Duncan Williams Asset Management LLC's Q3 2025 13F: 14 new positions, 4 exits

Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 12, 2025 · 164 reported positions · accession 0001765380-25-000483

View the filing on SEC.gov

What changed this quarter

Activity Security Weight before Weight now Change Shares Shares %
New ISHARES CORE S&P US VALUE ETF (IUSV) — 5.8% +5.8 pts +208K sh new
Reduced SCHWAB US DIVIDEND EQUITY ETF (SCHD) 9.4% 3.6% −5.8 pts −659K sh −59%
Increased WISDOMTREE US QUALITY DIVIDEND GROWTH FUND (DGRW) 11.7% 12.3% +0.6 pts +47,404 sh +11%
Increased VANGUARD FTSE DEVELOPED MARKETS ETF (VEA) 1.9% 2.2% +0.2 pts +20,398 sh +19%
Increased TR ACTIVEBETA US SMALL CAP EQUITY ETF (GSSC) 2.9% 3.1% +0.2 pts +14,015 sh +10%
Exited US FOODS HLDG CORP COM (USFD) 0.3% — −0.3 pts −12,088 sh −100%
New TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD (TSM) — 0.3% +0.3 pts +3,284 sh new
Increased INVESCO S&P MIDCAP QUALITY ETF (XMHQ) 0.7% 0.9% +0.2 pts +8,328 sh +36%
New GOLDMAN SACHS S&P 500 PREMIUM INCOME ETF (GPIX) — 0.2% +0.2 pts +16,570 sh new
Reduced NVIDIA CORPORATION COM (NVDA) 0.5% 0.3% −0.2 pts −4,231 sh −39%
New NEWMONT CORP COM (NEM) — 0.2% +0.2 pts +9,013 sh new
New CAPITAL GROUP MUNICIPAL INCOME ETF (CGMU) — 0.2% +0.2 pts +26,955 sh new
Reduced PIMCO DYNAMIC INCOMEFD SHS (PDI) 0.6% 0.4% −0.2 pts −35,374 sh −35%
New SPDR SER TR LEHMAN 1-3 MONTH T-BILL ETF (BIL) — 0.2% +0.2 pts +6,979 sh new
Increased VANGUARD FTSE EMERGING MARKETS ETF (VWO) 1.6% 1.8% +0.1 pts +11,726 sh +11%
Increased VANGUARD INTERNATIONAL HIGH DIVIDEND YIELD ETF (VYMI) 0.7% 0.8% +0.1 pts +7,090 sh +25%
New AVANTIS ALL INTERNATIONAL MARKETS EQUITY ETF (AVNM) — 0.2% +0.2 pts +8,362 sh new
Increased VANGUARD GROWTH ETF (VUG) 13.9% 13.7% −0.2 pts +1,230 sh +1%
Reduced PIMCO INTERMEDIATE MUNICIPAL BOND ACTIVE EXCHANGE-TRADED FUND (MUNI) 0.6% 0.4% −0.2 pts −9,796 sh −28%
Reduced MICROSOFT (MSFT) 3.1% 2.7% −0.4 pts −916 sh −5%
Reduced PULTE GROUP INC COM (PHM) 0.3% 0.2% −0.1 pts −3,135 sh −36%
New CAPITAL GROUP INTERNATIONAL EQUITY ETF (CGIE) — 0.1% +0.1 pts +11,808 sh new
Increased EXXON MOBIL CORP COM (XOM) 0.2% 0.3% +0.1 pts +3,519 sh +48%
New LOCKHEED MARTIN CORP (LMT) — 0.1% +0.1 pts +664 sh new
Increased VANGUARD TOTAL INTL STOCK IDEX ETF (VXUS) 0.2% 0.3% +0.1 pts +4,231 sh +41%
Reduced KKR & CO INC COM (KKR) 0.5% 0.4% −0.2 pts −2,335 sh −18%
Exited COMCAST CORP NEW CL A (CMCSA) 0.1% — −0.1 pts −7,391 sh −100%
New CORNING INC COM (GLW) — 0.1% +0.1 pts +3,459 sh new
Increased VANGUARD S&P 500 ETF (VOO) 2.8% 2.7% 0.0 pts +414 sh +3%
Reduced CAPITAL GROUP INTERNATIONAL FOCUS EQUITY ETF (CGXU) 0.5% 0.4% −0.1 pts −8,530 sh −15%
Increased ALPHABET INC CAP STK CL C (GOOG) 0.7% 0.9% +0.2 pts +1,005 sh +8%
Exited VANGUARD SHORT-TERM CORPORATE BOND ETF (VCSH) 0.1% — −0.1 pts −2,683 sh −100%
Increased VANGUARD VALUE ETF (VTV) 2.6% 2.5% −0.1 pts +1,189 sh +3%
New JPMORGAN ULTRA-SHORT INCOME ETF (JPST) — 0.1% +0.1 pts +4,147 sh new
New CATERPILLAR INC COM (CAT) — 0.1% +0.1 pts +438 sh new
New ENERGY TRANSFER EQUITY L P COM UNIT LTD PARTNERSHIP (ET) — 0.1% +0.1 pts +10,538 sh new
Increased VANGUARD MID-CAP ETF (VO) 1.0% 1.0% 0.0 pts +548 sh +5%
New NUVEEN DYNAMIC MUN OPPORTUNITI COM SHS (NDMO) — 0.0% 0.0 pts +14,846 sh new
Exited INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NO K-1 ETF (PDBC) 0.0% — 0.0 pts −10,351 sh −100%
Increased VANGUARD SMALL-CAP ETF (VB) 1.8% 1.8% 0.0 pts +595 sh +2%
Reduced VISA INC (V) 1.2% 1.0% −0.2 pts −425 sh −4%
Increased T-MOBILE US INC COM (TMUS) 0.2% 0.2% 0.0 pts +565 sh +22%
Reduced MARATHON PETE CORP (MPC) 0.4% 0.4% 0.0 pts −627 sh −8%
Reduced INTL BUSINESS MACHINES (IBM) 0.3% 0.2% −0.1 pts −388 sh −14%
Reduced BROADCOM INC COM (AVGO) 0.2% 0.2% 0.0 pts −319 sh −15%
Increased VERIZON COMMUNICATIONS (VZ) 0.1% 0.1% 0.0 pts +2,279 sh +39%
Increased TESLA MOTORS INC (TSLA) 0.3% 0.4% +0.1 pts +224 sh +8%
Reduced GUGGENHEIM ETF TRUST S&P 500 EQUAL WEIGHT (RSP) 0.2% 0.2% 0.0 pts −512 sh −12%
Increased CAPITAL GROUP GROWTH ETF (CGGR) 0.1% 0.1% 0.0 pts +2,118 sh +33%
Increased VANGUARD MEGA CAP VALUE ETF (MGV) 0.1% 0.1% 0.0 pts +662 sh +22%

The 50 largest of 138 changes, by size of the trade. Full holdings for this quarter.

Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled

† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:

  • GLOBAL MED REIT INC COM NEW (GMRE): 37954A204 → 37954A303, 49,134 → 9,855 shares (share count change consistent with a stock split)

Top 10 positions — 52.7% of the equity book

Changes in the top 10 this quarter: IUSV entered · BRK-B left

# Security Weight before Weight now
1 VANGUARD GROWTH ETF (VUG) 13.9% 13.7%
2 WISDOMTREE US QUALITY DIVIDEND GROWTH FUND (DGRW) 11.7% 12.3%
3 ISHARES CORE S&P US VALUE ETF (IUSV) 0.0% 5.8% Entered the top 10
4 APPLE INC (AAPL) 3.6% 4.0%
5 SCHWAB US DIVIDEND EQUITY ETF (SCHD) 9.4% 3.6%
6 TR ACTIVEBETA US SMALL CAP EQUITY ETF (GSSC) 2.9% 3.1%
7 VANGUARD S&P 500 ETF (VOO) 2.8% 2.7%
8 MICROSOFT (MSFT) 3.1% 2.7%
9 VANGUARD VALUE ETF (VTV) 2.6% 2.5%
10 FIRST HORIZON CORPORATION COM (FHN) 2.4% 2.3%
— BERKSHIRE HATHAWAY INC DEL CL B NEW (BRK-B) 2.2% 2.1% Left the top 10

Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).