FWL Investment Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), FWL Investment Management, LLC reported 289 stock positions worth $269.2 million. Its top holding was Cheniere Energy (LNG) at 5.8% of the portfolio, followed by Vaneck Gold Miners ETF (GDX, 4.9%) and SPDR Gold Shares (GLD, 4.8%). Compared with Q4 2024, it opened 26 new positions, sold out of 44, added to 64 and reduced 95. The biggest buy was a new position in Caci International Class A (CACI) and the biggest sale an exit from Lockheed Martin (LMT).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001829231
- Portfolio Value
- $269.2M (Q1 2025)
- SEC Filing
- 0001999371-25-006122 ↗ filed May 15, 2025
Holdings Value
Holdings 289 stocks · $269.2M
| LNG Cheniere Energy Inc. | 5.75% | 66,916 | $15.5M | Add +34.1% |
| GDX Vaneck Gold Miners ETF | 4.85% | 284,206 | $13.1M | Reduce -15.5% |
| GLD SPDR Gold Shares | 4.84% | 45,202 | $13.0M | Add +6.9% |
| GOOG Alphabet Inc. Class C | 4.71% | 81,087 | $12.7M | Add +7.5% |
| AMLP Alerian MLP ETF | 4.55% | 235,596 | $12.2M | Add +8.6% |
| MSFT Microsoft Corp. | 4.38% | 31,442 | $11.8M | Reduce -0.1% |
| IHI iShares U.S. Medical Devices | 4.22% | 188,759 | $11.4M | Reduce -5.8% |
| ORCL Oracle Corp. | 3.87% | 74,461 | $10.4M | Add +35.5% |
| CYBR Cyberark Software Ltd./Israel | 3.72% | 29,607 | $10.0M | Reduce -1.6% |
| WMB Williams Cos Inc. | 3.69% | 166,418 | $9.9M | Add +13.1% |
| ETN Eaton Corp. PLC | 3.34% | 33,092 | $9.0M | Add +44.8% |
| IBN Icici Bank Ltd.-Spon ADR | 3.23% | 275,507 | $8.7M | Reduce -0.8% |
| NVDA Nvidia Corp. | 2.96% | 73,586 | $8.0M | Add +13.5% |
| AMZN Amazon.com Inc. | 2.78% | 39,324 | $7.5M | Add +33.0% |
| AAPL Apple Inc. | 2.48% | 30,015 | $6.7M | Reduce -4.0% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.47% | 72,350 | $6.6M | Add +28.5% |
| AGNC AGNC Investment Corp. | 2.25% | 632,707 | $6.1M | Add +20.9% |
| CCJ Cameco Corp. | 2.21% | 144,791 | $6.0M | Add +35.8% |
| CACI Caci International Inc. Class A | 1.86% | 13,650 | $5.0M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 1.70% | 8,600 | $4.6M | Reduce -1.1% |
| QQQ Invesco QQQ Trust Series 1 | 1.63% | 9,336 | $4.4M | Reduce -2.2% |
| SCHW Schwab (charles) Corp. | 1.59% | 54,734 | $4.3M | Add +767.4% |
| JPM JPMorgan Chase & Co. | 1.38% | 15,182 | $3.7M | Add +0.3% |
| MDT Medtronic PLC | 1.37% | 40,964 | $3.7M | New |
| WMT Walmart Inc. | 1.24% | 38,088 | $3.3M | Reduce -3.7% |
| COST Costco Wholesale Corp. | 1.07% | 3,054 | $2.9M | Reduce -1.0% |
| FLG Flagstar Bank NA | 1.07% | 247,377 | $2.9M | Add +879.3% |
| HD Home Depot Inc. | 1.03% | 7,548 | $2.8M | Reduce -3.6% |
| URA Global X Uranium ETF | 0.83% | 97,140 | $2.2M | Reduce -3.2% |
| V Visa Inc. Class A | 0.79% | 6,087 | $2.1M | Reduce -4.0% |
| UNH Unitedhealth Group Inc. | 0.78% | 4,025 | $2.1M | Reduce -4.4% |
