Data as of Q4 2025 (Dec 31, 2025)·Next filing deadline: May 15, 2026

CWM, LLC

•CIK: 1535847•Filing: Q4 2025

CWM, LLC, managed by the seasoned team of Christopher Donahue and Jonathan D. Lavine, is known for its concentrated, high-conviction investment strategy, currently managing $35.4 billion in assets across 5,325 positions. Recently, the fund has made notable moves by adding XAR and SCHZ, which have surged by 2,742% and 2,059% respectively, while exiting positions in HTH and FITBM.

Total AUM

$35.4B

+ $2.6M in options

QoQ Performance

+6.8%

Positions

3,788

+ 8 options

Top 10 Concentration

26.0%

Latest Filing

Q4 2025

Top Holdings Allocation

IVV2.8%

SPYM2.3%

IUSB2.3%

AAPL2.1%

SPDW1.9%

IVW1.7%

IVE1.5%

MSFT1.5%

📈 Biggest Buys

ISHARES TR

+37.5%

1.5% of portfolio

SELECT SECTOR SPDR TR

+128.1%

0.6% of portfolio

SCHWAB STRATEGIC TR

+2068.1%

0.3% of portfolio

ISHARES INC

+28.8%

1.1% of portfolio

VANGUARD INDEX FDS

+24.0%

0.9% of portfolio

📉 Biggest Sells

ISHARES TR

-30.8%

1.3% of portfolio

ISHARES TR

-14.4%

1.1% of portfolio

SPDR SERIES TRUST

-24.1%

0.6% of portfolio

SPDR SERIES TRUST

-13.1%

0.6% of portfolio

J P MORGAN EXCHANGE TRADED F

-15.1%

0.3% of portfolio

Sector Breakdown

Other75.5%

Technology10.0%

ETF4.4%

Healthcare3.1%

Financial2.8%

Consumer1.9%

Industrial0.9%

Energy0.5%

🚪 Exited Positionssold since Q3 2025

NVIDIA CORPORATION

SOLD

$614.1M

AMAZON COM INC

SOLD

$323.0M

SPDR S&P 500 ETF TR

SOLD

$235.5M

SELECT SECTOR SPDR TR

SOLD

$44.2M

ROBLOX CORP

SOLD

$38.5M

+5035 more exited positions

Changes from Q3 2025

NEW1 new position

↑165 increased

↓34 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

SPDR SERIES TRUST

SPDR INDEX SHS FDS

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