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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

Breakwater Investment Management

Quarter ended Q1 2025 · Filed April 17, 2025 · Accession 0002025925-25-000004

Total Value
$234.2M
Positions
315
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (315)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD INDEX FDS922908769120,969$33.2M14.20%
2SCHWAB STRATEGIC TR808524102946,272$20.4M8.70%
3VANGUARD STAR FDS921909768234,990$14.6M6.23%
4VANGUARD BD INDEX FDS921937835179,815$13.2M5.64%
5VANGUARD CHARLOTTE FDS92203J407223,837$10.9M4.67%
6MICROSOFT CORPMSFT27,565$10.3M4.42%
7SPDR SER TR78464A80599,324$6.8M2.88%
8VANGUARD INTL EQUITY INDEX F92204277596,824$5.9M2.51%
9VANGUARD WHITEHALL FDS92194640642,383$5.5M2.33%
10VANGUARD INTL EQUITY INDEX F92204274245,088$5.2M2.23%
11VANGUARD INTL EQUITY INDEX F922042858109,670$5.0M2.12%
12SPDR S&P 500 ETF TRSPY8,695$4.9M2.08%
13SCHWAB STRATEGIC TR808524805241,070$4.8M2.04%
14VANGUARD SPECIALIZED FUNDS92190884424,229$4.7M2.01%
15SCHWAB STRATEGIC TR808524797154,040$4.3M1.84%
16SCHWAB STRATEGIC TR808524839185,795$4.3M1.84%
17VANGUARD WORLD FD92191084032,877$4.2M1.81%
18VANGUARD WORLD FD92191081613,569$4.2M1.79%
19VANGUARD SCOTTSDALE FDS92206C10263,526$3.7M1.59%
20SCHWAB STRATEGIC TR808524862132,356$3.2M1.38%
21ISHARES TR46435G67258,970$2.9M1.26%
22SPDR SER TR78464A649104,287$2.7M1.14%
23VANGUARD WHITEHALL FDS92194679431,582$2.3M0.99%
24SCHWAB STRATEGIC TR80852470680,040$2.2M0.94%
25SPDR INDEX SHS FDS78463X88958,317$2.1M0.91%
26SCHWAB STRATEGIC TR80852487076,633$2.1M0.88%
27VANGUARD INDEX FDS92290855322,677$2.1M0.88%
28SPDR INDEX SHS FDS78463X85531,500$2.0M0.83%
29VANGUARD WHITEHALL FDS92194688529,845$1.9M0.82%
30SCHWAB STRATEGIC TR80852420179,280$1.8M0.75%
31ISHARES INC46428621033,858$1.7M0.71%
32VANGUARD SCOTTSDALE FDS92206C70626,808$1.6M0.68%
33VANGUARD MALVERN FDS92202080529,492$1.5M0.63%
34VANGUARD WORLD FD9219108736,970$1.4M0.60%
35ISHARES TR46428841411,952$1.3M0.54%
36ISHARES TR46429B74712,003$1.2M0.53%
37VANGUARD WHITEHALL FDS92194681014,788$1.2M0.52%
38VANGUARD INDEX FDS9229087363,284$1.2M0.52%
39SCHWAB STRATEGIC TR80852484755,820$1.2M0.51%
40J P MORGAN EXCHANGE TRADED F46641Q19118,893$1.2M0.50%
41VANGUARD SCOTTSDALE FDS92206C57314,918$1.1M0.49%
42VANGUARD MALVERN FDS92202074814,412$1.1M0.48%
43AMAZON COM INCAMZN5,814$1.1M0.47%
44VANGUARD TAX-MANAGED FDS92194385819,899$1.0M0.43%
45VANGUARD INTL EQUITY INDEX F92204267624,820$1.0M0.43%
46SPDR SER TR78468R10126,724$781,4100.33%
47VANGUARD INDEX FDS9229086373,021$776,4880.33%
48TCW ETF TRUST29287L10611,387$744,5960.32%
49SPDR GOLD TRGLD2,490$717,4690.31%
50VANGUARD MUN BD FDS92290774613,614$675,5270.29%
