Osterweis Capital Management Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Osterweis Capital Management Inc. reported 247 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 7.0% of the portfolio, followed by Alphabet Class C (GOOG, 5.3%) and Amazon.com (AMZN, 4.8%). Compared with Q1 2025, it opened 96 new positions, sold out of 147, added to 83 and reduced 47. The biggest buy was Broadcom (AVGO, shares +59%) and the biggest sale an exit from Unitedhealth (UNH).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001007524
Portfolio Value
$1.6B (Q2 2025)
SEC Filing
0001085146-25-005142 ↗ filed Aug 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.5B Q1 2024 Q2 2024: $1.5B Q2 2024 Q3 2024: $1.7B Q3 2024 Q4 2024: $1.6B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.6B $1.6B Q2 2025 Q3 2025: $1.7B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 247 stocks · $1.6B
MSFT Microsoft Corp. 7.04% 228,324 $113.6M Add +11.8%
GOOG Alphabet Inc. Class C 5.32% 483,146 $85.7M Reduce -0.1%
AMZN Amazon.com Inc. 4.82% 354,127 $77.7M Add +5.8%
AVGO Broadcom Inc. 3.67% 214,373 $59.1M Add +59.4%
V Visa Inc. Class A 3.08% 140,066 $49.7M Add +1.5%
DHR Danaher Corp. 2.96% 241,226 $47.7M Add +87.7%
AZO AutoZone Inc. 2.70% 11,724 $43.5M Add +1.3%
APD Air Products & Chemicals Inc. 2.61% 148,984 $42.0M Add +40.3%
JPM JPMorgan Chase & Co. 2.55% 141,761 $41.1M Add +2.4%
AWK American Water Works Co. Inc. 2.54% 294,943 $41.0M Add +0.6%
WCN Waste Connections Inc. 2.44% 210,261 $39.3M Add +0.5%
LHX L3HARRIS Technologies Inc. 2.37% 152,568 $38.3M Add +22.9%
ADI Analog Devices Inc. 2.33% 157,532 $37.5M Reduce -1.6%
BRO Brown & Brown Inc. 2.27% 330,223 $36.6M Add +9.7%
PGR Progressive Corp. 2.18% 131,638 $35.1M Add +0.7%
FERG Ferguson Enterprises Inc. 2.16% 159,920 $34.8M Reduce -4.3%
INTU Intuit Inc. 2.11% 43,274 $34.1M Add +0.3%
TRNO Terreno Realty Corp. 2.09% 601,025 $33.7M New
AMAT Applied Materials Inc. 2.08% 183,538 $33.6M Add +1835280.0%
KEYS Keysight Technologies Inc. 2.07% 203,235 $33.3M Reduce -0.7%
LAMR Lamar Advertising Co. Class A 1.99% 264,323 $32.1M Add +29.1%
BSX Boston Scientific Corp. 1.89% 283,208 $30.4M Add +1.4%
CRM Salesforce Inc. 1.67% 98,507 $26.9M Reduce -14.8%
AME Ametek Inc. 1.66% 147,723 $26.7M Add +31.9%
BA The Boeing Co. 1.44% 110,431 $23.1M Add +0.5%
SNPS Synopsys Inc. 1.41% 44,193 $22.7M New
NVDA Nvidia Corp. 1.32% 134,638 $21.3M Reduce -60.3%
DE Deere & Co. 1.30% 41,370 $21.0M Add +0.3%
LH Labcorp Holdings Inc. 1.28% 78,509 $20.6M New
META Meta Platforms Inc. Class A 1.17% 25,474 $18.8M Add +0.5%
ODFL Old Dominion Freight Line 1.16% 115,211 $18.7M Add +1.1%
RMBS Rambus Inc. 1.13% 284,410 $18.2M Reduce -0.7%
FSV Firstservice Corp. 1.11% 102,698 $17.9M Reduce -8.1%
GWRE Guidewire Software Inc. 0.95% 65,069 $15.3M Reduce -29.6%
CPAY Corpay Inc. 0.87% 42,412 $14.1M New
MGY Magnolia Oil & Gas Corp. Class A 0.80% 575,012 $12.9M Reduce -10.4%
VITL Vital Farms Inc. 0.79% 332,300 $12.8M Reduce -12.0%
