Galvin, Gaustad & Stein, LLC

Name: Galvin, Gaustad & Stein, LLC 13F holdings, Q4 2025
Creator: Galvin, Gaustad & Stein, LLC
Published: 2026-01-23

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Galvin, Gaustad & Stein, LLC reported 247 stock positions worth $1.3 billion. Its top holding was iShares Core MSCI Eafe ETF (IEFA) at 3.2% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 2.9%) and Microsoft (MSFT, 2.7%). Compared with Q3 2025, it opened 53 new positions, sold out of 9, added to 92 and reduced 80. The biggest buy was a new position in iShares Semiconductor ETF (SOXX) and the biggest sale Viking (VIK, shares −95%).

Most Recent 13F: Q2 2026
Location: Scottsdale, AZ
CIK: 0001840945
Portfolio Value: $1.3B (Q4 2025)
SEC Filing: 0001172661-26-000291 ↗ filed Jan 23, 2026

Holdings Value

Holdings 247 stocks · $1.3B


IEFA iShares Core MSCI Eafe ETF	3.20%	451,162	$40.4M	Reduce -0.1%
VEA Vanguard Ftse Developed ETF	2.89%	584,362	$36.5M	Add +1.1%
MSFT Microsoft Corp.	2.70%	70,419	$34.1M	Add +2.6%
JPM JPMorgan Chase & Co.	2.62%	102,711	$33.1M	Reduce -1.2%
HCA HCA Healthcare Inc.	2.49%	67,371	$31.5M	Reduce -20.0%
AMZN Amazon.com Inc.	2.15%	117,528	$27.1M	Add +3.8%
SCHR Schwab Intermediate-Term US	2.11%	1,064,666	$26.7M	Add +0.4%
GE General Electric filed as GE AEROSPACE	2.08%	85,228	$26.3M	Reduce -4.1%
VSS Vanguard Ftse All Wo X-US SC	2.05%	180,583	$25.9M	Add +0.8%
AGG iShares Core U.S. Aggregate	2.00%	253,304	$25.3M	Add +1.8%
MAT Mattel Inc.	1.98%	1,262,220	$25.0M	Add +1.2%
AAPL Apple Inc.	1.94%	90,284	$24.5M	Reduce -9.9%
AZO AutoZone Inc.	1.82%	6,772	$23.0M	Add +0.6%
AXP American Express Co.	1.71%	58,382	$21.6M	Reduce -10.7%
SCHO Schwab Short-Term US Treas	1.70%	882,638	$21.5M	Add +3.5%
UBER Uber Technologies Inc.	1.70%	263,198	$21.5M	Reduce -0.9%
MBB iShares MBS ETF	1.68%	223,394	$21.3M	Reduce -8.0%
KO The Coca-Cola Co.	1.62%	292,118	$20.4M	Reduce -0.6%
PPL PPL Corp.	1.58%	569,055	$19.9M	Add +13.2%
TSM Taiwan Semiconductor-SP ADR	1.58%	65,539	$19.9M	Reduce -7.9%
UNH Unitedhealth Group Inc.	1.57%	59,999	$19.8M	Reduce -1.6%
V Visa Inc. Class A	1.56%	56,021	$19.6M	Reduce -3.5%
HD Home Depot Inc.	1.52%	55,635	$19.1M	Reduce -4.7%
WM Waste Management Inc.	1.47%	84,701	$18.6M	Reduce -0.2%
GOOG Alphabet Inc. Class C	1.44%	57,972	$18.2M	Reduce -2.9%
BND Vanguard Total Bond Market	1.44%	245,539	$18.2M	Add +0.8%
NVDA Nvidia Corp.	1.32%	89,273	$16.6M	Add +223.6%
IJH iShares Core S&P Midcap ETF	1.30%	248,499	$16.4M	Add +2.8%
GOOGL Alphabet Inc. Class A	1.27%	51,106	$16.0M	Add +1.2%
