Matisse Capital

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 24, 2025), Matisse Capital reported 169 stock positions worth $196.7 million. Its top holding was Apple (AAPL) at 5.1% of the portfolio, followed by Microsoft (MSFT, 3.7%) and iShares Core Dividend Growth (DGRO, 3.6%). Compared with Q3 2024, it opened 10 new positions, sold out of 16, added to 26 and reduced 32. The biggest buy was a new position in Templeton Dragon Fund (TDF) and the biggest sale an exit from Nuveen Az QLTY Muni (NAZ).

Most Recent 13F
Q2 2026
Location
PORTLAND, OR
CIK
0001668256
Portfolio Value
$196.7M (Q4 2024)
SEC Filing
0001668256-25-000001 ↗ filed Jan 24, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $207.9M Q1 2024 Q2 2024: $202.1M Q2 2024 Q3 2024: $205.6M Q3 2024 Q4 2024: $196.7M $196.7M Q4 2024 Q1 2025: $189.6M Q1 2025 Q2 2025: $211.5M Q2 2025 Q3 2025: $222.2M Q3 2025 Q4 2025: $223.3M Q4 2025 Q1 2026: $233.3M Q1 2026 Q2 2026: $249.4M Q2 2026

Holdings 169 stocks · $196.7M
AAPL Apple Inc. 5.11% 40,136 $10.1M Reduce -7.7%
MSFT Microsoft Corp. 3.65% 17,049 $7.2M Reduce -3.8%
DGRO iShares Core Dividend Growth 3.59% 114,997 $7.1M Reduce -13.1%
ASND Ascendis Pharma A/S 2.13% 30,496 $4.2M Reduce -9.5%
DMA Destra Multi-Alternative 1.70% 395,307 $3.3M No change
DMB BNY Mellon Muni BND Infra 1.65% 314,245 $3.3M No change
NXDT Nexpoint Diversified Real Es 1.64% 528,949 $3.2M Add +2.7%
GOOGL Alphabet Inc. Class A 1.48% 15,369 $2.9M Reduce -8.1%
XCAFX Morgan Stanley China A Share 1.48% 233,000 $2.9M No change
STEW SRH Total Return Fund Inc. 1.47% 180,000 $2.9M No change
AMZN Amazon.com Inc. 1.46% 13,098 $2.9M Reduce -12.7%
TDF Templeton Dragon Fund Inc. 1.42% 329,000 $2.8M New
JOF Japan Smaller Capitalization 1.41% 362,000 $2.8M Add +37.2%
CET Central Securities Corp. 1.39% 60,000 $2.7M No change
XTEAX Tortoise Sust&social Imp Ter 1.38% 227,000 $2.7M No change
TWN Taiwan Fund Inc./TH/MD-US Inc. 1.38% 70,000 $2.7M Add +1.4%
HGLB Highland Global Allocation 1.36% 393,000 $2.7M Add +8.5%
VBK Van Morst SML-Cap Gro-Usd Inc. 1.36% 9,554 $2.7M Add +6.2%
HFRO Highland Opport & Income 1.34% 509,000 $2.6M Add +11.8%
GLO Clough Global Opportunities 1.31% 503,202 $2.6M No change
MXF Mexico Fund Inc. 1.31% 195,000 $2.6M Add +7.7%
TYG Tortoise Energy Infrastruct 1.30% 61,020 $2.6M Reduce -30.9%
LRCX Lam Research Corp. 1.27% 34,670 $2.5M New
BIV Vanguard Intermediate-Term B 1.25% 32,936 $2.5M Reduce -3.1%
HERZ Herzfeld Credit Income Fund 1.17% 987,174 $2.3M Reduce -4.0%
SFM Sprouts Farmers Market Inc. 1.08% 16,768 $2.1M Reduce -9.1%
VBR Vngrd Mrngst SL-CP Val ETF-U 1.07% 10,652 $2.1M Add +2.3%
BTT BlackRock 2030 Muni TRGT TRM 1.05% 100,739 $2.1M Add +102.7%
XPCKX PIMCO California Municipa II 1.04% 358,504 $2.1M No change
META Meta Platforms Inc. Class A 0.98% 3,296 $1.9M No change
PMO Franklin Muncipl Opps Tst-Ui 0.98% 190,000 $1.9M No change
MXE Mexico Equity and Income FD 0.97% 237,827 $1.9M No change
WIW Western Asst Infl-LNK Opp 0.97% 230,533 $1.9M Reduce -0.2%
PRCT Procept Biorobotics Corp. 0.91% 22,285 $1.8M Add +112.9%
PNI PIMCO NY Muni Inc. II FND 0.91% 250,000 $1.8M No change
VFL Abrdn National Municipal Inc. 0.88% 170,000 $1.7M No change
XPNFX PIMCO New York Muni Inc. FD 0.87% 230,000 $1.7M No change
ETN Eaton Corp. PLC 0.87% 5,145 $1.7M No change
NBXG Neuberger Next Generation Co. 0.84% 129,790 $1.7M No change
LEO BNY Mellon Strategic Muni 0.84% 273,100 $1.6M No change
