Rational Advisors, Inc.

Name: RATIONAL ADVISORS, INC. 13F holdings, Q3 2025
Creator: RATIONAL ADVISORS, INC.
Published: 2025-11-12

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Rational Advisors, Inc. reported 185 stock positions worth $958.5 million. Its top holding was SS SPDR P Agg Bond ETF (SPAB) at 7.9% of the portfolio, followed by Vanguard Total Bond Market (BND, 7.9%) and iShares Core U.S. Aggregate (AGG, 7.9%). Compared with Q2 2025, it opened 27 new positions, sold out of 27, added to 76 and reduced 77. The biggest buy was a new position in On Semiconductor Corp. (on 0.5 03/01/29) and the biggest sale iShares Core MSCI Eafe ETF (IEFA, shares −50%).

Most Recent 13F: Q2 2026
Location: San Juan, PR
CIK: 0001143565
Portfolio Value: $958.5M (Q3 2025)
SEC Filing: 0001580642-25-007222 ↗ filed Nov 12, 2025

Holdings Value

Holdings 185 stocks · $958.5M


SPAB SS SPDR P Agg Bond ETF	7.92%	2,937,303	$75.9M	Reduce -1.1%
BND Vanguard Total Bond Market	7.92%	1,020,615	$75.9M	Reduce -1.1%
AGG iShares Core U.S. Aggregate	7.91%	756,348	$75.8M	Reduce -1.1%
QQQM Invesco Nasdaq 100 ETF	5.33%	206,555	$51.0M	Reduce -8.3%
MLPX Global X MLP & Energy Infras	5.29%	808,015	$50.7M	Reduce -1.1%
XLU St Sr Utl SL SE SPDR ETF-Usd	4.92%	540,865	$47.2M	Add +5.9%
IVV iShares Core S&P 500 ETF	4.85%	69,433	$46.5M	Add +1.3%
VIG Vanguard Dividend Apprec ETF	4.38%	194,391	$41.9M	Reduce -15.2%
NTSX Wisdomtree US Efficient Core	4.01%	713,693	$38.5M	Reduce -8.4%
SCHH Schwab US REIT ETF	3.45%	1,533,928	$33.1M	Reduce -1.1%
JEPI JPMorgan Equity Premium Inco	3.02%	507,268	$29.0M	Reduce -1.4%
SPHY SS SPDR P High Yield ETF	2.60%	1,041,882	$24.9M	Reduce -1.1%
PFFD Global X US Preferred ETF	2.17%	1,069,210	$20.8M	Reduce -3.0%
VOO Vanguard S&P 500 ETF	2.11%	33,100	$20.3M	Reduce -16.2%
SPYM Ste STR SPDR PT S&P 500 ETF	1.74%	212,625	$16.7M	Reduce -8.2%
DFCF Dimensional Core Fixed Inc.	1.73%	388,805	$16.6M	Reduce -1.8%
SCHI Schwab 5-10 Year Corporate B	1.30%	540,680	$12.5M	Reduce -1.9%
IEFA iShares Core MSCI Eafe ETF	1.28%	140,180	$12.2M	Reduce -50.2%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	1.13%	7,339,000	$10.8M	No change
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	0.96%	9,952,000	$9.2M	New
