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Livermore
Livermore
ZHEN

Matisse Capital

SEC CIK
0001668256
Latest filing
Aug 12, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Jan 29, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
166
+2 vs. Q3 2025
Portfolio value
$223.7M
+$1.56M (+0.7%) vs. Q3 2025
Filed
Jan 29, 2026
SEC
Holdings of Matisse Capital in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
AAPLApple Inc.Stock36,722$9.98M4.5%−1,704−4.4%ReducedHistory
PCQPIMCO California Municipal Income FundCOM920,318$8.03M3.6%00.0%UnchangedHistory
iShares Core Dividend Growth ETF46434V621ETF112,343$7.80M3.5%−133−0.1%Reduced–
MSFTMicrosoft CorpStock14,183$6.86M3.1%−628−4.2%ReducedHistory
ASNDAscendis Pharma A/SSPONSORED ADR27,305$5.82M2.6%+1,285+4.9%AddedHistory
FSCOFS Credit Opportunities Corp.COMMON STOCK897,918$5.66M2.5%+897,918NewHistory
TWNTaiwan Fund IncCOM84,000$4.48M2.0%00.0%UnchangedHistory
XFLTXAI Floating Rate & Alternative Income TrustCOM920,000$4.42M2.0%+657,473+250.4%AddedHistory
MXFMexico Fund IncCOM205,000$4.13M1.8%00.0%UnchangedHistory
GOOGLAlphabet Inc.Stock12,975$4.06M1.8%−1,839−12.4%ReducedHistory
CAFMorgan Stanley China A Share Fund, Inc.COM233,000$4.04M1.8%00.0%UnchangedHistory
TDFTempleton Dragon Fund IncCOM342,000$3.85M1.7%00.0%UnchangedHistory
RGTRoyce Global Trust, Inc.COM291,000$3.82M1.7%+44,210+17.9%AddedHistory
SWZTotal Return Securities FundCOM610,000$3.79M1.7%+3,000+0.5%AddedHistory
BTXBlackRock Technology & Private Equity Term TrustSHS BEN INT571,000$3.76M1.7%+20,000+3.6%AddedHistory
HFROHighland Opportunities & Income FundHIGHLAND INCOME617,000$3.69M1.6%00.0%UnchangedHistory
DMADestra Multi-Alternative FundCOMMON SHARES407,000$3.65M1.6%00.0%UnchangedHistory
HGLBHighland Global Allocation FundCOM393,000$3.59M1.6%00.0%UnchangedHistory
BPREBluerock Private Real Estate FundCOM224,800$3.37M1.5%+224,800NewHistory
STEWSRH Total Return Fund, Inc.COM180,000$3.34M1.5%00.0%UnchangedHistory
NXDTNexpoint Diversified Real Estate TrustCOM NEW861,609$3.30M1.5%−83,238−8.8%ReducedHistory
CETCentral Securities CorpCOM65,000$3.30M1.5%00.0%UnchangedHistory
LRCXLam Research CorpStock18,737$3.21M1.4%−5,993−24.2%ReducedHistory
KFKorea Fund IncCOM NEW82,265$2.99M1.3%00.0%UnchangedHistory
MXEMexico Equity & Income Fund IncCOM237,827$2.94M1.3%00.0%UnchangedHistory
Vanguard Morningstar Small-Cap Growth ETF922908595ETF9,554$2.89M1.3%00.0%Unchanged–
GLOClough Global Opportunities FundSH BEN INT490,128$2.77M1.2%00.0%UnchangedHistory
KYNKayne Anderson Energy Infrastructure Fund, Inc.COM222,839$2.76M1.2%00.0%UnchangedHistory
AMZNAmazon Com IncStock11,264$2.60M1.2%+423+3.9%AddedHistory
Vanguard Intermediate-Term Bond ETF921937819ETF32,186$2.51M1.1%00.0%Unchanged–
Vanguard Morningstar Small-Cap Value ETF922908611ETF10,652$2.26M1.0%00.0%Unchanged–
METAMeta Platforms, Inc.Stock3,147$2.08M0.9%−153−4.6%ReducedHistory
BTTBlackRock Municipal 2030 Target Term TrustCOM SHS BEN IN90,000$2.05M0.9%−10,739−10.7%ReducedHistory