51ALPHABET INCGOOG4,187$647,4780.28%
52PALANTIR TECHNOLOGIES INCPLTR7,246$611,5630.26%
53VANGUARD INDEX FDS9229087443,422$591,0910.25%
54VANGUARD INTL EQUITY INDEX F9220428748,416$590,8880.25%
55VANGUARD BD INDEX FDS9219378276,664$521,6580.22%
56VANGUARD BD INDEX FDS9219378196,501$497,7760.21%
57ISHARES TR4642881826,625$490,2500.21%
58PIMCO ETF TR72201R2058,924$482,0750.21%
59SPDR SER TR78464A47415,857$477,2960.20%
60SELECT SECTOR SPDR TR81369Y8032,273$469,2930.20%
61ISHARES S&P GSCI COMMODITY-ISMCF19,885$452,7820.19%
62SPDR SER TR78464A14413,046$378,7260.16%
63ISHARES TR4642881744,841$365,1570.16%
64APPLE INCAAPL1,555$345,4130.15%
65VANGUARD WORLD FD92204A702597$323,8010.14%
66ISHARES TR4642876551,504$300,0330.13%
67VANGUARD SCOTTSDALE FDS92206C4093,346$264,1340.11%
68VANGUARD SCOTTSDALE FDS92206C8703,227$263,8400.11%
69ISHARES TR464287200449$252,2940.11%
70META PLATFORMS INCMETA421$242,6480.10%
71VANGUARD INTL EQUITY INDEX F9220428663,157$228,7570.10%
72INVESCO EXCHANGE TRADED FD TIVZ5,600$226,2960.10%
73INTUITIVE SURGICAL INCISRG451$223,3670.10%
74MERCK & CO INCMRK2,461$220,9000.09%
75ISHARES TR4642882812,380$215,6050.09%
76VANGUARD INDEX FDS922908751951$210,8850.09%
77ISHARES TR4642871681,558$209,2240.09%
78SCHWAB STRATEGIC TR8085247898,943$205,7790.09%
79SPDR S&P MIDCAP 400 ETF TRMDY380$202,7230.09%
80SPDR INDEX SHS FDS78463X5094,883$192,2440.08%
81ISHARES TR4642875721,990$191,6180.08%
82SPDR SER TR78464A8542,887$189,8500.08%
83ALPHABET INCGOOG1,200$187,4760.08%
84CISCO SYS INCCSCO2,992$184,6370.08%
85WISDOMTREE TRWT2,267$181,0430.08%
86VANGUARD WORLD FD92204A603731$180,9600.08%
87THERMO FISHER SCIENTIFIC INCTMO358$178,1410.08%
88VANECK ETF TRUST92189H7713,486$177,8210.08%
89ISHARES TR4642873251,948$177,6580.08%
90GARMIN LTDGRMN790$171,5330.07%
91WALMART INCWMT1,946$170,8340.07%
92EXXON MOBIL CORPXOM1,403$166,8590.07%
93SPDR SER TR78464A8881,720$166,6680.07%
94VANGUARD SCOTTSDALE FDS92206C8472,830$163,0370.07%
95ISHARES TR4642872343,601$157,3640.07%
96VANGUARD INDEX FDS922908629563$145,6040.06%
97SCHWAB STRATEGIC TR8085246076,108$143,1110.06%
98OMEROS CORPOMER17,048$140,1350.06%
99STARBUCKS CORPSBUX1,416$138,8960.06%
100WISDOMTREE TRWT3,061$132,9400.06%
101ISHARES TR4642895292,565$130,2260.06%
102SCHWAB STRATEGIC TR8085247715,388$127,2110.05%
103AMERIPRISE FINL INC03076C106261$126,3530.05%
104ISHARES TR46434V6475,095$123,6050.05%
105NVIDIA CORPORATIONNVDA1,130$122,4700.05%
106SCHWAB STRATEGIC TR8085247553,329$120,3110.05%
107VANGUARD INDEX FDS922908363219$112,5470.05%
108ISHARES TR464287622363$111,3470.05%
109SCHWAB STRATEGIC TR8085248544,296$106,7990.05%
110ADOBE INCADBE278$106,6220.05%
111COCA COLA COKO1,472$105,4250.05%
