Portfolio (Quarterly) Guide ↗

Breakwater Investment Management

· CIK 0002025925

13F Portfolio $276M AUM 497 positions Filed Feb 2, 2026 EDGAR ↗ ← All Funds

Q4 2025 Q3 2025 · All 91 New 52 Added 66 Reduced 124 Exited

Page 3 of 3 · 52 positions

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#	Ticker	Company	Sector	Shares	Value ↓	% Port	Chg Shares	Chg %	Period Price ①	Since Period ①
41	CRM	SALESFORCE INC	Technology	6.0	$2K	0.00%	+2.0	+50.0%	$265.00	-32.3%
42	MRSH	MARSH & MCLENNAN COS INC	Financial Services	6.0	$1K	—	+4.0	+200.0%	$185.67	-10.6%
43	CMI	CUMMINS INC	Industrials	2.0	$1K	—	+1.0	+100.0%	$510.50	+29.2%
44	VLO	VALERO ENERGY CORP	Energy	6.0	$977.0	—	+3.0	+100.0%	$162.83	+58.8%
45	XLU	SELECT SECTOR SPDR TR	—	16.0	$684.0	—	+8.0	+100.0%	$42.75	+3.7%
46	CDNS	CADENCE DESIGN SYSTEM INC	Technology	2.0	$626.0	—	+1.0	+100.0%	$313.00	+8.0%
47	DVN	DEVON ENERGY CORP NEW	Energy	15.0	$550.0	—	+1.0	+7.1%	$36.67	+35.5%
48	CTVA	CORTEVA INC	Basic Materials	8.0	$537.0	—	+1.0	+14.3%	$67.12	+20.8%
49	AMT	AMERICAN TOWER CORP NEW	Real Estate	3.0	$527.0	—	+1.0	+50.0%	$175.67	+4.2%
50	EOG	EOG RES INC	Energy	5.0	$526.0	—	+1.0	+25.0%	$105.20	+35.9%
51	NKE	NIKE INC	Consumer Cyclical	8.0	$510.0	—	+2.0	+33.3%	$63.75	-33.2%
52	CHD	CHURCH & DWIGHT CO INC	Consumer Defensive	6.0	$504.0	—	+1.0	+20.0%	$84.00	+14.0%

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① Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation

Technology 43.4%

Financial Services 26.1%

Consumer Cyclical 17.1%

Communication Services 6.3%

Healthcare 3.1%

Industrials 1.5%

Consumer Defensive 1.2%

Energy 0.8%

Basic Materials 0.3%

Utilities 0.1%