NDWM LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), NDWM LLC reported 34 stock positions worth $147.4 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 30.3% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 19.2%) and SS Spdrb B 3-12M T-Bill ETF (BILS, 9.7%). Compared with Q2 2025, it opened 3 new positions, added to 17 and reduced 6. The biggest buy was a new position in iShares MSCI Emerging Market (EEM) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- LA JOLLA, CA
- CIK
- 0001818386
- Portfolio Value
- $147.4M (Q3 2025)
- SEC Filing
- 0001818386-25-000002 ↗ filed Nov 13, 2025
Holdings Value
Holdings 34 stocks · $147.4M
| IVV iShares Core S&P 500 ETF | 30.28% | 66,674 | $44.6M | Reduce -0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 19.18% | 42,441 | $28.3M | Reduce -0.1% |
| BILS SS Spdrb B 3-12M T-Bill ETF | 9.67% | 143,224 | $14.3M | Add +2.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 5.36% | 86,153 | $7.9M | Add +5.5% |
| GLD SPDR Gold Shares | 4.70% | 19,466 | $6.9M | Add +1.4% |
| CMF iShares California Muni Bond | 3.08% | 79,520 | $4.5M | Reduce -17.6% |
| RSP Invesco S&P 500 Equal Weight | 2.91% | 22,573 | $4.3M | Reduce -38.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.40% | 7,041 | $3.5M | Reduce -1.6% |
| CALI Ishrs SH-TRM Ca Muni Act ETF | 2.08% | 60,398 | $3.1M | Add +62.5% |
| AGG iShares Core U.S. Aggregate | 2.04% | 29,990 | $3.0M | Add +5.3% |
| VTEC Vanguard Ca Tax-Ex Bond | 2.03% | 30,006 | $3.0M | Add +20.2% |
| EEM iShares MSCI Emerging Market | 1.85% | 50,947 | $2.7M | New |
| SUB iShares Short-Term National | 1.73% | 23,845 | $2.5M | Add +41.0% |
| XLK SS Technology Select Sector | 1.48% | 7,753 | $2.2M | Add +0.0% |
| NOW ServiceNow Inc. | 1.47% | 2,349 | $2.2M | No change |
| MUB iShares National Muni Bond E | 1.37% | 18,976 | $2.0M | Add +20.0% |
| SLQD iShares 0-5 YR Inv GRD Corp. | 1.06% | 30,759 | $1.6M | Add +5.9% |
| TSLA Tesla Inc. | 1.06% | 3,506 | $1.6M | Add +0.1% |
| SHY iShares 1-3 Year Treasury Bo | 0.90% | 15,971 | $1.3M | Reduce -18.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.88% | 2,151 | $1.3M | No change |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.68% | 23,103 | $1.0M | Add +17.4% |
| AAPL Apple Inc. | 0.62% | 3,583 | $912K | Add +5.8% |
| NYF iShares New York Muni Bond E | 0.46% | 12,583 | $671K | No change |
| NTSX Wisdomtree US Efficient Core | 0.45% | 12,349 | $666K | Add +0.0% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.36% | 12,046 | $530K | Add +0.3% |
| PZT Invesco New York Amt-Free Mu | 0.30% | 20,161 | $448K | No change |
| IEI iShares 3-7 Year Treasury Bo | 0.30% | 3,746 | $448K | Add +7.0% |
| MSFT Microsoft Corp. | 0.29% | 837 | $434K | No change |
| D Dominion Energy Inc. | 0.23% | 5,500 | $336K | No change |
| META Meta Platforms Inc. Class A | 0.19% | 380 | $279K | Add +0.3% |
| BA The Boeing Co. | 0.18% | 1,227 | $265K | No change |
| GOOGL Alphabet Inc. Class A | 0.14% | 852 | $207K | New |
| LLY Eli Lilly & Co. | 0.14% | 270 | $206K | No change |
| IYW iShares Ustechnology ETF | 0.14% | 1,045 | $205K | New |
Portfolio Sells Q2 2025 → Q3 2025
| RSP Invesco S&P 500 Equal Weight | Reduce -38.7% | 2.91% | −1.99 |
| CMF iShares California Muni Bond | Reduce -17.6% | 3.08% | −0.86 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -18.1% | 0.90% | −0.28 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.6% | 2.40% | −0.14 |
| IVV iShares Core S&P 500 ETF | Reduce -0.2% | 30.28% | −0.10 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.1% | 19.18% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| EEM iShares MSCI Emerging Market | New | 1.85% | +1.85 |
| CALI Ishrs SH-TRM Ca Muni Act ETF | Add +62.5% | 2.08% | +0.70 |
| SUB iShares Short-Term National | Add +41.0% | 1.73% | +0.41 |
| GLD SPDR Gold Shares | Add +1.4% | 4.70% | +0.41 |
| VTEC Vanguard Ca Tax-Ex Bond | Add +20.2% | 2.03% | +0.25 |
| TSLA Tesla Inc. | Add +0.1% | 1.06% | +0.24 |
| MUB iShares National Muni Bond E | Add +20.0% | 1.37% | +0.16 |
| GOOGL Alphabet Inc. Class A | New | 0.14% | +0.14 |
| IYW iShares Ustechnology ETF | New | 0.14% | +0.14 |
| AAPL Apple Inc. | Add +5.8% | 0.62% | +0.11 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +17.4% | 0.68% | +0.06 |
| XLK SS Technology Select Sector | Add +0.0% | 1.48% | +0.05 |
| NTSX Wisdomtree US Efficient Core | Add +0.0% | 0.45% | −0.00 |
| IEI iShares 3-7 Year Treasury Bo | Add +7.0% | 0.30% | −0.00 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Add +0.3% | 0.36% | −0.01 |
| SLQD iShares 0-5 YR Inv GRD Corp. | Add +5.9% | 1.06% | −0.01 |
| META Meta Platforms Inc. Class A | Add +0.3% | 0.19% | −0.02 |
| AGG iShares Core U.S. Aggregate | Add +5.3% | 2.04% | −0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +5.5% | 5.36% | −0.12 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +2.3% | 9.67% | −0.53 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 38 | $170.2M | IVV, RSP, AGG, BILS, GLD |
| Q1 2026 | 37 | $154.2M | IVV, RSP, AGG, BILS, GLD |
| Q4 2025 | 33 | $151.1M | IVV, SPY, BILS, GLD, BIL |
| Q3 2025 | 34 | $147.4M | IVV, SPY, BILS, BIL, GLD |
| Q2 2025 | 31 | $136.6M | IVV, SPY, BILS, BIL, RSP |
| Q1 2025 | 33 | $102.3M | IVV, BILS, BIL, RSP, SPY |
| Q4 2024 | 31 | $119.6M | IVV, BILS, SPY, BIL, RSP |
| Q3 2024 | 32 | $121.3M | IVV, BILS, BIL, SPY, RSP |
| Q2 2024 | 33 | $112.8M | IVV, BILS, BIL, RSP, XLK |
| Q1 2024 | 32 | $109.8M | IVV, BILS, BIL, RSP, XLK |