Baer Investment Advisory LLC Hedge Fund

CIK: 0002057153 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 21, 2026

Total Value ($000): $105,060 (100.0% shares, 0.0% debt)

Holdings (36)

New Positions (5)

IBM INTERNATIONAL BUSINESS MACHS 2.1%

Value ($000) $2,164 Shares 7,306 Est. Cost $298.78 Unrealized 0.0%

RACE FERRARI N V 1.9%

Value ($000) $1,970 Shares 5,330 Est. Cost $400.15 Unrealized 0.0%

IBM INTERNATIONAL BUSINESS MACHS 1.4%

Value ($000) $1,456 Shares 242 Est. Cost $298.78 Unrealized 0.0%

CDNS CADENCE DESIGN SYSTEM INC 1.0%

Value ($000) $1,056 Shares 3,378 Est. Cost $326.31 Unrealized 0.0%

QQQ INVESCO QQQ TR 0.3%

Value ($000) $280 Shares 352 Est. Cost $600.36 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBM	INTERNATIONAL BUSINESS MACHS	7,306	$2,164	2.1%	$298.78	0.0%	COM	459200101
RACE	FERRARI N V	5,330	$1,970	1.9%	$400.15	0.0%	COM	N3167Y103
IBM	INTERNATIONAL BUSINESS MACHS	242	$1,456	1.4%	$298.78	0.0%	CALL	459200101
CDNS	CADENCE DESIGN SYSTEM INC	3,378	$1,056	1.0%	$326.31	0.0%	COM	127387108
QQQ	INVESCO QQQ TR	352	$280	0.3%	$600.36	—	PUT	46090E103

Increased Positions (14)

ECL ECOLAB INC 3.6%

Value ($000) $3,823 (+160.5%) Shares 14,561 (+171.7%) Est. Cost $261.78 Unrealized +1.5%

CSGP COSTAR GROUP INC 1.9%

Value ($000) $2,033 (+141.8%) Shares 1,454 (+236.6%) Est. Cost $76.29 Unrealized -7.2%

EPD ENTERPRISE PRODS PARTNERS L 2.4%

Value ($000) $2,558 (+76.9%) Shares 79,774 (+72.6%) Est. Cost $32.56 Unrealized —

VEEV VEEVA SYS INC 3.5%

Value ($000) $3,636 (-21.7%) Shares 16,286 (+4.5%) Est. Cost $226.58 Unrealized +17.1%

MSFT MICROSOFT CORP 3.8%

Value ($000) $3,973 (-16.6%) Shares 386 (+3.2%) Est. Cost $427.35 Unrealized +17.1%

NFLX NETFLIX INC 2.1%

Value ($000) $2,243 (-20.2%) Shares 906 (+884.8%) Est. Cost $106.89 Unrealized +0.9%

NFLX NETFLIX INC 2.1%

Value ($000) $2,175 (-16.5%) Shares 23,198 (+967.6%) Est. Cost $106.89 Unrealized +0.9%

AMZN AMAZON COM INC 5.8%

Value ($000) $6,073 (+6.6%) Shares 26,311 (+1.4%) Est. Cost $205.22 Unrealized +11.5%

AAPL APPLE INC 3.6%

Value ($000) $3,789 (+10.0%) Shares 13,938 (+3.0%) Est. Cost $234.86 Unrealized +14.3%

URI UNITED RENTALS INC 2.6%

Value ($000) $2,729 (-8.6%) Shares 3,372 (+7.8%) Est. Cost $810.53 Unrealized +7.0%

CW CURTISS WRIGHT CORP 4.2%

Value ($000) $4,390 (+5.8%) Shares 7,963 (+4.2%) Est. Cost $494.88 Unrealized +12.7%

DE DEERE & CO 3.7%

Value ($000) $3,894 (+5.9%) Shares 8,363 (+4.0%) Est. Cost $432.59 Unrealized +8.1%

EME EMCOR GROUP INC 4.9%

Value ($000) $5,163 (-3.1%) Shares 8,439 (+2.9%) Est. Cost $477.06 Unrealized +35.7%

