COWA LLC Portfolio holdings

AUM $263M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4

This Quarter Return

-5.75%

1 Year Return

+13.25%

3 Year Return

+45.51%

5 Year Return

–

10 Year Return

–

AUM

$152M

AUM Growth

+$152M (-13%)

Cap. Flow

-$16.6M

Cap. Flow % of AUM

-10.94%

Top 10 Holdings % Top 10 Hldgs %

37.98%

Holding

359

New

238

Increased

Reduced

Closed

Top Buys

1	Schwab Fundamental US Large Company Index ETF FNDX	$1.63M
2	Dimensional International Value ETF DFIV	$1.34M
3	Apple AAPL	$838K
4	SPDR S&P Oil & Gas Exploration & Production ETF XOP	$777K
5	ATVI Activision Blizzard Inc. ATVI	$765K

Top Sells

1	iShares 0-3 Month Treasury Bond ETF SGOV	$11.8M
2	iShares Core S&P 500 ETF IVV	$5.45M
3	SPDR Bloomberg Investment Grade Floating Rate ETF FLRN	$3.62M
4	iShares Core MSCI EAFE ETF IEFA	$1.54M
5	iShares International Equity Factor ETF INTF	$1.24M

Sector Composition

1	Energy	10.59%
2	Technology	7.1%
3	Financials	3.85%
4	Healthcare	3.49%
5	Consumer Staples	2.67%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
201	201 Lockheed Martin LMT $106B	$39K	0.03%	+100	New	+$39K
202	202 McDonald's MCD $224B	$39K	0.03%	+169	New	+$39K
203	203 Clearway Energy Class C CWEN $3.51B	$38K	0.03%	+1,200	New	+$38K
204	204 Accenture ACN $162B	$37K	0.02%	+144	New	+$37K
205	205 Expedia Group EXPE $26.6B	$37K	0.02%	+400	New	+$37K
206	206 Nucor NUE $34.1B	$37K	0.02%	+350	New	+$37K
207	207 iShares Core 80/20 Aggressive Allocation ETF AOA $2.51B	$36K	0.02%	+647	New	+$36K
208	208 Comcast CMCSA $125B	$36K	0.02%	+1,244	New	+$36K
209	209 Kellanova K $27.6B	$36K	0.02%	+522	New	+$36K
210	210 BlackRock MuniYield Quality Fund MQY $795M	$35K	0.02%	+3,145	New	+$35K
211	211 Vanguard US Value Factor ETF VFVA $646M	$35K	0.02%	+400	New	+$35K
212	212 Automatic Data Processing ADP $123B	$34K	0.02%	+150	New	+$34K
213	213 J.M. Smucker SJM $11.8B	$34K	0.02%	+247	New	+$34K
214	214 FedEx FDX $54.5B	$33K	0.02%	+225	New	+$33K
215	215 Caterpillar CAT $196B	$33K	0.02%	+200	New	+$33K
216	216 Newmont NEM $81.7B	$32K	0.02%	+755	New	+$32K
217	217 Leidos LDOS $23.2B	$31K	0.02%	+354	New	+$31K
218	218 Tyson Foods TSN $20.2B	$31K	0.02%	+470	New	+$31K
219	219 Oracle ORCL $635B	$30K	0.02%	+490	New	+$30K
220	220 WEC Energy WEC $34.3B	$30K	0.02%	+334	New	+$30K
221	PHX 221 DELISTED PHX Minerals PHX	$29K	0.02%	+9,030	New	+$29K
222	222 Cohen & Steers REIT and Preferred and Income Fund RNP $1.07B	$29K	0.02%	+1,500	New	+$29K
223	223 Visa V $683B	$29K	0.02%	+161	New	+$29K
224	224 Southwest Airlines LUV $17.3B	$28K	0.02%	+900	New	+$28K
225	225 Synchrony SYF $28.4B	$28K	0.02%	+1,000	New	+$28K