FWL INVESTMENT MANAGEMENT, LLC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$415.7M

Holdings

365

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (365 positions)

#	Stock	Shares	Value	% Portfolio
1	GOOGALPHABET INC CAP STK CL C	74,967	$23.5M	5.66%
2	GDXVANECK GOLD MINERS ETF	250,389	$21.5M	5.17%
3	AMLPALERIAN MLP ETF	392,396	$18.4M	4.44%
4	MSFTMICROSOFT CORP COM	37,349	$18.1M	4.35%
5	GQ9SPDR GOLD SHARES	44,176	$17.5M	4.21%
6	LNGCHENIERE ENERGY INC COM NEW	86,286	$16.8M	4.04%
7	NVDANVIDIA CORPORATION COM	87,333	$16.3M	3.92%
8	MUMICRON TECHNOLOGY INC COM	55,665	$15.9M	3.82%
9	BILSTATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF	161,112	$14.7M	3.54%
10	WMBWILLIAMS COS INC COM	233,833	$14.1M	3.38%
11	CCOCAMECO CORP COM	153,047	$14.0M	3.37%
12	AGNCAGNC INVT CORP COM	1,253,847	$13.4M	3.23%
13	ORCLORACLE CORP COM	61,965	$12.1M	2.91%
14	COPXGLOBAL X COPPER MINERS ETF	156,889	$11.3M	2.71%
15	CA8ACACI INTL INC CL A	20,734	$11.0M	2.66%
16	ETNEATON CORP	34,327	$10.9M	2.63%
17	IBNICICI BANK LIMITED ADR	343,892	$10.2M	2.47%
18	MDTMEDTRONIC PLC SHS	105,899	$10.2M	2.45%
19	ETRENTERGY CORP NEW COM	103,364	$9.6M	2.30%
20	GEHCGE HEALTHCARE TECHNOLOGIES INC COMMON STOCK	111,288	$9.1M	2.20%
21	IRENIREN LIMITED ORDINARY SHARES	237,859	$9.0M	2.16%
22	AAPLAPPLE INC COM	25,017	$6.8M	1.64%
23	AMZNAMAZON COM INC COM	26,012	$6.0M	1.44%
24	SCHWSCHWAB CHARLES CORP COM	51,032	$5.1M	1.23%
25	JPMJPMORGAN CHASE & CO. COM	14,176	$4.6M	1.10%
26	TEMTEMPUS AI INC CL A	76,843	$4.5M	1.09%
27	VRTVERTIV HOLDINGS CO COM CL A	25,438	$4.1M	0.99%
28	EWYISHARES MSCI SOUTH KOREA ETF	41,748	$4.1M	0.98%
29	BRK/BBERKSHIRE HATHAWAY INC DEL CL B NEW	8,052	$4.0M	0.97%
30	NVTNVENT ELECTRIC PLC SHS	37,970	$3.9M	0.93%
31	WMTWALMART INC COM	33,263	$3.7M	0.89%
32	TSLATESLA INC COM	8,046	$3.6M	0.87%
33	KTOSKRATOS DEFENSE & SEC SOLUTIONS COM NEW	41,232	$3.1M	0.75%
34	PLTRPALANTIR TECHNOLOGIES INC CL A	16,549	$2.9M	0.71%
35	NDQINVESCO QQQ TRUST SERIES I	4,423	$2.7M	0.65%
36	QCOMQUALCOMM INC COM	15,875	$2.7M	0.65%
37	URAGLOBAL X URANIUM ETF	61,214	$2.6M	0.63%
38	COSTCOSTCO WHSL CORP NEW COM	3,021	$2.6M	0.63%
39	HDHOME DEPOT INC COM	6,958	$2.4M	0.58%
40	GOOGLALPHABET INC CAP STK CL A	7,245	$2.3M	0.55%
41	IAU*ISHARES GOLD TRUST	24,966	$2.0M	0.49%
42	LSTRLANDSTAR SYS INC COM	13,212	$1.9M	0.46%
43	VVISA INC COM CL A	5,341	$1.9M	0.45%
44	GDGENERAL DYNAMICS CORP COM	5,432	$1.8M	0.44%
45	QTECFIRST TRUST NASDAQ-100 TECHNOLOGY SECTOR INDEX FUND	7,463	$1.7M	0.41%
46	METAMETA PLATFORMS INC CL A	2,500	$1.6M	0.40%
47	GSGOLDMAN SACHS GROUP INC COM	1,721	$1.5M	0.36%
48	AMGNAMGEN INC COM	4,559	$1.5M	0.36%
49	IWFISHARES RUSSELL 1000 GROWTH ETF	2,975	$1.4M	0.34%
50	FPEIFIRST TRUST INSTITUTIONAL PREFERRED SECURITIES & INCOME ETF	71,095	$1.4M	0.33%
51	AGIALAMOS GOLD INC NEW COM CL A	32,641	$1.3M	0.30%
