SEC 13F Intelligence

Managers / Q3 2025 · view latest →

NDWM LLC

CIK 0001818386 · 4250 EXECUTIVE SQUARE, SUITE 545, LA JOLLA, CA, 92037 · (858) 457-1325

Reported Value
$147M
Q3 2025
Positions
34
Filings on Record
10
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Ndwm LLC reported $147M in U.S.-listed holdings across 34 positions for Q3 2025.

The portfolio is heavily concentrated: Ishares Tr alone accounts for 30.3% of reported value.

Compared with Q2 2025, the fund opened 3 new positions and exited 0.

Portfolio Metrics

Turnover
+2.7%
vs prior filed quarter
Top-10 Concentration
+81.7%
share of reported value
Largest Position
+30.3%
Ishares 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 ’23: $104MQ4 ’23Q1 ’24: $110MQ2 ’24: $113MQ2 ’24Q3 ’24: $121MQ4 ’24: $120MQ4 ’24Q1 ’25: $102MQ2 ’25: $137MQ2 ’25Q3 ’25: $147MQ4 ’25: $151MQ4 ’25Q1 ’26: $154Mfilingsflow.com

Portfolio Composition

By security type
ETP: 93.3%Common Stock: 6.7%
  • ETP · 93.3% · $137M
  • Common Stock · 6.7% · $10M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TRNEW+50.9K50.9K+$3M$3M
GOOGLALPHABET INCNEW+852852+$207,054$207,054
ISHARES TRNEW+1.0K1.0K+$204,674$204,674
BLACKROCK ETF TRUST IIADDED+23.2K60.4K+$1M$3M
ISHARES TRADDED+6.9K23.8K+$748,336$3M
INVESCO EXCHANGE TRADED FD TTRIMMED−14.2K22.6K−$2M$4M
VANGUARD CALIF TAX FREE FDSADDED+5.1K30.0K+$557,820$3M
ISHARES TRADDED+3.2K19.0K+$369,066$2M

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

Holdings — Q3 2025

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ISHARES TRCORE S&P500 ETF · CALIF MUN BD ETF · CORE US AGGBD ET · MSCI EMG MKT ETF · SHRT NAT MUN ETF · NATIONAL MUN ETF · 0-5YR INVT GR CP · 1 3 YR TREAS BD · 0-5YR HI YL CP · NEW YORK MUN ETF · 3 7 YR TREAS BD · U.S. TECH ETF43.88%$65M357.2K
2SPDR S&P 500 ETF TRTR UNIT19.18%$28M42.4K
3SPDR SERIES TRUSTBLOOMBERG 3-12 M · BLOOMBERG 1-3 MO · PRTFLO S&P500 HI15.39%$23M241.4K
4GQ9SPDR GOLD TRhistory →GOLD SHS4.70%$7M19.5K
5INVESCO EXCHANGE TRADED FD TS&P500 EQL WGT2.91%$4M22.6K
6BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.40%$4M7.0K
7BLACKROCK ETF TRUST IIISHARES SHORT-TE2.08%$3M60.4K
8VANGUARD CALIF TAX FREE FDSTAX EXEMPT BD FD2.03%$3M30.0K
9SELECT SECTOR SPDR TRTECHNOLOGY1.48%$2M7.8K
10NOWSERVICENOW INChistory →COM1.47%$2M2.3K
11TSLATESLA INChistory →COM1.06%$2M3.5K
12NDQINVESCO QQQ TRUNIT SER 10.88%$1M2.2K
13AAPLAPPLE INCCOM0.62%$912,3063.6K
14WISDOMTREE TRUS EFFICIENT COR0.45%$665,85012.3K
15INVESCO EXCH TRADED FD TR IINY AMT FRE MUN0.30%$448,40120.2K
16MSFTMICROSOFT CORPCOM0.29%$433,524837
17DDOMINION ENERGY INCCOM0.23%$336,4355.5K
18METAMETA PLATFORMS INCCL A0.19%$278,869380
19BABOEING COCOM0.18%$264,8231.2K
20GOOGLALPHABET INCCAP STK CL A0.14%$207,054852
21LLYELI LILLY & COCOM0.14%$206,010270

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$154M38Apr 27, 202613F-HRchanges · EDGAR ↗
Q4 2025$151M34Feb 5, 202613F-HRchanges · EDGAR ↗
Q3 2025$147M34Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$137M31Jul 31, 202513F-HRchanges · EDGAR ↗
Q1 2025$102M33May 2, 202513F-HRchanges · EDGAR ↗
Q4 2024$120M31Feb 5, 202513F-HRchanges · EDGAR ↗
Q3 2024$121M32Oct 22, 202413F-HRchanges · EDGAR ↗
Q2 2024$113M33Aug 1, 202413F-HRchanges · EDGAR ↗
Q1 2024$110M32Apr 19, 202413F-HRchanges · EDGAR ↗
Q4 2023$104M29Feb 12, 202413F-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 ↗.