Spectrum Asset Management, Inc. (NB/CA)
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Spectrum Asset Management, Inc. (NB/CA) reported 107 stock positions worth $284.4 million. Its top holding was Vanguard Ultra Short Bond Et (VUSB) at 7.5% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 4.6%) and Schwab US Large-Cap Value (SCHV, 4.2%). Compared with Q2 2025, it opened 14 new positions, sold out of 2, added to 40 and reduced 34. The biggest buy was a new position in Vanguard Ultra Short Bond Et (VUSB) and the biggest sale FT Vest US Equity Deep Buffe (DMAR, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NEWPORT BEACH, CA
- CIK
- 0001632078
- Portfolio Value
- $284.4M (Q3 2025)
- SEC Filing
- 0001632078-25-000015 ↗ filed Oct 23, 2025
Holdings Value
Holdings 107 stocks · $284.4M
| VUSB Vanguard Ultra Short Bond Et | 7.53% | 428,467 | $21.4M | New |
| RSP Invesco S&P 500 Equal Weight | 4.58% | 68,684 | $13.0M | Add +12.7% |
| SCHV Schwab US Large-Cap Value | 4.21% | 410,880 | $12.0M | Add +4.4% |
| DSEP FT Vest U.S. Equity Deep Buf | 4.14% | 266,531 | $11.8M | Add +57.5% |
| USMV iShares MSCI USA Min Vol Fac | 4.12% | 123,164 | $11.7M | Add +2.8% |
| IAU iShares Gold Trust | 4.10% | 160,315 | $11.7M | Add +2.7% |
| DMAR FT Vest US Equity Deep Buffe | 3.42% | 238,549 | $9.7M | Reduce -1.1% |
| ORCL Oracle Corp. | 2.65% | 26,814 | $7.5M | Reduce -3.1% |
| SCHG Schwab US Large-Cap Growth | 2.38% | 212,025 | $6.8M | Add +0.5% |
| DFEB FT Vest U.S. Equity Deep Buf | 2.33% | 142,103 | $6.6M | Reduce -1.9% |
| MSFT Microsoft Corp. | 2.20% | 12,062 | $6.2M | Reduce -1.9% |
| DMAY FT Vest US Equity Deep Buffe | 2.13% | 136,741 | $6.1M | Reduce -1.9% |
| VGK Vanguard Ftse Europe ETF | 2.09% | 74,372 | $5.9M | Add +2.3% |
| GOOG Alphabet Inc. Class C | 1.84% | 21,433 | $5.2M | Add +91.5% |
| SCHW Schwab (charles) Corp. | 1.78% | 53,049 | $5.1M | Reduce -3.3% |
| CVX Chevron Corp. | 1.73% | 31,616 | $4.9M | Reduce -10.3% |
| ABBV Abbvie Inc. | 1.67% | 20,557 | $4.8M | Reduce -0.3% |
| HON Honeywell International Inc. | 1.66% | 22,369 | $4.7M | Reduce -0.2% |
| WMT Walmart Inc. | 1.65% | 45,403 | $4.7M | Reduce -9.3% |
| VYMI Vanguard Int High DVD YLD Inc. | 1.64% | 55,020 | $4.7M | New |
| LHX L3HARRIS Technologies Inc. | 1.63% | 15,196 | $4.6M | Reduce -0.9% |
| XOM Exxon Mobil Corp. | 1.63% | 41,137 | $4.6M | Add +0.2% |
| SCHF Schwab Intl Equity ETF | 1.62% | 198,372 | $4.6M | Add +1.3% |
| CSCO Cisco Systems Inc. | 1.55% | 64,586 | $4.4M | Reduce -1.1% |
| DUK Duke Energy Corp. | 1.47% | 33,855 | $4.2M | Reduce -0.9% |
| EME Emcor Group Inc. | 1.47% | 6,429 | $4.2M | Add +0.2% |
| LIN Linde PLC | 1.43% | 8,590 | $4.1M | Add +0.3% |
| MDT Medtronic PLC | 1.39% | 41,067 | $3.9M | Add +0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.31% | 7,436 | $3.7M | Reduce -17.8% |
