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Livermore
Livermore
ZHEN

Tanglewood Wealth Management, Inc.

SEC CIK
0001454308
Latest filing
Jul 27, 2026

The latest 13F from Tanglewood Wealth Management, Inc. covers Q2 2026 (filed Jul 27, 2026): 44 long positions worth $1.18B. The top 10 holdings make up 84.4% of the portfolio, and the largest is Vanguard Morningstar Total Stock Market ETF at 20.3%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
8
Est. +$37.0M
Added
10
Est. +$29.2M
Reduced
12
Est. −$73.5M
Sold out
2
Est. −$106.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Morningstar Total Stock Market ETF922908769
    20.3%$239.2M
  2. Vanguard Ftse Developed Markets ETF921943858
    17.9%$210.5M
  3. iShares Tr464288661
    14.4%$169.7M
  4. Vanguard Scottsdale FDS92206C706
    5.1%$60.5M
  5. IAUiShares Gold Trust
    5.0%$58.9MHistory

Share of portfolio

Top 5 holdings and the other 39 positions, by share of portfolio value

  1. Vanguard Morningstar Total Stock Market ETF20.3%
  2. Vanguard Ftse Developed Markets ETF17.9%
  3. iShares Tr14.4%
  4. Vanguard Scottsdale FDS5.1%
  5. IAU5.0%
  6. Other 39 positions37.2%

Biggest buys

New and added positions, by estimated amount bought

  1. Cohen & Steers ETF Trust19249U609
    +$31.6MNew
  2. Vanguard Morningstar Total Stock Market ETF922908769
    +$19.4MAdded
  3. Vanguard Ftse Developed Markets ETF921943858
    +$2.86MAdded
  4. Vanguard Real Estate ETF922908553
    +$2.77MAdded
  5. Schwab Strategic Tr808524862
    +$2.35MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Vanguard Morningstar Total Stock Market ETF922908769
    +4.56 pp15.8% → 20.3%
  2. Cohen & Steers ETF Trust19249U609
    +2.69 pp0.0% → 2.7%
  3. Vanguard Ftse Developed Markets ETF921943858
    +2.44 pp15.5% → 17.9%
  4. Ea Series Trust02072L607
    +1.36 pp3.6% → 4.9%
  5. Schwab U.S. Broad Market ETF808524102
    +0.69 pp3.2% → 3.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464287457
    −$77.0MSold out
  2. Gmo ETF Trust90139K100
    −$29.5MSold out
  3. iShares Tr464288661
    −$17.8MReduced
  4. RBB Fund Trust75526L878
    −$15.2MReduced
  5. Vanguard Scottsdale FDS92206C706
    −$15.0MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. iShares Tr464287457
    −6.38 pp6.4% → 0.0%
  2. Gmo ETF Trust90139K100
    −2.44 pp2.4% → 0.0%
  3. IAUiShares Gold Trust
    −1.69 pp6.7% → 5.0%History
  4. iShares Tr464288661
    −1.25 pp15.7% → 14.4%
  5. RBB Fund Trust75526L878
    −1.18 pp1.3% → 0.1%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.18B
−$31.6M (−2.6%) vs. prior quarter
Positions
44
+6 vs. prior quarter
Top 10 concentration
84.4%
Top 10 as share of value
Turnover
5.6%
Q2 2026, one quarter
Average holding period
18.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.21B (Q1 2026)

Q1 2021: $502.6MQ2 2021: $558.7MQ3 2021: $563.3MQ4 2021: $603.1MQ1 2022: $666.1MQ2 2022: $741.4MQ3 2022: $662.5MQ4 2022: $667.6MQ1 2023: $688.5MQ2 2023: $699.4MQ3 2023: $589.6MQ4 2023: $816.8MQ1 2024: $809.2MQ2 2024: $804.3MQ3 2024: $867.9MQ4 2024: $868.0MQ1 2025: $888.9MQ2 2025: $1.01BQ3 2025: $1.08BQ4 2025: $1.09BQ1 2026: $1.21BQ2 2026: $1.18B
Q1 2021Q2 2026
13F filings of Tanglewood Wealth Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 27, 202644$1.18BVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFiShares Trvs. Q1 2026SEC
Q1 2026Apr 21, 202638$1.21BVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Developed Markets ETFvs. Q4 2025SEC
Q4 2025Jan 29, 202635$1.09BVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFiShares Trvs. Q3 2025SEC
Q3 2025Oct 30, 202539$1.08BVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFiShares Trvs. Q2 2025SEC
Q2 2025Jul 21, 202540$1.01BVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFiShares Trvs. Q1 2025SEC
Q1 2025Apr 14, 202536$888.9MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Developed Markets ETFvs. Q4 2024SEC
Q4 2024Jan 24, 202534$868.0MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Developed Markets ETFvs. Q3 2024SEC
Q3 2024Oct 28, 202436$867.9MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Developed Markets ETFvs. Q2 2024SEC
Q2 2024Jul 26, 202430$804.3MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Developed Markets ETFvs. Q1 2024SEC
Q1 2024May 8, 202433$809.2MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Developed Markets ETFvs. Q4 2023SEC
Q4 2023Feb 8, 202432$816.8MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Ftse Developed Markets ETFvs. Q3 2023SEC
Q3 2023Oct 31, 202323$589.6MiShares TrVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q2 2023SEC
Q2 2023Aug 4, 202329$699.4MiShares TrVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q1 2023SEC
Q1 2023May 2, 202333$688.5MiShares TrVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q4 2022SEC
Q4 2022Feb 7, 202332$667.6MiShares TrVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q3 2022SEC
Q3 2022Nov 2, 202229$662.5MiShares TrVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q2 2022SEC
Q2 2022Jul 22, 202230$741.4MiShares TrVanguard Morningstar Total Stock Market ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2022SEC
Q1 2022May 10, 202230$666.1MiShares TrVanguard Morningstar Total Stock Market ETFiShares MSCI USA Quality Factor ETFvs. Q4 2021SEC
Q4 2021Feb 2, 202227$603.1MVanguard Morningstar Total Stock Market ETFiShares MSCI USA Quality Factor ETFiShares Core MSCI Total International Stock ETFvs. Q3 2021SEC
Q3 2021Nov 10, 202123$563.3MVanguard Morningstar Total Stock Market ETFiShares MSCI USA Quality Factor ETFiShares Core MSCI Total International Stock ETFvs. Q2 2021SEC
Q2 2021Aug 2, 202122$558.7MVanguard Morningstar Total Stock Market ETFiShares Core MSCI Total International Stock ETFVanguard Ftse All-World Ex-US Index Fundvs. Q1 2021SEC
Q1 2021Apr 29, 202121$502.6MVanguard Morningstar Total Stock Market ETFiShares Core MSCI Total International Stock ETFVanguard Ftse All-World Ex-US Index Fund–SEC