Tradewinds Capital Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 25, 2025), Tradewinds Capital Management, LLC reported 663 stock positions worth $373.1 million. Its top holding was SPDR Gold Minishares Trust (GLDM) at 8.4% of the portfolio, followed by iShares MSCI Singapore ETF (EWS, 8.1%) and SS Financial Select Sector (XLF, 7.6%). Compared with Q4 2024, it opened 78 new positions, sold out of 82, added to 155 and reduced 114. The biggest buy was SPDR Gold Minishares Trust (GLDM, shares +206161%) and the biggest sale St Sr Utl SL SE SPDR ETF-Usd (XLU, shares −100%).

Most Recent 13F
Q2 2026
Location
BELLINGHAM, WA
CIK
0001616026
Portfolio Value
$373.1M (Q1 2025)
SEC Filing
0001616026-25-000003 ↗ filed Apr 25, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $361.8M Q1 2024 Q2 2024: $339.0M Q2 2024 Q3 2024: $373.8M Q3 2024 Q4 2024: $378.9M Q4 2024 Q1 2025: $373.1M $373.1M Q1 2025 Q2 2025: $397.7M Q2 2025 Q3 2025: $445.1M Q3 2025 Q4 2025: $474.2M Q4 2025 Q1 2026: $503.5M Q1 2026 Q2 2026: $562.6M Q2 2026