GH Guardant Health Inc. 0.78% 240,316 $12.5M Reduce -19.0%
ATRC Atricure Inc. 0.64% 315,530 $10.3M Add +6.7%
SITM Sitime Corp. 0.64% 48,183 $10.3M New
AAPL Apple Inc. 0.63% 49,818 $10.2M Add +5.3%
GKOS Glaukos Corp. 0.60% 94,373 $9.7M Add +59.6%
VCEL Vericel Corp. 0.60% 228,275 $9.7M New
PRCT Procept Biorobotics Corp. 0.60% 168,615 $9.7M Reduce -3.0%
LAD Lithia Motors Inc. 0.60% 28,589 $9.7M Reduce -33.7%
AFRM Affirm Holdings Inc. 0.55% 128,845 $8.9M New
LLY Eli Lilly & Co. 0.55% 11,427 $8.9M Add +2.0%
CWAN Clearwater Analytics HDS-A 0.55% 402,600 $8.8M Add +19.8%
MOD Modine Manufacturing Co. 0.55% 89,252 $8.8M Reduce -40.1%
AGYS Agilysys Inc. 0.54% 76,505 $8.8M Reduce -40.6%
TREX Trex Company Inc. 0.52% 154,315 $8.4M New
SPXC SPX Technologies Inc. 0.51% 48,655 $8.2M New
ENSG The Ensign Group Inc. 0.48% 50,460 $7.8M Reduce -1.4%
TECH Bio-Techne Corp. 0.48% 149,591 $7.7M Reduce -43.9%
LTH Life Time Group Holdings Inc. 0.47% 248,015 $7.5M Reduce -56.7%
CECO Ceco Environmental Corp. 0.45% 253,440 $7.2M New
BOOT Boot Barn Holdings Inc. 0.43% 45,820 $7.0M New
RBRK Rubrik Inc. Class A 0.43% 77,185 $6.9M New
ACMR Acm Research Inc. Class A 0.43% 266,426 $6.9M Add +27.1%
VERX Vertex Inc. Class A 0.41% 185,640 $6.6M Reduce -25.7%
AX Axos Financial Inc. 0.40% 84,960 $6.5M New
HNGE Hinge Health Inc. Class A 0.38% 118,215 $6.1M New
PLMR Palomar Holdings Inc. 0.36% 37,140 $5.7M New
ADMA Adma Biologics Inc. 0.33% 296,495 $5.4M New
DUOL Duolingo 0.29% 11,476 $4.7M Reduce -45.0%
ADSK Autodesk Inc. 0.29% 15,060 $4.7M No change
RELY Remitly Global Inc. 0.29% 245,075 $4.6M Reduce -32.6%
CAVA Cava Group Inc. 0.26% 48,840 $4.1M New
KVYO Klaviyo Inc. Class A 0.24% 114,723 $3.9M Reduce -64.3%
TTAN Servicetitan Inc. Class A 0.23% 35,230 $3.8M New
AORT Artivion Inc. 0.23% 120,580 $3.8M New
BRK.A Berkshire Hathaway Inc. Class A 0.23% 5 $3.6M No change
PG The Procter & Gamble Co. 0.17% 17,555 $2.8M Add +3.6%
BRK.B Berkshire Hathaway Inc. Class B 0.17% 5,744 $2.8M Reduce -8.4%
TPB Turning Point Brands Inc. 0.17% 36,065 $2.7M New
EPD Enterprise Products Partners 0.17% 87,815 $2.7M No change
FICO Fair Isaac Corp. 0.15% 1,299 $2.4M Reduce -9.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.11% 5,954 $1.8M Reduce -5.0%
XOM Exxon Mobil Corp. 0.09% 13,805 $1.5M Add +30.0%
WDAY Workday Inc. Class A 0.09% 6,000 $1.4M No change
FOLD Amicus Therapeutics Inc. 0.09% 250,935 $1.4M Reduce -69.6%
PLTR Palantir Technologies Inc. Class A 0.08% 9,442 $1.3M Reduce -10.2%
ESS Essex Property Trust Inc. 0.07% 4,000 $1.1M No change
ABBV Abbvie Inc. 0.06% 5,540 $1.0M Add +28.2%
UNP Union Pacific Corp. 0.06% 4,262 $981K Add +10.6%
GOOGL Alphabet Inc. Class A 0.06% 5,530 $975K Add +12.6%
LEVI Levi Strauss & Co. Class A 0.06% 50,000 $925K New
COST Costco Wholesale Corp. 0.05% 826 $818K Add +55.3%
JNJ Johnson & Johnson 0.04% 4,431 $677K Reduce -36.6%
ABT Abbott Laboratories 0.04% 4,252 $578K Add +47.4%
