Tanglewood Wealth Management, Inc.

RIA/Wealth

Tanglewood Wealth Management, Inc. is a RIA/Wealth based in Houston, TX led by John Franklin Merrill, reporting $1.4B in AUM as of Q3 2025 with 86% ETF concentration, 83% concentrated in top 10 holdings, and 17% allocation to VTI.

PresidentJohn Franklin Merrill

Portfolio Value: $1.1B
Positions: 38
Top Holding: VTI at 17.08%
Last Reported: Q3 2025

Address1400 Post Oak Blvd, Suite 800, Houston, TX, 77056, United States

Top Holdings

Largest long holdings in Tanglewood Wealth Management, Inc.'s portfolio (82.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard Total Stock Market VTI	ETF ETF	$183.4M	17.08%	-$2.1M Sold	— 558.9K shares	Q1 2016 Held for 9y 8m
2 Vanguard FTSE Developed Markets VEA	ETF ETF	$164.5M	15.32%	+$310.1K Bought	— 2.7M shares	Q4 2021 Held for 3y 11m
3 iShares 3-7 Year Treasury Bond IEI	ETF ETF	$125.0M	11.64%	-$1.1M Sold	— 1.0M shares	Q1 2022 Held for 3y 8m
4 IAU iShares Gold Trust IAU	Unknown Unknown	$84.0M	7.83%	-$37.3K Sold	— 1.2M shares	Q4 2022 Held for 2y 11m
5 Vanguard Intermediate-Term Treasury VGIT	ETF ETF	$82.2M	7.66%	+$1.3M Bought	— 1.4M shares	Q2 2022 Held for 3y 5m
6 GLD SPDR Gold Trust GLD	Unknown Unknown	$59.0M	5.50%	-$215.8K Sold	— 166.1K shares	Q4 2022 Held for 2y 11m
7 iShares 7-10 Year Treasury Bond IEF	ETF ETF	$54.7M	5.09%	+$175.9K Bought	— 567.0K shares	Q4 2024 Held for 11 months
8 Freedom 100 Emerging Markets FRDM	ETF ETF	$49.5M	4.61%	+$366.0K Bought	— 1.1M shares	Q3 2024 Held for 1y 2m
9 Invesco QQQ Trust QQQ	ETF ETF	$47.6M	4.43%	-$324.8K Sold	— 79.2K shares	Q2 2021 Held for 4y 5m
10 FPAG FPA Global Equity FPAG	ETF ETF	$38.4M	3.58%	-$893.7K Sold	— 1.1M shares	Q1 2024 Held for 1y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Tanglewood Wealth Management, Inc.'s latest filing

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Market Value

$1.1B

Prior: $1.0B

Q/Q Change

+6.05%

+$61.3M

Net Flows % of MV

-0.251%

Turnover Ratio

0.403%

New Purchases

1 stocks

$220.0K

Added To

8 stocks

+$2.8M

Sold Out Of

2 stocks

$436.0K

Reduced Holdings

16 stocks

-$5.2M

Increased Positions

Position	Shares Δ	Change
1 Southern Company SO	New	0 → 2.3K +$220.0K
2 Real Estate Select Sector SPDR Fund XLRE	+32.53%	14.4K → 19.1K +$197.8K
3 Technology Select Sector SPDR Fund XLK	+4.66%	5.6K → 5.9K +$73.8K
4 T. Rowe Price Capital Appreciation Equity ETF TCAF	+3.58%	127.6K → 132.2K +$172.1K
5 Vanguard Intermediate-Term Treasury VGIT	+1.64%	1.3M → 1.4M +$1.3M

Decreased Positions

Position	Shares Δ	Change
1 Vanguard U.S. Minimum Volatility VFMV	Sold	1.8K → 0 −$225.0K
2 S&P Global SPGI	Sold	400.0 → 0 −$210.9K
3 iShares International Select Dividend IDV	-12.64%	6.4K → 5.6K −$29.3K
4 FPAG FPA Global Equity FPAG	-2.27%	1.1M → 1.1M −$893.7K
5 iShares MSCI Global Min Vol Factor ACWV	-1.19%	5.1K → 5.1K −$7.3K