AMZN AMAZON COM INC 0.6%

Value ($000) $634 (+6.5%) Shares 102 (+7.4%) Est. Cost $205.22 Unrealized +11.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ECL	ECOLAB INC	14,561 (+171.7%)	$3,823 (+160.5%)	3.6%	$261.78	+1.5%	COM	278865100
CSGP	COSTAR GROUP INC	1,454 (+236.6%)	$2,033 (+141.8%)	1.9%	$76.29	-7.2%	CALL	22160N109
EPD	ENTERPRISE PRODS PARTNERS L	79,774 (+72.6%)	$2,558 (+76.9%)	2.4%	$32.56	—	COM	293792107
VEEV	VEEVA SYS INC	16,286 (+4.5%)	$3,636 (-21.7%)	3.5%	$226.58	+17.1%	CL A COM	922475108
MSFT	MICROSOFT CORP	386 (+3.2%)	$3,973 (-16.6%)	3.8%	$427.35	+17.1%	CALL	594918104
NFLX	NETFLIX INC	906 (+884.8%)	$2,243 (-20.2%)	2.1%	$106.89	+0.9%	CALL	64110L106
NFLX	NETFLIX INC	23,198 (+967.6%)	$2,175 (-16.5%)	2.1%	$106.89	+0.9%	COM	64110L106
AMZN	AMAZON COM INC	26,311 (+1.4%)	$6,073 (+6.6%)	5.8%	$205.22	+11.5%	COM	023135106
AAPL	APPLE INC	13,938 (+3.0%)	$3,789 (+10.0%)	3.6%	$234.86	+14.3%	COM	037833100
URI	UNITED RENTALS INC	3,372 (+7.8%)	$2,729 (-8.6%)	2.6%	$810.53	+7.0%	COM	911363109
CW	CURTISS WRIGHT CORP	7,963 (+4.2%)	$4,390 (+5.8%)	4.2%	$494.88	+12.7%	COM	231561101
DE	DEERE & CO	8,363 (+4.0%)	$3,894 (+5.9%)	3.7%	$432.59	+8.1%	COM	244199105
EME	EMCOR GROUP INC	8,439 (+2.9%)	$5,163 (-3.1%)	4.9%	$477.06	+35.7%	COM	29084Q100
AMZN	AMAZON COM INC	102 (+7.4%)	$634 (+6.5%)	0.6%	$205.22	+11.5%	CALL	023135106

Exited Positions (10)

CSGP COSTAR GROUP INC 4.2%

Value ($000) $4,431 Shares 52,517 Est. Cost $76.29 Unrealized -7.2%

COST COSTCO WHSL CORP NEW 3.2%

Value ($000) $3,334 Shares 3,602 Est. Cost $948.05 Unrealized -4.5%

ZTS ZOETIS INC 2.8%

Value ($000) $2,984 Shares 20,391 Est. Cost $161.12 Unrealized -19.2%

APD AIR PRODS & CHEMS INC 2.3%

Value ($000) $2,455 Shares 9,001 Est. Cost $304.00 Unrealized -17.2%

HD HOME DEPOT INC 1.9%

Value ($000) $2,028 Shares 5,006 Est. Cost $397.06 Unrealized -8.2%

TTD THE TRADE DESK INC 1.0%

Value ($000) $1,025 Shares 967 Est. Cost — Unrealized —

VEEV VEEVA SYS INC 0.3%

Value ($000) $362 Shares 65 Est. Cost $226.58 Unrealized +17.1%

INTU INTUIT 0.3%

Value ($000) $324 Shares 22 Est. Cost $666.42 Unrealized -0.9%

APD AIR PRODS & CHEMS INC 0.2%

Value ($000) $220 Shares 136 Est. Cost $304.00 Unrealized -17.2%

DE DEERE & CO 0.2%

Value ($000) $213 Shares 26 Est. Cost $432.59 Unrealized +8.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC	52,517	$4,431	4.2%	$76.29	-7.2%	—	22160N109
COST	COSTCO WHSL CORP NEW	3,602	$3,334	3.2%	$948.05	-4.5%	—	22160K105
ZTS	ZOETIS INC	20,391	$2,984	2.8%	$161.12	-19.2%	—	98978V103
APD	AIR PRODS & CHEMS INC	9,001	$2,455	2.3%	$304.00	-17.2%	—	009158106
HD	HOME DEPOT INC	5,006	$2,028	1.9%	$397.06	-8.2%	—	437076102
TTD	THE TRADE DESK INC	967	$1,025	1.0%	—	—	CALL	88339J105
VEEV	VEEVA SYS INC	65	$362	0.3%	$226.58	+17.1%	CALL	922475108
INTU	INTUIT	22	$324	0.3%	$666.42	-0.9%	CALL	461202103
APD	AIR PRODS & CHEMS INC	136	$220	0.2%	$304.00	-17.2%	CALL	009158106
DE	DEERE & CO	26	$213	0.2%	$432.59	+8.1%	CALL	244199105

Decreased Positions (11)

CDNS CADENCE DESIGN SYSTEM INC 1.1%

Value ($000) $1,197 (-50.3%) Shares 244 (-28.0%) Est. Cost $326.31 Unrealized 0.0%

QQQ INVESCO QQQ TR 0.2%

Value ($000) $217 (-80.7%) Shares 354 (-81.1%) Est. Cost $600.36 Unrealized —

NVDA NVIDIA CORPORATION 9.3%

Value ($000) $9,758 (-6.7%) Shares 1,354 (-6.3%) Est. Cost $127.62 Unrealized +45.8%

