Shaker Financial Services, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), Shaker Financial Services, LLC reported 148 stock positions worth $291.6 million. Its top holding was Calamos Strat TTL RTRN FND (CSQ) at 3.3% of the portfolio, followed by Royce Micro-Cap Trust (RMT, 3.2%) and Nuveen Core Equity Alpha (JCE, 3.0%). Compared with Q2 2025, it opened 25 new positions, sold out of 24, added to 66 and reduced 48. The biggest buy was a new position in Adams Diversified Equity (ADX) and the biggest sale an exit from General American Investors (GAM).
- Most Recent 13F
- Q2 2026
- Location
- Arlington, VA
- CIK
- 0001511794
- Portfolio Value
- $291.6M (Q3 2025)
- SEC Filing
- 0001172661-25-004387 ↗ filed Oct 22, 2025
Holdings Value
Holdings 148 stocks · $291.6M
| CSQ Calamos Strat TTL RTRN FND | 3.29% | 497,014 | $9.6M | Add +25.9% |
| RMT Royce Micro-Cap Trust Inc. | 3.24% | 909,058 | $9.4M | Reduce -11.0% |
| JCE Nuveen Core Equity Alpha | 2.97% | 540,238 | $8.7M | Add +2.3% |
| USA Liberty All Star Equity Fund | 2.84% | 1,307,623 | $8.3M | Add +62.6% |
| ETB Eaton Vance T/M Buy-WRT Inc. | 2.54% | 493,646 | $7.4M | Reduce -8.3% |
| ASG Liberty All-Star Growth FD | 2.50% | 1,314,729 | $7.3M | Reduce -1.9% |
| CET Central Securities Corp. | 2.34% | 132,905 | $6.8M | Reduce -37.2% |
| CHW Calamos Global Dynamic Incom | 2.13% | 824,490 | $6.2M | Reduce -2.0% |
| SPE Special Opportunities Fund | 1.89% | 354,678 | $5.5M | Add +33.0% |
| ADX Adams Diversified Equity | 1.81% | 237,032 | $5.3M | New |
| FFA First Trust Enhan Eqty Inc. | 1.81% | 245,347 | $5.3M | Add +36.3% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 1.69% | 324,768 | $4.9M | Reduce -29.3% |
| EEA The European Equity Fund Inc. | 1.66% | 445,553 | $4.8M | Reduce -0.4% |
| RVT Royce Small-Cap Trust Inc. | 1.60% | 289,696 | $4.7M | Reduce -50.5% |
| ETV Eaton Vance T/M Buy-Writ Opp | 1.58% | 322,604 | $4.6M | Add +58.9% |
| DLY Doubleline Yield Opport | 1.52% | 294,710 | $4.4M | Add +253.3% |
| FTF Franklin Ltd. Dur Inc. TR | 1.51% | 693,377 | $4.4M | Add +3.2% |
| DSL Doubleline Income Solutions | 1.43% | 340,673 | $4.2M | Add +39.5% |
| SABA Saba Capital Income & Opp II | 1.40% | 448,104 | $4.1M | Add +55.1% |
| FUND Sprott Focus Trust Inc. | 1.35% | 474,364 | $3.9M | Add +3.2% |
| STEW SRH Total Return Fund Inc. | 1.30% | 208,391 | $3.8M | Add +201.1% |
| EHI Western Asset Global High Inc. | 1.27% | 553,533 | $3.7M | Add +33.4% |
| XEADX Allspring Income Opport | 1.22% | 504,003 | $3.6M | Reduce -14.2% |
| ERC Allspring Multi-Sector Inc. | 1.21% | 366,566 | $3.5M | Add +16.2% |
| ETG Eaton Vance T/A GL DVD Incm | 1.18% | 163,373 | $3.5M | Add +540.5% |
| HYT BlackRock Corp. Hi YLD | 1.18% | 362,415 | $3.4M | New |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.15% | 120,498 | $3.4M | New |
| BDJ BlackRock Enhanced Eqty DVD | 1.15% | 368,492 | $3.4M | Reduce -41.3% |
| MCN Xai Madison Equity Premium I | 1.14% | 534,836 | $3.3M | Add +17.4% |
| ETJ Eaton Vance RSK-MGD Divers | 1.13% | 365,998 | $3.3M | Add +20.4% |
| SDHY Pgim SHRT Durat Hi YLD | 1.09% | 189,467 | $3.2M | Add +19.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.07% | 4,682 | $3.1M | Add +739.1% |
