13F HOLDINGS REPORT

Matisse Capital

Quarter ended Q4 2025 · Filed January 29, 2026 · Accession 0001668256-26-000002

Total Value

$224.4M

Positions

195

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (195)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	APPLE INC	AAPL	36,722	$10.0M	4.45%
2	ISHARES TR	46434V621	112,343	$7.8M	3.48%
3	MICROSOFT CORP	MSFT	14,183	$6.9M	3.06%
4	PIMCO CALIF MUN INCOME FD	72200N106	766,318	$6.7M	2.98%
5	ASCENDIS PHARMA A/S	ASND	27,305	$5.8M	2.60%
6	XAI OCTAGN FLT RAT & ALT INM	98400T106	920,000	$4.4M	1.97%
7	FS CREDIT OPPORTUNITIES CORP	FSCO	690,000	$4.3M	1.94%
8	ALPHABET INC	GOOG	12,975	$4.1M	1.81%
9	NEXPOINT DIVERSIFIED REL ET	65340G205	856,226	$3.3M	1.46%
10	LAM RESEARCH CORP	LRCX	18,737	$3.2M	1.43%
11	VANGUARD INDEX FDS	922908595	9,554	$2.9M	1.29%
12	TAIWAN FD INC	874036106	52,000	$2.8M	1.24%
13	MEXICO FD INC	592835102	130,000	$2.6M	1.17%
14	AMAZON COM INC	AMZN	11,264	$2.6M	1.16%
15	VANGUARD BD INDEX FDS	921937819	32,186	$2.5M	1.12%
16	ROYCE GLOBAL TRUST INC	RGT	188,000	$2.5M	1.10%
17	BLACKROCK TECH AND PRIVATE E	BLK	370,000	$2.4M	1.09%
18	MORGAN STANLEY CHINA A SH FD	MS-PQ	140,000	$2.4M	1.08%
19	TOTAL RETURN SECURITIES FUND	SWZ	389,000	$2.4M	1.08%
20	DESTRA MULTI-ALTERNATIVE FD	25065A502	268,000	$2.4M	1.07%
21	TEMPLETON DRAGON FD INC	88018T101	210,000	$2.4M	1.05%
22	HIGHLAND OPPS & INCOME FD	HFRO-PB	386,000	$2.3M	1.03%
23	VANGUARD INDEX FDS	922908611	10,652	$2.3M	1.01%
24	BLUEROCK PVT REAL ESTATE FD	09631P102	146,900	$2.2M	0.98%
25	HIGHLAND GLOBAL ALLOCATION F	HGLB	240,000	$2.2M	0.98%
26	META PLATFORMS INC	META	3,147	$2.1M	0.93%
27	BLACKROCK MUN TARGET TERM TR	BLK	90,000	$2.1M	0.92%
28	SRH TOTAL RETURN FUND INC	STEW	110,000	$2.0M	0.91%
29	CENTRAL SECS CORP	155123102	40,000	$2.0M	0.90%
30	WESTERN AST INFL LKD OPP & I	95766R104	230,000	$2.0M	0.88%
31	NEUBERGER NEXT GENERATION	NBXG	129,790	$1.9M	0.84%
32	ALPHABET INC	GOOG	5,840	$1.8M	0.82%
33	KOREA FD INC	500634209	49,895	$1.8M	0.81%
34	SPROUTS FMRS MKT INC	85208M102	22,542	$1.8M	0.80%
35	ABRDN NATL MUN INCOME FD	24610T108	174,693	$1.8M	0.80%
36	CLOUGH GLOBAL OPPORTUNITIES	GLO	306,075	$1.7M	0.77%
37	KAYNE ANDERSON ENERGY INFRST	486606106	139,686	$1.7M	0.77%
38	TAIWAN FD INC	874036106	32,000	$1.7M	0.76%
39	DIMENSIONAL ETF TRUST	25434V781	44,100	$1.7M	0.75%
40	MEXICO EQUITY & INCOME FD	592834105	132,000	$1.6M	0.73%
41	NVIDIA CORPORATION	NVDA	8,750	$1.6M	0.73%
42	MORGAN STANLEY CHINA A SH FD	MS-PQ	93,000	$1.6M	0.72%
43	INVESCO SR INCOME TR	IVZ	489,082	$1.6M	0.71%
44	JPMORGAN CHASE & CO.	VYLD	4,941	$1.6M	0.71%
45	BERKSHIRE HATHAWAY INC DEL	BRK-A	3,090	$1.6M	0.69%
