Spectrum Asset Management, Inc. (NB/CA)
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 16, 2025), Spectrum Asset Management, Inc. (NB/CA) reported 83 stock positions worth $225.0 million. Its top holding was Schwab US Large-Cap Value (SCHV) at 7.0% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 6.6%) and iShares MBS ETF (MBB, 4.9%). Compared with Q4 2024, it opened 5 new positions, sold out of 15, added to 39 and reduced 31. The biggest buy was a new position in iShares MBS ETF (MBB) and the biggest sale an exit from Constellation Energy (CEG).
- Most Recent 13F
- Q2 2026
- Location
- NEWPORT BEACH, CA
- CIK
- 0001632078
- Portfolio Value
- $225.0M (Q1 2025)
- SEC Filing
- 0001632078-25-000004 ↗ filed Apr 16, 2025
Holdings Value
Holdings 83 stocks · $225.0M
| SCHV Schwab US Large-Cap Value | 7.02% | 594,440 | $15.8M | Add +2.0% |
| RSP Invesco S&P 500 Equal Weight | 6.63% | 86,065 | $14.9M | Add +6.6% |
| MBB iShares MBS ETF | 4.89% | 117,366 | $11.0M | New |
| USMV iShares MSCI USA Min Vol Fac | 4.83% | 116,135 | $10.9M | Add +3.3% |
| IAU iShares Gold Trust | 4.04% | 154,380 | $9.1M | Add +2.0% |
| SCHG Schwab US Large-Cap Growth | 3.46% | 311,231 | $7.8M | Reduce -16.4% |
| DSEP FT Vest U.S. Equity Deep Buf | 2.99% | 169,405 | $6.7M | Reduce -0.7% |
| SCHF Schwab Intl Equity ETF | 2.83% | 321,755 | $6.4M | Add +3.2% |
| DFEB FT Vest U.S. Equity Deep Buf | 2.77% | 148,033 | $6.2M | Add +29.1% |
| CVX Chevron Corp. | 2.44% | 32,822 | $5.5M | Reduce -0.1% |
| DMAR FT Vest US Equity Deep Buffe | 2.33% | 139,108 | $5.2M | Reduce -0.3% |
| SCHW Schwab (charles) Corp. | 2.31% | 66,378 | $5.2M | Add +1.1% |
| VGK Vanguard Ftse Europe ETF | 2.25% | 72,085 | $5.1M | Add +3.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.24% | 9,453 | $5.0M | Add +4.6% |
| HON Honeywell International Inc. | 2.15% | 22,900 | $4.8M | Add +1.8% |
| MSFT Microsoft Corp. | 2.08% | 12,474 | $4.7M | Add +1.0% |
| WMT Walmart Inc. | 2.01% | 51,475 | $4.5M | Reduce -12.3% |
| XOM Exxon Mobil Corp. | 2.01% | 38,096 | $4.5M | Add +25.6% |
| ABBV Abbvie Inc. | 1.94% | 20,846 | $4.4M | Reduce -0.1% |
| EWJ iShares MSCI Japan ETF | 1.88% | 61,774 | $4.2M | Add +4.8% |
| DUK Duke Energy Corp. | 1.85% | 34,219 | $4.2M | Reduce -0.3% |
| LIN Linde PLC | 1.84% | 8,870 | $4.1M | New |
| CSCO Cisco Systems Inc. | 1.78% | 64,847 | $4.0M | Add +0.1% |
| ORCL Oracle Corp. | 1.76% | 28,358 | $4.0M | Add +0.3% |
| MDT Medtronic PLC | 1.65% | 41,061 | $3.7M | Reduce -0.6% |
| UNH Unitedhealth Group Inc. | 1.65% | 7,071 | $3.7M | Add +12.2% |
| ACN Accenture PLC Class A | 1.63% | 11,777 | $3.7M | Add +0.3% |
| ABT Abbott Laboratories | 1.52% | 25,798 | $3.4M | Reduce -0.8% |
| VZ Verizon Communications Inc. | 1.51% | 74,972 | $3.4M | Add +0.7% |
| LHX L3HARRIS Technologies Inc. | 1.46% | 15,712 | $3.3M | Reduce -1.0% |
| EMR Emerson Electric Co. | 1.39% | 28,626 | $3.1M | Reduce -1.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.28% | 29,242 | $2.9M | Add +9.0% |
| EW Edwards Lifesciences Corp. | 1.24% | 38,543 | $2.8M | Add +8.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.06% | 3 | $2.4M | New |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.01% | 6,137 | $2.3M | Reduce -17.4% |
| SCJ iShares MSCI Japan Small-Cap | 1.01% | 29,485 | $2.3M | Add +3.4% |