| HQL Abrdn Life Sciences Investor | 1.05% | 197,804 | $3.1M | Add +536.8% |
| BWG Brandywineglobal Global Inco | 1.05% | 349,974 | $3.1M | Reduce -8.5% |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | 1.01% | 199,227 | $2.9M | Add +156.8% |
| STK Columbia Slgmn Prem Tech GR | 0.98% | 80,622 | $2.8M | Add +520.7% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.97% | 312,070 | $2.8M | Reduce -30.5% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.92% | 97,146 | $2.7M | Add +12.9% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.92% | 49,438 | $2.7M | Add +15.2% |
| BMEZ BlackRock HLTH Sci TRM TR II | 0.91% | 184,069 | $2.7M | New |
| XNIEX Virtus Equity & Convertible | 0.91% | 105,374 | $2.6M | Add +3.8% |
| HEQ John Hancock Divers Inc. Fund | 0.90% | 247,175 | $2.6M | Add +9.9% |
| XAODX Abrdn Total Dynamic Dividend | 0.90% | 276,523 | $2.6M | Reduce -26.2% |
| CGO Calamos Global Total Return | 0.88% | 214,332 | $2.6M | Add +34.6% |
| ACP Abrdn Income Credit Strat | 0.88% | 442,146 | $2.6M | Add +45.7% |
| EOS Eaton Vance Enh Eqt Inc. II | 0.87% | 106,542 | $2.5M | Add +116.7% |
| VGI Virtus Global Multi-Sector | 0.85% | 310,852 | $2.5M | Add +4.3% |
| XEVVX Eaton Vance Ltd. Durat Inc. | 0.84% | 242,714 | $2.5M | Add +15.9% |
| JHI John Hancock Investors TR | 0.84% | 174,761 | $2.4M | Reduce -4.6% |
| CHINA FUND INC | 0.84% | 132,112 | $2.4M | No change |
| HIX Western Asset High Inc. II | 0.83% | 550,959 | $2.4M | Add +21.2% |
| XMCRX MFS Charter Income Trust | 0.83% | 376,312 | $2.4M | Add +10.2% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.71% | 178,470 | $2.1M | Add +102.4% |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.68% | 81,549 | $2.0M | Reduce -30.8% |
| RGT Royce Global Trust Inc. | 0.68% | 153,815 | $2.0M | Reduce -0.6% |
| FINS Angel Oak Financ Strat Inc. | 0.65% | 144,976 | $1.9M | Reduce -11.4% |
| JGH Nuveen Global High Income | 0.65% | 138,919 | $1.9M | Reduce -38.6% |
| GLO Clough Global Opportunities | 0.64% | 327,298 | $1.9M | New |
| TDF Templeton Dragon Fund Inc. | 0.63% | 157,589 | $1.8M | Add +61.9% |
| LDP Cohen & Steers Limited Durat | 0.63% | 84,484 | $1.8M | Reduce -1.3% |
| SWZ Total Return Securities Fund | 0.62% | 298,862 | $1.8M | Add +112.9% |
| BGB Blackstone Strategic Credit | 0.59% | 140,584 | $1.7M | Reduce -0.1% |
| XEMDX Western Asset Emrg MRKT DBT | 0.57% | 160,177 | $1.7M | Reduce -1.7% |
| FTHY First Trust Hi YLD Opp 2027 | 0.55% | 111,350 | $1.6M | Add +19.7% |
| NPCT Nuveen Core Plus Impact | 0.55% | 143,452 | $1.6M | New |
| GF The New Germany Fund Inc. | 0.53% | 133,400 | $1.5M | Add +8.8% |
| XSSPX Nuveen S&P 500 Dynam Overwr | 0.52% | 85,118 | $1.5M | Add +19.8% |
| DFP Flaherty & Crumrine DYN Pref | 0.52% | 69,440 | $1.5M | Reduce -46.9% |
| XFOFX Cohen & Steers Closed-End Op | 0.51% | 113,506 | $1.5M | Add +702.0% |
| PSF Cohen & Steers Select Prefer | 0.51% | 71,013 | $1.5M | Reduce -18.9% |
| XAWFX Alliancebernstein GL Hi Inc. | 0.51% | 131,484 | $1.5M | Reduce -26.1% |
| FPF First TR Interm Dur & Inc. | 0.48% | 73,260 | $1.4M | Reduce -5.8% |
