# Boreal Capital Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2080094. Source: https://holderbook.com/funds/2080094-boreal-capital-management-llc/

- Reported value: $134.3M
- Positions: 507
- Weight of the ten largest: 35.1%
- Filed: 2026-08-13

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 |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $8.7M | 43,562 | 6.5% | 5 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $5.7M | 24,122 | 4.3% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $5.5M | 18,984 | 4.1% | 5 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $5.2M | 7,078 | 3.9% | 5 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $4.3M | 6,195 | 3.2% | 5 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $4.1M | 42,993 | 3.0% | 5 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.1M | 10,866 | 3.0% | 5 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $3.4M | 9,565 | 2.5% | 5 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $3.2M | 8,502 | 2.4% | 5 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $3.0M | 1,484 | 2.2% | 5 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $2.7M | 0 | 2.0% | 5 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $2.7M | 12,136 | 2.0% | 5 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $2.5M | 5,165 | 1.8% | 5 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $2.2M | 3,976 | 1.7% | 5 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $2.2M | 11,469 | 1.6% | 5 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $2.2M | 6,306 | 1.6% | 5 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $1.9M | 8,570 | 1.4% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.8M | 3,597 | 1.3% | 5 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $1.5M | 4,447 | 1.1% | 5 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $1.5M | 44,780 | 1.1% | 5 |
| J P MORGAN EXCHANGE TRADED F | [JEPQ](https://holderbook.com/stocks/JEPQ/) | $1.5M | 24,032 | 1.1% | 5 |
| J P MORGAN EXCHANGE TRADED F | [JEPI](https://holderbook.com/stocks/JEPI/) | $1.4M | 24,214 | 1.0% | 5 |
| ISHARES TR | [USHY](https://holderbook.com/stocks/USHY/) | $1.3M | 0 | 1.0% | 5 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $1.3M | 11,490 | 0.9% | 5 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $1.2M | 15,685 | 0.9% | 5 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $1.2M | 7,081 | 0.9% | 5 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $1.1M | 2,803 | 0.9% | 5 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $1.1M | 2,024 | 0.8% | 5 |
| MURPHY USA INC | [MUSA](https://holderbook.com/stocks/MUSA/) | $1.1M | 0 | 0.8% | 5 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $1.1M | 2,669 | 0.8% | 5 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $1.1M | 2,118 | 0.8% | 5 |
| AAON INC | [AAON](https://holderbook.com/stocks/AAON/) | $1.1M | 8,429 | 0.8% | 5 |
| OLD DOMINION FREIGHT LINE IN | [ODFL](https://holderbook.com/stocks/ODFL/) | $1.0M | 0 | 0.8% | 5 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $1.0M | 896 | 0.8% | 2 |
| KINSALE CAP GROUP INC | [KNSL](https://holderbook.com/stocks/KNSL/) | $1.0M | 0 | 0.8% | 5 |
| FAIR ISAAC CORP | [FICO](https://holderbook.com/stocks/FICO/) | $959.4K | 803 | 0.7% | 5 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $864.4K | 9,386 | 0.6% | 5 |
| CALAMOS CONV OPPORTUNITIES & | [CHI](https://holderbook.com/stocks/CHI/) | $856.4K | 0 | 0.6% | 3 |
| ISHARES INC | [EWL](https://holderbook.com/stocks/EWL/) | $854.5K | 13,596 | 0.6% | 4 |
| NASDAQ INC | [NDAQ](https://holderbook.com/stocks/NDAQ/) | $840.9K | 10,669 | 0.6% | 5 |
| CALAMOS CONV & HIGH INCOME F | [CHY](https://holderbook.com/stocks/CHY/) | $836.4K | 0 | 0.6% | 3 |
| CALAMOS DYNAMIC CONV & INCOM | [CCD](https://holderbook.com/stocks/CCD/) | $826.6K | 0 | 0.6% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $817.3K | 14,343 | 0.6% | 5 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $791.6K | 2,299 | 0.6% | 5 |
| ISHARES TR | [IYH](https://holderbook.com/stocks/IYH/) | $783.7K | 11,695 | 0.6% | 5 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $773.4K | 242 | 0.6% | 5 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $750.3K | 330 | 0.6% | 2 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $739.3K | 629 | 0.6% | 5 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $731.8K | 1,756 | 0.5% | 5 |
| INVESCO EXCH TRADED FD TR II | [QQQM](https://holderbook.com/stocks/QQQM/) | $731.7K | 2,415 | 0.5% | 5 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $697.5K | 2,131 | 0.5% | 5 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $681.2K | 5,699 | 0.5% | 5 |
