CWA Asset Management Group, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 7, 2026), CWA Asset Management Group, LLC reported 641 stock positions worth $2.8 billion. Its top holding was Nvidia (NVDA) at 6.7% of the portfolio, followed by Apple (AAPL, 5.5%) and Microsoft (MSFT, 3.6%). Compared with Q3 2025, it opened 67 new positions, sold out of 85, added to 288 and reduced 248. The biggest buy was a new position in Gold Royalty (GROY) and the biggest sale Range Resources (RRC, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- NAPLES, FL
- CIK
- 0001667134
- Portfolio Value
- $2.8B (Q4 2025)
- SEC Filing
- 0001667134-26-000001 ↗ filed Jan 7, 2026
Holdings Value
Holdings 641 stocks · $2.8B
| NVDA Nvidia Corp. | 6.66% | 990,424 | $184.7M | Add +1.0% |
| AAPL Apple Inc. | 5.47% | 557,270 | $151.5M | Add +2.5% |
| MSFT Microsoft Corp. | 3.59% | 205,832 | $99.5M | Add +1.0% |
| SHY iShares 1-3 Year Treasury Bo | 2.56% | 858,478 | $71.1M | Add +7.4% |
| GLD SPDR Gold Shares | 2.39% | 166,931 | $66.2M | Add +3.8% |
| AMZN Amazon.com Inc. | 2.09% | 250,687 | $57.9M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 1.78% | 157,692 | $49.5M | Add +0.3% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 1.64% | 3,371,814 | $45.4M | Add +7.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.52% | 462,029 | $42.2M | Reduce -10.8% |
| GOOGL Alphabet Inc. Class A | 1.49% | 132,172 | $41.4M | Add +2.9% |
| CAPITOL SER TR | 1.43% | 1,563,997 | $39.7M | Add +10.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.40% | 77,440 | $38.9M | Add +0.3% |
| VCIT Vanguard Int-Term Corporate | 1.31% | 434,549 | $36.4M | Add +6.7% |
| META Meta Platforms Inc. Class A | 1.29% | 54,282 | $35.8M | Reduce -7.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.19% | 98,661 | $33.1M | Add +4.3% |
| FNV Franco-Nevada Corp. | 1.16% | 154,592 | $32.0M | Add +6.3% |
| JPM JPMorgan Chase & Co. | 1.15% | 98,703 | $31.8M | Reduce -2.6% |
| COST Costco Wholesale Corp. | 1.08% | 34,618 | $29.9M | Reduce -3.4% |
| AVGO Broadcom Inc. | 0.97% | 77,434 | $26.8M | Add +2.6% |
| FCN Fti Consulting Inc. | 0.96% | 155,109 | $26.5M | Add +31.8% |
| V Visa Inc. Class A | 0.86% | 68,069 | $23.9M | Reduce -1.1% |
| PLTR Palantir Technologies Inc. Class A | 0.84% | 131,335 | $23.3M | Reduce -0.4% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.81% | 440,879 | $22.5M | Reduce -16.1% |
| MO Altria Group Inc. | 0.74% | 356,150 | $20.5M | Add +6.2% |
| JNJ Johnson & Johnson | 0.73% | 97,741 | $20.2M | Reduce -2.2% |
| BILS SS Spdrb B 3-12M T-Bill ETF | 0.71% | 197,101 | $19.6M | Reduce -7.5% |
| CCJ Cameco Corp. | 0.71% | 213,739 | $19.6M | Reduce -3.4% |
| IVV iShares Core S&P 500 ETF | 0.69% | 27,949 | $19.1M | Add +3.6% |
| ABBV Abbvie Inc. | 0.69% | 83,604 | $19.1M | Add +16.7% |
| SO The Southern Co. | 0.65% | 208,204 | $18.2M | Add +3.1% |
| CAH Cardinal Health Inc. | 0.61% | 81,621 | $16.8M | Reduce -5.0% |
| QCOM Qualcomm Inc. | 0.58% | 94,207 | $16.1M | Add +3.4% |
| GROY Gold Royalty Corp. | 0.57% | 3,942,457 | $15.9M | New |
| DUK Duke Energy Corp. | 0.57% | 134,121 | $15.7M | Reduce -2.7% |
| GS Goldman Sachs Group Inc. | 0.53% | 16,852 | $14.8M | Reduce -2.5% |
| OR Or Royalties Inc. | 0.52% | 408,918 | $14.5M | Add +7.1% |
| GLRE Greenlight Capital Re Ltd. Class A | 0.51% | 977,105 | $14.2M | Add +6.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.51% | 20,736 | $14.1M | Reduce -1.7% |
| INTU Intuit Inc. | 0.49% | 20,698 | $13.7M | Add +60.8% |
| TSLA Tesla Inc. | 0.49% | 30,208 | $13.6M | Add +1.6% |
| ORCL Oracle Corp. | 0.47% | 67,336 | $13.1M | Reduce -4.9% |
| SMMD iShares Russell 2500 ETF | 0.47% | 173,504 | $13.0M | Add +9.4% |
| CASY Casey's General Stores Inc. | 0.46% | 22,854 | $12.6M | Reduce -0.9% |
| XLC SS Comm Select Sector SPDR | 0.45% | 105,223 | $12.4M | Reduce -3.9% |
| BX Blackstone Inc. | 0.43% | 77,795 | $12.0M | Reduce -2.8% |
| DE Deere & Co. | 0.41% | 24,351 | $11.3M | Reduce -1.7% |
| ORLY O'reilly Automotive Inc. | 0.40% | 121,804 | $11.1M | Add +5.1% |
| AGI Alamos Gold Inc. Class A | 0.39% | 279,843 | $10.8M | Add +176.2% |
| LMT Lockheed Martin Corp. | 0.39% | 22,145 | $10.7M | Reduce -2.1% |
| GM General Motors Co. | 0.38% | 131,080 | $10.7M | Add +6.9% |
| PSA Public Storage | 0.38% | 40,980 | $10.6M | Reduce -4.1% |
| JBL Jabil Inc. | 0.38% | 45,593 | $10.4M | Reduce -4.9% |
| RS Reliance Inc. | 0.37% | 35,647 | $10.3M | New |
| FCFS Firstcash Holdings Inc. | 0.36% | 63,133 | $10.1M | Add +5.6% |
| GRMN Garmin Ltd. | 0.36% | 49,356 | $10.0M | Reduce -2.8% |
| CLB Core Laboratories Inc. | 0.36% | 622,453 | $10.0M | New |
| C Citigroup Inc. | 0.36% | 85,087 | $9.9M | Add +4.1% |
| SYF Synchrony Financial | 0.34% | 112,553 | $9.4M | Add +6.0% |
| VEA Vanguard Ftse Developed ETF | 0.34% | 149,654 | $9.3M | Reduce -0.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 168,966 | $9.3M | Add +7.1% |
| RJF Raymond James Financial Inc. | 0.33% | 57,053 | $9.2M | Reduce -4.1% |
| MUB iShares National Muni Bond E | 0.32% | 83,258 | $8.9M | Reduce -2.1% |
| HII Huntington Ingalls Industrie | 0.32% | 26,130 | $8.9M | Add +5.6% |
| VOO Vanguard S&P 500 ETF | 0.32% | 14,157 | $8.9M | Reduce -1.9% |
| MSB Mesabi Trust | 0.32% | 228,244 | $8.8M | Add +41.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.32% | 109,957 | $8.8M | Reduce -25.2% |
| GLW Corning Inc. | 0.32% | 99,923 | $8.7M | Reduce -4.3% |
| LRCX Lam Research Corp. | 0.31% | 50,210 | $8.6M | Add +5.5% |
| AEM Agnico Eagle Mines Ltd. | 0.31% | 50,676 | $8.6M | Reduce -21.2% |
| CSCO Cisco Systems Inc. | 0.31% | 111,412 | $8.6M | Reduce -3.2% |
| SHV iShares 0-1 Year Treasury Bo | 0.31% | 76,833 | $8.5M | Add +381.5% |
