Institution

CWM, LLC

13F for the quarter to March 31, 2026, filed May 14, 2026 · SEC CIK 1535847

Reported value: $38.0bn
Positions we cover: 3,302
Copy, a year: +11.5%
Copy Sharpe ratio: 0.61

How copying its 13F would have done

CopyS&P 500 $10,000 copying CWM, LLC's filed holdings in companies we cover from July 10, 2015, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −32.7% (S&P 500 −31.8%); beta 0.95; alpha −1.6% a year (t = −1.21); last 12 months +17.4% against +12.1%.

Reported value by quarter

CWM, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2015-06-30	$1B
2015-12-31	$1B
2016-03-31	$1.1B
2016-06-30	$1.4B
2016-09-30	$1.4B
2016-12-31	$1.6B
2017-03-31	$1.8B
2017-06-30	$2B
2017-09-30	$2.1B
2017-12-31	$2.3B
2018-03-31	$2.5B
2018-06-30	$3B
2018-09-30	$3.9B
2018-12-31	$4B
2019-03-31	$12.5B
2019-06-30	$12.5B
2019-09-30	$12.5B
2019-12-31	$12.5B
2020-03-31	$12.5B
2020-06-30	$12.5B
2020-09-30	$12.5B
2020-12-31	$12.5B
2021-03-31	$12.5B
2021-06-30	$12.5B
2021-12-31	$14.2B
2022-03-31	$14.1B
2022-06-30	$12.9B
2022-09-30	$12.6B
2022-12-31	$13.6B
2026-03-31	$38B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	1.82%	$693.1m	2.73M	+116.5% Added
NVDANVIDIA Corporation	1.59%	$605.9m	3.47M	+3195.6% Added
MSFTMicrosoft Corporation	1.16%	$439.2m	1.19M	+104.1% Added
AMZNAmazon	0.89%	$337.4m	1.62M	+113.7% Added
GOOGLAlphabet Inc. (Class A)	0.73%	$276.9m	962.8K	+179.1% Added
AVGOBroadcom	0.54%	$206.5m	667.2K	+7421.2% Added
WMTWalmart	0.46%	$176.2m	1.42M	+371.8% Added
JNJJohnson & Johnson	0.45%	$169.2m	692.3K	+145.5% Added
JPMJPMorgan Chase	0.42%	$161.8m	550.2K	+262.2% Added
TSLATesla, Inc.	0.40%	$153.6m	413.3K	+306.5% Added
METAMeta Platforms	0.37%	$139.9m	244.6K	+179.4% Added
LLYLilly (Eli)	0.35%	$132.5m	144.1K	−19.4% Reduced
MRKMerck & Co.	0.32%	$121.6m	1.01M	+97.7% Added
PGProcter & Gamble	0.28%	$108.4m	750.3K	+113.0% Added
ABBVAbbVie	0.27%	$101.0m	464.4K	+403.0% Added
CSCOCisco	0.26%	$99.7m	1.29M	+42.1% Added
CATCaterpillar Inc.	0.24%	$92.3m	130.2K	+612.6% Added
HDThe Home Depot	0.23%	$86.1m	261.9K	+166.1% Added
GEGE Aerospace	0.22%	$84.6m	298.0K	+1276.6% Added
CVXChevron Corporation	0.22%	$82.5m	398.9K	+161.3% Added
VVisa Inc.	0.21%	$81.5m	269.7K	+40.9% Added
COSTCostco	0.21%	$80.5m	80.7K	+290.9% Added
BMYBristol Myers Squibb	0.20%	$76.2m	1.26M	+156.3% Added
IBMIBM	0.20%	$75.5m	311.3K	+396.9% Added
MUMicron Technology	0.20%	$74.1m	219.4K	+139.3% Added
VZVerizon	0.19%	$73.3m	1.46M	+51.1% Added
PLTRPalantir Technologies Inc.	0.19%	$70.7m	483.2K	+1929.2% Added
BACBank of America	0.18%	$68.8m	1.41M	+542.7% Added
TAT&T	0.17%	$65.8m	2.27M	+26.4% Added
PEPPepsiCo	0.17%	$64.8m	417.1K	+565.2% Added
TJXTJX Companies	0.16%	$62.5m	391.3K	+1170.0% Added
LMTLockheed Martin	0.16%	$59.4m	98.3K	+14.8% Added
PFEPfizer	0.16%	$59.3m	2.11M	+120.7% Added
NFLXNetflix	0.15%	$58.3m	606.3K	+1141.6% Added
AMGNAmgen	0.15%	$55.5m	157.7K	+46.2% Added
KOThe Coca-Cola Company	0.15%	$55.4m	728.9K	+483.8% Added