| XLE SS Energy Select Sector | 0.88% | 21,155 | $2.0M | Add +6.3% |
| SCHB Schwab US Broad Market ETF | 0.72% | 75,025 | $1.6M | Reduce -18.5% |
| ESGU iShares ESG Aware MSCI USA | 0.69% | 12,716 | $1.6M | Reduce -35.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.68% | 2,738 | $1.5M | Add +7.2% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.66% | 36,302 | $1.5M | Add +4.8% |
| COST Costco Wholesale Corp. | 0.63% | 1,494 | $1.4M | Reduce -27.1% |
| V Visa Inc. Class A | 0.59% | 3,819 | $1.3M | Add +93.8% |
| RTX RTX Corp. | 0.49% | 8,300 | $1.1M | Reduce -28.0% |
| MCK McKesson Corp. | 0.48% | 1,600 | $1.1M | Add +166.7% |
| DNOV FT Vest US Equity Deep Buffe | 0.46% | 24,800 | $1.0M | No change |
| AAPL Apple Inc. | 0.42% | 4,283 | $951K | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 0.34% | 4,950 | $765K | Add +0.1% |
| TLT iShares 20+ Year Treasury BD | 0.34% | 8,370 | $762K | No change |
| GEHC GE Healthcare Technology | 0.34% | 9,408 | $759K | Add +4.0% |
| VEA Vanguard Ftse Developed ETF | 0.30% | 13,286 | $675K | Reduce -0.9% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.30% | 16,006 | $674K | Add +0.0% |
| ESLT Elbit Systems Ltd. | 0.30% | 1,755 | $673K | Reduce -53.9% |
| MCD McDonald's Corp. | 0.29% | 2,122 | $663K | Reduce -4.2% |
| PAYC Paycom Software Inc. | 0.25% | 2,538 | $555K | Reduce -42.1% |
| VONE Vanguard Russell 1000 | 0.24% | 2,138 | $543K | Reduce -36.1% |
| MORN Morningstar Inc. | 0.24% | 1,810 | $543K | Add +0.2% |
| IJH iShares Core S&P Midcap ETF | 0.23% | 8,933 | $521K | Reduce -78.5% |
| DE Deere & Co. | 0.23% | 1,086 | $512K | Add +0.4% |
| IBTH iShares Ibonds Dec 2027 Term | 0.22% | 21,662 | $486K | Add +4.5% |
| PFE Pfizer Inc. | 0.19% | 17,060 | $432K | Add +1.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.18% | 1,498 | $412K | No change |
| MLPA Global X MLP ETF | 0.18% | 7,549 | $402K | Add +1.7% |
| DMAY FT Vest US Equity Deep Buffe | 0.16% | 8,865 | $351K | Reduce -3.7% |
| SRE Sempra | 0.15% | 4,764 | $343K | Reduce -8.1% |
| IBTG iShares Ibonds Dec 2026 Term | 0.15% | 14,544 | $334K | Add +4.2% |
| PEP Pepsico Inc. | 0.14% | 2,112 | $317K | Add +1.7% |
| NVDA Nvidia Corp. | 0.14% | 2,875 | $312K | Add +48.6% |
| VEEV Veeva Systems Inc. Class A | 0.13% | 1,295 | $300K | Reduce -1.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.13% | 1,200 | $298K | No change |
| IBTF iShares Ibonds Dec 2025 Term | 0.13% | 12,434 | $291K | Add +2.4% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.13% | 7,922 | $288K | No change |
| GLD SPDR Gold Shares | 0.13% | 988 | $285K | Reduce -3.8% |
| MELI MercadoLibre Inc. | 0.12% | 142 | $277K | No change |
| PG The Procter & Gamble Co. | 0.12% | 1,605 | $274K | New |
| GOOG Alphabet Inc. Class C | 0.12% | 1,747 | $273K | Reduce -22.3% |
| IVV iShares Core S&P 500 ETF | 0.12% | 466 | $262K | Reduce -0.4% |
| DJUL FT Vest US Equity Deep Buffe | 0.11% | 5,970 | $244K | Reduce -45.6% |
| TSLA Tesla Inc. | 0.11% | 920 | $239K | Add +63.4% |
| GE General Electric filed as GE AEROSPACE | 0.10% | 1,105 | $222K | New |
| DOCT FT Vest U.S. Equity Deep Buf | 0.09% | 5,260 | $202K | Reduce -12.0% |
| BEAT Heartbeam Inc. | 0.07% | 74,400 | $150K | No change |
| TENON MEDICAL INC | 0.02% | 25,650 | $54K | No change |
Options reported separately and not counted above: AAPL puts ($606).
