Annandale Capital, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Annandale Capital, LLC reported 118 stock positions worth $542.2 million. Its top holding was Vanguard Short-Term Bond ETF (BSV) at 7.7% of the portfolio, followed by Dimensional Core Fixed (DFCF, 6.1%) and Dimensional International (DFAI, 5.3%). Compared with Q1 2025, it opened 14 new positions, sold out of 10, added to 37 and reduced 26. The biggest buy was Uber Technologies (UBER, shares +112%) and the biggest sale iShares Russell 2000 ETF (IWM, shares −77%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001811739
Portfolio Value
$542.2M (Q2 2025)
SEC Filing
0001811739-25-000003 ↗ filed Aug 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 Q1 2025 Q2 2025: $542.2M $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 118 stocks · $542.2M
BSV Vanguard Short-Term Bond ETF 7.69% 529,737 $41.7M Reduce -3.3%
DFCF Dimensional Core Fixed Inc. 6.12% 785,618 $33.2M Reduce -3.9%
DFAI Dimensional International Co. 5.34% 837,214 $28.9M Add +5.7%
META Meta Platforms Inc. Class A 5.06% 37,171 $27.4M Add +0.2%
DCOR Dimensional US Core Eq 1 ETF 4.56% 369,615 $24.7M Add +14.4%
VYM Vanguard High DVD Yield ETF 3.79% 154,315 $20.6M Add +1.9%
DFAE Dimensional Emerging Core Eq 3.55% 665,118 $19.3M Add +5.3%
GOVT iShares US Treasury Bond ETF 3.44% 811,998 $18.7M Reduce -2.1%
MLPX Global X MLP & Energy Infras 3.18% 274,794 $17.2M Reduce -1.4%
NFLX Netflix Inc. 3.15% 12,756 $17.1M Add +0.0%
BRK.B Berkshire Hathaway Inc. Class B 2.43% 27,130 $13.2M No change
AMZN Amazon.com Inc. 2.15% 53,125 $11.7M Add +1.9%
ET Energy Transfer LP 2.13% 637,479 $11.6M Add +2.6%
MSFT Microsoft Corp. 2.12% 23,159 $11.5M Add +0.1%
EEM iShares MSCI Emerging Market 1.88% 211,277 $10.2M Reduce -0.2%
UBER Uber Technologies Inc. 1.83% 106,295 $9.9M Add +112.4%
AVUS Avantis U.S. Equity ETF 1.77% 95,231 $9.6M Add +0.2%
WMT Walmart Inc. 1.55% 86,147 $8.4M Add +0.0%
SPY SS SPDR S&P 500 ETF Trust-US 1.44% 12,662 $7.8M Reduce -11.3%
AVDE Avantis International Equity 1.44% 105,692 $7.8M No change
PGR Progressive Corp. 1.43% 29,079 $7.8M No change
FAF First American Financial 1.38% 121,990 $7.5M Add +5.2%
KRE SS SPDR S&P Regional Bank 1.31% 119,500 $7.1M Reduce -0.4%
MKL Markel Group Inc. 1.21% 3,279 $6.5M Add +4.5%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 1.11% 82,279 $6.0M No change
HD Home Depot Inc. 1.10% 16,314 $6.0M Add +0.1%
DFAT Dimensional US Target Value 1.04% 104,970 $5.7M Add +11.0%
QUAL iShares MSCI USA Quality Fac 1.02% 30,312 $5.5M Add +19.5%
ABBV Abbvie Inc. 0.99% 29,060 $5.4M Reduce -0.3%
GOOGL Alphabet Inc. Class A 0.97% 29,721 $5.2M Reduce -50.4%
EPD Enterprise Products Partners 0.96% 168,125 $5.2M Add +5.3%
DFUV Dimensional US Marketwide Va 0.92% 118,214 $5.0M Add +1.7%
AAPL Apple Inc. 0.89% 23,592 $4.8M Add +0.0%
BKNG Booking Holdings Inc. 0.87% 811 $4.7M No change
AVEM Avantis Emerging Markets Eq 0.84% 66,433 $4.6M Reduce -0.8%
V Visa Inc. Class A 0.80% 12,178 $4.3M No change
BUR Burford Capital Ltd. 0.79% 300,000 $4.3M Add +91.5%
TXN Texas Instruments Inc. 0.79% 20,580 $4.3M Add +72.2%
CSCO Cisco Systems Inc. 0.77% 60,107 $4.2M Reduce -0.8%
AZO AutoZone Inc. 0.72% 1,048 $3.9M Reduce -0.1%
ABT Abbott Laboratories 0.71% 28,376 $3.9M Reduce -1.5%
ACGL Arch Capital Group Ltd. 0.69% 41,106 $3.7M Add +9.2%
GOOG Alphabet Inc. Class C 0.64% 19,488 $3.5M Add +1.3%
CPRT Copart Inc. 0.64% 70,184 $3.4M No change
JNJ Johnson & Johnson 0.62% 22,171 $3.4M Add +4.7%
SCHW Schwab (charles) Corp. 0.60% 35,848 $3.3M Reduce -27.9%
AMT American Tower Corp. 0.59% 14,453 $3.2M No change
AR Antero Resources Corp. 0.55% 73,454 $3.0M Reduce -39.0%
ICE Intercontinental Exchange Inc. 0.52% 15,246 $2.8M No change
EFX Equifax Inc. 0.50% 10,375 $2.7M No change
IWM iShares Russell 2000 ETF 0.45% 11,400 $2.5M Reduce -77.2%
EFA iShares MSCI Eafe ETF 0.44% 26,514 $2.4M Reduce -1.6%
PEP Pepsico Inc. 0.44% 17,898 $2.4M New
AER Aercap Holdings NV 0.43% 20,000 $2.3M New
UNP Union Pacific Corp. 0.43% 10,162 $2.3M Reduce -0.9%
VRSK Verisk Analytics Inc. 0.42% 7,299 $2.3M No change
COP Conocophillips 0.39% 23,270 $2.1M No change
WSO Watsco Inc. 0.33% 4,109 $1.8M Add +36.6%
KWY Kingsway Corp. 0.32% 128,200 $1.7M No change
OXY Occidental Petroleum Corp. 0.32% 40,658 $1.7M Add +160.8%
ADBE Adobe Inc. 0.29% 4,076 $1.6M Reduce -22.7%
WFC Wells Fargo & Co. 0.27% 18,443 $1.5M Add +0.0%
QCOM Qualcomm Inc. 0.24% 8,241 $1.3M Reduce -31.6%
MELI MercadoLibre Inc. 0.21% 434 $1.1M Add +37.3%
MSCI MSCI Inc. 0.20% 1,900 $1.1M New
URGN Urogen Pharma Ltd. 0.19% 75,552 $1.0M No change
DHR Danaher Corp. 0.19% 5,100 $1.0M New
MRSH Marsh & McLennan Cos 0.19% 4,600 $1.0M New
OSCR Oscar Health Inc. Class A 0.18% 45,000 $965K New
TMO Thermo Fisher Scientific Inc. 0.17% 2,327 $944K New
VTV Vanguard Mrngstr Val ETF-Aui 0.17% 5,261 $930K No change
DFAX Dimensional World Ex US Core 0.15% 27,833 $817K Add +24.9%
CSW CSW Industrials Inc. 0.14% 2,721 $780K Reduce -24.6%
IVW iShares S&P 500 Growth ETF 0.14% 6,952 $765K No change
ACWI iShares MSCI Acwi ETF 0.12% 5,212 $670K Add +0.0%
MBB iShares MBS ETF 0.12% 7,011 $658K No change
ACN Accenture PLC Class A 0.10% 1,755 $525K No change
IVV iShares Core S&P 500 ETF 0.10% 829 $515K No change
SCHG Schwab US Large-Cap Growth 0.09% 17,473 $510K Add +0.1%
DFAU Dimensional US Core Equity M 0.09% 11,932 $505K Add +4.1%
MEDP Medpace Holdings Inc. 0.09% 1,600 $502K New
ICLR Icon PLC 0.09% 3,300 $480K New
AVGO Broadcom Inc. 0.08% 1,670 $460K No change
DFAW Dimensional World Eqty ETF 0.08% 6,785 $455K Add +78.9%
CTVA Corteva Inc. 0.08% 5,767 $430K No change
PAA Plains All Amer Pipeline LP 0.08% 22,288 $408K No change
AON Aon PLC Class A 0.07% 1,123 $401K No change
DD Dupont DE Nemours Inc. 0.07% 5,795 $397K No change
VXUS Vanguard Total Intl Stock 0.07% 5,700 $394K No change
XOM Exxon Mobil Corp. 0.07% 3,526 $380K Reduce -5.3%
MRK Merck & Co. Inc. 0.07% 4,703 $372K No change
FNDA Schwab Fndmntl US SM Co. ETF 0.07% 12,600 $361K No change
FNDC Schwab Fndmnt Intl SM Eq ETF 0.07% 8,550 $360K No change
CEE Central and Eastern Europe F 0.06% 20,928 $325K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.06% 1,625 $317K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.06% 698 $308K New
JPM JPMorgan Chase & Co. 0.05% 1,026 $297K No change
KMI Kinder Morgan Inc. 0.05% 10,088 $297K Reduce -22.3%
NVDA Nvidia Corp. 0.05% 1,799 $284K Reduce -29.3%
CMG Chipotle Mexican Grill Inc. 0.05% 5,000 $281K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 5,753 $272K Add +0.0%
AIG American International Group 0.05% 3,151 $270K No change
VBTX Veritex Holdings Inc. 0.05% 9,667 $252K No change
DFAC Dimensional US Core Equity 2 0.04% 6,762 $242K Add +10.6%
DVN Devon Energy Corp. 0.04% 7,425 $236K Reduce -1.0%
APA Apa Corp. 0.04% 12,474 $228K No change
IWN iShares Russell 2000 Value E 0.04% 1,408 $222K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 1,739 $216K Reduce -96.5%
VUG Vanguard Mrngstar GR ETF-Sui 0.04% 490 $215K New
BA The Boeing Co. 0.04% 1,007 $211K New
AVGE Avantis All Eqty Mrkts ETF 0.04% 2,700 $209K New
EOG EOG Resources Inc. 0.04% 1,746 $209K No change
IWC iShares Micro-Cap ETF 0.04% 1,600 $204K New
BSM Black Stone Minerals LP 0.03% 14,382 $188K No change
KRP Kimbell Royalty Partners LP 0.03% 11,586 $162K No change
WWR Westwater Resources Inc. 0.03% 250,000 $150K No change
CRGY Crescent Energy Inc. Class A 0.03% 17,273 $149K Add +4.0%
OESX Orion Energy Systems Inc. 0.02% 173,339 $106K No change

Options reported separately and not counted above: SPY calls ($635.0M), SPY puts ($110.2M), META puts ($12.3M), IWM puts ($10.0M), EEM puts ($8.7M), UBER puts ($3.5M).

Portfolio Sells Q1 2025 → Q2 2025
IWM iShares Russell 2000 ETF Reduce -77.2% 0.45% −1.42
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −1.25
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −1.04
MCHI iShares MSCI China ETF Sold out 0.00% −1.02
DIS The Walt Disney Co. Reduce -96.5% 0.04% −0.88
ALLE Allegion PLC Sold out 0.00% −0.83
GOOGL Alphabet Inc. Class A Reduce -50.4% 0.97% −0.77
GLD SPDR Gold Shares Sold out 0.00% −0.57
AR Antero Resources Corp. Reduce -39.0% 0.55% −0.37
BSV Vanguard Short-Term Bond ETF Reduce -3.3% 7.69% −0.34
KWEB Kranesh Csi China Internet Sold out 0.00% −0.34
DFCF Dimensional Core Fixed Inc. Reduce -3.9% 6.12% −0.32
KEYS Keysight Technologies Inc. Sold out 0.00% −0.21
MLPX Global X MLP & Energy Infras Reduce -1.4% 3.18% −0.16
ABBV Abbvie Inc. Reduce -0.3% 0.99% −0.15
GOVT iShares US Treasury Bond ETF Reduce -2.1% 3.44% −0.13
SCHW Schwab (charles) Corp. Reduce -27.9% 0.60% −0.13
QCOM Qualcomm Inc. Reduce -31.6% 0.24% −0.10
ADBE Adobe Inc. Reduce -22.7% 0.29% −0.09
CSW CSW Industrials Inc. Reduce -24.6% 0.14% −0.05
SPY SS SPDR S&P 500 ETF Trust-US Reduce -11.3% 1.44% −0.05
CVX Chevron Corp. Sold out 0.00% −0.04
DOW Dow Inc. Sold out 0.00% −0.04
AZO AutoZone Inc. Reduce -0.1% 0.72% −0.03
REEAF Ree Automotive Ltd. Class A Sold out 0.00% −0.02
UNP Union Pacific Corp. Reduce -0.9% 0.43% −0.02
KMI Kinder Morgan Inc. Reduce -22.3% 0.05% −0.01
XOM Exxon Mobil Corp. Reduce -5.3% 0.07% −0.01
DVN Devon Energy Corp. Reduce -1.0% 0.04% −0.01
ABT Abbott Laboratories Reduce -1.5% 0.71% −0.00
NVDA Nvidia Corp. Reduce -29.3% 0.05% +0.00
EFA iShares MSCI Eafe ETF Reduce -1.6% 0.44% +0.02
KRE SS SPDR S&P Regional Bank Reduce -0.4% 1.31% +0.03
CSCO Cisco Systems Inc. Reduce -0.8% 0.77% +0.07
AVEM Avantis Emerging Markets Eq Reduce -0.8% 0.84% +0.08
EEM iShares MSCI Emerging Market Reduce -0.2% 1.88% +0.15

Portfolio Buys Q1 2025 → Q2 2025
UBER Uber Technologies Inc. Add +112.4% 1.83% +1.15
META Meta Platforms Inc. Class A Add +0.2% 5.06% +1.06
NFLX Netflix Inc. Add +0.0% 3.15% +0.92
DCOR Dimensional US Core Eq 1 ETF Add +14.4% 4.56% +0.84
DFAI Dimensional International Co. Add +5.7% 5.34% +0.70
MSFT Microsoft Corp. Add +0.1% 2.12% +0.50
DFAE Dimensional Emerging Core Eq Add +5.3% 3.55% +0.49
PEP Pepsico Inc. New 0.44% +0.44
AER Aercap Holdings NV New 0.43% +0.43
BUR Burford Capital Ltd. Add +91.5% 0.79% +0.40
TXN Texas Instruments Inc. Add +72.2% 0.79% +0.39
AMZN Amazon.com Inc. Add +1.9% 2.15% +0.29
QUAL iShares MSCI USA Quality Fac Add +19.5% 1.02% +0.21
MSCI MSCI Inc. New 0.20% +0.20
DHR Danaher Corp. New 0.19% +0.19
MRSH Marsh & McLennan Cos New 0.19% +0.19
OSCR Oscar Health Inc. Class A New 0.18% +0.18
TMO Thermo Fisher Scientific Inc. New 0.17% +0.17
OXY Occidental Petroleum Corp. Add +160.8% 0.32% +0.17
WMT Walmart Inc. Add +0.0% 1.55% +0.14
VYM Vanguard High DVD Yield ETF Add +1.9% 3.79% +0.13
DFAT Dimensional US Target Value Add +11.0% 1.04% +0.13
AVUS Avantis U.S. Equity ETF Add +0.2% 1.77% +0.13
MKL Markel Group Inc. Add +4.5% 1.21% +0.11
MELI MercadoLibre Inc. Add +37.3% 0.21% +0.09
MEDP Medpace Holdings Inc. New 0.09% +0.09
ICLR Icon PLC New 0.09% +0.09
GOOG Alphabet Inc. Class C Add +1.3% 0.64% +0.07
DIA SS SPDR Dow Jones Indus Avg New 0.06% +0.06
WSO Watsco Inc. Add +36.6% 0.33% +0.05
DFAX Dimensional World Ex US Core Add +24.9% 0.15% +0.04
DFAW Dimensional World Eqty ETF Add +78.9% 0.08% +0.04
VUG Vanguard Mrngstar GR ETF-Sui New 0.04% +0.04
BA The Boeing Co. New 0.04% +0.04
AVGE Avantis All Eqty Mrkts ETF New 0.04% +0.04
IWC iShares Micro-Cap ETF New 0.04% +0.04
WFC Wells Fargo & Co. Add +0.0% 0.27% +0.02
DFUV Dimensional US Marketwide Va Add +1.7% 0.92% +0.02
SCHG Schwab US Large-Cap Growth Add +0.1% 0.09% +0.01
ACGL Arch Capital Group Ltd. Add +9.2% 0.69% +0.01
DFAU Dimensional US Core Equity M Add +4.1% 0.09% +0.01
ACWI iShares MSCI Acwi ETF Add +0.0% 0.12% +0.01
DFAC Dimensional US Core Equity 2 Add +10.6% 0.04% +0.01
BAC Bank of America Corp. Add +0.0% 0.05% +0.01
CRGY Crescent Energy Inc. Class A Add +4.0% 0.03% −0.01
HD Home Depot Inc. Add +0.1% 1.10% −0.02
ET Energy Transfer LP Add +2.6% 2.13% −0.03
JNJ Johnson & Johnson Add +4.7% 0.62% −0.03
FAF First American Financial Add +5.2% 1.38% −0.04
EPD Enterprise Products Partners Add +5.3% 0.96% −0.06

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US call Reduce -23.1% 1,000,000 $635.0M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -28.9% 185,000 $110.2M
ET Energy Transfer LP put Sold out 1,070,000 $18.2Mbefore exit
META Meta Platforms Inc. Class A put Reduce -50.0% 17,500 $12.3M
VTI VG Morningstar TS MKT ETF-US put Sold out 45,000 $12.2Mbefore exit
NFLX Netflix Inc. put Sold out 12,400 $10.7Mbefore exit
MCHI iShares MSCI China ETF put Sold out 138,000 $7.2Mbefore exit
BABA Alibaba Group Holding-SP ADR put Sold out 25,000 $3.3Mbefore exit
KWEB Kranesh Csi China Internet put Sold out 50,000 $1.8Mbefore exit
EWZ iShares MSCI Brazil ETF call Sold out 10,000 $260Kbefore exit

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