In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 31, 2025), Spectrum Asset Management, Inc. reported 3 stock positions worth $96.3 million. Its top holding was Invesco Preferred ETF (PGX) at 69.1% of the portfolio, followed by Invesco Variable Rate Prefer (VRP, 21.7%) and iShares Preferred & Income S (PFF, 9.2%). Compared with Q3 2024, it added to 2 and reduced 1. The biggest buy was Invesco Variable Rate Prefer (VRP, shares +1294%) and the biggest sale iShares Preferred & Income S (PFF, shares −12%).