Deschutes Portfolio Strategy

Matisse Capital as of Sept. 30, 2025

Portfolio Holdings for Matisse Capital

Matisse Capital holds 164 positions in its portfolio as reported in the September 2025 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Apple (AAPL) 4.4 $9.8M 38k 254.63
Pimco CA Municipal Income Fund (PCQ) 3.6 $8.0M 920k 8.72
Microsoft Corporation (MSFT) 3.5 $7.7M 15k 517.95
Ishares Tr Core Div Grwth (DGRO) 3.4 $7.7M 113k 68.08
Ascendis Pharma A/s Sponsored Adr (ASND) 2.3 $5.2M 26k 198.81
Taiwan Fund (TWN) 2.0 $4.5M 84k 54.12
China Fund (CHN) 2.0 $4.5M 243k 18.46
Mexico Fund (MXF) 1.8 $4.0M 205k 19.70
Templeton Dragon Fund (TDF) 1.8 $4.0M 342k 11.65
Highland Opps & Income Highland Income (HFRO) 1.8 $3.9M 617k 6.35
Morgan Stanley China A Share Fund (CAF) 1.7 $3.9M 233k 16.65
Blackrock Tech And Private E Shs Ben Int (BTX) 1.7 $3.7M 551k 6.70
Swiss Helvetia Fund (SWZ) 1.7 $3.7M 607k 6.08
Alphabet Cap Stk Cl A (GOOGL) 1.6 $3.6M 15k 243.10
Highland Global mf closed and mf open (HGLB) 1.6 $3.6M 393k 9.09
Destra Multi-alternative Common Shares (DMA) 1.6 $3.5M 407k 8.64
Nexpoint Diversified Rel Et Com New (NXDT) 1.6 $3.5M 945k 3.69
Central Securities (CET) 1.5 $3.3M 65k 51.37
Lam Research Corp Com New (LRCX) 1.5 $3.3M 25k 133.90
Boulder Growth & Income Fund (STEW) 1.5 $3.3M 180k 18.16
Royce Global Value Tr (RGT) 1.4 $3.2M 247k 12.95
Bny Mellon Mun Bd Infrastruc Com Shs (DMB) 1.3 $3.0M 279k 10.70
Vanguard Index Fds Sml Cp Grw Etf (VBK) 1.3 $2.8M 9.6k 297.62
Mexico Equity and Income Fund (MXE) 1.3 $2.8M 238k 11.87
Clough Global Opportunities Sh Ben Int (GLO) 1.3 $2.8M 490k 5.70
Kayne Anderson MLP Investment (KYN) 1.2 $2.8M 223k 12.37
Tortoise Sustainable & Socia Com Sh Ben Int (TEAF) 1.2 $2.7M 227k 11.76
Korea Com New (KF) 1.1 $2.5M 82k 30.59
Vanguard Bd Index Fds Intermed Term (BIV) 1.1 $2.5M 32k 78.09
Meta Platforms Cl A (META) 1.1 $2.4M 3.3k 734.38
Amazon (AMZN) 1.1 $2.4M 11k 219.58
Blackrock Mun Target Term Tr Com Shs Ben In (BTT) 1.0 $2.3M 101k 22.46
Vanguard Index Fds Sm Cp Val Etf (VBR) 1.0 $2.2M 11k 208.71
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 0.9 $2.0M 230k 8.89
European Equity Fund (EEA) 0.9 $2.0M 188k 10.84
Neuberger Berman Next Genera Common Stock (NBXG) 0.9 $2.0M 130k 15.38
Eaton Corp SHS (ETN) 0.9 $1.9M 5.1k 374.25
Costco Wholesale Corporation (COST) 0.8 $1.8M 1.9k 925.45
