0.07% | +0.02 |
| NLR Vaneck Urani & Nuclr ETF-Usd | Add +112.5% | 0.04% | +0.02 |
| GLDM SPDR Gold Minishares Trust | Add +17.9% | 0.12% | +0.02 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Add +18.4% | 0.16% | +0.02 |
| SHOP Shopify Inc. Class A | Add +12.8% | 0.09% | +0.02 |
| COWG Pacer US LRG Cap Cows GR LD | Add +30.8% | 0.11% | +0.02 |
| PHYS Sprott Physical Gold Trust | Add +4.9% | 0.21% | +0.02 |
| BBJP JPMorgan Betabuilders Japan | Add +208.9% | 0.03% | +0.02 |
| JIVE JPM Interntl Value ETF | Add +303.9% | 0.03% | +0.02 |
| SLV iShares Silver Trust | Add +5.5% | 0.11% | +0.02 |
Notes & Other Activity Q2 2025 → Q3 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -3.9% | 3,410 | $4.2M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | New | 41,220 | $1.9M |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | Reduce -42.4% | 17,819 | $1.6M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -2.8% | 1,234 | $1.6M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 30,629 | $1.2Mbefore exit |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Reduce -68.2% | 16,279 | $812K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +16.2% | 16,488 | $416K |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Reduce -1.3% | 5,160 | $206K |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | Reduce -0.3% | 20,208 | $75K |
| RVSNW Rail Vision Ltd.-CW27 | *W EXP 03/27/202 | Add +9.4% | 112,780 | $12K |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | Reduce -0.5% | 81,281 | $6K |
| LMP CAPITAL AND INCOME FUND | RIGHT 07/11/2025 | Sold out | 14,985 | $1Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 4,028 | $44.6B | VOO, AAPL, NVDA, QQQ, IVV |
| Q1 2026 | 3,907 | $38.8B | VOO, AAPL, NVDA, IVV, QQQ |
| Q4 2025 | 3,801 | $37.8B | VOO, AAPL, NVDA, QQQ, VTI |
| Q3 2025 | 3,703 | $36.4B | VOO, AAPL, NVDA, QQQ, VTI |
| Q2 2025 | 3,597 | $32.9B | VOO, AAPL, NVDA, QQQ, VTI |
| Q1 2025 | 3,483 | $29.6B | AAPL, VOO, QQQ, NVDA, IVV |
| Q4 2024 | 3,447 | $29.9B | AAPL, VOO, NVDA, QQQ, IVV |
| Q3 2024 | 3,397 | $29.4B | AAPL, VOO, NVDA, QQQ, IVV |
| Q2 2024 | 3,300 | $27.0B | AAPL, VOO, NVDA, QQQ, IVV |
| Q1 2024 | 3,292 | $26.0B | VOO, AAPL, QQQ, IVV, NVDA |