Duncan Williams Asset Management, LLC

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CIK 2011771

13F portfolio (2026-Q1)

$361M

Positions

154

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

154

Top 5

42.7%

Top 10

56.5%

Effective N

20.4

HHI

0.049

This quarter

6 new · 0 exit →

By sector

Unclassified68.8%

Information Technology8.5%

Financials8.0%

Consumer Discretionary4.3%

Industrials2.9%

Health Care2.7%

Communication Services1.6%

Real Estate1.0%

Other2.2%

By market cap

Unknown69.8%

Mega (>$200B)18.6%

Large ($10–200B)10.1%

Small ($300M–2B)0.9%

Mid ($2–10B)0.5%

Micro (<$300M)0.1%

By region

Other68.8%

North America30.5%

Asia-Pacific0.4%

Europe0.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	70.75%	58
Technology Hardware & Equipment	4.91%	5
Specialty Retail	3.91%	5
Banks	3.51%	14
Pharmaceuticals & Biotechnology	2.40%	13
Commercial Services & Supplies	2.16%	5
Software	2.13%	4
Semiconductors & Semiconductor Equipment	1.42%	6
Software & IT Services	1.42%	3
Airlines	1.12%	1
Oil, Gas & Consumable Fuels	0.85%	4
Equity Real Estate Investment Trusts (REITs)	0.78%	5
Machinery	0.61%	3
Aerospace & Defense	0.54%	4
Insurance	0.52%	4
Chemicals	0.51%	2
Capital Markets	0.45%	2
Metals & Mining	0.42%	3
Automobiles & Components	0.33%	1
Health Care Equipment & Supplies	0.27%	2
Diversified Telecommunication Services	0.23%	2
Beverages	0.21%	2
Real Estate Management & Development	0.21%	1
Hotels, Restaurants & Leisure	0.09%	1
Tobacco	0.07%	1
Food Products	0.06%	1
Road & Rail	0.06%	1
Utilities	0.06%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	DGRW	WISDOMTREE TR	Unclassified	12.37%
2	VUG	VANGUARD INDEX FDS	Unclassified	11.98%
3	IUSV	ISHARES TR	Unclassified	7.67%
4	AVNM	AMERICAN CENTY ETF TR	Unclassified	6.63%
5	AAPL	Apple Inc.	Information Technology	4.06%
6	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	3.27%
7	GSSC	GOLDMAN SACHS ETF TR	Unclassified	3.14%
8	VOO	VANGUARD INDEX FDS	Unclassified	2.74%
9	VTV	VANGUARD INDEX FDS	Unclassified	2.54%
10	SCHD	SCHWAB STRATEGIC TR	Unclassified	2.10%

97/154 names classified · sector 31.2% of weight · industry 29.3% · mkt cap 30.2%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 9 quarters

Information TechnologyAAPL, MSFT, NVDA, DHR, JBL · other

FinancialsFHN, BRK.B, MA, V, KKR · other

Consumer DiscretionaryAZO, AMZN, WMT, HD, CPRT · other

IndustrialsFDX, ACN, PHM, LMT, NOC · other

Health CareRMD, JNJ, AMGN, ABBV, PRTA · other

Communication ServicesGOOG, CMCSA, GOOGL, META, TMUS · other

Real EstateEGP, BN, VICI, MAA, DOC · other

EnergyMPC, XOM, PSX, COP

MaterialsLIN, PG, NUE, NEM, NKE · other

Consumer StaplesPEP, KO, PM, STZ, ADM

UtilitiesEPD, SO, ET, AQN, AEP

UnclassifiedVUG, SCHD, DGRW, IUSV, AVNM · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 31.2% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 27% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (78 classified)Duncan Williams Asset Management, LLC centroid (Large Core)

Information TechnologyFinancialsConsumer DiscretionaryIndustrialsHealth CareCommunication ServicesMaterialsEnergyReal EstateConsumer StaplesUtilities

Style box summary for Duncan Williams Asset Management, LLC: centroid Large Core. Heaviest cells: Large Growth 9.8%, Large Core 6.8%, Large Value 3.4%.