EDD Morgan Stanley Emrg MRK Dom 0.83% 361,421 $1.6M No change
COST Costco Wholesale Corp. 0.82% 1,756 $1.6M Reduce -3.4%
OPP Rivernrth/Doublelne STR Opp 0.81% 191,722 $1.6M Reduce -1.7%
FLC Flaherty & Crumrine TTL RTRN 0.81% 95,300 $1.6M No change
PFO Flaherty & Crumrine P&I Opp 0.78% 170,775 $1.5M No change
RA Brookfield Real Assets Incom 0.78% 115,000 $1.5M No change
PFD Flaherty & Crumrin Pre&inc F 0.77% 134,805 $1.5M Reduce -3.8%
GLV Clough Global Dividend & Inc. 0.73% 265,042 $1.4M Reduce -5.0%
NBH Neuberger Municipal Fund Inc. 0.72% 135,900 $1.4M No change
ACM Aecom 0.68% 12,611 $1.3M No change
EMB iShares JP Morgan Usd Emergi 0.65% 14,304 $1.3M No change
SOFI Sofi Technologies Inc. 0.64% 81,820 $1.3M Reduce -6.0%
MIY BlackRock Muniyield Mi QLTY 0.63% 110,749 $1.2M No change
BWG Brandywineglobal Global Inco 0.61% 149,900 $1.2M No change
DISV Dimensional International SM 0.60% 44,100 $1.2M No change
V Visa Inc. Class A 0.59% 3,698 $1.2M Reduce -14.2%
XJEQX Abrdn Japan Equity Fund Inc. 0.59% 201,263 $1.2M Add +17.0%
XOM Exxon Mobil Corp. 0.57% 10,474 $1.1M No change
NVDA Nvidia Corp. 0.57% 8,312 $1.1M Reduce -2.0%
MUJ BlackRock Munihold NJ QLTY 0.57% 100,700 $1.1M No change
JPM JPMorgan Chase & Co. 0.56% 4,581 $1.1M No change
DFEV Dimensional Emrg MRKT Val 0.53% 39,760 $1.0M Reduce -1.5%
BTX BlackRock Tech & Priv Eqty 0.53% 139,734 $1.0M Reduce -15.2%
NTAP Netapp Inc. 0.51% 8,699 $1.0M No change
XCMUX MFS High Yield Municipal TR 0.51% 286,058 $1.0M No change
SCHW Schwab (charles) Corp. 0.51% 13,520 $1.0M Reduce -9.0%
GRX Gabelli Healthcare & Well 0.50% 101,196 $976K No change
TSCO Tractor Supply Company 0.49% 18,290 $970K No change
BLK BlackRock Inc. 0.49% 940 $964K New
EEM iShares MSCI Emerging Market 0.49% 22,990 $961K No change
WMT Walmart Inc. 0.49% 10,617 $959K No change
IIF Morgan Stanley India Invest 0.49% 37,950 $959K No change
TEI Templeton Emrg MKTS Inc. 0.47% 180,541 $926K No change
ELV Elevance Health Inc. 0.44% 2,350 $867K Reduce -7.8%
MUC BlackRock Munihold Ca QLTY 0.42% 78,600 $836K No change
PYN PIMCO New York Muni FND III 0.41% 143,602 $814K No change
FDX FedEx Corp. 0.41% 2,843 $800K No change
JCI Johnson Controls Internation 0.39% 9,705 $766K No change
LOW Lowe's Cos Inc. 0.39% 3,098 $765K Reduce -6.1%
BRK.B Berkshire Hathaway Inc. Class B 0.39% 1,676 $760K No change
QCOM Qualcomm Inc. 0.37% 4,744 $729K No change
ADI Analog Devices Inc. 0.37% 3,416 $726K No change
GF The New Germany Fund Inc. 0.36% 91,411 $713K Add +7.6%
XBNYX BlackRock New York Muni Inc. 0.36% 69,921 $712K No change
MA Mastercard Inc. Class A 0.36% 1,328 $699K No change
STE Steris PLC 0.35% 3,397 $698K No change
VFH Vanguard Financials ETF 0.35% 5,911 $698K Add +0.7%
TSM Taiwan Semiconductor-SP ADR 0.35% 3,523 $696K No change
CXH MFS Investment Grade Muni 0.35% 86,928 $695K No change
EMO Clearbridge Energy Midstream 0.35% 14,835 $690K Reduce -48.2%
VRNA Verona Pharma Ltd. 0.34% 14,400 $669K Reduce -38.5%
FISV Fiserv Inc. 0.34% 3,248 $667K No change
EEA The European Equity Fund Inc. 0.33% 80,898 $659K Add +30.9%
XPCQX PIMCO California Muni Inc. FD 0.33% 71,705 $648K No change
VOO Vanguard S&P 500 ETF 0.32% 1,171 $631K Add +40.2%
NKE Nike Inc. Class B 0.32% 8,250 $624K No change
IDEV iShares Core MSCI Dev MKTS 0.31% 9,570 $617K Add +0.9%
FULC Fulcrum Therapeutics Inc. 0.31% 128,445 $604K Add +20.4%
VEA Vanguard Ftse Developed ETF 0.30% 12,164 $582K No change
EMLC Vaneck JPM Em Local Curr BND 0.29% 24,900 $575K No change

