FWL Investment Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), FWL Investment Management, LLC reported 332 stock positions worth $383.6 million. Its top holding was Vaneck Gold Miners ETF (GDX) at 5.2% of the portfolio, followed by Oracle (ORCL, 5.1%) and Alphabet Class C (GOOG, 4.9%). Compared with Q2 2025, it opened 61 new positions, sold out of 54, added to 73 and reduced 87. The biggest buy was a new position in Entergy (ETR) and the biggest sale Cyberark Software Ltd./Israel (CYBR, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001829231
- Portfolio Value
- $383.6M (Q3 2025)
- SEC Filing
- 0001999371-25-018008 ↗ filed Nov 17, 2025
Holdings Value
Holdings 332 stocks · $383.6M
| GDX Vaneck Gold Miners ETF | 5.25% | 263,603 | $20.1M | Add +4.1% |
| ORCL Oracle Corp. | 5.08% | 69,304 | $19.5M | Reduce -6.5% |
| GOOG Alphabet Inc. Class C | 4.87% | 76,669 | $18.7M | Add +1.2% |
| LNG Cheniere Energy Inc. | 4.51% | 73,656 | $17.3M | Add +14.4% |
| MSFT Microsoft Corp. | 4.47% | 33,137 | $17.2M | Add +5.0% |
| AMLP Alerian MLP ETF | 4.17% | 341,067 | $16.0M | Add +34.6% |
| GLD SPDR Gold Shares | 4.06% | 43,772 | $15.6M | Add +4.9% |
| NVDA Nvidia Corp. | 3.93% | 80,880 | $15.1M | Add +5.7% |
| ETN Eaton Corp. PLC | 3.67% | 37,657 | $14.1M | Add +17.5% |
| WMB Williams Cos Inc. | 3.36% | 203,595 | $12.9M | Add +24.9% |
| CCJ Cameco Corp. | 3.27% | 149,494 | $12.5M | Reduce -2.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.15% | 131,785 | $12.1M | Reduce -10.1% |
| AMZN Amazon.com Inc. | 3.02% | 52,707 | $11.6M | Add +17.7% |
| IREN Iren Ltd. filed as IREN LIMITED | 2.94% | 239,939 | $11.3M | Reduce -41.6% |
| MU Micron Technology Inc. | 2.65% | 60,721 | $10.2M | Add +139.1% |
| CACI Caci International Inc. Class A | 2.50% | 19,195 | $9.6M | Add +10.8% |
| AGNC AGNC Investment Corp. | 2.49% | 976,912 | $9.6M | Add +17.8% |
| IBN Icici Bank Ltd.-Spon ADR | 2.44% | 309,998 | $9.4M | Add +13.0% |
| MDT Medtronic PLC | 2.37% | 95,598 | $9.1M | Add +75.7% |
| ETR Entergy Corp. | 2.25% | 92,708 | $8.6M | New |
| TEM Tempus AI Inc. Class A | 1.74% | 82,599 | $6.7M | Add +20.7% |
| AAPL Apple Inc. | 1.63% | 24,550 | $6.3M | Reduce -5.2% |
| NVT Nvent Electric PLC | 1.38% | 53,493 | $5.3M | New |
| COPX Global X Copper Miners ETF | 1.17% | 74,785 | $4.5M | Add +2315.5% |
| JPM JPMorgan Chase & Co. | 1.14% | 13,882 | $4.4M | Reduce -6.8% |
| VRT Vertiv Holdings Co. Class A | 1.11% | 28,336 | $4.3M | Add +18.9% |
| SCHW Schwab (charles) Corp. | 1.08% | 43,381 | $4.1M | Add +23.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.05% | 8,030 | $4.0M | Reduce -5.9% |
| FLG Flagstar Bank NA | 0.97% | 322,433 | $3.7M | Add +21.1% |
| WMT Walmart Inc. | 0.89% | 32,980 | $3.4M | Reduce -8.2% |
| KTOS Kratos Defense & Security | 0.81% | 34,182 | $3.1M | Reduce -2.4% |
