Cowa, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Cowa, LLC reported 137 stock positions worth $282.5 million. Its top holding was Avantis US Small Cap Value (AVUV) at 7.8% of the portfolio, followed by Dimensional International Va (DFIV, 7.3%) and iShares Ibond 2026 HY & (IBHF, 6.5%). Compared with Q2 2025, it opened 13 new positions, sold out of 7, added to 61 and reduced 47. The biggest buy was Comfort Systems USA (FIX, shares +17%) and the biggest sale an exit from iShares Ibonds Dec 2026 Term (IBDR).
- Most Recent 13F
- Q2 2026
- Location
- Tulsa, OK
- CIK
- 0001844480
- Portfolio Value
- $282.5M (Q3 2025)
- SEC Filing
- 0001172661-25-004667 ↗ filed Nov 10, 2025
Holdings Value
Holdings 137 stocks · $282.5M
| AVUV Avantis US Small Cap Value | 7.78% | 220,800 | $22.0M | Add +8.6% |
| DFIV Dimensional International Va | 7.31% | 447,514 | $20.6M | Add +7.5% |
| IBHF iShares Ibond 2026 HY & Inc. | 6.48% | 782,855 | $18.3M | Add +14.2% |
| FIX Comfort Systems USA Inc. | 4.08% | 13,954 | $11.5M | Add +17.0% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 3.93% | 307,229 | $11.1M | Add +11.0% |
| IBDX iShares Ibonds Dec 2032 TC | 3.81% | 420,297 | $10.8M | Add +34.4% |
| IDV iShares International Select | 3.50% | 270,909 | $9.9M | Add +6.4% |
| AAPL Apple Inc. | 3.32% | 36,879 | $9.4M | Reduce -1.5% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 3.01% | 192,956 | $8.5M | Reduce -0.2% |
| HDV iShares Core High Dividend E | 2.41% | 55,702 | $6.8M | Add +2.4% |
| CTA Simplify Managed Futures St | 2.29% | 231,664 | $6.5M | Add +13.0% |
| AVDV Avantis Intl S/C Value ETF | 2.26% | 71,747 | $6.4M | Add +9.7% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 2.15% | 13,129 | $6.1M | Add +2.1% |
| DFAI Dimensional International Co. | 1.87% | 145,680 | $5.3M | Reduce -0.1% |
| DFAU Dimensional US Core Equity M | 1.46% | 89,893 | $4.1M | Reduce -3.0% |
| SGOV iShares 0-3 Month Treasury B | 1.40% | 39,195 | $3.9M | Add +18.0% |
| VYMI Vanguard Int High DVD YLD Inc. | 1.37% | 45,733 | $3.9M | Add +11.4% |
| IBDW iShares Ibonds Dec 2031 Corp. | 1.37% | 182,047 | $3.9M | Add +34.7% |
| AMLP Alerian MLP ETF | 1.31% | 78,925 | $3.7M | Reduce -4.2% |
| OKE Oneok Inc. | 1.29% | 49,870 | $3.6M | Add +0.5% |
| IEFA iShares Core MSCI Eafe ETF | 1.27% | 41,072 | $3.6M | Add +3.9% |
| IAU iShares Gold Trust | 1.26% | 48,869 | $3.6M | Reduce -1.2% |
| SCHD Schwab US DVD Equity ETF | 1.24% | 128,026 | $3.5M | Add +0.6% |
| RSP Invesco S&P 500 Equal Weight | 1.23% | 18,273 | $3.5M | Add +2.9% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 1.21% | 130,285 | $3.4M | Reduce -40.5% |
| GLD SPDR Gold Shares | 1.21% | 9,603 | $3.4M | Reduce -0.2% |
| IVV iShares Core S&P 500 ETF | 1.18% | 4,987 | $3.3M | Reduce -0.4% |
