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
LMT Lockheed Martin Corp. 0.29% 1,182 $574K No change
DGS Wisdomtree Em Small Cap 0.29% 11,518 $563K No change
HD Home Depot Inc. 0.28% 1,416 $551K Reduce -18.2%
AEF Abrdn Emerging Markets Ex CH 0.28% 105,486 $547K No change
VGI Virtus Global Multi-Sector 0.28% 71,295 $545K Reduce -7.4%
DE Deere & Co. 0.28% 1,282 $543K No change
UNP Union Pacific Corp. 0.27% 2,291 $522K No change
USB US Bancorp 0.26% 10,783 $516K Reduce -12.3%
IQI Invesco Quality Muni Inc. TR 0.26% 52,037 $513K No change
XGLQX Clough Global Equity Fund 0.25% 73,483 $489K No change
BOX Box Inc. Class A 0.24% 15,000 $474K Add +30.4%
UNH Unitedhealth Group Inc. 0.24% 930 $470K No change
ARTY iShares Future AI & Tech ETF 0.24% 12,481 $463K Add +14.3%
SBUX Starbucks Corp. 0.24% 5,068 $462K No change
NTR Nutrien Ltd. 0.23% 10,256 $459K No change
MINV Matthews Asia Innovators Act 0.22% 15,928 $436K No change
LNC Lincoln National Corp. 0.22% 13,500 $428K No change
QQQ Invesco QQQ Trust Series 1 0.22% 837 $428K Add +0.1%
XWIAX Western Asset Infl-Link Sec 0.22% 53,254 $426K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.22% 726 $426K Add +2.3%
XNQPX Nuveen Pa QLTY Muni Inc. 0.20% 34,440 $385K No change
IWD iShares Russell 1000 Value E 0.19% 2,008 $372K Add +0.1%
XFFCX Flaherty & Crumrine Pref Inc. 0.19% 23,907 $371K No change
CEE Central and Eastern Europe F 0.19% 33,995 $371K No change
IWF iShares Russell 1000 Growth 0.19% 907 $364K No change
MEM Matthews Em MKT Eqty Active 0.17% 11,700 $338K No change
IVV iShares Core S&P 500 ETF 0.17% 569 $335K No change
EMF Templeton Emerging Markets 0.17% 27,800 $332K New
VUG Vanguard Mrngstar GR ETF-Sui 0.17% 804 $330K No change
DFAC Dimensional US Core Equity 2 0.16% 9,380 $324K Add +0.3%
QTUM Defiance Quantum ETF 0.16% 3,933 $319K New
FLIA Franklin International Aggre 0.16% 15,600 $316K No change
CVX Chevron Corp. 0.16% 2,176 $315K Add +0.1%
VCSH Vanguard S/T Corp. Bond ETF 0.16% 4,030 $314K No change
VWO Vanguard Ftse Emerging Marke 0.16% 7,107 $313K No change
JPIE JPMorgan Income ETF 0.16% 6,700 $306K No change
DFSD Dimensional Short Duration 0.15% 6,500 $305K No change
MMU Western Asset Managed Munici 0.15% 29,650 $302K No change
DFCF Dimensional Core Fixed Inc. 0.15% 7,200 $297K No change
CSCO Cisco Systems Inc. 0.15% 5,007 $296K Add +1.3%
BHV BlackRock Virginia Muni BND 0.15% 26,646 $293K Reduce -35.0%
KF Korea Fund Inc. 0.15% 15,764 $291K New
VTI VG Morningstar TS MKT ETF-US 0.15% 995 $288K No change
PG The Procter & Gamble Co. 0.14% 1,672 $280K No change
GAM General American Investors 0.14% 5,300 $270K No change
JNJ Johnson & Johnson 0.14% 1,865 $270K No change
CXE MFS High Income Municipal TR 0.14% 73,090 $269K No change
VSS Vanguard Ftse All Wo X-US SC 0.14% 2,337 $268K No change
GD General Dynamics Corp. 0.13% 1,000 $263K Reduce -12.7%
DFAE Dimensional Emerging Core Eq 0.13% 10,252 $260K No change
VGT Vanguard Info Tech ETF 0.13% 412 $256K Add +13.8%
ITW Illinois Tool Works 0.13% 1,000 $254K No change
NFLX Netflix Inc. 0.13% 280 $250K New
DFIV Dimensional International Va 0.13% 7,000 $248K No change
VT Vanguard Tot World STK ETF 0.12% 2,073 $244K No change
VB Vanguard Most SM-Cap ETF-Usd 0.12% 996 $239K No change
IFN Aberdeen India Fund Inc. 0.12% 15,142 $238K New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.11% 2,940 $226K No change
XEMDX Western Asset Emrg MRKT DBT 0.11% 23,226 $223K No change
SCHV Schwab US Large-Cap Value 0.11% 8,503 $222K No change
ISRG Intuitive Surgical Inc. 0.11% 423 $221K No change
INTC Intel Corp. 0.11% 10,959 $220K Reduce -1.9%
PFE Pfizer Inc. 0.10% 7,627 $202K New
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.10% 32,630 $190K No change
ENVX Enovix Corp. 0.09% 15,800 $172K New
CHINA FUND INC 0.08% 13,924 $166K No change
WVE Wave Life Sciences Ltd. 0.08% 12,643 $156K Reduce -6.1%
EOD Allspring Global Dividend Op 0.07% 27,511 $137K No change
UUUU Energy Fuels Inc. 0.04% 16,503 $85K No change

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