| TSLA Tesla Inc. | 0.78% | 6,718 | $3.0M | Add +62.5% |
| HD Home Depot Inc. | 0.77% | 7,294 | $3.0M | Reduce -13.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.74% | 4,715 | $2.8M | Reduce -5.0% |
| COST Costco Wholesale Corp. | 0.74% | 3,053 | $2.8M | Reduce -4.3% |
| PLTR Palantir Technologies Inc. Class A | 0.71% | 14,922 | $2.7M | Reduce -13.2% |
| URA Global X Uranium ETF | 0.63% | 50,640 | $2.4M | Add +135.2% |
| GD General Dynamics Corp. | 0.49% | 5,501 | $1.9M | Reduce -8.6% |
| IAU iShares Gold Trust | 0.48% | 25,216 | $1.8M | No change |
| V Visa Inc. Class A | 0.47% | 5,257 | $1.8M | Reduce -6.2% |
| QTEC First Trust Nasdq 100 Tech I | 0.44% | 7,355 | $1.7M | Reduce -5.7% |
| RIOT Riot Platforms Inc. | 0.43% | 86,186 | $1.6M | Add +170.7% |
| BMNR Bitmine Immersion Technologi | 0.42% | 30,996 | $1.6M | New |
| GOOGL Alphabet Inc. Class A | 0.41% | 6,407 | $1.6M | Add +12.8% |
| AGI Alamos Gold Inc. Class A | 0.40% | 44,482 | $1.6M | Reduce -2.3% |
| CYBR Cyberark Software Ltd./Israel | 0.38% | 3,009 | $1.5M | Reduce -89.6% |
| APD Air Products & Chemicals Inc. | 0.37% | 5,206 | $1.4M | Reduce -12.6% |
| FPEI First Trust Institutional PR | 0.37% | 73,170 | $1.4M | Add +0.9% |
| IWF iShares Russell 1000 Growth | 0.36% | 2,975 | $1.4M | Reduce -11.2% |
| META Meta Platforms Inc. Class A | 0.36% | 1,877 | $1.4M | Add +3.3% |
| AMGN Amgen Inc. | 0.34% | 4,654 | $1.3M | Reduce -9.3% |
| GS Goldman Sachs Group Inc. | 0.30% | 1,448 | $1.2M | Add +54.7% |
| SHY iShares 1-3 Year Treasury Bo | 0.27% | 12,500 | $1.0M | Add +1.7% |
| IVV iShares Core S&P 500 ETF | 0.26% | 1,505 | $1.0M | Reduce -24.7% |
| CVX Chevron Corp. | 0.24% | 5,836 | $906K | Add +170.2% |
| QQQM Invesco Nasdaq 100 ETF | 0.22% | 3,416 | $844K | Reduce -16.3% |
| PAGP Plains GP Holdings LP | 0.21% | 44,132 | $805K | Reduce -11.6% |
| NLY Annaly Capital Management Inc. | 0.20% | 37,936 | $767K | No change |
| EAT Brinker International Inc. | 0.18% | 5,490 | $695K | Add +24.9% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.16% | 7,113 | $620K | Add +22.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.15% | 1,200 | $576K | No change |
| PFF iShares Preferred & Income S | 0.15% | 17,990 | $569K | Add +13.9% |
| VGT Vanguard Info Tech ETF | 0.14% | 697 | $520K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.11% | 2,348 | $438K | Reduce -1.7% |
| COWZ Pacer US Cash Cows 100 ETF | 0.11% | 7,533 | $433K | Add +3.8% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.11% | 4,677 | $417K | Reduce -33.0% |
| AVGO Broadcom Inc. | 0.11% | 1,242 | $410K | Add +9.6% |
| CORZ Core Scientific Inc. | 0.10% | 21,307 | $382K | Reduce -35.3% |
| GRID First TRST Nasd Class Edg Sgiif | 0.08% | 2,088 | $316K | Reduce -18.7% |