| IBHE iShares Ibonds 2025 H/Y Inc. | 1.04% | 127,151 | $3.0M | Add +10.7% |
| EPD Enterprise Products Partners | 0.93% | 83,633 | $2.6M | Add +0.0% |
| FNDB Schwab Fndmntl US BRD Mr ETF | 0.92% | 98,501 | $2.6M | New |
| VEU Vanguard Ftse All-World Ex-U | 0.84% | 33,342 | $2.4M | Reduce -0.1% |
| MSFT Microsoft Corp. | 0.76% | 4,172 | $2.2M | Add +0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.72% | 3,040 | $2.0M | Add +3.0% |
| COP Conocophillips | 0.68% | 20,200 | $1.9M | Reduce -2.6% |
| USMV iShares MSCI USA Min Vol Fac | 0.67% | 20,018 | $1.9M | Add +0.1% |
| IBDT iShares Ibonds Dec 2028 ETF | 0.55% | 60,998 | $1.6M | Add +4.2% |
| WMT Walmart Inc. | 0.54% | 14,900 | $1.5M | Reduce -6.5% |
| UPS United Parcel Service Class B | 0.54% | 18,272 | $1.5M | Add +108.0% |
| IBDU iShares Ibonds Dec 2029 Term | 0.53% | 64,216 | $1.5M | Add +33.2% |
| T AT&T Inc. | 0.48% | 47,619 | $1.3M | Reduce -10.3% |
| QUAL iShares MSCI USA Quality Fac | 0.47% | 6,822 | $1.3M | Add +17.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.46% | 4,570 | $1.3M | Reduce -3.3% |
| ABBV Abbvie Inc. | 0.42% | 5,147 | $1.2M | Reduce -2.6% |
| PWR Quanta Services Inc. | 0.40% | 2,731 | $1.1M | No change |
| IJH iShares Core S&P Midcap ETF | 0.40% | 17,247 | $1.1M | Add +7.7% |
| KRE SS SPDR S&P Regional Bank | 0.38% | 17,062 | $1.1M | Add +3.4% |
| SHEL Shell PLC-ADR | 0.38% | 15,043 | $1.1M | Reduce -3.1% |
| PSX Phillips 66 | 0.38% | 7,835 | $1.1M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.37% | 20,398 | $1.1M | Reduce -32.6% |
| DFLV Dim US Large Cap Value ETF | 0.35% | 30,303 | $997K | Add +1.5% |
| SMLV SS SPDR US SC Low Vol Idx | 0.35% | 7,524 | $976K | Add +1.9% |
| SYLD Cambria Shareholder Yield Et | 0.34% | 14,146 | $971K | Add +69.6% |
| HD Home Depot Inc. | 0.34% | 2,348 | $951K | Reduce -5.8% |
| KHC The Kraft Heinz Co. | 0.34% | 36,353 | $947K | Add +94.0% |
| HPE Hewlett Packard Enterprise | 0.32% | 37,337 | $917K | Reduce -0.2% |
| IJR iShares Core S&P Small-Cap E | 0.32% | 7,605 | $904K | Add +0.3% |
| DES Wisdomtree US Smallcap Divid | 0.32% | 26,575 | $895K | Add +17.2% |
| AMGN Amgen Inc. | 0.31% | 3,148 | $889K | Reduce -0.5% |
| PRU Prudential Financial Inc. | 0.31% | 8,386 | $870K | Reduce -0.2% |
| BMY Bristol-Myers Squibb Co. | 0.31% | 19,204 | $866K | Add +4.0% |
| PAGP Plains GP Holdings LP | 0.31% | 47,285 | $862K | Add +0.2% |
| PEP Pepsico Inc. | 0.30% | 6,092 | $856K | Add +8.2% |
| XOM Exxon Mobil Corp. | 0.30% | 7,529 | $849K | Reduce -9.0% |
| ARLP Alliance Resource Partners | 0.30% | 33,558 | $849K | No change |
| BABA Alibaba Group Holding-SP ADR | 0.30% | 4,726 | $845K | Add +7.5% |
| JPM JPMorgan Chase & Co. | 0.28% | 2,528 | $797K | Reduce -6.4% |
