Matisse Capital

PORTLAND, OR · CIK 1668256 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2010 · limited liability company

Assets managed$1.6bn
Staff11 · 10 in investment roles
Main clients (by assets)Pension plans 51%, High net worth individuals 22%, Charities 10%
Private funds1 (1 hedge) · $445.3k gross assets
Form ADV · 2026-09-18SEC adviser record

$249.8m reported value +6.9% vs Q1 2026

158positions

29.1%in top 10

16 new 41 added 31 reduced 21 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	APPLE INC COM AAPL	AAPL	35,994	$10.4m4.17%	4.17%	Reduced -29	-29 -0.1%
2	ISHARES TR CORE DIV GRWTH DGRO	DGRO	111,661	$8.5m3.39%	3.39%	Added +54	+54 0.1%
3	LAM RESEARCH CORP COM NEW LRCX	LRCX	18,130	$7.9m3.15%	3.15%	Reduced -1.0k	-1,000 -5.2%
4	PIMCO CALIF MUN INCOME FD COM XPCQX	XPCQX	848,717	$7.6m3.05%	3.05%	Reduced -17.7k	-17,696 -2.0%
5	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	28,107	$7.5m3.00%	3.00%	New
6	TAIWAN FD INC COM TWN	TWN	69,437	$6.7m2.67%	2.67%	Reduced -14.6k	-14,563 -17.3%
7	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	1,245,000	$6.2m2.49%	2.49%	Added +111.0k	+111,000 9.8%
8	KOREA FD INC COM NEW KF	KF	82,265	$6.2m2.48%	2.48%	Unchanged
9	XAI FLOATING RATE & ALTER IN COM SHS BENF INT XFLT	XFLT	346,096	$6.1m2.43%	2.43%	Added +2.0k	+2,000 0.6%
10	FS SPECIALTY LENDING FD COM SH BEN INT FSSL	FSSL	519,000	$5.8m2.32%	2.32%	Added +66.8k	+66,800 14.8%
11	MICROSOFT CORP COM MSFT	MSFT	13,588	$5.1m2.03%	2.03%	Reduced -770	-770 -5.4%
12	NEXPOINT DIVERSIFIED REL ET COM NEW NXDT	NXDT	923,630	$4.8m1.92%	1.92%	Added +19.8k	+19,790 2.2%
13	ALPHABET INC CAP STK CL A GOOGL	GOOGL	12,975	$4.6m1.86%	1.86%	Unchanged
14	HIGHLAND OPPORTUNITIES HIGHLAND INCOME HFRO	HFRO	617,000	$4.4m1.76%	1.76%	Unchanged
15	PIMCO NEW YORK MUN FD II COM PNI	PNI	618,726	$4.4m1.76%	1.76%	Unchanged
16	ROYCE GLOBAL TRUST INC COM RGT	RGT	291,000	$4.1m1.66%	1.66%	Unchanged
17	SRH TOTAL RETURN FUND INC COM STEW	STEW	226,000	$4.0m1.62%	1.62%	Added +10.0k	+10,000 4.6%
18	HIGHLAND GLOBAL ALLOCATION F COM HGLB	HGLB	525,000	$3.9m1.58%	1.58%	Added +82.0k	+82,000 18.5%
19	BLUEROCK PVT REAL ESTATE FD COM BPRE	BPRE	300,000	$3.9m1.56%	1.56%	Added +54.0k	+54,000 21.9%
20	TEMPLETON DRAGON FD INC COM TDF	TDF	341,875	$3.7m1.49%	1.49%	Reduced -125	-125 -0.0%
21	TOTAL RETURN SECURITIES FUND COM SWZ	SWZ	609,000	$3.6m1.45%	1.45%	Added +201.7k	+201,731 49.5%
22	VANGUARD INDEX FDS SML CP GRW ETF VBK	VBK	9,554	$3.5m1.40%	1.40%	Unchanged
23	CENTRAL SECS CORP COM CET	CET	65,000	$3.4m1.37%	1.37%	Unchanged
24	DESTRA MULTI-ALTERNATIVE FD COMMON SHARES DMA	DMA	455,000	$3.4m1.36%	1.36%	Added +43.0k	+43,000 10.4%