Holdings 663 stocks · $373.1M
GLDM SPDR Gold Minishares Trust 8.42% 507,402 $31.4M Add +206161.0%
EWS iShares MSCI Singapore ETF 8.09% 1,271,178 $30.2M Reduce -1.0%
XLF SS Financial Select Sector 7.55% 565,799 $28.2M Add +50.7%
COMT iShares Gsci Commodity Dynam 7.47% 1,053,158 $27.9M New
XLY SS Consumer Disc Select Sect 7.30% 137,973 $27.2M Add +336419.5%
SPYG SS SPDR P S&P 500 Growth ETF 7.28% 338,199 $27.2M Reduce -6.1%
SCHX Schwab US Large-Cap ETF 6.20% 1,047,956 $23.1M Reduce -31.8%
VOO Vanguard S&P 500 ETF 5.01% 36,345 $18.7M Add +1241.6%
ICVT iShares Convertible Bond ETF 4.66% 207,791 $17.4M Add +0.1%
SIVR Abrdn Physical Silver Shares 3.91% 448,848 $14.6M Add +60555.1%
EWG iShares MSCI Germany ETF 3.70% 371,961 $13.8M Add +1198.7%
HYMB SS SPDR N Ice HY Muni ETF 3.23% 477,758 $12.0M Add +656.8%
MSFT Microsoft Corp. 2.58% 25,676 $9.6M Add +2.0%
JPST JPMorgan Ultra-Short Income 1.29% 95,306 $4.8M Add +0.1%
AAPL Apple Inc. 1.02% 17,163 $3.8M Reduce -19.0%
SCHF Schwab Intl Equity ETF 0.87% 164,304 $3.2M Add +20.1%
MLPA Global X MLP ETF 0.82% 57,804 $3.1M New
SPSB SS SPDR P St C Corp. ETF 0.71% 88,393 $2.7M Add +97.1%
AMZN Amazon.com Inc. 0.70% 13,815 $2.6M Reduce -32.6%
SCHA Schwab US Small-Cap ETF 0.69% 110,509 $2.6M Reduce -80.1%
BKLN Invesco Senior Loan ETF 0.65% 116,772 $2.4M Add +11.2%
SPMD SS SPDR P S&P 400 Midcap ETF 0.60% 43,544 $2.2M Add +2011.7%
JNJ Johnson & Johnson 0.56% 12,513 $2.1M Reduce -0.1%
SPYV SS SPDR P S&P 500 Value ETF 0.52% 38,138 $1.9M Add +0.1%
SPBO SS SPDR P Corp. Bond ETF 0.51% 65,993 $1.9M Reduce -20.8%
XOM Exxon Mobil Corp. 0.48% 15,026 $1.8M Add +0.3%
FLRN SS SPDR BB Ig Float RT ETF 0.45% 54,208 $1.7M Reduce -11.6%
BRK.A Berkshire Hathaway Inc. Class A 0.43% 2 $1.6M New
HON Honeywell International Inc. 0.42% 7,408 $1.6M No change
COST Costco Wholesale Corp. 0.39% 1,523 $1.4M Reduce -2.3%
SCHC Schwab Intl Small-Cap Equity 0.38% 39,654 $1.4M Add +28.8%
NVDA Nvidia Corp. 0.36% 12,282 $1.3M Add +15.4%
IEUR iShares Core MSCI Europe ETF 0.36% 22,089 $1.3M No change
ABT Abbott Laboratories 0.31% 8,754 $1.2M Add +0.1%
QQQ Invesco QQQ Trust Series 1 0.31% 2,462 $1.2M Add +361.9%
ICSH iShares Ultra Short Duration 0.31% 22,487 $1.1M Add +0.8%
GOOG Alphabet Inc. Class C 0.27% 6,479 $1.0M Add +29.9%
SBUX Starbucks Corp. 0.27% 10,230 $1.0M Add +0.9%
XEL Xcel Energy Inc. 0.27% 13,987 $990K No change
HD Home Depot Inc. 0.27% 2,701 $990K Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 0.25% 1,749 $931K Add +0.5%
EWW iShares MSCI Mexico ETF 0.25% 18,178 $926K Reduce -26.8%
OKE Oneok Inc. 0.23% 8,658 $859K Add +0.8%
ABBV Abbvie Inc. 0.22% 3,925 $822K Reduce -7.0%
VMI Valmont Industries 0.21% 2,800 $799K No change
ONEQ Fidelity Nasdaq Comp Indx 0.21% 11,264 $767K Add +0.1%
PG The Procter & Gamble Co. 0.20% 4,442 $757K Reduce -0.1%
XLK SS Technology Select Sector 0.18% 3,254 $672K Add +15.1%
UPS United Parcel Service Class B 0.18% 6,000 $660K Reduce -0.7%