| EMR Emerson Electric Co. | 1.28% | 27,648 | $3.6M | Reduce -1.7% |
| NVS Novartis AG-Sponsored ADR | 1.18% | 26,168 | $3.4M | Add +6.1% |
| ABT Abbott Laboratories | 1.18% | 24,962 | $3.3M | Add +0.0% |
| VZ Verizon Communications Inc. | 1.16% | 75,098 | $3.3M | Reduce -0.1% |
| EW Edwards Lifesciences Corp. | 1.07% | 38,960 | $3.0M | Reduce -0.3% |
| LNG Cheniere Energy Inc. | 0.99% | 12,017 | $2.8M | Add +93.7% |
| SCJ iShares MSCI Japan Small-Cap | 0.97% | 29,879 | $2.8M | Reduce -0.1% |
| AAAU Goldman Sachs Physical Gold | 0.96% | 71,332 | $2.7M | Reduce -0.0% |
| EWZ iShares MSCI Brazil ETF | 0.90% | 82,739 | $2.6M | Reduce -1.0% |
| EWW iShares MSCI Mexico ETF | 0.90% | 37,600 | $2.6M | Reduce -2.4% |
| MLPX Global X MLP & Energy Infras | 0.86% | 39,065 | $2.4M | Add +1.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.80% | 3 | $2.3M | No change |
| SCHB Schwab US Broad Market ETF | 0.73% | 80,899 | $2.1M | Add +3.0% |
| XLE SS Energy Select Sector | 0.73% | 23,235 | $2.1M | Add +4.5% |
| FISV Fiserv Inc. | 0.72% | 15,935 | $2.1M | Add +103.8% |
| FLJP Franklin Ftse Japan ETF | 0.71% | 58,429 | $2.0M | Add +0.4% |
| SCHR Schwab Intermediate-Term US | 0.70% | 79,439 | $2.0M | Add +158.0% |
| EWA iShares MSCI Australia ETF | 0.65% | 68,677 | $1.9M | Reduce -0.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.64% | 2,741 | $1.8M | Add +0.1% |
| ESGU iShares ESG Aware MSCI USA | 0.63% | 12,344 | $1.8M | Add +3.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.60% | 3,567 | $1.7M | Reduce -1.0% |
| COST Costco Wholesale Corp. | 0.49% | 1,493 | $1.4M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 0.46% | 5,383 | $1.3M | Add +1.1% |
| V Visa Inc. Class A | 0.46% | 3,825 | $1.3M | Add +0.1% |
| MCK McKesson Corp. | 0.44% | 1,600 | $1.2M | No change |
| RTX RTX Corp. | 0.42% | 7,204 | $1.2M | Reduce -13.4% |
| DNOV FT Vest US Equity Deep Buffe | 0.41% | 24,800 | $1.2M | No change |
| AAPL Apple Inc. | 0.39% | 4,310 | $1.1M | Add +1.3% |
| TLT iShares 20+ Year Treasury BD | 0.26% | 8,370 | $748K | No change |
| VEA Vanguard Ftse Developed ETF | 0.26% | 12,452 | $746K | Reduce -1.2% |
| ESLT Elbit Systems Ltd. | 0.26% | 1,436 | $732K | Reduce -18.2% |
| NKE Nike Inc. Class B | 0.24% | 9,939 | $693K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.24% | 714 | $691K | No change |
| MCD McDonald's Corp. | 0.23% | 2,138 | $650K | Add +0.4% |
| PHM Pultegroup Inc. | 0.23% | 4,852 | $642K | No change |
| VONE Vanguard Russell 1000 | 0.22% | 2,094 | $633K | Reduce -3.2% |
| IBTH iShares Ibonds Dec 2027 Term | 0.22% | 28,052 | $632K | Add +1.5% |
| CIBR First Trust Nasdaq Cybersecu | 0.22% | 8,301 | $631K | Add +0.1% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 4,758 | $565K | Reduce -0.1% |
| PAYC Paycom Software Inc. | 0.19% | 2,538 | $528K | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.18% | 14,938 | $518K | New |
| DE Deere & Co. | 0.18% | 1,123 | $515K | Add +3.0% |
| AXS Axis Capital Holdings Ltd. | 0.18% | 5,189 | $499K | New |
| PGR Progressive Corp. | 0.17% | 2,012 | $497K | New |
| VTI VG Morningstar TS MKT ETF-US | 0.17% | 1,498 | $493K | No change |
| MCO Moody's Corp. | 0.16% | 984 | $469K | New |
| PFE Pfizer Inc. | 0.16% | 17,812 | $454K | Add +0.8% |
| ITB iShares U.S. Home Constructi | 0.15% | 4,074 | $437K | New |
| IBTG iShares Ibonds Dec 2026 Term | 0.15% | 18,983 | $436K | Add +1.8% |
| TSLA Tesla Inc. | 0.15% | 978 | $435K | No change |
| SRE Sempra | 0.15% | 4,834 | $435K | Add +0.9% |
| MORN Morningstar Inc. | 0.15% | 1,815 | $421K | Add +0.2% |
| ANET Arista Networks Inc. | 0.14% | 2,747 | $400K | New |
| NVDA Nvidia Corp. | 0.13% | 2,052 | $383K | No change |
| MLPA Global X MLP ETF | 0.13% | 7,832 | $379K | Add +1.9% |
| GLD SPDR Gold Shares | 0.12% | 988 | $351K | No change |
| TPL Texas Pacific Land Corp. | 0.12% | 366 | $342K | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.12% | 1,200 | $339K | No change |
| GE General Electric filed as GE AEROSPACE | 0.12% | 1,105 | $333K | No change |
| PANW Palo Alto Networks Inc. | 0.11% | 1,528 | $311K | New |
| IVV iShares Core S&P 500 ETF | 0.11% | 464 | $311K | Reduce -0.4% |
| IBTF iShares Ibonds Dec 2025 Term | 0.11% | 13,033 | $305K | Add +2.8% |
| PEP Pepsico Inc. | 0.11% | 2,153 | $302K | Add +0.9% |
| VEEV Veeva Systems Inc. Class A | 0.10% | 971 | $289K | Reduce -25.0% |
| DJUL FT Vest US Equity Deep Buffe | 0.10% | 5,970 | $279K | No change |
| NOW ServiceNow Inc. | 0.10% | 301 | $277K | New |
| DAPR FT Vest U.S. Equity Deep Buf | 0.09% | 6,965 | $269K | Reduce -5.3% |
| MELI MercadoLibre Inc. | 0.09% | 115 | $269K | Reduce -19.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.09% | 4,979 | $257K | Add +11.9% |
| NICE Nice Ltd. - Spon ADR | 0.08% | 1,655 | $240K | No change |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.08% | 5,539 | $237K | No change |
| MO Altria Group Inc. | 0.08% | 3,405 | $229K | New |
| AMZN Amazon.com Inc. | 0.08% | 1,015 | $223K | Add +6.3% |
| DOCT FT Vest U.S. Equity Deep Buf | 0.08% | 5,100 | $220K | No change |
| CMG Chipotle Mexican Grill Inc. | 0.08% | 5,492 | $215K | New |
| IWB iShares Russell 1000 ETF | 0.07% | 548 | $200K | New |
| BEAT Heartbeam Inc. | 0.04% | 74,400 | $123K | No change |
| TENON MEDICAL INC | 0.00% | 10,650 | $13K | Reduce -58.5% |
Options reported separately and not counted above: NVDA puts ($2K).
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 | 914,314 | $17K | Reduce -13.6% |
Total filed on the 13F, all lines: $284.4M.
