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Annex Advisory Services, LLC

17950 W. CORPORATE DRIVE SUITE 300, BROOKFIELD, WI 53045 • 262-786-6363

Q3 2025 · Filed 2025-10-17
Market Value
$4.5B
+14.7%
Holdings
344
+7
New Purchases
27
Added To
118
Closed
35
Reduced
140
Top 10 Concentration
38.4%
Turnover
18.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MBB 1.83% 0.00% +1.83% $82M
DYNF 1.40% 0.00% +1.40% $63M
GRIN 1.39% 0.00% +1.39% $62M
ZROZ 1.13% 0.00% +1.13% $50M
XHB 1.02% 0.00% +1.02% $45M
KCE 0.95% 0.00% +0.95% $43M
EXPE 0.60% 0.00% +0.60% $27M
AVEM 3.68% 3.12% +0.57% $164M
MEDP 1.17% 0.77% +0.40% $52M
WST 0.67% 0.39% +0.28% $30M
UPST 0.24% 0.00% +0.24% $11M
NVDA 2.65% 2.44% +0.21% $118M
FNV 0.95% 0.76% +0.19% $42M
GSIE 0.16% 0.00% +0.16% $7M
ASML 1.35% 1.21% +0.13% $60M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BWX 0.01% 1.89% -1.88% $446K
UBND 8.15% 9.40% -1.25% $364M
AVDE 3.77% 4.46% -0.69% $168M
DPZ 0.01% 0.60% -0.59% $621K
GDDY 0.01% 0.59% -0.58% $285K
VFLO 2.37% 2.88% -0.52% $106M
SFM 0.51% 0.84% -0.34% $23M
IOO 3.61% 3.94% -0.33% $161M
AVUS 6.38% 6.70% -0.32% $285M
SMCI 0.00% 0.32% -0.32% $0
META 2.25% 2.48% -0.23% $100M
V 1.64% 1.86% -0.22% $73M
MELI 1.10% 1.32% -0.22% $49M
SMTH 3.20% 3.42% -0.22% $143M
PZA 0.03% 0.24% -0.21% $1M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 62.6%
Technology 12.9%
Communication Services 5.6%
Consumer Cyclical 5.4%
Healthcare 4.2%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 63 $1.1B 25.0%
Large Cap 191 $2.0B 44.6%
Mid Cap 51 $636M 14.2%
Small Cap 37 $661M 14.8%
Micro Cap 2 $62M 1.4%

Portfolio Analytics

Avg Market Cap
$202.2B
Median Market Cap
$42.8B
Avg P/E
32.0
Median P/E
25.6
Avg Dividend Yield
0.02%
Avg Beta
0.98
# Stocks
221
# ETFs / Funds
123

Top Holdings (344 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 UBND 8.15% 16,487,843 $364M $22.05 -$2M -243,544 -1.5%
2 AVUS 6.38% 2,619,704 $285M $108.70 $24M +34,332 +1.3%
3 AVDE 3.77% 2,131,312 $168M $78.90 -$5M -211,016 -9.0%
4 AVEM 3.68% 2,186,603 $164M $75.11 $43M +418,877 +23.7%
5 IOO 3.61% 1,342,494 $161M $120.01 $8M -79,647 -5.6%
6 SMTH 3.20% 5,454,646 $143M $26.16 $10M +311,278 +6.0%
7 NVDA 2.65% 634,838 $118M $186.58 $23M +33,420 +5.6%
8 AAPL 2.37% 415,892 $106M $254.63 $18M -12,570 -2.9%
9 VFLO 2.37% 2,815,802 $106M $37.50 -$7M -357,332 -11.3%
10 META 2.25% 136,651 $100M $734.38 $4M +5,881 +4.5%
11 AMZN 2.12% 430,998 $95M $219.57 $5M +22,521 +5.5%
12 DFIC 1.84% 2,497,373 $82M $32.79 $11M +219,739 +9.7%
13 MBB 1.83% 860,417 $82M $95.15 +860,417 NEW
14 TKO 1.81% 399,427 $81M $201.96 $13M +26,368 +7.1%
15 OSEA 1.78% 2,691,109 $80M $29.57 $9M +274,192 +11.3%
16 HOOD 1.64% 512,335 $73M $143.18 $12M -142,543 -21.8%
17 V 1.64% 214,056 $73M $341.38 $684K +10,167 +5.0%
18 AVGO 1.54% 208,455 $69M $329.91 $11M -2,534 -1.2%
19 ORLY 1.44% 594,934 $64M $107.81 $13M +29,855 +5.3%
20 MSFT 1.41% 121,306 $63M $517.95 $5M +4,765 +4.1%
21 DYNF 1.40% 1,056,426 $63M $59.20 +1,056,426 NEW
22 GRIN 1.39% 2,276,881 $62M $27.30 +2,276,881 NEW
23 ASML 1.35% 62,054 $60M $968.08 $13M +3,231 +5.5%
24 ORCL 1.30% 206,991 $58M $281.24 $3M -44,624 -17.7%
25 UBER 1.29% 587,920 $58M $97.97 $6M +35,258 +6.4%
26 MEDP 1.17% 101,685 $52M $514.16 $22M +6,264 +6.6%
27 MS 1.15% 322,836 $51M $158.96 $8M +14,968 +4.9%
28 ZROZ 1.13% 738,738 $50M $67.96 +738,738 NEW
29 MELI 1.10% 21,026 $49M $2,336.94 -$2M +1,331 +6.8%
30 NTNX 1.09% 653,915 $49M $74.39 $2M +40,651 +6.6%
31 XHB 1.02% 408,923 $45M $110.80 +408,923 NEW
32 GRBK 0.96% 580,724 $43M $73.86 $9M +34,297 +6.3%
33 KCE 0.95% 278,560 $43M $152.85 +278,560 NEW
34 FNV 0.95% 190,636 $42M $222.91 $13M +10,233 +5.7%
35 LIN 0.92% 86,228 $41M $475.00 $2M +3,217 +3.9%
36 SPOT 0.91% 58,186 $41M $697.99 -$811K +4,202 +7.8%
37 VTI 0.90% 122,185 $40M $328.17 $2M -2,997 -2.4%
38 AVDV 0.90% 449,982 $40M $89.03 $7M +28,025 +6.6%
39 FCX 0.84% 961,212 $38M $39.22 -$2M +44,313 +4.8%
40 COST 0.80% 38,395 $36M $925.64 $343K +2,841 +8.0%
41 VCTR 0.79% 544,078 $35M $64.76 $2M +24,050 +4.6%
42 CRM 0.77% 144,112 $34M $237.00 -$3M +7,917 +5.8%
43 GNRC 0.73% 194,519 $33M $167.40 $7M +16,386 +9.2%
44 CVX 0.72% 205,705 $32M $155.29 $4M +8,589 +4.4%
45 WST 0.67% 113,158 $30M $262.33 $15M +44,028 +63.7%
46 AJG 0.66% 95,153 $29M $309.74 $5M +18,156 +23.6%
47 ISRG 0.61% 61,051 $27M $447.23 -$3M +4,423 +7.8%
48 EXPE 0.60% 126,111 $27M $213.75 +126,111 NEW
49 QLTY 0.59% 723,997 $26M $36.19 $3M +35,482 +5.2%
50 PBR 0.57% 1,994,268 $25M $12.66 $2M +137,370 +7.4%
51 UFPT 0.55% 122,613 $24M $199.60 -$4M +4,020 +3.4%
52 SFM 0.51% 207,331 $23M $108.80 -$10M +8,748 +4.4%
53 CTAS 0.48% 104,647 $21M $205.26 -$1M +2,357 +2.3%
54 VGT 0.47% 27,815 $21M $746.64 $2M -109 -0.4%
55 VIG 0.46% 96,082 $21M $215.79 $470K -2,922 -3.0%
56 SPTM 0.45% 249,984 $20M $80.65 $1M -4,599 -1.8%
57 LMAT 0.45% 230,017 $20M $87.51 $2M +10,350 +4.7%
58 MMC 0.44% 96,356 $19M $201.53 $3M +22,916 +31.2%
59 FPEI 0.39% 903,544 $17M $19.34 $2M +62,592 +7.4%
60 TSM 0.35% 56,331 $16M $279.29 $3M +868 +1.6%
61 JPM 0.33% 47,079 $15M $315.43 -$614K -6,262 -11.7%
62 WMB 0.33% 231,515 $15M $63.35 $2M +37,637 +19.4%
63 LB 0.32% 270,819 $14M $53.35 $352K +62,233 +29.8%
64 GLBE 0.31% 389,391 $14M $35.76 $2M +25,932 +7.1%
65 ABBV 0.31% 59,241 $14M $231.54 $3M +2,731 +4.8%
66 WEC 0.27% 106,498 $12M $114.59 $686K -4,032 -3.6%
67 HON 0.27% 57,739 $12M $210.50 -$760K +2,285 +4.1%
68 GOOGL 0.27% 49,880 $12M $243.10 $4M +1,906 +4.0%
69 ETN 0.26% 31,367 $12M $374.25 $2M +2,984 +10.5%
70 GSHD 0.24% 142,891 $11M $74.42 -$4M +6,327 +4.6%
71 UPST 0.24% 207,094 $11M $50.80 +207,094 NEW
72 ABT 0.23% 78,054 $10M $133.94 $117K +2,048 +2.7%
73 GS 0.22% 12,492 $10M $796.32 $834K -384 -3.0%
74 TMO 0.19% 17,620 $9M $485.01 $5M +8,524 +93.7%
75 CL 0.19% 106,068 $8M $79.94 -$941K +2,437 +2.4%
76 SPY 0.19% 12,502 $8M $666.19 $464K -228 -1.8%
77 HD 0.19% 20,502 $8M $405.19 $411K -1,034 -4.8%
78 MNST 0.18% 120,423 $8M $67.31 $954K +6,248 +5.5%
79 VLO 0.17% 45,778 $8M $170.26 $2M +5,970 +15.0%
80 PM 0.17% 47,942 $8M $162.20 $1M +12,759 +36.3%
81 QUAL 0.17% 39,355 $8M $194.50 $214K -1,345 -3.3%
82 VB 0.17% 29,705 $8M $254.28 $234K -1,180 -3.8%
83 GSIE 0.16% 171,865 $7M $41.11 +171,865 NEW
84 USFR 0.16% 139,861 $7M $50.27 $6M +120,319 +615.7%
85 XLV 0.15% 46,522 $6M $139.17 $44K -1,183 -2.5%
86 IVV 0.14% 9,660 $6M $669.29 $328K -225 -2.3%
87 SYK 0.14% 17,408 $6M $369.66 -$504K -132 -0.8%
88 JNJ 0.14% 33,000 $6M $185.42 $957K -795 -2.4%
89 UNH 0.13% 17,178 $6M $345.31 $311K -840 -4.7%
90 WM 0.13% 25,941 $6M $220.83 -$177K +131 +0.5%
91 MAMA 0.12% 508,917 $5M $10.51 $329K -95,833 -15.8%
92 TOL 0.10% 33,831 $5M $138.14 -$405K -10,664 -24.0%
93 IESC 0.10% 11,417 $5M $397.65 $400K -2,559 -18.3%
94 SO 0.10% 47,354 $4M $94.77 $45K -1,024 -2.1%
95 CSCO 0.10% 64,622 $4M $68.42 $866K +13,383 +26.1%
96 BRK-B 0.10% 8,667 $4M $502.74 -$272K -863 -9.1%
97 IWF 0.09% 8,969 $4M $468.41 $699K +721 +8.7%
98 IBM 0.09% 14,824 $4M $282.16 -$453K -903 -5.7%
99 IJR 0.09% 34,581 $4M $118.83 -$377K -6,470 -15.8%
100 VZ 0.09% 89,712 $4M $43.95 -$100K -3,709 -4.0%

New Positions

SymbolValue% Port
MBB $82M 1.83%
DYNF $63M 1.40%
GRIN $62M 1.39%
ZROZ $50M 1.13%
XHB $45M 1.02%
KCE $43M 0.95%
EXPE $27M 0.60%
UPST $11M 0.24%
GSIE $7M 0.16%
DUK $3M 0.06%
OII $1M 0.03%
HHH $1M 0.03%
SPYG $681K 0.02%
JMTG $504K 0.01%
SPYV $456K 0.01%

Sold Out Positions

SymbolValue% Port
ACN —%
NOW —%
FPI —%
DVN —%
CSL —%
NIO —%
GPRK —%
FSK —%
LUV —%
DE —%
KFRC —%
KMI —%
KSS —%
SCHW —%
ZIM —%
View SEC EDGAR Filings for Annex Advisory Services, LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms