# Breakwater Investment Management

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2025925. Source: https://holderbook.com/funds/2025925-breakwater-investment-management/

- Reported value: $293.7M
- Positions: 600
- Weight of the ten largest: 49.1%
- Filed: 2026-08-06

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $41.7M | 112,814 | 14.2% | 10 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $24.8M | 856,304 | 8.4% | 10 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $19.2M | 224,508 | 6.5% | 10 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $10.4M | 114,601 | 3.5% | 10 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $9.1M | 24,486 | 3.1% | 10 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $8.6M | 116,759 | 2.9% | 10 |
| SCHWAB STRATEGIC TR | [SCCR](https://holderbook.com/stocks/SCCR/) | $8.0M | 311,868 | 2.7% | 5 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $7.8M | 93,654 | 2.7% | 10 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $7.7M | 159,751 | 2.6% | 10 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $6.9M | 247,633 | 2.3% | 10 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $6.6M | 41,885 | 2.2% | 10 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $6.4M | 8,632 | 2.2% | 10 |
| VANGUARD MALVERN FDS | [VCRB](https://holderbook.com/stocks/VCRB/) | $6.4M | 82,465 | 2.2% | 7 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $5.8M | 37,017 | 2.0% | 10 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $5.8M | 97,327 | 2.0% | 10 |
| VANGUARD WORLD FD | [MGK](https://holderbook.com/stocks/MGK/) | $5.2M | 58,624 | 1.8% | 10 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $5.0M | 21,278 | 1.7% | 10 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $4.8M | 20,004 | 1.6% | 10 |
| ISHARES TR | [IAGG](https://holderbook.com/stocks/IAGG/) | $4.5M | 88,227 | 1.5% | 10 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $4.3M | 137,098 | 1.5% | 10 |
| VANGUARD WORLD FD | [MGV](https://holderbook.com/stocks/MGV/) | $4.0M | 24,599 | 1.4% | 10 |
| VANGUARD WHITEHALL FDS | [VYMI](https://holderbook.com/stocks/VYMI/) | $3.4M | 35,041 | 1.2% | 10 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $3.2M | 64,453 | 1.1% | 10 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $3.1M | 123,141 | 1.1% | 10 |
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $3.1M | 134,779 | 1.1% | 10 |
| SPDR SERIES TRUST | [EMHC](https://holderbook.com/stocks/EMHC/) | $3.1M | 121,718 | 1.1% | 3 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $3.1M | 52,468 | 1.0% | 10 |
| SCHWAB STRATEGIC TR | [SCHE](https://holderbook.com/stocks/SCHE/) | $2.3M | 63,014 | 0.8% | 10 |
| SPDR INDEX SHS FDS | [GII](https://holderbook.com/stocks/GII/) | $2.2M | 28,941 | 0.7% | 10 |
| SSGA ACTIVE TR | [ALLW](https://holderbook.com/stocks/ALLW/) | $2.1M | 72,459 | 0.7% | 3 |
| SCHWAB STRATEGIC TR | [SCHO](https://holderbook.com/stocks/SCHO/) | $2.0M | 83,963 | 0.7% | 10 |
| SCHWAB STRATEGIC TR | [SCMB](https://holderbook.com/stocks/SCMB/) | $1.9M | 75,456 | 0.7% | 5 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $1.9M | 28,663 | 0.7% | 10 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $1.8M | 66,492 | 0.6% | 10 |
| SPDR SERIES TRUST | [EBND](https://holderbook.com/stocks/EBND/) | $1.8M | 84,220 | 0.6% | 10 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $1.6M | 17,017 | 0.6% | 10 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $1.6M | 18,881 | 0.6% | 10 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $1.6M | 18,140 | 0.5% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.5M | 4,226 | 0.5% | 10 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $1.5M | 29,214 | 0.5% | 10 |
| ISHARES INC | [EUHY](https://holderbook.com/stocks/EUHY/) | $1.4M | 26,647 | 0.5% | 10 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $1.4M | 28,433 | 0.5% | 10 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $1.4M | 47,561 | 0.5% | 10 |
| SCHWAB STRATEGIC TR | [SCHH](https://holderbook.com/stocks/SCHH/) | $1.4M | 58,738 | 0.5% | 10 |
| VANGUARD WHITEHALL FDS | [VIGI](https://holderbook.com/stocks/VIGI/) | $1.4M | 14,788 | 0.5% | 10 |
| J P MORGAN EXCHANGE TRADED F | [BBEU](https://holderbook.com/stocks/BBEU/) | $1.4M | 17,600 | 0.5% | 10 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $1.4M | 19,209 | 0.5% | 10 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $1.4M | 6,198 | 0.5% | 10 |
| SPDR SERIES TRUST | [SPTS](https://holderbook.com/stocks/SPTS/) | $1.3M | 46,325 | 0.5% | 10 |
| VANGUARD WORLD FD | [MGC](https://holderbook.com/stocks/MGC/) | $1.3M | 4,880 | 0.5% | 10 |
| ISHARES TR | [STIP](https://holderbook.com/stocks/STIP/) | $1.2M | 12,010 | 0.4% | 10 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $1.1M | 19,379 | 0.4% | 10 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $1.1M | 21,413 | 0.4% | 10 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $1.1M | 3,220 | 0.4% | 10 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $1.1M | 2,903 | 0.4% | 10 |
