Annandale Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Annandale Capital, LLC reported 121 stock positions worth $562.8 million. Its top holding was Vanguard Short-Term Bond ETF (BSV) at 7.6% of the portfolio, followed by Dimensional Core Fixed (DFCF, 6.1%) and Dimensional International (DFAI, 5.7%). Compared with Q2 2025, it opened 10 new positions, sold out of 7, added to 35 and reduced 19. The biggest buy was Dimensional US Core Eq 1 ETF (DCOR, shares +10%) and the biggest sale Meta Platforms Class A (META, shares −26%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001811739
Portfolio Value
$562.8M (Q3 2025)
SEC Filing
0001811739-25-000005 ↗ filed Nov 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 Q2 2025 Q3 2025: $562.8M $562.8M Q3 2025 Q4 2025: $614.2M Q4 2025 Q1 2026: $609.0M Q1 2026 Q2 2026: $675.0M Q2 2026

Holdings 121 stocks · $562.8M
BSV Vanguard Short-Term Bond ETF 7.55% 538,677 $42.5M Add +1.7%
DFCF Dimensional Core Fixed Inc. 6.08% 800,812 $34.2M Add +1.9%
DFAI Dimensional International Co. 5.72% 885,642 $32.2M Add +5.8%
DCOR Dimensional US Core Eq 1 ETF 5.18% 405,201 $29.2M Add +9.6%
DFAE Dimensional Emerging Core Eq 3.97% 708,203 $22.3M Add +6.5%
VYM Vanguard High DVD Yield ETF 3.91% 156,161 $22.0M Add +1.2%
META Meta Platforms Inc. Class A 3.58% 27,471 $20.2M Reduce -26.1%
GOVT iShares US Treasury Bond ETF 3.38% 823,277 $19.0M Add +1.4%
MLPX Global X MLP & Energy Infras 3.11% 279,078 $17.5M Add +1.6%
NFLX Netflix Inc. 2.72% 12,756 $15.3M No change
BRK.B Berkshire Hathaway Inc. Class B 2.42% 27,146 $13.6M Add +0.1%
MSFT Microsoft Corp. 2.12% 23,082 $12.0M Reduce -0.3%
AMZN Amazon.com Inc. 2.05% 52,647 $11.6M Reduce -0.9%
EEM iShares MSCI Emerging Market 2.00% 211,277 $11.3M No change
ET Energy Transfer LP 1.94% 637,479 $10.9M No change
UBER Uber Technologies Inc. 1.86% 106,899 $10.5M Add +0.6%
AVUS Avantis U.S. Equity ETF 1.83% 94,819 $10.3M Reduce -0.4%
WMT Walmart Inc. 1.58% 86,039 $8.9M Reduce -0.1%
AVDE Avantis International Equity 1.48% 105,325 $8.3M Reduce -0.3%
FAF First American Financial 1.40% 122,355 $7.9M Add +0.3%
PGR Progressive Corp. 1.38% 31,484 $7.8M Add +8.3%
SPY SS SPDR S&P 500 ETF Trust-US 1.37% 11,535 $7.7M Reduce -8.9%
KRE SS SPDR S&P Regional Bank 1.34% 119,500 $7.6M No change
GOOGL Alphabet Inc. Class A 1.28% 29,721 $7.2M No change
ABBV Abbvie Inc. 1.18% 28,722 $6.7M Reduce -1.2%
HD Home Depot Inc. 1.18% 16,333 $6.6M Add +0.1%
DFAT Dimensional US Target Value 1.17% 113,341 $6.6M Add +8.0%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 1.12% 82,529 $6.3M Add +0.3%
QUAL iShares MSCI USA Quality Fac 1.12% 32,384 $6.3M Add +6.8%
MKL Markel Group Inc. 1.11% 3,279 $6.3M No change
AAPL Apple Inc. 1.04% 23,096 $5.9M Reduce -2.1%
DFUV Dimensional US Marketwide Va 1.01% 126,796 $5.7M Add +7.3%
ACGL Arch Capital Group Ltd. 0.95% 59,010 $5.4M Add +43.6%
EPD Enterprise Products Partners 0.93% 168,127 $5.3M Add +0.0%
