Matisse Capital

PORTLAND, OR

$250m in 158 US stocks at the end of 30 June 2026. The top 10 are 29.1% of the money. It changed about 14.1% of the portfolio this quarter.

Value

$250m

Stocks

158

Top 10 share

29.1%

Turnover

14.1%

What changed this quarter

New

Bought for the first time this quarter.

Ascendis Pharma A/SASND
3.0% of the fund
UBS Asset Management High Yield Credit FundDHY
0.5% of the fund
Eaton Vance SR Fltng RTE TRXEFRX
0.4% of the fund
Elevance HealthELV
0.2% of the fund
Rhythm PharmaceuticalsRYTM
0.2% of the fund
Becton DickinsonBDX
0.2% of the fund
Vanguard World FDMGC
0.1% of the fund
CVS HealthCVS
0.1% of the fund
General ElectricGE
<0.1% of the fund
Ishares TRIWM
<0.1% of the fund
Ishares TRIWB
<0.1% of the fund
BoeingBA
<0.1% of the fund
FedEx Freight Holding CompanyFDXF
<0.1% of the fund
Valero EnergyVLO
<0.1% of the fund
Nuveen Multi-Market Income FundJMM
<0.1% of the fund
Soundhound AISOUN
<0.1% of the fund

Added

Bought more of a stock they already held.

FS Credit OpportunitiesFSCO
2.5% of the fund
+10%
FS Specialty Lending FundFSSL
2.3% of the fund
+15%
Nexpoint Diversified Real Estate TrustNXDT
1.9% of the fund
+2%
SRH Total Return FundSTEW
1.6% of the fund
+5%
Highland Global Allocation FundHGLB
1.6% of the fund
+19%
Bluerock Private Real Estate FundBPRE
1.6% of the fund
+22%
Total Return Securities FundSWZ
1.4% of the fund
+50%
Destra Multi-Alternative FundDMA
1.4% of the fund
+10%
Invesco Senior Income TrustVVR
0.7% of the fund
+3%
Nuveen CR Strategies IncomeXJQCX
0.7% of the fund
+21%
Eaton Vance Senior Income TrustEVF
0.7% of the fund
+1244%
NvidiaNVDA
0.7% of the fund
+5%
Berkshire HathawayBRK-B
0.7% of the fund
+2%
J P Morgan Exchange Traded FJEPI
0.6% of the fund
+11%
Costco WholesaleCOST
0.5% of the fund
+8%
Bloom EnergyBE
0.5% of the fund
+56%
Exchange Traded Concepts TRUTHNQ
0.5% of the fund
+12%
Matthews Asia FDSMINV
0.4% of the fund
+28%
SoFi TechnologiesSOFI
0.4% of the fund
+27%
Ishares TRARTY
0.4% of the fund
+37%
NikeNKE
0.3% of the fund
+2%
Home DepotHD
0.2% of the fund
+6%
Invesco QQQ TRQQQ
0.2% of the fund
+8%
Bank of New York MellonBNY
0.2% of the fund
+7%
Eli LillyLLY
0.2% of the fund
+6%

Cut

Sold some of their stake.

Lam ResearchLRCX
3.1% of the fund
-5%
Pimco Calif MUN Income FDXPCQX
3.0% of the fund
-2%
Taiwan FundTWN
2.7% of the fund
-17%
MicrosoftMSFT
2.0% of the fund
-5%
Mexico FundMXF
0.9% of the fund
-49%
Vanguard BD Index FDSBIV
0.9% of the fund
-10%
Clough Global Opportunities FundGLO
0.9% of the fund
-22%
Morgan Stanley China A SH FDXCAFX
0.8% of the fund
-45%
AlphabetGOOG
0.8% of the fund
-5%
IntelINTC
0.5% of the fund
-14%
Neuberger Municipal FundNBH
0.5% of the fund
-9%
Federated Hermes Premier Municipal Income FundFMN
0.5% of the fund
-18%
MastercardMA
0.3% of the fund
-5%
Blackrock Muniyield New York Quality FundMYN
0.2% of the fund
-23%
VistraVST
0.2% of the fund
-14%
ARS PharmaceuticalsSPRY
0.2% of the fund
-2%
Cisco SystemsCSCO
0.2% of the fund
-23%
ChevronCVX
0.2% of the fund
-10%
Vanguard Intl Equity Index FVT
0.1% of the fund
-5%
Wave Life SciencesWVE
0.1% of the fund
-2%
Lowe's CompaniesLOW
0.1% of the fund
-63%
J P Morgan Exchange Traded FJEPQ
<0.1% of the fund
-63%
StarbucksSBUX
<0.1% of the fund
-40%