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	0.90%	9,457,000	$8.7M	Add +41.9%
GOOGL Alphabet Inc. Class A	0.90%	35,303	$8.6M	Add +324.0%
VENTAS REALTY LP (VTR 3.75 06/01/26)	0.85%	6,310,000	$8.1M	Add +25.4%
MBB iShares MBS ETF	0.84%	85,050	$8.1M	Reduce -4.6%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	0.78%	6,930,000	$7.5M	No change
META Meta Platforms Inc. Class A	0.77%	10,013	$7.4M	Reduce -26.4%
IEMG iShares Core MSCI Emerging	0.75%	109,392	$7.2M	New
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	0.75%	7,022,000	$7.2M	Add +232.5%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	0.75%	6,280,000	$7.2M	Reduce -13.5%
ETSY INC (ETSY 0.25 06/15/28)	0.74%	8,040,000	$7.1M	No change
FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO	0.71%	6,740,000	$6.8M	Add +219.4%
AMZN Amazon.com Inc.	0.71%	30,910	$6.8M	Add +5.7%
MSFT Microsoft Corp.	0.70%	13,045	$6.8M	Add +1.1%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	0.68%	6,510,000	$6.5M	Reduce -7.3%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	0.59%	5,746,000	$5.7M	Reduce -18.0%
AAPL Apple Inc.	0.54%	20,397	$5.2M	Add +5.3%
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	0.54%	5,780,000	$5.2M	Reduce -33.2%
TSLA Tesla Inc.	0.54%	11,544	$5.1M	Add +289.5%
WMT Walmart Inc.	0.51%	47,191	$4.9M	Add +5.6%
NFLX Netflix Inc.	0.50%	3,998	$4.8M	Add +32.7%
NOW ServiceNow Inc.	0.46%	4,764	$4.4M	Reduce -6.1%
BAB Invesco Taxable Municipal Bo	0.44%	154,918	$4.2M	Reduce -1.9%
COST Costco Wholesale Corp.	0.42%	4,314	$4.0M	Add +2.1%
OKTA INC (OKTA 0.375 06/15/26)	0.41%	4,032,000	$3.9M	Reduce -45.5%
MOG.A Moog Inc. Class A	0.40%	18,300	$3.8M	New
UBER Uber Technologies Inc.	0.39%	38,320	$3.8M	Add +29.7%
SPY SS SPDR S&P 500 ETF Trust-US	0.39%	5,606	$3.7M	Reduce -18.6%
MPWR Monolithic Power Systems Inc.	0.37%	3,900	$3.6M	New
INTU Intuit Inc.	0.37%	5,180	$3.5M	Add +7094.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.36%	24,000	$3.5M	Reduce -12.7%
SPOT Spotify Technology SA	0.35%	4,775	$3.3M	Reduce -3.0%
APO Apollo Global Management Inc.	0.34%	24,780	$3.3M	Reduce -9.0%
ITT Itt Inc.	0.34%	18,300	$3.3M	New
BX Blackstone Inc.	0.33%	18,654	$3.2M	Reduce -16.4%
NVDA Nvidia Corp.	0.33%	16,972	$3.2M	Add +35.8%
KKR KKR & Co. Inc.	0.32%	23,350	$3.0M	Reduce -14.0%
