Breakwater Investment Management Q4 2025 Filing

Filed February 2, 2026

Portfolio Value

$276.4M

Holdings

497

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (497 positions)

#	Stock	Shares	Value	% Portfolio
1	VTIVANGUARD INDEX FDS	120,412	$40.4M	14.61%
2	SCHBSCHWAB STRATEGIC TR	872,018	$22.9M	8.28%
3	VXUSVANGUARD STAR FDS	235,490	$17.8M	6.43%
4	MSFTMICROSOFT CORP	25,270	$12.2M	4.42%
5	BNDXVANGUARD CHARLOTTE FDS	238,694	$11.5M	4.17%
6	BNDVANGUARD BD INDEX FDS	152,456	$11.3M	4.09%
7	SPTMSPDR SERIES TRUST	91,019	$7.5M	2.72%
8	VEUVANGUARD INTL EQUITY INDEX F	93,522	$6.9M	2.49%
9	VCRBVANGUARD MALVERN FDS	84,304	$6.6M	2.38%
10	VTVANGUARD INTL EQUITY INDEX F	42,710	$6.0M	2.18%
11	SPYSPDR S&P 500 ETF TR	8,624	$5.9M	2.13%
12	VWOVANGUARD INTL EQUITY INDEX F	105,362	$5.7M	2.05%
13	VYMVANGUARD WHITEHALL FDS	39,439	$5.7M	2.05%
14	VIGVANGUARD SPECIALIZED FUNDS	24,166	$5.3M	1.92%
15	SCHFSCHWAB STRATEGIC TR	216,224	$5.2M	1.88%
16	SCCRSCHWAB STRATEGIC TR	199,686	$5.2M	1.87%
17	MGKVANGUARD WORLD FD	12,236	$5.0M	1.83%
18	AMZNAMAZON COM INC	21,233	$4.9M	1.77%
19	IAGGISHARES TR	90,181	$4.5M	1.63%
20	MGVVANGUARD WORLD FD	31,022	$4.4M	1.58%
21	SCHDSCHWAB STRATEGIC TR	146,518	$4.0M	1.45%
22	VGSHVANGUARD SCOTTSDALE FDS	66,710	$3.9M	1.42%
23	SCHZSCHWAB STRATEGIC TR	146,227	$3.4M	1.24%
24	VYMIVANGUARD WHITEHALL FDS	35,513	$3.2M	1.16%
25	SCHOSCHWAB STRATEGIC TR	117,671	$2.9M	1.04%
26	SPDWSPDR INDEX SHS FDS	59,773	$2.7M	0.96%
27	SCHESCHWAB STRATEGIC TR	71,528	$2.3M	0.85%
28	GIISPDR INDEX SHS FDS	30,715	$2.1M	0.77%
29	VWOBVANGUARD WHITEHALL FDS	29,860	$2.0M	0.73%
30	SCHPSCHWAB STRATEGIC TR	72,615	$1.9M	0.70%
31	VNQVANGUARD INDEX FDS	20,403	$1.8M	0.65%
32	SCMBSCHWAB STRATEGIC TR	68,100	$1.8M	0.63%
33	SPABSPDR SERIES TRUST	66,260	$1.7M	0.62%
34	BBEUJ P MORGAN EXCHANGE TRADED F	22,022	$1.6M	0.58%
35	VUGVANGUARD INDEX FDS	3,284	$1.6M	0.58%
36	EUHYISHARES INC	29,657	$1.6M	0.57%
37	VGKVANGUARD INTL EQUITY INDEX F	18,357	$1.5M	0.56%
38	SCHXSCHWAB STRATEGIC TR	55,893	$1.5M	0.54%
39	MGCVANGUARD WORLD FD	5,810	$1.5M	0.53%
40	VTIPVANGUARD MALVERN FDS	29,326	$1.4M	0.52%
41	VIGIVANGUARD WHITEHALL FDS	14,788	$1.4M	0.49%
42	GOOGLALPHABET INC	4,202	$1.3M	0.48%
43	SCHHSCHWAB STRATEGIC TR	59,936	$1.3M	0.45%
44	VEAVANGUARD TAX-MANAGED FDS	19,746	$1.2M	0.45%
45	STIPISHARES TR	12,003	$1.2M	0.44%
46	VGITVANGUARD SCOTTSDALE FDS	20,334	$1.2M	0.44%
