FWL INVESTMENT MANAGEMENT, LLC Q3 2025 Filing

Filed November 17, 2025

Portfolio Value

$383.6B

Holdings

332

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (332 positions)

#	Stock	Shares	Value	% Portfolio
101	PWRQUANTA SVCS INC COM	320	$132.6M	0.03%
102	NEENEXTERA ENERGY INC COM	1,695	$128.0M	0.03%
103	LLYELI LILLY & CO COM	163	$124.4M	0.03%
104	UBERUBER TECHNOLOGIES INC COM	1,203	$117.9M	0.03%
105	VCRVANGUARD CONSUMER DISCRETIONARY ETF	297	$117.7M	0.03%
106	GLDMSPDR GOLD MINISHARES TRUST OF BENEFICIAL INTEREST	1,536	$117.4M	0.03%
107	AMTAMERICAN TOWER CORP NEW COM	606	$116.5M	0.03%
108	AXPAMERICAN EXPRESS CO COM	334	$110.9M	0.03%
109	WRBBERKLEY W R CORP COM	1,375	$105.4M	0.03%
110	IMTMISHARES MSCI INTL MOMENTUM FACTOR ETF	2,116	$101.3M	0.03%
111	SOXQINVESCO PHLX SEMICONDUCTOR ETF	1,983	$99.4M	0.03%
112	CMSCMS ENERGY CORP COM	1,350	$98.9M	0.03%
113	MPMP MATERIALS CORP COM CL A	1,470	$98.6M	0.03%
114	SHYGISHARES 0-5 YEAR HIGH YIELD CORPORATE BOND ETF	2,264	$98.0M	0.03%
115	MLPXGLOBAL X MLP & ENERGY INFRASTRUCTURE ETF	1,550	$97.2M	0.03%
116	TSMTAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS	338	$94.4M	0.02%
117	ICEINTERCONTINENTAL EXCHANGE INC COM	535	$90.1M	0.02%
118	ARKGARK GENOMIC REVOLUTION ETF	3,239	$89.9M	0.02%
119	ETHAISHARES ETHEREUM TRUST ETF	2,800	$88.2M	0.02%
120	FDNFIRST TRUST DOW JONES INTERNET INDEX FUND	311	$87.0M	0.02%
121	IAIISHARES U.S. BROKER-DEALERS & SECURITIES EXCHANGES ETF	492	$87.0M	0.02%
122	SDYSPDR S&P DIVIDEND ETF	616	$86.3M	0.02%
123	XOMEXXON MOBIL CORP COM	736	$83.0M	0.02%
124	VOOVANGUARD S&P 500 ETF	120	$73.5M	0.02%
125	WGMICOINSHARES BITCOIN MINING ETF	1,631	$72.1M	0.02%
126	VFHVANGUARD FINANCIALS ETF	544	$71.4M	0.02%
127	VGLTVANGUARD LONG-TERM TREASURY ETF	1,254	$71.3M	0.02%
128	CRMSALESFORCE INC COM	298	$70.6M	0.02%
129	MAMASTERCARD INCORPORATED CL A	119	$67.7M	0.02%
130	JNJJOHNSON & JOHNSON COM	364	$67.5M	0.02%
131	PEPPEPSICO INC COM	478	$67.1M	0.02%
132	SYKSTRYKER CORPORATION COM	180	$66.5M	0.02%
133	T7DTRANSDIGM GROUP INC COM	50	$65.9M	0.02%
134	KK0NEXTNAV INC COMMON STOCK	4,585	$65.6M	0.02%
135	IJRISHARES CORE S&P SMALL CAP ETF	536	$63.7M	0.02%
136	XLYCONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND	265	$63.6M	0.02%
137	SGDMSPROTT GOLD MINERS ETF	1,000	$62.0M	0.02%
138	NFLXNETFLIX INC COM	51	$61.1M	0.02%
139	AMDADVANCED MICRO DEVICES INC COM	372	$60.2M	0.02%
140	XYLXYLEM INC COM	379	$55.9M	0.01%
141	TLTISHARES 20 YEAR TREASURY BOND ETF	625	$55.9M	0.01%
142	LOWLOWES COS INC COM	213	$53.6M	0.01%
143	URIUNITED RENTALS INC COM	56	$53.5M	0.01%
144	TAT&T INC COM	1,874	$52.9M	0.01%
145	MLB1MERCADOLIBRE INC COM	22	$51.4M	0.01%
146	MTUMISHARES MSCI USA MOMENTUM FACTOR ETF	200	$51.3M	0.01%
147	ICLNISHARES GLOBAL CLEAN ENERGY ETF	3,310	$51.2M	0.01%
148	VTIVANGUARD TOTAL STOCK MARKET ETF	153	$50.2M	0.01%