| SKYY First Trust Cloud Computing | 0.08% | 2,218 | $298K | Reduce -21.2% |
| QUAL iShares MSCI USA Quality Fac | 0.07% | 1,445 | $281K | Add +11.6% |
| MMM 3M Co. | 0.07% | 1,805 | $280K | Add +1705.0% |
| FQAL Fidelity Quality Factor ETF | 0.07% | 3,685 | $275K | Reduce -33.8% |
| EDV Vanguard Extended Dur Treas | 0.07% | 3,969 | $272K | Add +20.1% |
| XLK SS Technology Select Sector | 0.07% | 897 | $253K | Reduce -0.6% |
| SIL Global X Silver Miners ETF | 0.07% | 3,514 | $252K | New |
| REM iShares Mortgage Real Estate | 0.06% | 11,116 | $244K | Reduce -20.9% |
| MLPA Global X MLP ETF | 0.06% | 4,843 | $235K | Reduce -15.1% |
| ABBV Abbvie Inc. | 0.06% | 1,007 | $233K | Reduce -8.2% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.06% | 8,500 | $229K | Reduce -15.4% |
| FLNC Fluence Energy Inc. | 0.06% | 20,250 | $219K | New |
| DGRO iShares Core Dividend Growth | 0.06% | 3,195 | $218K | Reduce -35.3% |
| AGG iShares Core U.S. Aggregate | 0.05% | 2,012 | $202K | No change |
| OKE Oneok Inc. | 0.05% | 2,751 | $201K | Reduce -95.4% |
| XAR SS SPDR S&P Aerospace Def | 0.05% | 844 | $198K | Reduce -0.6% |
| COF Capital One Financial Corp. | 0.05% | 922 | $196K | Reduce -0.7% |
| TOTL SS Doubleline TR Tact ETF | 0.05% | 4,774 | $194K | Add +12.6% |
| VONG Vanguard Russell 1000 Growth | 0.05% | 1,600 | $193K | Reduce -5.9% |
| SCHX Schwab US Large-Cap ETF | 0.05% | 7,050 | $186K | Reduce -3.4% |
| HACK Amplify Cybersecurity ETF | 0.04% | 1,865 | $162K | Reduce -20.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.04% | 237 | $158K | Add +9.2% |
| FTCS First Trust Capital Strength | 0.04% | 1,669 | $156K | Reduce -3.8% |
| KMI Kinder Morgan Inc. | 0.04% | 5,500 | $156K | No change |
| EPI Wisdomtree India Earnings | 0.04% | 3,456 | $153K | Reduce -23.8% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.04% | 518 | $152K | No change |
| EWJ iShares MSCI Japan ETF | 0.04% | 1,893 | $152K | Reduce -29.3% |
| IYF iShares US Financials ETF | 0.04% | 1,148 | $145K | No change |
| D Dominion Energy Inc. | 0.04% | 2,363 | $145K | Add +96.4% |
| PAVE Global X US Infrastructure | 0.04% | 2,996 | $143K | Reduce -23.0% |
| CSCO Cisco Systems Inc. | 0.04% | 2,000 | $137K | Reduce -4.9% |
Portfolio Sells Q2 2025 → Q3 2025
| CYBR Cyberark Software Ltd./Israel | Reduce -89.6% | 0.38% | −3.23 |
| FCX Freeport-McMoran Inc. | Reduce -100.0% | 0.00% | −1.99 |
| OKE Oneok Inc. | Reduce -95.4% | 0.05% | −1.43 |
| NOW ServiceNow Inc. | Reduce -98.7% | 0.01% | −1.16 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -10.1% | 3.15% | −0.96 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.59 |
| PG The Procter & Gamble Co. | Reduce -99.7% | 0.00% | −0.55 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.53 |
| COST Costco Wholesale Corp. | Reduce -4.3% | 0.74% | −0.23 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.9% | 1.05% | −0.22 |
| CCJ Cameco Corp. | Reduce -2.2% | 3.27% | −0.20 |
| MSTR Strategy Inc. | Reduce -96.3% | 0.00% | −0.19 |
| WMT Walmart Inc. | Reduce -8.2% | 0.89% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -6.8% | 1.14% | −0.18 |
| HD Home Depot Inc. | Reduce -13.2% | 0.77% | −0.17 |
| APD Air Products & Chemicals Inc. | Reduce -12.6% | 0.37% | −0.14 |
| V Visa Inc. Class A | Reduce -6.2% | 0.47% | −0.14 |
| IVV iShares Core S&P 500 ETF | Reduce -24.7% | 0.26% | −0.12 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.11 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -5.0% | 0.74% | −0.10 |
| AMGN Amgen Inc. | Reduce -9.3% | 0.34% | −0.10 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −0.09 |
| PAGP Plains GP Holdings LP | Reduce -11.6% | 0.21% | −0.09 |
| CORZ Core Scientific Inc. | Reduce -35.3% | 0.10% | −0.07 |
| IWF iShares Russell 1000 Growth | Reduce -11.2% | 0.36% | −0.07 |
| QTEC First Trust Nasdq 100 Tech I | Reduce -5.7% | 0.44% | −0.07 |
| PSA Public Storage | Sold out | 0.00% | −0.07 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -16.3% | 0.22% | −0.06 |
| ONEQ Fidelity Nasdaq Comp Indx | Reduce -33.0% | 0.11% | −0.06 |
| IWR iShares Russell Mid-Cap ETF | Reduce -97.8% | 0.00% | −0.05 |
| GD General Dynamics Corp. | Reduce -8.6% | 0.49% | −0.05 |
| FQAL Fidelity Quality Factor ETF | Reduce -33.8% | 0.07% | −0.05 |
| DVY iShares Select Dividend ETF | Sold out | 0.00% | −0.04 |
| DGRO iShares Core Dividend Growth | Reduce -35.3% | 0.06% | −0.04 |
| MBB iShares MBS ETF | Reduce -99.0% | 0.00% | −0.03 |
| REM iShares Mortgage Real Estate | Reduce -20.9% | 0.06% | −0.03 |
| SCHG Schwab US Large-Cap Growth | Reduce -81.9% | 0.01% | −0.03 |
| SKYY First Trust Cloud Computing | Reduce -21.2% | 0.08% | −0.03 |
| GRID First TRST Nasd Class Edg Sgiif | Reduce -18.7% | 0.08% | −0.03 |
| MLPA Global X MLP ETF | Reduce -15.1% | 0.06% | −0.03 |
| EPI Wisdomtree India Earnings | Reduce -23.8% | 0.04% | −0.03 |
| BBCB JPMorgan Betabuilders Usd Inc. | Reduce -99.8% | 0.00% | −0.03 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -15.4% | 0.06% | −0.02 |
| EWJ iShares MSCI Japan ETF | Reduce -29.3% | 0.04% | −0.02 |
| HACK Amplify Cybersecurity ETF | Reduce -20.9% | 0.04% | −0.02 |
| DOW Dow Inc. | Sold out | 0.00% | −0.02 |
| SOXQ Invesco PHLX Semiconductor | Reduce -35.7% | 0.03% | −0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.7% | 0.11% | −0.01 |
| PAVE Global X US Infrastructure | Reduce -23.0% | 0.04% | −0.01 |
| ABT Abbott Laboratories | Reduce -90.7% | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| ETR Entergy Corp. | New | 2.25% | +2.25 |
| MU Micron Technology Inc. | Add +139.1% | 2.65% | +1.69 |
