Spectrum Asset Management, Inc. (NB/CA)
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Spectrum Asset Management, Inc. (NB/CA) reported 95 stock positions worth $230.1 million. Its top holding was iShares MSCI USA Min Vol Fac (USMV) at 4.9% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 4.8%) and Schwab US Large-Cap Value (SCHV, 4.7%). Compared with Q1 2025, it opened 21 new positions, sold out of 9, added to 31 and reduced 27. The biggest buy was FT Vest US Equity Deep Buffe (DMAY, shares +1473%) and the biggest sale an exit from iShares MBS ETF (MBB).
- Most Recent 13F
- Q2 2026
- Location
- NEWPORT BEACH, CA
- CIK
- 0001632078
- Portfolio Value
- $230.1M (Q2 2025)
- SEC Filing
- 0001632078-25-000008 ↗ filed Jul 23, 2025
Holdings Value
Holdings 95 stocks · $230.1M
| USMV iShares MSCI USA Min Vol Fac | 4.89% | 119,806 | $11.2M | Add +3.2% |
| RSP Invesco S&P 500 Equal Weight | 4.81% | 60,951 | $11.1M | Reduce -29.2% |
| SCHV Schwab US Large-Cap Value | 4.73% | 393,646 | $10.9M | Reduce -33.8% |
| IAU iShares Gold Trust | 4.23% | 156,113 | $9.7M | Add +1.1% |
| DMAR FT Vest US Equity Deep Buffe | 4.15% | 241,169 | $9.5M | Add +73.4% |
| DSEP FT Vest U.S. Equity Deep Buf | 3.12% | 169,238 | $7.2M | Reduce -0.1% |
| DFEB FT Vest U.S. Equity Deep Buf | 2.81% | 144,889 | $6.5M | Reduce -2.1% |
| SCHG Schwab US Large-Cap Growth | 2.68% | 210,977 | $6.2M | Reduce -32.2% |
| MSFT Microsoft Corp. | 2.66% | 12,299 | $6.1M | Reduce -1.4% |
| ORCL Oracle Corp. | 2.63% | 27,685 | $6.1M | Reduce -2.4% |
| DMAY FT Vest US Equity Deep Buffe | 2.59% | 139,416 | $6.0M | Add +1472.7% |
| VGK Vanguard Ftse Europe ETF | 2.45% | 72,679 | $5.6M | Add +0.8% |
| HON Honeywell International Inc. | 2.27% | 22,417 | $5.2M | Reduce -2.1% |
| CVX Chevron Corp. | 2.19% | 35,244 | $5.0M | Add +7.4% |
| SCHW Schwab (charles) Corp. | 2.17% | 54,850 | $5.0M | Reduce -17.4% |
| WMT Walmart Inc. | 2.13% | 50,032 | $4.9M | Reduce -2.8% |
| CSCO Cisco Systems Inc. | 1.97% | 65,280 | $4.5M | Add +0.7% |
| XOM Exxon Mobil Corp. | 1.92% | 41,054 | $4.4M | Add +7.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.91% | 9,048 | $4.4M | Reduce -4.3% |
| SCHF Schwab Intl Equity ETF | 1.88% | 195,886 | $4.3M | Reduce -39.1% |
| DUK Duke Energy Corp. | 1.75% | 34,162 | $4.0M | Reduce -0.2% |
| LIN Linde PLC | 1.75% | 8,569 | $4.0M | Reduce -3.4% |
| LHX L3HARRIS Technologies Inc. | 1.67% | 15,335 | $3.8M | Reduce -2.4% |
| ABBV Abbvie Inc. | 1.66% | 20,610 | $3.8M | Reduce -1.1% |
| EMR Emerson Electric Co. | 1.63% | 28,121 | $3.7M | Reduce -1.8% |
| MDT Medtronic PLC | 1.56% | 40,937 | $3.6M | Reduce -0.3% |
| EME Emcor Group Inc. | 1.49% | 6,417 | $3.4M | New |
| ABT Abbott Laboratories | 1.48% | 24,957 | $3.4M | Reduce -3.3% |
| VZ Verizon Communications Inc. | 1.41% | 75,171 | $3.3M | Add +0.3% |
| EW Edwards Lifesciences Corp. | 1.33% | 39,083 | $3.1M | Add +1.4% |
| NVS Novartis AG-Sponsored ADR | 1.30% | 24,655 | $3.0M | New |
| SCJ iShares MSCI Japan Small-Cap | 1.10% | 29,899 | $2.5M | Add +1.4% |
| MLPX Global X MLP & Energy Infras | 1.05% | 38,530 | $2.4M | New |
| EWZ iShares MSCI Brazil ETF | 1.05% | 83,568 | $2.4M | New |
| EWW iShares MSCI Mexico ETF | 1.01% | 38,536 | $2.3M | New |
