Phraction Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Phraction Management LLC reported 71 stock positions worth $294.7 million. Its top holding was Microsoft (MSFT) at 9.9% of the portfolio, followed by Amazon.com (AMZN, 8.9%) and Analog Devices (ADI, 5.5%). Compared with Q1 2025, it opened 10 new positions, sold out of 11, added to 12 and reduced 31. The biggest buy was Microsoft (MSFT, shares +7%) and the biggest sale Philip Morris International (PM, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- COLCHESTER, CT
- CIK
- 0001907803
- Portfolio Value
- $294.7M (Q2 2025)
- SEC Filing
- 0001667731-25-000889 ↗ filed Jul 21, 2025
Holdings Value
Holdings 71 stocks · $294.7M
| MSFT Microsoft Corp. | 9.89% | 58,610 | $29.2M | Add +6.7% |
| AMZN Amazon.com Inc. | 8.86% | 118,988 | $26.1M | Add +1.2% |
| ADI Analog Devices Inc. | 5.52% | 68,290 | $16.3M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 5.29% | 88,505 | $15.6M | Add +22.3% |
| HON Honeywell International Inc. | 4.52% | 57,182 | $13.3M | Reduce -14.2% |
| TMO Thermo Fisher Scientific Inc. | 4.12% | 29,966 | $12.2M | Reduce -0.7% |
| SPGI S&P Global Inc. | 3.87% | 21,642 | $11.4M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 3.46% | 57,538 | $10.2M | Add +9.4% |
| RTX RTX Corp. | 3.43% | 69,213 | $10.1M | Reduce -26.7% |
| DHR Danaher Corp. | 3.16% | 47,182 | $9.3M | Add +21.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.97% | 185,026 | $8.8M | Reduce -0.0% |
| BDX Becton Dickinson and Co. | 2.93% | 50,201 | $8.6M | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.80% | 17,003 | $8.3M | Reduce -19.4% |
| ENTG Entegris Inc. | 2.49% | 90,969 | $7.3M | Add +32.7% |
| WMB Williams Cos Inc. | 2.36% | 110,501 | $6.9M | Reduce -3.3% |
| PM Philip Morris International | 2.32% | 37,603 | $6.8M | Reduce -48.6% |
| ICE Intercontinental Exchange Inc. | 2.24% | 36,023 | $6.6M | Reduce -17.3% |
| ANSS Ansys Inc. | 2.20% | 18,465 | $6.5M | Reduce -6.8% |
| TXN Texas Instruments Inc. | 2.15% | 30,556 | $6.3M | Reduce -15.0% |
| V Visa Inc. Class A | 2.08% | 17,244 | $6.1M | Reduce -15.4% |
| FERG Ferguson Enterprises Inc. | 1.81% | 24,525 | $5.3M | Reduce -0.5% |
| TDY Teledyne Technologies Inc. | 1.77% | 10,161 | $5.2M | Reduce -11.4% |
| AMAT Applied Materials Inc. | 1.65% | 26,524 | $4.9M | Reduce -11.0% |
| PHYS Sprott Physical Gold Trust | 1.45% | 168,463 | $4.3M | Reduce -13.8% |
| ADSK Autodesk Inc. | 1.25% | 11,890 | $3.7M | Reduce -30.5% |
| ASML ASML Holding NV-NY Reg SHS | 1.01% | 3,705 | $3.0M | No change |
| LIN Linde PLC | 0.79% | 4,933 | $2.3M | Reduce -24.1% |
| FE Firstenergy Corp. | 0.77% | 56,315 | $2.3M | New |
| MKTW Marketwise Inc. | 0.75% | 112,070 | $2.2M | Add +714.8% |
| LRCX Lam Research Corp. | 0.74% | 22,554 | $2.2M | No change |
| IBIT iShares Bitcoin Trust ETF | 0.74% | 35,600 | $2.2M | Add +27.1% |
| META Meta Platforms Inc. Class A | 0.71% | 2,823 | $2.1M | Add +17.5% |
| BN Brookfield Corp. | 0.63% | 29,915 | $1.9M | New |
| DD Dupont DE Nemours Inc. | 0.62% | 26,536 | $1.8M | No change |
| PEP Pepsico Inc. | 0.60% | 13,303 | $1.8M | Add +9.6% |
| NVDA Nvidia Corp. | 0.44% | 8,135 | $1.3M | Add +79.4% |
| NOC Northrop Grumman Corp. | 0.44% | 2,568 | $1.3M | Reduce -3.8% |
| UNP Union Pacific Corp. | 0.43% | 5,537 | $1.3M | Reduce -24.6% |
| CP Canadian Pacific Kansas City | 0.41% | 15,301 | $1.2M | Reduce -2.6% |
| ALC Alcon Inc. filed as ALCON AG | 0.40% | 13,465 | $1.2M | New |
| CSGP Costar Group Inc. | 0.39% | 14,342 | $1.2M | Reduce -4.2% |
| VEU Vanguard Ftse All-World Ex-U | 0.38% | 16,805 | $1.1M | Reduce -20.6% |
| AVTR Avantor Inc. | 0.35% | 77,586 | $1.0M | New |
| MOAT Vaneck Morningstar Wide Moat | 0.29% | 9,095 | $853K | Reduce -12.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.28% | 1,324 | $818K | New |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.26% | 9,391 | $759K | Reduce -53.0% |
| UL Unilever PLC | 0.25% | 12,280 | $751K | No change |
| SPGP Invesco S&P 500 Garp ETF | 0.25% | 6,710 | $723K | Reduce -14.1% |
| AAPL Apple Inc. | 0.24% | 3,500 | $718K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.24% | 3,943 | $717K | No change |
| B Barrick Mining Corp. | 0.24% | 34,000 | $708K | New |
| ADBE Adobe Inc. | 0.23% | 1,733 | $670K | Reduce -21.5% |
| IHI iShares U.S. Medical Devices | 0.21% | 10,016 | $627K | No change |
| HD Home Depot Inc. | 0.20% | 1,569 | $575K | No change |
| GDX Vaneck Gold Miners ETF | 0.19% | 10,855 | $565K | No change |
| SYK Stryker Corp. | 0.19% | 1,413 | $559K | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.16% | 17,610 | $485K | No change |
| LNG Cheniere Energy Inc. | 0.15% | 1,800 | $438K | No change |
| FMX Fomento Economico Mex-SP ADR | 0.14% | 3,934 | $405K | No change |
| MARA Mara Holdings Inc. | 0.13% | 25,000 | $392K | No change |
| BWXT BWX Technologies Inc. | 0.13% | 2,700 | $389K | No change |
| VYMI Vanguard Int High DVD YLD Inc. | 0.13% | 4,640 | $372K | Reduce -30.8% |
| PDX PIMCO Dynamic Income Strat | 0.13% | 14,971 | $369K | No change |
| VIGI Vanguard Int Div App Indx FD | 0.12% | 3,900 | $351K | Reduce -30.5% |
| SGHC Super Group SGHC Ltd. | 0.11% | 30,031 | $329K | No change |
| CVNA Carvana Co. | 0.10% | 900 | $303K | New |
| ROP Roper Technologies Inc. | 0.10% | 500 | $283K | Reduce -44.1% |
| FCLD Fidelity Cloud Computing ETF | 0.10% | 9,900 | $281K | No change |
| AVGO Broadcom Inc. | 0.09% | 1,000 | $276K | New |
| INDA iShares MSCI India ETF | 0.07% | 3,606 | $201K | New |
| FLUT Flutter Entertainment PLC-Di | 0.07% | 700 | $200K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $18.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 10,329 | $12.5M | Reduce -7.9% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 4,665 | $5.5M | Reduce -0.5% |
Total filed on the 13F, all lines: $312.7M.
Portfolio Sells Q1 2025 → Q2 2025
| PM Philip Morris International | Reduce -48.6% | 2.32% | −1.84 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.7% | 4.12% | −1.25 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -19.4% | 2.80% | −1.22 |
| RTX RTX Corp. | Reduce -26.7% | 3.43% | −1.05 |
| HON Honeywell International Inc. | Reduce -14.2% | 4.52% | −0.53 |
| V Visa Inc. Class A | Reduce -15.4% | 2.08% | −0.48 |
| ICE Intercontinental Exchange Inc. | Reduce -17.3% | 2.24% | −0.45 |
| ADSK Autodesk Inc. | Reduce -30.5% | 1.25% | −0.36 |
| LIN Linde PLC | Reduce -24.1% | 0.79% | −0.30 |
| TDY Teledyne Technologies Inc. | Reduce -11.4% | 1.77% | −0.28 |
| PHYS Sprott Physical Gold Trust | Reduce -13.8% | 1.45% | −0.24 |
| EL Estee Lauder Companies Class A | Reduce -53.0% | 0.26% | −0.21 |
| UNP Union Pacific Corp. | Reduce -24.6% | 0.43% | −0.19 |
| TPL Texas Pacific Land Corp. | Sold out | 0.00% | −0.19 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −0.17 |
| TXN Texas Instruments Inc. | Reduce -15.0% | 2.15% | −0.16 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.16 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.16 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.13 |
| SPGI S&P Global Inc. | Reduce -0.9% | 3.87% | −0.10 |
| AME Ametek Inc. | Sold out | 0.00% | −0.10 |
| ROP Roper Technologies Inc. | Reduce -44.1% | 0.10% | −0.09 |
| WMB Williams Cos Inc. | Reduce -3.3% | 2.36% | −0.09 |
| VRSN Verisign Inc. | Sold out | 0.00% | −0.09 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.08 |
| COP Conocophillips | Sold out | 0.00% | −0.08 |
| EMXC iShares MSCI Emr MRK Ex Chna | Sold out | 0.00% | −0.08 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.08 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -20.6% | 0.38% | −0.08 |
| ADBE Adobe Inc. | Reduce -21.5% | 0.23% | −0.08 |
| NOC Northrop Grumman Corp. | Reduce -3.8% | 0.44% | −0.05 |
| VYMI Vanguard Int High DVD YLD Inc. | Reduce -30.8% | 0.13% | −0.05 |
| VIGI Vanguard Int Div App Indx FD | Reduce -30.5% | 0.12% | −0.05 |
| ANSS Ansys Inc. | Reduce -6.8% | 2.20% | −0.05 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -12.1% | 0.29% | −0.04 |
| SPGP Invesco S&P 500 Garp ETF | Reduce -14.1% | 0.25% | −0.03 |
| CSGP Costar Group Inc. | Reduce -4.2% | 0.39% | −0.03 |
| CP Canadian Pacific Kansas City | Reduce -2.6% | 0.41% | +0.02 |
| AMAT Applied Materials Inc. | Reduce -11.0% | 1.65% | +0.10 |
| BAC Bank of America Corp. | Reduce -0.0% | 2.97% | +0.20 |
| FERG Ferguson Enterprises Inc. | Reduce -0.5% | 1.81% | +0.40 |
| ADI Analog Devices Inc. | Reduce -0.1% | 5.52% | +0.58 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +6.7% | 9.89% | +2.51 |
| GOOGL Alphabet Inc. Class A | Add +22.3% | 5.29% | +1.28 |
| AMZN Amazon.com Inc. | Add +1.2% | 8.86% | +0.84 |
| FE Firstenergy Corp. | New | 0.77% | +0.77 |
| MKTW Marketwise Inc. | Add +714.8% | 0.75% | +0.70 |
| BN Brookfield Corp. | New | 0.63% | +0.63 |
| GOOG Alphabet Inc. Class C | Add +9.4% | 3.46% | +0.52 |
| ALC Alcon Inc. | New | 0.40% | +0.40 |
| AVTR Avantor Inc. | New | 0.35% | +0.35 |
| ENTG Entegris Inc. | Add +32.7% | 2.49% | +0.34 |
| DHR Danaher Corp. | Add +21.3% | 3.16% | +0.31 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.28% | +0.28 |
| IBIT iShares Bitcoin Trust ETF | Add +27.1% | 0.74% | +0.27 |
| NVDA Nvidia Corp. | Add +79.4% | 0.44% | +0.26 |
| B Barrick Mining Corp. | New | 0.24% | +0.24 |
| META Meta Platforms Inc. Class A | Add +17.5% | 0.71% | +0.21 |
| CVNA Carvana Co. | New | 0.10% | +0.10 |
| AVGO Broadcom Inc. | New | 0.09% | +0.09 |
| INDA iShares MSCI India ETF | New | 0.07% | +0.07 |
| FLUT Flutter Entertainment PLC-Di | New | 0.07% | +0.07 |
| PEP Pepsico Inc. | Add +9.6% | 0.60% | −0.06 |
| BDX Becton Dickinson and Co. | Add +1.5% | 2.93% | −1.13 |
Notes & Other Activity Q1 2025 → Q2 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -7.9% | 10,329 | $12.5M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -0.5% | 4,665 | $5.5M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 62 | $390.5M | AMZN, GOOGL, ASML, MSFT, ADI |
| Q1 2026 | 61 | $362.5M | AMZN, GOOGL, ADI, MSFT, ASML |
| Q4 2025 | 64 | $352.9M | AMZN, MSFT, GOOGL, ADI, GOOG |
| Q3 2025 | 64 | $327.5M | MSFT, AMZN, GOOGL, ADI, TMO |
| Q2 2025 | 71 | $294.7M | MSFT, AMZN, ADI, GOOGL, HON |
| Q1 2025 | 72 | $279.1M | AMZN, MSFT, TMO, HON, ADI |
| Q4 2024 | 69 | $266.0M | AMZN, MSFT, HON, TMO, ADI |
| Q3 2024 | 67 | $262.6M | MSFT, AMZN, TMO, ADI, BRK.B |
| Q2 2024 | 64 | $249.9M | MSFT, AMZN, ADI, TMO, HON |
| Q1 2024 | 60 | $237.4M | MSFT, AMZN, TMO, HON, ADI |