Cowa, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Cowa, LLC reported 152 stock positions worth $328.6 million. Its top holding was Avantis US Small Cap Value (AVUV) at 7.0% of the portfolio, followed by iShares Ibond 2026 HY & (IBHF, 6.6%) and iShares Ibonds Dec 2026 Term (IBDR, 5.8%). Compared with Q3 2025, it opened 24 new positions, sold out of 9, added to 70 and reduced 40. The biggest buy was a new position in iShares Ibonds Dec 2026 Term (IBDR) and the biggest sale Dimensional International Va (DFIV, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- Tulsa, OK
- CIK
- 0001844480
- Portfolio Value
- $328.6M (Q4 2025)
- SEC Filing
- 0001172661-26-000642 ↗ filed Feb 12, 2026
Holdings Value
Holdings 152 stocks · $328.6M
| AVUV Avantis US Small Cap Value | 7.04% | 228,831 | $23.1M | Add +3.6% |
| IBHF iShares Ibond 2026 HY & Inc. | 6.62% | 971,850 | $21.8M | Add +24.1% |
| IBDR iShares Ibonds Dec 2026 Term | 5.84% | 817,998 | $19.2M | New |
| DFIV Dimensional International Va | 5.53% | 364,474 | $18.2M | Reduce -18.6% |
| IBDX iShares Ibonds Dec 2032 TC | 4.31% | 570,722 | $14.2M | Add +35.8% |
| FIX Comfort Systems USA Inc. | 3.89% | 13,709 | $12.8M | Reduce -1.8% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 3.42% | 311,441 | $11.2M | Add +1.4% |
| IDV iShares International Select | 3.29% | 273,638 | $10.8M | Add +1.0% |
| AAPL Apple Inc. | 3.14% | 37,984 | $10.3M | Add +3.0% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 2.49% | 189,525 | $8.2M | Reduce -1.8% |
| DFAU Dimensional US Core Equity M | 2.48% | 173,952 | $8.1M | Add +93.5% |
| CTA Simplify Managed Futures St | 2.28% | 275,014 | $7.5M | Add +18.7% |
| HDV iShares Core High Dividend E | 2.07% | 55,994 | $6.8M | Add +0.5% |
| AVDV Avantis Intl S/C Value ETF | 2.07% | 72,387 | $6.8M | Add +0.9% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 1.91% | 230,243 | $6.3M | Add +76.7% |
| IBDW iShares Ibonds Dec 2031 Corp. | 1.88% | 311,649 | $6.2M | Add +71.2% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 1.83% | 12,530 | $6.0M | Reduce -4.6% |
| DFAI Dimensional International Co. | 1.68% | 144,588 | $5.5M | Reduce -0.8% |
| SGOV iShares 0-3 Month Treasury B | 1.54% | 50,103 | $5.0M | Add +27.8% |
| VYMI Vanguard Int High DVD YLD Inc. | 1.27% | 46,552 | $4.2M | Add +1.8% |
| OKE Oneok Inc. | 1.19% | 53,176 | $3.9M | Add +6.6% |
| IEFA iShares Core MSCI Eafe ETF | 1.15% | 42,237 | $3.8M | Add +2.8% |
| RSP Invesco S&P 500 Equal Weight | 1.10% | 18,895 | $3.6M | Add +3.4% |
| AMLP Alerian MLP ETF | 1.08% | 75,551 | $3.6M | Reduce -4.3% |
| IAU iShares Gold Trust | 1.04% | 42,007 | $3.4M | Reduce -14.0% |
