FWL Investment Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), FWL Investment Management, LLC reported 325 stock positions worth $326.8 million. Its top holding was Oracle (ORCL) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.8%) and Cheniere Energy (LNG, 4.8%). Compared with Q1 2025, it opened 63 new positions, sold out of 27, added to 71 and reduced 76. The biggest buy was Freeport-McMoran (FCX, shares +1390%) and the biggest sale an exit from iShares U.S. Medical Devices (IHI).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001829231
- Portfolio Value
- $326.8M (Q2 2025)
- SEC Filing
- 0001999371-25-011318 ↗ filed Aug 14, 2025
Holdings Value
Holdings 325 stocks · $326.8M
| ORCL Oracle Corp. | 4.96% | 74,136 | $16.2M | Reduce -0.4% |
| MSFT Microsoft Corp. | 4.80% | 31,556 | $15.7M | Add +0.4% |
| LNG Cheniere Energy Inc. | 4.80% | 64,374 | $15.7M | Reduce -3.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 4.11% | 146,583 | $13.4M | Add +102.6% |
| GOOG Alphabet Inc. Class C | 4.11% | 75,762 | $13.4M | Reduce -6.6% |
| GDX Vaneck Gold Miners ETF | 4.03% | 253,245 | $13.2M | Reduce -10.9% |
| GLD SPDR Gold Shares | 3.89% | 41,732 | $12.7M | Reduce -7.7% |
| AMLP Alerian MLP ETF | 3.79% | 253,365 | $12.4M | Add +7.5% |
| NVDA Nvidia Corp. | 3.70% | 76,534 | $12.1M | Add +4.0% |
| CYBR Cyberark Software Ltd./Israel | 3.61% | 29,019 | $11.8M | Reduce -2.0% |
| ETN Eaton Corp. PLC | 3.50% | 32,049 | $11.4M | Reduce -3.1% |
| CCJ Cameco Corp. | 3.47% | 152,795 | $11.3M | Add +5.5% |
| WMB Williams Cos Inc. | 3.13% | 163,044 | $10.2M | Reduce -2.0% |
| AMZN Amazon.com Inc. | 3.01% | 44,786 | $9.8M | Add +13.9% |
| IBN Icici Bank Ltd.-Spon ADR | 2.82% | 274,236 | $9.2M | Reduce -0.5% |
| CACI Caci International Inc. Class A | 2.53% | 17,321 | $8.3M | Add +26.9% |
| AGNC AGNC Investment Corp. | 2.33% | 829,648 | $7.6M | Add +31.1% |
| FCX Freeport-McMoran Inc. | 1.99% | 149,872 | $6.5M | Add +1390.4% |
| IREN Iren Ltd. filed as IREN LIMITED | 1.83% | 410,763 | $6.0M | Add +274.1% |
| AAPL Apple Inc. | 1.63% | 25,889 | $5.3M | Reduce -13.8% |
| OKE Oneok Inc. | 1.49% | 59,525 | $4.9M | Add +3604.1% |
| MDT Medtronic PLC | 1.45% | 54,412 | $4.7M | Add +32.8% |
| TEM Tempus AI Inc. Class A | 1.33% | 68,458 | $4.3M | Add +483.1% |
| JPM JPMorgan Chase & Co. | 1.32% | 14,896 | $4.3M | Reduce -1.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.27% | 8,530 | $4.1M | Reduce -0.8% |
| NOW ServiceNow Inc. | 1.17% | 3,719 | $3.8M | Add +74280.0% |
| WMT Walmart Inc. | 1.08% | 35,937 | $3.5M | Reduce -5.7% |
| SCHW Schwab (charles) Corp. | 0.98% | 35,124 | $3.2M | Reduce -35.8% |
| COST Costco Wholesale Corp. | 0.97% | 3,192 | $3.2M | Add +4.5% |
| MU Micron Technology Inc. | 0.96% | 25,399 | $3.1M | Add +76.5% |
| HD Home Depot Inc. | 0.94% | 8,404 | $3.1M | Add +11.3% |
