Tolleson Wealth Management, Inc. 13F Filing History & Holdings

CIK: 0001772937

Sector-focusedMomentum followerLong-term holder

Total reported value

$692.6M

Reporting period: 2025-12-31 · Number of holdings: 92

Tolleson Wealth Management, Inc. disclosed 92 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $692.6M and a quarterly turnover rate of 10.7%.

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Personality snowflake

Concentration: 45.92
Portfolio Stability: 10.66
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 68.91

Tolleson Wealth Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.115 — mathematically equivalent to about 9 equally-sized positions, well below its 92 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 3.11), with a handful of outsized bets alongside many smaller positions.

Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.

Sector classification currently covers about 2% 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.

Recent moves

Trim QUS
-2.3%　-$567.2K
Add INTF
+4.3%　$10.3M
Trim VOO
-19.8%　-$1.9M
Trim ITOT
-1.1%　$392.3K
Trim SPY
-7.5%　-$929.3K
Trim GLXY
0.0%　-$1.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LRGF	Ishares US Equity Factor ETF	ETF-Other	23.52%	-0.21%	+5.66%
2	INTF	Ishares International Equity	ETF-Other	16.98%	+0.39%	+4.30%
3	QUS	Ss Spdr Msci U Stratfact ETF	ETF-Other	13.69%	-1.07%	-2.30%
4	ITOT	Ishares Core S&p Total U.s.	ETF-Other	5.81%	-0.36%	-1.08%
5	SGOV	Ishares 0-3 Month Treasury B	ETF-Gov Bonds	4.53%	+4.53%	NEW
6	HIMU	Ishares High Yild Muni A ETF	ETF-Other	4.18%	+0.01%	+8.47%
7	VONG	Vanguard Russell 1000 Growth	ETF-Other	4.04%	-0.25%	—
8	VEU	Vanguard Ftse All-world Ex-u	ETF-Other	3.15%	—	-2.84%
9	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	2.54%	-0.32%	-7.49%
10	IQLT	Ishares Msci International Q	ETF-Other	1.72%	-0.09%	-0.61%
11	EFA	Ishares Msci Eafe ETF	ETF-Other	1.29%	-0.11%	-4.26%
12	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	1.21%	-0.37%	-19.85%
13	IWF	Ishares Russell 1000 Growth	ETF-Other	1.06%	-0.12%	-5.34%
14	UCON	First Trust Smith Unconstrai	ETF-Other	1.01%	-0.22%	-11.68%
15	IWR	Ishares Russell Mid-cap ETF	ETF-Other	0.95%	-0.09%	-1.89%
16	USHY	Ishares Broad Usd High Yield	ETF-High Yield	0.83%	-0.09%	-2.77%
17	VOTE	Tcw Transform 500 ETF	ETF-Other	0.78%	-0.03%	+0.84%
18	VTHR	Vanguard Russell 3000	ETF-Other	0.70%	—	-2.87%
19	IWD	Ishares Russell 1000 Value E	ETF-Other	0.69%	-0.04%	-1.79%
20	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	0.57%	+0.09%	+24.68%
21	AAXJ	Ishares Msci All Country Asi	ETF-Other	0.56%	-0.05%	-3.73%
22	NULC	Nuveen Esg Large-cap ETF	ETF-Other	0.54%	-0.07%	+2.10%
23	IWP	Ishares Russell Mid-cap Grow	ETF-Other	0.52%	-0.06%	—
24	IWV	Ishares Russell 3000 ETF	ETF-Other	0.51%	-0.02%	—
25	GLXY	Galaxy Digital Inc-a	Stock-Other	0.47%	-0.29%	—
26	MA	Mastercard INC - A	Stock-Financials	0.44%	—	—
27	MSFT	Microsoft CORP	Stock-Tech	0.37%	-0.10%	-9.85%
28	GS	Goldman Sachs Group INC	Stock-Financials	0.34%	+0.01%	-0.81%
29	NUEM	Nuveen Esg Emerging Markets	ETF-Emerging Markets	0.31%	—	-1.26%
30	XSMO	Invesco S&p Smallcap Momentu	ETF-Other	0.31%	—	—
31	AAPL	Apple INC	Stock-Tech	0.30%	-0.12%	-26.76%
32	VGK	Vanguard Ftse Europe ETF	ETF-Other	0.27%	—	-5.68%
33	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	0.26%	+0.06%	+32.94%
34	SCHB	Schwab US Broad Market ETF	ETF-Other	0.26%	—	-0.96%
35	VEA	Vanguard Ftse Developed ETF	ETF-Other	0.26%	—	—
36	NVDA	Nvidia CORP	Stock-Tech	0.25%	—	—
37	XSVM	Invesco S&p Smallcap Value W	ETF-Other	0.25%	—	—
38	USIG	Ishares Broad Usd Investment	ETF-Other	0.22%	-0.04%	-8.28%
39	SHYM	Ishares Short Duration High	ETF-Other	0.21%	—	—
40	OWNS	Ccm Affordable Hous Mbs ETF	ETF-Other	0.18%	—	—
41	BTCO	Invsco Glxy Btcn ETF	ETF-Other	0.16%	-0.07%	—
42	GLD	Spdr Gold Shares	ETF-Commodities	0.16%	-0.10%	-41.36%
43	VXUS	Vanguard Total Intl Stock	ETF-Other	0.15%	-0.03%	-11.19%
44	UNH	Unitedhealth Group INC	Stock-Healthcare	0.14%	-0.02%	-2.71%
45	USMV	Ishares Msci USA Min Vol Fac	ETF-Other	0.13%	—	—
46	AGG	Ishares Core U.s. Aggregate	ETF-Other	0.13%	—	-0.42%
47	AMZN	Amazon.com INC	Stock-Consumer Disc	0.13%	—	-10.71%
48	NUDM	Nuveen Esg Intl Devel Mrk Eq	ETF-Other	0.12%	—	—
49	EUSA	Ishares Msci USA Equal Weigh	ETF-Other	0.12%	—	—
50	IBIT	Ishares Bitcoin Trust ETF	ETF-Crypto	0.12%	+0.12%	NEW

