Crescent Grove Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Crescent Grove Advisors, LLC reported 285 stock positions worth $1.0 billion. Its top holding was Zurn Elkay Water Solutions C (ZWS) at 8.6% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 6.2%) and Dun & Bradstreet (DNB, 5.8%). Compared with Q1 2025, it opened 37 new positions, sold out of 13, added to 91 and reduced 77. The biggest buy was CDW (CDW, shares +13%) and the biggest sale iShares 0-1 Year Treasury Bo (SHV, shares −27%).
- Most Recent 13F
- Q2 2026
- Location
- LAKE FOREST, IL
- CIK
- 0001713520
- Portfolio Value
- $1.0B (Q2 2025)
- SEC Filing
- 0000892712-25-000095 ↗ filed Aug 13, 2025
Holdings Value
Holdings 285 stocks · $1.0B
| ZWS Zurn Elkay Water Solutions C | 8.63% | 2,435,447 | $89.1M | No change |
| IVV iShares Core S&P 500 ETF | 6.21% | 103,233 | $64.1M | Reduce -0.7% |
| DNB Dun & Bradstreet Holdings Inc. | 5.82% | 6,602,252 | $60.0M | Reduce -1.1% |
| VOO Vanguard S&P 500 ETF | 4.60% | 83,312 | $47.5M | Add +1.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.54% | 58,963 | $36.5M | Add +7.2% |
| CDW CDW Corp. | 2.78% | 160,740 | $28.7M | Add +12.6% |
| ICE Intercontinental Exchange Inc. | 2.71% | 152,541 | $28.0M | Add +0.0% |
| VTI VG Morningstar TS MKT ETF-US | 2.61% | 88,293 | $26.9M | Reduce -0.3% |
| IEMG iShares Core MSCI Emerging | 2.01% | 345,793 | $20.8M | Add +2.7% |
| QQQ Invesco QQQ Trust Series 1 | 2.00% | 37,283 | $20.6M | Reduce -12.2% |
| SHV iShares 0-1 Year Treasury Bo | 1.95% | 182,560 | $20.2M | Reduce -27.0% |
| IJR iShares Core S&P Small-Cap E | 1.93% | 181,902 | $19.9M | Reduce -1.3% |
| UYLD Angel Oak Ultrashort Income | 1.81% | 366,664 | $18.7M | Reduce -19.5% |
| IJH iShares Core S&P Midcap ETF | 1.77% | 295,058 | $18.3M | Add +2.0% |
| IWF iShares Russell 1000 Growth | 1.74% | 42,327 | $18.0M | Reduce -1.6% |
| FNF Fidelity National Financial | 1.66% | 304,657 | $17.1M | Add +0.1% |
| IEFA iShares Core MSCI Eafe ETF | 1.63% | 201,256 | $16.8M | Add +0.1% |
| AAPL Apple Inc. | 1.55% | 78,196 | $16.0M | Reduce -1.1% |
| NATL NCR Atleos Corp. | 1.52% | 549,275 | $15.7M | Reduce -1.0% |
| IUSV iShares Core S&P U.S. Value | 1.47% | 160,119 | $15.2M | Add +0.2% |
| SGOV iShares 0-3 Month Treasury B | 1.45% | 148,874 | $15.0M | Add +20.0% |
| FIS Fidelity National Info Serv | 1.39% | 176,668 | $14.4M | Reduce -3.6% |
| ITOT iShares Core S&P Total U.S. | 1.19% | 91,007 | $12.3M | Reduce -2.5% |
| CARY Angel Oak Income ETF | 1.05% | 521,598 | $10.8M | Reduce -4.1% |
| VYM Vanguard High DVD Yield ETF | 1.01% | 78,452 | $10.5M | Add +6.5% |
| VYX NCR Voyix Corp. | 0.95% | 838,101 | $9.8M | Reduce -3.3% |
| XLF SS Financial Select Sector | 0.94% | 185,432 | $9.7M | Add +0.0% |
| XLE SS Energy Select Sector | 0.94% | 113,907 | $9.7M | Add +0.1% |
| IWP iShares Russell Mid-Cap Grow | 0.83% | 61,386 | $8.5M | Add +0.0% |
| SHY iShares 1-3 Year Treasury Bo | 0.75% | 93,044 | $7.7M | Add +75.8% |
| CARR Carrier Global Corp. | 0.74% | 104,643 | $7.7M | No change |