HD Home Depot Inc. 0.03% 1,432 $525K Add +39.4%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.03% 14,455 $489K Add +48083.3%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.03% 6,331 $465K Add +19.7%
ORCL Oracle Corp. 0.03% 1,845 $403K Reduce -0.8%
CR Crane Co. 0.02% 2,000 $380K No change
MRK Merck & Co. Inc. 0.02% 4,681 $371K Add +11.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,965 $368K Reduce -0.8%
AXP American Express Co. 0.02% 1,123 $358K Add +30.1%
WFC Wells Fargo & Co. 0.02% 4,457 $357K Add +123.6%
MS Morgan Stanley 0.02% 2,433 $343K Add +304.1%
FISV Fiserv Inc. 0.02% 1,836 $317K Add +39.3%
NOW ServiceNow Inc. 0.02% 297 $305K Add +81.1%
HON Honeywell International Inc. 0.02% 1,196 $279K Add +44.8%
WMT Walmart Inc. 0.02% 2,767 $271K Add +432.1%
PNC PNC Financial Services Group 0.02% 1,371 $256K New
RTX RTX Corp. 0.01% 1,658 $242K Add +153.9%
TSLA Tesla Inc. 0.01% 750 $238K Reduce -4.5%
ABNB Airbnb Inc. Class A 0.01% 1,715 $227K Reduce -0.3%
HEI Heico Corp. 0.01% 671 $220K No change
CSCO Cisco Systems Inc. 0.01% 3,067 $213K Add +5011.7%
MRSH Marsh & McLennan Cos 0.01% 927 $203K Add +18440.0%
ISRG Intuitive Surgical Inc. 0.01% 368 $200K New
NFLX Netflix Inc. 0.01% 149 $200K Add +41.9%
KLAC KLA Corp. 0.01% 218 $195K New
CVX Chevron Corp. 0.01% 1,363 $195K Add +678.9%
SPGI S&P Global Inc. 0.01% 360 $190K No change
SO The Southern Co. 0.01% 1,981 $182K Add +13106.7%
T AT&T Inc. 0.01% 6,234 $180K Add +4352.9%
BKNG Booking Holdings Inc. 0.01% 31 $179K New
GD General Dynamics Corp. 0.01% 594 $173K New
FAST Fastenal Co. 0.01% 3,958 $166K Reduce -0.3%
MCK McKesson Corp. 0.01% 226 $166K New
DUK Duke Energy Corp. 0.01% 1,395 $165K Add +13850.0%
BMY Bristol-Myers Squibb Co. 0.01% 3,531 $163K Reduce -1.0%
CI The Cigna Group 0.01% 492 $163K New
GDDY GoDaddy Inc. Class A 0.01% 844 $152K New
COP Conocophillips 0.01% 1,686 $151K New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.01% 472 $151K Reduce -6.9%
NSC Norfolk Southern Corp. 0.01% 582 $149K Reduce -0.7%
CSGP Costar Group Inc. 0.01% 1,817 $146K New
CRWD CrowdStrike Holdings Inc. Class A 0.01% 286 $146K New
KKR KKR & Co. Inc. 0.01% 1,054 $140K New
ORLY O'reilly Automotive Inc. 0.01% 1,515 $137K Add +405.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 1,104 $136K Add +7260.0%
PH Parker Hannifin Corp. 0.01% 187 $131K New
MCD McDonald's Corp. 0.01% 407 $119K Add +8040.0%
WM Waste Management Inc. 0.01% 512 $117K Add +273.7%
PANW Palo Alto Networks Inc. 0.01% 560 $115K Add +11100.0%
PWR Quanta Services Inc. 0.01% 300 $113K New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.01% 1,199 $109K Add +11890.0%
ADP Automatic Data Processing 0.01% 350 $108K New
PLD Prologis Inc. 0.01% 1,020 $107K Reduce -1.9%
SMMT Summit Therapeutics Inc. 0.01% 5,000 $106K No change
MKL Markel Group Inc. 0.01% 53 $106K New
CME Cme Group Inc. 0.01% 384 $106K Add +7580.0%
CVBF CVB Financial Corp. 0.01% 5,227 $103K New
CMG Chipotle Mexican Grill Inc. 0.01% 1,819 $102K Add +7176.0%
BLK BlackRock Inc. 0.01% 93 $98K New
LYFT LYFT Inc. Class A 0.01% 6,099 $96K No change
