FWL Investment Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), FWL Investment Management, LLC reported 309 stock positions worth $274.8 million. Its top holding was Alphabet Class C (GOOG) at 5.2% of the portfolio, followed by Microsoft (MSFT, 4.8%) and iShares U.S. Medical Devices (IHI, 4.3%). Compared with Q3 2024, it opened 37 new positions, sold out of 25, added to 80 and reduced 53. The biggest buy was Cyberark Software Ltd./Israel (CYBR, shares +29%) and the biggest sale SS SPDR S&P Biotech ETF (XBI, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001829231
- Portfolio Value
- $274.8M (Q4 2024)
- SEC Filing
- 0001839882-25-009026 ↗ filed Feb 14, 2025
Holdings Value
Holdings 309 stocks · $274.8M
| GOOG Alphabet Inc. Class C | 5.23% | 75,402 | $14.4M | Add +3.1% |
| MSFT Microsoft Corp. | 4.83% | 31,462 | $13.3M | Add +3.4% |
| IHI iShares U.S. Medical Devices | 4.26% | 200,465 | $11.7M | Add +3.5% |
| GDX Vaneck Gold Miners ETF | 4.15% | 336,262 | $11.4M | Add +3.8% |
| LNG Cheniere Energy Inc. | 3.90% | 49,887 | $10.7M | Add +1.0% |
| AMLP Alerian MLP ETF | 3.80% | 216,907 | $10.4M | Add +37.5% |
| GLD SPDR Gold Shares | 3.72% | 42,270 | $10.2M | Add +22.0% |
| CYBR Cyberark Software Ltd./Israel | 3.65% | 30,078 | $10.0M | Add +29.4% |
| ORCL Oracle Corp. | 3.33% | 54,944 | $9.2M | Add +0.6% |
| LMT Lockheed Martin Corp. | 3.20% | 18,104 | $8.8M | Add +5.7% |
| NVDA Nvidia Corp. | 3.17% | 64,857 | $8.7M | Add +25.0% |
| IBN Icici Bank Ltd.-Spon ADR | 3.02% | 277,784 | $8.3M | Add +1.8% |
| WMB Williams Cos Inc. | 2.90% | 147,205 | $8.0M | Add +1.6% |
| AAPL Apple Inc. | 2.85% | 31,262 | $7.8M | Add +1.3% |
| DDOG Datadog Inc. Class A | 2.84% | 54,704 | $7.8M | Add +6.8% |
| ETN Eaton Corp. PLC | 2.76% | 22,852 | $7.6M | Add +7.8% |
| INDA iShares MSCI India ETF | 2.66% | 138,634 | $7.3M | Add +0.9% |
| AMZN Amazon.com Inc. | 2.36% | 29,579 | $6.5M | Add +48.7% |
| CCJ Cameco Corp. | 1.99% | 106,596 | $5.5M | Add +5.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.87% | 56,286 | $5.1M | Add +68.5% |
| QQQ Invesco QQQ Trust Series 1 | 1.78% | 9,549 | $4.9M | Add +7.5% |
| AGNC AGNC Investment Corp. | 1.75% | 523,521 | $4.8M | Reduce -38.4% |
| EMR Emerson Electric Co. | 1.64% | 36,320 | $4.5M | Reduce -0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.44% | 8,699 | $3.9M | Add +3.1% |
| JPM JPMorgan Chase & Co. | 1.32% | 15,144 | $3.6M | Add +2.7% |
| WMT Walmart Inc. | 1.30% | 39,557 | $3.6M | Reduce -1.1% |
| HD Home Depot Inc. | 1.11% | 7,829 | $3.0M | Add +5.6% |
| COST Costco Wholesale Corp. | 1.03% | 3,084 | $2.8M | Add +7.2% |
| URA Global X Uranium ETF | 0.98% | 100,391 | $2.7M | Add +820.9% |
| IREN Iren Ltd. filed as IREN LIMITED | 0.85% | 238,526 | $2.3M | New |
| UNH Unitedhealth Group Inc. | 0.78% | 4,211 | $2.1M | Add +3.8% |
