Orion Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Orion Capital Management LLC reported 539 stock positions worth $286.9 million. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 12.3% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 8.4%) and Janus Henderson Aaa Clo ETF (JAAA, 6.2%). Compared with Q2 2025, it opened 102 new positions, sold out of 23, added to 105 and reduced 69. The biggest buy was Janus Henderson Aaa Clo ETF (JAAA, shares +34%) and the biggest sale Intuitive Surgical (ISRG, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- CORONADO, CA
- CIK
- 0001846758
- Portfolio Value
- $286.9M (Q3 2025)
- SEC Filing
- 0001846758-25-000003 ↗ filed Oct 31, 2025
Holdings Value
Holdings 539 stocks · $286.9M
| SGOV iShares 0-3 Month Treasury B | 12.29% | 350,127 | $35.3M | Add +5.9% |
| IVV iShares Core S&P 500 ETF | 8.37% | 35,859 | $24.0M | Reduce -1.4% |
| JAAA Janus Henderson Aaa Clo ETF | 6.15% | 347,547 | $17.6M | Add +34.4% |
| AVUS Avantis U.S. Equity ETF | 4.83% | 127,387 | $13.8M | Add +1.3% |
| AAPL Apple Inc. | 4.10% | 46,157 | $11.8M | Reduce -6.1% |
| DSTL Distillate US Fundamental St | 3.57% | 176,721 | $10.2M | Add +0.6% |
| VIG Vanguard Dividend Apprec ETF | 3.25% | 43,212 | $9.3M | Add +0.5% |
| AMZN Amazon.com Inc. | 2.23% | 29,134 | $6.4M | Reduce -6.8% |
| MSFT Microsoft Corp. | 2.05% | 11,343 | $5.9M | Reduce -4.4% |
| GOOG Alphabet Inc. Class C | 2.01% | 23,733 | $5.8M | Reduce -3.0% |
| RSP Invesco S&P 500 Equal Weight | 1.78% | 26,968 | $5.1M | Reduce -0.1% |
| AVUV Avantis US Small Cap Value | 1.63% | 46,870 | $4.7M | Add +1.2% |
| NVDA Nvidia Corp. | 1.48% | 22,813 | $4.3M | Reduce -1.1% |
| ISRG Intuitive Surgical Inc. | 1.47% | 9,434 | $4.2M | Reduce -0.7% |
| AVDE Avantis International Equity | 1.40% | 50,977 | $4.0M | Add +4.1% |
| PLTR Palantir Technologies Inc. Class A | 1.38% | 21,778 | $4.0M | Add +0.3% |
| DFAC Dimensional US Core Equity 2 | 1.28% | 95,560 | $3.7M | Add +3.0% |
| VYM Vanguard High DVD Yield ETF | 1.27% | 25,822 | $3.6M | Reduce -7.1% |
| SCHD Schwab US DVD Equity ETF | 1.22% | 128,420 | $3.5M | Reduce -7.2% |
| ORLY O'reilly Automotive Inc. | 1.01% | 26,946 | $2.9M | Reduce -3.7% |
| JPM JPMorgan Chase & Co. | 0.92% | 8,394 | $2.6M | Reduce -1.2% |
| AVLV Avantis US Large Cap Value | 0.89% | 35,482 | $2.6M | Add +1.5% |
| VEEV Veeva Systems Inc. Class A | 0.87% | 8,380 | $2.5M | No change |
| COST Costco Wholesale Corp. | 0.77% | 2,379 | $2.2M | Add +0.0% |
| GOOGL Alphabet Inc. Class A | 0.75% | 8,820 | $2.1M | Reduce -0.5% |
| ABBV Abbvie Inc. | 0.73% | 9,052 | $2.1M | Add +0.1% |
| AVDV Avantis Intl S/C Value ETF | 0.66% | 21,351 | $1.9M | Add +7.1% |
| IJH iShares Core S&P Midcap ETF | 0.66% | 28,830 | $1.9M | Reduce -3.7% |
| QCOM Qualcomm Inc. | 0.64% | 10,963 | $1.8M | Reduce -4.9% |
| VNQ Vanguard Real Estate ETF | 0.59% | 18,635 | $1.7M | Add +3.0% |
| ETN Eaton Corp. PLC | 0.59% | 4,534 | $1.7M | Reduce -0.2% |
| PJAN Innovator U.S. Equity Power | 0.59% | 36,786 | $1.7M | No change |
| NFLX Netflix Inc. | 0.57% | 1,367 | $1.6M | Add +9.4% |
| PAUG Innovator U.S. Equity Power | 0.52% | 35,255 | $1.5M | No change |