CCL Carnival Corp.	0.31%	103,500	$3.0M	New
MELI MercadoLibre Inc.	0.30%	1,250	$2.9M	Add +13.6%
AXP American Express Co.	0.30%	8,704	$2.9M	Add +4735.6%
LYV Live Nation Entertainment Inc.	0.28%	16,516	$2.7M	Reduce -29.8%
EXPE Expedia Group Inc.	0.23%	10,500	$2.2M	New
PROS HOLDINGS INC (PRO 2.25 09/15/27)	0.23%	2,211,000	$2.2M	No change
V Visa Inc. Class A	0.20%	5,657	$1.9M	Reduce -33.5%
AVGO Broadcom Inc.	0.19%	5,570	$1.8M	Add +18.7%
SHOP Shopify Inc. Class A	0.19%	12,200	$1.8M	New
BN Brookfield Corp.	0.18%	25,500	$1.7M	No change
PODD Insulet Corp.	0.14%	4,400	$1.4M	New
JPM JPMorgan Chase & Co.	0.12%	3,769	$1.2M	Add +3.0%
GS Goldman Sachs Group Inc.	0.12%	1,450	$1.2M	New
PLTR Palantir Technologies Inc. Class A	0.12%	6,230	$1.1M	Reduce -12.3%
TSM Taiwan Semiconductor-SP ADR	0.11%	3,914	$1.1M	Add +186.1%
EBAY eBay Inc.	0.11%	11,900	$1.1M	New
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC	0.11%	14,685	$1.0M	Reduce -6.6%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	0.10%	800,000	$1.0M	Reduce -71.6%
ETSY Etsy Inc.	0.10%	15,100	$1.0M	New
CMG Chipotle Mexican Grill Inc.	0.10%	25,000	$980K	New
ABBV Abbvie Inc.	0.10%	4,186	$969K	Add +75.8%
LLY Eli Lilly & Co.	0.09%	1,176	$897K	Reduce -57.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.09%	3,119	$880K	Add +31.6%
GOOG Alphabet Inc. Class C	0.09%	3,440	$838K	Reduce -3.5%
BRK.B Berkshire Hathaway Inc. Class B	0.09%	1,639	$824K	Add +11.1%
SNPS Synopsys Inc.	0.08%	1,616	$797K	Add +2144.4%
HOOD Robinhood Markets Inc. Class A	0.08%	5,488	$786K	New
XOM Exxon Mobil Corp.	0.08%	6,885	$776K	Reduce -29.3%
ITA iShares U.S. Aerospace & Def	0.08%	3,703	$775K	Add +0.7%
HD Home Depot Inc.	0.08%	1,903	$771K	Reduce -23.2%
CDNS Cadence Design SYS Inc.	0.08%	2,159	$758K	Add +2898.6%
ORCL Oracle Corp.	0.08%	2,614	$735K	Add +263.1%
IHAK iShares Cybersecurity & Tech	0.07%	12,641	$662K	Add +61.7%
MCD McDonald's Corp.	0.06%	1,870	$568K	Add +221.9%
PANW Palo Alto Networks Inc.	0.06%	2,772	$564K	Add +36.0%
HON Honeywell International Inc.	0.06%	2,672	$562K	New
CAT Caterpillar Inc.	0.06%	1,122	$535K	Reduce -49.8%
NVS Novartis AG-Sponsored ADR	0.05%	4,106	$527K	New
GE General Electric filed as GE AEROSPACE	0.05%	1,725	$519K	New
ISRG Intuitive Surgical Inc.	0.05%	1,135	$508K	Add +1476.4%
GLW Corning Inc.	0.05%	6,085	$499K	Reduce -42.1%
AMD Advanced Micro Devices	0.05%	3,026	$490K	Add +664.1%
NEE Nextera Energy Inc.	0.05%	6,275	$474K	Reduce -45.8%
BLK BlackRock Inc.	0.05%	393	$458K	Add +445.8%
CEG Constellation Energy	0.04%	1,260	$415K	Add +303.9%
EQIX Equinix Inc.	0.04%	501	$392K	Reduce -10.1%
PLD Prologis Inc.	0.04%	2,980	$341K	Reduce -22.7%
AMT American Tower Corp.	0.04%	1,748	$336K	Reduce -85.0%
SCHW Schwab (charles) Corp.	0.03%	3,500	$334K	New
ALB Albemarle Corp.	0.03%	3,610	$293K	New
AFRM Affirm Holdings Inc.	0.03%	4,000	$292K	New
CALX Calix Inc.	0.03%	4,637	$285K	New
EA Electronic Arts Inc.	0.03%	1,400	$282K	New
TTWO Take-Two Interactive Softwre	0.03%	963	$249K	New
WMB Williams Cos Inc.	0.02%	3,637	$230K	New
VST Vistra Corp.	0.02%	1,046	$205K	Add +103.9%
NRG NRG Energy Inc.	0.02%	1,196	$194K	Add +97.4%
MA Mastercard Inc. Class A	0.02%	263	$150K	Add +4.4%
VRNS Varonis Systems Inc.	0.01%	2,044	$117K	New
ASML ASML Holding NV-NY Reg SHS	0.01%	113	$109K	Add +56.9%
UNH Unitedhealth Group Inc.	0.01%	258	$89K	Reduce -20.4%
CSCO Cisco Systems Inc.	0.01%	1,174	$80K	Add +8.7%
TMUS T-Mobile US Inc.	0.01%	331	$79K	Reduce -96.3%
APP AppLovin Corp. Class A	0.01%	102	$73K	Add +41.7%
ABT Abbott Laboratories	0.01%	513	$69K	Add +1.8%
BAH Booz Allen Hamilton Holdings	0.01%	671	$67K	New
CRM Salesforce Inc.	0.01%	278	$66K	Add +10.3%
LIN Linde PLC	0.01%	138	$66K	Add +27.8%
SAIC Science Applications Inte	0.01%	649	$64K	New
QCOM Qualcomm Inc.	0.01%	311	$52K	Reduce -91.7%
LRCX Lam Research Corp.	0.01%	370	$50K	Add +28.5%
TXN Texas Instruments Inc.	0.01%	265	$49K	Add +22.7%
AMAT Applied Materials Inc.	0.01%	234	$48K	Add +30.0%
SPGI S&P Global Inc.	0.00%	90	$44K	Add +25.0%
AMGN Amgen Inc.	0.00%	155	$44K	Add +7.6%
BSX Boston Scientific Corp.	0.00%	435	$42K	Add +0.7%
ADBE Adobe Inc.	0.00%	119	$42K	Add +10.2%
KLAC KLA Corp.	0.00%	38	$41K	Add +5.6%
SYK Stryker Corp.	0.00%	110	$41K	Add +1.9%
LOW Lowe's Cos Inc.	0.00%	157	$39K	Add +9.0%
DE Deere & Co.	0.00%	79	$36K	Add +9.7%
ADP Automatic Data Processing	0.00%	120	$35K	Add +11.1%
LMT Lockheed Martin Corp.	0.00%	66	$33K	Reduce -8.3%
HCA HCA Healthcare Inc.	0.00%	69	$29K	Reduce -4.2%
ICE Intercontinental Exchange Inc.	0.00%	173	$29K	Add +20.1%
VRTX Vertex Pharmaceuticals Inc.	0.00%	74	$29K	Add +2.8%
CME Cme Group Inc.	0.00%	106	$29K	Reduce -1.9%
PH Parker Hannifin Corp.	0.00%	37	$28K	Add +2.8%
WM Waste Management Inc.	0.00%	122	$27K	Add +13.0%
NOC Northrop Grumman Corp.	0.00%	41	$25K	Reduce -43.1%
IEF iShares 7-10 Year Treasury B	0.00%	258	$25K	Reduce -94.9%
SHW The Sherwin-Williams Co.	0.00%	71	$25K	Reduce -1.4%
MCO Moody's Corp.	0.00%	51	$24K	Reduce -29.2%
CTAS Cintas Corp.	0.00%	115	$24K	Add +6.5%
AON Aon PLC Class A	0.00%	62	$22K	Reduce -13.9%
CI The Cigna Group	0.00%	76	$22K	Add +5.6%
RSG Republic Services Inc.	0.00%	95	$22K	Add +31.9%
TDG Transdigm Group Inc.	0.00%	16	$21K	Reduce -99.4%
FISV Fiserv Inc.	0.00%	155	$20K	Add +7.6%
ADSK Autodesk Inc.	0.00%	62	$20K	Reduce -13.9%
CSX CSX Corp.	0.00%	550	$20K	Add +9.1%
ZTS Zoetis Inc.	0.00%	130	$19K	Add +20.4%
FTNT Fortinet Inc.	0.00%	222	$19K	Add +2.8%
COR Cencora Inc.	0.00%	58	$18K	Reduce -19.4%
AXON Axon Enterprise Inc.	0.00%	24	$17K	Reduce -33.3%
ARES Ares Management Corp. Class A	0.00%	99	$16K	Add +37.5%
IDXX Idexx Laboratories Inc.	0.00%	24	$15K	Reduce -33.3%
DHI D.R. Horton Inc.	0.00%	81	$14K	Add +12.5%
CPRT Copart Inc.	0.00%	283	$13K	Add +12.3%
MSCI MSCI Inc.	0.00%	22	$12K	Reduce -38.9%
VMC Vulcan Materials Co.	0.00%	39	$12K	Reduce -45.8%
NDAQ Nasdaq Inc.	0.00%	131	$12K	Reduce -9.0%
CSGP Costar Group Inc.	0.00%	132	$11K	Add +22.2%
FICO Fair Isaac Corp.	0.00%	7	$10K	Reduce -80.6%
A Agilent Technologies Inc.	0.00%	74	$9K	Add +2.8%
LEN Lennar Corp. Class A	0.00%	74	$9K	Add +2.8%
IQV Iqvia Holdings Inc.	0.00%	49	$9K	Reduce -31.9%
BR Broadridge Financial Solutio	0.00%	37	$9K	Add +2.8%
ODFL Old Dominion Freight Line	0.00%	62	$9K	Reduce -13.9%
ROL Rollins Inc.	0.00%	148	$9K	Add +2.8%
EFX Equifax Inc.	0.00%	33	$8K	Reduce -8.3%
VRSN Verisign Inc.	0.00%	27	$8K	Reduce -25.0%
CBOE Cboe Global Markets Inc.	0.00%	30	$7K	Reduce -16.7%
SHY iShares 1-3 Year Treasury Bo	0.00%	86	$7K	Reduce -99.6%
WST West Pharmaceutical Services	0.00%	22	$6K	Reduce -38.9%
AOS Smith (a.o.) Corp.	0.00%	42	$3K	Reduce -41.7%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC	0.00%	20	$3K	Reduce -44.4%
POOL Pool Corp.	0.00%	9	$3K	Reduce -75.0%
LNTH Lantheus Holdings Inc.	0.00%	20	$1K	Reduce -44.4%