| RTX RTX Corp. | 0.30% | 45,977 | $8.4M | Add +2.0% |
| FNF Fidelity National Financial | 0.30% | 153,552 | $8.4M | Reduce -1.8% |
| PLD Prologis Inc. | 0.30% | 65,025 | $8.3M | Reduce -3.8% |
| IBKR Interactive Brokers Gro Class A | 0.29% | 126,002 | $8.1M | Reduce -3.3% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.28% | 66,622 | $7.7M | Add +1453.7% |
| PG The Procter & Gamble Co. | 0.28% | 53,871 | $7.7M | Reduce -3.4% |
| APP AppLovin Corp. Class A | 0.28% | 11,430 | $7.7M | Reduce -18.5% |
| INCY Incyte Corp. | 0.26% | 74,244 | $7.3M | Add +5.8% |
| WMT Walmart Inc. | 0.26% | 65,523 | $7.3M | Reduce -2.3% |
| EXPE Expedia Group Inc. | 0.26% | 25,574 | $7.2M | Add +3.9% |
| SLV iShares Silver Trust | 0.26% | 112,269 | $7.2M | Reduce -8.8% |
| LLY Eli Lilly & Co. | 0.26% | 6,719 | $7.2M | Add +14.5% |
| MGA Magna International Inc. | 0.25% | 131,814 | $7.0M | Add +8.5% |
| SII Sprott Inc. | 0.25% | 71,604 | $7.0M | Add +58.2% |
| GILD Gilead Sciences Inc. | 0.25% | 56,792 | $7.0M | Add +3.6% |
| CMI Cummins Inc. | 0.25% | 13,413 | $6.8M | Reduce -1.8% |
| FMB First Trust Managed Municipa | 0.25% | 133,812 | $6.8M | Reduce -25.5% |
| PM Philip Morris International | 0.24% | 42,122 | $6.8M | Add +26.2% |
| WFC Wells Fargo & Co. | 0.24% | 72,027 | $6.7M | Add +7.3% |
| UNM Unum Group | 0.24% | 84,610 | $6.6M | Reduce -3.0% |
| PHM Pultegroup Inc. | 0.24% | 55,734 | $6.5M | Reduce -3.9% |
| ZM Zoom Communications Inc. | 0.23% | 73,973 | $6.4M | Add +10.2% |
| SGOV iShares 0-3 Month Treasury B | 0.23% | 63,489 | $6.4M | Add +13.6% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.23% | 165,145 | $6.3M | Reduce -7.5% |
| BMY Bristol-Myers Squibb Co. | 0.22% | 115,068 | $6.2M | Reduce -23.5% |
| CVX Chevron Corp. | 0.22% | 39,624 | $6.0M | Reduce -5.9% |
| ADSK Autodesk Inc. | 0.22% | 20,364 | $6.0M | Reduce -3.5% |
| IEFA iShares Core MSCI Eafe ETF | 0.21% | 66,095 | $5.9M | Add +3.2% |
| MRK Merck & Co. Inc. | 0.21% | 55,592 | $5.9M | Add +86.2% |
Options reported separately and not counted above: GLD calls ($762K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | 189,933 | $1.6M | No change |
Total filed on the 13F, all lines: $2.8B.
Portfolio Sells Q3 2025 → Q4 2025
| RRC Range Resources Corp. | Reduce -96.8% | 0.02% | −0.53 |
| ICL Icl Group Ltd. | Reduce -97.7% | 0.01% | −0.36 |
| WINA Winmark Corp. | Reduce -91.8% | 0.02% | −0.36 |
| META Meta Platforms Inc. Class A | Reduce -7.5% | 1.29% | −0.30 |
| MOS The Mosaic Co. | Reduce -86.7% | 0.03% | −0.30 |
| ORCL Oracle Corp. | Reduce -4.9% | 0.47% | −0.26 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -10.8% | 1.52% | −0.24 |
| DLTR Dollar Tree Inc. | Reduce -92.6% | 0.02% | −0.22 |
| USB US Bancorp | Reduce -88.1% | 0.03% | −0.22 |
| RL Ralph Lauren Corp. | Reduce -96.8% | 0.01% | −0.21 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -95.8% | 0.01% | −0.21 |
| JMST JPM Ultra-Short Muni Income | Reduce -16.1% | 0.81% | −0.18 |
| ERIC Ericsson (lm) Tel-SP ADR | Sold out | 0.00% | −0.18 |
| CMCSA Comcast Corp. Class A | Reduce -90.1% | 0.02% | −0.17 |
| EMR Emerson Electric Co. | Reduce -89.0% | 0.02% | −0.16 |
| MAS Masco Corp. | Sold out | 0.00% | −0.16 |
| TWLO Twilio Inc. Class A | Reduce -79.3% | 0.06% | −0.16 |
| PPC Pilgrim's Pride Corp. | Sold out | 0.00% | −0.15 |
| COST Costco Wholesale Corp. | Reduce -3.4% | 1.08% | −0.15 |
| FHN First Horizon Corp. | Sold out | 0.00% | −0.13 |
| HUM Humana Inc. | Sold out | 0.00% | −0.13 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.12 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -25.2% | 0.32% | −0.12 |
| CSL Carlisle Cos Inc. | Sold out | 0.00% | −0.11 |
| GRMN Garmin Ltd. | Reduce -2.8% | 0.36% | −0.10 |
| JBS JBS NV-A | Reduce -92.5% | 0.01% | −0.10 |
| APP AppLovin Corp. Class A | Reduce -18.5% | 0.28% | −0.10 |
| AEM Agnico Eagle Mines Ltd. | Reduce -21.2% | 0.31% | −0.09 |
| ALE Allete Inc. | Sold out | 0.00% | −0.09 |
| FMB First Trust Managed Municipa | Reduce -25.5% | 0.25% | −0.09 |
| MMM 3M Co. | Reduce -68.8% | 0.04% | −0.09 |
| STRL Sterling Infrastructure Inc. | Reduce -79.2% | 0.02% | −0.09 |
| PENG Penguin Solutions Inc. | Sold out | 0.00% | −0.08 |
| ACM Aecom | Sold out | 0.00% | −0.08 |
| EVRG Evergy Inc. | Reduce -83.1% | 0.02% | −0.08 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Reduce -7.5% | 0.71% | −0.08 |
| EQNR Equinor ASA-Spon ADR | Sold out | 0.00% | −0.08 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.08 |
| HD Home Depot Inc. | Reduce -12.2% | 0.20% | −0.07 |
| SAH Sonic Automotive Inc. Class A | Sold out | 0.00% | −0.07 |
| BX Blackstone Inc. | Reduce -2.8% | 0.43% | −0.07 |
| CELH Celsius Holdings Inc. | Reduce -6.4% | 0.20% | −0.07 |
| PSA Public Storage | Reduce -4.1% | 0.38% | −0.07 |
| EOG EOG Resources Inc. | Reduce -65.7% | 0.03% | −0.07 |
| DBX Dropbox Inc. Class A | Sold out | 0.00% | −0.07 |
| MPT Medical Properties Trust Inc. | Sold out | 0.00% | −0.07 |
| DUK Duke Energy Corp. | Reduce -2.7% | 0.57% | −0.06 |
| HRB H&R Block Inc. | Sold out | 0.00% | −0.06 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.06 |
| OZK Bank Ozk | Sold out | 0.00% | −0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| GROY Gold Royalty Corp. | New | 0.57% | +0.57 |
| ORLA Orla Mining Ltd. | Add +7.8% | 1.64% | +0.39 |
| RS Reliance Inc. | New | 0.37% | +0.37 |
| GOOG Alphabet Inc. Class C | Add +0.3% | 1.78% | +0.37 |
| CLB Core Laboratories Inc. | New | 0.36% | +0.36 |
| AAPL Apple Inc. | Add +2.5% | 5.47% | +0.34 |
| GOOGL Alphabet Inc. Class A | Add +2.9% | 1.49% | +0.34 |
| GLD SPDR Gold Shares | Add +3.8% | 2.39% | +0.27 |
| BNY Bank of New York Mellon Corp. | Add +1453.7% | 0.28% | +0.26 |
| AGI Alamos Gold Inc. Class A | Add +176.2% | 0.39% | +0.26 |