| XIAEX Voya Asia Pac Hi DVD Eq Inc. | 0.47% | 181,933 | $1.4M | Add +4.6% |
| EOD Allspring Global Dividend Op | 0.45% | 228,138 | $1.3M | Add +57.2% |
| NMAI Nuveen Multi-Asset Income | 0.45% | 99,145 | $1.3M | Reduce -64.4% |
| PDT John Hancock Prem DVD FND | 0.45% | 98,453 | $1.3M | Add +366.7% |
| VLT Invesco High Income Trust II | 0.43% | 112,225 | $1.3M | Reduce -19.9% |
| ECF Ellsworth Growth and Income | 0.39% | 99,201 | $1.2M | Reduce -8.2% |
| BGX Blackstone Long-Short Credit | 0.39% | 93,773 | $1.1M | Add +18.4% |
| MMT Aberdeen Multimarket Income | 0.38% | 234,726 | $1.1M | Add +4.2% |
| EMF Templeton Emerging Markets | 0.38% | 65,894 | $1.1M | Add +16.4% |
| PTA Cohen & Steers Tax-Advantage | 0.38% | 54,006 | $1.1M | Reduce -11.9% |
| JOF Japan Smaller Capitalization | 0.35% | 97,575 | $1.0M | No change |
| RQI Cohen & Steers Qual Inc. RLTY | 0.34% | 78,354 | $977K | Reduce -37.7% |
| BTX BlackRock Tech & Priv Eqty | 0.33% | 143,998 | $965K | New |
| TEI Templeton Emrg MKTS Inc. | 0.32% | 152,347 | $945K | Reduce -26.5% |
| XGDVX Gabelli Dividend & Income TR | 0.32% | 34,581 | $938K | New |
| MXE Mexico Equity and Income FD | 0.31% | 75,982 | $902K | No change |
| HIO Western Asset Hi Inc. Opport | 0.28% | 210,902 | $817K | Add +5.6% |
| BCV Bancroft Fund Ltd. | 0.26% | 35,042 | $767K | New |
| XEFRX Eaton Vance Sr FLTG Rate TR | 0.25% | 64,463 | $737K | Add +75.3% |
| KIO KKR Income Opportunities | 0.25% | 58,344 | $735K | Add +21.4% |
| PAI Western Asset Investment Gra | 0.25% | 57,081 | $735K | Add +413.8% |
| JFR Nuveen Floating Rate Income | 0.25% | 86,681 | $716K | Reduce -0.2% |
| XBGYX BlackRock Enh Intl DVD TR | 0.24% | 121,540 | $699K | Reduce -68.8% |
| MSD Morgan Stanley Emrg MKT Debt | 0.24% | 91,212 | $688K | New |
| XEXGX Eaton Vance Tax-Managed Glob | 0.22% | 69,139 | $629K | Add +65.3% |
| NFJ Virtus DVD Intrst & PRM STR | 0.21% | 47,721 | $621K | Add +187.9% |
| AVK Advent Convert & Income | 0.21% | 48,110 | $615K | New |
| XCAFX Morgan Stanley China A Share | 0.21% | 36,845 | $613K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $0 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | 24,402 | $0 | New |
Portfolio Sells Q2 2025 → Q3 2025
| GAM General American Investors | Sold out | 0.00% | −2.23 |
| TY Tri-Continental Corp. | Reduce -92.2% | 0.15% | −1.72 |
| RVT Royce Small-Cap Trust Inc. | Reduce -50.5% | 1.60% | −1.59 |
| CET Central Securities Corp. | Reduce -37.2% | 2.34% | −1.33 |
| XBMEX BlackRock Health Sciences | Sold out | 0.00% | −1.17 |
| BGH Barings GLBL SHRT Dur Hi YLD | Sold out | 0.00% | −0.98 |
| BDJ BlackRock Enhanced Eqty DVD | Reduce -41.3% | 1.15% | −0.87 |
| NMAI Nuveen Multi-Asset Income | Reduce -64.4% | 0.45% | −0.84 |
| XSORX Source Capital Inc. | Reduce -84.8% | 0.14% | −0.81 |
| GLV Clough Global Dividend & Inc. | Reduce -83.6% | 0.15% | −0.75 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Reduce -29.3% | 1.69% | −0.75 |
| FCT First Trust SNR FL RT Inc. II | Sold out | 0.00% | −0.61 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -68.8% | 0.24% | −0.58 |
| ARDC Ares Dynamic Credit All | Sold out | 0.00% | −0.55 |
