FWL Investment Management, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), FWL Investment Management, LLC reported 230 stock positions worth $181.5 million. Its top holding was Microsoft (MSFT) at 5.8% of the portfolio, followed by iShares U.S. Medical Devices (IHI, 5.8%) and Vaneck Gold Miners ETF (GDX, 5.4%). Compared with Q4 2023, it opened 32 new positions, sold out of 35, added to 52 and reduced 71. The biggest buy was a new position in Vaneck Gold Miners ETF (GDX) and the biggest sale Annaly Capital Management (NLY, shares −84%).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001829231
- Portfolio Value
- $181.5M (Q1 2024)
- SEC Filing
- 0001999371-24-005978 ↗ filed May 13, 2024
Holdings Value
Holdings 230 stocks · $181.5M
| MSFT Microsoft Corp. | 5.84% | 25,182 | $10.6M | Reduce -3.3% |
| IHI iShares U.S. Medical Devices | 5.79% | 179,180 | $10.5M | Add +0.6% |
| GDX Vaneck Gold Miners ETF | 5.45% | 312,549 | $9.9M | New |
| AGNC AGNC Investment Corp. | 5.40% | 989,969 | $9.8M | Add +22.1% |
| GOOG Alphabet Inc. Class C | 5.05% | 60,210 | $9.2M | Reduce -0.6% |
| QTEC First Trust Nasdq 100 Tech I | 4.78% | 45,471 | $8.7M | Reduce -18.1% |
| IBN Icici Bank Ltd.-Spon ADR | 3.93% | 269,709 | $7.1M | Add +0.5% |
| GLD SPDR Gold Shares | 3.81% | 33,636 | $6.9M | Add +4.2% |
| DDOG Datadog Inc. Class A | 3.63% | 53,257 | $6.6M | Reduce -4.7% |
| EWJ iShares MSCI Japan ETF | 3.37% | 85,758 | $6.1M | Add +28.5% |
| AMLP Alerian MLP ETF | 3.37% | 128,765 | $6.1M | Reduce -26.1% |
| LMT Lockheed Martin Corp. | 3.23% | 12,875 | $5.9M | Add +60.9% |
| LNG Cheniere Energy Inc. | 3.08% | 34,631 | $5.6M | Reduce -16.2% |
| ETN Eaton Corp. PLC | 2.89% | 16,768 | $5.2M | Add +393.5% |
| EOG EOG Resources Inc. | 2.69% | 38,134 | $4.9M | Add +27.9% |
| XBI SS SPDR S&P Biotech ETF | 2.66% | 50,860 | $4.8M | Add +1271400.0% |
| URA Global X Uranium ETF | 2.14% | 134,891 | $3.9M | Add +10276.2% |
| TLT iShares 20+ Year Treasury BD | 2.14% | 41,007 | $3.9M | Add +7.9% |
| QQQ Invesco QQQ Trust Series 1 | 2.06% | 8,418 | $3.7M | Add +1.0% |
| EMR Emerson Electric Co. | 2.04% | 32,580 | $3.7M | Add +4.3% |
| CYBR Cyberark Software Ltd./Israel | 2.03% | 13,839 | $3.7M | Add +2556.2% |
| AAPL Apple Inc. | 1.76% | 18,639 | $3.2M | Reduce -14.7% |
| WMB Williams Cos Inc. | 1.72% | 79,958 | $3.1M | Add +5.6% |
| AMZN Amazon.com Inc. | 1.66% | 16,743 | $3.0M | Add +1.7% |
| INDA iShares MSCI India ETF | 1.58% | 55,419 | $2.9M | Add +4518.3% |
| ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN | 1.48% | 40,980 | $2.7M | Reduce -8.9% |
| FXY Invesco Currencyshares Japan | 1.21% | 35,937 | $2.2M | New |
| VGLT Vanguard Long-Term Treasury | 0.93% | 28,381 | $1.7M | Reduce -6.3% |
| AMD Advanced Micro Devices | 0.91% | 9,102 | $1.6M | Reduce -23.7% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.84% | 16,513 | $1.5M | Add +51.3% |
| NVDA Nvidia Corp. | 0.82% | 1,653 | $1.5M | Add +64.3% |
| NLY Annaly Capital Management Inc. | 0.77% | 70,596 | $1.4M | Reduce -84.1% |
| IAU iShares Gold Trust | 0.75% | 32,450 | $1.4M | Reduce -9.9% |
| IWF iShares Russell 1000 Growth | 0.72% | 3,875 | $1.3M | Add +22.1% |
| COWZ Pacer US Cash Cows 100 ETF | 0.56% | 17,454 | $1.0M | Reduce -85.3% |
| KVUE Kenvue Inc. | 0.53% | 44,792 | $961K | Reduce -85.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.53% | 2,276 | $957K | Add +28.1% |
| GOOGL Alphabet Inc. Class A | 0.52% | 6,204 | $936K | Reduce -9.7% |
| ORCL Oracle Corp. | 0.44% | 6,410 | $805K | Add +18.9% |
| SNOW Snowflake Inc. | 0.40% | 4,545 | $734K | Add +424.2% |
| NFE New Fortress Energy Inc. | 0.38% | 22,413 | $686K | Reduce -87.6% |
| XLE SS Energy Select Sector | 0.37% | 7,121 | $672K | Reduce -17.3% |
| MRK Merck & Co. Inc. | 0.33% | 4,478 | $591K | Reduce -22.8% |
| SHY iShares 1-3 Year Treasury Bo | 0.28% | 6,190 | $506K | Reduce -63.0% |
| VRT Vertiv Holdings Co. Class A | 0.24% | 5,416 | $442K | Add +75.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.23% | 1,225 | $422K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.22% | 2,499 | $407K | Reduce -2.2% |
| COST Costco Wholesale Corp. | 0.21% | 520 | $381K | Add +10300.0% |
| NOW ServiceNow Inc. | 0.20% | 482 | $367K | Add +21.4% |
| RSPT Invesco S&P 500 Equal Weight | 0.15% | 7,900 | $278K | Reduce -50.3% |
| KTOS Kratos Defense & Security | 0.15% | 14,483 | $266K | Add +219.2% |
| SCHW Schwab (charles) Corp. | 0.13% | 3,307 | $239K | Add +152.3% |
| EXPE Expedia Group Inc. | 0.13% | 1,650 | $227K | Add +931.3% |
| ABBV Abbvie Inc. | 0.13% | 1,246 | $227K | Add +76.5% |
| XLK SS Technology Select Sector | 0.11% | 969 | $202K | No change |
| CCL Carnival Corp. | 0.11% | 11,900 | $194K | New |
| JPM JPMorgan Chase & Co. | 0.10% | 949 | $190K | Add +15.9% |
| SCHX Schwab US Large-Cap ETF | 0.10% | 3,040 | $189K | No change |
| PFF iShares Preferred & Income S | 0.09% | 5,092 | $164K | Add +2004.1% |
| IWR iShares Russell Mid-Cap ETF | 0.09% | 1,860 | $156K | No change |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.07% | 568 | $134K | Reduce -0.9% |
| DVY iShares Select Dividend ETF | 0.07% | 1,050 | $129K | No change |
| REM iShares Mortgage Real Estate | 0.07% | 5,492 | $128K | Reduce -96.6% |
| XMUIX BlackRock Municipal Income | 0.07% | 10,530 | $127K | Reduce -23.2% |
| CMS CMS Energy Corp. | 0.07% | 2,100 | $127K | No change |
| LLY Eli Lilly & Co. | 0.07% | 154 | $120K | Add +37.5% |
| SPHQ Invesco S&P 500 Quality ETF | 0.06% | 1,937 | $117K | New |
| CRM Salesforce Inc. | 0.06% | 358 | $108K | Add +43.2% |
| PSA Public Storage | 0.06% | 366 | $106K | Add +32.1% |
| PLD Prologis Inc. | 0.06% | 806 | $105K | Add +47.1% |
| UBER Uber Technologies Inc. | 0.06% | 1,350 | $104K | No change |
| TSLA Tesla Inc. | 0.05% | 546 | $96K | Reduce -39.5% |
| MLPX Global X MLP & Energy Infras | 0.05% | 1,950 | $96K | Reduce -4.9% |
| BGS B&G Foods Inc. | 0.05% | 8,000 | $92K | Reduce -5.9% |
| TDG Transdigm Group Inc. | 0.05% | 70 | $86K | No change |
| JNJ Johnson & Johnson | 0.05% | 533 | $84K | Reduce -4.0% |
| GRID First TRST Nasd Class Edg Sgiif | 0.04% | 696 | $80K | Add +1.5% |
| AVGO Broadcom Inc. | 0.04% | 59 | $78K | Add +247.1% |
| MPC Marathon Petroleum Corp. | 0.04% | 380 | $77K | Reduce -37.1% |
| WDAY Workday Inc. Class A | 0.04% | 275 | $75K | No change |
| MA Mastercard Inc. Class A | 0.04% | 150 | $72K | Reduce -14.3% |
| D Dominion Energy Inc. | 0.04% | 1,390 | $68K | Reduce -66.4% |