MDLZ Mondelez International Inc. Class A 0.01% 1,371 $92K Add +4470.0%
NDAQ Nasdaq Inc. 0.01% 1,000 $89K Add +19900.0%
ADBE Adobe Inc. 0.01% 231 $89K Add +4520.0%
MSCI MSCI Inc. 0.01% 153 $88K New
SBUX Starbucks Corp. 0.01% 920 $84K Reduce -1.6%
C Citigroup Inc. 0.00% 935 $80K Add +3016.7%
ITW Illinois Tool Works 0.00% 317 $78K Add +6240.0%
LRCX Lam Research Corp. 0.00% 796 $77K Add +5206.7%
MELI MercadoLibre Inc. 0.00% 29 $76K New
KO The Coca-Cola Co. 0.00% 1,063 $75K Add +548.2%
VRT Vertiv Holdings Co. Class A 0.00% 579 $74K New
MAR Marriott International Class A 0.00% 269 $73K New
EME Emcor Group Inc. 0.00% 136 $73K New
UBER Uber Technologies Inc. 0.00% 778 $73K Add +66.2%
CXT Crane NXT Co. 0.00% 1,320 $71K No change
PM Philip Morris International 0.00% 357 $65K Add +2280.0%
HASI Ha Sustainable Infrastructur 0.00% 2,390 $64K No change
ECL Ecolab Inc. 0.00% 235 $63K Reduce -2.1%
NOC Northrop Grumman Corp. 0.00% 119 $59K New
TKO Tko Group Holdings Inc. 0.00% 327 $59K New
MTD Mettler-Toledo International 0.00% 50 $59K No change
RS Reliance Inc. 0.00% 174 $55K Reduce -7.0%
EFX Equifax Inc. 0.00% 210 $54K No change
EQT Eqt Corp. 0.00% 921 $54K Add +9110.0%
SHOP Shopify Inc. Class A 0.00% 463 $53K New
IR Ingersoll-Rand Inc. 0.00% 631 $52K Add +6210.0%
LOW Lowe's Cos Inc. 0.00% 236 $52K Add +4620.0%
ETR Entergy Corp. 0.00% 626 $52K New
PODD Insulet Corp. 0.00% 163 $51K New
VLO Valero Energy Corp. 0.00% 364 $49K Add +7180.0%
BR Broadridge Financial Solutio 0.00% 199 $48K New
IT Gartner Inc. 0.00% 119 $48K New
CDW CDW Corp. 0.00% 262 $47K New
EOG EOG Resources Inc. 0.00% 389 $47K Add +3790.0%
CASY Casey's General Stores Inc. 0.00% 88 $45K New
TRMB Trimble Inc. 0.00% 589 $45K Add +5790.0%
TRU Transunion 0.00% 508 $45K New
NFGC New Found Gold Corp. 0.00% 31,250 $44K No change
ARMK Aramark 0.00% 958 $40K New
ALGN Align Technology Inc. 0.00% 211 $40K No change
TXN Texas Instruments Inc. 0.00% 191 $40K Add +1810.0%
SSNC Ss&c Technologies Holdings 0.00% 478 $40K New
ESE Esco Technologies Inc. 0.00% 205 $39K New
FWONK Liberty Media Corp. Class C 0.00% 371 $39K New
HWM Howmet Aerospace Inc. 0.00% 208 $39K New
A Agilent Technologies Inc. 0.00% 324 $38K Reduce -1.5%
MLM Martin Marietta Materials 0.00% 68 $37K New
GFF Griffon Corp. 0.00% 512 $37K New
ATEC Alphatec Holdings Inc. 0.00% 3,296 $37K New
LNTH Lantheus Holdings Inc. 0.00% 439 $36K New
CSL Carlisle Cos Inc. 0.00% 96 $36K New
SNAP Snap Inc. Class A 0.00% 4,000 $35K No change
HUBS HubSpot Inc. 0.00% 61 $34K New
PRIM Primoris Services Corp. 0.00% 431 $34K New
AMGN Amgen Inc. 0.00% 117 $33K Reduce -4.1%
EVR Evercore Inc. Class A 0.00% 120 $32K New
AEP American Electric Power 0.00% 310 $32K Add +3000.0%
NMAX Newsmax Inc. 0.00% 2,120 $32K New
CMI Cummins Inc. 0.00% 95 $31K New
CACI Caci International Inc. Class A 0.00% 65 $31K New
GRBK Green Brick Partners Inc. 0.00% 491 $31K New
CHWY Chewy Inc. Class A 0.00% 715 $30K New
PEP Pepsico Inc. 0.00% 230 $30K Reduce -6.1%
AZZ Azz Inc. 0.00% 313 $30K New