| VANGUARD INTL EQUITY INDEX F | [VNQI](https://holderbook.com/stocks/VNQI/) | $954.8K | 21,288 | 0.3% | 10 |
| SSGA ACTIVE ETF TR | [RLY](https://holderbook.com/stocks/RLY/) | $945.3K | 27,391 | 0.3% | 3 |
| SSGA ACTIVE TR | [PRIV](https://holderbook.com/stocks/PRIV/) | $902.1K | 35,835 | 0.3% | 3 |
| TCW ETF TRUST | [VOTE](https://holderbook.com/stocks/VOTE/) | $900.4K | 10,212 | 0.3% | 10 |
| SSGA ACTIVE TR | [HYBL](https://holderbook.com/stocks/HYBL/) | $800.6K | 28,645 | 0.3% | 3 |
| VANECK ETF TRUST | [PIT](https://holderbook.com/stocks/PIT/) | $744.7K | 11,281 | 0.3% | 10 |
| VANGUARD SCOTTSDALE FDS | [VTC](https://holderbook.com/stocks/VTC/) | $731.5K | 9,525 | 0.2% | 9 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $648.5K | 6,026 | 0.2% | 10 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $590.7K | 25,932 | 0.2% | 3 |
| VANGUARD ADMIRAL FDS INC | [VIOO](https://holderbook.com/stocks/VIOO/) | $574.8K | 4,179 | 0.2% | 3 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $570.8K | 4,776 | 0.2% | 10 |
| SCHWAB STRATEGIC TR | [SCHC](https://holderbook.com/stocks/SCHC/) | $559.0K | 11,618 | 0.2% | 6 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $552.5K | 738 | 0.2% | 10 |
| ISHARES TR | [AAXJ](https://holderbook.com/stocks/AAXJ/) | $542.6K | 4,547 | 0.2% | 10 |
| J P MORGAN EXCHANGE TRADED F | [JIVE](https://holderbook.com/stocks/JIVE/) | $513.9K | 5,589 | 0.2% | 5 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $512.6K | 6,579 | 0.2% | 10 |
| SPDR SERIES TRUST | [TFI](https://holderbook.com/stocks/TFI/) | $486.1K | 10,613 | 0.2% | 3 |
| SPDR SERIES TRUST | [SPSB](https://holderbook.com/stocks/SPSB/) | $475.9K | 15,857 | 0.2% | 10 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $471.8K | 6,151 | 0.2% | 8 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $470.8K | 1,627 | 0.2% | 10 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $451.9K | 1,504 | 0.2% | 10 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $437.1K | 1,237 | 0.1% | 10 |
| PIMCO ETF TR | [STPZ](https://holderbook.com/stocks/STPZ/) | $433.4K | 8,126 | 0.1% | 10 |
| SPDR SERIES TRUST | [SPBO](https://holderbook.com/stocks/SPBO/) | $380.1K | 13,089 | 0.1% | 9 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $303.5K | 3,147 | 0.1% | 10 |
| INVESCO EXCHANGE TRADED FD T | [PRF](https://holderbook.com/stocks/PRF/) | $302.6K | 5,600 | 0.1% | 10 |
| WISDOMTREE TR | [DGRW](https://holderbook.com/stocks/DGRW/) | $302.0K | 3,158 | 0.1% | 10 |
| ISHARES TR | [WOOD](https://holderbook.com/stocks/WOOD/) | $277.2K | 4,184 | 0.1% | 10 |
| SCHWAB STRATEGIC TR | [FNDB](https://holderbook.com/stocks/FNDB/) | $272.4K | 8,943 | 0.1% | 10 |
| ISHARES TR | [IOO](https://holderbook.com/stocks/IOO/) | $271.8K | 1,990 | 0.1% | 10 |
| VANGUARD WORLD FD | [VIS](https://holderbook.com/stocks/VIS/) | $263.4K | 731 | 0.1% | 10 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $249.3K | 1,246 | 0.1% | 10 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $245.5K | 349 | 0.1% | 10 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $244.1K | 2,092 | 0.1% | 10 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $242.0K | 1,548 | 0.1% | 10 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $233.8K | 1,158 | 0.1% | 10 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $226.7K | 2,580 | 0.1% | 10 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $225.5K | 744 | 0.1% | 10 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $222.1K | 1,961 | 0.1% | 10 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $215.4K | 3,148 | 0.1% | 10 |
| SPDR SERIES TRUST | [XHB](https://holderbook.com/stocks/XHB/) | $198.8K | 1,720 | 0.1% | 10 |
| VANGUARD INTL EQUITY INDEX F | [VPL](https://holderbook.com/stocks/VPL/) | $195.5K | 1,690 | 0.1% | 10 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $194.6K | 1,423 | 0.1% | 10 |
| ISHARES S&P GSCI COMMODITY- | [GSG](https://holderbook.com/stocks/GSG/) | $193.5K | 6,766 | 0.1% | 10 |
| GARMIN LTD | [GRMN](https://holderbook.com/stocks/GRMN/) | $188.1K | 792 | 0.1% | 10 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.5% | +14.8% | -6.3% | 100% |
| Q1 2026 | -2.3% | -4.6% | +2.3% | 100% |
| Q4 2025 | +1.2% | +2.4% | -1.2% | 100% |
| Q3 2025 | +5.3% | +7.8% | -2.5% | 100% |
| Q2 2025 | +8.3% | +10.5% | -2.2% | 100% |
| Q1 2025 | -1.2% | -4.6% | +3.3% | 100% |
| Q4 2024 | -1.9% | +2.1% | -4.1% | 99% |
| Q3 2024 | +5.3% | +5.4% | -0.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $293.7M | 600 |
| Q1 2026 | $268.9M | 506 |
| Q4 2025 | $276.4M | 497 |
| Q3 2025 | $271.2M | 530 |
| Q2 2025 | $258.5M | 310 |
| Q1 2025 | $234.2M | 315 |
| Q4 2024 | $235.2M | 309 |
| Q3 2024 | $239.5M | 310 |
| Q2 2024 | $223.6M | 317 |
| Q1 2024 | $217.3M | 314 |