| XBAP Innovator US Eqy Accel 9 Buf | 0.51% | 38,768 | $1.5M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 0.50% | 3,140 | $1.4M | Reduce -3.1% |
| V Visa Inc. Class A | 0.47% | 3,970 | $1.4M | Reduce -1.2% |
| FTNT Fortinet Inc. | 0.43% | 14,603 | $1.2M | Add +7.3% |
| LLY Eli Lilly & Co. | 0.43% | 1,607 | $1.2M | Add +0.3% |
| MS Morgan Stanley | 0.43% | 7,710 | $1.2M | Reduce -0.6% |
| BLK BlackRock Inc. | 0.41% | 1,004 | $1.2M | No change |
| FSLR First Solar Inc. | 0.41% | 5,300 | $1.2M | Add +6.0% |
| UBER Uber Technologies Inc. | 0.39% | 11,336 | $1.1M | Add +27.3% |
| SPSB SS SPDR P St C Corp. ETF | 0.39% | 36,642 | $1.1M | Add +1.1% |
| CRM Salesforce Inc. | 0.37% | 4,484 | $1.1M | Reduce -6.9% |
| RTX RTX Corp. | 0.37% | 6,327 | $1.1M | Reduce -0.2% |
| POCT Innovator U.S. Equity Power | 0.37% | 24,512 | $1.1M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.37% | 20,333 | $1.0M | Reduce -11.6% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.36% | 21,165 | $1.0M | No change |
| BE Bloom Energy Corp. Class A | 0.35% | 12,000 | $1.0M | No change |
| AMD Advanced Micro Devices | 0.35% | 6,245 | $1.0M | Add +1.3% |
| JNJ Johnson & Johnson | 0.34% | 5,283 | $980K | Reduce -0.2% |
| DFSU Dimensional US Sus CORE1 ETF | 0.33% | 22,157 | $941K | Reduce -2.8% |
| IJR iShares Core S&P Small-Cap E | 0.32% | 7,826 | $930K | Add +0.0% |
| PNOV Innovator U.S. Equity Power | 0.32% | 22,537 | $925K | Reduce -0.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.32% | 2,786 | $914K | Reduce -58.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.31% | 3,194 | $901K | Reduce -7.5% |
| COF Capital One Financial Corp. | 0.31% | 4,140 | $880K | Add +6.7% |
| HD Home Depot Inc. | 0.30% | 2,130 | $863K | Add +0.1% |
| PJUL Innovator U.S. Equity Power | 0.30% | 18,597 | $848K | No change |
| PFEB Innovator U.S. Equity Power | 0.29% | 21,292 | $845K | Reduce -3.6% |
| PDEC Innovator U.S. Equity Power | 0.29% | 19,895 | $836K | Reduce -2.0% |
| FOUR SHIFT4 Payments Inc. Class A | 0.29% | 10,785 | $835K | Add +41.1% |
| TMUS T-Mobile US Inc. | 0.28% | 3,300 | $790K | No change |
| ADBE Adobe Inc. | 0.27% | 2,190 | $773K | Reduce -0.9% |
| QQQM Invesco Nasdaq 100 ETF | 0.25% | 2,957 | $731K | Add +1.2% |
| AVEM Avantis Emerging Markets Eq | 0.25% | 9,643 | $724K | Reduce -0.7% |
| WPC WP Carey Inc. | 0.25% | 10,680 | $722K | New |
| USB US Bancorp | 0.25% | 14,600 | $706K | No change |
| PMAR Innovator U.S. Equity Power | 0.24% | 15,665 | $688K | No change |
| AVSU Avantis Resp US Equity ETF | 0.23% | 9,156 | $674K | No change |
| MRK Merck & Co. Inc. | 0.23% | 7,990 | $671K | Reduce -26.2% |
| VOO Vanguard S&P 500 ETF | 0.23% | 1,087 | $666K | Add +21.6% |
| RMD Resmed Inc. | 0.23% | 2,430 | $665K | Reduce -1.2% |
| ANET Arista Networks Inc. | 0.23% | 4,558 | $664K | Add +1.1% |
| AMGN Amgen Inc. | 0.21% | 2,105 | $594K | Reduce -0.5% |
| ARLO Arlo Technologies Inc. | 0.21% | 34,960 | $593K | No change |
| MCD McDonald's Corp. | 0.20% | 1,873 | $569K | Add +0.1% |
| PAPR Innovator U.S. Equity Power | 0.20% | 14,745 | $566K | No change |