| VRT Vertiv Holdings Co. Class A | 0.94% | 23,841 | $3.1M | Add +83.8% |
| FLG Flagstar Bank NA | 0.86% | 266,158 | $2.8M | Add +7.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.84% | 4,964 | $2.7M | Reduce -46.8% |
| PLTR Palantir Technologies Inc. Class A | 0.72% | 17,195 | $2.3M | Add +13.4% |
| V Visa Inc. Class A | 0.61% | 5,606 | $2.0M | Reduce -7.9% |
| CB Chubb Ltd. | 0.59% | 6,695 | $1.9M | Add +2.8% |
| PG The Procter & Gamble Co. | 0.55% | 11,381 | $1.8M | Add +11.3% |
| GD General Dynamics Corp. | 0.54% | 6,017 | $1.8M | Add +10.2% |
| ACN Accenture PLC Class A | 0.53% | 5,768 | $1.7M | Add +4.5% |
| APD Air Products & Chemicals Inc. | 0.51% | 5,957 | $1.7M | Add +6.1% |
| QTEC First Trust Nasdq 100 Tech I | 0.51% | 7,802 | $1.7M | Add +2.8% |
| KTOS Kratos Defense & Security | 0.50% | 35,017 | $1.6M | Add +17.6% |
| IAU iShares Gold Trust | 0.48% | 25,216 | $1.6M | Reduce -1.6% |
| AMGN Amgen Inc. | 0.44% | 5,133 | $1.4M | Add +9.5% |
| IWF iShares Russell 1000 Growth | 0.44% | 3,350 | $1.4M | Reduce -5.6% |
| FPEI First Trust Institutional PR | 0.42% | 72,505 | $1.4M | Reduce -0.7% |
| META Meta Platforms Inc. Class A | 0.41% | 1,817 | $1.3M | Add +795.1% |
| TSLA Tesla Inc. | 0.40% | 4,133 | $1.3M | Add +34.2% |
| IVV iShares Core S&P 500 ETF | 0.38% | 1,998 | $1.2M | Reduce -12.8% |
| AGI Alamos Gold Inc. Class A | 0.37% | 45,512 | $1.2M | Add +4.6% |
| SHY iShares 1-3 Year Treasury Bo | 0.31% | 12,288 | $1.0M | Add +45.1% |
| GOOGL Alphabet Inc. Class A | 0.31% | 5,678 | $1.0M | Reduce -4.8% |
| PAGP Plains GP Holdings LP | 0.30% | 49,929 | $970K | New |
| QQQM Invesco Nasdaq 100 ETF | 0.28% | 4,083 | $927K | Reduce -29.6% |
| URA Global X Uranium ETF | 0.26% | 21,529 | $836K | Reduce -77.8% |
| EAT Brinker International Inc. | 0.24% | 4,397 | $793K | Add +44.5% |
| NLY Annaly Capital Management Inc. | 0.22% | 37,936 | $714K | Add +26.5% |
| GS Goldman Sachs Group Inc. | 0.20% | 936 | $662K | New |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.20% | 1,587 | $642K | New |
| CORZ Core Scientific Inc. | 0.17% | 32,945 | $562K | Add +41081.3% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.17% | 6,986 | $560K | Reduce -16.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.16% | 1,200 | $526K | No change |
| PFF iShares Preferred & Income S | 0.15% | 15,790 | $484K | Reduce -3.9% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.14% | 5,794 | $473K | Add +4.4% |
| VGT Vanguard Info Tech ETF | 0.14% | 697 | $462K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.13% | 2,388 | $422K | Reduce -11.2% |
| COWZ Pacer US Cash Cows 100 ETF | 0.12% | 7,258 | $400K | Reduce -5.7% |
| FQAL Fidelity Quality Factor ETF | 0.12% | 5,563 | $387K | Reduce -14.2% |
| RIOT Riot Platforms Inc. | 0.11% | 31,843 | $360K | Add +23.4% |
| GRID First TRST Nasd Class Edg Sgiif | 0.11% | 2,567 | $357K | Add +7.1% |
