FWL Investment Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), FWL Investment Management, LLC reported 365 stock positions worth $415.7 million. Its top holding was Alphabet Class C (GOOG) at 5.7% of the portfolio, followed by Vaneck Gold Miners ETF (GDX, 5.2%) and Alerian MLP ETF (AMLP, 4.4%). Compared with Q3 2025, it opened 68 new positions, sold out of 35, added to 107 and reduced 59. The biggest buy was GE Healthcare Technology (GEHC, shares +2225660%) and the biggest sale Oracle (ORCL, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001829231
- Portfolio Value
- $415.7M (Q4 2025)
- SEC Filing
- 0001999371-26-003378 ↗ filed Feb 17, 2026
Holdings Value
Holdings 365 stocks · $415.7M
| GOOG Alphabet Inc. Class C | 5.66% | 74,967 | $23.5M | Reduce -2.2% |
| GDX Vaneck Gold Miners ETF | 5.17% | 250,389 | $21.5M | Reduce -5.0% |
| AMLP Alerian MLP ETF | 4.44% | 392,396 | $18.5M | Add +15.1% |
| MSFT Microsoft Corp. | 4.35% | 37,349 | $18.1M | Add +12.7% |
| GLD SPDR Gold Shares | 4.21% | 44,176 | $17.5M | Add +0.9% |
| LNG Cheniere Energy Inc. | 4.04% | 86,286 | $16.8M | Add +17.1% |
| NVDA Nvidia Corp. | 3.92% | 87,333 | $16.3M | Add +8.0% |
| MU Micron Technology Inc. | 3.82% | 55,665 | $15.9M | Reduce -8.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.54% | 161,112 | $14.7M | Add +22.3% |
| WMB Williams Cos Inc. | 3.38% | 233,833 | $14.1M | Add +14.8% |
| CCJ Cameco Corp. | 3.37% | 153,047 | $14.0M | Add +2.4% |
| AGNC AGNC Investment Corp. | 3.23% | 1,253,847 | $13.4M | Add +28.4% |
| ORCL Oracle Corp. | 2.91% | 61,965 | $12.1M | Reduce -10.6% |
| COPX Global X Copper Miners ETF | 2.71% | 156,889 | $11.3M | Add +109.8% |
| CACI Caci International Inc. Class A | 2.66% | 20,734 | $11.0M | Add +8.0% |
| ETN Eaton Corp. PLC | 2.63% | 34,327 | $10.9M | Reduce -8.8% |
| IBN Icici Bank Ltd.-Spon ADR | 2.47% | 343,892 | $10.2M | Add +10.9% |
| MDT Medtronic PLC | 2.45% | 105,899 | $10.2M | Add +10.8% |
| ETR Entergy Corp. | 2.30% | 103,364 | $9.6M | Add +11.5% |
| GEHC GE Healthcare Technology | 2.20% | 111,288 | $9.1M | Add +2225660.0% |
| IREN Iren Ltd. filed as IREN LIMITED | 2.16% | 237,859 | $9.0M | Reduce -0.9% |
| AAPL Apple Inc. | 1.64% | 25,017 | $6.8M | Add +1.9% |
| AMZN Amazon.com Inc. | 1.44% | 26,012 | $6.0M | Reduce -50.6% |
| SCHW Schwab (charles) Corp. | 1.23% | 51,032 | $5.1M | Add +17.6% |
| JPM JPMorgan Chase & Co. | 1.10% | 14,176 | $4.6M | Add +2.1% |
| TEM Tempus AI Inc. Class A | 1.09% | 76,843 | $4.5M | Reduce -7.0% |
| VRT Vertiv Holdings Co. Class A | 0.99% | 25,438 | $4.1M | Reduce -10.2% |
| EWY iShares MSCI South Korea ETF | 0.98% | 41,748 | $4.1M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.97% | 8,052 | $4.0M | Add +0.3% |
| NVT Nvent Electric PLC | 0.93% | 37,970 | $3.9M | Reduce -29.0% |