Other holdings (1): bonds, preferreds, convertibles and warrants · $22K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| TNONW Tenon Medical Inc.-28 | *W EXP 06/16/202 | 1,058,692 | $22K | Reduce -1.1% |
Total filed on the 13F, all lines: $225.1M.
Portfolio Sells Q4 2024 → Q1 2025
| CEG Constellation Energy | Sold out | 0.00% | −1.55 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −1.24 |
| SCHG Schwab US Large-Cap Growth | Reduce -16.4% | 3.46% | −1.20 |
| ITA iShares U.S. Aerospace & Def | Sold out | 0.00% | −0.98 |
| IJH iShares Core S&P Midcap ETF | Reduce -78.5% | 0.23% | −0.93 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.85 |
| URA Global X Uranium ETF | Sold out | 0.00% | −0.83 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.47 |
| ESGU iShares ESG Aware MSCI USA | Reduce -35.5% | 0.69% | −0.45 |
| WMT Walmart Inc. | Reduce -12.3% | 2.01% | −0.37 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -17.4% | 1.01% | −0.36 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −0.33 |
| GD General Dynamics Corp. | Sold out | 0.00% | −0.31 |
| LSTR Landstar System Inc. | Sold out | 0.00% | −0.30 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.30 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.29 |
| CLB Core Laboratories Inc. | Sold out | 0.00% | −0.29 |
| SCHB Schwab US Broad Market ETF | Reduce -18.5% | 0.72% | −0.22 |
| EMR Emerson Electric Co. | Reduce -1.2% | 1.39% | −0.22 |
| COST Costco Wholesale Corp. | Reduce -27.1% | 0.63% | −0.21 |
| VONE Vanguard Russell 1000 | Reduce -36.1% | 0.24% | −0.16 |
| PAYC Paycom Software Inc. | Reduce -42.1% | 0.25% | −0.16 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.15 |
| ESLT Elbit Systems Ltd. | Reduce -53.9% | 0.30% | −0.14 |
| DSEP FT Vest U.S. Equity Deep Buf | Reduce -0.7% | 2.99% | −0.12 |
| RTX RTX Corp. | Reduce -28.0% | 0.49% | −0.11 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.11 |
| DJUL FT Vest US Equity Deep Buffe | Reduce -45.6% | 0.11% | −0.10 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.09 |
| GOOG Alphabet Inc. Class C | Reduce -22.3% | 0.12% | −0.07 |
| AAPL Apple Inc. | Reduce -1.7% | 0.42% | −0.07 |
| DMAR FT Vest US Equity Deep Buffe | Reduce -0.3% | 2.33% | −0.06 |
| SRE Sempra | Reduce -8.1% | 0.15% | −0.05 |
| LHX L3HARRIS Technologies Inc. | Reduce -1.0% | 1.46% | −0.04 |
| DOCT FT Vest U.S. Equity Deep Buf | Reduce -12.0% | 0.09% | −0.02 |
| DMAY FT Vest US Equity Deep Buffe | Reduce -3.7% | 0.16% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -0.4% | 0.12% | −0.01 |
| MCD McDonald's Corp. | Reduce -4.2% | 0.29% | +0.01 |
| VEEV Veeva Systems Inc. Class A | Reduce -1.5% | 0.13% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -0.9% | 0.30% | +0.01 |
| GLD SPDR Gold Shares | Reduce -3.8% | 0.13% | +0.01 |
| MDT Medtronic PLC | Reduce -0.6% | 1.65% | +0.16 |
| DUK Duke Energy Corp. | Reduce -0.3% | 1.85% | +0.19 |
| ABT Abbott Laboratories | Reduce -0.8% | 1.52% | +0.20 |
| ABBV Abbvie Inc. | Reduce -0.1% | 1.94% | +0.27 |
| CVX Chevron Corp. | Reduce -0.1% | 2.44% | +0.30 |
Portfolio Buys Q4 2024 → Q1 2025
| MBB iShares MBS ETF | New | 4.89% | +4.89 |
