Syntax Research, Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed December 18, 2024), Syntax Research, Inc. reported 189 stock positions worth $147.8 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.1% of the portfolio, followed by iShares MSCI USA Value Facto (VLUE, 5.3%) and iShares 1-3 Year Treasury Bo (SHY, 4.7%). Compared with Q2 2024, it opened 26 new positions, sold out of 11, added to 38 and reduced 26. The biggest buy was a new position in SLB (SLB) and the biggest sale iShares 1-3 Year Treasury Bo (SHY, shares −44%).

Most Recent 13F
Q2 2026
Location
BOCA RATON, FL
CIK
0001999827
Portfolio Value
$147.8M (Q3 2024)
SEC Filing
0001398344-24-023327 ↗ filed Dec 18, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $131.0M Q1 2024 Q2 2024: $126.4M Q2 2024 Q3 2024: $147.8M $147.8M Q3 2024 Q4 2024: $139.5M Q4 2024 Q1 2025: $144.8M Q1 2025 Q2 2025: $140.8M Q2 2025 Q3 2025: $155.6M Q3 2025 Q4 2025: $162.1M Q4 2025 Q1 2026: $157.1M Q1 2026 Q2 2026: $136.6M Q2 2026

Holdings 189 stocks · $147.8M
IVV iShares Core S&P 500 ETF 8.13% 20,824 $12.0M Add +1.3%
VLUE iShares MSCI USA Value Facto 5.32% 72,176 $7.9M Add +0.9%
SHY iShares 1-3 Year Treasury Bo 4.74% 84,322 $7.0M Reduce -44.3%
AAPL Apple Inc. 4.61% 29,254 $6.8M Reduce -3.3%
ACWX iShares MSCI Acwi Ex US ETF 4.13% 106,661 $6.1M Reduce -2.2%
IEUR iShares Core MSCI Europe ETF 4.02% 97,480 $5.9M Add +1.0%
SPY SS SPDR S&P 500 ETF Trust-US 3.67% 9,468 $5.4M Reduce -4.8%
NOBL Proshares S&P 500 Dividend A 3.29% 45,611 $4.9M Add +0.2%
IEF iShares 7-10 Year Treasury B 3.16% 47,544 $4.7M Add +301.1%
TLT iShares 20+ Year Treasury BD 2.92% 43,990 $4.3M Add +0.6%
PLD Prologis Inc. 2.70% 31,602 $4.0M Reduce -0.7%
IJH iShares Core S&P Midcap ETF 2.63% 62,316 $3.9M Reduce -31.2%
CVX Chevron Corp. 2.53% 25,428 $3.7M Add +814.4%
FCX Freeport-McMoran Inc. 2.37% 70,137 $3.5M Add +16841.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 2.36% 83,207 $3.5M New
LQD Ishr Ibx Usd Invgd CB ETF-Ui 2.28% 29,769 $3.4M Add +284.1%
COP Conocophillips 2.19% 30,727 $3.2M New
FDX FedEx Corp. 2.18% 11,793 $3.2M Reduce -4.4%
AMT American Tower Corp. 2.14% 13,605 $3.2M Reduce -18.7%
NTR Nutrien Ltd. 2.11% 64,836 $3.1M Add +11.4%
MSFT Microsoft Corp. 2.06% 7,085 $3.0M Reduce -6.5%
APD Air Products & Chemicals Inc. 2.06% 10,222 $3.0M Reduce -22.4%
IJR iShares Core S&P Small-Cap E 2.03% 25,602 $3.0M Add +134.1%
BXP BXP Inc. 1.76% 32,332 $2.6M Reduce -33.2%
CME Cme Group Inc. 1.72% 11,513 $2.5M New
WM Waste Management Inc. 1.70% 12,086 $2.5M Add +502.8%
DOW Dow Inc. 1.60% 43,401 $2.4M Add +335.1%
ABT Abbott Laboratories 1.54% 20,000 $2.3M New
NEM Newmont Corp. 1.24% 34,292 $1.8M Reduce -58.9%
PAA Plains All Amer Pipeline LP 1.18% 100,316 $1.7M New