Classified: 26.6% of book weight (78/153 names) · unclassified 73.4%: DGRW, VUG, IUSV, AVNM, VEA, GSSC, VOO, VTV, SCHD, VWO +65 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 154 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	DGRWWISDOMTREE TR	507,774	$45M	12.4%	TRIM −3%
2	VUGVANGUARD INDEX FDS	98,966	$43M	12.0%	TRIM −4%
3	IUSVISHARES TR	270,470	$28M	7.7%	HOLD
4	AVNMAMERICAN CENTY ETF TR	313,894	$24M	6.6%	ADD 12%
5	AAPLAPPLE INC	57,771	$15M	4.1%	ADD 5%
6	VEAVANGUARD TAX-MANAGED FDS	183,838	$12M	3.3%	HOLD
7	GSSCGOLDMAN SACHS ETF TR	151,895	$11M	3.1%	TRIM −3%
8	VOOVANGUARD INDEX FDS	16,547	$10M	2.7%	HOLD
9	VTVVANGUARD INDEX FDS	46,748	$9M	2.5%	TRIM −7%
10	SCHDSCHWAB STRATEGIC TR	246,296	$8M	2.1%	TRIM −14%
11	VWOVANGUARD INTL EQUITY INDEX F	132,972	$7M	2.0%	HOLD
12	VBVANGUARD INDEX FDS	26,711	$7M	1.9%	HOLD
13	BRK.BBERKSHIRE HATHAWAY INC DEL	14,488	$7M	1.9%	HOLD
14	MSFTMICROSOFT CORP	17,164	$6M	1.8%	TRIM −3%
15	AMZNAMAZON COM INC	23,526	$5M	1.4%	TRIM −3%
16	FHNFIRST HORIZON CORPORATION	214,680	$5M	1.4%	TRIM −38%
17	XMHQINVESCO EXCHANGE TRADED FD T	42,574	$4M	1.2%	ADD 7%
18	AZOAUTOZONE INC	1,203	$4M	1.1%	HOLD
19	FDXFEDEX CORP	11,380	$4M	1.1%	TRIM −3%
20	VYMIVANGUARD WHITEHALL FDS	41,272	$4M	1.1%	ADD 4%
21	VOVANGUARD INDEX FDS	12,864	$4M	1.0%	HOLD
22	GOOGALPHABET INC	12,022	$3M	1.0%	TRIM −10%
23	MAMASTERCARD INCORPORATED	6,341	$3M	0.9%	TRIM −5%
24	WMTWALMART INC	24,211	$3M	0.8%	TRIM −5%
25	VVISA INC	8,963	$3M	0.8%	TRIM −7%
26	SPYSTATE STR SPDR S&P 500 ETF T	4,096	$3M	0.7%	TRIM −22%
27	VIGVANGUARD SPECIALIZED FUNDS	11,038	$2M	0.7%	HOLD
28	RFREGIONS FINANCIAL CORP NEW	85,801	$2M	0.6%	TRIM −3%
29	CSMPROSHARES TR	29,266	$2M	0.6%	TRIM −8%
30	QQQINVESCO QQQ TR	3,326	$2M	0.5%	TRIM −71%
31	VONGVANGUARD SCOTTSDALE FDS	14,510	$2M	0.4%	HOLD
32	EGPEASTGROUP PPTYS INC	8,300	$2M	0.4%	HOLD
33	JNJJOHNSON & JOHNSON	6,214	$2M	0.4%	TRIM −3%
34	MPCMARATHON PETE CORP	6,193	$2M	0.4%	TRIM −5%
35	TSMTAIWAN SEMICONDUCTOR MFG LTD	4,243	$1M	0.4%	TRIM −12%
36	EFGISHARES TR	11,844	$1M	0.4%	HOLD
37	CGXUCapital Group International Focus - ETF	43,088	$1M	0.4%	TRIM −2%
38	TSLATESLA INC	3,243	$1M	0.3%	HOLD
39	MUNIPIMCO Intermediate Muni Bd Actv - ETF	23,024	$1M	0.3%	TRIM −13%
40	VXUSVANGUARD STAR FDS	15,513	$1M	0.3%	TRIM −21%
41	GOOGLALPHABET INC	4,115	$1M	0.3%	HOLD
42	IWPISHARES TR	9,232	$1M	0.3%	HOLD
43	LLYELI LILLY & CO	1,275	$1M	0.3%	HOLD
44	COSTCOSTCO WHSL CORP NEW	1,165	$1M	0.3%	TRIM −26%
45	UNHUNITEDHEALTH GROUP INC	4,161	$1M	0.3%	TRIM −4%
46	FTNTFORTINET INC	13,463	$1M	0.3%	TRIM −5%
47	AVGOBROADCOM INC	3,528	$1M	0.3%	ADD 100%
48	ABBVABBVIE INC	4,993	$1M	0.3%	HOLD
49	PNFPPINNACLE FINL PARTNERS INC	12,588	$1M	0.3%	TRIM −3%
50	NVDANVIDIA CORPORATION	6,206	$1M	0.3%	TRIM −7%
51	CIFRCIPHER MINING INC	82,704	$1M	0.3%	ADD 37%