AEE Ameren Corporation 0.00% 307 $29K Add +6040.0%
MORN Morningstar Inc. 0.00% 92 $29K New
VRSK Verisk Analytics Inc. 0.00% 90 $28K New
WEC WEC Energy Group Inc. 0.00% 262 $27K New
BROS Dutch Bros Inc. Class A 0.00% 396 $27K New
AIR Aar Corp. 0.00% 383 $26K New
LPLA LPL Financial Holdings Inc. 0.00% 70 $26K New
TRV The Travelers Cos Inc. 0.00% 96 $26K Add +1820.0%
AVTR Avantor Inc. 0.00% 1,886 $25K No change
EXLS Exlservice Holdings Inc. 0.00% 550 $24K New
NEE Nextera Energy Inc. 0.00% 330 $23K Add +842.9%
SEIC Sei Investments Company 0.00% 246 $22K New
SF Stifel Financial Corp. 0.00% 212 $22K New
SGI Somnigroup International Inc. 0.00% 309 $21K New
UFPI Ufp Industries Inc. 0.00% 210 $21K New
LII Lennox International Inc. 0.00% 34 $19K New
CBRE CBRE Group Inc. Class A 0.00% 136 $19K New
RIVN Rivian Automotive Inc. Class A 0.00% 1,175 $16K No change
APP AppLovin Corp. Class A 0.00% 46 $16K New
RBA RB Global Inc. 0.00% 145 $15K New
PLSE Pulse Biosciences Inc. 0.00% 1,000 $15K No change
EBAY eBay Inc. 0.00% 198 $15K Add +3860.0%
TMO Thermo Fisher Scientific Inc. 0.00% 35 $14K Reduce -100.0%
CPRT Copart Inc. 0.00% 260 $13K Reduce -3.7%
POOL Pool Corp. 0.00% 41 $12K No change
ROP Roper Technologies Inc. 0.00% 21 $12K New
VEEV Veeva Systems Inc. Class A 0.00% 37 $11K New
VRTX Vertex Pharmaceuticals Inc. 0.00% 21 $9K New
MU Micron Technology Inc. 0.00% 73 $9K Reduce -12.1%
BL Blackline Inc. 0.00% 80 $5K New
AMSF Amerisafe Inc. 0.00% 67 $3K New
FWONA Liberty Media Corp. Class A 0.00% 27 $3K New
VCYT Veracyte Inc. 0.00% 86 $2K New
ANGI Angi Inc. 0.00% 63 $961 New
Other holdings (36): bonds, preferreds, convertibles and warrants · $477.7M (not counted above)
SecurityClassShares / PrincipalValueChange
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 70,750,000$68.4MNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 70,305,000$66.7MAdd +1.4%
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 51,943,000$51.8MNo change
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) NOTE 0.500% 8/1 · principal 52,201,000$51.7MNew
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 48,570,000$47.0MNo change
LENDINGTREE INC (TREE 0.5 07/15/25) NOTE 0.500% 7/1 · principal 37,142,000$36.9MAdd +7.2%
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) NOTE 0.750% 8/0 · principal 30,327,000$30.1MNo change
WAYFAIR INC (W 0.625 10/01/25) NOTE 0.625%10/0 · principal 28,579,000$28.0MNo change
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal 17,721,000$17.6MNo change
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 15,000,000$14.6MNo change
JAMF HOLDING CORP (JAMF 0.125 09/01/26) NOTE 0.125% 9/0 · principal 11,600,000$11.0MNo change
NVS Novartis AG-Sponsored ADR SPONSORED ADR · principal 88,341$10.7MAdd +1.3%
ZIFF DAVIS INC (ZD 1.75 11/01/26) NOTE 1.750%11/0 · principal 10,595,000$10.1MNo change
JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal 9,700,000$9.7MNo change
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 7,750,000$6.7MNo change