| CVX Chevron Corp. | 0.28% | 5,127 | $796K | Reduce -2.7% |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.28% | 35,516 | $787K | Add +32.8% |
| VZ Verizon Communications Inc. | 0.26% | 16,944 | $745K | Add +8.8% |
| SPHD Invesco S&P 500 High Dividen | 0.26% | 14,990 | $741K | Add +17.9% |
| KO The Coca-Cola Co. | 0.26% | 10,958 | $727K | Reduce -2.0% |
| LNC Lincoln National Corp. | 0.25% | 17,831 | $719K | Reduce -20.5% |
| DVN Devon Energy Corp. | 0.25% | 19,903 | $698K | Reduce -0.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.24% | 1,126 | $676K | New |
| BOKF Bok Financial Corporation | 0.24% | 6,022 | $671K | No change |
| CSCO Cisco Systems Inc. | 0.24% | 9,762 | $668K | Reduce -4.4% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.23% | 11,196 | $663K | Reduce -57.2% |
| XLV SS Health Care Select Sector | 0.22% | 4,486 | $624K | Add +39.5% |
| RTX RTX Corp. | 0.22% | 3,711 | $621K | Add +4.8% |
| IMTM iShares MSCI Intl Momentum F | 0.22% | 12,854 | $615K | Reduce -43.7% |
| WFC Wells Fargo & Co. | 0.21% | 7,143 | $599K | Reduce -6.3% |
| XLE SS Energy Select Sector | 0.21% | 6,566 | $587K | Add +0.1% |
| C Citigroup Inc. | 0.21% | 5,719 | $580K | Reduce -18.5% |
| ABT Abbott Laboratories | 0.20% | 4,215 | $565K | Reduce -6.8% |
| IP International Paper Co. | 0.19% | 11,669 | $541K | Reduce -0.3% |
| GE General Electric filed as GE AEROSPACE | 0.19% | 1,798 | $541K | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 0.18% | 2,108 | $512K | Reduce -1.4% |
| OGE Oge Energy Corp. | 0.18% | 10,782 | $499K | Reduce -0.0% |
| NVDA Nvidia Corp. | 0.18% | 2,652 | $495K | Add +2.5% |
| SCHY Schwab International DVD ETF | 0.18% | 17,706 | $495K | Add +4.4% |
| BP BP PLC-Spons ADR | 0.17% | 14,300 | $493K | Reduce -2.7% |
| DHR Danaher Corp. | 0.17% | 2,453 | $486K | No change |
| INOD Innodata Inc. | 0.17% | 6,165 | $475K | New |
| CAG Conagra Brands Inc. | 0.16% | 25,300 | $463K | Add +104.0% |
| SMMV iShares MSCI USA Small-Cap M | 0.16% | 10,636 | $458K | Add +20.2% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.16% | 8,200 | $454K | Reduce -26.8% |
| PG The Procter & Gamble Co. | 0.16% | 2,915 | $448K | Reduce -7.3% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.16% | 5,190 | $440K | Add +4.3% |
| XLF SS Financial Select Sector | 0.15% | 8,000 | $431K | Reduce -0.4% |
| VOOG Vanguard S&P 500 Growth ETF | 0.15% | 981 | $427K | Add +6.3% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $18.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 · principal | 682,472 | $16.6M | New |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | 73,266 | $1.8M | New |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF · principal | 13,450 | $327K | New |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | 17,000 | $1K | New |
Total filed on the 13F, all lines: $301.3M.
