CKW FINANCIAL GROUP

HONOLULU, HI · CIK 1600403 · 13F filing filed 2025-11-13

SEC-registered investment adviser since 2009 · limited liability company

Assets managed$2.5bn
Staff7 · 2 in investment roles
Main clients (by assets)Pension plans 55%, High net worth individuals 29%, Companies 11%
Websiteckwhawaii.com
Form ADV · 2026-03-30SEC adviser record

$917.4m reported value +5.5% vs Q2 2025

188positions

95.8%in top 10

6 new 37 added 17 reduced 8 sold out vs Q2 2025

Holdings, Q3 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	629,717	$423.1m46.12%	46.12%	Reduced -38.0k	-37,977 -5.7%
2	ISHARES TR CORE MSCI EAFE IEFA	IEFA	2,168,158	$190.6m20.77%	20.77%	Added +6.5k	+6,486 0.3%
3	ISHARES INC CORE MSCI EMKT IEMG	IEMG	1,235,626	$82.1m8.95%	8.95%	Added +542.1k	+542,089 78.2%
4	ISHARES TR CORE S&P MCP ETF IJH	IJH	906,713	$59.4m6.47%	6.47%	Added +49.9k	+49,860 5.8%
5	GOLDMAN SACHS ETF TR EQUAL WEIGHT US GSEW	GSEW	485,031	$41.2m4.50%	4.50%	Added +6.2k	+6,242 1.3%
6	MCDONALDS CORP COM MCD	MCD	135,141	$40.6m4.43%	4.43%	Reduced -6.0k	-6,000 -4.2%
7	VANGUARD INTL EQUITY INDEX F ALLWRLD EX US VEU	VEU	290,635	$20.9m2.28%	2.28%	Added +104.6k	+104,609 56.2%
8	NVIDIA CORPORATION COM NVDA	NVDA	54,865	$10.3m1.12%	1.12%	Reduced -1.4k	-1,381 -2.5%
9	VANGUARD SCOTTSDALE FDS VNG RUS1000GRW VONG	VONG	43,854	$5.3m0.58%	0.58%	Reduced -1.6k	-1,622 -3.6%
10	MICROSOFT CORP COM MSFT	MSFT	9,715	$5.0m0.55%	0.55%	Added +101	+101 1.1%
11	APPLE INC COM AAPL	AAPL	16,269	$4.2m0.45%	0.45%	Reduced -66	-66 -0.4%
12	MATSON INC COM MATX	MATX	37,436	$3.7m0.40%	0.40%	Unchanged
13	AMAZON COM INC COM AMZN	AMZN	16,607	$3.7m0.40%	0.40%	Reduced -5.9k	-5,851 -26.1%
14	ISHARES TR MSCI ACWI ETF ACWI	ACWI	22,668	$3.1m0.34%	0.34%	Added +598	+598 2.7%
15	JPMORGAN CHASE & CO COM JPM	JPM	9,449	$2.9m0.32%	0.32%	Reduced -801	-801 -7.8%
16	ALPHABET INC CAP STK CL A GOOGL	GOOGL	7,337	$1.8m0.20%	0.20%	Reduced -2.3k	-2,299 -23.9%
17	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	2,764	$1.4m0.15%	0.15%	Added +83	+83 3.1%
18	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	1,802	$1.2m0.13%	0.13%	Added +3	+3 0.2%
19	ISHARES INC MSCI EMRG CHN EMXC	EMXC	15,458	$1.1m0.11%	0.11%	Reduced -431.2k	-431,195 -96.5%
20	COSTCO WHSL CORP NEW COM COST	COST	1,022	$938.0k0.10%	0.10%	Unchanged
21	TOYOTA MOTOR CORP ADS TM	TM	4,521	$867.0k0.09%	0.09%	Unchanged
22	BANK AMERICA CORP COM BAC	BAC	16,184	$820.0k0.09%	0.09%	Reduced -2	-2 -0.0%
23	FIRST HAWAIIAN INC COM FHB	FHB	32,600	$800.0k0.09%	0.09%	Unchanged
24	JOHNSON & JOHNSON COM JNJ	JNJ	4,192	$780.0k0.09%	0.09%	Added +16	+16 0.4%
25	ISHARES INC MSCI GBL MIN VOL ACWV	ACWV	4,959	$595.0k0.06%	0.06%	Reduced -33	-33 -0.7%
26	LINDE PLC SHS LIN	LIN	1,213	$566.0k0.06%	0.06%	Unchanged
27	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	1,949	$558.0k0.06%	0.06%	Added +6	+6 0.3%
28	ELI LILLY & CO COM LLY	LLY	602	$497.0k0.05%	0.05%	Unchanged