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 5,000,000$5.1MReduce -28.6%
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 3,000,000$3.0MNo change
SCHB Schwab US Broad Market ETF US BRD MKT ETF · principal 99,437$2.4MReduce -22.2%
VOO Vanguard S&P 500 ETF S&P 500 ETF SHS · principal 3,064$1.7MReduce -17.5%
IEFA iShares Core MSCI Eafe ETF CORE MSCI EAFE · principal 11,675$975KNew
XLK SS Technology Select Sector ST STR TECHN ETF · principal 2,591$656KReduce -13.4%
FTGC First Trust Global Tactical FST TR GLB FD · principal 25,742$635KAdd +0.3%
HYS PIMCO 0-5 Year H/Y Corp. Bond 0-5 HIGH YIELD · principal 5,370$510KNo change
ISTB iShares Core 1-5 Year Usd Bo CORE 1 5 YR USD · principal 9,000$438KNo change
NOBL Proshares S&P 500 Dividend A S&P 500 DV ARIST · principal 2,366$238KReduce -9.7%
IGM iShares Expanded Tech Sector EXPND TEC SC ETF · principal 2,053$231KReduce -68.0%
VXUS Vanguard Total Intl Stock VG TL INTL STK F · principal 2,756$190KAdd +0.7%
SPY SS SPDR S&P 500 ETF Trust-US TR UNIT · principal 253$156KNo change
VIOO Vanguard S&P Small-Cap 600 E SMLLCP 600 IDX · principal 1,522$154KNo change
IBIT iShares Bitcoin Trust ETF SHS BEN INT · principal 1,817$111KNo change
VXF Vanguard Extended Market ETF EXTEND MKT ETF · principal 468$90KReduce -44.4%
IVV iShares Core S&P 500 ETF CORE S&P500 ETF · principal 100$62KNo change
VUG Vanguard Mrngstar GR ETF-Sui GROWTH ETF · principal 135$59KAdd +9.8%
GLD SPDR Gold Shares GOLD SHS · principal 159$48KNew
VDE Vanguard Energy ETF ENERGY ETF · principal 34$4KNew
GRNY Fundstr Gran SH US LRG Cap FUND GRAN US ETF · principal 100$2KNo change

Total filed on the 13F, all lines: $2.1B.

Portfolio Sells Q1 2025 → Q2 2025
UNH Unitedhealth Group Inc. Sold out 0.00% −3.02
TMO Thermo Fisher Scientific Inc. Reduce -100.0% 0.00% −2.60
EGP Eastgroup Properties Inc. Sold out 0.00% −2.52
ROST Ross Stores Inc. Sold out 0.00% −2.10
CVCO Cavco Industries Inc. Sold out 0.00% −1.17
NVDA Nvidia Corp. Reduce -60.3% 1.32% −1.16
CNMD Conmed Corp. Sold out 0.00% −0.93
SKX Skechers USA Inc. Class A Sold out 0.00% −0.82
LTH Life Time Group Holdings Inc. Reduce -56.7% 0.47% −0.70
FRPT Freshpet Inc. Sold out 0.00% −0.66
RGEN Repligen Corp. Sold out 0.00% −0.62
TECH Bio-Techne Corp. Reduce -43.9% 0.48% −0.58
GNRC Generac Holdings Inc. Sold out 0.00% −0.48
CRM Salesforce Inc. Reduce -14.8% 1.67% −0.43
KVYO Klaviyo Inc. Class A Reduce -64.3% 0.24% −0.42
S Sentinelone Inc. Class A Sold out 0.00% −0.40
TRNS Transcat Inc. Sold out 0.00% −0.37
FOLD Amicus Therapeutics Inc. Reduce -69.6% 0.09% −0.36
INSP Inspire Medical Systems Inc. Sold out 0.00% −0.36
ALGM Allegro Microsystems Inc. Sold out 0.00% −0.30
MGY Magnolia Oil & Gas Corp. Class A Reduce -10.4% 0.80% −0.29
WEAV Weave Communications Inc. Sold out 0.00% −0.26
LAD Lithia Motors Inc. Reduce -33.7% 0.60% −0.25
MTSI Macom Technology Solutions H Sold out 0.00% −0.23
MOD Modine Manufacturing Co. Reduce -40.1% 0.55% −0.23
