Syntax Research, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Syntax Research, Inc. reported 172 stock positions worth $155.6 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 9.0% of the portfolio, followed by iShares MSCI USA Value Facto (VLUE, 5.2%) and iShares 7-10 Year Treasury B (IEF, 5.0%). Compared with Q2 2025, it opened 11 new positions, sold out of 9, added to 43 and reduced 18. The biggest buy was a new position in SS Health Care Select Sector (XLV) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −13%).

Most Recent 13F
Q2 2026
Location
BOCA RATON, FL
CIK
0001999827
Portfolio Value
$155.6M (Q3 2025)
SEC Filing
0001398344-25-020297 ↗ filed Nov 4, 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 Q2 2025 Q3 2025: $155.6M $155.6M Q3 2025 Q4 2025: $162.1M Q4 2025 Q1 2026: $157.1M Q1 2026 Q2 2026: $136.6M Q2 2026

Holdings 172 stocks · $155.6M
IVV iShares Core S&P 500 ETF 9.04% 21,007 $14.1M Reduce -13.2%
VLUE iShares MSCI USA Value Facto 5.16% 64,192 $8.0M Reduce -7.8%
IEF iShares 7-10 Year Treasury B 4.98% 80,297 $7.7M Add +7.5%
AAPL Apple Inc. 4.72% 28,825 $7.3M Add +0.1%
SHY iShares 1-3 Year Treasury Bo 4.52% 84,838 $7.0M Add +2.8%
NOBL Proshares S&P 500 Dividend A 3.69% 55,660 $5.7M Add +1.6%
SPY SS SPDR S&P 500 ETF Trust-US 3.48% 8,120 $5.4M Reduce -0.0%
GOOG Alphabet Inc. Class C 3.10% 19,822 $4.8M Add +0.0%
AVGO Broadcom Inc. 2.89% 13,633 $4.5M Reduce -11.1%
IJH iShares Core S&P Midcap ETF 2.70% 64,462 $4.2M Add +0.6%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 2.69% 37,604 $4.2M Add +9.1%
IJR iShares Core S&P Small-Cap E 2.49% 32,640 $3.9M Add +0.6%
ANET Arista Networks Inc. 2.32% 24,786 $3.6M Reduce -20.0%
MSFT Microsoft Corp. 2.28% 6,855 $3.6M Add +0.0%
PLD Prologis Inc. 2.11% 28,685 $3.3M Add +1.2%
QCOM Qualcomm Inc. 2.00% 18,733 $3.1M Add +2.7%
ORCL Oracle Corp. 1.87% 10,369 $2.9M Reduce -17.1%
PANW Palo Alto Networks Inc. 1.86% 14,218 $2.9M Add +22.1%
ACWX iShares MSCI Acwi Ex US ETF 1.83% 43,770 $2.8M Reduce -0.2%
TMO Thermo Fisher Scientific Inc. 1.77% 5,665 $2.7M Reduce -0.8%
FCX Freeport-McMoran Inc. 1.65% 65,464 $2.6M Add +3.5%
JPM JPMorgan Chase & Co. 1.59% 7,836 $2.5M Add +1.5%
TLT iShares 20+ Year Treasury BD 1.51% 26,278 $2.3M Add +8.4%
FDX FedEx Corp. 1.49% 9,843 $2.3M Reduce -1.0%
IEUR iShares Core MSCI Europe ETF 1.46% 33,290 $2.3M Reduce 0.0%
ZTS Zoetis Inc. 1.38% 14,710 $2.2M Add +5.7%
XLV SS Health Care Select Sector 1.23% 13,716 $1.9M New
FENY Fidelity MSCI Energy Index 1.22% 76,986 $1.9M New
ABNB Airbnb Inc. Class A 1.20% 15,357 $1.9M New
QUAL iShares MSCI USA Quality Fac 1.20% 9,569 $1.9M Reduce -0.7%
UPS United Parcel Service Class B 1.15% 21,473 $1.8M Add +230.2%
LMT Lockheed Martin Corp. 1.14% 3,545 $1.8M Add +239.6%
COP Conocophillips 0.94% 15,529 $1.5M Add +40.9%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.94% 42,610 $1.5M Reduce -20.8%
USMV iShares MSCI USA Min Vol Fac 0.92% 15,103 $1.4M Add +5.5%
NOC Northrop Grumman Corp. 0.78% 2,000 $1.2M Reduce -33.3%
EQIX Equinix Inc. 0.76% 1,500 $1.2M New
AMAT Applied Materials Inc. 0.72% 5,505 $1.1M Add +11134.7%
WWD Woodward Inc. 0.65% 4,000 $1.0M New
AMZN Amazon.com Inc. 0.61% 4,300 $944K No change
BA The Boeing Co. 0.59% 4,266 $921K Reduce -5.5%
RTX RTX Corp. 0.59% 5,483 $917K Add +5.5%
OKE Oneok Inc. 0.59% 12,500 $912K New
CVX Chevron Corp. 0.55% 5,485 $852K Add +6.3%
STZ Constellation Brands Inc. Class A 0.52% 6,000 $808K New
WTW Willis Towers Watson PLC 0.51% 2,299 $794K Reduce -67.1%
TTWO Take-Two Interactive Softwre 0.47% 2,824 $730K New
APD Air Products & Chemicals Inc. 0.43% 2,450 $668K Add +1.9%
MDT Medtronic PLC 0.42% 6,828 $650K Add +4.7%
BLK BlackRock Inc. 0.37% 492 $574K Add +2.5%
EEM iShares MSCI Emerging Market 0.35% 10,271 $548K No change
GOOGL Alphabet Inc. Class A 0.35% 2,227 $541K Add +0.0%
GOVT iShares US Treasury Bond ETF 0.34% 22,587 $522K Add +0.9%
BRK.B Berkshire Hathaway Inc. Class B 0.33% 1,024 $515K No change
TIP iShares Tips Bond ETF 0.33% 4,582 $510K Add +1.0%
INTC Intel Corp. 0.32% 15,000 $503K No change
QQQ Invesco QQQ Trust Series 1 0.32% 816 $490K No change
V Visa Inc. Class A 0.28% 1,271 $434K Add +0.1%
VTI VG Morningstar TS MKT ETF-US 0.26% 1,238 $406K Add +0.3%
MRK Merck & Co. Inc. 0.26% 4,807 $403K Add +20.0%
COST Costco Wholesale Corp. 0.23% 392 $363K No change
TSM Taiwan Semiconductor-SP ADR 0.22% 1,212 $339K Add +0.2%
HD Home Depot Inc. 0.21% 813 $329K Add +0.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.19% 5,610 $289K Add +0.1%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.16% 837 $246K No change
PAYX Paychex Inc. 0.15% 1,826 $231K No change
NFLX Netflix Inc. 0.13% 175 $210K No change
META Meta Platforms Inc. Class A 0.12% 245 $180K No change
WFC Wells Fargo & Co. 0.11% 2,036 $171K No change
VIG Vanguard Dividend Apprec ETF 0.11% 761 $164K Add +0.4%
NEM Newmont Corp. 0.10% 1,876 $158K Add +0.2%
CSCO Cisco Systems Inc. 0.10% 2,308 $158K Add +0.1%
REGN Regeneron Pharmaceuticals 0.09% 245 $138K No change
ED Consolidated Edison Inc. 0.07% 1,114 $112K No change
BXP BXP Inc. 0.07% 1,491 $111K Add +1.5%
LLY Eli Lilly & Co. 0.07% 140 $107K No change
SAP Sap SE-Sponsored ADR 0.06% 370 $99K No change
TER Teradyne Inc. 0.06% 684 $94K New
XLF SS Financial Select Sector 0.06% 1,737 $94K No change
TSLA Tesla Inc. 0.06% 205 $91K No change
PECO Phillips Edison & Company Inc. 0.06% 2,527 $87K No change
ETN Eaton Corp. PLC 0.05% 225 $84K No change
JNJ Johnson & Johnson 0.05% 411 $76K No change
CUBE Cubesmart 0.05% 1,750 $71K New
AMGN Amgen Inc. 0.04% 237 $67K No change
CMCSA Comcast Corp. Class A 0.04% 2,108 $66K Add +0.3%
CAT Caterpillar Inc. 0.04% 135 $64K No change
DRI Darden Restaurants Inc. 0.04% 337 $64K No change
NEE Nextera Energy Inc. 0.04% 804 $61K No change
GMED Globus Medical Inc. Class A 0.04% 1,000 $57K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 478 $55K Add +0.2%
HPQ HP Inc. 0.03% 1,897 $52K No change
IYF iShares US Financials ETF 0.03% 404 $51K No change
IWO iShares Russell 2000 Growth 0.03% 146 $47K No change
HPE Hewlett Packard Enterprise 0.03% 1,897 $47K No change
AMT American Tower Corp. 0.03% 236 $45K Add +0.4%
HON Honeywell International Inc. 0.03% 191 $40K No change
ELV Elevance Health Inc. 0.03% 121 $39K Reduce -96.0%
VZ Verizon Communications Inc. 0.02% 883 $39K No change
GD General Dynamics Corp. 0.02% 100 $34K No change
EMR Emerson Electric Co. 0.02% 251 $33K No change
VB Vanguard Most SM-Cap ETF-Usd 0.02% 129 $33K No change
KLAC KLA Corp. 0.02% 29 $31K No change
DOW Dow Inc. 0.02% 1,338 $31K Reduce -14.1%
NVDA Nvidia Corp. 0.02% 160 $30K No change
SCHF Schwab Intl Equity ETF 0.02% 1,266 $29K No change
KR Kroger Co. 0.02% 433 $29K No change
GM General Motors Co. 0.02% 466 $28K No change
CVS CVS Health Corp. 0.02% 371 $28K No change
PEG Public Service Enterprise GP 0.02% 315 $26K No change
SBUX Starbucks Corp. 0.02% 300 $25K No change
LOW Lowe's Cos Inc. 0.02% 100 $25K No change
IWD iShares Russell 1000 Value E 0.02% 122 $25K No change
CBOE Cboe Global Markets Inc. 0.02% 100 $25K No change
UNP Union Pacific Corp. 0.01% 99 $23K No change
UNH Unitedhealth Group Inc. 0.01% 67 $23K No change
IWP iShares Russell Mid-Cap Grow 0.01% 162 $23K No change
NOW ServiceNow Inc. 0.01% 25 $23K No change
PFE Pfizer Inc. 0.01% 871 $22K No change
ACN Accenture PLC Class A 0.01% 90 $22K Reduce -98.7%
HDV iShares Core High Dividend E 0.01% 165 $20K No change
ALC Alcon Inc. filed as ALCON AG 0.01% 250 $19K No change
ADBE Adobe Inc. 0.01% 52 $18K No change
C Citigroup Inc. 0.01% 179 $18K No change
NTR Nutrien Ltd. 0.01% 300 $18K No change
XOM Exxon Mobil Corp. 0.01% 152 $17K No change
MDLZ Mondelez International Inc. Class A 0.01% 269 $17K No change
MO Altria Group Inc. 0.01% 250 $17K No change
VTR Ventas Inc. 0.01% 230 $16K No change
USB US Bancorp 0.01% 326 $16K No change
T AT&T Inc. 0.01% 536 $15K No change
PEP Pepsico Inc. 0.01% 100 $14K No change
GDX Vaneck Gold Miners ETF 0.01% 182 $14K No change
SHW The Sherwin-Williams Co. 0.01% 39 $14K No change
MNST Monster Beverage Corp. 0.01% 200 $13K No change
KO The Coca-Cola Co. 0.01% 200 $13K No change
CL Colgate-Palmolive Co. 0.01% 165 $13K No change
DE Deere & Co. 0.01% 27 $12K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.01% 112 $12K No change
MELI MercadoLibre Inc. 0.01% 5 $12K No change
CSX CSX Corp. 0.01% 324 $12K No change
ADP Automatic Data Processing 0.01% 39 $11K No change
WYNN WYNN Resorts Ltd. 0.01% 89 $11K No change
CWB SS SPDR BB Conv Sec ETF 0.01% 122 $11K No change
BKNG Booking Holdings Inc. 0.01% 2 $11K No change
UAL United Airlines Holdings Inc. 0.01% 100 $10K No change
GS Goldman Sachs Group Inc. 0.01% 12 $10K No change
PFF iShares Preferred & Income S 0.01% 255 $8K No change
DD Dupont DE Nemours Inc. 0.01% 100 $8K No change
BX Blackstone Inc. 0.00% 45 $8K Add +2.3%
MCD McDonald's Corp. 0.00% 25 $8K No change
CCL Carnival Corp. 0.00% 260 $8K No change
CARR Carrier Global Corp. 0.00% 118 $7K No change
LVS Las Vegas Sands Corp. 0.00% 129 $7K No change
MGM MGM Resorts International 0.00% 190 $7K No change
ALL Allstate Corp. 0.00% 28 $6K No change
SHEL Shell PLC-ADR 0.00% 83 $6K No change
DAL Delta Air Lines Inc. 0.00% 100 $6K No change
HE Hawaiian Electric Inds 0.00% 508 $6K No change
OTIS Otis Worldwide Corp. 0.00% 59 $5K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.00% 122 $5K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.00% 99 $5K No change
WMT Walmart Inc. 0.00% 50 $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
AIA iShares Asia 50 ETF 0.00% 35 $3K No change
MSI Motorola Solutions Inc. 0.00% 6 $3K No change
AAL American Airlines Group Inc. 0.00% 200 $2K No change
DXC DXC Technology Co. 0.00% 162 $2K No change
QS Quantumscape Corp. 0.00% 150 $2K No change
XLE SS Energy Select Sector 0.00% 10 $901 New
LXRX Lexicon Pharmaceuticals Inc. 0.00% 142 $192 No change
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: $155.6M.

Portfolio Sells Q2 2025 → Q3 2025
IVV iShares Core S&P 500 ETF Reduce -13.2% 9.04% −1.63
ACN Accenture PLC Class A Reduce -98.7% 0.01% −1.40
WTW Willis Towers Watson PLC Reduce -67.1% 0.51% −1.01
VALE Vale SA-SP ADR Sold out 0.00% −0.97
ELV Elevance Health Inc. Reduce -96.0% 0.03% −0.80
FMC FMC Corp. Sold out 0.00% −0.77
OXY Occidental Petroleum Corp. Sold out 0.00% −0.60
VLUE iShares MSCI USA Value Facto Reduce -7.8% 5.16% −0.44
SLB SLB Ltd. Reduce -20.8% 0.94% −0.35
NOC Northrop Grumman Corp. Reduce -33.3% 0.78% −0.28
FDX FedEx Corp. Reduce -1.0% 1.49% −0.11
AVGO Broadcom Inc. Reduce -11.1% 2.89% −0.11
IEUR iShares Core MSCI Europe ETF Reduce 0.0% 1.46% −0.11
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.0% 3.48% −0.09
BA The Boeing Co. Reduce -5.5% 0.59% −0.08
ACWX iShares MSCI Acwi Ex US ETF Reduce -0.2% 1.83% −0.07
ORCL Oracle Corp. Reduce -17.1% 1.87% −0.07
QUAL iShares MSCI USA Quality Fac Reduce -0.7% 1.20% −0.06
DOW Dow Inc. Reduce -14.1% 0.02% −0.01
CRSP Crispr Therapeutics AG Sold out 0.00% −0.01
GH Guardant Health Inc. Sold out 0.00% −0.01
CCJ Cameco Corp. Sold out 0.00% −0.01
VKTX Viking Therapeutics Inc. Sold out 0.00% −0.00
MRNA Moderna Inc. Sold out 0.00% −0.00
CCCC C4 Therapeutics Inc. Sold out 0.00% −0.00
ANET Arista Networks Inc. Reduce -20.0% 2.32% +0.07
TMO Thermo Fisher Scientific Inc. Reduce -0.8% 1.77% +0.12

Portfolio Buys Q2 2025 → Q3 2025
XLV SS Health Care Select Sector New 1.23% +1.23
FENY Fidelity MSCI Energy Index New 1.22% +1.22
ABNB Airbnb Inc. Class A New 1.20% +1.20
LMT Lockheed Martin Corp. Add +239.6% 1.14% +0.79
EQIX Equinix Inc. New 0.76% +0.76
AMAT Applied Materials Inc. Add +11134.7% 0.72% +0.72
UPS United Parcel Service Class B Add +230.2% 1.15% +0.69
WWD Woodward Inc. New 0.65% +0.65
GOOG Alphabet Inc. Class C Add +0.0% 3.10% +0.61
OKE Oneok Inc. New 0.59% +0.59
AAPL Apple Inc. Add +0.1% 4.72% +0.52
STZ Constellation Brands Inc. Class A New 0.52% +0.52
TTWO Take-Two Interactive Softwre New 0.47% +0.47
COP Conocophillips Add +40.9% 0.94% +0.24
PANW Palo Alto Networks Inc. Add +22.1% 1.86% +0.17
GOOGL Alphabet Inc. Class A Add +0.0% 0.35% +0.07
TER Teradyne Inc. New 0.06% +0.06
RTX RTX Corp. Add +5.5% 0.59% +0.05
CUBE Cubesmart New 0.05% +0.05
MRK Merck & Co. Inc. Add +20.0% 0.26% +0.03
NEM Newmont Corp. Add +0.2% 0.10% +0.02
TSM Taiwan Semiconductor-SP ADR Add +0.2% 0.22% +0.02
CVX Chevron Corp. Add +6.3% 0.55% +0.02
MDT Medtronic PLC Add +4.7% 0.42% +0.01
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +9.1% 2.69% +0.01
BLK BlackRock Inc. Add +2.5% 0.37% +0.01
BXP BXP Inc. Add +1.5% 0.07% +0.00
XLE SS Energy Select Sector New 0.00% +0.00
HD Home Depot Inc. Add +0.1% 0.21% +0.00
BX Blackstone Inc. Add +2.3% 0.00% +0.00
JPM JPMorgan Chase & Co. Add +1.5% 1.59% −0.00
BAC Bank of America Corp. Add +0.1% 0.19% −0.00
VIG Vanguard Dividend Apprec ETF Add +0.4% 0.11% −0.00
PLD Prologis Inc. Add +1.2% 2.11% −0.01
VTI VG Morningstar TS MKT ETF-US Add +0.3% 0.26% −0.01
DIS The Walt Disney Co. Add +0.2% 0.04% −0.01
AMT American Tower Corp. Add +0.4% 0.03% −0.01
TLT iShares 20+ Year Treasury BD Add +8.4% 1.51% −0.01
CMCSA Comcast Corp. Class A Add +0.3% 0.04% −0.01
CSCO Cisco Systems Inc. Add +0.1% 0.10% −0.01
IJR iShares Core S&P Small-Cap E Add +0.6% 2.49% −0.03
TIP iShares Tips Bond ETF Add +1.0% 0.33% −0.03
GOVT iShares US Treasury Bond ETF Add +0.9% 0.34% −0.03
USMV iShares MSCI USA Min Vol Fac Add +5.5% 0.92% −0.03
V Visa Inc. Class A Add +0.1% 0.28% −0.04
APD Air Products & Chemicals Inc. Add +1.9% 0.43% −0.05
QCOM Qualcomm Inc. Add +2.7% 2.00% −0.06
IEF iShares 7-10 Year Treasury B Add +7.5% 4.98% −0.10
IJH iShares Core S&P Midcap ETF Add +0.6% 2.70% −0.12
MSFT Microsoft Corp. Add +0.0% 2.28% −0.14

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