Other holdings (8): bonds, preferreds, convertibles and warrants · $46.8M (not counted above)

Security	Class	Shares / Principal	Value	Change
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	8,048	$10.3M	No change
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	8,200	$10.1M	No change
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	161,600	$8.5M	Add +6.2%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	89,140	$6.1M	New
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	70,100	$4.1M	New
NEXTERA ENERGY INC (NEE 7.234 11/01/27)	UNIT 11/01/2027	74,400	$3.5M	No change
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	42,100	$2.1M	Reduce -63.7%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	29,700	$2.1M	Reduce -74.3%

Total filed on the 13F, all lines: $1.0B.

Portfolio Sells Q2 2025 → Q3 2025


IEFA iShares Core MSCI Eafe ETF	Reduce -50.2%	1.28%	−1.16
BKNG Booking Holdings Inc.	Sold out	0.00%	−0.96
DEXCOM INC (DXCM 0.25 11/15/25)	Sold out	0.00%	−0.93
CYBR Cyberark Software Ltd./Israel	Sold out	0.00%	−0.59
VIG Vanguard Dividend Apprec ETF	Reduce -15.2%	4.38%	−0.49
TDG Transdigm Group Inc.	Reduce -99.4%	0.00%	−0.45
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	Sold out	0.00%	−0.42
VEEV Veeva Systems Inc. Class A	Sold out	0.00%	−0.37
PGR Progressive Corp.	Sold out	0.00%	−0.33
OKTA INC (OKTA 0.375 06/15/26)	Reduce -45.5%	0.41%	−0.32
KO The Coca-Cola Co.	Sold out	0.00%	−0.32
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	Reduce -71.6%	0.10%	−0.28
META Meta Platforms Inc. Class A	Reduce -26.4%	0.77%	−0.28
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	Reduce -33.2%	0.54%	−0.26
AMT American Tower Corp.	Reduce -85.0%	0.04%	−0.23
TW Tradeweb Markets Inc. Class A	Sold out	0.00%	−0.22
VOO Vanguard S&P 500 ETF	Reduce -16.2%	2.11%	−0.21
TMUS T-Mobile US Inc.	Reduce -96.3%	0.01%	−0.21
SHY iShares 1-3 Year Treasury Bo	Reduce -99.6%	0.00%	−0.19
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	Reduce -18.0%	0.59%	−0.19
ORLY O'reilly Automotive Inc.	Sold out	0.00%	−0.18
LLY Eli Lilly & Co.	Reduce -57.8%	0.09%	−0.13
XLP SS Consumer Staples Sel Sect	Sold out	0.00%	−0.12
XLF SS Financial Select Sector	Sold out	0.00%	−0.11
V Visa Inc. Class A	Reduce -33.5%	0.20%	−0.11
XLI SS Industrial Select Sector	Sold out	0.00%	−0.10
LYV Live Nation Entertainment Inc.	Reduce -29.8%	0.28%	−0.09
NOW ServiceNow Inc.	Reduce -6.1%	0.46%	−0.08
BRK.A Berkshire Hathaway Inc. Class A	Sold out	0.00%	−0.08
XLC SS Comm Select Sector SPDR	Sold out	0.00%	−0.07
XLRE SS Real Estate Select Sector	Sold out	0.00%	−0.07
XLY SS Consumer Disc Select Sect	Sold out	0.00%	−0.07
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	Reduce -13.5%	0.75%	−0.07
KKR KKR & Co. Inc.	Reduce -14.0%	0.32%	−0.06
PYPL PayPal Holdings Inc.	Sold out	0.00%	−0.06
APO Apollo Global Management Inc.	Reduce -9.0%	0.34%	−0.06
SLB SLB Ltd.	Sold out	0.00%	−0.06
QCOM Qualcomm Inc.	Reduce -91.7%	0.01%	−0.06
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -18.6%	0.39%	−0.05
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	Reduce -7.3%	0.68%	−0.05
VGT Vanguard Info Tech ETF	Sold out	0.00%	−0.05
IEF iShares 7-10 Year Treasury B	Reduce -94.9%	0.00%	−0.05
SPOT Spotify Technology SA	Reduce -3.0%	0.35%	−0.04
HUBS HubSpot Inc.	Sold out	0.00%	−0.04
SPG Simon Property Group Inc.	Sold out	0.00%	−0.04
INTC Intel Corp.	Sold out	0.00%	−0.04
MS Morgan Stanley	Sold out	0.00%	−0.04
CAT Caterpillar Inc.	Reduce -49.8%	0.06%	−0.03
NEE Nextera Energy Inc.	Reduce -45.8%	0.05%	−0.03
NTSX Wisdomtree US Efficient Core	Reduce -8.4%	4.01%	−0.03

