Innealta Capital, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Innealta Capital, LLC reported 104 stock positions worth $189.6 million. Its top holding was SS Technology Select Sector (XLK) at 13.0% of the portfolio, followed by SS Financial Select Sector (XLF, 11.9%) and SS Comm Select Sector SPDR (XLC, 6.6%). Compared with Q1 2025, it opened 24 new positions, sold out of 32, added to 29 and reduced 33. The biggest buy was SS Technology Select Sector (XLK, shares +121%) and the biggest sale JPMorgan Active Bond ETF (JBND, shares −88%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001752579
Portfolio Value
$189.6M (Q2 2025)
SEC Filing
0001752579-25-000005 ↗ filed Aug 6, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $236.7M Q1 2024 Q2 2024: $301.2M Q2 2024 Q3 2024: $245.1M Q3 2024 Q4 2024: $204.8M Q4 2024 Q1 2025: $182.9M Q1 2025 Q2 2025: $189.6M $189.6M Q2 2025 Q3 2025: $200.1M Q3 2025 Q4 2025: $184.7M Q4 2025 Q1 2026: $161.0M Q1 2026 Q2 2026: $187.4M Q2 2026

Holdings 104 stocks · $189.6M
XLK SS Technology Select Sector 13.05% 97,694 $24.7M Add +120.7%
XLF SS Financial Select Sector 11.94% 432,356 $22.6M Add +43.9%
XLC SS Comm Select Sector SPDR 6.63% 115,912 $12.6M Add +95.4%
XLV SS Health Care Select Sector 5.15% 72,391 $9.8M Add +43.1%
XLY SS Consumer Disc Select Sect 3.98% 34,705 $7.5M Reduce -5.8%
FLJP Franklin Ftse Japan ETF 3.73% 220,030 $7.1M Reduce -17.4%
XLP SS Consumer Staples Sel Sect 2.74% 64,234 $5.2M Reduce -17.3%
XLI SS Industrial Select Sector 2.61% 33,597 $5.0M Reduce -15.5%
VGT Vanguard Info Tech ETF 2.61% 7,452 $4.9M Add +37.3%
VTI VG Morningstar TS MKT ETF-US 2.42% 15,103 $4.6M Add +106.2%
FLGB Franklin Ftse United Kingdom 2.34% 144,653 $4.4M Reduce -11.2%
VEA Vanguard Ftse Developed ETF 2.24% 74,458 $4.2M Add +194.4%
FLGR Franklin Ftse Germany ETF 2.14% 120,789 $4.0M No change
EWQ iShares MSCI France ETF 1.91% 84,717 $3.6M Add +5.5%
FLCA Franklin Ftse Canada ETF 1.59% 72,001 $3.0M Reduce -34.5%
FLIN Franklin Ftse India ETF 1.42% 67,790 $2.7M Add +5.2%
FLCH Franklin Ftse China ETF 1.41% 122,989 $2.7M No change
FLSW Franklin Ftse Switzerland 1.31% 65,646 $2.5M Add +0.5%
SPYV SS SPDR P S&P 500 Value ETF 1.30% 47,198 $2.5M Add +28.5%
EWI iShares MSCI Italy ETF 1.29% 50,616 $2.4M Add +63.6%
EWP iShares MSCI Spain ETF 1.26% 54,372 $2.4M Add +55.1%
JBND JPMorgan Active Bond ETF 1.26% 44,591 $2.4M Reduce -87.8%
SMH Vaneck Semiconductor ETF 1.26% 8,557 $2.4M New
IWP iShares Russell Mid-Cap Grow 1.13% 15,441 $2.1M New
XLRE SS Real Estate Select Sector 1.10% 50,432 $2.1M Add +98.0%
