Breakwater Investment Management

Registered adviser

CIK

2025925

Location

SEATTLE, WA

Portfolio Value

Small $292,914,118

Diversification

Diversified

Filing Date

Global Rank

#5,281 / 8,816 ▼ 44 · as of Jun 2026

Top Industry

Software - Infrastructure 53.6%

Period ended 25 days ago

Filed Oct 20, 2026 · 5d

11 quarters · since Mar 2024

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 150841

Roster of Oct 1, 2026

Regulatory AUM

$302,726,806

Main clients

Individuals and high net worth (100% of AUM)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$302,726,806	Individuals and high net worth (100%)
Apr 2025 to Mar 2026	$250,791,556	Individuals and high net worth (100%)
Feb 2024 to Mar 2025	$234,193,863	Individuals and high net worth (100%)
May 2023 to Jan 2024	$206,372,198	Individuals and high net worth (99%)
Mar 2023 to Apr 2023	$206,372,198	Individuals and high net worth (99%)
Mar 2022 to Feb 2023	$227,080,444	Individuals and high net worth (98%)

4 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Concentrated

The top 10 positions are 74.6% of the book (60%+)

Turnover

Low turnover

11.6% over the last four quarters (under 30%)

Horizon

Medium horizon

Value-weighted holding period 9.5 quarters (4 to under 12)

Closest benchmark: every 13F filer's combined book, active share 83.8%; sector active share 80.4% against the combined 13F book's sector weights.

Over time 10 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

774 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

20.1%

−0.2 pts

Top 5

56.3%

+0.0 pts

Top 10

76.3%

+1.7 pts

HHI

901

Diversified−10

Portfolio Trend

11 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	91.1%	$266,716,619	204
Technology	5.4%	$15,681,225	112
Consumer Cyclical	1.8%	$5,272,354	49
Communication Services	0.7%	$2,126,505	24
Healthcare	0.3%	$957,467	69
Financial Services	0.2%	$601,451	91
Industrials	0.2%	$562,598	79
Consumer Defensive	0.1%	$415,068	33
Energy	0.1%	$378,566	33
Basic Materials	0.0%	$120,343	29
Utilities	0.0%	$47,000	24
Real Estate	0.0%	$34,922	27