| PJUN Innovator U.S. Equity Power | 0.20% | 13,720 | $565K | No change |
| EXPE Expedia Group Inc. | 0.18% | 2,477 | $529K | Reduce -1.5% |
| PINS Pinterest Inc. Class A | 0.18% | 16,100 | $518K | Add +36.4% |
| BJAN Innovator U.S. Equity Buffer | 0.18% | 9,660 | $512K | Reduce -3.0% |
| XBJL Inn US Eq Acc 9 Buff July | 0.17% | 12,857 | $481K | Reduce -1.5% |
| IWF iShares Russell 1000 Growth | 0.16% | 1,010 | $473K | Add +19.4% |
| PMAY Innovator U.S. Equity Power | 0.16% | 12,099 | $471K | No change |
| DELL Dell Technologies -C | 0.16% | 3,216 | $456K | Reduce -4.4% |
| CME Cme Group Inc. | 0.16% | 1,677 | $453K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 877 | $441K | No change |
| HON Honeywell International Inc. | 0.15% | 2,066 | $435K | Add +67.8% |
| AVGO Broadcom Inc. | 0.15% | 1,315 | $434K | Reduce -1.5% |
| PM Philip Morris International | 0.15% | 2,621 | $425K | Add +0.2% |
| DFUV Dimensional US Marketwide Va | 0.15% | 9,329 | $417K | Add +18.9% |
| ZETA Zeta Global Holdings Corp. Class A | 0.14% | 20,500 | $407K | Add +15.2% |
| MDY State Street SPDR S&P Midcap | 0.14% | 674 | $401K | No change |
| PSEP Innovator U.S. Equity Power | 0.14% | 9,250 | $397K | Reduce -1.1% |
| BMAR Innovator U.S. Equity Buffer | 0.13% | 7,430 | $383K | No change |
| BMAY Innovator U.S. Equity Buffer | 0.13% | 8,700 | $381K | No change |
| JBBB Janus Henderson B-BBB Clo Et | 0.13% | 7,854 | $378K | New |
| MRVL Marvell Technology Inc. | 0.13% | 4,500 | $378K | New |
Options reported separately and not counted above: NVIDIA CORPORATION calls ($280K), NETFLIX INC. calls ($120K), ASML HLDG NV CALL JUL 1900 calls ($97K), ALPHABET INC calls ($73K), ARISTA NETWORKS INC calls ($73K), BROADCOM INC calls ($66K), APPLE INC calls ($51K), ADVANCED MICRO DEVICES INC calls ($49K), PALO ALTO NETWORKS INC calls ($41K), LAM RESEARCH CORP calls ($40K), EATON CORP PLC calls ($37K), FORTINET INC calls ($17K).
Portfolio Sells Q2 2025 → Q3 2025
| ISRG Intuitive Surgical Inc. | Reduce -0.7% | 1.47% | −0.50 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -58.2% | 0.32% | −0.45 |
| AMZN Amazon.com Inc. | Reduce -6.8% | 2.23% | −0.38 |
| IVV iShares Core S&P 500 ETF | Reduce -1.4% | 8.37% | −0.24 |
| MSFT Microsoft Corp. | Reduce -4.4% | 2.05% | −0.20 |
| SCHD Schwab US DVD Equity ETF | Reduce -7.2% | 1.22% | −0.18 |
| VYM Vanguard High DVD Yield ETF | Reduce -7.1% | 1.27% | −0.14 |
| CRM Salesforce Inc. | Reduce -6.9% | 0.37% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -26.2% | 0.23% | −0.09 |
| RSP Invesco S&P 500 Equal Weight | Reduce -0.1% | 1.78% | −0.09 |
| IBM Intl Business Machines Corp. | Reduce -7.5% | 0.31% | −0.07 |
| VHT Vanguard Health Care ETF | Reduce -59.7% | 0.05% | −0.07 |
| V Visa Inc. Class A | Reduce -1.2% | 0.47% | −0.07 |
| QCOM Qualcomm Inc. | Reduce -4.9% | 0.64% | −0.06 |
| NVEE NV5 Global Inc. | Sold out | 0.00% | −0.06 |
| ADBE Adobe Inc. | Reduce -0.9% | 0.27% | −0.06 |
| IBB iShares Biotechnology ETF | Sold out | 0.00% | −0.05 |
| IJH iShares Core S&P Midcap ETF | Reduce -3.7% | 0.66% | −0.05 |
| MELI MercadoLibre Inc. | Reduce -90.9% | 0.00% | −0.05 |