Sold out

Sold their entire stake.

Ascendis Pharma A/SASND
-100%
BlackRock Technology & Private Equity Term TrustBTX
-100%
BlackRock Municipal 2030 Target Term TrustBTT
-100%
VisaV
-100%
Tractor SupplyTSCO
-100%
NutrienNTR
-100%
SterisSTE
-100%
Alibaba Group HldgBABA
-100%
RiverNorth Flexible Municipal Income Fund IIRFMZ
-100%
Central & Eastern Europe FundCEE
-100%
Union PacificUNP
-100%
Clough Global Equity FDXGLQX
-100%
Saba Capital Income & Opportunities FundBRW
-100%
Nuveen PA Invt Quality MUN FXNQPX
-100%
MFS Invt Grade MUN TR
-100%
Palantir TechnologiesPLTR
-100%
MFS High Yield MUN TRXCMUX
-100%
AARAIR
-100%
Fulcrum TherapeuticsFULC
-100%
MFS High Income MUN TR
-100%
Northrop GrummanNOC
-100%

Holdings

AppleAAPL
Share
4.2%
Value
$10m
Shares
35,994
Held
Ishares TRDGRO
Share
3.4%
Value
$8m
Shares
111,661
Held
Lam ResearchLRCX
Share
3.1%
Value
$8m
Shares
18,130
-5%
Pimco Calif MUN Income FDXPCQX
Share
3.0%
Value
$8m
Shares
848,717
-2%
Ascendis Pharma A/SASND
Share
3.0%
Value
$7m
Shares
28,107
New
Taiwan FundTWN
Share
2.7%
Value
$7m
Shares
69,437
-17%
FS Credit OpportunitiesFSCO
Share
2.5%
Value
$6m
Shares
1,245,000
+10%
Korea FundKF
Share
2.5%
Value
$6m
Shares
82,265
Held
XAI Floating Rate & Alternative Income TrustXFLT
Share
2.4%
Value
$6m
Shares
346,096
Held
FS Specialty Lending FundFSSL
Share
2.3%
Value
$6m
Shares
519,000
+15%
MicrosoftMSFT
Share
2.0%
Value
$5m
Shares
13,588
-5%
Nexpoint Diversified Real Estate TrustNXDT
Share
1.9%
Value
$5m
Shares
923,630
+2%
AlphabetGOOGL
Share
1.9%
Value
$5m
Shares
12,975
Held
Highland Opportunities & Income FundHFRO
Share
1.8%
Value
$4m
Shares
617,000
Held
Pimco New York Municipal Income Fund IIPNI
Share
1.8%
Value
$4m
Shares
618,726
Held
Royce Global TrustRGT
Share
1.7%
Value
$4m
Shares
291,000
Held
SRH Total Return FundSTEW
Share
1.6%
Value
$4m
Shares
226,000
+5%
Highland Global Allocation FundHGLB
Share
1.6%
Value
$4m
Shares
525,000
+19%
Bluerock Private Real Estate FundBPRE
Share
1.6%
Value
$4m
Shares
300,000
+22%
Templeton Dragon FundTDF
Share
1.5%
Value
$4m
Shares
341,875
Held
Total Return Securities FundSWZ
Share
1.4%
Value
$4m
Shares
609,000
+50%
Vanguard Index FDSVBK
Share
1.4%
Value
$3m
Shares
9,554
Held
Central SecuritiesCET
Share
1.4%
Value
$3m
Shares
65,000
Held
Destra Multi-Alternative FundDMA
Share
1.4%
Value
$3m
Shares
455,000
+10%
Mexico Equity & Income FundMXE
Share
1.2%
Value
$3m
Shares
237,827
Held
GE VernovaGEV
Share
1.2%
Value
$3m
