Annandale Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Annandale Capital, LLC reported 120 stock positions worth $614.2 million. Its top holding was Vanguard Short-Term Bond ETF (BSV) at 6.9% of the portfolio, followed by Dimensional International (DFAI, 5.9%) and Dimensional Core Fixed (DFCF, 5.8%). Compared with Q3 2025, it opened 11 new positions, sold out of 13, added to 32 and reduced 35. The biggest buy was iShares MSCI USA Quality Fac (QUAL, shares +253%) and the biggest sale Netflix (NFLX, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001811739
- Portfolio Value
- $614.2M (Q4 2025)
- SEC Filing
- 0001811739-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 120 stocks · $614.2M
| BSV Vanguard Short-Term Bond ETF | 6.91% | 538,557 | $42.4M | Reduce -0.0% |
| DFAI Dimensional International Co. | 5.92% | 953,684 | $36.3M | Add +7.7% |
| DFCF Dimensional Core Fixed Inc. | 5.83% | 841,374 | $35.8M | Add +5.1% |
| DCOR Dimensional US Core Eq 1 ETF | 5.32% | 443,455 | $32.7M | Add +9.4% |
| DFAE Dimensional Emerging Core Eq | 3.99% | 751,675 | $24.5M | Add +6.1% |
| VYM Vanguard High DVD Yield ETF | 3.94% | 168,517 | $24.2M | Add +7.9% |
| QUAL iShares MSCI USA Quality Fac | 3.69% | 114,253 | $22.7M | Add +252.8% |
| GOVT iShares US Treasury Bond ETF | 3.17% | 845,043 | $19.5M | Add +2.6% |
| MLPX Global X MLP & Energy Infras | 2.88% | 292,287 | $17.7M | Add +4.7% |
| META Meta Platforms Inc. Class A | 2.65% | 24,633 | $16.3M | Reduce -10.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.54% | 22,916 | $15.6M | Add +98.7% |
| MSFT Microsoft Corp. | 2.46% | 31,199 | $15.1M | Add +35.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.21% | 27,062 | $13.6M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 1.98% | 52,647 | $12.2M | No change |
| EEM iShares MSCI Emerging Market | 1.88% | 210,809 | $11.5M | Reduce -0.2% |
| AVUS Avantis U.S. Equity ETF | 1.73% | 94,819 | $10.6M | No change |
| ET Energy Transfer LP | 1.71% | 638,661 | $10.5M | Add +0.2% |
| WMT Walmart Inc. | 1.55% | 85,645 | $9.5M | Reduce -0.5% |
| HD Home Depot Inc. | 1.54% | 27,510 | $9.5M | Add +68.4% |
| GOOGL Alphabet Inc. Class A | 1.51% | 29,721 | $9.3M | No change |
| UBER Uber Technologies Inc. | 1.44% | 108,099 | $8.8M | Add +1.1% |
| AVDE Avantis International Equity | 1.39% | 103,717 | $8.5M | Reduce -1.5% |
| NFLX Netflix Inc. | 1.26% | 82,667 | $7.8M | Reduce -35.2% |
| FAF First American Financial | 1.22% | 122,355 | $7.5M | No change |
| PGR Progressive Corp. | 1.22% | 32,794 | $7.5M | Add +4.2% |
| DFAT Dimensional US Target Value | 1.17% | 120,929 | $7.2M | Add +6.7% |
| DFAX Dimensional World Ex US Core | 1.12% | 210,239 | $6.9M | Add +332.1% |
| KRE SS SPDR S&P Regional Bank | 1.06% | 100,000 | $6.5M | Reduce -16.3% |
| AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO | 1.05% | 98,506 | $6.5M | New |
| AAPL Apple Inc. | 1.04% | 23,584 | $6.4M | Add +2.1% |
| ABBV Abbvie Inc. | 1.04% | 28,020 | $6.4M | Reduce -2.4% |
| GOOG Alphabet Inc. Class C | 0.98% | 19,209 | $6.0M | Reduce -5.3% |
| DFUV Dimensional US Marketwide Va | 0.96% | 126,224 | $5.9M | Reduce -0.5% |
| ACGL Arch Capital Group Ltd. | 0.93% | 59,648 | $5.7M | Add +1.1% |
| EPD Enterprise Products Partners | 0.88% | 168,031 | $5.4M | Reduce -0.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.86% | 75,479 | $5.3M | Reduce -8.5% |
| AVEM Avantis Emerging Markets Eq | 0.81% | 64,742 | $5.0M | Reduce -2.2% |
| CPRT Copart Inc. | 0.79% | 124,444 | $4.9M | Add +31.9% |
| MRSH Marsh & McLennan Cos | 0.76% | 21,380 | $4.6M | Add +242.7% |
| CSCO Cisco Systems Inc. | 0.75% | 59,993 | $4.6M | Reduce -0.2% |
| JNJ Johnson & Johnson | 0.75% | 22,140 | $4.6M | Reduce -0.1% |
| KDP Keurig Dr Pepper Inc. | 0.74% | 162,008 | $4.5M | New |
| AON Aon PLC Class A | 0.72% | 12,619 | $4.5M | Add +132.8% |
| V Visa Inc. Class A | 0.72% | 12,606 | $4.4M | Add +3.3% |
| BKNG Booking Holdings Inc. | 0.71% | 811 | $4.3M | No change |