| BST BlackRock Science & Tech TR | Sold out | 0.00% | −0.50 |
| DFP Flaherty & Crumrine DYN Pref | Reduce -46.9% | 0.52% | −0.46 |
| ETW Eaton Vance T/M GLBL Buy-WR | Reduce -30.5% | 0.97% | −0.44 |
| EDD Morgan Stanley Emrg MRK Dom | Sold out | 0.00% | −0.43 |
| XLGIX Lazard GLBL TTL RTRN & Inc. | Sold out | 0.00% | −0.43 |
| JGH Nuveen Global High Income | Reduce -38.6% | 0.65% | −0.42 |
| XAI OCTAGN FLT RAT & ALT INM | Sold out | 0.00% | −0.40 |
| FAX Abrdn Asia-Pacific Income | Sold out | 0.00% | −0.40 |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | Reduce -30.8% | 0.68% | −0.35 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -26.2% | 0.90% | −0.31 |
| XEADX Allspring Income Opport | Reduce -14.2% | 1.22% | −0.29 |
| ETB Eaton Vance T/M Buy-WRT Inc. | Reduce -8.3% | 2.54% | −0.28 |
| CIK UBS Asset Management Income | Reduce -82.9% | 0.05% | −0.28 |
| XEVGX Eaton Vance Short Dur Div Inc. | Reduce -69.8% | 0.11% | −0.26 |
| RQI Cohen & Steers Qual Inc. RLTY | Reduce -37.7% | 0.34% | −0.23 |
| ZTR Virtus Total Return Fund Inc. | Reduce -58.5% | 0.16% | −0.23 |
| ECAT BlackRock ESG Cap All TRM TR | Sold out | 0.00% | −0.22 |
| XAWFX Alliancebernstein GL Hi Inc. | Reduce -26.1% | 0.51% | −0.21 |
| RMT Royce Micro-Cap Trust Inc. | Reduce -11.0% | 3.24% | −0.19 |
| DHF BNYM High Yield Strategies | Reduce -59.0% | 0.11% | −0.17 |
| JPC Nuveen Prefered & Income Opp | Sold out | 0.00% | −0.16 |
| ASG Liberty All-Star Growth FD | Reduce -1.9% | 2.50% | −0.16 |
| FT Franklin Universal Trust | Reduce -77.8% | 0.04% | −0.15 |
| JRS Nuveen Real Estate Income | Reduce -49.6% | 0.14% | −0.14 |
| PFN PIMCO Income Strategy FD II | Sold out | 0.00% | −0.14 |
| RIV Rivernorth Opportunities | Sold out | 0.00% | −0.14 |
| ISD Pgim High Yield Bond Fund | Sold out | 0.00% | −0.13 |
| PSF Cohen & Steers Select Prefer | Reduce -18.9% | 0.51% | −0.13 |
| TEI Templeton Emrg MKTS Inc. | Reduce -26.5% | 0.32% | −0.13 |
| VLT Invesco High Income Trust II | Reduce -19.9% | 0.43% | −0.12 |
| FINS Angel Oak Financ Strat Inc. | Reduce -11.4% | 0.65% | −0.12 |
| XJEQX Abrdn Japan Equity Fund Inc. | Reduce -63.6% | 0.07% | −0.11 |
| PFL PIMCO Income Strategy Fund | Sold out | 0.00% | −0.11 |
| BWG Brandywineglobal Global Inco | Reduce -8.5% | 1.05% | −0.11 |
| CII BlackRock Enhan LRG Cap Core | Reduce -55.9% | 0.08% | −0.09 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.09 |
Portfolio Buys Q2 2025 → Q3 2025
| ADX Adams Diversified Equity | New | 1.81% | +1.81 |
| HYT BlackRock Corp. Hi YLD | New | 1.18% | +1.18 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | New | 1.15% | +1.15 |
| DLY Doubleline Yield Opport | Add +253.3% | 1.52% | +1.05 |
| ETG Eaton Vance T/A GL DVD Incm | Add +540.5% | 1.18% | +0.99 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +739.1% | 1.07% | +0.94 |
| BMEZ BlackRock HLTH Sci TRM TR II | New | 0.91% | +0.91 |
| HQL Abrdn Life Sciences Investor | Add +536.8% | 1.05% | +0.91 |
| USA Liberty All Star Equity Fund | Add +62.6% | 2.84% | +0.86 |
| STEW SRH Total Return Fund Inc. | Add +201.1% | 1.30% | +0.85 |
| STK Columbia Slgmn Prem Tech GR | Add +520.7% | 0.98% | +0.83 |
| CSQ Calamos Strat TTL RTRN FND | Add +25.9% | 3.29% | +0.68 |
| GLO Clough Global Opportunities | New | 0.64% | +0.64 |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | Add +156.8% | 1.01% | +0.60 |
| ETV Eaton Vance T/M Buy-Writ Opp | Add +58.9% | 1.58% | +0.56 |
| NPCT Nuveen Core Plus Impact | New | 0.55% | +0.55 |
| FFA First Trust Enhan Eqty Inc. | Add +36.3% | 1.81% | +0.47 |
| XFOFX Cohen & Steers Closed-End Op | Add +702.0% | 0.51% | +0.44 |
| EOS Eaton Vance Enh Eqt Inc. II | Add +116.7% | 0.87% | +0.44 |
| SABA Saba Capital Income & Opp II | Add +55.1% | 1.40% | +0.44 |
| SPE Special Opportunities Fund | Add +33.0% | 1.89% | +0.39 |
| DSL Doubleline Income Solutions | Add +39.5% | 1.43% | +0.35 |
| PDT John Hancock Prem DVD FND | Add +366.7% | 0.45% | +0.35 |
| XBOEX BlackRock Enh GLBL DVD TR | Add +102.4% | 0.71% | +0.35 |
| BTX BlackRock Tech & Priv Eqty | New | 0.33% | +0.33 |
| XGDVX Gabelli Dividend & Income TR | New | 0.32% | +0.32 |
| SWZ Total Return Securities Fund | Add +112.9% | 0.62% | +0.30 |
| TDF Templeton Dragon Fund Inc. | Add +61.9% | 0.63% | +0.28 |
| EHI Western Asset Global High Inc. | Add +33.4% | 1.27% | +0.27 |
| BCV Bancroft Fund Ltd. | New | 0.26% | +0.26 |
| MSD Morgan Stanley Emrg MKT Debt | New | 0.24% | +0.24 |
| ACP Abrdn Income Credit Strat | Add +45.7% | 0.88% | +0.23 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Add +15.2% | 0.92% | +0.22 |
| AVK Advent Convert & Income | New | 0.21% | +0.21 |
| CGO Calamos Global Total Return | Add +34.6% | 0.88% | +0.21 |
| PAI Western Asset Investment Gra | Add +413.8% | 0.25% | +0.20 |
| NCV Virtus Convertible & Income | New | 0.18% | +0.18 |
| EOD Allspring Global Dividend Op | Add +57.2% | 0.45% | +0.17 |
| NFJ Virtus DVD Intrst & PRM STR | Add +187.9% | 0.21% | +0.14 |
| ETJ Eaton Vance RSK-MGD Divers | Add +20.4% | 1.13% | +0.13 |
| GHY Pgim Global High Yield Fund | New | 0.13% | +0.13 |
| ERC Allspring Multi-Sector Inc. | Add +16.2% | 1.21% | +0.12 |
| SDHY Pgim SHRT Durat Hi YLD | Add +19.6% | 1.09% | +0.12 |
| VVR Invesco Senior Income Trust | New | 0.12% | +0.12 |
| HIX Western Asset High Inc. II | Add +21.2% | 0.83% | +0.12 |
| FUND Sprott Focus Trust Inc. | Add +3.2% | 1.35% | +0.10 |
| AIO Virtus Artific Intel & Tech | New | 0.10% | +0.10 |
| PCF High Income Securities Fund | Add +171.6% | 0.17% | +0.10 |
| XSCDX LMP Capital and Income Fund | New | 0.10% | +0.10 |
| MCN Xai Madison Equity Premium I | Add +17.4% | 1.14% | +0.10 |
Notes & Other Activity Q2 2025 → Q3 2025
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | New | 24,402 | $0 |
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 | 148 | $319.2M | GAB, RVT, USA, SPE, JCE |
| Q1 2026 | 145 | $286.9M | CSQ, JCE, ASG, ETG, FFA |
| Q4 2025 | 165 | $315.5M | JCE, RMT, ASG, ETB, USA |
| Q3 2025 | 148 | $291.6M | CSQ, RMT, JCE, USA, ETB |
| Q2 2025 | 147 | $275.8M | CET, RMT, RVT, JCE, ETB |
| Q1 2025 | 153 | $256.9M | CET, GAM, RMT, ETB, ASG |
| Q4 2024 | 176 | $261.0M | STEW, CET, RMT, ASG, CSQ |
| Q3 2024 | 157 | $265.3M | STEW, FUND, QQQX, ASG, CII |
| Q2 2024 | 157 | $247.3M | STEW, FUND, ASG, QQQX, XBXMX |
| Q1 2024 | 157 | $258.4M | STEW, FUND, ASG, XBXMX, CET |