| NLR Vaneck Urani & Nuclr ETF-Usd | 0.77% | 26,032 | $2.1M | New |
| ACN Accenture PLC Class A | 0.73% | 5,724 | $2.0M | Add +5.5% |
| V Visa Inc. Class A | 0.73% | 6,344 | $2.0M | Add +0.5% |
| CB Chubb Ltd. | 0.68% | 6,718 | $1.9M | Add +5.4% |
| MCD McDonald's Corp. | 0.65% | 6,173 | $1.8M | Add +0.8% |
| PG The Procter & Gamble Co. | 0.64% | 10,449 | $1.8M | Add +8.7% |
| APD Air Products & Chemicals Inc. | 0.61% | 5,734 | $1.7M | Add +5.5% |
| IVV iShares Core S&P 500 ETF | 0.60% | 2,794 | $1.6M | Reduce -10.4% |
| QTEC First Trust Nasdq 100 Tech I | 0.57% | 8,284 | $1.6M | Add +10.8% |
| GD General Dynamics Corp. | 0.56% | 5,810 | $1.5M | Add +7.4% |
| IWF iShares Russell 1000 Growth | 0.55% | 3,775 | $1.5M | No change |
| MRK Merck & Co. Inc. | 0.54% | 14,961 | $1.5M | Add +3.6% |
| JNJ Johnson & Johnson | 0.53% | 10,070 | $1.5M | Reduce -1.0% |
| IAU iShares Gold Trust | 0.51% | 28,266 | $1.4M | No change |
| FPEI First Trust Institutional PR | 0.51% | 74,829 | $1.4M | Add +4.6% |
| PEP Pepsico Inc. | 0.48% | 8,639 | $1.3M | Add +3.0% |
| QQQM Invesco Nasdaq 100 ETF | 0.48% | 6,223 | $1.3M | Add +0.3% |
| AMGN Amgen Inc. | 0.45% | 4,790 | $1.2M | Add +9.9% |
| MU Micron Technology Inc. | 0.43% | 13,976 | $1.2M | Reduce -72.2% |
| GOOGL Alphabet Inc. Class A | 0.40% | 5,803 | $1.1M | Reduce -1.3% |
| VRT Vertiv Holdings Co. Class A | 0.38% | 9,225 | $1.0M | Add +5.8% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 12,108 | $916K | Add +33.9% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.28% | 10,227 | $778K | Reduce -13.0% |
| KTOS Kratos Defense & Security | 0.24% | 24,621 | $650K | Add +13.2% |
| SHY iShares 1-3 Year Treasury Bo | 0.23% | 7,808 | $640K | Add +514.8% |
| ITRI Itron Inc. | 0.23% | 5,894 | $640K | Add +13.1% |
| XBI SS SPDR S&P Biotech ETF | 0.21% | 6,513 | $587K | Reduce -94.6% |
| FQAL Fidelity Quality Factor ETF | 0.20% | 8,396 | $549K | Reduce -13.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.18% | 1,200 | $493K | No change |
| DGRO iShares Core Dividend Growth | 0.17% | 7,739 | $475K | Reduce -15.3% |
| NLY Annaly Capital Management Inc. | 0.17% | 25,579 | $468K | Add +225.8% |
| SCHW Schwab (charles) Corp. | 0.17% | 6,310 | $467K | Add +28.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.17% | 2,730 | $462K | Add +2.2% |
| VGT Vanguard Info Tech ETF | 0.16% | 697 | $433K | Add +2078.1% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.15% | 5,534 | $419K | Add +8.3% |
| COWZ Pacer US Cash Cows 100 ETF | 0.14% | 6,999 | $395K | Add +27.0% |
| QUAL iShares MSCI USA Quality Fac | 0.10% | 1,572 | $280K | No change |
| REM iShares Mortgage Real Estate | 0.10% | 13,062 | $279K | Add +1031.9% |
| EDV Vanguard Extended Dur Treas | 0.10% | 3,971 | $269K | Reduce -29.4% |
| EXPE Expedia Group Inc. | 0.09% | 1,340 | $250K | No change |
