Matisse Capital
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), Matisse Capital reported 165 stock positions worth $223.3 million. Its top holding was Apple (AAPL) at 4.5% of the portfolio, followed by PIMCO California Muni Inc. FD (XPCQX, 3.6%) and iShares Core Dividend Growth (DGRO, 3.5%). Compared with Q3 2025, it opened 16 new positions, sold out of 15, added to 40 and reduced 35. The biggest buy was a new position in FS Credit Opportunities (FSCO) and the biggest sale an exit from China Fund.
- Most Recent 13F
- Q2 2026
- Location
- PORTLAND, OR
- CIK
- 0001668256
- Portfolio Value
- $223.3M (Q4 2025)
- SEC Filing
- 0001668256-26-000002 ↗ filed Jan 29, 2026
Holdings Value
Holdings 165 stocks · $223.3M
| AAPL Apple Inc. | 4.47% | 36,722 | $10.0M | Reduce -4.4% |
| XPCQX PIMCO California Muni Inc. FD | 3.60% | 920,318 | $8.0M | No change |
| DGRO iShares Core Dividend Growth | 3.49% | 112,343 | $7.8M | Reduce -0.1% |
| MSFT Microsoft Corp. | 3.07% | 14,183 | $6.9M | Reduce -4.2% |
| ASND Ascendis Pharma A/S | 2.61% | 27,305 | $5.8M | Add +4.9% |
| FSCO FS Credit Opportunities Corp. | 2.53% | 897,918 | $5.7M | New |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 2.01% | 84,000 | $4.5M | No change |
| XAI OCTAGN FLT RAT & ALT INM | 1.98% | 920,000 | $4.4M | Add +250.4% |
| MXF Mexico Fund Inc. | 1.85% | 205,000 | $4.1M | No change |
| GOOGL Alphabet Inc. Class A | 1.82% | 12,975 | $4.1M | Reduce -12.4% |
| XCAFX Morgan Stanley China A Share | 1.81% | 233,000 | $4.0M | No change |
| TDF Templeton Dragon Fund Inc. | 1.72% | 342,000 | $3.9M | No change |
| RGT Royce Global Trust Inc. | 1.71% | 291,000 | $3.8M | Add +17.9% |
| SWZ Total Return Securities Fund | 1.70% | 610,000 | $3.8M | Add +0.5% |
| BTX BlackRock Tech & Priv Eqty | 1.68% | 571,000 | $3.8M | Add +3.6% |
| HFRO Highland Opport & Income | 1.65% | 617,000 | $3.7M | No change |
| DMA Destra Multi-Alternative | 1.63% | 407,000 | $3.7M | No change |
| HGLB Highland Global Allocation | 1.61% | 393,000 | $3.6M | No change |
| BPRE Bluerock Private Real Estate | 1.51% | 224,800 | $3.4M | New |
| STEW SRH Total Return Fund Inc. | 1.49% | 180,000 | $3.3M | No change |
| NXDT Nexpoint Diversified Real Es | 1.48% | 861,609 | $3.3M | Reduce -8.8% |
| CET Central Securities Corp. | 1.48% | 65,000 | $3.3M | No change |
| LRCX Lam Research Corp. | 1.44% | 18,737 | $3.2M | Reduce -24.2% |
| KF Korea Fund Inc. | 1.34% | 82,265 | $3.0M | No change |
| MXE Mexico Equity and Income FD | 1.32% | 237,827 | $2.9M | No change |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 1.29% | 9,554 | $2.9M | No change |
| GLO Clough Global Opportunities | 1.24% | 490,128 | $2.8M | No change |
