Matisse Capital

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 24, 2025), Matisse Capital reported 165 stock positions worth $189.6 million. Its top holding was Apple (AAPL) at 4.6% of the portfolio, followed by iShares Core Dividend Growth (DGRO, 3.7%) and Microsoft (MSFT, 3.4%). Compared with Q4 2024, it opened 6 new positions, sold out of 10, added to 37 and reduced 33. The biggest buy was China Fund (shares +653%) and the biggest sale an exit from Tortoise Energy Infrastruct (TYG).

Most Recent 13F
Q2 2026
Location
PORTLAND, OR
CIK
0001668256
Portfolio Value
$189.6M (Q1 2025)
SEC Filing
0001668256-25-000003 ↗ filed Apr 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 Q4 2024 Q1 2025: $189.6M $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 165 stocks · $189.6M
AAPL Apple Inc. 4.65% 39,660 $8.8M Reduce -1.2%
DGRO iShares Core Dividend Growth 3.75% 115,064 $7.1M Add +0.1%
MSFT Microsoft Corp. 3.36% 16,966 $6.4M Reduce -0.5%
ASND Ascendis Pharma A/S 2.44% 29,674 $4.6M Reduce -2.7%
DMA Destra Multi-Alternative 1.77% 395,307 $3.4M No change
DMB BNY Mellon Muni BND Infra 1.75% 314,245 $3.3M No change
TDF Templeton Dragon Fund Inc. 1.75% 342,000 $3.3M Add +4.0%
HGLB Highland Global Allocation 1.73% 393,000 $3.3M No change
SFM Sprouts Farmers Market Inc. 1.66% 20,668 $3.2M Add +23.3%
STEW SRH Total Return Fund Inc. 1.64% 180,000 $3.1M No change
XCAFX Morgan Stanley China A Share 1.61% 233,000 $3.0M No change
JOF Japan Smaller Capitalization 1.60% 362,000 $3.0M No change
HFRO Highland Opport & Income 1.60% 583,387 $3.0M Add +14.6%
MXF Mexico Fund Inc. 1.54% 205,000 $2.9M Add +5.1%
CET Central Securities Corp. 1.42% 60,000 $2.7M No change
XTEAX Tortoise Sust&social Imp Ter 1.36% 227,000 $2.6M No change
NXDT Nexpoint Diversified Real Es 1.35% 665,917 $2.6M Add +25.9%
BIV Vanguard Intermediate-Term B 1.32% 32,732 $2.5M Reduce -0.6%
AMZN Amazon.com Inc. 1.31% 13,105 $2.5M Add +0.1%
TWN Taiwan Fund Inc./TH/MD-US Inc. 1.31% 75,000 $2.5M Add +7.1%
GLO Clough Global Opportunities 1.30% 503,202 $2.5M No change
VBK Van Morst SML-Cap Gro-Usd Inc. 1.27% 9,554 $2.4M No change
GOOGL Alphabet Inc. Class A 1.25% 15,379 $2.4M Add +0.1%
BTT BlackRock 2030 Muni TRGT TRM 1.13% 100,739 $2.1M No change
LRCX Lam Research Corp. 1.12% 29,170 $2.1M Reduce -15.9%
MXE Mexico Equity and Income FD 1.09% 237,827 $2.1M No change
WIW Western Asst Infl-LNK Opp 1.07% 230,533 $2.0M No change
XPCKX PIMCO California Municipa II 1.07% 358,504 $2.0M No change
VBR Vngrd Mrngst SL-CP Val ETF-U 1.05% 10,652 $2.0M No change
META Meta Platforms Inc. Class A 1.00% 3,291 $1.9M Reduce -0.1%
PNI PIMCO NY Muni Inc. II FND 0.93% 250,000 $1.8M No change
VFL Abrdn National Municipal Inc. 0.91% 170,000 $1.7M No change
XPNFX PIMCO New York Muni Inc. FD 0.91% 230,000 $1.7M No change
