Islay Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Islay Capital Management, LLC reported 213 stock positions worth $169.0 million. Its top holding was Schwab US DVD Equity ETF (SCHD) at 6.3% of the portfolio, followed by Angel Oak Ultrashort Income (UYLD, 4.6%) and Avantis US Small Cap Value (AVUV, 4.1%). Compared with Q3 2025, it opened 35 new positions, sold out of 36, added to 27 and reduced 49. The biggest buy was iShares JP Morgan Usd Emergi (EMB, shares +175%) and the biggest sale Schwab US Broad Market ETF (SCHB, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- Lubbock, TX
- CIK
- 0001738560
- Portfolio Value
- $169.0M (Q4 2025)
- SEC Filing
- 0001941040-26-000161 ↗ filed Feb 17, 2026
Holdings Value
Holdings 213 stocks · $169.0M
| SCHD Schwab US DVD Equity ETF | 6.28% | 387,107 | $10.6M | Reduce -4.2% |
| UYLD Angel Oak Ultrashort Income | 4.60% | 152,077 | $7.8M | Add +5.4% |
| AVUV Avantis US Small Cap Value | 4.11% | 68,153 | $7.0M | Reduce -13.6% |
| RSPT Invesco S&P 500 Equal Weight | 3.76% | 139,568 | $6.4M | Add +7.4% |
| CORP PIMCO Inv Grade Corp. BD ETF | 3.58% | 61,921 | $6.1M | Add +26.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.53% | 65,231 | $6.0M | Add +0.8% |
| AAPL Apple Inc. | 3.11% | 19,358 | $5.3M | Reduce -0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.88% | 9,682 | $4.9M | Reduce -0.6% |
| SCHO Schwab Short-Term US Treas | 2.81% | 194,627 | $4.7M | Reduce -5.5% |
| FRDM Freedom 100 Emeging MRKT ETF | 2.69% | 88,761 | $4.6M | Reduce -0.2% |
| MSFT Microsoft Corp. | 2.46% | 8,613 | $4.2M | Reduce -1.6% |
| IEMG iShares Core MSCI Emerging | 2.39% | 60,033 | $4.0M | Reduce -14.0% |
| SCHB Schwab US Broad Market ETF | 2.35% | 151,153 | $4.0M | Reduce -42.9% |
| CASY Casey's General Stores Inc. | 2.01% | 6,145 | $3.4M | Reduce -1.7% |
| AMZN Amazon.com Inc. | 2.00% | 14,613 | $3.4M | Reduce -2.0% |
| IFLN Invesco Bloomberg Enhanced F | 1.94% | 176,513 | $3.3M | Add +4.4% |
| GOOGL Alphabet Inc. Class A | 1.75% | 9,439 | $3.0M | Reduce -0.4% |
| WFC Wells Fargo & Co. | 1.71% | 31,072 | $2.9M | Reduce -1.5% |
| IEFA iShares Core MSCI Eafe ETF | 1.69% | 32,002 | $2.9M | Add +37.5% |
| COR Cencora Inc. | 1.60% | 7,987 | $2.7M | Add +30.0% |
| PLTR Palantir Technologies Inc. Class A | 1.56% | 14,819 | $2.6M | Reduce -1.9% |
| LMT Lockheed Martin Corp. | 1.56% | 5,438 | $2.6M | Add +5.6% |
| PLD Prologis Inc. | 1.29% | 17,043 | $2.2M | Reduce -2.3% |
| JNJ Johnson & Johnson | 1.25% | 10,223 | $2.1M | Add +5.8% |
| EMB iShares JP Morgan Usd Emergi | 1.25% | 21,894 | $2.1M | Add +174.9% |
| XOM Exxon Mobil Corp. | 1.22% | 17,084 | $2.1M | Reduce -2.2% |
