Phraction Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Phraction Management LLC reported 64 stock positions worth $352.9 million. Its top holding was Amazon.com (AMZN) at 8.1% of the portfolio, followed by Microsoft (MSFT, 8.1%) and Alphabet Class A (GOOGL, 7.9%). Compared with Q3 2025, it opened 6 new positions, sold out of 6, added to 16 and reduced 27. The biggest buy was Linde (LIN, shares +414%) and the biggest sale Philip Morris International (PM, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- COLCHESTER, CT
- CIK
- 0001907803
- Portfolio Value
- $352.9M (Q4 2025)
- SEC Filing
- 0002085853-26-000088 ↗ filed Jan 26, 2026
Holdings Value
Holdings 64 stocks · $352.9M
| AMZN Amazon.com Inc. | 8.12% | 124,135 | $28.7M | Add +1.6% |
| MSFT Microsoft Corp. | 8.05% | 58,739 | $28.4M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 7.90% | 89,078 | $27.9M | No change |
| ADI Analog Devices Inc. | 5.85% | 76,131 | $20.6M | Add +11.4% |
| GOOG Alphabet Inc. Class C | 5.10% | 57,390 | $18.0M | Reduce -0.3% |
| TMO Thermo Fisher Scientific Inc. | 5.09% | 30,984 | $18.0M | Reduce -0.1% |
| ASML ASML Holding NV-NY Reg SHS | 4.33% | 14,265 | $15.3M | Reduce -0.0% |
| DHR Danaher Corp. | 4.27% | 65,797 | $15.1M | Reduce -0.0% |
| SPGI S&P Global Inc. | 3.47% | 23,415 | $12.2M | Add +1.1% |
| HON Honeywell International Inc. | 3.37% | 60,924 | $11.9M | Reduce -0.3% |
| RTX RTX Corp. | 3.36% | 64,690 | $11.9M | Reduce -6.3% |
| LIN Linde PLC | 2.92% | 24,153 | $10.3M | Add +413.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.73% | 175,440 | $9.6M | Reduce -0.1% |
| ENTG Entegris Inc. | 2.57% | 107,464 | $9.1M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.50% | 17,548 | $8.8M | Reduce -0.9% |
| BDX Becton Dickinson and Co. | 2.48% | 45,092 | $8.8M | Reduce -6.0% |
| PHYS Sprott Physical Gold Trust | 2.20% | 235,467 | $7.8M | Add +5.9% |
| V Visa Inc. Class A | 2.04% | 20,501 | $7.2M | Add +15.1% |
| AMAT Applied Materials Inc. | 1.99% | 27,354 | $7.0M | Reduce -0.2% |
| WMB Williams Cos Inc. | 1.88% | 110,505 | $6.6M | Reduce -0.1% |
| SNPS Synopsys Inc. | 1.76% | 13,249 | $6.2M | Add +2.6% |
| TDY Teledyne Technologies Inc. | 1.73% | 11,924 | $6.1M | Add +17.4% |
| ICE Intercontinental Exchange Inc. | 1.70% | 36,933 | $6.0M | Add +2.5% |
| TXN Texas Instruments Inc. | 1.59% | 32,314 | $5.6M | Reduce -1.8% |
| PM Philip Morris International | 1.19% | 26,153 | $4.2M | Reduce -30.4% |
| FERG Ferguson Enterprises Inc. | 1.16% | 18,435 | $4.1M | Reduce -12.7% |
| LRCX Lam Research Corp. | 1.09% | 22,474 | $3.8M | Reduce -0.3% |
| TDG Transdigm Group Inc. | 0.78% | 2,079 | $2.8M | New |
| IBIT iShares Bitcoin Trust ETF | 0.78% | 55,600 | $2.8M | Add +11.2% |