| WMT Walmart Inc. | 0.89% | 33,263 | $3.7M | Add +0.9% |
| TSLA Tesla Inc. | 0.87% | 8,046 | $3.6M | Add +19.8% |
| KTOS Kratos Defense & Security | 0.75% | 41,232 | $3.1M | Add +20.6% |
| PLTR Palantir Technologies Inc. Class A | 0.71% | 16,549 | $2.9M | Add +10.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.65% | 4,423 | $2.7M | Reduce -6.2% |
| QCOM Qualcomm Inc. | 0.65% | 15,875 | $2.7M | Add +15935.4% |
| URA Global X Uranium ETF | 0.63% | 61,214 | $2.6M | Add +20.9% |
| COST Costco Wholesale Corp. | 0.63% | 3,021 | $2.6M | Reduce -1.1% |
| HD Home Depot Inc. | 0.58% | 6,958 | $2.4M | Reduce -4.6% |
| GOOGL Alphabet Inc. Class A | 0.55% | 7,245 | $2.3M | Add +13.1% |
| IAU iShares Gold Trust | 0.49% | 24,966 | $2.0M | Reduce -1.0% |
| LSTR Landstar System Inc. | 0.46% | 13,212 | $1.9M | New |
| V Visa Inc. Class A | 0.45% | 5,341 | $1.9M | Add +1.6% |
| GD General Dynamics Corp. | 0.44% | 5,432 | $1.8M | Reduce -1.3% |
| QTEC First Trust Nasdq 100 Tech I | 0.41% | 7,463 | $1.7M | Add +1.5% |
| META Meta Platforms Inc. Class A | 0.40% | 2,500 | $1.7M | Add +33.2% |
| GS Goldman Sachs Group Inc. | 0.36% | 1,721 | $1.5M | Add +18.9% |
| AMGN Amgen Inc. | 0.36% | 4,559 | $1.5M | Reduce -2.0% |
| IWF iShares Russell 1000 Growth | 0.34% | 2,975 | $1.4M | No change |
| FPEI First Trust Institutional PR | 0.33% | 71,095 | $1.4M | Reduce -2.8% |
| AGI Alamos Gold Inc. Class A | 0.30% | 32,641 | $1.3M | Reduce -26.6% |
| CYBR Cyberark Software Ltd./Israel | 0.30% | 2,787 | $1.2M | Reduce -7.4% |
| APD Air Products & Chemicals Inc. | 0.30% | 4,967 | $1.2M | Reduce -4.6% |
| SHY iShares 1-3 Year Treasury Bo | 0.25% | 12,485 | $1.0M | Reduce -0.1% |
| MLPA Global X MLP ETF | 0.25% | 21,353 | $1.0M | Add +340.9% |
| IVV iShares Core S&P 500 ETF | 0.25% | 1,503 | $1.0M | Reduce -0.1% |
| CVX Chevron Corp. | 0.24% | 6,677 | $1.0M | Add +14.4% |
| QQQM Invesco Nasdaq 100 ETF | 0.21% | 3,428 | $867K | Add +0.3% |
| NLY Annaly Capital Management Inc. | 0.21% | 38,619 | $864K | Add +1.8% |
| PFF iShares Preferred & Income S | 0.16% | 21,525 | $666K | Add +19.6% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.15% | 14,433 | $616K | Add +1.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.14% | 1,200 | $585K | No change |
| COWZ Pacer US Cash Cows 100 ETF | 0.14% | 9,376 | $564K | Add +24.5% |
| VGT Vanguard Info Tech ETF | 0.13% | 697 | $525K | No change |
| GRID First TRST Nasd Class Edg Sgiif | 0.13% | 3,409 | $522K | Add +63.3% |
| AVGO Broadcom Inc. | 0.12% | 1,456 | $504K | Add +17.2% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.10% | 2,278 | $435K | Reduce -3.0% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.10% | 4,646 | $425K | Reduce -0.7% |
| SKYY First Trust Cloud Computing | 0.08% | 2,523 | $328K | Add +13.8% |
| EDV Vanguard Extended Dur Treas | 0.07% | 4,761 | $310K | Add +19.9% |
| SIL Global X Silver Miners ETF | 0.07% | 3,535 | $295K | Add +0.6% |
| MMM 3M Co. | 0.07% | 1,805 | $289K | No change |
| REM iShares Mortgage Real Estate | 0.07% | 12,846 | $285K | Add +15.6% |
| AGG iShares Core U.S. Aggregate | 0.07% | 2,848 | $284K | Add +41.5% |
| FQAL Fidelity Quality Factor ETF | 0.07% | 3,678 | $278K | Reduce -0.2% |
| ABBV Abbvie Inc. | 0.07% | 1,189 | $272K | Add +18.1% |
| QUAL iShares MSCI USA Quality Fac | 0.06% | 1,357 | $270K | Reduce -6.1% |
| XLK SS Technology Select Sector | 0.06% | 1,754 | $253K | Reduce -2.2% |
| INDA iShares MSCI India ETF | 0.06% | 4,292 | $232K | Add +699.3% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.05% | 8,500 | $225K | No change |
| COF Capital One Financial Corp. | 0.05% | 922 | $223K | No change |
| TOTL SS Doubleline TR Tact ETF | 0.05% | 5,480 | $221K | Add +14.8% |
| LLY Eli Lilly & Co. | 0.05% | 205 | $220K | Add +25.8% |
| XAR SS SPDR S&P Aerospace Def | 0.05% | 912 | $220K | Add +8.1% |
| DGRO iShares Core Dividend Growth | 0.05% | 3,058 | $212K | Reduce -4.3% |
| VONG Vanguard Russell 1000 Growth | 0.05% | 1,600 | $195K | No change |
| EPI Wisdomtree India Earnings | 0.05% | 4,113 | $190K | Add +19.0% |
| SCHX Schwab US Large-Cap ETF | 0.05% | 7,050 | $190K | No change |
| CSCO Cisco Systems Inc. | 0.05% | 2,459 | $189K | Add +22.9% |
| HACK Amplify Cybersecurity ETF | 0.04% | 2,160 | $174K | Add +15.8% |
| EWJ iShares MSCI Japan ETF | 0.04% | 2,113 | $171K | Add +11.6% |
| PAVE Global X US Infrastructure | 0.04% | 3,410 | $163K | Add +13.8% |
| AXP American Express Co. | 0.04% | 438 | $162K | Add +31.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.04% | 237 | $162K | No change |
| KMI Kinder Morgan Inc. | 0.04% | 5,500 | $151K | No change |
| MLPX Global X MLP & Energy Infras | 0.04% | 2,465 | $149K | Add +59.0% |
| IYF iShares US Financials ETF | 0.04% | 1,148 | $148K | No change |
| MRK Merck & Co. Inc. | 0.04% | 1,395 | $147K | Add +3000.0% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.03% | 518 | $145K | No change |
| FTCS First Trust Capital Strength | 0.03% | 1,519 | $141K | Reduce -9.0% |
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Reduce -10.6% | 2.91% | −2.18 |
| AMZN Amazon.com Inc. | Reduce -50.6% | 1.44% | −1.57 |
| ETN Eaton Corp. PLC | Reduce -8.8% | 2.63% | −1.04 |
| FLG Flagstar Bank NA | Sold out | 0.00% | −0.97 |
| IREN Iren Ltd. | Reduce -0.9% | 2.16% | −0.77 |
| TEM Tempus AI Inc. Class A | Reduce -7.0% | 1.09% | −0.65 |
| NVT Nvent Electric PLC | Reduce -29.0% | 0.93% | −0.44 |
| RIOT Riot Platforms Inc. | Sold out | 0.00% | −0.43 |
| BMNR Bitmine Immersion Technologi | Reduce -100.0% | 0.00% | −0.42 |
