CIK: 0002025925
Total reported value
$268.9M
Reporting period: 2026-03-31 · Number of holdings: 506
Breakwater Investment Management disclosed 506 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $268.9M and a quarterly turnover rate of 9.6%.
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Breakwater Investment Management's disclosed holdings carry a Herfindahl concentration index of 0.043 — mathematically equivalent to about 24 equally-sized positions, well below its 506 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.53), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 7% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
-1.2% -$3.0M
Trim BNDX
-19.5% -$2.3M
Add EMHC
+1489.2% $1.7M
Trim VTI
-2.4% -$2.7M
Add SCCR
+20.7% $1.0M
Add IAGG
+18.7% $846.0K
Showing top 200 holdings (of 506 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 14.01% | -0.60% | -2.43% | |
| 2 | SCHB | Schwab US Broad Market ETF | ETF-Other | 8.01% | -0.27% | -1.59% | |
| 3 | VXUS | Vanguard Total Intl Stock | ETF-Other | 6.59% | — | -2.46% | |
| 4 | BND | Vanguard Total Bond Market | ETF-Other | 3.84% | -0.25% | -8.04% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.44% | -0.98% | -1.17% | |
| 6 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 3.43% | -0.74% | -19.51% | |
| 7 | SPTM | Ss Spdr P S&p 1500 Comp ETF | ETF-Other | 2.73% | +0.01% | +1.91% | |
| 8 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 2.63% | +0.14% | +0.72% | |
| 9 | VCRB | Vanguard Core Bond ETF | ETF-Other | 2.45% | — | +0.94% | |
| 10 | SCCR | Schwab Core Bond ETF | ETF-Other | 2.30% | +0.43% | +20.69% | |
| 11 | VT | Vanguard Tot World Stk ETF | ETF-Other | 2.19% | +0.01% | -0.38% | |
| 12 | VYM | Vanguard High Dvd Yield ETF | ETF-Other | 2.13% | — | -2.01% | |
| 13 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.09% | -0.04% | +0.35% | |
| 14 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.09% | — | -1.43% | |
| 15 | IAGG | Ishares Intl Aggregate Bond | ETF-Other | 1.99% | +0.36% | +18.69% | |
| 16 | SCHF | Schwab Intl Equity ETF | ETF-Other | 1.95% | — | -1.75% | |
| 17 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 1.89% | -0.03% | -2.26% | |
| 18 | MGK | Vanguard Mega Cap Growth ETF | ETF-Other | 1.66% | -0.17% | -0.93% | |
| 19 | SCHD | Schwab US Dvd Equity ETF | ETF-Other | 1.65% | +0.20% | -1.51% | |
| 20 | MGV | Vanguard Mega Cap Value ETF | ETF-Other | 1.63% | — | -2.81% | |
| 21 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.60% | -0.17% | -2.46% | |
| 22 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 1.43% | +0.01% | -1.42% | |
| 23 | VYMI | Vanguard Int High Dvd Yld In | ETF-Other | 1.24% | +0.08% | -0.06% | |
| 24 | SCHZ | Schwab US Aggregate Bond ETF | ETF-Other | 1.19% | -0.05% | -5.48% | |
| 25 | SCHO | Schwab Short-term US Treas | ETF-Other | 1.04% | — | -1.69% | |
| 26 | SPDW | Ste Str Spdr Pt Dw EU ETF | ETF-Other | 1.01% | — | -0.37% | |
| 27 | SPAB | Ss Spdr P Agg Bond ETF | ETF-Other | 0.91% | +0.30% | +44.96% | |
| 28 | GII | State Street Spdr S&p Global | ETF-Other | 0.87% | +0.09% | -0.35% | |
| 29 | SCHE | Schwab Emrg Mrkts Eqty ETF | ETF-Other | 0.78% | -0.07% | -10.67% | |
| 30 | VWOB | Vanguard Emerg Mkts Gov Bnd | ETF-Other | 0.73% | — | -0.57% | |
| 31 | SCHP | Schwab U.s. Tips ETF | ETF-Other | 0.72% | — | -0.06% | |
| 32 | SCMB | Schwab Municipal Bond ETF | ETF-Other | 0.70% | +0.07% | +7.94% | |
| 33 | EMHC | Ss Spdr Bb Em Usd Bond ETF | ETF-Other | 0.66% | +0.62% | +1489.22% | |
| 34 | VNQ | Vanguard Real Estate ETF | ETF-Other | 0.59% | -0.06% | -11.71% | |
| 35 | VGK | Vanguard Ftse Europe ETF | ETF-Other | 0.57% | — | +0.99% | |
| 36 | EUHY | Ishares Euro High Yield CORP | ETF-High Yield | 0.54% | -0.03% | -5.94% | |
| 37 | VTIP | Vanguard Short-term Tips | ETF-Other | 0.54% | — | -1.74% | |
| 38 | VTEB | Vanguard Tax-exempt Bond ETF | ETF-Other | 0.51% | +0.10% | +21.75% | |
| 39 | SCHX | Schwab US Large-cap ETF | ETF-Other | 0.51% | -0.03% | -4.05% | |
| 40 | VUG | Vanguard Growth ETF | ETF-Other | 0.51% | -0.07% | -4.17% | |
| 41 | SCHH | Schwab US Reit ETF | ETF-Other | 0.49% | +0.04% | +3.28% | |
| 42 | VIGI | Vanguard Int Div App Indx Fd | ETF-Other | 0.49% | — | — | |
| 43 | GLD | Spdr Gold Shares | ETF-Commodities | 0.48% | +0.05% | — | |
| 44 | BBEU | Jpmorgan Betabuilders Europe | ETF-Other | 0.48% | -0.10% | -19.54% | |
| 45 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.47% | — | -0.01% | |
| 46 | STIP | Ishares 0-5 Year Tips Bond E | ETF-Other | 0.46% | — | +0.06% | |
| 47 | VTV | Vanguard Value ETF | ETF-Other | 0.46% | +0.04% | +4.31% | |
| 48 | VGIT | Vanguard Intermediate-term T | ETF-Other | 0.45% | — | — | |
| 49 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.45% | -0.03% | — | |
| 50 | MGC | Vanguard Mega Cap ETF | ETF-Other | 0.43% | -0.10% | -15.58% |
Performance for Q3 2026
+1.4%
Performance Last 4 Quarters
+15.3%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 506 | $268.9M | 10 | |
| 2025-12-31 | 497 | $276.4M | 5 | |
| 2025-09-30 | 530 | $271.2M | 20 | |
| 2025-06-30 | 310 | $258.5M | 0 | |
| 2025-03-31 | 315 | $234.2M | 0 | |
| 2024-12-31 | 309 | $235.2M | 0 | |
| 2024-09-30 | 310 | $239.5M | 0 | |
| 2024-06-30 | 317 | $223.6M | 0 | |
| 2024-03-31 | 314 | $217.3M | 0 |
Breakwater Investment Management's most significant position changes for 2026-03-31: Sold out: Ss Technology Select Sector (XLK); Trim: Microsoft CORP (MSFT) — shares -1.17%; Trim: Vanguard Total Intl Bond ETF (BNDX) — shares -19.51%; Add: Ss Spdr Bb Em Usd Bond ETF (EMHC) — shares +1489.22%; Trim: Vanguard Total Stock Mkt ETF (VTI) — shares -2.43%.
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-02 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-03 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-09 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-17 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-16 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-01-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2025-01-16 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-11-05 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-06-14 | 13F-HR | View on EDGAR |
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