| CB Chubb Ltd. | 0.73% | 6,516 | $2.0M | Reduce -3.0% |
| NLR Vaneck Urani & Nuclr ETF-Usd | 0.67% | 24,527 | $1.8M | Reduce -5.8% |
| PG The Procter & Gamble Co. | 0.65% | 10,223 | $1.7M | Reduce -2.2% |
| ACN Accenture PLC Class A | 0.64% | 5,517 | $1.7M | Reduce -3.6% |
| APD Air Products & Chemicals Inc. | 0.62% | 5,616 | $1.7M | Reduce -2.1% |
| IAU iShares Gold Trust | 0.56% | 25,616 | $1.5M | Reduce -9.4% |
| GD General Dynamics Corp. | 0.55% | 5,458 | $1.5M | Reduce -6.1% |
| AMGN Amgen Inc. | 0.54% | 4,688 | $1.5M | Reduce -2.1% |
| FPEI First Trust Institutional PR | 0.51% | 73,024 | $1.4M | Reduce -2.4% |
| QTEC First Trust Nasdq 100 Tech I | 0.49% | 7,591 | $1.3M | Reduce -8.4% |
| IVV iShares Core S&P 500 ETF | 0.48% | 2,290 | $1.3M | Reduce -18.0% |
| IWF iShares Russell 1000 Growth | 0.48% | 3,550 | $1.3M | Reduce -6.0% |
| PLTR Palantir Technologies Inc. Class A | 0.48% | 15,169 | $1.3M | Add +25.3% |
| MU Micron Technology Inc. | 0.46% | 14,394 | $1.3M | Add +3.0% |
| AGI Alamos Gold Inc. Class A | 0.43% | 43,518 | $1.2M | New |
| QQQM Invesco Nasdaq 100 ETF | 0.42% | 5,799 | $1.1M | Reduce -6.8% |
| VRT Vertiv Holdings Co. Class A | 0.35% | 12,973 | $937K | Add +40.6% |
| GOOGL Alphabet Inc. Class A | 0.34% | 5,963 | $922K | Add +2.8% |
| KTOS Kratos Defense & Security | 0.33% | 29,773 | $884K | Add +20.9% |
| TSLA Tesla Inc. | 0.30% | 3,079 | $798K | Add +510.9% |
| SHY iShares 1-3 Year Treasury Bo | 0.26% | 8,468 | $701K | Add +8.4% |
| IREN Iren Ltd. filed as IREN LIMITED | 0.25% | 109,791 | $669K | Reduce -54.0% |
| NLY Annaly Capital Management Inc. | 0.23% | 29,986 | $609K | Add +17.2% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.21% | 8,355 | $569K | Reduce -18.3% |
| TEM Tempus AI Inc. Class A | 0.21% | 11,741 | $566K | New |
| PFF iShares Preferred & Income S | 0.19% | 16,427 | $505K | Add +140.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.17% | 2,688 | $464K | Reduce -1.5% |
| EAT Brinker International Inc. | 0.17% | 3,044 | $454K | New |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.17% | 1,200 | $445K | No change |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.16% | 5,549 | $438K | Add +0.3% |
| REM iShares Mortgage Real Estate | 0.16% | 18,891 | $424K | Add +44.6% |
| COWZ Pacer US Cash Cows 100 ETF | 0.16% | 7,698 | $422K | Add +10.0% |
| FQAL Fidelity Quality Factor ETF | 0.15% | 6,487 | $416K | Reduce -22.7% |
| FCX Freeport-McMoran Inc. | 0.14% | 10,056 | $381K | Add +63.3% |
| VGT Vanguard Info Tech ETF | 0.14% | 697 | $378K | No change |
| DGRO iShares Core Dividend Growth | 0.13% | 5,853 | $362K | Reduce -24.4% |
| MRK Merck & Co. Inc. | 0.11% | 3,195 | $287K | Reduce -78.6% |
| EDV Vanguard Extended Dur Treas | 0.10% | 3,915 | $278K | Reduce -1.4% |
| GRID First TRST Nasd Class Edg Sgiif | 0.10% | 2,397 | $271K | Add +35.5% |
