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

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 Q4 2024 Q1 2025: $144.8M $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 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
VB Vanguard Most SM-Cap ETF-Usd 0.02% 129 $29K Reduce -23.7%
GD General Dynamics Corp. 0.02% 100 $27K No change
PEG Public Service Enterprise GP 0.02% 315 $26K No change
CVS CVS Health Corp. 0.02% 371 $25K Reduce -51.9%
SCHF Schwab Intl Equity ETF 0.02% 1,257 $25K No change
ITA iShares U.S. Aerospace & Def 0.02% 158 $24K No change
ALC Alcon Inc. filed as ALCON AG 0.02% 250 $24K No change
UNP Union Pacific Corp. 0.02% 99 $23K No change
LOW Lowe's Cos Inc. 0.02% 100 $23K Reduce -5.7%
IWD iShares Russell 1000 Value E 0.02% 122 $23K No change
CBOE Cboe Global Markets Inc. 0.02% 100 $23K No change
PFE Pfizer Inc. 0.02% 871 $22K Reduce -39.9%
GM General Motors Co. 0.02% 466 $22K No change
HDV iShares Core High Dividend E 0.01% 165 $20K No change
ADBE Adobe Inc. 0.01% 52 $20K No change
NOW ServiceNow Inc. 0.01% 25 $20K No change
KLAC KLA Corp. 0.01% 29 $20K No change
IWP iShares Russell Mid-Cap Grow 0.01% 162 $19K Reduce -38.2%
MDLZ Mondelez International Inc. Class A 0.01% 269 $18K No change
XOM Exxon Mobil Corp. 0.01% 152 $18K No change
CUBE Cubesmart 0.01% 416 $18K Reduce -96.0%
CWB SS SPDR BB Conv Sec ETF 0.01% 231 $18K Reduce -57.0%
NVDA Nvidia Corp. 0.01% 160 $17K No change
PFF iShares Preferred & Income S 0.01% 536 $16K Reduce -53.1%
VTR Ventas Inc. 0.01% 230 $16K No change
CL Colgate-Palmolive Co. 0.01% 165 $15K No change
T AT&T Inc. 0.01% 536 $15K No change
MO Altria Group Inc. 0.01% 250 $15K No change
PEP Pepsico Inc. 0.01% 100 $15K No change
XLRE SS Real Estate Select Sector 0.01% 344 $14K No change
KO The Coca-Cola Co. 0.01% 200 $14K No change
USB US Bancorp 0.01% 326 $14K No change
SHW The Sherwin-Williams Co. 0.01% 39 $14K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.01% 112 $13K No change
C Citigroup Inc. 0.01% 179 $13K No change
DE Deere & Co. 0.01% 27 $13K No change
ADP Automatic Data Processing 0.01% 39 $12K No change
MNST Monster Beverage Corp. 0.01% 200 $12K No change
MELI MercadoLibre Inc. 0.01% 5 $10K No change
CSX CSX Corp. 0.01% 324 $10K No change
BKNG Booking Holdings Inc. 0.01% 2 $9K No change
GH Guardant Health Inc. 0.01% 200 $9K No change
CRSP Crispr Therapeutics AG 0.01% 250 $9K No change
GDX Vaneck Gold Miners ETF 0.01% 182 $8K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.01% 189 $8K Reduce -74.3%
MCD McDonald's Corp. 0.01% 25 $8K No change
CARR Carrier Global Corp. 0.01% 118 $7K No change
DD Dupont DE Nemours Inc. 0.01% 100 $7K No change
WYNN WYNN Resorts Ltd. 0.01% 89 $7K No change
AMAT Applied Materials Inc. 0.00% 49 $7K No change
UAL United Airlines Holdings Inc. 0.00% 100 $7K No change
GS Goldman Sachs Group Inc. 0.00% 12 $7K No change
BX Blackstone Inc. 0.00% 44 $6K No change
OTIS Otis Worldwide Corp. 0.00% 59 $6K No change
SHEL Shell PLC-ADR 0.00% 83 $6K No change
ALL Allstate Corp. 0.00% 28 $6K No change
MGM MGM Resorts International 0.00% 190 $6K No change
HE Hawaiian Electric Inds 0.00% 508 $6K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.00% 99 $5K Reduce -84.9%
CCL Carnival Corp. 0.00% 260 $5K No change
LVS Las Vegas Sands Corp. 0.00% 129 $5K No change
VKTX Viking Therapeutics Inc. 0.00% 200 $5K No change
LUV Southwest Airlines Co. 0.00% 138 $5K No change
WMT Walmart Inc. 0.00% 50 $4K No change
DAL Delta Air Lines Inc. 0.00% 100 $4K No change
CCJ Cameco Corp. 0.00% 100 $4K New
QCLN First Trust Nasdaq Clean Edg 0.00% 100 $3K No change
MRNA Moderna Inc. 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 $3K No change
AAL American Airlines Group Inc. 0.00% 200 $2K No change
CCCC C4 Therapeutics Inc. 0.00% 1,000 $2K No change
QS Quantumscape Corp. 0.00% 150 $624 No change
LXRX Lexicon Pharmaceuticals Inc. 0.00% 142 $66 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

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