| AAAU Goldman Sachs Physical Gold | 1.01% | 71,360 | $2.3M | New |
| BRK.A Berkshire Hathaway Inc. Class A | 0.95% | 3 | $2.2M | No change |
| GOOG Alphabet Inc. Class C | 0.86% | 11,191 | $2.0M | Add +540.6% |
| XLE SS Energy Select Sector | 0.82% | 22,232 | $1.9M | Add +5.1% |
| FLJP Franklin Ftse Japan ETF | 0.81% | 58,219 | $1.9M | New |
| SCHB Schwab US Broad Market ETF | 0.81% | 78,528 | $1.9M | Add +4.7% |
| EWA iShares MSCI Australia ETF | 0.79% | 68,692 | $1.8M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.74% | 2,739 | $1.7M | Add +0.0% |
| ESGU iShares ESG Aware MSCI USA | 0.70% | 11,972 | $1.6M | Reduce -5.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.69% | 3,602 | $1.6M | Reduce -41.3% |
| LNG Cheniere Energy Inc. | 0.66% | 6,203 | $1.5M | New |
| COST Costco Wholesale Corp. | 0.64% | 1,495 | $1.5M | Add +0.1% |
| V Visa Inc. Class A | 0.59% | 3,822 | $1.4M | Add +0.1% |
| FISV Fiserv Inc. | 0.59% | 7,817 | $1.3M | New |
| RTX RTX Corp. | 0.53% | 8,317 | $1.2M | Add +0.2% |
| MCK McKesson Corp. | 0.51% | 1,600 | $1.2M | No change |
| DNOV FT Vest US Equity Deep Buffe | 0.48% | 24,800 | $1.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.41% | 5,325 | $938K | Add +7.6% |
| AAPL Apple Inc. | 0.38% | 4,253 | $873K | Reduce -0.7% |
| ESLT Elbit Systems Ltd. | 0.34% | 1,755 | $790K | No change |
| SCHR Schwab Intermediate-Term US | 0.33% | 30,789 | $771K | New |
| TLT iShares 20+ Year Treasury BD | 0.32% | 8,370 | $739K | No change |
| VEA Vanguard Ftse Developed ETF | 0.31% | 12,599 | $718K | Reduce -5.2% |
| ACN Accenture PLC Class A | 0.31% | 2,399 | $717K | Reduce -79.6% |
| CIBR First Trust Nasdaq Cybersecu | 0.27% | 8,295 | $627K | New |
| MCD McDonald's Corp. | 0.27% | 2,130 | $622K | Add +0.4% |
| IBTH iShares Ibonds Dec 2027 Term | 0.27% | 27,636 | $622K | Add +27.6% |
| VONE Vanguard Russell 1000 | 0.26% | 2,163 | $608K | Add +1.2% |
| PAYC Paycom Software Inc. | 0.26% | 2,538 | $587K | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.25% | 714 | $572K | New |
| MORN Morningstar Inc. | 0.25% | 1,812 | $569K | Add +0.1% |
| DE Deere & Co. | 0.24% | 1,090 | $556K | Add +0.4% |
| IJR iShares Core S&P Small-Cap E | 0.23% | 4,762 | $520K | New |
| PHM Pultegroup Inc. | 0.22% | 4,852 | $513K | New |
| CTSH Cognizant Tech Solutions-A | 0.21% | 6,237 | $487K | New |
| VTI VG Morningstar TS MKT ETF-US | 0.20% | 1,498 | $457K | No change |
| PFE Pfizer Inc. | 0.19% | 17,679 | $429K | Add +3.6% |
| IBTG iShares Ibonds Dec 2026 Term | 0.19% | 18,648 | $428K | Add +28.2% |
| TPL Texas Pacific Land Corp. | 0.17% | 366 | $387K | New |
| MLPA Global X MLP ETF | 0.17% | 7,687 | $386K | Add +1.8% |
| VEEV Veeva Systems Inc. Class A | 0.16% | 1,295 | $373K | No change |
| MELI MercadoLibre Inc. | 0.16% | 142 | $371K | No change |
| SRE Sempra | 0.16% | 4,792 | $363K | Add +0.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 1,200 | $354K | No change |
| NVDA Nvidia Corp. | 0.14% | 2,052 | $324K | Reduce -28.6% |
| TSLA Tesla Inc. | 0.14% | 978 | $311K | Add +6.3% |
| GLD SPDR Gold Shares | 0.13% | 988 | $301K | No change |
| IBTF iShares Ibonds Dec 2025 Term | 0.13% | 12,684 | $296K | Add +2.0% |