46	MEXICO FD INC	592835102	75,000	$1.5M	0.67%
47	TEMPLETON DRAGON FD INC	88018T101	132,000	$1.5M	0.66%
48	EUROPEAN EQUITY FD INC	298768102	141,440	$1.5M	0.65%
49	FEDERATED HERMES PREM MUNI I	FHI	128,431	$1.4M	0.64%
50	HIGHLAND GLOBAL ALLOCATION F	HGLB	153,000	$1.4M	0.62%
51	CLOUGH GLOBAL DIVID & INCOME	18913Y103	232,798	$1.4M	0.62%
52	ISHARES TR	464288281	14,354	$1.4M	0.62%
53	HIGHLAND OPPS & INCOME FD	HFRO-PB	231,000	$1.4M	0.62%
54	NEUBERGER MUN FD INC	64124P101	135,900	$1.4M	0.61%
55	TOTAL RETURN SECURITIES FUND	SWZ	221,000	$1.4M	0.61%
56	ROYCE GLOBAL TRUST INC	RGT	103,000	$1.4M	0.60%
57	PIMCO CALIF MUN INCOME FD	72200N106	154,000	$1.3M	0.60%
58	DIMENSIONAL ETF TRUST	25434V740	39,760	$1.3M	0.60%
59	BLACKROCK TECH AND PRIVATE E	BLK	201,000	$1.3M	0.59%
60	MEXICO EQUITY & INCOME FD	592834105	105,827	$1.3M	0.58%
61	FS CREDIT OPPORTUNITIES CORP	FSCO	207,918	$1.3M	0.58%
62	SRH TOTAL RETURN FUND INC	STEW	70,000	$1.3M	0.58%
63	VISA INC	V	3,645	$1.3M	0.57%
64	CENTRAL SECS CORP	155123102	25,000	$1.3M	0.57%
65	EATON CORP PLC	ETN	3,959	$1.3M	0.56%
66	EXXON MOBIL CORP	XOM	10,477	$1.3M	0.56%
67	ISHARES TR	464287234	22,990	$1.3M	0.56%
68	DESTRA MULTI-ALTERNATIVE FD	25065A502	139,000	$1.2M	0.56%
69	BRANDYWINEGBL GBL INCM OPP F	10537L104	145,866	$1.2M	0.54%
70	AECOM	ACM	12,611	$1.2M	0.54%
71	WALMART INC	WMT	10,642	$1.2M	0.53%
72	KOREA FD INC	500634209	32,370	$1.2M	0.52%
73	BLUEROCK PVT REAL ESTATE FD	09631P102	77,900	$1.2M	0.52%
74	JOHNSON CTLS INTL PLC	G51502105	9,705	$1.2M	0.52%
75	COSTCO WHSL CORP NEW	22160K105	1,299	$1.1M	0.50%
76	NIKE INC	NKE	17,560	$1.1M	0.50%
77	TAIWAN SEMICONDUCTOR MFG LTD	874039100	3,635	$1.1M	0.49%
78	CLOUGH GLOBAL OPPORTUNITIES	GLO	184,053	$1.0M	0.46%
79	KAYNE ANDERSON ENERGY INFRST	486606106	83,153	$1.0M	0.46%
80	BLACKROCK INC	BLK	940	$1.0M	0.45%
81	GE VERNOVA INC	GEV	1,463	$956,173	0.43%
82	NETAPP INC	NTAP	8,699	$931,576	0.42%
83	ANALOG DEVICES INC	ADI	3,406	$923,707	0.41%
84	MFS HIGH YIELD MUN TR	59318E102	262,208	$920,350	0.41%
85	TRACTOR SUPPLY CO	TSCO	18,315	$915,933	0.41%
86	STERIS PLC	STE	3,397	$861,207	0.38%
87	NUVEEN CR STRATEGIES INCOME	NU	170,247	$854,640	0.38%
88	BLACKROCK MUNIHLDNGS CALI QL	BLK	78,600	$833,160	0.37%
89	PALANTIR TECHNOLOGIES INC	PLTR	4,618	$820,850	0.37%
90	FEDEX CORP	FDX	2,800	$808,808	0.36%
91	QUALCOMM INC	QCOM	4,727	$808,553	0.36%
92	ISHARES TR	46435G326	9,632	$794,447	0.35%
93	ELEVANCE HEALTH INC FORMERLY	ELV	2,250	$788,738	0.35%
94	VANGUARD WORLD FD	92204A405	5,811	$775,710	0.35%
95	MASTERCARD INCORPORATED	MA	1,353	$772,401	0.34%
96	BNY MELLON STRATEGIC MUNS IN	05588W108	117,935	$750,067	0.33%
