Matisse Capital

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Matisse Capital reported 168 stock positions worth $211.5 million. Its top holding was Apple (AAPL) at 3.8% of the portfolio, followed by Microsoft (MSFT, 3.7%) and iShares Core Dividend Growth (DGRO, 3.5%). Compared with Q1 2025, it opened 11 new positions, sold out of 8, added to 30 and reduced 29. The biggest buy was a new position in Kayne Anderson Energy Infra (KYN) and the biggest sale an exit from Japan Smaller Capitalization (JOF).

Most Recent 13F
Q2 2026
Location
PORTLAND, OR
CIK
0001668256
Portfolio Value
$211.5M (Q2 2025)
SEC Filing
0001668256-25-000005 ↗ filed Jul 23, 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 Q1 2025 Q2 2025: $211.5M $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 168 stocks · $211.5M
AAPL Apple Inc. 3.80% 39,181 $8.0M Reduce -1.2%
MSFT Microsoft Corp. 3.65% 15,523 $7.7M Reduce -8.5%
DGRO iShares Core Dividend Growth 3.48% 115,133 $7.4M Add +0.1%
ASND Ascendis Pharma A/S 2.28% 27,942 $4.8M Reduce -5.8%
TWN Taiwan Fund Inc./TH/MD-US Inc. 1.78% 84,000 $3.8M Add +12.0%
CHINA FUND INC 1.71% 243,000 $3.6M Add +131.6%
MXF Mexico Fund Inc. 1.70% 205,000 $3.6M No change
DMA Destra Multi-Alternative 1.68% 407,000 $3.6M Add +3.0%
NXDT Nexpoint Diversified Real Es 1.62% 819,900 $3.4M Add +23.1%
HGLB Highland Global Allocation 1.62% 393,000 $3.4M No change
TDF Templeton Dragon Fund Inc. 1.62% 342,000 $3.4M No change
SFM Sprouts Farmers Market Inc. 1.56% 20,042 $3.3M Reduce -3.0%
XCAFX Morgan Stanley China A Share 1.52% 233,000 $3.2M No change
HFRO Highland Opport & Income 1.52% 617,000 $3.2M Add +5.8%
STEW SRH Total Return Fund Inc. 1.50% 180,000 $3.2M No change
DMB BNY Mellon Muni BND Infra 1.50% 310,998 $3.2M Reduce -1.0%
CET Central Securities Corp. 1.47% 65,000 $3.1M Add +8.3%
AMZN Amazon.com Inc. 1.39% 13,395 $2.9M Add +2.2%
KYN Kayne Anderson Energy Infra 1.34% 222,839 $2.8M New
XTEAX Tortoise Sust&social Imp Ter 1.31% 227,000 $2.8M No change
GLO Clough Global Opportunities 1.26% 490,128 $2.7M Reduce -2.6%
VBK Van Morst SML-Cap Gro-Usd Inc. 1.25% 9,554 $2.6M No change
RGT Royce Global Trust Inc. 1.23% 216,469 $2.6M Add +557.1%
GOOGL Alphabet Inc. Class A 1.23% 14,776 $2.6M Reduce -3.9%
BIV Vanguard Intermediate-Term B 1.20% 32,732 $2.5M No change
MXE Mexico Equity and Income FD 1.18% 237,827 $2.5M No change
META Meta Platforms Inc. Class A 1.15% 3,291 $2.4M No change
LRCX Lam Research Corp. 1.14% 24,670 $2.4M Reduce -15.4%
XPZCX PIMCO California Muni FD III 1.12% 379,553 $2.4M Add +2458.8%
KF Korea Fund Inc. 1.05% 82,265 $2.2M Add +278.9%
BTT BlackRock 2030 Muni TRGT TRM 1.04% 100,739 $2.2M No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.98% 10,652 $2.1M No change
WIW Western Asst Infl-LNK Opp 0.95% 230,000 $2.0M Reduce -0.2%
EEA The European Equity Fund Inc. 0.91% 188,070 $1.9M No change
XPCKX PIMCO California Municipa II 0.91% 358,504 $1.9M No change
NBXG Neuberger Next Generation Co. 0.90% 129,790 $1.9M No change
COST Costco Wholesale Corp. 0.90% 1,913 $1.9M Add +5.9%
ETN Eaton Corp. PLC 0.87% 5,145 $1.8M No change
EDD Morgan Stanley Emrg MRK Dom 0.86% 355,711 $1.8M Reduce -1.6%
PNI PIMCO NY Muni Inc. II FND 0.82% 257,835 $1.7M Add +3.1%
XPNFX PIMCO New York Muni Inc. FD 0.78% 236,000 $1.6M Add +2.6%
PMO Franklin Muncipl Opps Tst-Ui 0.78% 166,367 $1.6M No change
VFL Abrdn National Municipal Inc. 0.78% 170,000 $1.6M No change
LEO BNY Mellon Strategic Muni 0.76% 273,100 $1.6M No change
PFO Flaherty & Crumrine P&I Opp 0.75% 170,775 $1.6M No change
PFD Flaherty & Crumrin Pre&inc F 0.72% 134,805 $1.5M No change
DISV Dimensional International SM 0.69% 44,100 $1.5M No change
ACM Aecom 0.67% 12,611 $1.4M No change
SOFI Sofi Technologies Inc. 0.65% 75,310 $1.4M Reduce -7.1%
FMN Federated Herm Prem Muni Inc. 0.65% 128,815 $1.4M New
GLV Clough Global Dividend & Inc. 0.65% 241,195 $1.4M Reduce -0.2%
NVDA Nvidia Corp. 0.65% 8,649 $1.4M Add +17.4%
JPM JPMorgan Chase & Co. 0.63% 4,631 $1.3M No change
NBH Neuberger Municipal Fund Inc. 0.63% 135,900 $1.3M No change
EMB iShares JP Morgan Usd Emergi 0.63% 14,300 $1.3M No change
XPCQX PIMCO California Muni Inc. FD 0.61% 151,306 $1.3M Add +106.0%
FLC Flaherty & Crumrine TTL RTRN 0.61% 76,304 $1.3M No change
V Visa Inc. Class A 0.61% 3,638 $1.3M No change
OPP Rivernrth/Doublelne STR Opp 0.61% 150,538 $1.3M Reduce -19.9%
BWG Brandywineglobal Global Inco 0.59% 149,900 $1.2M No change
BRK.B Berkshire Hathaway Inc. Class B 0.57% 2,483 $1.2M Add +48.1%
DFEV Dimensional Emrg MRKT Val 0.56% 39,760 $1.2M No change
PRCT Procept Biorobotics Corp. 0.55% 20,360 $1.2M Add +11.1%
XOM Exxon Mobil Corp. 0.54% 10,534 $1.1M No change
EEM iShares MSCI Emerging Market 0.52% 22,990 $1.1M No change
MUJ BlackRock Munihold NJ QLTY 0.52% 100,700 $1.1M No change
SCHW Schwab (charles) Corp. 0.52% 12,010 $1.1M Reduce -9.5%
WMT Walmart Inc. 0.49% 10,617 $1.0M No change
JCI Johnson Controls Internation 0.48% 9,705 $1.0M No change
SPRY Ars Pharmaceuticals Inc. 0.47% 56,714 $990K Add +1.8%
BLK BlackRock Inc. 0.47% 940 $986K Reduce -0.3%
VRNA Verona Pharma Ltd. 0.46% 10,294 $974K Reduce -25.4%
TSCO Tractor Supply Company 0.46% 18,290 $965K No change
GGZ Gabelli Global Small & M 0.45% 71,849 $957K No change
NTAP Netapp Inc. 0.44% 8,699 $927K No change
ELV Elevance Health Inc. 0.43% 2,350 $914K No change
BA The Boeing Co. 0.42% 4,227 $886K New
XCMUX MFS High Yield Municipal TR 0.41% 262,208 $873K No change
TSM Taiwan Semiconductor-SP ADR 0.39% 3,607 $817K Add +1.3%
STE Steris PLC 0.39% 3,397 $816K No change
MUC BlackRock Munihold Ca QLTY 0.38% 78,600 $814K No change
ADI Analog Devices Inc. 0.38% 3,406 $811K Reduce -0.3%
PYN PIMCO New York Muni FND III 0.37% 147,857 $775K Add +3.0%
QCOM Qualcomm Inc. 0.36% 4,727 $753K No change
VFH Vanguard Financials ETF 0.35% 5,871 $747K No change
MA Mastercard Inc. Class A 0.35% 1,329 $747K No change