| QUAL iShares MSCI USA Quality Fac | 0.10% | 1,572 | $269K | No change |
| MLPA Global X MLP ETF | 0.10% | 4,999 | $266K | Add +32.5% |
| ABBV Abbvie Inc. | 0.10% | 1,259 | $264K | Reduce -0.3% |
| SKYY First Trust Cloud Computing | 0.09% | 2,460 | $252K | Add +39.4% |
| PSA Public Storage | 0.08% | 727 | $218K | Add +404.9% |
| EPI Wisdomtree India Earnings | 0.08% | 4,975 | $217K | Add +10.1% |
| VONG Vanguard Russell 1000 Growth | 0.08% | 2,274 | $211K | No change |
| FTCS First Trust Capital Strength | 0.08% | 2,297 | $206K | Add +2.8% |
| AGG iShares Core U.S. Aggregate | 0.07% | 2,012 | $199K | Reduce -0.5% |
| XLK SS Technology Select Sector | 0.07% | 902 | $186K | Reduce -8.6% |
| RIOT Riot Platforms Inc. | 0.07% | 25,800 | $184K | New |
| PGX Invesco Preferred ETF | 0.07% | 16,000 | $180K | Add +60.0% |
| AVGO Broadcom Inc. | 0.06% | 1,040 | $174K | Add +55.2% |
| SCHX Schwab US Large-Cap ETF | 0.06% | 7,367 | $163K | Reduce -16.3% |
| KMI Kinder Morgan Inc. | 0.06% | 5,681 | $162K | Add +0.6% |
| HACK Amplify Cybersecurity ETF | 0.06% | 2,222 | $160K | Add +26.1% |
| OKE Oneok Inc. | 0.06% | 1,607 | $159K | No change |
| DFS Discover Financial Services | 0.06% | 905 | $154K | No change |
| IWR iShares Russell Mid-Cap ETF | 0.06% | 1,809 | $154K | No change |
| TOTL SS Doubleline TR Tact ETF | 0.06% | 3,744 | $151K | Add +106.6% |
| EWJ iShares MSCI Japan ETF | 0.06% | 2,187 | $150K | Reduce -4.7% |
| IYF iShares US Financials ETF | 0.05% | 1,308 | $148K | Reduce -8.7% |
| XLF SS Financial Select Sector | 0.05% | 2,873 | $143K | Add +40.1% |
| AMT American Tower Corp. | 0.05% | 636 | $138K | Reduce -5.2% |
| DVY iShares Select Dividend ETF | 0.05% | 1,015 | $136K | No change |
| PAVE Global X US Infrastructure | 0.05% | 3,512 | $133K | Add +40.6% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.05% | 518 | $127K | Reduce -1.9% |
| XAR SS SPDR S&P Aerospace Def | 0.05% | 768 | $123K | Add +31.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.05% | 217 | $121K | Add +0.9% |
| LLY Eli Lilly & Co. | 0.04% | 146 | $121K | Add +17.7% |
Portfolio Sells Q4 2024 → Q1 2025
| LMT Lockheed Martin Corp. | Sold out | 0.00% | −3.20 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −2.84 |
| INDA iShares MSCI India ETF | Reduce -99.0% | 0.03% | −2.63 |
| EMR Emerson Electric Co. | Reduce -99.5% | 0.01% | −1.63 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.65 |
| IREN Iren Ltd. | Reduce -54.0% | 0.25% | −0.60 |
| JNJ Johnson & Johnson | Reduce -93.6% | 0.04% | −0.49 |
| PEP Pepsico Inc. | Reduce -94.5% | 0.03% | −0.45 |
| MSFT Microsoft Corp. | Reduce -0.1% | 4.38% | −0.44 |
| MRK Merck & Co. Inc. | Reduce -78.6% | 0.11% | −0.44 |
| AAPL Apple Inc. | Reduce -4.0% | 2.48% | −0.37 |
| ITRI Itron Inc. | Sold out | 0.00% | −0.23 |
| XBI SS SPDR S&P Biotech ETF | Reduce -98.5% | 0.00% | −0.21 |
