# EDGAR Filing Document

**Accession Number:** 0001842149
**File Stem:** 0001951757-26-000446
**Filing Date:** 2026-2
**Character Count:** 14499
**Document Hash:** 0d99569021c65ec66ea1197b83cab594
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-26-000446.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001951757-26-000446

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Heron Bay Capital Management
- **CENTRAL INDEX KEY:** 0001842149

**ORGANIZATION NAME:**
- **EIN:** 844098993
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20805
- **FILM NUMBER:** 26629487

**BUSINESS ADDRESS:**
- **STREET 1:** 40701 WOODWARD AVE SUITE 104
- **CITY:** BLOOMFIELD HILLS
- **STATE:** MI
- **ZIP:** 48304
- **BUSINESS PHONE:** 2489700900

**MAIL ADDRESS:**
- **STREET 1:** 40701 WOODWARD AVE SUITE 104
- **CITY:** BLOOMFIELD HILLS
- **STATE:** MI
- **ZIP:** 48304

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Heron Bay Capital Management<br>**Address:** 40701 WOODWARD AVE SUITE 104<br>BLOOMFIELD HILLS, MI 48304

**Form 13F File Number:** 028-20805

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kevin Kuhl<br>**Title:** Chief Compliance Officer<br>**Phone:** (248) 970-0900

**Signature, Place, and Date of Signing:**

Kevin Kuhl  Bloomfield Hills, MI  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 112

