Waterloo Capital, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Waterloo Capital, L.P. reported 453 stock positions worth $1.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 3.9% of the portfolio, followed by Walmart (WMT, 3.5%) and SS SPDR P S&P 500 Growth ETF (SPYG, 3.0%). Compared with Q3 2025, it opened 45 new positions, sold out of 44, added to 230 and reduced 160. The biggest buy was a new position in Fidelity Enhanced Intl ETF (FENI) and the biggest sale iShares Core MSCI Eafe ETF (IEFA, shares −56%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001730942
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001104659-26-012470 ↗ filed Feb 10, 2026
Holdings Value
Holdings 453 stocks · $1.4B
| IVV iShares Core S&P 500 ETF | 3.89% | 78,692 | $53.9M | Add +5.6% |
| WMT Walmart Inc. | 3.50% | 434,730 | $48.4M | Add +7.7% |
| SPYG SS SPDR P S&P 500 Growth ETF | 3.04% | 394,930 | $42.1M | Reduce -3.8% |
| AAPL Apple Inc. | 2.74% | 139,654 | $38.0M | Add +5.7% |
| ACIO Aptus Collared Invest Opp | 2.40% | 759,401 | $33.2M | Reduce -9.7% |
| QQQM Invesco Nasdaq 100 ETF | 2.32% | 127,017 | $32.1M | Reduce -0.1% |
| IWD iShares Russell 1000 Value E | 2.31% | 151,923 | $32.0M | Add +0.1% |
| NVDA Nvidia Corp. | 2.30% | 170,471 | $31.8M | Add +1.9% |
| RSP Invesco S&P 500 Equal Weight | 2.07% | 149,865 | $28.7M | Add +1.0% |
| FENI Fidelity Enhanced Intl ETF | 1.80% | 681,466 | $24.9M | New |
| IDUB Aptus Intl Enhan YLD ETF | 1.72% | 976,956 | $23.8M | Add +4.6% |
| MSFT Microsoft Corp. | 1.60% | 45,770 | $22.1M | Add +1.1% |
| JCPB JPMorgan Core Plus Bond ETF | 1.55% | 452,260 | $21.4M | Add +1.5% |
| VOO Vanguard S&P 500 ETF | 1.45% | 32,082 | $20.1M | Add +25.4% |
| DRSK Aptus Defined Risk ETF | 1.40% | 679,415 | $19.3M | Reduce -3.8% |
| GBIL Goldman Sachs Access Treasur | 1.39% | 192,862 | $19.3M | Reduce -16.6% |
| VEA Vanguard Ftse Developed ETF | 1.37% | 303,188 | $18.9M | Reduce -37.5% |
| IEMG iShares Core MSCI Emerging | 1.33% | 274,102 | $18.4M | Reduce -8.1% |
| OSCV Opus Small Cap Value ETF | 1.25% | 468,437 | $17.3M | Add +3.4% |
| AVGO Broadcom Inc. | 1.21% | 48,400 | $16.8M | Add +0.9% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.12% | 194,087 | $15.6M | Add +16.5% |
| MUB iShares National Muni Bond E | 1.07% | 138,385 | $14.8M | Add +2.1% |
| AMZN Amazon.com Inc. | 0.99% | 59,339 | $13.7M | Add +0.8% |
| ADME Aptus Drwdwn MGD Eqty ETF | 0.97% | 263,007 | $13.5M | Add +1.6% |
| IEF iShares 7-10 Year Treasury B | 0.95% | 136,590 | $13.1M | Add +6.5% |
| XLF SS Financial Select Sector | 0.94% | 237,366 | $13.0M | Add +15.4% |
| GOOG Alphabet Inc. Class C | 0.86% | 37,776 | $11.9M | Add +9.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.82% | 16,582 | $11.3M | Reduce -0.6% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.82% | 263,331 | $11.3M | Add +12.0% |
| UPSD Aptus Large Cap Upside ETF | 0.79% | 407,706 | $10.9M | Add +2.4% |
| IEFA iShares Core MSCI Eafe ETF | 0.76% | 117,485 | $10.5M | Reduce -56.2% |
| SLQD iShares 0-5 YR Inv GRD Corp. | 0.76% | 207,052 | $10.5M | Reduce -6.5% |
| SPTI SS SPDR P Int Term TSY ETF | 0.75% | 360,183 | $10.4M | Reduce -20.7% |
| SPHY SS SPDR P High Yield ETF | 0.70% | 412,055 | $9.8M | Add +1.7% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.69% | 379,793 | $9.6M | Add +21.2% |
| VWO Vanguard Ftse Emerging Marke | 0.68% | 174,333 | $9.4M | Add +2.2% |
| JPIE JPMorgan Income ETF | 0.62% | 185,167 | $8.6M | Add +2.4% |
| GOOGL Alphabet Inc. Class A | 0.61% | 27,191 | $8.5M | Add +1.2% |
| DUBS Aptus LRG Cap Enh YLD ETF | 0.58% | 214,694 | $8.1M | Add +6.0% |
| TSLA Tesla Inc. | 0.56% | 17,136 | $7.7M | Add +2.6% |
| BSV Vanguard Short-Term Bond ETF | 0.54% | 94,807 | $7.5M | Add +1.8% |
| EWJ iShares MSCI Japan ETF | 0.52% | 90,006 | $7.3M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 0.52% | 10,910 | $7.2M | Reduce -11.7% |
| SMH Vaneck Semiconductor ETF | 0.51% | 19,432 | $7.0M | Reduce -4.6% |
| IAU iShares Gold Trust | 0.51% | 86,156 | $7.0M | Reduce -1.4% |
| PM Philip Morris International | 0.49% | 42,162 | $6.8M | Reduce -0.5% |
| QUAL iShares MSCI USA Quality Fac | 0.47% | 32,527 | $6.5M | Reduce -0.8% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.47% | 148,964 | $6.4M | Reduce -11.9% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.46% | 57,256 | $6.3M | Reduce -7.9% |
| WFC Wells Fargo & Co. | 0.45% | 67,516 | $6.3M | Add +8.0% |
| AGG iShares Core U.S. Aggregate | 0.45% | 62,329 | $6.2M | Add +2.1% |
| XLC SS Comm Select Sector SPDR | 0.45% | 52,794 | $6.2M | Add +0.7% |
| JPM JPMorgan Chase & Co. | 0.44% | 18,801 | $6.1M | Reduce -7.5% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.44% | 83,305 | $6.1M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.44% | 9,815 | $6.0M | Add +4.0% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.43% | 88,506 | $5.9M | Add +0.8% |
| OHI Omega Healthcare Investors | 0.42% | 131,555 | $5.8M | Add +9.6% |
| STX Seagate Technology Holdings | 0.42% | 20,967 | $5.8M | Reduce -7.0% |
| V Visa Inc. Class A | 0.41% | 16,176 | $5.7M | Add +0.4% |
| EMLC Vaneck JPM Em Local Curr BND | 0.41% | 218,905 | $5.7M | Add +101.4% |
| ABBV Abbvie Inc. | 0.37% | 22,428 | $5.1M | Add +2.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 10,104 | $5.1M | Add +12.7% |
| MO Altria Group Inc. | 0.36% | 87,127 | $5.0M | Add +3.5% |
| SBRA Sabra Health Care REIT Inc. | 0.36% | 264,362 | $5.0M | Add +1.1% |
| JNJ Johnson & Johnson | 0.35% | 23,622 | $4.9M | Add +5.1% |
| ATO Atmos Energy Corp. | 0.35% | 28,752 | $4.8M | Add +17.7% |
| SCHX Schwab US Large-Cap ETF | 0.34% | 176,788 | $4.8M | Reduce -4.5% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.34% | 83,452 | $4.7M | Add +2.0% |
| BX Blackstone Inc. | 0.34% | 30,195 | $4.7M | Reduce -11.8% |
| PLTR Palantir Technologies Inc. Class A | 0.34% | 26,123 | $4.6M | Reduce -1.7% |
| CWEN.A Clearway Energy Inc. Class A | 0.33% | 145,531 | $4.6M | Add +2.5% |
| DGX Quest Diagnostics Inc. | 0.33% | 26,330 | $4.6M | Add +2.1% |
| LLY Eli Lilly & Co. | 0.32% | 4,160 | $4.5M | Add +17.9% |
| INFL Horizon Kinetics Infl Benef | 0.32% | 100,041 | $4.4M | Add +1.9% |
| RITM Rithm Capital Corp. | 0.32% | 401,511 | $4.4M | Add +0.0% |
| LNC Lincoln National Corp. | 0.31% | 97,172 | $4.3M | Reduce -11.6% |
| XOM Exxon Mobil Corp. | 0.31% | 35,651 | $4.3M | Add +5.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.31% | 77,962 | $4.3M | Add +13.5% |
| DEFR Aptus Deferred Income ETF | 0.31% | 159,761 | $4.3M | Add +1.0% |
| SPG Simon Property Group Inc. | 0.31% | 22,823 | $4.2M | Add +2.9% |
| FXI iShares China Large-Cap ETF | 0.30% | 107,057 | $4.1M | Reduce -37.7% |
| MMM 3M Co. | 0.28% | 24,498 | $3.9M | Add +2.6% |
| URI United Rentals Inc. | 0.28% | 4,791 | $3.9M | Reduce -0.9% |
| KMI Kinder Morgan Inc. | 0.28% | 140,876 | $3.9M | Reduce -0.7% |
| KO The Coca-Cola Co. | 0.28% | 55,379 | $3.9M | Add +6.4% |
| TNL Travel + Leisure Co. | 0.28% | 54,583 | $3.8M | Add +3.6% |
| SO The Southern Co. | 0.28% | 43,762 | $3.8M | Add +1.0% |
| BXSL Blackstone Secured Lending F | 0.27% | 142,273 | $3.7M | Add +2.4% |
| VTWO Vanguard Russell 2000 ETF | 0.27% | 37,240 | $3.7M | New |
| RF Regions Financial Corp. | 0.27% | 135,909 | $3.7M | Add +123.7% |
| IBIT iShares Bitcoin Trust ETF | 0.26% | 71,928 | $3.6M | Add +9.8% |
| NFLX Netflix Inc. | 0.26% | 38,062 | $3.6M | Reduce -14.4% |
| FITB Fifth Third Bancorp | 0.26% | 75,858 | $3.6M | Add +2.2% |
| FTCS First Trust Capital Strength | 0.25% | 38,063 | $3.5M | Reduce -7.1% |
| HTGC Hercules Capital Inc. | 0.25% | 185,319 | $3.5M | Add +17.3% |
| AM Antero Midstream Corp. | 0.25% | 194,643 | $3.5M | Reduce -0.8% |
| STWD Starwood Property Trust Inc. | 0.25% | 191,611 | $3.5M | Add +2.8% |
| VTI VG Morningstar TS MKT ETF-US | 0.25% | 10,283 | $3.4M | Reduce -3.5% |
| LADR Ladder Capital Corp.-REIT | 0.25% | 310,629 | $3.4M | Add +2.3% |
| JUCY Aptus Enhanced Yield ETF | 0.25% | 152,937 | $3.4M | Reduce -9.5% |
Options reported separately and not counted above: ISHARES TR puts ($3.4M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $913K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 495 | $620K | Reduce -14.5% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 4,247 | $293K | Reduce -6.0% |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q3 2025 → Q4 2025
| IEFA iShares Core MSCI Eafe ETF | Reduce -56.2% | 0.76% | −0.98 |
| VEA Vanguard Ftse Developed ETF | Reduce -37.5% | 1.37% | −0.80 |
| DUHP Dimensional US High Profi Et | Sold out | 0.00% | −0.35 |
| GBIL Goldman Sachs Access Treasur | Reduce -16.6% | 1.39% | −0.33 |
| ACIO Aptus Collared Invest Opp | Reduce -9.7% | 2.40% | −0.32 |
| XLI SS Industrial Select Sector | Reduce -82.2% | 0.05% | −0.25 |
| FXI iShares China Large-Cap ETF | Reduce -37.7% | 0.30% | −0.23 |
| TMUS T-Mobile US Inc. | Reduce -65.7% | 0.09% | −0.23 |
| SPTI SS SPDR P Int Term TSY ETF | Reduce -20.7% | 0.75% | −0.23 |
| DLR Digital Realty Trust Inc. | Reduce -58.3% | 0.12% | −0.21 |
| FSK FS KKR Capital Corp. | Reduce -83.4% | 0.04% | −0.20 |
| AMT American Tower Corp. | Reduce -56.9% | 0.11% | −0.18 |
| META Meta Platforms Inc. Class A | Reduce -11.7% | 0.52% | −0.15 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -3.8% | 3.04% | −0.15 |
| NFLX Netflix Inc. | Reduce -14.4% | 0.26% | −0.14 |
| IEMG iShares Core MSCI Emerging | Reduce -8.1% | 1.33% | −0.13 |
| ORCL Oracle Corp. | Reduce -15.1% | 0.17% | −0.13 |
| ETN Eaton Corp. PLC | Reduce -55.8% | 0.07% | −0.13 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.12 |
| DRSK Aptus Defined Risk ETF | Reduce -3.8% | 1.40% | −0.12 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -56.5% | 0.08% | −0.11 |
| UNH Unitedhealth Group Inc. | Reduce -64.8% | 0.05% | −0.10 |
| ROP Roper Technologies Inc. | Reduce -66.3% | 0.04% | −0.10 |
| BX Blackstone Inc. | Reduce -11.8% | 0.34% | −0.10 |
| SGOV iShares 0-3 Month Treasury B | Reduce -50.5% | 0.09% | −0.10 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Reduce -11.9% | 0.47% | −0.09 |
| SLQD iShares 0-5 YR Inv GRD Corp. | Reduce -6.5% | 0.76% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -32.7% | 0.12% | −0.08 |
| VNO Vornado Realty Trust | Reduce -17.7% | 0.14% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -14.3% | 0.14% | −0.06 |
| LIN Linde PLC | Reduce -42.1% | 0.06% | −0.06 |
| URI United Rentals Inc. | Reduce -0.9% | 0.28% | −0.06 |
| HD Home Depot Inc. | Reduce -8.5% | 0.19% | −0.06 |
| NOW ServiceNow Inc. | Reduce -3.2% | 0.22% | −0.06 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -7.9% | 0.46% | −0.06 |
| SHV iShares 0-1 Year Treasury Bo | Sold out | 0.00% | −0.05 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.04 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -7.5% | 0.44% | −0.04 |
| SCHG Schwab US Large-Cap Growth | Reduce -19.8% | 0.15% | −0.04 |
| SCHV Schwab US Large-Cap Value | Sold out | 0.00% | −0.04 |
| VMRK Vivmark Residential | Sold out | 0.00% | −0.04 |
| JUCY Aptus Enhanced Yield ETF | Reduce -9.5% | 0.25% | −0.03 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.03 |
| RBLX Roblox Corp. Class A | Reduce -23.2% | 0.03% | −0.03 |
| AM Antero Midstream Corp. | Reduce -0.8% | 0.25% | −0.03 |
| PPA Invesco Aerospace & Defense | Sold out | 0.00% | −0.03 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.03 |
| FTCS First Trust Capital Strength | Reduce -7.1% | 0.25% | −0.03 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| FENI Fidelity Enhanced Intl ETF | New | 1.80% | +1.80 |
| EMXC iShares MSCI Emr MRK Ex Chna | New | 0.44% | +0.44 |
| WMT Walmart Inc. | Add +7.7% | 3.50% | +0.40 |
| VOO Vanguard S&P 500 ETF | Add +25.4% | 1.45% | +0.29 |
| VTWO Vanguard Russell 2000 ETF | New | 0.27% | +0.27 |
| AAPL Apple Inc. | Add +5.7% | 2.74% | +0.24 |
| GOOG Alphabet Inc. Class C | Add +9.4% | 0.86% | +0.23 |
| EMLC Vaneck JPM Em Local Curr BND | Add +101.4% | 0.41% | +0.20 |
| BKGI BNY Mellon GLBL Infra Inc. | New | 0.20% | +0.20 |
| IVV iShares Core S&P 500 ETF | Add +5.6% | 3.89% | +0.18 |
| HST Host Hotels & Resorts Inc. | Add +543.6% | 0.21% | +0.18 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +16.5% | 1.12% | +0.15 |
| MRK Merck & Co. Inc. | Add +231.8% | 0.20% | +0.15 |
| RF Regions Financial Corp. | Add +123.7% | 0.27% | +0.15 |
| OUT Outfront Media Inc. | Add +199.5% | 0.19% | +0.14 |
| CCI Crown Castle Inc. | New | 0.13% | +0.13 |
| FFIN First Finl Bankshares Inc. | Add +978.4% | 0.15% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +1.2% | 0.61% | +0.13 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.13% | +0.13 |
| LLY Eli Lilly & Co. | Add +17.9% | 0.32% | +0.12 |
| XLF SS Financial Select Sector | Add +15.4% | 0.94% | +0.11 |
| SJNK SS SPDR BB St Hi Yield ETF | Add +21.2% | 0.69% | +0.10 |
| APH Amphenol Corp. Class A | Add +158.1% | 0.14% | +0.09 |
| VRT Vertiv Holdings Co. Class A | Add +520.6% | 0.10% | +0.09 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | New | 0.08% | +0.08 |
| IDUB Aptus Intl Enhan YLD ETF | Add +4.6% | 1.72% | +0.08 |
| NEM Newmont Corp. | Add +230.0% | 0.10% | +0.08 |
| IWV iShares Russell 3000 ETF | New | 0.07% | +0.07 |
| HCA HCA Healthcare Inc. | Add +207.4% | 0.10% | +0.07 |
| ALB Albemarle Corp. | New | 0.07% | +0.07 |
| WFC Wells Fargo & Co. | Add +8.0% | 0.45% | +0.06 |
| AOK iShares Core 30/70 Conservat | Add +157.7% | 0.10% | +0.06 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +12.0% | 0.82% | +0.06 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Add +23.1% | 0.12% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | Add +46.7% | 0.12% | +0.05 |
| SHY iShares 1-3 Year Treasury Bo | Add +145.6% | 0.09% | +0.05 |
| TSN Tyson Foods Inc. Class A | Add +37.7% | 0.16% | +0.05 |
| BAC Bank of America Corp. | Add +13.5% | 0.31% | +0.05 |
| CWEN.A Clearway Energy Inc. Class A | Add +2.5% | 0.33% | +0.05 |
| TNL Travel + Leisure Co. | Add +3.6% | 0.28% | +0.04 |
| OHI Omega Healthcare Investors | Add +9.6% | 0.42% | +0.04 |
| APP AppLovin Corp. Class A | Add +97.1% | 0.10% | +0.04 |
| JNJ Johnson & Johnson | Add +5.1% | 0.35% | +0.04 |
| ISRG Intuitive Surgical Inc. | Add +6.8% | 0.18% | +0.04 |
| REGN Regeneron Pharmaceuticals | New | 0.04% | +0.04 |
| MU Micron Technology Inc. | Add +21.6% | 0.08% | +0.04 |
| TJX TJX Companies Inc. | Add +16.9% | 0.23% | +0.04 |
| ATO Atmos Energy Corp. | Add +17.7% | 0.35% | +0.04 |
| NUE Nucor Corp. | Add +71.5% | 0.07% | +0.04 |
| MNST Monster Beverage Corp. | Add +34.5% | 0.11% | +0.04 |
Options Activity Q3 2025 → Q4 2025
| ISHARES TR | put | New | 13,700 | $3.4M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -14.5% | 495 | $620K |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -6.0% | 4,247 | $293K |
| OUSTW Ouster Inc.-28 | *W EXP 09/29/202 | Sold out | 40,000 | $88before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 552 | $1.8B | SPYM, WMT, SPYG, AVLV, AAPL |
| Q1 2026 | 477 | $1.4B | WMT, IVV, SPYG, FENI, ACIO |
| Q4 2025 | 453 | $1.4B | IVV, WMT, SPYG, AAPL, ACIO |
| Q3 2025 | 452 | $1.3B | IVV, SPYG, WMT, ACIO, AAPL |
| Q2 2025 | 454 | $1.2B | IVV, RSP, SPYG, WMT, ACIO |
| Q1 2025 | 389 | $1.1B | IVV, RSP, GBIL, ACIO, WMT |
| Q4 2024 | 361 | $947.9M | IVV, WMT, SPYG, RSP, ACIO |
| Q3 2024 | 352 | $915.6M | IVV, RSP, IWD, ACIO, SPYG |
| Q2 2024 | 346 | $832.8M | IVV, SPYG, BSV, IWD, QUAL |
| Q1 2024 | 360 | $782.2M | IVV, IWD, QUAL, ACIO, QQQM |