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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 Q2 2025 · Filed July 9, 2025 · Accession 0002025925-25-000005

Total Value
$258.5M
Positions
310
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (310)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD INDEX FDS922908769120,263$36.6M14.14%
2SCHWAB STRATEGIC TR808524102936,063$22.3M8.63%
3VANGUARD STAR FDS921909768239,102$16.5M6.39%
4MICROSOFT CORPMSFT27,565$13.7M5.30%
5VANGUARD BD INDEX FDS921937835156,637$11.5M4.46%
6VANGUARD CHARLOTTE FDS92203J407232,895$11.5M4.46%
7SPDR SERIES TRUST78464A80594,513$7.1M2.74%
8VANGUARD INTL EQUITY INDEX F92204277596,482$6.5M2.51%
9VANGUARD MALVERN FDS92202074882,930$6.4M2.49%
10VANGUARD INTL EQUITY INDEX F92204274244,612$5.7M2.22%
11VANGUARD WHITEHALL FDS92194640642,356$5.6M2.18%
12VANGUARD INTL EQUITY INDEX F922042858109,579$5.4M2.10%
13SPDR S&P 500 ETF TRSPY8,665$5.4M2.07%
14SCHWAB STRATEGIC TR808524805227,913$5.0M1.95%
15VANGUARD SPECIALIZED FUNDS92190884424,480$5.0M1.94%
16AMAZON COM INCAMZN21,178$4.6M1.80%
17VANGUARD WORLD FD92191081612,669$4.6M1.79%
18VANGUARD WORLD FD92191084032,212$4.2M1.64%
19SCHWAB STRATEGIC TR808524797147,265$3.9M1.51%
20SCHWAB STRATEGIC TR808524839165,106$3.8M1.48%
21VANGUARD SCOTTSDALE FDS92206C10260,904$3.6M1.38%
22ISHARES TR46435G67267,161$3.4M1.33%
23SCHWAB STRATEGIC TR808524862125,866$3.1M1.19%
24VANGUARD WHITEHALL FDS92194679432,855$2.6M1.02%
25SPDR INDEX SHS FDS78463X88960,756$2.5M0.95%
26SCHWAB STRATEGIC TR80852470677,522$2.3M0.90%
27SPDR INDEX SHS FDS78463X85531,649$2.1M0.82%
28SCHWAB STRATEGIC TR80852487076,773$2.0M0.79%
29VANGUARD INDEX FDS92290855322,666$2.0M0.78%
30VANGUARD WHITEHALL FDS92194688529,090$1.9M0.74%
31ISHARES INC46428621031,841$1.7M0.68%
32SPDR SERIES TRUST78464A64962,739$1.6M0.62%
33SCHWAB STRATEGIC TR80852420160,321$1.5M0.57%
34VANGUARD WORLD FD9219108736,456$1.5M0.56%
35VANGUARD MALVERN FDS92202080528,738$1.4M0.56%
36VANGUARD INDEX FDS9229087363,284$1.4M0.56%
37VANGUARD WHITEHALL FDS92194681014,788$1.3M0.52%
38J P MORGAN EXCHANGE TRADED F46641Q19119,710$1.3M0.51%
39ISHARES TR46429B74712,003$1.2M0.48%
40VANGUARD SCOTTSDALE FDS92206C70620,403$1.2M0.47%
41VANGUARD INTL EQUITY INDEX F92204287415,715$1.2M0.47%
42SCHWAB STRATEGIC TR80852484757,358$1.2M0.47%
43VANGUARD INTL EQUITY INDEX F92204267624,813$1.1M0.44%
44VANGUARD TAX-MANAGED FDS92194385819,899$1.1M0.44%
45ISHARES TR46428841410,807$1.1M0.44%
46VANGUARD SCOTTSDALE FDS92206C57314,400$1.1M0.43%
47PALANTIR TECHNOLOGIES INCPLTR7,246$987,7750.38%
48VANGUARD MUN BD FDS92290774619,814$971,4810.38%
49VANGUARD INDEX FDS9229086373,280$935,7840.36%
50SPDR GOLD TRGLD2,790$850,4760.33%