Show all 169 holdings

Portfolio Sells Q3 2024 → Q4 2024
NAZ Nuveen Az QLTY Muni Inc. Sold out 0.00% −0.80
SDHY Pgim SHRT Durat Hi YLD Sold out 0.00% −0.80
DGRO iShares Core Dividend Growth Reduce -13.1% 3.59% −0.45
NPFD Nuveen Var RT Pref & Inc. Sold out 0.00% −0.42
FTF Franklin Ltd. Dur Inc. TR Sold out 0.00% −0.40
NMT Nuveen Ma QLTY Muni Inc. Sold out 0.00% −0.39
TMDX Transmedics Group Inc. Sold out 0.00% −0.38
TYG Tortoise Energy Infrastruct Reduce -30.9% 1.30% −0.38
ASND Ascendis Pharma A/S Reduce -9.5% 2.13% −0.31
GRF Eagle Capital Growth Fund Sold out 0.00% −0.29
EMO Clearbridge Energy Midstream Reduce -48.2% 0.35% −0.24
ELV Elevance Health Inc. Reduce -7.8% 0.44% −0.20
XNOMX Nuveen Mo QLTY Muni Inc. Sold out 0.00% −0.19
GOLD Gold.com Inc. Sold out 0.00% −0.16
SPE Special Opportunities Fund Sold out 0.00% −0.15
ACP Abrdn Income Credit Strat Sold out 0.00% −0.14
TSLA Tesla Inc. Sold out 0.00% −0.13
BA The Boeing Co. Sold out 0.00% −0.11
ECF Ellsworth Growth and Income Sold out 0.00% −0.10
NAD Nuveen Quality Municipal Inc. Sold out 0.00% −0.08
BHV BlackRock Virginia Muni BND Reduce -35.0% 0.15% −0.08
BTX BlackRock Tech & Priv Eqty Reduce -15.2% 0.53% −0.08
GLV Clough Global Dividend & Inc. Reduce -5.0% 0.73% −0.07
HD Home Depot Inc. Reduce -18.2% 0.28% −0.06
MSFT Microsoft Corp. Reduce -3.8% 3.65% −0.06
VKI Invesco Adv Muni Inc. TR II Sold out 0.00% −0.05
OPP Rivernrth/Doublelne STR Opp Reduce -1.7% 0.81% −0.05
LOW Lowe's Cos Inc. Reduce -6.1% 0.39% −0.05
BIV Vanguard Intermediate-Term B Reduce -3.1% 1.25% −0.04
PFD Flaherty & Crumrin Pre&inc F Reduce -3.8% 0.77% −0.04
GD General Dynamics Corp. Reduce -12.7% 0.13% −0.03
DFEV Dimensional Emrg MRKT Val Reduce -1.5% 0.53% −0.03
VGI Virtus Global Multi-Sector Reduce -7.4% 0.28% −0.03
WIW Western Asst Infl-LNK Opp Reduce -0.2% 0.97% −0.02
INTC Intel Corp. Reduce -1.9% 0.11% −0.02
USB US Bancorp Reduce -12.3% 0.26% −0.01
VRNA Verona Pharma Ltd. Reduce -38.5% 0.34% +0.01
V Visa Inc. Class A Reduce -14.2% 0.59% +0.02
WVE Wave Life Sciences Ltd. Reduce -6.1% 0.08% +0.03
COST Costco Wholesale Corp. Reduce -3.4% 0.82% +0.03
SCHW Schwab (charles) Corp. Reduce -9.0% 0.51% +0.04
HERZ Herzfeld Credit Income Fund Reduce -4.0% 1.17% +0.04
NVDA Nvidia Corp. Reduce -2.0% 0.57% +0.07
SFM Sprouts Farmers Market Inc. Reduce -9.1% 1.08% +0.09
AMZN Amazon.com Inc. Reduce -12.7% 1.46% +0.10
GOOGL Alphabet Inc. Class A Reduce -8.1% 1.48% +0.13
AAPL Apple Inc. Reduce -7.7% 5.11% +0.18
SOFI Sofi Technologies Inc. Reduce -6.0% 0.64% +0.31

Portfolio Buys Q3 2024 → Q4 2024
TDF Templeton Dragon Fund Inc. New 1.42% +1.42
LRCX Lam Research Corp. New 1.27% +1.27
BTT BlackRock 2030 Muni TRGT TRM Add +102.7% 1.05% +0.53
PRCT Procept Biorobotics Corp. Add +112.9% 0.91% +0.50
BLK BlackRock Inc. New 0.49% +0.49
JOF Japan Smaller Capitalization Add +37.2% 1.41% +0.35
VBK Van Morst SML-Cap Gro-Usd Inc. Add +6.2% 1.36% +0.19
EMF Templeton Emerging Markets New 0.17% +0.17
QTUM Defiance Quantum ETF New 0.16% +0.16
KF Korea Fund Inc. New 0.15% +0.15
NFLX Netflix Inc. New 0.13% +0.13
FULC Fulcrum Therapeutics Inc. Add +20.4% 0.31% +0.12
IFN Aberdeen India Fund Inc. New 0.12% +0.12
VOO Vanguard S&P 500 ETF Add +40.2% 0.32% +0.11
PFE Pfizer Inc. New 0.10% +0.10
ENVX Enovix Corp. New 0.09% +0.09
NXDT Nexpoint Diversified Real Es Add +2.7% 1.64% +0.07
XJEQX Abrdn Japan Equity Fund Inc. Add +17.0% 0.59% +0.07
BOX Box Inc. Class A Add +30.4% 0.24% +0.06
VBR Vngrd Mrngst SL-CP Val ETF-U Add +2.3% 1.07% +0.06
ARTY iShares Future AI & Tech ETF Add +14.3% 0.24% +0.05
EEA The European Equity Fund Inc. Add +30.9% 0.33% +0.05
VFH Vanguard Financials ETF Add +0.7% 0.35% +0.04
VGT Vanguard Info Tech ETF Add +13.8% 0.13% +0.03
CSCO Cisco Systems Inc. Add +1.3% 0.15% +0.02
QQQ Invesco QQQ Trust Series 1 Add +0.1% 0.22% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +2.3% 0.22% +0.02
DFAC Dimensional US Core Equity 2 Add +0.3% 0.16% +0.01
CVX Chevron Corp. Add +0.1% 0.16% +0.00
IWD iShares Russell 1000 Value E Add +0.1% 0.19% +0.00
GF The New Germany Fund Inc. Add +7.6% 0.36% −0.01
IDEV iShares Core MSCI Dev MKTS Add +0.9% 0.31% −0.01
HFRO Highland Opport & Income Add +11.8% 1.34% −0.01
MXF Mexico Fund Inc. Add +7.7% 1.31% −0.02
HGLB Highland Global Allocation Add +8.5% 1.36% −0.02
TWN Taiwan Fund Inc./TH/MD-US Inc. Add +1.4% 1.38% −0.10

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 157$249.4MAAPL, DGRO, LRCX, XPCQX, ASND
Q1 2026 162$233.3MAAPL, DGRO, XPCQX, ASND, XFLT
Q4 2025 165$223.3MAAPL, XPCQX, DGRO, MSFT, ASND
Q3 2025 164$222.2MAAPL, XPCQX, MSFT, DGRO, ASND
Q2 2025 168$211.5MAAPL, MSFT, DGRO, ASND, TWN
Q1 2025 165$189.6MAAPL, DGRO, MSFT, ASND, DMA
Q4 2024 169$196.7MAAPL, MSFT, DGRO, ASND, DMA
Q3 2024 176$205.6MAAPL, DGRO, MSFT, ASND, DMB
Q2 2024 181$202.1MAAPL, MSFT, DGRO, ASND, LRCX
Q1 2024 190$207.9MMSFT, AAPL, DGRO, SWAV, ASND