Crescent Grove Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Crescent Grove Advisors, LLC reported 289 stock positions worth $1.0 billion. Its top holding was Zurn Elkay Water Solutions C (ZWS) at 11.0% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 6.5%) and Vanguard S&P 500 ETF (VOO, 4.9%). Compared with Q2 2025, it opened 22 new positions, sold out of 18, added to 89 and reduced 80. The biggest buy was a new position in Isha Curr Hedged MSCI Eafe (HEFA) and the biggest sale an exit from Dun & Bradstreet (DNB).
- Most Recent 13F
- Q2 2026
- Location
- LAKE FOREST, IL
- CIK
- 0001713520
- Portfolio Value
- $1.0B (Q3 2025)
- SEC Filing
- 0000892712-25-000151 ↗ filed Nov 13, 2025
Holdings Value
Holdings 289 stocks · $1.0B
| ZWS Zurn Elkay Water Solutions C | 10.97% | 2,435,447 | $114.5M | No change |
| IVV iShares Core S&P 500 ETF | 6.54% | 101,993 | $68.3M | Reduce -1.2% |
| VOO Vanguard S&P 500 ETF | 4.91% | 83,407 | $51.2M | Add +0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.76% | 58,791 | $39.3M | Reduce -0.3% |
| VTI VG Morningstar TS MKT ETF-US | 2.75% | 87,146 | $28.7M | Reduce -1.3% |
| ICE Intercontinental Exchange Inc. | 2.46% | 152,500 | $25.7M | Reduce -0.0% |
| CDW CDW Corp. | 2.45% | 160,710 | $25.6M | Reduce -0.0% |
| IEMG iShares Core MSCI Emerging | 2.22% | 352,057 | $23.2M | Add +1.8% |
| QQQ Invesco QQQ Trust Series 1 | 2.14% | 37,195 | $22.4M | Reduce -0.2% |
| IJR iShares Core S&P Small-Cap E | 2.00% | 175,278 | $20.8M | Reduce -3.6% |
| AAPL Apple Inc. | 1.92% | 78,630 | $20.0M | Add +0.6% |
| SHV iShares 0-1 Year Treasury Bo | 1.88% | 177,877 | $19.7M | Reduce -2.6% |
| IWF iShares Russell 1000 Growth | 1.88% | 41,913 | $19.6M | Reduce -1.0% |
| IJH iShares Core S&P Midcap ETF | 1.87% | 299,199 | $19.5M | Add +1.4% |
| FNF Fidelity National Financial | 1.77% | 305,027 | $18.5M | Add +0.1% |
| IEFA iShares Core MSCI Eafe ETF | 1.71% | 204,021 | $17.8M | Add +1.4% |
| NATL NCR Atleos Corp. | 1.70% | 451,094 | $17.7M | Reduce -17.9% |
| IUSV iShares Core S&P U.S. Value | 1.57% | 163,671 | $16.4M | Add +2.2% |
| UYLD Angel Oak Ultrashort Income | 1.53% | 310,923 | $16.0M | Reduce -15.2% |
| SGOV iShares 0-3 Month Treasury B | 1.32% | 136,989 | $13.8M | Reduce -8.0% |
| ITOT iShares Core S&P Total U.S. | 1.26% | 90,621 | $13.2M | Reduce -0.4% |
| CARY Angel Oak Income ETF | 1.09% | 540,271 | $11.4M | Add +3.6% |
| FIS Fidelity National Info Serv | 1.07% | 169,967 | $11.2M | Reduce -3.8% |
| VYM Vanguard High DVD Yield ETF | 1.07% | 79,345 | $11.2M | Add +1.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.99% | 112,137 | $10.3M | Add +134.4% |
| XLE SS Energy Select Sector | 0.96% | 111,997 | $10.0M | Reduce -1.7% |
| XLF SS Financial Select Sector | 0.96% | 185,433 | $10.0M | Add +0.0% |
| IWP iShares Russell Mid-Cap Grow | 0.84% | 61,323 | $8.7M | Reduce -0.1% |
| VYX NCR Voyix Corp. | 0.75% | 621,432 | $7.8M | Reduce -25.9% |
| ARLP Alliance Resource Partners | 0.70% | 288,866 | $7.3M | Add +11.1% |