**Form 13F Information Table Value Total:** $524313872

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 8X8 INC NEW | COM | 282914100 |  | 87188 | 44258 | SH |  | SOLE |  | 0 | 0 | 44258 |
| ABRDN HEALTHCARE OPPORTUNITI | SHS | 879105104 |  | 11338791 | 592723 | SH |  | SOLE |  | 0 | 0 | 592723 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 405938 | 1513 | SH |  | SOLE |  | 0 | 0 | 1513 |
| ADOBE INC | COM | 00724F101 |  | 6078276 | 17367 | SH |  | SOLE |  | 0 | 0 | 17367 |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 536999 | 42823 | SH |  | SOLE |  | 0 | 0 | 42823 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 28483266 | 91001 | SH |  | SOLE |  | 0 | 0 | 91001 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 4419559 | 14084 | SH |  | SOLE |  | 0 | 0 | 14084 |
| AMAZON COM INC | COM | 023135106 |  | 20214553 | 87577 | SH |  | SOLE |  | 0 | 0 | 87577 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 298190 | 2924 | SH |  | SOLE |  | 0 | 0 | 2924 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 4185334 | 65355 | SH |  | SOLE |  | 0 | 0 | 65355 |
| APPLE INC | COM | 037833100 |  | 1747132 | 6427 | SH |  | SOLE |  | 0 | 0 | 6427 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 527441 | 493 | SH |  | SOLE |  | 0 | 0 | 493 |
| AUNA S A | CLASS A | L0415A103 |  | 138242 | 28098 | SH |  | SOLE |  | 0 | 0 | 28098 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754800 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 7024534 | 13975 | SH |  | SOLE |  | 0 | 0 | 13975 |
| BIOTE CORP | CLASS A COM | 090683103 |  | 82922 | 31893 | SH |  | SOLE |  | 0 | 0 | 31893 |
| BITCOIN DEPOT INC | COM | 09174P105 |  | 76194 | 59065 | SH |  | SOLE |  | 0 | 0 | 59065 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 305158 | 3512 | SH |  | SOLE |  | 0 | 0 | 3512 |
| BORGWARNER INC | COM | 099724106 |  | 1348601 | 29929 | SH |  | SOLE |  | 0 | 0 | 29929 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1045303 | 19379 | SH |  | SOLE |  | 0 | 0 | 19379 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 885035 | 19286 | SH |  | SOLE |  | 0 | 0 | 19286 |
| BROWN  BROWN INC | COM | 115236101 |  | 7108476 | 89190 | SH |  | SOLE |  | 0 | 0 | 89190 |
| CARECLOUD INC | COM | 14167R100 |  | 270798 | 92739 | SH |  | SOLE |  | 0 | 0 | 92739 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 3771693 | 20326 | SH |  | SOLE |  | 0 | 0 | 20326 |
| CHUBB LIMITED | COM | H1467J104 |  | 482225 | 1545 | SH |  | SOLE |  | 0 | 0 | 1545 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 2929202 | 24719 | SH |  | SOLE |  | 0 | 0 | 24719 |
| CONSENSUS CLOUD SOLUTIONS IN | COM | 20848V105 |  | 27351086 | 1253487 | SH |  | SOLE |  | 0 | 0 | 1253487 |
| CORPAY INC | COM SHS | 219948106 |  | 10746812 | 35712 | SH |  | SOLE |  | 0 | 0 | 35712 |
| CRITEO S A | SPONS ADS | 226718104 |  | 242229 | 11753 | SH |  | SOLE |  | 0 | 0 | 11753 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 4716737 | 16069 | SH |  | SOLE |  | 0 | 0 | 16069 |
| CUMBERLAND PHARMACEUTICALS I | COM | 230770109 |  | 116172 | 29189 | SH |  | SOLE |  | 0 | 0 | 29189 |
| DISNEY WALT CO | COM | 254687106 |  | 540408 | 4750 | SH |  | SOLE |  | 0 | 0 | 4750 |
| EATON VANCE TAX-MANAGED DIVE | COM | 27828N102 |  | 2751398 | 179361 | SH |  | SOLE |  | 0 | 0 | 179361 |
| EATON VANCE TX ADV GLBL DIV | COM | 27828S101 |  | 7207985 | 312034 | SH |  | SOLE |  | 0 | 0 | 312034 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 225504 | 7036 | SH |  | SOLE |  | 0 | 0 | 7036 |
| ESPEY MFG  ELECTRS CORP | COM | 296650104 |  | 272223 | 5776 | SH |  | SOLE |  | 0 | 0 | 5776 |
| ETSY INC | COM | 29786A106 |  | 744337 | 13426 | SH |  | SOLE |  | 0 | 0 | 13426 |
