Crescent Grove Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Crescent Grove Advisors, LLC reported 294 stock positions worth $1.1 billion. Its top holding was Zurn Elkay Water Solutions C (ZWS) at 10.3% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 6.5%) and Vanguard S&P 500 ETF (VOO, 5.0%). Compared with Q3 2025, it opened 23 new positions, sold out of 18, added to 88 and reduced 97. The biggest buy was iShares 0-3 Month Treasury B (SGOV, shares +50%) and the biggest sale Zurn Elkay Water Solutions C (ZWS, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- LAKE FOREST, IL
- CIK
- 0001713520
- Portfolio Value
- $1.1B (Q4 2025)
- SEC Filing
- 0000892712-26-000077 ↗ filed Feb 11, 2026
Holdings Value
Holdings 294 stocks · $1.1B
| ZWS Zurn Elkay Water Solutions C | 10.28% | 2,324,647 | $108.1M | Reduce -4.5% |
| IVV iShares Core S&P 500 ETF | 6.55% | 100,513 | $68.8M | Reduce -1.4% |
| VOO Vanguard S&P 500 ETF | 4.98% | 83,555 | $52.4M | Add +0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.46% | 53,212 | $36.4M | Reduce -9.5% |
| VTI VG Morningstar TS MKT ETF-US | 2.79% | 87,617 | $29.4M | Add +0.5% |
| ICE Intercontinental Exchange Inc. | 2.35% | 152,500 | $24.7M | No change |
| IEMG iShares Core MSCI Emerging | 2.27% | 354,728 | $23.8M | Add +0.8% |
| QQQ Invesco QQQ Trust Series 1 | 2.15% | 36,814 | $22.6M | Reduce -1.0% |
| CDW CDW Corp. | 2.08% | 160,710 | $21.9M | No change |
| SHV iShares 0-1 Year Treasury Bo | 2.06% | 196,589 | $21.7M | Add +10.5% |
| IJR iShares Core S&P Small-Cap E | 1.97% | 172,334 | $20.7M | Reduce -1.7% |
| SGOV iShares 0-3 Month Treasury B | 1.96% | 205,156 | $20.6M | Add +49.8% |
| IJH iShares Core S&P Midcap ETF | 1.94% | 308,594 | $20.4M | Add +3.1% |
| FNF Fidelity National Financial | 1.92% | 369,205 | $20.2M | Add +21.0% |
| AAPL Apple Inc. | 1.89% | 73,112 | $19.9M | Reduce -7.0% |
| IWF iShares Russell 1000 Growth | 1.85% | 41,073 | $19.4M | Reduce -2.0% |
| IEFA iShares Core MSCI Eafe ETF | 1.77% | 207,869 | $18.6M | Add +1.9% |
| UYLD Angel Oak Ultrashort Income | 1.70% | 348,678 | $17.9M | Add +12.1% |
| IUSV iShares Core S&P U.S. Value | 1.59% | 163,211 | $16.7M | Reduce -0.3% |
| NATL NCR Atleos Corp. | 1.41% | 388,408 | $14.8M | Reduce -13.9% |
| ITOT iShares Core S&P Total U.S. | 1.19% | 83,924 | $12.5M | Reduce -7.4% |
| VYM Vanguard High DVD Yield ETF | 1.10% | 80,839 | $11.6M | Add +1.9% |
| CARY Angel Oak Income ETF | 1.05% | 523,639 | $11.0M | Reduce -3.1% |
| XLF SS Financial Select Sector | 0.97% | 185,379 | $10.2M | Reduce -0.0% |
| FIS Fidelity National Info Serv | 0.95% | 150,930 | $10.0M | Reduce -11.2% |
| XLE SS Energy Select Sector | 0.86% | 201,260 | $9.0M | Reduce -10.2% |
| IWP iShares Russell Mid-Cap Grow | 0.80% | 61,332 | $8.4M | Add +0.0% |
| HEFA Isha Curr Hedged MSCI Eafe | 0.80% | 202,951 | $8.4M | Add +28.5% |
| XBI SS SPDR S&P Biotech ETF | 0.78% | 67,024 | $8.2M | Reduce -4.3% |
| IAU iShares Gold Trust | 0.74% | 95,433 | $7.7M | Add +1.1% |