25	MEXICO EQUITY & INCOME FD COM MXE	MXE	237,827	$3.1m1.24%	1.24%	Unchanged
26	GE VERNOVA INC COM GEV	GEV	2,613	$3.1m1.23%	1.23%	Unchanged
27	AMAZON COM INC COM AMZN	AMZN	11,305	$2.7m1.08%	1.08%	Unchanged
28	VANGUARD INDEX FDS SM CP VAL ETF VBR	VBR	10,652	$2.6m1.04%	1.04%	Unchanged
29	MEXICO FD INC COM MXF	MXF	105,493	$2.3m0.92%	0.92%	Reduced -99.5k	-99,507 -48.5%
30	VANGUARD BD INDEX FDS INTERMED TERM BIV	BIV	28,954	$2.2m0.89%	0.89%	Reduced -3.2k	-3,232 -10.0%
31	CLOUGH GLOBAL OPPORTUNITIES SH BEN INT GLO	GLO	356,008	$2.2m0.87%	0.87%	Reduced -100.5k	-100,539 -22.0%
32	NEUBERGER BERMAN NEXT GENERA COMMON STOCK NBXG	NBXG	129,790	$2.1m0.86%	0.86%	Unchanged
33	MORGAN STANLEY CHINA A SH FD COM XCAFX	XCAFX	98,526	$2.1m0.83%	0.83%	Reduced -79.6k	-79,574 -44.7%
34	EUROPEAN EQUITY FD INC COM EEA	EEA	188,070	$2.1m0.83%	0.83%	Unchanged
35	ALPHABET INC CAP STK CL C GOOG	GOOG	5,840	$2.1m0.83%	0.83%	Reduced -300	-300 -4.9%
36	WESTERN AST INFL LKD OPP & I COM WIW	WIW	230,000	$1.9m0.77%	0.77%	Unchanged
37	NUVEEN FLOATING RATE INCOME COM JFR	JFR	250,000	$1.9m0.77%	0.77%	Unchanged
38	INVESCO SR INCOME TR COM VVR	VVR	620,000	$1.9m0.74%	0.74%	Added +20.0k	+20,000 3.3%
39	BLACKSTONE LONG SHORT CR INC COM SHS BN INT BGX	BGX	170,000	$1.8m0.74%	0.74%	Unchanged
40	NUVEEN CR STRATEGIES INCOME COM SHS XJQCX	XJQCX	380,000	$1.8m0.74%	0.74%	Added +65.5k	+65,531 20.8%
41	EATON VANCE SR INCOME TR SH BEN INT EVF	EVF	370,000	$1.8m0.74%	0.74%	Added +342.5k	+342,473 1244.1%
42	NVIDIA CORPORATION COM NVDA	NVDA	9,190	$1.8m0.74%	0.74%	Added +452	+452 5.2%
43	ABRDN NATL MUN INCOME FD SH BEN INT SH BEN INT		174,693	$1.8m0.73%	0.73%	Unchanged
44	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	3,558	$1.8m0.71%	0.71%	Added +78	+78 2.2%
45	META PLATFORMS INC CL A META	META	3,147	$1.8m0.71%	0.71%	Unchanged
46	DIMENSIONAL ETF TRUST INTL SMALL CAP V DISV	DISV	44,100	$1.8m0.71%	0.71%	Unchanged
47	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	3,635	$1.7m0.70%	0.70%	Unchanged
48	DIMENSIONAL ETF TRUST EMERGING MKTS VA DFEV	DFEV	39,760	$1.7m0.68%	0.68%	Unchanged
49	EATON CORP PLC SHS ETN	ETN	3,959	$1.7m0.68%	0.68%	Unchanged
50	J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM JEPI	JEPI	28,323	$1.6m0.64%	0.64%	Added +2.9k	+2,880 11.3%
51	CLOUGH GLOBAL DIVID & INCOME COM GLV	GLV	240,785	$1.6m0.64%	0.64%	Unchanged
52	JPMORGAN CHASE & CO COM JPM	JPM	4,839	$1.6m0.63%	0.63%	Added +2	+2 0.0%
53	ISHARES TR MSCI EMG MKT ETF EEM	EEM	22,990	$1.6m0.63%	0.63%	Unchanged
54	EXXON MOBIL CORP COM XOM	XOM	10,564	$1.4m0.58%	0.58%	Added +90	+90 0.9%
