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

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $442.3M Q1 2024 Q2 2024: $480.4M Q2 2024 Q3 2024: $500.0M Q3 2024 Q4 2024: $505.0M Q4 2024 Q1 2025: $533.7M $533.7M Q1 2025 Q2 2025: $542.2M Q2 2025 Q3 2025: $562.8M Q3 2025 Q4 2025: $614.2M Q4 2025 Q1 2026: $609.0M Q1 2026 Q2 2026: $675.0M Q2 2026

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
VBTX Veritex Holdings Inc. 0.05% 9,667 $241K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.04% 5,752 $240K Add +0.0%
CVX Chevron Corp. 0.04% 1,392 $233K Reduce -5.4%
DFAW Dimensional World Eqty ETF 0.04% 3,793 $232K Add +14.7%
EOG EOG Resources Inc. 0.04% 1,746 $224K Reduce -75.9%
BSM Black Stone Minerals LP 0.04% 14,382 $220K No change
IWN iShares Russell 2000 Value E 0.04% 1,408 $213K No change
DFAC Dimensional US Core Equity 2 0.04% 6,112 $202K No change
DOW Dow Inc. 0.04% 5,795 $202K No change
CRGY Crescent Energy Inc. Class A 0.04% 16,603 $187K New
KRP Kimbell Royalty Partners LP 0.03% 11,586 $162K No change
WWR Westwater Resources Inc. 0.03% 250,000 $138K No change
OESX Orion Energy Systems Inc. 0.02% 173,339 $125K No change
REEAF Ree Automotive Ltd. Class A 0.02% 46,666 $124K 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 124$675.0MBSV, DFAI, DCOR, DFCF, QUAL
Q1 2026 117$609.0MBSV, DFCF, DFAI, DCOR, QUAL
Q4 2025 120$614.2MBSV, DFAI, DFCF, DCOR, DFAE
Q3 2025 121$562.8MBSV, DFCF, DFAI, DCOR, DFAE
Q2 2025 118$542.2MBSV, DFCF, DFAI, META, DCOR
Q1 2025 114$533.7MBSV, DFCF, DFAI, META, DCOR
Q4 2024 119$505.0MBSV, DFCF, META, DFAI, VYM
Q3 2024 119$500.0MBSV, DFCF, DFAI, META, VYM
Q2 2024 118$480.4MBSV, DFCF, META, DFAI, VYM
Q1 2024 128$442.3MBSV, DFCF, META, VYM, GOVT