| ARLP Alliance Resource Partners | 0.66% | 260,081 | $6.8M | Add +30.4% |
| CNNE Cannae Holdings Inc. | 0.66% | 325,479 | $6.8M | No change |
| MSFT Microsoft Corp. | 0.65% | 13,558 | $6.7M | Reduce -0.1% |
| XBI SS SPDR S&P Biotech ETF | 0.64% | 79,675 | $6.6M | Reduce -5.3% |
| XLG Invesco S&P 500 Top 50 ETF | 0.59% | 117,638 | $6.1M | Reduce -1.0% |
| IWD iShares Russell 1000 Value E | 0.59% | 31,487 | $6.1M | Reduce -5.0% |
| VEA Vanguard Ftse Developed ETF | 0.59% | 106,820 | $6.1M | Add +1.4% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.57% | 139,789 | $5.9M | Add +4.1% |
| IAU iShares Gold Trust | 0.56% | 93,287 | $5.8M | Add +16.6% |
| ET Energy Transfer LP | 0.56% | 316,889 | $5.7M | Add +47.6% |
| NVDA Nvidia Corp. | 0.55% | 35,877 | $5.7M | Reduce -2.1% |
| ARKW ARK Next Generation Technolo | 0.53% | 36,906 | $5.4M | Reduce -0.0% |
| EPD Enterprise Products Partners | 0.49% | 161,383 | $5.0M | Add +5.3% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.47% | 92,222 | $4.9M | Add +4.3% |
| EFA iShares MSCI Eafe ETF | 0.46% | 53,397 | $4.8M | No change |
| IWM iShares Russell 2000 ETF | 0.46% | 21,908 | $4.7M | Reduce -3.5% |
| IJS iShares S&P Small-Cap 600 Va | 0.45% | 46,790 | $4.7M | Add +1.9% |
| MPLX MPLX LP | 0.44% | 88,095 | $4.5M | Reduce -0.1% |
| IXUS iShares Core Intl Stock ETF | 0.44% | 58,085 | $4.5M | Add +3.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.43% | 47,833 | $4.4M | Reduce -50.3% |
| XLI SS Industrial Select Sector | 0.41% | 28,818 | $4.3M | Add +16.5% |
| AMZN Amazon.com Inc. | 0.41% | 19,076 | $4.2M | Reduce -7.6% |
| IWO iShares Russell 2000 Growth | 0.40% | 14,550 | $4.2M | Add +0.8% |
| PAA Plains All Amer Pipeline LP | 0.39% | 220,540 | $4.0M | Add +10.1% |
| IBB iShares Biotechnology ETF | 0.39% | 31,672 | $4.0M | Reduce -2.3% |
| QUAL iShares MSCI USA Quality Fac | 0.38% | 21,614 | $4.0M | Reduce -3.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 7,923 | $3.8M | Reduce -1.9% |
| DVYE iShares Emerging Markets Div | 0.36% | 131,280 | $3.8M | Add +7.4% |
| JEPI JPMorgan Equity Premium Inco | 0.34% | 61,161 | $3.5M | Add +35.6% |
| VXUS Vanguard Total Intl Stock | 0.33% | 48,586 | $3.4M | Add +0.0% |
| GSL Global Ship Lease Inc. Class A | 0.32% | 123,718 | $3.3M | Add +75.2% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.29% | 47,463 | $3.0M | Reduce -25.4% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 0.29% | 55,052 | $3.0M | Add +36.0% |
| VZ Verizon Communications Inc. | 0.27% | 65,426 | $2.8M | Add +166.1% |
| TSLA Tesla Inc. | 0.27% | 8,874 | $2.8M | Reduce -2.0% |
| ASB Associated Banc-Corp. | 0.27% | 115,371 | $2.8M | No change |
| IDV iShares International Select | 0.27% | 80,298 | $2.8M | Add +12.6% |
| JPM JPMorgan Chase & Co. | 0.27% | 9,468 | $2.7M | Reduce -12.5% |
| GLD SPDR Gold Shares | 0.27% | 8,989 | $2.7M | Add +46.6% |
| VIG Vanguard Dividend Apprec ETF | 0.26% | 13,000 | $2.7M | No change |
| DVY iShares Select Dividend ETF | 0.25% | 19,504 | $2.6M | Add +24.4% |