| LIN Linde PLC | New | 1.84% | +1.84 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 1.06% | +1.06 |
| IAU iShares Gold Trust | Add +2.0% | 4.04% | +0.68 |
| DFEB FT Vest U.S. Equity Deep Buf | Add +29.1% | 2.77% | +0.57 |
| XOM Exxon Mobil Corp. | Add +25.6% | 2.01% | +0.55 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +4.6% | 2.24% | +0.40 |
| USMV iShares MSCI USA Min Vol Fac | Add +3.3% | 4.83% | +0.35 |
| MCK McKesson Corp. | Add +166.7% | 0.48% | +0.33 |
| V Visa Inc. Class A | Add +93.8% | 0.59% | +0.31 |
| RSP Invesco S&P 500 Equal Weight | Add +6.6% | 6.63% | +0.27 |
| VGK Vanguard Ftse Europe ETF | Add +3.0% | 2.25% | +0.25 |
| SCHF Schwab Intl Equity ETF | Add +3.2% | 2.83% | +0.24 |
| UNH Unitedhealth Group Inc. | Add +12.2% | 1.65% | +0.21 |
| SCHV Schwab US Large-Cap Value | Add +2.0% | 7.02% | +0.20 |
| VZ Verizon Communications Inc. | Add +0.7% | 1.51% | +0.17 |
| SCHW Schwab (charles) Corp. | Add +1.1% | 2.31% | +0.13 |
| PG The Procter & Gamble Co. | New | 0.12% | +0.12 |
| XLE SS Energy Select Sector | Add +6.3% | 0.88% | +0.11 |
| EWJ iShares MSCI Japan ETF | Add +4.8% | 1.88% | +0.11 |
| GE General Electric | New | 0.10% | +0.10 |
| SCJ iShares MSCI Japan Small-Cap | Add +3.4% | 1.01% | +0.07 |
| EW Edwards Lifesciences Corp. | Add +8.2% | 1.24% | +0.06 |
| CSCO Cisco Systems Inc. | Add +0.1% | 1.78% | +0.05 |
| NVDA Nvidia Corp. | Add +48.6% | 0.14% | +0.02 |
| SLB SLB Ltd. | Add +0.0% | 0.30% | +0.02 |
| DE Deere & Co. | Add +0.4% | 0.23% | +0.02 |
| GEHC GE Healthcare Technology | Add +4.0% | 0.34% | +0.02 |
| MLPA Global X MLP ETF | Add +1.7% | 0.18% | +0.01 |
| IBTH iShares Ibonds Dec 2027 Term | Add +4.5% | 0.22% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +7.2% | 0.68% | +0.01 |
| IBTG iShares Ibonds Dec 2026 Term | Add +4.2% | 0.15% | +0.01 |
| TSLA Tesla Inc. | Add +63.4% | 0.11% | +0.00 |
| IBTF iShares Ibonds Dec 2025 Term | Add +2.4% | 0.13% | +0.00 |
| PEP Pepsico Inc. | Add +1.7% | 0.14% | −0.00 |
| PFE Pfizer Inc. | Add +1.6% | 0.19% | −0.01 |
| MORN Morningstar Inc. | Add +0.2% | 0.24% | −0.03 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +4.8% | 0.66% | −0.04 |
| DIS The Walt Disney Co. | Add +9.0% | 1.28% | −0.06 |
| GOOGL Alphabet Inc. Class A | Add +0.1% | 0.34% | −0.08 |
| HON Honeywell International Inc. | Add +1.8% | 2.15% | −0.13 |
| ACN Accenture PLC Class A | Add +0.3% | 1.63% | −0.22 |
| MSFT Microsoft Corp. | Add +1.0% | 2.08% | −0.26 |
| ORCL Oracle Corp. | Add +0.3% | 1.76% | −0.35 |
Notes & Other Activity Q4 2024 → Q1 2025
| TNONW Tenon Medical Inc.-28 | *W EXP 06/16/202 | Reduce -1.1% | 1,058,692 | $22K |
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 | 112 | $360.2M | WFC, RSP, VUSB, SCHV, DMAY |
| Q1 2026 | 106 | $314.8M | WFC, VUSB, SCHV, RSP, IAU |
| Q4 2025 | 104 | $299.8M | VUSB, RSP, CLOX, IAU, SCHV |
| Q3 2025 | 107 | $284.4M | VUSB, RSP, SCHV, DSEP, USMV |
| Q2 2025 | 95 | $230.1M | USMV, RSP, SCHV, IAU, DMAR |
| Q1 2025 | 83 | $225.0M | SCHV, RSP, MBB, USMV, IAU |
| Q4 2024 | 93 | $222.6M | SCHV, RSP, SCHG, USMV, IAU |
| Q3 2024 | 93 | $236.4M | SCHV, IAU, RSP, USMV, SCHG |
| Q2 2024 | 92 | $216.2M | SCHV, IAU, USMV, SCHG, VGK |
| Q1 2024 | 97 | $233.1M | SCHV, DJAN, DMAR, USMV, IAU |