WIWWestern Asset Inflation-Linked Opportunities & Income FundCEF230,000$1.98M0.9%00.0%UnchangedHistory
EEAEuropean Equity Fund, IncCOM188,070$1.94M0.9%00.0%UnchangedHistory
NBXGNeuberger Next Generation Connectivity Fund Inc.COMMON STOCK129,790$1.87M0.8%00.0%UnchangedHistory
GOOGAlphabet Inc.Stock5,840$1.83M0.8%+5,840NewHistory
SFMSprouts Farmers Market, Inc.COM22,542$1.80M0.8%+6,400+39.6%AddedHistory
VFLabrdn National Municipal Income FundCEF174,693$1.79M0.8%+4,693+2.8%AddedHistory
Dimensional ETF Trust25434V781INTL SMALL CAP V44,100$1.68M0.7%00.0%Unchanged–
NVDANVIDIA CorpStock8,750$1.63M0.7%+395+4.7%AddedHistory
VVRInvesco Senior Income TrustCOM489,082$1.60M0.7%+489,082NewHistory
JPMJPMorgan Chase & CoStock4,941$1.59M0.7%+310+6.7%AddedHistory
BRK.BBerkshire Hathaway IncStock3,090$1.55M0.7%+395+14.7%AddedHistory
GLVClough Global Dividend & Income FundCOM240,785$1.44M0.6%−410−0.2%ReducedHistory
FMNFederated Hermes Premier Municipal Income FundCOM128,815$1.43M0.6%00.0%UnchangedHistory
iShares Tr464288281JPMORGAN USD EMG14,354$1.38M0.6%+10.0%Added–
NBHNeuberger Municipal Fund Inc.COM135,900$1.38M0.6%00.0%UnchangedHistory
Dimensional ETF Trust25434V740EMERGING MKTS VA39,760$1.34M0.6%00.0%Unchanged–
VVisa Inc.Stock3,645$1.28M0.6%+4+0.1%AddedHistory
ETNEaton Corp plcStock3,959$1.26M0.6%−1,186−23.1%ReducedHistory
XOMExxonMobil Holdings CorpCOM10,477$1.26M0.6%+30.0%AddedHistory
iShares Tr464287234MSCI EMG MKT ETF22,990$1.26M0.6%00.0%Unchanged–
BWGBrandywineGLOBAL-Global Income Opportunities Fund IncCOM145,866$1.22M0.5%−4,034−2.7%ReducedHistory
ACMAecomCOM12,611$1.20M0.5%00.0%UnchangedHistory
WMTWalmart Inc.Stock10,642$1.19M0.5%+14+0.1%AddedHistory
JCIJohnson Controls International plcStock9,705$1.16M0.5%00.0%UnchangedHistory
COSTCostco Wholesale CorpStock1,299$1.12M0.5%−601−31.6%ReducedHistory
NKENIKE, Inc.Stock17,560$1.12M0.5%+7,910+82.0%AddedHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR3,635$1.10M0.5%00.0%UnchangedHistory
BLKBlackRock, Inc.Stock940$1.01M0.4%00.0%UnchangedHistory
GEVGE Vernova Inc.Stock1,463$956.2K0.4%+141+10.7%AddedHistory
NTAPNetApp, Inc.Stock8,699$931.6K0.4%00.0%UnchangedHistory
ADIAnalog Devices IncStock3,406$923.7K0.4%00.0%UnchangedHistory
CMUMFS High Yield Municipal TrustSH BEN INT262,208$920.4K0.4%00.0%UnchangedHistory
TSCOTractor Supply CoCOM18,315$915.9K0.4%00.0%UnchangedHistory
STESTERIS plcSHS USD3,397$861.2K0.4%00.0%UnchangedHistory
JQCNuveen Credit Strategies Income FundCOM SHS170,247$854.6K0.4%+170,247NewHistory
MUCBlackRock Muniholdings California Quality Fund, Inc.CEF78,600$833.2K0.4%00.0%UnchangedHistory
PLTRPalantir Technologies Inc.Stock4,618$820.9K0.4%+18+0.4%AddedHistory
FDXFedEx CorpStock2,800$808.8K0.4%00.0%UnchangedHistory
QCOMQualcomm IncStock4,727$808.6K0.4%00.0%UnchangedHistory
iShares Tr46435G326CORE MSCI INTL9,632$794.4K0.4%00.0%Unchanged–
ELVElevance Health, Inc.Stock2,250$788.7K0.4%00.0%UnchangedHistory
Vanguard Financials ETF92204A405ETF5,811$775.7K0.3%−60−1.0%Reduced–
MAMastercard IncStock1,353$772.4K0.3%+5+0.4%AddedHistory
