Tolleson Wealth Management, Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Tolleson Wealth Management, Inc. reported 92 stock positions worth $692.6 million. Its top holding was iShares US Equity Factor ETF (LRGF) at 23.5% of the portfolio, followed by iShares International Equity (INTF, 17.0%) and SS SPDR MSCI U Stratfact ETF (QUS, 13.7%). Compared with Q3 2025, it opened 7 new positions, sold out of 4, added to 8 and reduced 40. The biggest buy was a new position in iShares 0-3 Month Treasury B (SGOV) 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
$692.6M (Q4 2025)
SEC Filing
0001772937-26-000001 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $692.6M $692.6M Q4 2025 Q1 2026: $685.0M Q1 2026 Q2 2026: $741.9M Q2 2026

Holdings 92 stocks · $692.6M
LRGF iShares US Equity Factor ETF 23.52% 2,346,333 $162.9M Add +5.7%
INTF iShares International Equity 16.98% 3,114,766 $117.6M Add +4.3%
QUS SS SPDR MSCI U Stratfact ETF 13.69% 544,403 $94.8M Reduce -2.3%
ITOT iShares Core S&P Total U.S. 5.81% 270,767 $40.3M Reduce -1.1%
SGOV iShares 0-3 Month Treasury B 4.53% 312,901 $31.4M New
HIMU iShares High Yild Muni A ETF 4.18% 594,674 $28.9M Add +8.5%
VONG Vanguard Russell 1000 Growth 4.04% 230,015 $28.0M No change
VEU Vanguard Ftse All-World Ex-U 3.15% 296,830 $21.8M Reduce -2.8%
SPY SS SPDR S&P 500 ETF Trust-US 2.54% 25,707 $17.6M Reduce -7.5%
IQLT iShares MSCI International Q 1.72% 262,833 $11.9M Reduce -0.6%
EFA iShares MSCI Eafe ETF 1.29% 92,695 $8.9M Reduce -4.3%
VOO Vanguard S&P 500 ETF 1.21% 13,319 $8.4M Reduce -19.9%
IWF iShares Russell 1000 Growth 1.06% 15,453 $7.3M Reduce -5.3%
UCON First Trust Smith Unconstrai 1.01% 278,461 $7.0M Reduce -11.7%
IWR iShares Russell Mid-Cap ETF 0.95% 68,370 $6.6M Reduce -1.9%
USHY iShares Broad Usd High Yield 0.83% 153,486 $5.7M Reduce -2.8%
VOTE TCW Transform 500 ETF 0.78% 67,303 $5.4M Add +0.8%
VTHR Vanguard Russell 3000 0.70% 16,221 $4.9M Reduce -2.9%
IWD iShares Russell 1000 Value E 0.69% 22,851 $4.8M Reduce -1.8%
IVV iShares Core S&P 500 ETF 0.57% 5,805 $4.0M Add +24.7%
AAXJ iShares MSCI All Country Asi 0.56% 41,688 $3.9M Reduce -3.7%
NULC Nuveen ESG Large-Cap ETF 0.54% 77,463 $3.7M Add +2.1%
IWP iShares Russell Mid-Cap Grow 0.52% 26,171 $3.6M No change
IWV iShares Russell 3000 ETF 0.51% 9,066 $3.5M No change
GLXY Galaxy Digital Inc. Class A 0.47% 145,000 $3.2M No change
MA Mastercard Inc. Class A 0.44% 5,388 $3.1M No change
MSFT Microsoft Corp. 0.37% 5,297 $2.6M Reduce -9.8%
GS Goldman Sachs Group Inc. 0.34% 2,683 $2.4M Reduce -0.8%
NUEM Nuveen ESG Emerging Markets 0.31% 60,308 $2.1M Reduce -1.3%
XSMO Invesco S&P Smallcap Momentu 0.31% 29,468 $2.1M No change
AAPL Apple Inc. 0.30% 7,717 $2.1M Reduce -26.8%
VGK Vanguard Ftse Europe ETF 0.27% 22,474 $1.9M Reduce -5.7%
IEMG iShares Core MSCI Emerging 0.26% 26,615 $1.8M Add +32.9%
SCHB Schwab US Broad Market ETF 0.26% 67,978 $1.8M Reduce -1.0%
VEA Vanguard Ftse Developed ETF 0.26% 28,361 $1.8M No change
NVDA Nvidia Corp. 0.25% 9,210 $1.7M No change
XSVM Invesco S&P Smallcap Value W 0.25% 30,000 $1.7M No change
USIG iShares Broad Usd Investment 0.22% 29,225 $1.5M Reduce -8.3%
SHYM iShares Short Duration High 0.21% 65,600 $1.5M No change
OWNS CCM Affordable Hous MBS ETF 0.18% 71,101 $1.3M No change
BTCO Invsco GLXY BTCN ETF 0.16% 13,030 $1.1M No change
GLD SPDR Gold Shares 0.16% 2,821 $1.1M Reduce -41.4%
VXUS Vanguard Total Intl Stock 0.15% 13,831 $1.0M Reduce -11.2%
UNH Unitedhealth Group Inc. 0.14% 2,947 $973K Reduce -2.7%
USMV iShares MSCI USA Min Vol Fac 0.13% 9,890 $931K No change
AGG iShares Core U.S. Aggregate 0.13% 9,208 $920K Reduce -0.4%
AMZN Amazon.com Inc. 0.13% 3,960 $914K Reduce -10.7%
NUDM Nuveen ESG Intl Devel MRK Eq 0.12% 22,979 $832K No change
EUSA iShares MSCI USA Equal Weigh 0.12% 7,978 $825K No change
IBIT iShares Bitcoin Trust ETF 0.12% 16,065 $798K New
ADBE Adobe Inc. 0.11% 2,259 $791K No change
SDG Ish MSCI Glob Sust Deve Goal 0.11% 8,980 $756K No change
USAC USA Compression Partners LP 0.10% 30,837 $709K No change
DHI D.R. Horton Inc. 0.10% 4,901 $706K Reduce -1.3%
EFAV iShares MSCI Eafe Min Vol Fa 0.10% 8,177 $705K No change
XLK SS Technology Select Sector 0.10% 4,668 $672K No change
INTU Intuit Inc. 0.09% 969 $642K No change
IWB iShares Russell 1000 ETF 0.09% 1,690 $631K No change
QUAL iShares MSCI USA Quality Fac 0.08% 2,957 $587K No change
SYY Sysco Corp. 0.08% 7,908 $583K No change
ADP Automatic Data Processing 0.08% 2,205 $571K Reduce -2.0%
VB Vanguard Most SM-Cap ETF-Usd 0.07% 1,981 $511K Add +12.5%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.07% 6,301 $508K Reduce -1.1%
V Visa Inc. Class A 0.07% 1,446 $507K No change
VGSH Vanguard Short-Term Treasury 0.07% 8,082 $475K Reduce -8.5%
NTAP Netapp Inc. 0.07% 4,282 $459K Reduce -2.0%
IEFA iShares Core MSCI Eafe ETF 0.06% 4,720 $422K New
ICF iShares Select U.S. REIT ETF 0.06% 7,016 $419K Reduce -20.7%
SGOL Abrdn Physical Gold Shares 0.06% 9,875 $406K New
AMG Affiliated Managers Group 0.05% 1,319 $380K No change
EEMA iShares MSCI Emerg MRKT Asia 0.05% 3,872 $364K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.05% 8,426 $360K No change
XLV SS Health Care Select Sector 0.05% 2,311 $358K No change
CAT Caterpillar Inc. 0.05% 600 $344K Reduce -15.7%
MIN Aberdeen Intermediate Inc. FD 0.05% 129,626 $338K No change
VTEC Vanguard Ca Tax-Ex Bond 0.05% 3,300 $331K No change
CBRE CBRE Group Inc. Class A 0.05% 2,000 $322K Reduce -3.6%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.05% 3,047 $319K Reduce -1.1%
XLP SS Consumer Staples Sel Sect 0.05% 4,053 $315K No change
BKT BlackRock Income Trust 0.05% 28,485 $314K No change
OLED Universal Display Corp. 0.04% 2,494 $291K New
BHK BlackRock Core Bond Trust 0.04% 29,548 $283K No change
ABT Abbott Laboratories 0.04% 2,159 $271K Reduce -15.8%
SBUX Starbucks Corp. 0.04% 3,201 $270K Reduce -3.7%
SPAB SS SPDR P Agg Bond ETF 0.04% 10,180 $262K No change
BRK.B Berkshire Hathaway Inc. Class B 0.04% 519 $261K Reduce -33.5%
VPL Vanguard Ftse Pacific ETF 0.04% 2,782 $251K Reduce -44.4%
XT Ishar Fture Exp Tech ETF-Usd 0.04% 3,511 $245K No change
BA The Boeing Co. 0.03% 1,100 $239K Reduce -5.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.03% 719 $209K New
GDX Vaneck Gold Miners ETF 0.03% 2,400 $206K New
KRO Kronos Worldwide Inc. 0.02% 32,045 $142K No change

Portfolio Sells Q3 2025 → Q4 2025
QUS SS SPDR MSCI U Stratfact ETF Reduce -2.3% 13.69% −1.07
VOO Vanguard S&P 500 ETF Reduce -19.9% 1.21% −0.37
ITOT iShares Core S&P Total U.S. Reduce -1.1% 5.81% −0.36
SPY SS SPDR S&P 500 ETF Trust-US Reduce -7.5% 2.54% −0.33
VEU Vanguard Ftse All-World Ex-U Reduce -2.8% 3.15% −0.22
UCON First Trust Smith Unconstrai Reduce -11.7% 1.01% −0.22
RRBI Red River Bancshares Inc. Sold out 0.00% −0.15
IWF iShares Russell 1000 Growth Reduce -5.3% 1.06% −0.13
EFA iShares MSCI Eafe ETF Reduce -4.3% 1.29% −0.11
AAPL Apple Inc. Reduce -26.8% 0.30% −0.11
GLD SPDR Gold Shares Reduce -41.4% 0.16% −0.10
MSFT Microsoft Corp. Reduce -9.8% 0.37% −0.10
USHY iShares Broad Usd High Yield Reduce -2.8% 0.83% −0.09
IWR iShares Russell Mid-Cap ETF Reduce -1.9% 0.95% −0.09
IQLT iShares MSCI International Q Reduce -0.6% 1.72% −0.08
VTHR Vanguard Russell 3000 Reduce -2.9% 0.70% −0.06
AAXJ iShares MSCI All Country Asi Reduce -3.7% 0.56% −0.05
USIG iShares Broad Usd Investment Reduce -8.3% 0.22% −0.04
IWD iShares Russell 1000 Value E Reduce -1.8% 0.69% −0.04
XOM Exxon Mobil Corp. Sold out 0.00% −0.04
JNJ Johnson & Johnson Sold out 0.00% −0.03
VPL Vanguard Ftse Pacific ETF Reduce -44.4% 0.04% −0.03
HON Honeywell International Inc. Sold out 0.00% −0.03
DHI D.R. Horton Inc. Reduce -1.3% 0.10% −0.03
NUEM Nuveen ESG Emerging Markets Reduce -1.3% 0.31% −0.03
VXUS Vanguard Total Intl Stock Reduce -11.2% 0.15% −0.03
ICF iShares Select U.S. REIT ETF Reduce -20.7% 0.06% −0.02
BRK.B Berkshire Hathaway Inc. Class B Reduce -33.5% 0.04% −0.02
VGK Vanguard Ftse Europe ETF Reduce -5.7% 0.27% −0.02
UNH Unitedhealth Group Inc. Reduce -2.7% 0.14% −0.02
ADP Automatic Data Processing Reduce -2.0% 0.08% −0.02
AMZN Amazon.com Inc. Reduce -10.7% 0.13% −0.02
SCHB Schwab US Broad Market ETF Reduce -1.0% 0.26% −0.02
ABT Abbott Laboratories Reduce -15.8% 0.04% −0.01
NTAP Netapp Inc. Reduce -2.0% 0.07% −0.01
VGSH Vanguard Short-Term Treasury Reduce -8.5% 0.07% −0.01
AGG iShares Core U.S. Aggregate Reduce -0.4% 0.13% −0.01
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -1.1% 0.07% −0.01
SBUX Starbucks Corp. Reduce -3.7% 0.04% −0.00
BA The Boeing Co. Reduce -5.5% 0.03% −0.00
CBRE CBRE Group Inc. Class A Reduce -3.6% 0.05% −0.00
CAT Caterpillar Inc. Reduce -15.7% 0.05% −0.00
EL Estee Lauder Companies Class A Reduce -1.1% 0.05% +0.00
GS Goldman Sachs Group Inc. Reduce -0.8% 0.34% +0.01

Portfolio Buys Q3 2025 → Q4 2025
SGOV iShares 0-3 Month Treasury B New 4.53% +4.53
INTF iShares International Equity Add +4.3% 16.98% +0.39
IBIT iShares Bitcoin Trust ETF New 0.12% +0.12
IVV iShares Core S&P 500 ETF Add +24.7% 0.57% +0.09
IEFA iShares Core MSCI Eafe ETF New 0.06% +0.06
SGOL Abrdn Physical Gold Shares New 0.06% +0.06
IEMG iShares Core MSCI Emerging Add +32.9% 0.26% +0.05
OLED Universal Display Corp. New 0.04% +0.04
VO Vngrd Mrngstr MD-Cap ETF-Usd New 0.03% +0.03
GDX Vaneck Gold Miners ETF New 0.03% +0.03
HIMU iShares High Yild Muni A ETF Add +8.5% 4.18% +0.01
VB Vanguard Most SM-Cap ETF-Usd Add +12.5% 0.07% +0.00
VOTE TCW Transform 500 ETF Add +0.8% 0.78% −0.03
NULC Nuveen ESG Large-Cap ETF Add +2.1% 0.54% −0.08
LRGF iShares US Equity Factor ETF Add +5.7% 23.52% −0.21

Notes & Other Activity Q3 2025 → Q4 2025
BLACKROCK INCOME TR-RT RIGHT 10/20/2025 Sold out 28,485 $2Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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