112ISHARES TR4642872261,033$102,1610.04%
113INVESCO QQQ TRIVZ208$97,5360.04%
114SPDR SER TR78468R4573,183$97,2590.04%
115BANK AMERICA CORP0605051042,319$96,7720.04%
116FLUOR CORP NEWFLR2,700$96,7140.04%
117INVESCO EXCH TRADED FD TR IIIVZ4,735$95,5050.04%
118HOME DEPOT INCHD260$95,2880.04%
119SPDR SER TR78464A3914,660$93,5270.04%
120MASTERCARD INCORPORATEDMA170$93,1810.04%
121SCHWAB STRATEGIC TR8085246313,503$91,4640.04%
122HILTON WORLDWIDE HLDGS INCHLT387$88,0620.04%
123INVESCO EXCHANGE TRADED FD TIVZ502$86,9620.04%
124INTERCONTINENTAL EXCHANGE IN45866F104480$82,8000.04%
125LOWES COS INC548661107351$81,8640.03%
126SELECT SECTOR SPDR TR81369Y209551$80,4520.03%
127ISHARES TR4642882401,407$78,0190.03%
128COSTCO WHSL CORP NEW22160K10581$76,6090.03%
129ISHARES TR464287465929$75,9280.03%
130CHEVRON CORP NEWCVX453$75,7830.03%
131ISHARES TR464287176654$72,6530.03%
132ACCENTURE PLC IRELANDACN232$72,3940.03%
133VANGUARD INDEX FDS922908611386$71,9060.03%
134DANAHER CORPORATION235851102341$69,9050.03%
135SCHWAB STRATEGIC TR8085247302,236$68,8690.03%
136SCHWAB STRATEGIC TR8085245082,550$66,8100.03%
137ISHARES TR464287457782$64,6950.03%
138ISHARES TR46432F834910$63,5280.03%
139TJX COS INC NEW872540109511$62,2400.03%
140PROCTER AND GAMBLE CO742718109361$61,5220.03%
141SPDR SER TR78464A5162,807$61,3620.03%
142BOEING COBA-PA349$59,5220.03%
143ECOLAB INCECL231$58,5640.03%
144ROCKWELL AUTOMATION INCROK226$58,3940.02%
145ISHARES TR46435U5561,802$56,6730.02%
146ISHARES TR464287705463$55,4350.02%
147ISHARES TR464287150442$53,9290.02%
148SALESFORCE INCCRM200$53,6720.02%
149ISHARES TR464287507895$52,2030.02%
150ISHARES INC464286772922$49,8250.02%
151HONEYWELL INTL INC438516106226$47,8560.02%
152LOCKHEED MARTIN CORPLMT100$44,6710.02%
153ISHARES INC46434G772935$44,3940.02%
154ISHARES INC4642866651,005$44,3210.02%
155VANGUARD INDEX FDS922908595176$44,2570.02%
156ISHARES TR46432F842519$39,2630.02%
157VANECK ETF TRUST92189F676185$39,1220.02%
158ORACLE CORPORCL-PD269$37,6090.02%
159JOHNSON & JOHNSONJNJ221$36,6510.02%
160ISHARES TR464287564570$35,0730.01%
161ISHARES TR464287499388$33,0080.01%
162SONOS INCSONO3,000$32,0100.01%
163ISHARES INC46434G822464$31,8120.01%
164SCHWAB STRATEGIC TR8085247221,174$31,6050.01%
165JPMORGAN CHASE & CO.VYLD127$31,1540.01%
166ISHARES TR464288877528$31,1460.01%
167ISHARES TR464287671245$31,1350.01%
168INVESCO EXCH TRADED FD TR IIIVZ774$31,0610.01%
169ILLINOIS TOOL WKS INC452308109124$30,7540.01%
170ISHARES INC464286608577$30,7260.01%
171RTX CORPORATIONRTX220$29,1420.01%
172ARK ETF TR00214Q401300$28,4010.01%
173ISHARES TR4642873901,205$28,3780.01%
174ISHARES INC464286749546$28,2780.01%
175ISHARES TR464288885275$27,5280.01%
176ISHARES INC464286715838$27,5040.01%
