Top Institutional Investors

Annex Advisory Services, LLC — 13F Holdings & Portfolio

CIK 1542287 · latest 13F-HR filed 2026-10-16

Backtest portfolio

Annex Advisory Services, LLC manages $6.11B in 13F-reported U.S. long-equity assets across 377 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are GSIE (4.83%), UBND (4.72%), AVUS (4.54%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 42 new positions and exited 21; 116 existing positions rose in reported value and 143 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$6.11B

Long-equity book

Holdings
377

Distinct positions

Period
2026-09-30

Filed 2026-10-16

Q/Q Activity
+42 / −21 / ↑116 / ↓143

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
GSIE4.8% · +4%UBND4.7% · -26%AVUS4.5% · +7%DFAU4.1% · +10%LRGF4.0% · +10%JCPB3.7% · newSMTH3.2% · -13%DFAI3.1% · +11%AAPL3.0% · +20%AVEM2.6% · +8%NVDA2.5% · +2%MSFT2.0% · +3%DFIC1.8% · +12%GOOGL1.8% · +20%AGG1.6% · +47843%DFAE1.5% · +6%PBTP1.5% · newAMZN1.4% · -3%V1.3% · -3%ADI1.3% · -15%META1.3% · -3%AVGO1.2% · -2%KBWB1.2% · +7%ZROZ1.2% · +37529%IHAK1.1% · +116%AVLV1.1% · newFNV1.0% · +63%MS1.0% · -2%XHB1.0% · +8%SMLF1.0% · +12%AVDE1.0% · -57%EMGF0.9% · +20%PBR0.9% · +19%MU0.9% · +850%FCX0.9% · -1%MRVL0.8% · +832%VCTR0.8% · -20%TPL0.8% · +3%PM0.8% · +2%AMGN0.8% · +794%NOK0.7% · +1711%ASML0.7% · +1%PYLD0.7% · +30%VTI0.7% · -1%CVX0.7% · +49%UNH0.7% · +70%XBI0.7% · +5%DE0.7% · +2%BAC0.6% · -1%STM0.6% · newLLY0.6% · +765%VRT0.6% · +18%LRCX0.6% · +9231%TOL0.6% · +354%XSD0.6% · newROBO0.6% · +7%UFPT0.5% · -15%VGT0.4% · -2%EXPE0.4% · -30%GRBK0.4% · -16%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 37.7%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Apr 17, 2026.

Assets Under Management
$8.05B
Discretionary
$7.81B
Employees
151
Accounts
22,003
Address
17950 W. CORPORATE DRIVE
SUITE 300
BROOKFIELD, WI 53045
Phone
(262) 786-6363
Website
Name Title / Status Ownership Type
ACKLEY, NAOMI, KAROL ControlCHIEF COMPLIANCE OFFICER
since Sep 2020
Less than 5%Individual
ANNEX HOLDCO II, LLC ControlSOLE MEMBER
since Dec 2025
75% or moreDomestic Entity
SPANO, DAVID, JOSEPH ControlCEO
since Jul 2003
Less than 5%Individual
ANNEX HOLDCO I, LLC Control
Indirect owner via ANNEX HOLDCO II, LLC
SOLE MEMBER
since Dec 2025
75% or moreDomestic Entity
DAVID J SPANO REVOCABLE TRUST, DATED JANUARY 2, 2018 Control
Indirect owner via ANNEX HOLDCO I, LLC
STOCKHOLDER
since Dec 2025
50–75%Domestic Entity
Ownership & leadership changes · 6 filings with changes since Jan 12, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Apr 17, 2026 filing
  • No longer listedDryer, Steven, James · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Jun 2025
Jan 27, 2026 filing
  • No longer listedReilly, Kristin, Zasmeta · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Jun 2023
  • AddedANNEX HOLDCO I, LLC · SOLE MEMBER · 75% or more · indirect via ANNEX HOLDCO II, LLC · control person
  • AddedANNEX HOLDCO II, LLC · SOLE MEMBER · 75% or more · control person
  • AddedDAVID J SPANO REVOCABLE TRUST, DATED JANUARY 2, 2018 · STOCKHOLDER · 50–75% · indirect via ANNEX HOLDCO I, LLC · control person
  • ChangedSPANO, DAVID, JOSEPH · ownership 75% or more → Less than 5%
Jul 3, 2025 filing
  • No longer listedPIERCE, JEFFREY, LAWRENCE · PRESIDENT/CHIEF OPERATING OFFICER · Less than 5% · control person · listed since May 2024
  • AddedDryer, Steven, James · CHIEF OPERATING OFFICER · Less than 5% · control person
Jun 28, 2024 filing
  • AddedPIERCE, JEFFREY, LAWRENCE · PRESIDENT/CHIEF OPERATING OFFICER · Less than 5% · control person
  • ChangedSPANO, DAVID, JOSEPH · title MEMBER/PRESIDENT → CEO
Jan 23, 2024 filing
  • AddedReilly, Kristin, Zasmeta · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Sep 17, 2020 filing
  • No longer listedOSWALD, MARK, MICHAEL · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jul 2003
  • AddedACKLEY, NAOMI, KAROL · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Jan 12, 2012 filing (earliest on record)
  • ListedOSWALD, MARK, MICHAEL · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedSPANO, DAVID, JOSEPH · MEMBER/PRESIDENT · 75% or more · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Annex Advisory Services, LLC Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 GOLDMAN SACHS ETF TR GSIE 381430107 $295.0M 4.83% 6,435,532 SH
2 VICTORY PORTFOLIOS II UBND 92647X863 $288.3M 4.72% 13,956,506 SH
3 AMERICAN CENTY ETF TR AVUS 025072885 $277.5M 4.54% 2,166,227 SH
4 DIMENSIONAL ETF TRUST DFAU 25434V104 $250.1M 4.09% 4,776,681 SH
5 ISHARES TR LRGF 46434V282 $242.2M 3.97% 3,111,527 SH
6 J P MORGAN EXCHANGE TRADED F JCPB 46641Q670 $224.3M 3.67% 5,008,101 SH
7 ALPS ETF TR SMTH 00162Q346 $196.8M 3.22% 8,018,448 SH
8 DIMENSIONAL ETF TRUST DFAI 25434V203 $190.1M 3.11% 4,587,286 SH
9 APPLE INC AAPL 037833100 $181.6M 2.97% 545,415 SH
10 AMERICAN CENTY ETF TR AVEM 025072604 $157.4M 2.58% 1,673,730 SH
11 NVIDIA CORPORATION NVDA 67066G104 $152.8M 2.50% 668,848 SH
12 MICROSOFT CORP MSFT 594918104 $124.5M 2.04% 242,727 SH
13 DIMENSIONAL ETF TRUST DFIC 25434V799 $111.7M 1.83% 2,969,717 SH
14 ALPHABET INC GOOGL 02079K305 $109.8M 1.80% 319,116 SH
15 ISHARES TR AGG 464287226 $97.0M 1.59% 1,025,494 SH
16 DIMENSIONAL ETF TRUST DFAE 25434V302 $94.5M 1.55% 2,404,967 SH
17 INVESCO EXCH TRADED FD TR II PBTP 46138E495 $90.0M 1.47% 3,535,772 SH
18 AMAZON COM INC AMZN 023135106 $85.7M 1.40% 344,081 SH
19 VISA INC V 92826C839 $80.1M 1.31% 222,827 SH
20 ANALOG DEVICES INC ADI 032654105 $79.8M 1.31% 201,070 SH
21 META PLATFORMS INC META 30303M102 $77.4M 1.27% 106,722 SH
22 BROADCOM INC AVGO 11135F101 $73.7M 1.21% 209,965 SH
23 INVESCO EXCH TRADED FD TR II KBWB 46138E628 $70.8M 1.16% 811,651 SH
24 PIMCO ETF TR ZROZ 72201R882 $70.5M 1.15% 1,307,243 SH
25 ISHARES TR IHAK 46435U135 $69.4M 1.14% 1,026,597 SH
26 AMERICAN CENTY ETF TR AVLV 025072349 $64.5M 1.06% 712,657 SH
27 FRANCO NEV CORP FNV 351858105 $62.5M 1.02% 262,442 SH
28 MORGAN STANLEY MS 617446448 $61.9M 1.01% 329,367 SH
29 SPDR SERIES TRUST XHB 78464A888 $59.8M 0.98% 622,371 SH
30 ISHARES TR SMLF 46434V290 $58.7M 0.96% 702,146 SH
31 AMERICAN CENTY ETF TR AVDE 025072703 $58.2M 0.95% 645,827 SH
32 ISHARES INC EMGF 46434G889 $54.7M 0.90% 764,190 SH
33 PETROLEO BRASILEIRO S A PBR 71654V408 $54.0M 0.88% 2,589,233 SH
34 MICRON TECHNOLOGY INC MU 595112103 $53.7M 0.88% 50,382 SH
35 FREEPORT MCMORAN INC FCX 35671D857 $52.2M 0.85% 745,957 SH
36 MARVELL TECHNOLOGY INC MRVL 573874104 $51.9M 0.85% 196,274 SH
37 VICTORY CAP HLDGS INC DEL VCTR 92645B103 $51.6M 0.84% 466,622 SH
38 TEXAS PACIFIC LAND CORPORATI TPL 88262P102 $51.3M 0.84% 157,540 SH
39 PHILIP MORRIS INTL INC PM 718172109 $49.9M 0.82% 261,500 SH
40 AMGEN INC AMGN 031162100 $47.0M 0.77% 111,413 SH
41 NOKIA CORP NOK 654902204 $45.3M 0.74% 4,468,371 SH
42 ASML HLDG NV ASML N07059210 $45.1M 0.74% 24,888 SH
43 PIMCO ETF TR PYLD 72201R585 $44.3M 0.73% 1,745,119 SH
44 VANGUARD INDEX FDS VTI 922908769 $43.9M 0.72% 117,379 SH
45 CHEVRON CORPORATION CVX 166764100 $43.4M 0.71% 212,496 SH
46 UNITEDHEALTH GROUP INC UNH 91324P102 $42.9M 0.70% 116,856 SH
47 SPDR SERIES TRUST XBI 78464A870 $42.0M 0.69% 266,485 SH
48 DEERE & CO DE 244199105 $39.7M 0.65% 59,109 SH
49 BANK OF AMER CORP BAC 060505104 $39.5M 0.65% 725,751 SH
50 STMICROELECTRONICS N V STM 861012102 $38.9M 0.64% 728,578 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-16 $6.11B 377 0001542287-26-000005
2026-06-30 2026-07-10 $5.86B 356 0001542287-26-000003
2026-03-31 2026-04-16 $5.34B 375 0001542287-26-000002
2025-12-31 2026-01-26 $5.24B 357 0001542287-26-000001
Filer Information
Address
17950 W. CORPORATE DRIVE
SUITE 300
BROOKFIELD, WI 53045
Phone
(262) 786-6363
Filing Manager
Annex Advisory Services, LLC
BROOKFIELD, WI
Signatory
Naomi Ackley
Chief Compliance Officer