Shares
2,613
Held
Amazon.comAMZN
Share
1.1%
Value
$3m
Shares
11,305
Held
Vanguard Index FDSVBR
Share
1.0%
Value
$3m
Shares
10,652
Held
Mexico FundMXF
Share
0.9%
Value
$2m
Shares
105,493
-49%
Vanguard BD Index FDSBIV
Share
0.9%
Value
$2m
Shares
28,954
-10%
Clough Global Opportunities FundGLO
Share
0.9%
Value
$2m
Shares
356,008
-22%
Neuberger Next Generation Connectivity FundNBXG
Share
0.9%
Value
$2m
Shares
129,790
Held
Morgan Stanley China A SH FDXCAFX
Share
0.8%
Value
$2m
Shares
98,526
-45%
European Equity FundEEA
Share
0.8%
Value
$2m
Shares
188,070
Held
AlphabetGOOG
Share
0.8%
Value
$2m
Shares
5,840
-5%
Western Asset Inflation-Linked Opportunities & Income FundWIW
Share
0.8%
Value
$2m
Shares
230,000
Held
Nuveen Floating Rate Income FundJFR
Share
0.8%
Value
$2m
Shares
250,000
Held
Invesco Senior Income TrustVVR
Share
0.7%
Value
$2m
Shares
620,000
+3%
Blackstone Long-Short Credit Income FundBGX
Share
0.7%
Value
$2m
Shares
170,000
Held
Nuveen CR Strategies IncomeXJQCX
Share
0.7%
Value
$2m
Shares
380,000
+21%
Eaton Vance Senior Income TrustEVF
Share
0.7%
Value
$2m
Shares
370,000
+1244%
NvidiaNVDA
Share
0.7%
Value
$2m
Shares
9,190
+5%
Abrdn Natl MUN Income FD
Share
0.7%
Value
$2m
Shares
174,693
Held
Berkshire HathawayBRK-B
Share
0.7%
Value
$2m
Shares
3,558
+2%
Meta PlatformsMETA
Share
0.7%
Value
$2m
Shares
3,147
Held
Dimensional ETF TrustDISV
Share
0.7%
Value
$2m
Shares
44,100
Held
Taiwan Semiconductor ManufacturingTSM
Share
0.7%
Value
$2m
Shares
3,635
Held
Dimensional ETF TrustDFEV
Share
0.7%
Value
$2m
Shares
39,760
Held
EatonETN
Share
0.7%
Value
$2m
Shares
3,959
Held
J P Morgan Exchange Traded FJEPI
Share
0.6%
Value
$2m
Shares
28,323
+11%
Clough Global Dividend & Income FundGLV
Share
0.6%
Value
$2m
Shares
240,785
Held
JPMorgan ChaseJPM
Share
0.6%
Value
$2m
Shares
4,839
Held
Ishares TREEM
Share
0.6%
Value
$2m
Shares
22,990
Held
ExxonMobil HoldingsXOM
Share
0.6%
Value
$1m
Shares
10,564
Held
Johnson Controls InternationalJCI
Share
0.6%
Value
$1m
Shares
9,705
Held
Sprouts Farmers MarketSFM
Share
0.6%
Value
$1m
Shares
16,442
Held
Ishares TREMB
Share
0.6%
Value
$1m
Shares
14,361
Held
Analog DevicesADI
Share
0.5%
Value
$1m
Shares
3,406
Held
NetAppNTAP
Share
0.5%
Value
$1m
Shares
8,699
Held
IntelINTC
Share
0.5%
Value
$1m
Shares
9,524
-14%
Neuberger Municipal FundNBH
Share
0.5%
Value
$1m
Shares
123,161
-9%
UBS Asset Management High Yield Credit FundDHY
Share
0.5%
Value
$1m
Shares
728,498
New
Costco WholesaleCOST