| ISRG Intuitive Surgical Inc. | 0.11% | 636 | $346K | New |
| SKYY First Trust Cloud Computing | 0.10% | 2,815 | $342K | Add +14.4% |
| DGRO iShares Core Dividend Growth | 0.10% | 4,934 | $315K | Reduce -15.7% |
| AVGO Broadcom Inc. | 0.10% | 1,133 | $312K | Add +8.9% |
| CVX Chevron Corp. | 0.09% | 2,160 | $309K | New |
| REM iShares Mortgage Real Estate | 0.09% | 14,061 | $301K | Reduce -25.6% |
| IEF iShares 7-10 Year Treasury B | 0.09% | 3,085 | $295K | New |
| MLPA Global X MLP ETF | 0.09% | 5,702 | $286K | Add +14.1% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.08% | 10,042 | $267K | Add +186.9% |
| QUAL iShares MSCI USA Quality Fac | 0.07% | 1,295 | $237K | Reduce -17.6% |
| XLK SS Technology Select Sector | 0.07% | 902 | $228K | No change |
| EDV Vanguard Extended Dur Treas | 0.07% | 3,305 | $222K | Reduce -15.6% |
| PSA Public Storage | 0.07% | 750 | $220K | Add +3.2% |
| EPI Wisdomtree India Earnings | 0.07% | 4,534 | $215K | Reduce -8.9% |
| HACK Amplify Cybersecurity ETF | 0.06% | 2,358 | $204K | Add +6.1% |
| ABBV Abbvie Inc. | 0.06% | 1,097 | $204K | Reduce -12.9% |
| EWJ iShares MSCI Japan ETF | 0.06% | 2,677 | $201K | Add +22.4% |
| AGG iShares Core U.S. Aggregate | 0.06% | 2,012 | $200K | No change |
| COF Capital One Financial Corp. | 0.06% | 928 | $197K | New |
| VONG Vanguard Russell 1000 Growth | 0.06% | 1,700 | $186K | Reduce -25.2% |
| XAR SS SPDR S&P Aerospace Def | 0.05% | 849 | $179K | Add +10.6% |
| SCHX Schwab US Large-Cap ETF | 0.05% | 7,300 | $178K | Reduce -0.9% |
| TOTL SS Doubleline TR Tact ETF | 0.05% | 4,239 | $170K | Add +13.2% |
| PAVE Global X US Infrastructure | 0.05% | 3,891 | $170K | Add +10.8% |
| IWR iShares Russell Mid-Cap ETF | 0.05% | 1,759 | $162K | Reduce -2.8% |
| KMI Kinder Morgan Inc. | 0.05% | 5,500 | $162K | Reduce -3.2% |
| FTCS First Trust Capital Strength | 0.05% | 1,734 | $158K | Reduce -24.5% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.05% | 518 | $147K | No change |
| LLY Eli Lilly & Co. | 0.04% | 188 | $147K | Add +28.8% |
Portfolio Sells Q1 2025 → Q2 2025
| IHI iShares U.S. Medical Devices | Sold out | 0.00% | −4.22 |
| LNG Cheniere Energy Inc. | Reduce -3.8% | 4.80% | −0.96 |
| GLD SPDR Gold Shares | Reduce -7.7% | 3.89% | −0.95 |
| AAPL Apple Inc. | Reduce -13.8% | 1.63% | −0.85 |
| GDX Vaneck Gold Miners ETF | Reduce -10.9% | 4.03% | −0.82 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -46.8% | 0.84% | −0.79 |
| UNH Unitedhealth Group Inc. | Reduce -99.8% | 0.00% | −0.78 |
| NLR Vaneck Urani & Nuclr ETF-Usd | Sold out | 0.00% | −0.67 |
| SCHW Schwab (charles) Corp. | Reduce -35.8% | 0.98% | −0.61 |
| GOOG Alphabet Inc. Class C | Reduce -6.6% | 4.11% | −0.59 |
| URA Global X Uranium ETF | Reduce -77.8% | 0.26% | −0.57 |
| WMB Williams Cos Inc. | Reduce -2.0% | 3.13% | −0.56 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.8% | 1.27% | −0.43 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -0.5% | 2.82% | −0.40 |
| V Visa Inc. Class A | Reduce -7.9% | 0.61% | −0.18 |
| WMT Walmart Inc. | Reduce -5.7% | 1.08% | −0.17 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -29.6% | 0.28% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -98.1% | 0.00% | −0.10 |
| CYBR Cyberark Software Ltd./Israel | Reduce -2.0% | 3.61% | −0.10 |
| IVV iShares Core S&P 500 ETF | Reduce -12.8% | 0.38% | −0.10 |
| FPEI First Trust Institutional PR | Reduce -0.7% | 0.42% | −0.09 |
| IAU iShares Gold Trust | Reduce -1.6% | 0.48% | −0.08 |
| PGX Invesco Preferred ETF | Sold out | 0.00% | −0.07 |
| REM iShares Mortgage Real Estate | Reduce -25.6% | 0.09% | −0.07 |
| JPM JPMorgan Chase & Co. | Reduce -1.9% | 1.32% | −0.06 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.06 |
| XLF SS Financial Select Sector | Reduce -100.0% | 0.00% | −0.05 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -11.2% | 0.13% | −0.04 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.04 |
| IWF iShares Russell 1000 Growth | Reduce -5.6% | 0.44% | −0.04 |
| ONEQ Fidelity Nasdaq Comp Indx | Reduce -16.4% | 0.17% | −0.04 |
| PFF iShares Preferred & Income S | Reduce -3.9% | 0.15% | −0.04 |
| DGRO iShares Core Dividend Growth | Reduce -15.7% | 0.10% | −0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -4.8% | 0.31% | −0.04 |
| FQAL Fidelity Quality Factor ETF | Reduce -14.2% | 0.12% | −0.04 |
| ABBV Abbvie Inc. | Reduce -12.9% | 0.06% | −0.04 |
| EDV Vanguard Extended Dur Treas | Reduce -15.6% | 0.07% | −0.04 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -5.7% | 0.12% | −0.03 |
| FTCS First Trust Capital Strength | Reduce -24.5% | 0.05% | −0.03 |
| QUAL iShares MSCI USA Quality Fac | Reduce -17.6% | 0.07% | −0.03 |
| SPHQ Invesco S&P 500 Quality ETF | Reduce -94.1% | 0.00% | −0.02 |
| VST Vistra Corp. | Reduce -90.0% | 0.00% | −0.02 |
| VONG Vanguard Russell 1000 Growth | Reduce -25.2% | 0.06% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -38.0% | 0.02% | −0.02 |
| APO Apollo Global Management Inc. | Reduce -96.8% | 0.00% | −0.02 |
| TLT iShares 20+ Year Treasury BD | Reduce -35.2% | 0.02% | −0.02 |
| SOXX iShares Semiconductor ETF | Reduce -97.1% | 0.00% | −0.02 |
| INDA iShares MSCI India ETF | Reduce -56.2% | 0.01% | −0.02 |
| EPI Wisdomtree India Earnings | Reduce -8.9% | 0.07% | −0.01 |
| SDVY First Trust Smid Cap Rising | Reduce -35.9% | 0.02% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| FCX Freeport-McMoran Inc. | Add +1390.4% | 1.99% | +1.85 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +102.6% | 4.11% | +1.65 |
| IREN Iren Ltd. | Add +274.1% | 1.83% | +1.58 |
| OKE Oneok Inc. | Add +3604.1% | 1.49% | +1.43 |
| CCJ Cameco Corp. | Add +5.5% | 3.47% | +1.26 |
| NOW ServiceNow Inc. | Add +74280.0% | 1.17% | +1.17 |
| TEM Tempus AI Inc. Class A | Add +483.1% | 1.33% | +1.12 |
| NVDA Nvidia Corp. | Add +4.0% | 3.70% | +0.74 |
| CACI Caci International Inc. Class A | Add +26.9% | 2.53% | +0.67 |
| VRT Vertiv Holdings Co. Class A | Add +83.8% | 0.94% | +0.59 |
| MU Micron Technology Inc. | Add +76.5% | 0.96% | +0.49 |
| MSFT Microsoft Corp. | Add +0.4% | 4.80% | +0.42 |
| META Meta Platforms Inc. Class A | Add +795.1% | 0.41% | +0.37 |
| PAGP Plains GP Holdings LP | New | 0.30% | +0.30 |
| PLTR Palantir Technologies Inc. Class A | Add +13.4% | 0.72% | +0.24 |
| AMZN Amazon.com Inc. | Add +13.9% | 3.01% | +0.23 |
| GS Goldman Sachs Group Inc. | New | 0.20% | +0.20 |
| MSTR Strategy Inc. | New | 0.20% | +0.20 |
| CORZ Core Scientific Inc. | Add +41081.3% | 0.17% | +0.17 |
| KTOS Kratos Defense & Security | Add +17.6% | 0.50% | +0.17 |
| ISRG Intuitive Surgical Inc. | New | 0.11% | +0.11 |
| TSLA Tesla Inc. | Add +34.2% | 0.40% | +0.11 |
| CVX Chevron Corp. | New | 0.09% | +0.09 |
| IEF iShares 7-10 Year Treasury B | New | 0.09% | +0.09 |
| MDT Medtronic PLC | Add +32.8% | 1.45% | +0.08 |
| AGNC AGNC Investment Corp. | Add +31.1% | 2.33% | +0.08 |
| EAT Brinker International Inc. | Add +44.5% | 0.24% | +0.07 |
| COF Capital One Financial Corp. | New | 0.06% | +0.06 |
| SHY iShares 1-3 Year Treasury Bo | Add +45.1% | 0.31% | +0.05 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Add +186.9% | 0.08% | +0.05 |
| RIOT Riot Platforms Inc. | Add +23.4% | 0.11% | +0.04 |
| SCHG Schwab US Large-Cap Growth | New | 0.03% | +0.03 |
| AVGO Broadcom Inc. | Add +8.9% | 0.10% | +0.03 |
| MBB iShares MBS ETF | Add +9409.1% | 0.03% | +0.03 |
| IAI iShares U.S. Broker-Dealers | New | 0.03% | +0.03 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +1291.0% | 0.03% | +0.03 |
| NFLX Netflix Inc. | Add +312.5% | 0.03% | +0.02 |
| NN Nextnav Inc. | New | 0.02% | +0.02 |
| ARKQ ARK Autonomous Tech & Robot | New | 0.02% | +0.02 |
| DOW Dow Inc. | New | 0.02% | +0.02 |
| QTEC First Trust Nasdq 100 Tech I | Add +2.8% | 0.51% | +0.02 |
| ARKG ARK Genomic Revolution ETF | Add +750.8% | 0.02% | +0.02 |
| FNDX Schwab Fndmntl US LRG Co. ETF | New | 0.02% | +0.02 |
| XYL Xylem Inc. | New | 0.01% | +0.01 |
| SKYY First Trust Cloud Computing | Add +14.4% | 0.10% | +0.01 |
| COPX Global X Copper Miners ETF | Add +43.2% | 0.04% | +0.01 |
| IGV iShares Expanded Tech-Softwa | Add +339.8% | 0.01% | +0.01 |
| ARM Arm Holdings PLC-ADR | New | 0.01% | +0.01 |
| QUBT Quantum Computing Inc. | New | 0.01% | +0.01 |
| XAR SS SPDR S&P Aerospace Def | Add +10.6% | 0.05% | +0.01 |
Notes & Other Activity Q1 2025 → Q2 2025
| ACM Aecom | COM | Sold out | 0 | $0before exit |
| PECO Phillips Edison & Company Inc. | COMMON STOCK | 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 |