INDA iShares MSCI India ETF 0.16% 11,868 $611K Reduce -14.2%
MCD McDonald's Corp. 0.16% 1,954 $610K Reduce -0.2%
XLE SS Energy Select Sector 0.16% 6,202 $580K Reduce -0.5%
WFC Wells Fargo & Co. 0.15% 7,732 $555K No change
WAFD Wafd Inc. 0.15% 19,000 $543K No change
TRV The Travelers Cos Inc. 0.14% 2,030 $537K No change
WTRG Essential Utilities Inc. 0.14% 13,408 $530K No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.14% 530 $524K Reduce -0.2%
SMCI Super Micro Computer Inc. 0.14% 15,072 $516K Reduce -0.3%
NSC Norfolk Southern Corp. 0.13% 2,004 $475K No change
ITOT iShares Core S&P Total U.S. 0.13% 3,847 $469K Reduce -5.6%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.12% 1,728 $447K Reduce -3.8%
BANR Banner Corporation 0.12% 6,992 $446K No change
MU Micron Technology Inc. 0.12% 5,121 $445K Add +0.2%
UNP Union Pacific Corp. 0.12% 1,853 $438K Reduce -5.4%
MPC Marathon Petroleum Corp. 0.11% 2,927 $426K No change
SPEM State Street SP PTF Em ETF 0.11% 10,468 $412K Add +52240.0%
WMT Walmart Inc. 0.11% 4,677 $411K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.11% 9,775 $408K Add +0.0%
CVX Chevron Corp. 0.10% 2,290 $383K Reduce -12.9%
ENB Enbridge Inc. 0.10% 8,439 $374K Add +1.3%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.10% 4,439 $372K No change
BA The Boeing Co. 0.10% 2,144 $366K Add +10.8%
NVO Novo-Nordisk A/S-Spons ADR 0.09% 4,860 $337K Reduce -2.5%
EWZ iShares MSCI Brazil ETF 0.09% 12,959 $335K Reduce -17.9%
TEL Te Connectivity PLC 0.08% 2,236 $316K Add +1.4%
PEP Pepsico Inc. 0.08% 2,041 $306K Reduce -5.6%
RTX RTX Corp. 0.08% 2,196 $291K Add +0.6%
TKR Timken Co. 0.08% 4,000 $287K No change
GOOGL Alphabet Inc. Class A 0.08% 1,833 $283K Reduce -10.9%
STIP iShares 0-5 Year Tips Bond E 0.08% 2,735 $283K No change
CCB Coastal Financial Corp. 0.08% 3,100 $280K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.07% 2,754 $272K Reduce -7.9%
IVV iShares Core S&P 500 ETF 0.07% 481 $270K Add +0.2%
JPM JPMorgan Chase & Co. 0.07% 1,077 $264K No change
MINT PIMCO Enhanced Short Maturit 0.07% 2,500 $252K Reduce -76.6%
ORCL Oracle Corp. 0.07% 1,754 $245K Reduce -0.1%
COP Conocophillips 0.06% 2,240 $235K Add +0.0%
AMD Advanced Micro Devices 0.06% 2,264 $233K Reduce -0.8%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.06% 901 $232K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 900 $224K Reduce -5.6%
DUK Duke Energy Corp. 0.06% 1,809 $221K No change
PSK SS SPDR Ice Pref Sec ETF 0.06% 6,693 $217K Reduce -97.8%
LLY Eli Lilly & Co. 0.06% 254 $210K No change
V Visa Inc. Class A 0.05% 578 $202K Add +0.2%
PANW Palo Alto Networks Inc. 0.05% 1,160 $198K No change
TSLA Tesla Inc. 0.05% 734 $190K Add +31.3%
META Meta Platforms Inc. Class A 0.05% 325 $187K Reduce -6.3%
DELL Dell Technologies -C 0.05% 2,030 $185K Add +1.5%
CSCO Cisco Systems Inc. 0.05% 2,940 $181K Reduce -0.3%
MDYV SS SPDR S&P 400 MC Val ETF 0.05% 2,283 $176K Add +0.3%

Show all 663 holdings

Lines left out (2) · $27 — a value with no share or principal amount
SecurityClassSharesValue
SPXL Direxion Daily S&P 500 Bull DA 500 BU 3X ETF0$18
EXE Expand Energy Corp. COM0$9

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: $373.1M.

Portfolio Sells Q4 2024 → Q1 2025
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -100.0% 0.00% −7.37
EWH iShares MSCI Hong Kong ETF Reduce -100.0% 0.00% −5.15
XLI SS Industrial Select Sector Reduce -99.6% 0.02% −4.55
EZA iShares MSCI South Africa Et Sold out 0.00% −4.54
SCHX Schwab US Large-Cap ETF Reduce -31.8% 6.20% −3.21
SCHA Schwab US Small-Cap ETF Reduce -80.1% 0.69% −3.09
BSCS Invesco Bulletshares 2028 CB Reduce -100.0% 0.00% −2.91
SCHH Schwab US REIT ETF Reduce -100.0% 0.00% −2.78
PSK SS SPDR Ice Pref Sec ETF Reduce -97.8% 0.06% −2.63
FLHK Franklin Ftse Hong Kong ETF Sold out 0.00% −1.98
FM iShares Frontier and Select Sold out 0.00% −1.83
SPYG SS SPDR P S&P 500 Growth ETF Reduce -6.1% 7.28% −1.07
AMZN Amazon.com Inc. Reduce -32.6% 0.70% −0.48
SCHM Schwab US Mid Cap ETF Reduce -99.4% 0.00% −0.48
AAPL Apple Inc. Reduce -19.0% 1.02% −0.38
AGG iShares Core U.S. Aggregate Reduce -93.5% 0.02% −0.29
IAU iShares Gold Trust Reduce -98.6% 0.01% −0.29
MINT PIMCO Enhanced Short Maturit Reduce -76.6% 0.07% −0.22
GXC State Street SPDR S&P China Sold out 0.00% −0.19
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -90.9% 0.02% −0.18
VPU Vanguard Utilities ETF Sold out 0.00% −0.14
SPBO SS SPDR P Corp. Bond ETF Reduce -20.8% 0.51% −0.12
PGX Invesco Preferred ETF Sold out 0.00% −0.10
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -95.0% 0.00% −0.08
SLV iShares Silver Trust Reduce -99.7% 0.00% −0.06
EWW iShares MSCI Mexico ETF Reduce -26.8% 0.25% −0.06
FLRN SS SPDR BB Ig Float RT ETF Reduce -11.6% 0.45% −0.05
AUR Aurora Innovation Inc. Reduce -95.3% 0.00% −0.03
IYR iShares US Real Estate ETF Sold out 0.00% −0.03
SGOL Abrdn Physical Gold Shares Reduce -60.4% 0.03% −0.03
MCHI iShares MSCI China ETF Sold out 0.00% −0.03
INDA iShares MSCI India ETF Reduce -14.2% 0.16% −0.03
GOOGL Alphabet Inc. Class A Reduce -10.9% 0.08% −0.03
GLD SPDR Gold Shares Reduce -52.6% 0.03% −0.02
UPS United Parcel Service Class B Reduce -0.7% 0.18% −0.02
NVO Novo-Nordisk A/S-Spons ADR Reduce -2.5% 0.09% −0.02
GNR State Street SPDR S&P Global Sold out 0.00% −0.02
GIS General Mills Inc. Sold out 0.00% −0.02
PLTR Palantir Technologies Inc. Class A Reduce -89.4% 0.00% −0.02
DIS The Walt Disney Co. Reduce -7.9% 0.07% −0.01
FUTY Fidelity MSCI US Utilities Reduce -94.0% 0.00% −0.01
ITOT iShares Core S&P Total U.S. Reduce -5.6% 0.13% −0.01
HD Home Depot Inc. Reduce -0.1% 0.27% −0.01
ETN Eaton Corp. PLC Reduce -50.4% 0.01% −0.01
ORCL Oracle Corp. Reduce -0.1% 0.07% −0.01
VTI VG Morningstar TS MKT ETF-US Reduce -31.1% 0.02% −0.01
AMD Advanced Micro Devices Reduce -0.8% 0.06% −0.01
MRSH Marsh & McLennan Cos Reduce -95.5% 0.00% −0.01
GWW WW Grainger Inc. Reduce -0.2% 0.14% −0.01
MCHP Microchip Technology Inc. Sold out 0.00% −0.01

Portfolio Buys Q4 2024 → Q1 2025
GLDM SPDR Gold Minishares Trust Add +206161.0% 8.42% +8.41
COMT iShares Gsci Commodity Dynam New 7.47% +7.47
XLY SS Consumer Disc Select Sect Add +336419.5% 7.30% +7.30
VOO Vanguard S&P 500 ETF Add +1241.6% 5.01% +4.62
SIVR Abrdn Physical Silver Shares Add +60555.1% 3.91% +3.91
EWG iShares MSCI Germany ETF Add +1198.7% 3.70% +3.46
HYMB SS SPDR N Ice HY Muni ETF Add +656.8% 3.23% +2.80
XLF SS Financial Select Sector Add +50.7% 7.55% +2.76
MLPA Global X MLP ETF New 0.82% +0.82
SPMD SS SPDR P S&P 400 Midcap ETF Add +2011.7% 0.60% +0.57
BRK.A Berkshire Hathaway Inc. Class A New 0.43% +0.43
SPSB SS SPDR P St C Corp. ETF Add +97.1% 0.71% +0.36
QQQ Invesco QQQ Trust Series 1 Add +361.9% 0.31% +0.24
SCHF Schwab Intl Equity ETF Add +20.1% 0.87% +0.20
SPEM State Street SP PTF Em ETF Add +52240.0% 0.11% +0.11
SCHC Schwab Intl Small-Cap Equity Add +28.8% 0.38% +0.10
BKLN Invesco Senior Loan ETF Add +11.2% 0.65% +0.06
XOM Exxon Mobil Corp. Add +0.3% 0.48% +0.05
ABT Abbott Laboratories Add +0.1% 0.31% +0.05
BRK.B Berkshire Hathaway Inc. Class B Add +0.5% 0.25% +0.04
DUHP Dimensional US High Profi Et New 0.03% +0.03
JPST JPMorgan Ultra-Short Income Add +0.1% 1.29% +0.03
SBUX Starbucks Corp. Add +0.9% 0.27% +0.02
GOOG Alphabet Inc. Class C Add +29.9% 0.27% +0.02
QUAL iShares MSCI USA Quality Fac New 0.02% +0.02
TLRY Tilray Brands Inc. Add +2038.6% 0.01% +0.01
RTX RTX Corp. Add +0.6% 0.08% +0.01
XMAG Defiance Le Cap Ex-Mag 7 ETF New 0.01% +0.01
IXN iShares Global Tech ETF New 0.01% +0.01
AVLV Avantis US Large Cap Value New 0.01% +0.01
ICSH iShares Ultra Short Duration Add +0.8% 0.31% +0.01
SOXX iShares Semiconductor ETF Add +2600.0% 0.01% +0.01
SPYV SS SPDR P S&P 500 Value ETF Add +0.1% 0.52% +0.01
KMI Kinder Morgan Inc. Add +33.1% 0.03% +0.01
BA The Boeing Co. Add +10.8% 0.10% +0.01
ENB Enbridge Inc. Add +1.3% 0.10% +0.01
T AT&T Inc. Add +46.0% 0.01% +0.01
XLK SS Technology Select Sector Add +15.1% 0.18% +0.01
SCHD Schwab US DVD Equity ETF Add +41400.0% 0.01% +0.01
V Visa Inc. Class A Add +0.2% 0.05% +0.01
VEA Vanguard Ftse Developed ETF Add +1575.0% 0.01% +0.01
VZ Verizon Communications Inc. Add +16.0% 0.02% +0.01
MPLX MPLX LP New 0.01% +0.01
MU Micron Technology Inc. Add +0.2% 0.12% +0.01
VOT Vngrd Mrngstr MC GRW ETF-Usd New 0.01% +0.01
YUM Yum! Brands Inc. Add +0.3% 0.03% +0.01
AZO AutoZone Inc. Add +30.0% 0.01% +0.00
GE General Electric Add +8.7% 0.02% +0.00
HSY The Hershey Co. Add +129.5% 0.01% +0.00
IAUM iShares Gold Trust Micro Add +453.3% 0.01% +0.00

Notes & Other Activity Q4 2024 → Q1 2025
SPXL Direxion Daily S&P 500 Bull DA 500 BU 3X ETF Reduce -100.0% 0 $18
EXE Expand Energy Corp. COM Reduce -100.0% 0 $9

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 713$562.6MEWY, XLE, ICLN, BBCA, COMT
Q1 2026 717$503.5MCOMT, GNR, GLDM, EWY, EWP
Q4 2025 684$474.2MSIVR, GLDM, XLK, SPYG, SPEM
Q3 2025 675$445.1MEWI, GLDM, EWP, EWS, EWG
Q2 2025 640$397.7MEWS, EWG, EWI, EWP, GLDM
Q1 2025 663$373.1MGLDM, EWS, XLF, COMT, XLY
Q4 2024 669$378.9MSCHX, SPYG, EWS, XLU, EWH
Q3 2024 616$373.8MSPYG, XLF, RWO, INDA, SCHM
Q2 2024 591$339.0MSCHX, SCHA, SPYV, IAU, EWJ
Q1 2024 553$361.8MSPTL, MDYG, XLF, SLYG, XLK