MSA Advisors, LLC Concentrated Active

CIK: 0001040410 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $399,390 (100.0% shares, 0.0% debt)

Holdings (31)

New Positions (3)

SLV iShares Silver Trust 7.7%

Value ($000) $30,776 Shares 477,745 Est. Cost $64.42 Unrealized —

IBIT ISHARES BITCOIN TRUST 1.2%

Value ($000) $4,750 Shares 95,670 Est. Cost $49.65 Unrealized —

— SATELLOGIC INC 0.0%

Value ($000) $49 Shares 26,261 Est. Cost $1.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLV	iShares Silver Trust	477,745	$30,776	7.7%	$64.42	—	ISHARES	46428Q109
IBIT	ISHARES BITCOIN TRUST	95,670	$4,750	1.2%	$49.65	—	ETF SHS BEN INT	46438F101
—	SATELLOGIC INC	26,261	$49	0.0%	$1.87	—	COM CL A	80401C900

Increased Positions (3)

AAPL APPLE INC 4.8%

Value ($000) $19,341 (+26.5%) Shares 71,143 (+18.5%) Est. Cost $204.46 Unrealized +31.2%

MTN VAIL RESORTS INC 2.0%

Value ($000) $8,048 (+17.0%) Shares 60,600 (+31.7%) Est. Cost $149.87 Unrealized -1.8%

META META PLATFORMS INC 4.0%

Value ($000) $16,064 (-5.5%) Shares 24,336 (+5.2%) Est. Cost $491.84 Unrealized +35.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	71,143 (+18.5%)	$19,341 (+26.5%)	4.8%	$204.46	+31.2%	COM	037833100
MTN	VAIL RESORTS INC	60,600 (+31.7%)	$8,048 (+17.0%)	2.0%	$149.87	-1.8%	COM	91879Q109
META	META PLATFORMS INC	24,336 (+5.2%)	$16,064 (-5.5%)	4.0%	$491.84	+35.7%	CL A	30303M102

Exited Positions (2)

SHOP SHOPIFY INC 0.7%

Value ($000) $2,898 Shares 19,500 Est. Cost $63.86 Unrealized +151.4%

WBD WARNER BROS DISCOVERY INC 0.3%

Value ($000) $1,109 Shares 56,800 Est. Cost $13.62 Unrealized +71.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHOP	SHOPIFY INC	19,500	$2,898	0.7%	$63.86	+151.4%	—	82509L107
WBD	WARNER BROS DISCOVERY INC	56,800	$1,109	0.3%	$13.62	+71.6%	—	934423104

Decreased Positions (9)

SPY SPDR S&P 500 ETF TRUST 15.6%

Value ($000) $62,313 (-18.0%) Shares 91,379 (-19.8%) Est. Cost $476.12 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.6%

Value ($000) $2,483 (-83.3%) Shares 4,275 (-79.9%) Est. Cost $481.66 Unrealized +29.8%

LYV LIVE NATION ENTERTAINMENT IN 5.3%

Value ($000) $21,086 (-30.3%) Shares 147,975 (-20.1%) Est. Cost $97.60 Unrealized +47.3%

DIS DISNEY WALT CO 0.8%

Value ($000) $3,253 (-66.4%) Shares 28,590 (-66.2%) Est. Cost $90.89 Unrealized +20.5%

GOOG ALPHABET INC 7.1%

Value ($000) $28,466 (+21.5%) Shares 90,715 (-5.7%) Est. Cost $147.31 Unrealized +94.4%

MSFT MICROSOFT CORP 4.4%

Value ($000) $17,459 (-12.8%) Shares 36,100 (-6.6%) Est. Cost $366.16 Unrealized +36.7%

APO APOLLO GLOBAL MANAGEMENT INC 31.2%

Value ($000) $124,465 (+1.9%) Shares 859,802 (-6.2%) Est. Cost $95.70 Unrealized +38.5%

JPM JPMORGAN CHASE & CO. 2.2%

Value ($000) $8,813 (-10.5%) Shares 27,350 (-12.3%) Est. Cost $157.97 Unrealized +95.9%

BODI THE BEACHBODY COMPANY INC 0.2%

Value ($000) $933 (+35.0%) Shares 90,085 (-22.8%) Est. Cost $10.69 Unrealized -28.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TRUST	91,379 (-19.8%)	$62,313 (-18.0%)	15.6%	$476.12	—	TR UNIT	78462F103
SPOT	SPOTIFY TECHNOLOGY S A	4,275 (-79.9%)	$2,483 (-83.3%)	0.6%	$481.66	+29.8%	SHS	L8681T102
LYV	LIVE NATION ENTERTAINMENT IN	147,975 (-20.1%)	$21,086 (-30.3%)	5.3%	$97.60	+47.3%	COM	538034109
DIS	DISNEY WALT CO	28,590 (-66.2%)	$3,253 (-66.4%)	0.8%	$90.89	+20.5%	COM	254687106
GOOG	ALPHABET INC	90,715 (-5.7%)	$28,466 (+21.5%)	7.1%	$147.31	+94.4%	CAP STK CL C	02079K107
MSFT	MICROSOFT CORP	36,100 (-6.6%)	$17,459 (-12.8%)	4.4%	$366.16	+36.7%	COM	594918104
APO	APOLLO GLOBAL MANAGEMENT INC	859,802 (-6.2%)	$124,465 (+1.9%)	31.2%	$95.70	+38.5%	COM	03769M106
JPM	JPMORGAN CHASE & CO.	27,350 (-12.3%)	$8,813 (-10.5%)	2.2%	$157.97	+95.9%	COM	46625H100
BODI	THE BEACHBODY COMPANY INC	90,085 (-22.8%)	$933 (+35.0%)	0.2%	$10.69	-28.2%	COM CL A NEW	073463309

Unchanged Positions (16)

TPG TPG INC 2.7%

Value ($000) $10,820 Shares 169,493 Est. Cost $33.76 Unrealized +74.9%

LLY KLARNA GROUP PLC 0.7%

Value ($000) $2,687 Shares 2,500 Est. Cost $746.18 Unrealized +28.1%

KLAR KLARNA GROUP PLC 0.7%

Value ($000) $2,884 Shares 99,768 Est. Cost $42.59 Unrealized -19.4%

SBUX STARBUCKS CORP 7.3%

Value ($000) $28,973 Shares 344,057 Est. Cost $89.63 Unrealized -6.2%

BAC BANK AMERICA CORP 0.3%

Value ($000) $1,100 Shares 20,000 Est. Cost $27.61 Unrealized +90.7%

CAI CARIS LIFE SCIENCES INC 0.1%

Value ($000) $518 Shares 19,200 Est. Cost $26.95 Unrealized +4.5%

CMCSA COMCAST CORP NEW 0.2%

Value ($000) $687 Shares 22,988 Est. Cost $39.99 Unrealized -28.7%

VOO VANGUARD INDEX FDS 0.3%

Value ($000) $1,313 Shares 2,093 Est. Cost $527.67 Unrealized —

S SENTINELONE INC 0.0%

Value ($000) $160 Shares 10,679 Est. Cost $26.13 Unrealized -37.3%

AMZN AMAZON COM INC 0.1%

Value ($000) $429 Shares 1,860 Est. Cost $190.08 Unrealized +20.4%

BIRK BIRKENSTOCK HOLDING PLC 0.0%

Value ($000) $168 Shares 4,100 Est. Cost $51.40 Unrealized -17.6%

NVO NOVO-NORDISK A S 0.0%

Value ($000) $178 Shares 3,500 Est. Cost $103.45 Unrealized —

AGEN AGENUS INC 0.0%

Value ($000) $31 Shares 10,000 Est. Cost $3.46 Unrealized +15.0%

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $410 Shares 2,200 Est. Cost $101.05 Unrealized +84.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $239 Shares 475 Est. Cost $442.18 Unrealized +12.5%

NKE NIKE INC 0.1%

Value ($000) $493 Shares 7,070 Est. Cost $102.99 Unrealized -37.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TPG	TPG INC	169,493	$10,820	2.7%	$33.76	+74.9%	COM CL A	872657101
LLY	KLARNA GROUP PLC	2,500	$2,687	0.7%	$746.18	+28.1%	SHS	532457108
KLAR	KLARNA GROUP PLC	99,768	$2,884	0.7%	$42.59	-19.4%	SHS	G5279N105
SBUX	STARBUCKS CORP	344,057	$28,973	7.3%	$89.63	-6.2%	COM	855244109
BAC	BANK AMERICA CORP	20,000	$1,100	0.3%	$27.61	+90.7%	COM	060505104
CAI	CARIS LIFE SCIENCES INC	19,200	$518	0.1%	$26.95	+4.5%	COM	142152107
CMCSA	COMCAST CORP NEW	22,988	$687	0.2%	$39.99	-28.7%	CL A	20030N101
VOO	VANGUARD INDEX FDS	2,093	$1,313	0.3%	$527.67	—	S&P 500 ETF SHS	922908363
S	SENTINELONE INC	10,679	$160	0.0%	$26.13	-37.3%	CL A	81730H109
AMZN	AMAZON COM INC	1,860	$429	0.1%	$190.08	+20.4%	COM	023135106
BIRK	BIRKENSTOCK HOLDING PLC	4,100	$168	0.0%	$51.40	-17.6%	COM SHS	M2029K104
NVO	NOVO-NORDISK A S	3,500	$178	0.0%	$103.45	—	ADR	670100205
AGEN	AGENUS INC	10,000	$31	0.0%	$3.46	+15.0%	COM NEW	00847G804
NVDA	NVIDIA CORPORATION	2,200	$410	0.1%	$101.05	+84.2%	COM	67066G104
BRK/B	BERKSHIRE HATHAWAY INC DEL	475	$239	0.1%	$442.18	+12.5%	CL B NEW	084670702
NKE	NIKE INC	7,070	$493	0.1%	$102.99	-37.0%	CL B	654106103