| URA Global X Uranium ETF | Reduce -3.2% | 0.83% | −0.15 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -2.2% | 1.63% | −0.15 |
| IVV iShares Core S&P 500 ETF | Reduce -18.0% | 0.48% | −0.12 |
| NLR Vaneck Urani & Nuclr ETF-Usd | Reduce -5.8% | 0.67% | −0.10 |
| ACN Accenture PLC Class A | Reduce -3.6% | 0.64% | −0.09 |
| HD Home Depot Inc. | Reduce -3.6% | 1.03% | −0.08 |
| QTEC First Trust Nasdq 100 Tech I | Reduce -8.4% | 0.49% | −0.08 |
| IWF iShares Russell 1000 Growth | Reduce -6.0% | 0.48% | −0.08 |
| ONEQ Fidelity Nasdaq Comp Indx | Reduce -18.3% | 0.21% | −0.07 |
| XMUIX BlackRock Municipal Income | Sold out | 0.00% | −0.06 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -6.8% | 0.42% | −0.06 |
| WMT Walmart Inc. | Reduce -3.7% | 1.24% | −0.06 |
| XLV SS Health Care Select Sector | Reduce -97.3% | 0.00% | −0.05 |
| EXPE Expedia Group Inc. | Reduce -50.8% | 0.04% | −0.05 |
| FQAL Fidelity Quality Factor ETF | Reduce -22.7% | 0.15% | −0.05 |
| DGRO iShares Core Dividend Growth | Reduce -24.4% | 0.13% | −0.04 |
| IHI iShares U.S. Medical Devices | Reduce -5.8% | 4.22% | −0.04 |
| AMD Advanced Micro Devices | Reduce -46.3% | 0.03% | −0.03 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.02 |
| FDHY Fidelity Enh Hi YLD ETF | Reduce -80.2% | 0.01% | −0.02 |
| WRB WR Berkley Corp. | Reduce -45.2% | 0.04% | −0.02 |
| VIS Vanguard Industrials ETF | Reduce -65.0% | 0.01% | −0.02 |
| CLOI Vaneck Clo ETF | Reduce -78.2% | 0.00% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Reduce -62.5% | 0.01% | −0.01 |
| XLK SS Technology Select Sector | Reduce -8.6% | 0.07% | −0.01 |
| SCHX Schwab US Large-Cap ETF | Reduce -16.3% | 0.06% | −0.01 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Sold out | 0.00% | −0.01 |
| VCR Vanguard Consumer Discre ETF | Reduce -12.0% | 0.04% | −0.01 |
| VOX Vanguard Communication Servi | Reduce -64.0% | 0.01% | −0.01 |
| ADBE Adobe Inc. | Reduce -92.0% | 0.00% | −0.01 |
| IWV iShares Russell 3000 ETF | Reduce -60.3% | 0.01% | −0.01 |
| FMHI First Trust Municipal High I | Reduce -53.4% | 0.01% | −0.01 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −0.01 |
| SHOP Shopify Inc. Class A | Reduce -42.9% | 0.01% | −0.01 |
| VST Vistra Corp. | Reduce -12.8% | 0.03% | −0.01 |
| CW Curtiss-Wright Corp. | Sold out | 0.00% | −0.01 |
| PLD Prologis Inc. | Reduce -39.4% | 0.01% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| CACI Caci International Inc. Class A | New | 1.86% | +1.86 |
| LNG Cheniere Energy Inc. | Add +34.1% | 5.75% | +1.85 |
| SCHW Schwab (charles) Corp. | Add +767.4% | 1.59% | +1.42 |
| MDT Medtronic PLC | New | 1.37% | +1.37 |
| GLD SPDR Gold Shares | Add +6.9% | 4.84% | +1.11 |
| FLG Flagstar Bank NA | Add +879.3% | 1.07% | +0.98 |
| WMB Williams Cos Inc. | Add +13.1% | 3.69% | +0.80 |