| EXELIXIS INC | COM | 30161Q104 |  | 3146117 | 71780 | SH |  | SOLE |  | 0 | 0 | 71780 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 532623 | 1880 | SH |  | SOLE |  | 0 | 0 | 1880 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 22900486 | 78915 | SH |  | SOLE |  | 0 | 0 | 78915 |
| FIVERR INTL LTD | ORD SHS | M4R82T106 |  | 621827 | 31469 | SH |  | SOLE |  | 0 | 0 | 31469 |
| FORUM ENERGY TECHNOLOGIES IN | COM | 34984V209 |  | 283443 | 7671 | SH |  | SOLE |  | 0 | 0 | 7671 |
| FRESHWORKS INC | CLASS A COM | 358054104 |  | 125783 | 10268 | SH |  | SOLE |  | 0 | 0 | 10268 |
| GMO ETF TRUST | GMO US QUALITY E | 90139K100 |  | 285296 | 7418 | SH |  | SOLE |  | 0 | 0 | 7418 |
| HERITAGE GLOBAL INC | COM | 42727E103 |  | 39587 | 31925 | SH |  | SOLE |  | 0 | 0 | 31925 |
| HF FOODS GROUP INC | COM | 40417F109 |  | 129613 | 60285 | SH |  | SOLE |  | 0 | 0 | 60285 |
| HP INC | COM | 40434L105 |  | 586031 | 26303 | SH |  | SOLE |  | 0 | 0 | 26303 |
| IM CANNABIS CORP | COM NEW | 44969Q406 |  | 35966 | 25875 | SH |  | SOLE |  | 0 | 0 | 25875 |
| INCYTE CORP | COM | 45337C102 |  | 3375070 | 34171 | SH |  | SOLE |  | 0 | 0 | 34171 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 5009080 | 19311 | SH |  | SOLE |  | 0 | 0 | 19311 |
| INVESCO EXCH TRD SLF IDX FD | BULSHS 2026 CB | 46138J791 |  | 537334 | 27450 | SH |  | SOLE |  | 0 | 0 | 27450 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 443344 | 3689 | SH |  | SOLE |  | 0 | 0 | 3689 |
| ITURAN LOCATION AND CONTROL | SHS | M6158M104 |  | 432509 | 10056 | SH |  | SOLE |  | 0 | 0 | 10056 |
| KKR  CO INC | COM | 48251W104 |  | 13322319 | 104505 | SH |  | SOLE |  | 0 | 0 | 104505 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 5450819 | 21727 | SH |  | SOLE |  | 0 | 0 | 21727 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 13953224 | 81512 | SH |  | SOLE |  | 0 | 0 | 81512 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 1649641 | 24788 | SH |  | SOLE |  | 0 | 0 | 24788 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 29940340 | 83827 | SH |  | SOLE |  | 0 | 0 | 83827 |
| MCKESSON CORP | COM | 58155Q103 |  | 13818691 | 16846 | SH |  | SOLE |  | 0 | 0 | 16846 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 10913421 | 19431 | SH |  | SOLE |  | 0 | 0 | 19431 |
| META PLATFORMS INC | CL A | 30303M102 |  | 15622358 | 23667 | SH |  | SOLE |  | 0 | 0 | 23667 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 227472 | 797 | SH |  | SOLE |  | 0 | 0 | 797 |
| MICROSOFT CORP | COM | 594918104 |  | 22681289 | 46899 | SH |  | SOLE |  | 0 | 0 | 46899 |
| MISTRAS GROUP INC | COM | 60649T107 |  | 184235 | 14564 | SH |  | SOLE |  | 0 | 0 | 14564 |
| MSCI INC | COM | 55354G100 |  | 8292284 | 14453 | SH |  | SOLE |  | 0 | 0 | 14453 |
| NATURES SUNSHINE PRODS INC | COM | 639027101 |  | 274778 | 12733 | SH |  | SOLE |  | 0 | 0 | 12733 |
| NEPHROS INC | COM | 640671400 |  | 65738 | 13471 | SH |  | SOLE |  | 0 | 0 | 13471 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 729661 | 5302 | SH |  | SOLE |  | 0 | 0 | 5302 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 386258 | 3417 | SH |  | SOLE |  | 0 | 0 | 3417 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 396972 | 23714 | SH |  | SOLE |  | 0 | 0 | 23714 |
| NUVEEN MULTI ASSET INCOME FU | COM | 670750108 |  | 3752583 | 287775 | SH |  | SOLE |  | 0 | 0 | 287775 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 484969 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| OOMA INC | COM | 683416101 |  | 208829 | 17803 | SH |  | SOLE |  | 0 | 0 | 17803 |
| OPORTUN FINL CORP | COM | 68376D104 |  | 136276 | 25761 | SH |  | SOLE |  | 0 | 0 | 25761 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 1385708 | 23736 | SH |  | SOLE |  | 0 | 0 | 23736 |
