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Annex Advisory Services, LLC
David Spano · Investment Advisor · Multi-Strategy
Annex Advisory Services, LLC, primarily operating under the brand name Annex Wealth Management, is an independent, fee-only investment advisory firm headquartered in Brookfield, Wisconsin. Founded in 2001 by David Spano, the firm provides comprehensive wealth management services, including personalized financial planning, tax preparation, and estate coordination. As a fiduciary, Annex serves a diverse range of clients, from individual investors and high-net-worth families to pension plans and charitable organizations. The firm is characterized by its team-based advisory model, utilizing specialized professionals across multiple financial sectors to manage portfolios and deliver tailored guidance focused on long-term wealth preservation and growth.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +4.1% |
| YTD return | +4.8% |
| Sharpe ratio | 1.12 |
| Win rate | 36% |
| AUM | $1.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://annexwealth.com |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| AAPL | Apple Inc | 9.5% | +26.6% |
| NVDA | NVIDIA Corporation | 9.4% | +16.5% |
| MSFT | Microsoft Corporation | 7.6% | +7.6% |
| GOOGL | Alphabet Inc Class A | 6.0% | +2.3% |
| AMZN | Amazon.com Inc | 5.9% | +12.4% |
| ADI | Analog Devices Inc | 5.6% | +5.6% |
| V | Visa Inc. Class A | 5.5% | +7.0% |
| TKO | TKO Group Holdings, Inc. | 5.2% | -3.5% |
| AVGO | Broadcom Inc | 5.2% | +5.6% |
| MS | Morgan Stanley | 4.7% | +22.0% |
| META | Meta Platforms Inc. | 4.7% | -4.1% |
| VCTR | Victory Capital Holdings Inc | 4.3% | +46.2% |
| NEE | Nextera Energy Inc | 3.9% | -13.9% |
| TPL | Texas Pacific Land Trust | 3.7% | -13.8% |
| FWONK | Liberty Media Corporation Series C Liberty Formula One Common Stock | 3.6% | -7.3% |
| FCX | Freeport-McMoran Copper & Gold Inc | 3.5% | +58.3% |
| PM | Philip Morris International Inc | 3.2% | -1.5% |
| BAC | Bank of America Corp | 3.0% | -3.5% |
| PBR-A | Petróleo Brasileiro S.A. - Petrobras | 2.8% | -0.9% |
| ASML | ASML Holding NV ADR | 2.7% | +40.5% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 14, 2026 | SELL | EXPE | 2.7% → 0.0% |
| Sep 14, 2026 | SELL | TKO | 5.1% → 5.2% |
| Sep 14, 2026 | SELL | TPL | 4.1% → 3.7% |
| Sep 14, 2026 | BUY | ASML | 2.7% → 2.7% |
| Sep 14, 2026 | BUY | MS | 4.8% → 4.7% |
Investment Style Analysis
Annex Advisory Services, LLC is widely recognized for employing a Multi-Strategy strategy. As of Sep 18, 2026, the firm oversees approximately $1.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Internet Content & Information sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 14, Annex Advisory Services, LLC made a significant move by reducing the position in EXPE. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Annex Advisory Services employs a research-driven investment discipline focused on asset allocation, risk management, and valuation fundamentals. The firm utilizes a proactive, committee-led investment process that combines long-term core holdings with tactical selections to optimize risk-adjusted returns. Their strategy integrates a wide variety of investment vehicles, including ETFs, individual equities, and fixed-income securities, all tailored to match each client's specific financial plan and risk profile. By adhering to a fiduciary standard and utilizing a team-based approach, the firm emphasizes tax-efficient portfolio construction and independent asset selection over market timing.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Annex Advisory Services, LLC.
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Frequently asked questions
How is the simulated portfolio for Annex Advisory Services, LLC constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Annex Advisory Services, LLC's largest holding?
As of the latest filing, Annex Advisory Services, LLC's top position is Apple Inc (AAPL), representing 9.5% of the portfolio. This reflects a high-conviction bet by the institution.
What is Annex Advisory Services, LLC's historical performance and risk profile?
Our simulation indicates a total return of +4.1% with a win rate of 36%. Notably, the portfolio maintains a Sharpe Ratio of 1.12, suggesting an strong level of risk-adjusted returns compared to the broader market.
What sectors does Annex Advisory Services, LLC primarily invest in?
Annex Advisory Services, LLC has a strong preference for the Semiconductors sector, which makes up 20.2% of their disclosed assets. The portfolio also has exposure to Internet Content & Information, indicating a specific thematic focus.
Is Annex Advisory Services, LLC's portfolio concentrated or diversified?
Annex Advisory Services, LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 26.6% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Annex Advisory Services, LLC performed in 2026?
Our AI-simulated model portfolio for Annex Advisory Services, LLC tracks a Year-to-Date (YTD) return of +4.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does David Spano manage Annex Advisory Services, LLC directly?
Yes, David Spano serves as the key portfolio manager for Annex Advisory Services, LLC, overseeing the investment strategy and final capital allocation decisions.