1–50 of 92

Portfolio Performance

Performance for Q3 2026

+3.5%

Performance Last 4 Quarters

+18.4%

Based on 84% of reported portfolio value with available pricing

Stdev: +11.1%
Beta: +0.82
Alpha: +1.3%
Max Drawdown: -6%
Annualized Perf: +17%
Batting Avg vs S&P: +44.4%
Sortino: +2.95
Stutzer: +0.43
Treynor: +0.2
Sterling: +1.13
Calmar: +2.81
Information Ratio: -0.57
Tracking Error: +3.7%
Stdev Down: +5.5%
Winning Months %: +72.2%
Losing Months %: +27.8%
Best 12 Months: +31.6%
Worst 12 Months: +7.8%
Efficiency Ratio: +0.59
Sharpe: +1.48
Stdev Sectors: +17.6%
Skewness: -0.08
Kurtosis: -0.32
Upside Potential: +4.53

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2025-12-31	92	$692.6M	11	1LRGF 2INTF 3QUS Top holdings2025-12-31 1.LRGF 2.INTF 3.QUS 4.ITOT 5.SGOV 6.HIMU 7.VONG 8.VEU 9.SPY 10.IQLT
2025-09-30	90	$646.4M	22	1LRGF 2INTF 3QUS Top holdings2025-09-30 1.LRGF 2.INTF 3.QUS 4.ITOT 5.VONG 6.HIMU 7.VEU 8.SPY 9.IQLT 10.VOO
2025-06-30	84	$585.1M	0	1LRGF 2INTF 3QUS Top holdings2025-06-30 1.LRGF 2.INTF 3.QUS 4.ITOT 5.VONG 6.HIMU 7.VEU 8.SPY 9.IQLT 10.EFA
2025-03-31	86	$518.6M	0	1LRGF 2QUS 3INTF Top holdings2025-03-31 1.LRGF 2.QUS 3.INTF 4.ITOT 5.HIMU 6.VONG 7.VEU 8.SPY 9.IQLT 10.EFA
2024-12-31	103	$487.7M	0	1LRGF 2QUS 3INTF Top holdings2024-12-31 1.LRGF 2.QUS 3.INTF 4.ITOT 5.SPY 6.VEU 7.IQLT 8.EFA 9.UCON 10.IWF
2024-09-30	82	$524.8M	0	1LRGF 2QUS 3INTF Top holdings2024-09-30 1.LRGF 2.QUS 3.INTF 4.SPY 5.ITOT 6.VEU 7.IQLT 8.UCON 9.EFA 10.IWF
2024-06-30	81	$507.0M	0	1LRGF 2QUS 3INTF Top holdings2024-06-30 1.LRGF 2.QUS 3.INTF 4.ITOT 5.VEU 6.SPY 7.UCON 8.IQLT 9.EFA 10.USHY
2024-03-31	81	$511.0M	0	1QUS 2LRGF 3INTF Top holdings2024-03-31 1.QUS 2.LRGF 3.INTF 4.ITOT 5.VEU 6.SPY 7.UCON 8.IQLT 9.EFA 10.USHY
2023-12-31	83	$485.3M	0	1QUS 2LRGF 3INTF Top holdings2023-12-31 1.QUS 2.LRGF 3.INTF 4.ITOT 5.UCON 6.VEU 7.SPY 8.IQLT 9.USHY 10.EFA
2023-09-30	77	$415.6M	0	1QUS 2LRGF 3INTF Top holdings2023-09-30 1.QUS 2.LRGF 3.INTF 4.ITOT 5.VEU 6.SPY 7.IQLT 8.USHY 9.EFA 10.UCON
2023-06-30	80	$414.6M	0	1QUS 2LRGF 3INTF Top holdings2023-06-30 1.QUS 2.LRGF 3.INTF 4.ITOT 5.SPY 6.IQLT 7.VEU 8.EFA 9.USHY 10.IWP
2023-03-31	73	$386.8M	0	1QUS 2INTF 3LRGF Top holdings2023-03-31 1.QUS 2.INTF 3.LRGF 4.ITOT 5.SPY 6.IWP 7.IQLT 8.VEU 9.EFA 10.USHY
2022-12-31	77	$369.2M	0	1QUS 2INTF 3IWP Top holdings2022-12-31 1.QUS 2.INTF 3.IWP 4.ITOT 5.VPL 6.IQLT 7.UCON 8.SPY 9.EEMA 10.LRGF