GEHC GE Healthcare Technology	1.23%	189,834	$15.6M	Add +2.0%
VRTX Vertex Pharmaceuticals Inc.	1.23%	34,309	$15.6M	Add +3.5%
MCHI iShares MSCI China ETF	1.21%	254,233	$15.3M	Reduce -1.8%
UNP Union Pacific Corp.	1.19%	65,215	$15.1M	Add +2.6%
PG The Procter & Gamble Co.	1.17%	103,226	$14.8M	Reduce -11.3%
ASML ASML Holding NV-NY Reg SHS	1.15%	13,545	$14.5M	Reduce -4.8%
CRH CRH PLC	1.14%	115,422	$14.4M	Reduce -2.1%
STIP iShares 0-5 Year Tips Bond E	1.11%	137,485	$14.1M	Add +0.7%
IJR iShares Core S&P Small-Cap E	1.11%	117,004	$14.1M	Reduce -4.3%
IGIB iShares 5-10Y Inv Grade Corp.	1.10%	258,591	$13.9M	Reduce -4.8%
BX Blackstone Inc.	1.08%	88,377	$13.6M	Reduce -5.7%
EOG EOG Resources Inc.	1.04%	125,629	$13.2M	Reduce -13.2%
QQQM Invesco Nasdaq 100 ETF	1.02%	50,843	$12.9M	Add +1046.7%
ICSH iShares Ultra Short Duration	1.02%	254,067	$12.9M	Add +22.1%
SOXX iShares Semiconductor ETF	1.02%	42,618	$12.8M	New
QCOM Qualcomm Inc.	1.00%	73,782	$12.6M	New
META Meta Platforms Inc. Class A	0.97%	18,550	$12.2M	Add +769.7%
CG The Carlyle Group Inc.	0.96%	204,623	$12.1M	Reduce -12.2%
CVX Chevron Corp.	0.93%	77,298	$11.8M	Add +1.3%
IUSB Ishr CR Unvrse Usd BD ETF-Ui	0.90%	245,494	$11.4M	Add +2.7%
PGR Progressive Corp.	0.89%	49,094	$11.2M	New
VNQ Vanguard Real Estate ETF	0.85%	121,472	$10.7M	Add +0.1%
BIV Vanguard Intermediate-Term B	0.80%	129,510	$10.1M	Reduce -0.2%
ZTS Zoetis Inc.	0.79%	79,405	$10.0M	Reduce -9.9%
VCIT Vanguard Int-Term Corporate	0.64%	95,854	$8.0M	Reduce -7.0%
IGSB iShares 1-5Y Inv Grade Corp.	0.59%	141,895	$7.5M	Reduce -3.9%
OTIS Otis Worldwide Corp.	0.56%	80,892	$7.1M	Reduce -34.6%
SMH Vaneck Semiconductor ETF	0.56%	19,472	$7.0M	New
WCC Wesco International Inc.	0.55%	28,504	$7.0M	New
IEMG iShares Core MSCI Emerging	0.52%	98,494	$6.6M	Reduce -47.5%
BSV Vanguard Short-Term Bond ETF	0.51%	81,066	$6.4M	Reduce -2.8%
JIRE JPMorgan Int Res Enh Eqty	0.50%	83,689	$6.3M	Add +5.6%
VCRB Vanguard Core Bond ETF	0.49%	79,187	$6.2M	Add +18.8%
VCSH Vanguard S/T Corp. Bond ETF	0.49%	76,971	$6.1M	Reduce -0.4%
IVV iShares Core S&P 500 ETF	0.48%	8,822	$6.0M	Add +24.0%
VWO Vanguard Ftse Emerging Marke	0.46%	107,676	$5.8M	Reduce -35.9%
COST Costco Wholesale Corp.	0.44%	6,403	$5.5M	Reduce -4.7%
FLUT Flutter Entertainment PLC-Di	0.43%	25,318	$5.4M	Reduce -16.6%
JPST JPMorgan Ultra-Short Income	0.39%	97,195	$4.9M	Add +41.2%
MA Mastercard Inc. Class A	0.38%	8,323	$4.8M	Reduce -0.7%
VB Vanguard Most SM-Cap ETF-Usd	0.37%	18,356	$4.7M	Reduce -6.8%
MUB iShares National Muni Bond E	0.35%	41,098	$4.4M	Add +6.1%