IDEV iShares Core MSCI Dev MKTS 0.35% 9,632 $732K Reduce -0.8%
AEF Abrdn Emerging Markets Ex CH 0.33% 116,975 $695K No change
VEA Vanguard Ftse Developed ETF 0.33% 12,113 $691K No change
LOW Lowe's Cos Inc. 0.32% 3,098 $687K No change
NKE Nike Inc. Class B 0.32% 9,650 $686K Reduce -4.1%
XBNYX BlackRock New York Muni Inc. 0.32% 69,921 $676K No change
VOO Vanguard S&P 500 ETF 0.32% 1,183 $672K Reduce -2.8%
IBKR Interactive Brokers Gro Class A 0.31% 12,000 $665K Add +50.0%
CXH MFS Investment Grade Muni 0.31% 86,381 $660K No change
DE Deere & Co. 0.31% 1,280 $651K No change
EMF Templeton Emerging Markets 0.31% 44,430 $648K No change
FDX FedEx Corp. 0.31% 2,843 $646K No change
DGS Wisdomtree Em Small Cap 0.30% 11,518 $636K No change
EMLC Vaneck JPM Em Local Curr BND 0.30% 24,900 $631K No change
PLTR Palantir Technologies Inc. Class A 0.30% 4,600 $627K Add +15.0%
RFMZ Rivernorth Flex Muni II 0.29% 49,190 $622K New
NTR Nutrien Ltd. 0.28% 10,256 $597K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.28% 961 $594K Add +3.6%
ZROZ PIMCO 25+ YR Zero CPN US Tif 0.28% 8,700 $584K New
NFLX Netflix Inc. 0.27% 430 $576K Add +53.6%
FISV Fiserv Inc. 0.26% 3,248 $560K No change
ARTY iShares Future AI & Tech ETF 0.25% 12,961 $531K Reduce -2.5%
CEE Central and Eastern Europe F 0.25% 33,995 $528K No change
UNP Union Pacific Corp. 0.25% 2,291 $527K No change
LMT Lockheed Martin Corp. 0.25% 1,133 $525K No change
XGLQX Clough Global Equity Fund 0.25% 73,483 $523K No change
HD Home Depot Inc. 0.25% 1,421 $521K No change
MINV Matthews Asia Innovators Act 0.24% 15,928 $497K No change
QQQ Invesco QQQ Trust Series 1 0.22% 848 $468K No change
LNC Lincoln National Corp. 0.22% 13,500 $467K No change
SBUX Starbucks Corp. 0.22% 5,068 $464K Reduce -0.2%
XEMDX Western Asset Emrg MRKT DBT 0.22% 45,659 $459K Add +96.6%
XWIAX Western Asset Infl-Link Sec 0.21% 53,254 $447K No change
DOV Dover Corp. 0.20% 2,313 $424K New
QTUM Defiance Quantum ETF 0.19% 4,303 $395K Reduce -1.8%
IWD iShares Russell 1000 Value E 0.18% 2,010 $390K Add +0.1%
XFFCX Flaherty & Crumrine Pref Inc. 0.18% 23,907 $389K No change
XNQPX Nuveen Pa QLTY Muni Inc. 0.18% 34,440 $386K No change
IWF iShares Russell 1000 Growth 0.18% 907 $385K No change
MEM Matthews Em MKT Eqty Active 0.18% 11,700 $380K No change
USB US Bancorp 0.17% 7,858 $356K Reduce -27.1%
VUG Vanguard Mrngstar GR ETF-Sui 0.17% 804 $352K No change
VWO Vanguard Ftse Emerging Marke 0.17% 7,107 $352K No change
CSCO Cisco Systems Inc. 0.16% 4,950 $343K Reduce -1.2%
DFAC Dimensional US Core Equity 2 0.16% 9,431 $338K Add +0.3%
IVV iShares Core S&P 500 ETF 0.16% 538 $334K No change
FLIA Franklin International Aggre 0.15% 15,600 $320K No change
INTC Intel Corp. 0.15% 14,242 $319K Add +1.8%
VCSH Vanguard S/T Corp. Bond ETF 0.15% 4,000 $318K No change
VSS Vanguard Ftse All Wo X-US SC 0.15% 2,337 $314K No change
CVX Chevron Corp. 0.15% 2,184 $313K Add +0.2%
