# FWL INVESTMENT MANAGEMENT, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1829231. Source: https://holderbook.com/funds/1829231-fwl-investment-management-llc/

- Reported value: $544.7M
- Positions: 501
- Weight of the ten largest: 43.2%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $32.3M | 27,995 | 5.9% | 8 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $26.1M | 503,526 | 4.8% | 23 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $26.1M | 73,774 | 4.8% | 23 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $26.0M | 283,610 | 4.8% | 16 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $25.6M | 107,188 | 4.7% | 19 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $25.5M | 127,674 | 4.7% | 15 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $19.8M | 266,950 | 3.6% | 20 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $19.0M | 15,864 | 3.5% | 12 |
| LANDSTAR SYS INC | [LSTR](https://holderbook.com/stocks/LSTR/) | $17.7M | 85,567 | 3.2% | 3 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $16.9M | 146,976 | 3.1% | 4 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $15.0M | 95,070 | 2.8% | 12 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $14.9M | 194,128 | 2.7% | 8 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $14.6M | 39,722 | 2.7% | 19 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $14.5M | 142,602 | 2.7% | 8 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $12.3M | 162,943 | 2.3% | 10 |
| AGNC INVT CORP | [AGNC](https://holderbook.com/stocks/AGNC/) | $11.8M | 1,086,876 | 2.2% | 23 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $11.2M | 60,707 | 2.1% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $10.5M | 28,144 | 1.9% | 23 |
| ENTEGRIS INC | [ENTG](https://holderbook.com/stocks/ENTG/) | $10.0M | 55,850 | 1.8% | 1 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $8.9M | 43,975 | 1.6% | 3 |
| IREN LIMITED | [IREN](https://holderbook.com/stocks/IREN/) | $8.2M | 179,936 | 1.5% | 7 |
| NVENT ELEC PLC | [NVT](https://holderbook.com/stocks/NVT/) | $7.6M | 44,938 | 1.4% | 4 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $7.1M | 48,526 | 1.3% | 2 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $6.9M | 23,948 | 1.3% | 23 |
| CACI INTL INC | [CACI](https://holderbook.com/stocks/CACI/) | $6.7M | 14,505 | 1.2% | 6 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $6.5M | 17,251 | 1.2% | 11 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $6.0M | 112,391 | 1.1% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $5.9M | 24,617 | 1.1% | 23 |
| APTIV PLC | [APTV](https://holderbook.com/stocks/APTV/) | $5.7M | 92,346 | 1.0% | 2 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $5.6M | 31,851 | 1.0% | 1 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $5.6M | 67,732 | 1.0% | 16 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $5.5M | 32,928 | 1.0% | 5 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $5.4M | 12,817 | 1.0% | 12 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $4.9M | 15,042 | 0.9% | 12 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.8M | 7,572 | 0.7% | 23 |
| GLOBAL X FDS | [URA](https://holderbook.com/stocks/URA/) | $3.6M | 83,522 | 0.7% | 11 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $3.6M | 3,609 | 0.7% | 5 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $3.6M | 31,650 | 0.7% | 12 |
| GLOBAL X FDS | [SIL](https://holderbook.com/stocks/SIL/) | $3.2M | 41,765 | 0.6% | 4 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $3.2M | 4,292 | 0.6% | 23 |
| CIRCLE INTERNET GROUP INC | [CRCL](https://holderbook.com/stocks/CRCL/) | $3.0M | 47,687 | 0.5% | 4 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.7M | 2,893 | 0.5% | 12 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.7M | 7,427 | 0.5% | 23 |
| FIRST TR EXCHANGE-TRADED FD | [QTEC](https://holderbook.com/stocks/QTEC/) | $2.6M | 7,621 | 0.5% | 23 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $2.5M | 32,316 | 0.5% | 6 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $2.5M | 7,237 | 0.5% | 9 |
| GLOBAL X FDS | [BOTZ](https://holderbook.com/stocks/BOTZ/) | $2.4M | 63,928 | 0.4% | 1 |
| KRATOS DEFENSE & SEC SOLUTIO | [KTOS](https://holderbook.com/stocks/KTOS/) | $2.4M | 47,737 | 0.4% | 11 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $2.2M | 18,808 | 0.4% | 9 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $1.8M | 5,212 | 0.3% | 9 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $1.6M | 17,504 | 0.3% | 12 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.6M | 4,439 | 0.3% | 9 |