SPYM Ste STR SPDR PT S&P 500 ETF	0.30%	47,254	$3.8M	Add +1052.5%
JNJ Johnson & Johnson	0.28%	17,175	$3.6M	Add +5.4%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.27%	41,529	$3.3M	New
IEV iShares Europe ETF	0.26%	47,290	$3.2M	New
VIG Vanguard Dividend Apprec ETF	0.26%	14,714	$3.2M	Add +24.9%
VTEB Vanguard Tax-Exempt Bond ETF	0.25%	62,529	$3.1M	Add +1.3%
BRK.B Berkshire Hathaway Inc. Class B	0.23%	5,843	$2.9M	Add +39.3%
XLE SS Energy Select Sector	0.23%	65,625	$2.9M	Add +134.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.23%	24,670	$2.9M	Reduce -1.2%
JMUB JPMorgan Municipal ETF	0.22%	56,181	$2.8M	Add +0.3%
SPGP Invesco S&P 500 Garp ETF	0.21%	23,756	$2.7M	New
EEM iShares MSCI Emerging Market	0.20%	45,277	$2.5M	New
SCHQ Schwab Long-Term US Treasury	0.19%	76,830	$2.4M	Add +1.2%
XOM Exxon Mobil Corp.	0.19%	20,053	$2.4M	Add +0.2%
JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F	0.17%	43,234	$2.2M	New
FBND Fidelity Total Bond ETF	0.17%	46,742	$2.2M	Reduce -0.7%
DIVB iShares Core Dividend ETF	0.17%	39,366	$2.1M	Reduce -7.5%
GS Goldman Sachs Group Inc.	0.15%	2,204	$1.9M	Reduce -14.3%
COF Capital One Financial Corp.	0.15%	7,802	$1.9M	Reduce -2.3%
SCHP Schwab U.S. Tips ETF	0.15%	70,756	$1.9M	Reduce -0.7%
JEPI JPMorgan Equity Premium Inco	0.15%	32,580	$1.9M	Reduce -11.7%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F	0.14%	34,658	$1.8M	Add +7.1%
VTI VG Morningstar TS MKT ETF-US	0.14%	5,089	$1.7M	Reduce -18.6%
SUB iShares Short-Term National	0.13%	15,696	$1.7M	Reduce -10.9%
DBMF Imgp Dbi MFT STR ETF-Usd Inc.	0.13%	58,914	$1.7M	New
ITOT iShares Core S&P Total U.S.	0.12%	10,403	$1.5M	Add +5.8%
VTV Vanguard Mrngstr Val ETF-Aui	0.12%	7,870	$1.5M	Add +12.6%
PM Philip Morris International	0.12%	9,249	$1.5M	Add +0.7%
BLV Vanguard Long-Term Bond ETF	0.12%	20,930	$1.5M	Reduce -3.6%
SPTM SS SPDR P S&P 1500 Comp ETF	0.12%	17,605	$1.5M	New
LLY Eli Lilly & Co.	0.11%	1,347	$1.4M	Add +12.6%
CLOI Vaneck Clo ETF	0.11%	26,235	$1.4M	New
IWF iShares Russell 1000 Growth	0.10%	2,751	$1.3M	Reduce -7.9%
BOKF Bok Financial Corporation	0.10%	10,815	$1.3M	No change
EPD Enterprise Products Partners	0.10%	39,806	$1.3M	Reduce -0.3%
ABBV Abbvie Inc.	0.10%	5,567	$1.3M	Add +1.1%
QUAL iShares MSCI USA Quality Fac	0.10%	6,361	$1.3M	Add +223.1%
IWN iShares Russell 2000 Value E	0.10%	6,629	$1.2M	New
CRWD CrowdStrike Holdings Inc. Class A	0.09%	2,515	$1.2M	Add +3.9%
AVGO Broadcom Inc.	0.09%	3,350	$1.2M	Add +11.6%
PANW Palo Alto Networks Inc.	0.09%	6,292	$1.2M	Add +28.6%
SPY SS SPDR S&P 500 ETF Trust-US	0.09%	1,652	$1.1M	Add +0.1%
