Matisse Capital — Q3 2025 13F Holdings

Name: Matisse Capital — 13F Holdings, Q3 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001668256

Total reported value

$234.4M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AAPL	Apple INC	Stock-Tech	4.40%	-0.55%	-1.93%
2	XPCQX	Pimco California Muni INC Fd	Stock-Other	3.61%	-0.41%	+508.25%
3	MSFT	Microsoft CORP	Stock-Tech	3.45%	-0.79%	-4.59%
4	DGRO	Ishares Core Dividend Growth	ETF-Other	3.45%	—	-2.31%
5	ASND	Ascendis Pharma A/S	Stock-Other	2.33%	—	-6.88%
6	TWN	Taiwan Fund Inc/th/md-us INC	Stock-Other	2.05%	+0.36%	—
7	XXCHNXX	China Fund INC	Stock-Other	2.02%	—	—
8	MXF	Mexico Fund INC	Stock-Other	1.82%	—	—
9	TDF	Templeton Dragon Fund INC	Stock-Other	1.79%	—	—
10	HFRO	Highland Opport & Income	Stock-Other	1.76%	—	—
11	XCAFX	Morgan Stanley China A Share	Stock-Other	1.75%	-0.47%	—
12	BTX	Blackrock Tech & Priv Eqty	Stock-Other	1.66%	—	—
13	SWZ	Total Return Securities Fund	Stock-Other	1.66%	-0.66%	—
14	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	1.62%	-0.22%	+0.26%
15	HGLB	Highland Global Allocation	Stock-Other	1.61%	—	—
16	DMA	Destra Multi-alternative	Stock-Other	1.58%	-0.20%	—
17	NXDT	Nexpoint Diversified Real Es	Stock-Other	1.57%	+0.33%	+15.24%
18	CET	Central Securities CORP	Stock-Other	1.50%	—	—
19	LRCX	Lam Research CORP	Stock-Tech	1.49%	+0.31%	+0.24%
20	STEW	Srh Total Return Fund INC	Stock-Other	1.47%	+0.09%	—
21	RGT	Royce Global Trust INC	Stock-Other	1.44%	—	+14.01%
22	DMB	Bny Mellon Muni Bnd Infra	Stock-Other	1.34%	—	-10.35%
23	VBK	Vanguard Small-cap Grwth ETF	ETF-Other	1.28%	—	—
24	MXE	Mexico Equity And Income Fd	Stock-Other	1.27%	—	—
25	GLO	Clough Global Opportunities	Stock-Other	1.26%	—	—
26	KYN	Kayne Anderson Energy Infra	Stock-Other	1.24%	-1.23%	EXIT
27	XTEAX	Tortoise Sust&social Imp Ter	Stock-Other	1.20%	—	—
28	KF	Korea Fund INC	Stock-Other	1.13%	+0.25%	—
29	BIV	Vanguard Intermediate-term B	ETF-Other	1.13%	—	-1.67%
30	META	Meta Platforms Inc-class A	Stock-Comm Services	1.09%	-0.16%	+0.27%
31	AMZN	Amazon.com INC	Stock-Consumer Disc	1.07%	-0.16%	-19.07%
32	BTT	Blackrock 2030 Muni Trgt Trm	Stock-Other	1.02%	—	—
33	VBR	Vanguard Small-cap Value ETF	ETF-Other	1.00%	—	—
34	WIW	Western Asst Infl-lnk Opp	Stock-Other	0.92%	—	—
35	EEA	European Equity Fund Inc/the	Stock-Other	0.92%	—	—
36	NBXG	Neuberger Next Generation Co	Stock-Other	0.90%	—	—
37	ETN	Eaton Corporation plc	Stock-Industrials	0.87%	—	—
38	COST	Costco Wholesale CORP	Stock-Consumer Staples	0.79%	—	-0.68%
39	SFM	Sprouts Farmers Market INC	Stock-Consumer Staples	0.79%	-0.27%	-19.46%
40	VFL	Abrdn National Municipal INC	Stock-Other	0.79%	—	—
41	PMO	Putnam Municipal Oppor	Stock-Other	0.77%	—	—
42	LEO	Bny Mellon Strategic Muni	Stock-Other	0.77%	-0.33%	EXIT
43	ACM	Aecom	Stock-Industrials	0.74%	—	—
44	DISV	Dimensional International Sm	ETF-Other	0.71%	—	—
45	NVDA	Nvidia CORP	Stock-Tech	0.70%	—	-3.40%
46	JPM	Jpmorgan Chase & Co	Stock-Financials	0.66%	—	—
47	GLV	Clough Global Dividend & INC	Stock-Other	0.65%	—	—
48	FMN	Federated Herm Prem Muni INC	Stock-Other	0.64%	—	—
49	NBH	Neuberger Municipal Fund INC	Stock-Other	0.63%	—	—
50	✓	Xai Octagn Flt Rat & Alt Inm	Stock-Other	0.63%	-1.97%	EXIT

