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Livermore
Livermore
ZHEN

Summit Trail Advisors, LLC

SEC CIK
0001698478
Latest filing
Aug 11, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Nov 14, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
1,328
+212 vs. Q2 2025
Portfolio value
$7.23B
+$1.41B (+24.1%) vs. Q2 2025
Filed
Nov 14, 2025
SEC
Holdings of Summit Trail Advisors, LLC in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
VEEAWVeea Inc.*W EXP 03/18/20225,000$1.75K<0.1%00.0%UnchangedHistory
UPWheels Up Experience Inc.COM CL A10,228$18.8K<0.1%00.0%UnchangedHistory
BTBTBit Digital, IncSHS10,000$30.0K<0.1%+10,000NewHistory
GGTGabelli Multimedia Trust Inc.COM10,000$43.0K<0.1%+10,000NewHistory
XRXXerox Holdings CorpCOM NEW13,525$51.1K<0.1%+13,525NewHistory
BFLYButterfly Network, Inc.COM CL A26,786$51.7K<0.1%00.0%UnchangedHistory
COTYCoty Inc.COM CL A14,078$56.9K<0.1%−10,222−42.1%ReducedHistory
ICLICL Group Ltd.SHS10,968$68.7K<0.1%+10,968NewHistory
BLNDBlend Labs, Inc.CL A21,378$78.0K<0.1%+3,354+18.6%AddedHistory
IHSIHS Holding LtdORD SHS11,680$79.7K<0.1%+11,680NewHistory
GALTGalectin Therapeutics IncCOM NEW20,000$84.7K<0.1%00.0%UnchangedHistory
PCQPIMCO California Municipal Income FundCOM10,305$90.2K<0.1%+10,305NewHistory
BLZEBackblaze, Inc.COM CL A10,000$92.8K<0.1%00.0%UnchangedHistory
NOKNokia CorpSPONSORED ADR19,791$95.2K<0.1%−506−2.5%ReducedHistory
KRMDKORU Medical Systems, Inc.COM25,000$95.8K<0.1%00.0%UnchangedHistory
PGENPrecigen, Inc.COM29,233$96.2K<0.1%+1,133+4.0%AddedHistory
SGSweetgreen, Inc.COM CL A12,443$99.3K<0.1%+501+4.2%AddedHistory
TACTTransact Technologies IncCOM18,983$102.9K<0.1%00.0%UnchangedHistory
VSTSVestis CorpCOM SHS22,781$103.2K<0.1%+1,551+7.3%AddedHistory
HPPHudson Pacific Properties, Inc.COM39,188$108.2K<0.1%00.0%UnchangedHistory
TMCTMC the metals Co Inc.COM17,000$108.3K<0.1%00.0%UnchangedHistory
GRSDGRANDSTAND LtdORDINARY SHARES14,032$114.8K<0.1%00.0%UnchangedHistory
AMPLAmplitude, Inc.Stock11,882$127.4K<0.1%+11,882NewHistory
LYGLloyds Banking Group plcSPONSORED ADR28,423$129.0K<0.1%+1,596+5.9%AddedHistory
MQYBlackRock Muniyield Quality Fund, Inc.COM11,294$132.2K<0.1%−6,921−38.0%ReducedHistory
MHDBlackRock Muniholdings Fund, Inc.COM11,350$134.1K<0.1%+655+6.1%AddedHistory
VKQInvesco Municipal TrustCOM14,083$135.9K<0.1%+327+2.4%AddedHistory
VMOInvesco Municipal Opportunity TrustCOM14,063$136.0K<0.1%+793+6.0%AddedHistory
NADNuveen Quality Municipal Income FundCOM11,601$136.5K<0.1%+625+5.7%AddedHistory
NEANuveen AMT-Free Quality Municipal Income FundCOM11,993$137.4K<0.1%+214+1.8%AddedHistory
VGMInvesco Trust for Investment Grade MunicipalsCOM13,644$138.1K<0.1%+264+2.0%AddedHistory
NZFNuveen Municipal Credit Income FundCOM SH BEN INT10,991$138.9K<0.1%+596+5.7%AddedHistory
HLNHaleon plcADR16,542$148.4K<0.1%+670+4.2%AddedHistory
RPCRidgepost Capital, Inc.CL A COM13,859$150.8K<0.1%+1,434+11.5%AddedHistory
JPCNuveen Preferred & Income Opportunities FundCOM18,755$155.0K<0.1%+456+2.5%AddedHistory
BlackRock New York Municipal Income Trust09248L106SH BEN INT15,638$159.1K<0.1%+573+3.8%Added–
PMLPIMCO Municipal Income Fund IICOM20,491$162.9K<0.1%+20,491NewHistory
RZLVRezolve AI PLCORD SHS33,853$168.6K<0.1%00.0%UnchangedHistory
Global X FDS37954Y483NASDAQ 100 COVER10,000$170.1K<0.1%+10,000New–
MFGMizuho Financial Group IncSPONSORED ADR26,454$177.2K<0.1%+3,364+14.6%AddedHistory
FFCFlaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INCCOM10,711$180.9K<0.1%00.0%UnchangedHistory
IRDMIridium Communications Inc.COM10,774$188.1K<0.1%+10,774NewHistory
FRGEForge Global Holdings, Inc.Stock11,231$189.8K<0.1%+526+4.9%AddedHistory
MQTBlackRock Muniyield Quality Fund II, Inc.COM17,649$196.5K<0.1%+17,649NewHistory
RIORio Tinto PLCADR3,047$201.2K<0.1%+3,047NewHistory
HRHealthcare Realty Trust IncCL A COM11,212$202.1K<0.1%+11,212NewHistory
iShares Tr46435G326CORE MSCI INTL2,526$202.5K<0.1%+2,526New–
BUDAnheuser-Busch InBev SA/NVADR3,411$203.3K<0.1%+56+1.7%AddedHistory
INGING Groep NVSPONSORED ADR7,861$205.0K<0.1%+7,861NewHistory
HQYHealthequity, Inc.COM2,170$205.7K<0.1%+161+8.0%AddedHistory
CHWYChewy, Inc.CL A5,122$207.2K<0.1%+271+5.6%AddedHistory
Capital Group GBL Growth EQT14020X104SHS CREAT UNIT6,075$207.6K<0.1%−3,115−33.9%Reduced–
GLXYGalaxy Digital Inc.CL A6,200$209.6K<0.1%+6,200NewHistory
BTIBritish American Tobacco p.l.c.SPONSORED ADR3,951$209.7K<0.1%+3,951NewHistory
RVMDRevolution Medicines, Inc.COM4,504$210.3K<0.1%+4,504NewHistory
GRABGrab Holdings LtdCLASS A ORD34,970$210.5K<0.1%+34,970NewHistory
ARGXArgenx SESPONSORED ADR286$210.9K<0.1%+286NewHistory
KRMNKarman Holdings Inc.COMMON STOCK2,940$212.3K<0.1%+2,940NewHistory
CNXCNX Resources CorpCOM6,622$212.7K<0.1%−1,002−13.1%ReducedHistory
Neuberger Berman ETF Trust64135A705OPT STRATEGY ETF7,962$213.9K<0.1%00.0%Unchanged–
COOPMaverick Merger Sub 2, LLCCOM1,018$215.1K<0.1%+1,018NewHistory
State Street Materials Select Sector SPDR ETF81369Y100ETF2,404$215.4K<0.1%−562−18.9%Reduced–
FRAFFranklin Financial Services CorpCOM4,690$215.7K<0.1%+4,690NewHistory
FLEXFlex Ltd.Stock3,769$218.5K<0.1%+3,769NewHistory
Vanguard Energy ETF92204A306ETF1,741$219.1K<0.1%00.0%Unchanged–
HCMHUTCHMED (China) LtdSPONSORED ADS14,094$222.0K<0.1%00.0%UnchangedHistory
MPTMedical Properties Trust IncCOM43,518$223.9K<0.1%+13,460+44.8%AddedHistory
CLVTClarivate PLCORD SHS58,499$224.1K<0.1%+34,273+141.5%AddedHistory
GLIBALiberty Capital CorpSER A GCI GROUP5,993$225.1K<0.1%+5,993NewHistory
TIGOMillicom International Cellular SACOM STK4,646$225.5K<0.1%+4,646NewHistory
BA.PABoeing CoDEP CONV PFD A3,250$226.1K<0.1%00.0%UnchangedHistory
GRNBarclays Bank PLCETN 497,500$226.2K<0.1%00.0%UnchangedHistory
SAIASaia IncCOM760$227.5K<0.1%+760NewHistory
BPBP PLCADR6,671$229.9K<0.1%+6,671NewHistory
KNSLKinsale Capital Group, Inc.Stock543$230.9K<0.1%+543NewHistory
APLSApellis Pharmaceuticals, Inc.COM10,276$232.5K<0.1%+10,276NewHistory
SNYSanofiSPONSORED ADR4,933$232.8K<0.1%+199+4.2%AddedHistory
ARCCAres Capital CorpCEF11,417$233.0K<0.1%+164+1.5%AddedHistory
Tidal ETF Tr886364835GOTHAM ENHNCD6,366$233.1K<0.1%00.0%Unchanged–
LNWOLight & Wonder, Inc.COM2,788$234.0K<0.1%+2,788NewHistory
FOCLEdap TMS SASPONSORED ADR102,339$234.4K<0.1%00.0%UnchangedHistory
SMFGSumitomo Mitsui Financial Group, Inc.SPONSORED ADR14,055$235.3K<0.1%+2,201+18.6%AddedHistory
IBNIcici Bank LtdADR7,853$237.4K<0.1%+683+9.5%AddedHistory
NBISNebius Group N.V.Stock2,126$238.7K<0.1%+2,126NewHistory
State Street Energy Select Sector SPDR ETF81369Y506ETF2,683$239.7K<0.1%−36−1.3%Reduced–
TEMTempus AI, Inc.CL A2,994$241.6K<0.1%+2,994NewHistory
OGNOrganon & Co.Stock22,639$241.8K<0.1%+4,021+21.6%AddedHistory
JHXJames Hardie Industries plcStock12,622$242.5K<0.1%+12,622NewHistory
EXPEagle Materials IncCOM1,046$243.9K<0.1%+1,046NewHistory
AGNCAGNC Investment Corp.REIT24,639$244.2K<0.1%+2,129+9.5%AddedHistory
MRVIMaravai Lifesciences Holdings, Inc.COM CL A85,375$245.0K<0.1%+737+0.9%AddedHistory
INSMINSMED IncCOM PAR $.011,733$249.6K<0.1%+1,733NewHistory
iShares Tr464288687PFD AND INCM SEC7,900$249.8K<0.1%00.0%Unchanged–
CPRICapri Holdings LtdSHS12,578$250.6K<0.1%−463−3.6%ReducedHistory
SSBSouthState Bank CorpCOM2,564$253.5K<0.1%+2,564NewHistory
BHPBHP Group LtdADR4,566$254.6K<0.1%+4,566NewHistory
HALOHalozyme Therapeutics, Inc.COM3,481$255.3K<0.1%+3,481NewHistory
SAILSailPoint, Inc.COM11,663$257.5K<0.1%+11,663NewHistory
STAGSTAG Industrial, Inc.COM7,300$258.3K<0.1%+7,300NewHistory
ESNTEssent Group Ltd.COM4,065$258.4K<0.1%+297+7.9%AddedHistory

Options (16)

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

Option positions of Summit Trail Advisors, LLC in Q3 2025
SecurityClassPutsCalls
Broadcom Inc11135F901CALL–$4.01M
Western Digital Corp.958102905CALL–$842.1K
Target Corp87612E956PUT$449.9K–
Philip Morris Intl Inc718172909CALL–$446.0K
Tapestry Inc876030907CALL–$390.1K
Schlumberger Ltd806857958PUT$331.1K–
Sandisk Corp80004C900CALL–$306.5K
Akamai Technologies Inc00971T951PUT$299.8K–
United Parcel Service Inc911312956PUT$293.3K–
Citigroup Inc172967904CALL–$224.0K
Qualcomm Inc747525953PUT$213.4K–
Kraft Heinz Co500754956PUT$203.7K–
Bristol-Myers Squibb Co110122958PUT$182.5K–
Whirlpool Corp963320956COM$180.9K–
Constellation Brands Inc21036P958PUT$155.9K–
Broadcom Inc11135F951PUT$71.6K–

Sold out since Q2 2025 (30)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of Summit Trail Advisors, LLC sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
WisdomTree Tr97717Y691CLOUD COMPUTNG178,271$6.44M0.1%–
WBAWalgreens Boots Alliance, Inc.COM148,143$1.70M<0.1%History
Vanguard Mun BD FDS922907746TAX EXEMPT BD14,276$700.0K<0.1%–
HESHess CorpStock4,428$613.4K<0.1%History
SKXSkechers USA IncCL A9,563$603.4K<0.1%History
AMEDAmedisys IncCOM6,019$592.2K<0.1%History
CHHChoice Hotels International IncCOM4,574$580.3K<0.1%History
AZEKAZEK Co Inc.CL A8,742$475.1K<0.1%History
ANSSAnsys IncCOM1,130$396.9K<0.1%History
JNPRJuniper Networks IncCOM9,634$384.7K<0.1%History
PPBIPacific Premier Bancorp IncCOM15,969$336.8K<0.1%History
State Street SPDR Portfolio S&P 500 Value ETF78464A508ETF6,422$336.1K<0.1%–
CLSKCleanspark, Inc.COM NEW29,882$329.6K<0.1%History
HUTHut 8 Corp.COM16,298$303.1K<0.1%History
TET1 Energy Inc.COM NEW238,717$293.6K<0.1%History
ONDSOndas Inc.COM NEW145,000$278.4K<0.1%History
MYIBlackRock Muniyield Quality Fund III, Inc.COM23,664$249.5K<0.1%History
CSWCCapital Southwest CorpCOM10,630$234.3K<0.1%History
RELXRELX PLCSPONSORED ADR4,090$222.3K<0.1%History
Global X FDS37954Y475S&P 500 COVERED5,500$214.2K<0.1%–
CRWVCoreWeave, Inc.Stock1,300$212.0K<0.1%History
Global X FDS37954Y657US PFD ETF11,250$211.8K<0.1%–
Neos ETF Trust78433H675NASDAQ 100 HIGH4,000$208.0K<0.1%–
Paramount Global92556H206CL B15,497$200.7K<0.1%–
Advisorshares Tr00768Y453PURE US CANN ETF31,675$76.3K<0.1%–
PMXPIMCO Municipal Income Fund IIICOM10,494$72.3K<0.1%History
AIRSAirsculpt Technologies, Inc.COM14,236$68.8K<0.1%History
LCIDLucid Group, Inc.COM17,347$36.6K<0.1%History
STTKShattuck Labs, Inc.COM23,629$18.7K<0.1%History
BORRBorr Drilling LtdSHS10,000$18.3K<0.1%History