55	JOHNSON CTLS INTL PLC SHS JCI	JCI	9,705	$1.4m0.57%	0.57%	Unchanged
56	SPROUTS FMRS MKT INC COM SFM	SFM	16,442	$1.4m0.56%	0.56%	Added +300	+300 1.9%
57	ISHARES TR JPMORGAN USD EMG EMB	EMB	14,361	$1.4m0.55%	0.55%	Added +6	+6 0.0%
58	ANALOG DEVICES INC COM ADI	ADI	3,406	$1.4m0.54%	0.54%	Unchanged
59	NETAPP INC COM NTAP	NTAP	8,699	$1.3m0.54%	0.54%	Unchanged
60	INTEL CORP COM INTC	INTC	9,524	$1.3m0.53%	0.53%	Reduced -1.5k	-1,493 -13.6%
61	NEUBERGER BERMAN MUN FD INC COM NBH	NBH	123,161	$1.3m0.52%	0.52%	Reduced -12.7k	-12,739 -9.4%
62	CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX	XDHYX	728,498	$1.3m0.52%	0.52%	New
63	COSTCO WHSL CORP NEW COM COST	COST	1,369	$1.3m0.51%	0.51%	Added +96	+96 7.5%
64	BLOOM ENERGY CORP COM CL A BE	BE	4,200	$1.3m0.51%	0.51%	Added +1.5k	+1,500 55.6%
65	EXCHANGE TRADED CONCEPTS TRU ROBO GLB ARTIF THNQ	THNQ	13,427	$1.2m0.49%	0.49%	Added +1.4k	+1,395 11.6%
66	FEDERATED HERMES PREM MUNI I COM FMN	FMN	105,041	$1.2m0.48%	0.48%	Reduced -23.8k	-23,774 -18.5%
67	WALMART INC COM WMT	WMT	10,628	$1.2m0.48%	0.48%	Unchanged
68	BRANDYWINEGBL GBL INCM OPP F COM BWG	BWG	145,866	$1.2m0.46%	0.46%	Unchanged
69	MATTHEWS ASIA FDS ASIA INNOV ACTIV MINV	MINV	18,505	$1.1m0.43%	0.43%	Added +4.1k	+4,058 28.1%
70	EATON VANCE SR FLTNG RTE TR COM XEFRX	XEFRX	100,012	$1.1m0.42%	0.42%	New
71	SOFI TECHNOLOGIES INC COM SOFI	SOFI	58,563	$1.1m0.42%	0.42%	Added +12.3k	+12,336 26.7%
72	ISHARES TR FUTURE AI & TECH ARTY	ARTY	12,059	$918.4k0.37%	0.37%	Added +3.3k	+3,281 37.4%
73	BLACKROCK INC COM BLK	BLK	940	$903.9k0.36%	0.36%	Unchanged
74	AECOM COM ACM	ACM	12,611	$880.2k0.35%	0.35%	Unchanged
75	FEDEX CORP COM FDX	FDX	2,800	$876.8k0.35%	0.35%	Unchanged
76	QUALCOMM INC COM QCOM	QCOM	4,727	$873.5k0.35%	0.35%	Unchanged
77	BLACKROCK MUNIHLDNGS CALI QL COM MUC	MUC	78,518	$862.9k0.35%	0.35%	Reduced -82	-82 -0.1%
78	ISHARES TR CORE MSCI INTL IDEV	IDEV	9,632	$857.3k0.34%	0.34%	Unchanged
79	DEERE & CO COM DE	DE	1,279	$811.3k0.32%	0.32%	Unchanged
80	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	11,228	$800.0k0.32%	0.32%	Unchanged
81	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	1,149	$789.3k0.32%	0.32%	Added +1	+1 0.1%
82	NIKE INC CL B NKE	NKE	19,058	$782.3k0.31%	0.31%	Added +400	+400 2.1%
83	WISDOMTREE TR EMG MKTS SMCAP DGS	DGS	11,518	$745.3k0.30%	0.30%	Unchanged
84	VANGUARD WORLD FD FINANCIALS ETF VFH	VFH	5,611	$738.4k0.30%	0.30%	Unchanged
85	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	8,823	$687.4k0.28%	0.28%	Added +10	+10 0.1%
86	IONQ INC COM IONQ	IONQ	12,645	$673.5k0.27%	0.27%	Added +150	+150 1.2%
87	ETF SER SOLUTIONS DEFIANCE QUANTUM QTUM	QTUM	4,042	$668.5k0.27%	0.27%	Unchanged
88	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	882	$658.4k0.26%	0.26%	Reduced -1	-1 -0.1%
89	MASTERCARD INCORPORATED CL A MA	MA	1,277	$655.9k0.26%	0.26%	Reduced -70	-70 -5.2%
90	VANECK ETF TRUST JP MRGAN EM LOC EMLC	EMLC	24,900	$636.4k0.25%	0.25%	Unchanged
91	HOME DEPOT INC COM HD	HD	1,702	$600.3k0.24%	0.24%	Added +100	+100 6.2%
92	ELEVANCE HEALTH INC COM ELV	ELV	1,550	$599.4k0.24%	0.24%	New
93	LOCKHEED MARTIN CORP COM LMT	LMT	1,139	$580.3k0.23%	0.23%	Unchanged
94	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	285	$567.0k0.23%	0.23%	Unchanged
95	BLACKROCK MUNIYIELD N Y QUAL COM MYN	MYN	54,972	$558.0k0.22%	0.22%	Reduced -16.4k	-16,447 -23.0%
96	VISTRA CORP COM VST	VST	3,500	$555.2k0.22%	0.22%	Reduced -550	-550 -13.6%
97	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	6,300	$548.4k0.22%	0.22%	Unchanged
98	CSX CORP COM CSX	CSX	11,272	$535.8k0.21%	0.21%	Unchanged
99	MATTHEWS ASIA FDS EMER MKTS EQUITY MEM	MEM	11,700	$529.6k0.21%	0.21%	Unchanged
100	ARS PHARMACEUTICALS INC COM SPRY	SPRY	65,701	$526.3k0.21%	0.21%	Reduced -1.5k	-1,528 -2.3%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ASCENDIS PHARMA A/S		26,077	$6.0m26.1k shares
BLACKROCK INNOVATION AND GRW BTX	BTX	593,000	$3.9m593.0k shares
BLACKROCK MUN TARGET TERM TR BTT	BTT	81,562	$1.9m81.6k shares
VISA INC V	V	3,641	$1.1m3.6k shares
TRACTOR SUPPLY CO TSCO	TSCO	18,315	$829.7k18.3k shares
NUTRIEN LTD NTR	NTR	10,256	$773.9k10.3k shares
STERIS PLC STE	STE	3,397	$751.2k3.4k shares
ALIBABA GROUP HLDG LTD BABA	BABA	5,534	$694.3k5.5k shares
RIVERNORTH FLEXIBLE MUNI INC RFMZ	RFMZ	49,190	$622.3k49.2k shares
CENTRAL & EASTERN EUROPE FD CEE	CEE	33,995	$622.1k34.0k shares
UNION PAC CORP UNP	UNP	2,296	$557.1k2.3k shares
CLOUGH GLOBAL EQUITY FD XGLQX	XGLQX	66,015	$497.1k66.0k shares
SABA CAPITAL INCOME & OPRNT BRW	BRW	65,333	$440.3k65.3k shares
NUVEEN PENNSYLVANIA QLT MUN XNQPX	XNQPX	34,440	$410.9k34.4k shares
MFS INVT GRADE MUN TR		47,998	$383.5k48.0k shares
PALANTIR TECHNOLOGIES INC PLTR	PLTR	2,600	$380.3k2.6k shares
MFS HIGH YIELD MUN TR XCMUX	XCMUX	98,712	$353.4k98.7k shares
AAR CORP AIR	AIR	3,000	$328.4k3.0k shares
FULCRUM THERAPEUTICS INC FULC	FULC	39,649	$304.1k39.6k shares
MFS HIGH INCOME MUN TR		73,090	$271.2k73.1k shares
NORTHROP GRUMMAN CORP NOC	NOC	389	$265.4k389 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
MEXICO EQUITY & INCOME FD MXE · 13G · filed 2024-11-12	MXE	5.4%≈ $3.1m	new	13G	2024-11-12
DESTRA MULTI-ALTERNATIVE FD DMA · 13G · filed 2026-08-13	DMA	5.1%≈ $3.4m	new	13G	2026-08-13