51TCW ETF TRUST29287L10611,387$828,2910.32%
52SPDR SERIES TRUST78468R10126,431$774,1640.30%
53ALPHABET INCGOOG4,187$737,8760.29%
54SCHWAB STRATEGIC TR80852459926,375$675,0690.26%
55VANGUARD INDEX FDS9229087443,817$674,5910.26%
56SELECT SECTOR SPDR TR81369Y8032,273$575,5480.22%
57VANGUARD BD INDEX FDS9219378276,664$524,4570.20%
58ISHARES TR4642881826,087$502,9080.19%
59VANGUARD BD INDEX FDS9219378196,501$502,7820.19%
60PIMCO ETF TR72201R2058,924$480,2010.19%
61SPDR SERIES TRUST78464A47415,857$478,7230.19%
62VANECK ETF TRUST92189H7719,218$470,1440.18%
63VANGUARD WORLD FD92204A702597$395,9790.15%
64SPDR SERIES TRUST78464A14412,153$355,1110.14%
65ISHARES TR4642881744,792$351,5420.14%
66ISHARES TR4642876551,504$324,5490.13%
67APPLE INCAAPL1,555$319,0400.12%
68META PLATFORMS INCMETA421$310,7360.12%
69ISHARES TR464287200449$278,7850.11%
70VANGUARD INTL EQUITY INDEX F9220428663,157$259,4430.10%
71SCHWAB STRATEGIC TR8085246499,740$245,2540.09%
72INTUITIVE SURGICAL INCISRG451$245,0780.09%
73VANGUARD SCOTTSDALE FDS92206C4093,033$241,1240.09%
74INVESCO EXCHANGE TRADED FD TIVZ5,600$236,7120.09%
75VANGUARD INDEX FDS922908751951$225,3680.09%
76SPDR S&P MIDCAP 400 ETF TRMDY380$215,2630.08%
77ISHARES TR4642875721,990$214,5420.08%
78SCHWAB STRATEGIC TR8085247898,943$214,4540.08%
79ALPHABET INCGOOG1,200$212,8680.08%
80SPDR SERIES TRUST78464A8542,887$209,8570.08%
81SPDR INDEX SHS FDS78463X5094,883$208,7000.08%
82ISHARES TR4642882812,237$207,1910.08%
83ISHARES TR4642871681,558$206,9180.08%
84VANGUARD WORLD FD92204A603731$204,7320.08%
85WALMART INCWMT1,946$190,2740.07%
86VANGUARD SCOTTSDALE FDS92206C8702,268$188,0630.07%
87ISHARES S&P GSCI COMMODITY-ISMCF8,493$187,1860.07%
88NVIDIA CORPORATIONNVDA1,130$178,5290.07%
89ISHARES TR4642872343,601$173,7130.07%
90SPDR SERIES TRUST78464A8881,720$169,5410.07%
91ISHARES TR4642873251,948$167,7040.06%
92GARMIN LTDGRMN790$164,8890.06%
93WISDOMTREE TRWT1,964$164,4660.06%
94VANGUARD SCOTTSDALE FDS92206C8472,830$158,8200.06%
95EXXON MOBIL CORPXOM1,403$151,2440.06%
96J P MORGAN EXCHANGE TRADED F46654Q7572,120$146,9120.06%
97THERMO FISHER SCIENTIFIC INCTMO358$145,1550.06%
98VANGUARD INDEX FDS922908629515$144,1130.06%
99ISHARES TR4642895292,565$139,4850.05%
100AMERIPRISE FINL INC03076C106261$139,3040.05%
101CISCO SYS INCCSCO1,997$138,5520.05%
102FLUOR CORP NEWFLR2,700$138,4290.05%
103WISDOMTREE TRWT3,061$133,5520.05%
104SCHWAB STRATEGIC TR8085247553,329$133,2270.05%
105SCHWAB STRATEGIC TR8085247715,388$132,2220.05%
106STARBUCKS CORPSBUX1,416$129,7490.05%
107VANGUARD INDEX FDS922908363219$124,3990.05%
108ISHARES TR464287622363$123,2640.05%
109ISHARES TR46434V6474,879$120,5120.05%
110INVESCO QQQ TRIVZ208$114,7420.04%