| AXP American Express Co. | 0.04% | 300 | $68K | No change |
| DASH DoorDash Inc. Class A | 0.04% | 462 | $64K | New |
| ICE Intercontinental Exchange Inc. | 0.03% | 450 | $62K | No change |
| ICLN iShares Global Clean Energy | 0.03% | 4,345 | $61K | Reduce -11.0% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.03% | 467 | $60K | Add +2.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.03% | 303 | $58K | Add +218.9% |
| ADBE Adobe Inc. | 0.03% | 110 | $56K | Reduce -8.3% |
| WPM Wheaton Precious Metals Corp. | 0.03% | 1,150 | $54K | No change |
| SYK Stryker Corp. | 0.03% | 150 | $54K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.03% | 90 | $52K | Reduce -10.0% |
| EW Edwards Lifesciences Corp. | 0.03% | 540 | $52K | No change |
| BLDR Builders Firstsource Inc. | 0.03% | 239 | $50K | Reduce -12.8% |
| OKE Oneok Inc. | 0.03% | 607 | $49K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.03% | 50 | $49K | Reduce -28.6% |
| SDY SS SPDR S&P Dividend ETF | 0.03% | 367 | $48K | Reduce -13.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.03% | 92 | $48K | Reduce -3.2% |
| AMPS Altus Power Inc. | 0.03% | 10,000 | $48K | No change |
| PICK iShares MSCI Global Metals & | 0.03% | 1,126 | $47K | Reduce -79.5% |
Portfolio Sells Q4 2023 → Q1 2024
| NLY Annaly Capital Management Inc. | Reduce -84.1% | 0.77% | −4.24 |
| NFE New Fortress Energy Inc. | Reduce -87.6% | 0.38% | −3.59 |
| KVUE Kenvue Inc. | Reduce -85.8% | 0.53% | −3.42 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -85.3% | 0.56% | −3.03 |
| FCX Freeport-McMoran Inc. | Reduce -99.5% | 0.01% | −2.17 |
| REM iShares Mortgage Real Estate | Reduce -96.6% | 0.07% | −2.15 |
| LNG Cheniere Energy Inc. | Reduce -16.2% | 3.08% | −1.03 |
| AMLP Alerian MLP ETF | Reduce -26.1% | 3.37% | −0.95 |
| QTEC First Trust Nasdq 100 Tech I | Reduce -18.1% | 4.78% | −0.90 |
| AAPL Apple Inc. | Reduce -14.7% | 1.76% | −0.69 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -63.0% | 0.28% | −0.52 |
| ZM Zoom Communications Inc. | Reduce -8.9% | 1.48% | −0.41 |
| DDOG Datadog Inc. Class A | Reduce -4.7% | 3.63% | −0.33 |
| SPTS SS SPDR P St Term TSY ETF | Sold out | 0.00% | −0.17 |
| VGLT Vanguard Long-Term Treasury | Reduce -6.3% | 0.93% | −0.16 |
| RSPT Invesco S&P 500 Equal Weight | Reduce -50.3% | 0.15% | −0.15 |
| AMD Advanced Micro Devices | Reduce -23.7% | 0.91% | −0.12 |
| PICK iShares MSCI Global Metals & | Reduce -79.5% | 0.03% | −0.11 |
| TSLA Tesla Inc. | Reduce -39.5% | 0.05% | −0.08 |
| D Dominion Energy Inc. | Reduce -66.4% | 0.04% | −0.08 |
| MP MP Materials Corp. | Sold out | 0.00% | −0.07 |
| SE Sea Ltd.-ADR | Reduce -85.7% | 0.02% | −0.07 |
| IAU iShares Gold Trust | Reduce -9.9% | 0.75% | −0.07 |
| CWEN Clearway Energy Inc. Class C | Reduce -89.8% | 0.01% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -82.9% | 0.01% | −0.05 |
| XLE SS Energy Select Sector | Reduce -17.3% | 0.37% | −0.05 |
| GOOGL Alphabet Inc. Class A | Reduce -9.7% | 0.52% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -22.8% | 0.33% | −0.04 |
| CTAS Cintas Corp. | Reduce -87.6% | 0.01% | −0.04 |
| PLUG Plug Power Inc. | Sold out | 0.00% | −0.03 |
| XMUIX BlackRock Municipal Income | Reduce -23.2% | 0.07% | −0.02 |