| FCN Fti Consulting Inc. | Add +31.8% | 0.96% | +0.25 |
| SHV iShares 0-1 Year Treasury Bo | Add +381.5% | 0.31% | +0.24 |
| INTU Intuit Inc. | Add +60.8% | 0.49% | +0.17 |
| HIG Hartford Insurance Group Inc. | New | 0.17% | +0.17 |
| TPR Tapestry Inc. | Add +1409.0% | 0.16% | +0.15 |
| HCA HCA Healthcare Inc. | Add +1062.4% | 0.16% | +0.15 |
| AES AES Corp. | New | 0.15% | +0.15 |
| MSB Mesabi Trust | Add +41.8% | 0.32% | +0.14 |
| GD General Dynamics Corp. | Add +494.9% | 0.17% | +0.14 |
| FERG Ferguson Enterprises Inc. | New | 0.14% | +0.14 |
| GGG Graco Inc. | New | 0.13% | +0.13 |
| MRK Merck & Co. Inc. | Add +86.2% | 0.21% | +0.12 |
| SII Sprott Inc. | Add +58.2% | 0.25% | +0.11 |
| KR Kroger Co. | Add +1336.3% | 0.12% | +0.11 |
| SHY iShares 1-3 Year Treasury Bo | Add +7.4% | 2.56% | +0.11 |
| GM General Motors Co. | Add +6.9% | 0.38% | +0.11 |
| SONY Sony Group Corp. - SP ADR | New | 0.11% | +0.11 |
| ROK Rockwell Automation Inc. | New | 0.10% | +0.10 |
| CAG Conagra Brands Inc. | New | 0.10% | +0.10 |
| CAPITOL SER TR | Add +10.5% | 1.43% | +0.10 |
| LLY Eli Lilly & Co. | Add +14.5% | 0.26% | +0.09 |
| VBIL Vanguard 0-3M T-Bill ETF | Add +360.0% | 0.12% | +0.09 |
| KRT Karat Packaging Inc. | New | 0.09% | +0.09 |
| POR Portland General Electric Co. | Add +228.9% | 0.12% | +0.08 |
| NVS Novartis AG-Sponsored ADR | Add +151.9% | 0.14% | +0.08 |
| GLRE Greenlight Capital Re Ltd. Class A | Add +6.9% | 0.51% | +0.08 |
| GCT Gigacloud Technology Inc. Class A | New | 0.08% | +0.08 |
| ABBV Abbvie Inc. | Add +16.7% | 0.69% | +0.07 |
| LRCX Lam Research Corp. | Add +5.5% | 0.31% | +0.07 |
| OGS One Gas Inc. | New | 0.07% | +0.07 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +131.9% | 0.14% | +0.07 |
| KHC The Kraft Heinz Co. | New | 0.07% | +0.07 |
| PEGA Pegasystems Inc. | New | 0.07% | +0.07 |
| TXT Textron Inc. | New | 0.07% | +0.07 |
| DVN Devon Energy Corp. | Add +612.4% | 0.08% | +0.07 |
| LYFT LYFT Inc. Class A | New | 0.07% | +0.07 |
| EXPE Expedia Group Inc. | Add +3.9% | 0.26% | +0.07 |
| FLO Flowers Foods Inc. | New | 0.07% | +0.07 |
| VLO Valero Energy Corp. | Add +359.0% | 0.08% | +0.06 |
| IMO Imperial Oil Ltd. | New | 0.06% | +0.06 |
Options Activity Q3 2025 → Q4 2025
| GLD SPDR Gold Shares | call | New | 25,600 | $762K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 693 | $3.3B | NVDA, AAPL, MSFT, SHY, VCIT |
| Q1 2026 | 643 | $2.9B | NVDA, AAPL, MSFT, SHY, GLD |
| Q4 2025 | 641 | $2.8B | NVDA, AAPL, MSFT, SHY, GLD |
| Q3 2025 | 659 | $2.7B | NVDA, AAPL, MSFT, SHY, GLD |
| Q2 2025 | 635 | $2.4B | NVDA, AAPL, MSFT, AMZN, BIL |
| Q1 2025 | 594 | $2.1B | AAPL, NVDA, MSFT, BIL, AMZN |
| Q4 2024 | 557 | $2.0B | NVDA, AAPL, MSFT, BIL, AMZN |
| Q3 2024 | 565 | $1.9B | NVDA, AAPL, MSFT, AMZN, COST |
| Q1 2024 | 529 | $1.6B | NVDA, AAPL, MSFT, AMZN, BRK.B |