BLK BlackRock Inc.	0.09%	1,031	$1.1M	Add +1.0%
DFAI Dimensional International Co.	0.09%	28,887	$1.1M	Reduce -2.8%
VO Vngrd Mrngstr MD-Cap ETF-Usd	0.09%	3,782	$1.1M	Add +1.0%
XLK SS Technology Select Sector	0.09%	7,554	$1.1M	Reduce -1.7%
PHYS Sprott Physical Gold Trust	0.09%	32,683	$1.1M	Reduce -4.7%
HON Honeywell International Inc.	0.08%	5,479	$1.1M	Add +0.0%
SCHD Schwab US DVD Equity ETF	0.08%	38,630	$1.1M	Reduce -22.5%
XLF SS Financial Select Sector	0.08%	19,173	$1.1M	Reduce -10.7%
VCRM Vanguard Core Tax-Ex Bond	0.08%	13,431	$1.0M	Add +27.4%
FTCS First Trust Capital Strength	0.08%	10,516	$973K	New
RTX RTX Corp.	0.07%	5,076	$931K	Add +1.8%
TSLA Tesla Inc.	0.07%	1,986	$893K	Reduce -6.1%
DASH DoorDash Inc. Class A	0.07%	3,921	$888K	New
SPYV SS SPDR P S&P 500 Value ETF	0.07%	15,322	$870K	New
QLD Proshares Ultra QQQ	0.07%	12,360	$870K	Add +10.8%
VOO Vanguard S&P 500 ETF	0.07%	1,381	$866K	Add +6.6%
VIK Viking Holdings Ltd.	0.07%	12,094	$864K	Reduce -94.9%
MO Altria Group Inc.	0.07%	14,904	$859K	Add +3.2%
DGX Quest Diagnostics Inc.	0.07%	4,951	$859K	Reduce -4.0%
WMT Walmart Inc.	0.07%	7,487	$834K	Add +2.6%
VEU Vanguard Ftse All-World Ex-U	0.06%	11,098	$816K	No change
MTUM iShares MSCI USA Momentum Fa	0.06%	3,260	$816K	New
SSO Proshares Ultra S&P500	0.06%	13,990	$810K	No change
VUG Vanguard Mrngstar GR ETF-Sui	0.06%	1,538	$750K	Reduce -26.0%
LVHI Franklin International Low V	0.06%	20,346	$749K	Add +5.6%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD	0.06%	21,354	$745K	Add +207.2%
CEG Constellation Energy	0.06%	1,995	$705K	Add +0.1%
VCLT Vanguard Long-Term Corp. Bond	0.06%	9,242	$701K	Reduce -4.7%
FNCL Fidelity MSCI Financial Indx	0.05%	8,724	$678K	Reduce -1.7%
QQQ Invesco QQQ Trust Series 1	0.05%	1,101	$676K	New
LOW Lowe's Cos Inc.	0.05%	2,781	$671K	Add +1.2%
UPS United Parcel Service Class B	0.05%	6,739	$668K	Add +0.1%
AMGN Amgen Inc.	0.05%	2,042	$668K	No change
BALT Inn Defined Wealth Shield	0.05%	19,657	$659K	New
GLD SPDR Gold Shares	0.05%	1,641	$650K	New
IAU iShares Gold Trust	0.05%	7,735	$628K	Add +1.1%
CSCO Cisco Systems Inc.	0.05%	8,078	$622K	Add +0.0%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F	0.05%	10,500	$610K	No change
GD General Dynamics Corp.	0.05%	1,763	$594K	Reduce -22.1%
PJAN Innovator U.S. Equity Power	0.05%	12,613	$593K	New
VGT Vanguard Info Tech ETF	0.05%	781	$589K	Reduce -1.4%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.05%	2,749	$582K	Reduce -2.3%
CPRT Copart Inc.	0.04%	14,350	$562K	Reduce -93.8%
POCT Innovator U.S. Equity Power	0.04%	12,415	$545K	New
