CL
Cowa, LLC — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Cowa, LLCCIK: 0001844480
Diversified strategyLong-term holderQuality / disciplined sizing
Total reported value
$398.6M
Reporting period: 2026-06-30 · Number of holdings: 181
COWA, LLC disclosed 181 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $398.6M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 12.33
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 56.02
- Diversification
- 100
- Sizing Uniformity
- 78.54
Cowa, LLC's disclosed holdings carry a Herfindahl concentration index of 0.031 — mathematically equivalent to about 32 equally-sized positions, well below its 181 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.15), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 27% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd FIX
+3.5% $8.1M
Trim AAPL
-7.1% -$2.1M
Trim DFIV
-2.6% -$79.6K
Trim CTA
+7.4% -$713.6K
Trim IDV
-0.8% -$407.4K
Trim USMV
-65.8% -$1.1M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IBHF | Ishares Ibond 2026 Hy & Inc | ETF-Other | 6.74% | -0.13% | +6.98% | |
| 2 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 6.70% | -0.05% | -5.52% | |
| 3 | IBDR | Ishares Ibonds Dec 2026 Term | ETF-Other | 6.62% | -0.02% | +7.34% | |
| 4 | FIX | Comfort Systems USA Inc | Stock-Industrials | 6.18% | +1.71% | +3.54% | |
| 5 | DFIV | Dimensional International Va | ETF-Other | 5.85% | -0.47% | -2.63% | |
| 6 | IBDX | Ishares Ibonds Dec 2032 Tc | ETF-Other | 4.89% | -0.08% | +6.19% | |
| 7 | FNDE | Schwab Fndmntl Em Mrk Eq ETF | ETF-Other | 3.36% | +0.03% | +4.61% | |
| 8 | AAPL | Apple Inc | Stock-Tech | 2.91% | -0.79% | -7.10% | |
| 9 | IDV | Ishares International Select | ETF-Other | 2.86% | -0.33% | -0.81% | |
| 10 | SPYD | Ss Spdr P S&p 500 Hi Div ETF | ETF-Large Cap & Growth | 2.27% | -0.04% | +1.09% | |
| 11 | IBDW | Ishares Ibonds Dec 2031 CORP | ETF-Other | 2.26% | -0.05% | +6.00% | |
| 12 | CTA | Simplify Managed Futures St | ETF-Other | 2.10% | -0.36% | +7.37% | |
| 13 | HDV | Ishares Core High Dividend E | ETF-Other | 1.98% | -0.12% | +401.38% | |
| 14 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 1.90% | -0.10% | -0.74% | |
| 15 | FNDX | Schwab Fndmntl US Lrg Co ETF | ETF-Other | 1.87% | +0.08% | +0.26% | |
| 16 | DIA | Ss Spdr Dow Jones Indus Avg | ETF-Large Cap & Growth | 1.59% | +0.03% | -2.55% | |
| 17 | DFAI | Dimensional International Co | ETF-Other | 1.51% | -0.01% | +0.61% | |
| 18 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 1.29% | +0.03% | +10.46% | |
| 19 | OKE | Oneok Inc | Stock-Energy | 1.28% | -0.16% | -1.25% | |
| 20 | VYMI | Vanguard Int High Dvd Yld In | ETF-Other | 1.14% | -0.01% | +2.09% | |
| 21 | DFAU | Dimensional US Core Equity M | ETF-Other | 1.12% | +0.07% | +0.51% | |
| 22 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 1.11% | +0.06% | +2.40% | |
| 23 | AMLP | Alerian Mlp ETF | ETF-Other | 0.97% | -0.10% | -0.58% | |
| 24 | SCHD | Schwab US Dvd Equity ETF | ETF-Other | 0.95% | -0.05% | -0.67% | |
| 25 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.79% | +0.02% | +3.28% | |
| 26 | EPD | Enterprise Products Partners | Stock-Energy | 0.75% | -0.03% | +6.55% | |
| 27 | NVDA | Nvidia CORP | Stock-Tech | 0.74% | +0.03% | -2.26% | |
| 28 | IBDS | Ishrs Ibnds Dec 27 CORP ETF | ETF-Other | 0.71% | +0.09% | +22.77% | |
| 29 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 0.70% | +0.03% | +0.02% | |
| 30 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.64% | +0.06% | +8.81% | |
| 31 | IBDT | Ishares Ibonds Dec 2028 ETF | ETF-Other | 0.60% | +0.05% | +17.68% | |
| 32 | GLD | Spdr Gold Shares | ETF-Commodities | 0.58% | -0.16% | -1.53% | |
| 33 | IAU | Ishares Gold Trust | ETF-Commodities | 0.55% | -0.17% | -3.92% | |
| 34 | COP | Conocophillips | Stock-Energy | 0.53% | -0.19% | +0.01% | |
| 35 | USDU | Wisdomtree Bbg Usd Bullish | ETF-Other | 0.52% | +0.13% | +42.44% | |
| 36 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.51% | +0.03% | -0.91% | |
| 37 | IBDY | Ishares Ibonds Dec 2033 CORP | ETF-Other | 0.50% | +0.03% | +14.90% | |
| 38 | PWR | Quanta Services Inc | Stock-Industrials | 0.49% | +0.09% | — | |
| 39 | MSFT | Microsoft CORP | Stock-Tech | 0.47% | -0.04% | -1.44% | |
| 40 | KRE | Ss Spdr S&p Regional Bank | ETF-Other | 0.46% | +0.12% | +27.01% | |
| 41 | KMB | Kimberly-clark CORP | Stock-Consumer Staples | 0.46% | +0.14% | +36.14% | |
| 42 | WMT | Walmart Inc | Stock-Consumer Staples | 0.40% | -0.08% | — | |
| 43 | IBDU | Ishares Ibonds Dec 2029 Term | ETF-Other | 0.38% | -0.04% | -2.07% | |
| 44 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.37% | +0.06% | +9.32% | |
| 45 | CSCO | Cisco Systems Inc | Stock-Tech | 0.35% | +0.10% | -0.82% | |
| 46 | ABBV | Abbvie Inc | Stock-Healthcare | 0.35% | +0.01% | -6.19% | |
| 47 | DFLV | Dim US Large Cap Value ETF | ETF-Large Cap & Growth | 0.34% | +0.02% | +1.56% | |
| 48 | PSX | Phillips 66 | Stock-Energy | 0.33% | -0.06% | +0.03% | |
| 49 | IBM | Intl Business Machines CORP | Stock-Tech | 0.33% | +0.02% | -0.85% | |
| 50 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 0.32% | +0.02% | +0.63% |
1–50 of 181
Portfolio Performance
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+25%
- Stdev
- +9.9%
- Beta
- +0.59
- Alpha
- +7.4%
- Max Drawdown
- -4.8%
- Annualized Perf
- +20.4%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +4.34
- Stutzer
- +0.56
- Treynor
- +0.32
- Sterling
- +1.52
- Calmar
- +4.26
- Information Ratio
- -0.1
- Tracking Error
- +8.3%
- Stdev Down
- +4.4%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +35.7%
- Worst 12 Months
- +11%
- Efficiency Ratio
- +0.76
- Sharpe
- +1.93
- Stdev Sectors
- +9.3%
- Skewness
- -0.22
- Kurtosis
- -0.73
- Upside Potential
- +5.89
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 181 | $398.6M | 0 | ||
| 2026 Q1 | 158 | $370.6M | 21 | ||
| 2025 Q4 | 153 | $328.7M | 18 | ||
| 2025 Q3 | 141 | $301.3M | 39 | ||