Share
0.5%
Value
$1m
Shares
1,369
+8%
Bloom EnergyBE
Share
0.5%
Value
$1m
Shares
4,200
+56%
Exchange Traded Concepts TRUTHNQ
Share
0.5%
Value
$1m
Shares
13,427
+12%
Federated Hermes Premier Municipal Income FundFMN
Share
0.5%
Value
$1m
Shares
105,041
-18%
WalmartWMT
Share
0.5%
Value
$1m
Shares
10,628
Held
BrandywineGLOBAL-Global Income Opportunities FundBWG
Share
0.5%
Value
$1m
Shares
145,866
Held
Matthews Asia FDSMINV
Share
0.4%
Value
$1m
Shares
18,505
+28%
Eaton Vance SR Fltng RTE TRXEFRX
Share
0.4%
Value
$1m
Shares
100,012
New
SoFi TechnologiesSOFI
Share
0.4%
Value
$1m
Shares
58,563
+27%
Ishares TRARTY
Share
0.4%
Value
$918,430
Shares
12,059
+37%
BlackRockBLK
Share
0.4%
Value
$903,866
Shares
940
Held
AECOMACM
Share
0.4%
Value
$880,248
Shares
12,611
Held
FedExFDX
Share
0.4%
Value
$876,764
Shares
2,800
Held
QualcommQCOM
Share
0.3%
Value
$873,502
Shares
4,727
Held
Blackrock Muniholdings California Quality FundMUC
Share
0.3%
Value
$862,913
Shares
78,518
Held
Ishares TRIDEV
Share
0.3%
Value
$857,344
Shares
9,632
Held
DeereDE
Share
0.3%
Value
$811,308
Shares
1,279
Held
Vanguard Tax-Managed FDSVEA
Share
0.3%
Value
$799,995
Shares
11,228
Held
Vanguard Index FDSVOO
Share
0.3%
Value
$789,271
Shares
1,149
Held
NikeNKE
Share
0.3%
Value
$782,331
Shares
19,058
+2%
Wisdomtree TRDGS
Share
0.3%
Value
$745,330
Shares
11,518
Held
Vanguard World FDVFH
Share
0.3%
Value
$738,408
Shares
5,611
Held
Vanguard BD Index FDSBSV
Share
0.3%
Value
$687,400
Shares
8,823
Held
IonQIONQ
Share
0.3%
Value
$673,473
Shares
12,645
Held
ETF SER SolutionsQTUM
Share
0.3%
Value
$668,531
Shares
4,042
Held
State STR Spdr S&P 500 ETF TSPY
Share
0.3%
Value
$658,353
Shares
882
Held
MastercardMA
Share
0.3%
Value
$655,867
Shares
1,277
-5%
Vaneck ETF TrustEMLC
Share
0.3%
Value
$636,444
Shares
24,900
Held
Home DepotHD
Share
0.2%
Value
$600,261
Shares
1,702
+6%
Elevance HealthELV
Share
0.2%
Value
$599,432
Shares
1,550
New
Lockheed MartinLMT
Share
0.2%
Value
$580,275
Shares
1,139
Held
ASML Holding NVASML
Share
0.2%
Value
$566,990
Shares
285
Held
Blackrock Muniyield New York Quality FundMYN
Share
0.2%
Value
$557,966
Shares
54,972
-23%
VistraVST
Share
0.2%
Value
$555,205
Shares
3,500
-14%
Interactive Brokers GroupIBKR
Share
0.2%
Value
$548,352
Shares
6,300
Held
CSXCSX
Share
0.2%
Value
$535,758
Shares
11,272
Held
Matthews Asia FDSMEM
Share
0.2%
Value
$529,570
Shares
11,700
Held
ARS PharmaceuticalsSPRY
Share
0.2%
Value
$526,265
Shares
65,701
-2%