EWY iShares MSCI South Korea ETF 1.04% 27,391 $2.0M Add +179.5%
FLTW Franklin Ftse Taiwan ETF 1.02% 37,056 $1.9M Reduce -41.5%
FXI iShares China Large-Cap ETF 1.00% 51,585 $1.9M Reduce -50.3%
BND Vanguard Total Bond Market 1.00% 25,691 $1.9M Add +8.2%
EWS iShares MSCI Singapore ETF 0.97% 70,559 $1.8M Add +98.4%
FLAU Franklin Ftse Australia ETF 0.90% 55,032 $1.7M Reduce -0.3%
VWO Vanguard Ftse Emerging Marke 0.77% 29,607 $1.5M Reduce -25.5%
ECH iShares MSCI Chile ETF 0.71% 43,100 $1.4M New
EWD iShares MSCI Sweden ETF 0.70% 29,083 $1.3M Reduce -0.9%
EWN iShares MSCI Netherlands ETF 0.68% 23,620 $1.3M Reduce -11.4%
GLD SPDR Gold Shares 0.68% 4,222 $1.3M Add +45.5%
EWW iShares MSCI Mexico ETF 0.66% 20,581 $1.2M New
XLE SS Energy Select Sector 0.61% 13,627 $1.2M Reduce -83.0%
IJH iShares Core S&P Midcap ETF 0.55% 16,752 $1.0M Add +63.4%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.51% 8,754 $960K Reduce -2.7%
CSTNL iShares Core S&P 500 filed as BLACKROCK, INC. 0.50% 1,444 $953K Add +68.1%
FLKR Franklin Ftse South Korea 0.45% 35,071 $857K Add +3.0%
BOXX Alpha Architect 1-3 MNTH Box 0.41% 6,944 $782K New
SPY SS SPDR S&P 500 ETF Trust-US 0.38% 1,179 $728K Reduce -7.8%
IAGG iShares Intl Aggregate Bond 0.37% 13,725 $701K Reduce -3.1%
EWH iShares MSCI Hong Kong ETF 0.30% 29,101 $578K Reduce -19.2%
EMB iShares JP Morgan Usd Emergi 0.29% 5,922 $548K Reduce -51.2%
EWT iShares MSCI Taiwan ETF 0.28% 9,188 $527K New
KSA Ishrs MSCI Saudi Arabia ETF 0.27% 13,325 $514K Reduce -12.7%
EZA iShares MSCI South Africa Et 0.26% 9,089 $489K Reduce -9.8%
FLOT iShares Floating Rate Bond E 0.26% 9,536 $487K Reduce -16.2%
FLBR Franklin Ftse Brazil ETF 0.25% 26,733 $480K Reduce -11.7%
BBCA JPMorgan Betabuilders Canada 0.24% 5,735 $463K Reduce -57.7%
PDBC Invesco Optimum Yield Divers 0.21% 30,549 $398K Reduce -68.2%
RWO State Street SPDR Dow Jones 0.21% 8,830 $390K Add +12.5%
EDEN iShares MSCI Denmark ETF 0.19% 3,138 $357K Reduce -32.0%
JXN Jackson Financial Inc. Class A 0.18% 3,785 $336K Add +49.8%
RDN Radian Group Inc. 0.17% 8,918 $321K No change
KD Kyndryl Holdings Inc. 0.17% 7,505 $315K New
SIRI Sirius XM Holdings Inc. 0.16% 13,313 $306K Add +0.8%
MTG Mgic Investment Corp. 0.16% 10,893 $303K No change
LNC Lincoln National Corp. 0.16% 8,698 $301K Add +0.8%
ECHO Echostar Corp. Class A 0.16% 10,677 $296K Add +13.8%
ISCMF Ish Divers Commod Swap ETF 0.16% 40,447 $295K No change
TMHC Taylor Morrison Home Corp. 0.16% 4,794 $294K No change
EWZ iShares MSCI Brazil ETF 0.16% 10,203 $294K New
AXS Axis Capital Holdings Ltd. 0.15% 2,816 $292K New