111BANK AMERICA CORP0605051042,319$109,7360.04%
112ADOBE INCADBE278$107,5530.04%
113SCHWAB STRATEGIC TR8085248544,296$107,5290.04%
114COCA COLA COKO1,472$104,1440.04%
115HILTON WORLDWIDE HLDGS INCHLT387$103,0740.04%
116ISHARES TR4642872261,033$102,4500.04%
117SPDR SERIES TRUST78464A3914,660$99,7240.04%
118SPDR SERIES TRUST78468R4573,183$97,0750.04%
119MASTERCARD INCORPORATEDMA170$95,5300.04%
120MERCK & CO INCMRK1,198$94,8340.04%
121SCHWAB STRATEGIC TR8085246313,503$92,9700.04%
122HOME DEPOT INCHD250$91,6600.04%
123INVESCO EXCHANGE TRADED FD TIVZ502$91,2340.04%
124INTERCONTINENTAL EXCHANGE IN45866F104480$88,0660.03%
125ISHARES TR4642882401,407$85,7430.03%
126ISHARES TR464287465929$83,0440.03%
127COSTCO WHSL CORP NEW22160K10581$80,1860.03%
128LOWES COS INC548661107351$77,8770.03%
129VANGUARD INDEX FDS922908611386$75,2720.03%
130ROCKWELL AUTOMATION INCROK226$75,0710.03%
131SELECT SECTOR SPDR TR81369Y209551$74,2700.03%
132SCHWAB STRATEGIC TR8085247302,236$73,8110.03%
133BOEING COBA-PA349$73,1260.03%
134ISHARES TR464287176654$71,9670.03%
135SCHWAB STRATEGIC TR8085245082,550$71,5280.03%
136ISHARES TR46432F834910$70,3530.03%
137ACCENTURE PLC IRELANDACN232$69,3430.03%
138DANAHER CORPORATION235851102341$67,3620.03%
139SPDR SERIES TRUST78464A5162,807$65,9370.03%
140ISHARES TR46435U5561,591$65,2310.03%
141CHEVRON CORP NEWCVX453$64,8660.03%
142ISHARES TR464287457782$64,7970.03%
143TJX COS INC NEW872540109511$63,1040.02%
144ECOLAB INCECL231$62,2410.02%
145ISHARES TR464287150442$59,6880.02%
146ORACLE CORPORCL-PD269$58,8120.02%
147PROCTER AND GAMBLE CO742718109361$57,5150.02%
148ISHARES TR464287705463$57,2180.02%
149ISHARES TR464287507895$55,4860.02%
150ISHARES INC464286772763$54,7690.02%
151SALESFORCE INCCRM200$54,5380.02%
152ISHARES INC46434G772935$53,6690.02%
153HONEYWELL INTL INC438516106226$52,6310.02%
154VANECK ETF TRUST92189F676185$51,5930.02%
155OMEROS CORPOMER17,048$51,1440.02%
156ISHARES INC4642866651,005$49,6170.02%
157VANGUARD INDEX FDS922908595176$48,6820.02%
158LOCKHEED MARTIN CORPLMT100$46,3140.02%
159INVESCO EXCH TRADED FD TR IIIVZ2,230$45,5590.02%
160ARK ETF TR00214Q401300$44,2860.02%
161BROADCOM INCAVGO160$44,1040.02%
162ISHARES TR46432F842519$43,3270.02%
163SCHWAB STRATEGIC TR8085246721,463$40,0140.02%
164ISHARES TR464287671245$36,8480.01%
165JPMORGAN CHASE & CO.VYLD127$36,8190.01%
166ISHARES TR464287499388$35,6850.01%
167SCHWAB STRATEGIC TR8085246071,404$35,5220.01%
168SCHWAB STRATEGIC TR8085247221,174$35,0090.01%
169ISHARES TR464287564570$34,8620.01%
170ISHARES INC46434G822464$34,7870.01%
171INVESCO EXCH TRADED FD TR IIIVZ774$34,5750.01%
172ISHARES INC464286608577$34,3030.01%
173JOHNSON & JOHNSONJNJ221$33,7580.01%