| CIBR First Trust Nasdaq Cybersecu | 0.25% | 34,247 | $2.6M | Add +5.2% |
| GNR State Street SPDR S&P Global | 0.25% | 46,808 | $2.5M | Add +3.6% |
| SHW The Sherwin-Williams Co. | 0.24% | 7,198 | $2.5M | Reduce -0.4% |
| ARKK ARK Innovation ETF | 0.23% | 33,859 | $2.4M | Reduce -3.8% |
| SUN Sunoco LP | 0.23% | 43,419 | $2.3M | Add +68.3% |
| MAN Manpowergroup Inc. | 0.21% | 53,418 | $2.2M | Reduce -2.2% |
| PG The Procter & Gamble Co. | 0.21% | 13,337 | $2.1M | Reduce -1.2% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.20% | 37,099 | $2.0M | Add +1.3% |
| QQQM Invesco Nasdaq 100 ETF | 0.19% | 8,829 | $2.0M | Add +7.2% |
| IWR iShares Russell Mid-Cap ETF | 0.18% | 20,451 | $1.9M | Add +5.1% |
| VWO Vanguard Ftse Emerging Marke | 0.18% | 37,688 | $1.9M | Add +3.8% |
| BX Blackstone Inc. | 0.17% | 11,679 | $1.7M | Reduce -4.2% |
| LNTH Lantheus Holdings Inc. | 0.17% | 21,073 | $1.7M | Reduce -5.8% |
| IHAK iShares Cybersecurity & Tech | 0.17% | 32,138 | $1.7M | No change |
| DTH Wisdomtree International Hig | 0.16% | 36,426 | $1.7M | Add +7.8% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.16% | 38,017 | $1.6M | Reduce -3.0% |
| IGM iShares Expanded Tech Sector | 0.16% | 14,340 | $1.6M | No change |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.15% | 4,335 | $1.6M | No change |
| XLP SS Consumer Staples Sel Sect | 0.15% | 18,629 | $1.5M | Add +3.8% |
| IBDR iShares Ibonds Dec 2026 Term | 0.14% | 60,812 | $1.5M | Reduce -20.8% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.14% | 11,694 | $1.4M | No change |
| BANC Banc of California Inc. | 0.14% | 100,428 | $1.4M | Add +0.7% |
| IWV iShares Russell 3000 ETF | 0.14% | 4,023 | $1.4M | No change |
| IXJ iShares Global Healthcare Et | 0.13% | 15,940 | $1.4M | No change |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.13% | 13,255 | $1.4M | Add +1.5% |
| KXI iShares Global Consumer Stap | 0.13% | 20,700 | $1.4M | No change |
| IEF iShares 7-10 Year Treasury B | 0.13% | 13,646 | $1.3M | Add +67.5% |
| XOM Exxon Mobil Corp. | 0.12% | 11,745 | $1.3M | Reduce -22.8% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $258K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 212 | $257K | No change |
| PSEWF Paysafe Ltd. -CW26 | *W EXP 03/30/202 | 33,333 | $550 | No change |
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q1 2025 → Q2 2025
| SHV iShares 0-1 Year Treasury Bo | Reduce -27.0% | 1.95% | −0.93 |
| UYLD Angel Oak Ultrashort Income | Reduce -19.5% | 1.81% | −0.62 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -50.3% | 0.43% | −0.50 |
| DNB Dun & Bradstreet Holdings Inc. | Reduce -1.1% | 5.82% | −0.41 |
| AAPL Apple Inc. | Reduce -1.1% | 1.55% | −0.28 |
| CARY Angel Oak Income ETF | Reduce -4.1% | 1.05% | −0.13 |
| PFF iShares Preferred & Income S | Reduce -83.8% | 0.02% | −0.13 |
| MAN Manpowergroup Inc. | Reduce -2.2% | 0.21% | −0.12 |
| SPYI Neos S&P 500 High Income ETF | Sold out | 0.00% | −0.11 |
