Tolleson Wealth Management, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Tolleson Wealth Management, Inc. reported 89 stock positions worth $646.4 million. Its top holding was iShares US Equity Factor ETF (LRGF) at 23.7% of the portfolio, followed by iShares International Equity (INTF, 16.6%) and SS SPDR MSCI U Stratfact ETF (QUS, 14.8%). Compared with Q2 2025, it opened 5 new positions, added to 25 and reduced 21. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +197%) and the biggest sale SS SPDR MSCI U Stratfact ETF (QUS, shares −2%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001772937
Portfolio Value
$646.4M (Q3 2025)
SEC Filing
0001772937-25-000016 ↗ filed Nov 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $511.0M Q1 2024 Q2 2024: $507.0M Q2 2024 Q3 2024: $524.8M Q3 2024 Q4 2024: $487.7M Q4 2024 Q1 2025: $518.6M Q1 2025 Q2 2025: $585.1M Q2 2025 Q3 2025: $646.4M $646.4M Q3 2025 Q4 2025: $692.6M Q4 2025 Q1 2026: $685.0M Q1 2026 Q2 2026: $741.9M Q2 2026

Holdings 89 stocks · $646.4M
LRGF iShares US Equity Factor ETF 23.73% 2,220,567 $153.4M Add +5.8%
INTF iShares International Equity 16.59% 2,986,411 $107.2M Add +4.8%
QUS SS SPDR MSCI U Stratfact ETF 14.76% 557,208 $95.4M Reduce -2.0%
ITOT iShares Core S&P Total U.S. 6.17% 273,725 $39.9M Reduce -1.1%
VONG Vanguard Russell 1000 Growth 4.29% 230,015 $27.7M No change
HIMU iShares High Yild Muni A ETF 4.17% 548,256 $27.0M Add +17.9%
VEU Vanguard Ftse All-World Ex-U 3.37% 305,507 $21.8M Add +2.4%
SPY SS SPDR S&P 500 ETF Trust-US 2.86% 27,787 $18.5M Reduce -3.3%
IQLT iShares MSCI International Q 1.81% 264,455 $11.7M Reduce -1.8%
VOO Vanguard S&P 500 ETF 1.58% 16,617 $10.2M Add +197.2%
EFA iShares MSCI Eafe ETF 1.40% 96,819 $9.0M Reduce -1.5%
UCON First Trust Smith Unconstrai 1.23% 315,299 $7.9M Reduce -4.1%
IWF iShares Russell 1000 Growth 1.18% 16,325 $7.6M Reduce -1.8%
IWR iShares Russell Mid-Cap ETF 1.04% 69,685 $6.7M Reduce -1.1%
USHY iShares Broad Usd High Yield 0.92% 157,864 $6.0M Reduce -5.8%
VOTE TCW Transform 500 ETF 0.81% 66,745 $5.2M Add +0.1%
VTHR Vanguard Russell 3000 0.76% 16,701 $4.9M No change
GLXY Galaxy Digital Inc. Class A 0.76% 145,000 $4.9M No change
IWD iShares Russell 1000 Value E 0.73% 23,267 $4.7M Reduce -1.1%
NULC Nuveen ESG Large-Cap ETF 0.61% 75,868 $4.0M Add +2.4%
AAXJ iShares MSCI All Country Asi 0.61% 43,301 $3.9M Reduce -1.2%
IWP iShares Russell Mid-Cap Grow 0.58% 26,171 $3.7M No change
IWV iShares Russell 3000 ETF 0.53% 9,066 $3.4M No change
IVV iShares Core S&P 500 ETF 0.48% 4,656 $3.1M No change
MA Mastercard Inc. Class A 0.47% 5,388 $3.1M No change
MSFT Microsoft Corp. 0.47% 5,876 $3.0M Add +11.5%
AAPL Apple Inc. 0.42% 10,537 $2.7M Add +37.0%
NUEM Nuveen ESG Emerging Markets 0.34% 61,079 $2.2M Add +72.1%
XSMO Invesco S&P Smallcap Momentu 0.34% 29,468 $2.2M No change
GS Goldman Sachs Group Inc. 0.33% 2,705 $2.2M Add +0.8%
VGK Vanguard Ftse Europe ETF 0.29% 23,828 $1.9M Reduce -1.3%
SCHB Schwab US Broad Market ETF 0.27% 68,637 $1.8M Reduce -3.3%
NVDA Nvidia Corp. 0.27% 9,210 $1.7M No change
GLD SPDR Gold Shares 0.26% 4,811 $1.7M Reduce -2.9%
VEA Vanguard Ftse Developed ETF 0.26% 28,361 $1.7M No change
XSVM Invesco S&P Smallcap Value W 0.26% 30,000 $1.7M No change