REGNRegeneron Pharmaceuticals	0.14%	$51.3m	66.4K	+2386.0% Added
UNHUnitedHealth Group	0.13%	$49.9m	184.5K	+200.7% Added
FIXComfort Systems USA	0.13%	$48.7m	35.3K	+18676.1% Added
AMDAdvanced Micro Devices	0.13%	$47.9m	235.3K	−27.1% Reduced
LRCXLam Research	0.12%	$47.3m	221.6K	New
GILDGilead Sciences	0.12%	$46.3m	332.1K	−35.0% Reduced
MAMastercard	0.11%	$42.9m	85.8K	+336.8% Added
FDXFedEx	0.11%	$42.5m	119.2K	+1937.4% Added
BABoeing	0.11%	$42.2m	212.0K	+1163.2% Added
GEVGE Vernova	0.11%	$41.6m	47.7K	New
PCGPG&E Corporation	0.11%	$41.3m	2.35M	+16481.2% Added
EIXEdison International	0.11%	$40.5m	553.4K	+8887.3% Added
GDGeneral Dynamics	0.10%	$39.5m	115.2K	+19.3% Added
TRVThe Travelers Companies	0.10%	$39.1m	134.0K	−36.5% Reduced
UNPUnion Pacific Corporation	0.10%	$39.1m	161.1K	+183.0% Added
RTXRTX Corporation	0.10%	$38.6m	200.0K	+189.9% Added
BNYBNY Mellon	0.10%	$38.0m	320.6K	−45.5% Reduced
WFCWells Fargo	0.10%	$37.8m	474.6K	+100.2% Added
PNCPNC Financial Services	0.10%	$36.3m	174.3K	+1295.2% Added
INTCIntel	0.10%	$36.0m	816.1K	−26.0% Reduced
TTCToro Co	0.09%	$35.9m	384.3K	+79459.0% Added
CBChubb Limited	0.09%	$35.9m	110.0K	+1514.5% Added
ORCLOracle Corporation	0.09%	$35.6m	242.2K	−54.5% Reduced
SNOWSnowflake Inc.	0.09%	$35.5m	235.5K	+190.7% Added
MSMorgan Stanley	0.09%	$35.2m	213.9K	+187.1% Added
ALBAlbemarle Corporation	0.09%	$35.0m	195.1K	+8058.2% Added
FTITechnipFMC plc	0.09%	$35.0m	506.5K	+82803.6% Added
ABTAbbott Laboratories	0.09%	$33.5m	326.0K	+14.5% Added
MOAltria	0.09%	$33.4m	506.0K	+409.6% Added
PMPhilip Morris International	0.09%	$33.3m	201.3K	+674.2% Added
GSGoldman Sachs	0.09%	$33.1m	39.2K	+106.9% Added
AEPAmerican Electric Power	0.09%	$32.8m	250.2K	+1119.9% Added
WDCWestern Digital	0.09%	$32.7m	120.9K	+1540.7% Added
CBOECboe Global Markets	0.09%	$32.4m	115.1K	−57.4% Reduced
ALLAllstate	0.08%	$31.9m	153.9K	−46.3% Reduced
UPSUnited Parcel Service	0.08%	$30.7m	312.4K	+579.8% Added
GMGeneral Motors	0.08%	$30.0m	402.8K	+1803.5% Added
NINiSource	0.08%	$30.0m	642.7K	+6434.0% Added
ACNAccenture	0.08%	$29.9m	150.9K	+21.3% Added
CICigna	0.08%	$29.7m	111.3K	+2.3% Added
ETNEaton Corporation	0.08%	$29.1m	81.3K	+659.2% Added
PCARPaccar	0.08%	$28.8m	249.0K	−19.7% Reduced
AMATApplied Materials	0.07%	$28.6m	83.8K	+217.5% Added
MCDMcDonald's	0.07%	$28.6m	92.0K	+215.3% Added
EDConsolidated Edison	0.07%	$28.4m	251.1K	+2297.2% Added
ABNBAirbnb	0.07%	$28.4m	224.7K	+8828.6% Added
CMCSAComcast	0.07%	$28.4m	988.0K	+31.8% Added
NOWServiceNow	0.07%	$27.8m	265.9K	+648.7% Added
DUKDuke Energy	0.07%	$27.5m	209.6K	+657.2% Added
CRWDCrowdStrike	0.07%	$27.3m	69.9K	+1532.9% Added
ANETArista Networks	0.07%	$27.3m	222.3K	New
SNDKSandisk	0.07%	$26.9m	42.4K	New
WMWaste Management	0.07%	$26.6m	115.9K	−33.6% Reduced
APHAmphenol	0.07%	$26.3m	208.1K	+1605.6% Added
BKNGBooking Holdings	0.07%	$26.2m	6.2K	+1258.2% Added
CRMSalesforce	0.07%	$25.7m	137.9K	+42.5% Added
CNCCentene Corporation	0.07%	$25.6m	781.7K	+10306.9% Added
ISRGIntuitive Surgical	0.07%	$25.2m	54.6K	+462.4% Added