| FLG Flagstar Bank NA | 0.09% | 25,260 | $236K | New |
| VONG Vanguard Russell 1000 Growth | 0.09% | 2,274 | $235K | No change |
| FCX Freeport-McMoran Inc. | 0.09% | 6,158 | $234K | Reduce -16.5% |
| XLK SS Technology Select Sector | 0.08% | 987 | $229K | No change |
| ABBV Abbvie Inc. | 0.08% | 1,263 | $224K | Add +13.5% |
| PFF iShares Preferred & Income S | 0.08% | 6,822 | $214K | Reduce -26.5% |
| GRID First TRST Nasd Class Edg Sgiif | 0.08% | 1,769 | $211K | Add +101.0% |
| SKYY First Trust Cloud Computing | 0.08% | 1,765 | $210K | Add +387.6% |
| EPI Wisdomtree India Earnings | 0.07% | 4,518 | $205K | Add +418.7% |
| SCHX Schwab US Large-Cap ETF | 0.07% | 8,805 | $204K | Reduce -0.2% |
| TSLA Tesla Inc. | 0.07% | 504 | $204K | Reduce -6.5% |
| FTCS First Trust Capital Strength | 0.07% | 2,234 | $196K | No change |
| AGG iShares Core U.S. Aggregate | 0.07% | 2,022 | $196K | Reduce -5.3% |
| MLPA Global X MLP ETF | 0.07% | 3,773 | $186K | Add +221.7% |
| XMUIX BlackRock Municipal Income | 0.06% | 13,944 | $169K | Reduce -42.3% |
| OKE Oneok Inc. | 0.06% | 1,607 | $161K | No change |
| IWR iShares Russell Mid-Cap ETF | 0.06% | 1,809 | $160K | No change |
| IYF iShares US Financials ETF | 0.06% | 1,433 | $158K | New |
| AMD Advanced Micro Devices | 0.06% | 1,307 | $158K | Reduce -67.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.06% | 2,691 | $157K | New |
| DFS Discover Financial Services | 0.06% | 905 | $157K | No change |
| VCR Vanguard Consumer Discre ETF | 0.06% | 417 | $157K | Add +751.0% |
| AVGO Broadcom Inc. | 0.06% | 670 | $155K | No change |
| KMI Kinder Morgan Inc. | 0.06% | 5,645 | $155K | No change |
| EWJ iShares MSCI Japan ETF | 0.06% | 2,295 | $154K | Add +222.3% |
| XLV SS Health Care Select Sector | 0.05% | 1,091 | $150K | Add +1354.7% |
| CRM Salesforce Inc. | 0.05% | 410 | $137K | Add +32.3% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.05% | 528 | $134K | No change |
| DVY iShares Select Dividend ETF | 0.05% | 1,015 | $133K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| XBI SS SPDR S&P Biotech ETF | Reduce -94.6% | 0.21% | −4.35 |
| AGNC AGNC Investment Corp. | Reduce -38.4% | 1.75% | −1.65 |
| MU Micron Technology Inc. | Reduce -72.2% | 0.43% | −1.57 |
| SDVY First Trust Smid Cap Rising | Reduce -92.2% | 0.04% | −0.47 |
| AMD Advanced Micro Devices | Reduce -67.5% | 0.06% | −0.20 |
| JNJ Johnson & Johnson | Reduce -1.0% | 0.53% | −0.10 |
| IVV iShares Core S&P 500 ETF | Reduce -10.4% | 0.60% | −0.09 |
| EDV Vanguard Extended Dur Treas | Reduce -29.4% | 0.10% | −0.07 |
| TLT iShares 20+ Year Treasury BD | Reduce -82.3% | 0.01% | −0.07 |
| FCX Freeport-McMoran Inc. | Reduce -16.5% | 0.09% | −0.06 |
| XMUIX BlackRock Municipal Income | Reduce -42.3% | 0.06% | −0.05 |