2022-09-30	69	$331.8M	0	1QUS 2IWP 3VPL Top holdings2022-09-30 1.QUS 2.IWP 3.VPL 4.EEMA 5.UCON 6.ITOT 7.EFAV 8.SPY 9.IQLT 10.VEU
2022-06-30	68	$353.7M	0	1QUS 2EEMA 3VPL Top holdings2022-06-30 1.QUS 2.EEMA 3.VPL 4.IWP 5.UCON 6.EFAV 7.ITOT 8.SPY 9.VEU 10.IQLT
2022-03-31	69	$337.1M	0	1QUS 2VPL 3EEMA Top holdings2022-03-31 1.QUS 2.VPL 3.EEMA 4.ITOT 5.SPY 6.IWP 7.IQLT 8.VEU 9.EFA 10.EFAV
2021-12-31	71	$371.4M	0	1QUS 2EEMA 3VPL Top holdings2021-12-31 1.QUS 2.EEMA 3.VPL 4.IWP 5.ITOT 6.SPY 7.VEU 8.IQLT 9.EFA 10.EFAV
2021-09-30	66	$353.5M	0	1QUS 2EEMA 3VPL Top holdings2021-09-30 1.QUS 2.EEMA 3.VPL 4.ITOT 5.SPY 6.IWP 7.VEU 8.IQLT 9.EFA 10.EFAV
2021-06-30	71	$371.0M	94	1QUS 2EEMA 3VPL Top holdings2021-06-30 1.QUS 2.EEMA 3.VPL 4.ITOT 5.SPY 6.IWP 7.VEU 8.RETAEUR 9.EFAV 10.EFA
2021-03-31	74	$331.0M	12	1QUS 2EEMA 3ITOT Top holdings2021-03-31 1.QUS 2.EEMA 3.ITOT 4.VPL 5.SPY 6.IWP 7.VEU 8.EFAV 9.RETAEUR 10.EFA
2020-12-31	67	$301.9M	23	1QUS 2EEMA 3VPL Top holdings2020-12-31 1.QUS 2.EEMA 3.VPL 4.ITOT 5.IWP 6.SPY 7.EFAV 8.VEU 9.EFA 10.IWR
2020-09-30	63	$247.5M	12	1QUS 2EEMA 3VPL Top holdings2020-09-30 1.QUS 2.EEMA 3.VPL 4.SPY 5.ITOT 6.EFAV 7.IWP 8.EFA 9.VEU 10.IWR
2020-06-30	67	$228.5M	22	1QUS 2EEMA 3SPY Top holdings2020-06-30 1.QUS 2.EEMA 3.SPY 4.VPL 5.ITOT 6.IWP 7.EFAV 8.EFA 9.VEU 10.IWF
2020-03-31	60	$228.9M	100	1QUS 2SPY 3EEMA Top holdings2020-03-31 1.QUS 2.SPY 3.EEMA 4.VPL 5.IWP 6.EFAV 7.ITOT 8.EFA 9.USMV 10.IWF
2019-12-31	65	$206.6M	15	1USMV 2ACWV 3QUAL Top holdings2019-12-31 1.USMV 2.ACWV 3.QUAL 4.SPY 5.IWV 6.EFA 7.ACWX 8.IWF 9.IWR 10.IWD
2019-09-30	60	$183.5M	36	1USMV 2ACWV 3SPY Top holdings2019-09-30 1.USMV 2.ACWV 3.SPY 4.IWV 5.EFA 6.ACWX 7.FGENEUR 8.IWF 9.IWR 10.IWD
2019-06-30	46	$145.1M	16	1USMV 2ACWV 3IWV Top holdings2019-06-30 1.USMV 2.ACWV 3.IWV 4.FGENEUR 5.ACWX 6.HD 7.IVW 8.IVE 9.MA 10.HYG
2019-03-31	44	$144.5M	40	1USMV 2HD 3ACWV Top holdings2019-03-31 1.USMV 2.HD 3.ACWV 4.IWV 5.ACWX 6.IVW 7.FGENEUR 8.HYG 9.IVE 10.MA
2018-12-31	48	$170.0M	0	1USMV 2HD 3HYG Top holdings2018-12-31 1.USMV 2.HD 3.HYG 4.AMJEUR 5.IWV 6.ACWV 7.LQD 8.EEMA 9.ACWX 10.IPAC

Holding changes this quarter

Tolleson Wealth Management, Inc.'s most significant position changes for 2025-12-31: New buy: Ishares 0-3 Month Treasury B (SGOV); Sold out: Red River Bancshares INC (RRBI); New buy: Ishares Bitcoin Trust ETF (IBIT); New buy: Ishares Core Msci Eafe ETF (IEFA); New buy: Abrdn Physical Gold Shares (SGOL).

