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

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 Q2 2025 Q3 2025: $222.2M $222.2M Q3 2025 Q4 2025: $223.3M Q4 2025 Q1 2026: $233.3M Q1 2026 Q2 2026: $249.4M Q2 2026

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
XGLQX Clough Global Equity Fund 0.25% 73,483 $559K No change
MINV Matthews Asia Innovators Act 0.25% 15,023 $558K Reduce -5.7%
UNP Union Pacific Corp. 0.24% 2,296 $543K Add +0.2%
NFLX Netflix Inc. 0.24% 444 $532K Add +3.3%
QTUM Defiance Quantum ETF 0.24% 5,045 $529K Add +17.2%
THNQ Robo Global Artificial Intel filed as EXCHANGE TRADED CONCEPTS TRU 0.23% 8,154 $522K New
CEE Central and Eastern Europe F 0.23% 33,995 $522K No change
QQQ Invesco QQQ Trust Series 1 0.23% 849 $510K Add +0.1%
JEPI JPMorgan Equity Premium Inco 0.22% 8,705 $497K New
XWIAX Western Asset Infl-Link Sec 0.20% 53,254 $448K No change
AIR Aar Corp. 0.20% 5,000 $448K New
SBUX Starbucks Corp. 0.19% 5,068 $429K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.19% 7,399 $426K Add +76.2%
IWF iShares Russell 1000 Growth 0.19% 907 $425K No change
MEM Matthews Em MKT Eqty Active 0.19% 11,700 $424K No change
FISV Fiserv Inc. 0.19% 3,248 $419K No change
INTC Intel Corp. 0.19% 12,408 $416K Reduce -12.9%
XNQPX Nuveen Pa QLTY Muni Inc. 0.19% 34,440 $413K No change
DOV Dover Corp. 0.17% 2,313 $386K No change
VWO Vanguard Ftse Emerging Marke 0.17% 7,107 $385K No change
SOFI Sofi Technologies Inc. 0.17% 13,890 $367K Reduce -81.6%
DFAC Dimensional US Core Equity 2 0.16% 9,457 $365K Add +0.3%
VGT Vanguard Info Tech ETF 0.16% 482 $360K Add +17.0%
IVV iShares Core S&P 500 ETF 0.16% 538 $360K No change
IWD iShares Russell 1000 Value E 0.16% 1,762 $359K Reduce -12.3%
VUG Vanguard Mrngstar GR ETF-Sui 0.16% 747 $358K Reduce -7.1%
GD General Dynamics Corp. 0.15% 1,000 $341K No change
JNJ Johnson & Johnson 0.15% 1,838 $341K Add +1.0%
CVX Chevron Corp. 0.15% 2,187 $340K Add +0.1%
CSCO Cisco Systems Inc. 0.15% 4,950 $339K No change
IBIT iShares Bitcoin Trust ETF 0.15% 5,144 $334K New
VSS Vanguard Ftse All Wo X-US SC 0.15% 2,337 $333K No change
GAM General American Investors 0.15% 5,300 $330K No change
DFIV Dimensional International Va 0.15% 7,000 $323K No change
TSLA Tesla Inc. 0.14% 724 $322K New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.14% 2,940 $320K No change
FLIA Franklin International Aggre 0.14% 15,600 $320K No change
VCSH Vanguard S/T Corp. Bond ETF 0.14% 4,000 $320K No change
UNH Unitedhealth Group Inc. 0.14% 918 $317K Add +0.8%
DFSD Dimensional Short Duration 0.14% 6,500 $313K No change
JPIE JPMorgan Income ETF 0.14% 6,700 $311K No change
VT Vanguard Tot World STK ETF 0.14% 2,239 $308K Add +7.4%
BSV Vanguard Short-Term Bond ETF 0.14% 3,907 $308K New
DFCF Dimensional Core Fixed Inc. 0.14% 7,200 $308K No change
DFAE Dimensional Emerging Core Eq 0.14% 9,687 $305K Reduce -7.2%
PFE Pfizer Inc. 0.13% 11,627 $296K No change
MFM Aberdeen Municipal Income 0.13% 52,241 $282K New
CXE MFS High Income Municipal TR 0.12% 73,090 $272K No change
ITW Illinois Tool Works 0.12% 1,000 $261K No change
SMH Vaneck Semiconductor ETF 0.11% 780 $255K No change
VTI VG Morningstar TS MKT ETF-US 0.11% 770 $253K Reduce -22.6%
UUUU Energy Fuels Inc. 0.11% 16,368 $251K Reduce -0.8%
PG The Procter & Gamble Co. 0.11% 1,633 $251K No change
SCHV Schwab US Large-Cap Value 0.11% 8,503 $248K No change
ORCL Oracle Corp. 0.11% 874 $246K New
USB US Bancorp 0.11% 4,913 $237K Reduce -37.5%
VB Vanguard Most SM-Cap ETF-Usd 0.11% 928 $236K Reduce -6.8%
IWB iShares Russell 1000 ETF 0.10% 580 $212K New
FULC Fulcrum Therapeutics Inc. 0.08% 18,630 $171K Reduce -28.6%
GRF Eagle Capital Growth Fund 0.08% 16,262 $171K Add +26.4%
AEF Abrdn Emerging Markets Ex CH 0.07% 23,050 $149K Reduce -80.3%
GDL GDL Fund 0.07% 16,947 $145K No change
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.05% 19,352 $115K Reduce -40.7%
WVE Wave Life Sciences Ltd. 0.04% 13,193 $97K Add +17.9%

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

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