| PAGP Plains GP Holdings LP | Reduce -96.1% | 0.01% | −0.20 |
| HD Home Depot Inc. | Reduce -4.6% | 0.58% | −0.19 |
| EAT Brinker International Inc. | Sold out | 0.00% | −0.18 |
| VRT Vertiv Holdings Co. Class A | Reduce -10.2% | 0.99% | −0.12 |
| COST Costco Wholesale Corp. | Reduce -1.1% | 0.63% | −0.11 |
| AGI Alamos Gold Inc. Class A | Reduce -26.6% | 0.30% | −0.10 |
| CORZ Core Scientific Inc. | Reduce -99.6% | 0.00% | −0.10 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -6.2% | 0.65% | −0.08 |
| GDX Vaneck Gold Miners ETF | Reduce -5.0% | 5.17% | −0.08 |
| CYBR Cyberark Software Ltd./Israel | Reduce -7.4% | 0.30% | −0.08 |
| APD Air Products & Chemicals Inc. | Reduce -4.6% | 0.30% | −0.07 |
| GD General Dynamics Corp. | Reduce -1.3% | 0.44% | −0.05 |
| FPEI First Trust Institutional PR | Reduce -2.8% | 0.33% | −0.04 |
| FLNC Fluence Energy Inc. | Reduce -68.8% | 0.03% | −0.03 |
| OKE Oneok Inc. | Reduce -41.3% | 0.03% | −0.02 |
| ETHA iShares Ethereum Trust ETF | Sold out | 0.00% | −0.02 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -0.1% | 0.25% | −0.02 |
| MP MP Materials Corp. | Reduce -62.2% | 0.01% | −0.02 |
| D Dominion Energy Inc. | Reduce -36.9% | 0.02% | −0.02 |
| CRM Salesforce Inc. | Reduce -84.9% | 0.00% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -0.1% | 0.25% | −0.01 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.01 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -3.0% | 0.10% | −0.01 |
| QUAL iShares MSCI USA Quality Fac | Reduce -6.1% | 0.06% | −0.01 |
| BFST Business First Bancshares | Reduce -71.6% | 0.00% | −0.01 |
| SMFG Sumitomo Mitsui-Spons ADR | Reduce -76.7% | 0.00% | −0.01 |
| XLRE SS Real Estate Select Sector | Sold out | 0.00% | −0.01 |
| FTCS First Trust Capital Strength | Reduce -9.0% | 0.03% | −0.01 |
| SYF Synchrony Financial | Sold out | 0.00% | −0.01 |
| ONEQ Fidelity Nasdaq Comp Indx | Reduce -0.7% | 0.10% | −0.01 |
| DGRO iShares Core Dividend Growth | Reduce -4.3% | 0.05% | −0.01 |
| SCHG Schwab US Large-Cap Growth | Sold out | 0.00% | −0.01 |
| FOXA Fox Corp. Class A | Reduce -80.5% | 0.00% | −0.01 |
| XLK SS Technology Select Sector | Reduce -2.2% | 0.06% | −0.01 |
| FQAL Fidelity Quality Factor ETF | Reduce -0.2% | 0.07% | −0.00 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.00 |
| MELI MercadoLibre Inc. | Reduce -18.2% | 0.01% | −0.00 |
| MFC Manulife Financial Corp. | Sold out | 0.00% | −0.00 |
| QUBT Quantum Computing Inc. | Reduce -11.8% | 0.00% | −0.00 |
| ENVX Enovix Corp. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| GEHC GE Healthcare Technology | Add +2225660.0% | 2.20% | +2.20 |
| COPX Global X Copper Miners ETF | Add +109.8% | 2.71% | +1.54 |
| EWY iShares MSCI South Korea ETF | New | 0.98% | +0.98 |