149	LQDISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF	443	$49.4M	0.01%
150	ARKQARK AUTONOMOUS TECHNOLOGY & ROBOTICS ETF	437	$48.8M	0.01%
151	IGVISHARES EXPANDED TECH-SOFTWARE SECTOR ETF	421	$48.4M	0.01%
152	SFMSPROUTS FMRS MKT INC COM	426	$46.3M	0.01%
153	DUKDUKE ENERGY CORP NEW COM NEW	369	$45.7M	0.01%
154	SHOPSHOPIFY INC CL A SUB VTG SHS	300	$44.6M	0.01%
155	RSPTINVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF	1,000	$44.6M	0.01%
156	NOWSERVICENOW INC COM	47	$43.3M	0.01%
157	FNDXSCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF	1,613	$42.4M	0.01%
158	IYCISHARES U.S. CONSUMER DISCRETIONARY ETF	400	$41.9M	0.01%
159	BFSTBUSINESS FIRST BANCSHARES INC COM	1,762	$41.6M	0.01%
160	SPYVSPDR PORTFOLIO S&P 500 VALUE ETF	735	$40.7M	0.01%
161	SDVYFIRST TRUST SMID CAP RISING DIVIDEND ACHIEVERS ETF	1,052	$40.0M	0.01%
162	SMFGSUMITOMO MITSUI FINL GROUP INC SPONSORED ADR	2,311	$38.7M	0.01%
163	BABOEING CO COM	177	$38.2M	0.01%
164	CMCSACOMCAST CORP NEW CL A	1,193	$37.5M	0.01%
165	PLDPROLOGIS INC. COM	320	$36.6M	0.01%
166	MBSFREGAN FLOATING RATE MBS ETF	1,430	$36.4M	0.01%
167	POOLPOOL CORP COM	115	$35.7M	0.01%
168	CITCINTAS CORP COM	172	$35.3M	0.01%
169	EWEDWARDS LIFESCIENCES CORP COM	440	$34.2M	0.01%
170	ASMLASML HOLDING N V N Y REGISTRY SHS	35	$33.9M	0.01%
171	OEFISHARES S&P 100 ETF	100	$33.3M	0.01%
172	SOSOUTHERN CO COM	350	$33.2M	0.01%
173	CDNSCADENCE DESIGN SYSTEM INC COM	91	$32.0M	0.01%
174	IWMISHARES RUSSELL 2000 ETF	132	$31.9M	0.01%
175	KBESPDR S&P BANK ETF	532	$31.6M	0.01%
176	PG4PRINCIPAL FINANCIAL GROUP INC COM	380	$31.5M	0.01%
177	QUBTQUANTUM COMPUTING INC COM	1,700	$31.3M	0.01%
178	DWASINVESCO DORSEY WRIGHT SMALLCAP MOMENTUM ETF	332	$30.6M	0.01%
179	IBMINTERNATIONAL BUSINESS MACHS COM	105	$29.6M	0.01%
180	HLIHOULIHAN LOKEY INC CL A	138	$28.3M	0.01%
181	INDAISHARES MSCI INDIA ETF	537	$28.0M	0.01%
182	IHIISHARES U.S. MEDICAL DEVICES ETF	456	$27.4M	0.01%
183	XLREREAL ESTATE SELECT SECTOR SPDR FUND	648	$27.3M	0.01%
184	FOXAFOX CORP CL A COM	416	$26.2M	0.01%
185	ITWILLINOIS TOOL WKS INC COM	100	$26.1M	0.01%
186	SYFSYNCHRONY FINANCIAL COM	362	$25.7M	0.01%
187	PANWPALO ALTO NETWORKS INC COM	120	$24.4M	0.01%
188	VGSHVANGUARD SHORT-TERM TREASURY ETF	414	$24.4M	0.01%
189	GNRCGENERAC HLDGS INC COM	140	$23.4M	0.01%
190	AMATAPPLIED MATLS INC COM	112	$22.9M	0.01%
191	IWVISHARES RUSSELL 3000 ETF	60	$22.7M	0.01%
192	FSLRFIRST SOLAR INC COM	100	$22.1M	0.01%
193	TMOTHERMO FISHER SCIENTIFIC INC COM	45	$21.8M	0.01%
194	BACVERIZON COMMUNICATIONS INC COM	493	$21.7M	0.01%
195	EMREMERSON ELEC CO COM	165	$21.6M	0.01%
196	SCHGSCHWAB U.S. LARGE-CAP GROWTH ETF	677	$21.6M	0.01%
197	RTXRTX CORPORATION COM	127	$21.3M	0.01%
198	SHAKSHAKE SHACK INC CL A	225	$21.1M	0.01%
199	SPGIS&P GLOBAL INC COM	43	$20.9M	0.01%
200	SANBANCO SANTANDER S.A. ADR	1,961	$20.6M	0.01%

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