Phraction Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Phraction Management LLC reported 72 stock positions worth $279.1 million. Its top holding was Amazon.com (AMZN) at 8.0% of the portfolio, followed by Microsoft (MSFT, 7.4%) and Thermo Fisher Scientific (TMO, 5.4%). Compared with Q4 2024, it opened 6 new positions, sold out of 3, added to 26 and reduced 9. The biggest buy was Entegris (ENTG, shares +401%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −31%).

Most Recent 13F
Q2 2026
Location
COLCHESTER, CT
CIK
0001907803
Portfolio Value
$279.1M (Q1 2025)
SEC Filing
0001667731-25-000535 ↗ filed Apr 28, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $237.4M Q1 2024 Q2 2024: $249.9M Q2 2024 Q3 2024: $262.6M Q3 2024 Q4 2024: $266.0M Q4 2024 Q1 2025: $279.1M $279.1M Q1 2025 Q2 2025: $294.7M Q2 2025 Q3 2025: $327.5M Q3 2025 Q4 2025: $352.9M Q4 2025 Q1 2026: $362.5M Q1 2026 Q2 2026: $390.5M Q2 2026

Holdings 72 stocks · $279.1M
AMZN Amazon.com Inc. 8.02% 117,588 $22.4M Add +3.0%
MSFT Microsoft Corp. 7.39% 54,925 $20.6M Add +9.0%
TMO Thermo Fisher Scientific Inc. 5.38% 30,164 $15.0M Add +7.2%
HON Honeywell International Inc. 5.05% 66,607 $14.1M Add +1.6%
ADI Analog Devices Inc. 4.94% 68,345 $13.8M Add +1.9%
RTX RTX Corp. 4.48% 94,393 $12.5M Reduce -6.1%
PM Philip Morris International 4.16% 73,143 $11.6M No change
BDX Becton Dickinson and Co. 4.06% 49,468 $11.3M Add +5.2%
BRK.B Berkshire Hathaway Inc. Class B 4.03% 21,103 $11.2M Reduce -30.9%
GOOGL Alphabet Inc. Class A 4.01% 72,350 $11.2M Add +5.3%
SPGI S&P Global Inc. 3.98% 21,836 $11.1M Add +0.1%
GOOG Alphabet Inc. Class C 2.94% 52,608 $8.2M No change
DHR Danaher Corp. 2.86% 38,902 $8.0M Add +5.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.77% 185,096 $7.7M Reduce -7.5%
ICE Intercontinental Exchange Inc. 2.69% 43,573 $7.5M No change
V Visa Inc. Class A 2.56% 20,394 $7.1M Reduce -8.7%
WMB Williams Cos Inc. 2.45% 114,301 $6.8M No change
TXN Texas Instruments Inc. 2.32% 35,966 $6.5M Add +2.7%
ANSS Ansys Inc. 2.25% 19,810 $6.3M Add +289.4%
ENTG Entegris Inc. 2.15% 68,534 $6.0M Add +401.3%
TDY Teledyne Technologies Inc. 2.05% 11,471 $5.7M No change
PHYS Sprott Physical Gold Trust 1.69% 195,463 $4.7M Reduce -2.3%
ADSK Autodesk Inc. 1.60% 17,108 $4.5M Add +0.1%
AMAT Applied Materials Inc. 1.55% 29,794 $4.3M Add +30.5%
FERG Ferguson Enterprises Inc. 1.41% 24,645 $3.9M New
LIN Linde PLC 1.08% 6,503 $3.0M No change
ASML ASML Holding NV-NY Reg SHS 0.88% 3,705 $2.5M Add +140.6%
DD Dupont DE Nemours Inc. 0.71% 26,536 $2.0M Add +9.0%
PEP Pepsico Inc. 0.65% 12,135 $1.8M Add +175.8%