| AGNC AGNC Investment Corp. | Add +28.4% | 3.23% | +0.74 |
| QCOM Qualcomm Inc. | Add +15935.4% | 0.65% | +0.65 |
| LSTR Landstar System Inc. | New | 0.46% | +0.46 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +22.3% | 3.54% | +0.39 |
| AMLP Alerian MLP ETF | Add +15.1% | 4.44% | +0.27 |
| MLPA Global X MLP ETF | Add +340.9% | 0.25% | +0.19 |
| CACI Caci International Inc. Class A | Add +8.0% | 2.66% | +0.16 |
| GLD SPDR Gold Shares | Add +0.9% | 4.21% | +0.16 |
| SCHW Schwab (charles) Corp. | Add +17.6% | 1.23% | +0.15 |
| GOOGL Alphabet Inc. Class A | Add +13.1% | 0.55% | +0.14 |
| CCJ Cameco Corp. | Add +2.4% | 3.37% | +0.10 |
| TSLA Tesla Inc. | Add +19.8% | 0.87% | +0.09 |
| MDT Medtronic PLC | Add +10.8% | 2.45% | +0.07 |
| GS Goldman Sachs Group Inc. | Add +18.9% | 0.36% | +0.06 |
| INDA iShares MSCI India ETF | Add +699.3% | 0.06% | +0.05 |
| ETR Entergy Corp. | Add +11.5% | 2.30% | +0.05 |
| GRID First TRST Nasd Class Edg Sgiif | Add +63.3% | 0.13% | +0.04 |
| META Meta Platforms Inc. Class A | Add +33.2% | 0.40% | +0.04 |
| MRK Merck & Co. Inc. | Add +3000.0% | 0.04% | +0.03 |
| COWZ Pacer US Cash Cows 100 ETF | Add +24.5% | 0.14% | +0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Add +10.9% | 2.47% | +0.02 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.02% | +0.02 |
| VEA Vanguard Ftse Developed ETF | New | 0.02% | +0.02 |
| LLY Eli Lilly & Co. | Add +25.8% | 0.05% | +0.02 |
| SSO Proshares Ultra S&P500 | New | 0.02% | +0.02 |
| WMB Williams Cos Inc. | Add +14.8% | 3.38% | +0.02 |
| KSA Ishrs MSCI Saudi Arabia ETF | New | 0.02% | +0.02 |
| AGG iShares Core U.S. Aggregate | Add +41.5% | 0.07% | +0.02 |
| FLKR Franklin Ftse South Korea | New | 0.02% | +0.02 |
| AVGO Broadcom Inc. | Add +17.2% | 0.12% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +120.9% | 0.03% | +0.01 |
| ISRG Intuitive Surgical Inc. | New | 0.01% | +0.01 |
| ARES Ares Management Corp. Class A | New | 0.01% | +0.01 |
| NET Cloudflare Inc. Class A | New | 0.01% | +0.01 |
| PFF iShares Preferred & Income S | Add +19.6% | 0.16% | +0.01 |
| UTHR United Therapeutics Corp. | Add +233.3% | 0.02% | +0.01 |
| NLR Vaneck Urani & Nuclr ETF-Usd | New | 0.01% | +0.01 |
| CRH CRH PLC | New | 0.01% | +0.01 |
| MLPX Global X MLP & Energy Infras | Add +59.0% | 0.04% | +0.01 |
| TLT iShares 20+ Year Treasury BD | Add +92.0% | 0.03% | +0.01 |
| GE General Electric | Add +420.6% | 0.01% | +0.01 |
| AXP American Express Co. | Add +31.1% | 0.04% | +0.01 |
| CSCO Cisco Systems Inc. | Add +22.9% | 0.05% | +0.01 |
| JNJ Johnson & Johnson | Add +48.6% | 0.03% | +0.01 |
| BAC Bank of America Corp. | New | 0.01% | +0.01 |
| CMI Cummins Inc. | New | 0.01% | +0.01 |
| MS Morgan Stanley | Add +291.3% | 0.01% | +0.01 |
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 |