| IVV iShares Core S&P 500 ETF | 1.02% | 4,912 | $3.4M | Reduce -1.5% |
| SCHD Schwab US DVD Equity ETF | 1.00% | 120,086 | $3.3M | Reduce -6.2% |
| GLD SPDR Gold Shares | 0.99% | 8,225 | $3.3M | Reduce -14.3% |
| EPD Enterprise Products Partners | 0.86% | 88,146 | $2.8M | Add +5.4% |
| MSFT Microsoft Corp. | 0.76% | 5,154 | $2.5M | Add +23.5% |
| VEU Vanguard Ftse All-World Ex-U | 0.74% | 33,257 | $2.4M | Reduce -0.3% |
| UPS United Parcel Service Class B | 0.63% | 20,962 | $2.1M | Add +14.7% |
| IBDT iShares Ibonds Dec 2028 ETF | 0.61% | 79,198 | $2.0M | Add +29.8% |
| WMT Walmart Inc. | 0.58% | 17,181 | $1.9M | Add +15.3% |
| COP Conocophillips | 0.58% | 20,202 | $1.9M | Add +0.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 2,733 | $1.9M | Reduce -10.1% |
| USMV iShares MSCI USA Min Vol Fac | 0.56% | 19,482 | $1.8M | Reduce -2.7% |
| IBDU iShares Ibonds Dec 2029 Term | 0.45% | 62,894 | $1.5M | Reduce -2.1% |
| ABBV Abbvie Inc. | 0.43% | 6,165 | $1.4M | Add +19.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.42% | 4,704 | $1.4M | Add +2.9% |
| USDU Wisdomtree BBG Usd Bullish | 0.39% | 49,285 | $1.3M | Add +335.3% |
| QUAL iShares MSCI USA Quality Fac | 0.38% | 6,266 | $1.2M | Reduce -8.2% |
| KRE SS SPDR S&P Regional Bank | 0.36% | 18,406 | $1.2M | Add +7.9% |
| IJH iShares Core S&P Midcap ETF | 0.35% | 17,611 | $1.2M | Add +2.1% |
| PWR Quanta Services Inc. | 0.35% | 2,731 | $1.2M | No change |
| DFLV Dim US Large Cap Value ETF | 0.35% | 33,657 | $1.2M | Add +11.1% |
| T AT&T Inc. | 0.34% | 45,156 | $1.1M | Reduce -5.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.33% | 19,798 | $1.1M | Reduce -2.9% |
| SYLD Cambria Shareholder Yield Et | 0.32% | 14,895 | $1.0M | Add +5.3% |
| BMY Bristol-Myers Squibb Co. | 0.31% | 19,166 | $1.0M | Reduce -0.2% |
| AMGN Amgen Inc. | 0.31% | 3,148 | $1.0M | No change |
| SMLV SS SPDR US SC Low Vol Idx | 0.31% | 7,781 | $1.0M | Add +3.4% |
| KHC The Kraft Heinz Co. | 0.30% | 40,876 | $990K | Add +12.4% |
| XOM Exxon Mobil Corp. | 0.30% | 8,200 | $987K | Add +8.9% |
| PEP Pepsico Inc. | 0.30% | 6,865 | $985K | Add +12.7% |
| PRU Prudential Financial Inc. | 0.29% | 8,386 | $947K | No change |
| DES Wisdomtree US Smallcap Divid | 0.29% | 28,098 | $940K | Add +5.7% |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.28% | 42,400 | $936K | Add +19.4% |
| CSCO Cisco Systems Inc. | 0.28% | 12,141 | $935K | Add +24.4% |
| HD Home Depot Inc. | 0.28% | 2,713 | $934K | Add +15.6% |
| KMB Kimberly-Clark Corp. | 0.28% | 9,164 | $925K | New |
| IJR iShares Core S&P Small-Cap E | 0.28% | 7,605 | $914K | No change |