29	PIMCO ETF TR 0-5 HIGH YIELD HYS	HYS	4,423	$422.0k0.05%	0.05%	Added +234	+234 5.6%
30	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	9,469	$408.0k0.04%	0.04%	Added +653	+653 7.4%
31	MARSH & MCLENNAN COS INC COM MRSH	MRSH	1,952	$393.0k0.04%	0.04%	Added +4	+4 0.2%
32	GE AEROSPACE COM NEW GE	GE	1,073	$323.0k0.04%	0.04%	Unchanged
33	ALEXANDER & BALDWIN INC NEW COM ALEX	ALEX	16,785	$304.0k0.03%	0.03%	Reduced -2.2k	-2,191 -11.6%
34	TEXAS INSTRS INC COM TXN	TXN	1,605	$290.0k0.03%	0.03%	Unchanged
35	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	1,933	$289.0k0.03%	0.03%	Unchanged
36	TESLA INC COM TSLA	TSLA	600	$276.0k0.03%	0.03%	Unchanged
37	NIKE INC CL B NKE	NKE	3,371	$250.0k0.03%	0.03%	Added +3	+3 0.1%
38	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	850	$245.0k0.03%	0.03%	Unchanged
39	MONSTER BEVERAGE CORP NEW COM MNST	MNST	3,600	$243.0k0.03%	0.03%	Unchanged
40	ADVANCED MICRO DEVICES INC COM AMD	AMD	1,425	$234.0k0.03%	0.03%	Unchanged
41	NETFLIX INC COM NFLX	NFLX	200	$234.0k0.03%	0.03%	Unchanged
42	VERIZON COMMUNICATIONS INC COM VZ	VZ	5,255	$230.0k0.03%	0.03%	Added +50	+50 1.0%
43	INTEL CORP COM INTC	INTC	6,002	$216.0k0.02%	0.02%	Unchanged
44	CHEVRON CORP NEW COM CVX	CVX	1,296	$200.0k0.02%	0.02%	Added +2	+2 0.1%
45	META PLATFORMS INC CL A META	META	277	$199.0k0.02%	0.02%	Unchanged
46	STARBUCKS CORP COM SBUX	SBUX	2,080	$176.0k0.02%	0.02%	Unchanged
47	PROCTER AND GAMBLE CO COM PG	PG	1,110	$170.0k0.02%	0.02%	Added +1	+1 0.1%
48	GE VERNOVA INC COM GEV	GEV	267	$162.0k0.02%	0.02%	Unchanged
49	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	2,756	$150.0k0.02%	0.02%	Reduced -14	-14 -0.5%
50	CITIGROUP INC COM NEW C	C	1,500	$148.0k0.02%	0.02%	Unchanged
51	EXXON MOBIL CORP COM XOM	XOM	1,325	$148.0k0.02%	0.02%	Added +8	+8 0.6%
52	FORD MTR CO COM F	F	11,220	$138.0k0.02%	0.02%	Added +78	+78 0.7%
53	BANK HAWAII CORP COM BOH	BOH	2,097	$136.0k0.01%	0.01%	Reduced -109	-109 -4.9%
54	AFLAC INC COM AFL	AFL	1,210	$134.0k0.01%	0.01%	Unchanged
55	AT&T INC COM T	T	4,722	$130.0k0.01%	0.01%	Added +50	+50 1.1%
56	HAWAIIAN ELEC INDUSTRIES COM HE	HE	11,578	$128.0k0.01%	0.01%	Unchanged
57	CENTRAL PAC FINL CORP COM NEW CPF	CPF	4,051	$122.0k0.01%	0.01%	Added +13	+13 0.3%
58	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	201	$121.0k0.01%	0.01%	Unchanged
59	MODINE MFG CO COM MOD	MOD	750	$111.0k0.01%	0.01%	Unchanged
60	WALMART INC COM WMT	WMT	1,050	$107.0k0.01%	0.01%	Unchanged
61	ISHARES TR U.S. TECH ETF IYW	IYW	540	$106.0k0.01%	0.01%	Unchanged
62	BROADCOM INC COM AVGO	AVGO	300	$100.0k0.01%	0.01%	Unchanged
63	ALLSTATE CORP COM ALL	ALL	450	$95.0k0.01%	0.01%	Unchanged
64	TRAVELERS COMPANIES INC COM TRV	TRV	344	$95.0k0.01%	0.01%	Unchanged
65	ISHARES TR GRWT ALLOCAT ETF AOR	AOR	1,400	$90.0k0.01%	0.01%	Added +21	+21 1.5%
66	HUBSPOT INC COM HUBS	HUBS	203	$89.0k0.01%	0.01%	Unchanged
67	ISHARES TR IBOXX HI YD ETF HYG	HYG	1,040	$84.0k0.01%	0.01%	Unchanged