174ISHARES TR464288877528$33,5450.01%
175RTX CORPORATIONRTX220$32,1250.01%
176ISHARES TR4642873901,205$31,5840.01%
177ISHARES TR464288885275$30,8310.01%
178ILLINOIS TOOL WKS INC452308109124$30,6590.01%
179ISHARES INC464286749546$29,9270.01%
180ISHARES TR464288257232$29,8360.01%
181INVESCO EXCHANGE TRADED FD TIVZ424$29,6420.01%
182WISDOMTREE TRWT621$29,4790.01%
183ISHARES TR46428768983$29,1330.01%
184ISHARES GOLD TRIAU460$28,6860.01%
185ARK ETF TR00214Q104400$28,1160.01%
186VANGUARD SCOTTSDALE FDS92206C771590$27,3210.01%
187ISHARES INC464286715838$27,0340.01%
188ISHARES TR464287184708$26,0270.01%
189VANGUARD WORLD FD921910733237$25,9850.01%
190ELI LILLY & COLLY33$25,7250.01%
191VANGUARD WORLD FD92204A207115$25,1850.01%
192SCHWAB STRATEGIC TR808524888587$24,9910.01%
193ISHARES TR464287275201$22,5770.01%
194VANGUARD INDEX FDS922908512135$22,2030.01%
195SPDR INDEX SHS FDS78463X863766$20,9890.01%
196WISDOMTREE TRWT657$20,6390.01%
197ISHARES TR464287341513$20,1560.01%
198VISA INCV54$19,1730.01%
199MCDONALDS CORPMCD64$18,6990.01%
200FIRST TR EXCHANGE-TRADED FD33733E30268$18,3150.01%
201ISHARES TR464288661152$18,1020.01%
202ARCHER DANIELS MIDLAND COADM324$17,1010.01%
203DTE ENERGY CODTK128$16,9550.01%
204ISHARES INC46434G103275$16,5090.01%
205ISHARES BITCOIN TRUST ETFIBIT253$15,4870.01%
206BECTON DICKINSON & COBDX89$15,3310.01%
207ISHARES INC464286814275$14,9880.01%
208ISHARES TR464287804136$14,8640.01%
209ISHARES TR46428710145$13,6960.01%
210PEPSICO INCPEP101$13,3370.01%
211TEXAS INSTRS INC88250810464$13,2880.01%
212ISHARES INC464286764300$13,2090.01%
213ISHARES TR46429B598235$13,0850.01%
214ISHARES TR46429B507191$12,8130.00%
215VANGUARD WORLD FD92204A80165$12,6640.00%
216ABBVIE INCABBV65$12,0660.00%
217ISHARES TR464287382146$11,6970.00%
218CATERPILLAR INCCAT30$11,6470.00%
219VERALTO CORPVLTO113$11,4080.00%
220ISHARES TR464287374255$11,2840.00%
221ISHARES INC464286509242$11,1810.00%
222ISHARES TR464288588119$11,1730.00%
223COMCAST CORP NEWCCZ311$11,1000.00%
224CARRIER GLOBAL CORPORATIONCARR145$10,6130.00%
225WELLS FARGO CO NEW949746101130$10,4160.00%
226SCHWAB STRATEGIC TR808524714406$10,0730.00%
227ISHARES TR464288224766$10,0430.00%
228ISHARES INC464286806230$9,7320.00%
229SPDR SERIES TRUST78464A672335$9,6380.00%
230ISHARES TR46436E866387$9,0410.00%
231NEXTERA ENERGY INCNEE-PW128$8,8860.00%
232SPDR SERIES TRUST78464A40988$8,3890.00%
233SPDR SERIES TRUST78464A375245$8,2280.00%
234JUNIPER NETWORKS INC48203R104203$8,1060.00%
235SPDR SERIES TRUST78464A151248$8,0830.00%
236ISHARES TR46428755663$7,9710.00%
237ISHARES INC464286756169$7,7310.00%
238BHP GROUP LTDBHPLF160$7,6950.00%
239SCHWAB STRATEGIC TR808524300252$7,3610.00%
240DISNEY WALT CO25468710659$7,3170.00%
