Orion Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 31, 2025), Orion Capital Management LLC reported 460 stock positions worth $262.5 million. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 12.7% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 8.6%) and Janus Henderson Aaa Clo ETF (JAAA, 5.0%). Compared with Q1 2025, it opened 12 new positions, sold out of 25, added to 79 and reduced 81. The biggest buy was Janus Henderson Aaa Clo ETF (JAAA, shares +31%) and the biggest sale Apple (AAPL, shares −2%).

Most Recent 13F
Q2 2026
Location
CORONADO, CA
CIK
0001846758
Portfolio Value
$262.5M (Q2 2025)
SEC Filing
0001095449-25-000053 ↗ filed Jul 31, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $187.7M Q1 2024 Q2 2024: $190.0M Q2 2024 Q3 2024: $205.8M Q3 2024 Q4 2024: $227.3M Q4 2024 Q1 2025: $237.4M Q1 2025 Q2 2025: $262.5M $262.5M Q2 2025 Q3 2025: $286.9M Q3 2025 Q4 2025: $296.3M Q4 2025 Q1 2026: $289.8M Q1 2026 Q2 2026: $321.9M Q2 2026

Holdings 460 stocks · $262.5M
SGOV iShares 0-3 Month Treasury B 12.69% 330,699 $33.3M Add +7.3%
IVV iShares Core S&P 500 ETF 8.61% 36,385 $22.6M Add +7.7%
JAAA Janus Henderson Aaa Clo ETF 5.00% 258,619 $13.1M Add +30.6%
AVUS Avantis U.S. Equity ETF 4.83% 125,714 $12.7M Add +4.8%
AAPL Apple Inc. 3.84% 49,141 $10.1M Reduce -2.1%
DSTL Distillate US Fundamental St 3.70% 175,635 $9.7M Add +0.6%
VIG Vanguard Dividend Apprec ETF 3.35% 42,986 $8.8M Add +0.1%
AMZN Amazon.com Inc. 2.61% 31,261 $6.9M Add +2.4%
MSFT Microsoft Corp. 2.25% 11,865 $5.9M Reduce -4.9%
ISRG Intuitive Surgical Inc. 1.97% 9,499 $5.2M Reduce -1.8%
RSP Invesco S&P 500 Equal Weight 1.87% 27,008 $4.9M Add +0.1%
GOOG Alphabet Inc. Class C 1.65% 24,463 $4.3M Reduce -2.2%
AVUV Avantis US Small Cap Value 1.61% 46,331 $4.2M Add +0.8%
VYM Vanguard High DVD Yield ETF 1.41% 27,788 $3.7M Reduce -6.3%
SCHD Schwab US DVD Equity ETF 1.40% 138,377 $3.7M Reduce -0.8%
NVDA Nvidia Corp. 1.39% 23,068 $3.6M Reduce -1.1%
AVDE Avantis International Equity 1.38% 48,965 $3.6M Add +29.9%
DFAC Dimensional US Core Equity 2 1.27% 92,807 $3.3M Add +9.2%
PLTR Palantir Technologies Inc. Class A 1.13% 21,710 $3.0M Add +0.2%
ORLY O'reilly Automotive Inc. 0.96% 27,990 $2.5M Reduce -5.2%
JPM JPMorgan Chase & Co. 0.94% 8,494 $2.5M No change
VEEV Veeva Systems Inc. Class A 0.92% 8,380 $2.4M Reduce -0.1%
AVLV Avantis US Large Cap Value 0.91% 34,957 $2.4M Add +1.7%
COST Costco Wholesale Corp. 0.90% 2,378 $2.4M Reduce -1.0%
VTI VG Morningstar TS MKT ETF-US 0.77% 6,665 $2.0M Add +277.6%
IJH iShares Core S&P Midcap ETF 0.71% 29,930 $1.9M Reduce -0.6%
QCOM Qualcomm Inc. 0.70% 11,533 $1.8M No change
ABBV Abbvie Inc. 0.64% 9,047 $1.7M Add +0.1%
NFLX Netflix Inc. 0.64% 1,249 $1.7M No change