| SCHW Schwab (charles) Corp. | 0.58% | 35,848 | $3.6M | No change |
| ABT Abbott Laboratories | 0.58% | 28,376 | $3.6M | No change |
| MKL Markel Group Inc. | 0.56% | 1,610 | $3.5M | Reduce -50.9% |
| FCNCA First Citizens Bcshs Class A | 0.53% | 1,530 | $3.3M | No change |
| OXY Occidental Petroleum Corp. | 0.49% | 73,200 | $3.0M | Add +80.0% |
| TXN Texas Instruments Inc. | 0.48% | 16,935 | $2.9M | Reduce -18.0% |
| IWM iShares Russell 2000 ETF | 0.46% | 11,400 | $2.8M | No change |
| AR Antero Resources Corp. | 0.45% | 79,704 | $2.7M | Add +8.1% |
| NRP Natural Resource Partners LP | 0.45% | 26,207 | $2.7M | Add +0.4% |
| ICE Intercontinental Exchange Inc. | 0.40% | 15,246 | $2.5M | No change |
| EFA iShares MSCI Eafe ETF | 0.40% | 25,561 | $2.5M | Reduce -3.6% |
| UNP Union Pacific Corp. | 0.38% | 10,202 | $2.4M | No change |
| OKE Oneok Inc. | 0.33% | 27,241 | $2.0M | New |
| TMO Thermo Fisher Scientific Inc. | 0.33% | 3,448 | $2.0M | No change |
| BDX Becton Dickinson and Co. | 0.30% | 9,361 | $1.8M | New |
| DHR Danaher Corp. | 0.29% | 7,815 | $1.8M | No change |
| COP Conocophillips | 0.28% | 18,471 | $1.7M | Reduce -20.6% |
| KWY Kingsway Corp. | 0.28% | 128,200 | $1.7M | No change |
| MSCI MSCI Inc. | 0.27% | 2,910 | $1.7M | Add +1.7% |
| WFC Wells Fargo & Co. | 0.26% | 17,164 | $1.6M | Reduce -4.9% |
| GLOO Gloo Holdings Inc. Class A | 0.23% | 250,000 | $1.4M | New |
| URGN Urogen Pharma Ltd. | 0.23% | 60,552 | $1.4M | Reduce -14.2% |
| VRSK Verisk Analytics Inc. | 0.23% | 6,299 | $1.4M | Reduce -13.7% |
| WSO Watsco Inc. | 0.19% | 3,488 | $1.2M | Reduce -15.1% |
| QCOM Qualcomm Inc. | 0.19% | 6,741 | $1.2M | Reduce -18.2% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.16% | 5,261 | $1.0M | No change |
| MEDP Medpace Holdings Inc. | 0.15% | 1,600 | $899K | No change |
| IVW iShares S&P 500 Growth ETF | 0.14% | 6,952 | $857K | No change |
| DFAW Dimensional World Eqty ETF | 0.13% | 10,950 | $810K | Add +61.3% |
| CSW CSW Industrials Inc. | 0.13% | 2,721 | $799K | No change |
| ACWI iShares MSCI Acwi ETF | 0.12% | 5,212 | $737K | No change |
| MBB iShares MBS ETF | 0.11% | 6,939 | $661K | Reduce -1.0% |
| ICLR Icon PLC | 0.10% | 3,300 | $601K | No change |
| SCHG Schwab US Large-Cap Growth | 0.09% | 17,506 | $571K | Add +0.1% |
| IVV iShares Core S&P 500 ETF | 0.09% | 829 | $568K | No change |
| DFAU Dimensional US Core Equity M | 0.09% | 11,932 | $558K | No change |
| MRK Merck & Co. Inc. | 0.08% | 4,703 | $495K | No change |
| VXUS Vanguard Total Intl Stock | 0.07% | 5,700 | $430K | No change |
| IWN iShares Russell 2000 Value E | 0.07% | 2,301 | $417K | Add +63.4% |
| AVGO Broadcom Inc. | 0.07% | 1,176 | $407K | Reduce -21.2% |
| PAA Plains All Amer Pipeline LP | 0.07% | 22,288 | $400K | No change |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.06% | 12,600 | $397K | No change |
| CTVA Corteva Inc. | 0.06% | 5,767 | $387K | No change |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.06% | 8,550 | $381K | No change |
| DFSD Dimensional Short Duration | 0.06% | 7,842 | $376K | No change |
| CEE Central and Eastern Europe F | 0.06% | 20,928 | $370K | No change |
| VBTX Veritex Holdings Inc. | 0.06% | 9,494 | $367K | Add +33.8% |
| PLTR Palantir Technologies Inc. Class A | 0.06% | 2,000 | $356K | New |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.06% | 1,625 | $344K | No change |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.05% | 698 | $335K | No change |
| JPM JPMorgan Chase & Co. | 0.05% | 1,026 | $331K | No change |
| XOM Exxon Mobil Corp. | 0.05% | 2,594 | $312K | Reduce -8.7% |
| TSLA Tesla Inc. | 0.05% | 645 | $290K | New |
| BA The Boeing Co. | 0.05% | 1,282 | $278K | Add +27.3% |
| AIG American International Group | 0.04% | 3,151 | $270K | No change |
Options reported separately and not counted above: VOO puts ($114.0M), SPY puts ($80.8M), GOOGL calls ($11.6M), IWM puts ($10.0M), EEM puts ($8.7M), UBER puts ($3.5M), EWZ calls ($260K).