EEA The European Equity Fund Inc. 0.90% 188,070 $1.7M Add +132.5%
COST Costco Wholesale Corp. 0.90% 1,806 $1.7M Add +2.9%
EDD Morgan Stanley Emrg MRK Dom 0.90% 361,421 $1.7M No change
PMO Franklin Muncipl Opps Tst-Ui 0.89% 166,367 $1.7M Reduce -12.4%
LEO BNY Mellon Strategic Muni 0.88% 273,100 $1.7M No change
OPP Rivernrth/Doublelne STR Opp 0.85% 188,013 $1.6M Reduce -1.9%
NBXG Neuberger Next Generation Co. 0.84% 129,790 $1.6M No change
PFO Flaherty & Crumrine P&I Opp 0.83% 170,775 $1.6M No change
RA Brookfield Real Assets Incom 0.80% 115,000 $1.5M No change
PFD Flaherty & Crumrin Pre&inc F 0.80% 134,805 $1.5M No change
NBH Neuberger Municipal Fund Inc. 0.75% 135,900 $1.4M No change
ETN Eaton Corp. PLC 0.74% 5,145 $1.4M No change
CHINA FUND INC 0.71% 104,905 $1.3M Add +653.4%
GLV Clough Global Dividend & Inc. 0.70% 241,595 $1.3M Reduce -8.8%
EMB iShares JP Morgan Usd Emergi 0.68% 14,300 $1.3M Reduce -0.0%
DISV Dimensional International SM 0.68% 44,100 $1.3M No change
FLC Flaherty & Crumrine TTL RTRN 0.68% 76,304 $1.3M Reduce -19.9%
V Visa Inc. Class A 0.67% 3,638 $1.3M Reduce -1.6%
MIY BlackRock Muniyield Mi QLTY 0.66% 110,749 $1.3M No change
XOM Exxon Mobil Corp. 0.66% 10,534 $1.3M Add +0.6%
BWG Brandywineglobal Global Inco 0.66% 149,900 $1.3M No change
ACM Aecom 0.62% 12,611 $1.2M No change
JPM JPMorgan Chase & Co. 0.60% 4,631 $1.1M Add +1.1%
MUJ BlackRock Munihold NJ QLTY 0.60% 100,700 $1.1M No change
DFEV Dimensional Emrg MRKT Val 0.57% 39,760 $1.1M No change
PRCT Procept Biorobotics Corp. 0.56% 18,320 $1.1M Reduce -17.8%
SCHW Schwab (charles) Corp. 0.55% 13,270 $1.0M Reduce -1.9%
ELV Elevance Health Inc. 0.54% 2,350 $1.0M No change
TSCO Tractor Supply Company 0.53% 18,290 $1.0M No change
EEM iShares MSCI Emerging Market 0.53% 22,990 $1.0M No change
SOFI Sofi Technologies Inc. 0.50% 81,045 $943K Reduce -0.9%
WMT Walmart Inc. 0.49% 10,617 $932K No change
IIF Morgan Stanley India Invest 0.49% 37,950 $926K No change
XCMUX MFS High Yield Municipal TR 0.48% 262,208 $915K Reduce -8.3%
BRK.B Berkshire Hathaway Inc. Class B 0.47% 1,676 $893K No change
BLK BlackRock Inc. 0.47% 943 $893K Add +0.3%
GRX Gabelli Healthcare & Well 0.46% 87,125 $878K Reduce -13.9%
VRNA Verona Pharma Ltd. 0.46% 13,794 $876K Reduce -4.2%
GGZ Gabelli Global Small & M 0.45% 71,849 $862K New
MUC BlackRock Munihold Ca QLTY 0.44% 78,600 $842K No change
PYN PIMCO New York Muni FND III 0.43% 143,602 $810K No change
NVDA Nvidia Corp. 0.42% 7,367 $798K Reduce -11.4%
JCI Johnson Controls Internation 0.41% 9,705 $777K No change
STE Steris PLC 0.41% 3,397 $770K No change
NTAP Netapp Inc. 0.40% 8,699 $764K No change
EMO Clearbridge Energy Midstream 0.39% 14,835 $736K No change
MA Mastercard Inc. Class A 0.38% 1,329 $728K Add +0.1%
QCOM Qualcomm Inc. 0.38% 4,727 $726K Reduce -0.4%