RELY Remitly Global Inc. Reduce -32.6% 0.29% −0.23
GWRE Guidewire Software Inc. Reduce -29.6% 0.95% −0.22
VERX Vertex Inc. Class A Reduce -25.7% 0.41% −0.18
DUOL Duolingo Reduce -45.0% 0.29% −0.15
FSV Firstservice Corp. Reduce -8.1% 1.11% −0.14
AGYS Agilysys Inc. Reduce -40.6% 0.54% −0.09
PRCT Procept Biorobotics Corp. Reduce -3.0% 0.60% −0.08
GH Guardant Health Inc. Reduce -19.0% 0.78% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -8.4% 0.17% −0.05
JNJ Johnson & Johnson Reduce -36.6% 0.04% −0.04
FICO Fair Isaac Corp. Reduce -9.9% 0.15% −0.03
KVUE Kenvue Inc. Sold out 0.00% −0.01
BMY Bristol-Myers Squibb Co. Reduce -1.0% 0.01% −0.00
AJG Arthur J Gallagher & Co. Reduce -6.9% 0.01% −0.00
KEYS Keysight Technologies Inc. Reduce -0.7% 2.07% −0.00
OTIS Otis Worldwide Corp. Sold out 0.00% −0.00
PLD Prologis Inc. Reduce -1.9% 0.01% −0.00
SBUX Starbucks Corp. Reduce -1.6% 0.01% −0.00
PEP Pepsico Inc. Reduce -6.1% 0.00% −0.00
AMGN Amgen Inc. Reduce -4.1% 0.00% −0.00
BAC Bank of America Corp. Sold out 0.00% −0.00
MA Mastercard Inc. Class A Sold out 0.00% −0.00
RS Reliance Inc. Reduce -7.0% 0.00% −0.00
A Agilent Technologies Inc. Reduce -1.5% 0.00% −0.00
CPRT Copart Inc. Reduce -3.7% 0.00% −0.00

Portfolio Buys Q1 2025 → Q2 2025
AVGO Broadcom Inc. Add +59.4% 3.67% +2.15
TRNO Terreno Realty Corp. New 2.09% +2.09
AMAT Applied Materials Inc. Add +1835280.0% 2.08% +2.08
MSFT Microsoft Corp. Add +11.8% 7.04% +1.87
SNPS Synopsys Inc. New 1.41% +1.41
LH Labcorp Holdings Inc. New 1.28% +1.28
DHR Danaher Corp. Add +87.7% 2.96% +1.18
CPAY Corpay Inc. New 0.87% +0.87
SITM Sitime Corp. New 0.64% +0.64
LHX L3HARRIS Technologies Inc. Add +22.9% 2.37% +0.62
VCEL Vericel Corp. New 0.60% +0.60
AFRM Affirm Holdings Inc. New 0.55% +0.55
AMZN Amazon.com Inc. Add +5.8% 4.82% +0.52
TREX Trex Company Inc. New 0.52% +0.52
SPXC SPX Technologies Inc. New 0.51% +0.51
APD Air Products & Chemicals Inc. Add +40.3% 2.61% +0.49
CECO Ceco Environmental Corp. New 0.45% +0.45
BOOT Boot Barn Holdings Inc. New 0.43% +0.43
RBRK Rubrik Inc. Class A New 0.43% +0.43
LAMR Lamar Advertising Co. Class A Add +29.1% 1.99% +0.42
AX Axos Financial Inc. New 0.40% +0.40
HNGE Hinge Health Inc. Class A New 0.38% +0.38
AME Ametek Inc. Add +31.9% 1.66% +0.36
PLMR Palomar Holdings Inc. New 0.36% +0.36
ADMA Adma Biologics Inc. New 0.33% +0.33
INTU Intuit Inc. Add +0.3% 2.11% +0.33
JPM JPMorgan Chase & Co. Add +2.4% 2.55% +0.26
CAVA Cava Group Inc. New 0.26% +0.26
TTAN Servicetitan Inc. Class A New 0.23% +0.23
AORT Artivion Inc. New 0.23% +0.23
GKOS Glaukos Corp. Add +59.6% 0.60% +0.21
META Meta Platforms Inc. Class A Add +0.5% 1.17% +0.18
BA The Boeing Co. Add +0.5% 1.44% +0.17
TPB Turning Point Brands Inc. New 0.17% +0.17
ACMR Acm Research Inc. Class A Add +27.1% 0.43% +0.10
LEVI Levi Strauss & Co. Class A New 0.06% +0.06
SLB SLB Ltd. Add +48083.3% 0.03% +0.03
COST Costco Wholesale Corp. Add +55.3% 0.05% +0.02
MS Morgan Stanley Add +304.1% 0.02% +0.02
PNC PNC Financial Services Group New 0.02% +0.02