| DGRO iShares Core Dividend Growth | Reduce -15.3% | 0.17% | −0.05 |
| FQAL Fidelity Quality Factor ETF | Reduce -13.5% | 0.20% | −0.04 |
| PFF iShares Preferred & Income S | Reduce -26.5% | 0.08% | −0.04 |
| ONEQ Fidelity Nasdaq Comp Indx | Reduce -13.0% | 0.28% | −0.04 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.02 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −0.02 |
| D Dominion Energy Inc. | Reduce -35.0% | 0.03% | −0.02 |
| PSP Invesco Global Listed Privat | Sold out | 0.00% | −0.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -75.0% | 0.00% | −0.02 |
| CMS CMS Energy Corp. | Reduce -21.1% | 0.04% | −0.01 |
| BIV Vanguard Intermediate-Term B | Sold out | 0.00% | −0.01 |
| VTIP Vanguard Short-Term Tips | Sold out | 0.00% | −0.01 |
| BLV Vanguard Long-Term Bond ETF | Sold out | 0.00% | −0.01 |
| AGG iShares Core U.S. Aggregate | Reduce -5.3% | 0.07% | −0.01 |
| LMBS First Trust Low Duration Opp | Sold out | 0.00% | −0.01 |
| BGS B&G Foods Inc. | Reduce -57.5% | 0.01% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -9.7% | 0.05% | −0.01 |
| FDHY Fidelity Enh Hi YLD ETF | Reduce -15.3% | 0.03% | −0.01 |
| IVR Invesco Mortgage Capital | Sold out | 0.00% | −0.01 |
| VPU Vanguard Utilities ETF | Sold out | 0.00% | −0.01 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.01 |
| VDC Vanguard Consumer Staple ETF | Sold out | 0.00% | −0.01 |
| VAW Vanguard Materials ETF | Sold out | 0.00% | −0.01 |
| VHT Vanguard Health Care ETF | Sold out | 0.00% | −0.01 |
| UPS United Parcel Service Class B | Reduce -88.5% | 0.00% | −0.01 |
| PSA Public Storage | Reduce -7.1% | 0.02% | −0.01 |
| ADBE Adobe Inc. | Reduce -16.7% | 0.01% | −0.01 |
| ICLN iShares Global Clean Energy | Reduce -8.5% | 0.01% | −0.01 |
| SBUX Starbucks Corp. | Reduce -76.5% | 0.00% | −0.01 |
| INFY Infosys Ltd.-SP ADR | Reduce -33.3% | 0.01% | −0.00 |
| ROBT First Trust Nasdaq Artificia | Reduce -94.6% | 0.00% | −0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -72.7% | 0.00% | −0.00 |
| CMCSA Comcast Corp. Class A | Reduce -72.9% | 0.00% | −0.00 |
| VDE Vanguard Energy ETF | Sold out | 0.00% | −0.00 |
| FMC FMC Corp. | Sold out | 0.00% | −0.00 |
| MET Metlife Inc. | Reduce -45.5% | 0.00% | −0.00 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.00 |
| AVDE Avantis International Equity | Reduce -66.5% | 0.00% | −0.00 |
| MA Mastercard Inc. Class A | Reduce -11.3% | 0.03% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| CYBR Cyberark Software Ltd./Israel | Add +29.4% | 3.65% | +1.05 |
| AMLP Alerian MLP ETF | Add +37.5% | 3.80% | +0.95 |
| AMZN Amazon.com Inc. | Add +48.7% | 2.36% | +0.94 |
| URA Global X Uranium ETF | Add +820.9% | 0.98% | +0.86 |
| IREN Iren Ltd. | New | 0.85% | +0.85 |
| NLR Vaneck Urani & Nuclr ETF-Usd | New | 0.77% | +0.77 |