177INVESCO EXCHANGE TRADED FD TIVZ424$27,3570.01%
178VANGUARD SCOTTSDALE FDS92206C771590$27,3040.01%
179ELI LILLY & COLLY33$27,2560.01%
180WISDOMTREE TRWT621$27,1440.01%
181ISHARES GOLD TRIAU460$27,1220.01%
182SCHWAB STRATEGIC TR8085246721,064$27,0050.01%
183ISHARES TR464288257232$27,0030.01%
184BROADCOM INCAVGO160$26,7890.01%
185ISHARES TR46428768983$26,3650.01%
186ISHARES TR464287184708$25,3750.01%
187VANGUARD WORLD FD92204A207115$25,1650.01%
188VANGUARD WORLD FD921910733237$23,2150.01%
189VANGUARD INDEX FDS922908512135$21,6730.01%
190ISHARES TR464287341513$21,5820.01%
191ISHARES TR464288851226$21,3760.01%
192SCHWAB STRATEGIC TR808524888587$21,0530.01%
193BECTON DICKINSON & COBDX89$20,3870.01%
194PEPSICO INCPEP134$20,0920.01%
195MCDONALDS CORPMCD64$19,9920.01%
196COMCAST CORP NEWCCZ535$19,7420.01%
197ISHARES TR464287275201$19,5020.01%
198WISDOMTREE TRWT657$19,1920.01%
199ARK ETF TR00214Q104400$19,0320.01%
200VISA INCV54$18,9250.01%
201ISHARES TR464288661152$17,9570.01%
202DTE ENERGY CODTK128$17,6990.01%
203SPDR INDEX SHS FDS78463X863683$16,7200.01%
204ARCHER DANIELS MIDLAND COADM324$15,5560.01%
205ISHARES INC46434G103281$15,1660.01%
206GENERAL MLS INC370334104253$15,1270.01%
207FIRST TR EXCHANGE-TRADED FD33733E30268$15,1070.01%
208ISHARES TR464287804136$14,2220.01%
209ABBVIE INCABBV65$13,6190.01%
210ISHARES INC464286814275$12,8510.01%
211VANGUARD WORLD FD92204A80165$12,2730.01%
212ISHARES TR46428710145$12,1880.01%
213ISHARES TR46429B598235$12,0980.01%
214ISHARES BITCOIN TRUST ETFIBIT253$11,8430.01%
215ISHARES TR464287374255$11,5950.00%
216TEXAS INSTRS INC88250810464$11,5010.00%
217ISHARES INC464286764300$11,4180.00%
218ISHARES TR46429B507191$11,2920.00%
219ISHARES TR464288588119$11,1600.00%
220VERALTO CORPVLTO113$11,0120.00%
221ISHARES TR464287382146$10,6560.00%
222SCHWAB STRATEGIC TR808524714406$10,0040.00%
223CATERPILLAR INCCAT30$9,8940.00%
224ISHARES INC464286509242$9,8620.00%
225SPDR SER TR78464A672335$9,5750.00%
226WELLS FARGO CO NEW949746101130$9,3330.00%
227CARRIER GLOBAL CORPORATIONCARR145$9,1930.00%
228NEXTERA ENERGY INCNEE-PW128$9,0740.00%
229ISHARES TR46436E866387$9,0450.00%
230ISHARES TR464288224766$8,7480.00%
231ISHARES INC464286806230$8,5290.00%
232SPDR SER TR78464A375245$8,1440.00%
233ISHARES TR46428755663$8,0580.00%
234BHP GROUP LTDBHPLF160$7,7670.00%
235OTIS WORLDWIDE CORPOTIS72$7,4310.00%
236JUNIPER NETWORKS INC48203R104203$7,3470.00%
237WEYERHAEUSER CO MTN BEWY250$7,3200.00%
238SPDR SER TR78464A151248$7,3140.00%
239ISHARES INC464286756169$7,1120.00%
240SPDR SER TR78464A40988$7,0730.00%
241SHELL PLCRYDAF96$7,0350.00%
242ISHARES TR46428747355$6,9290.00%
243SPDR INDEX SHS FDS78463X772170$6,5220.00%
244MONDELEZ INTL INC60920710596$6,5140.00%
