Academy Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 12, 2025), Academy Capital Management reported 41 stock positions worth $701.4 million. Its top holding was Apple (AAPL) at 10.5% of the portfolio, followed by Microsoft (MSFT, 9.8%) and Meta Platforms Class A (META, 9.5%). Compared with Q2 2025, it opened 1 new position, added to 2 and reduced 27. The biggest buy was a new position in Zoetis (ZTS) and the biggest sale Unitedhealth (UNH, shares −54%).
- Most Recent 13F
- Q2 2026
- Location
- WACO, TX
- CIK
- 0001031972
- Portfolio Value
- $701.4M (Q3 2025)
- SEC Filing
- 0001031972-25-000007 ↗ filed Dec 12, 2025
Holdings Value
Holdings 41 stocks · $701.4M
| AAPL Apple Inc. | 10.49% | 288,878 | $73.6M | Reduce -6.7% |
| MSFT Microsoft Corp. | 9.76% | 132,135 | $68.4M | Reduce -9.0% |
| META Meta Platforms Inc. Class A | 9.51% | 90,846 | $66.7M | Reduce -5.6% |
| AMZN Amazon.com Inc. | 8.37% | 267,347 | $58.7M | Reduce -3.2% |
| MA Mastercard Inc. Class A | 8.30% | 102,360 | $58.2M | Reduce -4.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 7.80% | 108,889 | $54.7M | Reduce -1.0% |
| GOOG Alphabet Inc. Class C | 7.29% | 209,850 | $51.1M | Reduce -6.4% |
| TSM Taiwan Semiconductor-SP ADR | 6.18% | 155,270 | $43.4M | Reduce -0.7% |
| GOOGL Alphabet Inc. Class A | 5.88% | 169,640 | $41.2M | Reduce -3.2% |
| PRI Primerica Inc. | 5.26% | 132,913 | $36.9M | Reduce -2.0% |
| UNH Unitedhealth Group Inc. | 4.26% | 86,451 | $29.9M | Reduce -53.9% |
| IDXX Idexx Laboratories Inc. | 3.23% | 35,452 | $22.6M | Reduce -0.9% |
| NVO Novo-Nordisk A/S-Spons ADR | 2.91% | 367,419 | $20.4M | Add +0.3% |
| LVMUY LVMH Moet Hennessy-Unsp ADR | 2.02% | 115,597 | $14.1M | Reduce -31.1% |
| ZTS Zoetis Inc. | 1.84% | 88,216 | $12.9M | New |
| SPGI S&P Global Inc. | 1.36% | 19,658 | $9.6M | Reduce -0.7% |
| C Citigroup Inc. | 0.90% | 62,091 | $6.3M | Reduce -5.6% |
| POOL Pool Corp. | 0.76% | 17,189 | $5.3M | Reduce -0.9% |
| BABA Alibaba Group Holding-SP ADR | 0.73% | 28,496 | $5.1M | Reduce -0.7% |
| XOM Exxon Mobil Corp. | 0.72% | 44,784 | $5.0M | Add +262.6% |
| CME Cme Group Inc. | 0.46% | 11,955 | $3.2M | No change |
| NSRGY Nestle SA-Spons ADR | 0.46% | 34,835 | $3.2M | Reduce -63.5% |
| PEP Pepsico Inc. | 0.28% | 14,041 | $2.0M | Reduce -76.3% |
| TRV The Travelers Cos Inc. | 0.22% | 5,500 | $1.5M | Reduce -14.3% |
| STEL Stellar Bancorp Inc. | 0.15% | 34,720 | $1.1M | Reduce -6.0% |
| CADE Cadence Bank | 0.11% | 20,950 | $786K | No change |
| V Visa Inc. Class A | 0.10% | 2,053 | $701K | Reduce -0.4% |
| NFLX Netflix Inc. | 0.10% | 580 | $695K | No change |
| NEE Nextera Energy Inc. | 0.08% | 7,016 | $530K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 745 | $496K | Reduce -11.0% |
| CVX Chevron Corp. | 0.07% | 2,975 | $462K | Reduce -1.7% |
| GLW Corning Inc. | 0.06% | 5,215 | $428K | No change |