Portfolio Sells Q2 2025 → Q3 2025
| IBDR iShares Ibonds Dec 2026 Term | Sold out | 0.00% | −5.64 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Reduce -40.5% | 1.21% | −0.84 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.76 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Reduce -57.2% | 0.23% | −0.31 |
| AMLP Alerian MLP ETF | Reduce -4.2% | 1.31% | −0.22 |
| IMTM iShares MSCI Intl Momentum F | Reduce -43.7% | 0.22% | −0.18 |
| BAC Bank of America Corp. | Reduce -32.6% | 0.37% | −0.17 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Reduce -0.2% | 3.01% | −0.12 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.11 |
| T AT&T Inc. | Reduce -10.3% | 0.48% | −0.11 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Sold out | 0.00% | −0.11 |
| SMIG Bahl & Gaynor S/M Inc. Growth | Sold out | 0.00% | −0.09 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.08 |
| IBM Intl Business Machines Corp. | Reduce -3.3% | 0.46% | −0.07 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -26.8% | 0.16% | −0.06 |
| WMT Walmart Inc. | Reduce -6.5% | 0.54% | −0.05 |
| KO The Coca-Cola Co. | Reduce -2.0% | 0.26% | −0.04 |
| DFAI Dimensional International Co. | Reduce -0.1% | 1.87% | −0.04 |
| LNC Lincoln National Corp. | Reduce -20.5% | 0.25% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -9.0% | 0.30% | −0.04 |
| PRU Prudential Financial Inc. | Reduce -0.2% | 0.31% | −0.04 |
| SHEL Shell PLC-ADR | Reduce -3.1% | 0.38% | −0.04 |
| ABT Abbott Laboratories | Reduce -6.8% | 0.20% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -4.4% | 0.24% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -7.3% | 0.16% | −0.03 |
| COP Conocophillips | Reduce -2.6% | 0.68% | −0.03 |
| DFAU Dimensional US Core Equity M | Reduce -3.0% | 1.46% | −0.02 |
| C Citigroup Inc. | Reduce -18.5% | 0.21% | −0.02 |
| AMGN Amgen Inc. | Reduce -0.5% | 0.31% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -6.3% | 0.21% | −0.02 |
| LYB Lyondellbasell Indu Class A | Reduce -0.6% | 0.07% | −0.02 |
| IP International Paper Co. | Reduce -0.3% | 0.19% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -6.4% | 0.28% | −0.02 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -0.1% | 0.84% | −0.01 |
| EMR Emerson Electric Co. | Reduce -0.7% | 0.12% | −0.01 |
| HD Home Depot Inc. | Reduce -5.8% | 0.34% | −0.01 |
| XLF SS Financial Select Sector | Reduce -0.4% | 0.15% | −0.01 |
| VDE Vanguard Energy ETF | Reduce -3.6% | 0.12% | −0.01 |
| OGE Oge Energy Corp. | Reduce -0.0% | 0.18% | −0.01 |
| CVX Chevron Corp. | Reduce -2.7% | 0.28% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -0.4% | 1.18% | −0.00 |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | Sold out | 0.00% | −0.00 |
| MO Altria Group Inc. | Reduce -3.6% | 0.14% | +0.00 |
| DAL Delta Air Lines Inc. | Reduce -0.9% | 0.08% | +0.01 |
| GEV GE Vernova Inc. | Reduce -1.9% | 0.09% | +0.01 |
| DVN Devon Energy Corp. | Reduce -0.1% | 0.25% | +0.01 |
| BP BP PLC-Spons ADR | Reduce -2.7% | 0.17% | +0.01 |
| GE General Electric | Reduce -1.8% | 0.19% | +0.01 |
| HPE Hewlett Packard Enterprise | Reduce -0.2% | 0.32% | +0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -1.4% | 0.18% | +0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| FIX Comfort Systems USA Inc. | Add +17.0% | 4.08% | +1.64 |
| FNDB Schwab Fndmntl US BRD Mr ETF | New | 0.92% | +0.92 |
| IBDX iShares Ibonds Dec 2032 TC | Add +34.4% | 3.81% | +0.80 |
| AVUV Avantis US Small Cap Value | Add +8.6% | 7.78% | +0.72 |
| DFIV Dimensional International Va | Add +7.5% | 7.31% | +0.52 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +11.0% | 3.93% | +0.45 |