GCOW Pacer Global Cash Cows Divid	0.04%	13,138	$542K	New
FREL Fidelity MSCI RL Est Indx	0.04%	19,800	$532K	Add +110.6%
MRK Merck & Co. Inc.	0.04%	4,976	$524K	Add +39.7%
IBIT iShares Bitcoin Trust ETF	0.04%	10,498	$521K	Reduce -15.2%
MCK McKesson Corp.	0.04%	612	$502K	Reduce -31.3%
USMV iShares MSCI USA Min Vol Fac	0.04%	5,230	$492K	New
RSP Invesco S&P 500 Equal Weight	0.04%	2,538	$486K	Add +47.3%
XLY SS Consumer Disc Select Sect	0.04%	4,021	$480K	Add +1.5%
VLUE iShares MSCI USA Value Facto	0.04%	3,468	$474K	New
SCHF Schwab Intl Equity ETF	0.04%	18,974	$456K	Add +13.9%
SCMB Schwab Municipal Bond ETF	0.04%	17,599	$453K	Reduce -0.2%
IWD iShares Russell 1000 Value E	0.04%	2,151	$452K	Reduce -14.3%
PDEC Innovator U.S. Equity Power	0.04%	10,371	$450K	New
DFAC Dimensional US Core Equity 2	0.04%	11,258	$446K	Add +0.2%
FIX Comfort Systems USA Inc.	0.04%	476	$444K	Add +83.8%
SHC Sotera Health Co.	0.03%	24,452	$431K	Add +39.6%
PFEB Innovator U.S. Equity Power	0.03%	10,547	$429K	New
FENY Fidelity MSCI Energy Index	0.03%	17,050	$422K	Add +0.1%
VFH Vanguard Financials ETF	0.03%	3,163	$422K	Reduce -0.2%
VIGI Vanguard Int Div App Indx FD	0.03%	4,486	$410K	Reduce -18.1%
LIN Linde PLC	0.03%	956	$408K	Add +43.5%
SPHQ Invesco S&P 500 Quality ETF	0.03%	5,395	$405K	Add +3.1%
PJUL Innovator U.S. Equity Power	0.03%	8,714	$405K	New
DGRW Wisdomtree U.S. Quality Divi	0.03%	4,400	$393K	No change
MELI MercadoLibre Inc.	0.03%	195	$393K	Reduce -96.8%
LMT Lockheed Martin Corp.	0.03%	807	$390K	Add +45.1%
SBUX Starbucks Corp.	0.03%	4,602	$388K	Reduce -6.6%
FUTY Fidelity MSCI US Utilities	0.03%	7,000	$387K	No change
UAPR Innovator U.S. Equity Ultra	0.03%	11,673	$383K	New
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.03%	6,942	$382K	Add +0.7%
RY Royal Bank of Canada	0.03%	2,200	$375K	No change
PAPR Innovator U.S. Equity Power	0.03%	9,510	$372K	New
SCZ iShares MSCI Eafe Small-Cap	0.03%	4,780	$371K	Reduce -10.5%
DYNF Ishrs US E F R A ETF-Usd Inc.	0.03%	5,919	$360K	Add +53.0%
DE Deere & Co.	0.03%	765	$356K	Reduce -7.4%
NRG NRG Energy Inc.	0.03%	2,229	$355K	No change
VGLT Vanguard Long-Term Treasury	0.03%	6,260	$349K	Reduce -3.1%
DEM Wisdomtree Emerging Markets	0.03%	7,381	$345K	New
EFAV iShares MSCI Eafe Min Vol Fa	0.03%	3,993	$344K	Reduce -5.9%
AIG American International Group	0.03%	4,000	$342K	No change
VRT Vertiv Holdings Co. Class A	0.03%	2,103	$341K	Add +13.2%
VUSB Vanguard Ultra Short Bond Et	0.03%	6,674	$333K	Add +14.4%
DOW Dow Inc.	0.03%	14,053	$329K	New
IVW iShares S&P 500 Growth ETF	0.03%	2,612	$322K	No change
