# NDWM LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1818386. Source: https://holderbook.com/funds/1818386-ndwm-llc/

- Reported value: $170.2M
- Positions: 38
- Weight of the ten largest: 74.1%
- Filed: 2026-07-23

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $48.9M | 65,309 | 28.7% | 11 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $16.4M | 77,021 | 9.6% | 11 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $12.7M | 127,840 | 7.4% | 11 |
| SPDR SERIES TRUST | [BILS](https://holderbook.com/stocks/BILS/) | $9.8M | 98,197 | 5.7% | 11 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $8.1M | 21,943 | 4.7% | 11 |
| ISHARES TR | [SLQD](https://holderbook.com/stocks/SLQD/) | $7.6M | 150,111 | 4.4% | 11 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $6.9M | 9,264 | 4.1% | 11 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $5.4M | 26,976 | 3.2% | 2 |
| ISHARES TR | [CMF](https://holderbook.com/stocks/CMF/) | $5.3M | 92,199 | 3.1% | 11 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $5.2M | 75,626 | 3.0% | 4 |
| ISHARES TR | [ACWX](https://holderbook.com/stocks/ACWX/) | $4.8M | 62,953 | 2.8% | 2 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $4.7M | 15,655 | 2.8% | 2 |
| BLACKROCK ETF TRUST II | [CALI](https://holderbook.com/stocks/CALI/) | $4.5M | 88,772 | 2.6% | 5 |
| VANGUARD CALIF TAX FREE FDS | [VTEC](https://holderbook.com/stocks/VTEC/) | $4.4M | 43,280 | 2.6% | 5 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $3.4M | 37,596 | 2.0% | 11 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $2.8M | 14,470 | 1.6% | 11 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.5M | 4,999 | 1.5% | 11 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $2.1M | 19,945 | 1.2% | 6 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $2.1M | 19,540 | 1.2% | 6 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $1.5M | 18,454 | 0.9% | 11 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.5M | 2,055 | 0.9% | 11 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $1.3M | 3,141 | 0.8% | 11 |
| ISHARES TR | [IEI](https://holderbook.com/stocks/IEI/) | $1.1M | 9,646 | 0.7% | 6 |
| SPDR SERIES TRUST | [SPYD](https://holderbook.com/stocks/SPYD/) | $1.1M | 23,451 | 0.7% | 6 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.1M | 3,663 | 0.6% | 11 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $1.1M | 11,163 | 0.6% | 1 |
| WISDOMTREE TR | [NTSX](https://holderbook.com/stocks/NTSX/) | $699.7K | 11,849 | 0.4% | 11 |
| ISHARES TR | [SHYG](https://holderbook.com/stocks/SHYG/) | $456.7K | 10,769 | 0.3% | 11 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $417.4K | 392 | 0.2% | 3 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $389.0K | 1,088 | 0.2% | 4 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $375.5K | 547 | 0.2% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $292.4K | 784 | 0.2% | 11 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $272.3K | 227 | 0.2% | 10 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $265.6K | 1,227 | 0.2% | 7 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $263.6K | 1,045 | 0.2% | 1 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $221.9K | 382 | 0.1% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $217.1K | 385 | 0.1% | 6 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $202.8K | 3,819 | 0.1% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.4% | +14.8% | -6.5% | 100% |
| Q1 2026 | -2.8% | -4.6% | +1.8% | 100% |
| Q4 2025 | +1.7% | +2.4% | -0.7% | 100% |
| Q3 2025 | +5.7% | +7.8% | -2.1% | 100% |
| Q2 2025 | +5.8% | +10.5% | -4.6% | 100% |
| Q1 2025 | -3.7% | -4.6% | +0.9% | 100% |
| Q4 2024 | +1.3% | +2.1% | -0.9% | 100% |
| Q3 2024 | +4.2% | +5.4% | -1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $170.2M | 38 |
| Q1 2026 | $154.2M | 37 |
| Q4 2025 | $151.1M | 33 |
| Q3 2025 | $147.4M | 34 |
| Q2 2025 | $136.6M | 31 |
| Q1 2025 | $102.3M | 33 |
| Q4 2024 | $119.6M | 31 |
| Q3 2024 | $121.3M | 32 |
| Q2 2024 | $112.8M | 33 |
| Q1 2024 | $109.8M | 32 |
| Q4 2023 | $103.9M | 28 |