SWF LLC's $1.15 billion 13F for March 2026 is one of the most ETF-heavy portfolios in the current filing cycle — a configuration that is best understood not as an investment portfolio in any active sense, but as an asset-allocation vehicle that uses publicly-traded instruments to express a stable, policy-driven mandate. The portfolio is composed almost entirely of broad-market ETFs and a pair of Berkshire Hathaway share classes that together appear to function as the portfolio's structural anchor. The Vanguard S&P 500 ETF (VOO) represents $549 million or 47.8% of assets, up from $396 million at year-end after a 45% increase in share count. The iShares S&P Mid-Cap ETF (IJH) adds $137 million at 11.9% and the iShares S&P Small-Cap ETF (IJR) adds $78 million at 6.8%, together forming a core U.S. equity sleeve that progressively covers the full large-to-micro-cap range. The Invesco QQQ Trust at $66 million adds a Nasdaq-100 growth overlay. Berkshire Hathaway's two share classes together — BRK/A at $36 million and BRK/B at $280 million — comprise $316 million or 27.6% of assets and represent the portfolio's only large-cap single-stock holding. The remaining positions — Dimensional DFAI, PIMCO's commodity ETF, and SSGA's active ETF — are token-sized diversifiers at under $1 million combined. Together these eight positions account for 99.4% of the reported book, and the four individual stocks (BRK/A, BRK/B, Apple, Nvidia) are each so small in share count (50 BRK/A shares, 584,000 BRK/B shares, 923 Apple shares, 1,500 Nvidia shares) that they are not plausible deliberatetrades; they are almost certainly legacy positions carried for tax, policy, or relationship reasons rather than as active market calls. The AUM grew from $989 million to $1.15 billion through a combination of the VOO addition and general market appreciation; this is not a portfolio that is being actively balanced or reallocated on a view-driven basis. This file should be treated as a passive-holdings disclosure rather than a meaningful signal of institutional investment positioning.
The core is the Vanguard S&P 500 ETF at $549 million and 47.8% of assets — a position that increased by 45% in share count during Q1 2026, from 631,823 shares to 918,327 shares. That increase was worth $152 million in current market value and was the single largest portfolio event of the quarter. The increase represents a deliberate decision to align the portfolio's large-cap core more precisely with the S&P 500's market-cap-weighted composition and to ensure that the core has sufficient assets under management to justify the ETF structure's expense ratio at the portfolio level. The iShares S&P Mid-Cap ETF (IJH) at $137 million and 11.9% of assets and the iShares S&P Small-Cap ETF (IJR) at $78 million and 6.8% together form a comprehensive U.S. equity core that spans the entire market-cap spectrum from the largest S&P 500 names to the smallest Russell 2000 constituents. This is a textbook asset-allocation structure: large-cap core as the bulk, mid-cap and small-cap as a diversification overlay that adds value over time as smaller companies outperform in recovery cycles. The Invesco QQQ Trust at $67 million (5.7% of assets) adds a growth-y tilt since the Nasdaq-100 contains the most technology-intensive large-caps. These four broad-market ETFs, together with the Berkshire holding, compose a complete diversified U.S. equity-and-quality sleeve at roughly 98% of the book.
The Berkshire Hathaway position at $316 million is the singular non-ETF decision in the portfolio and the only position that breaks the asset-allocation model. BRK/B at $280 million and 584,092 shares — held flat across Q1 — represents roughly 24.4% of assets and is the portfolio's largest single-name position by a considerable margin. The BRK/A at $36 million on 50 shares is proportionally small in value but structurally important: A-share Berkshire stock is the most tightly held class of any U.S. public company, with a per-share price that has historically exceeded $500,000 and a shareholder base composed almost entirely of ultra-long-term holders who have held continuously for decades. A 50-share position in BRK/A at current market prices represents a decades-old purchase of a few hundred thousand dollars that has grown to $36 million through price appreciation alone — an asset that has been carried for relationship or mandate-reasons rather than as an active trading position. The BRK/B holding at 584,000 shares is larger and more practically significant; BRK/B is the more liquid share class that has traded at the standard $400-to-$600 range for several years. Together, the two share classes represent Warren Buffett's compounding vehicle held as a concentrated anchor in a portfolio that is otherwise passive — an unusual combination that suggests the portfolio manager either believes Berkshire's long-term compounding will outperform S&P 500 passive or that the BRK position is a policy-mandated maximum-quality allocation that has been maintained for consistency purposes.