URI UNITED RENTALS INC 0.7%

Value ($000) $733 (-46.4%) Shares 54 (-8.5%) Est. Cost $810.53 Unrealized +7.0%

TXN TEXAS INSTRS INC 2.8%

Value ($000) $2,934 (-16.2%) Shares 16,912 (-11.3%) Est. Cost $188.04 Unrealized -9.2%

— SHOPIFY INC 2.0%

Value ($000) $2,083 (-15.8%) Shares 325 (-19.0%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 1.8%

Value ($000) $1,901 (-12.1%) Shares 3,930 (-5.9%) Est. Cost $427.35 Unrealized +17.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.9%

Value ($000) $7,249 (-3.0%) Shares 680 (-9.6%) Est. Cost — Unrealized —

AAPL APPLE INC 0.5%

Value ($000) $508 (-22.6%) Shares 78 (-29.1%) Est. Cost $234.86 Unrealized +14.3%

APH AMPHENOL CORP NEW 6.3%

Value ($000) $6,598 (+2.0%) Shares 48,822 (-6.6%) Est. Cost $70.50 Unrealized +89.4%

SHOP SHOPIFY INC 1.6%

Value ($000) $1,691 (+4.1%) Shares 10,503 (-3.9%) Est. Cost $135.57 Unrealized +18.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CDNS	CADENCE DESIGN SYSTEM INC	244 (-28.0%)	$1,197 (-50.3%)	1.1%	$326.31	0.0%	CALL	127387108
QQQ	INVESCO QQQ TR	354 (-81.1%)	$217 (-80.7%)	0.2%	$600.36	—	UNIT SER 1	46090E103
NVDA	NVIDIA CORPORATION	1,354 (-6.3%)	$9,758 (-6.7%)	9.3%	$127.62	+45.8%	CALL	67066G104
URI	UNITED RENTALS INC	54 (-8.5%)	$733 (-46.4%)	0.7%	$810.53	+7.0%	CALL	911363109
TXN	TEXAS INSTRS INC	16,912 (-11.3%)	$2,934 (-16.2%)	2.8%	$188.04	-9.2%	COM	882508104
—	SHOPIFY INC	325 (-19.0%)	$2,083 (-15.8%)	2.0%	—	—	CALL	82509LAA5
MSFT	MICROSOFT CORP	3,930 (-5.9%)	$1,901 (-12.1%)	1.8%	$427.35	+17.1%	COM	594918104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	680 (-9.6%)	$7,249 (-3.0%)	6.9%	—	—	CALL	874039100
AAPL	APPLE INC	78 (-29.1%)	$508 (-22.6%)	0.5%	$234.86	+14.3%	CALL	037833100
APH	AMPHENOL CORP NEW	48,822 (-6.6%)	$6,598 (+2.0%)	6.3%	$70.50	+89.4%	CL A	032095101
SHOP	SHOPIFY INC	10,503 (-3.9%)	$1,691 (+4.1%)	1.6%	$135.57	+18.4%	CL A SUB VTG SHS	82509L107

Unchanged Positions (6)

TMO THERMO FISHER SCIENTIFIC INC 1.2%

Value ($000) $1,237 Shares 69 Est. Cost $543.07 Unrealized +4.1%

ADI ANALOG DEVICES INC 4.7%

Value ($000) $4,977 Shares 18,351 Est. Cost $218.27 Unrealized +14.8%

TMO THERMO FISHER SCIENTIFIC INC 1.7%

Value ($000) $1,752 Shares 3,023 Est. Cost $543.07 Unrealized +4.1%

INTU INTUIT 4.6%

Value ($000) $4,836 Shares 7,301 Est. Cost $666.42 Unrealized -0.9%

NVDA NVIDIA CORPORATION 3.1%

Value ($000) $3,273 Shares 17,550 Est. Cost $127.62 Unrealized +45.8%

SNAP SNAP INC 0.1%

Value ($000) $81 Shares 10,000 Est. Cost $11.27 Unrealized -29.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TMO	THERMO FISHER SCIENTIFIC INC	69	$1,237	1.2%	$543.07	+4.1%	CALL	883556102
ADI	ANALOG DEVICES INC	18,351	$4,977	4.7%	$218.27	+14.8%	COM	032654105
TMO	THERMO FISHER SCIENTIFIC INC	3,023	$1,752	1.7%	$543.07	+4.1%	COM	883556102
INTU	INTUIT	7,301	$4,836	4.6%	$666.42	-0.9%	COM	461202103
NVDA	NVIDIA CORPORATION	17,550	$3,273	3.1%	$127.62	+45.8%	COM	67066G104
SNAP	SNAP INC	10,000	$81	0.1%	$11.27	-29.8%	CL A	83304A106