| XLG Invesco S&P 500 Top 50 ETF | 0.66% | 117,638 | $7.0M | No change |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.64% | 74,174 | $6.8M | Reduce -33.9% |
| NVDA Nvidia Corp. | 0.63% | 35,324 | $6.6M | Reduce -0.9% |
| VEA Vanguard Ftse Developed ETF | 0.62% | 104,245 | $6.5M | Reduce -2.0% |
| VYX NCR Voyix Corp. | 0.60% | 616,682 | $6.3M | Reduce -0.8% |
| MSFT Microsoft Corp. | 0.59% | 12,890 | $6.2M | Reduce -1.5% |
| GLD SPDR Gold Shares | 0.59% | 15,719 | $6.2M | Add +25.3% |
| IWD iShares Russell 1000 Value E | 0.59% | 29,577 | $6.2M | Reduce -1.6% |
| IJS iShares S&P Small-Cap 600 Va | 0.58% | 53,549 | $6.1M | Add +1.5% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.57% | 138,334 | $6.0M | Reduce -1.2% |
| IWM iShares Russell 2000 ETF | 0.55% | 23,535 | $5.8M | Add +0.4% |
| CARR Carrier Global Corp. | 0.53% | 104,631 | $5.5M | Reduce -0.0% |
| FISV Fiserv Inc. | 0.51% | 79,755 | $5.4M | New |
| IXUS iShares Core Intl Stock ETF | 0.51% | 62,851 | $5.3M | Reduce -0.5% |
| GSL Global Ship Lease Inc. Class A | 0.50% | 149,471 | $5.2M | Add +12.5% |
| XLI SS Industrial Select Sector | 0.49% | 32,929 | $5.1M | Add +11.3% |
| EFA iShares MSCI Eafe ETF | 0.48% | 52,963 | $5.1M | Reduce -0.6% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.47% | 94,239 | $5.0M | Reduce -1.4% |
| ARKW ARK Next Generation Technolo | 0.47% | 33,158 | $4.9M | Reduce -10.2% |
| IBB iShares Biotechnology ETF | 0.46% | 28,398 | $4.8M | Reduce -7.0% |
| AMZN Amazon.com Inc. | 0.43% | 19,802 | $4.6M | Reduce -1.3% |
| VXUS Vanguard Total Intl Stock | 0.43% | 59,465 | $4.5M | Add +1.7% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.42% | 60,131 | $4.4M | Add +11.2% |
| DVYE iShares Emerging Markets Div | 0.41% | 139,341 | $4.3M | Add +1.0% |
| IWO iShares Russell 2000 Growth | 0.41% | 13,422 | $4.3M | Reduce -6.2% |
| SHY iShares 1-3 Year Treasury Bo | 0.41% | 52,184 | $4.3M | Reduce -1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.41% | 8,524 | $4.3M | Reduce -3.7% |
| GDX Vaneck Gold Miners ETF | 0.40% | 49,623 | $4.3M | Add +59.9% |
| SIL Global X Silver Miners ETF | 0.39% | 47,940 | $4.0M | Add +283.1% |
| SLV iShares Silver Trust | 0.38% | 62,723 | $4.0M | Add +101.8% |
| TSLA Tesla Inc. | 0.38% | 8,844 | $4.0M | Add +0.8% |
| IDV iShares International Select | 0.35% | 93,114 | $3.7M | Add +4.4% |
| QUAL iShares MSCI USA Quality Fac | 0.35% | 18,489 | $3.7M | Reduce -6.2% |
| ASB Associated Banc-Corp. | 0.35% | 142,395 | $3.7M | Add +23.4% |
| GNR State Street SPDR S&P Global | 0.33% | 55,341 | $3.4M | Add +13.4% |
| PAAS Pan American Silver Corp. | 0.31% | 63,704 | $3.3M | Add +64.7% |
| ET Energy Transfer LP | 0.31% | 199,993 | $3.3M | Reduce -46.7% |
| CNNE Cannae Holdings Inc. | 0.29% | 195,819 | $3.1M | Add +1.9% |
| DVY iShares Select Dividend ETF | 0.27% | 20,263 | $2.9M | Add +2.3% |
| ARKK ARK Innovation ETF | 0.25% | 33,599 | $2.6M | Reduce -0.9% |
| NEM Newmont Corp. | 0.24% | 24,753 | $2.5M | Add +29.9% |