Sprouts Fmrs Mkt (SFM) 0.8 $1.8M 16k 108.80
Abrdn Natl Mun Income Sh Ben Int (VFL) 0.8 $1.7M 170k 10.26
Putnam Mun Opportunities Tr Sh Ben Int (PMO) 0.8 $1.7M 166k 10.33
Bny Mellon Strategic Muns (LEO) 0.8 $1.7M 273k 6.25
AECOM Technology Corporation (ACM) 0.7 $1.6M 13k 130.47
Dimensional Etf Trust Intl Small Cap V (DISV) 0.7 $1.6M 44k 35.69
NVIDIA Corporation (NVDA) 0.7 $1.6M 8.4k 186.58
JPMorgan Chase & Co. (JPM) 0.7 $1.5M 4.6k 315.43
Clough Global Allocation Fun (GLV) 0.6 $1.4M 241k 5.95
Federated Premier Municipal Income (FMN) 0.6 $1.4M 129k 11.04
Neuberger Ber. Intermediate Muni. Fund (NBH) 0.6 $1.4M 136k 10.32
Xai Octagon Floatng Rate Alt (XFLT) 0.6 $1.4M 263k 5.30
Ishares Tr Jpmorgan Usd Emg (EMB) 0.6 $1.4M 14k 95.19
Berkshire Hathaway Inc Del Cl B New (BRK.B) 0.6 $1.4M 2.7k 502.65
Legg Mason Bw Global Income (BWG) 0.6 $1.3M 150k 8.68
Dimensional Etf Trust Emerging Mkts Va (DFEV) 0.6 $1.3M 40k 31.89
Visa Com Cl A (V) 0.6 $1.2M 3.6k 341.38
Ishares Tr Msci Emg Mkt Etf (EEM) 0.6 $1.2M 23k 53.40
Exxon Mobil Corporation (XOM) 0.5 $1.2M 11k 112.75
BlackRock MuniHoldings New Jersey Ins Fn (MUJ) 0.5 $1.2M 101k 11.59
Blackrock (BLK) 0.5 $1.1M 940.00 1165.87
Wal-Mart Stores (WMT) 0.5 $1.1M 11k 103.06
Johnson Ctls Intl SHS (JCI) 0.5 $1.1M 9.7k 109.95
Tractor Supply Company (TSCO) 0.5 $1.0M 18k 56.87
Gabelli mutual funds - (GGZ) 0.5 $1.0M 72k 14.45
NetApp (NTAP) 0.5 $1.0M 8.7k 118.46
Taiwan Semiconductor Mfg Sponsored Ads (TSM) 0.5 $1.0M 3.6k 279.29
Boeing Company (BA) 0.4 $934k 4.3k 215.83
Charles Schwab Corporation (SCHW) 0.4 $919k 9.6k 95.47
Mfs High Yield Mun Tr Sh Ben Int (CMU) 0.4 $910k 262k 3.47
Blackrock MuniHoldings CA Insrd Fnd (MUC) 0.4 $853k 79k 10.85
Interactive Brokers Group In Com Cl A (IBKR) 0.4 $846k 12k 68.81
Steris Shs Usd (STE) 0.4 $841k 3.4k 247.44
Palantir Technologies Cl A (PLTR) 0.4 $839k 4.6k 182.42
Analog Devices (ADI) 0.4 $837k 3.4k 245.70
Ge Vernova (GEV) 0.4 $813k 1.3k 614.90
Qualcomm (QCOM) 0.4 $786k 4.7k 166.36
Lowe's Companies (LOW) 0.4 $780k 3.1k 251.31
Ishares Tr Core Msci Intl (IDEV) 0.3 $772k 9.6k 80.17
Vanguard World Financials Etf (VFH) 0.3 $771k 5.9k 131.24
Mastercard Incorporated Cl A (MA) 0.3 $767k 1.3k 568.81
Templeton Emerging Markets (EMF) 0.3 $739k 44k 16.74
Anthem (ELV) 0.3 $727k 2.3k 323.12