ETN Eaton Corp. PLC 0.62% 4,544 $1.6M No change
PJAN Innovator U.S. Equity Power 0.62% 36,786 $1.6M Add +4.1%
VNQ Vanguard Real Estate ETF 0.61% 18,083 $1.6M Add +27.5%
AVDV Avantis Intl S/C Value ETF 0.60% 19,930 $1.6M Add +35.5%
GOOGL Alphabet Inc. Class A 0.60% 8,865 $1.6M Reduce -3.3%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.58% 21,165 $1.5M Reduce -0.5%
FTNT Fortinet Inc. 0.55% 13,603 $1.4M Reduce -4.0%
V Visa Inc. Class A 0.54% 4,020 $1.4M Reduce -0.6%
PAUG Innovator U.S. Equity Power 0.54% 35,255 $1.4M Reduce -3.2%
XBAP Innovator US Eqy Accel 9 Buf 0.54% 38,768 $1.4M Reduce -5.9%
CRM Salesforce Inc. 0.50% 4,814 $1.3M Reduce -5.1%
LLY Eli Lilly & Co. 0.48% 1,602 $1.2M Reduce -3.7%
SPSB SS SPDR P St C Corp. ETF 0.42% 36,226 $1.1M Reduce -18.1%
MS Morgan Stanley 0.42% 7,760 $1.1M Reduce -7.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.41% 23,012 $1.1M Reduce -0.9%
ALNY Alnylam Pharmaceuticals Inc. 0.40% 3,240 $1.1M Reduce -3.0%
BLK BlackRock Inc. 0.40% 1,004 $1.1M Reduce -2.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.39% 3,454 $1.0M Add +1.5%
POCT Innovator U.S. Equity Power 0.39% 24,512 $1.0M Reduce -1.7%
RTX RTX Corp. 0.35% 6,341 $926K Add +0.1%
DFSU Dimensional US Sus CORE1 ETF 0.34% 22,790 $895K Add +2.1%
PNOV Innovator U.S. Equity Power 0.34% 22,612 $894K Reduce -0.5%
AMD Advanced Micro Devices 0.33% 6,165 $875K Reduce -3.1%
MRK Merck & Co. Inc. 0.33% 10,830 $857K Reduce -1.4%
ADBE Adobe Inc. 0.33% 2,210 $855K No change
IJR iShares Core S&P Small-Cap E 0.33% 7,823 $855K Reduce -5.0%
PFEB Innovator U.S. Equity Power 0.32% 22,097 $840K Reduce -4.3%
UBER Uber Technologies Inc. 0.32% 8,903 $831K Add +25.1%
FSLR First Solar Inc. 0.32% 5,000 $828K Reduce -1.0%
COF Capital One Financial Corp. 0.31% 3,880 $826K Add +19300.0%
PJUL Innovator U.S. Equity Power 0.31% 18,597 $815K Add +0.1%
PDEC Innovator U.S. Equity Power 0.31% 20,295 $812K Reduce -0.0%
JNJ Johnson & Johnson 0.31% 5,293 $809K Reduce -0.6%
TMUS T-Mobile US Inc. 0.30% 3,300 $786K Add +6.5%
HD Home Depot Inc. 0.30% 2,129 $781K Reduce -3.6%
FOUR SHIFT4 Payments Inc. Class A 0.29% 7,645 $758K Reduce -3.8%
AVEM Avantis Emerging Markets Eq 0.25% 9,710 $666K Add +17.1%
QQQM Invesco Nasdaq 100 ETF 0.25% 2,923 $664K Add +12.1%
PMAR Innovator U.S. Equity Power 0.25% 15,665 $662K No change
USB US Bancorp 0.25% 14,600 $661K No change
RMD Resmed Inc. 0.24% 2,460 $635K Reduce -7.5%
AVSU Avantis Resp US Equity ETF 0.24% 9,156 $628K Add +2.0%
ARLO Arlo Technologies Inc. 0.23% 34,960 $593K No change
AMGN Amgen Inc. 0.23% 2,115 $591K No change
PAPR Innovator U.S. Equity Power 0.21% 14,745 $550K Add +2.1%
MCD McDonald's Corp. 0.21% 1,872 $547K No change