| IVV iShares Core S&P 500 ETF | 0.13% | 466 | $289K | No change |
| GE General Electric filed as GE AEROSPACE | 0.12% | 1,105 | $284K | No change |
| PEP Pepsico Inc. | 0.12% | 2,133 | $282K | Add +1.0% |
| NICE Nice Ltd. - Spon ADR | 0.12% | 1,655 | $280K | New |
| DAPR FT Vest U.S. Equity Deep Buf | 0.12% | 7,355 | $277K | New |
| DJUL FT Vest US Equity Deep Buffe | 0.12% | 5,970 | $265K | No change |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.10% | 5,539 | $224K | Reduce -30.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.09% | 4,451 | $211K | New |
| AMZN Amazon.com Inc. | 0.09% | 955 | $210K | New |
| DOCT FT Vest U.S. Equity Deep Buf | 0.09% | 5,100 | $209K | Reduce -3.0% |
| BEAT Heartbeam Inc. | 0.04% | 74,400 | $93K | No change |
| TENON MEDICAL INC | 0.01% | 25,650 | $25K | No change |
Options reported separately and not counted above: NVDA puts ($2K), AAPL puts ($302).
Other holdings (1): bonds, preferreds, convertibles and warrants · $17K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| TNONW Tenon Medical Inc.-28 | *W EXP 06/16/202 | 1,058,692 | $17K | No change |
Total filed on the 13F, all lines: $230.1M.
Portfolio Sells Q1 2025 → Q2 2025
| MBB iShares MBS ETF | Sold out | 0.00% | −4.89 |
| SCHV Schwab US Large-Cap Value | Reduce -33.8% | 4.73% | −2.29 |
| EWJ iShares MSCI Japan ETF | Sold out | 0.00% | −1.88 |
| RSP Invesco S&P 500 Equal Weight | Reduce -29.2% | 4.81% | −1.81 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.65 |
| ACN Accenture PLC Class A | Reduce -79.6% | 0.31% | −1.32 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −1.28 |
| SCHF Schwab Intl Equity ETF | Reduce -39.1% | 1.88% | −0.95 |
| SCHG Schwab US Large-Cap Growth | Reduce -32.2% | 2.68% | −0.78 |
| SPSM SS SPDR P S&P 600 Small Cap | Sold out | 0.00% | −0.66 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.34 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.3% | 1.91% | −0.33 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -41.3% | 0.69% | −0.32 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.30 |
| ABBV Abbvie Inc. | Reduce -1.1% | 1.66% | −0.28 |
| IJH iShares Core S&P Midcap ETF | Sold out | 0.00% | −0.23 |
| SCHW Schwab (charles) Corp. | Reduce -17.4% | 2.17% | −0.13 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.12 |
| DUK Duke Energy Corp. | Reduce -0.2% | 1.75% | −0.10 |
| MDT Medtronic PLC | Reduce -0.3% | 1.56% | −0.09 |
| LIN Linde PLC | Reduce -3.4% | 1.75% | −0.09 |
| ABT Abbott Laboratories | Reduce -3.3% | 1.48% | −0.05 |
| AAPL Apple Inc. | Reduce -0.7% | 0.38% | −0.04 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -30.1% | 0.10% | −0.03 |
| DOCT FT Vest U.S. Equity Deep Buf | Reduce -3.0% | 0.09% | +0.00 |
| NVDA Nvidia Corp. | Reduce -28.6% | 0.14% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Reduce -5.2% | 0.31% | +0.01 |
| ESGU iShares ESG Aware MSCI USA | Reduce -5.8% | 0.70% | +0.02 |
| DFEB FT Vest U.S. Equity Deep Buf | Reduce -2.1% | 2.81% | +0.04 |
| WMT Walmart Inc. | Reduce -2.8% | 2.13% | +0.11 |
| HON Honeywell International Inc. | Reduce -2.1% | 2.27% | +0.11 |
| DSEP FT Vest U.S. Equity Deep Buf | Reduce -0.1% | 3.12% | +0.13 |
| LHX L3HARRIS Technologies Inc. | Reduce -2.4% | 1.67% | +0.21 |