Company	Share of fund	Value	Shares	Change
AppleAAPL	4.2%	$10m	35,994	Held
Ishares TRDGRO	3.4%	$8m	111,661	Held
Lam ResearchLRCX	3.1%	$8m	18,130	-5%
Pimco Calif MUN Income FDXPCQX	3.0%	$8m	848,717	-2%
Ascendis Pharma A/SASND	3.0%	$7m	28,107	New
Taiwan FundTWN	2.7%	$7m	69,437	-17%
FS Credit OpportunitiesFSCO	2.5%	$6m	1,245,000	+10%
Korea FundKF	2.5%	$6m	82,265	Held
XAI Floating Rate & Alternative Income TrustXFLT	2.4%	$6m	346,096	Held
FS Specialty Lending FundFSSL	2.3%	$6m	519,000	+15%
MicrosoftMSFT	2.0%	$5m	13,588	-5%
Nexpoint Diversified Real Estate TrustNXDT	1.9%	$5m	923,630	+2%
AlphabetGOOGL	1.9%	$5m	12,975	Held
Highland Opportunities & Income FundHFRO	1.8%	$4m	617,000	Held
Pimco New York Municipal Income Fund IIPNI	1.8%	$4m	618,726	Held
Royce Global TrustRGT	1.7%	$4m	291,000	Held
SRH Total Return FundSTEW	1.6%	$4m	226,000	+5%
Highland Global Allocation FundHGLB	1.6%	$4m	525,000	+19%
Bluerock Private Real Estate FundBPRE	1.6%	$4m	300,000	+22%
Templeton Dragon FundTDF	1.5%	$4m	341,875	Held
Total Return Securities FundSWZ	1.4%	$4m	609,000	+50%
Vanguard Index FDSVBK	1.4%	$3m	9,554	Held
Central SecuritiesCET	1.4%	$3m	65,000	Held
Destra Multi-Alternative FundDMA	1.4%	$3m	455,000	+10%
Mexico Equity & Income FundMXE	1.2%	$3m	237,827	Held
GE VernovaGEV	1.2%	$3m	2,613	Held
Amazon.comAMZN	1.1%	$3m	11,305	Held
Vanguard Index FDSVBR	1.0%	$3m	10,652	Held
Mexico FundMXF	0.9%	$2m	105,493	-49%
Vanguard BD Index FDSBIV	0.9%	$2m	28,954	-10%
Clough Global Opportunities FundGLO	0.9%	$2m	356,008	-22%
Neuberger Next Generation Connectivity FundNBXG	0.9%	$2m	129,790	Held
Morgan Stanley China A SH FDXCAFX	0.8%	$2m	98,526	-45%
European Equity FundEEA	0.8%	$2m	188,070	Held
AlphabetGOOG	0.8%	$2m	5,840	-5%
Western Asset Inflation-Linked Opportunities & Income FundWIW	0.8%	$2m	230,000	Held
Nuveen Floating Rate Income FundJFR	0.8%	$2m	250,000	Held
Invesco Senior Income TrustVVR	0.7%	$2m	620,000	+3%
Blackstone Long-Short Credit Income FundBGX	0.7%	$2m	170,000	Held
Nuveen CR Strategies IncomeXJQCX	0.7%	$2m	380,000	+21%
Eaton Vance Senior Income TrustEVF	0.7%	$2m	370,000	+1244%
NvidiaNVDA	0.7%	$2m	9,190	+5%
Abrdn Natl MUN Income FD	0.7%	$2m	174,693	Held
Berkshire HathawayBRK-B	0.7%	$2m	3,558	+2%
Meta PlatformsMETA	0.7%	$2m	3,147	Held
Dimensional ETF TrustDISV	0.7%	$2m	44,100	Held
Taiwan Semiconductor ManufacturingTSM	0.7%	$2m	3,635	Held
Dimensional ETF TrustDFEV	0.7%	$2m	39,760	Held
EatonETN	0.7%	$2m	3,959	Held
J P Morgan Exchange Traded FJEPI	0.6%	$2m	28,323	+11%
Clough Global Dividend & Income FundGLV	0.6%	$2m	240,785	Held
JPMorgan ChaseJPM	0.6%	$2m	4,839	Held
