Data as of Q4 2025 (Dec 31, 2025)

Matisse Capital

•CIK: 1668256•Filing: Q4 2025

**Matisse Capital** is a quantitative hedge fund managing $224M across 166 diverse positions. The portfolio exhibits significant concentration in mega-cap technology and dividend-focused equities, notably holding AAPL at $10.0M and MSFT at $6.9M. Key allocations also include XPCQX ($8.0M) and DGRO ($7.8M), suggesting a strategic tilt toward established growth and income streams. This positioning reflects a disciplined, large-cap bias within the current market structure.

Total AUM
$223.7M
QoQ Performance
+0.7%
Positions
137
Top 10 Concentration
27.4%
Latest Filing
Q4 2025

Top Holdings Allocation

AAPL4.5%
XPCQX3.6%
DGRO3.5%
MSFT3.1%
ASND2.6%
FSCO2.5%
TWN2.0%
XFLT2.0%

📈 Biggest Buys

FSCO
FS CREDIT OPPORTUNITIES CORP
NEW
2.5% of portfolio
BPRE
BLUEROCK PVT REAL ESTATE FD
NEW
1.5% of portfolio
XFLT
XAI OCTAGN FLT RAT & ALT INM
+250.4%
2.0% of portfolio
GOOG
ALPHABET INC
NEW
0.8% of portfolio
VVR
INVESCO SR INCOME TR
NEW
0.7% of portfolio

📉 Biggest Sells

LRCX
LAM RESEARCH CORP
-24.2%
1.4% of portfolio
LEO
BNY MELLON STRATEGIC MUNS IN
-56.8%
0.3% of portfolio
SCHW
SCHWAB CHARLES CORP
-77.6%
0.1% of portfolio
BA
BOEING CO
-74.5%
0.1% of portfolio
GOOGL
ALPHABET INC
-12.4%
1.8% of portfolio

Sector Breakdown

Other75.6%
Technology14.2%
Consumer3.5%
Financial2.9%
Industrial1.7%
ETF0.8%
Healthcare0.6%
Energy0.6%

🚪 Exited Positionssold since Q3 2025

—
CHINA FD INC
SOLD
$4.5M
DMB
BNY MELLON MUN BD INFRASTRUC
SOLD
$3.0M
—
TORTOISE SUSTAINABLE & SOCIA
SOLD
$2.7M
PMO
PUTNAM MUN OPPORTUNITIES TR
SOLD
$1.7M
MUJ
BLACKROCK MUNIHLDGS NJ QLTY
SOLD
$1.2M
+10 more exited positions

Changes from Q3 2025

NEW17 new positions
↑40 increased
↓35 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

AAPL4.5%
APPLE INC
$10.0M
XPCQX3.6%
PIMCO CALIF MUN INCOME FD
$8.0M
DGRO3.5%
ISHARES TR
$7.8M
MSFT3.1%
MICROSOFT CORP
$6.9M
ASND2.6%
ASCENDIS PHARMA A/S
$5.8M

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