PJUN Innovator U.S. Equity Power 0.21% 13,720 $546K Reduce -6.8%
VOO Vanguard S&P 500 ETF 0.19% 894 $508K No change
BJAN Innovator U.S. Equity Buffer 0.19% 9,960 $500K No change
PM Philip Morris International 0.18% 2,616 $476K Add +0.2%
XBJL Inn US Eq Acc 9 Buff July 0.18% 13,057 $470K Add +0.4%
CME Cme Group Inc. 0.18% 1,677 $462K No change
ANET Arista Networks Inc. 0.18% 4,508 $461K Reduce -26.2%
PMAY Innovator U.S. Equity Power 0.17% 12,099 $457K Reduce -0.8%
BRK.B Berkshire Hathaway Inc. Class B 0.16% 877 $426K No change
EXPE Expedia Group Inc. 0.16% 2,515 $424K Reduce -3.8%
PINS Pinterest Inc. Class A 0.16% 11,800 $423K Add +61.6%
DELL Dell Technologies -C 0.16% 3,365 $413K No change
PSEP Innovator U.S. Equity Power 0.15% 9,350 $382K Reduce -1.1%
MDY State Street SPDR S&P Midcap 0.15% 674 $382K No change
AVGO Broadcom Inc. 0.14% 1,335 $368K Add +13.6%
BMAY Innovator U.S. Equity Buffer 0.14% 8,700 $367K No change
BMAR Innovator U.S. Equity Buffer 0.14% 7,430 $364K No change
IWF iShares Russell 1000 Growth 0.14% 846 $359K No change
LMT Lockheed Martin Corp. 0.13% 740 $343K Add +1.6%
DFUV Dimensional US Marketwide Va 0.13% 7,846 $332K Add +218.3%
CWB SS SPDR BB Conv Sec ETF 0.13% 4,000 $331K No change
JPST JPMorgan Ultra-Short Income 0.12% 6,236 $316K Reduce -59.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.12% 2,495 $308K No change
VHT Vanguard Health Care ETF 0.12% 1,240 $308K No change
MTUM iShares MSCI USA Momentum Fa 0.12% 1,273 $306K No change

Show all 460 holdings

Options reported separately and not counted above: NETFLIX INC. calls ($134K), APPLE INC calls ($41K), EATON CORP PLC calls ($36K), NVIDIA CORPORATION calls ($32K), VEEVA SYS INC calls ($29K), ASML HLDG NV calls ($22K), CAPITAL ONE FINL CORP calls ($21K), PALO ALTO NETWORKS INC calls ($20K), ALPHABET INC calls ($18K), ADVANCED MICRO DEVICES INC calls ($14K), ARISTA NETWORKS INC calls ($10K), LAM RESEARCH CORP calls ($10K), and 1 more.

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -2.1% 3.84% −0.86
SCHD Schwab US DVD Equity ETF Reduce -0.8% 1.40% −0.25
ORLY O'reilly Automotive Inc. Reduce -5.2% 0.96% −0.23
JPST JPMorgan Ultra-Short Income Reduce -59.3% 0.12% −0.21
VYM Vanguard High DVD Yield ETF Reduce -6.3% 1.41% −0.20
FTSM First Trust Enh Short Mat FD Sold out 0.00% −0.16
TBLL Invesco Short Term Treasury Sold out 0.00% −0.16
SPSB SS SPDR P St C Corp. ETF Reduce -18.1% 0.42% −0.14
NVIDIA CORPORATION Sold out 0.00% −0.14
DFVX Dim US Large Cap Vector ETF Sold out 0.00% −0.11
LLY Eli Lilly & Co. Reduce -3.7% 0.48% −0.10
MRK Merck & Co. Inc. Reduce -1.4% 0.33% −0.09
PEP Pepsico Inc. Reduce -42.5% 0.07% −0.08
BSCP Invesco Bulletshares 2025 CB Reduce -90.4% 0.01% −0.08