| HPE Hewlett Packard Enterprise | 0.27% | 37,352 | $897K | Add +0.0% |
| SHEL Shell PLC-ADR | 0.27% | 12,187 | $896K | Reduce -19.0% |
| PAGP Plains GP Holdings LP | 0.27% | 46,287 | $886K | Reduce -2.1% |
| CVX Chevron Corp. | 0.26% | 5,579 | $850K | Add +8.8% |
| XLV SS Health Care Select Sector | 0.26% | 5,414 | $838K | Add +20.7% |
| IBDY iShares Ibonds Dec 2033 Corp. | 0.25% | 33,615 | $829K | New |
| ARLP Alliance Resource Partners | 0.24% | 33,558 | $780K | No change |
| VZ Verizon Communications Inc. | 0.22% | 18,129 | $738K | Add +7.0% |
| KO The Coca-Cola Co. | 0.22% | 10,544 | $737K | Reduce -3.8% |
| JPM JPMorgan Chase & Co. | 0.22% | 2,272 | $732K | Reduce -10.1% |
| BOKF Bok Financial Corporation | 0.22% | 6,123 | $725K | Add +1.7% |
| DVN Devon Energy Corp. | 0.22% | 19,564 | $717K | Reduce -1.7% |
| RTX RTX Corp. | 0.22% | 3,867 | $709K | Add +4.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.21% | 1,126 | $692K | No change |
| XSHD Invesco S&P Smallcap High Di | 0.21% | 53,380 | $684K | Add +68.1% |
| PSX Phillips 66 | 0.21% | 5,194 | $683K | Reduce -33.7% |
| AES AES Corp. | 0.20% | 46,898 | $673K | Add +60.1% |
| DHR Danaher Corp. | 0.20% | 2,935 | $672K | Add +19.6% |
| LLY Eli Lilly & Co. | 0.20% | 623 | $670K | Add +120.9% |
| WFC Wells Fargo & Co. | 0.20% | 7,172 | $668K | Add +0.4% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.20% | 10,724 | $652K | Reduce -4.2% |
| BABA Alibaba Group Holding-SP ADR | 0.19% | 4,259 | $624K | Reduce -9.9% |
| IMTM iShares MSCI Intl Momentum F | 0.19% | 12,913 | $619K | Add +0.5% |
| SMMV iShares MSCI USA Small-Cap M | 0.19% | 14,251 | $617K | Add +34.0% |
| LNC Lincoln National Corp. | 0.19% | 13,854 | $617K | Reduce -22.3% |
| ABT Abbott Laboratories | 0.18% | 4,653 | $583K | Add +10.4% |
| TGT Target Corp. | 0.18% | 5,956 | $582K | Add +99.9% |
| NVDA Nvidia Corp. | 0.17% | 3,064 | $571K | Add +15.5% |
| XLE SS Energy Select Sector | 0.17% | 12,520 | $560K | Reduce -4.7% |
| GE General Electric filed as GE AEROSPACE | 0.17% | 1,816 | $559K | Add +1.0% |
| C Citigroup Inc. | 0.17% | 4,719 | $551K | Reduce -17.5% |
| SCHY Schwab International DVD ETF | 0.17% | 18,269 | $545K | Add +3.2% |
| CAG Conagra Brands Inc. | 0.16% | 31,275 | $541K | Add +23.6% |
| APA Apa Corp. | 0.16% | 21,601 | $528K | Add +82.4% |
| MRK Merck & Co. Inc. | 0.15% | 4,792 | $504K | New |
| GOOGL Alphabet Inc. Class A | 0.15% | 1,568 | $491K | Reduce -25.6% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.15% | 5,587 | $482K | Add +7.7% |
| VOOG Vanguard S&P 500 Growth ETF | 0.14% | 1,068 | $471K | Add +8.9% |
Options reported separately and not counted above: WMT puts ($111K).