| JNJ Johnson & Johnson | 0.05% | 1,823 | $338K | Reduce -2.8% |
| RTX RTX Corp. | 0.05% | 1,956 | $327K | No change |
| BHC Bausch Health Cos Inc. | 0.04% | 42,288 | $273K | No change |
| TSLA Tesla Inc. | 0.04% | 594 | $264K | Reduce -52.5% |
| APD Air Products & Chemicals Inc. | 0.03% | 845 | $230K | No change |
| EMR Emerson Electric Co. | 0.03% | 1,636 | $215K | No change |
| MRK Merck & Co. Inc. | 0.03% | 2,524 | $212K | Reduce -0.6% |
| LUV Southwest Airlines Co. | 0.03% | 6,521 | $208K | No change |
| PVCT Provectus Biopharmaceutica-A | 0.00% | 20,000 | $2K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| UNH Unitedhealth Group Inc. | Reduce -53.9% | 4.26% | −4.10 |
| NSRGY Nestle SA-Spons ADR | Reduce -63.5% | 0.46% | −0.90 |
| PEP Pepsico Inc. | Reduce -76.3% | 0.28% | −0.84 |
| META Meta Platforms Inc. Class A | Reduce -5.6% | 9.51% | −0.63 |
| MSFT Microsoft Corp. | Reduce -9.0% | 9.76% | −0.56 |
| LVMUY LVMH Moet Hennessy-Unsp ADR | Reduce -31.1% | 2.02% | −0.50 |
| MA Mastercard Inc. Class A | Reduce -4.8% | 8.30% | −0.33 |
| AMZN Amazon.com Inc. | Reduce -3.2% | 8.37% | −0.29 |
| SPGI S&P Global Inc. | Reduce -0.7% | 1.36% | −0.13 |
| PRI Primerica Inc. | Reduce -2.0% | 5.26% | −0.04 |
| TRV The Travelers Cos Inc. | Reduce -14.3% | 0.22% | −0.03 |
| TSLA Tesla Inc. | Reduce -52.5% | 0.04% | −0.02 |
| V Visa Inc. Class A | Reduce -0.4% | 0.10% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.0% | 0.07% | −0.00 |
| MRK Merck & Co. Inc. | Reduce -0.6% | 0.03% | +0.00 |
| STEL Stellar Bancorp Inc. | Reduce -6.0% | 0.15% | +0.00 |
| CVX Chevron Corp. | Reduce -1.7% | 0.07% | +0.00 |
| JNJ Johnson & Johnson | Reduce -2.8% | 0.05% | +0.01 |
| POOL Pool Corp. | Reduce -0.9% | 0.76% | +0.04 |
| C Citigroup Inc. | Reduce -5.6% | 0.90% | +0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.0% | 7.80% | +0.17 |
| BABA Alibaba Group Holding-SP ADR | Reduce -0.7% | 0.73% | +0.26 |
| IDXX Idexx Laboratories Inc. | Reduce -0.9% | 3.23% | +0.49 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.7% | 6.18% | +1.12 |
| AAPL Apple Inc. | Reduce -6.7% | 10.49% | +1.41 |
| GOOGL Alphabet Inc. Class A | Reduce -3.2% | 5.88% | +1.47 |
| GOOG Alphabet Inc. Class C | Reduce -6.4% | 7.29% | +1.61 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 36 | $756.3M | AAPL, TSM, GOOG, AMZN, GOOGL |
| Q1 2026 | 37 | $699.4M | AAPL, GOOG, AMZN, TSM, BRK.B |
| Q4 2025 | 41 | $752.5M | AAPL, GOOG, MSFT, AMZN, META |
| Q3 2025 | 41 | $701.4M | AAPL, MSFT, META, AMZN, MA |
| Q2 2025 | 40 | $700.1M | MSFT, META, AAPL, AMZN, MA |
| Q1 2025 | 39 | $579.5M | AAPL, MA, BRK.B, META, MSFT |
| Q4 2024 | 41 | $611.9M | AAPL, MSFT, AMZN, MA, META |
| Q3 2024 | 32 | $577.4M | AAPL, MSFT, MA, META, AMZN |
| Q2 2024 | 34 | $554.2M | AAPL, MSFT, AMZN, MA, META |
| Q1 2024 | 32 | $528.5M | MSFT, AAPL, MA, AMZN, META |