| XBI SS SPDR S&P Biotech ETF | 0.67% | 70,030 | $7.0M | Reduce -12.1% |
| IAU iShares Gold Trust | 0.66% | 94,440 | $6.9M | Add +1.2% |
| MSFT Microsoft Corp. | 0.65% | 13,092 | $6.8M | Reduce -3.4% |
| XLG Invesco S&P 500 Top 50 ETF | 0.65% | 117,638 | $6.8M | No change |
| NVDA Nvidia Corp. | 0.64% | 35,631 | $6.6M | Reduce -0.7% |
| ARKW ARK Next Generation Technolo | 0.62% | 36,906 | $6.4M | No change |
| ET Energy Transfer LP | 0.62% | 375,474 | $6.4M | Add +18.5% |
| VEA Vanguard Ftse Developed ETF | 0.61% | 106,391 | $6.4M | Reduce -0.4% |
| HEFA Isha Curr Hedged MSCI Eafe | 0.60% | 157,916 | $6.3M | New |
| CARR Carrier Global Corp. | 0.60% | 104,643 | $6.2M | No change |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.59% | 139,972 | $6.2M | Add +0.1% |
| IWD iShares Russell 1000 Value E | 0.59% | 30,044 | $6.1M | Reduce -4.6% |
| IJS iShares S&P Small-Cap 600 Va | 0.56% | 52,779 | $5.8M | Add +12.8% |
| IWM iShares Russell 2000 ETF | 0.54% | 23,440 | $5.7M | Add +7.0% |
| EPD Enterprise Products Partners | 0.51% | 171,894 | $5.4M | Add +6.5% |
| IXUS iShares Core Intl Stock ETF | 0.50% | 63,175 | $5.2M | Add +8.8% |
| MPLX MPLX LP | 0.50% | 104,304 | $5.2M | Add +18.4% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.49% | 95,537 | $5.1M | Add +3.6% |
| EFA iShares MSCI Eafe ETF | 0.48% | 53,275 | $5.0M | Reduce -0.2% |
| IWO iShares Russell 2000 Growth | 0.44% | 14,302 | $4.6M | Reduce -1.7% |
| XLI SS Industrial Select Sector | 0.44% | 29,589 | $4.6M | Add +2.7% |
| GLD SPDR Gold Shares | 0.43% | 12,544 | $4.5M | Add +39.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.43% | 8,851 | $4.4M | Add +11.7% |
| IBB iShares Biotechnology ETF | 0.42% | 30,545 | $4.4M | Reduce -3.6% |
| AMZN Amazon.com Inc. | 0.42% | 20,068 | $4.4M | Add +5.2% |
| SHY iShares 1-3 Year Treasury Bo | 0.42% | 53,103 | $4.4M | Reduce -42.9% |
| VXUS Vanguard Total Intl Stock | 0.41% | 58,452 | $4.3M | Add +20.3% |
| DVYE iShares Emerging Markets Div | 0.39% | 137,994 | $4.1M | Add +5.1% |
| GSL Global Ship Lease Inc. Class A | 0.39% | 132,871 | $4.1M | Add +7.4% |
| TSLA Tesla Inc. | 0.37% | 8,778 | $3.9M | Reduce -1.1% |
| QUAL iShares MSCI USA Quality Fac | 0.37% | 19,712 | $3.8M | Reduce -8.8% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.35% | 54,063 | $3.6M | Add +13.9% |
| CNNE Cannae Holdings Inc. | 0.34% | 192,146 | $3.5M | Reduce -41.0% |
| IDV iShares International Select | 0.31% | 89,172 | $3.3M | Add +11.1% |
| ASB Associated Banc-Corp. | 0.28% | 115,371 | $3.0M | No change |
| ARKK ARK Innovation ETF | 0.28% | 33,909 | $2.9M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 0.28% | 9,275 | $2.9M | Reduce -2.0% |
| GNR State Street SPDR S&P Global | 0.28% | 48,813 | $2.9M | Add +4.3% |
| DVY iShares Select Dividend ETF | 0.27% | 19,813 | $2.8M | Add +1.6% |
| CIBR First Trust Nasdaq Cybersecu | 0.24% | 33,554 | $2.6M | Reduce -2.0% |