68	BLACKROCK DEBT STRATEGIES FD COM NEW DSU	DSU	7,711	$82.0k0.01%	0.01%	Unchanged
69	DELL TECHNOLOGIES INC CL C DELL	DELL	541	$81.0k0.01%	0.01%	Unchanged
70	GENTEX CORP COM GNTX	GNTX	2,834	$79.0k0.01%	0.01%	Added +7	+7 0.2%
71	MAGNA INTL INC COM MGA	MGA	1,490	$71.0k0.01%	0.01%	Added +7	+7 0.5%
72	ISHARES TR AGGRES ALLOC ETF AOA	AOA	757	$67.0k0.01%	0.01%	Added +5	+5 0.7%
73	CARRIER GLOBAL CORPORATION COM CARR	CARR	1,102	$66.0k0.01%	0.01%	Unchanged
74	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	1,282	$65.0k0.01%	0.01%	Unchanged
75	CORTEVA INC COM CTVA	CTVA	993	$61.0k0.01%	0.01%	Added +1	+1 0.1%
76	DUPONT DE NEMOURS INC COM DWDP	DWDP	766	$60.0k0.01%	0.01%	Added +1	+1 0.1%
77	PFIZER INC COM PFE	PFE	1,775	$48.0k0.01%	0.01%	Unchanged
78	ISHARES TR MSCI EAFE MIN VL EFAV	EFAV	500	$43.0k0.00%	0.00%	Unchanged
79	VISA INC COM CL A V	V	125	$43.0k0.00%	0.00%	Unchanged
80	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	121	$42.0k0.00%	0.00%	Unchanged
81	FREEPORT-MCMORAN INC CL B FCX	FCX	1,052	$41.0k0.00%	0.00%	Unchanged
82	AMGEN INC COM AMGN	AMGN	126	$38.0k0.00%	0.00%	Unchanged
83	CISCO SYS INC COM CSCO	CSCO	521	$36.0k0.00%	0.00%	Added +2	+2 0.4%
84	DISNEY WALT CO COM DIS	DIS	317	$36.0k0.00%	0.00%	Unchanged
85	DUKE ENERGY CORP NEW COM NEW DUK	DUK	288	$35.0k0.00%	0.00%	Unchanged
86	ADOBE INC COM ADBE	ADBE	100	$34.0k0.00%	0.00%	Unchanged
87	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	111	$28.0k0.00%	0.00%	Added +6	+6 5.7%
88	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	60	$27.0k0.00%	0.00%	Unchanged
89	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	300	$27.0k0.00%	0.00%	Unchanged
90	AGILENT TECHNOLOGIES INC COM A	A	187	$26.0k0.00%	0.00%	Unchanged
91	BLACKSTONE SECD LENDING FD COMMON STOCK BXSL	BXSL	1,000	$26.0k0.00%	0.00%	Unchanged
92	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	346	$26.0k0.00%	0.00%	Unchanged
93	HP INC COM HPQ	HPQ	957	$26.0k0.00%	0.00%	Unchanged
94	ISHARES INC MSCI EMERG MRKT EEMV	EEMV	412	$26.0k0.00%	0.00%	Unchanged
95	ALPHABET INC CAP STK CL C GOOG	GOOG	100	$25.0k0.00%	0.00%	Reduced -6.8k	-6,830 -98.6%
96	COCA COLA CO COM KO	KO	377	$25.0k0.00%	0.00%	Added +1	+1 0.3%
97	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	984	$25.0k0.00%	0.00%	Unchanged
98	GLOBAL X FDS SUPERDIVIDEND SDIV	SDIV	1,000	$24.0k0.00%	0.00%	Unchanged
99	APPLIED MATLS INC COM AMAT	AMAT	100	$22.0k0.00%	0.00%	Unchanged
100	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	1,056	$20.0k0.00%	0.00%	Unchanged

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
OCCIDENTAL PETE CORP OXY	OXY	3,366	$144.0k3.4k shares
VANGUARD TAX-MANAGED FDS VEA	VEA	168	$10.0k168 shares
VANGUARD MUN BD FDS VTEB	VTEB	167	$8.0k167 shares
PEAKSTONE REALTY TRUST PKST	PKST	352	$5.0k352 shares
WK KELLOGG CO KLG	KLG	100	$2.0k100 shares
SELECT SECTOR SPDR TR XLV	XLV	8	$1.0k8 shares
ISHARES TR IWR	IWR	7	$1.0k7 shares
ISHARES TR ITA	ITA	1	$01 shares