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ALLW	SSGA Active Trust	+154,235	226,694	$6,476,647
PRIV	State Street(R) IG Public & Private Credit ETF	+98,554	134,389	$3,231,786
HYBL	State Street(R) Blackstone High Income ETF	+84,730	113,375	$3,125,748
SCHF	Schwab International Equity ETF	+80,750	328,383	$9,020,681
—		+56,612	67,225	$0
SPAB	State Street(R) SPDR(R) Portfolio Aggregate Bond ETF	+52,532	175,673	$4,279,394
SPEM	State Street(R) SPDR(R) Portfolio Emerging Markets ETF	+45,621	67,034	$3,469,679
SPTM	State Street(R) SPDR(R) Portfolio S&P 1500(R) Composite Stock Market ETF	+41,510	156,111	$14,370,017
SCCR	Schwab Core Bond ETF	+35,957	347,825	$8,459,104
RLY	State Street(R) Multi-Asset Real Return ETF	+34,831	62,222	$2,251,814
SCHC	Schwab International Small-Cap Equity ETF	+32,322	43,940	$2,185,575
GOVT	iShares U.S. Treasury Bond ETF	+27,041	52,973	$1,158,519
—		+20,256	141,974	$0
LEMB	iShares J.P. Morgan EM Local Currency Bond ETF	+13,003	13,316	$562,601
EBND	State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF	+10,948	95,168	$1,960,460
VTEB	VANGUARD TAX-EXEMPT BOND INDEX FUND	+10,253	39,467	$1,869,157
SCHA	Schwab U.S. Small-Cap ETF	+7,660	8,046	$262,540
VCRB	VANGUARD CORE BOND ETF	+7,623	90,088	$6,632,278
VIOO	VANGUARD S&P SMALL-CAP 600 INDEX FUND	+4,285	8,464	$1,070,865
SPTI	State Street(R) SPDR(R) Portfolio Intermediate Term Treasury ETF	+2,979	3,314	$90,405
MSFT	Microsoft Corp	+1,964	26,450	$13,566,205
—		+965	47,290	$0
VSS	VANGUARD FTSE ALL-WORLD EX-US SMALL-CAP INDEX FUND	+558	936	$145,314
NVDA	Nvidia Corp	+178	1,424	$325,213
MFG	Mizuho Financial Group Inc	+135	250	$2,762
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
SCHB	Schwab U.S. Broad Market ETF	−58,725	797,579	$23,377,040
BNDX	Vanguard Total International Bond ETF	−53,541	106,210	$4,978,062
SCMB	Schwab Municipal Bond ETF	−36,473	38,983	$941,829
IAGG	iShares Core International Aggregate Bond ETF	−35,735	52,492	$2,582,606
SCHD	Schwab U.S. Dividend Equity ETF	−26,259	110,839	$3,605,592
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	−24,497	92,262	$6,472,179
SCHZ	Schwab U.S. Aggregate Bond ETF	−17,529	117,250	$2,591,225
SCHO	Schwab Short-Term U.S. Treasury ETF	−15,464	68,499	$1,634,386
VGIT	VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND	−11,585	7,794	$441,608
SCHH	Schwab U.S. REIT ETF	−11,129	47,609	$1,049,302
VGSH	VANGUARD SHORT-TERM TREASURY INDEX FUND	−9,051	43,417	$2,499,082
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	−8,280	104,534	$39,120,804
SPBO	State Street(R) SPDR Portfolio Corporate Bond ETF	−7,793	5,296	$145,587
SCHP	Schwab U.S. TIPS ETF	−7,552	58,940	$1,481,162
SCHE	Schwab Emerging Markets Equity ETF	−6,382	56,632	$2,064,236
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	−6,063	91,264	$5,412,867