| BNDX Vanguard Total Intl Bond ETF | 1.14% | 39,817 | $1.9M | Reduce -14.1% |
| OHI Omega Healthcare Investors | 1.14% | 43,336 | $1.9M | Reduce -2.0% |
| ALSN Allison Transmission Holding | 1.14% | 19,605 | $1.9M | Reduce -1.9% |
| CARY Angel Oak Income ETF | 1.10% | 89,150 | $1.9M | Add +227.8% |
| FCOR Fidelity Corporate Bond ETF | 0.96% | 34,020 | $1.6M | Add +21.6% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.90% | 16,721 | $1.5M | Add +10.7% |
| FLTB Fidelity Ltd. TRM BND ETF | 0.89% | 29,532 | $1.5M | Reduce -14.2% |
| COP Conocophillips | 0.88% | 15,898 | $1.5M | Reduce -1.5% |
| DGRO iShares Core Dividend Growth | 0.87% | 21,295 | $1.5M | Reduce -21.4% |
| APO Apollo Global Management Inc. | 0.86% | 10,052 | $1.5M | Reduce -1.9% |
| FNF Fidelity National Financial | 0.85% | 26,307 | $1.4M | Reduce -2.6% |
| IVV iShares Core S&P 500 ETF | 0.82% | 2,026 | $1.4M | Reduce -26.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.80% | 35,214 | $1.4M | Reduce -7.2% |
| PSLV Sprott Physical Silver Trust | 0.80% | 57,124 | $1.4M | No change |
| PHYS Sprott Physical Gold Trust | 0.78% | 40,161 | $1.3M | No change |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.78% | 49,767 | $1.3M | Reduce -18.6% |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | 0.78% | 89,516 | $1.3M | Reduce -11.4% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.78% | 16,270 | $1.3M | Add +3.2% |
| TSCO Tractor Supply Company | 0.74% | 25,063 | $1.3M | Reduce -2.2% |
| DEM Wisdomtree Emerging Markets | 0.69% | 25,059 | $1.2M | Reduce -10.9% |
| CVX Chevron Corp. | 0.67% | 7,437 | $1.1M | Reduce -2.1% |
| KKR KKR & Co. Inc. | 0.66% | 8,797 | $1.1M | Reduce -10.0% |
| SCHG Schwab US Large-Cap Growth | 0.65% | 33,858 | $1.1M | No change |
| SCHW Schwab (charles) Corp. | 0.65% | 11,029 | $1.1M | Reduce -2.8% |
| DVY iShares Select Dividend ETF | 0.64% | 7,653 | $1.1M | Add +0.6% |
| AMLP Alerian MLP ETF | 0.62% | 22,207 | $1.0M | Add +2.4% |
| DG Dollar General Corp. | 0.60% | 7,660 | $1.0M | Add +15220.0% |
| SAIC Science Applications Inte | 0.57% | 9,646 | $971K | New |
| RGA Reinsurance Group of America | 0.53% | 4,377 | $891K | New |
| META Meta Platforms Inc. Class A | 0.52% | 1,324 | $874K | Reduce -2.4% |
| ELV Elevance Health Inc. | 0.51% | 2,472 | $867K | New |
| SFD Smithfield Foods Inc. | 0.51% | 38,412 | $858K | New |
| CATH Global X S&P 500 Ca Val ETF | 0.51% | 10,406 | $856K | No change |
| PPC Pilgrim's Pride Corp. | 0.50% | 21,829 | $851K | New |
| WNC Wabash National Corp. | 0.50% | 98,364 | $851K | New |
| UVE Universal Insurance Holdings | 0.49% | 24,736 | $836K | Add +7.8% |
| TNET Trinet Group Inc. | 0.48% | 13,638 | $806K | Add +78.8% |