| LISTED FD TR | Sold out | 0.00% | −0.08 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.08 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -12.2% | 2.00% | −0.08 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.3% | 1.93% | −0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.9% | 0.37% | −0.08 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -25.4% | 0.29% | −0.07 |
| XBI SS SPDR S&P Biotech ETF | Reduce -5.3% | 0.64% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -22.8% | 0.12% | −0.07 |
| LNTH Lantheus Holdings Inc. | Reduce -5.8% | 0.17% | −0.06 |
| CSX CSX Corp. | Sold out | 0.00% | −0.06 |
| IWD iShares Russell 1000 Value E | Reduce -5.0% | 0.59% | −0.06 |
| ABBV Abbvie Inc. | Reduce -23.4% | 0.10% | −0.06 |
| MPLX MPLX LP | Reduce -0.1% | 0.44% | −0.05 |
| IBDR iShares Ibonds Dec 2026 Term | Reduce -20.8% | 0.14% | −0.05 |
| ETWO E2OPEN Parent Holdings Inc. | Sold out | 0.00% | −0.05 |
| IBB iShares Biotechnology ETF | Reduce -2.3% | 0.39% | −0.04 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.04 |
| ABT Abbott Laboratories | Reduce -32.9% | 0.06% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -1.2% | 0.21% | −0.03 |
| FIS Fidelity National Info Serv | Reduce -3.6% | 1.39% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -1.5% | 0.04% | −0.03 |
| SEVN Seven Hills Realty Trust | Sold out | 0.00% | −0.03 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.03 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.02 |
| SHW The Sherwin-Williams Co. | Reduce -0.4% | 0.24% | −0.02 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.02 |
| INFL Horizon Kinetics Infl Benef | Sold out | 0.00% | −0.02 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.02 |
| CVX Chevron Corp. | Reduce -14.3% | 0.04% | −0.02 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -51.5% | 0.03% | −0.02 |
| JNJ Johnson & Johnson | Reduce -12.9% | 0.05% | −0.02 |
| QUAL iShares MSCI USA Quality Fac | Reduce -3.4% | 0.38% | −0.02 |
| IWN iShares Russell 2000 Value E | Reduce -12.5% | 0.09% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -3.5% | 0.46% | −0.01 |
| KO The Coca-Cola Co. | Reduce -14.7% | 0.05% | −0.01 |
| CCLD Carecloud Inc. | Reduce -66.7% | 0.01% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -24.3% | 0.10% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -12.5% | 0.27% | −0.01 |
| MUB iShares National Muni Bond E | Reduce -26.4% | 0.02% | −0.01 |
| MCD McDonald's Corp. | Reduce -16.2% | 0.03% | −0.01 |
| T AT&T Inc. | Reduce -21.1% | 0.03% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| CDW CDW Corp. | Add +12.6% | 2.78% | +0.40 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +7.2% | 3.54% | +0.33 |
| SHY iShares 1-3 Year Treasury Bo | Add +75.8% | 0.75% | +0.29 |
| VOO Vanguard S&P 500 ETF | Add +1.4% | 4.60% | +0.20 |
| VZ Verizon Communications Inc. | Add +166.1% | 0.27% | +0.16 |
| SGOV iShares 0-3 Month Treasury B | Add +20.0% | 1.45% | +0.15 |
| GSL Global Ship Lease Inc. Class A | Add +75.2% | 0.32% | +0.15 |
| ET Energy Transfer LP | Add +47.6% | 0.56% | +0.14 |