| FIRST TR EXCH TRADED FD III | [FPEI](https://holderbook.com/stocks/FPEI/) | $1.4M | 70,800 | 0.3% | 9 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $1.4M | 4,542 | 0.2% | 2 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $1.3M | 17,840 | 0.2% | 21 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $1.3M | 4,568 | 0.2% | 9 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $1.3M | 10,700 | 0.2% | 23 |
| GLOBAL X FDS | [MLPA](https://holderbook.com/stocks/MLPA/) | $1.3M | 24,208 | 0.2% | 12 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $1.3M | 5,047 | 0.2% | 12 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $1.3M | 7,994 | 0.2% | 3 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $1.2M | 1,568 | 0.2% | 9 |
| ANNALY CAPITAL MANAGEMENT IN | [NLY](https://holderbook.com/stocks/NLY/) | $1.1M | 49,794 | 0.2% | 15 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $1.0M | 33,278 | 0.2% | 12 |
| INVESCO EXCH TRADED FD TR II | [QQQM](https://holderbook.com/stocks/QQQM/) | $934.3K | 3,084 | 0.2% | 12 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $872.4K | 4,601 | 0.2% | 2 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $853.4K | 4,717 | 0.2% | 4 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $821.5K | 6,005 | 0.2% | 2 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $803.7K | 2,376 | 0.1% | 12 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $795.8K | 9,792 | 0.1% | 3 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $713.4K | 2,809 | 0.1% | 12 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $712.7K | 3,000 | 0.1% | 3 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $700.2K | 15,444 | 0.1% | 12 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $682.9K | 5,714 | 0.1% | 12 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $681.1K | 3,200 | 0.1% | 2 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $676.2K | 1,790 | 0.1% | 11 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $639.0K | 3,368 | 0.1% | 5 |
| FIRST TR EXCHANGE TRADED FD | [GRID](https://holderbook.com/stocks/GRID/) | $623.8K | 3,253 | 0.1% | 12 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $620.2K | 7,200 | 0.1% | 23 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $602.6K | 3,910 | 0.1% | 2 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $583.9K | 5,000 | 0.1% | 2 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $574.8K | 1,630 | 0.1% | 12 |
| TE CONNECTIVITY PLC | [TEL](https://holderbook.com/stocks/TEL/) | $552.6K | 2,741 | 0.1% | 3 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $524.6K | 2,407 | 0.1% | 23 |
| PACER FDS TR | [COWZ](https://holderbook.com/stocks/COWZ/) | $524.2K | 8,428 | 0.1% | 12 |
| MGM RESORTS INTERNATIONAL | [MGM](https://holderbook.com/stocks/MGM/) | $446.4K | 9,338 | 0.1% | 1 |
| FIDELITY COMWLTH TR | [ONEQ](https://holderbook.com/stocks/ONEQ/) | $445.7K | 4,318 | 0.1% | 9 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $424.0K | 441 | 0.1% | 4 |
| VANGUARD WORLD FD | [EDV](https://holderbook.com/stocks/EDV/) | $394.6K | 6,064 | 0.1% | 9 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $386.8K | 1,480 | 0.1% | 2 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $379.5K | 12,507 | 0.1% | 6 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $346.2K | 850 | 0.1% | 9 |
| TALEN ENERGY CORP | [TLN](https://holderbook.com/stocks/TLN/) | $335.5K | 873 | 0.1% | 1 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $334.2K | 1,754 | 0.1% | 12 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $294.2K | 616 | 0.1% | 11 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $292.2K | 1,805 | 0.1% | 12 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $292.2K | 2,488 | 0.1% | 8 |
| SPDR SERIES TRUST | [SPTL](https://holderbook.com/stocks/SPTL/) | $288.5K | 11,000 | 0.1% | 6 |
| FIDELITY COVINGTON TRUST | [FQAL](https://holderbook.com/stocks/FQAL/) | $280.9K | 3,452 | 0.1% | 9 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $276.1K | 1,883 | 0.1% | 2 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $273.0K | 1,244 | 0.1% | 9 |

## 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 | +11.5% | +14.8% | -3.3% | 100% |
| Q1 2026 | +2.4% | -4.6% | +7.1% | 100% |
| Q4 2025 | +1.2% | +2.4% | -1.2% | 100% |
| Q3 2025 | +14.4% | +7.8% | +6.6% | 100% |
| Q2 2025 | +15.0% | +10.5% | +4.5% | 100% |
| Q1 2025 | -2.5% | -4.6% | +2.0% | 100% |
| Q4 2024 | +0.7% | +2.1% | -1.4% | 100% |
| Q3 2024 | +4.4% | +5.4% | -1.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $544.7M | 501 |
| Q1 2026 | $455.6M | 346 |
| Q4 2025 | $415.7M | 365 |
| Q3 2025 | $383.6M | 332 |
| Q2 2025 | $326.8M | 325 |
| Q1 2025 | $269.2M | 289 |
| Q4 2024 | $274.8M | 309 |
| Q3 2024 | $261.1M | 297 |
| Q2 2024 | $198.3M | 239 |
| Q1 2024 | $181.5M | 230 |
| Q4 2023 | $171.6M | 236 |
| Q3 2023 | $149.0M | 195 |