Tradewinds Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Tradewinds Capital Management, LLC reported 640 stock positions worth $397.7 million. Its top holding was iShares MSCI Singapore ETF (EWS) at 8.4% of the portfolio, followed by iShares MSCI Germany ETF (EWG, 7.9%) and iShares MSCI Italy ETF (EWI, 7.6%). Compared with Q1 2025, it opened 41 new positions, sold out of 64, added to 116 and reduced 96. The biggest buy was iShares MSCI Italy ETF (EWI, shares +31587000%) and the biggest sale SS Financial Select Sector (XLF, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- BELLINGHAM, WA
- CIK
- 0001616026
- Portfolio Value
- $397.7M (Q2 2025)
- SEC Filing
- 0001616026-25-000004 ↗ filed Jul 29, 2025
Holdings Value
Holdings 640 stocks · $397.7M
| EWS iShares MSCI Singapore ETF | 8.43% | 1,290,583 | $33.5M | Add +1.5% |
| EWG iShares MSCI Germany ETF | 7.87% | 739,995 | $31.3M | Add +98.9% |
| EWI iShares MSCI Italy ETF | 7.65% | 631,742 | $30.4M | Add +31587000.0% |
| EWP iShares MSCI Spain ETF | 7.63% | 689,273 | $30.3M | Add +126837.9% |
| GLDM SPDR Gold Minishares Trust | 7.60% | 461,077 | $30.2M | Reduce -9.1% |
| EZA iShares MSCI South Africa Et | 7.37% | 545,136 | $29.3M | New |
| IEUR iShares Core MSCI Europe ETF | 5.26% | 315,935 | $20.9M | Add +1330.3% |
| FLGB Franklin Ftse United Kingdom | 4.82% | 625,314 | $19.2M | New |
| BWX SS SPDR BB Intl Treasury BD | 4.45% | 754,299 | $17.7M | New |
| SCHF Schwab Intl Equity ETF | 4.16% | 748,436 | $16.5M | Add +355.5% |
| BBCA JPMorgan Betabuilders Canada | 3.19% | 157,067 | $12.7M | New |
| MSFT Microsoft Corp. | 2.98% | 23,835 | $11.9M | Reduce -7.2% |
| ICVT iShares Convertible Bond ETF | 2.69% | 118,553 | $10.7M | Reduce -43.0% |
| SCHX Schwab US Large-Cap ETF | 1.94% | 316,520 | $7.7M | Reduce -69.8% |
| JPST JPMorgan Ultra-Short Income | 1.23% | 96,202 | $4.9M | Add +0.9% |
| AAPL Apple Inc. | 0.85% | 16,436 | $3.4M | Reduce -4.2% |
| XLP SS Consumer Staples Sel Sect | 0.81% | 39,760 | $3.2M | New |
| SPSB SS SPDR P St C Corp. ETF | 0.78% | 103,171 | $3.1M | Add +16.7% |
| SCHA Schwab US Small-Cap ETF | 0.77% | 120,375 | $3.0M | Add +8.9% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.73% | 53,641 | $2.9M | Add +23.2% |
| AMZN Amazon.com Inc. | 0.72% | 13,093 | $2.9M | Reduce -5.2% |
| BKLN Invesco Senior Loan ETF | 0.61% | 115,373 | $2.4M | Reduce -1.2% |
| SPBO SS SPDR P Corp. Bond ETF | 0.57% | 77,755 | $2.3M | Add +17.8% |
| VOO Vanguard S&P 500 ETF | 0.51% | 3,576 | $2.0M | Reduce -90.2% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.49% | 79,310 | $2.0M | Reduce -83.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.49% | 20,582 | $2.0M | Reduce -93.9% |
| JNJ Johnson & Johnson | 0.48% | 12,513 | $1.9M | No change |
| SCHC Schwab Intl Small-Cap Equity | 0.45% | 42,373 | $1.8M | Add +6.9% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.45% | 33,980 | $1.8M | Reduce -10.9% |
