Top Institutional Investors

Tanglewood Wealth Management, Inc. — 13F Holdings & Portfolio

CIK 1454308 · latest 13F-HR filed 2026-07-27

Backtest portfolio

Tanglewood Wealth Management, Inc. manages $1.18B in 13F-reported U.S. long-equity assets across 44 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VTI (20.35%), VEA (17.90%), IEI (14.44%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 8 new positions and exited 2; 19 existing positions rose in reported value and 7 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$1.18B

Long-equity book

Holdings
44

Distinct positions

Period
2026-06-30

Filed 2026-07-27

Q/Q Activity
+8 / −2 / ↑19 / ↓7

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VTI20.3% · +9%VEA17.9% · +1%IEI14.4% · -10%VGIT5.1% · -20%IAU5.0% · -15%FRDM4.9% · +1%QQQ4.8% · -0%FNDX4.5% · +1%SCHB3.9% · +3%GLD3.4% · -13%IWV2.7% · -20%CSEN2.7% · newEFA2.5% · +2%QUAL2.2% · -1%VNQ2.1% · +13%VIGI0.5% · -1%TCAF0.5% · +2%IEFA0.4% · 0%AVDV0.2% · +76%SCHO0.2% · newEFG0.2% · -11%XLK0.1% · +12%QQQM0.1% · newFPAG0.1% · -14%FEOE0.1% · -92%XLRE0.1% · 0%GOOGL0.1% · 0%SCHX0.1% · -0%BRK.A0.1% · 0%AAPL0.1% · 0%VOO0.0% · newEFV0.0% · 0%MSFT0.0% · 0%AKRE0.0% · 0%SPY0.0% · 0%SLV0.0% · 0%IWD0.0% · 0%BND0.0% · 0%CAT0.0% · newIDV0.0% · 0%WELL0.0% · newDVY0.0% · 0%AMZN0.0% · newJNJ0.0% · new

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 84.4%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People
Assets Under Management
$1.59B
Discretionary
$1.59B
Employees
14
Accounts
1,296
Address
1400 POST OAK BLVD
SUITE 800
HOUSTON, TX 77056
Phone
(713) 840-8880
Website
Name Title / Status Ownership Type
FENSTAD, KEITH, ALAN ControlCHIEF COMPLIANCE OFFICER AND SECRETARY10–25%Individual
MERRILL, BRIAN, JOSEPH ControlVICE PRESIDENT AND TREASURER25–50%Individual
MERRILL, JOHN, FRANKLIN ControlPRESIDENT25–50%Individual

