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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

STEPH & CO

Quarter ended Q4 2025 · Filed January 23, 2026 · Accession 0000941519-26-000002

Total Value
$347.0M
Positions
310
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (310)

#IssuerTicker / CUSIPSharesValue% of Filing
1JPMorgan Active Value ETF46641Q167822,317$59.0M17.00%
2Vanguard S&P 500 Index ETF92290836375,772$47.5M13.70%
3JPMorgan Active Growth ETF46654Q609498,188$46.2M13.32%
4iShares Russell Midcap Index ETF464287499131,580$12.7M3.65%
5PIMCO Total Return Active ETF72201R775134,031$12.5M3.60%
6Fidelity Total Bond ETF316188309270,381$12.4M3.59%
7Fidelity Enhanced International31609A404300,458$11.0M3.17%
8Vanguard MEGA Cap ETF92191087338,439$9.7M2.78%
9Global Upstream Natural Resources ETFFLEX208,188$9.5M2.75%
10Vanguard Small-Cap ETF92290875134,369$8.9M2.56%
11Vanguard Total Stock Market ETF92290876923,302$7.8M2.25%
12Vanguard Mid Cap ETF92290862924,615$7.1M2.06%
13iShares S&P 500 Index ETF46428720010,164$7.0M2.01%
14Vanguard FTSE Developed Markets Index ETF921943858109,492$6.8M1.97%
15iShares Russell 2000 Index ETF46428765521,332$5.3M1.51%
16SPDR S&P 500 ETFSPY6,704$4.6M1.32%
17Pimco Intermediate Municipal Bond ETF72201R86685,644$4.5M1.29%
18Vanguard Mid-Cap Growth ETF92290853812,816$3.6M1.03%
19FlexShares Global Broad Infrastructure ETFFLEX58,710$3.6M1.02%
20Vanguard Tax-Exempt Bond Index ETF92290774668,060$3.4M0.99%
21SPDR S&P Mid Cap 400 Index ETFMDY5,375$3.2M0.93%
22Apple Computer Inc ComAAPL11,104$3.0M0.87%
23Vanguard Russell 1000 Growth ETF92206C68022,615$2.8M0.79%
24iShares MSCI EAFE Index ETF46428746523,125$2.2M0.64%
25iShares S & P Smallcap 600 Index ETF46428780418,281$2.2M0.63%
26SPDR S&P Global Natural Resources ETF78463X54135,045$2.2M0.63%
27iShares Russell 1000 Value Index ETF4642875989,623$2.0M0.58%
28iShares Russell 1000 Growth ETF4642876142,861$1.4M0.39%
29J P Morgan Chase & Co ComVYLD4,024$1.3M0.37%
30Nicolet Bankshares Inc ComNIC9,040$1.1M0.32%
31Wells Fargo & Co New Com9497461019,848$917,8340.26%
32Citigroup Inc Com NewC-PR7,651$892,7950.26%
33iShares MSCI Emerging Markets ex China ETF46434G76412,084$878,2650.25%
34Procter & Gamble Co Com7427181095,886$843,5230.24%
35Vanguard Small-Cap Growth ETF9229085952,551$770,6830.22%
36NVIDIA CorporationNVDA4,033$752,1550.22%
37Philip Morris International Inc7181721094,686$751,6340.22%
38WEC Energy Group Inc ComWEC7,023$740,6460.21%
39Cisco Sys IncCSCO9,294$715,9170.21%
40Duke Energy Corp Com NewDUKB5,950$697,4000.20%
41Johnson & Johnson ComJNJ3,345$692,2480.20%
42US Bancorp ComUSB-PS12,788$682,3680.20%
43Exxon Mobil Corp ComXOM5,665$681,7260.20%
44Microsoft Corp ComMSFT1,333$644,6650.19%
45Chevrontexaco Corp ComCVX3,711$565,5940.16%
46Quest Diagnostics Inc ComDGX3,235$561,3700.16%
47PNC Financial Services Group Com6934751052,585$539,5670.16%
48Dollar General Corp2566771054,053$538,1170.16%
49Union Pacific Corp ComUNP2,299$531,8050.15%
50Exelon Corp ComEXC11,974$521,9470.15%
