Cwm, LLC
Reported US equity positions for Q1 2026 — $38.0B across 5,645 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| IVV iShares Core S&P 500 ETF | $910.9M | 2.4% | 1,394,503 |
| SPYM State Street SPDR Portfolio S&P 500 ETF | $861.5M | 2.3% | 11,255,034 |
| IUSB iShares Core Universal USD Bond ETF | $813.7M | 2.1% | 17,616,671 |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | $807.2M | 2.1% | 17,682,357 |
| AAPL Apple Inc. | $693.1M | 1.8% | 2,730,847 |
| NVDA NVIDIA Corporation | $605.9M | 1.6% | 3,473,955 |
| IVE iShares S&P 500 Value ETF | $542.0M | 1.4% | 2,566,919 |
| IVW iShares S&P 500 Growth ETF | $540.4M | 1.4% | 4,777,915 |
| CORO Blackrock Etf Trust | $521.1M | 1.4% | 16,208,136 |
| DYNF iShares U.S. Equity Factor Rotation Active ETF | $455.6M | 1.2% | 7,830,130 |
| SPY State Street SPDR S&P 500 ETF Trust | $444.1M | 1.2% | 682,869 |
| MSFT Microsoft Corporation | $439.2M | 1.2% | 1,186,360 |
| SPMO Invesco S&P 500 Momentum ETF | $402.7M | 1.1% | 3,591,581 |
| SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF | $368.2M | 1.0% | 12,847,946 |
| QUAL iShares MSCI USA Quality Factor ETF | $362.4M | 1.0% | 1,889,343 |
| SPAB State Street SPDR Portfolio Aggregate Bond ETF | $358.7M | 0.9% | 14,001,534 |
| BOND PIMCO Active Bond Exchange-Traded Fund Exchange-Traded Fund | $345.3M | 0.9% | 3,741,411 |
| AMZN Amazon.com, Inc. | $337.4M | 0.9% | 1,619,786 |
| LGLV State Street SPDR US Large Cap Low Volatility Index ETF | $317.7M | 0.8% | 1,783,969 |
| VUG Vanguard Morningstar Growth ETF | $285.4M | 0.8% | 653,482 |
| QQQ Invesco QQQ Trust, Series 1 | $283.3M | 0.7% | 490,751 |
| GOOGL Alphabet Inc. | $276.9M | 0.7% | 962,835 |
| MTUM iShares MSCI USA Momentum Factor ETF | $275.8M | 0.7% | 1,149,067 |
| SPYG State Street SPDR Portfolio S&P 500 Growth ETF | $272.3M | 0.7% | 2,780,818 |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | $264.8M | 0.7% | 3,349,506 |
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | $241.1M | 0.6% | 2,630,828 |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | $235.5M | 0.6% | 4,161,823 |
| IEMG iShares Core MSCI Emerging Markets ETF | $226.5M | 0.6% | 3,247,216 |
| EFV iShares MSCI EAFE Value ETF | $225.3M | 0.6% | 3,030,442 |
| TOTL State Street DoubleLine Total Return Tactical ETF | $216.7M | 0.6% | 5,455,083 |
| SCHG Schwab U.S. Large-Cap Growth ETF | $209.9M | 0.6% | 7,205,154 |
| AVGO Broadcom Inc. | $206.5M | 0.5% | 667,208 |
| BILS State Street SPDR Bloomberg 3-12 Month T-Bill ETF | $200.8M | 0.5% | 2,019,477 |
| BRK.B Berkshire Hathaway Inc. | $189.1M | 0.5% | 394,551 |
| BAI Blackrock Etf Trust | $184.9M | 0.5% | 5,610,905 |
| MBB iShares MBS ETF | $183.0M | 0.5% | 1,927,060 |
| FBND Fidelity Total Bond ETF | $176.3M | 0.5% | 3,864,523 |
| WMT Walmart Inc. | $176.2M | 0.5% | 1,417,724 |
| XOM ExxonMobil Holdings Corporation | $174.9M | 0.5% | 1,030,824 |
| BUFR FT Vest Laddered Buffer ETF | $173.6M | 0.5% | 5,140,529 |
| GOVT iShares U.S. Treasury Bond ETF | $173.0M | 0.5% | 7,549,432 |
| JNJ Johnson & Johnson | $169.2M | 0.4% | 692,270 |
| VTV Vanguard Morningstar Value ETF | $167.6M | 0.4% | 854,071 |
| JPM JP Morgan Chase & Co. | $161.8M | 0.4% | 550,203 |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | $161.3M | 0.4% | 1,603,698 |
| ULST State Street Ultra Short Term Bond ETF | $160.0M | 0.4% | 3,949,890 |
| TLH iShares 10-20 Year Treasury Bond ETF | $157.0M | 0.4% | 1,558,713 |
| PVAL Putnam Focused Large Cap Value ETF | $155.1M | 0.4% | 3,343,154 |
| TSLA Tesla, Inc. | $153.6M | 0.4% | 413,279 |
| JIRE JPMorgan International Research Enhanced Equity ETF | $144.9M | 0.4% | 1,912,801 |
| GLD SPDR Gold Shares | $141.7M | 0.4% | 329,282 |
| SPEM State Street SPDR Portfolio Emerging Markets ETF | $140.1M | 0.4% | 2,985,833 |
| META Meta Platforms, Inc. | $139.9M | 0.4% | 244,595 |
| IDEF Blackrock Etf Trust | $139.1M | 0.4% | 4,250,401 |
| BLCR iShares Large Cap Core Active ETF | $138.9M | 0.4% | 3,382,266 |
| XLK State Street Technology Select Sector SPDR ETF | $138.8M | 0.4% | 1,044,720 |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | $134.0M | 0.4% | 2,263,455 |
| GOOG Alphabet Inc. - Class C Capital Stock | $133.2M | 0.4% | 464,319 |
| LLY Eli Lilly and Company | $132.5M | 0.3% | 144,076 |
| PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | $131.1M | 0.3% | 5,004,693 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.