| JPM JPMorgan Chase & Co. | 0.23% | 7,569 | $2.4M | Reduce -18.4% |
| CIBR First Trust Nasdaq Cybersecu | 0.22% | 32,958 | $2.4M | Reduce -1.8% |
| SHW The Sherwin-Williams Co. | 0.22% | 7,198 | $2.3M | No change |
| AEM Agnico Eagle Mines Ltd. | 0.22% | 13,480 | $2.3M | Add +150.1% |
| ARLP Alliance Resource Partners | 0.21% | 96,890 | $2.3M | Reduce -66.5% |
| EPD Enterprise Products Partners | 0.21% | 69,662 | $2.2M | Reduce -59.5% |
| GOOGL Alphabet Inc. Class A | 0.20% | 6,827 | $2.1M | Reduce -13.7% |
| IWR iShares Russell Mid-Cap ETF | 0.20% | 21,781 | $2.1M | Add +6.6% |
| QQQM Invesco Nasdaq 100 ETF | 0.19% | 7,996 | $2.0M | Reduce -6.8% |
| VWO Vanguard Ftse Emerging Marke | 0.19% | 37,571 | $2.0M | Add +0.2% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.19% | 34,668 | $2.0M | Reduce -3.9% |
| FG F&G Annuities & Life Inc. | 0.19% | 64,280 | $2.0M | Add +87.2% |
| BANC Banc of California Inc. | 0.19% | 101,750 | $2.0M | Add +0.6% |
| PAA Plains All Amer Pipeline LP | 0.19% | 109,604 | $2.0M | Reduce -20.9% |
| VIG Vanguard Dividend Apprec ETF | 0.18% | 8,717 | $1.9M | Add +0.4% |
| MPLX MPLX LP | 0.18% | 35,765 | $1.9M | Reduce -65.7% |
| DTH Wisdomtree International Hig | 0.18% | 36,426 | $1.9M | No change |
| PG The Procter & Gamble Co. | 0.17% | 12,612 | $1.8M | Reduce -5.2% |
| MAN Manpowergroup Inc. | 0.17% | 60,239 | $1.8M | Add +1.9% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.17% | 4,335 | $1.8M | No change |
| BX Blackstone Inc. | 0.17% | 11,454 | $1.8M | Reduce -1.7% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.16% | 35,732 | $1.7M | Reduce -6.0% |
| IHAK iShares Cybersecurity & Tech | 0.16% | 34,290 | $1.7M | Add +2.9% |
| EXAS Exact Sciences Corp. | 0.15% | 16,005 | $1.6M | No change |
| IGM iShares Expanded Tech Sector | 0.15% | 12,140 | $1.6M | Reduce -15.3% |
| IEF iShares 7-10 Year Treasury B | 0.15% | 16,288 | $1.6M | Add +19.4% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.15% | 11,806 | $1.6M | Add +1.0% |
| IXJ iShares Global Healthcare Et | 0.15% | 15,940 | $1.6M | No change |
| ARKQ ARK Autonomous Tech & Robot | 0.14% | 13,263 | $1.5M | Add +1.3% |
Options reported separately and not counted above: SPDR S&P 500 ETF puts ($25.8M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $269K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 212 | $269K | No change |
| PSEWF Paysafe Ltd. -CW26 | *W EXP 03/30/202 | 33,333 | $7 | No change |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q3 2025 → Q4 2025
| ZWS Zurn Elkay Water Solutions C | Reduce -4.5% | 10.28% | −0.69 |
| ARLP Alliance Resource Partners | Reduce -66.5% | 0.21% | −0.49 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -33.9% | 0.64% | −0.34 |
| MPLX MPLX LP | Reduce -65.7% | 0.18% | −0.32 |
| ET Energy Transfer LP | Reduce -46.7% | 0.31% | −0.30 |
| EPD Enterprise Products Partners | Reduce -59.5% | 0.21% | −0.30 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -9.5% | 3.46% | −0.30 |