WMT Walmart Inc. Add +432.1% 0.02% +0.01
CSCO Cisco Systems Inc. Add +5011.7% 0.01% +0.01
MRSH Marsh & McLennan Cos Add +18440.0% 0.01% +0.01
WFC Wells Fargo & Co. Add +123.6% 0.02% +0.01
ISRG Intuitive Surgical Inc. New 0.01% +0.01
KLAC KLA Corp. New 0.01% +0.01
SO The Southern Co. Add +13106.7% 0.01% +0.01
BKNG Booking Holdings Inc. New 0.01% +0.01
T AT&T Inc. Add +4352.9% 0.01% +0.01
GD General Dynamics Corp. New 0.01% +0.01

Notes & Other Activity Q1 2025 → Q2 2025
LYFT INC (LYFT 1.5 05/15/25) NOTE 1.500% 5/1 · principal Sold out 84,881,000 $84.9Mbefore exit
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal Add +1.4% 70,305,000 $66.7M
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) NOTE 0.500% 8/1 · principal New 52,201,000 $51.7M
LENDINGTREE INC (TREE 0.5 07/15/25) NOTE 0.500% 7/1 · principal Add +7.2% 37,142,000 $36.9M
EZCORP INC (EZPW 2.375 05/01/25) NOTE 2.375% 5/0 · principal Sold out 21,388,000 $21.4Mbefore exit
NVO Novo-Nordisk A/S-Spons ADR ADR · principal Sold out 228,690 $15.9Mbefore exit
NVS Novartis AG-Sponsored ADR SPONSORED ADR · principal Add +1.3% 88,341 $10.7M
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal Reduce -28.6% 5,000,000 $5.1M
SCHB Schwab US Broad Market ETF US BRD MKT ETF · principal Reduce -22.2% 99,437 $2.4M
VOO Vanguard S&P 500 ETF S&P 500 ETF SHS · principal Reduce -17.5% 3,064 $1.7M
IEFA iShares Core MSCI Eafe ETF CORE MSCI EAFE · principal New 11,675 $975K
XLK SS Technology Select Sector ST STR TECHN ETF · principal Reduce -13.4% 2,591 $656K
FTGC First Trust Global Tactical FST TR GLB FD · principal Add +0.3% 25,742 $635K
NOBL Proshares S&P 500 Dividend A S&P 500 DV ARIST · principal Reduce -9.7% 2,366 $238K
IGM iShares Expanded Tech Sector EXPND TEC SC ETF · principal Reduce -68.0% 2,053 $231K
VXUS Vanguard Total Intl Stock VG TL INTL STK F · principal Add +0.7% 2,756 $190K
VTI VG Morningstar TS MKT ETF-US TOTAL STK MKT · principal Sold out 595 $164Kbefore exit
SCHM Schwab US Mid Cap ETF US MID-CAP ETF · principal Sold out 6,132 $161Kbefore exit
FNDA Schwab Fndmntl US SM Co. ETF FUNDAMENTAL US S · principal Sold out 3,972 $109Kbefore exit
VXF Vanguard Extended Market ETF EXTEND MKT ETF · principal Reduce -44.4% 468 $90K
VUG Vanguard Mrngstar GR ETF-Sui GROWTH ETF · principal Add +9.8% 135 $59K
GLD SPDR Gold Shares GOLD SHS · principal New 159 $48K
CNTA Centessa Pharmaceuticals Ltd. SPONSORED ADS · principal Sold out 3,276 $47Kbefore exit
VDE Vanguard Energy ETF ENERGY ETF · principal New 34 $4K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 200$1.8BGOOG, AAPL, AMZN, AMAT, ADI
Q1 2026 197$1.6BGOOG, AMZN, MSFT, AMAT, AVGO
Q4 2025 238$1.7BGOOG, MSFT, AMZN, AVGO, V
Q3 2025 240$1.7BGOOG, MSFT, AMZN, AVGO, AZO
Q2 2025 247$1.6BMSFT, GOOG, AMZN, AVGO, V
Q1 2025Amended 298$1.5BMSFT, GOOG, AMZN, V, UNH
Q4 2024Amended 157$1.6BGOOG, MSFT, AMZN, V, AVGO
Q3 2024 159$1.7BMSFT, GOOG, AMZN, PGR, BDX
Q2 2024 162$1.5BMSFT, GOOG, AMZN, ADI, TGT
Q1 2024 160$1.5BMSFT, GOOG, AMZN, TGT, MU