97	LOWES COS INC	548661107	3,103	$748,319	0.33%
98	WAVE LIFE SCIENCES LTD	WVE	42,193	$717,281	0.32%
99	VANGUARD INDEX FDS	922908363	1,138	$713,921	0.32%
100	BLACKROCK N Y MUN INCOME TRU	BLK	69,921	$708,999	0.32%
101	VANGUARD TAX-MANAGED FDS	921943858	11,228	$701,413	0.31%
102	MFS INVT GRADE MUN TR	59318B108	86,381	$686,729	0.31%
103	SPDR S&P 500 ETF TR	SPY	967	$659,342	0.29%
104	WISDOMTREE TR	WT	11,518	$659,290	0.29%
105	ARS PHARMACEUTICALS INC	SPRY	55,561	$647,286	0.29%
106	VANECK ETF TRUST	92189H300	24,900	$642,918	0.29%
107	NUTRIEN LTD	NTR	10,256	$633,000	0.28%
108	RIVERNORTH FLEXIBLE MUNI INC	76883Y107	49,190	$622,745	0.28%
109	CENTRAL & EASTERN EUROPE FD	153436100	33,995	$601,712	0.27%
110	DEERE & CO	DE	1,279	$595,464	0.27%
111	EXCHANGE TRADED CONCEPTS TRU	301505731	9,086	$576,870	0.26%
112	PROCEPT BIOROBOTICS CORP	PRCT	18,067	$568,388	0.25%
113	HOME DEPOT INC	HD	1,606	$552,625	0.25%
114	LOCKHEED MARTIN CORP	LMT	1,139	$550,900	0.25%
115	UNION PAC CORP	UNP	2,296	$531,111	0.24%
116	MATTHEWS ASIA FDS	577125826	15,023	$530,387	0.24%
117	IONQ INC	IONQ-WT	11,405	$511,742	0.23%
118	INVESCO QQQ TR	IVZ	829	$509,435	0.23%
119	J P MORGAN EXCHANGE TRADED F	46654Q203	8,659	$503,278	0.22%
120	J P MORGAN EXCHANGE TRADED F	46641Q332	8,765	$501,714	0.22%
121	AAR CORP	AIR	6,000	$496,740	0.22%
122	EUROPEAN EQUITY FD INC	298768102	46,630	$480,289	0.21%
123	ETF SER SOLUTIONS	26922A420	4,157	$455,879	0.20%
124	DOVER CORP	DOV	2,288	$446,709	0.20%
125	WESTERN ASST INFLTN LKD INM	95766Q106	53,254	$440,411	0.20%
126	ISHARES TR	46435U556	9,019	$434,541	0.19%
127	CISCO SYS INC	CSCO	5,563	$428,510	0.19%
128	ISHARES TR	464287614	895	$423,604	0.19%
129	MATTHEWS ASIA FDS	577125818	11,700	$418,957	0.19%
130	OKLO INC	OKLO	5,800	$416,208	0.19%
131	NUVEEN PENNSYLVANIA QLT MUN	NU	34,440	$409,492	0.18%
132	CLOUGH GLOBAL EQUITY FD	18914C100	53,450	$409,427	0.18%
133	CSX CORP	CSX	11,272	$408,610	0.18%
134	INTEL CORP	INTC	11,067	$408,372	0.18%
135	BOEING CO	BA-PA	5,900	$407,454	0.18%
136	INTERACTIVE BROKERS GROUP IN	45841N107	6,300	$405,153	0.18%
137	GABELLI GLOBAL SMALL & MID C	GGZ	26,377	$395,655	0.18%
138	CHEVRON CORP NEW	CVX	2,560	$390,155	0.17%
139	VANGUARD INTL EQUITY INDEX F	922042858	7,107	$382,072	0.17%
140	VANGUARD BD INDEX FDS	921937827	4,845	$381,834	0.17%
141	JOHNSON & JOHNSON	JNJ	1,843	$381,480	0.17%
142	DIMENSIONAL ETF TRUST	25434V708	9,479	$375,281	0.17%
143	ISHARES TR	464287598	1,763	$370,849	0.17%
144	ISHARES TR	464287200	538	$368,498	0.16%
145	VANGUARD INDEX FDS	922908736	747	$364,431	0.16%
146	SPDR S&P 500 ETF TR	SPY	172	$356,472	0.16%
147	DIMENSIONAL ETF TRUST	25434V807	7,000	$349,300	0.16%
148	BANK NEW YORK MELLON CORP	064058100	2,940	$341,305	0.15%
149	GENERAL DYNAMICS CORP	GD	1,001	$336,997	0.15%
150	TESLA INC	TSLA	746	$335,491	0.15%
151	VANGUARD INTL EQUITY INDEX F	922042718	2,337	$334,962	0.15%
152	ELI LILLY & CO	LLY	305	$327,946	0.15%
153	VANGUARD WORLD FD	92204A702	424	$319,893	0.14%
154	VANGUARD SCOTTSDALE FDS	92206C409	4,000	$318,920	0.14%
155	DIMENSIONAL ETF TRUST	25434V302	9,687	$315,506	0.14%
156	FRANKLIN TEMPLETON ETF TR	FGDL	15,600	$314,808	0.14%
157	DIMENSIONAL ETF TRUST	25434V864	6,500	$311,675	0.14%
158	VANGUARD INTL EQUITY INDEX F	922042742	2,204	$310,962	0.14%
159	J P MORGAN EXCHANGE TRADED F	46641Q159	6,700	$310,143	0.14%
160	DIMENSIONAL ETF TRUST	25434V872	7,200	$306,432	0.14%
161	UNITEDHEALTH GROUP INC	UNH	925	$305,444	0.14%
162	INTERNATIONAL BUSINESS MACHS	INTR	1,015	$300,653	0.13%
163	SABA CAPITAL INCOME & OPRNT	78518H202	41,493	$290,866	0.13%
164	PFIZER INC	PFE	11,662	$290,384	0.13%
165	STARBUCKS CORP	SBUX	3,317	$279,325	0.12%
166	SPDR S&P 500 ETF TR	SPY	385	$275,687	0.12%
167	MFS HIGH INCOME MUN TR	59318D104	73,090	$270,433	0.12%
168	VANGUARD INDEX FDS	922908769	770	$258,158	0.12%
169	SCHWAB STRATEGIC TR	808524409	8,503	$251,760	0.11%
170	GOLD COM INC	GOLD	7,270	$247,544	0.11%
171	ILLINOIS TOOL WKS INC	452308109	1,000	$246,300	0.11%
172	INTUITIVE SURGICAL INC	ISRG	424	$240,137	0.11%
173	BOEING CO	BA-PA	1,104	$239,700	0.11%
174	VANGUARD INDEX FDS	922908751	928	$239,378	0.11%
175	PROCTER AND GAMBLE CO	742718109	1,628	$233,309	0.10%
176	US BANCORP DEL	USB-PS	4,348	$232,009	0.10%
177	ORACLE CORP	ORCL-PD	1,180	$229,994	0.10%
178	SHOPIFY INC	SHOP	1,390	$223,748	0.10%
179	ISHARES BITCOIN TRUST ETF	IBIT	4,496	$223,226	0.10%
180	NORTHROP GRUMMAN CORP	NOC	389	$221,812	0.10%
181	ISHARES TR	464287556	1,308	$220,765	0.10%
182	SCHWAB CHARLES CORP	SCHW-PJ	2,160	$215,806	0.10%
183	ISHARES TR	464287622	567	$211,740	0.09%
184	GABELLI GLOBAL SMALL & MID C	GGZ	13,988	$209,820	0.09%
185	FREEPORT-MCMORAN INC	FCX	4,023	$204,328	0.09%
186	GRAYSCALE COINDESK CRYPTO	GDLC	4,850	$200,418	0.09%
187	SABA CAPITAL INCOME & OPRNT	78518H202	23,840	$167,118	0.07%
188	CLOUGH GLOBAL EQUITY FD	18914C100	20,033	$153,453	0.07%
189	FULCRUM THERAPEUTICS INC	FULC	13,460	$152,233	0.07%
190	MFS MUN INCOME TR	552738106	27,412	$148,847	0.07%
191	GDL FD	361570104	16,947	$143,541	0.06%
192	MFS MUN INCOME TR	552738106	24,829	$134,821	0.06%
193	CLOUGH GLOBAL DIVID & INCOME	18913Y103	7,987	$47,682	0.02%
194	NEXPOINT DIVERSIFIED REL ET	65340G205	5,383	$20,617	0.01%
195	FEDERATED HERMES PREM MUNI I	FHI	384	$4,266	0.00%