SEC 13F Intelligence

Managers / Q4 2025 · view latest →

NDWM LLC

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

Reported Value
$151M
Q4 2025
Positions
34
Filings on Record
10
2019–present window
Filed
Feb 5, 2026
original filing

Summary

Ndwm LLC reported $151M in U.S.-listed holdings across 34 positions for Q4 2025.

The portfolio is heavily concentrated: Ishares Tr alone accounts for 30.8% of reported value.

Compared with Q3 2025, the fund opened 1 new position and exited 2.

Portfolio Metrics

Turnover
+2.5%
vs prior filed quarter
Top-10 Concentration
+83.0%
share of reported value
Largest Position
+30.8%
Ishares Tr
New / Exited
1 / 2
positions this quarter

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: 94.0%Common Stock: 6.0%
  • ETP · 94.0% · $142M
  • Common Stock · 6.0% · $9M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CATCATERPILLAR INCNEW+392392+$224,565$224,565
NOWSERVICENOW INCADDED+9.4K11.7K−$362,489$2M
ISHARES TRSOLD OUT−12.6K0−$671,303$0
INVESCO EXCH TRADED FD TR IISOLD OUT−20.2K0−$448,401$0
SELECT SECTOR SPDR TRADDED+7.2K14.9K−$33,769$2M
AAPLAPPLE INCADDED+3.0K6.6K+$71,033$983,339
METAMETA PLATFORMS INCADDED+205585+$107,261$386,130
BRK/BBERKSHIRE HATHAWAY INC DELTRIMMED−1.6K5.4K−$823,974$3M

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

Holdings — Q4 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 · 3 7 YR TREAS BD · U.S. TECH ETF43.95%$66M356.9K
2SPDR S&P 500 ETF TRTR UNIT19.90%$30M44.1K
3SPDR SERIES TRUSTSTATE STREET SPD14.58%$22M235.5K
4GQ9SPDR GOLD TRhistory →GOLD SHS5.34%$8M20.4K
5INVESCO EXCHANGE TRADED FD TS&P500 EQL WGT2.97%$4M23.4K
6VANGUARD CALIF TAX FREE FDSTAX EXEMPT BD FD2.33%$4M35.1K
7BLACKROCK ETF TRUST IIISHARES SHORT-TE2.17%$3M65.1K
8BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.80%$3M5.4K
9SELECT SECTOR SPDR TRSTATE STREET TEC1.42%$2M14.9K
10NOWSERVICENOW INChistory →COM1.19%$2M11.7K
11TSLATESLA INCCOM0.96%$1M3.2K
12NDQINVESCO QQQ TRUNIT SER 10.87%$1M2.1K
13AAPLAPPLE INCCOM0.65%$976,0493.6K
14WISDOMTREE TRUS EFFICIENT COR0.45%$674,63612.3K
15MSFTMICROSOFT CORPCOM0.27%$402,855833
16METAMETA PLATFORMS INCCL A0.26%$386,130585
17DDOMINION ENERGY INCCOM0.21%$322,2455.5K
18LLYELI LILLY & COCOM0.19%$290,164270
19BABOEING COCOM0.18%$266,4061.2K
20GOOGLALPHABET INCCAP STK CL A0.18%$265,993850
21CATCATERPILLAR INCCOM0.15%$224,565392

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 ↗.