| KYN Kayne Anderson Energy Infra | 1.24% | 222,839 | $2.8M | No change |
| AMZN Amazon.com Inc. | 1.16% | 11,264 | $2.6M | Add +3.9% |
| BIV Vanguard Intermediate-Term B | 1.12% | 32,186 | $2.5M | No change |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.01% | 10,652 | $2.3M | No change |
| META Meta Platforms Inc. Class A | 0.93% | 3,147 | $2.1M | Reduce -4.6% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.92% | 90,000 | $2.1M | Reduce -10.7% |
| WIW Western Asst Infl-LNK Opp | 0.88% | 230,000 | $2.0M | No change |
| EEA The European Equity Fund Inc. | 0.87% | 188,070 | $1.9M | No change |
| NBXG Neuberger Next Generation Co. | 0.84% | 129,790 | $1.9M | No change |
| GOOG Alphabet Inc. Class C | 0.82% | 5,840 | $1.8M | New |
| SFM Sprouts Farmers Market Inc. | 0.80% | 22,542 | $1.8M | Add +39.6% |
| VFL Abrdn National Municipal Inc. | 0.80% | 174,693 | $1.8M | Add +2.8% |
| DISV Dimensional International SM | 0.75% | 44,100 | $1.7M | No change |
| NVDA Nvidia Corp. | 0.73% | 8,750 | $1.6M | Add +4.7% |
| VVR Invesco Senior Income Trust | 0.72% | 489,082 | $1.6M | New |
| JPM JPMorgan Chase & Co. | 0.71% | 4,941 | $1.6M | Add +6.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.70% | 3,090 | $1.6M | Add +14.7% |
| GLV Clough Global Dividend & Inc. | 0.64% | 240,785 | $1.4M | Reduce -0.2% |
| FMN Federated Herm Prem Muni Inc. | 0.64% | 128,815 | $1.4M | No change |
| EMB iShares JP Morgan Usd Emergi | 0.62% | 14,354 | $1.4M | Add +0.0% |
| NBH Neuberger Municipal Fund Inc. | 0.62% | 135,900 | $1.4M | No change |
| DFEV Dimensional Emrg MRKT Val | 0.60% | 39,760 | $1.3M | No change |
| V Visa Inc. Class A | 0.57% | 3,645 | $1.3M | Add +0.1% |
| ETN Eaton Corp. PLC | 0.56% | 3,959 | $1.3M | Reduce -23.1% |
| XOM Exxon Mobil Corp. | 0.56% | 10,477 | $1.3M | Add +0.0% |
| EEM iShares MSCI Emerging Market | 0.56% | 22,990 | $1.3M | No change |
| BWG Brandywineglobal Global Inco | 0.55% | 145,866 | $1.2M | Reduce -2.7% |
| ACM Aecom | 0.54% | 12,611 | $1.2M | No change |
| WMT Walmart Inc. | 0.53% | 10,642 | $1.2M | Add +0.1% |
| JCI Johnson Controls Internation | 0.52% | 9,705 | $1.2M | No change |
| COST Costco Wholesale Corp. | 0.50% | 1,299 | $1.1M | Reduce -31.6% |
| NKE Nike Inc. Class B | 0.50% | 17,560 | $1.1M | Add +82.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.49% | 3,635 | $1.1M | No change |
| BLK BlackRock Inc. | 0.45% | 940 | $1.0M | No change |
| GEV GE Vernova Inc. | 0.43% | 1,463 | $956K | Add +10.7% |
| NTAP Netapp Inc. | 0.42% | 8,699 | $932K | No change |
| ADI Analog Devices Inc. | 0.41% | 3,406 | $924K | No change |
| XCMUX MFS High Yield Municipal TR | 0.41% | 262,208 | $920K | No change |
| TSCO Tractor Supply Company | 0.41% | 18,315 | $916K | No change |
| STE Steris PLC | 0.39% | 3,397 | $861K | No change |
| XJQCX Nuveen Credit Strategies Inc. | 0.38% | 170,247 | $855K | New |
| MUC BlackRock Munihold Ca QLTY | 0.37% | 78,600 | $833K | No change |
| PLTR Palantir Technologies Inc. Class A | 0.37% | 4,618 | $821K | Add +0.4% |
| FDX FedEx Corp. | 0.36% | 2,800 | $809K | No change |
| QCOM Qualcomm Inc. | 0.36% | 4,727 | $809K | No change |
| IDEV iShares Core MSCI Dev MKTS | 0.36% | 9,632 | $794K | No change |
| ELV Elevance Health Inc. | 0.35% | 2,250 | $789K | No change |
| VFH Vanguard Financials ETF | 0.35% | 5,811 | $776K | Reduce -1.0% |
| MA Mastercard Inc. Class A | 0.35% | 1,353 | $772K | Add +0.4% |
| LEO BNY Mellon Strategic Muni | 0.34% | 117,935 | $750K | Reduce -56.8% |
| LOW Lowe's Cos Inc. | 0.34% | 3,103 | $748K | No change |
| WVE Wave Life Sciences Ltd. | 0.32% | 42,193 | $717K | Add +219.8% |
| VOO Vanguard S&P 500 ETF | 0.32% | 1,138 | $714K | Add +0.6% |
| XBNYX BlackRock New York Muni Inc. | 0.32% | 69,921 | $709K | No change |
| VEA Vanguard Ftse Developed ETF | 0.31% | 11,228 | $701K | No change |
| CXH MFS Investment Grade Muni | 0.31% | 86,381 | $687K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.30% | 967 | $659K | Add +0.1% |
| DGS Wisdomtree Em Small Cap | 0.30% | 11,518 | $659K | No change |
| SPRY Ars Pharmaceuticals Inc. | 0.29% | 55,561 | $647K | Reduce -3.9% |
| EMLC Vaneck JPM Em Local Curr BND | 0.29% | 24,900 | $643K | No change |
| NTR Nutrien Ltd. | 0.28% | 10,256 | $633K | No change |
| RFMZ Rivernorth Flex Muni II | 0.28% | 49,190 | $623K | No change |
| GGZ Gabelli Global Small & M | 0.27% | 40,365 | $605K | Reduce -43.8% |
| CEE Central and Eastern Europe F | 0.27% | 33,995 | $602K | No change |
| DE Deere & Co. | 0.27% | 1,279 | $595K | No change |
| THNQ Robo Global Artificial Intel filed as EXCHANGE TRADED CONCEPTS TRU | 0.26% | 9,086 | $577K | Add +11.4% |
| PRCT Procept Biorobotics Corp. | 0.25% | 18,067 | $568K | Reduce -10.9% |
| XGLQX Clough Global Equity Fund | 0.25% | 73,483 | $563K | No change |
| HD Home Depot Inc. | 0.25% | 1,606 | $553K | Add +12.2% |
| LMT Lockheed Martin Corp. | 0.25% | 1,139 | $551K | Add +0.5% |
| UNP Union Pacific Corp. | 0.24% | 2,296 | $531K | No change |
| MINV Matthews Asia Innovators Act | 0.24% | 15,023 | $530K | No change |
| IONQ Ionq Inc. | 0.23% | 11,405 | $512K | Add +24.1% |
Options reported separately and not counted above: SPY puts ($632K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $407K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 5,900 | $407K | New |
Total filed on the 13F, all lines: $223.7M.
