Annandale Capital, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Annandale Capital, LLC reported 114 stock positions worth $533.7 million. Its top holding was Vanguard Short-Term Bond ETF (BSV) at 8.0% of the portfolio, followed by Dimensional Core Fixed (DFCF, 6.4%) and Dimensional International (DFAI, 4.6%). Compared with Q4 2024, it opened 5 new positions, sold out of 10, added to 31 and reduced 22. The biggest buy was a new position in iShares Russell 2000 ETF (IWM) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001811739
- Portfolio Value
- $533.7M (Q1 2025)
- SEC Filing
- 0001811739-25-000002 ↗ filed May 13, 2025
Holdings Value
Holdings 114 stocks · $533.7M
| BSV Vanguard Short-Term Bond ETF | 8.03% | 547,636 | $42.9M | Add +2.5% |
| DFCF Dimensional Core Fixed Inc. | 6.44% | 817,373 | $34.4M | Add +1.3% |
| DFAI Dimensional International Co. | 4.64% | 792,312 | $24.7M | Add +6.7% |
| META Meta Platforms Inc. Class A | 4.00% | 37,081 | $21.4M | Add +0.1% |
| DCOR Dimensional US Core Eq 1 ETF | 3.71% | 323,052 | $19.8M | Add +21.3% |
| VYM Vanguard High DVD Yield ETF | 3.66% | 151,475 | $19.5M | Add +0.2% |
| GOVT iShares US Treasury Bond ETF | 3.57% | 829,238 | $19.1M | Add +1.0% |
| MLPX Global X MLP & Energy Infras | 3.33% | 278,700 | $17.8M | Reduce -4.6% |
| DFAE Dimensional Emerging Core Eq | 3.06% | 631,775 | $16.4M | Add +4.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.71% | 27,130 | $14.4M | Add +0.1% |
| NFLX Netflix Inc. | 2.23% | 12,751 | $11.9M | Add +0.0% |
| ET Energy Transfer LP | 2.16% | 621,362 | $11.6M | Add +0.4% |
| IWM iShares Russell 2000 ETF | 1.87% | 50,000 | $10.0M | New |
| AMZN Amazon.com Inc. | 1.86% | 52,143 | $9.9M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 1.74% | 59,901 | $9.3M | No change |
| EEM iShares MSCI Emerging Market | 1.73% | 211,702 | $9.3M | Add +1709.1% |
| AVUS Avantis U.S. Equity ETF | 1.65% | 95,051 | $8.8M | Add +0.1% |
| MSFT Microsoft Corp. | 1.63% | 23,146 | $8.7M | Add +0.1% |
| PGR Progressive Corp. | 1.54% | 29,079 | $8.2M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.50% | 14,269 | $8.0M | Reduce -43.6% |
| FAF First American Financial | 1.43% | 115,911 | $7.6M | Add +0.1% |
| WMT Walmart Inc. | 1.42% | 86,146 | $7.6M | No change |
| AVDE Avantis International Equity | 1.31% | 105,692 | $7.0M | Add +0.3% |
| KRE SS SPDR S&P Regional Bank | 1.28% | 120,000 | $6.8M | No change |
| BABA Alibaba Group Holding-SP ADR | 1.25% | 50,328 | $6.7M | No change |
| ABBV Abbvie Inc. | 1.14% | 29,140 | $6.1M | No change |
| HD Home Depot Inc. | 1.12% | 16,301 | $6.0M | Add +0.2% |
| MKL Markel Group Inc. | 1.10% | 3,137 | $5.9M | No change |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.10% | 82,279 | $5.9M | No change |
| BIDU Baidu Inc. - Spon ADR | 1.04% | 60,032 | $5.5M | Add +50.0% |
| EPD Enterprise Products Partners | 1.02% | 159,724 | $5.5M | Reduce -1.4% |
| MCHI iShares MSCI China ETF | 1.02% | 100,000 | $5.4M | New |
| AAPL Apple Inc. | 0.98% | 23,589 | $5.2M | Reduce -0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.92% | 49,697 | $4.9M | Reduce -26.7% |
| DFAT Dimensional US Target Value | 0.91% | 94,578 | $4.9M | Reduce -0.6% |
| AR Antero Resources Corp. | 0.91% | 120,354 | $4.9M | Add +33.9% |
| DFUV Dimensional US Marketwide Va | 0.90% | 116,238 | $4.8M | Reduce -2.0% |
| ALLE Allegion PLC | 0.83% | 34,076 | $4.4M | No change |
| QUAL iShares MSCI USA Quality Fac | 0.81% | 25,374 | $4.3M | Reduce -0.1% |
| V Visa Inc. Class A | 0.80% | 12,178 | $4.3M | No change |
| AVEM Avantis Emerging Markets Eq | 0.76% | 66,983 | $4.0M | Add +0.5% |
| AZO AutoZone Inc. | 0.75% | 1,049 | $4.0M | Reduce -0.1% |
| CPRT Copart Inc. | 0.74% | 70,184 | $4.0M | No change |
| SCHW Schwab (charles) Corp. | 0.73% | 49,748 | $3.9M | Reduce -16.9% |
| ABT Abbott Laboratories | 0.72% | 28,812 | $3.8M | Reduce -11.9% |
| CSCO Cisco Systems Inc. | 0.70% | 60,586 | $3.7M | No change |