GNW Genworth Financial Inc. 0.15% 37,118 $289K No change
PARAA Paramount Global Class B 0.15% 21,816 $281K Reduce -29.8%
BFH Bread Financial Holdings Inc. 0.15% 4,850 $277K No change
ORI Old Republic Intl Corp. 0.14% 7,101 $273K New
ADT Adt Inc. 0.14% 32,138 $272K No change
EWL iShares MSCI Switzerland ETF 0.14% 4,739 $260K Reduce -78.7%
ISAPF iShares Core Em Imi Acc 0.13% 6,411 $252K New
BWA Borgwarner Inc. 0.13% 7,451 $249K Reduce -0.1%
ISHVF iShares US Agg BND Usd Acc 0.13% 44,250 $246K Add +201.5%
AA Alcoa Corp. 0.13% 8,290 $245K Add +14.4%
RRX Regal Rexnord Corp. 0.13% 1,639 $238K New
LAD Lithia Motors Inc. 0.13% 703 $237K New
APA Apa Corp. 0.12% 12,919 $236K New
MTDR Matador Resources Co. 0.12% 4,883 $233K New
DFAC Dimensional US Core Equity 2 0.12% 6,452 $231K No change
QQQ Invesco QQQ Trust Series 1 0.12% 408 $225K New
FAF First American Financial 0.11% 3,548 $218K New
TDS Telephone and Data Systems 0.11% 6,121 $218K No change
EWM iShares MSCI Malaysia ETF 0.11% 8,431 $205K New
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.11% 3,453 $202K Reduce -27.5%
AM Antero Midstream Corp. 0.10% 10,326 $196K New
BLKXF Ishare MSCI USA SCR Ucits-Ua 0.10% 14,801 $189K No change
TGNA Tegna Inc. 0.10% 10,791 $181K No change
ISVUF iShares Edge MSCI USA Value 0.09% 16,861 $179K Reduce -13.5%
DNB Dun & Bradstreet Holdings Inc. 0.08% 17,577 $160K No change
NOV Nov Inc. 0.08% 12,681 $158K No change
ELAN Elanco Animal Health Inc. 0.08% 10,016 $143K Reduce -49.1%
M Macy's Inc. 0.07% 11,982 $140K New
ISJPF iShares JPM Usd Em BND Usd A 0.07% 21,896 $133K New
ISHYF iShares Usd HY Corp. Usd Acc 0.07% 18,224 $129K New
CRGY Crescent Energy Inc. Class A 0.07% 14,908 $128K No change
ALIT Alight Inc. Class A 0.05% 17,439 $99K Add +40.3%
ISJMF iShares JPM Usd Em CRP Usd A 0.05% 14,162 $91K New

Show all 104 holdings

Portfolio Sells Q1 2025 → Q2 2025
JBND JPMorgan Active Bond ETF Reduce -87.8% 1.26% −9.48
JCPB JPMorgan Core Plus Bond ETF Sold out 0.00% −3.91
XLE SS Energy Select Sector Reduce -83.0% 0.61% −3.49
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −2.33
EWG iShares MSCI Germany ETF Sold out 0.00% −1.23
FXI iShares China Large-Cap ETF Reduce -50.3% 1.00% −1.03
XLB SS Materials Select Sector Sold out 0.00% −0.87
XLP SS Consumer Staples Sel Sect Reduce -17.3% 2.74% −0.73
FLCA Franklin Ftse Canada ETF Reduce -34.5% 1.59% −0.65
BIL SS SPDR BB 1-3M T-Bill ETF Sold out 0.00% −0.57
FLJP Franklin Ftse Japan ETF Reduce -17.4% 3.73% −0.55
PDBC Invesco Optimum Yield Divers Reduce -68.2% 0.21% −0.50
EWL iShares MSCI Switzerland ETF Reduce -78.7% 0.14% −0.49