Portfolio Sells Q3 2025 → Q4 2025
| NFLX Netflix Inc. | Reduce -35.2% | 1.26% | −1.46 |
| META Meta Platforms Inc. Class A | Reduce -10.3% | 2.65% | −0.94 |
| AZO AutoZone Inc. | Sold out | 0.00% | −0.80 |
| BSV Vanguard Short-Term Bond ETF | Reduce -0.0% | 6.91% | −0.64 |
| BUR Burford Capital Ltd. | Sold out | 0.00% | −0.64 |
| MKL Markel Group Inc. | Reduce -50.9% | 0.56% | −0.55 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.49 |
| EFX Equifax Inc. | Sold out | 0.00% | −0.47 |
| KRE SS SPDR S&P Regional Bank | Reduce -16.3% | 1.06% | −0.29 |
| WRB WR Berkley Corp. | Reduce -8.5% | 0.86% | −0.26 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 2.21% | −0.21 |
| TXN Texas Instruments Inc. | Reduce -18.0% | 0.48% | −0.20 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.18 |
| OSCR Oscar Health Inc. Class A | Sold out | 0.00% | −0.15 |
| ABBV Abbvie Inc. | Reduce -2.4% | 1.04% | −0.14 |
| EEM iShares MSCI Emerging Market | Reduce -0.2% | 1.88% | −0.13 |
| COP Conocophillips | Reduce -20.6% | 0.28% | −0.11 |
| WSO Watsco Inc. | Reduce -15.1% | 0.19% | −0.10 |
| VRSK Verisk Analytics Inc. | Reduce -13.7% | 0.23% | −0.10 |
| AVDE Avantis International Equity | Reduce -1.5% | 1.39% | −0.09 |
| AVEM Avantis Emerging Markets Eq | Reduce -2.2% | 0.81% | −0.07 |
| EPD Enterprise Products Partners | Reduce -0.1% | 0.88% | −0.06 |
| QCOM Qualcomm Inc. | Reduce -18.2% | 0.19% | −0.06 |
| APA Apa Corp. | Sold out | 0.00% | −0.05 |
| DFUV Dimensional US Marketwide Va | Reduce -0.5% | 0.96% | −0.05 |
| EFA iShares MSCI Eafe ETF | Reduce -3.6% | 0.40% | −0.04 |
| KRP Kimbell Royalty Partners LP | Sold out | 0.00% | −0.03 |
| WMT Walmart Inc. | Reduce -0.5% | 1.55% | −0.02 |
| AVGO Broadcom Inc. | Reduce -21.2% | 0.07% | −0.02 |
| URGN Urogen Pharma Ltd. | Reduce -14.2% | 0.23% | −0.02 |
| KMI Kinder Morgan Inc. | Reduce -24.0% | 0.03% | −0.02 |
| NVDA Nvidia Corp. | Reduce -16.8% | 0.04% | −0.01 |
| DVN Devon Energy Corp. | Reduce -25.9% | 0.03% | −0.01 |
| MBB iShares MBS ETF | Reduce -1.0% | 0.11% | −0.01 |
| BAC Bank of America Corp. | Reduce -16.9% | 0.04% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -4.9% | 0.26% | −0.01 |
| MORN Morningstar Inc. | Sold out | 0.00% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -8.7% | 0.05% | −0.01 |
| BSM Black Stone Minerals LP | Reduce -10.2% | 0.03% | −0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -4.3% | 0.04% | −0.00 |
| AVGE Avantis All Eqty Mrkts ETF | Reduce -0.0% | 0.04% | −0.00 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.00 |
| PSKY Paramount Skydance Class B | Sold out | 0.00% | −0.00 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.00 |
| OESX Orion Energy Systems Inc. | Sold out | 0.00% | −0.00 |
| JNJ Johnson & Johnson | Reduce -0.1% | 0.75% | +0.02 |
| CSCO Cisco Systems Inc. | Reduce -0.2% | 0.75% | +0.02 |
| GOOG Alphabet Inc. Class C | Reduce -5.3% | 0.98% | +0.10 |