| IBHF iShares Ibond 2026 HY & Inc. | Add +14.2% | 6.48% | +0.42 |
| IBDW iShares Ibonds Dec 2031 Corp. | Add +34.7% | 1.37% | +0.29 |
| AVDV Avantis Intl S/C Value ETF | Add +9.7% | 2.26% | +0.29 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.24% | +0.24 |
| CTA Simplify Managed Futures St | Add +13.0% | 2.29% | +0.20 |
| UPS United Parcel Service Class B | Add +108.0% | 0.54% | +0.20 |
| INOD Innodata Inc. | New | 0.17% | +0.17 |
| IDV iShares International Select | Add +6.4% | 3.50% | +0.16 |
| XSHD Invesco S&P Smallcap High Di | New | 0.15% | +0.15 |
| KHC The Kraft Heinz Co. | Add +94.0% | 0.34% | +0.15 |
| SYLD Cambria Shareholder Yield Et | Add +69.6% | 0.34% | +0.14 |
| SGOV iShares 0-3 Month Treasury B | Add +18.0% | 1.40% | +0.12 |
| IQLT iShares MSCI International Q | New | 0.12% | +0.12 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +11.4% | 1.37% | +0.12 |
| BABA Alibaba Group Holding-SP ADR | Add +7.5% | 0.30% | +0.11 |
| STZ Constellation Brands Inc. Class A | New | 0.11% | +0.11 |
| USDU Wisdomtree BBG Usd Bullish | New | 0.11% | +0.11 |
| IBDU iShares Ibonds Dec 2029 Term | Add +33.2% | 0.53% | +0.10 |
| APA Apa Corp. | New | 0.10% | +0.10 |
| TGT Target Corp. | New | 0.09% | +0.09 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | New | 0.09% | +0.09 |
| GIS General Mills Inc. | New | 0.08% | +0.08 |
| NSC Norfolk Southern Corp. | New | 0.07% | +0.07 |
| CAG Conagra Brands Inc. | Add +104.0% | 0.16% | +0.07 |
| QUAL iShares MSCI USA Quality Fac | Add +17.0% | 0.47% | +0.06 |
| XLV SS Health Care Select Sector | Add +39.5% | 0.22% | +0.06 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +32.8% | 0.28% | +0.05 |
| DES Wisdomtree US Smallcap Divid | Add +17.2% | 0.32% | +0.04 |
| AES AES Corp. | Add +20.3% | 0.14% | +0.04 |
| OEC Orion SA | New | 0.04% | +0.04 |
| DEHP Dimensional Emrg MRK Hi Prof | Add +40.3% | 0.12% | +0.04 |
| FYLD Cambria Foreign Shareholder | Add +39.5% | 0.12% | +0.03 |
| SPHD Invesco S&P 500 High Dividen | Add +17.9% | 0.26% | +0.03 |
| IBHE iShares Ibonds 2025 H/Y Inc. | Add +10.7% | 1.04% | +0.03 |
| RTX RTX Corp. | Add +4.8% | 0.22% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.0% | 0.72% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +22.7% | 0.14% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +7.7% | 0.40% | +0.02 |
| SMMV iShares MSCI USA Small-Cap M | Add +20.2% | 0.16% | +0.02 |
| NVDA Nvidia Corp. | Add +2.5% | 0.18% | +0.02 |
| PEP Pepsico Inc. | Add +8.2% | 0.30% | +0.02 |
| PCG P G & E Corp. | Add +22.7% | 0.10% | +0.02 |
| IEFA iShares Core MSCI Eafe ETF | Add +3.9% | 1.27% | +0.01 |
| VOOG Vanguard S&P 500 Growth ETF | Add +6.3% | 0.15% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 · principal | New | 682,472 | $16.6M |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | New | 73,266 | $1.8M |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF · principal | New | 13,450 | $327K |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | New | 17,000 | $1K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 178 | $369.4M | IBHF, AVUV, FIX, DFIV, IBDX |
| Q1 2026 | 155 | $343.7M | IBHF, AVUV, DFIV, IBDX, FIX |
| Q4 2025 | 152 | $328.6M | AVUV, IBHF, IBDR, DFIV, IBDX |
| Q3 2025 | 137 | $282.5M | AVUV, DFIV, IBHF, FIX, FNDE |
| Q2 2025 | 131 | $262.6M | AVUV, DFIV, IBHF, IBDR, FNDE |
| Q1 2025 | 125 | $234.1M | DFIV, AVUV, IBHF, AAPL, IBDR |
| Q4 2024 | 119 | $205.0M | AVUV, DFIV, AAPL, SPYD, IBHF |
| Q3 2024 | 128 | $210.0M | AVUV, DFIV, IDV, AAPL, SPYD |
| Q2 2024 | 126 | $187.4M | AVUV, DFIV, SPYD, IDV, AAPL |
| Q1 2024 | 119 | $169.7M | AVUV, DFIV, DFAI, AMLP, IDV |