FLTW Franklin Ftse Taiwan ETF Reduce -41.5% 1.02% −0.48
EWA iShares MSCI Australia ETF Sold out 0.00% −0.46
EMB iShares JP Morgan Usd Emergi Reduce -51.2% 0.29% −0.31
BBCA JPMorgan Betabuilders Canada Reduce -57.7% 0.24% −0.29
XLI SS Industrial Select Sector Reduce -15.5% 2.61% −0.23
ISVAF iShares Nasdaq 100 Usd Acc Sold out 0.00% −0.22
FLGB Franklin Ftse United Kingdom Reduce -11.2% 2.34% −0.21
VWO Vanguard Ftse Emerging Marke Reduce -25.5% 0.77% −0.21
IGSB iShares 1-5Y Inv Grade Corp. Sold out 0.00% −0.20
VNGLF Vang Ftse Eur Eura Sold out 0.00% −0.17
TREASURY BILL (B 0 06/20/25) Sold out 0.00% −0.16
DINO HF Sinclair Corp. Sold out 0.00% −0.16
BHF Brighthouse Financial Inc. Sold out 0.00% −0.14
MOS The Mosaic Co. Sold out 0.00% −0.14
MTH Meritage Homes Corp. Sold out 0.00% −0.13
CHRD Chord Energy Corp. Sold out 0.00% −0.13
MHK Mohawk Industries Inc. Sold out 0.00% −0.12
CIVI Civitas Resources Inc. Sold out 0.00% −0.12
R Ryder System Inc. Sold out 0.00% −0.12
GPI Group 1 Automotive Inc. Sold out 0.00% −0.12
POST Post Holdings Inc. Sold out 0.00% −0.12
MUR Murphy Oil Corp. Sold out 0.00% −0.12
ALK Alaska Air Group Inc. Sold out 0.00% −0.12
KBH KB Home Sold out 0.00% −0.11
PB Prosperity Bancshares Inc. Sold out 0.00% −0.11
OSK Oshkosh Corp. Sold out 0.00% −0.11
PR Permian Resources Corp. Class A Sold out 0.00% −0.08
GT Goodyear Tire & Rubber Co. Sold out 0.00% −0.08
FNB FNB Corp. Sold out 0.00% −0.07
KSA Ishrs MSCI Saudi Arabia ETF Reduce -12.7% 0.27% −0.07
EDEN iShares MSCI Denmark ETF Reduce -32.0% 0.19% −0.07
JBLU Jetblue Airways Corp. Sold out 0.00% −0.07
FLOT iShares Floating Rate Bond E Reduce -16.2% 0.26% −0.06
PARAA Paramount Global Class B Reduce -29.8% 0.15% −0.05
EWH iShares MSCI Hong Kong ETF Reduce -19.2% 0.30% −0.04
UAA Under Armour Inc. Class A Sold out 0.00% −0.04
ELAN Elanco Animal Health Inc. Reduce -49.1% 0.08% −0.04

Portfolio Buys Q1 2025 → Q2 2025
XLK SS Technology Select Sector Add +120.7% 13.05% +8.05
XLF SS Financial Select Sector Add +43.9% 11.94% +3.76
XLC SS Comm Select Sector SPDR Add +95.4% 6.63% +3.51
VEA Vanguard Ftse Developed ETF Add +194.4% 2.24% +1.54
VTI VG Morningstar TS MKT ETF-US Add +106.2% 2.42% +1.32
SMH Vaneck Semiconductor ETF New 1.26% +1.26
IWP iShares Russell Mid-Cap Grow New 1.13% +1.13
XLV SS Health Care Select Sector Add +43.1% 5.15% +1.11
VGT Vanguard Info Tech ETF Add +37.3% 2.61% +1.00
EWY iShares MSCI South Korea ETF Add +179.5% 1.04% +0.75
ECH iShares MSCI Chile ETF New 0.71% +0.71
EWW iShares MSCI Mexico ETF New 0.66% +0.66
EWI iShares MSCI Italy ETF Add +63.6% 1.29% +0.57