Portfolio Sells Q3 2025 → Q4 2025
| CHINA FUND INC | Sold out | 0.00% | −2.02 |
| DMB BNY Mellon Muni BND Infra | Sold out | 0.00% | −1.34 |
| XTEAX Tortoise Sust&social Imp Ter | Sold out | 0.00% | −1.20 |
| PMO Franklin Muncipl Opps Tst-Ui | Sold out | 0.00% | −0.77 |
| MUJ BlackRock Munihold NJ QLTY | Sold out | 0.00% | −0.53 |
| LEO BNY Mellon Strategic Muni | Reduce -56.8% | 0.34% | −0.43 |
| MSFT Microsoft Corp. | Reduce -4.2% | 3.07% | −0.38 |
| EMF Templeton Emerging Markets | Sold out | 0.00% | −0.33 |
| SCHW Schwab (charles) Corp. | Reduce -77.6% | 0.10% | −0.32 |
| BA The Boeing Co. | Reduce -74.5% | 0.11% | −0.31 |
| ETN Eaton Corp. PLC | Reduce -23.1% | 0.56% | −0.30 |
| COST Costco Wholesale Corp. | Reduce -31.6% | 0.50% | −0.29 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.24 |
| IBKR Interactive Brokers Gro Class A | Reduce -48.8% | 0.18% | −0.20 |
| GGZ Gabelli Global Small & M | Reduce -43.8% | 0.27% | −0.20 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.19 |
| SOFI Sofi Technologies Inc. | Sold out | 0.00% | −0.17 |
| META Meta Platforms Inc. Class A | Reduce -4.6% | 0.93% | −0.16 |
| GAM General American Investors | Sold out | 0.00% | −0.15 |
| SMH Vaneck Semiconductor ETF | Sold out | 0.00% | −0.11 |
| UUUU Energy Fuels Inc. | Sold out | 0.00% | −0.11 |
| OKLO Oklo Inc. | Reduce -0.2% | 0.19% | −0.11 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -10.7% | 0.92% | −0.10 |
| NXDT Nexpoint Diversified Real Es | Reduce -8.8% | 1.48% | −0.09 |
| GRF Eagle Capital Growth Fund | Sold out | 0.00% | −0.08 |
| ARTY iShares Future AI & Tech ETF | Reduce -30.4% | 0.19% | −0.07 |
| PRCT Procept Biorobotics Corp. | Reduce -10.9% | 0.25% | −0.07 |
| SBUX Starbucks Corp. | Reduce -34.5% | 0.13% | −0.07 |
| AEF Abrdn Emerging Markets Ex CH | Sold out | 0.00% | −0.07 |
| LRCX Lam Research Corp. | Reduce -24.2% | 1.44% | −0.05 |
| DSM BNYM Strat Muni BND | Sold out | 0.00% | −0.05 |
| IBIT iShares Bitcoin Trust ETF | Reduce -12.6% | 0.10% | −0.05 |
| BWG Brandywineglobal Global Inco | Reduce -2.7% | 0.55% | −0.04 |
| QTUM Defiance Quantum ETF | Reduce -17.6% | 0.20% | −0.03 |
| VGT Vanguard Info Tech ETF | Reduce -12.0% | 0.14% | −0.02 |
| FULC Fulcrum Therapeutics Inc. | Reduce -27.8% | 0.07% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 0.10% | −0.01 |
| INTC Intel Corp. | Reduce -10.8% | 0.18% | −0.00 |
| USB US Bancorp | Reduce -11.5% | 0.10% | −0.00 |
| GLV Clough Global Dividend & Inc. | Reduce -0.2% | 0.64% | −0.00 |
| IWF iShares Russell 1000 Growth | Reduce -1.3% | 0.19% | −0.00 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -2.4% | 0.23% | −0.00 |
| IWB iShares Russell 1000 ETF | Reduce -2.2% | 0.09% | −0.00 |
| VT Vanguard Tot World STK ETF | Reduce -1.6% | 0.14% | +0.00 |
| VFH Vanguard Financials ETF | Reduce -1.0% | 0.35% | +0.00 |
| DOV Dover Corp. | Reduce -1.1% | 0.20% | +0.03 |
| SPRY Ars Pharmaceuticals Inc. | Reduce -3.9% | 0.29% | +0.03 |
| DGRO iShares Core Dividend Growth | Reduce -0.1% | 3.49% | +0.05 |
| AAPL Apple Inc. | Reduce -4.4% | 4.47% | +0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -12.4% | 1.82% | +0.20 |