JBHTJ.B. Hunt	0.07%	$25.1m	118.4K	+7556.0% Added
PSXPhillips 66	0.07%	$24.9m	136.7K	+772.5% Added
UBERUber	0.07%	$24.9m	345.9K	+3006.4% Added
SCIService Corp International	0.07%	$24.8m	301.2K	−43.4% Reduced
NEMNewmont	0.07%	$24.8m	229.5K	+1868.7% Added
KMIKinder Morgan	0.06%	$24.4m	727.0K	+216.5% Added
QCOMQualcomm	0.06%	$24.3m	188.5K	+282.4% Added
NEENextEra Energy	0.06%	$24.3m	261.2K	−28.5% Reduced
VRTVertiv	0.06%	$24.0m	95.6K	+6540.6% Added
CRWVCoreweave, Inc.	0.06%	$23.8m	307.6K	New
ACGLArch Capital Group	0.06%	$23.6m	246.2K	+2970.6% Added
CCitigroup	0.06%	$23.6m	208.3K	+996.2% Added
MRSHMarsh McLennan	0.06%	$23.4m	134.8K	+542.4% Added
WPCW. P. Carey Inc.	0.06%	$23.3m	342.8K	+1679.9% Added
EVRGEvergy	0.06%	$22.9m	280.0K	−28.2% Reduced
MCKMcKesson	0.06%	$22.7m	26.2K	+543.8% Added
TXNTexas Instruments	0.06%	$22.4m	115.3K	+145.9% Added
VMIValmont Industries Inc	0.06%	$22.3m	55.9K	+57555.7% Added
JJacobs Solutions	0.06%	$22.2m	174.3K	+11702.0% Added
ARAntero Resources Corp	0.06%	$22.1m	519.8K	+38061.5% Added
DHRDanaher Corporation	0.06%	$21.6m	114.1K	+531.2% Added
ADBEAdobe Inc.	0.06%	$21.4m	88.1K	+100.5% Added
MDTMedtronic	0.06%	$21.1m	244.1K	−8.4% Reduced
OXYOccidental Petroleum	0.06%	$21.0m	323.2K	+1523.1% Added
PANWPalo Alto Networks	0.05%	$20.4m	127.5K	+100.4% Added
DALDelta Air Lines	0.05%	$20.4m	306.5K	+1840.7% Added
FCXFreeport-McMoRan	0.05%	$20.2m	344.2K	+1330.5% Added
MSTRStrategy Inc	0.05%	$20.2m	161.8K	+59169.6% Added
ARMARM Holdings PLC	0.05%	$19.9m	131.7K	New
MRNAModerna	0.05%	$19.7m	386.9K	+8036.8% Added
GISGeneral Mills	0.05%	$19.6m	527.8K	+2644.5% Added
SJMThe J.M. Smucker Company	0.05%	$19.4m	201.3K	−13.8% Reduced
CMICummins	0.05%	$19.2m	35.7K	+385.8% Added
MRVLMarvell Technology	0.05%	$19.1m	193.1K	+2.4% Added
INCYIncyte	0.05%	$19.1m	202.8K	+9201.5% Added
TERTeradyne	0.05%	$19.0m	64.2K	+3210.9% Added
EGEverest Group	0.05%	$18.8m	57.6K	−32.5% Reduced
TPRTapestry, Inc.	0.05%	$18.8m	133.4K	+1361.6% Added
KMBKimberly-Clark	0.05%	$18.6m	192.8K	−23.0% Reduced
WRBW. R. Berkley Corporation	0.05%	$18.6m	280.1K	−17.5% Reduced
KHCKraft Heinz	0.05%	$18.3m	811.9K	+9560.4% Added
EMEEmcor	0.05%	$18.2m	24.6K	+2838.5% Added
MAAMid-America Apartment Communities	0.05%	$18.0m	147.1K	+7.9% Added
SPGIS&P Global	0.05%	$17.9m	42.1K	+22.5% Added
DGDollar General	0.05%	$17.9m	150.4K	+0.6% Added
ALGNAlign Technology	0.05%	$17.7m	103.5K	+185.4% Added
CIENCiena	0.04%	$17.3m	44.6K	+1880.0% Added
DISThe Walt Disney Company	0.04%	$16.9m	175.7K	+215.9% Added
MMM3M	0.04%	$16.9m	116.4K	+584.3% Added
NYTNEW York Times Co	0.04%	$16.8m	201.0K	+30351.4% Added
TMUST-Mobile US	0.04%	$16.7m	79.7K	−22.2% Reduced
NBIXNeurocrine Biosciences Inc	0.04%	$16.7m	126.7K	+9649.2% Added
MEDPMedpace Holdings, Inc.	0.04%	$16.7m	34.7K	+16925.0% Added
FSLRFirst Solar, Inc.	0.04%	$16.6m	84.0K	+3100.8% Added
ZMZoom Communications, Inc.	0.04%	$16.6m	205.9K	+11032.3% Added
EXPEExpedia Group	0.04%	$16.4m	70.9K	+65.3% Added

Company	Bought (value)	Shares
NVDANVIDIA Corporation	$587.5m	3.37M
AAPLApple Inc.	$372.9m	1.47M
MSFTMicrosoft Corporation	$223.9m	605.0K
AVGOBroadcom	$203.8m	658.3K
AMZNAmazon	$179.5m	861.6K
GOOGLAlphabet Inc. (Class A)	$177.7m	617.9K
WMTWalmart	$138.9m	1.12M
JPMJPMorgan Chase	$117.2m	398.3K
TSLATesla, Inc.	$115.8m	311.6K
JNJJohnson & Johnson	$100.3m	410.3K
METAMeta Platforms	$89.9m	157.0K
ABBVAbbVie	$80.9m	372.1K
CATCaterpillar Inc.	$79.3m	112.0K
GEGE Aerospace	$78.4m	276.3K
PLTRPalantir Technologies Inc.	$67.2m	459.4K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
CHRWC.H. Robinson	−$52.3m	−315.1K
DLRDigital Realty	−$45.6m	−253.3K
CBOECboe Global Markets	−$43.6m	−155.3K
ORCLOracle Corporation	−$42.6m	−289.9K
WECWEC Energy Group	−$38.4m	−331.6K
LLYLilly (Eli)	−$31.8m	−34.6K
BNYBNY Mellon	−$31.8m	−267.9K
ALLAllstate	−$27.6m	−132.9K
GILDGilead Sciences	−$25.0m	−179.1K
DDominion Energy	−$24.4m	−394.0K
PSAPublic Storage	−$23.6m	−87.3K
TRVThe Travelers Companies	−$22.4m	−76.9K
NOCNorthrop Grumman	−$19.6m	−28.8K
BENFranklin Resources	−$19.6m	−830.2K
SCIService Corp International	−$19.1m	−231.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
OZBelpointe Prep, LLC	$750,000	7.5K
GHIGreystone Housing Impact Investors LP	$321,000	18.4K
KNOPKnot Offshore Partners LP	$103,000	10.7K
XTNTXtant Medical Holdings, Inc.	$66,000	100.0K
VETVermilion Energy Inc.	$31,000	1.7K
TCPCBlackrock TCP Capital Corp.	$26,000	2.0K
PRTPermrock Royalty Trust	$18,000	2.3K
DLTHDuluth Holdings Inc.	$17,000	2.7K
WBWeibo Corp	$16,000	859
VGZVista Gold Corp	$10,000	19.3K
BHMBluerock Homes Trust, Inc.	$10,000	477
NSYSNortech Systems Inc	$8,000	671
DSXDiana Shipping Inc.	$8,000	2.0K
HYPRHyperfine, Inc.	$8,000	10.0K
DQDaqo NEW Energy Corp.	$8,000	196
CMTLComtech Telecommunications Corp	$7,000	550
ATHMAutohome Inc.	$7,000	231
PETSPetmed Express Inc	$6,000	325
HBMHudbay Minerals Inc.	$5,000	1.0K
EQXEquinox Gold Corp.	$4,000	1.1K
STVNStevanato Group S.p.a.	$3,000	147
PNNTPennantpark Investment Corp	$2,000	400
RLXRLX Technology Inc.	$2,000	711
HURCHurco Companies Inc	$1,000	49
SRGSeritage Growth Properties	$1,000	91
NRSNNeurosense Therapeutics Ltd.	$1,000	1.0K
MNDOMind CTI LTD	$1,000	250
CATOCato Corp	$1,000	104
AXTIAXT Inc	$1,000	176
BIOXBioceres Crop Solutions Corp.	$1,000	100

Technology29.1%
Health Care12.6%
Financials11.9%
Industrials11.7%
Consumer Discretionary10.5%
Consumer Staples6.8%
Communication Services6.6%
Energy3.5%
Utilities3.1%
Materials2.4%
Real Estate1.9%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestJuly 10, 2015 to November 2, 2026	+11.5%	+13.9%	0.61	0.73	−32.7%	0.95
2018 onwardsJanuary 5, 2018 to November 2, 2026	+11.8%	+13.9%	0.56	0.66	−32.7%	0.94
Last three yearsNovember 3, 2023 to November 2, 2026	+19.0%	+21.8%	1.20	1.16	−13.8%	0.76
Last yearNovember 7, 2025 to November 2, 2026	+18.6%	+14.2%	1.41	0.84	−7.2%	0.72

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.