Portfolio Buys Q3 2025 → Q4 2025
| QUAL iShares MSCI USA Quality Fac | Add +252.8% | 3.69% | +2.58 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +98.7% | 2.54% | +1.18 |
| DFAX Dimensional World Ex US Core | Add +332.1% | 1.12% | +1.12 |
| AKRE Akre Focus ETF | New | 1.05% | +1.05 |
| KDP Keurig Dr Pepper Inc. | New | 0.74% | +0.74 |
| AON Aon PLC Class A | Add +132.8% | 0.72% | +0.72 |
| MRSH Marsh & McLennan Cos | Add +242.7% | 0.76% | +0.53 |
| HD Home Depot Inc. | Add +68.4% | 1.54% | +0.37 |
| MSFT Microsoft Corp. | Add +35.2% | 2.46% | +0.33 |
| OKE Oneok Inc. | New | 0.33% | +0.33 |
| BDX Becton Dickinson and Co. | New | 0.30% | +0.30 |
| GLOO Gloo Holdings Inc. Class A | New | 0.23% | +0.23 |
| DFAI Dimensional International Co. | Add +7.7% | 5.92% | +0.20 |
| OXY Occidental Petroleum Corp. | Add +80.0% | 0.49% | +0.15 |
| DCOR Dimensional US Core Eq 1 ETF | Add +9.4% | 5.32% | +0.14 |
| VBTX Veritex Holdings Inc. | Add +33.8% | 0.06% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | New | 0.06% | +0.06 |
| TSLA Tesla Inc. | New | 0.05% | +0.05 |
| DFAW Dimensional World Eqty ETF | Add +61.3% | 0.13% | +0.05 |
| MSTR Strategy Inc. | New | 0.04% | +0.04 |
| CPRT Copart Inc. | Add +31.9% | 0.79% | +0.04 |
| DELL Dell Technologies -C | New | 0.04% | +0.04 |
| DFAS Dimensional US Small Cap ETF | New | 0.03% | +0.03 |
| VYM Vanguard High DVD Yield ETF | Add +7.9% | 3.94% | +0.03 |
| IWN iShares Russell 2000 Value E | Add +63.4% | 0.07% | +0.02 |
| DFAE Dimensional Emerging Core Eq | Add +6.1% | 3.99% | +0.02 |
| AR Antero Resources Corp. | Add +8.1% | 0.45% | +0.01 |
| BA The Boeing Co. | Add +27.3% | 0.05% | +0.01 |
| RIG Transocean Ltd. | Add +17.7% | 0.01% | +0.00 |
| RNTX Rein Therapeutics Inc. | New | 0.00% | +0.00 |
| DFAT Dimensional US Target Value | Add +6.7% | 1.17% | −0.00 |
| AAPL Apple Inc. | Add +2.1% | 1.04% | −0.00 |
| SCHG Schwab US Large-Cap Growth | Add +0.1% | 0.09% | −0.01 |
| MSCI MSCI Inc. | Add +1.7% | 0.27% | −0.02 |
| ACGL Arch Capital Group Ltd. | Add +1.1% | 0.93% | −0.02 |
| V Visa Inc. Class A | Add +3.3% | 0.72% | −0.02 |
| NRP Natural Resource Partners LP | Add +0.4% | 0.45% | −0.04 |
| PGR Progressive Corp. | Add +4.2% | 1.22% | −0.17 |
| GOVT iShares US Treasury Bond ETF | Add +2.6% | 3.17% | −0.21 |
| ET Energy Transfer LP | Add +0.2% | 1.71% | −0.23 |
| MLPX Global X MLP & Energy Infras | Add +4.7% | 2.88% | −0.23 |
| DFCF Dimensional Core Fixed Inc. | Add +5.1% | 5.83% | −0.25 |
| UBER Uber Technologies Inc. | Add +1.1% | 1.44% | −0.42 |
Options Activity Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | put | New | 200,000 | $114.0M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -45.8% | 130,000 | $80.8M |
| GOOGL Alphabet Inc. Class A | call | New | 29,000 | $11.6M |
| EEM iShares MSCI Emerging Market | put | New | 200,000 | $8.7M |
| 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 |