| AMLP Alerian MLP ETF | Add +8.6% | 4.55% | +0.74 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +28.5% | 2.47% | +0.59 |
| ETN Eaton Corp. PLC | Add +44.8% | 3.34% | +0.58 |
| ORCL Oracle Corp. | Add +35.5% | 3.87% | +0.54 |
| AGNC AGNC Investment Corp. | Add +20.9% | 2.25% | +0.50 |
| AGI Alamos Gold Inc. Class A | New | 0.43% | +0.43 |
| AMZN Amazon.com Inc. | Add +33.0% | 2.78% | +0.42 |
| TSLA Tesla Inc. | Add +510.9% | 0.30% | +0.22 |
| CCJ Cameco Corp. | Add +35.8% | 2.21% | +0.22 |
| TEM Tempus AI Inc. Class A | New | 0.21% | +0.21 |
| EAT Brinker International Inc. | New | 0.17% | +0.17 |
| PLTR Palantir Technologies Inc. Class A | Add +25.3% | 0.48% | +0.14 |
| PFF iShares Preferred & Income S | Add +140.8% | 0.19% | +0.11 |
| KTOS Kratos Defense & Security | Add +20.9% | 0.33% | +0.09 |
| RIOT Riot Platforms Inc. | New | 0.07% | +0.07 |
| PSA Public Storage | Add +404.9% | 0.08% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +0.3% | 1.38% | +0.06 |
| FCX Freeport-McMoran Inc. | Add +63.3% | 0.14% | +0.06 |
| REM iShares Mortgage Real Estate | Add +44.6% | 0.16% | +0.06 |
| NLY Annaly Capital Management Inc. | Add +17.2% | 0.23% | +0.06 |
| MU Micron Technology Inc. | Add +3.0% | 0.46% | +0.04 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | New | 0.04% | +0.04 |
| MLPA Global X MLP ETF | Add +32.5% | 0.10% | +0.03 |
| TOTL SS Doubleline TR Tact ETF | Add +106.6% | 0.06% | +0.03 |
| XLY SS Consumer Disc Select Sect | Add +37400.0% | 0.03% | +0.03 |
| SHY iShares 1-3 Year Treasury Bo | Add +8.4% | 0.26% | +0.03 |
| PGX Invesco Preferred ETF | Add +60.0% | 0.07% | +0.02 |
| TLT iShares 20+ Year Treasury BD | Add +184.0% | 0.04% | +0.02 |
| GRID First TRST Nasd Class Edg Sgiif | Add +35.5% | 0.10% | +0.02 |
| XLF SS Financial Select Sector | Add +40.1% | 0.05% | +0.02 |
| SKYY First Trust Cloud Computing | Add +39.4% | 0.09% | +0.02 |
| BBCB JPMorgan Betabuilders Usd Inc. | Add +156.2% | 0.03% | +0.02 |
| COWZ Pacer US Cash Cows 100 ETF | Add +10.0% | 0.16% | +0.01 |
| PAVE Global X US Infrastructure | Add +40.6% | 0.05% | +0.01 |
| HACK Amplify Cybersecurity ETF | Add +26.1% | 0.06% | +0.01 |
| UBER Uber Technologies Inc. | Add +11.5% | 0.04% | +0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.01% | +0.01 |
| XAR SS SPDR S&P Aerospace Def | Add +31.5% | 0.05% | +0.01 |
| XOM Exxon Mobil Corp. | Add +30.3% | 0.03% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +0.3% | 0.16% | +0.01 |
| LLY Eli Lilly & Co. | Add +17.7% | 0.04% | +0.01 |
| META Meta Platforms Inc. Class A | Add +27.7% | 0.04% | +0.01 |
| SOXX iShares Semiconductor ETF | Add +131.4% | 0.02% | +0.01 |
Notes & Other Activity Q4 2024 → Q1 2025
| PECO Phillips Edison & Company Inc. | COMMON STOCK | Reduce -100.0% | 0 | $0 |
| ACM Aecom | COM | Reduce -100.0% | 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 |