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

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 Q3 2025 Q4 2025: $614.2M $614.2M Q4 2025 Q1 2026: $609.0M Q1 2026 Q2 2026: $675.0M Q2 2026

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
NVDA Nvidia Corp. 0.04% 1,446 $270K Reduce -16.8%
DFAC Dimensional US Core Equity 2 0.04% 6,762 $268K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.04% 4,780 $263K Reduce -16.9%
MSTR Strategy Inc. 0.04% 1,600 $243K New
Q Qnity Electronics Inc. 0.04% 2,897 $237K No change
DD Dupont DE Nemours Inc. 0.04% 5,795 $233K No change
AVGE Avantis All Eqty Mrkts ETF 0.04% 2,699 $232K Reduce -0.0%
DELL Dell Technologies -C 0.04% 1,827 $230K New
VUG Vanguard Mrngstar GR ETF-Sui 0.04% 469 $229K Reduce -4.3%
IWC iShares Micro-Cap ETF 0.04% 471 $223K No change
CVX Chevron Corp. 0.03% 1,392 $212K No change
KMI Kinder Morgan Inc. 0.03% 7,664 $211K Reduce -24.0%
DFAS Dimensional US Small Cap ETF 0.03% 2,897 $202K New
DVN Devon Energy Corp. 0.03% 5,500 $201K Reduce -25.9%
BSM Black Stone Minerals LP 0.03% 12,911 $172K Reduce -10.2%
CRGY Crescent Energy Inc. Class A 0.02% 17,273 $145K No change
WWR Westwater Resources Inc. 0.01% 100,000 $75K No change
RIG Transocean Ltd. 0.01% 16,600 $69K Add +17.7%
IRD Opus Genetics Inc. 0.00% 10,000 $20K No change
RNTX Rein Therapeutics Inc. 0.00% 15,026 $17K New

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

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