| BN Brookfield Corp. | 0.58% | 44,909 | $2.1M | No change |
| UNP Union Pacific Corp. | 0.58% | 8,800 | $2.0M | Add +28.7% |
| PEP Pepsico Inc. | 0.56% | 13,713 | $2.0M | Add +1.9% |
| META Meta Platforms Inc. Class A | 0.53% | 2,823 | $1.9M | No change |
| MKTW Marketwise Inc. | 0.48% | 112,070 | $1.7M | No change |
| NVDA Nvidia Corp. | 0.42% | 8,000 | $1.5M | Reduce -1.7% |
| FE Firstenergy Corp. | 0.36% | 28,720 | $1.3M | Reduce -43.3% |
| ALC Alcon Inc. filed as ALCON AG | 0.35% | 15,811 | $1.2M | Reduce -0.4% |
| GDX Vaneck Gold Miners ETF | 0.33% | 13,770 | $1.2M | No change |
| RSP Invesco S&P 500 Equal Weight | 0.32% | 5,858 | $1.1M | No change |
| AAPL Apple Inc. | 0.27% | 3,500 | $952K | No change |
| MOAT Vaneck Morningstar Wide Moat | 0.27% | 9,095 | $942K | No change |
| NOC Northrop Grumman Corp. | 0.25% | 1,570 | $895K | Reduce -38.9% |
| VEU Vanguard Ftse All-World Ex-U | 0.25% | 11,965 | $880K | Reduce -28.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 1,128 | $769K | Reduce -14.8% |
| SPGP Invesco S&P 500 Garp ETF | 0.22% | 6,710 | $764K | No change |
| ETN Eaton Corp. PLC | 0.20% | 2,183 | $695K | New |
| IHI iShares U.S. Medical Devices | 0.20% | 11,091 | $689K | Add +10.7% |
| EPD Enterprise Products Partners | 0.19% | 21,304 | $683K | New |
| ASHR Xtrackers Harvest Csi 300 CH | 0.16% | 17,610 | $578K | No change |
| SYK Stryker Corp. | 0.13% | 1,313 | $461K | Reduce -7.1% |
| HD Home Depot Inc. | 0.12% | 1,235 | $425K | Reduce -20.0% |
| FMX Fomento Economico Mex-SP ADR | 0.11% | 3,955 | $400K | Add +0.5% |
| SGHC Super Group SGHC Ltd. | 0.10% | 30,031 | $359K | No change |
| AVGO Broadcom Inc. | 0.10% | 1,000 | $346K | No change |
| UL Unilever PLC-Sponsored ADR | 0.10% | 5,222 | $342K | Reduce -52.1% |
| INDA iShares MSCI India ETF | 0.10% | 6,306 | $341K | New |
| REGN Regeneron Pharmaceuticals | 0.08% | 367 | $283K | No change |
| CVNA Carvana Co. | 0.08% | 664 | $280K | Reduce -15.4% |
| JPM JPMorgan Chase & Co. | 0.07% | 804 | $259K | New |
| LNG Cheniere Energy Inc. | 0.07% | 1,230 | $239K | Reduce -32.0% |
| MARA Mara Holdings Inc. | 0.06% | 25,000 | $225K | No change |
| EMLC Vaneck JPM Em Local Curr BND | 0.06% | 8,177 | $211K | No change |
| CSGP Costar Group Inc. | 0.06% | 3,000 | $202K | Reduce -76.1% |
| SUIG Sui Group Holdings Ltd. | 0.02% | 32,060 | $54K | New |
Options reported separately and not counted above: SPY puts ($3.1M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $19.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 10,539 | $13.2M | Add +2.0% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 5,101 | $6.2M | Add +9.3% |
Total filed on the 13F, all lines: $372.2M.