| INVESCO EXCH TRADED FD TR II | [PGX](https://holderbook.com/stocks/PGX/) | $669.0K | 0 | 0.5% | 5 |
| ISHARES TR | [IQLT](https://holderbook.com/stocks/IQLT/) | $666.0K | 13,441 | 0.5% | 5 |
| PIMCO DYNAMIC INCOME OPRNTS | [PDO](https://holderbook.com/stocks/PDO/) | $661.5K | 0 | 0.5% | 5 |
| PIMCO CORPORATE & INCOME OPP | [PTY](https://holderbook.com/stocks/PTY/) | $661.3K | 0 | 0.5% | 5 |
| ALLIANCEBERNSTEIN GLOBAL HIG | [AWF](https://holderbook.com/stocks/AWF/) | $655.6K | 0 | 0.5% | 5 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $625.1K | 11,770 | 0.5% | 5 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $618.1K | 0 | 0.5% | 5 |
| FIRST TR EXCHANGE TRADED FD | [CIBR](https://holderbook.com/stocks/CIBR/) | $617.7K | 6,875 | 0.5% | 5 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $597.5K | 7,277 | 0.4% | 5 |
| PIMCO DYNAMIC INCOME FD | [PDI](https://holderbook.com/stocks/PDI/) | $588.6K | 0 | 0.4% | 4 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $570.1K | 4,993 | 0.4% | 5 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $541.2K | 1,028 | 0.4% | 5 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $535.9K | 3,537 | 0.4% | 5 |
| DOMINOS PIZZA INC | [DPZ](https://holderbook.com/stocks/DPZ/) | $522.2K | 1,764 | 0.4% | 5 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $499.3K | 5,796 | 0.4% | 5 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $448.9K | 0 | 0.3% | 5 |
| ETFS GOLD TR | [SGOL](https://holderbook.com/stocks/SGOL/) | $442.8K | 11,582 | 0.3% | 2 |
| POOL CORP | [POOL](https://holderbook.com/stocks/POOL/) | $430.2K | 2,002 | 0.3% | 5 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $416.2K | 1,910 | 0.3% | 5 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $411.3K | 14,589 | 0.3% | 5 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $408.6K | 13,400 | 0.3% | 5 |
| BLACKROCK MULTI SECTOR INC T | [BIT](https://holderbook.com/stocks/BIT/) | $390.5K | 0 | 0.3% | 5 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $390.3K | 0 | 0.3% | 1 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $384.0K | 2,620 | 0.3% | 5 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $370.9K | 710 | 0.3% | 5 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $363.6K | 1,500 | 0.3% | 5 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $361.1K | 2,343 | 0.3% | 5 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $350.9K | 604 | 0.3% | 5 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $350.1K | 991 | 0.3% | 5 |
| SPDR SERIES TRUST | [SPYD](https://holderbook.com/stocks/SPYD/) | $343.5K | 7,200 | 0.3% | 4 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $342.1K | 2,156 | 0.3% | 5 |
| ISHARES TR | [IBHG](https://holderbook.com/stocks/IBHG/) | $340.0K | 0 | 0.3% | 5 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $337.2K | 6,290 | 0.3% | 5 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $333.3K | 0 | 0.2% | 5 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $328.9K | 0 | 0.2% | 5 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $319.0K | 1,749 | 0.2% | 5 |
| WISDOMTREE TR | [HEDJ](https://holderbook.com/stocks/HEDJ/) | $310.1K | 0 | 0.2% | 5 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $307.4K | 625 | 0.2% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $292.4K | 1,764 | 0.2% | 5 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $288.5K | 4,040 | 0.2% | 5 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $280.1K | 165 | 0.2% | 5 |
| ISHARES INC | [EZU](https://holderbook.com/stocks/EZU/) | $278.0K | 4,000 | 0.2% | 5 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $277.9K | 925 | 0.2% | 5 |
| RYAN SPECIALTY HOLDINGS INC | [RYAN](https://holderbook.com/stocks/RYAN/) | $263.5K | 0 | 0.2% | 5 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $261.1K | 2,366 | 0.2% | 5 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $261.0K | 3,617 | 0.2% | 5 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $257.4K | 356 | 0.2% | 2 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $256.1K | 4,790 | 0.2% | 5 |

## 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 | +15.7% | +14.8% | +0.9% | 100% |
| Q1 2026 | -6.5% | -4.6% | -1.8% | 100% |
| Q4 2025 | +1.3% | +2.4% | -1.1% | 100% |
| Q3 2025 | +7.1% | +7.8% | -0.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $134.3M | 507 |
| Q1 2026 | $122.9M | 501 |
| Q4 2025 | $132.6M | 515 |
| Q3 2025 | $124.2M | 525 |
| Q2 2025 | $121.1M | 488 |