51RTX CorporationRTX2,810$515,3540.15%
52Verizon Communications ComVZ12,236$498,3720.14%
53S&P 500 Catholic Values ETF37954Y8895,816$478,2300.14%
54Regal Rexnord CorporationRRX3,387$475,2640.14%
55Vanguard High Dividend Yield Indx ETF9219464063,300$473,6160.14%
56Evergy Inc ComEVRG6,448$467,4160.13%
57Pentair plcPNR4,332$451,1340.13%
58VICI Properties Inc92565210915,891$446,8550.13%
59nVent Electric plcNVT4,332$441,7340.13%
60Kimco Realty Corporation Ordinary Shares49446R10921,726$440,3860.13%
61Unitedhealth Group ComUNH1,294$427,1620.12%
62iShares Russell Mid-Cap Growth ETF4642874813,118$426,9790.12%
63American Intl Group Inc Com0268747844,927$421,5050.12%
64Berkshire Hathaway Inc Class BBRK-A818$411,1680.12%
65Gilead Sciences IncGILD3,254$399,3960.12%
66Vanguard Core-Plus Bond ETF9220207555,075$396,4340.11%
67Bristol-Myers Squibb Co ComCELG-RI7,215$389,1770.11%
68iShares Russell 2000 Value ETF4642876302,072$375,4670.11%
69MFC iShares S&P 500 Growth Index ETF4642873093,009$370,8890.11%
70Alphabet Inc Class CGOOG1,144$358,9870.10%
71Magna International Inc5592224016,732$358,8160.10%
72Intel Corp ComINTC9,440$348,3360.10%
73Walmart Inc ComWMT3,054$340,2460.10%
74EOG Resources Inc ComEOG3,203$336,3470.10%
75Suncor Energy IncSU7,286$323,2070.09%
76Rio Tinto GroupRTNTF4,007$320,6800.09%
77Ross Stores IncROST1,761$317,2270.09%
78Casey's General Stores Inc147528103559$308,9650.09%
79AbbVie IncABBV1,350$308,4620.09%
80Arcbest CorpARCB3,982$295,4250.09%
81Invesco RAFI US 1000 Portfolio ETFIVZ6,273$294,3290.08%
82Silgan Holdings IncSLGN7,231$291,9150.08%
83Alphabet Inc Class AGOOG931$291,4030.08%
84PVH CorpPVH4,249$284,7680.08%
85Heico Corp. Ordinary Shares - Class AHEI-A1,097$276,9160.08%
86Brandes U.S. Value ETF9009343087,337$268,1670.08%
87Norfolk Southern Corp655844108861$248,5880.07%
88FlexShares High Yield Value-Scored Bond Index ETFFLEX5,660$230,5600.07%
89Applovin CorporationAPP330$222,3610.06%
90Arch Capital Group LtdG0450A1052,262$216,9710.06%
91Eaton Corp PlcETN669$213,0830.06%
92Abbott Laboratories ComABLZF1,638$205,2250.06%
93W R Berkley CorpWRB-PH2,858$200,4030.06%
94Microchip Technology IncMCHPP3,133$199,6350.06%
95API Group CorpAPG5,106$195,3560.06%
96T. Rowe Price Blue Chip Growth ETF87283Q1073,888$193,8560.06%
97Brown & Brown IncBRO2,421$192,9540.06%
98Mks IncMKSI1,162$185,6880.05%
99Steris PLCSTE722$183,0410.05%
100PPL Corp ComPPLC5,170$181,0530.05%
101Amazon.com IncAMZN779$179,8090.05%
102Crown Holdings IncCCK1,707$175,7700.05%
103Performance Food Group Co ComPFGC1,930$173,5460.05%
104Fiserv Inc ComFISV2,565$172,2910.05%
105iShares S&P Midcap 400 Index Fd ETF4642875072,522$166,4520.05%
106Teledyne Technologies IncTDY325$165,9870.05%
107Oracle Corp ComORCL-PD848$165,2840.05%
108Democratic Large Cap Core ETF00774Q3463,860$164,6630.05%
109Constellation Energy GroupCEG462$163,2110.05%
110Vanguard Total Intl Stock Idx ETF9219097682,116$159,6310.05%
111Arrow Electronics Inc0427351001,431$157,6680.05%
112AramarkARMK4,276$157,6130.05%
113CDW Corporation DECDW1,150$156,6300.05%