| BAC Bank of America Corp. | Reduce -11.6% | 0.37% | −0.05 |
| WELL Welltower Inc. | Reduce -50.7% | 0.04% | −0.04 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -0.2% | 0.59% | −0.03 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.03 |
| IPO Renaissance Ipo ETF | Sold out | 0.00% | −0.03 |
| PFEB Innovator U.S. Equity Power | Reduce -3.6% | 0.29% | −0.03 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -32.5% | 0.04% | −0.02 |
| FOCL Edap TMS SA -ADR | Reduce -86.8% | 0.00% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -85.1% | 0.00% | −0.02 |
| PDEC Innovator U.S. Equity Power | Reduce -2.0% | 0.29% | −0.02 |
| AMGN Amgen Inc. | Reduce -0.5% | 0.21% | −0.02 |
| PNOV Innovator U.S. Equity Power | Reduce -0.3% | 0.32% | −0.02 |
| ARCC Ares Capital Corp. | Reduce -20.9% | 0.03% | −0.02 |
| PLD Prologis Inc. | Reduce -80.0% | 0.00% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -1.2% | 0.92% | −0.02 |
| BKNG Booking Holdings Inc. | Reduce -5.7% | 0.06% | −0.02 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.01 |
| MDXG Mimedx Group Inc. | Sold out | 0.00% | −0.01 |
| INMD Inmode Ltd. | Sold out | 0.00% | −0.01 |
| DFSU Dimensional US Sus CORE1 ETF | Reduce -2.8% | 0.33% | −0.01 |
| PRGS Progress Software Corp. | Sold out | 0.00% | −0.01 |
| BJAN Innovator U.S. Equity Buffer | Reduce -3.0% | 0.18% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.01 |
| XBJL Inn US Eq Acc 9 Buff July | Reduce -1.5% | 0.17% | −0.01 |
| ABNB Airbnb Inc. Class A | Reduce -93.0% | 0.00% | −0.01 |
| RMD Resmed Inc. | Reduce -1.2% | 0.23% | −0.01 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.01 |
| KO The Coca-Cola Co. | Reduce -15.5% | 0.03% | −0.01 |
| RHI Robert Half Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| JAAA Janus Henderson Aaa Clo ETF | Add +34.4% | 6.15% | +1.15 |
| PLTR Palantir Technologies Inc. Class A | Add +0.3% | 1.38% | +0.26 |
| WPC WP Carey Inc. | New | 0.25% | +0.25 |
| JBBB Janus Henderson B-BBB Clo Et | New | 0.13% | +0.13 |
| MRVL Marvell Technology Inc. | New | 0.13% | +0.13 |
| ARE Alexandria Real Estate Equit | New | 0.12% | +0.12 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | New | 0.11% | +0.11 |
| OWL Blue Owl Capital Inc. | New | 0.10% | +0.10 |
| HALO Halozyme Therapeutics Inc. | Add +1825.0% | 0.10% | +0.09 |
| FSLR First Solar Inc. | Add +6.0% | 0.41% | +0.09 |
| S Sentinelone Inc. Class A | New | 0.09% | +0.09 |
| ABBV Abbvie Inc. | Add +0.1% | 0.73% | +0.09 |
| O Realty Income Corp. | Add +571.4% | 0.10% | +0.08 |
| UBER Uber Technologies Inc. | Add +27.3% | 0.39% | +0.07 |
| AVDV Avantis Intl S/C Value ETF | Add +7.1% | 0.66% | +0.06 |
| IJT iShares S&P Small-Cap 600 GR | New | 0.06% | +0.06 |
| ANET Arista Networks Inc. | Add +1.1% | 0.23% | +0.06 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +331.5% | 0.06% | +0.05 |
| HON Honeywell International Inc. | Add +67.8% | 0.15% | +0.04 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +39.2% | 0.12% | +0.04 |
| VOO Vanguard S&P 500 ETF | Add +21.6% | 0.23% | +0.04 |
| ZETA Zeta Global Holdings Corp. Class A | Add +15.2% | 0.14% | +0.04 |