DFSD Dimensional Short Duration 0.15% 6,500 $312K No change
JPIE JPMorgan Income ETF 0.15% 6,700 $310K No change
DFCF Dimensional Core Fixed Inc. 0.14% 7,200 $304K No change
VTI VG Morningstar TS MKT ETF-US 0.14% 995 $302K No change
DFAE Dimensional Emerging Core Eq 0.14% 10,438 $302K No change
DFIV Dimensional International Va 0.14% 7,000 $300K No change
GAM General American Investors 0.14% 5,300 $297K No change
MMU Western Asset Managed Munici 0.14% 29,650 $294K No change
GD General Dynamics Corp. 0.14% 1,000 $292K No change
UNH Unitedhealth Group Inc. 0.13% 911 $284K No change
PFE Pfizer Inc. 0.13% 11,627 $282K New
JNJ Johnson & Johnson 0.13% 1,820 $278K No change
VGT Vanguard Info Tech ETF 0.13% 412 $273K No change
VT Vanguard Tot World STK ETF 0.13% 2,085 $268K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.13% 2,940 $268K No change
IQI Invesco Quality Muni Inc. TR 0.13% 28,545 $268K Reduce -0.3%
CXE MFS High Income Municipal TR 0.12% 73,090 $262K No change
PG The Procter & Gamble Co. 0.12% 1,633 $260K No change
ITW Illinois Tool Works 0.12% 1,000 $247K No change
BHV BlackRock Virginia Muni BND 0.11% 23,365 $243K Reduce -12.3%
VB Vanguard Most SM-Cap ETF-Usd 0.11% 996 $236K No change
SCHV Schwab US Large-Cap Value 0.11% 8,503 $235K No change
ISRG Intuitive Surgical Inc. 0.11% 423 $230K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.11% 4,200 $228K New
SMH Vaneck Semiconductor ETF 0.10% 780 $218K New
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.09% 32,630 $183K No change
FULC Fulcrum Therapeutics Inc. 0.08% 26,100 $180K Reduce -73.0%
GDL GDL Fund 0.07% 16,947 $141K New
GRF Eagle Capital Growth Fund 0.06% 12,860 $127K New
UUUU Energy Fuels Inc. 0.04% 16,503 $95K No change
WVE Wave Life Sciences Ltd. 0.03% 11,193 $73K Reduce -11.4%

Portfolio Sells Q1 2025 → Q2 2025
JOF Japan Smaller Capitalization Sold out 0.00% −1.60
AAPL Apple Inc. Reduce -1.2% 3.80% −0.85
RA Brookfield Real Assets Incom Sold out 0.00% −0.80
MIY BlackRock Muniyield Mi QLTY Sold out 0.00% −0.66
IIF Morgan Stanley India Invest Sold out 0.00% −0.49
GRX Gabelli Healthcare & Well Sold out 0.00% −0.46
EMO Clearbridge Energy Midstream Sold out 0.00% −0.39
VGI Virtus Global Multi-Sector Sold out 0.00% −0.29
DMB BNY Mellon Muni BND Infra Reduce -1.0% 1.50% −0.25
OPP Rivernrth/Doublelne STR Opp Reduce -19.9% 0.61% −0.24
ASND Ascendis Pharma A/S Reduce -5.8% 2.28% −0.16
WIW Western Asst Infl-LNK Opp Reduce -0.2% 0.95% −0.12
SFM Sprouts Farmers Market Inc. Reduce -3.0% 1.56% −0.10
USB US Bancorp Reduce -27.1% 0.17% −0.07
EOD Allspring Global Dividend Op Sold out 0.00% −0.07
FULC Fulcrum Therapeutics Inc. Reduce -73.0% 0.08% −0.06
GLV Clough Global Dividend & Inc. Reduce -0.2% 0.65% −0.05
SBUX Starbucks Corp. Reduce -0.2% 0.22% −0.04
GLO Clough Global Opportunities Reduce -2.6% 1.26% −0.04
BHV BlackRock Virginia Muni BND Reduce -12.3% 0.11% −0.03
EDD Morgan Stanley Emrg MRK Dom Reduce -1.6% 0.86% −0.03
SCHW Schwab (charles) Corp. Reduce -9.5% 0.52% −0.03
GOOGL Alphabet Inc. Class A Reduce -3.9% 1.23% −0.02
IQI Invesco Quality Muni Inc. TR Reduce -0.3% 0.13% −0.02
WVE Wave Life Sciences Ltd. Reduce -11.4% 0.03% −0.02
NKE Nike Inc. Class B Reduce -4.1% 0.32% −0.01
VOO Vanguard S&P 500 ETF Reduce -2.8% 0.32% −0.01
IDEV iShares Core MSCI Dev MKTS Reduce -0.8% 0.35% −0.01
BLK BlackRock Inc. Reduce -0.3% 0.47% −0.00
VRNA Verona Pharma Ltd. Reduce -25.4% 0.46% −0.00
CSCO Cisco Systems Inc. Reduce -1.2% 0.16% −0.00
QTUM Defiance Quantum ETF Reduce -1.8% 0.19% +0.01
LRCX Lam Research Corp. Reduce -15.4% 1.14% +0.02
ADI Analog Devices Inc. Reduce -0.3% 0.38% +0.02
ARTY iShares Future AI & Tech ETF Reduce -2.5% 0.25% +0.03
SOFI Sofi Technologies Inc. Reduce -7.1% 0.65% +0.15
MSFT Microsoft Corp. Reduce -8.5% 3.65% +0.29

Portfolio Buys Q1 2025 → Q2 2025
KYN Kayne Anderson Energy Infra New 1.34% +1.34
XPZCX PIMCO California Muni FD III Add +2458.8% 1.12% +1.07
RGT Royce Global Trust Inc. Add +557.1% 1.23% +1.05
CHINA FUND INC Add +131.6% 1.71% +1.00
KF Korea Fund Inc. Add +278.9% 1.05% +0.82
FMN Federated Herm Prem Muni Inc. New 0.65% +0.65
TWN Taiwan Fund Inc./TH/MD-US Inc. Add +12.0% 1.78% +0.47
BA The Boeing Co. New 0.42% +0.42
RFMZ Rivernorth Flex Muni II New 0.29% +0.29
NXDT Nexpoint Diversified Real Es Add +23.1% 1.62% +0.28
ZROZ PIMCO 25+ YR Zero CPN US Tif New 0.28% +0.28
XPCQX PIMCO California Muni Inc. FD Add +106.0% 0.61% +0.27
NVDA Nvidia Corp. Add +17.4% 0.65% +0.22
DOV Dover Corp. New 0.20% +0.20
IBKR Interactive Brokers Gro Class A Add +50.0% 0.31% +0.14
NFLX Netflix Inc. Add +53.6% 0.27% +0.13
PFE Pfizer Inc. New 0.13% +0.13
PLTR Palantir Technologies Inc. Class A Add +15.0% 0.30% +0.12
JEPQ JPM Nasdaq Equity Premium New 0.11% +0.11
SMH Vaneck Semiconductor ETF New 0.10% +0.10
BRK.B Berkshire Hathaway Inc. Class B Add +48.1% 0.57% +0.10
SPRY Ars Pharmaceuticals Inc. Add +1.8% 0.47% +0.10
XEMDX Western Asset Emrg MRKT DBT Add +96.6% 0.22% +0.10
TSM Taiwan Semiconductor-SP ADR Add +1.3% 0.39% +0.07
AMZN Amazon.com Inc. Add +2.2% 1.39% +0.07
GDL GDL Fund New 0.07% +0.07
GRF Eagle Capital Growth Fund New 0.06% +0.06
CET Central Securities Corp. Add +8.3% 1.47% +0.05
SPY SS SPDR S&P 500 ETF Trust-US Add +3.6% 0.28% +0.01
DFAC Dimensional US Core Equity 2 Add +0.3% 0.16% −0.00
COST Costco Wholesale Corp. Add +5.9% 0.90% −0.01
PRCT Procept Biorobotics Corp. Add +11.1% 0.55% −0.01
IWD iShares Russell 1000 Value E Add +0.1% 0.18% −0.01
INTC Intel Corp. Add +1.8% 0.15% −0.02
CVX Chevron Corp. Add +0.2% 0.15% −0.04
PYN PIMCO New York Muni FND III Add +3.0% 0.37% −0.06
HFRO Highland Opport & Income Add +5.8% 1.52% −0.08
DMA Destra Multi-Alternative Add +3.0% 1.68% −0.08
PNI PIMCO NY Muni Inc. II FND Add +3.1% 0.82% −0.11
XPNFX PIMCO New York Muni Inc. FD Add +2.6% 0.78% −0.13
DGRO iShares Core Dividend Growth Add +0.1% 3.48% −0.27

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