Portfolio Buys Q2 2025 → Q3 2025


ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	New	0.96%	+0.96
IEMG iShares Core MSCI Emerging	New	0.75%	+0.75
GOOGL Alphabet Inc. Class A	Add +324.0%	0.90%	+0.74
XLU St Sr Utl SL SE SPDR ETF-Usd	Add +5.9%	4.92%	+0.59
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	Add +232.5%	0.75%	+0.54
FORD MOTOR COMPANY (F 0 03/15/26)	Add +219.4%	0.71%	+0.50
TSLA Tesla Inc.	Add +289.5%	0.54%	+0.44
IVV iShares Core S&P 500 ETF	Add +1.3%	4.85%	+0.43
MOG.A Moog Inc. Class A	New	0.40%	+0.40
MPWR Monolithic Power Systems Inc.	New	0.37%	+0.37
INTU Intuit Inc.	Add +7094.4%	0.37%	+0.36
ITT Itt Inc.	New	0.34%	+0.34
CCL Carnival Corp.	New	0.31%	+0.31
AXP American Express Co.	Add +4735.6%	0.30%	+0.30
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	Add +41.9%	0.90%	+0.29
EXPE Expedia Group Inc.	New	0.23%	+0.23
VENTAS REALTY LP (VTR 3.75 06/01/26)	Add +25.4%	0.85%	+0.23
SHOP Shopify Inc. Class A	New	0.19%	+0.19
PODD Insulet Corp.	New	0.14%	+0.14
AAPL Apple Inc.	Add +5.3%	0.54%	+0.13
NVDA Nvidia Corp.	Add +35.8%	0.33%	+0.13
GS Goldman Sachs Group Inc.	New	0.12%	+0.12
EBAY eBay Inc.	New	0.11%	+0.11
UBER Uber Technologies Inc.	Add +29.7%	0.39%	+0.11
ETSY Etsy Inc.	New	0.10%	+0.10
CMG Chipotle Mexican Grill Inc.	New	0.10%	+0.10
HOOD Robinhood Markets Inc. Class A	New	0.08%	+0.08
TSM Taiwan Semiconductor-SP ADR	Add +186.1%	0.11%	+0.08
NFLX Netflix Inc.	Add +32.7%	0.50%	+0.08
SNPS Synopsys Inc.	Add +2144.4%	0.08%	+0.08
CDNS Cadence Design SYS Inc.	Add +2898.6%	0.08%	+0.08
ORCL Oracle Corp.	Add +263.1%	0.08%	+0.06
HON Honeywell International Inc.	New	0.06%	+0.06
AVGO Broadcom Inc.	Add +18.7%	0.19%	+0.06
ABBV Abbvie Inc.	Add +75.8%	0.10%	+0.06
NVS Novartis AG-Sponsored ADR	New	0.05%	+0.05
GE General Electric	New	0.05%	+0.05
WMT Walmart Inc.	Add +5.6%	0.51%	+0.05
ISRG Intuitive Surgical Inc.	Add +1476.4%	0.05%	+0.05
AMD Advanced Micro Devices	Add +664.1%	0.05%	+0.05
AMZN Amazon.com Inc.	Add +5.7%	0.71%	+0.04
MCD McDonald's Corp.	Add +221.9%	0.06%	+0.04
BLK BlackRock Inc.	Add +445.8%	0.05%	+0.04
MSFT Microsoft Corp.	Add +1.1%	0.70%	+0.04
SCHW Schwab (charles) Corp.	New	0.03%	+0.03
CEG Constellation Energy	Add +303.9%	0.04%	+0.03
AFRM Affirm Holdings Inc.	New	0.03%	+0.03
ALB Albemarle Corp.	New	0.03%	+0.03
CALX Calix Inc.	New	0.03%	+0.03
EA Electronic Arts Inc.	New	0.03%	+0.03

Notes & Other Activity Q2 2025 → Q3 2025


KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Add +6.2%	161,600	$8.5M
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	New	89,140	$6.1M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	New	70,100	$4.1M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Reduce -63.7%	42,100	$2.1M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Reduce -74.3%	29,700	$2.1M

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	187	$1.0B	AGG, BND, SCHZ, IVV, MLPX
Q1 2026	171	$919.0M	SCHZ, AGG, BND, NTSX, MLPX
Q4 2025	176	$918.2M	BND, AGG, SPAB, MLPX, IVV
Q3 2025	185	$958.5M	SPAB, BND, AGG, QQQM, MLPX
Q2 2025	185	$963.5M	BND, SPAB, AGG, MLPX, QQQM
Q1 2025	110	$953.7M	BND, SPAB, AGG, IVV, MLPX
Q4 2024	99	$986.3M	BND, AGG, SPAB, IVV, QQQM
Q3 2024	165	$1.0B	BND, SPAB, AGG, QQQM, AMLP
Q2 2024	185	$1000.0M	AGG, BND, SPAB, AMLP, QQQM
Q1 2024	204	$1.1B	BND, AGG, SPAB, AMLP, QQQM