LEOBNY Mellon Strategic Municipals, Inc.COM117,935$750.1K0.3%−155,165−56.8%ReducedHistory
LOWLowes Companies IncStock3,103$748.3K0.3%00.0%UnchangedHistory
WVEWave Life Sciences, Inc.SHS42,193$717.3K0.3%+29,000+219.8%AddedHistory
Vanguard S&P 500 ETF922908363ETF1,138$713.9K0.3%+7+0.6%Added–
BlackRock New York Municipal Income Trust09248L106SH BEN INT69,921$709.0K0.3%00.0%Unchanged–
Vanguard Ftse Developed Markets ETF921943858ETF11,228$701.4K0.3%00.0%Unchanged–
CXHMFS Investment Grade Municipal TrustSH BEN INT86,381$686.7K0.3%00.0%UnchangedHistory
SPYSPDR S&P 500 ETF TrustETF967$659.3K0.3%+1+0.1%AddedHistory
WisdomTree Tr97717W281EMG MKTS SMCAP11,518$659.3K0.3%00.0%Unchanged–
SPRYARS Pharmaceuticals, Inc.COM55,561$647.3K0.3%−2,230−3.9%ReducedHistory
VanEck ETF Trust92189H300JP MRGAN EM LOC24,900$642.9K0.3%00.0%Unchanged–
NTRNutrien Ltd.COM10,256$633.0K0.3%00.0%UnchangedHistory
RFMZRiverNorth Flexible Municipal Income Fund II, Inc.COM49,190$622.7K0.3%00.0%UnchangedHistory
GGZGabelli Global Small & Mid Cap Value TrustCOM40,365$605.5K0.3%−31,484−43.8%ReducedHistory
CEECentral & Eastern Europe Fund, Inc.COM33,995$601.7K0.3%00.0%UnchangedHistory
DEDeere & CoStock1,279$595.5K0.3%00.0%UnchangedHistory
Exchange Traded Concepts Tru301505731ROBO GLB ARTIF9,086$576.9K0.3%+932+11.4%Added–
PRCTPROCEPT BioRobotics CorpCOM18,067$568.4K0.3%−2,203−10.9%ReducedHistory
GLQClough Global Equity FundCOM73,483$562.9K0.3%00.0%UnchangedHistory
HDHome Depot, Inc.Stock1,606$552.6K0.2%+174+12.2%AddedHistory
LMTLockheed Martin CorpStock1,139$550.9K0.2%+6+0.5%AddedHistory
UNPUnion Pacific CorpStock2,296$531.1K0.2%00.0%UnchangedHistory
Matthews Asia FDS577125826ASIA INNOV ACTIV15,023$530.4K0.2%00.0%Unchanged–
IONQIonQ, Inc.COM11,405$511.7K0.2%+2,217+24.1%AddedHistory

Options (1)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Matisse Capital in Q4 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$632.2K–

Sold out since Q3 2025 (15)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Matisse Capital sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
CHNChina Fund, Inc.COM243,000$4.49M2.0%History
DMBBNY Mellon Municipal Bond Infrastructure Fund, Inc.COM SHS278,812$2.98M1.3%History
TEAFTortoise Sustainable & Social Impact Term FundClosed-End Fund227,000$2.67M1.2%History
PMOFranklin Municipal Opportunities TrustSH BEN INT166,367$1.72M0.8%History
MUJBlackRock Muniholdings New Jersey Quality Fund, Inc.COM100,700$1.17M0.5%History
EMFTempleton Emerging Markets FundCOM44,136$738.8K0.3%History
NFLXNetflix IncStock444$532.3K0.2%History
FISVFiserv IncStock3,248$418.8K0.2%History
SOFISoFi Technologies, Inc.Stock13,890$367.0K0.2%History
GAMGeneral American Investors Co IncCOM5,300$329.7K0.1%History
VanEck Semiconductor ETF92189F676ETF780$254.6K0.1%–
UUUUEnergy Fuels IncCOM NEW16,368$251.2K0.1%History
GRFEagle Capital Growth Fund, Inc.COM16,262$171.0K0.1%History
AEFabrdn Emerging Markets ex-China Fund, Inc.COM23,050$149.4K0.1%History
DSMBNY Mellon Strategic Municipal Bond Fund, Inc.COM19,352$114.6K0.1%History