Portfolio Buys Q3 2025 → Q4 2025
| FSCO FS Credit Opportunities Corp. | New | 2.53% | +2.53 |
| BPRE Bluerock Private Real Estate | New | 1.51% | +1.51 |
| XAI OCTAGN FLT RAT & ALT INM | Add +250.4% | 1.98% | +1.35 |
| GOOG Alphabet Inc. Class C | New | 0.82% | +0.82 |
| VVR Invesco Senior Income Trust | New | 0.72% | +0.72 |
| XJQCX Nuveen Credit Strategies Inc. | New | 0.38% | +0.38 |
| ASND Ascendis Pharma A/S | Add +4.9% | 2.61% | +0.28 |
| WVE Wave Life Sciences Ltd. | Add +219.8% | 0.32% | +0.28 |
| RGT Royce Global Trust Inc. | Add +17.9% | 1.71% | +0.27 |
| BRW Saba Capital Income & Opport | New | 0.21% | +0.21 |
| NKE Nike Inc. Class B | Add +82.0% | 0.50% | +0.20 |
| CSX CSX Corp. | New | 0.18% | +0.18 |
| LLY Eli Lilly & Co. | New | 0.15% | +0.15 |
| IBM Intl Business Machines Corp. | New | 0.13% | +0.13 |
| GOLD Gold.com Inc. | New | 0.11% | +0.11 |
| ISRG Intuitive Surgical Inc. | New | 0.11% | +0.11 |
| SHOP Shopify Inc. Class A | New | 0.10% | +0.10 |
| NOC Northrop Grumman Corp. | New | 0.10% | +0.10 |
| IBB iShares Biotechnology ETF | New | 0.10% | +0.10 |
| AMZN Amazon.com Inc. | Add +3.9% | 1.16% | +0.09 |
| FCX Freeport-McMoran Inc. | New | 0.09% | +0.09 |
| GDLC Grayscale Coindesk 5 ETF | New | 0.09% | +0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +14.7% | 0.70% | +0.09 |
| GEV GE Vernova Inc. | Add +10.7% | 0.43% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +6.7% | 0.71% | +0.06 |
| CSCO Cisco Systems Inc. | Add +12.4% | 0.19% | +0.04 |
| WMT Walmart Inc. | Add +0.1% | 0.53% | +0.04 |
| SWZ Total Return Securities Fund | Add +0.5% | 1.70% | +0.04 |
| JEPQ JPM Nasdaq Equity Premium | Add +17.0% | 0.23% | +0.03 |
| XOM Exxon Mobil Corp. | Add +0.0% | 0.56% | +0.03 |
| BSV Vanguard Short-Term Bond ETF | Add +24.0% | 0.17% | +0.03 |
| NVDA Nvidia Corp. | Add +4.7% | 0.73% | +0.03 |
| BTX BlackRock Tech & Priv Eqty | Add +3.6% | 1.68% | +0.02 |
| THNQ Robo Global Artificial Intel | Add +11.4% | 0.26% | +0.02 |
| CVX Chevron Corp. | Add +17.1% | 0.17% | +0.02 |
| AIR Aar Corp. | Add +20.0% | 0.22% | +0.02 |
| VFL Abrdn National Municipal Inc. | Add +2.8% | 0.80% | +0.02 |
| JNJ Johnson & Johnson | Add +0.3% | 0.17% | +0.02 |
| SFM Sprouts Farmers Market Inc. | Add +39.6% | 0.80% | +0.01 |
| V Visa Inc. Class A | Add +0.1% | 0.57% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +0.6% | 0.32% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.1% | 0.30% | +0.01 |
| TSLA Tesla Inc. | Add +3.0% | 0.15% | +0.01 |
| IWD iShares Russell 1000 Value E | Add +0.1% | 0.17% | +0.00 |
| DFAC Dimensional US Core Equity 2 | Add +0.2% | 0.17% | +0.00 |
| EMB iShares JP Morgan Usd Emergi | Add +0.0% | 0.62% | +0.00 |
| JEPI JPMorgan Equity Premium Inco | Add +0.7% | 0.22% | +0.00 |
| MA Mastercard Inc. Class A | Add +0.4% | 0.35% | +0.00 |
| GD General Dynamics Corp. | Add +0.1% | 0.15% | −0.00 |
| PFE Pfizer Inc. | Add +0.3% | 0.13% | −0.00 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 557 | $632K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | New | 5,900 | $407K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |