Osterweis Capital Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Osterweis Capital Management Inc. reported 240 stock positions worth $1.7 billion. Its top holding was Alphabet Class C (GOOG) at 6.3% of the portfolio, followed by Microsoft (MSFT, 5.9%) and Amazon.com (AMZN, 4.6%). Compared with Q2 2025, it opened 16 new positions, sold out of 23, added to 46 and reduced 64. The biggest buy was Eli Lilly (LLY, shares +320%) and the biggest sale Microsoft (MSFT, shares −16%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001007524
Portfolio Value
$1.7B (Q3 2025)
SEC Filing
0001007524-25-000003 ↗ filed Nov 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 Q2 2025 Q3 2025: $1.7B $1.7B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 240 stocks · $1.7B
GOOG Alphabet Inc. Class C 6.31% 439,530 $107.0M Reduce -9.0%
MSFT Microsoft Corp. 5.86% 191,764 $99.3M Reduce -16.0%
AMZN Amazon.com Inc. 4.58% 354,201 $77.8M Add +0.0%
AVGO Broadcom Inc. 4.11% 211,365 $69.7M Reduce -1.4%
AZO AutoZone Inc. 2.95% 11,669 $50.1M Reduce -0.5%
V Visa Inc. Class A 2.86% 142,091 $48.5M Add +1.4%
DHR Danaher Corp. 2.82% 241,242 $47.8M Add +0.0%
JPM JPMorgan Chase & Co. 2.65% 142,286 $44.9M Add +0.4%
AWK American Water Works Co. Inc. 2.45% 298,059 $41.5M Add +1.1%
APD Air Products & Chemicals Inc. 2.40% 149,057 $40.7M Add +0.1%
BRO Brown & Brown Inc. 2.34% 423,591 $39.7M Add +28.3%
ADI Analog Devices Inc. 2.27% 156,820 $38.5M Reduce -0.5%
AMAT Applied Materials Inc. 2.24% 185,746 $38.0M Add +1.2%
WCN Waste Connections Inc. 2.22% 213,797 $37.6M Add +1.7%
PGR Progressive Corp. 2.20% 150,983 $37.3M Add +14.7%
LLY Eli Lilly & Co. 2.16% 47,982 $36.6M Add +319.9%
LHX L3HARRIS Technologies Inc. 2.04% 113,334 $34.6M Reduce -25.7%
TRNO Terreno Realty Corp. 2.02% 604,404 $34.3M Add +0.6%
LAMR Lamar Advertising Co. Class A 1.91% 264,491 $32.4M Add +0.1%
KEYS Keysight Technologies Inc. 1.81% 175,497 $30.7M Reduce -13.7%
INTU Intuit Inc. 1.77% 43,896 $30.0M Add +1.4%
FERG Ferguson Enterprises Inc. 1.68% 126,715 $28.5M Reduce -20.8%
AME Ametek Inc. 1.65% 148,664 $27.9M Add +0.6%
BSX Boston Scientific Corp. 1.64% 284,202 $27.7M Add +0.3%
NVDA Nvidia Corp. 1.49% 135,239 $25.2M Add +0.5%
CP Canadian Pacific Kansas City 1.48% 337,288 $25.1M New
BA The Boeing Co. 1.42% 111,369 $24.0M Add +0.8%
CRM Salesforce Inc. 1.38% 98,563 $23.4M Add +0.1%
LH Labcorp Holdings Inc. 1.32% 78,148 $22.4M Reduce -0.5%
SNPS Synopsys Inc. 1.29% 44,287 $21.9M Add +0.2%
ICE Intercontinental Exchange Inc. 1.24% 125,163 $21.1M New
DE Deere & Co. 1.13% 41,923 $19.2M Add +1.3%
META Meta Platforms Inc. Class A 1.11% 25,699 $18.9M Add +0.9%
FSV Firstservice Corp. 1.03% 91,594 $17.4M Reduce -10.8%
SITM Sitime Corp. 1.02% 57,231 $17.2M Add +18.8%
RMBS Rambus Inc. 0.93% 151,560 $15.8M Reduce -46.7%
GWRE Guidewire Software Inc. 0.87% 64,438 $14.8M Reduce -1.0%
GH Guardant Health Inc. 0.79% 215,011 $13.4M Reduce -10.5%
CPAY Corpay Inc. 0.72% 42,557 $12.3M Add +0.3%
AAPL Apple Inc. 0.72% 47,701 $12.1M Reduce -4.3%
AX Axos Financial Inc. 0.71% 141,955 $12.0M Add +67.1%
CWST Casella Waste Systems Inc. Class A 0.69% 123,185 $11.7M New
GKOS Glaukos Corp. 0.68% 142,288 $11.6M Add +50.8%
ATRC Atricure Inc. 0.67% 322,080 $11.4M Add +2.1%
SPXC SPX Technologies Inc. 0.67% 60,778 $11.4M Add +24.9%
CECO Ceco Environmental Corp. 0.63% 210,032 $10.8M Reduce -17.1%
MGY Magnolia Oil & Gas Corp. Class A 0.63% 449,967 $10.7M Reduce -21.8%
AORT Artivion Inc. 0.60% 240,772 $10.2M Add +99.7%
TREX Trex Company Inc. 0.59% 195,296 $10.1M Add +26.6%
RGEN Repligen Corp. 0.57% 72,930 $9.7M New
TTAN Servicetitan Inc. Class A 0.57% 96,510 $9.7M Add +173.9%
LSCC Lattice Semiconductor Corp. 0.57% 132,225 $9.7M New
VCEL Vericel Corp. 0.57% 308,055 $9.7M Add +35.0%
VITL Vital Farms Inc. 0.56% 231,415 $9.5M Reduce -30.4%
LTH Life Time Group Holdings Inc. 0.54% 330,325 $9.1M Add +33.2%
MOD Modine Manufacturing Co. 0.52% 62,602 $8.9M Reduce -29.9%
PRCT Procept Biorobotics Corp. 0.49% 233,685 $8.3M Add +38.6%
WAY Waystar Holding Corp. 0.49% 218,610 $8.3M New
TPB Turning Point Brands Inc. 0.49% 83,580 $8.3M Add +131.8%
AGYS Agilysys Inc. 0.47% 76,505 $8.1M No change
CWAN Clearwater Analytics HDS-A 0.47% 446,490 $8.0M Add +10.9%
RBRK Rubrik Inc. Class A 0.37% 76,005 $6.3M Reduce -1.5%
ENSG The Ensign Group Inc. 0.29% 28,845 $5.0M Reduce -42.8%
AFRM Affirm Holdings Inc. 0.27% 63,519 $4.6M Reduce -50.7%
ADMA Adma Biologics Inc. 0.27% 309,031 $4.5M Add +4.2%
ADSK Autodesk Inc. 0.26% 14,000 $4.4M Reduce -7.0%
CHYM Chime Financial Inc. Class A 0.23% 191,190 $3.9M New
BRK.A Berkshire Hathaway Inc. Class A 0.22% 5 $3.8M No change
BROS Dutch Bros Inc. Class A 0.22% 71,341 $3.7M Add +17915.4%
LAD Lithia Motors Inc. 0.20% 10,914 $3.4M Reduce -61.8%
BRK.B Berkshire Hathaway Inc. Class B 0.17% 5,653 $2.8M Reduce -1.6%
EPD Enterprise Products Partners 0.16% 87,815 $2.7M No change
KVYO Klaviyo Inc. Class A 0.16% 98,528 $2.7M Reduce -14.1%
PG The Procter & Gamble Co. 0.16% 17,437 $2.7M Reduce -0.7%
AMPX Amprius Technologies Inc. 0.12% 187,445 $2.0M New
FICO Fair Isaac Corp. 0.11% 1,298 $1.9M Reduce -0.1%
MTSI Macom Technology Solutions H 0.11% 15,265 $1.9M New
PLTR Palantir Technologies Inc. Class A 0.10% 9,242 $1.7M Reduce -2.1%
WDAY Workday Inc. Class A 0.09% 6,000 $1.4M No change
GOOGL Alphabet Inc. Class A 0.08% 5,795 $1.4M Add +4.8%
XOM Exxon Mobil Corp. 0.08% 11,435 $1.3M Reduce -17.2%
ESS Essex Property Trust Inc. 0.06% 4,000 $1.1M No change
UNP Union Pacific Corp. 0.06% 4,262 $1.0M No change
LEVI Levi Strauss & Co. Class A 0.05% 40,000 $932K Reduce -20.0%
ABBV Abbvie Inc. 0.05% 3,734 $865K Reduce -32.6%
JNJ Johnson & Johnson 0.05% 4,431 $822K No change
HD Home Depot Inc. 0.03% 1,432 $580K No change
ORCL Oracle Corp. 0.03% 1,845 $519K No change
AXP American Express Co. 0.03% 1,525 $507K Add +35.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.03% 14,455 $497K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.03% 6,331 $485K No change
COST Costco Wholesale Corp. 0.03% 508 $470K Reduce -38.5%
ABT Abbott Laboratories 0.03% 3,245 $435K Reduce -23.7%
MS Morgan Stanley 0.02% 2,583 $411K Add +6.2%
TSLA Tesla Inc. 0.02% 850 $378K Add +13.3%
CR Crane Co. 0.02% 2,000 $368K No change
WFC Wells Fargo & Co. 0.02% 4,307 $361K Reduce -3.4%
MRK Merck & Co. Inc. 0.02% 4,183 $351K Reduce -10.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,620 $300K Reduce -11.6%
WMT Walmart Inc. 0.02% 2,767 $285K No change
RTX RTX Corp. 0.02% 1,658 $277K No change
NOW ServiceNow Inc. 0.02% 297 $273K No change
PNC PNC Financial Services Group 0.02% 1,278 $257K Reduce -6.8%
KLAC KLA Corp. 0.01% 218 $235K No change
NFLX Netflix Inc. 0.01% 179 $215K Add +20.1%
CSCO Cisco Systems Inc. 0.01% 3,067 $210K No change
ABNB Airbnb Inc. Class A 0.01% 1,715 $208K No change
GD General Dynamics Corp. 0.01% 594 $203K No change
FAST Fastenal Co. 0.01% 3,958 $194K No change
FISV Fiserv Inc. 0.01% 1,496 $193K Reduce -18.5%
SO The Southern Co. 0.01% 1,981 $188K No change
T AT&T Inc. 0.01% 6,234 $176K No change
SPGI S&P Global Inc. 0.01% 360 $175K No change
NSC Norfolk Southern Corp. 0.01% 582 $175K No change
MCK McKesson Corp. 0.01% 226 $175K No change
HON Honeywell International Inc. 0.01% 821 $173K Reduce -31.4%
DUK Duke Energy Corp. 0.01% 1,395 $173K No change
HEI Heico Corp. 0.01% 531 $171K Reduce -20.9%
MRSH Marsh & McLennan Cos 0.01% 841 $169K Reduce -9.3%
BKNG Booking Holdings Inc. 0.01% 31 $167K No change
ISRG Intuitive Surgical Inc. 0.01% 368 $165K No change
ORLY O'reilly Automotive Inc. 0.01% 1,515 $163K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 1,104 $160K No change
PANW Palo Alto Networks Inc. 0.01% 760 $155K Add +35.7%
CSGP Costar Group Inc. 0.01% 1,768 $149K Reduce -2.7%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 508 $143K Reduce -91.5%
PH Parker Hannifin Corp. 0.01% 187 $142K No change
CRWD CrowdStrike Holdings Inc. Class A 0.01% 286 $140K No change
LYFT LYFT Inc. Class A 0.01% 6,099 $134K No change
KKR KKR & Co. Inc. 0.01% 1,032 $134K Reduce -2.1%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.01% 1,199 $131K No change
CI The Cigna Group 0.01% 438 $126K Reduce -11.0%
PWR Quanta Services Inc. 0.01% 300 $124K No change
MCD McDonald's Corp. 0.01% 407 $124K No change
PLD Prologis Inc. 0.01% 1,020 $117K No change
BLK BlackRock Inc. 0.01% 93 $108K No change
LRCX Lam Research Corp. 0.01% 796 $107K No change
WM Waste Management Inc. 0.01% 476 $105K Reduce -7.0%
CME Cme Group Inc. 0.01% 384 $104K No change
SMMT Summit Therapeutics Inc. 0.01% 5,000 $103K No change
MKL Markel Group Inc. 0.01% 53 $101K No change
CVX Chevron Corp. 0.01% 618 $96K Reduce -54.7%
C Citigroup Inc. 0.01% 935 $95K No change
NDAQ Nasdaq Inc. 0.01% 1,000 $88K No change
EME Emcor Group Inc. 0.01% 136 $88K No change
VRT Vertiv Holdings Co. Class A 0.01% 579 $87K No change
ODFL Old Dominion Freight Line 0.01% 606 $85K Reduce -99.5%
MSCI MSCI Inc. 0.01% 149 $85K Reduce -2.6%
ADP Automatic Data Processing 0.00% 274 $80K Reduce -21.7%
ITW Illinois Tool Works 0.00% 300 $78K Reduce -5.4%
UBER Uber Technologies Inc. 0.00% 778 $76K No change
NFGC New Found Gold Corp. 0.00% 31,250 $74K No change
HASI Ha Sustainable Infrastructur 0.00% 2,390 $73K No change
NOC Northrop Grumman Corp. 0.00% 119 $73K No change
MAR Marriott International Class A 0.00% 269 $70K No change
SHOP Shopify Inc. Class A 0.00% 463 $69K No change
TKO Tko Group Holdings Inc. 0.00% 327 $66K No change
KO The Coca-Cola Co. 0.00% 956 $63K Reduce -10.1%
ADBE Adobe Inc. 0.00% 178 $63K Reduce -22.9%
MTD Mettler-Toledo International 0.00% 50 $61K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.00% 197 $61K Reduce -58.3%
MDLZ Mondelez International Inc. Class A 0.00% 966 $60K Reduce -29.5%
LOW Lowe's Cos Inc. 0.00% 236 $59K No change
PRIM Primoris Services Corp. 0.00% 431 $59K No change
ETR Entergy Corp. 0.00% 626 $58K No change
VLO Valero Energy Corp. 0.00% 341 $58K Reduce -6.3%
SBUX Starbucks Corp. 0.00% 685 $58K Reduce -25.5%
PM Philip Morris International 0.00% 357 $58K No change
COP Conocophillips 0.00% 583 $55K Reduce -65.4%
EFX Equifax Inc. 0.00% 210 $54K No change
IR Ingersoll-Rand Inc. 0.00% 631 $52K No change
PODD Insulet Corp. 0.00% 163 $50K No change
EQT Eqt Corp. 0.00% 921 $50K No change
CASY Casey's General Stores Inc. 0.00% 88 $50K No change
RS Reliance Inc. 0.00% 174 $49K No change
TRMB Trimble Inc. 0.00% 589 $48K No change
BR Broadridge Financial Solutio 0.00% 199 $47K No change
EOG EOG Resources Inc. 0.00% 389 $44K No change
ESE Esco Technologies Inc. 0.00% 205 $43K No change
MLM Martin Marietta Materials 0.00% 68 $43K No change
TMO Thermo Fisher Scientific Inc. 0.00% 88 $43K Add +151.4%
TRU Transunion 0.00% 508 $43K No change
SSNC Ss&c Technologies Holdings 0.00% 478 $42K No change
A Agilent Technologies Inc. 0.00% 324 $42K No change
HWM Howmet Aerospace Inc. 0.00% 208 $41K No change
EVR Evercore Inc. Class A 0.00% 120 $40K No change
CMI Cummins Inc. 0.00% 95 $40K No change
GFF Griffon Corp. 0.00% 512 $39K No change
FWONK Liberty Media Corp. Class C 0.00% 371 $39K No change
MU Micron Technology Inc. 0.00% 223 $37K Add +205.5%
ARMK Aramark 0.00% 958 $37K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.00% 707 $36K New
GRBK Green Brick Partners Inc. 0.00% 491 $36K No change
AEP American Electric Power 0.00% 310 $35K No change
CDW CDW Corp. 0.00% 217 $35K Reduce -17.2%
AIR Aar Corp. 0.00% 383 $34K No change
AZZ Azz Inc. 0.00% 313 $34K No change
MMM 3M Co. 0.00% 215 $33K New
TXN Texas Instruments Inc. 0.00% 180 $33K Reduce -5.8%
APP AppLovin Corp. Class A 0.00% 46 $33K No change
AMGN Amgen Inc. 0.00% 117 $33K No change
CACI Caci International Inc. Class A 0.00% 65 $32K No change
PEP Pepsico Inc. 0.00% 230 $32K No change
AEE Ameren Corporation 0.00% 307 $32K No change
CSL Carlisle Cos Inc. 0.00% 96 $32K No change
SNAP Snap Inc. Class A 0.00% 4,000 $31K No change
WEC WEC Energy Group Inc. 0.00% 262 $30K No change
CHWY Chewy Inc. Class A 0.00% 715 $29K No change