| BKNG Booking Holdings Inc. | 0.70% | 811 | $3.7M | Add +0.4% |
| UBER Uber Technologies Inc. | 0.68% | 50,040 | $3.6M | New |
| ACGL Arch Capital Group Ltd. | 0.68% | 37,644 | $3.6M | Add +65.2% |
| JNJ Johnson & Johnson | 0.66% | 21,171 | $3.5M | Reduce -0.2% |
| AMT American Tower Corp. | 0.59% | 14,453 | $3.1M | New |
| GLD SPDR Gold Shares | 0.57% | 10,606 | $3.1M | No change |
| GOOG Alphabet Inc. Class C | 0.56% | 19,247 | $3.0M | Add +0.3% |
| ICE Intercontinental Exchange Inc. | 0.49% | 15,246 | $2.6M | No change |
| EFX Equifax Inc. | 0.47% | 10,375 | $2.5M | No change |
| COP Conocophillips | 0.46% | 23,270 | $2.4M | Reduce -0.8% |
| UNP Union Pacific Corp. | 0.45% | 10,250 | $2.4M | No change |
| EFA iShares MSCI Eafe ETF | 0.41% | 26,937 | $2.2M | No change |
| VRSK Verisk Analytics Inc. | 0.41% | 7,299 | $2.2M | No change |
| TXN Texas Instruments Inc. | 0.40% | 11,952 | $2.1M | No change |
| BUR Burford Capital Ltd. | 0.39% | 156,700 | $2.1M | No change |
| ADBE Adobe Inc. | 0.38% | 5,276 | $2.0M | No change |
| QCOM Qualcomm Inc. | 0.35% | 12,041 | $1.9M | No change |
| KWEB Kranesh Csi China Internet | 0.34% | 51,803 | $1.8M | No change |
| WSO Watsco Inc. | 0.29% | 3,009 | $1.5M | No change |
| WFC Wells Fargo & Co. | 0.25% | 18,436 | $1.3M | Reduce -0.4% |
| KEYS Keysight Technologies Inc. | 0.21% | 7,637 | $1.1M | No change |
| CSW CSW Industrials Inc. | 0.20% | 3,611 | $1.1M | Reduce -2.4% |
| KWY Kingsway Corp. | 0.19% | 128,200 | $1.0M | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.17% | 5,261 | $909K | No change |
| URGN Urogen Pharma Ltd. | 0.16% | 75,552 | $836K | No change |
| OXY Occidental Petroleum Corp. | 0.14% | 15,589 | $769K | No change |
| MBB iShares MBS ETF | 0.12% | 7,011 | $657K | Reduce -0.9% |
| IVW iShares S&P 500 Growth ETF | 0.12% | 6,952 | $645K | No change |
| MELI MercadoLibre Inc. | 0.12% | 316 | $616K | Add +0.6% |
| ACWI iShares MSCI Acwi ETF | 0.11% | 5,210 | $606K | Add +2.7% |
| DFAX Dimensional World Ex US Core | 0.11% | 22,293 | $584K | Add +48.0% |
| ACN Accenture PLC Class A | 0.10% | 1,755 | $548K | No change |
| IVV iShares Core S&P 500 ETF | 0.09% | 829 | $466K | No change |
| AON Aon PLC Class A | 0.08% | 1,123 | $448K | No change |
| PAA Plains All Amer Pipeline LP | 0.08% | 22,288 | $446K | No change |
| XOM Exxon Mobil Corp. | 0.08% | 3,725 | $443K | Reduce -5.5% |
| DFAU Dimensional US Core Equity M | 0.08% | 11,460 | $441K | Add +12.0% |
| SCHG Schwab US Large-Cap Growth | 0.08% | 17,456 | $437K | Add +0.1% |
| DD Dupont DE Nemours Inc. | 0.08% | 5,795 | $433K | No change |
| MRK Merck & Co. Inc. | 0.08% | 4,703 | $422K | No change |
| KMI Kinder Morgan Inc. | 0.07% | 12,988 | $371K | Reduce -26.0% |
| CTVA Corteva Inc. | 0.07% | 5,767 | $363K | No change |
| VXUS Vanguard Total Intl Stock | 0.07% | 5,700 | $354K | No change |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.06% | 12,600 | $345K | No change |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.06% | 8,550 | $310K | No change |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.06% | 1,625 | $303K | No change |
| CEE Central and Eastern Europe F | 0.06% | 20,928 | $302K | No change |
| DVN Devon Energy Corp. | 0.05% | 7,500 | $281K | No change |
| AVGO Broadcom Inc. | 0.05% | 1,670 | $280K | No change |
| NVDA Nvidia Corp. | 0.05% | 2,545 | $276K | Reduce -10.7% |
| AIG American International Group | 0.05% | 3,151 | $274K | No change |
| APA Apa Corp. | 0.05% | 12,474 | $262K | No change |
| JPM JPMorgan Chase & Co. | 0.05% | 1,026 | $252K | Reduce -4.6% |
| CMG Chipotle Mexican Grill Inc. | 0.05% | 5,000 | $251K | No change |
Options reported separately and not counted above: SPY calls ($812.5M), SPY puts ($143.4M), META puts ($19.8M), ET puts ($18.2M), VTI puts ($12.2M), NFLX puts ($10.7M), IWM puts ($10.0M), EEM puts ($8.7M), MCHI puts ($7.2M), UBER puts ($3.5M), BABA puts ($3.3M), KWEB puts ($1.8M), and 1 more.
