Syntax Research, Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Syntax Research, Inc. reported 183 stock positions worth $139.5 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.3% of the portfolio, followed by iShares MSCI USA Value Facto (VLUE, 5.5%) and Apple (AAPL, 5.3%). Compared with Q3 2024, it opened 9 new positions, sold out of 15, added to 42 and reduced 28. The biggest buy was a new position in Americold Realty Trust (COLD) and the biggest sale iShares 20+ Year Treasury BD (TLT, shares −87%).

Most Recent 13F
Q2 2026
Location
BOCA RATON, FL
CIK
0001999827
Portfolio Value
$139.5M (Q4 2024)
SEC Filing
0001398344-25-002436 ↗ filed Feb 11, 2025

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 Q3 2024 Q4 2024: $139.5M $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 183 stocks · $139.5M
IVV iShares Core S&P 500 ETF 8.33% 19,729 $11.6M Reduce -5.3%
VLUE iShares MSCI USA Value Facto 5.50% 72,680 $7.7M Add +0.7%
AAPL Apple Inc. 5.26% 29,270 $7.3M Add +0.1%
SHY iShares 1-3 Year Treasury Bo 4.77% 81,198 $6.7M Reduce -3.7%
ACWX iShares MSCI Acwi Ex US ETF 4.06% 108,435 $5.7M Add +1.7%
IEUR iShares Core MSCI Europe ETF 3.73% 96,274 $5.2M Reduce -1.2%
IEF iShares 7-10 Year Treasury B 3.55% 53,563 $5.0M Add +12.7%
SPY SS SPDR S&P 500 ETF Trust-US 3.47% 8,247 $4.8M Reduce -12.9%
NOBL Proshares S&P 500 Dividend A 3.23% 45,205 $4.5M Reduce -0.9%
IJH iShares Core S&P Midcap ETF 2.68% 60,042 $3.7M Reduce -3.6%
PLD Prologis Inc. 2.58% 34,064 $3.6M Add +7.8%
FDX FedEx Corp. 2.41% 11,936 $3.4M Add +1.2%
IJR iShares Core S&P Small-Cap E 2.38% 28,848 $3.3M Add +12.7%
MRK Merck & Co. Inc. 2.38% 33,315 $3.3M Add +173.6%
DOW Dow Inc. 2.37% 82,288 $3.3M Add +89.6%
AMT American Tower Corp. 2.31% 17,542 $3.2M Add +28.9%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 2.29% 83,239 $3.2M Add +0.0%
FCX Freeport-McMoran Inc. 2.21% 80,787 $3.1M Add +15.2%
MSFT Microsoft Corp. 2.14% 7,088 $3.0M Add +0.0%
COLD Americold Realty Trust Inc. 2.14% 139,182 $3.0M New
NTR Nutrien Ltd. 2.02% 62,834 $2.8M Reduce -3.1%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 1.94% 25,365 $2.7M Reduce -14.8%
NEM Newmont Corp. 1.93% 72,125 $2.7M Add +110.3%
APD Air Products & Chemicals Inc. 1.69% 8,122 $2.4M Reduce -20.5%
VALE Vale SA-SP ADR 1.60% 251,250 $2.2M Add +1379.4%
COP Conocophillips 1.49% 21,004 $2.1M Reduce -31.6%
JPM JPMorgan Chase & Co. 1.36% 7,885 $1.9M Reduce -0.3%
GOOG Alphabet Inc. Class C 1.34% 9,796 $1.9M Add +0.1%
AVGO Broadcom Inc. 1.13% 6,792 $1.6M Reduce -1.6%
FMC FMC Corp. 1.05% 30,100 $1.5M New
IEMG iShares Core MSCI Emerging 1.05% 27,936 $1.5M Add +442.7%
CVX Chevron Corp. 1.01% 9,770 $1.4M Reduce -61.6%
EEM iShares MSCI Emerging Market 0.94% 31,381 $1.3M New
QUAL iShares MSCI USA Quality Fac 0.82% 6,424 $1.1M Add +0.5%
FXI iShares China Large-Cap ETF 0.80% 36,775 $1.1M New
AMZN Amazon.com Inc. 0.68% 4,300 $943K No change
BA The Boeing Co. 0.64% 5,035 $891K Add +7.0%
QCOM Qualcomm Inc. 0.53% 4,792 $736K Add +2.4%
RTX RTX Corp. 0.46% 5,570 $645K Add +2.1%