47	GQ9SPDR GOLD TR	3,031	$1.2M	0.43%
48	VTVVANGUARD INDEX FDS	6,013	$1.1M	0.42%
49	VNQIVANGUARD INTL EQUITY INDEX F	24,928	$1.1M	0.41%
50	VTEBVANGUARD MUN BD FDS	22,684	$1.1M	0.41%
51	VVVANGUARD INDEX FDS	3,280	$1.0M	0.37%
52	VTCVANGUARD SCOTTSDALE FDS	12,789	$992K	0.36%
53	VOTETCW ETF TRUST	11,396	$914K	0.33%
54	MUBISHARES TR	8,281	$886K	0.32%
55	SPTSSPDR SERIES TRUST	27,022	$791K	0.29%
56	XLKSELECT SECTOR SPDR TR	4,545	$654K	0.24%
57	PITVANECK ETF TRUST	12,220	$645K	0.23%
58	BSVVANGUARD BD INDEX FDS	6,664	$525K	0.19%
59	BIVVANGUARD BD INDEX FDS	6,501	$506K	0.18%
60	SPSBSPDR SERIES TRUST	15,857	$478K	0.17%
61	VGTVANGUARD WORLD FD	597	$450K	0.16%
62	AAXJISHARES TR	4,761	$443K	0.16%
63	STPZPIMCO ETF TR	8,219	$441K	0.16%
64	JIVEJ P MORGAN EXCHANGE TRADED F	5,393	$432K	0.16%
65	AAPLAPPLE INC	1,584	$430K	0.16%
66	GOOGALPHABET INC	1,232	$386K	0.14%
67	PLTRPALANTIR TECHNOLOGIES INC	2,092	$371K	0.13%
68	IWMISHARES TR	1,504	$370K	0.13%
69	SPBOSPDR SERIES TRUST	12,332	$361K	0.13%
70	WOODISHARES TR	4,792	$345K	0.12%
71	IVVISHARES TR	449	$307K	0.11%
72	EMBISHARES TR	3,182	$306K	0.11%
73	OMEROMEROS CORP	17,048	$292K	0.11%
74	METAMETA PLATFORMS INC	435	$287K	0.10%
75	DGRWWISDOMTREE TR	3,162	$282K	0.10%
76	PRFINVESCO EXCHANGE TRADED FD T	5,600	$262K	0.09%
77	ISRGINTUITIVE SURGICAL INC	451	$255K	0.09%
78	IOOISHARES TR	1,990	$252K	0.09%
79	SPEMSPDR INDEX SHS FDS	5,165	$241K	0.09%
80	FNDBSCHWAB STRATEGIC TR	8,943	$237K	0.09%
81	NVDANVIDIA CORPORATION	1,254	$233K	0.08%
82	SPYMSPDR SERIES TRUST	2,887	$231K	0.08%
83	MDYSPDR S&P MIDCAP 400 ETF TR	380	$229K	0.08%
84	WMTWALMART INC	1,961	$218K	0.08%
85	VISVANGUARD WORLD FD	731	$218K	0.08%
86	AQLTISHARES TR	1,548	$218K	0.08%
87	VCSHVANGUARD SCOTTSDALE FDS	2,656	$211K	0.08%
88	TMOTHERMO FISHER SCIENTIFIC INC	359	$208K	0.08%
89	GSGISHARES S&P GSCI COMMODITY-	8,457	$195K	0.07%
90	VBVANGUARD INDEX FDS	758	$195K	0.07%
91	VPLVANGUARD INTL EQUITY INDEX F	2,099	$189K	0.07%
92	VCITVANGUARD SCOTTSDALE FDS	2,268	$189K	0.07%
93	EEMISHARES TR	3,274	$179K	0.06%
94	XHBSPDR SERIES TRUST	1,720	$177K	0.06%
95	XOMEXXON MOBIL CORP	1,462	$175K	0.06%
96	GRMNGARMIN LTD	790	$160K	0.06%
97	FNDFSCHWAB STRATEGIC TR	3,329	$150K	0.05%
98	FNDXSCHWAB STRATEGIC TR	5,388	$146K	0.05%
99	IXJISHARES TR	1,478	$143K	0.05%
100	AGGYWISDOMTREE TR	3,262	$143K	0.05%

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