52	CGMUCAPITAL GRP FIXED INCM ETF T	38,461	$1M	0.3%	ADD 4%
53	ASMLASML HOLDING N V	766	$1M	0.3%	ADD 3%
54	PDIPIMCO DYNAMIC INCOME FD	58,140	$994,780	0.3%	ADD 4%
55	GPIXGOLDMAN SACHS ETF TR	19,787	$990,162	0.3%	ADD 3%
56	HDHOME DEPOT INC	2,984	$981,416	0.3%	HOLD
57	DEDEERE & CO	1,684	$948,597	0.3%	HOLD
58	LINLINDE PLC	1,912	$947,906	0.3%	TRIM −7%
59	AMGNAMGEN INC	2,632	$925,906	0.3%	HOLD
60	RMDRESMED INC	4,072	$914,077	0.3%	TRIM −9%
61	GSGOLDMAN SACHS GROUP INC	1,075	$909,055	0.3%	HOLD
62	VBKVANGUARD INDEX FDS	2,986	$902,389	0.3%	HOLD
63	PGPROCTER AND GAMBLE CO	6,147	$887,868	0.2%	HOLD
64	XOMEXXON MOBIL CORP	5,060	$858,412	0.2%	TRIM −31%
65	MRKMERCK & CO INC	7,052	$848,285	0.2%	TRIM −3%
66	RRBIRED RIVER BANCSHARES INC	9,050	$818,482	0.2%	HOLD
67	ACNACCENTURE PLC IRELAND	4,107	$814,302	0.2%	TRIM −8%
68	NEMNEWMONT CORP	7,441	$805,519	0.2%	TRIM −18%
69	JAAAJANUS DETROIT STR TR	15,431	$777,234	0.2%	HOLD
70	KLACKLA CORP	515	$758,291	0.2%	NEW
71	VIGIVanguard Whitehall Int'l Div. Apprec. ETF	8,544	$755,795	0.2%	HOLD
72	BNBROOKFIELD CORP	18,435	$746,068	0.2%	TRIM −8%
73	KKRKKR & CO INC	7,698	$712,098	0.2%	TRIM −21%
74	RSPINVESCO EXCHANGE TRADED FD T	3,704	$710,788	0.2%	HOLD
75	AMDADVANCED MICRO DEVICES INC	3,413	$694,307	0.2%	TRIM −21%
76	APELLIS PHARMACEUTICALS INC	17,005	$684,111	0.2%	HOLD
77	PRTAPROTHENA CORP PLC	70,281	$683,131	0.2%	HOLD
78	NOCNORTHROP GRUMMAN CORP	1,000	$682,240	0.2%	HOLD
79	NOWSERVICENOW INC	6,275	$656,051	0.2%	NEW
80	IBMINTERNATIONAL BUSINESS MACHS	2,692	$652,559	0.2%	TRIM −2%
81	EFAISHARES TR	6,584	$639,514	0.2%	HOLD
82	BONDPIMCO ETF TR	6,595	$608,587	0.2%	TRIM −15%
83	WMWASTE MGMT INC DEL	2,520	$579,071	0.2%	HOLD
84	TMUST-MOBILE US INC	2,753	$578,299	0.2%	TRIM −6%
85	ITAIShares U.S. Aerospace & Defense ETF	2,536	$554,682	0.2%	HOLD
86	ZYMEZYMEWORKS INC	22,095	$553,259	0.2%	HOLD
87	GDGENERAL DYNAMICS CORP	1,600	$549,152	0.2%	HOLD
88	MNANEW YORK LIFE INVESTMENTS ET	15,042	$546,777	0.2%	HOLD
89	VICIVICI PPTYS INC	19,918	$544,160	0.2%	TRIM −10%
90	JPMJPMORGAN CHASE & CO	1,848	$543,704	0.2%	TRIM −2%
91	MELIMERCADOLIBRE INC	309	$534,267	0.1%	HOLD
92	NVTSNAVITAS SEMICONDUCTOR CORP	60,000	$526,200	0.1%	HOLD
93	DIASPDR DOW JONES INDL AVERAGE	1,134	$525,184	0.1%	TRIM −52%
94	DHRDANAHER CORP DEL	2,759	$523,061	0.1%	HOLD
95	METAMETA PLATFORMS INC	852	$487,740	0.1%	HOLD
96	MGVVANGUARD WORLD FD	3,354	$486,162	0.1%	HOLD
97	STZCONSTELLATION BRANDS INC	3,166	$474,900	0.1%	NEW
98	ABTABBOTT LABS	4,464	$458,337	0.1%	HOLD
99	LHXL3HARRIS TECHNOLOGIES INC	1,317	$454,563	0.1%	HOLD
100	ORCLORACLE CORP	3,060	$450,089	0.1%	ADD 2%
101	IGHGPROSHARES TR	5,600	$434,896	0.1%	TRIM −32%
102	CGBLCAPITAL GROUP CORE BALANCED	12,562	$432,274	0.1%	NEW
103	BMYBRISTOL-MYERS SQUIBB CO	7,110	$431,200	0.1%	HOLD
104	PSXPHILLIPS 66	2,287	$416,646	0.1%	HOLD
105	CWBSPDR SER TR	4,545	$415,958	0.1%	HOLD
106	CGIECAPITAL GROUP INTERNATIONAL	11,853	$400,883	0.1%	HOLD
107	NUENUCOR CORP	2,350	$397,385	0.1%	HOLD
108	BSVVANGUARD BD INDEX FDS	4,955	$388,522	0.1%	HOLD
109	BACBANK AMERICA CORP	7,890	$384,632	0.1%	HOLD
110	TFCTRUIST FINL CORP	8,035	$369,369	0.1%	TRIM −37%
111	CGGRCAPITAL GROUP GROWTH ETF	9,151	$367,783	0.1%	TRIM −3%
112	ANABANAPTYSBIO INC	6,525	$361,877	0.1%	HOLD
113	IVVISHARES TR	548	$357,668	0.1%	HOLD
114	IWRISHARES TR	3,619	$351,875	0.1%	TRIM −8%
115	HYZDWISDOMTREE TR	15,713	$345,843	0.1%	TRIM −33%
116	WFCWELLS FARGO CO NEW	4,270	$339,935	0.1%	TRIM −13%
117	RNSTRENASANT CORP	9,300	$336,009	0.1%	TRIM −10%
118	YUMYUM BRANDS INC	2,050	$318,734	0.1%	HOLD
119	VOTVANGUARD INDEX FDS	1,211	$311,634	0.1%	TRIM −6%
120	JBLJabil Circuit, Inc.	1,138	$302,389	0.1%	TRIM −10%
121	GLWCORNING INC	2,188	$297,502	0.1%	HOLD
122	KOCOCA COLA CO	3,903	$296,842	0.1%	TRIM −9%
123	PFEPFIZER INC	10,448	$293,369	0.1%	TRIM −28%
124	ALLALLSTATE CORP	1,414	$293,156	0.1%	HOLD
125	COPCONOCOPHILLIPS	2,195	$289,740	0.1%	TRIM −7%
126	XRNGLOBAL MED REIT INC	8,414	$278,335	0.1%	TRIM −15%
127	IEMGISHARES INC	3,954	$275,794	0.1%	HOLD
128	LMTLOCKHEED MARTIN CORP	451	$272,511	0.1%	TRIM −36%
129	GDLCGRAYSCALE COINDESK CRYPTO 5 ETF	8,722	$272,039	0.1%	NEW
130	CORZCORE SCIENTIFIC INC NEW	18,031	$269,744	0.1%	HOLD
131	HBANHUNTINGTON BANCSHARES INC	16,871	$264,031	0.1%	HOLD
132	AFLAFLAC INC	2,402	$263,523	0.1%	HOLD
133	VTEBVANGUARD MUN BD FDS	5,175	$258,181	0.1%	HOLD
134	SPSMSPDR SERIES TRUST	5,216	$252,057	0.1%	TRIM −14%
135	PMPHILIP MORRIS INTL INC	1,511	$249,799	0.1%	TRIM −41%
136	VNQVANGUARD INDEX FDS	2,781	$246,710	0.1%	HOLD
137	VZVERIZON COMMUNICATIONS INC	4,906	$246,281	0.1%	TRIM −13%
138	MAAMID-AMER APT CMNTYS INC	2,012	$245,711	0.1%	TRIM −4%
139	CATCATERPILLAR INC	338	$239,459	0.1%	TRIM −23%
140	ICVTISHARES TR CONV BD ETF	2,347	$238,901	0.1%	TRIM −41%
141	DVYISHARES TR	1,553	$235,169	0.1%	TRIM −6%
142	ADMARCHER DANIELS MIDLAND CO	2,983	$216,834	0.1%	HOLD
143	CSXCSX CORP	5,250	$215,513	0.1%	HOLD
144	PLTRPALANTIR TECHNOLOGIES INC	1,466	$214,510	0.1%	TRIM −66%
145	AEPAMERICAN ELEC PWR CO INC	1,611	$211,174	0.1%	NEW
146	RPGINVESCO EXCHANGE TRADED FD T	4,484	$209,565	0.1%	HOLD
147	MRSHMARSH & MCLENNAN COS INC	1,205	$209,069	0.1%	HOLD
148	TVRDTVARDI THERAPEUTICS INC	63,241	$201,106	0.1%	TRIM −22%
149	DOCHEALTHPEAK PROPERTIES INC	12,037	$197,768	0.1%	TRIM −13%
150	RLAYRELAY THERAPEUTICS INC	11,438	$113,808	0.0%	TRIM −3%
151	AVRANTERIS TECHNOLOGIES GLOBAL	10,870	$60,329	0.0%	HOLD
152	HIVEHIVE DIGITAL TECHNOLOGIES LT	16,479	$31,310	0.0%	ADD 2%
153	REDWOOD TRUST INC	25,000	$25,250	0.0%	HOLD
154	CANCANAAN INC	31,000	$13,386	0.0%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