LOW Lowe's Cos Inc. 0.38% 3,098 $723K No change
FISV Fiserv Inc. 0.38% 3,248 $717K No change
XBNYX BlackRock New York Muni Inc. 0.38% 69,921 $711K No change
VFH Vanguard Financials ETF 0.37% 5,871 $701K Reduce -0.7%
SPRY Ars Pharmaceuticals Inc. 0.37% 55,714 $701K New
FDX FedEx Corp. 0.37% 2,843 $693K No change
ADI Analog Devices Inc. 0.36% 3,416 $689K No change
CXH MFS Investment Grade Muni 0.36% 86,381 $684K Reduce -0.6%
IDEV iShares Core MSCI Dev MKTS 0.35% 9,714 $669K Add +1.5%
XPCQX PIMCO California Muni Inc. FD 0.34% 73,452 $650K Add +2.4%
NKE Nike Inc. Class B 0.34% 10,060 $639K Add +21.9%
VOO Vanguard S&P 500 ETF 0.33% 1,217 $625K Add +3.9%
VEA Vanguard Ftse Developed ETF 0.32% 12,113 $616K Reduce -0.4%
DE Deere & Co. 0.32% 1,280 $601K Reduce -0.2%
EMLC Vaneck JPM Em Local Curr BND 0.31% 24,900 $594K No change
TSM Taiwan Semiconductor-SP ADR 0.31% 3,561 $591K Add +1.1%
AEF Abrdn Emerging Markets Ex CH 0.31% 116,975 $580K Add +10.9%
EMF Templeton Emerging Markets 0.30% 44,430 $571K Add +59.8%
DGS Wisdomtree Em Small Cap 0.29% 11,518 $556K No change

Show all 165 holdings

Portfolio Sells Q4 2024 → Q1 2025
TYG Tortoise Energy Infrastruct Sold out 0.00% −1.30
HERZ Herzfeld Credit Income Fund Sold out 0.00% −1.17
XJEQX Abrdn Japan Equity Fund Inc. Sold out 0.00% −0.59
BTX BlackRock Tech & Priv Eqty Sold out 0.00% −0.53
TEI Templeton Emrg MKTS Inc. Sold out 0.00% −0.47
AAPL Apple Inc. Reduce -1.2% 4.65% −0.46
GF The New Germany Fund Inc. Sold out 0.00% −0.36
PRCT Procept Biorobotics Corp. Reduce -17.8% 0.56% −0.35
MSFT Microsoft Corp. Reduce -0.5% 3.36% −0.29
BOX Box Inc. Class A Sold out 0.00% −0.24
FULC Fulcrum Therapeutics Inc. Reduce -24.7% 0.15% −0.16
LRCX Lam Research Corp. Reduce -15.9% 1.12% −0.15
NVDA Nvidia Corp. Reduce -11.4% 0.42% −0.15
SOFI Sofi Technologies Inc. Reduce -0.9% 0.50% −0.14
FLC Flaherty & Crumrine TTL RTRN Reduce -19.9% 0.68% −0.13
IFN Aberdeen India Fund Inc. Sold out 0.00% −0.12
IQI Invesco Quality Muni Inc. TR Reduce -45.0% 0.15% −0.11
PFE Pfizer Inc. Sold out 0.00% −0.10
ENVX Enovix Corp. Sold out 0.00% −0.09
PMO Franklin Muncipl Opps Tst-Ui Reduce -12.4% 0.89% −0.08
GLV Clough Global Dividend & Inc. Reduce -8.8% 0.70% −0.03
GRX Gabelli Healthcare & Well Reduce -13.9% 0.46% −0.03
XCMUX MFS High Yield Municipal TR Reduce -8.3% 0.48% −0.03
WVE Wave Life Sciences Ltd. Reduce -0.1% 0.05% −0.03
LMT Lockheed Martin Corp. Reduce -4.2% 0.27% −0.03
IVV iShares Core S&P 500 ETF Reduce -5.5% 0.16% −0.01
PG The Procter & Gamble Co. Reduce -2.3% 0.15% +0.00
VCSH Vanguard S/T Corp. Bond ETF Reduce -0.7% 0.17% +0.01
CXH MFS Investment Grade Muni Reduce -0.6% 0.36% +0.01
QCOM Qualcomm Inc. Reduce -0.4% 0.38% +0.01
UNH Unitedhealth Group Inc. Reduce -2.0% 0.25% +0.01
VFH Vanguard Financials ETF Reduce -0.7% 0.37% +0.02
META Meta Platforms Inc. Class A Reduce -0.1% 1.00% +0.02
JNJ Johnson & Johnson Reduce -2.4% 0.16% +0.02
VEA Vanguard Ftse Developed ETF Reduce -0.4% 0.32% +0.03
EMB iShares JP Morgan Usd Emergi Reduce -0.0% 0.68% +0.04
OPP Rivernrth/Doublelne STR Opp Reduce -1.9% 0.85% +0.04
SCHW Schwab (charles) Corp. Reduce -1.9% 0.55% +0.04
DE Deere & Co. Reduce -0.2% 0.32% +0.04
BIV Vanguard Intermediate-Term B Reduce -0.6% 1.32% +0.07
V Visa Inc. Class A Reduce -1.6% 0.67% +0.08
VRNA Verona Pharma Ltd. Reduce -4.2% 0.46% +0.12
ASND Ascendis Pharma A/S Reduce -2.7% 2.44% +0.30

Portfolio Buys Q4 2024 → Q1 2025
CHINA FUND INC Add +653.4% 0.71% +0.63
SFM Sprouts Farmers Market Inc. Add +23.3% 1.66% +0.58
EEA The European Equity Fund Inc. Add +132.5% 0.90% +0.57
GGZ Gabelli Global Small & M New 0.45% +0.45
SPRY Ars Pharmaceuticals Inc. New 0.37% +0.37
TDF Templeton Dragon Fund Inc. Add +4.0% 1.75% +0.33
HFRO Highland Opport & Income Add +14.6% 1.60% +0.26
MXF Mexico Fund Inc. Add +5.1% 1.54% +0.23
RGT Royce Global Trust Inc. New 0.18% +0.18
PLTR Palantir Technologies Inc. Class A New 0.18% +0.18
IBKR Interactive Brokers Gro Class A New 0.17% +0.17
DGRO iShares Core Dividend Growth Add +0.1% 3.75% +0.16
EMF Templeton Emerging Markets Add +59.8% 0.30% +0.13
XOM Exxon Mobil Corp. Add +0.6% 0.66% +0.09
COST Costco Wholesale Corp. Add +2.9% 0.90% +0.08
KF Korea Fund Inc. Add +37.7% 0.23% +0.08
SPY SS SPDR S&P 500 ETF Trust-US Add +27.8% 0.27% +0.06
INTC Intel Corp. Add +27.6% 0.17% +0.06
XPZCX PIMCO California Muni FD III New 0.05% +0.05
JPM JPMorgan Chase & Co. Add +1.1% 0.60% +0.04
IDEV iShares Core MSCI Dev MKTS Add +1.5% 0.35% +0.04
CVX Chevron Corp. Add +0.2% 0.19% +0.03
MA Mastercard Inc. Class A Add +0.1% 0.38% +0.03
AEF Abrdn Emerging Markets Ex CH Add +10.9% 0.31% +0.03
SBUX Starbucks Corp. Add +0.2% 0.26% +0.03
NKE Nike Inc. Class B Add +21.9% 0.34% +0.02
XPCQX PIMCO California Muni Inc. FD Add +2.4% 0.34% +0.01
CSCO Cisco Systems Inc. Add +0.1% 0.16% +0.01
IWD iShares Russell 1000 Value E Add +0.1% 0.20% +0.01
DFAE Dimensional Emerging Core Eq Add +1.8% 0.14% +0.01
QTUM Defiance Quantum ETF Add +11.4% 0.17% +0.01
VOO Vanguard S&P 500 ETF Add +3.9% 0.33% +0.01
VT Vanguard Tot World STK ETF Add +0.6% 0.13% +0.00
DFAC Dimensional US Core Equity 2 Add +0.3% 0.16% −0.00
HD Home Depot Inc. Add +0.3% 0.27% −0.01
QQQ Invesco QQQ Trust Series 1 Add +1.3% 0.21% −0.01
ARTY iShares Future AI & Tech ETF Add +6.5% 0.22% −0.01
BLK BlackRock Inc. Add +0.3% 0.47% −0.02
TSM Taiwan Semiconductor-SP ADR Add +1.1% 0.31% −0.04
TWN Taiwan Fund Inc./TH/MD-US Inc. Add +7.1% 1.31% −0.06
AMZN Amazon.com Inc. Add +0.1% 1.31% −0.15
GOOGL Alphabet Inc. Class A Add +0.1% 1.25% −0.22
NXDT Nexpoint Diversified Real Es Add +25.9% 1.35% −0.30

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