| NVDA Nvidia Corp. | 0.44% | 11,034 | $1.7M | Reduce -10.2% |
| HON Honeywell International Inc. | 0.43% | 7,408 | $1.7M | No change |
| FLRN SS SPDR BB Ig Float RT ETF | 0.39% | 49,938 | $1.5M | Reduce -7.9% |
| XOM Exxon Mobil Corp. | 0.37% | 13,528 | $1.5M | Reduce -10.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.37% | 2 | $1.5M | No change |
| COST Costco Wholesale Corp. | 0.35% | 1,414 | $1.4M | Reduce -7.2% |
| ABT Abbott Laboratories | 0.30% | 8,754 | $1.2M | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.30% | 2,130 | $1.2M | Reduce -13.5% |
| ICSH iShares Ultra Short Duration | 0.29% | 22,748 | $1.2M | Add +1.2% |
| GOOG Alphabet Inc. Class C | 0.29% | 6,411 | $1.1M | Reduce -1.1% |
| HD Home Depot Inc. | 0.25% | 2,701 | $990K | No change |
| XEL Xcel Energy Inc. | 0.24% | 13,987 | $953K | No change |
| VMI Valmont Industries | 0.23% | 2,800 | $914K | No change |
| ONEQ Fidelity Nasdaq Comp Indx | 0.23% | 11,281 | $904K | Add +0.1% |
| SBUX Starbucks Corp. | 0.22% | 9,632 | $883K | Reduce -5.8% |
| EWW iShares MSCI Mexico ETF | 0.22% | 14,406 | $872K | Reduce -20.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.21% | 1,749 | $850K | No change |
| XLK SS Technology Select Sector | 0.21% | 3,285 | $832K | Add +0.9% |
| SMCI Super Micro Computer Inc. | 0.19% | 15,072 | $739K | No change |
| ABBV Abbvie Inc. | 0.18% | 3,925 | $729K | No change |
| PG The Procter & Gamble Co. | 0.18% | 4,444 | $708K | Add +0.1% |
| OKE Oneok Inc. | 0.17% | 8,118 | $663K | Reduce -6.2% |
| INDA iShares MSCI India ETF | 0.17% | 11,868 | $661K | No change |
| MU Micron Technology Inc. | 0.16% | 5,321 | $656K | Add +3.9% |
| UPS United Parcel Service Class B | 0.15% | 6,000 | $606K | No change |
| WFC Wells Fargo & Co. | 0.15% | 7,349 | $589K | Reduce -5.0% |
| MCD McDonald's Corp. | 0.14% | 1,954 | $571K | No change |
| WAFD Wafd Inc. | 0.14% | 19,000 | $556K | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.14% | 530 | $551K | No change |
| TRV The Travelers Cos Inc. | 0.14% | 2,030 | $543K | No change |
| XLE SS Energy Select Sector | 0.13% | 6,273 | $532K | Add +1.1% |
| ITOT iShares Core S&P Total U.S. | 0.13% | 3,847 | $519K | No change |
| NSC Norfolk Southern Corp. | 0.13% | 2,004 | $513K | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.12% | 1,735 | $485K | Add +0.4% |
| XLF SS Financial Select Sector | 0.12% | 9,129 | $478K | Reduce -98.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.12% | 9,776 | $463K | Add +0.0% |
| WMT Walmart Inc. | 0.12% | 4,677 | $457K | No change |
| BA The Boeing Co. | 0.11% | 2,167 | $454K | Add +1.1% |
| BANR Banner Corporation | 0.11% | 6,992 | $449K | No change |
| SPEM State Street SP PTF Em ETF | 0.11% | 10,219 | $437K | Reduce -2.4% |
| UNP Union Pacific Corp. | 0.11% | 1,853 | $426K | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.10% | 4,439 | $404K | No change |
| TEL Te Connectivity PLC | 0.09% | 2,236 | $377K | No change |