114Amdocs Ltd OrdDOX1,930$155,3840.04%
115Allison Transmission Holdings IncALSN1,573$153,9970.04%
116Onemain Holdings IncOMF2,248$151,8520.04%
117Gates Industrial Corporation PlcG391081087,060$151,5780.04%
118Advanced Micro Devices IncAMD704$150,7690.04%
119Colgate Palmolive Co ComCL1,832$144,7650.04%
120Exelixis IncEXEL3,249$142,4040.04%
121Masco Corp ComMAS2,185$138,6600.04%
122Ameriprise Financial Inc Com03076C106281$137,7860.04%
123Heico Corp Ordinary SharesHEI-A425$137,5260.04%
124Xcel Energy Inc ComXELLL1,853$136,8630.04%
125Gartner IncIT534$134,7180.04%
126Waters Corp Com941848103351$133,3200.04%
127Carrier Global CorporationCARR2,523$133,3150.04%
128Coca-Cola Consolidated IncCOKE841$128,9250.04%
129Carlisle Companies Incorporated142339100393$125,7050.04%
130Tyler Technologies IncTYL275$124,8360.04%
131Sonoco Products Co8354951022,805$122,4100.04%
132Aptargroup IncATR998$121,7160.04%
133Meta Platforms IncMETA180$118,8160.03%
134JPMorgan US Tech Leaders ETF46654Q7321,300$117,0950.03%
135Vulcan Materials Company929160109410$116,9400.03%
136Valvoline IncVVV4,016$116,7050.03%
137Nextera Energy Inc ComNEE-PW1,423$114,2380.03%
138Broadridge Financial Solutions Inc11133T103495$110,4690.03%
139Otis Worldwide CorporationOTIS1,261$110,1480.03%
140Houlihan Lokey IncHLI626$109,0430.03%
141Lithia Motors Inc536797103316$105,0160.03%
142Ferguson Enterprises IncFERG470$104,6360.03%
143iShares US Consumer Staples ETF4642878121,530$102,3880.03%
144White Mountains Insurance Group LtdG9618E10749$101,8230.03%
145EQT CorporationEQT1,868$100,1250.03%
146Chewy IncCHWY3,025$99,9760.03%
147Tenet Healthcare CorpTHC503$99,9560.03%
148MGE Energy IncMGEE1,272$99,7500.03%
149Illinois Tool Works Inc Com452308109400$98,5200.03%
150Comfort Systems Usa Inc199908104104$97,0620.03%
151BP Plc ADRBPPFF2,792$96,9660.03%
152American Financial Group Inc025932104706$96,4960.03%
153iShares Russell Midcap Value ETF464287473679$95,7730.03%
154Mastercard Inc Cl AMA165$94,1950.03%
155AGCO CorpAGCO890$92,8450.03%
156Expedia Group IncEXPE322$91,2260.03%
157Clean Harbors IncCLH383$89,8060.03%
158Qorvo IncQRVO1,042$88,0590.03%
159Hartford Financial Insurance Group Inc ComHIG-PG621$85,5740.02%
160Donaldson Inc ComDCI944$83,6950.02%
161Costco Wholesale Corp22160K10590$77,6110.02%
162Vistra CorpVST472$76,1480.02%
163DTE Energy Co ComDTK573$73,9060.02%
164Mondelez International Inc6092071051,368$73,6390.02%
165Service Corp Intl817565104925$72,1220.02%
166SPDR Series Trust Portfolio S&P 500 Growth ETF78464A409663$70,7420.02%
167Altria Group Inc ComMO1,200$69,1920.02%
168Vertiv HoldingsVRT409$66,2620.02%
169Servicenow IncNOW430$65,8720.02%
1703M Co ComMMM400$64,0400.02%
171Insulet CorpPODD217$61,6800.02%
172IBM Corp ComINTR207$61,3150.02%
173Global X Artificial Intelligence & Technology ETF37954Y6321,150$58,4890.02%
174Vanguard Russell 1000 Value Index ETF92206C714632$58,3340.02%
175iShares Tr S&P Midcap 400 Growth Index ETF464287606560$54,2530.02%
176Core & Main IncCNM1,037$53,8930.02%
177Alnylam Pharmaceuticals IncALNY135$53,6830.02%
178TJX Companies Inc872540109349$53,6100.02%
179iShares Dow Jones US Oil & Gas Ex Index464288851592$52,8420.02%
180Broadcom IncAVGO152$52,6070.02%
181CACI International Inc12719030498$52,2150.02%
182Raymond James Financial Com754730109325$52,1920.02%
183Analog Devices IncADI192$52,0700.02%
184Schein Henry IncHSIC687$51,9230.01%
185iShares US Tech Breakthrough Multisector ETF46436E502850$51,7480.01%
186iShares Core US Aggregate Bond ETF464287226516$51,5380.01%
187Pfizer Inc ComPFE2,063$51,3690.01%
188Vanguard Core Bond ETF922020748657$51,1770.01%
189Phillips 66 ComPSX391$50,4550.01%
190SPDR Portfolio S&P 500 Value ETF78464A508885$50,2770.01%
191Conocophillips ComCOP535$50,0810.01%
192Blackstone Group IncBX324$49,9410.01%
193Boeing Co ComBA-PA226$49,0690.01%
194KKR & Co IncKKRT384$48,9520.01%
195CAE IncCAE1,511$45,9650.01%
196Cencora Inc CorpCOR136$45,9340.01%
197Zebra Technologies Corp Cl AZBRA189$45,8930.01%
198First Citizens Bancshares Inc Cl A31946M10321$45,0700.01%
199Martin Marietta Materials Inc57328410672$44,8320.01%
200Schwab Charles Corp ComSCHW-PJ444$44,3600.01%
201Caterpillar Inc ComCAT76$43,5380.01%
202Netflix IncNFLX454$42,5670.01%
203Dimentional US Targeted Value ETF25434V609711$42,3330.01%
204Salesforce IncCRM159$42,1210.01%
205CoStar Group IncCSGP618$41,5540.01%
206Taiwan Semiconductor Manufacturing Co Ltd874039100134$40,7210.01%
207SPDR Technology ETF81369Y803282$40,6000.01%
208Viking Holdings LtdVIK567$40,4890.01%
209Kimberly-Clark ComKMB400$40,3560.01%
210Hayward Holdings IncHAYW2,611$40,3400.01%
211Lam Research CorpLRCX235$40,2270.01%
212GSK PLCGLAXF817$40,0660.01%
213Live Nation Entmt IncLYV281$40,0430.01%
214Medtronic Holdings LTDMDT402$38,6160.01%
215MSCI IncMSCI67$38,4400.01%
216Intuit Inc ComINTU58$38,4200.01%
217Teradyne IncTER198$38,3250.01%
218PayPal Holdings IncPYPL656$38,2970.01%
219Zions Bancorporation NA989701107638$37,3490.01%
220Primerica IncPRI142$36,6870.01%
221Blue Owl CapitalOWL2,446$36,5430.01%
222Lennox International Inc52610710775$36,4190.01%
223CVS Health Corp ComCVS446$35,3950.01%
224Simpson Manufacturing Co Inc829073105216$34,8780.01%
225US Foods Hldg CorpUSFD450$33,8940.01%
226Coca Cola Co ComKO477$33,3470.01%
227Adobe Inc ComADBE95$33,2490.01%
228Emerson Electric Co ComEMR248$32,9150.01%
229Lilly Eli & Co ComLLY29$31,1660.01%
230American Tower REIT Com03027X100176$30,9000.01%
231SLB LimitedSLB798$30,6270.01%
232Bank of America Corp Com060505104548$30,1400.01%
233Associated Banc Corp ComASBA1,169$30,1130.01%
234Tapestry IncTPR231$29,5150.01%
235Accenture PLC Ireland ADRACN110$29,5130.01%
236Intercontinental Exchange Inc45866F104174$28,1810.01%
237AT&T Inc ComT-PC1,118$27,7710.01%
238Xylem IncXYL200$27,2360.01%
239Palo Alto Networks IncPANW143$26,3410.01%
240SPDR Health Care ETF81369Y209170$26,3160.01%
241Becton Dickinson & CoBDX133$25,8110.01%
242General Dynamics CorpGD76$25,5860.01%
243SPDR Consumer Discretionary ETF81369Y407208$24,8370.01%
244Entegris IncENTG292$24,6010.01%