Portfolio Sells Q3 2025 → Q4 2025
| DFIV Dimensional International Va | Reduce -18.6% | 5.53% | −1.77 |
| IBHE iShares Ibonds 2025 H/Y Inc. | Sold out | 0.00% | −1.04 |
| FNDB Schwab Fndmntl US BRD Mr ETF | Sold out | 0.00% | −0.92 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Reduce -1.8% | 2.49% | −0.51 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -4.6% | 1.83% | −0.32 |
| SPHD Invesco S&P 500 High Dividen | Sold out | 0.00% | −0.26 |
| SCHD Schwab US DVD Equity ETF | Reduce -6.2% | 1.00% | −0.23 |
| AMLP Alerian MLP ETF | Reduce -4.3% | 1.08% | −0.23 |
| IAU iShares Gold Trust | Reduce -14.0% | 1.04% | −0.22 |
| GLD SPDR Gold Shares | Reduce -14.3% | 0.99% | −0.22 |
| DFAI Dimensional International Co. | Reduce -0.8% | 1.68% | −0.20 |
| FIX Comfort Systems USA Inc. | Reduce -1.8% | 3.89% | −0.18 |
| PSX Phillips 66 | Reduce -33.7% | 0.21% | −0.17 |
| IVV iShares Core S&P 500 ETF | Reduce -1.5% | 1.02% | −0.16 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -10.1% | 0.57% | −0.15 |
| T AT&T Inc. | Reduce -5.2% | 0.34% | −0.13 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -2.7% | 0.56% | −0.12 |
| BABA Alibaba Group Holding-SP ADR | Reduce -9.9% | 0.19% | −0.11 |
| SHEL Shell PLC-ADR | Reduce -19.0% | 0.27% | −0.11 |
| INOD Innodata Inc. | Reduce -30.0% | 0.07% | −0.10 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -0.3% | 0.74% | −0.10 |
| QUAL iShares MSCI USA Quality Fac | Reduce -8.2% | 0.38% | −0.09 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Sold out | 0.00% | −0.09 |
| IBDU iShares Ibonds Dec 2029 Term | Reduce -2.1% | 0.45% | −0.09 |
| CLX Clorox Company | Sold out | 0.00% | −0.08 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.07 |
| LNC Lincoln National Corp. | Reduce -22.3% | 0.19% | −0.07 |
| CNH CNH Industrial NV | Sold out | 0.00% | −0.07 |
| JPM JPMorgan Chase & Co. | Reduce -10.1% | 0.22% | −0.06 |
| ORI Old Republic Intl Corp. | Reduce -34.2% | 0.08% | −0.05 |
| BAC Bank of America Corp. | Reduce -2.9% | 0.33% | −0.04 |
| C Citigroup Inc. | Reduce -17.5% | 0.17% | −0.04 |
| XLE SS Energy Select Sector | Reduce -4.7% | 0.17% | −0.04 |
| OEC Orion SA | Sold out | 0.00% | −0.04 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Reduce -4.2% | 0.20% | −0.04 |
| PAGP Plains GP Holdings LP | Reduce -2.1% | 0.27% | −0.04 |
| BP BP PLC-Spons ADR | Reduce -7.0% | 0.14% | −0.03 |
| STZ Constellation Brands Inc. Class A | Reduce -22.1% | 0.07% | −0.03 |
| KO The Coca-Cola Co. | Reduce -3.8% | 0.22% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -25.6% | 0.15% | −0.03 |
| DVN Devon Energy Corp. | Reduce -1.7% | 0.22% | −0.03 |
| WMB Williams Cos Inc. | Reduce -8.2% | 0.09% | −0.03 |
| HELP Cybin Inc. | Sold out | 0.00% | −0.03 |
| VFMF Vanguard US Multifactor ETF | Reduce -11.7% | 0.10% | −0.03 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -3.7% | 0.14% | −0.02 |
| FYLD Cambria Foreign Shareholder | Reduce -6.5% | 0.10% | −0.02 |
| DEHP Dimensional Emrg MRK Hi Prof | Reduce -0.7% | 0.11% | −0.01 |
| PATH Uipath Inc. Class A | Reduce -5.1% | 0.09% | −0.00 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.2% | 0.31% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| IBDR iShares Ibonds Dec 2026 Term | New | 5.84% | +5.84 |
| DFAU Dimensional US Core Equity M | Add +93.5% | 2.48% | +1.02 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +76.7% | 1.91% | +0.69 |
