Matisse Capital
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Matisse Capital reported 164 stock positions worth $222.2 million. Its top holding was Apple (AAPL) at 4.4% of the portfolio, followed by PIMCO California Muni Inc. FD (XPCQX, 3.6%) and Microsoft (MSFT, 3.5%). Compared with Q2 2025, it opened 15 new positions, sold out of 18, added to 32 and reduced 32. The biggest buy was PIMCO California Muni Inc. FD (XPCQX, shares +136%) and the biggest sale an exit from PIMCO California Muni FD III (XPZCX).
- Most Recent 13F
- Q2 2026
- Location
- PORTLAND, OR
- CIK
- 0001668256
- Portfolio Value
- $222.2M (Q3 2025)
- SEC Filing
- 0001668256-25-000014 ↗ filed Oct 29, 2025
Holdings Value
Holdings 164 stocks · $222.2M
| AAPL Apple Inc. | 4.40% | 38,426 | $9.8M | Reduce -1.9% |
| XPCQX PIMCO California Muni Inc. FD | 3.61% | 920,318 | $8.0M | Add +135.8% |
| MSFT Microsoft Corp. | 3.45% | 14,811 | $7.7M | Reduce -4.6% |
| DGRO iShares Core Dividend Growth | 3.45% | 112,476 | $7.7M | Reduce -2.3% |
| ASND Ascendis Pharma A/S | 2.33% | 26,020 | $5.2M | Reduce -6.9% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 2.05% | 84,000 | $4.5M | No change |
| CHINA FUND INC | 2.02% | 243,000 | $4.5M | No change |
| MXF Mexico Fund Inc. | 1.82% | 205,000 | $4.0M | No change |
| TDF Templeton Dragon Fund Inc. | 1.79% | 342,000 | $4.0M | No change |
| HFRO Highland Opport & Income | 1.76% | 617,000 | $3.9M | No change |
| XCAFX Morgan Stanley China A Share | 1.75% | 233,000 | $3.9M | No change |
| BTX BlackRock Tech & Priv Eqty | 1.66% | 551,000 | $3.7M | New |
| SWZ Total Return Securities Fund | 1.66% | 607,000 | $3.7M | New |
| GOOGL Alphabet Inc. Class A | 1.62% | 14,814 | $3.6M | Add +0.3% |
| HGLB Highland Global Allocation | 1.61% | 393,000 | $3.6M | No change |
| DMA Destra Multi-Alternative | 1.58% | 407,000 | $3.5M | No change |
| NXDT Nexpoint Diversified Real Es | 1.57% | 944,847 | $3.5M | Add +15.2% |
| CET Central Securities Corp. | 1.50% | 65,000 | $3.3M | No change |
| LRCX Lam Research Corp. | 1.49% | 24,730 | $3.3M | Add +0.2% |
| STEW SRH Total Return Fund Inc. | 1.47% | 180,000 | $3.3M | No change |
| RGT Royce Global Trust Inc. | 1.44% | 246,790 | $3.2M | Add +14.0% |
| DMB BNY Mellon Muni BND Infra | 1.34% | 278,812 | $3.0M | Reduce -10.3% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 1.28% | 9,554 | $2.8M | No change |
| MXE Mexico Equity and Income FD | 1.27% | 237,827 | $2.8M | No change |
| GLO Clough Global Opportunities | 1.26% | 490,128 | $2.8M | No change |
| KYN Kayne Anderson Energy Infra | 1.24% | 222,839 | $2.8M | No change |
| XTEAX Tortoise Sust&social Imp Ter | 1.20% | 227,000 | $2.7M | No change |
| KF Korea Fund Inc. | 1.13% | 82,265 | $2.5M | No change |
| BIV Vanguard Intermediate-Term B | 1.13% | 32,186 | $2.5M | Reduce -1.7% |
| META Meta Platforms Inc. Class A | 1.09% | 3,300 | $2.4M | Add +0.3% |
| AMZN Amazon.com Inc. | 1.07% | 10,841 | $2.4M | Reduce -19.1% |
| BTT BlackRock 2030 Muni TRGT TRM | 1.02% | 100,739 | $2.3M | No change |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.00% | 10,652 | $2.2M | No change |
| WIW Western Asst Infl-LNK Opp | 0.92% | 230,000 | $2.0M | No change |
| EEA The European Equity Fund Inc. | 0.92% | 188,070 | $2.0M | No change |
| NBXG Neuberger Next Generation Co. | 0.90% | 129,790 | $2.0M | No change |
| ETN Eaton Corp. PLC | 0.87% | 5,145 | $1.9M | No change |
| COST Costco Wholesale Corp. | 0.79% | 1,900 | $1.8M | Reduce -0.7% |
| SFM Sprouts Farmers Market Inc. | 0.79% | 16,142 | $1.8M | Reduce -19.5% |
| VFL Abrdn National Municipal Inc. | 0.79% | 170,000 | $1.7M | No change |
| PMO Franklin Muncipl Opps Tst-Ui | 0.77% | 166,367 | $1.7M | No change |
| LEO BNY Mellon Strategic Muni | 0.77% | 273,100 | $1.7M | No change |
| ACM Aecom | 0.74% | 12,611 | $1.6M | No change |
| DISV Dimensional International SM | 0.71% | 44,100 | $1.6M | No change |
| NVDA Nvidia Corp. | 0.70% | 8,355 | $1.6M | Reduce -3.4% |
| JPM JPMorgan Chase & Co. | 0.66% | 4,631 | $1.5M | No change |
| GLV Clough Global Dividend & Inc. | 0.65% | 241,195 | $1.4M | No change |
| FMN Federated Herm Prem Muni Inc. | 0.64% | 128,815 | $1.4M | No change |
| NBH Neuberger Municipal Fund Inc. | 0.63% | 135,900 | $1.4M | No change |
| XAI OCTAGN FLT RAT & ALT INM | 0.63% | 262,527 | $1.4M | New |
| EMB iShares JP Morgan Usd Emergi | 0.61% | 14,353 | $1.4M | Add +0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.61% | 2,695 | $1.4M | Add +8.5% |
| BWG Brandywineglobal Global Inco | 0.59% | 149,900 | $1.3M | No change |
| DFEV Dimensional Emrg MRKT Val | 0.57% | 39,760 | $1.3M | No change |
| V Visa Inc. Class A | 0.56% | 3,641 | $1.2M | Add +0.1% |
| EEM iShares MSCI Emerging Market | 0.55% | 22,990 | $1.2M | No change |
| XOM Exxon Mobil Corp. | 0.53% | 10,474 | $1.2M | Reduce -0.6% |
| MUJ BlackRock Munihold NJ QLTY | 0.53% | 100,700 | $1.2M | No change |
| BLK BlackRock Inc. | 0.49% | 940 | $1.1M | No change |
| WMT Walmart Inc. | 0.49% | 10,628 | $1.1M | Add +0.1% |
| JCI Johnson Controls Internation | 0.48% | 9,705 | $1.1M | No change |
| TSCO Tractor Supply Company | 0.47% | 18,315 | $1.0M | Add +0.1% |
| GGZ Gabelli Global Small & M | 0.47% | 71,849 | $1.0M | No change |
| NTAP Netapp Inc. | 0.46% | 8,699 | $1.0M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.46% | 3,635 | $1.0M | Add +0.8% |
| BA The Boeing Co. | 0.42% | 4,327 | $934K | Add +2.4% |
| SCHW Schwab (charles) Corp. | 0.41% | 9,625 | $919K | Reduce -19.9% |
| XCMUX MFS High Yield Municipal TR | 0.41% | 262,208 | $910K | No change |
| MUC BlackRock Munihold Ca QLTY | 0.38% | 78,600 | $853K | No change |
| IBKR Interactive Brokers Gro Class A | 0.38% | 12,300 | $846K | Add +2.5% |
| STE Steris PLC | 0.38% | 3,397 | $841K | No change |
| PLTR Palantir Technologies Inc. Class A | 0.38% | 4,600 | $839K | No change |
| ADI Analog Devices Inc. | 0.38% | 3,406 | $837K | No change |
| GEV GE Vernova Inc. | 0.37% | 1,322 | $813K | New |
| QCOM Qualcomm Inc. | 0.35% | 4,727 | $786K | No change |
| LOW Lowe's Cos Inc. | 0.35% | 3,103 | $780K | Add +0.2% |
| IDEV iShares Core MSCI Dev MKTS | 0.35% | 9,632 | $772K | No change |
| VFH Vanguard Financials ETF | 0.35% | 5,871 | $771K | No change |
| MA Mastercard Inc. Class A | 0.35% | 1,348 | $767K | Add +1.4% |
| EMF Templeton Emerging Markets | 0.33% | 44,136 | $739K | Reduce -0.7% |
| ELV Elevance Health Inc. | 0.33% | 2,250 | $727K | Reduce -4.3% |
| PRCT Procept Biorobotics Corp. | 0.33% | 20,270 | $723K | Reduce -0.4% |
| XBNYX BlackRock New York Muni Inc. | 0.32% | 69,921 | $708K | No change |
| VOO Vanguard S&P 500 ETF | 0.31% | 1,131 | $693K | Reduce -4.4% |
| CXH MFS Investment Grade Muni | 0.31% | 86,381 | $679K | No change |
| NKE Nike Inc. Class B | 0.30% | 9,650 | $673K | No change |
| VEA Vanguard Ftse Developed ETF | 0.30% | 11,228 | $673K | Reduce -7.3% |
| FDX FedEx Corp. | 0.30% | 2,800 | $660K | Reduce -1.5% |
| DGS Wisdomtree Em Small Cap | 0.30% | 11,518 | $658K | No change |
| OKLO Oklo Inc. | 0.29% | 5,814 | $649K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.29% | 966 | $643K | Add +0.5% |
| RFMZ Rivernorth Flex Muni II | 0.29% | 49,190 | $642K | No change |
| EMLC Vaneck JPM Em Local Curr BND | 0.29% | 24,900 | $635K | No change |
| NTR Nutrien Ltd. | 0.27% | 10,256 | $602K | No change |
| ARTY iShares Future AI & Tech ETF | 0.27% | 12,961 | $593K | No change |
| DE Deere & Co. | 0.26% | 1,279 | $585K | Reduce -0.1% |
| SPRY Ars Pharmaceuticals Inc. | 0.26% | 57,791 | $581K | Add +1.9% |
| HD Home Depot Inc. | 0.26% | 1,432 | $580K | Add +0.8% |
| LMT Lockheed Martin Corp. | 0.25% | 1,133 | $566K | No change |
| IONQ Ionq Inc. | 0.25% | 9,188 | $565K | New |
Portfolio Sells Q2 2025 → Q3 2025
| XPZCX PIMCO California Muni FD III | Sold out | 0.00% | −1.12 |
| EDD Morgan Stanley Emrg MRK Dom | Sold out | 0.00% | −0.86 |
| PNI PIMCO NY Muni Inc. II FND | Sold out | 0.00% | −0.82 |
| XPNFX PIMCO New York Muni Inc. FD | Sold out | 0.00% | −0.78 |
| SFM Sprouts Farmers Market Inc. | Reduce -19.5% | 0.79% | −0.77 |
| PFO Flaherty & Crumrine P&I Opp | Sold out | 0.00% | −0.75 |
| PFD Flaherty & Crumrin Pre&inc F | Sold out | 0.00% | −0.72 |
| FLC Flaherty & Crumrine TTL RTRN | Sold out | 0.00% | −0.61 |
| OPP Rivernrth/Doublelne STR Opp | Sold out | 0.00% | −0.61 |
| SOFI Sofi Technologies Inc. | Reduce -81.6% | 0.17% | −0.48 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.46 |
| PYN PIMCO New York Muni FND III | Sold out | 0.00% | −0.37 |
| AMZN Amazon.com Inc. | Reduce -19.1% | 1.07% | −0.32 |
| ZROZ PIMCO 25+ YR Zero CPN US Tif | Sold out | 0.00% | −0.28 |
| AEF Abrdn Emerging Markets Ex CH | Reduce -80.3% | 0.07% | −0.26 |
| PRCT Procept Biorobotics Corp. | Reduce -0.4% | 0.33% | −0.23 |
| LNC Lincoln National Corp. | Sold out | 0.00% | −0.22 |
| XEMDX Western Asset Emrg MRKT DBT | Sold out | 0.00% | −0.22 |
| MSFT Microsoft Corp. | Reduce -4.6% | 3.45% | −0.20 |
| XFFCX Flaherty & Crumrine Pref Inc. | Sold out | 0.00% | −0.18 |
| DMB BNY Mellon Muni BND Infra | Reduce -10.3% | 1.34% | −0.16 |
| MMU Western Asset Managed Munici | Sold out | 0.00% | −0.14 |
| IQI Invesco Quality Muni Inc. TR | Sold out | 0.00% | −0.13 |
| BHV BlackRock Virginia Muni BND | Sold out | 0.00% | −0.11 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.11 |
| ELV Elevance Health Inc. | Reduce -4.3% | 0.33% | −0.10 |
| SCHW Schwab (charles) Corp. | Reduce -19.9% | 0.41% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -0.7% | 0.79% | −0.10 |
| BIV Vanguard Intermediate-Term B | Reduce -1.7% | 1.13% | −0.07 |
| USB US Bancorp | Reduce -37.5% | 0.11% | −0.06 |
| DE Deere & Co. | Reduce -0.1% | 0.26% | −0.04 |
| DSM BNYM Strat Muni BND | Reduce -40.7% | 0.05% | −0.03 |
| DGRO iShares Core Dividend Growth | Reduce -2.3% | 3.45% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -22.6% | 0.11% | −0.03 |
| VEA Vanguard Ftse Developed ETF | Reduce -7.3% | 0.30% | −0.02 |
| IWD iShares Russell 1000 Value E | Reduce -12.3% | 0.16% | −0.02 |
| FDX FedEx Corp. | Reduce -1.5% | 0.30% | −0.01 |
| FULC Fulcrum Therapeutics Inc. | Reduce -28.6% | 0.08% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -4.4% | 0.31% | −0.01 |
| DFAE Dimensional Emerging Core Eq | Reduce -7.2% | 0.14% | −0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -7.1% | 0.16% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -6.8% | 0.11% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -0.6% | 0.53% | −0.01 |
| MINV Matthews Asia Innovators Act | Reduce -5.7% | 0.25% | +0.02 |
| EMF Templeton Emerging Markets | Reduce -0.7% | 0.33% | +0.03 |
| INTC Intel Corp. | Reduce -12.9% | 0.19% | +0.04 |
| ASND Ascendis Pharma A/S | Reduce -6.9% | 2.33% | +0.05 |
| NVDA Nvidia Corp. | Reduce -3.4% | 0.70% | +0.06 |
| UUUU Energy Fuels Inc. | Reduce -0.8% | 0.11% | +0.07 |
| AAPL Apple Inc. | Reduce -1.9% | 4.40% | +0.60 |
Portfolio Buys Q2 2025 → Q3 2025
| XPCQX PIMCO California Muni Inc. FD | Add +135.8% | 3.61% | +2.09 |
| BTX BlackRock Tech & Priv Eqty | New | 1.66% | +1.66 |
| SWZ Total Return Securities Fund | New | 1.66% | +1.66 |
| XAI OCTAGN FLT RAT & ALT INM | New | 0.63% | +0.63 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 1.62% | +0.39 |
| GEV GE Vernova Inc. | New | 0.37% | +0.37 |
| LRCX Lam Research Corp. | Add +0.2% | 1.49% | +0.36 |
| OKLO Oklo Inc. | New | 0.29% | +0.29 |
| IONQ Ionq Inc. | New | 0.25% | +0.25 |
| THNQ Robo Global Artificial Intel | New | 0.23% | +0.23 |
| JEPI JPMorgan Equity Premium Inco | New | 0.22% | +0.22 |
| RGT Royce Global Trust Inc. | Add +14.0% | 1.44% | +0.21 |
| AIR Aar Corp. | New | 0.20% | +0.20 |
| IBIT iShares Bitcoin Trust ETF | New | 0.15% | +0.15 |
| TSLA Tesla Inc. | New | 0.14% | +0.14 |
| BSV Vanguard Short-Term Bond ETF | New | 0.14% | +0.14 |
| MFM Aberdeen Municipal Income | New | 0.13% | +0.13 |
| ORCL Oracle Corp. | New | 0.11% | +0.11 |
| IWB iShares Russell 1000 ETF | New | 0.10% | +0.10 |
| JEPQ JPM Nasdaq Equity Premium | Add +76.2% | 0.19% | +0.08 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.8% | 0.46% | +0.07 |
| IBKR Interactive Brokers Gro Class A | Add +2.5% | 0.38% | +0.07 |
| QTUM Defiance Quantum ETF | Add +17.2% | 0.24% | +0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +8.5% | 0.61% | +0.04 |
| VGT Vanguard Info Tech ETF | Add +17.0% | 0.16% | +0.03 |
| LOW Lowe's Cos Inc. | Add +0.2% | 0.35% | +0.03 |
| JNJ Johnson & Johnson | Add +1.0% | 0.15% | +0.02 |
| GRF Eagle Capital Growth Fund | Add +26.4% | 0.08% | +0.02 |
| HD Home Depot Inc. | Add +0.8% | 0.26% | +0.01 |
| TSCO Tractor Supply Company | Add +0.1% | 0.47% | +0.01 |
| VT Vanguard Tot World STK ETF | Add +7.4% | 0.14% | +0.01 |
| WVE Wave Life Sciences Ltd. | Add +17.9% | 0.04% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.5% | 0.29% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +0.8% | 0.14% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.1% | 0.23% | +0.01 |
| CVX Chevron Corp. | Add +0.1% | 0.15% | +0.01 |
| DFAC Dimensional US Core Equity 2 | Add +0.3% | 0.16% | +0.00 |
| WMT Walmart Inc. | Add +0.1% | 0.49% | +0.00 |
| BA The Boeing Co. | Add +2.4% | 0.42% | +0.00 |
| UNP Union Pacific Corp. | Add +0.2% | 0.24% | −0.00 |
| MA Mastercard Inc. Class A | Add +1.4% | 0.35% | −0.01 |
| EMB iShares JP Morgan Usd Emergi | Add +0.4% | 0.61% | −0.01 |
| NFLX Netflix Inc. | Add +3.3% | 0.24% | −0.03 |
| V Visa Inc. Class A | Add +0.1% | 0.56% | −0.05 |
| NXDT Nexpoint Diversified Real Es | Add +15.2% | 1.57% | −0.05 |
| META Meta Platforms Inc. Class A | Add +0.3% | 1.09% | −0.06 |
| SPRY Ars Pharmaceuticals Inc. | Add +1.9% | 0.26% | −0.21 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 157 | $249.4M | AAPL, DGRO, LRCX, XPCQX, ASND |
| Q1 2026 | 162 | $233.3M | AAPL, DGRO, XPCQX, ASND, XFLT |
| Q4 2025 | 165 | $223.3M | AAPL, XPCQX, DGRO, MSFT, ASND |
| Q3 2025 | 164 | $222.2M | AAPL, XPCQX, MSFT, DGRO, ASND |
| Q2 2025 | 168 | $211.5M | AAPL, MSFT, DGRO, ASND, TWN |
| Q1 2025 | 165 | $189.6M | AAPL, DGRO, MSFT, ASND, DMA |
| Q4 2024 | 169 | $196.7M | AAPL, MSFT, DGRO, ASND, DMA |
| Q3 2024 | 176 | $205.6M | AAPL, DGRO, MSFT, ASND, DMB |
| Q2 2024 | 181 | $202.1M | AAPL, MSFT, DGRO, ASND, LRCX |
| Q1 2024 | 190 | $207.9M | MSFT, AAPL, DGRO, SWAV, ASND |