245Boston Scientific Corp ComBSX255$24,3140.01%
246Zimmer Biomet Holdings ComZBH269$24,1880.01%
247Biogen Idec IncBIIB137$24,1110.01%
248Bentley Systems IncorporatedBSY608$23,2040.01%
249Home Depot Inc ComHD66$22,7110.01%
250SPDR Industrial ETF81369Y704139$21,5620.01%
251McDonald's CorpMCD69$21,0880.01%
252DFA Dimensional US Marketwide Value ETF25434V724446$20,7790.01%
253John Hancock Multifactor Mid Cap ETF47804J206305$19,9710.01%
254Capital One Financial Corp14040H10581$19,6310.01%
255Walt Disney Co Com254687106162$18,4310.01%
256Freeport-McMoRan IncFCX343$17,4210.01%
257ITT Inc ComITT100$17,3510.01%
258Argenx SEARGX20$16,8190.00%
259Invesco CurrencyShares Japanese Yen Trust ETF46138W107285$16,7210.00%
260Marsh57174810290$16,6970.00%
261Prudential Finl Inc ComPUKPF144$16,2550.00%
262Resideo Technologies IncREZI454$15,9440.00%
263Cummins IncCMI31$15,8240.00%
264Lowes Cos Inc Com54866110762$14,9520.00%
265Fifth Third Bancorp ComFITBM318$14,8860.00%
266Northrop Grumman CorpNOC26$14,8250.00%
267Vanguard Intermediate-Term Corporate Bond Index Fund ETF92206C870177$14,8240.00%
268Thermo Fisher Scientific IncTMO25$14,4860.00%
269Air Products & Chemicals Inc ComAIIR58$14,3270.00%
270Allstate Corp ComALL-PJ67$13,9460.00%
271CIGNA Group12552310049$13,4860.00%
272iShares Tr S&P 400 Midcap Value Index ETF464287705100$13,1590.00%
273Baker Hughes CompanyBKR281$12,7970.00%
274The Southern Company ComSOMN140$12,2080.00%
275iShares 7-10 Year Treasury Bond ETF464287440126$12,1160.00%
276Yum! Brands IncYUM80$12,1020.00%
277Uber Technologies IncUBER143$11,6850.00%
278Nike Inc Cl BNKE178$11,3400.00%
279iShares Russell 1000 ETF46428762230$11,2030.00%
280Bath & Body Wks IncBBWI517$10,3810.00%
281IQVIA Holdings IncIQV45$10,1430.00%
282Kraft Heinz Co ComKHC405$9,8210.00%
283Visa Inc Cl AV24$8,4170.00%
284Edison Intl Com281020107140$8,4030.00%
285Corteva IncCTVA122$8,1780.00%
286Coinbase Global IncCOIN36$8,1410.00%
287General Motors Co Com37045V100100$8,1320.00%
288Consolidated Edison Inc ComED80$7,9460.00%
289Vanguard Small-Cap Value Index Fund ETF92290861137$7,8360.00%
290Trimbel IncTRMB100$7,8350.00%
291BlackRock Inc New ComBLK7$7,4920.00%
292Comcast Corp New Cl ACCZ240$7,1740.00%
293iShares National AMT-Free Muni Bond ETF46428841465$6,9620.00%
294Fidelity National Information Services31620M10691$6,0480.00%
295Starbucks Corp ComSBUX67$5,6420.00%
296DuPont de Nemours IncDD122$4,9040.00%
297Stryker CorpSYK13$4,5690.00%
298Manpower Group IncMAN145$4,3110.00%
299Sanofi Aventis ADRSNYNF86$4,1680.00%
300iShares MSCI Europe Financials ETF464289180106$3,9320.00%
301Bank of Montreal06367110125$3,2450.00%
302Vanguard FTSE All-World ex-US Index Fund ETF Shares92204277544$3,2370.00%
303Carnival Corp ComCUKPF100$3,0540.00%
304Pepsico Inc ComPEP21$3,0140.00%
305DOW IncDOW122$2,8520.00%
306Shell Plc ADR (Representing - Ordinary Shares)RYDAF32$2,3510.00%
307Danaher Corp Com2358511026$1,3740.00%
308Gold Resource CorpGORO942$7800.00%
309Viatris IncVTRS12$1490.00%
310Contra Abiomed Inc CVR Line003CVR01631$10.00%