CRM Salesforce Inc. Reduce -5.1% 0.50% −0.07
JNJ Johnson & Johnson Reduce -0.6% 0.31% −0.06
XBAP Innovator US Eqy Accel 9 Buf Reduce -5.9% 0.54% −0.06
COST Costco Wholesale Corp. Reduce -1.0% 0.90% −0.06
V Visa Inc. Class A Reduce -0.6% 0.54% −0.05
ISRG Intuitive Surgical Inc. Reduce -1.8% 1.97% −0.05
XOM Exxon Mobil Corp. Reduce -18.4% 0.09% −0.05
DFAE Dimensional Emerging Core Eq Reduce -49.9% 0.05% −0.04
HD Home Depot Inc. Reduce -3.6% 0.30% −0.04
ML Moneylion Inc. Sold out 0.00% −0.04
NETFLIX INC. Sold out 0.00% −0.04
IJR iShares Core S&P Small-Cap E Reduce -5.0% 0.33% −0.04
PAUG Innovator U.S. Equity Power Reduce -3.2% 0.54% −0.04
DFAI Dimensional International Co. Reduce -49.7% 0.03% −0.03
IJH iShares Core S&P Midcap ETF Reduce -0.6% 0.71% −0.03
NEE Nextera Energy Inc. Reduce -24.0% 0.07% −0.03
MELI MercadoLibre Inc. Reduce -47.6% 0.05% −0.03
LULU Lululemon Athletica Inc. Reduce -46.0% 0.02% −0.03
UNH Unitedhealth Group Inc. Reduce -97.1% 0.00% −0.03
VEEVA SYS INC Sold out 0.00% −0.03
PFEB Innovator U.S. Equity Power Reduce -4.3% 0.32% −0.03
IBIT iShares Bitcoin Trust ETF Reduce -53.0% 0.04% −0.03
ASML HLDG NV Sold out 0.00% −0.03
FTNT Fortinet Inc. Reduce -4.0% 0.55% −0.03
DVY iShares Select Dividend ETF Reduce -8.6% 0.11% −0.02
ANET Arista Networks Inc. Reduce -26.2% 0.18% −0.02
EXPE Expedia Group Inc. Reduce -3.8% 0.16% −0.02
TGT Target Corp. Reduce -86.2% 0.00% −0.02
POCT Innovator U.S. Equity Power Reduce -1.7% 0.39% −0.02
BSCQ Invesco Bulletshares 2026 CB Sold out 0.00% −0.02
PJUN Innovator U.S. Equity Power Reduce -6.8% 0.21% −0.02
TSLA Tesla Inc. Reduce -49.2% 0.03% −0.02
TMO Thermo Fisher Scientific Inc. Reduce -51.3% 0.01% −0.02
APPLE INC Sold out 0.00% −0.02
XBOC Innovator US Eqy Acc 9 Buff Reduce -14.6% 0.09% −0.02
SPMD SS SPDR P S&P 400 Midcap ETF Reduce -9.4% 0.12% −0.02

Portfolio Buys Q1 2025 → Q2 2025
JAAA Janus Henderson Aaa Clo ETF Add +30.6% 5.00% +0.77
IVV iShares Core S&P 500 ETF Add +7.7% 8.61% +0.61
VTI VG Morningstar TS MKT ETF-US Add +277.6% 0.77% +0.57
PLTR Palantir Technologies Inc. Class A Add +0.2% 1.13% +0.36
AVDE Avantis International Equity Add +29.9% 1.38% +0.33
COF Capital One Financial Corp. Add +19300.0% 0.31% +0.31
AVDV Avantis Intl S/C Value ETF Add +35.5% 0.60% +0.17
AMZN Amazon.com Inc. Add +2.4% 2.61% +0.17
AVUS Avantis U.S. Equity ETF Add +4.8% 4.83% +0.16
ZETA Zeta Global Holdings Corp. Class A New 0.10% +0.10
UBER Uber Technologies Inc. Add +25.1% 0.32% +0.10
DFAC Dimensional US Core Equity 2 Add +9.2% 1.27% +0.09
DFUV Dimensional US Marketwide Va Add +218.3% 0.13% +0.08
VNQ Vanguard Real Estate ETF Add +27.5% 0.61% +0.07
PINS Pinterest Inc. Class A Add +61.6% 0.16% +0.07
AVGO Broadcom Inc. Add +13.6% 0.14% +0.06