Procept Biorobotics Corp (PRCT) 0.3 $723k 20k 35.69
Blackrock N Y Mun Income Tru Sh Ben Int (BNY) 0.3 $708k 70k 10.12
Vanguard Index Fds S&p 500 Etf Shs (VOO) 0.3 $693k 1.1k 612.59
Mfs Invt Grade Mun Tr Sh Ben Int (CXH) 0.3 $679k 86k 7.86
Nike CL B (NKE) 0.3 $673k 9.7k 69.73
Vanguard Tax-managed Fds Van Ftse Dev Mkt (VEA) 0.3 $673k 11k 59.92
FedEx Corporation (FDX) 0.3 $660k 2.8k 235.81
Wisdomtree Tr Emg Mkts Smcap (DGS) 0.3 $658k 12k 57.10
Oklo Com Cl A (OKLO) 0.3 $649k 5.8k 111.63
Spdr S&p 500 Etf Tr Tr Unit (SPY) 0.3 $643k 966.00 665.87
Rivernorth Flexible Municipal Incm Fd II (RFMZ) 0.3 $642k 49k 13.05
Vaneck Etf Trust Jp Mrgan Em Loc (EMLC) 0.3 $635k 25k 25.51
Nutrien (NTR) 0.3 $602k 10k 58.71
Ishares Tr Future Ai & Tech (ARTY) 0.3 $593k 13k 45.78
Deere & Company (DE) 0.3 $585k 1.3k 457.26
Silverback Therapeutics (SPRY) 0.3 $581k 58k 10.05
Home Depot (HD) 0.3 $580k 1.4k 405.19
Lockheed Martin Corporation (LMT) 0.3 $566k 1.1k 499.21
Ionq Inc Pipe (IONQ) 0.3 $565k 9.2k 61.50
Clough Global Equity Fund closed-end fund (GLQ) 0.3 $559k 74k 7.61
Matthews Asia Fds Asia Innov Activ (MINV) 0.3 $558k 15k 37.12
Union Pacific Corporation (UNP) 0.2 $543k 2.3k 236.37
Netflix (NFLX) 0.2 $532k 444.00 1198.92
Etf Ser Solutions Defiance Quantum (QTUM) 0.2 $529k 5.0k 104.91
Exchange Traded Concepts Tru Robo Glb Artif (THNQ) 0.2 $522k 8.2k 64.04
Central Europe and Russia Fund (CEE) 0.2 $522k 34k 15.36
Invesco Qqq Tr Unit Ser 1 (QQQ) 0.2 $510k 849.00 600.17
J P Morgan Exchange Traded F Equity Premium (JEPI) 0.2 $497k 8.7k 57.10
Western Asst Infltn Lkd Inm Com Sh Ben Int (WIA) 0.2 $448k 53k 8.42
Aar (AIR) 0.2 $448k 5.0k 89.67
Starbucks Corporation (SBUX) 0.2 $429k 5.1k 84.60
J P Morgan Exchange Traded F Nasdaq Eqt Prem (JEPQ) 0.2 $426k 7.4k 57.52
Ishares Tr Rus 1000 Grw Etf (IWF) 0.2 $425k 907.00 468.41
Matthews Asia Fds Emer Mkts Equity (MEM) 0.2 $424k 12k 36.24
Fiserv (FI) 0.2 $419k 3.2k 128.93
Intel Corporation (INTC) 0.2 $416k 12k 33.55
Nuveen PA Investnt Quality Municipal (NQP) 0.2 $413k 34k 12.00
Dover Corporation (DOV) 0.2 $386k 2.3k 166.83
Vanguard Intl Equity Index F Ftse Emr Mkt Etf (VWO) 0.2 $385k 7.1k 54.18
Sofi Technologies (SOFI) 0.2 $367k 14k 26.42
Dimensional Etf Trust Us Core Equity 2 (DFAC) 0.2 $365k 9.5k 38.57
Vanguard World Inf Tech Etf (VGT) 0.2 $360k 482.00 747.14