| IEMG iShares Core MSCI Emerging | Add +2.7% | 2.01% | +0.12 |
| TXT Textron Inc. | New | 0.11% | +0.11 |
| ARLP Alliance Resource Partners | Add +30.4% | 0.66% | +0.09 |
| GLD SPDR Gold Shares | Add +46.6% | 0.27% | +0.08 |
| RNMN Rivernorth MRKT Neutral ETF | New | 0.08% | +0.08 |
| XLI SS Industrial Select Sector | Add +16.5% | 0.41% | +0.07 |
| IWP iShares Russell Mid-Cap Grow | Add +0.0% | 0.83% | +0.07 |
| IAU iShares Gold Trust | Add +16.6% | 0.56% | +0.07 |
| JEPQ JPM Nasdaq Equity Premium | Add +36.0% | 0.29% | +0.07 |
| SUN Sunoco LP | Add +68.3% | 0.23% | +0.07 |
| JEPI JPMorgan Equity Premium Inco | Add +35.6% | 0.34% | +0.07 |
| GDX Vaneck Gold Miners ETF | Add +179.7% | 0.09% | +0.06 |
| SPHD Invesco S&P 500 High Dividen | Add +121.9% | 0.11% | +0.05 |
| IBIT iShares Bitcoin Trust ETF | New | 0.05% | +0.05 |
| IEF iShares 7-10 Year Treasury B | Add +67.5% | 0.13% | +0.05 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.05% | +0.05 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.1% | 1.63% | +0.04 |
| SHEL Shell PLC-ADR | New | 0.04% | +0.04 |
| IDV iShares International Select | Add +12.6% | 0.27% | +0.04 |
| CIBR First Trust Nasdaq Cybersecu | Add +5.2% | 0.25% | +0.04 |
| ILTB iShares Core 10+ Year Usd Bo | New | 0.04% | +0.04 |
| NFLX Netflix Inc. | New | 0.04% | +0.04 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.03% | +0.03 |
| OKLO Oklo Inc. | New | 0.03% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +1.4% | 0.59% | +0.03 |
| DVY iShares Select Dividend ETF | Add +24.4% | 0.25% | +0.03 |
| FIDELITY NATL INFORMATION SV | New | 0.03% | +0.03 |
| ARKF ARK Blockchain & Fintech Inn | New | 0.03% | +0.03 |
| QQQM Invesco Nasdaq 100 ETF | Add +7.2% | 0.19% | +0.03 |
| ETN Eaton Corp. PLC | Add +25.4% | 0.08% | +0.03 |
| NEM Newmont Corp. | New | 0.03% | +0.03 |
| AEM Agnico Eagle Mines Ltd. | New | 0.03% | +0.03 |
| GE General Electric | Add +44.6% | 0.07% | +0.03 |
| UBER Uber Technologies Inc. | New | 0.03% | +0.03 |
| PLTR Palantir Technologies Inc. Class A | New | 0.03% | +0.03 |
| DFIN Donnelley Financial Solution | New | 0.03% | +0.03 |
| PAAS Pan American Silver Corp. | New | 0.03% | +0.03 |
| EQT Eqt Corp. | New | 0.03% | +0.03 |
| ROK Rockwell Automation Inc. | New | 0.03% | +0.03 |
| RSP Invesco S&P 500 Equal Weight | Add +51.5% | 0.08% | +0.03 |
| DKS Dick's Sporting Goods Inc. | New | 0.03% | +0.03 |
| IXUS iShares Core Intl Stock ETF | Add +3.2% | 0.44% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 296 | $1.2B | ZWS, IVV, VOO, SPY, VTI |
| Q1 2026 | 299 | $1.0B | IVV, ZWS, VOO, SPY, VTI |
| Q4 2025 | 294 | $1.1B | ZWS, IVV, VOO, SPY, VTI |
| Q3 2025 | 289 | $1.0B | ZWS, IVV, VOO, SPY, VTI |
| Q2 2025 | 285 | $1.0B | ZWS, IVV, DNB, VOO, SPY |
| Q1 2025 | 261 | $959.5M | ZWS, DNB, IVV, VOO, SPY |
| Q4 2024 | 275 | $1.0B | ZWS, DNB, IVV, VOO, SPY |
| Q3 2024 | 274 | $980.0M | ZWS, DNB, IVV, VOO, SPY |
| Q2 2024 | 274 | $912.5M | ZWS, IVV, DNB, VOO, SPY |
| Q1 2024 | 298 | $958.9M | ZWS, DNB, IVV, FIS, VYX |