Portfolio Sells Q2 2025 → Q3 2025
| DMAR FT Vest US Equity Deep Buffe | Reduce -1.1% | 3.42% | −0.73 |
| HON Honeywell International Inc. | Reduce -0.2% | 1.66% | −0.61 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -17.8% | 1.31% | −0.60 |
| DFEB FT Vest U.S. Equity Deep Buf | Reduce -1.9% | 2.33% | −0.49 |
| WMT Walmart Inc. | Reduce -9.3% | 1.65% | −0.48 |
| CVX Chevron Corp. | Reduce -10.3% | 1.73% | −0.47 |
| DMAY FT Vest US Equity Deep Buffe | Reduce -1.9% | 2.13% | −0.46 |
| MSFT Microsoft Corp. | Reduce -1.9% | 2.20% | −0.46 |
| CSCO Cisco Systems Inc. | Reduce -1.1% | 1.55% | −0.41 |
| SCHW Schwab (charles) Corp. | Reduce -3.3% | 1.78% | −0.39 |
| EMR Emerson Electric Co. | Reduce -1.7% | 1.28% | −0.35 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.31 |
| DUK Duke Energy Corp. | Reduce -0.9% | 1.47% | −0.28 |
| EW Edwards Lifesciences Corp. | Reduce -0.3% | 1.07% | −0.26 |
| VZ Verizon Communications Inc. | Reduce -0.1% | 1.16% | −0.25 |
| CTSH Cognizant Tech Solutions-A | Sold out | 0.00% | −0.21 |
| COST Costco Wholesale Corp. | Reduce -0.1% | 0.49% | −0.16 |
| EWZ iShares MSCI Brazil ETF | Reduce -1.0% | 0.90% | −0.15 |
| SCJ iShares MSCI Japan Small-Cap | Reduce -0.1% | 0.97% | −0.14 |
| EWA iShares MSCI Australia ETF | Reduce -0.0% | 0.65% | −0.13 |
| EWW iShares MSCI Mexico ETF | Reduce -2.4% | 0.90% | −0.11 |
| RTX RTX Corp. | Reduce -13.4% | 0.42% | −0.10 |
| ESLT Elbit Systems Ltd. | Reduce -18.2% | 0.26% | −0.09 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -1.0% | 0.60% | −0.09 |
| MELI MercadoLibre Inc. | Reduce -19.0% | 0.09% | −0.07 |
| VEEV Veeva Systems Inc. Class A | Reduce -25.0% | 0.10% | −0.06 |
| AAAU Goldman Sachs Physical Gold | Reduce -0.0% | 0.96% | −0.06 |
| VEA Vanguard Ftse Developed ETF | Reduce -1.2% | 0.26% | −0.05 |
| VONE Vanguard Russell 1000 | Reduce -3.2% | 0.22% | −0.04 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.9% | 1.63% | −0.04 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.1% | 0.20% | −0.03 |
| DAPR FT Vest U.S. Equity Deep Buf | Reduce -5.3% | 0.09% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -0.4% | 0.11% | −0.02 |
| TENON MEDICAL INC | Reduce -58.5% | 0.00% | −0.01 |
| ABBV Abbvie Inc. | Reduce -0.3% | 1.67% | +0.01 |
| ORCL Oracle Corp. | Reduce -3.1% | 2.65% | +0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| VUSB Vanguard Ultra Short Bond Et | New | 7.53% | +7.53 |
| VYMI Vanguard Int High DVD YLD Inc. | New | 1.64% | +1.64 |
| DSEP FT Vest U.S. Equity Deep Buf | Add +57.5% | 4.14% | +1.02 |
| GOOG Alphabet Inc. Class C | Add +91.5% | 1.84% | +0.97 |
| SCHR Schwab Intermediate-Term US | Add +158.0% | 0.70% | +0.37 |
| LNG Cheniere Energy Inc. | Add +93.7% | 0.99% | +0.34 |
| NKE Nike Inc. Class B | New | 0.24% | +0.24 |
| SLB SLB Ltd. | New | 0.18% | +0.18 |
| AXS Axis Capital Holdings Ltd. | New | 0.18% | +0.18 |
| PGR Progressive Corp. | New | 0.17% | +0.17 |
| MCO Moody's Corp. | New | 0.16% | +0.16 |
| ITB iShares U.S. Home Constructi | New | 0.15% | +0.15 |
| ANET Arista Networks Inc. | New | 0.14% | +0.14 |
| FISV Fiserv Inc. | Add +103.8% | 0.72% | +0.14 |
| PANW Palo Alto Networks Inc. | New | 0.11% | +0.11 |
| NOW ServiceNow Inc. | New | 0.10% | +0.10 |
| MO Altria Group Inc. | New | 0.08% | +0.08 |
| CMG Chipotle Mexican Grill Inc. | New | 0.08% | +0.08 |
| IWB iShares Russell 1000 ETF | New | 0.07% | +0.07 |
| GOOGL Alphabet Inc. Class A | Add +1.1% | 0.46% | +0.05 |
| AAPL Apple Inc. | Add +1.3% | 0.39% | +0.01 |
| BAC Bank of America Corp. | Add +11.9% | 0.09% | −0.00 |
| SRE Sempra | Add +0.9% | 0.15% | −0.00 |
| AMZN Amazon.com Inc. | Add +6.3% | 0.08% | −0.01 |
| PEP Pepsico Inc. | Add +0.9% | 0.11% | −0.02 |
| IBTF iShares Ibonds Dec 2025 Term | Add +2.8% | 0.11% | −0.02 |
| EME Emcor Group Inc. | Add +0.2% | 1.47% | −0.02 |
| PFE Pfizer Inc. | Add +0.8% | 0.16% | −0.03 |
| IBTG iShares Ibonds Dec 2026 Term | Add +1.8% | 0.15% | −0.03 |
| MLPA Global X MLP ETF | Add +1.9% | 0.13% | −0.03 |
| MCD McDonald's Corp. | Add +0.4% | 0.23% | −0.04 |
| IBTH iShares Ibonds Dec 2027 Term | Add +1.5% | 0.22% | −0.05 |
| CIBR First Trust Nasdaq Cybersecu | Add +0.1% | 0.22% | −0.05 |
| DE Deere & Co. | Add +3.0% | 0.18% | −0.06 |
| ESGU iShares ESG Aware MSCI USA | Add +3.1% | 0.63% | −0.07 |
| SCHB Schwab US Broad Market ETF | Add +3.0% | 0.73% | −0.08 |
| XLE SS Energy Select Sector | Add +4.5% | 0.73% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.1% | 0.64% | −0.09 |
| MORN Morningstar Inc. | Add +0.2% | 0.15% | −0.10 |
| FLJP Franklin Ftse Japan ETF | Add +0.4% | 0.71% | −0.10 |
| NVS Novartis AG-Sponsored ADR | Add +6.1% | 1.18% | −0.12 |
| IAU iShares Gold Trust | Add +2.7% | 4.10% | −0.13 |
| V Visa Inc. Class A | Add +0.1% | 0.46% | −0.13 |
| MDT Medtronic PLC | Add +0.3% | 1.39% | −0.18 |
| MLPX Global X MLP & Energy Infras | Add +1.4% | 0.86% | −0.19 |
| RSP Invesco S&P 500 Equal Weight | Add +12.7% | 4.58% | −0.23 |
| SCHF Schwab Intl Equity ETF | Add +1.3% | 1.62% | −0.26 |
| XOM Exxon Mobil Corp. | Add +0.2% | 1.63% | −0.29 |
| SCHG Schwab US Large-Cap Growth | Add +0.5% | 2.38% | −0.30 |
| ABT Abbott Laboratories | Add +0.0% | 1.18% | −0.30 |
Options Activity Q2 2025 → Q3 2025
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| TNONW Tenon Medical Inc.-28 | *W EXP 06/16/202 | Reduce -13.6% | 914,314 | $17K |
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 |