UPS United Parcel Service Class B 0.44% 4,858 $613K Add +24.3%
GOVT iShares US Treasury Bond ETF 0.40% 24,496 $563K Add +0.3%
LMT Lockheed Martin Corp. 0.36% 1,042 $506K Add +0.1%
TLT iShares 20+ Year Treasury BD 0.35% 5,526 $483K Reduce -87.4%
TIP iShares Tips Bond ETF 0.34% 4,476 $477K Add +0.5%
EMR Emerson Electric Co. 0.34% 3,815 $473K Add +7.1%
MDT Medtronic PLC 0.33% 5,828 $466K Reduce -7.8%
CME Cme Group Inc. 0.33% 2,004 $465K Reduce -82.6%
BRK.B Berkshire Hathaway Inc. Class B 0.33% 1,024 $464K No change
BLK BlackRock Inc. 0.32% 440 $451K Reduce -7.2%
CUBE Cubesmart 0.32% 10,412 $446K Add +2445.7%
GOOGL Alphabet Inc. Class A 0.30% 2,243 $425K Add +0.0%
WM Waste Management Inc. 0.30% 2,067 $417K Reduce -82.9%
QQQ Invesco QQQ Trust Series 1 0.30% 815 $417K Reduce -22.4%
V Visa Inc. Class A 0.29% 1,269 $401K Add +0.1%
COST Costco Wholesale Corp. 0.26% 392 $359K No change
VTI VG Morningstar TS MKT ETF-US 0.26% 1,230 $356K Add +0.7%
HD Home Depot Inc. 0.23% 817 $318K Add +0.3%
INTC Intel Corp. 0.22% 15,000 $301K No change
PAYX Paychex Inc. 0.18% 1,826 $256K No change
LLY Eli Lilly & Co. 0.18% 323 $249K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.18% 5,587 $246K Add +0.1%
TSM Taiwan Semiconductor-SP ADR 0.17% 1,204 $238K Add +0.3%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.15% 837 $212K No change
CSCO Cisco Systems Inc. 0.15% 3,581 $212K Reduce -70.0%
REGN Regeneron Pharmaceuticals 0.13% 245 $175K No change
NFLX Netflix Inc. 0.11% 175 $156K No change
TSLA Tesla Inc. 0.11% 375 $151K No change
VIG Vanguard Dividend Apprec ETF 0.11% 754 $148K Add +0.8%
META Meta Platforms Inc. Class A 0.10% 245 $143K No change
WFC Wells Fargo & Co. 0.10% 2,036 $143K No change
BXP BXP Inc. 0.09% 1,683 $125K Reduce -94.8%
USMV iShares MSCI USA Min Vol Fac 0.08% 1,219 $108K Reduce -6.0%
ED Consolidated Edison Inc. 0.07% 1,114 $99K No change
PECO Phillips Edison & Company Inc. 0.07% 2,527 $95K No change
SAP Sap SE-Sponsored ADR 0.07% 370 $91K No change
XLF SS Financial Select Sector 0.06% 1,737 $84K No change
GMED Globus Medical Inc. Class A 0.06% 1,000 $83K No change
CMCSA Comcast Corp. Class A 0.06% 2,088 $78K Add +0.3%
ETN Eaton Corp. PLC 0.05% 225 $75K No change
IYY iShares Dow Jones U.S. ETF 0.05% 472 $68K No change
DRI Darden Restaurants Inc. 0.05% 337 $63K No change
HPQ HP Inc. 0.04% 1,897 $62K No change
AMGN Amgen Inc. 0.04% 237 $62K No change
JNJ Johnson & Johnson 0.04% 411 $59K No change
NEE Nextera Energy Inc. 0.04% 804 $58K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 476 $53K No change
CAT Caterpillar Inc. 0.04% 138 $50K No change
TMO Thermo Fisher Scientific Inc. 0.03% 88 $46K No change
IYF iShares US Financials ETF 0.03% 404 $45K No change
HON Honeywell International Inc. 0.03% 191 $43K No change
VGK Vanguard Ftse Europe ETF 0.03% 673 $43K Add +1.1%
IWO iShares Russell 2000 Growth 0.03% 146 $42K No change
CWB SS SPDR BB Conv Sec ETF 0.03% 537 $42K No change
VB Vanguard Most SM-Cap ETF-Usd 0.03% 169 $41K No change
HPE Hewlett Packard Enterprise 0.03% 1,897 $41K No change
PFE Pfizer Inc. 0.03% 1,448 $38K No change
PFF iShares Preferred & Income S 0.03% 1,143 $36K Reduce -13.5%
UNH Unitedhealth Group Inc. 0.03% 71 $36K No change
CLX Clorox Company 0.03% 221 $36K No change
VZ Verizon Communications Inc. 0.03% 883 $35K Reduce -32.1%
CVS CVS Health Corp. 0.02% 772 $35K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.02% 655 $34K No change
IWP iShares Russell Mid-Cap Grow 0.02% 262 $33K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.02% 734 $31K Reduce -9.7%
SBUX Starbucks Corp. 0.02% 300 $27K No change
PEG Public Service Enterprise GP 0.02% 315 $27K No change
NOW ServiceNow Inc. 0.02% 25 $27K No change
KR Kroger Co. 0.02% 433 $26K No change
GD General Dynamics Corp. 0.02% 100 $26K Reduce -60.3%
LOW Lowe's Cos Inc. 0.02% 106 $26K No change
GM General Motors Co. 0.02% 466 $25K No change
SCHF Schwab Intl Equity ETF 0.02% 1,257 $23K Add +2.2%
ADBE Adobe Inc. 0.02% 52 $23K No change
ITA iShares U.S. Aerospace & Def 0.02% 158 $23K No change
IWD iShares Russell 1000 Value E 0.02% 122 $23K No change
UNP Union Pacific Corp. 0.02% 99 $23K No change
NVDA Nvidia Corp. 0.02% 160 $21K No change
ALC Alcon Inc. filed as ALCON AG 0.02% 250 $21K No change
CBOE Cboe Global Markets Inc. 0.01% 100 $20K No change
HDV iShares Core High Dividend E 0.01% 165 $19K Reduce -57.4%
KLAC KLA Corp. 0.01% 29 $18K No change
XOM Exxon Mobil Corp. 0.01% 152 $16K No change
MDLZ Mondelez International Inc. Class A 0.01% 269 $16K No change
VWO Vanguard Ftse Emerging Marke 0.01% 359 $16K Add +2.3%
USB US Bancorp 0.01% 326 $16K No change
SCHD Schwab US DVD Equity ETF 0.01% 568 $16K Add +0.7%
PEP Pepsico Inc. 0.01% 100 $15K No change
CL Colgate-Palmolive Co. 0.01% 165 $15K No change
VXF Vanguard Extended Market ETF 0.01% 78 $15K No change
XLRE SS Real Estate Select Sector 0.01% 344 $14K No change
VTR Ventas Inc. 0.01% 230 $14K No change
SHW The Sherwin-Williams Co. 0.01% 39 $13K No change
MO Altria Group Inc. 0.01% 250 $13K No change
VEA Vanguard Ftse Developed ETF 0.01% 270 $13K Add +1.5%
C Citigroup Inc. 0.01% 179 $13K No change
ECH iShares MSCI Chile ETF 0.01% 500 $13K New
KO The Coca-Cola Co. 0.01% 200 $12K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.01% 112 $12K No change
T AT&T Inc. 0.01% 536 $12K No change
UBER Uber Technologies Inc. 0.01% 200 $12K New
DE Deere & Co. 0.01% 27 $11K No change
ADP Automatic Data Processing 0.01% 39 $11K No change
EWZ iShares MSCI Brazil ETF 0.01% 500 $11K New
MNST Monster Beverage Corp. 0.01% 200 $11K No change
CSX CSX Corp. 0.01% 324 $10K No change
BKNG Booking Holdings Inc. 0.01% 2 $10K No change
CRSP Crispr Therapeutics AG 0.01% 250 $10K No change
UAL United Airlines Holdings Inc. 0.01% 100 $10K No change
MELI MercadoLibre Inc. 0.01% 5 $9K No change
CARR Carrier Global Corp. 0.01% 118 $8K No change
VKTX Viking Therapeutics Inc. 0.01% 200 $8K New
AMAT Applied Materials Inc. 0.01% 49 $8K No change
WYNN WYNN Resorts Ltd. 0.01% 89 $8K No change
DD Dupont DE Nemours Inc. 0.01% 100 $8K No change
BX Blackstone Inc. 0.01% 44 $8K Add +2.3%
