Syntax Research, Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Syntax Research, Inc. reported 170 stock positions worth $140.8 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 10.7% of the portfolio, followed by iShares MSCI USA Value Facto (VLUE, 5.6%) and iShares 7-10 Year Treasury B (IEF, 5.1%). Compared with Q1 2025, it opened 7 new positions, sold out of 11, added to 31 and reduced 30. The biggest buy was a new position in Palo Alto Networks (PANW) and the biggest sale American Tower (AMT, shares −98%).

Most Recent 13F
Q2 2026
Location
BOCA RATON, FL
CIK
0001999827
Portfolio Value
$140.8M (Q2 2025)
SEC Filing
0001398344-25-013375 ↗ filed Jul 21, 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 Q1 2025 Q2 2025: $140.8M $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 170 stocks · $140.8M
IVV iShares Core S&P 500 ETF 10.67% 24,188 $15.0M Add +4.5%
VLUE iShares MSCI USA Value Facto 5.60% 69,620 $7.9M Add +15.5%
IEF iShares 7-10 Year Treasury B 5.08% 74,674 $7.2M Add +19.3%
SHY iShares 1-3 Year Treasury Bo 4.86% 82,516 $6.8M Reduce -7.6%
AAPL Apple Inc. 4.20% 28,808 $5.9M Reduce -0.3%
NOBL Proshares S&P 500 Dividend A 3.92% 54,809 $5.5M Add +9.4%
SPY SS SPDR S&P 500 ETF Trust-US 3.56% 8,122 $5.0M Add +0.7%
AVGO Broadcom Inc. 3.00% 15,327 $4.2M Reduce -11.7%
IJH iShares Core S&P Midcap ETF 2.82% 64,058 $4.0M Reduce -0.9%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 2.68% 34,468 $3.8M Add +13.9%
IJR iShares Core S&P Small-Cap E 2.52% 32,460 $3.5M Reduce -1.2%
GOOG Alphabet Inc. Class C 2.50% 19,815 $3.5M Reduce -4.8%
MSFT Microsoft Corp. 2.42% 6,852 $3.4M Add +0.0%
ANET Arista Networks Inc. 2.25% 30,977 $3.2M Add +40.8%
PLD Prologis Inc. 2.12% 28,352 $3.0M Reduce -11.6%
QCOM Qualcomm Inc. 2.06% 18,240 $2.9M Add +22.9%
FCX Freeport-McMoran Inc. 1.95% 63,246 $2.7M Reduce -24.4%
ORCL Oracle Corp. 1.94% 12,501 $2.7M Add +13.7%
ACWX iShares MSCI Acwi Ex US ETF 1.90% 43,856 $2.7M Reduce -36.9%
PANW Palo Alto Networks Inc. 1.69% 11,646 $2.4M New
TMO Thermo Fisher Scientific Inc. 1.64% 5,711 $2.3M Add +6389.8%
FDX FedEx Corp. 1.61% 9,945 $2.3M Add +0.1%
JPM JPMorgan Chase & Co. 1.59% 7,717 $2.2M Add +1.4%
IEUR iShares Core MSCI Europe ETF 1.57% 33,291 $2.2M Reduce -41.4%
ZTS Zoetis Inc. 1.54% 13,918 $2.2M New
WTW Willis Towers Watson PLC 1.52% 6,988 $2.1M New
TLT iShares 20+ Year Treasury BD 1.52% 24,232 $2.1M Add +335.7%
ACN Accenture PLC Class A 1.41% 6,657 $2.0M New
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.29% 53,817 $1.8M Reduce -29.8%
QUAL iShares MSCI USA Quality Fac 1.25% 9,638 $1.8M Add +8.5%
NOC Northrop Grumman Corp. 1.07% 3,000 $1.5M New
VALE Vale SA-SP ADR 0.97% 140,000 $1.4M Reduce -39.1%
USMV iShares MSCI USA Min Vol Fac 0.95% 14,309 $1.3M Add +116.4%
ELV Elevance Health Inc. 0.83% 3,000 $1.2M New
FMC FMC Corp. 0.77% 26,000 $1.1M Reduce -35.3%
COP Conocophillips 0.70% 11,021 $989K Reduce -2.2%
BA The Boeing Co. 0.67% 4,514 $946K Reduce -5.2%
AMZN Amazon.com Inc. 0.67% 4,300 $943K No change
OXY Occidental Petroleum Corp. 0.60% 20,000 $840K New
RTX RTX Corp. 0.54% 5,199 $759K Reduce -4.4%
CVX Chevron Corp. 0.52% 5,158 $739K Add +15.8%
APD Air Products & Chemicals Inc. 0.48% 2,405 $678K Add +19.1%
UPS United Parcel Service Class B 0.47% 6,503 $656K Add +11.7%
MDT Medtronic PLC 0.40% 6,523 $569K Add +11.0%
GOVT iShares US Treasury Bond ETF 0.37% 22,393 $515K Reduce -2.5%
BLK BlackRock Inc. 0.36% 480 $504K Add +7.6%
TIP iShares Tips Bond ETF 0.35% 4,538 $499K Add +1.4%
BRK.B Berkshire Hathaway Inc. Class B 0.35% 1,024 $497K No change
EEM iShares MSCI Emerging Market 0.35% 10,271 $495K Reduce -54.9%
LMT Lockheed Martin Corp. 0.34% 1,044 $484K Add +0.1%
V Visa Inc. Class A 0.32% 1,270 $451K Add +0.1%
QQQ Invesco QQQ Trust Series 1 0.32% 816 $450K Add +0.1%
GOOGL Alphabet Inc. Class A 0.28% 2,226 $392K Add +0.0%
COST Costco Wholesale Corp. 0.28% 392 $388K No change
VTI VG Morningstar TS MKT ETF-US 0.27% 1,234 $375K No change
INTC Intel Corp. 0.24% 15,000 $336K No change
MRK Merck & Co. Inc. 0.23% 4,006 $317K Reduce -88.2%
HD Home Depot Inc. 0.21% 812 $298K Add +0.3%
TSM Taiwan Semiconductor-SP ADR 0.19% 1,210 $274K Add +0.3%
PAYX Paychex Inc. 0.19% 1,826 $266K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.19% 5,602 $265K Add +0.1%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.17% 837 $238K No change
NFLX Netflix Inc. 0.17% 175 $234K No change
META Meta Platforms Inc. Class A 0.13% 245 $181K No change
WFC Wells Fargo & Co. 0.12% 2,036 $163K No change
CSCO Cisco Systems Inc. 0.11% 2,306 $160K Reduce -21.5%
VIG Vanguard Dividend Apprec ETF 0.11% 758 $155K No change
REGN Regeneron Pharmaceuticals 0.09% 245 $129K No change
SAP Sap SE-Sponsored ADR 0.08% 370 $113K No change
ED Consolidated Edison Inc. 0.08% 1,114 $112K No change
LLY Eli Lilly & Co. 0.08% 140 $109K No change
NEM Newmont Corp. 0.08% 1,872 $109K Reduce -97.0%
BXP BXP Inc. 0.07% 1,469 $99K Reduce -13.9%
XLF SS Financial Select Sector 0.06% 1,737 $91K No change
PECO Phillips Edison & Company Inc. 0.06% 2,527 $89K No change
ETN Eaton Corp. PLC 0.06% 225 $80K No change
CMCSA Comcast Corp. Class A 0.05% 2,101 $75K Add +0.3%
DRI Darden Restaurants Inc. 0.05% 337 $73K No change
AMGN Amgen Inc. 0.05% 237 $66K No change
TSLA Tesla Inc. 0.05% 205 $65K Reduce -45.3%
JNJ Johnson & Johnson 0.04% 411 $63K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 477 $59K No change
GMED Globus Medical Inc. Class A 0.04% 1,000 $59K No change
NEE Nextera Energy Inc. 0.04% 804 $56K No change
CAT Caterpillar Inc. 0.04% 135 $52K No change
AMT American Tower Corp. 0.04% 235 $52K Reduce -98.5%
IYF iShares US Financials ETF 0.03% 404 $49K No change
HPQ HP Inc. 0.03% 1,897 $46K No change
HON Honeywell International Inc. 0.03% 191 $44K No change
IWO iShares Russell 2000 Growth 0.03% 146 $42K No change
DOW Dow Inc. 0.03% 1,557 $41K Reduce -98.0%
HPE Hewlett Packard Enterprise 0.03% 1,897 $39K No change
VZ Verizon Communications Inc. 0.03% 883 $38K No change
EMR Emerson Electric Co. 0.02% 251 $33K Reduce -93.5%
KR Kroger Co. 0.02% 433 $31K No change
VB Vanguard Most SM-Cap ETF-Usd 0.02% 129 $31K No change
GD General Dynamics Corp. 0.02% 100 $29K No change
SCHF Schwab Intl Equity ETF 0.02% 1,266 $28K Add +0.7%
SBUX Starbucks Corp. 0.02% 300 $27K No change
PEG Public Service Enterprise GP 0.02% 315 $27K No change

Show all 170 holdings

Lines left out (1) · $1 — a value with no share or principal amount
SecurityClassSharesValue
ITA iShares U.S. Aerospace & Def US AER DEF ETF0$1

Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.

Total filed on the 13F, all lines: $140.8M.

Portfolio Sells Q1 2025 → Q2 2025
AMT American Tower Corp. Reduce -98.5% 0.04% −2.31
NTR Nutrien Ltd. Reduce -99.5% 0.01% −2.06
NEM Newmont Corp. Reduce -97.0% 0.08% −1.99
MRK Merck & Co. Inc. Reduce -88.2% 0.23% −1.88
DOW Dow Inc. Reduce -98.0% 0.03% −1.85
COLD Americold Realty Trust Inc. Sold out 0.00% −1.79
DLR Digital Realty Trust Inc. Sold out 0.00% −1.48
LDOS Leidos Holdings Inc. Sold out 0.00% −1.40
SLB SLB Ltd. Reduce -29.8% 1.29% −0.92
WY Weyerhaeuser Co. Sold out 0.00% −0.81
IEUR iShares Core MSCI Europe ETF Reduce -41.4% 1.57% −0.80
ACWX iShares MSCI Acwi Ex US ETF Reduce -36.9% 1.90% −0.76
IEMG iShares Core MSCI Emerging Sold out 0.00% −0.75
FXI iShares China Large-Cap ETF Sold out 0.00% −0.70
VALE Vale SA-SP ADR Reduce -39.1% 0.97% −0.62
FMC FMC Corp. Reduce -35.3% 0.77% −0.40
PLD Prologis Inc. Reduce -11.6% 2.12% −0.36
CME Cme Group Inc. Sold out 0.00% −0.34
WM Waste Management Inc. Sold out 0.00% −0.34
EEM iShares MSCI Emerging Market Reduce -54.9% 0.35% −0.34
EMR Emerson Electric Co. Reduce -93.5% 0.02% −0.27
SHY iShares 1-3 Year Treasury Bo Reduce -7.6% 4.86% −0.25
FCX Freeport-McMoran Inc. Reduce -24.4% 1.95% −0.24
AAPL Apple Inc. Reduce -0.3% 4.20% −0.23
COP Conocophillips Reduce -2.2% 0.70% −0.11
CLX Clorox Company Sold out 0.00% −0.02
TSLA Tesla Inc. Reduce -45.3% 0.05% −0.02
CUBE Cubesmart Sold out 0.00% −0.01
CSCO Cisco Systems Inc. Reduce -21.5% 0.11% −0.01
XLRE SS Real Estate Select Sector Sold out 0.00% −0.01
BXP BXP Inc. Reduce -13.9% 0.07% −0.01
PFF iShares Preferred & Income S Reduce -52.4% 0.01% −0.01
CWB SS SPDR BB Conv Sec ETF Reduce -47.2% 0.01% −0.01
SHYG iShares 0-5 YR HY Corp. Bond Reduce -35.5% 0.00% −0.00
GOVT iShares US Treasury Bond ETF Reduce -2.5% 0.37% +0.00
RTX RTX Corp. Reduce -4.4% 0.54% +0.04
BA The Boeing Co. Reduce -5.2% 0.67% +0.11
IJR iShares Core S&P Small-Cap E Reduce -1.2% 2.52% +0.15
IJH iShares Core S&P Midcap ETF Reduce -0.9% 2.82% +0.22
GOOG Alphabet Inc. Class C Reduce -4.8% 2.50% +0.25
AVGO Broadcom Inc. Reduce -11.7% 3.00% +0.99

Portfolio Buys Q1 2025 → Q2 2025
PANW Palo Alto Networks Inc. New 1.69% +1.69
IVV iShares Core S&P 500 ETF Add +4.5% 10.67% +1.69
TMO Thermo Fisher Scientific Inc. Add +6389.8% 1.64% +1.61
ZTS Zoetis Inc. New 1.54% +1.54
WTW Willis Towers Watson PLC New 1.52% +1.52
ACN Accenture PLC Class A New 1.41% +1.41
TLT iShares 20+ Year Treasury BD Add +335.7% 1.52% +1.17
VLUE iShares MSCI USA Value Facto Add +15.5% 5.60% +1.16
ANET Arista Networks Inc. Add +40.8% 2.25% +1.07
NOC Northrop Grumman Corp. New 1.07% +1.07
IEF iShares 7-10 Year Treasury B Add +19.3% 5.08% +0.96
ORCL Oracle Corp. Add +13.7% 1.94% +0.88
ELV Elevance Health Inc. New 0.83% +0.83
MSFT Microsoft Corp. Add +0.0% 2.42% +0.65
OXY Occidental Petroleum Corp. New 0.60% +0.60
USMV iShares MSCI USA Min Vol Fac Add +116.4% 0.95% +0.53
QCOM Qualcomm Inc. Add +22.9% 2.06% +0.49
SPY SS SPDR S&P 500 ETF Trust-US Add +0.7% 3.56% +0.45
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +13.9% 2.68% +0.41
NOBL Proshares S&P 500 Dividend A Add +9.4% 3.92% +0.39
JPM JPMorgan Chase & Co. Add +1.4% 1.59% +0.30
QUAL iShares MSCI USA Quality Fac Add +8.5% 1.25% +0.20
APD Air Products & Chemicals Inc. Add +19.1% 0.48% +0.07
BLK BlackRock Inc. Add +7.6% 0.36% +0.07
TSM Taiwan Semiconductor-SP ADR Add +0.3% 0.19% +0.06
QQQ Invesco QQQ Trust Series 1 Add +0.1% 0.32% +0.06
GOOGL Alphabet Inc. Class A Add +0.0% 0.28% +0.04
MDT Medtronic PLC Add +11.0% 0.40% +0.04
BAC Bank of America Corp. Add +0.1% 0.19% +0.03
UPS United Parcel Service Class B Add +11.7% 0.47% +0.02
LMT Lockheed Martin Corp. Add +0.1% 0.34% +0.02
V Visa Inc. Class A Add +0.1% 0.32% +0.01
TIP iShares Tips Bond ETF Add +1.4% 0.35% +0.01
CVX Chevron Corp. Add +15.8% 0.52% +0.01
HD Home Depot Inc. Add +0.3% 0.21% +0.01
SCHF Schwab Intl Equity ETF Add +0.7% 0.02% +0.00
CMCSA Comcast Corp. Class A Add +0.3% 0.05% −0.00
FDX FedEx Corp. Add +0.1% 1.61% −0.07

Notes & Other Activity Q1 2025 → Q2 2025
ITA iShares U.S. Aerospace & Def US AER DEF ETF Reduce -100.0% 0 $1

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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