SEC 13F Intelligence

Managers / Q3 2025 · view latest →

TLWM

CIK 0001732537 · 40 NE LOOP 410, SUITE 644, SAN ANTONIO, TX, 78216 · 210-541-8600

Reported Value
$556M
Q3 2025
Positions
78
Filings on Record
31
2019–present window
Filed
Oct 10, 2025
original filing

Summary

Tlwm reported $556M in U.S.-listed holdings across 78 positions for Q3 2025.

The portfolio is heavily concentrated: Spdr S P 500 Etf Tr alone accounts for 20.7% of reported value.

Compared with Q2 2025, the fund opened 4 new positions and exited 0.

Portfolio Metrics

Turnover
+0.8%
vs prior filed quarter
Top-10 Concentration
+84.8%
share of reported value
Largest Position
+20.7%
Spdr S P 500 Etf Tr

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $165MQ4 ’18Q1 ’19: $178MQ2 ’19: $174MQ3 ’19: $194MQ4 ’19: $208MQ4 ’19Q1 ’20: $170MQ2 ’20: $169MQ3 ’20: $211MQ4 ’20: $250MQ4 ’20Q1 ’21: $264MQ2 ’21: $279MQ3 ’21: $263MQ4 ’21: $299MQ4 ’21Q1 ’22: $287MQ2 ’22: $261MQ3 ’22: $227MQ4 ’22: $276MQ4 ’22Q1 ’23: $315MQ2 ’23: $347MQ3 ’23: $377MQ4 ’23: $423MQ4 ’23Q1 ’24: $451MQ2 ’24: $465MQ3 ’24: $493MQ4 ’24: $508MQ4 ’24Q1 ’25: $500MQ2 ’25: $526MQ3 ’25: $556MQ4 ’25: $546MQ4 ’25Q1 ’26: $555MQ2 ’26: $615Mfilingsflow.com

Portfolio Composition

By security type
ETP: 88.8%Common Stock: 10.5%ADR: 0.5%Other: 0.3%
  • ETP · 88.8% · $494M
  • Common Stock · 10.5% · $58M
  • ADR · 0.5% · $3M
  • Other · 0.3% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TWLOTWILIO INCNEW+9.4K9.4K+$945,257$945,257
VANGUARD INTL EQUITY INDEX FNEW+3.6K3.6K+$253,649$253,649
SELECT SECTOR SPDR TRNEW+724724+$204,066$204,066
ISHARES TRNEW+3.6K3.6K+$202,834$202,834
NSYNICE LTDADDED+4.0K7.6K+$489,628$1M
MRVLMARVELL TECHNOLOGY INCADDED+7.7K16.7K+$703,728$1M
SPDR SERIES TRUSTTRIMMED−20.5K16.1K−$2M$1M
GQ9SPDR GOLD TRADDED+2841.0K+$138,881$367,200

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

36 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IBDQISHARES TRRUSSELL 3000 ETF · MSCI ACWI EX US · 0-3 MNTH TREASRY · IBONDS DEC25 ETF · IBONDS 27 ETF40.34%$224M2.02M
2BSCPINVESCO EXCH TRD SLF IDX FDBULSHS 2026 CB · INVSCO BLSH 28 · INVSCO 30 CORP · BULSHS 2025 CB · BULSHS 2027 CB · INVESCO BULLETSH · BULLETSHS 2032 · BULETSHS 2031 CP · BULLETSHARES 20325.42%$141M7.30M
3SPDR S&P 500 ETF TRTR UNIT20.73%$115M173.2K
4SPDR SERIES TRUSTBLOOMBERG 1-3 MO · PORTFOLIO S&P500 · PORTFOLI S&P15000.66%$4M43.7K
5TSLATESLA INCCOM0.65%$4M8.1K
6AAPLAPPLE INCCOM0.64%$4M14.0K
7GOOGLALPHABET INCCAP STK CL A0.53%$3M12.2K
8AMZNAMAZON COM INCCOM0.51%$3M13.0K
9NVDANVIDIA CORPORATIONCOM0.50%$3M14.9K
10JPMJPMORGAN CHASE & CO.COM0.49%$3M8.6K
11MSFTMICROSOFT CORPCOM0.46%$3M4.9K
12METAMETA PLATFORMS INCCL A0.45%$2M3.4K
13DWDMORGAN STANLEYCOM NEW0.42%$2M14.5K
14WMTWALMART INCCOM0.40%$2M21.4K
15CRMSALESFORCE INCCOM0.39%$2M9.2K
16BACBANK AMERICA CORPCOM0.36%$2M38.3K
17VVISA INCCOM CL A0.35%$2M5.7K
18RSGREPUBLIC SVCS INCCOM0.33%$2M8.0K
19SCHWSCHWAB CHARLES CORPCOM0.32%$2M18.8K
20CRSCARPENTER TECHNOLOGY CORPCOM0.31%$2M7.0K
21VANGUARD INDEX FDSS&P 500 ETF SHS0.29%$2M2.7K
22CHVCHEVRON CORP NEWCOM0.28%$2M10.1K
23GDGENERAL DYNAMICS CORPCOM0.27%$2M4.5K
24BSXBOSTON SCIENTIFIC CORPCOM0.27%$2M15.4K
25ZSZSCALER INCCOM0.27%$1M5.0K
26AZNNASTRAZENECA PLCSPONSORED ADR0.26%$1M18.5K
27MRVLMARVELL TECHNOLOGY INCCOM0.25%$1M16.7K
28BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.25%$1M2.8K
29HONGBPHONEYWELL INTL INCCOM0.23%$1M6.1K
30EXMOCEXXON MOBIL CORPCOM0.21%$1M10.2K
31NSYNICE LTDSPONSORED ADR0.20%$1M7.6K
32NXP SEMICONDUCTORS N VCOM0.18%$1M4.4K
33JJACOBS SOLUTIONS INCCOM0.18%$1M6.7K
34UNHUNITEDHEALTH GROUP INCCOM0.18%$979,2802.8K
35MCDMCDONALDS CORPCOM0.17%$963,0253.2K
36TWLOTWILIO INCCL A0.17%$945,2579.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q2 2026$615M77Jul 7, 202613F-HRchanges · EDGAR ↗
Q1 2026$555M69Apr 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$546M72Jan 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$556M78Oct 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$526M70Jul 28, 202513F-HRchanges · EDGAR ↗
Q1 2025$500M80May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$508M73Jan 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$493M73Oct 7, 202413F-HRchanges · EDGAR ↗
Q2 2024$465M77Jul 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$451M72Apr 16, 202413F-HRchanges · EDGAR ↗
Q4 2023$423M69Jan 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$377M70Oct 11, 202313F-HRchanges · EDGAR ↗
Q2 2023$347M67Jul 12, 202313F-HRchanges · EDGAR ↗
Q1 2023$315M66May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$276M63Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$227M50Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$261M62Aug 8, 202213F-HRchanges · EDGAR ↗
Q1 2022$287M68May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$299M66Feb 4, 202213F-HRchanges · EDGAR ↗
Q3 2021$263M66Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$279M70Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$264M75May 10, 202113F-HRchanges · EDGAR ↗
Q4 2020$250M69Feb 4, 202113F-HRchanges · EDGAR ↗
Q3 2020$211M65Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$169M61Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$170M59May 11, 202013F-HRchanges · EDGAR ↗
Q4 2019$208M65Jan 15, 202013F-HRchanges · EDGAR ↗
Q3 2019$194M69Nov 5, 201913F-HRchanges · EDGAR ↗
Q2 2019$174M55Jul 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$178M54May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$165M53Feb 7, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.