| NVDA Nvidia Corp. | Add +25.0% | 3.17% | +0.76 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +68.5% | 1.87% | +0.70 |
| DDOG Datadog Inc. Class A | Add +6.8% | 2.84% | +0.59 |
| GOOG Alphabet Inc. Class C | Add +3.1% | 5.23% | +0.54 |
| LNG Cheniere Energy Inc. | Add +1.0% | 3.90% | +0.50 |
| GLD SPDR Gold Shares | Add +22.0% | 3.72% | +0.50 |
| WMB Williams Cos Inc. | Add +1.6% | 2.90% | +0.37 |
| PLTR Palantir Technologies Inc. Class A | Add +33.9% | 0.33% | +0.20 |
| SHY iShares 1-3 Year Treasury Bo | Add +514.8% | 0.23% | +0.19 |
| VGT Vanguard Info Tech ETF | Add +2078.1% | 0.16% | +0.15 |
| CCJ Cameco Corp. | Add +5.4% | 1.99% | +0.14 |
| JPM JPMorgan Chase & Co. | Add +2.7% | 1.32% | +0.13 |
| QQQ Invesco QQQ Trust Series 1 | Add +7.5% | 1.78% | +0.12 |
| NLY Annaly Capital Management Inc. | Add +225.8% | 0.17% | +0.11 |
| AAPL Apple Inc. | Add +1.3% | 2.85% | +0.10 |
| REM iShares Mortgage Real Estate | Add +1031.9% | 0.10% | +0.09 |
| FLG Flagstar Bank NA | New | 0.09% | +0.09 |
| ETN Eaton Corp. PLC | Add +7.8% | 2.76% | +0.07 |
| V Visa Inc. Class A | Add +0.5% | 0.73% | +0.06 |
| SKYY First Trust Cloud Computing | Add +387.6% | 0.08% | +0.06 |
| IYF iShares US Financials ETF | New | 0.06% | +0.06 |
| EPI Wisdomtree India Earnings | Add +418.7% | 0.07% | +0.06 |
| WRB WR Berkley Corp. | New | 0.06% | +0.06 |
| COST Costco Wholesale Corp. | Add +7.2% | 1.03% | +0.05 |
| VCR Vanguard Consumer Discre ETF | Add +751.0% | 0.06% | +0.05 |
| XLV SS Health Care Select Sector | Add +1354.7% | 0.05% | +0.05 |
| VRT Vertiv Holdings Co. Class A | Add +5.8% | 0.38% | +0.05 |
| SCHW Schwab (charles) Corp. | Add +28.4% | 0.17% | +0.05 |
| MLPA Global X MLP ETF | Add +221.7% | 0.07% | +0.05 |
| AMT American Tower Corp. | New | 0.04% | +0.04 |
| KTOS Kratos Defense & Security | Add +13.2% | 0.24% | +0.04 |
| PGX Invesco Preferred ETF | New | 0.04% | +0.04 |
| HACK Amplify Cybersecurity ETF | Add +438.8% | 0.05% | +0.04 |
| SOXQ Invesco PHLX Semiconductor | Add +51760.0% | 0.04% | +0.04 |
| EWJ iShares MSCI Japan ETF | Add +222.3% | 0.06% | +0.04 |
| PAVE Global X US Infrastructure | Add +11795.2% | 0.04% | +0.04 |
| XLF SS Financial Select Sector | Add +12718.8% | 0.04% | +0.04 |
| GRID First TRST Nasd Class Edg Sgiif | Add +101.0% | 0.08% | +0.03 |
| VST Vistra Corp. | New | 0.03% | +0.03 |
| COPX Global X Copper Miners ETF | Add +13775.0% | 0.03% | +0.03 |
| GLDM SPDR Gold Minishares Trust | New | 0.03% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +186.7% | 0.05% | +0.03 |
| PWR Quanta Services Inc. | Add +364.6% | 0.03% | +0.03 |
| XAR SS SPDR S&P Aerospace Def | Add +317.1% | 0.04% | +0.03 |
Notes & Other Activity Q3 2024 → Q4 2024
| MLM Martin Marietta Materials | COM | Sold out | 0 | $0before 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 | 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 |