BBEU	JPMorgan BetaBuilders Europe ETF	−5,517	12,083	$914,562
SPDW	State Street(R) SPDR(R) Portfolio Developed World ex-US ETF	−5,323	59,130	$2,968,917
EUHY	iShares Euro High Yield Corporate Bond USD Hedged ETF	−5,316	21,331	$1,114,331
VEU	Vanguard International Equity Index Funds	−5,088	88,566	$7,348,321
VXUS	Vanguard Total International Stock ETF	−4,902	219,606	$18,657,725
VYM	VANGUARD HIGH DIVIDEND YIELD INDEX FUND	−4,586	32,431	$5,033,291
VTC	VANGUARD TOTAL CORPORATE BOND ETF	−4,579	4,946	$359,969
VNQI	VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX FUND	−4,417	16,871	$717,354
MGK	VANGUARD MEGA CAP GROWTH INDEX FUND	−4,285	54,339	$5,034,508
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
IUSB	iShares Core Universal USD Bond ETF	5,098	$224,770
SPHY	State Street(R) SPDR(R) Portfolio High Yield Bond ETF	8,428	$190,388
ZS	Zscaler, Inc.	102	$20,340
SKHY	SK hynix Inc.	47	$8,655
WF	Woori Financial Group Inc.	74	$5,589
AZN	Astrazeneca PLC	22	$3,552
WPM	Wheaton Precious Metals Corp.	26	$3,476
SKM	Sk Telecom Co Ltd	99	$3,456
UBS	UBS Group AG	69	$3,320
SHG	Shinhan Financial Group Co Ltd	41	$3,184
QEFA	State Street(R) SPDR(R) MSCI EAFE StrategicFactors(SM) ETF	30	$2,925
SCHW	Schwab Charles Corp	29	$2,834
RY	Royal Bank Of Canada	14	$2,752
SNY	Sanofi	64	$2,638
TD	Toronto Dominion Bank	22	$2,585
KN	Knowles Corp	67	$2,489
OKE	Oneok Inc	29	$2,472
NET	Cloudflare, Inc.	7	$2,430
MUFG	Mitsubishi Ufj Financial Group Inc	100	$2,307
ING	Ing Groep NV	65	$2,307
EME	EMCOR Group, Inc.	3	$2,263
ALC	Alcon Inc	33	$2,136
CP	Canadian Pacific Kansas City Ltd	25	$2,127
TOTL	State Street(R) DoubleLine(R) Total Return Tactical ETF	55	$2,058
HPE	Hewlett Packard Enterprise Co	32	$2,044
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
IWB	iShares Russell 1000 ETF	86	$35,217
VDC	VANGUARD CONSUMER STAPLES INDEX FUND	115	$25,931
IXP	iShares Global Comm Services ETF	201	$22,682
FDN	First Trust Dow Jones Internet Index Fund	68	$18,000
VAW	VANGUARD MATERIALS INDEX FUND	65	$14,871
—		63	$11,981
SPYG	State Street(R) SPDR(R) Portfolio S&P 500(R) Growth ETF	88	$10,471
SCHJ	Schwab 1-5 Year Corporate Bond ETF	406	$10,011
LPL	LG Display Co., Ltd.	706	$2,746
WM	Waste Management Inc	9	$2,005
DLTR	Dollar Tree, Inc.	11	$1,330
BCS	Barclays PLC	49	$1,316
VRSN	Verisign Inc	5	$1,257
SKYD	Skydance Corp	56	$1,104
SHV	iShares 0-1 Year Treasury Bond ETF	10	$1,103
HEI	Heico Corp	3	$1,068
SFM	Sprouts Farmers Market, Inc.	12	$1,014
DUK	Duke Energy CORP	8	$1,012
PARR	Par Pacific Holdings, Inc.	18	$1,009
LYG	Lloyds Banking Group plc	167	$973
KNX	Knight-Swift Transportation Holdings Inc.	12	$934
FSBC	Five Star Bancorp	19	$925
KNF	Knife River Corp	11	$920
SNPS	Synopsys Inc	2	$892
JBHT	Hunt J B Transport Services Inc	3	$868
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