| POOL CORP | COM | 73278L105 |  | 1636798 | 7155 | SH |  | SOLE |  | 0 | 0 | 7155 |
| PROGRESS SOFTWARE CORP | COM | 743312100 |  | 11378479 | 264862 | SH |  | SOLE |  | 0 | 0 | 264862 |
| PUMA BIOTECHNOLOGY INC | COM | 74587V107 |  | 119333 | 20056 | SH |  | SOLE |  | 0 | 0 | 20056 |
| QORVO INC | COM | 74736K101 |  | 1012683 | 11983 | SH |  | SOLE |  | 0 | 0 | 11983 |
| QUAD / GRAPHICS INC | COM CL A | 747301109 |  | 72494 | 11562 | SH |  | SOLE |  | 0 | 0 | 11562 |
| QUALCOMM INC | COM | 747525103 |  | 390849 | 2285 | SH |  | SOLE |  | 0 | 0 | 2285 |
| RF INDS LTD | COM PAR $0.01 | 749552105 |  | 75828 | 13119 | SH |  | SOLE |  | 0 | 0 | 13119 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 14227894 | 36569 | SH |  | SOLE |  | 0 | 0 | 36569 |
| SALESFORCE INC | COM | 79466L302 |  | 9199537 | 34727 | SH |  | SOLE |  | 0 | 0 | 34727 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 23999008 | 240206 | SH |  | SOLE |  | 0 | 0 | 240206 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 2195001 | 34616 | SH |  | SOLE |  | 0 | 0 | 34616 |
| SOLARIS RES INC | COM NEW | 83419D201 |  | 139818 | 17543 | SH |  | SOLE |  | 0 | 0 | 17543 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 23661871 | 270669 | SH |  | SOLE |  | 0 | 0 | 270669 |
| SURO CAPITAL CORP | COM NEW | 86887Q109 |  | 137003 | 14513 | SH |  | SOLE |  | 0 | 0 | 14513 |
| TABOOLA.COM LTD | ORD SHS | M8744T106 |  | 126816 | 27509 | SH |  | SOLE |  | 0 | 0 | 27509 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 470118 | 1547 | SH |  | SOLE |  | 0 | 0 | 1547 |
| TEXAS INSTRS INC | COM | 882508104 |  | 4274068 | 24636 | SH |  | SOLE |  | 0 | 0 | 24636 |
| TIGO ENERGY INC | COM | 88675P103 |  | 76147 | 55179 | SH |  | SOLE |  | 0 | 0 | 55179 |
| TRANSACT TECHNOLOGIES INC | COM | 892918103 |  | 236088 | 59022 | SH |  | SOLE |  | 0 | 0 | 59022 |
| TRANSUNION | COM | 89400J107 |  | 15214718 | 177431 | SH |  | SOLE |  | 0 | 0 | 177431 |
| TREDEGAR CORP | COM | 894650100 |  | 75756 | 10551 | SH |  | SOLE |  | 0 | 0 | 10551 |
| TREX CO INC | COM | 89531P105 |  | 1862573 | 53095 | SH |  | SOLE |  | 0 | 0 | 53095 |
| TRINET GROUP INC | COM | 896288107 |  | 4649692 | 78635 | SH |  | SOLE |  | 0 | 0 | 78635 |
| UIPATH INC | CL A | 90364P105 |  | 1586831 | 96817 | SH |  | SOLE |  | 0 | 0 | 96817 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 16449617 | 27189 | SH |  | SOLE |  | 0 | 0 | 27189 |
| ULTRALIFE CORP | COM | 903899102 |  | 127116 | 22223 | SH |  | SOLE |  | 0 | 0 | 22223 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 1851550 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 256165 | 776 | SH |  | SOLE |  | 0 | 0 | 776 |
| UNIVERSAL SAFETY PRODS INC | COM NEW | 913821302 |  | 185884 | 36024 | SH |  | SOLE |  | 0 | 0 | 36024 |
| UPLAND SOFTWARE INC | COM | 91544A109 |  | 118953 | 83184 | SH |  | SOLE |  | 0 | 0 | 83184 |
| VINCE HLDG CORP | COM NEW | 92719W207 |  | 114195 | 27989 | SH |  | SOLE |  | 0 | 0 | 27989 |
| VONTIER CORPORATION | COM | 928881101 |  | 30085589 | 809187 | SH |  | SOLE |  | 0 | 0 | 809187 |
| WALMART INC | COM | 931142103 |  | 335567 | 3012 | SH |  | SOLE |  | 0 | 0 | 3012 |
| WM TECHNOLOGY INC | COM | 92971A109 |  | 56956 | 69029 | SH |  | SOLE |  | 0 | 0 | 69029 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 8606269 | 35443 | SH |  | SOLE |  | 0 | 0 | 35443 |
| ZOETIS INC | CL A | 98978V103 |  | 5137150 | 40829 | SH |  | SOLE |  | 0 | 0 | 40829 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 2346743 | 27196 | SH |  | SOLE |  | 0 | 0 | 27196 |

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