Ishares Tr Core S&p500 Etf (IVV) 0.2 $360k 538.00 669.30
Ishares Tr Rus 1000 Val Etf (IWD) 0.2 $359k 1.8k 203.54
Vanguard Index Fds Growth Etf (VUG) 0.2 $358k 747.00 479.61
General Dynamics Corporation (GD) 0.2 $341k 1.0k 341.00
Johnson & Johnson (JNJ) 0.2 $341k 1.8k 185.46
Chevron Corporation (CVX) 0.2 $340k 2.2k 155.30
Cisco Systems (CSCO) 0.2 $339k 5.0k 68.42
Ishares Bitcoin Trust Etf Shs Ben Int (IBIT) 0.2 $334k 5.1k 65.00
Vanguard Intl Equity Index F Ftse Smcap Etf (VSS) 0.1 $333k 2.3k 142.55
General American Investors (GAM) 0.1 $330k 5.3k 62.21
Dimensional Etf Trust Internatnal Val (DFIV) 0.1 $323k 7.0k 46.12
Tesla Motors (TSLA) 0.1 $322k 724.00 444.72
Bank of New York Mellon Corporation (BK) 0.1 $320k 2.9k 108.96
Franklin Templeton Etf Tr Intl Aggregte Bd (FLIA) 0.1 $320k 16k 20.51
Vanguard Scottsdale Fds Shrt Trm Corp Bd (VCSH) 0.1 $320k 4.0k 79.93
UnitedHealth (UNH) 0.1 $317k 918.00 345.34
Dimensional Etf Trust Short Duration F (DFSD) 0.1 $313k 6.5k 48.19
J P Morgan Exchange Traded F Income Etf (JPIE) 0.1 $311k 6.7k 46.41
Vanguard Intl Equity Index F Tt Wrld St Etf (VT) 0.1 $309k 2.2k 137.77
Vanguard Bd Index Fds Short Trm Bond (BSV) 0.1 $308k 3.9k 78.91
Dimensional Etf Trust Core Fixed Incom (DFCF) 0.1 $308k 7.2k 42.76
Dimensional Etf Trust Emgr Cre Eqt Mng (DFAE) 0.1 $305k 9.7k 31.53
Pfizer (PFE) 0.1 $296k 12k 25.48
Mfs Mun Income Tr Sh Ben Int (MFM) 0.1 $282k 52k 5.39
Mfs High Income Mun Tr Sh Ben Int (CXE) 0.1 $272k 73k 3.72
Illinois Tool Works (ITW) 0.1 $261k 1.0k 260.76
Vaneck Etf Trust Semiconductr Etf (SMH) 0.1 $255k 780.00 326.36
Vanguard Index Fds Total Stk Mkt (VTI) 0.1 $253k 770.00 328.17
Energy Fuels Com New (UUUU) 0.1 $251k 16k 15.35
Procter & Gamble Company (PG) 0.1 $251k 1.6k 153.65
Schwab Strategic Tr Us Lcap Va Etf (SCHV) 0.1 $248k 8.5k 29.11
Oracle Corporation (ORCL) 0.1 $246k 874.00 281.24
Us Bancorp Del Com New (USB) 0.1 $237k 4.9k 48.33
Vanguard Index Fds Small Cp Etf (VB) 0.1 $236k 928.00 254.28
Ishares Tr Rus 1000 Etf (IWB) 0.1 $212k 580.00 365.48
Fulcrum Therapeutics (FULC) 0.1 $171k 19k 9.20
Eagle Cap Growth (GRF) 0.1 $171k 16k 10.51
Aberdeen Chile Fund (AEF) 0.1 $149k 23k 6.48
GDL Com Sh Ben It (GDL) 0.1 $145k 17k 8.55
Bny Mellon Strategic Municipal Bond Fund closed end income funds non-taxable (DSM) 0.1 $115k 19k 5.92
Wave Life Sciences SHS (WVE) 0.0 $97k 13k 7.32