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Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does FWG Holdings have?","answer":"FWG Holdings has 5 investment adviser representatives registered with state securities authorities, out of 14 employees, and 5 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 4 employees are licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does FWG Holdings invest in?","answer":"At the end of its last fiscal year, FWG Holdings’ separately managed accounts held 63% registered funds (mutual funds, ETFs, BDCs), 21% exchange-traded equities, 9% cash and equivalents, 3% pooled vehicles (private funds and similar), 2% state and local bonds, 1% U.S. government and agency bonds and 1% investment grade corporate bonds.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns FWG Holdings?","answer":"FWG Holdings is owned through holding companies by John Ledford and Cole Linquist. 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