| NVT Nvent Electric PLC | New | 1.38% | +1.38 |
| GDX Vaneck Gold Miners ETF | Add +4.1% | 5.25% | +1.22 |
| COPX Global X Copper Miners ETF | Add +2315.5% | 1.17% | +1.12 |
| MDT Medtronic PLC | Add +75.7% | 2.37% | +0.92 |
| GOOG Alphabet Inc. Class C | Add +1.2% | 4.87% | +0.75 |
| BMNR Bitmine Immersion Technologi | New | 0.42% | +0.42 |
| TEM Tempus AI Inc. Class A | Add +20.7% | 1.74% | +0.41 |
| AMLP Alerian MLP ETF | Add +34.6% | 4.17% | +0.38 |
| TSLA Tesla Inc. | Add +62.5% | 0.78% | +0.38 |
| URA Global X Uranium ETF | Add +135.2% | 0.63% | +0.37 |
| RIOT Riot Platforms Inc. | Add +170.7% | 0.43% | +0.32 |
| NVDA Nvidia Corp. | Add +5.7% | 3.93% | +0.23 |
| WMB Williams Cos Inc. | Add +24.9% | 3.36% | +0.23 |
| VRT Vertiv Holdings Co. Class A | Add +18.9% | 1.11% | +0.18 |
| ETN Eaton Corp. PLC | Add +17.5% | 3.67% | +0.17 |
| GLD SPDR Gold Shares | Add +4.9% | 4.06% | +0.16 |
| AGNC AGNC Investment Corp. | Add +17.8% | 2.49% | +0.16 |
| CVX Chevron Corp. | Add +170.2% | 0.24% | +0.14 |
| FLG Flagstar Bank NA | Add +21.1% | 0.97% | +0.11 |
| GOOGL Alphabet Inc. Class A | Add +12.8% | 0.41% | +0.10 |
| SCHW Schwab (charles) Corp. | Add +23.5% | 1.08% | +0.10 |
| GS Goldman Sachs Group Inc. | Add +54.7% | 0.30% | +0.10 |
| MMM 3M Co. | Add +1705.0% | 0.07% | +0.07 |
| SIL Global X Silver Miners ETF | New | 0.07% | +0.07 |
| FLNC Fluence Energy Inc. | New | 0.06% | +0.06 |
| MP MP Materials Corp. | New | 0.03% | +0.03 |
| ETHA iShares Ethereum Trust ETF | New | 0.02% | +0.02 |
| D Dominion Energy Inc. | Add +96.4% | 0.04% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +22.8% | 0.16% | +0.02 |
| FDN First Trust DJ Internet Ind | Add +180.2% | 0.02% | +0.01 |
| MTUM iShares MSCI USA Momentum Fa | New | 0.01% | +0.01 |
| AVGO Broadcom Inc. | Add +9.6% | 0.11% | +0.01 |
| BFST Business First Bancshares | New | 0.01% | +0.01 |
| AMZN Amazon.com Inc. | Add +17.7% | 3.02% | +0.01 |
| CMCSA Comcast Corp. Class A | Add +1680.6% | 0.01% | +0.01 |
| PFG Principal Financial Group | New | 0.01% | +0.01 |
| KBE SS SPDR S&P Bank ETF | New | 0.01% | +0.01 |
| IHI iShares U.S. Medical Devices | New | 0.01% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +33.6% | 0.02% | +0.01 |
| FOXA Fox Corp. Class A | New | 0.01% | +0.01 |
| SYF Synchrony Financial | New | 0.01% | +0.01 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +207.7% | 0.01% | +0.01 |
| IWM iShares Russell 2000 ETF | Add +340.0% | 0.01% | +0.01 |
| SAN Banco Santander SA-Spon ADR | New | 0.01% | +0.01 |
| NEE Nextera Energy Inc. | Add +28.4% | 0.03% | +0.01 |
| RTX RTX Corp. | Add +1054.5% | 0.01% | +0.01 |
| HWM Howmet Aerospace Inc. | New | 0.00% | +0.00 |
| BX Blackstone Inc. | New | 0.00% | +0.00 |
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 |