MCD McDonald's Corp. 0.01% 25 $7K No change
GS Goldman Sachs Group Inc. 0.00% 12 $7K No change
LVS Las Vegas Sands Corp. 0.00% 129 $7K No change
MGM MGM Resorts International 0.00% 190 $7K No change
MTCH Match Group Inc. 0.00% 200 $7K New
CCL Carnival Corp. 0.00% 260 $6K No change
GDX Vaneck Gold Miners ETF 0.00% 182 $6K Reduce -52.5%
GH Guardant Health Inc. 0.00% 200 $6K No change
DAL Delta Air Lines Inc. 0.00% 100 $6K No change
OTIS Otis Worldwide Corp. 0.00% 59 $5K No change
ALL Allstate Corp. 0.00% 28 $5K No change
SHEL Shell PLC-ADR 0.00% 83 $5K No change
HE Hawaiian Electric Inds 0.00% 508 $5K No change
LUV Southwest Airlines Co. 0.00% 138 $5K No change
WMT Walmart Inc. 0.00% 50 $5K Add +233.3%
MRNA Moderna Inc. 0.00% 100 $4K No change
CCCC C4 Therapeutics Inc. 0.00% 1,000 $4K No change
AAL American Airlines Group Inc. 0.00% 200 $3K No change
QCLN First Trust Nasdaq Clean Edg 0.00% 100 $3K 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 $2K No change
ACN Accenture PLC Class A 0.00% 5 $2K No change
MA Mastercard Inc. Class A 0.00% 3 $2K No change
AXP American Express Co. 0.00% 5 $1K No change
TDOC Teladoc Health Inc. 0.00% 100 $909 No change
QS Quantumscape Corp. 0.00% 150 $779 No change
LXRX Lexicon Pharmaceuticals Inc. 0.00% 142 $105 No change

Portfolio Sells Q3 2024 → Q4 2024
TLT iShares 20+ Year Treasury BD Reduce -87.4% 0.35% −2.57
BXP BXP Inc. Reduce -94.8% 0.09% −1.67
ABT Abbott Laboratories Sold out 0.00% −1.54
CVX Chevron Corp. Reduce -61.6% 1.01% −1.52
WM Waste Management Inc. Reduce -82.9% 0.30% −1.40
CME Cme Group Inc. Reduce -82.6% 0.33% −1.38
PAA Plains All Amer Pipeline LP Sold out 0.00% −1.18
COP Conocophillips Reduce -31.6% 1.49% −0.69
APD Air Products & Chemicals Inc. Reduce -20.5% 1.69% −0.37
LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -14.8% 1.94% −0.33
IEUR iShares Core MSCI Europe ETF Reduce -1.2% 3.73% −0.29
CSCO Cisco Systems Inc. Reduce -70.0% 0.15% −0.28
SPY SS SPDR S&P 500 ETF Trust-US Reduce -12.9% 3.47% −0.21
MUB iShares National Muni Bond E Sold out 0.00% −0.10
NTR Nutrien Ltd. Reduce -3.1% 2.02% −0.09
NOBL Proshares S&P 500 Dividend A Reduce -0.9% 3.23% −0.07
MDT Medtronic PLC Reduce -7.8% 0.33% −0.05
QQQ Invesco QQQ Trust Series 1 Reduce -22.4% 0.30% −0.05
GD General Dynamics Corp. Reduce -60.3% 0.02% −0.03
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.03
AFL Aflac Inc. Sold out 0.00% −0.02
HDV iShares Core High Dividend E Reduce -57.4% 0.01% −0.02
VZ Verizon Communications Inc. Reduce -32.1% 0.03% −0.01
ELV Elevance Health Inc. Sold out 0.00% −0.01
SNOW Snowflake Inc. Sold out 0.00% −0.01
IDV iShares International Select Sold out 0.00% −0.01
GDX Vaneck Gold Miners ETF Reduce -52.5% 0.00% −0.01
ITOT iShares Core S&P Total U.S. Sold out 0.00% −0.01
VOO Vanguard S&P 500 ETF Sold out 0.00% −0.00
PFF iShares Preferred & Income S Reduce -13.5% 0.03% −0.00
USMV iShares MSCI USA Min Vol Fac Reduce -6.0% 0.08% −0.00
SHYG iShares 0-5 YR HY Corp. Bond Reduce -9.7% 0.02% −0.00
PM Philip Morris International Sold out 0.00% −0.00
VLO Valero Energy Corp. Sold out 0.00% −0.00
ABBV Abbvie Inc. Sold out 0.00% −0.00
TXN Texas Instruments Inc. Sold out 0.00% −0.00
SAVEQ Spirit Airlines Inc. Sold out 0.00% −0.00
BLK BlackRock Inc. Reduce -7.2% 0.32% +0.02
SHY iShares 1-3 Year Treasury Bo Reduce -3.7% 4.77% +0.03
IJH iShares Core S&P Midcap ETF Reduce -3.6% 2.68% +0.06
IVV iShares Core S&P 500 ETF Reduce -5.3% 8.33% +0.20
JPM JPMorgan Chase & Co. Reduce -0.3% 1.36% +0.23
AVGO Broadcom Inc. Reduce -1.6% 1.13% +0.32

Portfolio Buys Q3 2024 → Q4 2024
COLD Americold Realty Trust Inc. New 2.14% +2.14
VALE Vale SA-SP ADR Add +1379.4% 1.60% +1.46
MRK Merck & Co. Inc. Add +173.6% 2.38% +1.44
FMC FMC Corp. New 1.05% +1.05
EEM iShares MSCI Emerging Market New 0.94% +0.94
IEMG iShares Core MSCI Emerging Add +442.7% 1.05% +0.85
FXI iShares China Large-Cap ETF New 0.80% +0.80
DOW Dow Inc. Add +89.6% 2.37% +0.76
NEM Newmont Corp. Add +110.3% 1.93% +0.69
AAPL Apple Inc. Add +0.1% 5.26% +0.64
IEF iShares 7-10 Year Treasury B Add +12.7% 3.55% +0.40
IJR iShares Core S&P Small-Cap E Add +12.7% 2.38% +0.36
CUBE Cubesmart Add +2445.7% 0.32% +0.30
GOOG Alphabet Inc. Class C Add +0.1% 1.34% +0.23
FDX FedEx Corp. Add +1.2% 2.41% +0.22
VLUE iShares MSCI USA Value Facto Add +0.7% 5.50% +0.18
AMT American Tower Corp. Add +28.9% 2.31% +0.17
BA The Boeing Co. Add +7.0% 0.64% +0.15
MSFT Microsoft Corp. Add +0.0% 2.14% +0.08
UPS United Parcel Service Class B Add +24.3% 0.44% +0.08
EMR Emerson Electric Co. Add +7.1% 0.34% +0.08
GOOGL Alphabet Inc. Class A Add +0.0% 0.30% +0.05
V Visa Inc. Class A Add +0.1% 0.29% +0.05
QUAL iShares MSCI USA Quality Fac Add +0.5% 0.82% +0.04
TSM Taiwan Semiconductor-SP ADR Add +0.3% 0.17% +0.03
BAC Bank of America Corp. Add +0.1% 0.18% +0.03
VTI VG Morningstar TS MKT ETF-US Add +0.7% 0.26% +0.02
GOVT iShares US Treasury Bond ETF Add +0.3% 0.40% +0.02
RTX RTX Corp. Add +2.1% 0.46% +0.01
TIP iShares Tips Bond ETF Add +0.5% 0.34% +0.01
ECH iShares MSCI Chile ETF New 0.01% +0.01
UBER Uber Technologies Inc. New 0.01% +0.01
EWZ iShares MSCI Brazil ETF New 0.01% +0.01
VKTX Viking Therapeutics Inc. New 0.01% +0.01
VIG Vanguard Dividend Apprec ETF Add +0.8% 0.11% +0.01
MTCH Match Group Inc. New 0.00% +0.00
HD Home Depot Inc. Add +0.3% 0.23% +0.00
WMT Walmart Inc. Add +233.3% 0.00% +0.00
BX Blackstone Inc. Add +2.3% 0.01% +0.00
SCHD Schwab US DVD Equity ETF Add +0.7% 0.01% +0.00
VWO Vanguard Ftse Emerging Marke Add +2.3% 0.01% 0.00
VEA Vanguard Ftse Developed ETF Add +1.5% 0.01% −0.00
SCHF Schwab Intl Equity ETF Add +2.2% 0.02% −0.00
VGK Vanguard Ftse Europe ETF Add +1.1% 0.03% −0.00
CMCSA Comcast Corp. Class A Add +0.3% 0.06% −0.00
QCOM Qualcomm Inc. Add +2.4% 0.53% −0.01
LMT Lockheed Martin Corp. Add +0.1% 0.36% −0.05
SLB SLB Ltd. Add +0.0% 2.29% −0.07
ACWX iShares MSCI Acwi Ex US ETF Add +1.7% 4.06% −0.07
PLD Prologis Inc. Add +7.8% 2.58% −0.12

Options Activity Q3 2024 → Q4 2024
MSFT Microsoft Corp. put Sold out 500 $215Kbefore exit

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