FTEC Fidelity MSCI Info Tech Indx	0.03%	1,430	$321K	Reduce -6.3%
CWB SS SPDR BB Conv Sec ETF	0.03%	3,600	$321K	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.03%	1,074	$318K	New
EFA iShares MSCI Eafe ETF	0.02%	3,281	$315K	Add +21.9%
AMAT Applied Materials Inc.	0.02%	1,223	$314K	Add +11.2%
PMAR Innovator U.S. Equity Power	0.02%	6,893	$310K	New
SCHA Schwab US Small-Cap ETF	0.02%	10,868	$310K	Add +10.6%
IWV iShares Russell 3000 ETF	0.02%	789	$305K	New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE	0.02%	625	$300K	No change
ORCL Oracle Corp.	0.02%	1,531	$298K	Add +14.7%
PNOV Innovator U.S. Equity Power	0.02%	7,120	$297K	New
RHP Ryman Hospitality Properties	0.02%	3,061	$290K	Add +1.3%
IWR iShares Russell Mid-Cap ETF	0.02%	2,964	$285K	No change
VBK Van Morst SML-Cap Gro-Usd Inc.	0.02%	930	$281K	No change
PMAY Innovator U.S. Equity Power	0.02%	7,035	$279K	New
PSEP Innovator U.S. Equity Power	0.02%	6,318	$276K	New
VOT Vngrd Mrngstr MC GRW ETF-Usd	0.02%	960	$268K	No change
NKE Nike Inc. Class B	0.02%	4,150	$264K	New
BA The Boeing Co.	0.02%	1,216	$264K	New
SPLV Invesco S&P 500 Low Volatili	0.02%	3,670	$262K	No change
IWS iShares Russell Mid-Cap Valu	0.02%	1,851	$261K	Add +3.5%
WFC Wells Fargo & Co.	0.02%	2,793	$260K	Reduce -3.5%
VYM Vanguard High DVD Yield ETF	0.02%	1,750	$251K	No change
IYY iShares Dow Jones U.S. ETF	0.02%	1,495	$248K	New
PAUG Innovator U.S. Equity Power	0.02%	5,733	$248K	New
PJUN Innovator U.S. Equity Power	0.02%	5,894	$247K	New
NFLX Netflix Inc.	0.02%	2,573	$241K	Add +39.8%
ISRG Intuitive Surgical Inc.	0.02%	424	$240K	New
IWO iShares Russell 2000 Growth	0.02%	740	$239K	Add +9.0%
VLO Valero Energy Corp.	0.02%	1,450	$236K	No change
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd	0.02%	2,295	$235K	No change
ZOCT Inr Eqty Def P ETF - 1 Y Oc	0.02%	8,750	$235K	New
SPSB SS SPDR P St C Corp. ETF	0.02%	7,747	$234K	New
INTU Intuit Inc.	0.02%	345	$229K	Add +3.9%
LH Labcorp Holdings Inc.	0.02%	899	$226K	No change
ZM Zoom Communications Inc.	0.02%	2,575	$222K	Reduce -4.3%
IWB iShares Russell 1000 ETF	0.02%	592	$221K	Reduce -4.0%
DUK Duke Energy Corp.	0.02%	1,857	$218K	Add +2.4%
CERT Certara Inc.	0.02%	24,651	$217K	Add +49.3%
DTCR Global X Data Center & Digit	0.02%	10,000	$211K	New
IYW iShares Ustechnology ETF	0.02%	1,050	$210K	No change
AMD Advanced Micro Devices	0.02%	978	$209K	New
RPG Invesco S&P 500 Pure Growth	0.02%	4,442	$207K	New
LRCX Lam Research Corp.	0.02%	1,205	$206K	New
MMM 3M Co.	0.02%	1,280	$205K	New
TNYA Tenaya Therapeutics Inc.	0.00%	11,000	$8K	No change