| EMR Emerson Electric Co. | Reduce -1.8% | 1.63% | +0.23 |
| MSFT Microsoft Corp. | Reduce -1.4% | 2.66% | +0.58 |
| ORCL Oracle Corp. | Reduce -2.4% | 2.63% | +0.87 |
Portfolio Buys Q1 2025 → Q2 2025
| DMAY FT Vest US Equity Deep Buffe | Add +1472.7% | 2.59% | +2.44 |
| DMAR FT Vest US Equity Deep Buffe | Add +73.4% | 4.15% | +1.82 |
| EME Emcor Group Inc. | New | 1.49% | +1.49 |
| NVS Novartis AG-Sponsored ADR | New | 1.30% | +1.30 |
| MLPX Global X MLP & Energy Infras | New | 1.05% | +1.05 |
| EWZ iShares MSCI Brazil ETF | New | 1.05% | +1.05 |
| EWW iShares MSCI Mexico ETF | New | 1.01% | +1.01 |
| AAAU Goldman Sachs Physical Gold | New | 1.01% | +1.01 |
| FLJP Franklin Ftse Japan ETF | New | 0.81% | +0.81 |
| EWA iShares MSCI Australia ETF | New | 0.79% | +0.79 |
| GOOG Alphabet Inc. Class C | Add +540.6% | 0.86% | +0.74 |
| LNG Cheniere Energy Inc. | New | 0.66% | +0.66 |
| FISV Fiserv Inc. | New | 0.59% | +0.59 |
| SCHR Schwab Intermediate-Term US | New | 0.33% | +0.33 |
| CIBR First Trust Nasdaq Cybersecu | New | 0.27% | +0.27 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.25% | +0.25 |
| IJR iShares Core S&P Small-Cap E | New | 0.23% | +0.23 |
| PHM Pultegroup Inc. | New | 0.22% | +0.22 |
| CTSH Cognizant Tech Solutions-A | New | 0.21% | +0.21 |
| VGK Vanguard Ftse Europe ETF | Add +0.8% | 2.45% | +0.20 |
| CSCO Cisco Systems Inc. | Add +0.7% | 1.97% | +0.19 |
| IAU iShares Gold Trust | Add +1.1% | 4.23% | +0.19 |
| TPL Texas Pacific Land Corp. | New | 0.17% | +0.17 |
| NICE Nice Ltd. - Spon ADR | New | 0.12% | +0.12 |
| DAPR FT Vest U.S. Equity Deep Buf | New | 0.12% | +0.12 |
| SCJ iShares MSCI Japan Small-Cap | Add +1.4% | 1.10% | +0.10 |
| SCHB Schwab US Broad Market ETF | Add +4.7% | 0.81% | +0.10 |
| BAC Bank of America Corp. | New | 0.09% | +0.09 |
| AMZN Amazon.com Inc. | New | 0.09% | +0.09 |
| EW Edwards Lifesciences Corp. | Add +1.4% | 1.33% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +7.6% | 0.41% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.0% | 0.74% | +0.06 |
| IBTH iShares Ibonds Dec 2027 Term | Add +27.6% | 0.27% | +0.05 |
| USMV iShares MSCI USA Min Vol Fac | Add +3.2% | 4.89% | +0.05 |
| RTX RTX Corp. | Add +0.2% | 0.53% | +0.04 |
| IBTG iShares Ibonds Dec 2026 Term | Add +28.2% | 0.19% | +0.04 |
| TSLA Tesla Inc. | Add +6.3% | 0.14% | +0.03 |
| VONE Vanguard Russell 1000 | Add +1.2% | 0.26% | +0.02 |
| COST Costco Wholesale Corp. | Add +0.1% | 0.64% | +0.02 |
| DE Deere & Co. | Add +0.4% | 0.24% | +0.01 |
| MORN Morningstar Inc. | Add +0.1% | 0.25% | +0.01 |
| SRE Sempra | Add +0.6% | 0.16% | +0.01 |
| IBTF iShares Ibonds Dec 2025 Term | Add +2.0% | 0.13% | −0.00 |
| V Visa Inc. Class A | Add +0.1% | 0.59% | −0.01 |
| PFE Pfizer Inc. | Add +3.6% | 0.19% | −0.01 |
| MLPA Global X MLP ETF | Add +1.8% | 0.17% | −0.01 |
| PEP Pepsico Inc. | Add +1.0% | 0.12% | −0.02 |
| MCD McDonald's Corp. | Add +0.4% | 0.27% | −0.02 |
| XLE SS Energy Select Sector | Add +5.1% | 0.82% | −0.06 |
| XOM Exxon Mobil Corp. | Add +7.8% | 1.92% | −0.09 |
Options Activity Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | put | New | 15,000 | $2K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |