SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Matisse Capital

CIK 0001668256 · 15350 SW SEQUOIA PKWY, SUITE 260, PORTLAND, OR, 97224 · 5032103000

Reported Value
$190M
Q1 2025
Positions
196
Filings on Record
32
2019–present window
Filed
Apr 24, 2025
original filing

Summary

Matisse Capital reported $190M in U.S.-listed holdings across 196 positions for Q1 2025.

Its largest position, AAPL, represents 4.6% of the portfolio.

Compared with Q4 2024, the fund opened 6 new positions and exited 10.

Portfolio Metrics

Turnover
+6.4%
vs prior filed quarter
Top-10 Concentration
+22.5%
share of reported value
Largest Position
+4.6%
Apple
New / Exited
6 / 10
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $79MQ4 ’18Q1 ’19: $83MQ2 ’19: $78MQ3 ’19: $81MQ4 ’19: $141MQ4 ’19Q1 ’20: $254MQ2 ’20: $301MQ3 ’20: $250MQ4 ’20: $322MQ4 ’20Q1 ’21: $694MQ2 ’21: $316MQ3 ’21: $272MQ4 ’21: $145MQ4 ’21Q1 ’22: $109MQ2 ’22: $105MQ3 ’22: $79MQ4 ’22: $113MQ4 ’22Q1 ’23: $155MQ2 ’23: $161MQ3 ’23: $142MQ4 ’23: $188MQ4 ’23Q1 ’24: $208MQ2 ’24: $202MQ3 ’24: $206MQ4 ’24: $197MQ4 ’24Q1 ’25: $190MQ2 ’25: $212MQ3 ’25: $222MQ4 ’25: $224MQ4 ’25Q1 ’26: $234Mfilingsflow.com

