CWM, LLC
SEC Form 13F institutional filer · CIK 0001535847
13F-HR · 525 reported holdings · 2026-03-31
CWM, LLC is a registered investment advisor.
Reported long-US-equity value
$19.69B
Top-10 concentration
47.3%
CWM, LLC — $19.7B AUM allocation strategy
CWM, LLC files SEC Form 13F and reports $19.7B of long US equity value across 525 reported holdings for 2026-03-31.
Its largest sector bet is Financials 19.5%, followed by Information Technology 9.9% and Consumer Discretionary 1.7%.
The top 10 holdings account for 47% of reported value — a broadly spread portfolio. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
CWM, LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$19.7B
total across 525 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
47% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$IVV +4.18M sh · +$2.62B+$SPGI +2.13M sh · +$1.42B+$TROW +1.29M sh · +$81.9M
Biggest trims (shares)
−$SCHW −726K sh · +$664M−$XLU −686K sh · +$31.9M−$IYY −415K sh · +$55.1M
Added from nil (new positions)
None this quarter
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Asset Management & Custody Banks7.9%—
- Financial Exchanges & Data7.2%—
- Semiconductors4.1%—
- Technology Hardware, Storage & Peripherals3.5%—
- Investment Banking & Brokerage3.4%—
- Systems Software2.2%—
- Broadline Retail1.7%—
- Interactive Media & Services1.4%—
- Other holdings68.5%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
7 of 7 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $SPGI | S&P Global Inc | 20.9M | $1.42B | +2.13M | 7.2% |
| $IVZ | Invesco Ltd | 13.7M | $855M | +952K | 4.3% |
| $BLK | BlackRock Inc | 7.51M | $706M | -105K | 3.6% |
| $AAPL | Apple Inc | 2.73M | $693M | +20.6K | 3.5% |
| $SCHW | Charles Schwab Corporation | 23.5M | $665M | -726K | 3.4% |
| $NVDA | NVIDIA Corporation | 3.47M | $606M | +100K | 3.1% |
| $MSFT | Microsoft Corporation | 1.19M | $439M | +115K | 2.2% |
…and 518 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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