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Tanglewood Wealth Management, Inc. Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VANGUARD TOTAL STOCK MARKET ETF VTI 922908769 $239.2M 20.35% 646,444 SH
2 VANGUARD FTSE DEVELOPED MARKETS ETF VEA 921943858 $210.5M 17.90% 2,953,730 SH
3 ISHARES 3-7 YEAR TREASURY BOND ETF IEI 464288661 $169.7M 14.44% 1,445,259 SH
4 VANGUARD INTERMEDIATE-TERM TREASURY ETF VGIT 92206C706 $60.5M 5.15% 1,026,225 SH
5 ISHARES GOLD TR IAU 464285204 $58.9M 5.01% 780,110 SH
6 FREEDOM 100 EMERGING MARKETS ETF FRDM 02072L607 $58.0M 4.93% 795,880 SH
7 INVESCO QQQ TRUST SERIES I QQQ 46090E103 $56.1M 4.77% 76,145 SH
8 SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF FNDX 808524771 $53.5M 4.55% 1,719,646 SH
9 SCHWAB U.S. BROAD MARKET ETF SCHB 808524102 $45.7M 3.89% 1,577,486 SH
10 SPDR GOLD TR GLD 78463V107 $40.3M 3.43% 109,503 SH
11 ISHARES RUSSELL 3000 ETF IWV 464287689 $31.8M 2.70% 74,519 SH
12 COHEN & STEERS ETF TRUST CSEN 19249U609 $31.6M 2.69% 1,334,706 SH
13 ISHARES MSCI EAFE ETF EFA 464287465 $29.2M 2.48% 281,224 SH
14 ISHARES MSCI USA QUALITY FACTOR ETF QUAL 46432F339 $26.4M 2.24% 120,139 SH
15 VANGUARD REAL ESTATE ETF VNQ 922908553 $24.5M 2.08% 254,209 SH
16 VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF VIGI 921946810 $6.4M 0.55% 68,858 SH
17 T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF TCAF 87283Q867 $6.1M 0.52% 149,060 SH
18 ISHARES CORE MSCI EAFE ETF IEFA 46432F842 $5.2M 0.45% 54,279 SH
19 AVANTIS INTERNATIONAL SMALL CAP VALUE ETF AVDV 025072802 $2.5M 0.21% 23,881 SH
20 SCHWAB STRATEGIC TR SCHO 808524862 $2.4M 0.20% 97,461 SH
21 ISHARES MSCI EAFE GROWTH ETF EFG 464288885 $2.1M 0.18% 16,818 SH
22 STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF XLK 81369Y803 $1.7M 0.15% 8,999 SH
23 INVESCO EXCH TRADED FD TR II QQQM 46138G649 $1.7M 0.14% 5,556 SH
24 FPA GLOBAL EQUITY ETF FPAG 30254T577 $1.6M 0.14% 40,809 SH
25 FIRST EAGLE OVERSEAS EQUITY ETF FEOE 75526L878 $1.4M 0.12% 26,234 SH
26 STATE STREET REAL ESTATE SELECT SECTOR SPDR ETF XLRE 81369Y860 $1.2M 0.10% 27,682 SH
27 ALPHABET INC CAP STK CL A GOOGL 02079K305 $931.7K 0.08% 2,607 SH
28 SCHWAB U.S. LARGE-CAP ETF SCHX 808524201 $860.8K 0.07% 29,249 SH
29 BERKSHIRE HATHAWAY INC DEL CL A BRK.A 084670108 $748.9K 0.06% 1 SH
30 APPLE INC COM AAPL 037833100 $625.0K 0.05% 2,160 SH
31 VANGUARD INDEX FDS VOO 922908363 $482.8K 0.04% 703 SH
32 ISHARES MSCI EAFE VALUE ETF EFV 464288877 $457.2K 0.04% 5,972 SH
33 MICROSOFT CORP COM MSFT 594918104 $423.0K 0.04% 1,134 SH
34 AKRE FOCUS ETF AKRE 74316P579 $391.7K 0.03% 7,364 SH
35 STATE STREET SPDR S&P 500 ETF SPY 78462F103 $334.6K 0.03% 448 SH
36 ISHARES SILVER TR SLV 46428Q109 $320.8K 0.03% 6,000 SH
37 ISHARES RUSSELL 1000 VALUE ETF IWD 464287598 $318.3K 0.03% 1,313 SH
38 VANGUARD TOTAL BOND MARKET ETF BND 921937835 $271.2K 0.02% 3,695 SH
39 CATERPILLAR INC CAT 149123101 $266.2K 0.02% 250 SH
40 ISHARES INTERNATIONAL SELECT DIVIDEND ETF IDV 464288448 $229.9K 0.02% 5,550 SH
41 WELLTOWER INC WELL 95040Q104 $217.2K 0.02% 957 SH
42 ISHARES SELECT DIVIDEND ETF DVY 464287168 $210.5K 0.02% 1,347 SH
43 AMAZON COM INC AMZN 023135106 $204.0K 0.02% 856 SH
44 JOHNSON & JOHNSON JNJ 478160104 $200.4K 0.02% 789 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-07-27 $1.18B 44 0001454308-26-000004
2026-03-31 2026-04-21 $1.21B 38 0001454308-26-000003
2025-12-31 2026-01-29 $1.09B 35 0001454308-26-000002
Filer Information
Address
1400 POST OAK BLVD
SUITE 800
HOUSTON, TX 77056
Phone
(713) 840-8880
Filing Manager
Tanglewood Wealth Management, Inc.
HOUSTON, TX
Signatory
Keith Fenstad
Chief Compliance Officer