Portfolio Sells Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -43.6% | 1.50% | −1.44 |
| AAP Advance Auto Parts Inc. | Sold out | 0.00% | −1.02 |
| DIS The Walt Disney Co. | Reduce -26.7% | 0.92% | −0.58 |
| CDW CDW Corp. | Sold out | 0.00% | −0.22 |
| ALGN Align Technology Inc. | Sold out | 0.00% | −0.22 |
| AAPL Apple Inc. | Reduce -0.6% | 0.98% | −0.19 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −0.19 |
| MLPX Global X MLP & Energy Infras | Reduce -4.6% | 3.33% | −0.17 |
| SCHW Schwab (charles) Corp. | Reduce -16.9% | 0.73% | −0.15 |
| SHV iShares 0-1 Year Treasury Bo | Sold out | 0.00% | −0.14 |
| DFAT Dimensional US Target Value | Reduce -0.6% | 0.91% | −0.14 |
| EOG EOG Resources Inc. | Reduce -75.9% | 0.04% | −0.13 |
| RTO Rentokil Initial PLC-SP ADR | Sold out | 0.00% | −0.13 |
| QUAL iShares MSCI USA Quality Fac | Reduce -0.1% | 0.81% | −0.08 |
| DFUV Dimensional US Marketwide Va | Reduce -2.0% | 0.90% | −0.06 |
| CSW CSW Industrials Inc. | Reduce -2.4% | 0.20% | −0.06 |
| IWC iShares Micro-Cap ETF | Sold out | 0.00% | −0.04 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.04 |
| MESA AIR GROUP INC | Sold out | 0.00% | −0.03 |
| KMI Kinder Morgan Inc. | Reduce -26.0% | 0.07% | −0.03 |
| NVDA Nvidia Corp. | Reduce -10.7% | 0.05% | −0.02 |
| ABT Abbott Laboratories | Reduce -11.9% | 0.72% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -0.4% | 0.25% | −0.01 |
| MBB iShares MBS ETF | Reduce -0.9% | 0.12% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -4.6% | 0.05% | −0.00 |
| COP Conocophillips | Reduce -0.8% | 0.46% | −0.00 |
| APTOSE BIOSCIENCES INC | Sold out | 0.00% | −0.00 |
| XOM Exxon Mobil Corp. | Reduce -5.5% | 0.08% | −0.00 |
| CVX Chevron Corp. | Reduce -5.4% | 0.04% | +0.00 |
| EPD Enterprise Products Partners | Reduce -1.4% | 1.02% | +0.02 |
| JNJ Johnson & Johnson | Reduce -0.2% | 0.66% | +0.05 |
| AZO AutoZone Inc. | Reduce -0.1% | 0.75% | +0.08 |
Portfolio Buys Q4 2024 → Q1 2025
| IWM iShares Russell 2000 ETF | New | 1.87% | +1.87 |
| EEM iShares MSCI Emerging Market | Add +1709.1% | 1.73% | +1.64 |
| MCHI iShares MSCI China ETF | New | 1.02% | +1.02 |
| UBER Uber Technologies Inc. | New | 0.68% | +0.68 |
| AMT American Tower Corp. | New | 0.59% | +0.59 |
| BIDU Baidu Inc. - Spon ADR | Add +50.0% | 1.04% | +0.37 |
| DFAI Dimensional International Co. | Add +6.7% | 4.64% | +0.34 |
| DCOR Dimensional US Core Eq 1 ETF | Add +21.3% | 3.71% | +0.33 |
| AR Antero Resources Corp. | Add +33.9% | 0.91% | +0.29 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.1% | 2.71% | +0.28 |
| ACGL Arch Capital Group Ltd. | Add +65.2% | 0.68% | +0.26 |
| DFAX Dimensional World Ex US Core | Add +48.0% | 0.11% | +0.04 |
| CRGY Crescent Energy Inc. Class A | New | 0.04% | +0.04 |
| AVDE Avantis International Equity | Add +0.3% | 1.31% | +0.03 |
| DFAE Dimensional Emerging Core Eq | Add +4.0% | 3.06% | +0.01 |
| MELI MercadoLibre Inc. | Add +0.6% | 0.12% | +0.01 |
| DFAW Dimensional World Eqty ETF | Add +14.7% | 0.04% | +0.00 |
| DFAU Dimensional US Core Equity M | Add +12.0% | 0.08% | +0.00 |
| ACWI iShares MSCI Acwi ETF | Add +2.7% | 0.11% | −0.00 |
| BAC Bank of America Corp. | Add +0.0% | 0.04% | −0.01 |
| FAF First American Financial | Add +0.1% | 1.43% | −0.01 |
| SCHG Schwab US Large-Cap Growth | Add +0.1% | 0.08% | −0.01 |
| AVEM Avantis Emerging Markets Eq | Add +0.5% | 0.76% | −0.02 |
| NFLX Netflix Inc. | Add +0.0% | 2.23% | −0.02 |
| BKNG Booking Holdings Inc. | Add +0.4% | 0.70% | −0.09 |
| HD Home Depot Inc. | Add +0.2% | 1.12% | −0.13 |
| BSV Vanguard Short-Term Bond ETF | Add +2.5% | 8.03% | −0.14 |
| DFCF Dimensional Core Fixed Inc. | Add +1.3% | 6.44% | −0.15 |
| GOOG Alphabet Inc. Class C | Add +0.3% | 0.56% | −0.16 |
| VYM Vanguard High DVD Yield ETF | Add +0.2% | 3.66% | −0.16 |
| GOVT iShares US Treasury Bond ETF | Add +1.0% | 3.57% | −0.17 |
| AVUS Avantis U.S. Equity ETF | Add +0.1% | 1.65% | −0.18 |
| ET Energy Transfer LP | Add +0.4% | 2.16% | −0.24 |
| META Meta Platforms Inc. Class A | Add +0.1% | 4.00% | −0.29 |
| MSFT Microsoft Corp. | Add +0.1% | 1.63% | −0.30 |
| AMZN Amazon.com Inc. | Add +0.2% | 1.86% | −0.40 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 1,300,000 | $812.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +100.0% | 260,000 | $143.4M |
| META Meta Platforms Inc. Class A | put | Add +169.2% | 35,000 | $19.8M |
| ET Energy Transfer LP | put | Add +114.0% | 1,070,000 | $18.2M |
| NFLX Netflix Inc. | put | Add +77.1% | 12,400 | $10.7M |
| VYM Vanguard High DVD Yield ETF | put | Sold out | 100,000 | $10.5Mbefore exit |
| IWM iShares Russell 2000 ETF | put | New | 50,000 | $10.0M |
| EEM iShares MSCI Emerging Market | put | New | 200,000 | $8.7M |
| MCHI iShares MSCI China ETF | put | Add +263.2% | 138,000 | $7.2M |
| IAT iShares US Regional Banks Et | put | Sold out | 136,000 | $6.8Mbefore exit |
| UBER Uber Technologies Inc. | put | New | 50,000 | $3.5M |
| BABA Alibaba Group Holding-SP ADR | put | New | 25,000 | $3.3M |
| ET Energy Transfer LP | call | Sold out | 100,000 | $2.0Mbefore exit |
| KWEB Kranesh Csi China Internet | put | New | 50,000 | $1.8M |
| EWZ iShares MSCI Brazil ETF | call | New | 10,000 | $260K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 124 | $675.0M | BSV, DFAI, DCOR, DFCF, QUAL |
| Q1 2026 | 117 | $609.0M | BSV, DFCF, DFAI, DCOR, QUAL |
| Q4 2025 | 120 | $614.2M | BSV, DFAI, DFCF, DCOR, DFAE |
| Q3 2025 | 121 | $562.8M | BSV, DFCF, DFAI, DCOR, DFAE |
| Q2 2025 | 118 | $542.2M | BSV, DFCF, DFAI, META, DCOR |
| Q1 2025 | 114 | $533.7M | BSV, DFCF, DFAI, META, DCOR |
| Q4 2024 | 119 | $505.0M | BSV, DFCF, META, DFAI, VYM |
| Q3 2024 | 119 | $500.0M | BSV, DFCF, DFAI, META, VYM |
| Q2 2024 | 118 | $480.4M | BSV, DFCF, META, DFAI, VYM |
| Q1 2024 | 128 | $442.3M | BSV, DFCF, META, VYM, GOVT |