1–50 of 164

Holding changes this quarter

Position changes disclosed by Matisse Capital for the quarter ending Q3 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	XPCQX	Pimco California Muni INC Fd	+3.3%	+508.25%	Add
2	XXCHNXX	China Fund INC	+1.3%	—	Add
3	RGT	Royce Global Trust INC	+1.3%	+14.01%	Add
4	KF	Korea Fund INC	+0.9%	—	Add
5	TWN	Taiwan Fund Inc/th/md-us INC	+0.7%	—	Add
6	GOOGL	Alphabet Inc-cl A	+0.4%	+0.26%	Trim
7	LRCX	Lam Research CORP	+0.4%	+0.24%	Trim
8	MXF	Mexico Fund INC	+0.3%	—	Unchanged
9	NVDA	Nvidia CORP	+0.3%	-3.40%	Add
10	NXDT	Nexpoint Diversified Real Es	+0.2%	+15.24%	Add
11	MXE	Mexico Equity And Income Fd	+0.2%	—	Unchanged
12	HFRO	Highland Opport & Income	+0.2%	—	Add
13	XCAFX	Morgan Stanley China A Share	+0.1%	—	Unchanged
14	ETN	Eaton Corporation plc	+0.1%	—	Unchanged
15	MSFT	Microsoft CORP	+0.1%	-4.59%	Trim
16	META	Meta Platforms Inc-class A	+0.1%	+0.27%	Add
17	CET	Central Securities CORP	+0.1%	—	Add
18	TDF	Templeton Dragon Fund INC	0%	—	Unchanged
19	ASND	Ascendis Pharma A/S	-0.1%	-6.88%	Trim
20	AAPL	Apple INC	-0.3%	-1.93%	Trim
21	DGRO	Ishares Core Dividend Growth	-0.3%	-2.31%	Trim
22	SOFI	Sofi Technologies INC	-0.3%	-81.56%	Trim
23	SFM	Sprouts Farmers Market INC	-0.9%	-19.46%	Trim
24	BTX	Blackrock Tech & Priv Eqty	—	NEW	New buy
25	SWZ	Total Return Securities Fund	—	NEW	New buy
26	JOF	Japan Smaller Capitalization	—	EXIT	Sold out
27	KYN	Kayne Anderson Energy Infra	—	NEW	New buy
28	XPCKX	Pimco California Municipa Ii	—	EXIT	Sold out
29	PNI	Pimco Ny Muni INC Ii Fnd	—	EXIT	Sold out
30	✓	Pimco New York Mun Income Fd	—	EXIT	Sold out
31	EDD	Morgan Stanley Emrg Mrk Dom	—	EXIT	Sold out
32	OPP	Rivernrth/doublelne Str Opp	—	EXIT	Sold out
33	PFO	Flaherty & Crumrine P&i Opp	—	EXIT	Sold out
34	RA	Brookfield Real Assets Incom	—	EXIT	Sold out
35	PFD	Flaherty & Crumrin Pre&inc F	—	EXIT	Sold out
36	FMN	Federated Herm Prem Muni INC	—	NEW	New buy
37	✓	Xai Octagn Flt Rat & Alt Inm	—	NEW	New buy
38	FLC	Flaherty & Crumrine Ttl Rtrn	—	EXIT	Sold out
39	MIY	Blackrock Muniyield Mi Qlty	—	EXIT	Sold out
40	BA	Boeing Co/the	—	NEW	New buy
41	IIF	Morgan Stanley India Invest	—	EXIT	Sold out
42	GRX	Gabelli Healthcare & Well	—	EXIT	Sold out
43	VRNA	Verona Pharma PLC - Adr	—	EXIT	Sold out
44	GEV	GE Vernova INC	—	NEW	New buy
45	✓	Pimco New York Mun Income Fd	—	EXIT	Sold out
46	EMO	Clearbridge Energy Midstream	—	EXIT	Sold out
47	OKLO	Oklo INC	—	NEW	New buy
48	RFMZ	Rivernorth Flex Muni Ii	—	NEW	New buy
49	IONQ	Ionq INC	—	NEW	New buy
50	VGI	Virtus Global Multi-sector	—	EXIT	Sold out