Position changes disclosed by Tolleson Wealth Management, Inc. for the quarter ending 2025-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	INTF	Ishares International Equity	+0.4%	+4.30%	Add
2	IVV	Ishares Core S&p 500 ETF	+0.1%	+24.68%	Add
3	IEMG	Ishares Core Msci Emerging	+0.1%	+32.94%	Add
4	HIMU	Ishares High Yild Muni A ETF	0%	+8.47%	Add
5	GS	Goldman Sachs Group INC	0%	-0.81%	Trim
6	VEA	Vanguard Ftse Developed ETF	—	—	Unchanged
7	ABT	Abbott Laboratories	0%	-15.76%	Trim
8	BRK-B	Berkshire Hathaway Inc-cl B	0%	-33.46%	Trim
9	ICF	Ishares Select U.s. Reit ETF	0%	-20.71%	Trim
10	ADP	Automatic Data Processing	0%	-2.04%	Trim
11	UNH	Unitedhealth Group INC	0%	-2.71%	Trim
12	IWV	Ishares Russell 3000 ETF	0%	—	Unchanged
13	SYY	Sysco CORP	0%	—	Unchanged
14	VPL	Vanguard Ftse Pacific ETF	0%	-44.40%	Trim
15	VOTE	Tcw Transform 500 ETF	0%	+0.84%	Add
16	DHI	Dr Horton INC	0%	-1.27%	Trim
17	VXUS	Vanguard Total Intl Stock	0%	-11.19%	Trim
18	USIG	Ishares Broad Usd Investment	0%	-8.28%	Trim
19	IWD	Ishares Russell 1000 Value E	0%	-1.79%	Trim
20	AAXJ	Ishares Msci All Country Asi	-0.1%	-3.73%	Trim
21	IWP	Ishares Russell Mid-cap Grow	-0.1%	—	Unchanged
22	BTCO	Invsco Glxy Btcn ETF	-0.1%	—	Unchanged
23	NULC	Nuveen Esg Large-cap ETF	-0.1%	+2.10%	Add
24	IQLT	Ishares Msci International Q	-0.1%	-0.61%	Trim
25	USHY	Ishares Broad Usd High Yield	-0.1%	-2.77%	Trim
26	IWR	Ishares Russell Mid-cap ETF	-0.1%	-1.89%	Trim
27	GLD	Spdr Gold Shares	-0.1%	-41.36%	Trim
28	MSFT	Microsoft CORP	-0.1%	-9.85%	Trim
29	EFA	Ishares Msci Eafe ETF	-0.1%	-4.26%	Trim
30	AAPL	Apple INC	-0.1%	-26.76%	Trim
31	IWF	Ishares Russell 1000 Growth	-0.1%	-5.34%	Trim
32	LRGF	Ishares US Equity Factor ETF	-0.2%	+5.66%	Add
33	UCON	First Trust Smith Unconstrai	-0.2%	-11.68%	Trim
34	VONG	Vanguard Russell 1000 Growth	-0.3%	—	Unchanged
35	GLXY	Galaxy Digital Inc-a	-0.3%	—	Unchanged
36	SPY	Ss Spdr S&p 500 ETF Trust-us	-0.3%	-7.49%	Trim
37	ITOT	Ishares Core S&p Total U.s.	-0.4%	-1.08%	Trim
38	VOO	Vanguard S&p 500 ETF	-0.4%	-19.85%	Trim
39	QUS	Ss Spdr Msci U Stratfact ETF	-1.1%	-2.30%	Trim
40	SGOV	Ishares 0-3 Month Treasury B	—	NEW	New buy
41	RRBI	Red River Bancshares INC	—	EXIT	Sold out
42	IBIT	Ishares Bitcoin Trust ETF	—	NEW	New buy
43	IEFA	Ishares Core Msci Eafe ETF	—	NEW	New buy
44	SGOL	Abrdn Physical Gold Shares	—	NEW	New buy
45	OLED	Universal Display CORP	—	NEW	New buy
46	XOM	Exxon Mobil CORP	—	EXIT	Sold out
47	VO	Vanguard Mid-cap ETF	—	NEW	New buy
48	JNJ	Johnson & Johnson	—	EXIT	Sold out
49	GDX	Vaneck Gold Miners ETF	—	NEW	New buy
50	HON	Honeywell International INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-28	Amendment	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-08-28	Amendment	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-13	13F-HR	View on EDGAR
2021-03-31	2021-05-05	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-11-20	Amendment	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-11-20	Amendment	View on EDGAR
2020-03-31	2020-08-25	Amendment	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-08-25	Amendment	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-09	13F-HR	View on EDGAR
2018-12-31	2019-04-09	13F-HR	View on EDGAR

FAQ

What is Tolleson Wealth Management, Inc. and what type of investor is it?

Tolleson Wealth Management, Inc. 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 (2025-12-31), the firm manages a tracked equity portfolio valued at approximately $692.6M, spread across 92 disclosed positions.

What are Tolleson Wealth Management, Inc.'s largest equity positions?

Based on the latest 13F filing, Tolleson Wealth Management, Inc.'s top holdings by market value are: 1. Ishares US Equity Factor ETF (LRGF) — $162.9M (23.5%) 2. Ishares International Equity (INTF) — $117.6M (17.0%) 3. Ss Spdr Msci U Stratfact ETF (QUS) — $94.8M (13.7%) 4. Ishares Core S&p Total U.s. (ITOT) — $40.3M (5.8%) 5. Ishares 0-3 Month Treasury B (SGOV) — $31.4M (4.5%)

What changes did Tolleson Wealth Management, Inc. make in its most recent portfolio filing?

