Syntax Research, Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Syntax Research, Inc. reported 172 stock positions worth $162.1 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.9% of the portfolio, followed by iShares 7-10 Year Treasury B (IEF, 5.2%) and iShares MSCI USA Value Facto (VLUE, 5.2%). Compared with Q3 2025, it opened 6 new positions, sold out of 8, added to 39 and reduced 29. The biggest buy was a new position in Digital Realty Trust (DLR) and the biggest sale Zoetis (ZTS, shares −98%).

Most Recent 13F
Q2 2026
Location
BOCA RATON, FL
CIK
0001999827
Portfolio Value
$162.1M (Q4 2025)
SEC Filing
0001398344-26-001787 ↗ filed Feb 2, 2026

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 Q3 2025 Q4 2025: $162.1M $162.1M Q4 2025 Q1 2026: $157.1M Q1 2026 Q2 2026: $136.6M Q2 2026

Holdings 172 stocks · $162.1M
IVV iShares Core S&P 500 ETF 8.88% 21,030 $14.4M Add +0.1%
IEF iShares 7-10 Year Treasury B 5.22% 87,935 $8.5M Add +9.5%
VLUE iShares MSCI USA Value Facto 5.19% 61,561 $8.4M Reduce -4.1%
AAPL Apple Inc. 4.83% 28,826 $7.8M Add +0.0%
SHY iShares 1-3 Year Treasury Bo 4.04% 79,015 $6.5M Reduce -6.9%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 3.92% 57,682 $6.4M Add +53.4%
NOBL Proshares S&P 500 Dividend A 3.67% 57,194 $6.0M Add +2.8%
GOOG Alphabet Inc. Class C 3.64% 18,827 $5.9M Reduce -5.0%
SPY SS SPDR S&P 500 ETF Trust-US 3.30% 7,839 $5.3M Reduce -3.5%
AVGO Broadcom Inc. 2.78% 13,010 $4.5M Reduce -4.6%
IJH iShares Core S&P Midcap ETF 2.64% 64,751 $4.3M Add +0.5%
IJR iShares Core S&P Small-Cap E 2.42% 32,654 $3.9M Add +0.0%
PLD Prologis Inc. 2.23% 28,386 $3.6M Reduce -1.0%
MSFT Microsoft Corp. 2.05% 6,858 $3.3M Add +0.0%
FCX Freeport-McMoran Inc. 2.03% 64,818 $3.3M Reduce -1.0%
QCOM Qualcomm Inc. 1.96% 18,562 $3.2M Reduce -0.9%
FDX FedEx Corp. 1.75% 9,847 $2.8M Add +0.0%
ANET Arista Networks Inc. 1.74% 21,471 $2.8M Reduce -13.4%
ORCL Oracle Corp. 1.70% 14,181 $2.8M Add +36.8%
ACWX iShares MSCI Acwi Ex US ETF 1.70% 40,976 $2.8M Reduce -6.4%
TMO Thermo Fisher Scientific Inc. 1.63% 4,548 $2.6M Reduce -19.7%
PANW Palo Alto Networks Inc. 1.62% 14,240 $2.6M Add +0.1%
JPM JPMorgan Chase & Co. 1.56% 7,856 $2.5M Add +0.3%
ABNB Airbnb Inc. Class A 1.44% 17,198 $2.3M Add +12.0%
DLR Digital Realty Trust Inc. 1.36% 14,232 $2.2M New
IEUR iShares Core MSCI Europe ETF 1.35% 30,823 $2.2M Reduce -7.4%
AMT American Tower Corp. 1.31% 12,117 $2.1M Add +5034.3%
XLV SS Health Care Select Sector 1.30% 13,566 $2.1M Reduce -1.1%
SNOW Snowflake Inc. 1.29% 9,563 $2.1M New
QUAL iShares MSCI USA Quality Fac 1.29% 10,532 $2.1M Add +10.1%
FENY Fidelity MSCI Energy Index 1.24% 81,150 $2.0M Add +5.4%
WY Weyerhaeuser Co. 1.10% 75,532 $1.8M New
DT Dynatrace Inc. 1.07% 40,000 $1.7M New
LMT Lockheed Martin Corp. 1.06% 3,546 $1.7M Add +0.0%