Portfolio Sells Q3 2025 → Q4 2025
| PM Philip Morris International | Reduce -30.4% | 1.19% | −0.67 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.65 |
| HON Honeywell International Inc. | Reduce -0.3% | 3.37% | −0.56 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.35 |
| FE Firstenergy Corp. | Reduce -43.3% | 0.36% | −0.34 |
| FERG Ferguson Enterprises Inc. | Reduce -12.7% | 1.16% | −0.28 |
| CSGP Costar Group Inc. | Reduce -76.1% | 0.06% | −0.27 |
| BDX Becton Dickinson and Co. | Reduce -6.0% | 2.48% | −0.26 |
| TXN Texas Instruments Inc. | Reduce -1.8% | 1.59% | −0.26 |
| WMB Williams Cos Inc. | Reduce -0.1% | 1.88% | −0.26 |
| NOC Northrop Grumman Corp. | Reduce -38.9% | 0.25% | −0.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.9% | 2.50% | −0.22 |
| RTX RTX Corp. | Reduce -6.3% | 3.36% | −0.17 |
| UL Unilever PLC-Sponsored ADR | Reduce -52.1% | 0.10% | −0.13 |
| VYMI Vanguard Int High DVD YLD Inc. | Sold out | 0.00% | −0.12 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -28.8% | 0.25% | −0.12 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.11 |
| VIGI Vanguard Int Div App Indx FD | Sold out | 0.00% | −0.11 |
| B Barrick Mining Corp. | Sold out | 0.00% | −0.07 |
| HD Home Depot Inc. | Reduce -20.0% | 0.12% | −0.07 |
| LNG Cheniere Energy Inc. | Reduce -32.0% | 0.07% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -14.8% | 0.22% | −0.05 |
| NVDA Nvidia Corp. | Reduce -1.7% | 0.42% | −0.04 |
| BAC Bank of America Corp. | Reduce -0.1% | 2.73% | −0.03 |
| SYK Stryker Corp. | Reduce -7.1% | 0.13% | −0.03 |
| CVNA Carvana Co. | Reduce -15.4% | 0.08% | −0.01 |
| ALC Alcon Inc. | Reduce -0.4% | 0.35% | −0.01 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -0.0% | 4.33% | +0.11 |
| LRCX Lam Research Corp. | Reduce -0.3% | 1.09% | +0.17 |
| AMAT Applied Materials Inc. | Reduce -0.2% | 1.99% | +0.28 |
| DHR Danaher Corp. | Reduce -0.0% | 4.27% | +0.29 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.1% | 5.09% | +0.49 |
| GOOG Alphabet Inc. Class C | Reduce -0.3% | 5.10% | +0.82 |
Portfolio Buys Q3 2025 → Q4 2025
| LIN Linde PLC | Add +413.6% | 2.92% | +2.24 |
| TDG Transdigm Group Inc. | New | 0.78% | +0.78 |
| ADI Analog Devices Inc. | Add +11.4% | 5.85% | +0.72 |
| ETN Eaton Corp. PLC | New | 0.20% | +0.20 |
| EPD Enterprise Products Partners | New | 0.19% | +0.19 |
| PHYS Sprott Physical Gold Trust | Add +5.9% | 2.20% | +0.19 |
| V Visa Inc. Class A | Add +15.1% | 2.04% | +0.18 |
| INDA iShares MSCI India ETF | New | 0.10% | +0.10 |
| UNP Union Pacific Corp. | Add +28.7% | 0.58% | +0.08 |
| JPM JPMorgan Chase & Co. | New | 0.07% | +0.07 |
| SPGI S&P Global Inc. | Add +1.1% | 3.47% | +0.02 |
| SUIG Sui Group Holdings Ltd. | New | 0.02% | +0.02 |
| IHI iShares U.S. Medical Devices | Add +10.7% | 0.20% | +0.01 |
| FMX Fomento Economico Mex-SP ADR | Add +0.5% | 0.11% | −0.01 |
| PEP Pepsico Inc. | Add +1.9% | 0.56% | −0.02 |
| AMZN Amazon.com Inc. | Add +1.6% | 8.12% | −0.07 |
| TDY Teledyne Technologies Inc. | Add +17.4% | 1.73% | −0.09 |
| ICE Intercontinental Exchange Inc. | Add +2.5% | 1.70% | −0.16 |
| SNPS Synopsys Inc. | Add +2.6% | 1.76% | −0.18 |
| IBIT iShares Bitcoin Trust ETF | Add +11.2% | 0.78% | −0.21 |
| ENTG Entegris Inc. | Add +0.1% | 2.57% | −0.47 |
| MSFT Microsoft Corp. | Add +0.2% | 8.05% | −1.22 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 150,000 | $3.1M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +2.0% | 10,539 | $13.2M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +9.3% | 5,101 | $6.2M |
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 |