Institutional Manager · CIK 0002025925

Breakwater Investment Management

SEATTLE, WA · File #028-24199

Latest AUM

$276.4M

Positions

497

Top-10 Concentration

56.9%

Filings

Portfolio Value Over Time

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	SCHWAB STRATEGIC TR	808524599	+99,934	+$2.6M	-$9,975
REDUCE	MICROSOFT CORP	MSFT	-2,347	-$1.1M	-$948,092
ADD	ISHARES TR	46435G672	+15,094	+$754,854	-$91,609
ADD	SCHWAB STRATEGIC TR	808524649	+28,094	+$723,701	+$6,001
ADD	VANGUARD SCOTTSDALE FDS	92206C102	+10,289	+$604,273	-$6,770
REDUCE	SCHWAB STRATEGIC TR	808524102	-15,182	-$398,224	+$461,345
ADD	SELECT SECTOR SPDR TR	81369Y803	+2,272	+$327,088	-$313,388
REDUCE	SPDR SERIES TRUST	78464A805	-3,494	-$288,255	+$174,849
ADD	SCHWAB STRATEGIC TR	808524797	+8,592	+$235,679	+$17,930
REDUCE	VANGUARD STAR FDS	921909768	-2,903	-$219,003	+$472,019

Sector Allocation

Technology

5.0%$13.8M

Consumer Discretionary

1.9%$5.3M

Financials

0.4%$1.1M

Healthcare

0.3%$895,658

Industrials

0.1%$322,564

Communication Services

0.1%$294,619

0.1%$264,648

0.1%$256,782

0.0%$67,411

0.0%$1,433

0.0%$7,403

Filing History

Feb 2, 202613F HOLDINGS REPORTQ/E Dec 2025497 pos · $276.4M
Oct 3, 202513F HOLDINGS REPORTQ/E Sep 2025530 pos · $271.2M
Jul 9, 202513F HOLDINGS REPORTQ/E Jun 2025310 pos · $258.5M
Apr 17, 202513F HOLDINGS REPORTQ/E Mar 2025315 pos · $234.2M
Jan 16, 202513F HOLDINGS REPORT (Amended)Q/E Dec 2024309 pos · $235.2M
Jan 16, 202513F HOLDINGS REPORT (Amended)Q/E Dec 2024310 pos · $239.5M
Jan 14, 202513F HOLDINGS REPORTQ/E Dec 2024317 pos · $223.6M
Nov 5, 202413F HOLDINGS REPORTQ/E Sep 2024317 pos · $223.6M
Aug 8, 202413F HOLDINGS REPORTQ/E Jun 2024317 pos · $223.6M
Jun 14, 202413F HOLDINGS REPORTQ/E Jun 2024314 pos · $217.3M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908769	120,412	$40.4M	16.05%
2	SCHWAB STRATEGIC TR	808524102	872,018	$22.9M	9.09%
3	VANGUARD STAR FDS	921909768	235,490	$17.8M	7.06%
4	MICROSOFT CORP	MSFT	25,270	$12.2M	4.86%
5	VANGUARD CHARLOTTE FDS	92203J407	238,694	$11.5M	4.59%
6	VANGUARD BD INDEX FDS	921937835	152,456	$11.3M	4.49%
7	SPDR SERIES TRUST	78464A805	91,019	$7.5M	2.99%
8	VANGUARD INTL EQUITY INDEX F	922042775	93,522	$6.9M	2.74%
9	VANGUARD MALVERN FDS	922020748	84,304	$6.6M	2.61%
10	VANGUARD INTL EQUITY INDEX F	922042742	42,710	$6.0M	2.40%
11	SPDR S&P 500 ETF TR	SPY	8,624	$5.9M	2.34%
12	VANGUARD INTL EQUITY INDEX F	922042858	105,362	$5.7M	2.25%
13	VANGUARD WHITEHALL FDS	921946406	39,439	$5.7M	2.25%
14	VANGUARD SPECIALIZED FUNDS	921908844	24,166	$5.3M	2.11%
15	SCHWAB STRATEGIC TR	808524805	216,224	$5.2M	2.07%
16	SCHWAB STRATEGIC TR	808524599	199,686	$5.2M	2.05%
17	VANGUARD WORLD FD	921910816	12,236	$5.1M	2.01%
18	AMAZON COM INC	AMZN	21,233	$4.9M	1.95%
19	ISHARES TR	46435G672	90,181	$4.5M	1.79%
20	VANGUARD WORLD FD	921910840	31,022	$4.4M	1.74%