Portfolio Composition

By security type
Closed-End Fund: 46.3%Common Stock: 30.1%ETP: 16.0%Other: 5.4%REIT: 1.3%Other: 0.8%
  • Closed-End Fund · 46.3% · $88M
  • Common Stock · 30.1% · $57M
  • ETP · 16.0% · $30M
  • Other · 5.4% · $10M
  • REIT · 1.3% · $3M
  • Other · 0.8% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GGZGABELLI GLOBAL SMALL & MID CNEW+71.8K71.8K+$862,188$862,188
SPRYARS PHARMACEUTICALS INCNEW+55.7K55.7K+$700,882$700,882
RGTROYCE GLOBAL TRUST INCNEW+32.9K32.9K+$345,892$345,892
PLTRPALANTIR TECHNOLOGIES INCNEW+4.0K4.0K+$337,600$337,600
IBKRINTERACTIVE BROKERS GROUP INNEW+2.0K2.0K+$331,180$331,180
PZCPIMCO CALIF MUN INCOME FD IINEW+14.8K14.8K+$96,711$96,711
XXCHNXXCHINA FD INCADDED+91.0K104.9K+$1M$1M
EEAEUROPEAN EQUITY FD INCADDED+107.2K188.1K+$1M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM4.65%$9M39.7K
2ISHARES TRCORE DIV GRWTH · JPMORGAN USD EMG4.43%$8M129.4K
3MSFTMICROSOFT CORPhistory →COM3.36%$6M17.0K
4ASCENDIS PHARMA A/SSPONSORED ADR2.44%$5M29.7K
5VANGUARD INDEX FDSSML CP GRW ETF · SM CP VAL ETF2.32%$4M20.2K
6TDFTEMPLETON DRAGON FD INChistory →COM1.75%$3M342.0K
7SFMSPROUTS FMRS MKT INChistory →COM1.66%$3M20.7K
8PFOFLAHERTY & CRUMRINE PFD INCOCOM1.63%$3M305.6K
9DMBBNY MELLON MUN BD INFRASTRUChistory →COM SHS1.46%$3M262.0K
10VANGUARD BD INDEX FDSINTERMED TERM1.32%$3M32.7K
11AMZNAMAZON COM INChistory →COM1.31%$2M13.1K
12GOOGLALPHABET INChistory →CAP STK CL A1.25%$2M15.4K
13DMADESTRA MULTI-ALTERNATIVE FDhistory →COMMON SHARES1.20%$2M268.0K
14LRCXLAM RESEARCH CORPhistory →COM NEW1.12%$2M29.2K
15WIWWESTERN AST INFL LKD OPP & Ihistory →COM1.07%$2M230.0K
16HGLBHIGHLAND GLOBAL ALLOCATION Fhistory →COM1.05%$2M240.0K
17BLACKROCK MUN TARGET TERM TRCOM SHS BEN IN1.01%$2M90.0K
18PIMCO CALIF MUN INCOME FD IICOM1.00%$2M337.5K
19STEWSRH TOTAL RETURN FUND INChistory →COM1.00%$2M110.0K
20METAMETA PLATFORMS INChistory →CL A1.00%$2M3.3K
21HIGHLAND OPPS & INCOME FDHIGHLAND INCOME0.99%$2M360.0K
22MXFMEXICO FD INCCOM0.98%$2M130.0K
23JOFJAPAN SMALLER CAPITALIZATIONCOM0.97%$2M220.0K
24XCAFXMORGAN STANLEY CHINA A SH FDCOM0.97%$2M140.0K
25CETCENTRAL SECS CORPCOM0.95%$2M40.0K
26PIMCO NEW YORK MUN FD IICOM0.93%$2M250.0K
27ABRDN NATL MUN INCOME FDSH BEN INT0.91%$2M170.0K
28PIMCO NEW YORK MUN INCOME FDCOM0.91%$2M230.0K
29COSTCOSTCO WHSL CORP NEWCOM0.90%$2M1.8K
30MORGAN STANLEY EMERGING MKTSCOM0.90%$2M361.4K
31PUTNAM MUN OPPORTUNITIES TRSH BEN INT0.89%$2M166.4K
32LEOBNY MELLON STRATEGIC MUNS INCOM0.88%$2M273.1K
33RIVERNORTH DOUBLELINE STRATECOM0.85%$2M188.0K
34TORTOISE SUSTAINABLE & SOCIACOM SH BEN INT0.84%$2M140.0K
35NBXGNEUBERGER BERMAN NEXT GENERACOMMON STOCK0.84%$2M129.8K
36NXDTNEXPOINT DIVERSIFIED REL ETCOM NEW0.83%$2M412.9K
37GLOCLOUGH GLOBAL OPPORTUNITIESSH BEN INT0.81%$2M313.2K
38RABROOKFIELD REAL ASSETS INCOMSHS BEN INT0.80%$2M115.0K
39TWNTAIWAN FD INCCOM0.79%$1M45.0K
40NBHNEUBERGER BERMAN MUN FD INCCOM0.75%$1M135.9K
41EATON CORP PLCSHS0.74%$1M5.1K
42EEAEUROPEAN EQUITY FD INCCOM0.68%$1M141.4K
43DISVDIMENSIONAL ETF TRUSTINTL SMALL CAP V0.68%$1M44.1K
44FLCFLAHERTY & CRUMRINE TOTAL RECOM0.68%$1M76.3K
45GLVCLOUGH GLOBAL DIVID & INCOMECOM0.67%$1M233.6K
46VVISA INCCOM CL A0.67%$1M3.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$234M190May 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$224M195Jan 29, 202613F-HRchanges · EDGAR ↗
Q3 2025$222M196Oct 29, 202513F-HRchanges · EDGAR ↗
Q2 2025$212M198Jul 23, 202513F-HRchanges · EDGAR ↗
Q1 2025$190M196Apr 24, 202513F-HRchanges · EDGAR ↗
Q4 2024$197M197Jan 24, 202513F-HRchanges · EDGAR ↗
Q3 2024$206M204Oct 17, 202413F-HRchanges · EDGAR ↗
Q2 2024$202M211Jul 30, 202413F-HRchanges · EDGAR ↗
Q1 2024$208M223Apr 30, 202413F-HRchanges · EDGAR ↗
Q4 2023$188M220Feb 8, 202413F-HRchanges · EDGAR ↗
Q3 2023$142M169Oct 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$161M169Aug 2, 202313F-HRchanges · EDGAR ↗
Q1 2023$155M175Apr 27, 202313F-HRchanges · EDGAR ↗
Q4 2022REVEALED$113M234Jan 20, 202313F-HRchanges · EDGAR ↗
Q3 2022$79M84Nov 8, 202213F-HRchanges · EDGAR ↗
Q2 2022$105M124Jul 28, 202213F-HRchanges · EDGAR ↗
Q1 2022$109M123Apr 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$145M137Feb 4, 202213F-HRchanges · EDGAR ↗
Q3 2021$272M150Nov 8, 202113F-HRchanges · EDGAR ↗
Q2 2021$316M148Aug 11, 202113F-HRchanges · EDGAR ↗
Q1 2021REVEALED$694M330May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$322M156Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$250M147Nov 4, 202013F-HRchanges · EDGAR ↗
Q2 2020$301M219Jul 28, 202013F-HRchanges · EDGAR ↗
Q1 2020$254M254May 7, 202013F-HRchanges · EDGAR ↗
Q4 2019$141M166Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$81M97Oct 28, 201913F-HRchanges · EDGAR ↗
Q2 2019$78M97Aug 13, 201913F-HRchanges · EDGAR ↗
Q1 2019$83M97Apr 24, 201913F-HRchanges · EDGAR ↗
Q4 2018$79M101Jan 18, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.