USIG iShares Broad Usd Investment 0.26% 31,862 $1.7M Reduce -3.7%
BTCO Invsco GLXY BTCN ETF 0.23% 13,030 $1.5M No change
SHYM iShares Short Duration High 0.23% 65,600 $1.5M No change
IEMG iShares Core MSCI Emerging 0.20% 20,020 $1.3M Add +19.9%
OWNS CCM Affordable Hous MBS ETF 0.19% 71,101 $1.3M Add +0.6%
VXUS Vanguard Total Intl Stock 0.18% 15,574 $1.1M Reduce -1.3%
UNH Unitedhealth Group Inc. 0.16% 3,029 $1.0M Add +3.0%
RRBI Red River Bancshares Inc. 0.15% 15,041 $975K New
AMZN Amazon.com Inc. 0.15% 4,435 $974K Add +12.0%
USMV iShares MSCI USA Min Vol Fac 0.15% 9,890 $941K Reduce -1.4%
AGG iShares Core U.S. Aggregate 0.14% 9,247 $927K Reduce -3.9%
NUDM Nuveen ESG Intl Devel MRK Eq 0.13% 22,979 $864K Add +4.5%
DHI D.R. Horton Inc. 0.13% 4,964 $841K Add +1.3%
EUSA iShares MSCI USA Equal Weigh 0.13% 7,978 $821K No change
ADBE Adobe Inc. 0.12% 2,259 $797K No change
SDG Ish MSCI Glob Sust Deve Goal 0.12% 8,980 $747K No change
USAC USA Compression Partners LP 0.11% 30,837 $740K No change
EFAV iShares MSCI Eafe Min Vol Fa 0.11% 8,177 $694K No change
ADP Automatic Data Processing 0.10% 2,251 $664K Add +2.1%
INTU Intuit Inc. 0.10% 969 $662K No change
XLK SS Technology Select Sector 0.10% 2,334 $658K No change
SYY Sysco Corp. 0.10% 7,908 $651K No change
IWB iShares Russell 1000 ETF 0.10% 1,690 $618K No change
QUAL iShares MSCI USA Quality Fac 0.09% 2,957 $575K No change
ICF iShares Select U.S. REIT ETF 0.08% 8,848 $545K Reduce -1.7%
VGSH Vanguard Short-Term Treasury 0.08% 8,832 $520K Reduce -45.4%
NTAP Netapp Inc. 0.08% 4,370 $518K Add +2.1%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.08% 6,373 $517K Reduce -12.2%
V Visa Inc. Class A 0.08% 1,446 $494K No change
VB Vanguard Most SM-Cap ETF-Usd 0.07% 1,761 $449K No change
VPL Vanguard Ftse Pacific ETF 0.07% 5,004 $440K No change
BRK.B Berkshire Hathaway Inc. Class B 0.06% 780 $392K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.06% 4,213 $367K No change
EEMA iShares MSCI Emerg MRKT Asia 0.06% 3,872 $355K No change
MIN Aberdeen Intermediate Inc. FD 0.05% 129,626 $347K No change
ABT Abbott Laboratories 0.05% 2,563 $343K Add +18.7%
CAT Caterpillar Inc. 0.05% 712 $340K Add +18.7%
VTEC Vanguard Ca Tax-Ex Bond 0.05% 3,300 $329K No change
CBRE CBRE Group Inc. Class A 0.05% 2,074 $327K Add +3.7%
XLV SS Health Care Select Sector 0.05% 2,311 $322K No change
BKT BlackRock Income Trust 0.05% 28,485 $320K No change
XLP SS Consumer Staples Sel Sect 0.05% 4,053 $318K No change
AMG Affiliated Managers Group 0.05% 1,319 $314K No change
BHK BlackRock Core Bond Trust 0.05% 29,548 $294K No change
SBUX Starbucks Corp. 0.04% 3,324 $281K Add +3.8%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.04% 3,080 $271K Add +1.1%
SPAB SS SPDR P Agg Bond ETF 0.04% 10,180 $263K No change
XT Ishar Fture Exp Tech ETF-Usd 0.04% 3,511 $253K No change
BA The Boeing Co. 0.04% 1,164 $251K Add +5.8%
XOM Exxon Mobil Corp. 0.04% 2,200 $248K New
JNJ Johnson & Johnson 0.03% 1,115 $207K New
HON Honeywell International Inc. 0.03% 961 $202K New
KRO Kronos Worldwide Inc. 0.03% 32,045 $184K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKROCK INCOME TR-RT RIGHT 10/20/2025 28,485$2KNo change

Total filed on the 13F, all lines: $646.4M.