Options reported separately and not counted above: SPY puts ($955K).

Other holdings (2): bonds, preferreds, convertibles and warrants · $17.3M (not counted above)

Security	Class	Shares / Principal	Value	Change
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	13,794	$16.7M	Add +2.7%
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	442	$553K	No change

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q3 2025 → Q4 2025


VIK Viking Holdings Ltd.	Reduce -94.9%	0.07%	−1.14
MELI MercadoLibre Inc.	Reduce -96.8%	0.03%	−1.13
DEO Diageo PLC-Sponsored ADR	Sold out	0.00%	−1.03
CPRT Copart Inc.	Reduce -93.8%	0.04%	−0.81
IEMG iShares Core MSCI Emerging	Reduce -47.5%	0.52%	−0.50
HCA HCA Healthcare Inc.	Reduce -20.0%	2.49%	−0.47
UBER Uber Technologies Inc.	Reduce -0.9%	1.70%	−0.44
HD Home Depot Inc.	Reduce -4.7%	1.52%	−0.44
OTIS Otis Worldwide Corp.	Reduce -34.6%	0.56%	−0.37
PG The Procter & Gamble Co.	Reduce -11.3%	1.17%	−0.30
EOG EOG Resources Inc.	Reduce -13.2%	1.04%	−0.29
VWO Vanguard Ftse Emerging Marke	Reduce -35.9%	0.46%	−0.29
ZTS Zoetis Inc.	Reduce -9.9%	0.79%	−0.27
CG The Carlyle Group Inc.	Reduce -12.2%	0.96%	−0.25
BX Blackstone Inc.	Reduce -5.7%	1.08%	−0.24
MBB iShares MBS ETF	Reduce -8.0%	1.68%	−0.22
FLUT Flutter Entertainment PLC-Di	Reduce -16.6%	0.43%	−0.20
MCHI iShares MSCI China ETF	Reduce -1.8%	1.21%	−0.20
UNH Unitedhealth Group Inc.	Reduce -1.6%	1.57%	−0.17
AAPL Apple Inc.	Reduce -9.9%	1.94%	−0.16
GE General Electric	Reduce -4.1%	2.08%	−0.13
IGIB iShares 5-10Y Inv Grade Corp.	Reduce -4.8%	1.10%	−0.11
IJR iShares Core S&P Small-Cap E	Reduce -4.3%	1.11%	−0.08
JPM JPMorgan Chase & Co.	Reduce -1.2%	2.62%	−0.08
AXP American Express Co.	Reduce -10.7%	1.71%	−0.08
VCIT Vanguard Int-Term Corporate	Reduce -7.0%	0.64%	−0.08
V Visa Inc. Class A	Reduce -3.5%	1.56%	−0.08
COST Costco Wholesale Corp.	Reduce -4.7%	0.44%	−0.08
WM Waste Management Inc.	Reduce -0.2%	1.47%	−0.07
TSM Taiwan Semiconductor-SP ADR	Reduce -7.9%	1.58%	−0.06
IEFA iShares Core MSCI Eafe ETF	Reduce -0.1%	3.20%	−0.06
IGSB iShares 1-5Y Inv Grade Corp.	Reduce -3.9%	0.59%	−0.05
NOW ServiceNow Inc.	Sold out	0.00%	−0.05
VB Vanguard Most SM-Cap ETF-Usd	Reduce -6.8%	0.37%	−0.04
BIV Vanguard Intermediate-Term B	Reduce -0.2%	0.80%	−0.04
BSV Vanguard Short-Term Bond ETF	Reduce -2.8%	0.51%	−0.04
VTI VG Morningstar TS MKT ETF-US	Reduce -18.6%	0.14%	−0.03
NBIS Nebius Group NV	Sold out	0.00%	−0.03
OKTA Okta Inc.	Sold out	0.00%	−0.03
SCHD Schwab US DVD Equity ETF	Reduce -22.5%	0.08%	−0.03
JEPI JPMorgan Equity Premium Inco	Reduce -11.7%	0.15%	−0.03
IBIT iShares Bitcoin Trust ETF	Reduce -15.2%	0.04%	−0.03
CRH CRH PLC	Reduce -2.1%	1.14%	−0.03
VCSH Vanguard S/T Corp. Bond ETF	Reduce -0.4%	0.49%	−0.02
RRR Red Rock Resorts Inc. Class A	Sold out	0.00%	−0.02
ANET Arista Networks Inc.	Sold out	0.00%	−0.02
IWM iShares Russell 2000 ETF	Sold out	0.00%	−0.02
VUG Vanguard Mrngstar GR ETF-Sui	Reduce -26.0%	0.06%	−0.02
SUB iShares Short-Term National	Reduce -10.9%	0.13%	−0.02
DIVB iShares Core Dividend ETF	Reduce -7.5%	0.17%	−0.02