241ISHARES TR46428747355$7,2680.00%
242SPDR INDEX SHS FDS78463X772170$7,1660.00%
243OTIS WORLDWIDE CORPOTIS72$7,1300.00%
244DT MIDSTREAM INCDTM64$7,0350.00%
245WORTHINGTON ENTERPRISES INCWOR108$6,8740.00%
246SHELL PLCRYDAF96$6,7600.00%
247INVESCO EXCHANGE TRADED FD TIVZ331$6,5940.00%
248MONDELEZ INTL INC60920710596$6,4750.00%
249ALASKA AIR GROUP INCALK128$6,3340.00%
250RIVIAN AUTOMOTIVE INCRIVN456$6,2660.00%
251DIMENSIONAL ETF TRUST25434V807145$6,2250.00%
252WEYERHAEUSER CO MTN BEWY214$5,4980.00%
253FORD MTR CO345370860470$5,1000.00%
254SPDR SERIES TRUST78464A84790$4,8950.00%
255ISHARES TR46428763031$4,8910.00%
256PFIZER INCPFE194$4,7030.00%
257ISHARES TR46428852180$4,5250.00%
258FISERV INCFISV25$4,3110.00%
259ISHARES INC46428678072$3,8700.00%
260SPDR SERIES TRUST78468R85385$3,6210.00%
261SELECT SECTOR SPDR TR81369Y86082$3,3970.00%
262WORTHINGTON STL INC982104101108$3,2220.00%
263CHUBB LIMITEDCB10$2,8980.00%
264GOLDMAN SACHS ETF TRNVGLF75$2,7910.00%
265L3HARRIS TECHNOLOGIES INCLHX10$2,5090.00%
266CONSTELLATION BRANDS INCSTZ15$2,4410.00%
267ISHARES INC46434G83050$2,4070.00%
268SERVICENOW INCNOW2$2,0570.00%
269ISHARES INC46434G78073$1,8970.00%
270TRAVELERS COMPANIES INCTRV7$1,8730.00%
271EATON CORP PLCETN5$1,7850.00%
272VERIZON COMMUNICATIONS INCVZ40$1,7310.00%
273APPLIED MATLS INC0382221059$1,6480.00%
274INTUITINTU2$1,5760.00%
275INTERACTIVE BROKERS GROUP IN45841N10728$1,5520.00%
276SPDR SERIES TRUST78464A50826$1,3610.00%
277OREILLY AUTOMOTIVE INC67103H10715$1,3520.00%
278ISHARES TR46428867910$1,1050.00%
279CITIGROUP INCC-PR12$1,0220.00%
280FERRARI N VRACE2$9820.00%
281CHENIERE ENERGY INCLNG4$9750.00%
282TESLA INCTSLA3$9530.00%
283ANALOG DEVICES INCADI4$9530.00%
284UNITEDHEALTH GROUP INCUNH3$9360.00%
285GOLDMAN SACHS ETF TRNVGLF20$9080.00%
286GENERAL DYNAMICS CORPGD3$8750.00%
287PROGRESSIVE CORP7433151033$8010.00%
288T-MOBILE US INCTMUSZ3$7150.00%
289APTIV PLCAPTV10$6830.00%
290SELECT SECTOR SPDR TR81369Y8868$6540.00%
291EDWARDS LIFESCIENCES CORPEW8$6260.00%
292AUTODESK INCADSK2$6200.00%
293GLOBAL X FDS37950E29133$5810.00%
294PARAMOUNT GLOBAL92556H20644$5680.00%
295WESTERN UN COWU64$5390.00%
296BIOMARIN PHARMACEUTICAL INCBMRN9$4950.00%
297LINDE PLCLIN1$4700.00%
298AMERICAN TOWER CORP NEW03027X1002$4430.00%
299HESS CORPHESM3$4160.00%
300GARTNER INCIT1$4050.00%
301PIMCO ETF TR72201R8174$3900.00%
302ZOETIS INCZTS2$3120.00%
303MOSAIC CO NEWMOS8$2920.00%
304SPDR SERIES TRUST78464A4905$2000.00%
305PARAMOUNT GLOBAL92556H1078$1840.00%
306EPAM SYS INCEPAM1$1770.00%
307LAUDER ESTEE COS INC5184391041$810.00%
308NCR ATLEOS CORPORATIONNATL1$290.00%
309OCCIDENTAL PETE CORP6745991621$210.00%
310LUMEN TECHNOLOGIES INCLUMN3$140.00%