| SHW The Sherwin-Williams Co. | 0.24% | 7,198 | $2.5M | No change |
| VZ Verizon Communications Inc. | 0.24% | 56,135 | $2.5M | Reduce -14.2% |
| GDX Vaneck Gold Miners ETF | 0.23% | 31,037 | $2.4M | Add +76.7% |
| PAA Plains All Amer Pipeline LP | 0.23% | 138,660 | $2.4M | Reduce -37.1% |
| MAN Manpowergroup Inc. | 0.21% | 59,115 | $2.2M | Add +10.7% |
| QQQM Invesco Nasdaq 100 ETF | 0.20% | 8,582 | $2.1M | Reduce -2.8% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.20% | 36,057 | $2.1M | Reduce -2.8% |
| PG The Procter & Gamble Co. | 0.20% | 13,307 | $2.0M | Reduce -0.2% |
| VWO Vanguard Ftse Emerging Marke | 0.19% | 37,510 | $2.0M | Reduce -0.5% |
| BX Blackstone Inc. | 0.19% | 11,654 | $2.0M | Reduce -0.2% |
| IWR iShares Russell Mid-Cap ETF | 0.19% | 20,424 | $2.0M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 0.18% | 7,910 | $1.9M | Add +35.9% |
| VIG Vanguard Dividend Apprec ETF | 0.18% | 8,680 | $1.9M | Reduce -33.2% |
| IGM iShares Expanded Tech Sector | 0.17% | 14,340 | $1.8M | No change |
| DTH Wisdomtree International Hig | 0.17% | 36,426 | $1.8M | No change |
| SPSM SS SPDR P S&P 600 Small Cap | 0.17% | 38,021 | $1.8M | Add +0.0% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.17% | 4,335 | $1.7M | No change |
| IHAK iShares Cybersecurity & Tech | 0.17% | 33,311 | $1.7M | Add +3.6% |
| BANC Banc of California Inc. | 0.16% | 101,140 | $1.7M | Add +0.7% |
| NEM Newmont Corp. | 0.15% | 19,052 | $1.6M | Add +287.0% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.15% | 11,694 | $1.5M | No change |
| IWV iShares Russell 3000 ETF | 0.14% | 3,968 | $1.5M | Reduce -1.4% |
| PAAS Pan American Silver Corp. | 0.14% | 38,681 | $1.5M | Add +295.6% |
| ARKQ ARK Autonomous Tech & Robot | 0.14% | 13,088 | $1.5M | No change |
| XLP SS Consumer Staples Sel Sect | 0.14% | 18,629 | $1.5M | No change |
| IBDR iShares Ibonds Dec 2026 Term | 0.14% | 58,245 | $1.4M | Reduce -4.2% |
| IXJ iShares Global Healthcare Et | 0.14% | 15,940 | $1.4M | No change |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.13% | 13,255 | $1.4M | No change |
| EEM iShares MSCI Emerging Market | 0.13% | 25,487 | $1.4M | No change |
| XOM Exxon Mobil Corp. | 0.13% | 11,855 | $1.3M | Add +0.9% |
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($9.5M), SPDR SERIES TRUST calls ($200K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $272K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 212 | $271K | No change |
| PSEWF Paysafe Ltd. -CW26 | *W EXP 03/30/202 | 33,333 | $617 | No change |
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q2 2025 → Q3 2025
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −5.82 |
| CDW CDW Corp. | Reduce -0.0% | 2.45% | −0.33 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -42.9% | 0.42% | −0.33 |
| CNNE Cannae Holdings Inc. | Reduce -41.0% | 0.34% | −0.32 |
| FIS Fidelity National Info Serv | Reduce -3.8% | 1.07% | −0.32 |
| JEPI JPMorgan Equity Premium Inco | Reduce -90.8% | 0.03% | −0.31 |
| JEPQ JPM Nasdaq Equity Premium | Sold out | 0.00% | −0.29 |
| UYLD Angel Oak Ultrashort Income | Reduce -15.2% | 1.53% | −0.28 |
| ICE Intercontinental Exchange Inc. | Reduce -0.0% | 2.46% | −0.25 |
| SUN Sunoco LP | Reduce -90.7% | 0.02% | −0.21 |
| VYX NCR Voyix Corp. | Reduce -25.9% | 0.75% | −0.21 |
| PAA Plains All Amer Pipeline LP | Reduce -37.1% | 0.23% | −0.17 |
| SGOV iShares 0-3 Month Treasury B | Reduce -8.0% | 1.32% | −0.13 |
| VIG Vanguard Dividend Apprec ETF | Reduce -33.2% | 0.18% | −0.08 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -2.6% | 1.88% | −0.07 |
| VZ Verizon Communications Inc. | Reduce -14.2% | 0.24% | −0.04 |
| OCSL Oaktree Specialty Lending Co. | Sold out | 0.00% | −0.03 |
| FIDELITY NATL INFORMATION SV | Sold out | 0.00% | −0.03 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.03 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −0.03 |
| NAD Nuveen Quality Municipal Inc. | Reduce -36.6% | 0.05% | −0.02 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Sold out | 0.00% | −0.02 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.02 |
| MYI BlackRock Muniyield QLTY III | Reduce -36.8% | 0.04% | −0.02 |
| MUB iShares National Muni Bond E | Sold out | 0.00% | −0.02 |
| SBAC SBA Communications Corp. | Sold out | 0.00% | −0.02 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.02 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.02 |
| VEU Vanguard Ftse All-World Ex-U | Sold out | 0.00% | −0.02 |
| IBIT iShares Bitcoin Trust ETF | Reduce -39.8% | 0.03% | −0.02 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -17.9% | 0.06% | −0.02 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.02 |
| QUAL iShares MSCI USA Quality Fac | Reduce -8.8% | 0.37% | −0.02 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -47.9% | 0.02% | −0.01 |
| SHEL Shell PLC-ADR | Reduce -27.3% | 0.03% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -0.2% | 0.20% | −0.01 |
| KO The Coca-Cola Co. | Reduce -11.4% | 0.04% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -22.6% | 0.04% | −0.01 |
| IBDR iShares Ibonds Dec 2026 Term | Reduce -4.2% | 0.14% | −0.01 |
| IWD iShares Russell 1000 Value E | Reduce -4.6% | 0.59% | −0.01 |
| CIBR First Trust Nasdaq Cybersecu | Reduce -2.0% | 0.24% | −0.01 |
| AVGO Broadcom Inc. | Reduce -31.5% | 0.03% | −0.01 |
| OKLO Oklo Inc. | Reduce -58.0% | 0.03% | −0.01 |
| NFLX Netflix Inc. | Reduce -4.4% | 0.03% | −0.01 |
| SDY SS SPDR S&P Dividend ETF | Reduce -22.1% | 0.02% | −0.01 |
| NWL Newell Brands Inc. | Reduce -20.8% | 0.02% | −0.00 |
| IYW iShares Ustechnology ETF | Reduce -19.4% | 0.04% | −0.00 |
| MSFT Microsoft Corp. | Reduce -3.4% | 0.65% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| HEFA Isha Curr Hedged MSCI Eafe | New | 0.60% | +0.60 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +134.4% | 0.99% | +0.56 |
| AAPL Apple Inc. | Add +0.6% | 1.92% | +0.36 |
| VOO Vanguard S&P 500 ETF | Add +0.1% | 4.91% | +0.31 |
