Syntax Research, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Syntax Research, Inc. reported 175 stock positions worth $144.8 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 9.0% of the portfolio, followed by iShares 1-3 Year Treasury Bo (SHY, 5.1%) and iShares MSCI USA Value Facto (VLUE, 4.4%). Compared with Q4 2024, it opened 6 new positions, sold out of 14, added to 29 and reduced 42. The biggest buy was a new position in Digital Realty Trust (DLR) and the biggest sale iShares MSCI Acwi Ex US ETF (ACWX, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- BOCA RATON, FL
- CIK
- 0001999827
- Portfolio Value
- $144.8M (Q1 2025)
- SEC Filing
- 0001398344-25-008843 ↗ filed May 7, 2025
Holdings Value
Holdings 175 stocks · $144.8M
| IVV iShares Core S&P 500 ETF | 8.98% | 23,136 | $13.0M | Add +17.3% |
| SHY iShares 1-3 Year Treasury Bo | 5.10% | 89,338 | $7.4M | Add +10.0% |
| VLUE iShares MSCI USA Value Facto | 4.44% | 60,292 | $6.4M | Reduce -17.0% |
| AAPL Apple Inc. | 4.43% | 28,891 | $6.4M | Reduce -1.3% |
| IEF iShares 7-10 Year Treasury B | 4.12% | 62,575 | $6.0M | Add +16.8% |
| NOBL Proshares S&P 500 Dividend A | 3.53% | 50,082 | $5.1M | Add +10.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.12% | 8,068 | $4.5M | Reduce -2.2% |
| ACWX iShares MSCI Acwi Ex US ETF | 2.66% | 69,488 | $3.9M | Reduce -35.9% |
| IJH iShares Core S&P Midcap ETF | 2.60% | 64,619 | $3.8M | Add +7.6% |
| PLD Prologis Inc. | 2.48% | 32,068 | $3.6M | Reduce -5.9% |
| IJR iShares Core S&P Small-Cap E | 2.37% | 32,855 | $3.4M | Add +13.9% |
| IEUR iShares Core MSCI Europe ETF | 2.36% | 56,854 | $3.4M | Reduce -41.0% |
| AMT American Tower Corp. | 2.34% | 15,590 | $3.4M | Reduce -11.1% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 2.27% | 30,260 | $3.3M | Add +19.3% |
| GOOG Alphabet Inc. Class C | 2.24% | 20,805 | $3.3M | Add +112.4% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 2.21% | 76,641 | $3.2M | Reduce -7.9% |
| FCX Freeport-McMoran Inc. | 2.19% | 83,638 | $3.2M | Add +3.5% |
| MRK Merck & Co. Inc. | 2.11% | 34,034 | $3.1M | Add +2.2% |
| NTR Nutrien Ltd. | 2.07% | 60,418 | $3.0M | Reduce -3.9% |
| NEM Newmont Corp. | 2.06% | 61,934 | $3.0M | Reduce -14.1% |
| AVGO Broadcom Inc. | 2.01% | 17,352 | $2.9M | Add +155.5% |
| DOW Dow Inc. | 1.88% | 78,052 | $2.7M | Reduce -5.2% |
| COLD Americold Realty Trust Inc. | 1.79% | 121,001 | $2.6M | Reduce -13.1% |
| MSFT Microsoft Corp. | 1.78% | 6,850 | $2.6M | Reduce -3.4% |
| FDX FedEx Corp. | 1.67% | 9,940 | $2.4M | Reduce -16.7% |
| VALE Vale SA-SP ADR | 1.58% | 230,000 | $2.3M | Reduce -8.5% |
| QCOM Qualcomm Inc. | 1.57% | 14,843 | $2.3M | Add +209.8% |
| DLR Digital Realty Trust Inc. | 1.48% | 15,000 | $2.1M | New |
| LDOS Leidos Holdings Inc. | 1.40% | 15,000 | $2.0M | New |
| JPM JPMorgan Chase & Co. | 1.29% | 7,608 | $1.9M | Reduce -3.5% |
| ANET Arista Networks Inc. | 1.18% | 22,000 | $1.7M | New |
| FMC FMC Corp. | 1.17% | 40,201 | $1.7M | Add +33.6% |
| ORCL Oracle Corp. | 1.06% | 11,000 | $1.5M | New |
| QUAL iShares MSCI USA Quality Fac | 1.05% | 8,880 | $1.5M | Add +38.2% |
| COP Conocophillips | 0.82% | 11,264 | $1.2M | Reduce -46.4% |
| WY Weyerhaeuser Co. | 0.81% | 40,000 | $1.2M | New |
| IEMG iShares Core MSCI Emerging | 0.75% | 20,095 | $1.1M | Reduce -28.1% |
| FXI iShares China Large-Cap ETF | 0.70% | 28,249 | $1.0M | Reduce -23.2% |
| EEM iShares MSCI Emerging Market | 0.69% | 22,765 | $995K | Reduce -27.5% |
| AMZN Amazon.com Inc. | 0.56% | 4,300 | $818K | No change |
| BA The Boeing Co. | 0.56% | 4,762 | $812K | Reduce -5.4% |
| CVX Chevron Corp. | 0.51% | 4,456 | $746K | Reduce -54.4% |
| RTX RTX Corp. | 0.50% | 5,439 | $720K | Reduce -2.4% |
| UPS United Parcel Service Class B | 0.44% | 5,823 | $641K | Add +19.9% |
| USMV iShares MSCI USA Min Vol Fac | 0.43% | 6,612 | $619K | Add +442.4% |
| APD Air Products & Chemicals Inc. | 0.41% | 2,020 | $596K | Reduce -75.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 1,024 | $545K | No change |
| MDT Medtronic PLC | 0.36% | 5,877 | $528K | Add +0.8% |
| GOVT iShares US Treasury Bond ETF | 0.36% | 22,958 | $528K | Reduce -6.3% |
| TLT iShares 20+ Year Treasury BD | 0.35% | 5,562 | $506K | Add +0.7% |
| TIP iShares Tips Bond ETF | 0.34% | 4,476 | $497K | No change |
| CME Cme Group Inc. | 0.34% | 1,857 | $493K | Reduce -7.3% |
| WM Waste Management Inc. | 0.34% | 2,098 | $486K | Add +1.5% |
| LMT Lockheed Martin Corp. | 0.32% | 1,043 | $466K | Add +0.1% |
| V Visa Inc. Class A | 0.31% | 1,269 | $445K | No change |
| BLK BlackRock Inc. | 0.29% | 446 | $422K | Add +1.4% |
| EMR Emerson Electric Co. | 0.29% | 3,839 | $421K | Add +0.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.26% | 815 | $382K | No change |
| COST Costco Wholesale Corp. | 0.26% | 392 | $371K | No change |
| GOOGL Alphabet Inc. Class A | 0.24% | 2,225 | $344K | Reduce -0.8% |
| INTC Intel Corp. | 0.24% | 15,000 | $341K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.23% | 1,234 | $339K | Add +0.3% |
| HD Home Depot Inc. | 0.20% | 810 | $297K | Reduce -0.9% |
| PAYX Paychex Inc. | 0.19% | 1,826 | $282K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.16% | 5,595 | $233K | Add +0.1% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.14% | 837 | $205K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 1,206 | $200K | Add +0.2% |
| CSCO Cisco Systems Inc. | 0.13% | 2,938 | $181K | Reduce -18.0% |
| NFLX Netflix Inc. | 0.11% | 175 | $163K | No change |
| REGN Regeneron Pharmaceuticals | 0.11% | 245 | $155K | No change |
| VIG Vanguard Dividend Apprec ETF | 0.10% | 758 | $147K | Add +0.5% |
| WFC Wells Fargo & Co. | 0.10% | 2,036 | $146K | No change |
| META Meta Platforms Inc. Class A | 0.10% | 245 | $141K | No change |
| ED Consolidated Edison Inc. | 0.09% | 1,114 | $123K | No change |
| LLY Eli Lilly & Co. | 0.08% | 140 | $116K | Reduce -56.7% |
| BXP BXP Inc. | 0.08% | 1,706 | $115K | Add +1.4% |
| SAP Sap SE-Sponsored ADR | 0.07% | 370 | $99K | No change |
| TSLA Tesla Inc. | 0.07% | 375 | $97K | No change |
| PECO Phillips Edison & Company Inc. | 0.06% | 2,527 | $92K | No change |
| XLF SS Financial Select Sector | 0.06% | 1,737 | $87K | No change |
| CMCSA Comcast Corp. Class A | 0.05% | 2,094 | $77K | Add +0.3% |
| AMGN Amgen Inc. | 0.05% | 237 | $74K | No change |
| GMED Globus Medical Inc. Class A | 0.05% | 1,000 | $73K | No change |
| DRI Darden Restaurants Inc. | 0.05% | 337 | $70K | No change |
| JNJ Johnson & Johnson | 0.05% | 411 | $68K | No change |
| ETN Eaton Corp. PLC | 0.04% | 225 | $61K | No change |
| NEE Nextera Energy Inc. | 0.04% | 804 | $57K | No change |
| HPQ HP Inc. | 0.04% | 1,897 | $53K | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.03% | 477 | $47K | Add +0.2% |
| IYF iShares US Financials ETF | 0.03% | 404 | $46K | No change |
| CAT Caterpillar Inc. | 0.03% | 135 | $45K | Reduce -2.2% |
| TMO Thermo Fisher Scientific Inc. | 0.03% | 88 | $44K | No change |
| HON Honeywell International Inc. | 0.03% | 191 | $40K | No change |
| VZ Verizon Communications Inc. | 0.03% | 883 | $40K | No change |
| IWO iShares Russell 2000 Growth | 0.03% | 146 | $37K | No change |
| UNH Unitedhealth Group Inc. | 0.02% | 67 | $35K | Reduce -5.6% |
| CLX Clorox Company | 0.02% | 221 | $33K | No change |
| SBUX Starbucks Corp. | 0.02% | 300 | $29K | No change |
| KR Kroger Co. | 0.02% | 433 | $29K | No change |
| HPE Hewlett Packard Enterprise | 0.02% | 1,897 | $29K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -35.9% | 2.66% | −1.40 |
| IEUR iShares Core MSCI Europe ETF | Reduce -41.0% | 2.36% | −1.37 |
| APD Air Products & Chemicals Inc. | Reduce -75.1% | 0.41% | −1.28 |
| VLUE iShares MSCI USA Value Facto | Reduce -17.0% | 4.44% | −1.06 |
| AAPL Apple Inc. | Reduce -1.3% | 4.43% | −0.83 |
| FDX FedEx Corp. | Reduce -16.7% | 1.67% | −0.73 |
| COP Conocophillips | Reduce -46.4% | 0.82% | −0.68 |
| CVX Chevron Corp. | Reduce -54.4% | 0.51% | −0.50 |
| DOW Dow Inc. | Reduce -5.2% | 1.88% | −0.49 |
| MSFT Microsoft Corp. | Reduce -3.4% | 1.78% | −0.37 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.2% | 3.12% | −0.35 |
| COLD Americold Realty Trust Inc. | Reduce -13.1% | 1.79% | −0.34 |
| CUBE Cubesmart | Reduce -96.0% | 0.01% | −0.31 |
| IEMG iShares Core MSCI Emerging | Reduce -28.1% | 0.75% | −0.30 |
| EEM iShares MSCI Emerging Market | Reduce -27.5% | 0.69% | −0.25 |
| PLD Prologis Inc. | Reduce -5.9% | 2.48% | −0.11 |
| FXI iShares China Large-Cap ETF | Reduce -23.2% | 0.70% | −0.10 |
| LLY Eli Lilly & Co. | Reduce -56.7% | 0.08% | −0.10 |
| BA The Boeing Co. | Reduce -5.4% | 0.56% | −0.08 |
| SLB SLB Ltd. | Reduce -7.9% | 2.21% | −0.08 |
| GOOGL Alphabet Inc. Class A | Reduce -0.8% | 0.24% | −0.07 |
| JPM JPMorgan Chase & Co. | Reduce -3.5% | 1.29% | −0.07 |
| IYY iShares Dow Jones U.S. ETF | Sold out | 0.00% | −0.05 |
| GOVT iShares US Treasury Bond ETF | Reduce -6.3% | 0.36% | −0.04 |
| VGK Vanguard Ftse Europe ETF | Sold out | 0.00% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -18.0% | 0.13% | −0.03 |
| HD Home Depot Inc. | Reduce -0.9% | 0.20% | −0.02 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -84.9% | 0.00% | −0.02 |
| CWB SS SPDR BB Conv Sec ETF | Reduce -57.0% | 0.01% | −0.02 |
| SHYG iShares 0-5 YR HY Corp. Bond | Reduce -74.3% | 0.01% | −0.02 |
| PFF iShares Preferred & Income S | Reduce -53.1% | 0.01% | −0.01 |
| VALE Vale SA-SP ADR | Reduce -8.5% | 1.58% | −0.01 |
| PFE Pfizer Inc. | Reduce -39.9% | 0.02% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.01 |
| SCHD Schwab US DVD Equity ETF | Sold out | 0.00% | −0.01 |
| IWP iShares Russell Mid-Cap Grow | Reduce -38.2% | 0.01% | −0.01 |
| VXF Vanguard Extended Market ETF | Sold out | 0.00% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -23.7% | 0.02% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Sold out | 0.00% | −0.01 |
| ECH iShares MSCI Chile ETF | Sold out | 0.00% | −0.01 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.01 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.01 |
| CVS CVS Health Corp. | Reduce -51.9% | 0.02% | −0.01 |
| CAT Caterpillar Inc. | Reduce -2.2% | 0.03% | −0.01 |
| MTCH Match Group Inc. | Sold out | 0.00% | −0.00 |
| LOW Lowe's Cos Inc. | Reduce -5.7% | 0.02% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -5.6% | 0.02% | −0.00 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.00 |
| AXP American Express Co. | Sold out | 0.00% | −0.00 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| DLR Digital Realty Trust Inc. | New | 1.48% | +1.48 |
| LDOS Leidos Holdings Inc. | New | 1.40% | +1.40 |
| ANET Arista Networks Inc. | New | 1.18% | +1.18 |
| ORCL Oracle Corp. | New | 1.06% | +1.06 |
| QCOM Qualcomm Inc. | Add +209.8% | 1.57% | +1.05 |
| GOOG Alphabet Inc. Class C | Add +112.4% | 2.24% | +0.91 |
| AVGO Broadcom Inc. | Add +155.5% | 2.01% | +0.88 |
| WY Weyerhaeuser Co. | New | 0.81% | +0.81 |
| IVV iShares Core S&P 500 ETF | Add +17.3% | 8.98% | +0.65 |
| IEF iShares 7-10 Year Treasury B | Add +16.8% | 4.12% | +0.57 |
| USMV iShares MSCI USA Min Vol Fac | Add +442.4% | 0.43% | +0.35 |
| SHY iShares 1-3 Year Treasury Bo | Add +10.0% | 5.10% | +0.33 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +19.3% | 2.27% | +0.33 |
| NOBL Proshares S&P 500 Dividend A | Add +10.8% | 3.53% | +0.31 |
| QUAL iShares MSCI USA Quality Fac | Add +38.2% | 1.05% | +0.23 |
| FMC FMC Corp. | Add +33.6% | 1.17% | +0.12 |
| WM Waste Management Inc. | Add +1.5% | 0.34% | +0.04 |
| MDT Medtronic PLC | Add +0.8% | 0.36% | +0.03 |
| TLT iShares 20+ Year Treasury BD | Add +0.7% | 0.35% | +0.00 |
| UPS United Parcel Service Class B | Add +19.9% | 0.44% | +0.00 |
| CCJ Cameco Corp. | New | 0.00% | +0.00 |
| CMCSA Comcast Corp. Class A | Add +0.3% | 0.05% | −0.00 |
| VIG Vanguard Dividend Apprec ETF | Add +0.5% | 0.10% | −0.00 |
| DIS The Walt Disney Co. | Add +0.2% | 0.03% | −0.01 |
| BXP BXP Inc. | Add +1.4% | 0.08% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Add +13.9% | 2.37% | −0.01 |
| BAC Bank of America Corp. | Add +0.1% | 0.16% | −0.01 |
| FCX Freeport-McMoran Inc. | Add +3.5% | 2.19% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.3% | 0.23% | −0.02 |
| BLK BlackRock Inc. | Add +1.4% | 0.29% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.2% | 0.14% | −0.03 |
| LMT Lockheed Martin Corp. | Add +0.1% | 0.32% | −0.04 |
| EMR Emerson Electric Co. | Add +0.6% | 0.29% | −0.05 |
| IJH iShares Core S&P Midcap ETF | Add +7.6% | 2.60% | −0.08 |
| MRK Merck & Co. Inc. | Add +2.2% | 2.11% | −0.27 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 177 | $136.6M | IVV, IEF, SHY, USMV, NOBL |
| Q1 2026 | 173 | $157.1M | IVV, IEF, VLUE, AAPL, SHY |
| Q4 2025 | 172 | $162.1M | IVV, IEF, VLUE, AAPL, SHY |
| Q3 2025 | 172 | $155.6M | IVV, VLUE, IEF, AAPL, SHY |
| Q2 2025 | 170 | $140.8M | IVV, VLUE, IEF, SHY, AAPL |
| Q1 2025 | 175 | $144.8M | IVV, SHY, VLUE, AAPL, IEF |
| Q4 2024 | 183 | $139.5M | IVV, VLUE, AAPL, SHY, ACWX |
| Q3 2024 | 189 | $147.8M | IVV, VLUE, SHY, AAPL, ACWX |
| Q2 2024 | 174 | $126.4M | SHY, IVV, VLUE, AAPL, ACWX |
| Q1 2024 | 170 | $131.0M | SHY, IVV, VLUE, IJH, SPY |