Managers / Q1 2026
NDWM LLC
CIK 0001818386 · 4250 EXECUTIVE SQUARE, SUITE 545, LA JOLLA, CA, 92037 · (858) 457-1325
Summary
Ndwm LLC reported $154M in U.S.-listed holdings across 38 positions for Q1 2026.
The portfolio is heavily concentrated: Ishares Tr alone accounts for 27.5% of reported value.
Compared with Q4 2025, the fund opened 5 new positions and exited 1.
Portfolio Metrics
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
Portfolio Composition
- ETP · 95.1% · $147M
- Common Stock · 4.8% · $7M
- Closed-End Fund · 0.1% · $208,068
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ISHARES TR | NEW | +60.3K | 60.3K | +$4M | $4M |
| ISHARES TR | NEW | +25.3K | 25.3K | +$4M | $4M |
| ISHARES TR | NEW | +14.5K | 14.5K | +$4M | $4M |
| XLESELECT SECTOR SPDR TR | NEW | +3.8K | 3.8K | +$233,405 | $233,405 |
| SPROTT ASSET MANAGEMENT LP | NEW | +5.9K | 5.9K | +$208,068 | $208,068 |
| ISHARES TR | ADDED | +86.9K | 119.1K | +$9M | $12M |
| ISHARES TR | ADDED | +92.8K | 128.7K | +$5M | $6M |
| INVESCO EXCHANGE TRADED FD T | ADDED | +46.0K | 69.4K | +$9M | $13M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ISHARES TR | CORE S&P500 ETF · CORE US AGGBD ET · 0-5YR INVT GR CP · CALIF MUN BD ETF · MSCI EMG MKT ETF · MSCI ACWI EX US · MSCI USA VALUE · RUSSELL 2000 ETF · NATIONAL MUN ETF · SHRT NAT MUN ETF · 1 3 YR TREAS BD · 0-5YR HI YL CP · 3 7 YR TREAS BD | 57.27% | $88M | 660.8K |
| 2 | SPDR SERIES TRUST | STATE STREET SPD | 10.49% | $16M | 174.9K |
| 3 | INVESCO EXCHANGE TRADED FD T | S&P500 EQL WGT | 8.64% | $13M | 69.4K |
| 4 | GQ9SPDR GOLD TRhistory → | GOLD SHS | 6.03% | $9M | 21.6K |
| 5 | STATE STR SPDR S&P 500 ETF T | TR UNIT | 4.69% | $7M | 11.1K |
| 6 | BLACKROCK ETF TRUST II | ISHARES SHORT-TE | 2.74% | $4M | 83.8K |
| 7 | VANGUARD CALIF TAX FREE FDS | TAX EXEMPT BD FD | 2.69% | $4M | 41.8K |
| 8 | BRK/BBERKSHIRE HATHAWAY INC DELhistory → | CL B NEW | 1.54% | $2M | 5.0K |
| 9 | XLESELECT SECTOR SPDR TR | STATE STREET TEC · STATE STREET ENE | 1.40% | $2M | 18.3K |
| 10 | NDQINVESCO QQQ TR | UNIT SER 1 | 0.77% | $1M | 2.1K |
| 11 | TSLATESLA INC | COM | 0.76% | $1M | 3.1K |
| 12 | NOWSERVICENOW INC | COM | 0.69% | $1M | 10.1K |
| 13 | AAPLAPPLE INC | COM | 0.58% | $896,300 | 3.5K |
| 14 | WISDOMTREE TR | US EFFICIENT COR | 0.40% | $623,084 | 11.9K |
| 15 | DDOMINION ENERGY INC | COM | 0.22% | $340,010 | 5.5K |
| 16 | GOOGLALPHABET INC | CAP STK CL A | 0.18% | $284,765 | 990 |
| 17 | CATCATERPILLAR INC | COM | 0.18% | $277,716 | 392 |
| 18 | MSFTMICROSOFT CORP | COM | 0.17% | $267,633 | 723 |
| 19 | BABOEING CO | COM | 0.16% | $244,210 | 1.2K |
| 20 | LLYELI LILLY & CO | COM | 0.14% | $208,788 | 227 |
| 21 | SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 0.13% | $208,068 | 5.9K |
| 22 | METAMETA PLATFORMS INC | CL A | 0.13% | $202,661 | 354 |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $154M | 38 | Apr 27, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $151M | 34 | Feb 5, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $147M | 34 | Nov 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $137M | 31 | Jul 31, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $102M | 33 | May 2, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $120M | 31 | Feb 5, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $121M | 32 | Oct 22, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $113M | 33 | Aug 1, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $110M | 32 | Apr 19, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $104M | 29 | Feb 12, 2024 | 13F-HR | changes · 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 ↗.