245SCHWAB STRATEGIC TR808524300252$6,3110.00%
246ALASKA AIR GROUP INCALK128$6,3010.00%
247DT MIDSTREAM INCDTM64$6,1750.00%
248DISNEY WALT CO25468710659$5,8240.00%
249DIMENSIONAL ETF TRUST25434V807145$5,7210.00%
250RIVIAN AUTOMOTIVE INCRIVN456$5,6780.00%
251FISERV INCFISV25$5,5210.00%
252WORTHINGTON ENTERPRISES INCWOR108$5,4100.00%
253INVESCO EXCHANGE TRADED FD TIVZ331$5,2100.00%
254PFIZER INCPFE194$4,9160.00%
255FORD MTR CO345370860470$4,7150.00%
256ISHARES TR46428763031$4,6810.00%
257SPDR SER TR78464A84790$4,6070.00%
258ISHARES INC46428678072$3,4660.00%
259SPDR SER TR78468R85385$3,4650.00%
260SELECT SECTOR SPDR TR81369Y86082$3,4320.00%
261NORDSTROM INC655664100128$3,1300.00%
262CHUBB LIMITEDCB10$3,0200.00%
263CONSTELLATION BRANDS INCSTZ15$2,7530.00%
264WORTHINGTON STL INC982104101108$2,7360.00%
265SCHWAB STRATEGIC TR80852465677$2,5190.00%
266GOLDMAN SACHS ETF TRNVGLF75$2,4890.00%
267ISHARES INC46434G83050$2,1160.00%
268L3HARRIS TECHNOLOGIES INCLHX10$2,0940.00%
269TRAVELERS COMPANIES INCTRV7$1,8520.00%
270VERIZON COMMUNICATIONS INCVZ40$1,8150.00%
271ISHARES INC46434G78073$1,7350.00%
272SERVICENOW INCNOW2$1,5930.00%
273UNITEDHEALTH GROUP INCUNH3$1,5720.00%
274OREILLY AUTOMOTIVE INC67103H1071$1,4330.00%
275EATON CORP PLCETN5$1,3600.00%
276SPDR SER TR78464A50826$1,3280.00%
277APPLIED MATLS INC0382221059$1,3070.00%
278INTUITINTU2$1,2280.00%
279INTERACTIVE BROKERS GROUP IN45841N1077$1,1600.00%
280ISHARES TR46428867910$1,1050.00%
281KRAFT HEINZ COKHC32$9740.00%
282CHENIERE ENERGY INCLNG4$9260.00%
283GOLDMAN SACHS ETF TRNVGLF20$8910.00%
284FERRARI N VRACE2$8560.00%
285CITIGROUP INCC-PR12$8520.00%
286PROGRESSIVE CORP7433151033$8500.00%
287WOODSIDE ENERGY GROUP LTDWOPEF58$8410.00%
288GENERAL DYNAMICS CORPGD3$8180.00%
289ANALOG DEVICES INCADI4$8070.00%
290T-MOBILE US INCTMUSZ3$8010.00%
291TESLA INCTSLA3$7780.00%
292PARAMOUNT GLOBAL92556H20664$7660.00%
293WESTERN UN COWU64$6780.00%
294ARK ETF TR00214Q20310$6630.00%
295BIOMARIN PHARMACEUTICAL INCBMRN9$6370.00%
296SELECT SECTOR SPDR TR81369Y8868$6310.00%
297GLOBAL X FDS37950E29133$6220.00%
298APTIV PLCAPTV10$5950.00%
299EDWARDS LIFESCIENCES CORPEW8$5800.00%
300AUTODESK INCADSK2$5240.00%
301HESS CORPHESM3$4800.00%
302LINDE PLCLIN1$4660.00%
303AMERICAN TOWER CORP NEW03027X1002$4360.00%
304GARTNER INCIT1$4200.00%
305PIMCO ETF TR72201R8174$3880.00%
306ZOETIS INCZTS2$3300.00%
307MOSAIC CO NEWMOS8$2170.00%
308VIATRIS INCVTRS24$2100.00%
309SPDR SER TR78464A4905$1880.00%
310PARAMOUNT GLOBAL92556H1078$1820.00%
311EPAM SYS INCEPAM1$1690.00%
312LAUDER ESTEE COS INC5184391041$660.00%
313OCCIDENTAL PETE CORP6745991621$280.00%
314NCR ATLEOS CORPORATIONNATL1$270.00%
315LUMEN TECHNOLOGIES INCLUMN3$120.00%