In the latest reported quarter, Tolleson Wealth Management, Inc. made 43 notable position adjustments: 7 new positions were initiated, 7 existing holdings were added to, 25 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: Ishares 0-3 Month Treasury B (SGOV); Sold out: Red River Bancshares INC (RRBI); New buy: Ishares Bitcoin Trust ETF (IBIT); New buy: Ishares Core Msci Eafe ETF (IEFA); New buy: Abrdn Physical Gold Shares (SGOL)

What sectors does Tolleson Wealth Management, Inc. focus on?

Tolleson Wealth Management, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 45.9% • Financials: 36.4% • Health Care: 7.3% • Consumer Discretionary: 7.0% • Industrials: 3.4%

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CIK 0001690531

Total reported value

$1.2B

177 stks

2026-03-31

Concentration17.7

Portfolio Stability9.8

Sector conviction92.3

2 of the top 5 holdings overlap, including Ishares US Equity Factor ETF

View detail

Tolleson Wealth Management, Inc. 13F Filing History & Holdings

CIK: 0001772937

Sector-focusedMomentum followerLong-term holder

Total reported value

$692.6M

Reporting period: 2025-12-31 · Number of holdings: 92

Tolleson Wealth Management, Inc. disclosed 92 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $692.6M and a quarterly turnover rate of 10.7%.

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Personality snowflake

Concentration: 45.92
Portfolio Stability: 10.66
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 68.91

Position sizes vary widely across the portfolio (a coefficient of variation of 3.11), with a handful of outsized bets alongside many smaller positions.

Recent moves

Trim QUS
-2.3%　-$567.2K
Add INTF
+4.3%　$10.3M
Trim VOO
-19.8%　-$1.9M
Trim ITOT
-1.1%　$392.3K
Trim SPY
-7.5%　-$929.3K
Trim GLXY
0.0%　-$1.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LRGF	Ishares US Equity Factor ETF	ETF-Other	23.52%	-0.21%	+5.66%
2	INTF	Ishares International Equity	ETF-Other	16.98%	+0.39%	+4.30%
3	QUS	Ss Spdr Msci U Stratfact ETF	ETF-Other	13.69%	-1.07%	-2.30%
4	ITOT	Ishares Core S&p Total U.s.	ETF-Other	5.81%	-0.36%	-1.08%
5	SGOV	Ishares 0-3 Month Treasury B	ETF-Gov Bonds	4.53%	+4.53%	NEW
6	HIMU	Ishares High Yild Muni A ETF	ETF-Other	4.18%	+0.01%	+8.47%
7	VONG	Vanguard Russell 1000 Growth	ETF-Other	4.04%	-0.25%	—
8	VEU	Vanguard Ftse All-world Ex-u	ETF-Other	3.15%	—	-2.84%
9	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	2.54%	-0.32%	-7.49%
10	IQLT	Ishares Msci International Q	ETF-Other	1.72%	-0.09%	-0.61%
11	EFA	Ishares Msci Eafe ETF	ETF-Other	1.29%	-0.11%	-4.26%
12	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	1.21%	-0.37%	-19.85%
13	IWF	Ishares Russell 1000 Growth	ETF-Other	1.06%	-0.12%	-5.34%
14	UCON	First Trust Smith Unconstrai	ETF-Other	1.01%	-0.22%	-11.68%
15	IWR	Ishares Russell Mid-cap ETF	ETF-Other	0.95%	-0.09%	-1.89%
16	USHY	Ishares Broad Usd High Yield	ETF-High Yield	0.83%	-0.09%	-2.77%
17	VOTE	Tcw Transform 500 ETF	ETF-Other	0.78%	-0.03%	+0.84%
18	VTHR	Vanguard Russell 3000	ETF-Other	0.70%	—	-2.87%
19	IWD	Ishares Russell 1000 Value E	ETF-Other	0.69%	-0.04%	-1.79%
20	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	0.57%	+0.09%	+24.68%
21	AAXJ	Ishares Msci All Country Asi	ETF-Other	0.56%	-0.05%	-3.73%
22	NULC	Nuveen Esg Large-cap ETF	ETF-Other	0.54%	-0.07%	+2.10%
23	IWP	Ishares Russell Mid-cap Grow	ETF-Other	0.52%	-0.06%	—
24	IWV	Ishares Russell 3000 ETF	ETF-Other	0.51%	-0.02%	—
25	GLXY	Galaxy Digital Inc-a	Stock-Other	0.47%	-0.29%	—
26	MA	Mastercard INC - A	Stock-Financials	0.44%	—	—
27	MSFT	Microsoft CORP	Stock-Tech	0.37%	-0.10%	-9.85%
28	GS	Goldman Sachs Group INC	Stock-Financials	0.34%	+0.01%	-0.81%
29	NUEM	Nuveen Esg Emerging Markets	ETF-Emerging Markets	0.31%	—	-1.26%
30	XSMO	Invesco S&p Smallcap Momentu	ETF-Other	0.31%	—	—
31	AAPL	Apple INC	Stock-Tech	0.30%	-0.12%	-26.76%
32	VGK	Vanguard Ftse Europe ETF	ETF-Other	0.27%	—	-5.68%
33	IEMG	Ishares Core Msci Emerging	ETF-Emerging Markets	0.26%	+0.06%	+32.94%
34	SCHB	Schwab US Broad Market ETF	ETF-Other	0.26%	—	-0.96%
35	VEA	Vanguard Ftse Developed ETF	ETF-Other	0.26%	—	—
36	NVDA	Nvidia CORP	Stock-Tech	0.25%	—	—
37	XSVM	Invesco S&p Smallcap Value W	ETF-Other	0.25%	—	—
38	USIG	Ishares Broad Usd Investment	ETF-Other	0.22%	-0.04%	-8.28%
39	SHYM	Ishares Short Duration High	ETF-Other	0.21%	—	—
40	OWNS	Ccm Affordable Hous Mbs ETF	ETF-Other	0.18%	—	—
41	BTCO	Invsco Glxy Btcn ETF	ETF-Other	0.16%	-0.07%	—
42	GLD	Spdr Gold Shares	ETF-Commodities	0.16%	-0.10%	-41.36%
43	VXUS	Vanguard Total Intl Stock	ETF-Other	0.15%	-0.03%	-11.19%
44	UNH	Unitedhealth Group INC	Stock-Healthcare	0.14%	-0.02%	-2.71%
45	USMV	Ishares Msci USA Min Vol Fac	ETF-Other	0.13%	—	—
46	AGG	Ishares Core U.s. Aggregate	ETF-Other	0.13%	—	-0.42%
47	AMZN	Amazon.com INC	Stock-Consumer Disc	0.13%	—	-10.71%
48	NUDM	Nuveen Esg Intl Devel Mrk Eq	ETF-Other	0.12%	—	—
49	EUSA	Ishares Msci USA Equal Weigh	ETF-Other	0.12%	—	—
50	IBIT	Ishares Bitcoin Trust ETF	ETF-Crypto	0.12%	+0.12%	NEW

1–50 of 92

Portfolio Performance

Performance for Q3 2026

+3.5%

Performance Last 4 Quarters

+18.4%

Based on 84% of reported portfolio value with available pricing

Stdev: +11.1%
Beta: +0.82
Alpha: +1.3%
Max Drawdown: -6%
Annualized Perf: +17%
Batting Avg vs S&P: +44.4%
Sortino: +2.95
Stutzer: +0.43
Treynor: +0.2
Sterling: +1.13
Calmar: +2.81
Information Ratio: -0.57
Tracking Error: +3.7%
Stdev Down: +5.5%
Winning Months %: +72.2%
Losing Months %: +27.8%
Best 12 Months: +31.6%
Worst 12 Months: +7.8%
Efficiency Ratio: +0.59
Sharpe: +1.48
Stdev Sectors: +17.6%
Skewness: -0.08
Kurtosis: -0.32
Upside Potential: +4.53

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2025-12-31	92	$692.6M	11	1LRGF 2INTF 3QUS Top holdings2025-12-31 1.LRGF 2.INTF 3.QUS 4.ITOT 5.SGOV 6.HIMU 7.VONG 8.VEU 9.SPY 10.IQLT
2025-09-30	90	$646.4M	22	1LRGF 2INTF 3QUS Top holdings2025-09-30 1.LRGF 2.INTF 3.QUS 4.ITOT 5.VONG 6.HIMU 7.VEU 8.SPY 9.IQLT 10.VOO
2025-06-30	84	$585.1M	0	1LRGF 2INTF 3QUS Top holdings2025-06-30 1.LRGF 2.INTF 3.QUS 4.ITOT 5.VONG 6.HIMU 7.VEU 8.SPY 9.IQLT 10.EFA
2025-03-31	86	$518.6M	0	1LRGF 2QUS 3INTF Top holdings2025-03-31 1.LRGF 2.QUS 3.INTF 4.ITOT 5.HIMU 6.VONG 7.VEU 8.SPY 9.IQLT 10.EFA
2024-12-31	103	$487.7M	0	1LRGF 2QUS 3INTF Top holdings2024-12-31 1.LRGF 2.QUS 3.INTF 4.ITOT 5.SPY 6.VEU 7.IQLT 8.EFA 9.UCON 10.IWF
2024-09-30	82	$524.8M	0	1LRGF 2QUS 3INTF Top holdings2024-09-30 1.LRGF 2.QUS 3.INTF 4.SPY 5.ITOT 6.VEU 7.IQLT 8.UCON 9.EFA 10.IWF
2024-06-30	81	$507.0M	0	1LRGF 2QUS 3INTF Top holdings2024-06-30 1.LRGF 2.QUS 3.INTF 4.ITOT 5.VEU 6.SPY 7.UCON 8.IQLT 9.EFA 10.USHY
2024-03-31	81	$511.0M	0	1QUS 2LRGF 3INTF Top holdings2024-03-31 1.QUS 2.LRGF 3.INTF 4.ITOT 5.VEU 6.SPY 7.UCON 8.IQLT 9.EFA 10.USHY
2023-12-31	83	$485.3M	0	1QUS 2LRGF 3INTF Top holdings2023-12-31 1.QUS 2.LRGF 3.INTF 4.ITOT 5.UCON 6.VEU 7.SPY 8.IQLT 9.USHY 10.EFA
2023-09-30	77	$415.6M	0	1QUS 2LRGF 3INTF Top holdings2023-09-30 1.QUS 2.LRGF 3.INTF 4.ITOT 5.VEU 6.SPY 7.IQLT 8.USHY 9.EFA 10.UCON
2023-06-30	80	$414.6M	0	1QUS 2LRGF 3INTF Top holdings2023-06-30 1.QUS 2.LRGF 3.INTF 4.ITOT 5.SPY 6.IQLT 7.VEU 8.EFA 9.USHY 10.IWP
2023-03-31	73	$386.8M	0	1QUS 2INTF 3LRGF Top holdings2023-03-31 1.QUS 2.INTF 3.LRGF 4.ITOT 5.SPY 6.IWP 7.IQLT 8.VEU 9.EFA 10.USHY
2022-12-31	77	$369.2M	0	1QUS 2INTF 3IWP Top holdings2022-12-31 1.QUS 2.INTF 3.IWP 4.ITOT 5.VPL 6.IQLT 7.UCON 8.SPY 9.EEMA 10.LRGF
2022-09-30	69	$331.8M	0	1QUS 2IWP 3VPL Top holdings2022-09-30 1.QUS 2.IWP 3.VPL 4.EEMA 5.UCON 6.ITOT 7.EFAV 8.SPY 9.IQLT 10.VEU
2022-06-30	68	$353.7M	0	1QUS 2EEMA 3VPL Top holdings2022-06-30 1.QUS 2.EEMA 3.VPL 4.IWP 5.UCON 6.EFAV 7.ITOT 8.SPY 9.VEU 10.IQLT
2022-03-31	69	$337.1M	0	1QUS 2VPL 3EEMA Top holdings2022-03-31 1.QUS 2.VPL 3.EEMA 4.ITOT 5.SPY 6.IWP 7.IQLT 8.VEU 9.EFA 10.EFAV
2021-12-31	71	$371.4M	0	1QUS 2EEMA 3VPL Top holdings2021-12-31 1.QUS 2.EEMA 3.VPL 4.IWP 5.ITOT 6.SPY 7.VEU 8.IQLT 9.EFA 10.EFAV
2021-09-30	66	$353.5M	0	1QUS 2EEMA 3VPL Top holdings2021-09-30 1.QUS 2.EEMA 3.VPL 4.ITOT 5.SPY 6.IWP 7.VEU 8.IQLT 9.EFA 10.EFAV
2021-06-30	71	$371.0M	94	1QUS 2EEMA 3VPL Top holdings2021-06-30 1.QUS 2.EEMA 3.VPL 4.ITOT 5.SPY 6.IWP 7.VEU 8.RETAEUR 9.EFAV 10.EFA
2021-03-31	74	$331.0M	12	1QUS 2EEMA 3ITOT Top holdings2021-03-31 1.QUS 2.EEMA 3.ITOT 4.VPL 5.SPY 6.IWP 7.VEU 8.EFAV 9.RETAEUR 10.EFA
2020-12-31	67	$301.9M	23	1QUS 2EEMA 3VPL Top holdings2020-12-31 1.QUS 2.EEMA 3.VPL 4.ITOT 5.IWP 6.SPY 7.EFAV 8.VEU 9.EFA 10.IWR
2020-09-30	63	$247.5M	12	1QUS 2EEMA 3VPL Top holdings2020-09-30 1.QUS 2.EEMA 3.VPL 4.SPY 5.ITOT 6.EFAV 7.IWP 8.EFA 9.VEU 10.IWR
2020-06-30	67	$228.5M	22	1QUS 2EEMA 3SPY Top holdings2020-06-30 1.QUS 2.EEMA 3.SPY 4.VPL 5.ITOT 6.IWP 7.EFAV 8.EFA 9.VEU 10.IWF
2020-03-31	60	$228.9M	100	1QUS 2SPY 3EEMA Top holdings2020-03-31 1.QUS 2.SPY 3.EEMA 4.VPL 5.IWP 6.EFAV 7.ITOT 8.EFA 9.USMV 10.IWF
2019-12-31	65	$206.6M	15	1USMV 2ACWV 3QUAL Top holdings2019-12-31 1.USMV 2.ACWV 3.QUAL 4.SPY 5.IWV 6.EFA 7.ACWX 8.IWF 9.IWR 10.IWD
2019-09-30	60	$183.5M	36	1USMV 2ACWV 3SPY Top holdings2019-09-30 1.USMV 2.ACWV 3.SPY 4.IWV 5.EFA 6.ACWX 7.FGENEUR 8.IWF 9.IWR 10.IWD
2019-06-30	46	$145.1M	16	1USMV 2ACWV 3IWV Top holdings2019-06-30 1.USMV 2.ACWV 3.IWV 4.FGENEUR 5.ACWX 6.HD 7.IVW 8.IVE 9.MA 10.HYG
2019-03-31	44	$144.5M	40	1USMV 2HD 3ACWV Top holdings2019-03-31 1.USMV 2.HD 3.ACWV 4.IWV 5.ACWX 6.IVW 7.FGENEUR 8.HYG 9.IVE 10.MA
2018-12-31	48	$170.0M	0	1USMV 2HD 3HYG Top holdings2018-12-31 1.USMV 2.HD 3.HYG 4.AMJEUR 5.IWV 6.ACWV 7.LQD 8.EEMA 9.ACWX 10.IPAC

Holding changes this quarter

Position changes disclosed by Tolleson Wealth Management, Inc. for the quarter ending 2025-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	INTF	Ishares International Equity	+0.4%	+4.30%	Add
2	IVV	Ishares Core S&p 500 ETF	+0.1%	+24.68%	Add
3	IEMG	Ishares Core Msci Emerging	+0.1%	+32.94%	Add
4	HIMU	Ishares High Yild Muni A ETF	0%	+8.47%	Add
5	GS	Goldman Sachs Group INC	0%	-0.81%	Trim
6	VEA	Vanguard Ftse Developed ETF	—	—	Unchanged
7	ABT	Abbott Laboratories	0%	-15.76%	Trim
8	BRK-B	Berkshire Hathaway Inc-cl B	0%	-33.46%	Trim
9	ICF	Ishares Select U.s. Reit ETF	0%	-20.71%	Trim
10	ADP	Automatic Data Processing	0%	-2.04%	Trim
11	UNH	Unitedhealth Group INC	0%	-2.71%	Trim
12	IWV	Ishares Russell 3000 ETF	0%	—	Unchanged
13	SYY	Sysco CORP	0%	—	Unchanged
14	VPL	Vanguard Ftse Pacific ETF	0%	-44.40%	Trim
15	VOTE	Tcw Transform 500 ETF	0%	+0.84%	Add
16	DHI	Dr Horton INC	0%	-1.27%	Trim
17	VXUS	Vanguard Total Intl Stock	0%	-11.19%	Trim
18	USIG	Ishares Broad Usd Investment	0%	-8.28%	Trim
19	IWD	Ishares Russell 1000 Value E	0%	-1.79%	Trim
20	AAXJ	Ishares Msci All Country Asi	-0.1%	-3.73%	Trim
21	IWP	Ishares Russell Mid-cap Grow	-0.1%	—	Unchanged
22	BTCO	Invsco Glxy Btcn ETF	-0.1%	—	Unchanged
23	NULC	Nuveen Esg Large-cap ETF	-0.1%	+2.10%	Add
24	IQLT	Ishares Msci International Q	-0.1%	-0.61%	Trim
25	USHY	Ishares Broad Usd High Yield	-0.1%	-2.77%	Trim
26	IWR	Ishares Russell Mid-cap ETF	-0.1%	-1.89%	Trim
27	GLD	Spdr Gold Shares	-0.1%	-41.36%	Trim
28	MSFT	Microsoft CORP	-0.1%	-9.85%	Trim
29	EFA	Ishares Msci Eafe ETF	-0.1%	-4.26%	Trim
30	AAPL	Apple INC	-0.1%	-26.76%	Trim
31	IWF	Ishares Russell 1000 Growth	-0.1%	-5.34%	Trim
32	LRGF	Ishares US Equity Factor ETF	-0.2%	+5.66%	Add
33	UCON	First Trust Smith Unconstrai	-0.2%	-11.68%	Trim
34	VONG	Vanguard Russell 1000 Growth	-0.3%	—	Unchanged
35	GLXY	Galaxy Digital Inc-a	-0.3%	—	Unchanged
36	SPY	Ss Spdr S&p 500 ETF Trust-us	-0.3%	-7.49%	Trim
37	ITOT	Ishares Core S&p Total U.s.	-0.4%	-1.08%	Trim
38	VOO	Vanguard S&p 500 ETF	-0.4%	-19.85%	Trim
39	QUS	Ss Spdr Msci U Stratfact ETF	-1.1%	-2.30%	Trim
40	SGOV	Ishares 0-3 Month Treasury B	—	NEW	New buy
41	RRBI	Red River Bancshares INC	—	EXIT	Sold out
42	IBIT	Ishares Bitcoin Trust ETF	—	NEW	New buy
43	IEFA	Ishares Core Msci Eafe ETF	—	NEW	New buy
44	SGOL	Abrdn Physical Gold Shares	—	NEW	New buy
45	OLED	Universal Display CORP	—	NEW	New buy
46	XOM	Exxon Mobil CORP	—	EXIT	Sold out
47	VO	Vanguard Mid-cap ETF	—	NEW	New buy
48	JNJ	Johnson & Johnson	—	EXIT	Sold out
49	GDX	Vaneck Gold Miners ETF	—	NEW	New buy
50	HON	Honeywell International INC	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-28	Amendment	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-08-28	Amendment	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-13	13F-HR	View on EDGAR
2021-03-31	2021-05-05	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-11-20	Amendment	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-11-20	Amendment	View on EDGAR
2020-03-31	2020-08-25	Amendment	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-08-25	Amendment	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-09	13F-HR	View on EDGAR
2018-12-31	2019-04-09	13F-HR	View on EDGAR