UNP Union Pacific Corp. 0.62% 7,347 $1.7M No change
LRCX Lam Research Corp. 0.59% 22,554 $1.6M Add +69.4%
META Meta Platforms Inc. Class A 0.50% 2,403 $1.4M Add +2.4%
NOC Northrop Grumman Corp. 0.49% 2,668 $1.4M No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.47% 19,961 $1.3M Add +16.3%
IBIT iShares Bitcoin Trust ETF 0.47% 28,002 $1.3M Add +8.1%
VEU Vanguard Ftse All-World Ex-U 0.46% 21,155 $1.3M No change
CSGP Costar Group Inc. 0.42% 14,972 $1.2M Add +47.0%
CP Canadian Pacific Kansas City 0.40% 15,706 $1.1M Add +18.0%
MOAT Vaneck Morningstar Wide Moat 0.33% 10,345 $910K No change
ADBE Adobe Inc. 0.30% 2,208 $847K Add +42.8%
SPGP Invesco S&P 500 Garp ETF 0.28% 7,810 $780K No change
AAPL Apple Inc. 0.28% 3,500 $777K No change
UL Unilever PLC 0.26% 12,280 $731K No change
RSP Invesco S&P 500 Equal Weight 0.24% 3,943 $683K No change
IHI iShares U.S. Medical Devices 0.22% 10,016 $603K No change
HD Home Depot Inc. 0.21% 1,569 $575K Reduce -3.1%
ROP Roper Technologies Inc. 0.19% 895 $528K New
SYK Stryker Corp. 0.19% 1,413 $526K No change
TPL Texas Pacific Land Corp. 0.19% 390 $517K No change
GDX Vaneck Gold Miners ETF 0.18% 10,855 $499K No change
VYMI Vanguard Int High DVD YLD Inc. 0.18% 6,705 $494K No change
NVDA Nvidia Corp. 0.18% 4,534 $491K Add +58.9%
GFL GFL Environmental Inc.-Sub VT 0.17% 10,075 $487K Reduce -43.5%
ASHR Xtrackers Harvest Csi 300 CH 0.17% 17,610 $468K No change
VIGI Vanguard Int Div App Indx FD 0.17% 5,615 $466K No change
CVX Chevron Corp. 0.16% 2,650 $443K No change
DEO Diageo PLC-Sponsored ADR 0.16% 4,180 $438K Reduce -56.6%
LNG Cheniere Energy Inc. 0.15% 1,800 $417K No change
FMX Fomento Economico Mex-SP ADR 0.14% 3,934 $384K No change
PDX PIMCO Dynamic Income Strat 0.13% 14,971 $367K No change
TECK Teck Resources Ltd.-CLS B 0.13% 9,700 $353K No change
MARA Mara Holdings Inc. 0.10% 25,000 $288K Add +92.3%
AME Ametek Inc. 0.10% 1,625 $280K New
BWXT BWX Technologies Inc. 0.10% 2,700 $266K New
VRSN Verisign Inc. 0.09% 1,007 $256K Reduce -15.3%
FCLD Fidelity Cloud Computing ETF 0.08% 9,900 $235K No change
REGN Regeneron Pharmaceuticals 0.08% 367 $233K No change
COP Conocophillips 0.08% 2,200 $231K No change
EMXC iShares MSCI Emr MRK Ex Chna 0.08% 3,960 $218K No change
ORCL Oracle Corp. 0.08% 1,533 $214K New
SGHC Super Group SGHC Ltd. 0.07% 30,031 $193K No change
MKTW Marketwise Inc. 0.05% 275,081 $136K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $19.5M (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 11,210$13.8MNo change
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 4,689$5.6MReduce -0.2%

Total filed on the 13F, all lines: $298.6M.

Portfolio Sells Q4 2024 → Q1 2025
BRK.B Berkshire Hathaway Inc. Class B Reduce -30.9% 4.03% −1.18
BAC Bank of America Corp. Reduce -7.5% 2.77% −0.54
DEO Diageo PLC-Sponsored ADR Reduce -56.6% 0.16% −0.30
GFL GFL Environmental Inc.-Sub VT Reduce -43.5% 0.17% −0.12
V Visa Inc. Class A Reduce -8.7% 2.56% −0.09
AVGO Broadcom Inc. Sold out 0.00% −0.09
DIS The Walt Disney Co. Sold out 0.00% −0.08
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.08
HD Home Depot Inc. Reduce -3.1% 0.21% −0.03
VRSN Verisign Inc. Reduce -15.3% 0.09% −0.00
RTX RTX Corp. Reduce -6.1% 4.48% +0.11
PHYS Sprott Physical Gold Trust Reduce -2.3% 1.69% +0.17

Portfolio Buys Q4 2024 → Q1 2025
ENTG Entegris Inc. Add +401.3% 2.15% +1.64
ANSS Ansys Inc. Add +289.4% 2.25% +1.60
FERG Ferguson Enterprises Inc. New 1.41% +1.41
ASML ASML Holding NV-NY Reg SHS Add +140.6% 0.88% +0.48
PEP Pepsico Inc. Add +175.8% 0.65% +0.40
LRCX Lam Research Corp. Add +69.4% 0.59% +0.23
ROP Roper Technologies Inc. New 0.19% +0.19
AMAT Applied Materials Inc. Add +30.5% 1.55% +0.15
CSGP Costar Group Inc. Add +47.0% 0.42% +0.15
AME Ametek Inc. New 0.10% +0.10
BWXT BWX Technologies Inc. New 0.10% +0.10
ORCL Oracle Corp. New 0.08% +0.08
BDX Becton Dickinson and Co. Add +5.2% 4.06% +0.05
MKTW Marketwise Inc. New 0.05% +0.05
ADBE Adobe Inc. Add +42.8% 0.30% +0.04
CP Canadian Pacific Kansas City Add +18.0% 0.40% +0.03
NVDA Nvidia Corp. Add +58.9% 0.18% +0.03
MARA Mara Holdings Inc. Add +92.3% 0.10% +0.02
DD Dupont DE Nemours Inc. Add +9.0% 0.71% +0.01
EL Estee Lauder Companies Class A Add +16.3% 0.47% −0.01
META Meta Platforms Inc. Class A Add +2.4% 0.50% −0.02
IBIT iShares Bitcoin Trust ETF Add +8.1% 0.47% −0.05
SPGI S&P Global Inc. Add +0.1% 3.98% −0.11
TMO Thermo Fisher Scientific Inc. Add +7.2% 5.38% −0.12
TXN Texas Instruments Inc. Add +2.7% 2.32% −0.15
ADSK Autodesk Inc. Add +0.1% 1.60% −0.29
DHR Danaher Corp. Add +5.0% 2.86% −0.34
ADI Analog Devices Inc. Add +1.9% 4.94% −0.42
HON Honeywell International Inc. Add +1.6% 5.05% −0.51
MSFT Microsoft Corp. Add +9.0% 7.39% −0.60
GOOGL Alphabet Inc. Class A Add +5.3% 4.01% −0.88
AMZN Amazon.com Inc. Add +3.0% 8.02% −1.40

Notes & Other Activity Q4 2024 → Q1 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -0.2% 4,689 $5.6M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 62$390.5MAMZN, GOOGL, ASML, MSFT, ADI
Q1 2026 61$362.5MAMZN, GOOGL, ADI, MSFT, ASML
Q4 2025 64$352.9MAMZN, MSFT, GOOGL, ADI, GOOG
Q3 2025 64$327.5MMSFT, AMZN, GOOGL, ADI, TMO
Q2 2025 71$294.7MMSFT, AMZN, ADI, GOOGL, HON
Q1 2025 72$279.1MAMZN, MSFT, TMO, HON, ADI
Q4 2024 69$266.0MAMZN, MSFT, HON, TMO, ADI
Q3 2024 67$262.6MMSFT, AMZN, TMO, ADI, BRK.B
Q2 2024 64$249.9MMSFT, AMZN, ADI, TMO, HON
Q1 2024 60$237.4MMSFT, AMZN, TMO, HON, ADI