USMV iShares MSCI USA Min Vol Fac 0.94% 16,234 $1.5M Add +7.5%
COP Conocophillips 0.90% 15,539 $1.5M Add +0.1%
AMAT Applied Materials Inc. 0.87% 5,506 $1.4M Add +0.0%
UPS United Parcel Service Class B 0.78% 12,700 $1.3M Reduce -40.9%
NOC Northrop Grumman Corp. 0.70% 2,000 $1.1M No change
BA The Boeing Co. 0.61% 4,555 $989K Add +6.8%
AMZN Amazon.com Inc. 0.61% 4,270 $986K Reduce -0.7%
RTX RTX Corp. 0.58% 5,094 $934K Reduce -7.1%
CVX Chevron Corp. 0.55% 5,901 $899K Add +7.6%
OKE Oneok Inc. 0.47% 10,304 $757K Reduce -17.6%
TTWO Take-Two Interactive Softwre 0.45% 2,840 $727K Add +0.6%
GOOGL Alphabet Inc. Class A 0.43% 2,227 $697K No change
MDT Medtronic PLC 0.41% 6,979 $670K Add +2.2%
BLK BlackRock Inc. 0.36% 552 $591K Add +12.2%
TLT iShares 20+ Year Treasury BD 0.36% 6,703 $584K Reduce -74.5%
EEM iShares MSCI Emerging Market 0.35% 10,418 $570K Add +1.4%
INTC Intel Corp. 0.34% 15,000 $554K No change
GOVT iShares US Treasury Bond ETF 0.32% 22,846 $526K Add +1.1%
BRK.B Berkshire Hathaway Inc. Class B 0.32% 1,024 $515K No change
TIP iShares Tips Bond ETF 0.31% 4,633 $509K Add +1.1%
MRK Merck & Co. Inc. 0.31% 4,816 $507K Add +0.2%
QQQ Invesco QQQ Trust Series 1 0.31% 818 $502K Add +0.3%
V Visa Inc. Class A 0.27% 1,242 $436K Reduce -2.3%
VTI VG Morningstar TS MKT ETF-US 0.26% 1,245 $417K Add +0.6%
TSM Taiwan Semiconductor-SP ADR 0.23% 1,215 $369K Add +0.3%
COST Costco Wholesale Corp. 0.21% 392 $338K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.19% 5,521 $304K Reduce -1.6%
HD Home Depot Inc. 0.17% 815 $280K Add +0.3%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.14% 837 $234K No change
PAYX Paychex Inc. 0.13% 1,826 $205K No change
WFC Wells Fargo & Co. 0.12% 2,036 $190K No change
REGN Regeneron Pharmaceuticals 0.12% 245 $189K No change
NEM Newmont Corp. 0.12% 1,879 $188K Add +0.2%
VIG Vanguard Dividend Apprec ETF 0.10% 767 $169K Add +0.8%
NFLX Netflix Inc. 0.10% 1,750 $164K No change
META Meta Platforms Inc. Class A 0.10% 245 $162K No change
CSCO Cisco Systems Inc. 0.10% 2,071 $160K Reduce -10.3%
LLY Eli Lilly & Co. 0.09% 140 $150K No change
APD Air Products & Chemicals Inc. 0.09% 573 $142K Reduce -76.6%
TER Teradyne Inc. 0.08% 684 $132K No change
ED Consolidated Edison Inc. 0.07% 1,114 $111K No change
BXP BXP Inc. 0.06% 1,505 $102K Add +0.9%
SLB SLB Ltd. filed as SLB LIMITED 0.06% 2,626 $101K Reduce -93.8%
WTW Willis Towers Watson PLC 0.06% 300 $99K Reduce -87.0%
XLF SS Financial Select Sector 0.06% 1,737 $95K No change
TSLA Tesla Inc. 0.06% 205 $92K No change
PECO Phillips Edison & Company Inc. 0.06% 2,527 $90K No change
SAP Sap SE-Sponsored ADR 0.06% 370 $90K No change
GMED Globus Medical Inc. Class A 0.05% 1,000 $87K No change
JNJ Johnson & Johnson 0.05% 411 $85K No change
AMGN Amgen Inc. 0.05% 237 $78K No change
CAT Caterpillar Inc. 0.05% 135 $77K No change
ETN Eaton Corp. PLC 0.04% 225 $72K No change
NEE Nextera Energy Inc. 0.04% 804 $65K No change
DRI Darden Restaurants Inc. 0.04% 337 $62K No change
CMCSA Comcast Corp. Class A 0.03% 1,780 $53K Reduce -15.6%
IYF iShares US Financials ETF 0.03% 404 $52K No change
HDV iShares Core High Dividend E 0.03% 415 $50K Add +151.5%
NVDA Nvidia Corp. 0.03% 260 $49K Add +62.5%
IWO iShares Russell 2000 Growth 0.03% 146 $47K No change
HPE Hewlett Packard Enterprise 0.03% 1,897 $46K No change
ELV Elevance Health Inc. 0.03% 121 $43K No change
HPQ HP Inc. 0.03% 1,897 $42K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.03% 367 $42K Reduce -23.2%
ZTS Zoetis Inc. 0.02% 302 $38K Reduce -98.0%
GM General Motors Co. 0.02% 466 $38K No change
HON Honeywell International Inc. 0.02% 191 $37K No change
VZ Verizon Communications Inc. 0.02% 883 $36K No change
KLAC KLA Corp. 0.02% 29 $35K No change
SDY SS SPDR S&P Dividend ETF 0.02% 250 $35K New
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
SCHF Schwab Intl Equity ETF 0.02% 1,302 $31K Add +2.8%
CVS CVS Health Corp. 0.02% 371 $29K No change
KR Kroger Co. 0.02% 433 $27K No change
IWD iShares Russell 1000 Value E 0.02% 122 $26K No change
PEG Public Service Enterprise GP 0.02% 315 $25K No change
SBUX Starbucks Corp. 0.02% 300 $25K No change
CBOE Cboe Global Markets Inc. 0.02% 100 $25K No change
ACN Accenture PLC Class A 0.01% 90 $24K No change
LOW Lowe's Cos Inc. 0.01% 100 $24K No change
UNP Union Pacific Corp. 0.01% 99 $23K No change
UNH Unitedhealth Group Inc. 0.01% 67 $22K No change
PFE Pfizer Inc. 0.01% 871 $22K No change
DOW Dow Inc. 0.01% 919 $21K Reduce -31.3%
C Citigroup Inc. 0.01% 179 $21K No change
LEVI Levi Strauss & Co. Class A 0.01% 1,000 $21K New
ALC Alcon Inc. filed as ALCON AG 0.01% 250 $20K No change
NOW ServiceNow Inc. 0.01% 125 $19K No change
NTR Nutrien Ltd. 0.01% 300 $19K No change
XOM Exxon Mobil Corp. 0.01% 152 $18K No change
ADBE Adobe Inc. 0.01% 52 $18K No change
VTR Ventas Inc. 0.01% 230 $18K No change
USB US Bancorp 0.01% 326 $17K No change
IWP iShares Russell Mid-Cap Grow 0.01% 125 $17K Reduce -22.8%
GDX Vaneck Gold Miners ETF 0.01% 182 $16K No change
MNST Monster Beverage Corp. 0.01% 200 $15K No change
MDLZ Mondelez International Inc. Class A 0.01% 269 $14K No change
MO Altria Group Inc. 0.01% 250 $14K No change
PEP Pepsico Inc. 0.01% 100 $14K No change
KO The Coca-Cola Co. 0.01% 200 $14K No change
T AT&T Inc. 0.01% 536 $13K No change
CL Colgate-Palmolive Co. 0.01% 165 $13K No change
SHW The Sherwin-Williams Co. 0.01% 39 $13K No change
DE Deere & Co. 0.01% 27 $13K No change
CSX CSX Corp. 0.01% 324 $12K No change
UAL United Airlines Holdings Inc. 0.01% 100 $11K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.01% 112 $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