DGRWWISDOMTREE TR

170K

388K

443K

490K

523K

508K

$45M

VUGVANGUARD INDEX FDS

91K

97K

100K

101K

103K

99K

$43M

IUSVISHARES TR

—

208K

273K

270K

$28M

AVNMAMERICAN CENTY ETF TR

—

280K

314K

$24M

AAPLAPPLE INC

58K

57K

56K

55K

58K

$15M

VEAVANGUARD TAX-MANAGED FDS

78K

103K

108K

129K

182K

184K

$12M

GSSCGOLDMAN SACHS ETF TR

22K

26K

134K

148K

156K

152K

$11M

VOOVANGUARD INDEX FDS

14K

15K

16K

17K

$10M

VTVVANGUARD INDEX FDS

45K

46K

47K

50K

47K

$9M

SCHDSCHWAB STRATEGIC TR

948K

1.0M

1.1M

466K

285K

246K

$8M

VWOVANGUARD INTL EQUITY INDEX F

74K

96K

105K

116K

132K

133K

$7M

VBVANGUARD INDEX FDS

20K

25K

27K

$7M

BRK.BBERKSHIRE HATHAWAY INC DEL

14K

15K

14K

$7M

MSFTMICROSOFT CORP

17K

18K

20K

19K

18K

17K

$6M

AMZNAMAZON COM INC

22K

23K

24K

$5M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Duncan Williams Asset Management, LLC