| 2025 Q2 | 131 | $262.6M | 0 | ||
| 2025 Q1 | 125 | $234.1M | 100 | ||
| 2024 Q4 | 122 | $217.0M | 0 | ||
| 2024 Q3 | 128 | $210.0M | 0 | ||
| 2024 Q2 | 126 | $187.4M | 0 | ||
| 2024 Q1 | 119 | $169.7M | 0 | ||
| 2023 Q4 | 110 | $160.4M | 0 | ||
| 2023 Q3 | 105 | $148.1M | 0 | ||
| 2023 Q2 | 106 | $152.0M | 0 | ||
| 2023 Q1 | 122 | $122.7M | 0 | ||
| 2022 Q4 | 116 | $160.8M | 0 | ||
| 2022 Q3 | 404 | $151.6M | 0 | ||
| 2022 Q2 | 137 | $173.9M | 0 | ||
| 2022 Q1 | 158 | $201.5M | 0 | ||
| 2021 Q4 | 157 | $198.7M | 0 | ||
| 2021 Q3 | 152 | $174.7M | 0 | ||
| 2021 Q2 | 140 | $160.5M | 100 | ||
| 2021 Q1 | 399 | $166.7M | 45 | ||
| 2020 Q4 | 422 | $131.4M | 0 |
Holding changes this quarter
Cowa, LLC's most significant position changes for 2026-06-30: New buy: Doordash Inc - A (DASH); New buy: Servicenow Inc (NOW); New buy: Intel CORP (INTC); New buy: Ishares Ibonds Dec 2035 Tc (IBCA); New buy: Isharesibondsdec2034tmcorp (IBDZ).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FIX | Comfort Systems USA Inc | +1.7% | +3.54% | Add |
| 2 | DASH | Doordash Inc - A | +0.2% | NEW | New buy |
| 3 | KMB | Kimberly-clark CORP | +0.1% | +36.14% | Add |
| 4 | NOW | Servicenow Inc | +0.1% | NEW | New buy |
| 5 | INTC | Intel CORP | +0.1% | NEW | New buy |
| 6 | USDU | Wisdomtree Bbg Usd Bullish | +0.1% | +42.44% | Add |
| 7 | IBCA | Ishares Ibonds Dec 2035 Tc | +0.1% | NEW | New buy |
| 8 | KRE | Ss Spdr S&p Regional Bank | +0.1% | +27.01% | Add |
| 9 | IBDZ | Isharesibondsdec2034tmcorp | +0.1% | NEW | New buy |
| 10 | OWL | Blue Owl Capital Inc | +0.1% | NEW | New buy |
| 11 | GEN | Gen Digital Inc | +0.1% | NEW | New buy |
| 12 | CSCO | Cisco Systems Inc | +0.1% | -0.82% | Trim |
| 13 | IBDS | Ishrs Ibnds Dec 27 CORP ETF | +0.1% | +22.77% | Add |
| 14 | PWR | Quanta Services Inc | +0.1% | — | Unchanged |
| 15 | OCUL | Ocular Therapeutix Inc | +0.1% | NEW | New buy |
| 16 | CRM | Salesforce Inc | +0.1% | NEW | New buy |
| 17 | FNDX | Schwab Fndmntl US Lrg Co ETF | +0.1% | +0.26% | Add |
| 18 | TRVI | Trevi Therapeutics Inc | +0.1% | NEW | New buy |
| 19 | EVER | Everquote Inc - Class A | +0.1% | NEW | New buy |
| 20 | DFAU | Dimensional US Core Equity M | +0.1% | +0.51% | Add |
| 21 | PATH | Uipath Inc - Class A | +0.1% | +131.92% | Add |
| 22 | TRIP | Tripadvisor Inc | +0.1% | NEW | New buy |
| 23 | NCNO | Ncino Inc | +0.1% | NEW | New buy |
| 24 | ALSN | Allison Transmission Holding | +0.1% | NEW | New buy |
| 25 | VLO | Valero Energy CORP | +0.1% | NEW | New buy |
| 26 | KDP | Keurig Dr Pepper Inc | +0.1% | NEW | New buy |
| 27 | SLG | Sl Green Realty CORP | +0.1% | NEW | New buy |
| 28 | QCOM | Qualcomm Inc | +0.1% | NEW | New buy |
| 29 | TEAM | Atlassian Corp-cl A | +0.1% | NEW | New buy |
| 30 | SAP | Sap Se-sponsored Adr | +0.1% | NEW | New buy |
| 31 | RSP | Invesco S&p 500 Equal Weight | +0.1% | +2.40% | Add |
| 32 | UPS | United Parcel Service-cl B | +0.1% | +8.81% | Add |
| 33 | IVV | Ishares Core S&p 500 ETF | +0.1% | +9.32% | Add |
| 34 | AEP | American Electric Power | +0.1% | NEW | New buy |
| 35 | MNTN | Mntn Inc-a | +0.1% | NEW | New buy |
| 36 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | NEW | New buy |
| 37 | B | Barrick Mining CORP | +0.1% | NEW | New buy |
| 38 | IBDT | Ishares Ibonds Dec 2028 ETF | +0.1% | +17.68% | Add |
| 39 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | +7.54% | Add |
| 40 | MTUM | Ishares Msci USA Momentum Fa | +0.1% | -2.61% | Trim |
| 41 | BABA | Alibaba Group Holding-sp Adr | +0.1% | +91.83% | Add |
| 42 | UNP | Union Pacific CORP | +0.1% | NEW | New buy |
| 43 | MDY | State Street Spdr S&p Midcap | +0.1% | NEW | New buy |
| 44 | DES | Wisdomtree US Smallcap Divid | 0% | +7.90% | Add |
| 45 | IQLT | Ishares Msci International Q | 0% | +38.13% | Add |
| 46 | FISV | Fiserv Inc | 0% | +69.27% | Add |
| 47 | FNDE | Schwab Fndmntl Em Mrk Eq ETF | 0% | +4.61% | Add |
| 48 | DIA | Ss Spdr Dow Jones Indus Avg | 0% | -2.55% | Trim |
| 49 | SGOV | Ishares 0-3 Month Treasury B | 0% | +10.46% | Add |
| 50 | NVDA | Nvidia CORP | 0% | -2.26% | Trim |
1–50 of 184
Filing History
FAQ
What is Cowa, LLC and what type of investor is it?
Cowa, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $398.6M, spread across 181 disclosed positions.
What are Cowa, LLC's largest equity positions?
Based on the latest 13F filing, Cowa, LLC's top holdings by market value are:
1. Ishares Ibond 2026 Hy & Inc (IBHF) — $26.9M (6.7%)
2. Avantis US Small Cap Value (AVUV) — $26.7M (6.7%)
3. Ishares Ibonds Dec 2026 Term (IBDR) — $26.4M (6.6%)
4. Comfort Systems USA Inc (FIX) — $24.7M (6.2%)
5. Dimensional International Va (DFIV) — $23.3M (5.8%)
What changes did Cowa, LLC make in its most recent portfolio filing?
In the latest reported quarter, Cowa, LLC made 154 notable position adjustments: 26 new positions were initiated, 67 existing holdings were added to, 58 positions were partially reduced, and 3 were completely exited. The largest of these moves: New buy: Doordash Inc - A (DASH); New buy: Servicenow Inc (NOW); New buy: Intel CORP (INTC); New buy: Ishares Ibonds Dec 2035 Tc (IBCA); New buy: Isharesibondsdec2034tmcorp (IBDZ)
What sectors does Cowa, LLC focus on?
Cowa, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 30.1%
• Information Technology: 22.6%
• Energy: 16.5%
• Consumer Staples: 8.8%
• Health Care: 6.7%
• Financials: 5.4%
Investment Profile
Cowa, LLC returned an annualized 20.4% over the trailing 36 months — outperforming the S&P 500 by 7.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.59 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 30.1% of the portfolio concentrated in Industrials.
It has added to its FIX position over the past two quarters (+$11.9M, now $24.7M), while trimming IAU over the same stretch (-$1.2M, still holding $2.2M).
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Developer Access
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