WYNN WYNN Resorts Ltd. 0.01% 89 $11K No change
GS Goldman Sachs Group Inc. 0.01% 12 $11K No change
MELI MercadoLibre Inc. 0.01% 5 $10K No change
ADP Automatic Data Processing 0.01% 39 $10K No change
LVS Las Vegas Sands Corp. 0.01% 129 $8K No change
CCL Carnival Corp. 0.00% 260 $8K No change
PFF iShares Preferred & Income S 0.00% 255 $8K No change
MCD McDonald's Corp. 0.00% 25 $8K No change
DAL Delta Air Lines Inc. 0.00% 100 $7K No change
MGM MGM Resorts International 0.00% 190 $7K No change
BX Blackstone Inc. 0.00% 45 $7K No change
SHEL Shell PLC-ADR 0.00% 83 $6K No change
ALL Allstate Corp. 0.00% 28 $6K No change
LUV Southwest Airlines Co. 0.00% 138 $6K No change
WMT Walmart Inc. 0.00% 50 $6K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.00% 99 $5K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.00% 122 $5K No change
QCLN First Trust Nasdaq Clean Edg 0.00% 100 $4K No change
Q Qnity Electronics Inc. 0.00% 50 $4K No change
DD Dupont DE Nemours Inc. 0.00% 100 $4K No change
AIA iShares Asia 50 ETF 0.00% 35 $3K No change
AAL American Airlines Group Inc. 0.00% 200 $3K No change
DXC DXC Technology Co. 0.00% 162 $2K No change
MSI Motorola Solutions Inc. 0.00% 6 $2K No change
SOLS Solstice Adv Materials Inc. 0.00% 47 $2K No change
QS Quantumscape Corp. 0.00% 150 $2K No change
LXRX Lexicon Pharmaceuticals Inc. 0.00% 142 $164 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: $162.1M.

Portfolio Sells Q3 2025 → Q4 2025
ZTS Zoetis Inc. Reduce -98.0% 0.02% −1.36
TLT iShares 20+ Year Treasury BD Reduce -74.5% 0.36% −1.15
SLB SLB Ltd. Reduce -93.8% 0.06% −0.88
EQIX Equinix Inc. Sold out 0.00% −0.76
WWD Woodward Inc. Sold out 0.00% −0.65
ANET Arista Networks Inc. Reduce -13.4% 1.74% −0.59
STZ Constellation Brands Inc. Class A Sold out 0.00% −0.52
SHY iShares 1-3 Year Treasury Bo Reduce -6.9% 4.04% −0.49
WTW Willis Towers Watson PLC Reduce -87.0% 0.06% −0.45
UPS United Parcel Service Class B Reduce -40.9% 0.78% −0.38
APD Air Products & Chemicals Inc. Reduce -76.6% 0.09% −0.34
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.5% 3.30% −0.18
TMO Thermo Fisher Scientific Inc. Reduce -19.7% 1.63% −0.14
ACWX iShares MSCI Acwi Ex US ETF Reduce -6.4% 1.70% −0.13
OKE Oneok Inc. Reduce -17.6% 0.47% −0.12
AVGO Broadcom Inc. Reduce -4.6% 2.78% −0.11
IEUR iShares Core MSCI Europe ETF Reduce -7.4% 1.35% −0.11
CUBE Cubesmart Sold out 0.00% −0.05
QCOM Qualcomm Inc. Reduce -0.9% 1.96% −0.04
RTX RTX Corp. Reduce -7.1% 0.58% −0.01
V Visa Inc. Class A Reduce -2.3% 0.27% −0.01
CMCSA Comcast Corp. Class A Reduce -15.6% 0.03% −0.01
DIS The Walt Disney Co. Reduce -23.2% 0.03% −0.01
DOW Dow Inc. Reduce -31.3% 0.01% −0.01
CARR Carrier Global Corp. Sold out 0.00% −0.00
IWP iShares Russell Mid-Cap Grow Reduce -22.8% 0.01% −0.00
HE Hawaiian Electric Inds Sold out 0.00% −0.00
OTIS Otis Worldwide Corp. Sold out 0.00% −0.00
CSCO Cisco Systems Inc. Reduce -10.3% 0.10% −0.00
XLE SS Energy Select Sector Sold out 0.00% −0.00
AMZN Amazon.com Inc. Reduce -0.7% 0.61% +0.00
BAC Bank of America Corp. Reduce -1.6% 0.19% +0.00
VLUE iShares MSCI USA Value Facto Reduce -4.1% 5.19% +0.03
XLV SS Health Care Select Sector Reduce -1.1% 1.30% +0.07
PLD Prologis Inc. Reduce -1.0% 2.23% +0.12
FCX Freeport-McMoran Inc. Reduce -1.0% 2.03% +0.38
GOOG Alphabet Inc. Class C Reduce -5.0% 3.64% +0.54

Portfolio Buys Q3 2025 → Q4 2025
DLR Digital Realty Trust Inc. New 1.36% +1.36
SNOW Snowflake Inc. New 1.29% +1.29
AMT American Tower Corp. Add +5034.3% 1.31% +1.28
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +53.4% 3.92% +1.23
WY Weyerhaeuser Co. New 1.10% +1.10
DT Dynatrace Inc. New 1.07% +1.07
FDX FedEx Corp. Add +0.0% 1.75% +0.26
ABNB Airbnb Inc. Class A Add +12.0% 1.44% +0.24
IEF iShares 7-10 Year Treasury B Add +9.5% 5.22% +0.24
AMAT Applied Materials Inc. Add +0.0% 0.87% +0.15
AAPL Apple Inc. Add +0.0% 4.83% +0.12
QUAL iShares MSCI USA Quality Fac Add +10.1% 1.29% +0.09
MRK Merck & Co. Inc. Add +0.2% 0.31% +0.05
SDY SS SPDR S&P Dividend ETF New 0.02% +0.02
USMV iShares MSCI USA Min Vol Fac Add +7.5% 0.94% +0.02
BA The Boeing Co. Add +6.8% 0.61% +0.02
HDV iShares Core High Dividend E Add +151.5% 0.03% +0.02
FENY Fidelity MSCI Energy Index Add +5.4% 1.24% +0.02
NEM Newmont Corp. Add +0.2% 0.12% +0.01
LEVI Levi Strauss & Co. Class A New 0.01% +0.01
NVDA Nvidia Corp. Add +62.5% 0.03% +0.01
TSM Taiwan Semiconductor-SP ADR Add +0.3% 0.23% +0.01
CVX Chevron Corp. Add +7.6% 0.55% +0.01
SCHF Schwab Intl Equity ETF Add +2.8% 0.02% +0.00
EEM iShares MSCI Emerging Market Add +1.4% 0.35% −0.00
VIG Vanguard Dividend Apprec ETF Add +0.8% 0.10% −0.00
VTI VG Morningstar TS MKT ETF-US Add +0.6% 0.26% −0.00
BLK BlackRock Inc. Add +12.2% 0.36% −0.00
MDT Medtronic PLC Add +2.2% 0.41% −0.00
QQQ Invesco QQQ Trust Series 1 Add +0.3% 0.31% −0.01
BXP BXP Inc. Add +0.9% 0.06% −0.01
GOVT iShares US Treasury Bond ETF Add +1.1% 0.32% −0.01
TIP iShares Tips Bond ETF Add +1.1% 0.31% −0.01
NOBL Proshares S&P 500 Dividend A Add +2.8% 3.67% −0.02
TTWO Take-Two Interactive Softwre Add +0.6% 0.45% −0.02
JPM JPMorgan Chase & Co. Add +0.3% 1.56% −0.03
HD Home Depot Inc. Add +0.3% 0.17% −0.04
COP Conocophillips Add +0.1% 0.90% −0.05
IJH iShares Core S&P Midcap ETF Add +0.5% 2.64% −0.07
IJR iShares Core S&P Small-Cap E Add +0.0% 2.42% −0.07
LMT Lockheed Martin Corp. Add +0.0% 1.06% −0.08
IVV iShares Core S&P 500 ETF Add +0.1% 8.88% −0.15
ORCL Oracle Corp. Add +36.8% 1.70% −0.17
MSFT Microsoft Corp. Add +0.0% 2.05% −0.24
PANW Palo Alto Networks Inc. Add +0.1% 1.62% −0.24

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