| IBDW iShares Ibonds Dec 2031 Corp. | Add +71.2% | 1.88% | +0.51 |
| IBDX iShares Ibonds Dec 2032 TC | Add +35.8% | 4.31% | +0.50 |
| KMB Kimberly-Clark Corp. | New | 0.28% | +0.28 |
| USDU Wisdomtree BBG Usd Bullish | Add +335.3% | 0.39% | +0.28 |
| IBDY iShares Ibonds Dec 2033 Corp. | New | 0.25% | +0.25 |
| MRK Merck & Co. Inc. | New | 0.15% | +0.15 |
| POR Portland General Electric Co. | New | 0.14% | +0.14 |
| IBHF iShares Ibond 2026 HY & Inc. | Add +24.1% | 6.62% | +0.14 |
| SGOV iShares 0-3 Month Treasury B | Add +27.8% | 1.54% | +0.14 |
| GOOG Alphabet Inc. Class C | New | 0.14% | +0.14 |
| JNJ Johnson & Johnson | New | 0.14% | +0.14 |
| LLY Eli Lilly & Co. | Add +120.9% | 0.20% | +0.13 |
| IBHG iShares Ibonds 2027 HY Inc. | New | 0.12% | +0.12 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | New | 0.11% | +0.11 |
| FISV Fiserv Inc. | New | 0.10% | +0.10 |
| UPS United Parcel Service Class B | Add +14.7% | 0.63% | +0.09 |
| ECH iShares MSCI Chile ETF | New | 0.09% | +0.09 |
| APH Amphenol Corp. Class A | New | 0.08% | +0.08 |
| TGT Target Corp. | Add +99.9% | 0.18% | +0.08 |
| VKTX Viking Therapeutics Inc. | New | 0.08% | +0.08 |
| VGT Vanguard Info Tech ETF | New | 0.08% | +0.08 |
| VOO Vanguard S&P 500 ETF | New | 0.08% | +0.08 |
| COST Costco Wholesale Corp. | New | 0.07% | +0.07 |
| ED Consolidated Edison Inc. | New | 0.07% | +0.07 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.07% | +0.07 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.07% | +0.07 |
| AES AES Corp. | Add +60.1% | 0.20% | +0.07 |
| DEO Diageo PLC-Sponsored ADR | New | 0.06% | +0.06 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +29.8% | 0.61% | +0.06 |
| VOX Vanguard Communication Servi | New | 0.06% | +0.06 |
| APA Apa Corp. | Add +82.4% | 0.16% | +0.06 |
| NGL NGL Energy Partners LP | New | 0.06% | +0.06 |
| XSHD Invesco S&P Smallcap High Di | Add +68.1% | 0.21% | +0.06 |
| CSCO Cisco Systems Inc. | Add +24.4% | 0.28% | +0.05 |
| F Ford Motor Co. | New | 0.05% | +0.05 |
| WMT Walmart Inc. | Add +15.3% | 0.58% | +0.04 |
| XLV SS Health Care Select Sector | Add +20.7% | 0.26% | +0.03 |
| DHR Danaher Corp. | Add +19.6% | 0.20% | +0.03 |
| SMMV iShares MSCI USA Small-Cap M | Add +34.0% | 0.19% | +0.03 |
| PCG P G & E Corp. | Add +33.3% | 0.12% | +0.02 |
| IQLT iShares MSCI International Q | Add +24.7% | 0.13% | +0.01 |
| DAL Delta Air Lines Inc. | Add +7.9% | 0.09% | +0.01 |
| AMZN Amazon.com Inc. | Add +21.2% | 0.12% | +0.01 |
| ABBV Abbvie Inc. | Add +19.8% | 0.43% | +0.01 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +19.4% | 0.28% | +0.01 |
| CAG Conagra Brands Inc. | Add +23.6% | 0.16% | +0.00 |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | New | 0.00% | +0.00 |
Options Activity Q3 2025 → Q4 2025
| WMT Walmart Inc. | put | New | 1,000 | $111K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 · principal | Sold out | 682,472 | $16.6Mbefore exit |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | Sold out | 73,266 | $1.8Mbefore exit |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF · principal | Sold out | 13,450 | $327Kbefore exit |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | Sold out | 17,000 | $1Kbefore exit |
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 |