| NATL NCR Atleos Corp. | Reduce -13.9% | 1.41% | −0.29 |
| VZ Verizon Communications Inc. | Reduce -86.8% | 0.03% | −0.21 |
| ARKW ARK Next Generation Technolo | Reduce -10.2% | 0.47% | −0.15 |
| VYX NCR Voyix Corp. | Reduce -0.8% | 0.60% | −0.15 |
| FIS Fidelity National Info Serv | Reduce -11.2% | 0.95% | −0.12 |
| XLE SS Energy Select Sector | Reduce -10.2% | 0.86% | −0.10 |
| ITOT iShares Core S&P Total U.S. | Reduce -7.4% | 1.19% | −0.08 |
| CARR Carrier Global Corp. | Reduce -0.0% | 0.53% | −0.07 |
| MSFT Microsoft Corp. | Reduce -1.5% | 0.59% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -18.4% | 0.23% | −0.05 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.05 |
| CARY Angel Oak Income ETF | Reduce -3.1% | 1.05% | −0.04 |
| PAA Plains All Amer Pipeline LP | Reduce -20.9% | 0.19% | −0.04 |
| ARKK ARK Innovation ETF | Reduce -0.9% | 0.25% | −0.03 |
| META Meta Platforms Inc. Class A | Reduce -25.0% | 0.07% | −0.03 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.03 |
| AGG iShares Core U.S. Aggregate | Reduce -61.7% | 0.02% | −0.03 |
| IWF iShares Russell 1000 Growth | Reduce -2.0% | 1.85% | −0.03 |
| BMNR Bitmine Immersion Technologi | Sold out | 0.00% | −0.03 |
| GE General Electric | Reduce -39.4% | 0.05% | −0.03 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.03 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.03 |
| AAPL Apple Inc. | Reduce -7.0% | 1.89% | −0.03 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.03 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.03 |
| IWO iShares Russell 2000 Growth | Reduce -6.2% | 0.41% | −0.03 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.7% | 1.97% | −0.03 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.03 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -5.2% | 0.17% | −0.02 |
| IGM iShares Expanded Tech Sector | Reduce -15.3% | 0.15% | −0.02 |
| BX Blackstone Inc. | Reduce -1.7% | 0.17% | −0.02 |
| IBDR iShares Ibonds Dec 2026 Term | Reduce -15.8% | 0.11% | −0.02 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −0.02 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Reduce -1.2% | 0.57% | −0.02 |
| SILJ Amplify Junior Silver Miners | Sold out | 0.00% | −0.02 |
| CIBR First Trust Nasdaq Cybersecu | Reduce -1.8% | 0.22% | −0.02 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.02 |
| ETN Eaton Corp. PLC | Reduce -9.2% | 0.07% | −0.02 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.02 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −0.02 |
| SUN Sunoco LP | Sold out | 0.00% | −0.02 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| SGOV iShares 0-3 Month Treasury B | Add +49.8% | 1.96% | +0.64 |
| FISV Fiserv Inc. | New | 0.51% | +0.51 |
| SIL Global X Silver Miners ETF | Add +283.1% | 0.39% | +0.30 |
| SLV iShares Silver Trust | Add +101.8% | 0.38% | +0.26 |
| HEFA Isha Curr Hedged MSCI Eafe | Add +28.5% | 0.80% | +0.20 |
| GDX Vaneck Gold Miners ETF | Add +59.9% | 0.40% | +0.18 |
| SHV iShares 0-1 Year Treasury Bo | Add +10.5% | 2.06% | +0.18 |
| UYLD Angel Oak Ultrashort Income | Add +12.1% | 1.70% | +0.17 |
| PAAS Pan American Silver Corp. | Add +64.7% | 0.31% | +0.17 |
| GLD SPDR Gold Shares | Add +25.3% | 0.59% | +0.17 |
| FNF Fidelity National Financial | Add +21.0% | 1.92% | +0.15 |
| AEM Agnico Eagle Mines Ltd. | Add +150.1% | 0.22% | +0.13 |
| ALKT Alkami Technology Inc. | New | 0.11% | +0.11 |
| GSL Global Ship Lease Inc. Class A | Add +12.5% | 0.50% | +0.11 |
| IR Ingersoll-Rand Inc. | New | 0.10% | +0.10 |
| FG F&G Annuities & Life Inc. | Add +87.2% | 0.19% | +0.09 |
| NEM Newmont Corp. | Add +29.9% | 0.24% | +0.08 |
| IAU iShares Gold Trust | Add +1.1% | 0.74% | +0.08 |
| VOO Vanguard S&P 500 ETF | Add +0.2% | 4.98% | +0.08 |
| FBTC Fidelity Wise Origin Bitcoin | Add +465.4% | 0.09% | +0.07 |
| IJH iShares Core S&P Midcap ETF | Add +3.1% | 1.94% | +0.07 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +11.2% | 0.42% | +0.07 |
| ASB Associated Banc-Corp. | Add +23.4% | 0.35% | +0.06 |
| IEFA iShares Core MSCI Eafe ETF | Add +1.9% | 1.77% | +0.06 |
| CDE Coeur Mining Inc. | New | 0.06% | +0.06 |
| XLV SS Health Care Select Sector | Add +234.9% | 0.07% | +0.05 |
| MU Micron Technology Inc. | Add +10.8% | 0.11% | +0.05 |
| GNR State Street SPDR S&P Global | Add +13.4% | 0.33% | +0.05 |
| JEPI JPMorgan Equity Premium Inco | Add +163.6% | 0.08% | +0.05 |
| WPM Wheaton Precious Metals Corp. | New | 0.05% | +0.05 |
| XLI SS Industrial Select Sector | Add +11.3% | 0.49% | +0.05 |
| NRG NRG Energy Inc. | New | 0.05% | +0.05 |
| BXSL Blackstone Secured Lending F | New | 0.05% | +0.05 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.5% | 2.79% | +0.05 |
| FNV Franco-Nevada Corp. | New | 0.05% | +0.05 |
| DFAI Dimensional International Co. | Add +67.7% | 0.11% | +0.05 |
| IEMG iShares Core MSCI Emerging | Add +0.8% | 2.27% | +0.04 |
| VHT Vanguard Health Care ETF | New | 0.04% | +0.04 |
| IDV iShares International Select | Add +4.4% | 0.35% | +0.04 |
| EUSA iShares MSCI USA Equal Weigh | Add +60.5% | 0.09% | +0.03 |
| AMD Advanced Micro Devices | Add +5.6% | 0.11% | +0.03 |
| VYM Vanguard High DVD Yield ETF | Add +1.9% | 1.10% | +0.03 |
| TGT Target Corp. | New | 0.03% | +0.03 |
| FCX Freeport-McMoran Inc. | New | 0.03% | +0.03 |
| BANC Banc of California Inc. | Add +0.6% | 0.19% | +0.03 |
| BMY Bristol-Myers Squibb Co. | New | 0.02% | +0.02 |
| RIO Rio Tinto PLC-Spon ADR | Add +88.9% | 0.04% | +0.02 |
| IEF iShares 7-10 Year Treasury B | Add +19.4% | 0.15% | +0.02 |
| CONL Granitesh 2X LNG Coin ETF-US | New | 0.02% | +0.02 |
| TSLQ Tradr 2X Short Tsla Daily Et | New | 0.02% | +0.02 |
Options Activity Q3 2025 → Q4 2025
| SPDR S&P 500 ETF | put | New | 43,900 | $25.8M |
| STATE STR SPDR S&P 500 ETF T | put | Sold out | 16,900 | $9.5Mbefore exit |
| SPDR SERIES TRUST | call | Sold out | 2,000 | $200Kbefore exit |
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 |