Islay Capital Management, LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Islay Capital Management, LLC reported 226 stock positions worth $211.8 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 7.4% of the portfolio, followed by Schwab US DVD Equity ETF (SCHD, 7.2%) and Angel Oak Ultrashort Income (UYLD, 5.3%). Compared with Q1 2026, it opened 57 new positions, sold out of 31, added to 50 and reduced 42. The biggest buy was Invesco S&P 500 Equal Weight (RSPT, shares +19%) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- Lubbock, TX
- CIK
- 0001738560
- Portfolio Value
- $211.8M (Q2 2026)
- SEC Filing
- 0001941040-26-000586 ↗ filed Aug 13, 2026
Holdings Value
Holdings 226 stocks · $211.8M
| BIL SS SPDR BB 1-3M T-Bill ETF | 7.42% | 171,604 | $15.7M | Reduce -6.7% |
| SCHD Schwab US DVD Equity ETF | 7.17% | 479,137 | $15.2M | Reduce -2.3% |
| UYLD Angel Oak Ultrashort Income | 5.26% | 218,490 | $11.1M | Add +24.5% |
| AVUV Avantis US Small Cap Value | 4.81% | 81,666 | $10.2M | Add +8.0% |
| CORP PIMCO Inv Grade Corp. BD ETF | 3.91% | 85,564 | $8.3M | Add +9.6% |
| RSPT Invesco S&P 500 Equal Weight | 3.60% | 118,157 | $7.6M | Add +19.1% |
| FRDM Freedom 100 Emeging MRKT ETF | 2.94% | 85,415 | $6.2M | Reduce -7.3% |
| SCHB Schwab US Broad Market ETF | 2.58% | 188,620 | $5.5M | Reduce -13.7% |
| AAPL Apple Inc. | 2.52% | 18,480 | $5.3M | Reduce -1.7% |
| SCHO Schwab Short-Term US Treas | 2.50% | 219,598 | $5.3M | Reduce -1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.30% | 9,720 | $4.9M | Reduce -0.4% |
| IEMG iShares Core MSCI Emerging | 1.86% | 47,543 | $3.9M | Reduce -10.7% |
| JCPB JPMorgan Core Plus Bond ETF | 1.82% | 82,197 | $3.9M | Add +101.2% |
| MSFT Microsoft Corp. | 1.68% | 9,561 | $3.6M | Add +9.3% |
| CASY Casey's General Stores Inc. | 1.67% | 4,462 | $3.5M | Reduce -17.1% |
| AMZN Amazon.com Inc. | 1.66% | 14,777 | $3.5M | Reduce -3.3% |
| EMB iShares JP Morgan Usd Emergi | 1.64% | 36,074 | $3.5M | Reduce -30.5% |
| IEFA iShares Core MSCI Eafe ETF | 1.47% | 32,342 | $3.1M | Reduce -27.6% |
| GOOGL Alphabet Inc. Class A | 1.44% | 8,549 | $3.1M | Reduce -11.3% |
| DGRO iShares Core Dividend Growth | 1.30% | 36,216 | $2.7M | Add +8.5% |
| WFC Wells Fargo & Co. | 1.29% | 33,134 | $2.7M | Add +1.4% |
| IVV iShares Core S&P 500 ETF | 1.24% | 3,493 | $2.6M | Add +33.8% |
| JNJ Johnson & Johnson | 1.14% | 9,511 | $2.4M | Reduce -1.4% |
| LMT Lockheed Martin Corp. | 1.14% | 4,730 | $2.4M | Add +13.7% |
| PLD Prologis Inc. | 1.06% | 16,598 | $2.2M | Add +0.9% |
| NVDA Nvidia Corp. | 1.05% | 11,146 | $2.2M | Add +194.5% |
| FCOR Fidelity Corporate Bond ETF | 1.05% | 47,166 | $2.2M | Add +18.6% |
| CARY Angel Oak Income ETF | 1.03% | 104,900 | $2.2M | Add +6.1% |
| ALSN Allison Transmission Holding | 0.98% | 18,440 | $2.1M | Reduce -3.2% |
| OHI Omega Healthcare Investors | 0.95% | 42,085 | $2.0M | Add +1.8% |
| FLTB Fidelity Ltd. TRM BND ETF | 0.92% | 38,753 | $1.9M | Add +8.9% |
| SYK Stryker Corp. | 0.87% | 5,854 | $1.8M | Add +3.7% |
| PLTR Palantir Technologies Inc. Class A | 0.82% | 14,968 | $1.7M | Add +3.1% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.80% | 64,330 | $1.7M | Add +11.7% |
| V Visa Inc. Class A | 0.77% | 4,752 | $1.6M | New |
| XOM Exxon Mobil Corp. | 0.75% | 11,676 | $1.6M | Reduce -27.9% |
| IFLN Invesco Bloomberg Enhanced F | 0.75% | 87,277 | $1.6M | Reduce -47.5% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.75% | 34,138 | $1.6M | Add +6.8% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.67% | 13,844 | $1.4M | Add +52.3% |
| XSSPX Nuveen S&P 500 Dynam Overwr | 0.67% | 75,984 | $1.4M | Add +14.1% |
| CNS Cohen & Steers Inc. | 0.67% | 18,517 | $1.4M | Reduce -2.4% |
| T AT&T Inc. | 0.66% | 67,335 | $1.4M | New |
| CVX Chevron Corp. | 0.60% | 7,672 | $1.3M | Add +1.9% |
| PHYS Sprott Physical Gold Trust | 0.57% | 40,161 | $1.2M | No change |
| NBHC National Bank Hold Class A | 0.57% | 26,945 | $1.2M | Add +19.0% |
| KKR KKR & Co. Inc. | 0.56% | 12,878 | $1.2M | Add +40.0% |
| MPC Marathon Petroleum Corp. | 0.56% | 4,605 | $1.2M | Add +36.4% |
| DVY iShares Select Dividend ETF | 0.55% | 7,498 | $1.2M | Add +0.4% |
| COP Conocophillips | 0.55% | 11,220 | $1.2M | Reduce -33.0% |
| SCHW Schwab (charles) Corp. | 0.55% | 12,536 | $1.2M | Add +9.5% |
| AMLP Alerian MLP ETF | 0.54% | 21,926 | $1.1M | Reduce -9.4% |
| SCHG Schwab US Large-Cap Growth | 0.53% | 33,159 | $1.1M | No change |
| DEM Wisdomtree Emerging Markets | 0.52% | 20,343 | $1.1M | Reduce -18.2% |
| COR Cencora Inc. | 0.50% | 3,772 | $1.1M | Reduce -38.2% |
| PRG Prog Holdings Inc. | 0.49% | 22,495 | $1.0M | New |
| CATH Global X S&P 500 Ca Val ETF | 0.47% | 11,300 | $1.0M | No change |
| CAH Cardinal Health Inc. | 0.46% | 4,104 | $975K | Add +30.4% |
| PSLV Sprott Physical Silver Trust | 0.46% | 51,124 | $965K | No change |
| APO Apollo Global Management Inc. | 0.43% | 7,757 | $918K | Add +5.2% |
| BBWI Bath & Body Works Inc. | 0.41% | 37,584 | $869K | Add +33.8% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.40% | 10,637 | $851K | Reduce -24.8% |
| META Meta Platforms Inc. Class A | 0.40% | 1,510 | $851K | Add +6.3% |
| UHS Universal Health Services-B | 0.39% | 5,580 | $830K | Add +78.4% |
| PARR Par Pacific Holdings Inc. | 0.39% | 14,728 | $826K | Add +1127.3% |
| DINO HF Sinclair Corp. | 0.39% | 11,838 | $825K | New |
| CI The Cigna Group | 0.39% | 2,981 | $822K | New |
| BBY Best Buy Co. Inc. | 0.38% | 10,611 | $805K | New |
| CSTM Constellium SE | 0.37% | 24,269 | $773K | Reduce -5.4% |
| MUB iShares National Muni Bond E | 0.36% | 6,998 | $753K | New |
| TLT iShares 20+ Year Treasury BD | 0.36% | 8,707 | $752K | Add +27.7% |
| NBR Nabors Industries Ltd. | 0.35% | 8,929 | $750K | New |
| SCHP Schwab U.S. Tips ETF | 0.35% | 28,000 | $742K | Add +180.0% |
| HPQ HP Inc. | 0.32% | 30,592 | $671K | New |
| PSX Phillips 66 | 0.31% | 3,882 | $656K | Reduce -4.9% |
| DAN Dana Inc. | 0.30% | 23,361 | $636K | New |
| TREE Lendingtree Inc. | 0.25% | 11,907 | $527K | New |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.20% | 6,275 | $427K | New |
| QUAL iShares MSCI USA Quality Fac | 0.20% | 1,899 | $417K | Add +533.0% |
| PAA Plains All Amer Pipeline LP | 0.19% | 18,300 | $407K | No change |
| LMUB iShares LT National Muni BD | 0.19% | 7,798 | $399K | New |
| SBAR Simplify Barrier Income ETF | 0.17% | 14,275 | $365K | Add +7.5% |
| SSB Southstate Bank Corp. | 0.17% | 3,597 | $359K | No change |
| IVW iShares S&P 500 Growth ETF | 0.17% | 2,554 | $351K | New |
| PDX PIMCO Dynamic Income Strat | 0.16% | 16,047 | $334K | Add +0.1% |
| MTUM iShares MSCI USA Momentum Fa | 0.15% | 903 | $310K | Add +502.0% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 0.14% | 6,392 | $295K | New |
| IVE iShares S&P 500 Value ETF | 0.13% | 1,212 | $275K | New |
| EFV iShares MSCI Eafe Value ETF | 0.13% | 3,587 | $275K | New |
| RTX RTX Corp. | 0.12% | 1,353 | $257K | No change |
| SBR Sabine Royalty Trust | 0.12% | 3,500 | $256K | No change |
| BNDX Vanguard Total Intl Bond ETF | 0.11% | 4,656 | $225K | Reduce -1.3% |
| OEF iShares S&P 100 ETF | 0.10% | 600 | $220K | No change |
| BAI Ishrs AI in and Tech Act ETF | 0.10% | 4,143 | $218K | New |
| HOMB Home Bancshares Inc. | 0.10% | 7,548 | $215K | Reduce -11.7% |
| EFG iShares MSCI Eafe Growth ETF | 0.10% | 1,727 | $215K | New |
| SO The Southern Co. | 0.10% | 2,203 | $211K | No change |
| SLYG SS SPDR S&P 600 SC GR ETF | 0.10% | 1,700 | $203K | No change |
| NUV Nuveen Municipal Value | 0.09% | 21,750 | $201K | No change |
| DE Deere & Co. | 0.09% | 315 | $200K | No change |
| THRO iShares U.S. Thematic Rotati | 0.09% | 4,297 | $185K | New |
Options reported separately and not counted above: VCSH puts ($3.4M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 595 | $688K | No change |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 300 | $376K | No change |
Lines left out (1) · $1 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| UTG Reaves Utility Income Fund | COM SH BEN INT | 0 | $1 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $212.9M.
Portfolio Sells Q1 2026 → Q2 2026
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -6.7% | 7.42% | −1.17 |
| EMB iShares JP Morgan Usd Emergi | Reduce -30.5% | 1.64% | −0.85 |
| IFLN Invesco Bloomberg Enhanced F | Reduce -47.5% | 0.75% | −0.77 |
| XOM Exxon Mobil Corp. | Reduce -27.9% | 0.75% | −0.65 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -27.6% | 1.47% | −0.59 |
| COP Conocophillips | Reduce -33.0% | 0.55% | −0.58 |
| SCHD Schwab US DVD Equity ETF | Reduce -2.3% | 7.17% | −0.50 |
| COR Cencora Inc. | Reduce -38.2% | 0.50% | −0.47 |
| SFD Smithfield Foods Inc. | Reduce -97.9% | 0.01% | −0.41 |
| SAIC Science Applications Inte | Reduce -98.1% | 0.01% | −0.37 |
| FG F&G Annuities & Life Inc. | Sold out | 0.00% | −0.37 |
| RGA Reinsurance Group of America | Reduce -97.8% | 0.01% | −0.34 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.33 |
| AN Autonation Inc. | Sold out | 0.00% | −0.33 |
| CASY Casey's General Stores Inc. | Reduce -17.1% | 1.67% | −0.33 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.33 |
| CDW CDW Corp. | Sold out | 0.00% | −0.32 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.31 |
| ELV Elevance Health Inc. | Reduce -98.0% | 0.01% | −0.29 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.28 |
| UNH Unitedhealth Group Inc. | Reduce -95.4% | 0.02% | −0.28 |
| NUTX Nutex Health Inc. | Sold out | 0.00% | −0.28 |
| SCHO Schwab Short-Term US Treas | Reduce -1.6% | 2.50% | −0.26 |
| SYY Sysco Corp. | Sold out | 0.00% | −0.26 |
| SCHB Schwab US Broad Market ETF | Reduce -13.7% | 2.58% | −0.22 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.22 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -24.8% | 0.40% | −0.17 |
| ALSN Allison Transmission Holding | Reduce -3.2% | 0.98% | −0.16 |
| DEM Wisdomtree Emerging Markets | Reduce -18.2% | 0.52% | −0.11 |
| AMLP Alerian MLP ETF | Reduce -9.4% | 0.54% | −0.11 |
| PGR Progressive Corp. | Reduce -72.9% | 0.04% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.4% | 2.30% | −0.09 |
| PSX Phillips 66 | Reduce -4.9% | 0.31% | −0.07 |
| JNJ Johnson & Johnson | Reduce -1.4% | 1.14% | −0.06 |
| MU Micron Technology Inc. | Reduce -99.4% | 0.00% | −0.06 |
| OSK Oshkosh Corp. | Reduce -41.2% | 0.07% | −0.06 |
| IEMG iShares Core MSCI Emerging | Reduce -10.7% | 1.86% | −0.04 |
| DG Dollar General Corp. | Sold out | 0.00% | −0.03 |
| UVE Universal Insurance Holdings | Sold out | 0.00% | −0.03 |
| PPC Pilgrim's Pride Corp. | Sold out | 0.00% | −0.03 |
| WNC Wabash National Corp. | Sold out | 0.00% | −0.03 |
| USFD US Foods Holding Corp. | Sold out | 0.00% | −0.03 |
| VCSH Vanguard S/T Corp. Bond ETF | Sold out | 0.00% | −0.02 |
| HOMB Home Bancshares Inc. | Reduce -11.7% | 0.10% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.01 |
| SPNT Siriuspoint Ltd. | Sold out | 0.00% | −0.01 |
| TNET Trinet Group Inc. | Sold out | 0.00% | −0.01 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -1.3% | 0.11% | −0.01 |
| MMS Maximus Inc. | Sold out | 0.00% | −0.01 |
| ADBE Adobe Inc. | Reduce -53.3% | 0.00% | −0.01 |
Portfolio Buys Q1 2026 → Q2 2026
| RSPT Invesco S&P 500 Equal Weight | Add +19.1% | 3.60% | +1.31 |
| JCPB JPMorgan Core Plus Bond ETF | Add +101.2% | 1.82% | +0.84 |
| V Visa Inc. Class A | New | 0.77% | +0.77 |
| NVDA Nvidia Corp. | Add +194.5% | 1.05% | +0.72 |
| UYLD Angel Oak Ultrashort Income | Add +24.5% | 5.26% | +0.69 |
| T AT&T Inc. | New | 0.66% | +0.66 |
| AVUV Avantis US Small Cap Value | Add +8.0% | 4.81% | +0.55 |
| PRG Prog Holdings Inc. | New | 0.49% | +0.49 |
| DINO HF Sinclair Corp. | New | 0.39% | +0.39 |
| CI The Cigna Group | New | 0.39% | +0.39 |
| BBY Best Buy Co. Inc. | New | 0.38% | +0.38 |
| IVV iShares Core S&P 500 ETF | Add +33.8% | 1.24% | +0.36 |
| MUB iShares National Muni Bond E | New | 0.36% | +0.36 |
| NBR Nabors Industries Ltd. | New | 0.35% | +0.35 |
| PARR Par Pacific Holdings Inc. | Add +1127.3% | 0.39% | +0.35 |
| HPQ HP Inc. | New | 0.32% | +0.32 |
| DAN Dana Inc. | New | 0.30% | +0.30 |
| ONEQ Fidelity Nasdaq Comp Indx | Add +52.3% | 0.67% | +0.28 |
| TREE Lendingtree Inc. | New | 0.25% | +0.25 |
| SCHP Schwab U.S. Tips ETF | Add +180.0% | 0.35% | +0.21 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | New | 0.20% | +0.20 |
| LMUB iShares LT National Muni BD | New | 0.19% | +0.19 |
| QUAL iShares MSCI USA Quality Fac | Add +533.0% | 0.20% | +0.17 |
| IVW iShares S&P 500 Growth ETF | New | 0.17% | +0.17 |
| BBWI Bath & Body Works Inc. | Add +33.8% | 0.41% | +0.14 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | New | 0.14% | +0.14 |
| MPC Marathon Petroleum Corp. | Add +36.4% | 0.56% | +0.14 |
| IVE iShares S&P 500 Value ETF | New | 0.13% | +0.13 |
| EFV iShares MSCI Eafe Value ETF | New | 0.13% | +0.13 |
| MTUM iShares MSCI USA Momentum Fa | Add +502.0% | 0.15% | +0.13 |
| KKR KKR & Co. Inc. | Add +40.0% | 0.56% | +0.12 |
| XSSPX Nuveen S&P 500 Dynam Overwr | Add +14.1% | 0.67% | +0.12 |
| CAH Cardinal Health Inc. | Add +30.4% | 0.46% | +0.12 |
| NBHC National Bank Hold Class A | Add +19.0% | 0.57% | +0.11 |
| UHS Universal Health Services-B | Add +78.4% | 0.39% | +0.11 |
| BAI Ishrs AI in and Tech Act ETF | New | 0.10% | +0.10 |
| EFG iShares MSCI Eafe Growth ETF | New | 0.10% | +0.10 |
| DGRO iShares Core Dividend Growth | Add +8.5% | 1.30% | +0.10 |
| FCOR Fidelity Corporate Bond ETF | Add +18.6% | 1.05% | +0.09 |
| THRO iShares U.S. Thematic Rotati | New | 0.09% | +0.09 |
| EROK Eaglerock Land LLC Class A | New | 0.08% | +0.08 |
| BLCR iShares LRG CP CR Act ETF-Ui | New | 0.07% | +0.07 |
| ITA iShares U.S. Aerospace & Def | New | 0.07% | +0.07 |
| CORP PIMCO Inv Grade Corp. BD ETF | Add +9.6% | 3.91% | +0.06 |
| TLT iShares 20+ Year Treasury BD | Add +27.7% | 0.36% | +0.05 |
| NOW ServiceNow Inc. | New | 0.05% | +0.05 |
| TLH iShares 10-20 Year Treasury | New | 0.05% | +0.05 |
| MBB iShares MBS ETF | New | 0.04% | +0.04 |
| GOVT iShares US Treasury Bond ETF | New | 0.04% | +0.04 |
| MSFT Microsoft Corp. | Add +9.3% | 1.68% | +0.03 |
Options Activity Q1 2026 → Q2 2026
| VCSH Vanguard S/T Corp. Bond ETF | put | New | 43,000 | $3.4M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026
| MCK McKesson Corp. | COM | Reduce -100.0% | 0 | $0 |
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 | 226 | $211.8M | BIL, SCHD, UYLD, AVUV, CORP |
| Q1 2026 | 201 | $195.9M | BIL, SCHD, UYLD, AVUV, CORP |
| Q4 2025 | 213 | $169.0M | SCHD, UYLD, AVUV, RSPT, CORP |
| Q3 2025 | 213 | $172.7M | SCHD, AVUV, UYLD, SCHB, BIL |
| Q2 2025 | 199 | $154.0M | SCHD, AVUV, SCHB, RSPT, SCHO |
| Q1 2025 | 182 | $147.0M | SCHD, AVUV, SCHB, SCHO, RSPT |
| Q4 2024 | 202 | $142.9M | SCHD, SCHB, AVUV, AAPL, RSPT |
| Q3 2024Amended | 206 | $147.9M | SCHD, SCHB, RSPT, AVUV, BIL |
| Q2 2024 | 195 | $138.0M | SCHD, SCHB, RSPT, AVUV, AAPL |
| Q1 2024 | 195 | $133.1M | SCHD, SCHB, RSPT, AVUV, BRK.B |