Ishares TREEM	0.6%	$2m	22,990	Held
ExxonMobil HoldingsXOM	0.6%	$1m	10,564	Held
Johnson Controls InternationalJCI	0.6%	$1m	9,705	Held
Sprouts Farmers MarketSFM	0.6%	$1m	16,442	Held
Ishares TREMB	0.6%	$1m	14,361	Held
Analog DevicesADI	0.5%	$1m	3,406	Held
NetAppNTAP	0.5%	$1m	8,699	Held
IntelINTC	0.5%	$1m	9,524	-14%
Neuberger Municipal FundNBH	0.5%	$1m	123,161	-9%
UBS Asset Management High Yield Credit FundDHY	0.5%	$1m	728,498	New
Costco WholesaleCOST	0.5%	$1m	1,369	+8%
Bloom EnergyBE	0.5%	$1m	4,200	+56%
Exchange Traded Concepts TRUTHNQ	0.5%	$1m	13,427	+12%
Federated Hermes Premier Municipal Income FundFMN	0.5%	$1m	105,041	-18%
WalmartWMT	0.5%	$1m	10,628	Held
BrandywineGLOBAL-Global Income Opportunities FundBWG	0.5%	$1m	145,866	Held
Matthews Asia FDSMINV	0.4%	$1m	18,505	+28%
Eaton Vance SR Fltng RTE TRXEFRX	0.4%	$1m	100,012	New
SoFi TechnologiesSOFI	0.4%	$1m	58,563	+27%
Ishares TRARTY	0.4%	$918,430	12,059	+37%
BlackRockBLK	0.4%	$903,866	940	Held
AECOMACM	0.4%	$880,248	12,611	Held
FedExFDX	0.4%	$876,764	2,800	Held
QualcommQCOM	0.3%	$873,502	4,727	Held
Blackrock Muniholdings California Quality FundMUC	0.3%	$862,913	78,518	Held
Ishares TRIDEV	0.3%	$857,344	9,632	Held
DeereDE	0.3%	$811,308	1,279	Held
Vanguard Tax-Managed FDSVEA	0.3%	$799,995	11,228	Held
Vanguard Index FDSVOO	0.3%	$789,271	1,149	Held
NikeNKE	0.3%	$782,331	19,058	+2%
Wisdomtree TRDGS	0.3%	$745,330	11,518	Held
Vanguard World FDVFH	0.3%	$738,408	5,611	Held
Vanguard BD Index FDSBSV	0.3%	$687,400	8,823	Held
IonQIONQ	0.3%	$673,473	12,645	Held
ETF SER SolutionsQTUM	0.3%	$668,531	4,042	Held
State STR Spdr S&P 500 ETF TSPY	0.3%	$658,353	882	Held
MastercardMA	0.3%	$655,867	1,277	-5%
Vaneck ETF TrustEMLC	0.3%	$636,444	24,900	Held
Home DepotHD	0.2%	$600,261	1,702	+6%
Elevance HealthELV	0.2%	$599,432	1,550	New
Lockheed MartinLMT	0.2%	$580,275	1,139	Held
ASML Holding NVASML	0.2%	$566,990	285	Held
Blackrock Muniyield New York Quality FundMYN	0.2%	$557,966	54,972	-23%
VistraVST	0.2%	$555,205	3,500	-14%
Interactive Brokers GroupIBKR	0.2%	$548,352	6,300	Held
CSXCSX	0.2%	$535,758	11,272	Held
Matthews Asia FDSMEM	0.2%	$529,570	11,700	Held
ARS PharmaceuticalsSPRY	0.2%	$526,265	65,701	-2%

Showing the largest 100 of 158.

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 18.1% since 30 June 2025.

Where the money is

Technology13.4%

Industrials5.5%

Health care4.6%

Media & telecom3.4%

Financial services2.9%

Retail & consumer1.9%

Real estate1.9%

Everyday goods1.6%

Energy0.8%

Utilities0.2%

Materials0.1%

Other63.5%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.