On October 10, 2025, DKM Wealth Management filed its quarterly report with the U.S. Securities and Exchange Commission. There, in the usual tedium of numbers and tickers, was a new signal: 7,935 shares of Invesco QQQ Trust, Series 1, acquired for $4,763,936 in the third quarter. A small rounding turns that into the press release figure of $4.8 million. Such is the way numbers are smoothed into comfort.
What happened
DKM, managing $124.58 million in U.S. equity assets subject to reporting, established a new position in QQQ. This holding-now worth 3.8% of its portfolio-was not present in the previous quarter. The purchase coincides with a period of strong momentum: as of October 9, 2025, QQQ stood at $610.70 per share, having risen 23.84% year-to-date, outpacing the S&P 500 by 8.38 percentage points. The market, for now, is generous to those who follow the index.
What else to know
The move speaks volumes through its silence. No justification, no commentary-just the transaction. Yet the message is clear: DKM has chosen not to pick winners, but to trust the machinery of the NASDAQ-100. Its top holdings remain familiar names-TBLD, TCAF, SOR, GRNY, ITOT-but the arrival of QQQ marks a shift toward passive capture of tech’s upper tier. If one feared direct exposure to the volatility of individual stocks, here is the answer: a basket, rebalanced periodically, bearing the weight of giants.
The top holdings after the filing:
- (NASDAQ:TBLD): $18.72 million (15.0% of AUM) in Q3 2025
- (NYSEMKT:TCAF): $14,341,015 (11.5113% of AUM) as of September 30, 2025
- (NYSE:SOR): $12.86 million (10.3% of AUM) in Q3 2025
- (NYSEMKT:GRNY): $9.22 million (7.4% of AUM) in Q3 2025
- (NYSEMKT:ITOT): $7,186,455 (5.7685% of AUM) as of September 30, 2025
Company overview
| Metric | Value |
|---|---|
| AUM | $385.76 Billion |
| Price (as of market close 2025-10-09) | $610.70 |
| Dividend yield | 0.48% |
| 1-year total return | 23.84% |
Company snapshot
The fund exists to mirror the NASDAQ-100 Index®-to be its shadow, no more, no less. It is structured as a trust, not a corporation, but the distinction matters little to the investor seeking exposure. Its portfolio shifts with the index’s quarterly recalibrations. Invesco QQQ Trust does not decide; it follows.
Foolish take
To buy QQQ is to admit that stock-picking is too perilous, that the task of judging value is too burdensome. Better to lean on the herd. This, in essence, is what DKM has done. By purchasing $4.8 million in a fund tracking the 100 largest non-financial companies on the NASDAQ, it has outsourced judgment to a formula. There is safety in this, yes-freedom from the blowups of any single overvalued darling. But there is also complicity. The fund now holds a vehicle that carries the market’s most celebrated bubbles as neatly as a packed suitcase.
QQQ is no modest instrument. With higher fees than its sibling QQQM and a price per share well above $600, it caters not to the cautious accumulator but to those who trade swiftly and in size. Its liquidity makes it easy to exit, which suggests DKM may not plan to stay long. This is not a declaration of enduring belief. It is a tactical alignment with momentum-camouflaged as diversification. The higher expense ratio is an extra tax paid for convenience, and convenience, in investing, often comes at the expense of value.
We are told this is balanced exposure. But a basket of overpriced apples is still overpriced.
Glossary
13F reportable assets: Assets that U.S. institutional investment managers must disclose quarterly to the SEC on Form 13F.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or investment held by an investor or fund.
Trust (fund structure): An investment fund organized as a legal trust, often holding assets on behalf of investors.
Periodic rebalancing: Adjusting a portfolio’s holdings at set intervals to maintain target asset allocations or index alignment.
Dividend yield: The annual dividend income from an investment, expressed as a percentage of its current price.
Total return: The investment’s price change plus all dividends and distributions, assuming those payouts are reinvested.
NASDAQ-100 Index®: A stock market index comprising 100 of the largest non-financial companies listed on the NASDAQ exchange.
Outperforming: Achieving a higher return than a benchmark index or comparable investment over a given period.
Market value: The current total value of a holding, calculated as the share price multiplied by the number of shares owned.
When everyone rushes toward the same door, we should ask why the fire started. 🔥
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2025-10-11 05:18