| IEMG iShares Core MSCI Emerging | Add +1.8% | 2.22% | +0.21 |
| GLD SPDR Gold Shares | Add +39.5% | 0.43% | +0.16 |
| GDX Vaneck Gold Miners ETF | Add +76.7% | 0.23% | +0.14 |
| SLV iShares Silver Trust | New | 0.13% | +0.13 |
| NEM Newmont Corp. | Add +287.0% | 0.15% | +0.13 |
| PAAS Pan American Silver Corp. | Add +295.6% | 0.14% | +0.12 |
| FNF Fidelity National Financial | Add +0.1% | 1.77% | +0.11 |
| IJS iShares S&P Small-Cap 600 Va | Add +12.8% | 0.56% | +0.11 |
| IUSV iShares Core S&P U.S. Value | Add +2.2% | 1.57% | +0.10 |
| IJH iShares Core S&P Midcap ETF | Add +1.4% | 1.87% | +0.10 |
| IAU iShares Gold Trust | Add +1.2% | 0.66% | +0.09 |
| VXUS Vanguard Total Intl Stock | Add +20.3% | 0.41% | +0.09 |
| SIL Global X Silver Miners ETF | New | 0.09% | +0.09 |
| IWM iShares Russell 2000 ETF | Add +7.0% | 0.54% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +35.9% | 0.18% | +0.08 |
| IEFA iShares Core MSCI Eafe ETF | Add +1.4% | 1.71% | +0.08 |
| GSL Global Ship Lease Inc. Class A | Add +7.4% | 0.39% | +0.08 |
| IXUS iShares Core Intl Stock ETF | Add +8.8% | 0.50% | +0.06 |
| ET Energy Transfer LP | Add +18.5% | 0.62% | +0.06 |
| AEM Agnico Eagle Mines Ltd. | Add +126.1% | 0.09% | +0.06 |
| MPLX MPLX LP | Add +18.4% | 0.50% | +0.06 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +13.9% | 0.35% | +0.06 |
| VYM Vanguard High DVD Yield ETF | Add +1.1% | 1.07% | +0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +11.7% | 0.43% | +0.05 |
| ARKK ARK Innovation ETF | Add +0.1% | 0.28% | +0.05 |
| PFE Pfizer Inc. | New | 0.05% | +0.05 |
| IDV iShares International Select | Add +11.1% | 0.31% | +0.04 |
| OBIL F/M US Treasury 12 Month Bil | New | 0.04% | +0.04 |
| CEG Constellation Energy | Add +177.3% | 0.06% | +0.04 |
| ARLP Alliance Resource Partners | Add +11.1% | 0.70% | +0.04 |
| CARY Angel Oak Income ETF | Add +3.6% | 1.09% | +0.04 |
| GNR State Street SPDR S&P Global | Add +4.3% | 0.28% | +0.03 |
| BMNR Bitmine Immersion Technologi | New | 0.03% | +0.03 |
| EPD Enterprise Products Partners | Add +6.5% | 0.51% | +0.03 |
| VRT Vertiv Holdings Co. Class A | New | 0.03% | +0.03 |
| DVYE iShares Emerging Markets Div | Add +5.1% | 0.39% | +0.03 |
| REMX Vaneck Rar Earth ND STG-Usdi | New | 0.03% | +0.03 |
| TRGP Targa Resources Corp. | New | 0.03% | +0.03 |
| INTC Intel Corp. | New | 0.03% | +0.03 |
| XLI SS Industrial Select Sector | Add +2.7% | 0.44% | +0.03 |
| BE Bloom Energy Corp. Class A | New | 0.02% | +0.02 |
| BANC Banc of California Inc. | Add +0.7% | 0.16% | +0.02 |
| BA The Boeing Co. | Add +55.4% | 0.06% | +0.02 |
| AGG iShares Core U.S. Aggregate | Add +75.5% | 0.05% | +0.02 |
| ISVL iShares International Develo | New | 0.02% | +0.02 |
| TLN Talen Energy Corp. | Add +39.0% | 0.04% | +0.02 |
Options Activity Q2 2025 → Q3 2025
| STATE STR SPDR S&P 500 ETF T | put | New | 16,900 | $9.5M |
| SPDR SERIES TRUST | call | New | 2,000 | $200K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |