BAILARD, INC. Q4 2025 Filing

Filed February 4, 2026

Portfolio Value

$4.5T

Holdings

744

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (744 positions)

#	Stock	Shares	Value	% Portfolio
1	AAPLAPPLE INC	828,481	$225.2B	4.99%
2	MSFTMICROSOFT CORP	422,852	$204.5B	4.53%
3	NVDANVIDIA CORPORATION	914,400	$170.5B	3.78%
4	GOOGLALPHABET INC	461,402	$144.4B	3.20%
5	SPYSPDR S&P 500 ETF TR	202,575	$138.1B	3.06%
6	NDQINVESCO QQQ TR	220,922	$135.7B	3.00%
7	GQ9SPDR GOLD TR	310,893	$123.2B	2.73%
8	EFAISHARES TR	1,272,638	$122.2B	2.71%
9	GILDGILEAD SCIENCES INC	734,057	$90.1B	1.99%
10	VGTVANGUARD WORLD FD	113,885	$85.8B	1.90%
11	CMFISHARES TR	1,439,125	$82.7B	1.83%
12	JMTGJ P MORGAN EXCHANGE TRADED F	1,450,504	$74.1B	1.64%
13	AQLTISHARES TR	794,385	$71.1B	1.57%
14	VTIVANGUARD INDEX FDS	202,079	$67.8B	1.50%
15	IBTGISHARES TR	2,824,210	$64.6B	1.43%
16	AMZNAMAZON COM INC	258,962	$59.8B	1.32%
17	VVISA INC	154,467	$54.2B	1.20%
18	VBRVANGUARD INDEX FDS	249,231	$52.8B	1.17%
19	JPMJPMORGAN CHASE & CO.	154,817	$49.9B	1.10%
20	IVVISHARES TR	69,847	$47.8B	1.06%
21	AVGOBROADCOM INC	125,712	$43.5B	0.96%
22	AQLTISHARES TR	1,879,087	$43.3B	0.96%
23	VOOVANGUARD INDEX FDS	67,501	$42.3B	0.94%
24	METAMETA PLATFORMS INC	61,095	$40.3B	0.89%
25	JMUBJ P MORGAN EXCHANGE TRADED F	794,545	$40.1B	0.89%
26	VEUVANGUARD INTL EQUITY INDEX F	540,697	$39.8B	0.88%
27	TSMTAIWAN SEMICONDUCTOR MFG LTD	127,890	$38.9B	0.86%
28	DWDMORGAN STANLEY	194,271	$34.5B	0.76%
29	COSTCOSTCO WHSL CORP NEW	39,354	$33.9B	0.75%
30	XLKSELECT SECTOR SPDR TR	233,201	$33.6B	0.74%
31	GOOGALPHABET INC	99,867	$31.3B	0.69%
32	TJXTJX COS INC NEW	203,821	$31.3B	0.69%
33	HDHOME DEPOT INC	90,342	$31.1B	0.69%
34	JNJJOHNSON & JOHNSON	149,439	$30.9B	0.68%
35	IJSISHARES TR	270,840	$30.8B	0.68%
36	CMICUMMINS INC	57,435	$29.3B	0.65%
37	BLKBLACKROCK INC	26,691	$28.6B	0.63%
38	VTIPVANGUARD MALVERN FDS	538,707	$26.6B	0.59%
39	KLACKLA CORP	21,598	$26.2B	0.58%
40	NFLXNETFLIX INC	248,046	$23.3B	0.51%
41	UBERUBER TECHNOLOGIES INC	282,988	$23.1B	0.51%
42	TTTRANE TECHNOLOGIES PLC	58,918	$22.9B	0.51%
43	QCOMQUALCOMM INC	132,313	$22.6B	0.50%
44	SUBISHARES TR	199,528	$21.3B	0.47%
45	INTUINTUIT	31,255	$20.7B	0.46%
46	PGPROCTER AND GAMBLE CO	142,108	$20.4B	0.45%
47	IJHISHARES TR	307,238	$20.3B	0.45%
48	UNHUNITEDHEALTH GROUP INC	60,224	$19.9B	0.44%
49	PANWPALO ALTO NETWORKS INC	106,025	$19.5B	0.43%
50	SPOTSPOTIFY TECHNOLOGY S A	33,284	$19.3B	0.43%
51	BSXBOSTON SCIENTIFIC CORP	202,156	$19.3B	0.43%
52	CBCHUBB LIMITED	60,213	$18.8B	0.42%
53	VEAVANGUARD TAX-MANAGED FDS	299,526	$18.7B	0.41%
54	ETNEATON CORP PLC	56,843	$18.1B	0.40%
55	WMWASTE MGMT INC DEL	79,667	$17.5B	0.39%
56	STLDSTEEL DYNAMICS INC	102,031	$17.3B	0.38%
57	IGMISHARES TR	130,075	$16.8B	0.37%
58	COPCONOCOPHILLIPS	177,475	$16.6B	0.37%
59	SPGIS&P GLOBAL INC	31,748	$16.6B	0.37%
60	VWOVANGUARD INTL EQUITY INDEX F	303,791	$16.3B	0.36%
61	CVXCHEVRON CORP NEW	107,005	$16.3B	0.36%
62	AMGNAMGEN INC	49,565	$16.2B	0.36%
63	DHRDANAHER CORPORATION	69,384	$15.9B	0.35%
64	IGIBISHARES TR	294,024	$15.8B	0.35%
65	VRTXVERTEX PHARMACEUTICALS INC	33,975	$15.4B	0.34%
66	BRK/BBERKSHIRE HATHAWAY INC DEL	29,262	$14.7B	0.33%
67	AZNASTRAZENECA PLC	159,013	$14.6B	0.32%
68	IJRISHARES TR	121,596	$14.6B	0.32%
69	ACWXISHARES TR	212,394	$14.3B	0.32%
70	LLYELI LILLY & CO	12,772	$13.7B	0.30%
71	EEMISHARES TR	247,528	$13.5B	0.30%
72	ACNACCENTURE PLC IRELAND	49,138	$13.2B	0.29%
73	ABBVABBVIE INC	56,246	$12.9B	0.28%
74	IWNISHARES TR	69,165	$12.5B	0.28%
75	BACBANK AMERICA CORP	227,456	$12.5B	0.28%
76	IWRISHARES TR	129,460	$12.5B	0.28%
77	AGZISHARES TR	112,826	$12.4B	0.28%
78	COFCAPITAL ONE FINL CORP	50,996	$12.4B	0.27%
79	ADBEADOBE INC	35,229	$12.3B	0.27%
80	ORCLORACLE CORP	62,727	$12.2B	0.27%
81	NOWSERVICENOW INC	79,350	$12.2B	0.27%
82	MUNIPIMCO ETF TR	230,890	$12.1B	0.27%
83	ABTABBOTT LABS	93,322	$11.7B	0.26%
84	VOVANGUARD INDEX FDS	40,041	$11.6B	0.26%
85	MCDMCDONALDS CORP	37,918	$11.6B	0.26%
86	VNQVANGUARD INDEX FDS	130,662	$11.6B	0.26%
87	CSCOCISCO SYS INC	149,204	$11.5B	0.25%
88	PEPPEPSICO INC	79,214	$11.4B	0.25%
89	PLDPROLOGIS INC.	88,954	$11.4B	0.25%
90	EXPEEXPEDIA GROUP INC	39,902	$11.3B	0.25%
91	CATCATERPILLAR INC	19,655	$11.3B	0.25%
92	DISDISNEY WALT CO	97,628	$11.1B	0.25%
93	PNCPNC FINL SVCS GROUP INC	50,824	$10.6B	0.23%
94	KOCOCA COLA CO	149,523	$10.5B	0.23%
95	IGSBISHARES TR	191,272	$10.1B	0.22%
96	EFAXSPDR INDEX SHS FDS	197,825	$10.0B	0.22%
97	TXNTEXAS INSTRS INC	56,096	$9.7B	0.22%
98	VCRVANGUARD WORLD FD	24,594	$9.7B	0.21%
99	XJHISHARES TR	213,468	$9.5B	0.21%
100	LINLINDE PLC	21,737	$9.3B	0.21%

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