In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), NDWM LLC reported 33 stock positions worth $151.1 million . Its top holding was iShares Core S&P 500 ETF (IVV) at 30.8% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 19.9% ) and SS Spdrb B 3-12M T-Bill ETF (BILS, 9.2% ). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 15 and reduced 12. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +4% ) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −23% ).
Location LA JOLLA, CA
CIK 0001818386
Portfolio Value $151.1M (Q4 2025) Holdings 33 stocks · $151.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 IVV iShares Core S&P 500 ETF 68,062 $46.6M Add +2.1% SPY SS SPDR S&P 500 ETF Trust-US 44,102 $30.1M Add +3.9% BILS SS Spdrb B 3-12M T-Bill ETF 139,858 $13.9M Reduce -2.4% GLD SPDR Gold Shares 20,354 $8.1M Add +4.6% BIL SS SPDR BB 1-3M T-Bill ETF 83,598 $7.6M Reduce -3.0% CMF iShares California Muni Bond 80,755 $4.6M Add +1.6% RSP Invesco S&P 500 Equal Weight 23,423 $4.5M Add +3.8% VTEC Vanguard Ca Tax-Ex Bond 35,138 $3.5M Add +17.1% CALI Ishrs SH-TRM Ca Muni Act ETF 65,051 $3.3M Add +7.7% AGG iShares Core U.S. Aggregate 32,204 $3.2M Add +7.4% EEM iShares MSCI Emerging Market 57,581 $3.2M Add +13.0% BRK.B Berkshire Hathaway Inc. Class B 5,403 $2.7M Reduce -23.3% XLK SS Technology Select Sector 14,944 $2.2M Reduce -3.6% SUB iShares Short-Term National 18,976 $2.0M Reduce -20.4% MUB iShares National Muni Bond E 17,857 $1.9M Reduce -5.9% SLQD iShares 0-5 YR Inv GRD Corp. 35,899 $1.8M Add +16.7% NOW ServiceNow Inc. 11,744 $1.8M No change TSLA Tesla Inc. 3,213 $1.4M Reduce -8.4% QQQ Invesco QQQ Trust Series 1 2,146 $1.3M Reduce -0.2% SHY iShares 1-3 Year Treasury Bo 15,828 $1.3M Reduce -0.9% SHYG iShares 0-5 YR HY Corp. Bond 24,975 $1.1M Add +8.1% AAPL Apple Inc. 3,590 $976K Add +0.2% NTSX Wisdomtree US Efficient Core 12,309 $675K Reduce -0.3% SPYD SS SPDR P S&P 500 Hi Div ETF 12,084 $523K Add +0.3% IEI iShares 3-7 Year Treasury Bo 3,758 $449K Add +0.3% MSFT Microsoft Corp. 833 $403K Reduce -0.5% META Meta Platforms Inc. Class A 585 $386K Add +54.0% D Dominion Energy Inc. 5,500 $322K No change LLY Eli Lilly & Co. 270 $290K No change BA The Boeing Co. 1,227 $266K No change GOOGL Alphabet Inc. Class A 850 $266K Reduce -0.2% CAT Caterpillar Inc. 392 $225K New IYW iShares Ustechnology ETF 1,045 $209K No change
Options reported separately and not counted above: AAPL calls ($7K).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ BRK.B Berkshire Hathaway Inc. Class B Reduce -23.3% 1.80% −0.60 BILS SS Spdrb B 3-12M T-Bill ETF Reduce -2.4% 9.18% −0.49 NYF iShares New York Muni Bond E Sold out 0.00% −0.46 SUB iShares Short-Term National Reduce -20.4% 1.34% −0.39 BIL SS SPDR BB 1-3M T-Bill ETF Reduce -3.0% 5.05% −0.31 PZT Invesco New York Amt-Free Mu Sold out 0.00% −0.30 MUB iShares National Muni Bond E Reduce -5.9% 1.27% −0.11 TSLA Tesla Inc. Reduce -8.4% 0.96% −0.10 XLK SS Technology Select Sector Reduce -3.6% 1.42% −0.06 SHY iShares 1-3 Year Treasury Bo Reduce -0.9% 0.87% −0.03 MSFT Microsoft Corp. Reduce -0.5% 0.27% −0.03 NTSX Wisdomtree US Efficient Core Reduce -0.3% 0.45% −0.01 QQQ Invesco QQQ Trust Series 1 Reduce -0.2% 0.87% −0.00 GOOGL Alphabet Inc. Class A Reduce -0.2% 0.18% +0.04
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US Add +3.9% 19.90% +0.71 GLD SPDR Gold Shares Add +4.6% 5.34% +0.64 IVV iShares Core S&P 500 ETF Add +2.1% 30.85% +0.57 VTEC Vanguard Ca Tax-Ex Bond Add +17.1% 2.33% +0.30 EEM iShares MSCI Emerging Market Add +13.0% 2.08% +0.24 CAT Caterpillar Inc. New 0.15% +0.15 SLQD iShares 0-5 YR Inv GRD Corp. Add +16.7% 1.20% +0.14 CALI Ishrs SH-TRM Ca Muni Act ETF Add +7.7% 2.17% +0.10 AGG iShares Core U.S. Aggregate Add +7.4% 2.13% +0.09 META Meta Platforms Inc. Class A Add +54.0% 0.26% +0.07 RSP Invesco S&P 500 Equal Weight Add +3.8% 2.97% +0.06 SHYG iShares 0-5 YR HY Corp. Bond Add +8.1% 0.71% +0.03 AAPL Apple Inc. Add +0.2% 0.65% +0.03 IEI iShares 3-7 Year Treasury Bo Add +0.3% 0.30% −0.01 CMF iShares California Muni Bond Add +1.6% 3.07% −0.01 SPYD SS SPDR P S&P 500 Hi Div ETF Add +0.3% 0.35% −0.01
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ AAPL Apple Inc. call New 3,000 $7K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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