Portfolio Sells Q2 2025 → Q3 2025
QUS SS SPDR MSCI U Stratfact ETF Reduce -2.0% 14.76% −1.09
ITOT iShares Core S&P Total U.S. Reduce -1.1% 6.17% −0.22
IQLT iShares MSCI International Q Reduce -1.8% 1.81% −0.18
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.3% 2.86% −0.17
UCON First Trust Smith Unconstrai Reduce -4.1% 1.23% −0.17
USHY iShares Broad Usd High Yield Reduce -5.8% 0.92% −0.15
EFA iShares MSCI Eafe ETF Reduce -1.5% 1.40% −0.10
VGSH Vanguard Short-Term Treasury Reduce -45.4% 0.08% −0.08
IWR iShares Russell Mid-Cap ETF Reduce -1.1% 1.04% −0.07
IWD iShares Russell 1000 Value E Reduce -1.1% 0.73% −0.05
USIG iShares Broad Usd Investment Reduce -3.7% 0.26% −0.03
VGK Vanguard Ftse Europe ETF Reduce -1.3% 0.29% −0.03
IWF iShares Russell 1000 Growth Reduce -1.8% 1.18% −0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -12.2% 0.08% −0.02
AGG iShares Core U.S. Aggregate Reduce -3.9% 0.14% −0.02
SCHB Schwab US Broad Market ETF Reduce -3.3% 0.27% −0.02
USMV iShares MSCI USA Min Vol Fac Reduce -1.4% 0.15% −0.02
ICF iShares Select U.S. REIT ETF Reduce -1.7% 0.08% −0.01
VXUS Vanguard Total Intl Stock Reduce -1.3% 0.18% −0.01
AAXJ iShares MSCI All Country Asi Reduce -1.2% 0.61% −0.01
GLD SPDR Gold Shares Reduce -2.9% 0.26% +0.01

Portfolio Buys Q2 2025 → Q3 2025
VOO Vanguard S&P 500 ETF Add +197.2% 1.58% +1.03
LRGF iShares US Equity Factor ETF Add +5.8% 23.73% +0.72
HIMU iShares High Yild Muni A ETF Add +17.9% 4.17% +0.31
RRBI Red River Bancshares Inc. New 0.15% +0.15
AAPL Apple Inc. Add +37.0% 0.42% +0.15
NUEM Nuveen ESG Emerging Markets Add +72.1% 0.34% +0.14
BRK.B Berkshire Hathaway Inc. Class B New 0.06% +0.06
XOM Exxon Mobil Corp. New 0.04% +0.04
IEMG iShares Core MSCI Emerging Add +19.9% 0.20% +0.03
JNJ Johnson & Johnson New 0.03% +0.03
HON Honeywell International Inc. New 0.03% +0.03
MSFT Microsoft Corp. Add +11.5% 0.47% +0.02
DHI D.R. Horton Inc. Add +1.3% 0.13% +0.02
CAT Caterpillar Inc. Add +18.7% 0.05% +0.01
GS Goldman Sachs Group Inc. Add +0.8% 0.33% +0.01
UNH Unitedhealth Group Inc. Add +3.0% 0.16% +0.00
ABT Abbott Laboratories Add +18.7% 0.05% +0.00
CBRE CBRE Group Inc. Class A Add +3.7% 0.05% +0.00
AMZN Amazon.com Inc. Add +12.0% 0.15% +0.00
NTAP Netapp Inc. Add +2.1% 0.08% +0.00
NUDM Nuveen ESG Intl Devel MRK Eq Add +4.5% 0.13% +0.00
EL Estee Lauder Companies Class A Add +1.1% 0.04% −0.00
BA The Boeing Co. Add +5.8% 0.04% −0.00
SBUX Starbucks Corp. Add +3.8% 0.04% −0.01
NULC Nuveen ESG Large-Cap ETF Add +2.4% 0.61% −0.01
ADP Automatic Data Processing Add +2.1% 0.10% −0.01
OWNS CCM Affordable Hous MBS ETF Add +0.6% 0.19% −0.02
VOTE TCW Transform 500 ETF Add +0.1% 0.81% −0.02
VEU Vanguard Ftse All-World Ex-U Add +2.4% 3.37% −0.05
INTF iShares International Equity Add +4.8% 16.59% −0.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 96$741.9MLRGF, INTF, QUS, ITOT, VONG
Q1 2026 92$685.0MLRGF, INTF, QUS, ITOT, VONG
Q4 2025 92$692.6MLRGF, INTF, QUS, ITOT, SGOV
Q3 2025 89$646.4MLRGF, INTF, QUS, ITOT, VONG
Q2 2025Amended 84$585.1MLRGF, INTF, QUS, ITOT, VONG
Q1 2025Amended 86$518.6MLRGF, QUS, INTF, ITOT, HIMU
Q4 2024 103$487.7MLRGF, QUS, INTF, ITOT, SPY
Q3 2024 82$524.8MLRGF, QUS, INTF, SPY, ITOT
Q2 2024 81$507.0MLRGF, QUS, INTF, ITOT, VEU
Q1 2024 81$511.0MQUS, LRGF, INTF, ITOT, VEU