52	CYBRCYBERARK SOFTWARE LTD SHS	2,787	$1.2M	0.30%
53	APDAIR PRODS & CHEMS INC COM	4,967	$1.2M	0.29%
54	SHYISHARES 1-3 YEAR TREASURY BOND ETF	12,485	$1.0M	0.25%
55	MLPAGLOBAL X MLP ETF	21,353	$1.0M	0.25%
56	IVVISHARES CORE S&P 500 ETF	1,503	$1.0M	0.25%
57	CVXCHEVRON CORP NEW COM	6,677	$1.0M	0.24%
58	QQQMINVESCO NASDAQ 100 ETF	3,428	$867K	0.21%
59	NLYANNALY CAPITAL MANAGEMENT INC COM NEW	38,619	$863K	0.21%
60	PFFISHARES PREFERRED & INCOME SECURITIES ETF	21,525	$666K	0.16%
61	XLUSTATE STREET UTILITIES SELECT SECTOR SPDR ETF	14,433	$616K	0.15%
62	VUGVANGUARD GROWTH ETF	1,200	$585K	0.14%
63	COWZPACER US CASH COWS 100 ETF	9,376	$564K	0.14%
64	VGTVANGUARD INFORMATION TECHNOLOGY ETF	697	$525K	0.13%
65	GRIDFIRST TRUST NASDAQ CLEAN EDGE SMART GRID INFRASTRUCTURE INDEX	3,409	$521K	0.13%
66	AVGOBROADCOM INC COM	1,456	$503K	0.12%
67	VTVVANGUARD VALUE ETF	2,278	$435K	0.10%
68	ONEQFIDELITY NASDAQ COMPOSITE INDEX ETF	4,646	$424K	0.10%
69	SKYYFIRST TRUST CLOUD COMPUTING ETF	2,523	$328K	0.08%
70	EDVVANGUARD EXTENDED DURATION TREASURY ETF	4,761	$309K	0.07%
71	SILGLOBAL X SILVER MINERS ETF	3,535	$295K	0.07%
72	MMM3M CO COM	1,805	$288K	0.07%
73	AGGISHARES CORE U.S. AGGREGATE BOND ETF	2,848	$284K	0.07%
74	REMISHARES MORTGAGE REAL ESTATE ETF	12,846	$284K	0.07%
75	FQALFIDELITY QUALITY FACTOR ETF	3,678	$278K	0.07%
76	ABBVABBVIE INC COM	1,189	$271K	0.07%
77	QUALISHARES MSCI USA QUALITY FACTOR ETF	1,357	$269K	0.06%
78	XLKSTATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	1,754	$252K	0.06%
79	INDAISHARES MSCI INDIA ETF	4,292	$231K	0.06%
80	SPTLSTATE STREET SPDR PORTFOLIO LONG TERM TREASURY ETF	8,500	$224K	0.05%
81	COFCAPITAL ONE FINL CORP COM	922	$223K	0.05%
82	TOTLSTATE STREET DOUBLELINE TOTAL RETURN TACTICAL ETF	5,480	$220K	0.05%
83	LLYELI LILLY & CO COM	205	$220K	0.05%
84	XARSTATE STREET SPDR S&P AEROSPACE & DEFENSE ETF	912	$219K	0.05%
85	DGROISHARES CORE DIVIDEND GROWTH ETF	3,058	$212K	0.05%
86	VONGVANGUARD RUSSELL 1000 GROWTH ETF	1,600	$194K	0.05%
87	EPIWISDOMTREE INDIA EARNINGS FUND	4,113	$190K	0.05%
88	SCHXSCHWAB U.S. LARGE-CAP ETF	7,050	$189K	0.05%
89	CSCOCISCO SYS INC COM	2,459	$189K	0.05%
90	HACKAMPLIFY CYBERSECURITY ETF	2,160	$173K	0.04%
91	EWJISHARES MSCI JAPAN ETF	2,113	$170K	0.04%
92	AXPAMERICAN EXPRESS CO COM	438	$162K	0.04%
93	BCCCGLOBAL X U.S. INFRASTRUCTURE DEVELOPMENT ETF	3,410	$162K	0.04%
94	SPYSPDR S&P 500 ETF TRUST	237	$161K	0.04%
95	KMIKINDER MORGAN INC DEL COM	5,500	$151K	0.04%
96	MLPXGLOBAL X MLP & ENERGY INFRASTRUCTURE ETF	2,465	$149K	0.04%
97	IYFISHARES U.S. FINANCIALS ETF	1,148	$148K	0.04%
98	MRKMERCK & CO INC COM	1,395	$146K	0.04%
99	VOTVANGUARD MID-CAP GROWTH ETF	518	$144K	0.03%
100	FTCSFIRST TRUST CAPITAL STRENGTH ETF	1,519	$140K	0.03%

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