Portfolio Buys Q3 2025 → Q4 2025


SOXX iShares Semiconductor ETF	New	1.02%	+1.02
QCOM Qualcomm Inc.	New	1.00%	+1.00
QQQM Invesco Nasdaq 100 ETF	Add +1046.7%	1.02%	+0.93
NVDA Nvidia Corp.	Add +223.6%	1.32%	+0.89
PGR Progressive Corp.	New	0.89%	+0.89
META Meta Platforms Inc. Class A	Add +769.7%	0.97%	+0.84
SMH Vaneck Semiconductor ETF	New	0.56%	+0.56
WCC Wesco International Inc.	New	0.55%	+0.55
SPYM Ste STR SPDR PT S&P 500 ETF	Add +1052.5%	0.30%	+0.27
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	New	0.27%	+0.27
IEV iShares Europe ETF	New	0.26%	+0.26
GOOGL Alphabet Inc. Class A	Add +1.2%	1.27%	+0.25
MAT Mattel Inc.	Add +1.2%	1.98%	+0.25
SPGP Invesco S&P 500 Garp ETF	New	0.21%	+0.21
EEM iShares MSCI Emerging Market	New	0.20%	+0.20
JMTG Mortgage-Backed Securities	New	0.17%	+0.17
VRTX Vertex Pharmaceuticals Inc.	Add +3.5%	1.23%	+0.16
ICSH iShares Ultra Short Duration	Add +22.1%	1.02%	+0.15
DBMF Imgp Dbi MFT STR ETF-Usd Inc.	New	0.13%	+0.13
XLE SS Energy Select Sector	Add +134.9%	0.23%	+0.13
SPTM SS SPDR P S&P 1500 Comp ETF	New	0.12%	+0.12
CLOI Vaneck Clo ETF	New	0.11%	+0.11
JPST JPMorgan Ultra-Short Income	Add +41.2%	0.39%	+0.10
AMZN Amazon.com Inc.	Add +3.8%	2.15%	+0.10
IWN iShares Russell 2000 Value E	New	0.10%	+0.10
IVV iShares Core S&P 500 ETF	Add +24.0%	0.48%	+0.09
GEHC GE Healthcare Technology	Add +2.0%	1.23%	+0.08
FTCS First Trust Capital Strength	New	0.08%	+0.08
DASH DoorDash Inc. Class A	New	0.07%	+0.07
SPYV SS SPDR P S&P 500 Value ETF	New	0.07%	+0.07
QUAL iShares MSCI USA Quality Fac	Add +223.1%	0.10%	+0.07
MTUM iShares MSCI USA Momentum Fa	New	0.06%	+0.06
BRK.B Berkshire Hathaway Inc. Class B	Add +39.3%	0.23%	+0.06
VCRB Vanguard Core Bond ETF	Add +18.8%	0.49%	+0.06
QQQ Invesco QQQ Trust Series 1	New	0.05%	+0.05
BALT Inn Defined Wealth Shield	New	0.05%	+0.05
GLD SPDR Gold Shares	New	0.05%	+0.05
PJAN Innovator U.S. Equity Power	New	0.05%	+0.05
VIG Vanguard Dividend Apprec ETF	Add +24.9%	0.26%	+0.05
POCT Innovator U.S. Equity Power	New	0.04%	+0.04
GCOW Pacer Global Cash Cows Divid	New	0.04%	+0.04
LLY Eli Lilly & Co.	Add +12.6%	0.11%	+0.04
USMV iShares MSCI USA Min Vol Fac	New	0.04%	+0.04
PPL PPL Corp.	Add +13.2%	1.58%	+0.04
VLUE iShares MSCI USA Value Facto	New	0.04%	+0.04
GDS GDS Holdings Ltd. - ADR	Add +207.2%	0.06%	+0.04
PDEC Innovator U.S. Equity Power	New	0.04%	+0.04
VEA Vanguard Ftse Developed ETF	Add +1.1%	2.89%	+0.03
PFEB Innovator U.S. Equity Power	New	0.03%	+0.03
JNJ Johnson & Johnson	Add +5.4%	0.28%	+0.03

Notes & Other Activity Q3 2025 → Q4 2025


WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Add +2.7%	13,794	$16.7M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	259	$1.3B	XLK, IEFA, VEA, NVDA, GE
Q1 2026	249	$1.2B	XLK, IEFA, VEA, HCA, SCHR
Q4 2025	247	$1.3B	IEFA, VEA, MSFT, JPM, HCA
Q3 2025	203	$1.2B	IEFA, HCA, MSFT, VEA, JPM
Q2 2025	189	$1.1B	IEFA, VEA, MSFT, HCA, JPM
Q1 2025	179	$1.1B	IEFA, UNH, VEA, JPM, V
Q4 2024	180	$1.1B	IEFA, LULU, AMZN, JPM, UNH
Q3 2024	182	$1.1B	IEFA, UNH, VEA, MSFT, KO
Q2 2024	181	$1.1B	IEFA, UNH, MSFT, VEA, JPM
Q1 2024	182	$1.1B	IEFA, MSFT, VEA, JPM, UNH