| CAH Cardinal Health Inc. | 0.47% | 3,877 | $797K | Add +3.9% |
| USFD US Foods Holding Corp. | 0.45% | 10,177 | $767K | Add +40.7% |
| NVDA Nvidia Corp. | 0.42% | 3,765 | $702K | Reduce -12.7% |
| PARR Par Pacific Holdings Inc. | 0.38% | 18,191 | $639K | New |
| TLT iShares 20+ Year Treasury BD | 0.34% | 6,534 | $570K | Reduce -19.0% |
| PSX Phillips 66 | 0.33% | 4,335 | $559K | No change |
| MPC Marathon Petroleum Corp. | 0.32% | 3,376 | $549K | No change |
| SSB Southstate Bank Corp. | 0.23% | 4,097 | $386K | New |
| PAA Plains All Amer Pipeline LP | 0.19% | 18,300 | $329K | No change |
| PDX PIMCO Dynamic Income Strat | 0.18% | 15,876 | $298K | Reduce -15.8% |
| HOMB Home Bancshares Inc. | 0.16% | 9,548 | $265K | New |
| RTX RTX Corp. | 0.15% | 1,353 | $248K | No change |
| SBR Sabine Royalty Trust | 0.14% | 3,500 | $240K | No change |
| OSK Oshkosh Corp. | 0.13% | 1,700 | $214K | No change |
| MHO M/I Homes Inc. | 0.12% | 1,550 | $198K | No change |
| SO The Southern Co. | 0.11% | 2,203 | $192K | No change |
| NG Novagold Resources Inc. | 0.11% | 20,000 | $186K | No change |
| IJR iShares Core S&P Small-Cap E | 0.11% | 1,481 | $178K | No change |
| KR Kroger Co. | 0.10% | 2,683 | $168K | Reduce -75.4% |
| HLNE Hamilton Lane Inc. Class A | 0.10% | 1,200 | $161K | No change |
| SLYG SS SPDR S&P 600 SC GR ETF | 0.09% | 1,700 | $160K | No change |
| BX Blackstone Inc. | 0.09% | 1,000 | $154K | No change |
| LHX L3HARRIS Technologies Inc. | 0.09% | 523 | $154K | No change |
| JPM JPMorgan Chase & Co. | 0.09% | 465 | $150K | No change |
| DE Deere & Co. | 0.09% | 315 | $147K | No change |
| EPI Wisdomtree India Earnings | 0.08% | 3,000 | $139K | No change |
| NUV Nuveen Municipal Value | 0.08% | 15,250 | $138K | Add +32.6% |
| OEF iShares S&P 100 ETF | 0.08% | 400 | $137K | No change |
| DFH Dream Finders Homes Inc. Class A | 0.08% | 8,000 | $137K | Reduce -71.3% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.07% | 3,657 | $120K | Add +15.8% |
| SBAR Simplify Barrier Income ETF | 0.07% | 4,275 | $112K | Add +52.7% |
| XV Simplify Target 15 Distr ETF | 0.06% | 4,275 | $108K | Add +52.7% |
| NRG NRG Energy Inc. | 0.06% | 680 | $108K | Reduce -0.9% |
| PRU Prudential Financial Inc. | 0.06% | 894 | $101K | No change |
| NZF Nuveen Municipal Credit Inc. | 0.06% | 8,000 | $101K | No change |
| MU Micron Technology Inc. | 0.06% | 350 | $100K | No change |
| EIM Eaton Vance Municipal Bond | 0.06% | 10,000 | $97K | No change |
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 | $721K | Reduce -6.3% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 300 | $376K | No change |
Total filed on the 13F, all lines: $170.1M.