EWP iShares MSCI Spain ETF Add +55.1% 1.26% +0.53
XLRE SS Real Estate Select Sector Add +98.0% 1.10% +0.52
EWS iShares MSCI Singapore ETF Add +98.4% 0.97% +0.50
BOXX Alpha Architect 1-3 MNTH Box New 0.41% +0.41
EWT iShares MSCI Taiwan ETF New 0.28% +0.28
SPYV SS SPDR P S&P 500 Value ETF Add +28.5% 1.30% +0.28
CSTNL iShares Core S&P 500 Add +68.1% 0.50% +0.22
GLD SPDR Gold Shares Add +45.5% 0.68% +0.22
IJH iShares Core S&P Midcap ETF Add +63.4% 0.55% +0.22
KD Kyndryl Holdings Inc. New 0.17% +0.17
EWQ iShares MSCI France ETF Add +5.5% 1.91% +0.17
EWZ iShares MSCI Brazil ETF New 0.16% +0.16
AXS Axis Capital Holdings Ltd. New 0.15% +0.15
ORI Old Republic Intl Corp. New 0.14% +0.14
ISAPF iShares Core Em Imi Acc New 0.13% +0.13
FLIN Franklin Ftse India ETF Add +5.2% 1.42% +0.13
LAD Lithia Motors Inc. New 0.13% +0.13
RRX Regal Rexnord Corp. New 0.13% +0.13
APA Apa Corp. New 0.12% +0.12
MTDR Matador Resources Co. New 0.12% +0.12
QQQ Invesco QQQ Trust Series 1 New 0.12% +0.12
FAF First American Financial New 0.11% +0.11
FLKR Franklin Ftse South Korea Add +3.0% 0.45% +0.11
EWM iShares MSCI Malaysia ETF New 0.11% +0.11
AM Antero Midstream Corp. New 0.10% +0.10
ISHVF iShares US Agg BND Usd Acc Add +201.5% 0.13% +0.09
M Macy's Inc. New 0.07% +0.07
ISJPF iShares JPM Usd Em BND Usd A New 0.07% +0.07
ISHYF iShares Usd HY Corp. Usd Acc New 0.07% +0.07
JXN Jackson Financial Inc. Class A Add +49.8% 0.18% +0.06
ISJMF iShares JPM Usd Em CRP Usd A New 0.05% +0.05
BND Vanguard Total Bond Market Add +8.2% 1.00% +0.04
FLSW Franklin Ftse Switzerland Add +0.5% 1.31% +0.04
COMP Compass Inc. Class A New 0.03% +0.03
ECHO Echostar Corp. Class A Add +13.8% 0.16% +0.02
RWO State Street SPDR Dow Jones Add +12.5% 0.21% +0.02
ALIT Alight Inc. Class A Add +40.3% 0.05% +0.01

Notes & Other Activity Q1 2025 → Q2 2025
US TREASURY N/B (T 4.5 11/15/25) FIX Sold out 645,000 $646Kbefore exit
US TREASURY N/B (T 2.25 02/15/27) US Treasury Bills Sold out 415,000 $402Kbefore exit
STRIPS (S 0 08/15/34) US GOVERNMENT Sold out 597,000 $397Kbefore exit
STRIPS (S 0 08/15/29) US GOVERNMENT Sold out 239,000 $200Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 91$187.4MXLC, XLK, XLI, BIL, XLF
Q1 2026 75$161.0MXLC, XLK, XLI, XLE, XLF
Q4 2025 85$184.7MXLK, XLC, XLF, XLI, XLV
Q3 2025 107$200.1MXLK, XLC, XLF, XLI, XLY
Q2 2025 104$189.6MXLK, XLF, XLC, XLV, XLY
Q1 2025 112$182.9MJBND, XLF, XLK, FLJP, XLE
Q4 2024 126$204.8MXLF, JBND, JCPB, XLI, XLY
Q3 2024 151$245.1MJCPB, JBND, XLF, XLC, FLJP
Q2 2024 1,833$301.2MXLK, JCPB, VGIT, XLF, FLJP
Q1 2024 108$236.7MXLK, XLF, SPTL, XLY, FLJP