| SGOV iShares 0-3 Month Treasury B | Reduce -46.4% | 0.02% | −0.02 |
| PCAR Paccar Inc. | Sold out | 0.00% | −0.02 |
| UNH Unitedhealth Group Inc. | Reduce -30.3% | 0.03% | −0.02 |
| ON On Semiconductor | Sold out | 0.00% | −0.01 |
| CVX Chevron Corp. | Reduce -71.4% | 0.00% | −0.01 |
| CNX CNX Resources Corp. | Sold out | 0.00% | −0.01 |
| ADBE Adobe Inc. | Reduce -8.3% | 0.03% | −0.01 |
| ICLN iShares Global Clean Energy | Reduce -11.0% | 0.03% | −0.01 |
| MPC Marathon Petroleum Corp. | Reduce -37.1% | 0.04% | −0.01 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.01 |
| IVR Invesco Mortgage Capital | Reduce -40.0% | 0.01% | −0.01 |
| RHI Robert Half Inc. | Sold out | 0.00% | −0.01 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.01 |
| COPX Global X Copper Miners ETF | Sold out | 0.00% | −0.01 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.01 |
| CTSH Cognizant Tech Solutions-A | Sold out | 0.00% | −0.01 |
| T AT&T Inc. | Reduce -31.4% | 0.01% | −0.01 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.01 |
| EXPD Expeditors Intl Wash Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| GDX Vaneck Gold Miners ETF | New | 5.45% | +5.45 |
| XBI SS SPDR S&P Biotech ETF | Add +1271400.0% | 2.66% | +2.66 |
| ETN Eaton Corp. PLC | Add +393.5% | 2.89% | +2.41 |
| URA Global X Uranium ETF | Add +10276.2% | 2.14% | +2.12 |
| CYBR Cyberark Software Ltd./Israel | Add +2556.2% | 2.03% | +1.96 |
| INDA iShares MSCI India ETF | Add +4518.3% | 1.58% | +1.54 |
| FXY Invesco Currencyshares Japan | New | 1.21% | +1.21 |
| LMT Lockheed Martin Corp. | Add +60.9% | 3.23% | +1.11 |
| EWJ iShares MSCI Japan ETF | Add +28.5% | 3.37% | +0.88 |
| AGNC AGNC Investment Corp. | Add +22.1% | 5.40% | +0.77 |
| EOG EOG Resources Inc. | Add +27.9% | 2.69% | +0.59 |
| NVDA Nvidia Corp. | Add +64.3% | 0.82% | +0.53 |
| SNOW Snowflake Inc. | Add +424.2% | 0.40% | +0.30 |
| EMR Emerson Electric Co. | Add +4.3% | 2.04% | +0.26 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +51.3% | 0.84% | +0.25 |
| GLD SPDR Gold Shares | Add +4.2% | 3.81% | +0.22 |
| COST Costco Wholesale Corp. | Add +10300.0% | 0.21% | +0.21 |
| AMZN Amazon.com Inc. | Add +1.7% | 1.66% | +0.21 |
| IBN Icici Bank Ltd.-Spon ADR | Add +0.5% | 3.93% | +0.20 |
| IHI iShares U.S. Medical Devices | Add +0.6% | 5.79% | +0.18 |
| WMB Williams Cos Inc. | Add +5.6% | 1.72% | +0.18 |
| IWF iShares Russell 1000 Growth | Add +22.1% | 0.72% | +0.16 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +28.1% | 0.53% | +0.16 |
| VRT Vertiv Holdings Co. Class A | Add +75.8% | 0.24% | +0.16 |
| ORCL Oracle Corp. | Add +18.9% | 0.44% | +0.11 |
| EXPE Expedia Group Inc. | Add +931.3% | 0.13% | +0.11 |
| CCL Carnival Corp. | New | 0.11% | +0.11 |
| KTOS Kratos Defense & Security | Add +219.2% | 0.15% | +0.09 |
| PFF iShares Preferred & Income S | Add +2004.1% | 0.09% | +0.09 |
| SCHW Schwab (charles) Corp. | Add +152.3% | 0.13% | +0.08 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.0% | 2.06% | +0.07 |
| SPHQ Invesco S&P 500 Quality ETF | New | 0.06% | +0.06 |
| ABBV Abbvie Inc. | Add +76.5% | 0.13% | +0.06 |
| NOW ServiceNow Inc. | Add +21.4% | 0.20% | +0.04 |
| DASH DoorDash Inc. Class A | New | 0.04% | +0.04 |
| AVGO Broadcom Inc. | Add +247.1% | 0.04% | +0.03 |