AVEM Avantis Emerging Markets Eq 0.88% 66,210 $5.0M Reduce -0.3%
GOOG Alphabet Inc. Class C 0.88% 20,282 $4.9M Add +4.1%
AZO AutoZone Inc. 0.80% 1,052 $4.5M Add +0.4%
BKNG Booking Holdings Inc. 0.78% 811 $4.4M No change
CPRT Copart Inc. 0.75% 94,363 $4.2M Add +34.5%
V Visa Inc. Class A 0.74% 12,206 $4.2M Add +0.2%
CSCO Cisco Systems Inc. 0.73% 60,107 $4.1M No change
JNJ Johnson & Johnson 0.73% 22,171 $4.1M No change
ABT Abbott Laboratories 0.68% 28,376 $3.8M No change
TXN Texas Instruments Inc. 0.67% 20,650 $3.8M Add +0.3%
BUR Burford Capital Ltd. 0.64% 300,000 $3.6M No change
SCHW Schwab (charles) Corp. 0.61% 35,848 $3.4M No change
AMT American Tower Corp. 0.49% 14,453 $2.8M No change
IWM iShares Russell 2000 ETF 0.49% 11,400 $2.8M No change
NRP Natural Resource Partners LP 0.49% 26,100 $2.7M New
FCNCA First Citizens Bcshs Class A 0.49% 1,530 $2.7M New
EFX Equifax Inc. 0.47% 10,375 $2.7M No change
ICE Intercontinental Exchange Inc. 0.46% 15,246 $2.6M No change
EFA iShares MSCI Eafe ETF 0.44% 26,514 $2.5M No change
AR Antero Resources Corp. 0.44% 73,754 $2.5M Add +0.4%
UNP Union Pacific Corp. 0.43% 10,202 $2.4M Add +0.4%
COP Conocophillips 0.39% 23,270 $2.2M No change
OXY Occidental Petroleum Corp. 0.34% 40,659 $1.9M Add +0.0%
KWY Kingsway Corp. 0.33% 128,200 $1.9M No change
VRSK Verisk Analytics Inc. 0.33% 7,299 $1.8M No change
TMO Thermo Fisher Scientific Inc. 0.30% 3,448 $1.7M Add +48.2%
WSO Watsco Inc. 0.30% 4,109 $1.7M No change
MSCI MSCI Inc. 0.29% 2,862 $1.6M Add +50.6%
DHR Danaher Corp. 0.28% 7,815 $1.5M Add +53.2%
WFC Wells Fargo & Co. 0.27% 18,054 $1.5M Reduce -2.1%
URGN Urogen Pharma Ltd. 0.25% 70,552 $1.4M Reduce -6.6%
QCOM Qualcomm Inc. 0.24% 8,241 $1.4M No change
MRSH Marsh & McLennan Cos 0.22% 6,239 $1.3M Add +35.6%
MELI MercadoLibre Inc. 0.18% 434 $1.0M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.17% 5,261 $981K No change
OSCR Oscar Health Inc. Class A 0.15% 45,000 $852K No change
IVW iShares S&P 500 Growth ETF 0.15% 6,952 $839K No change
MEDP Medpace Holdings Inc. 0.15% 1,600 $823K No change
ACWI iShares MSCI Acwi ETF 0.13% 5,212 $720K No change
MBB iShares MBS ETF 0.12% 7,011 $667K No change
CSW CSW Industrials Inc. 0.12% 2,721 $661K No change
ICLR Icon PLC 0.10% 3,300 $578K No change
SCHG Schwab US Large-Cap Growth 0.10% 17,489 $558K Add +0.1%
IVV iShares Core S&P 500 ETF 0.10% 829 $555K No change
DFAU Dimensional US Core Equity M 0.10% 11,932 $546K No change
AVGO Broadcom Inc. 0.09% 1,493 $493K Reduce -10.6%
DFAW Dimensional World Eqty ETF 0.09% 6,788 $488K Add +0.0%
DD Dupont DE Nemours Inc. 0.08% 5,795 $451K No change
VXUS Vanguard Total Intl Stock 0.07% 5,700 $419K No change
MRK Merck & Co. Inc. 0.07% 4,703 $395K No change
FNDA Schwab Fndmntl US SM Co. ETF 0.07% 12,600 $393K No change
CTVA Corteva Inc. 0.07% 5,767 $390K No change
FNDC Schwab Fndmnt Intl SM Eq ETF 0.07% 8,550 $381K No change
PAA Plains All Amer Pipeline LP 0.07% 22,288 $380K No change
DFSD Dimensional Short Duration 0.07% 7,842 $378K New
VBR Vngrd Mrngst SL-CP Val ETF-U 0.06% 1,625 $339K No change
NVDA Nvidia Corp. 0.06% 1,737 $324K Reduce -3.5%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.06% 698 $324K No change
JPM JPMorgan Chase & Co. 0.06% 1,026 $324K No change
CEE Central and Eastern Europe F 0.06% 20,928 $322K No change
XOM Exxon Mobil Corp. 0.06% 2,841 $320K Reduce -19.4%
APA Apa Corp. 0.05% 12,474 $303K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 5,753 $297K No change
KMI Kinder Morgan Inc. 0.05% 10,088 $286K No change
DFAC Dimensional US Core Equity 2 0.05% 6,762 $261K No change
DVN Devon Energy Corp. 0.05% 7,425 $260K No change
IWN iShares Russell 2000 Value E 0.04% 1,408 $249K No change
AIG American International Group 0.04% 3,151 $248K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.04% 490 $235K No change
AVGE Avantis All Eqty Mrkts ETF 0.04% 2,700 $225K No change
BA The Boeing Co. 0.04% 1,007 $217K No change
CVX Chevron Corp. 0.04% 1,392 $216K New
BSM Black Stone Minerals LP 0.03% 14,382 $189K No change
KRP Kimbell Royalty Partners LP 0.03% 11,586 $156K No change
CRGY Crescent Energy Inc. Class A 0.03% 17,273 $154K No change
WWR Westwater Resources Inc. 0.02% 100,000 $95K Reduce -60.0%
MORN Morningstar Inc. 0.01% 20,084 $47K New
RIG Transocean Ltd. 0.01% 14,100 $44K New
AON Aon PLC Class A 0.00% 5,421 $19K Add +382.7%
IRD Opus Genetics Inc. 0.00% 10,000 $17K New
DFAX Dimensional World Ex US Core 0.00% 48,649 $15K Add +74.8%
VBTX Veritex Holdings Inc. 0.00% 7,094 $3K Reduce -26.6%
IBIT iShares Bitcoin Trust ETF 0.00% 3,600 $2K New
NBIS Nebius Group NV 0.00% 2,000 $2K New
IWC iShares Micro-Cap ETF 0.00% 471 $2K Reduce -70.6%
PSKY Paramount Skydance Class B 0.00% 10,550 $2K New
OESX Orion Energy Systems Inc. 0.00% 17,333 $2K Reduce -90.0%

Options reported separately and not counted above: SPY puts ($147K), IWM puts ($10K), UBER puts ($4K).

Portfolio Sells Q2 2025 → Q3 2025
META Meta Platforms Inc. Class A Reduce -26.1% 3.58% −1.48
PEP Pepsico Inc. Sold out 0.00% −0.44
AER Aercap Holdings NV Sold out 0.00% −0.43
ADBE Adobe Inc. Sold out 0.00% −0.29
ACN Accenture PLC Class A Sold out 0.00% −0.10
AMZN Amazon.com Inc. Reduce -0.9% 2.05% −0.10
SPY SS SPDR S&P 500 ETF Trust-US Reduce -8.9% 1.37% −0.08
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.05
VBTX Veritex Holdings Inc. Reduce -26.6% 0.00% −0.05
DIS The Walt Disney Co. Sold out 0.00% −0.04
EOG EOG Resources Inc. Sold out 0.00% −0.04
IWC iShares Micro-Cap ETF Reduce -70.6% 0.00% −0.04
OESX Orion Energy Systems Inc. Reduce -90.0% 0.00% −0.02
XOM Exxon Mobil Corp. Reduce -19.4% 0.06% −0.01
WWR Westwater Resources Inc. Reduce -60.0% 0.02% −0.01
WFC Wells Fargo & Co. Reduce -2.1% 0.27% −0.00
MSFT Microsoft Corp. Reduce -0.3% 2.12% −0.00
AVGO Broadcom Inc. Reduce -10.6% 0.09% +0.00
NVDA Nvidia Corp. Reduce -3.5% 0.06% +0.01
WMT Walmart Inc. Reduce -0.1% 1.58% +0.02
AVDE Avantis International Equity Reduce -0.3% 1.48% +0.03
AVEM Avantis Emerging Markets Eq Reduce -0.3% 0.88% +0.04
URGN Urogen Pharma Ltd. Reduce -6.6% 0.25% +0.06
AVUS Avantis U.S. Equity ETF Reduce -0.4% 1.83% +0.06
AAPL Apple Inc. Reduce -2.1% 1.04% +0.15
ABBV Abbvie Inc. Reduce -1.2% 1.18% +0.19

Portfolio Buys Q2 2025 → Q3 2025
DCOR Dimensional US Core Eq 1 ETF Add +9.6% 5.18% +0.62
NRP Natural Resource Partners LP New 0.49% +0.49
FCNCA First Citizens Bcshs Class A New 0.49% +0.49
DFAE Dimensional Emerging Core Eq Add +6.5% 3.97% +0.42
DFAI Dimensional International Co. Add +5.8% 5.72% +0.38
ACGL Arch Capital Group Ltd. Add +43.6% 0.95% +0.26
GOOG Alphabet Inc. Class C Add +4.1% 0.88% +0.24
DFAT Dimensional US Target Value Add +8.0% 1.17% +0.13
TMO Thermo Fisher Scientific Inc. Add +48.2% 0.30% +0.12
CPRT Copart Inc. Add +34.5% 0.75% +0.12
VYM Vanguard High DVD Yield ETF Add +1.2% 3.91% +0.12
QUAL iShares MSCI USA Quality Fac Add +6.8% 1.12% +0.10
DHR Danaher Corp. Add +53.2% 0.28% +0.09
MSCI MSCI Inc. Add +50.6% 0.29% +0.09
DFUV Dimensional US Marketwide Va Add +7.3% 1.01% +0.09
AZO AutoZone Inc. Add +0.4% 0.80% +0.08
HD Home Depot Inc. Add +0.1% 1.18% +0.07
DFSD Dimensional Short Duration New 0.07% +0.07
CVX Chevron Corp. New 0.04% +0.04
MRSH Marsh & McLennan Cos Add +35.6% 0.22% +0.04
UBER Uber Technologies Inc. Add +0.6% 1.86% +0.03
OXY Occidental Petroleum Corp. Add +0.0% 0.34% +0.03
FAF First American Financial Add +0.3% 1.40% +0.02
WRB WR Berkley Corp. Add +0.3% 1.12% +0.01
MORN Morningstar Inc. New 0.01% +0.01
RIG Transocean Ltd. New 0.01% +0.01
SCHG Schwab US Large-Cap Growth Add +0.1% 0.10% +0.01
IRD Opus Genetics Inc. New 0.00% +0.00
DFAW Dimensional World Eqty ETF Add +0.0% 0.09% +0.00
IBIT iShares Bitcoin Trust ETF New 0.00% +0.00
PSKY Paramount Skydance Class B New 0.00% +0.00
NBIS Nebius Group NV New 0.00% +0.00
UNP Union Pacific Corp. Add +0.4% 0.43% −0.00
BRK.B Berkshire Hathaway Inc. Class B Add +0.1% 2.42% −0.01
EPD Enterprise Products Partners Add +0.0% 0.93% −0.03
DFCF Dimensional Core Fixed Inc. Add +1.9% 6.08% −0.04
PGR Progressive Corp. Add +8.3% 1.38% −0.05
V Visa Inc. Class A Add +0.2% 0.74% −0.06
GOVT iShares US Treasury Bond ETF Add +1.4% 3.38% −0.06
MLPX Global X MLP & Energy Infras Add +1.6% 3.11% −0.07
AON Aon PLC Class A Add +382.7% 0.00% −0.07
AR Antero Resources Corp. Add +0.4% 0.44% −0.11
TXN Texas Instruments Inc. Add +0.3% 0.67% −0.11
BSV Vanguard Short-Term Bond ETF Add +1.7% 7.55% −0.14
DFAX Dimensional World Ex US Core Add +74.8% 0.00% −0.15

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US call Sold out 1,000,000 $635.0Mbefore exit
META Meta Platforms Inc. Class A put Sold out 17,500 $12.3Mbefore exit
EEM iShares MSCI Emerging Market put Sold out 200,000 $8.7Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Add +29.7% 240,000 $147K

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