774 tracked positions · $292,914,118 total · filing declares 774 positions · $301,704,680 · as of Sep 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 774 positions by value · page 1 of 16

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Reduced	104,534	-8,280	$39,120,804	−6.3%	13.36%
SCHB	Schwab U.S. Broad Market ETF	Reduced	797,579	-58,725	$23,377,040	−5.7%	7.98%
VXUS	Vanguard Total International Stock ETF	Reduced	219,606	-4,902	$18,657,725	−2.8%	6.37%
SPTM	State Street(R) SPDR(R) Portfolio S&P 1500(R) Composite Stock Market ETF	Added	156,111	+41,510	$14,370,017	+38.1%	4.91%
MSFT	Microsoft Corp Technology	Added	26,450	+1,964	$13,566,205	+48.5%	4.63%
SCHF	Schwab International Equity ETF	Added	328,383	+80,750	$9,020,681	+31.5%	3.08%
SCCR	Schwab Core Bond ETF	Added	347,825	+35,957	$8,459,104	+6.0%	2.89%
VEU	Vanguard International Equity Index Funds	Reduced	88,566	-5,088	$7,348,321	−6.3%	2.51%
VCRB	VANGUARD CORE BOND ETF	Added	90,088	+7,623	$6,632,278	+4.1%	2.26%
ALLW	SSGA Active Trust	Added	226,694	+154,235	$6,476,647	+205.4%	2.21%
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	Reduced	92,262	-24,497	$6,472,179	−24.5%	2.21%
SPY	Spdr S&P 500 ETF Trust	Reduced	8,474	-158	$6,462,526	+0.3%	2.21%
VT	VANGUARD TOTAL WORLD STOCK INDEX FUND	Reduced	40,260	-1,625	$6,355,041	−3.3%	2.17%
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	Reduced	91,264	-6,063	$5,412,867	−6.8%	1.85%
MGK	VANGUARD MEGA CAP GROWTH INDEX FUND	Reduced	54,339	-4,285	$5,034,508	−2.3%	1.72%
VYM	VANGUARD HIGH DIVIDEND YIELD INDEX FUND	Reduced	32,431	-4,586	$5,033,291	−14.0%	1.72%
BNDX	Vanguard Total International Bond ETF	Reduced	106,210	-53,541	$4,978,062	−35.7%	1.70%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	18,948	-1,056	$4,720,894	−1.0%	1.61%
VIG	Vanguard Specialized Funds	Reduced	19,905	-1,373	$4,644,035	−7.8%	1.59%
SPAB	State Street(R) SPDR(R) Portfolio Aggregate Bond ETF	Added	175,673	+52,532	$4,279,394	+36.2%	1.46%
SCHD	Schwab U.S. Dividend Equity ETF	Reduced	110,839	-26,259	$3,605,592	−17.1%	1.23%
SPEM	State Street(R) SPDR(R) Portfolio Emerging Markets ETF	Added	67,034	+45,621	$3,469,679	+212.9%	1.18%
MGV	VANGUARD MEGA CAP VALUE INDEX FUND	Reduced	20,339	-4,260	$3,276,409	−18.5%	1.12%
VYMI	VANGUARD INTERNATIONAL HIGH DIVIDEND YIELD INDEX FUND	Reduced	32,306	-2,735	$3,267,105	−5.1%	1.12%
PRIV	State Street(R) IG Public & Private Credit ETF	Added	134,389	+98,554	$3,231,786	+258.2%	1.10%
HYBL	State Street(R) Blackstone High Income ETF	Added	113,375	+84,730	$3,125,748	+290.4%	1.07%
SPDW	State Street(R) SPDR(R) Portfolio Developed World ex-US ETF	Reduced	59,130	-5,323	$2,968,917	−8.6%	1.01%
SCHZ	Schwab U.S. Aggregate Bond ETF	Reduced	117,250	-17,529	$2,591,225	−16.9%	0.88%
IAGG	iShares Core International Aggregate Bond ETF	Reduced	52,492	-35,735	$2,582,606	−42.1%	0.88%
VGSH	VANGUARD SHORT-TERM TREASURY INDEX FUND	Reduced	43,417	-9,051	$2,499,082	−18.2%	0.85%
RLY	State Street(R) Multi-Asset Real Return ETF	Added	62,222	+34,831	$2,251,814	+138.2%	0.77%
SCHC	Schwab International Small-Cap Equity ETF	Added	43,940	+32,322	$2,185,575	+290.9%	0.75%
SCHE	Schwab Emerging Markets Equity ETF	Reduced	56,632	-6,382	$2,064,236	−9.7%	0.70%
EBND	State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF	Added	95,168	+10,948	$1,960,460	+11.3%	0.67%
VTEB	VANGUARD TAX-EXEMPT BOND INDEX FUND	Added	39,467	+10,253	$1,869,157	+26.5%	0.64%
GII	State Street(R) SPDR(R) S&P(R) Global Infrastructure ETF	Reduced	25,682	-3,259	$1,795,942	−18.0%	0.61%
VWOB	VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND	Reduced	28,378	-285	$1,791,503	−7.0%	0.61%
VUG	VANGUARD GROWTH INDEX FUND	Held	18,881	0	$1,701,366	+4.6%	0.58%
SCHO	Schwab Short-Term U.S. Treasury ETF	Reduced	68,499	-15,464	$1,634,386	−19.4%	0.56%
VGK	VANGUARD EUROPEAN STOCK INDEX FUND	Reduced	17,279	-861	$1,499,817	−6.6%	0.51%
GOOGL	Alphabet Inc. Communication Services	Added	4,305	+79	$1,481,264	−1.9%	0.51%
SCHP	Schwab U.S. TIPS ETF	Reduced	58,940	-7,552	$1,481,162	−15.9%	0.51%
VNQ	VANGUARD REAL ESTATE INDEX FUND	Reduced	16,146	-871	$1,447,165	−11.8%	0.49%
VIGI	Vanguard Whitehall Funds	Reduced	14,769	-19	$1,394,488	+1.0%	0.48%
SCHX	Schwab U.S. Large-Cap ETF	Reduced	43,446	-4,115	$1,303,380	−6.9%	0.44%
VTV	VANGUARD VALUE INDEX FUND	Reduced	5,792	-406	$1,251,535	−7.3%	0.43%
VTIP	VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES INDEX FUND	Reduced	24,993	-3,440	$1,230,155	−13.9%	0.42%
VEA	Vanguard FTSE Developed Markets ETF	Reduced	17,208	-2,001	$1,215,056	−11.2%	0.41%
GOVT	iShares U.S. Treasury Bond ETF	Added	52,973	+27,041	$1,158,519	+96.1%	0.40%
EUHY	iShares Euro High Yield Corporate Bond USD Hedged ETF	Reduced	21,331	-5,316	$1,114,331	−22.4%	0.38%

Showing the top 50 of 774 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.