| LLY Eli Lilly & Co. | Add +37.5% | 0.07% | +0.03 |
| OKE Oneok Inc. | New | 0.03% | +0.03 |
| APO Apollo Global Management Inc. | New | 0.02% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +15.9% | 0.10% | +0.02 |
| IBM Intl Business Machines Corp. | Add +218.9% | 0.03% | +0.02 |
| CRM Salesforce Inc. | Add +43.2% | 0.06% | +0.02 |
| BA The Boeing Co. | New | 0.02% | +0.02 |
| IWV iShares Russell 3000 ETF | Add +151.7% | 0.03% | +0.02 |
| PLD Prologis Inc. | Add +47.1% | 0.06% | +0.02 |
| SHAK Shake Shack Inc. Class A | New | 0.01% | +0.01 |
| LMBS First Trust Low Duration Opp | Add +285.8% | 0.02% | +0.01 |
| CAH Cardinal Health Inc. | New | 0.01% | +0.01 |
| PSA Public Storage | Add +32.1% | 0.06% | +0.01 |
| EPI Wisdomtree India Earnings | Add +103.6% | 0.01% | +0.01 |
Notes & Other Activity Q4 2023 → Q1 2024
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 9 | $350before exit |
| GILD Gilead Sciences Inc. | COM | Reduce -100.0% | 0 | $0 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | MCAP VL IDXVIP | Reduce -100.0% | 0 | $0 |
| AA Alcoa Corp. | COM | Sold out | 0 | $0before exit |
| ATI Ati Inc. | COM | Sold out | 0 | $0before exit |
| ALNY Alnylam Pharmaceuticals Inc. | COM | Sold out | 0 | $0before exit |
| AEP American Electric Power | COM | New | 0 | $0 |
| AIG American International Group | COM NEW | New | 0 | $0 |
| AVDL Avadel Pharmaceuticals plc | COM | Sold out | 0 | $0before exit |
| CCJ Cameco Corp. | COM | Sold out | 0 | $0before exit |
| CG The Carlyle Group Inc. | COM | Sold out | 0 | $0before exit |
| FSK FS KKR Capital Corp. | COM | Sold out | 0 | $0before exit |
| FVD First Trust Value Line DVD | SHS | New | 0 | $0 |
| HPQ HP Inc. | COM | New | 0 | $0 |
| HWM Howmet Aerospace Inc. | COM | Sold out | 0 | $0before exit |
| IONS Ionis Pharmaceuticals Inc. | COM | Sold out | 0 | $0before exit |
| USMV iShares MSCI USA Min Vol Fac | MSCI USA MIN ETF | New | 0 | $0 |
| DGRO iShares Core Dividend Growth | CORE DIV GRWTH | New | 0 | $0 |
| JPST JPMorgan Ultra-Short Income | ULTRA SHRT ETF | New | 0 | $0 |
| LXRX Lexicon Pharmaceuticals Inc. | COM NEW | Sold out | 0 | $0before exit |
| GHY Pgim Global High Yield Fund | COM | Sold out | 0 | $0before exit |
| VT Vanguard Tot World STK ETF | TT WRLD ST ETF | Sold out | 0 | $0before exit |
| VCLT Vanguard Long-Term Corp. Bond | LG-TERM COR BD | Sold out | 0 | $0before exit |
| WAB Wabtec Corp. | COM | Sold out | 0 | $0before exit |
| WM Waste Management Inc. | COM | New | 0 | $0 |
| LIN Linde PLC | SHS | New | 0 | $0 |
| STX Seagate Technology Holdings | ORD SHS | New | 0 | $0 |
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 | 501 | $544.7M | MU, AMLP, GOOG, BIL, LNG |
| Q1 2026 | 346 | $455.6M | LNG, AMLP, BIL, GOOG, NVDA |
| Q4 2025 | 365 | $415.7M | GOOG, GDX, AMLP, MSFT, GLD |
| Q3 2025 | 332 | $383.6M | GDX, ORCL, GOOG, LNG, MSFT |
| Q2 2025 | 325 | $326.8M | ORCL, MSFT, LNG, BIL, GOOG |
| Q1 2025 | 289 | $269.2M | LNG, GDX, GLD, GOOG, AMLP |
| Q4 2024 | 309 | $274.8M | GOOG, MSFT, IHI, GDX, LNG |
| Q3 2024 | 297 | $261.1M | MSFT, GDX, GOOG, XBI, IHI |
| Q2 2024 | 239 | $198.3M | GDX, MSFT, GOOG, IHI, XBI |
| Q1 2024 | 230 | $181.5M | MSFT, IHI, GDX, AGNC, GOOG |