HUBS HubSpot Inc. 0.00% 61 $29K No change
TRV The Travelers Cos Inc. 0.00% 96 $27K No change
ALGN Align Technology Inc. 0.00% 211 $26K No change
NMAX Newsmax Inc. 0.00% 2,120 $26K No change
SGI Somnigroup International Inc. 0.00% 309 $26K No change
NEE Nextera Energy Inc. 0.00% 330 $25K No change
AMD Advanced Micro Devices 0.00% 150 $24K New
EXLS Exlservice Holdings Inc. 0.00% 550 $24K No change
SF Stifel Financial Corp. 0.00% 212 $24K No change
LPLA LPL Financial Holdings Inc. 0.00% 70 $23K No change
CBRE CBRE Group Inc. Class A 0.00% 136 $21K No change
SEIC Sei Investments Company 0.00% 246 $21K No change
UFPI Ufp Industries Inc. 0.00% 210 $20K No change
MORN Morningstar Inc. 0.00% 80 $19K Reduce -13.0%
EBAY eBay Inc. 0.00% 198 $18K No change
LII Lennox International Inc. 0.00% 34 $18K No change
PLSE Pulse Biosciences Inc. 0.00% 1,000 $18K No change
RIVN Rivian Automotive Inc. Class A 0.00% 1,175 $17K No change
ULTA Ulta Beauty Inc. 0.00% 30 $16K New
RBA RB Global Inc. 0.00% 145 $16K No change
POOL Pool Corp. 0.00% 41 $13K No change
CPRT Copart Inc. 0.00% 260 $12K No change
VEEV Veeva Systems Inc. Class A 0.00% 37 $11K No change
VRTX Vertex Pharmaceuticals Inc. 0.00% 21 $8K No change
ATEC Alphatec Holdings Inc. 0.00% 334 $5K Reduce -89.9%
SOLV Solventum Corp. 0.00% 53 $4K New
VCYT Veracyte Inc. 0.00% 86 $3K No change
FWONA Liberty Media Corp. Class A 0.00% 27 $3K No change
BL Blackline Inc. 0.00% 43 $2K Reduce -46.3%
PSKY Paramount Skydance Class B 0.00% 111 $2K New
AMSF Amerisafe Inc. 0.00% 8 $351 Reduce -88.1%
PHG Koninklijke Philips NVR- NY 0.00% 4 $109 New
Other holdings (35): bonds, preferreds, convertibles and warrants · $519.5M (not counted above)
SecurityClassShares / PrincipalValueChange
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 70,750,000$69.3MNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 70,305,000$68.7MNo change
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) NOTE 11/0 · principal 59,000,000$59.0MNew
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 54,500,000$54.1MNew
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal 54,037,000$53.2MNew
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 48,570,000$47.7MNo change
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal 31,704,000$31.3MNew
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 28,635,000$28.3MAdd +90.9%
REDFIN CORP (RDFN 0 10/15/25) NOTE 10/1 · principal 27,385,000$27.4MNew
NVS Novartis AG-Sponsored ADR SPONSORED ADR · principal 88,677$11.4MAdd +0.4%
JAMF HOLDING CORP (JAMF 0.125 09/01/26) NOTE 0.125% 9/0 · principal 11,600,000$11.2MNo change
ZIFF DAVIS INC (ZD 1.75 11/01/26) NOTE 1.750%11/0 · principal 10,595,000$10.2MNo change
JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal 9,700,000$9.8MNo change
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal 10,000,000$9.8MNew
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 7,750,000$6.9MNo change
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 6,671,000$6.6MNew
SIMO Silicon Motion Technol-ADR SPONSORED ADR · principal 37,960$3.6MNew
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 94,262$2.4MReduce -5.2%
VOO Vanguard S&P 500 ETF S&P 500 ETF SHS · principal 2,352$1.4MReduce -23.2%
XLK SS Technology Select Sector ST STR TECHN ETF · principal 2,591$730KNo change
FTGC First Trust Global Tactical FST TR GLB FD · principal 25,825$669KAdd +0.3%
IEFA iShares Core MSCI Eafe ETF CORE MSCI EAFE · principal 6,240$545KReduce -46.5%
HYS PIMCO 0-5 Year H/Y Corp. Bond 0-5 HIGH YIELD · principal 5,370$514KNo change
ISTB iShares Core 1-5 Year Usd Bo CORE 1 5 YR USD · principal 9,000$440KNo change
IGM iShares Expanded Tech Sector EXPND TEC SC ETF · principal 2,053$259KNo change
NOBL Proshares S&P 500 Dividend A S&P 500 DV ARIST · principal 1,999$206KReduce -15.5%
VXUS Vanguard Total Intl Stock VG TL INTL STK F · principal 2,769$203KAdd +0.5%
VIOO Vanguard S&P Small-Cap 600 E SMLLCP 600 IDX · principal 1,522$168KNo change
VXF Vanguard Extended Market ETF EXTEND MKT ETF · principal 469$98KAdd +0.2%
IBIT iShares Bitcoin Trust ETF SHS BEN INT · principal 1,092$71KReduce -39.9%
IVV iShares Core S&P 500 ETF CORE S&P500 ETF · principal 100$67KNo change
VUG Vanguard Mrngstar GR ETF-Sui GROWTH ETF · principal 135$65KNo change
GLD SPDR Gold Shares GOLD SHS · principal 159$57KNo change
ETHA iShares Ethereum Trust ETF SHS · principal 735$23KNew

Total filed on the 13F, all lines: $2.2B.

Portfolio Sells Q2 2025 → Q3 2025
MSFT Microsoft Corp. Reduce -16.0% 5.86% −1.19
ODFL Old Dominion Freight Line Reduce -99.5% 0.01% −1.15
FERG Ferguson Enterprises Inc. Reduce -20.8% 1.68% −0.48
TECH Bio-Techne Corp. Sold out 0.00% −0.48
BOOT Boot Barn Holdings Inc. Sold out 0.00% −0.43
ACMR Acm Research Inc. Class A Sold out 0.00% −0.43
VERX Vertex Inc. Class A Sold out 0.00% −0.41
LAD Lithia Motors Inc. Reduce -61.8% 0.20% −0.40
HNGE Hinge Health Inc. Class A Sold out 0.00% −0.38
PLMR Palomar Holdings Inc. Sold out 0.00% −0.36
LHX L3HARRIS Technologies Inc. Reduce -25.7% 2.04% −0.33
DUOL Duolingo Sold out 0.00% −0.29
RELY Remitly Global Inc. Sold out 0.00% −0.29
AFRM Affirm Holdings Inc. Reduce -50.7% 0.27% −0.28
KEYS Keysight Technologies Inc. Reduce -13.7% 1.81% −0.26
CAVA Cava Group Inc. Sold out 0.00% −0.26
VITL Vital Farms Inc. Reduce -30.4% 0.56% −0.23
RMBS Rambus Inc. Reduce -46.7% 0.93% −0.20
ENSG The Ensign Group Inc. Reduce -42.8% 0.29% −0.19
MGY Magnolia Oil & Gas Corp. Class A Reduce -21.8% 0.63% −0.17
IBM Intl Business Machines Corp. Reduce -91.5% 0.01% −0.10
FOLD Amicus Therapeutics Inc. Sold out 0.00% −0.09
FSV Firstservice Corp. Reduce -10.8% 1.03% −0.08
KVYO Klaviyo Inc. Class A Reduce -14.1% 0.16% −0.08
GWRE Guidewire Software Inc. Reduce -1.0% 0.87% −0.08
RBRK Rubrik Inc. Class A Reduce -1.5% 0.37% −0.06
ADI Analog Devices Inc. Reduce -0.5% 2.27% −0.05
FICO Fair Isaac Corp. Reduce -0.1% 0.11% −0.03
ADSK Autodesk Inc. Reduce -7.0% 0.26% −0.03
COST Costco Wholesale Corp. Reduce -38.5% 0.03% −0.02
MOD Modine Manufacturing Co. Reduce -29.9% 0.52% −0.02
XOM Exxon Mobil Corp. Reduce -17.2% 0.08% −0.02
PG The Procter & Gamble Co. Reduce -0.7% 0.16% −0.02
ABBV Abbvie Inc. Reduce -32.6% 0.05% −0.01
ABT Abbott Laboratories Reduce -23.7% 0.03% −0.01
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.01
GDDY GoDaddy Inc. Class A Sold out 0.00% −0.01
FISV Fiserv Inc. Reduce -18.5% 0.01% −0.01
HON Honeywell International Inc. Reduce -31.4% 0.01% −0.01
CVBF CVB Financial Corp. Sold out 0.00% −0.01
CVX Chevron Corp. Reduce -54.7% 0.01% −0.01
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.01
COP Conocophillips Reduce -65.4% 0.00% −0.01
AJG Arthur J Gallagher & Co. Reduce -58.3% 0.00% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.6% 0.17% −0.01
DIS The Walt Disney Co. Reduce -11.6% 0.02% −0.01
MELI MercadoLibre Inc. Sold out 0.00% −0.00
CXT Crane NXT Co. Sold out 0.00% −0.00
ECL Ecolab Inc. Sold out 0.00% −0.00
HEI Heico Corp. Reduce -20.9% 0.01% −0.00

Portfolio Buys Q2 2025 → Q3 2025
LLY Eli Lilly & Co. Add +319.9% 2.16% +1.61
CP Canadian Pacific Kansas City New 1.48% +1.48
ICE Intercontinental Exchange Inc. New 1.24% +1.24
CWST Casella Waste Systems Inc. Class A New 0.69% +0.69
RGEN Repligen Corp. New 0.57% +0.57
LSCC Lattice Semiconductor Corp. New 0.57% +0.57
WAY Waystar Holding Corp. New 0.49% +0.49
SITM Sitime Corp. Add +18.8% 1.02% +0.38
AORT Artivion Inc. Add +99.7% 0.60% +0.37
TTAN Servicetitan Inc. Class A Add +173.9% 0.57% +0.34
TPB Turning Point Brands Inc. Add +131.8% 0.49% +0.32
AX Axos Financial Inc. Add +67.1% 0.71% +0.31
CHYM Chime Financial Inc. Class A New 0.23% +0.23
BROS Dutch Bros Inc. Class A Add +17915.4% 0.22% +0.22
NVDA Nvidia Corp. Add +0.5% 1.49% +0.17
SPXC SPX Technologies Inc. Add +24.9% 0.67% +0.16
AMAT Applied Materials Inc. Add +1.2% 2.24% +0.16
AMPX Amprius Technologies Inc. New 0.12% +0.12
MTSI Macom Technology Solutions H New 0.11% +0.11
JPM JPMorgan Chase & Co. Add +0.4% 2.65% +0.10
GKOS Glaukos Corp. Add +50.8% 0.68% +0.08
TREX Trex Company Inc. Add +26.6% 0.59% +0.07
BRO Brown & Brown Inc. Add +28.3% 2.34% +0.07
LTH Life Time Group Holdings Inc. Add +33.2% 0.54% +0.07
ATRC Atricure Inc. Add +2.1% 0.67% +0.03
GOOGL Alphabet Inc. Class A Add +4.8% 0.08% +0.02
PGR Progressive Corp. Add +14.7% 2.20% +0.02
AXP American Express Co. Add +35.8% 0.03% +0.01
TSLA Tesla Inc. Add +13.3% 0.02% +0.01
MS Morgan Stanley Add +6.2% 0.02% +0.00
BAC Bank of America Corp. New 0.00% +0.00
PANW Palo Alto Networks Inc. Add +35.7% 0.01% +0.00
MMM 3M Co. New 0.00% +0.00
MU Micron Technology Inc. Add +205.5% 0.00% +0.00
TMO Thermo Fisher Scientific Inc. Add +151.4% 0.00% +0.00
AMD Advanced Micro Devices New 0.00% +0.00
ULTA Ulta Beauty Inc. New 0.00% +0.00
NFLX Netflix Inc. Add +20.1% 0.01% +0.00
SOLV Solventum Corp. New 0.00% +0.00
PSKY Paramount Skydance Class B New 0.00% +0.00
PHG Koninklijke Philips NVR- NY New 0.00% 0.00
AME Ametek Inc. Add +0.6% 1.65% −0.01
BA The Boeing Co. Add +0.8% 1.42% −0.02
VCEL Vericel Corp. Add +35.0% 0.57% −0.03
META Meta Platforms Inc. Class A Add +0.9% 1.11% −0.05
ADMA Adma Biologics Inc. Add +4.2% 0.27% −0.07
TRNO Terreno Realty Corp. Add +0.6% 2.02% −0.07
CWAN Clearwater Analytics HDS-A Add +10.9% 0.47% −0.07
LAMR Lamar Advertising Co. Class A Add +0.1% 1.91% −0.08
AWK American Water Works Co. Inc. Add +1.1% 2.45% −0.10

Notes & Other Activity Q2 2025 → Q3 2025
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) NOTE 11/0 · principal New 59,000,000 $59.0M
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal New 54,500,000 $54.1M
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal New 54,037,000 $53.2M
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal Sold out 51,943,000 $51.8Mbefore exit
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) NOTE 0.500% 8/1 · principal Sold out 52,201,000 $51.7Mbefore exit
LENDINGTREE INC (TREE 0.5 07/15/25) NOTE 0.500% 7/1 · principal Sold out 37,142,000 $36.9Mbefore exit
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal New 31,704,000 $31.3M
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) NOTE 0.750% 8/0 · principal Sold out 30,327,000 $30.1Mbefore exit
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal Add +90.9% 28,635,000 $28.3M
WAYFAIR INC (W 0.625 10/01/25) NOTE 0.625%10/0 · principal Sold out 28,579,000 $28.0Mbefore exit
REDFIN CORP (RDFN 0 10/15/25) NOTE 10/1 · principal New 27,385,000 $27.4M
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal Sold out 17,721,000 $17.6Mbefore exit
NVS Novartis AG-Sponsored ADR SPONSORED ADR · principal Add +0.4% 88,677 $11.4M
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal New 10,000,000 $9.8M
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal New 6,671,000 $6.6M
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal Sold out 5,000,000 $5.1Mbefore exit
SIMO Silicon Motion Technol-ADR SPONSORED ADR · principal New 37,960 $3.6M
SCHB Schwab US Broad Market ETF US BRD MKT ETF · principal Reduce -5.2% 94,262 $2.4M
VOO Vanguard S&P 500 ETF S&P 500 ETF SHS · principal Reduce -23.2% 2,352 $1.4M
FTGC First Trust Global Tactical FST TR GLB FD · principal Add +0.3% 25,825 $669K
IEFA iShares Core MSCI Eafe ETF CORE MSCI EAFE · principal Reduce -46.5% 6,240 $545K
NOBL Proshares S&P 500 Dividend A S&P 500 DV ARIST · principal Reduce -15.5% 1,999 $206K
VXUS Vanguard Total Intl Stock VG TL INTL STK F · principal Add +0.5% 2,769 $203K
SPY SS SPDR S&P 500 ETF Trust-US TR UNIT · principal Sold out 253 $156Kbefore exit
VXF Vanguard Extended Market ETF EXTEND MKT ETF · principal Add +0.2% 469 $98K
IBIT iShares Bitcoin Trust ETF SHS BEN INT · principal Reduce -39.9% 1,092 $71K
ETHA iShares Ethereum Trust ETF SHS · principal New 735 $23K
VDE Vanguard Energy ETF ENERGY ETF · principal Sold out 34 $4Kbefore exit
GRNY Fundstr Gran SH US LRG Cap FUND GRAN US ETF · principal Sold out 100 $2Kbefore exit

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