| AGG iShares Core U.S. Aggregate | New | 0.04% | +0.04 |
| AVIG Avantis Core Fixed Income | Add +170.1% | 0.06% | +0.03 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +71.3% | 0.09% | +0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +225.9% | 0.05% | +0.03 |
| SOFI Sofi Technologies Inc. | New | 0.03% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +158.1% | 0.05% | +0.03 |
| IWF iShares Russell 1000 Growth | Add +19.4% | 0.16% | +0.03 |
| IBHJ Ishrs Ibds 2030 HY & Inc. ETF | New | 0.03% | +0.03 |
| IBHK ISHARESIBOND2031HIGHYLDINC | New | 0.03% | +0.03 |
| VCIT Vanguard Int-Term Corporate | New | 0.02% | +0.02 |
| CRMD Cormedix Inc. | New | 0.02% | +0.02 |
| IBHI iShares Ibonds 2029 TM HY Inc. | Add +150.0% | 0.04% | +0.02 |
| ONEY SS SPDR R1000 Yield Foc ETF | New | 0.02% | +0.02 |
| AVDE Avantis International Equity | Add +4.1% | 1.40% | +0.02 |
| BABA Alibaba Group Holding-SP ADR | Add +1.1% | 0.06% | +0.02 |
| PINS Pinterest Inc. Class A | Add +36.4% | 0.18% | +0.02 |
| AMD Advanced Micro Devices | Add +1.3% | 0.35% | +0.02 |
| DFUV Dimensional US Marketwide Va | Add +18.9% | 0.15% | +0.02 |
| AVUV Avantis US Small Cap Value | Add +1.2% | 1.63% | +0.02 |
| DFAC Dimensional US Core Equity 2 | Add +3.0% | 1.28% | +0.02 |
| IBHH iShares Ibonds 2028 TM HY Inc. | Add +27.3% | 0.12% | +0.02 |
| IBHF iShares Ibond 2026 HY & Inc. | Add +27.3% | 0.11% | +0.02 |
| TER Teradyne Inc. | New | 0.02% | +0.02 |
| IBHG iShares Ibonds 2027 HY Inc. | Add +27.3% | 0.11% | +0.02 |
| IAU iShares Gold Trust | Add +81.7% | 0.03% | +0.01 |
| STWD Starwood Property Trust Inc. | New | 0.01% | +0.01 |
| HTGC Hercules Capital Inc. | New | 0.01% | +0.01 |
| AA Alcoa Corp. | New | 0.01% | +0.01 |
Options Activity Q2 2025 → Q3 2025
| NVIDIA CORPORATION | call | Add +5150.0% | 10,500 | $280K |
| ASML HLDG NV CALL JUL 1900 | call | New | 100 | $97K |
| ALPHABET INC | call | Add +200.0% | 300 | $73K |
| ARISTA NETWORKS INC | call | Add +400.0% | 500 | $73K |
| BROADCOM INC | call | New | 200 | $66K |
| ADVANCED MICRO DEVICES INC | call | Add +200.0% | 300 | $49K |
| PALO ALTO NETWORKS INC | call | Add +100.0% | 200 | $41K |
| LAM RESEARCH CORP | call | Add +200.0% | 300 | $40K |
| VEEVA SYS INC | call | Sold out | 100 | $29Kbefore exit |
| ASML HLDG NV | call | Sold out | 100 | $22Kbefore exit |
| CAPITAL ONE FINL CORP | call | Sold out | 100 | $21Kbefore exit |
| FORTINET INC | call | New | 200 | $17K |
| TOAST INC | call | Sold out | 100 | $4Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 504 | $321.9M | IVV, JAAA, SGOV, AVUS, AAPL |
| Q1 2026 | 482 | $289.8M | SGOV, IVV, JAAA, AVUS, AAPL |
| Q4 2025 | 486 | $296.3M | SGOV, IVV, JAAA, AVUS, AAPL |
| Q3 2025 | 539 | $286.9M | SGOV, IVV, JAAA, AVUS, AAPL |
| Q2 2025 | 460 | $262.5M | SGOV, IVV, JAAA, AVUS, AAPL |
| Q1 2025 | 473 | $237.4M | SGOV, IVV, AAPL, AVUS, JAAA |
| Q4 2024 | 464 | $227.3M | SGOV, IVV, AAPL, AVUS, DSTL |
| Q3 2024 | 128 | $205.8M | SGOV, IVV, AAPL, AVUS, DSTL |
| Q2 2024 | 424 | $190.0M | SGOV, IVV, AAPL, VIG, AVUS |
| Q1 2024 | 496 | $187.7M | SGOV, IVV, AAPL, VIG, AVUS |