NU Nu Holdings Ltd./Cayman Isl-A Add +188.7% 0.08% +0.06
BX Blackstone Inc. New 0.05% +0.05
AVEM Avantis Emerging Markets Eq Add +17.1% 0.25% +0.04
BABA Alibaba Group Holding-SP ADR New 0.04% +0.04
DFIV Dimensional International Va Add +133.5% 0.08% +0.04
QQQM Invesco Nasdaq 100 ETF Add +12.1% 0.25% +0.04
IBM Intl Business Machines Corp. Add +1.5% 0.39% +0.03
FALN iShares Fallen Angels ETF Add +158.7% 0.05% +0.03
IBHH iShares Ibonds 2028 TM HY Inc. Add +52.8% 0.10% +0.03
IBHF iShares Ibond 2026 HY & Inc. Add +52.4% 0.10% +0.03
IBHG iShares Ibonds 2027 HY Inc. Add +48.6% 0.09% +0.02
J Jacobs Solutions Inc. New 0.02% +0.02
AVIG Avantis Core Fixed Income New 0.02% +0.02
AXP American Express Co. Add +13.3% 0.11% +0.02
SYF Synchrony Financial Add +7.3% 0.10% +0.02
BA The Boeing Co. Add +11.3% 0.08% +0.02
SMCI Super Micro Computer Inc. New 0.01% +0.01
ORCL Oracle Corp. Add +32.2% 0.02% +0.01
PM Philip Morris International Add +0.2% 0.18% +0.01
HON Honeywell International Inc. Add +7.2% 0.11% +0.01
PANW Palo Alto Networks Inc. Add +10.1% 0.04% +0.01
ABT Abbott Laboratories Add +14.2% 0.09% +0.01
DFSU Dimensional US Sus CORE1 ETF Add +2.1% 0.34% +0.00
AVSU Avantis Resp US Equity ETF Add +2.0% 0.24% +0.00
JOBY Joby Aviation Inc. Add +45.3% 0.00% +0.00
OKLO Oklo Inc. New 0.00% +0.00
ACHR Archer Aviation Inc. Class A Add +176.9% 0.00% +0.00
MA Mastercard Inc. Class A Add +10.6% 0.08% +0.00
HACK Amplify Cybersecurity ETF Add +27.4% 0.01% +0.00
SMR Nuscale Power Corp. New 0.00% +0.00
BBJP JPMorgan Betabuilders Japan Add +7.5% 0.02% +0.00
CYBR Cyberark Software Ltd./Israel New 0.00% +0.00
NAIL Dire Dail HB & SB 3X ETF-Usd Add +78.6% 0.00% +0.00
EFA iShares MSCI Eafe ETF New 0.00% +0.00

Options Activity Q1 2025 → Q2 2025
NETFLIX INC. call New 100 $134K
APPLE INC call New 200 $41K
EATON CORP PLC call New 100 $36K
NVIDIA CORPORATION call New 200 $32K
VEEVA SYS INC call New 100 $29K
ASML HLDG NV call New 100 $22K
CAPITAL ONE FINL CORP call New 100 $21K
PALO ALTO NETWORKS INC call New 100 $20K
ALPHABET INC call New 100 $18K
ADVANCED MICRO DEVICES INC call New 100 $14K
ARISTA NETWORKS INC call New 100 $10K
LAM RESEARCH CORP call New 100 $10K
TOAST INC call New 100 $4K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 504$321.9MIVV, JAAA, SGOV, AVUS, AAPL
Q1 2026 482$289.8MSGOV, IVV, JAAA, AVUS, AAPL
Q4 2025 486$296.3MSGOV, IVV, JAAA, AVUS, AAPL
Q3 2025 539$286.9MSGOV, IVV, JAAA, AVUS, AAPL
Q2 2025 460$262.5MSGOV, IVV, JAAA, AVUS, AAPL
Q1 2025 473$237.4MSGOV, IVV, AAPL, AVUS, JAAA
Q4 2024 464$227.3MSGOV, IVV, AAPL, AVUS, DSTL
Q3 2024 128$205.8MSGOV, IVV, AAPL, AVUS, DSTL
Q2 2024 424$190.0MSGOV, IVV, AAPL, VIG, AVUS
Q1 2024 496$187.7MSGOV, IVV, AAPL, VIG, AVUS