Portfolio Sells Q3 2025 → Q4 2025
| SCHB Schwab US Broad Market ETF | Reduce -42.9% | 2.35% | −1.60 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −1.46 |
| AVUV Avantis US Small Cap Value | Reduce -13.6% | 4.11% | −0.43 |
| SBH Sally Beauty Holdings Inc. | Sold out | 0.00% | −0.37 |
| UHS Universal Health Services-B | Sold out | 0.00% | −0.36 |
| DFH Dream Finders Homes Inc. Class A | Reduce -71.3% | 0.08% | −0.34 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.33 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.33 |
| SYY Sysco Corp. | Sold out | 0.00% | −0.33 |
| KR Kroger Co. | Reduce -75.4% | 0.10% | −0.33 |
| BBY Best Buy Co. Inc. | Sold out | 0.00% | −0.33 |
| AN Autonation Inc. | Sold out | 0.00% | −0.32 |
| GIII G-III Apparel Group Ltd. | Sold out | 0.00% | −0.32 |
| ABG Asbury Automotive Group | Sold out | 0.00% | −0.31 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.30 |
| HPQ HP Inc. | Sold out | 0.00% | −0.30 |
| GPI Group 1 Automotive Inc. | Sold out | 0.00% | −0.30 |
| TGT Target Corp. | Reduce -96.7% | 0.01% | −0.30 |
| WU Western Union Co. | Sold out | 0.00% | −0.29 |
| PRG Prog Holdings Inc. | Sold out | 0.00% | −0.29 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.29 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.29 |
| SON Sonoco Products Co. | Sold out | 0.00% | −0.29 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.29 |
| IEMG iShares Core MSCI Emerging | Reduce -14.0% | 2.39% | −0.28 |
| IVV iShares Core S&P 500 ETF | Reduce -26.1% | 0.82% | −0.24 |
| DGRO iShares Core Dividend Growth | Reduce -21.4% | 0.87% | −0.19 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -14.1% | 1.14% | −0.19 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -18.6% | 0.78% | −0.17 |
| CI The Cigna Group | Sold out | 0.00% | −0.16 |
| MSFT Microsoft Corp. | Reduce -1.6% | 2.46% | −0.16 |
| FLTB Fidelity Ltd. TRM BND ETF | Reduce -14.2% | 0.89% | −0.12 |
| SCHD Schwab US DVD Equity ETF | Reduce -4.2% | 6.28% | −0.11 |
| SCHO Schwab Short-Term US Treas | Reduce -5.5% | 2.81% | −0.10 |
| TSCO Tractor Supply Company | Reduce -2.2% | 0.74% | −0.10 |
| FNF Fidelity National Financial | Reduce -2.6% | 0.85% | −0.10 |
| PDX PIMCO Dynamic Income Strat | Reduce -15.8% | 0.18% | −0.10 |
| TLT iShares 20+ Year Treasury BD | Reduce -19.0% | 0.34% | −0.08 |
| KKR KKR & Co. Inc. | Reduce -10.0% | 0.66% | −0.07 |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | Reduce -11.4% | 0.78% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -2.4% | 0.52% | −0.06 |
| DEM Wisdomtree Emerging Markets | Reduce -10.9% | 0.69% | −0.06 |
| HPK Highpeak Energy Inc. | Sold out | 0.00% | −0.05 |
| NVDA Nvidia Corp. | Reduce -12.7% | 0.42% | −0.05 |
| PLTR Palantir Technologies Inc. Class A | Reduce -1.9% | 1.56% | −0.04 |
| CASY Casey's General Stores Inc. | Reduce -1.7% | 2.01% | −0.04 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −0.04 |
| IVOL Quadratic Int Rte Vol Infl H | Reduce -58.3% | 0.01% | −0.02 |
| ORCL Oracle Corp. | Reduce -0.3% | 0.03% | −0.01 |
| CVX Chevron Corp. | Reduce -2.1% | 0.67% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| EMB iShares JP Morgan Usd Emergi | Add +174.9% | 1.25% | +0.81 |
| CORP PIMCO Inv Grade Corp. BD ETF | Add +26.6% | 3.58% | +0.79 |
| CARY Angel Oak Income ETF | Add +227.8% | 1.10% | +0.77 |
| DG Dollar General Corp. | Add +15220.0% | 0.60% | +0.60 |
| SAIC Science Applications Inte | New | 0.57% | +0.57 |
| RGA Reinsurance Group of America | New | 0.53% | +0.53 |
| IEFA iShares Core MSCI Eafe ETF | Add +37.5% | 1.69% | +0.52 |
| ELV Elevance Health Inc. | New | 0.51% | +0.51 |
| SFD Smithfield Foods Inc. | New | 0.51% | +0.51 |
| PPC Pilgrim's Pride Corp. | New | 0.50% | +0.50 |
| WNC Wabash National Corp. | New | 0.50% | +0.50 |
| COR Cencora Inc. | Add +30.0% | 1.60% | +0.48 |
| RSPT Invesco S&P 500 Equal Weight | Add +7.4% | 3.76% | +0.40 |
| PARR Par Pacific Holdings Inc. | New | 0.38% | +0.38 |
| UYLD Angel Oak Ultrashort Income | Add +5.4% | 4.60% | +0.33 |
| SSB Southstate Bank Corp. | New | 0.23% | +0.23 |
| JNJ Johnson & Johnson | Add +5.8% | 1.25% | +0.21 |
| FCOR Fidelity Corporate Bond ETF | Add +21.6% | 0.96% | +0.19 |
| TNET Trinet Group Inc. | Add +78.8% | 0.48% | +0.18 |
| HOMB Home Bancshares Inc. | New | 0.16% | +0.16 |
| UVE Universal Insurance Holdings | Add +7.8% | 0.49% | +0.15 |
| USFD US Foods Holding Corp. | Add +40.7% | 0.45% | +0.13 |
| CAH Cardinal Health Inc. | Add +3.9% | 0.47% | +0.13 |
| ONEQ Fidelity Nasdaq Comp Indx | Add +10.7% | 0.90% | +0.13 |
| IFLN Invesco Bloomberg Enhanced F | Add +4.4% | 1.94% | +0.12 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +0.8% | 3.53% | +0.09 |
| LMT Lockheed Martin Corp. | Add +5.6% | 1.56% | +0.07 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +3.2% | 0.78% | +0.03 |
| FG F&G Annuities & Life Inc. | New | 0.03% | +0.03 |
| AMLP Alerian MLP ETF | Add +2.4% | 0.62% | +0.03 |
| SBAR Simplify Barrier Income ETF | Add +52.7% | 0.07% | +0.02 |
| NUV Nuveen Municipal Value | Add +32.6% | 0.08% | +0.02 |
| XV Simplify Target 15 Distr ETF | Add +52.7% | 0.06% | +0.02 |
| NUTX Nutex Health Inc. | New | 0.02% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.02% | +0.02 |
| AESI Atlas Energy Solutions Inc. | New | 0.02% | +0.02 |
| NBR Nabors Industries Ltd. | New | 0.02% | +0.02 |
| GIL Gildan Activewear Inc. | New | 0.01% | +0.01 |
| CLMT Calumet Inc. | New | 0.01% | +0.01 |
| CMPR Cimpress PLC | New | 0.01% | +0.01 |
| DVY iShares Select Dividend ETF | Add +0.6% | 0.64% | +0.01 |
| JCPB JPMorgan Core Plus Bond ETF | New | 0.01% | +0.01 |
| VCRB Vanguard Core Bond ETF | New | 0.01% | +0.01 |
| HELO JPMorgan Hedged Equity ETF | New | 0.01% | +0.01 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +15.8% | 0.07% | +0.01 |
| DFAE Dimensional Emerging Core Eq | New | 0.01% | +0.01 |
| IAUX I-80 Gold Corp. | New | 0.01% | +0.01 |
| STZ Constellation Brands Inc. Class A | New | 0.01% | +0.01 |
| SPHQ Invesco S&P 500 Quality ETF | New | 0.01% | +0.01 |
| QLTY GMO U.S. Quality ETF | New | 0.01% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 1,500 | $999Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -6.3% | 595 | $721K |
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 |