JPM JPMorgan Chase & Co. 1.13% 7,913 $1.7M Reduce -0.8%
GOOG Alphabet Inc. Class C 1.11% 9,787 $1.6M Reduce -9.8%
MRK Merck & Co. Inc. 0.94% 12,175 $1.4M Add +459.8%
AVGO Broadcom Inc. 0.81% 6,899 $1.2M Reduce -1.7%
QUAL iShares MSCI USA Quality Fac 0.78% 6,395 $1.1M Add +12.1%
AMZN Amazon.com Inc. 0.54% 4,300 $801K Add +10.8%
QCOM Qualcomm Inc. 0.54% 4,682 $796K Add +8.9%
BA The Boeing Co. 0.48% 4,708 $716K Add +18.4%
RTX RTX Corp. 0.45% 5,457 $661K Reduce -8.2%
CSCO Cisco Systems Inc. 0.43% 11,946 $636K Reduce -3.2%
LMT Lockheed Martin Corp. 0.41% 1,041 $609K No change
GOVT iShares US Treasury Bond ETF 0.39% 24,435 $573K Add +0.7%
MDT Medtronic PLC 0.38% 6,319 $569K Add +593.6%
UPS United Parcel Service Class B 0.36% 3,909 $533K Add +3770.3%
QQQ Invesco QQQ Trust Series 1 0.35% 1,050 $512K Add +0.1%
TIP iShares Tips Bond ETF 0.33% 4,453 $492K Add +0.6%
BRK.B Berkshire Hathaway Inc. Class B 0.32% 1,024 $471K No change
BLK BlackRock Finance Inc. 0.30% 474 $450K Reduce -8.8%
EMR Emerson Electric Co. 0.26% 3,561 $389K Add +1318.7%
GOOGL Alphabet Inc. Class A 0.25% 2,242 $372K Add +0.9%
INTC Intel Corp. 0.24% 15,000 $352K Reduce -4.5%
V Visa Inc. Class A 0.24% 1,268 $349K Add +0.1%
COST Costco Wholesale Corp. 0.24% 392 $348K No change
VTI VG Morningstar TS MKT ETF-US 0.23% 1,222 $346K New
HD Home Depot Inc. 0.22% 815 $330K Add +1.1%
IEMG iShares Core MSCI Emerging 0.20% 5,148 $296K No change
LLY Eli Lilly & Co. 0.19% 323 $286K No change
REGN Regeneron Pharmaceuticals 0.17% 245 $258K Reduce -29.0%
PAYX Paychex Inc. 0.17% 1,826 $245K Reduce -14.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.15% 5,579 $221K Add +0.2%
TSM Taiwan Semiconductor-SP ADR 0.14% 1,201 $209K Add +0.2%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.14% 837 $204K No change
VALE Vale SA-SP ADR 0.13% 16,983 $198K New
VIG Vanguard Dividend Apprec ETF 0.10% 748 $148K Add +0.5%
MUB iShares National Muni Bond E 0.10% 1,300 $141K New
META Meta Platforms Inc. Class A 0.09% 245 $140K No change
NFLX Netflix Inc. 0.08% 175 $124K No change
USMV iShares MSCI USA Min Vol Fac 0.08% 1,297 $118K No change
ED Consolidated Edison Inc. 0.08% 1,114 $116K No change
WFC Wells Fargo & Co. 0.08% 2,036 $115K No change
TSLA Tesla Inc. 0.07% 375 $98K No change
PECO Phillips Edison & Company Inc. 0.06% 2,527 $95K No change
CMCSA Comcast Corp. Class A 0.06% 2,082 $87K Add +0.3%
SAP Sap SE-Sponsored ADR 0.06% 370 $85K No change
XLF SS Financial Select Sector 0.05% 1,737 $79K No change
AMGN Amgen Inc. 0.05% 237 $76K No change
GD General Dynamics Corp. 0.05% 252 $76K No change
ETN Eaton Corp. PLC 0.05% 225 $75K No change
GMED Globus Medical Inc. Class A 0.05% 1,000 $72K No change
HPQ HP Inc. 0.05% 1,897 $68K No change
NEE Nextera Energy Inc. 0.05% 804 $68K No change
JNJ Johnson & Johnson 0.05% 411 $67K No change
IYY iShares Dow Jones U.S. ETF 0.04% 472 $66K No change
VZ Verizon Communications Inc. 0.04% 1,300 $58K No change
DRI Darden Restaurants Inc. 0.04% 337 $55K No change
TMO Thermo Fisher Scientific Inc. 0.04% 88 $54K No change
CAT Caterpillar Inc. 0.04% 138 $54K Add +2.2%
CVS CVS Health Corp. 0.03% 772 $49K Reduce -16.7%
VGK Vanguard Ftse Europe ETF 0.03% 666 $47K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.03% 476 $46K Add +0.2%
HDV iShares Core High Dividend E 0.03% 387 $46K Add +0.3%
PFF iShares Preferred & Income S 0.03% 1,322 $44K No change
ICE Intercontinental Exchange Inc. 0.03% 264 $42K No change
IYF iShares US Financials ETF 0.03% 404 $42K No change
PFE Pfizer Inc. 0.03% 1,448 $42K Reduce -31.0%
UNH Unitedhealth Group Inc. 0.03% 71 $42K Add +6.0%
IWO iShares Russell 2000 Growth 0.03% 146 $41K No change
CWB SS SPDR BB Conv Sec ETF 0.03% 537 $41K No change
VB Vanguard Most SM-Cap ETF-Usd 0.03% 169 $40K Add +31.0%
HON Honeywell International Inc. 0.03% 191 $39K No change
HPE Hewlett Packard Enterprise 0.03% 1,897 $39K No change
CLX Clorox Company 0.02% 221 $36K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.02% 813 $35K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.02% 655 $34K No change
AFL Aflac Inc. 0.02% 300 $34K No change
IWP iShares Russell Mid-Cap Grow 0.02% 262 $31K No change
SBUX Starbucks Corp. 0.02% 300 $29K No change
LOW Lowe's Cos Inc. 0.02% 106 $29K Add +6.0%
PEG Public Service Enterprise GP 0.02% 315 $28K No change
ADBE Adobe Inc. 0.02% 52 $27K No change
SCHF Schwab Intl Equity ETF 0.02% 615 $25K New
ALC Alcon Inc. filed as ALCON AG 0.02% 250 $25K No change
KR Kroger Co. 0.02% 433 $25K No change
UNP Union Pacific Corp. 0.02% 99 $24K No change
ITA iShares U.S. Aerospace & Def 0.02% 158 $24K No change
IWD iShares Russell 1000 Value E 0.02% 122 $23K No change
KLAC KLA Corp. 0.02% 29 $22K No change
NOW ServiceNow Inc. 0.02% 25 $22K No change
CUBE Cubesmart 0.01% 409 $22K Reduce -99.4%
GM General Motors Co. 0.01% 466 $21K No change
CBOE Cboe Global Markets Inc. 0.01% 100 $20K No change
MDLZ Mondelez International Inc. Class A 0.01% 269 $20K No change
NVDA Nvidia Corp. 0.01% 160 $19K New
ELV Elevance Health Inc. 0.01% 37 $19K Add +2.8%
XOM Exxon Mobil Corp. 0.01% 152 $18K No change
SNOW Snowflake Inc. 0.01% 150 $17K New
CL Colgate-Palmolive Co. 0.01% 165 $17K No change
PEP Pepsico Inc. 0.01% 100 $17K No change
VWO Vanguard Ftse Emerging Marke 0.01% 351 $17K New
IDV iShares International Select 0.01% 541 $16K Reduce -96.0%
SCHD Schwab US DVD Equity ETF 0.01% 188 $16K New
XLRE SS Real Estate Select Sector 0.01% 344 $15K Reduce -94.5%
GDX Vaneck Gold Miners ETF 0.01% 383 $15K No change
USB US Bancorp 0.01% 326 $15K No change
SHW The Sherwin-Williams Co. 0.01% 39 $15K No change
VTR Ventas Inc. 0.01% 230 $15K No change
KO The Coca-Cola Co. 0.01% 200 $14K No change
VXF Vanguard Extended Market ETF 0.01% 78 $14K New
VEA Vanguard Ftse Developed ETF 0.01% 266 $14K New
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.01% 112 $14K No change
MO Altria Group Inc. 0.01% 250 $13K No change
T AT&T Inc. 0.01% 536 $12K No change
CRSP Crispr Therapeutics AG 0.01% 250 $12K No change
DE Deere & Co. 0.01% 27 $11K No change
C Citigroup Inc. 0.01% 179 $11K No change
CSX CSX Corp. 0.01% 324 $11K No change
ADP Automatic Data Processing 0.01% 39 $11K No change
MNST Monster Beverage Corp. 0.01% 200 $10K No change
MELI MercadoLibre Inc. 0.01% 5 $10K No change
AMAT Applied Materials Inc. 0.01% 49 $10K No change
CARR Carrier Global Corp. 0.01% 118 $9K No change
DD Dupont DE Nemours Inc. 0.01% 100 $9K No change
WYNN WYNN Resorts Ltd. 0.01% 89 $9K No change
BKNG Booking Holdings Inc. 0.01% 2 $8K No change
MCD McDonald's Corp. 0.01% 25 $8K No change
ITOT iShares Core S&P Total U.S. 0.01% 60 $7K No change
MGM MGM Resorts International 0.01% 190 $7K No change
VOO Vanguard S&P 500 ETF 0.00% 13 $7K New
MRNA Moderna Inc. 0.00% 100 $7K New
BX Blackstone Inc. 0.00% 43 $7K No change
LVS Las Vegas Sands Corp. 0.00% 129 $6K No change
OTIS Otis Worldwide Corp. 0.00% 59 $6K No change
GS Goldman Sachs Group Inc. 0.00% 12 $6K No change
UAL United Airlines Holdings Inc. 0.00% 100 $6K No change
CCCC C4 Therapeutics Inc. 0.00% 1,000 $6K No change
SHEL Shell PLC-ADR 0.00% 83 $5K No change
ALL Allstate Corp. 0.00% 28 $5K No change
DAL Delta Air Lines Inc. 0.00% 100 $5K No change
HE Hawaiian Electric Inds 0.00% 508 $5K No change
CCL Carnival Corp. 0.00% 260 $5K No change
GH Guardant Health Inc. 0.00% 200 $5K No change
LUV Southwest Airlines Co. 0.00% 138 $4K No change
QCLN First Trust Nasdaq Clean Edg 0.00% 100 $4K No change
DXC DXC Technology Co. 0.00% 162 $3K No change
MSI Motorola Solutions Inc. 0.00% 6 $3K No change
AIA iShares Asia 50 ETF 0.00% 35 $3K No change
AAL American Airlines Group Inc. 0.00% 200 $2K No change
ACN Accenture PLC Class A 0.00% 5 $2K New
MA Mastercard Inc. Class A 0.00% 3 $1K New
PM Philip Morris International 0.00% 12 $1K New
AXP American Express Co. 0.00% 5 $1K New
VLO Valero Energy Corp. 0.00% 9 $1K New
WMT Walmart Inc. 0.00% 15 $1K New
TDOC Teladoc Health Inc. 0.00% 100 $918 No change
QS Quantumscape Corp. 0.00% 150 $863 No change
TXN Texas Instruments Inc. 0.00% 3 $620 New
ABBV Abbvie Inc. 0.00% 3 $593 New
SAVEQ Spirit Airlines Inc. 0.00% 180 $432 No change
LXRX Lexicon Pharmaceuticals Inc. 0.00% 142 $223 No change

Options reported separately and not counted above: MSFT puts ($215K).

Portfolio Sells Q2 2024 → Q3 2024
SHY iShares 1-3 Year Treasury Bo Reduce -44.3% 4.74% −5.03
COLD Americold Realty Trust Inc. Sold out 0.00% −2.74
CUBE Cubesmart Reduce -99.4% 0.01% −2.49
IJH iShares Core S&P Midcap ETF Reduce -31.2% 2.63% −1.57
NEM Newmont Corp. Reduce -58.9% 1.24% −1.52
FDX FedEx Corp. Reduce -4.4% 2.18% −0.74
APD Air Products & Chemicals Inc. Reduce -22.4% 2.06% −0.63
MSFT Microsoft Corp. Reduce -6.5% 2.06% −0.62
SPY SS SPDR S&P 500 ETF Trust-US Reduce -4.8% 3.67% −0.60
BXP BXP Inc. Reduce -33.2% 1.76% −0.60
FMC FMC Corp. Sold out 0.00% −0.56
GOOG Alphabet Inc. Class C Reduce -9.8% 1.11% −0.47
ACWX iShares MSCI Acwi Ex US ETF Reduce -2.2% 4.13% −0.45
AMT American Tower Corp. Reduce -18.7% 2.14% −0.43
AAPL Apple Inc. Reduce -3.3% 4.61% −0.43
IDV iShares International Select Reduce -96.0% 0.01% −0.29
XLRE SS Real Estate Select Sector Reduce -94.5% 0.01% −0.18
JPM JPMorgan Chase & Co. Reduce -0.8% 1.13% −0.15
INTC Intel Corp. Reduce -4.5% 0.24% −0.15
PLD Prologis Inc. Reduce -0.7% 2.70% −0.13
REGN Regeneron Pharmaceuticals Reduce -29.0% 0.17% −0.11
AVGO Broadcom Inc. Reduce -1.7% 0.81% −0.09
DLR Digital Realty Trust Inc. Sold out 0.00% −0.07
PAYX Paychex Inc. Reduce -14.6% 0.17% −0.03
CSCO Cisco Systems Inc. Reduce -3.2% 0.43% −0.03
XIFR XPLR Infrastructure LP Sold out 0.00% −0.03
RTX RTX Corp. Reduce -8.2% 0.45% −0.02
BLK BlackRock Finance Inc. Reduce -8.8% 0.30% −0.02
PFE Pfizer Inc. Reduce -31.0% 0.03% −0.02
CVS CVS Health Corp. Reduce -16.7% 0.03% −0.01
NKE Nike Inc. Class B Sold out 0.00% −0.01
ZM Zoom Communications Inc. Sold out 0.00% −0.01
FBIN Fortune Brands Innovations I Sold out 0.00% −0.01
MTCH Match Group Inc. Sold out 0.00% −0.00
PRIM Primoris Services Corp. Sold out 0.00% −0.00
GRND Grindr Inc. Sold out 0.00% −0.00
ALIM Alimera Sciences Inc. Sold out 0.00% −0.00

Portfolio Buys Q2 2024 → Q3 2024
SLB SLB Ltd. New 2.36% +2.36
FCX Freeport-McMoran Inc. Add +16841.3% 2.37% +2.35
IEF iShares 7-10 Year Treasury B Add +301.1% 3.16% +2.28
CVX Chevron Corp. Add +814.4% 2.53% +2.19
COP Conocophillips New 2.19% +2.19
CME Cme Group Inc. New 1.72% +1.72
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +284.1% 2.28% +1.62
ABT Abbott Laboratories New 1.54% +1.54
WM Waste Management Inc. Add +502.8% 1.70% +1.36
DOW Dow Inc. Add +335.1% 1.60% +1.19
PAA Plains All Amer Pipeline LP New 1.18% +1.18
IJR iShares Core S&P Small-Cap E Add +134.1% 2.03% +1.10
MRK Merck & Co. Inc. Add +459.8% 0.94% +0.72
UPS United Parcel Service Class B Add +3770.3% 0.36% +0.35
MDT Medtronic PLC Add +593.6% 0.38% +0.33
EMR Emerson Electric Co. Add +1318.7% 0.26% +0.24
VTI VG Morningstar TS MKT ETF-US New 0.23% +0.23
VALE Vale SA-SP ADR New 0.13% +0.13
MUB iShares National Muni Bond E New 0.10% +0.10
VGK Vanguard Ftse Europe ETF New 0.03% +0.03
SCHF Schwab Intl Equity ETF New 0.02% +0.02
NVDA Nvidia Corp. New 0.01% +0.01
SNOW Snowflake Inc. New 0.01% +0.01
VWO Vanguard Ftse Emerging Marke New 0.01% +0.01
SCHD Schwab US DVD Equity ETF New 0.01% +0.01
VXF Vanguard Extended Market ETF New 0.01% +0.01
VEA Vanguard Ftse Developed ETF New 0.01% +0.01
QUAL iShares MSCI USA Quality Fac Add +12.1% 0.78% +0.00
VB Vanguard Most SM-Cap ETF-Usd Add +31.0% 0.03% +0.00
VOO Vanguard S&P 500 ETF New 0.00% +0.00
MRNA Moderna Inc. New 0.00% +0.00
HD Home Depot Inc. Add +1.1% 0.22% +0.00
LOW Lowe's Cos Inc. Add +6.0% 0.02% +0.00
ACN Accenture PLC Class A New 0.00% +0.00
UNH Unitedhealth Group Inc. Add +6.0% 0.03% +0.00
MA Mastercard Inc. Class A New 0.00% +0.00
PM Philip Morris International New 0.00% +0.00
AXP American Express Co. New 0.00% +0.00
CAT Caterpillar Inc. Add +2.2% 0.04% +0.00
VLO Valero Energy Corp. New 0.00% +0.00
WMT Walmart Inc. New 0.00% +0.00
ABBV Abbvie Inc. New 0.00% +0.00
TXN Texas Instruments Inc. New 0.00% +0.00
HDV iShares Core High Dividend E Add +0.3% 0.03% −0.00
ELV Elevance Health Inc. Add +2.8% 0.01% −0.00
CMCSA Comcast Corp. Class A Add +0.3% 0.06% −0.01
DIS The Walt Disney Co. Add +0.2% 0.03% −0.01
VIG Vanguard Dividend Apprec ETF Add +0.5% 0.10% −0.01
TSM Taiwan Semiconductor-SP ADR Add +0.2% 0.14% −0.02
BAC Bank of America Corp. Add +0.2% 0.15% −0.03

Options Activity Q2 2024 → Q3 2024
MSFT Microsoft Corp. put New 500 $215K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 177$136.6MIVV, IEF, SHY, USMV, NOBL
Q1 2026 173$157.1MIVV, IEF, VLUE, AAPL, SHY
Q4 2025 172$162.1MIVV, IEF, VLUE, AAPL, SHY
Q3 2025 172$155.6MIVV, VLUE, IEF, AAPL, SHY
Q2 2025 170$140.8MIVV, VLUE, IEF, SHY, AAPL
Q1 2025 175$144.8MIVV, SHY, VLUE, AAPL, IEF
Q4 2024 183$139.5MIVV, VLUE, AAPL, SHY, ACWX
Q3 2024 189$147.8MIVV, VLUE, SHY, AAPL, ACWX
Q2 2024 174$126.4MSHY, IVV, VLUE, AAPL, ACWX
Q1 2024 170$131.0MSHY, IVV, VLUE, IJH, SPY