| EWZ iShares MSCI Brazil ETF | 0.09% | 12,959 | $374K | No change |
| ENB Enbridge Inc. | 0.09% | 8,134 | $369K | Reduce -3.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.09% | 2,754 | $342K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.08% | 4,860 | $335K | No change |
| GOOGL Alphabet Inc. Class A | 0.08% | 1,870 | $329K | Add +2.0% |
| CVX Chevron Corp. | 0.08% | 2,290 | $328K | No change |
| RTX RTX Corp. | 0.08% | 2,222 | $325K | Add +1.2% |
| AMD Advanced Micro Devices | 0.08% | 2,284 | $324K | Add +0.9% |
| CCB Coastal Financial Corp. | 0.08% | 3,100 | $300K | No change |
| IVV iShares Core S&P 500 ETF | 0.08% | 483 | $300K | Add +0.4% |
| JPM JPMorgan Chase & Co. | 0.07% | 1,024 | $297K | Reduce -4.9% |
| STIP iShares 0-5 Year Tips Bond E | 0.07% | 2,735 | $281K | No change |
| TSLA Tesla Inc. | 0.07% | 868 | $276K | Add +18.3% |
| PEP Pepsico Inc. | 0.07% | 2,057 | $272K | Add +0.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.07% | 910 | $268K | Add +1.1% |
| DELL Dell Technologies -C | 0.07% | 2,130 | $261K | Add +4.9% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.06% | 901 | $257K | No change |
| ORCL Oracle Corp. | 0.06% | 1,116 | $244K | Reduce -36.4% |
| PANW Palo Alto Networks Inc. | 0.06% | 1,160 | $237K | No change |
| DUK Duke Energy Corp. | 0.05% | 1,809 | $213K | No change |
| PSK SS SPDR Ice Pref Sec ETF | 0.05% | 6,693 | $213K | No change |
| XLY SS Consumer Disc Select Sect | 0.05% | 912 | $198K | Reduce -99.3% |
| LLY Eli Lilly & Co. | 0.05% | 254 | $198K | No change |
| COMT iShares Gsci Commodity Dynam | 0.05% | 7,556 | $195K | Reduce -99.3% |
| CSCO Cisco Systems Inc. | 0.05% | 2,809 | $195K | Reduce -4.5% |
| ADX Adams Diversified Equity | 0.05% | 8,871 | $193K | No change |
| MINT PIMCO Enhanced Short Maturit | 0.05% | 1,902 | $191K | Reduce -23.9% |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.05% | 2,294 | $182K | Add +0.5% |
Lines left out (2) · $32 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| SPXL Direxion Daily S&P 500 Bull | DA 500 BU 3X ETF | 0 | $22 |
| EXE Expand Energy Corp. | COM | 0 | $10 |
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: $397.7M.
Portfolio Sells Q1 2025 → Q2 2025
| XLF SS Financial Select Sector | Reduce -98.4% | 0.12% | −7.43 |
| COMT iShares Gsci Commodity Dynam | Reduce -99.3% | 0.05% | −7.42 |
| XLY SS Consumer Disc Select Sect | Reduce -99.3% | 0.05% | −7.25 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -93.9% | 0.49% | −6.79 |
| VOO Vanguard S&P 500 ETF | Reduce -90.2% | 0.51% | −4.50 |
| SCHX Schwab US Large-Cap ETF | Reduce -69.8% | 1.94% | −4.26 |
| SIVR Abrdn Physical Silver Shares | Reduce -99.0% | 0.04% | −3.87 |
| HYMB SS SPDR N Ice HY Muni ETF | Reduce -83.4% | 0.49% | −2.74 |
| ICVT iShares Convertible Bond ETF | Reduce -43.0% | 2.69% | −1.97 |
| MLPA Global X MLP ETF | Sold out | 0.00% | −0.82 |
| GLDM SPDR Gold Minishares Trust | Reduce -9.1% | 7.60% | −0.82 |
| AAPL Apple Inc. | Reduce -4.2% | 0.85% | −0.17 |
| WTRG Essential Utilities Inc. | Reduce -99.4% | 0.00% | −0.14 |
| XOM Exxon Mobil Corp. | Reduce -10.0% | 0.37% | −0.11 |
| MPC Marathon Petroleum Corp. | Reduce -90.2% | 0.01% | −0.10 |
| TKR Timken Co. | Sold out | 0.00% | −0.08 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -10.9% | 0.45% | −0.07 |
| OKE Oneok Inc. | Reduce -6.2% | 0.17% | −0.06 |
| FLRN SS SPDR BB Ig Float RT ETF | Reduce -7.9% | 0.39% | −0.06 |
| COP Conocophillips | Reduce -92.6% | 0.00% | −0.06 |
| SBUX Starbucks Corp. | Reduce -5.8% | 0.22% | −0.05 |
| RRC Range Resources Corp. | Sold out | 0.00% | −0.04 |
| BALL Ball Corp. | Sold out | 0.00% | −0.04 |
| BKLN Invesco Senior Loan ETF | Reduce -1.2% | 0.61% | −0.04 |
| V Visa Inc. Class A | Reduce -69.0% | 0.02% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -7.2% | 0.35% | −0.03 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.03 |
| PSX Phillips 66 | Reduce -96.7% | 0.00% | −0.03 |
| EWW iShares MSCI Mexico ETF | Reduce -20.8% | 0.22% | −0.03 |
| TGT Target Corp. | Reduce -90.3% | 0.00% | −0.03 |
| TRN Trinity Industries Inc. | Sold out | 0.00% | −0.02 |
| MINT PIMCO Enhanced Short Maturit | Reduce -23.9% | 0.05% | −0.02 |
| INTC Intel Corp. | Reduce -40.7% | 0.02% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -13.5% | 0.30% | −0.01 |
| HAL Halliburton Co. | Reduce -94.2% | 0.00% | −0.01 |
| ENS Enersys | Reduce -18.9% | 0.03% | −0.01 |
| XMAG Defiance Le Cap Ex-Mag 7 ETF | Sold out | 0.00% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -63.9% | 0.01% | −0.01 |
| IXN iShares Global Tech ETF | Sold out | 0.00% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -30.8% | 0.04% | −0.01 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.01 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -74.9% | 0.00% | −0.01 |
| GIB Cgi Inc. | Sold out | 0.00% | −0.01 |
| ENB Enbridge Inc. | Reduce -3.6% | 0.09% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -8.3% | 0.01% | −0.01 |
| PEJ Invesco Leisure & Entertainm | Sold out | 0.00% | −0.01 |
| MTUS Metallus Inc. | Sold out | 0.00% | −0.01 |
| VOOG Vanguard S&P 500 Growth ETF | Reduce -79.8% | 0.00% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.01 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| EWI iShares MSCI Italy ETF | Add +31587000.0% | 7.65% | +7.65 |
| EWP iShares MSCI Spain ETF | Add +126837.9% | 7.63% | +7.62 |
| EZA iShares MSCI South Africa Et | New | 7.37% | +7.37 |
| IEUR iShares Core MSCI Europe ETF | Add +1330.3% | 5.26% | +4.90 |
| FLGB Franklin Ftse United Kingdom | New | 4.82% | +4.82 |
| BWX SS SPDR BB Intl Treasury BD | New | 4.45% | +4.45 |
| EWG iShares MSCI Germany ETF | Add +98.9% | 7.87% | +4.18 |
| SCHF Schwab Intl Equity ETF | Add +355.5% | 4.16% | +3.29 |
| BBCA JPMorgan Betabuilders Canada | New | 3.19% | +3.19 |
| XLP SS Consumer Staples Sel Sect | New | 0.81% | +0.81 |
| EWS iShares MSCI Singapore ETF | Add +1.5% | 8.43% | +0.34 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +23.2% | 0.73% | +0.14 |
| SCHC Schwab Intl Small-Cap Equity | Add +6.9% | 0.45% | +0.07 |
| SCHA Schwab US Small-Cap ETF | Add +8.9% | 0.77% | +0.07 |
| SPSB SS SPDR P St C Corp. ETF | Add +16.7% | 0.78% | +0.07 |
| SPBO SS SPDR P Corp. Bond ETF | Add +17.8% | 0.57% | +0.06 |
| MU Micron Technology Inc. | Add +3.9% | 0.16% | +0.05 |
| XLK SS Technology Select Sector | Add +0.9% | 0.21% | +0.03 |
| ONEQ Fidelity Nasdaq Comp Indx | Add +0.1% | 0.23% | +0.02 |
| AMD Advanced Micro Devices | Add +0.9% | 0.08% | +0.02 |
| TSLA Tesla Inc. | Add +18.3% | 0.07% | +0.02 |
| BA The Boeing Co. | Add +1.1% | 0.11% | +0.02 |
| DELL Dell Technologies -C | Add +4.9% | 0.07% | +0.02 |
| TLRY Tilray Brands Inc. | Add +177.0% | 0.02% | +0.01 |
| FIX Comfort Systems USA Inc. | Add +37.8% | 0.02% | +0.01 |
| NFLX Netflix Inc. | Add +8.4% | 0.03% | +0.01 |
| SPMO Invesco S&P 500 Momentum ETF | Add +342.5% | 0.01% | +0.01 |
| RSG Republic Services Inc. | Add +154.1% | 0.01% | +0.01 |
| IBM Intl Business Machines Corp. | Add +1.1% | 0.07% | +0.01 |
| VRT Vertiv Holdings Co. Class A | Add +69.0% | 0.01% | +0.01 |
| BAC Bank of America Corp. | Add +0.0% | 0.12% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +2.0% | 0.08% | +0.01 |
| ANET Arista Networks Inc. | Add +32.8% | 0.02% | +0.01 |
| GSLC Goldman Activebeta US LC ETF | New | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +147.4% | 0.01% | +0.01 |
| GE General Electric | Add +2.5% | 0.02% | +0.00 |
| VST Vistra Corp. | New | 0.00% | +0.00 |
| RTX RTX Corp. | Add +1.2% | 0.08% | +0.00 |
| SHOP Shopify Inc. Class A | Add +71.4% | 0.01% | +0.00 |
| TTD Trade Desk Inc./the Class A | Add +22.7% | 0.01% | +0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +7.6% | 0.02% | +0.00 |
| DASH DoorDash Inc. Class A | New | 0.00% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +0.4% | 0.08% | +0.00 |
| CORP PIMCO Inv Grade Corp. BD ETF | Add +16.1% | 0.03% | +0.00 |
| RCL Royal Caribbean Cruises Ltd. | Add +0.9% | 0.01% | +0.00 |
| TJX TJX Companies Inc. | Add +33.4% | 0.01% | +0.00 |
| GDX Vaneck Gold Miners ETF | New | 0.00% | +0.00 |
| OKTA Okta Inc. | New | 0.00% | +0.00 |
| PHYS Sprott Physical Gold Trust | Add +59.8% | 0.01% | +0.00 |
| EFIV SS SPDR S&P 500 ESG ETF | Add +8.5% | 0.02% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 713 | $562.6M | EWY, XLE, ICLN, BBCA, COMT |
| Q1 2026 | 717 | $503.5M | COMT, GNR, GLDM, EWY, EWP |
| Q4 2025 | 684 | $474.2M | SIVR, GLDM, XLK, SPYG, SPEM |
| Q3 2025 | 675 | $445.1M | EWI, GLDM, EWP, EWS, EWG |
| Q2 2025 | 640 | $397.7M | EWS, EWG, EWI, EWP, GLDM |
| Q1 2025 | 663 | $373.1M | GLDM, EWS, XLF, COMT, XLY |
| Q4 2024 | 669 | $378.9M | SCHX, SPYG, EWS, XLU, EWH |
| Q3 2024 | 616 | $373.8M | SPYG, XLF, RWO, INDA, SCHM |
| Q2 2024 | 591 | $339.0M | SCHX, SCHA, SPYV, IAU, EWJ |
| Q1 2024 | 553 | $361.8M | SPTL, MDYG, XLF, SLYG, XLK |