Annandale Capital, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Annandale Capital, LLC reported 117 stock positions worth $609.0 million. Its top holding was Vanguard Short-Term Bond ETF (BSV) at 7.1% of the portfolio, followed by Dimensional Core Fixed (DFCF, 6.0%) and Dimensional International (DFAI, 5.9%). Compared with Q4 2025, it opened 8 new positions, sold out of 11, added to 36 and reduced 35. The biggest buy was a new position in Vanguard Short-Term Treasury (VGSH) and the biggest sale Enterprise Products Partners (EPD, shares −96%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001811739
Portfolio Value
$609.0M (Q1 2026)
SEC Filing
0001811739-26-000002 ↗ filed May 15, 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 Q4 2025 Q1 2026: $609.0M $609.0M Q1 2026 Q2 2026: $675.0M Q2 2026

Holdings 117 stocks · $609.0M
BSV Vanguard Short-Term Bond ETF 7.05% 547,601 $42.9M Add +1.7%
DFCF Dimensional Core Fixed Inc. 6.04% 871,448 $36.8M Add +3.6%
DFAI Dimensional International Co. 5.87% 917,085 $35.7M Reduce -3.8%
DCOR Dimensional US Core Eq 1 ETF 5.17% 436,418 $31.5M Reduce -1.6%
QUAL iShares MSCI USA Quality Fac 4.65% 147,580 $28.3M Add +29.2%
VYM Vanguard High DVD Yield ETF 3.99% 163,987 $24.3M Reduce -2.7%
DFAE Dimensional Emerging Core Eq 3.99% 717,027 $24.3M Reduce -4.6%
GOVT iShares US Treasury Bond ETF 3.29% 873,545 $20.0M Add +3.4%
SPY SS SPDR S&P 500 ETF Trust-US 3.26% 30,566 $19.9M Add +33.4%
MSFT Microsoft Corp. 2.85% 46,837 $17.3M Add +50.1%
META Meta Platforms Inc. Class A 2.32% 24,675 $14.1M Add +0.2%
VGSH Vanguard Short-Term Treasury 2.19% 227,412 $13.3M New
MLPX Global X MLP & Energy Infras 2.14% 176,033 $13.0M Reduce -39.8%
BRK.B Berkshire Hathaway Inc. Class B 2.13% 27,062 $13.0M No change
EEM iShares MSCI Emerging Market 1.97% 210,809 $12.0M No change
HD Home Depot Inc. 1.85% 34,294 $11.3M Add +24.7%
AMZN Amazon.com Inc. 1.80% 52,724 $11.0M Add +0.1%
AVUS Avantis U.S. Equity ETF 1.73% 94,819 $10.5M No change
WMT Walmart Inc. 1.67% 81,833 $10.2M Reduce -4.5%
DFAX Dimensional World Ex US Core 1.52% 271,864 $9.2M Add +29.3%
GOOGL Alphabet Inc. Class A 1.33% 28,269 $8.1M Reduce -4.9%
AVDE Avantis International Equity 1.33% 95,262 $8.1M Reduce -8.2%
NFLX Netflix Inc. 1.31% 82,719 $8.0M Add +0.1%
FAF First American Financial 1.29% 130,355 $7.9M Add +6.5%
UBER Uber Technologies Inc. 1.28% 108,123 $7.8M Add +0.0%
DFAT Dimensional US Target Value 1.23% 119,543 $7.5M Reduce -1.1%
ET Energy Transfer LP 1.11% 351,815 $6.8M Reduce -44.9%
AON Aon PLC Class A 1.11% 21,032 $6.8M Add +66.7%
PGR Progressive Corp. 1.07% 32,794 $6.5M No change
AAPL Apple Inc. 1.00% 24,086 $6.1M Add +2.1%
ABBV Abbvie Inc. 1.00% 28,032 $6.1M Add +0.0%
GOOG Alphabet Inc. Class C 1.00% 21,214 $6.1M Add +10.4%
DFUV Dimensional US Marketwide Va 1.00% 125,209 $6.1M Reduce -0.8%
ACGL Arch Capital Group Ltd. 0.98% 62,070 $6.0M Add +4.1%
JNJ Johnson & Johnson 0.84% 21,017 $5.1M Reduce -5.1%
KRE SS SPDR S&P Regional Bank 0.80% 75,000 $4.9M Reduce -25.0%
AVEM Avantis Emerging Markets Eq 0.76% 57,135 $4.6M Reduce -11.8%
CPRT Copart Inc. 0.72% 131,944 $4.4M Add +6.0%
V Visa Inc. Class A 0.72% 14,445 $4.4M Add +14.6%
CSCO Cisco Systems Inc. 0.71% 55,815 $4.3M Reduce -7.0%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.64% 59,079 $3.9M Reduce -21.7%
AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO 0.62% 71,868 $3.8M Reduce -27.0%
MRSH Marsh & McLennan Cos 0.59% 21,380 $3.6M No change
SCHW Schwab (charles) Corp. 0.55% 35,848 $3.4M No change
NRP Natural Resource Partners LP 0.52% 26,207 $3.2M No change
KDP Keurig Dr Pepper Inc. 0.50% 116,258 $3.1M Reduce -28.2%
ABT Abbott Laboratories 0.48% 28,514 $2.9M Add +0.5%
FCNCA First Citizens Bcshs Class A 0.47% 1,530 $2.9M No change
IWM iShares Russell 2000 ETF 0.46% 11,400 $2.8M No change
BKNG Booking Holdings Inc. 0.45% 653 $2.7M Reduce -19.5%
OKE Oneok Inc. 0.41% 27,587 $2.5M Add +1.3%
UNP Union Pacific Corp. 0.41% 10,210 $2.5M Add +0.1%
EFA iShares MSCI Eafe ETF 0.40% 25,113 $2.4M Reduce -1.8%
ICE Intercontinental Exchange Inc. 0.39% 15,188 $2.4M Reduce -0.4%
JPM JPMorgan Chase & Co. 0.38% 7,842 $2.3M Add +664.3%
NVDA Nvidia Corp. 0.37% 12,853 $2.2M Add +788.9%
TMO Thermo Fisher Scientific Inc. 0.36% 4,452 $2.2M Add +29.1%
MKL Markel Group Inc. 0.32% 1,012 $1.9M Reduce -37.1%
TXN Texas Instruments Inc. 0.29% 9,062 $1.8M Reduce -46.5%
SPGI S&P Global Inc. 0.26% 3,777 $1.6M New
KKR KKR & Co. Inc. 0.25% 16,650 $1.5M New
APO Apollo Global Management Inc. 0.25% 13,615 $1.5M New
DHR Danaher Corp. 0.24% 7,827 $1.5M Add +0.1%
BDX Becton Dickinson and Co. 0.24% 9,361 $1.5M No change
KWY Kingsway Corp. 0.22% 128,200 $1.3M No change
WSO Watsco Inc. 0.21% 3,516 $1.3M Add +0.8%
GLOO Gloo Holdings Inc. Class A 0.20% 250,000 $1.2M No change
VRSK Verisk Analytics Inc. 0.20% 6,299 $1.2M No change
URGN Urogen Pharma Ltd. 0.17% 58,552 $1.1M Reduce -3.3%
VTV Vanguard Mrngstr Val ETF-Aui 0.17% 5,261 $1.0M No change
DFAW Dimensional World Eqty ETF 0.16% 13,063 $964K Add +19.3%
AR Antero Resources Corp. 0.14% 20,154 $855K Reduce -74.7%
MEDP Medpace Holdings Inc. 0.13% 1,600 $768K No change
IVW iShares S&P 500 Growth ETF 0.12% 6,412 $725K Reduce -7.8%
ACWI iShares MSCI Acwi ETF 0.12% 5,211 $721K Reduce -0.0%
CSW CSW Industrials Inc. 0.12% 2,721 $709K No change
MBB iShares MBS ETF 0.11% 6,939 $659K No change
MRK Merck & Co. Inc. 0.09% 4,725 $568K Add +0.5%
IVV iShares Core S&P 500 ETF 0.09% 829 $542K No change
DFAU Dimensional US Core Equity M 0.09% 11,932 $538K No change
SCHG Schwab US Large-Cap Growth 0.08% 17,529 $511K Add +0.1%
CTVA Corteva Inc. 0.08% 5,767 $483K No change
VXUS Vanguard Total Intl Stock 0.07% 5,700 $440K No change
XOM Exxon Mobil Corp. 0.07% 2,569 $436K Reduce -1.0%
FNDA Schwab Fndmntl US SM Co. ETF 0.07% 12,600 $409K No change
PAA Plains All Amer Pipeline LP 0.07% 18,153 $405K Reduce -18.6%
FNDC Schwab Fndmnt Intl SM Eq ETF 0.07% 8,550 $396K No change
CEE Central and Eastern Europe F 0.06% 20,928 $383K No change
DFSD Dimensional Short Duration 0.06% 7,842 $375K No change
AVGO Broadcom Inc. 0.06% 1,205 $373K Add +2.5%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.06% 1,625 $353K No change
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.06% 743 $344K Add +6.5%
Q Qnity Electronics Inc. 0.05% 2,897 $334K No change
IWN iShares Russell 2000 Value E 0.05% 1,684 $319K Reduce -26.8%
COP Conocophillips 0.05% 2,381 $314K Reduce -87.1%
DELL Dell Technologies -C 0.05% 1,827 $300K No change
PLTR Palantir Technologies Inc. Class A 0.05% 2,000 $293K No change
CVX Chevron Corp. 0.05% 1,364 $282K Reduce -2.0%
T AT&T Inc. 0.04% 9,265 $269K New
DD Dupont DE Nemours Inc. 0.04% 5,795 $265K No change
DFAC Dimensional US Core Equity 2 0.04% 6,699 $260K Reduce -0.9%
VDE Vanguard Energy ETF 0.04% 1,485 $257K New
BA The Boeing Co. 0.04% 1,282 $255K No change
TSLA Tesla Inc. 0.04% 650 $242K Add +0.8%
DOW Dow Inc. filed as DOW HLDGS INC 0.04% 5,795 $241K New
AVGE Avantis All Eqty Mrkts ETF 0.04% 2,699 $238K No change
AIG American International Group 0.04% 3,151 $237K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.04% 4,780 $233K No change
EPD Enterprise Products Partners 0.04% 6,092 $231K Reduce -96.4%
VUG Vanguard Mrngstar GR ETF-Sui 0.04% 519 $227K Add +10.7%
DFAS Dimensional US Small Cap ETF 0.04% 3,004 $214K Add +3.7%
SLV iShares Silver Trust 0.03% 3,000 $204K New
KMI Kinder Morgan Inc. 0.03% 6,064 $203K Reduce -20.9%
IWC iShares Micro-Cap ETF 0.03% 471 $201K No change
WWR Westwater Resources Inc. 0.01% 100,000 $65K No change
IRD Opus Genetics Inc. 0.01% 10,000 $46K No change
RNTX Rein Therapeutics Inc. 0.00% 15,026 $20K No change

Options reported separately and not counted above: SPY puts ($80.9M), IWM puts ($10.0M), EEM puts ($8.7M), EWZ calls ($260K).

Portfolio Sells Q4 2025 → Q1 2026
EPD Enterprise Products Partners Reduce -96.4% 0.04% −0.84
MLPX Global X MLP & Energy Infras Reduce -39.8% 2.14% −0.74
ET Energy Transfer LP Reduce -44.9% 1.11% −0.60
OXY Occidental Petroleum Corp. Sold out 0.00% −0.49
AKRE Akre Focus ETF Reduce -27.0% 0.62% −0.43
AR Antero Resources Corp. Reduce -74.7% 0.14% −0.31
MSCI MSCI Inc. Sold out 0.00% −0.27
WFC Wells Fargo & Co. Sold out 0.00% −0.26
BKNG Booking Holdings Inc. Reduce -19.5% 0.45% −0.26
KRE SS SPDR S&P Regional Bank Reduce -25.0% 0.80% −0.25
MKL Markel Group Inc. Reduce -37.1% 0.32% −0.25
KDP Keurig Dr Pepper Inc. Reduce -28.2% 0.50% −0.24
COP Conocophillips Reduce -87.1% 0.05% −0.23
WRB WR Berkley Corp. Reduce -21.7% 0.64% −0.22
TXN Texas Instruments Inc. Reduce -46.5% 0.29% −0.19
QCOM Qualcomm Inc. Sold out 0.00% −0.19
GOOGL Alphabet Inc. Class A Reduce -4.9% 1.33% −0.18
DCOR Dimensional US Core Eq 1 ETF Reduce -1.6% 5.17% −0.15
ICLR Icon PLC Sold out 0.00% −0.10
AVDE Avantis International Equity Reduce -8.2% 1.33% −0.06
VBTX Veritex Holdings Inc. Sold out 0.00% −0.06
URGN Urogen Pharma Ltd. Reduce -3.3% 0.17% −0.06
AVEM Avantis Emerging Markets Eq Reduce -11.8% 0.76% −0.06
DFAI Dimensional International Co. Reduce -3.8% 5.87% −0.05
CSCO Cisco Systems Inc. Reduce -7.0% 0.71% −0.04
MSTR Strategy Inc. Sold out 0.00% −0.04
DVN Devon Energy Corp. Sold out 0.00% −0.03
BSM Black Stone Minerals LP Sold out 0.00% −0.03
CRGY Crescent Energy Inc. Class A Sold out 0.00% −0.02
IVW iShares S&P 500 Growth ETF Reduce -7.8% 0.12% −0.02
IWN iShares Russell 2000 Value E Reduce -26.8% 0.05% −0.02
RIG Transocean Ltd. Sold out 0.00% −0.01
ICE Intercontinental Exchange Inc. Reduce -0.4% 0.39% −0.01
ACWI iShares MSCI Acwi ETF Reduce -0.0% 0.12% −0.00
KMI Kinder Morgan Inc. Reduce -20.9% 0.03% −0.00
DFAC Dimensional US Core Equity 2 Reduce -0.9% 0.04% −0.00
EFA iShares MSCI Eafe ETF Reduce -1.8% 0.40% +0.00
DFAE Dimensional Emerging Core Eq Reduce -4.6% 3.99% +0.00
PAA Plains All Amer Pipeline LP Reduce -18.6% 0.07% +0.00
CVX Chevron Corp. Reduce -2.0% 0.05% +0.01
XOM Exxon Mobil Corp. Reduce -1.0% 0.07% +0.02
DFUV Dimensional US Marketwide Va Reduce -0.8% 1.00% +0.04
VYM Vanguard High DVD Yield ETF Reduce -2.7% 3.99% +0.05
DFAT Dimensional US Target Value Reduce -1.1% 1.23% +0.05
JNJ Johnson & Johnson Reduce -5.1% 0.84% +0.10
WMT Walmart Inc. Reduce -4.5% 1.67% +0.12

Portfolio Buys Q4 2025 → Q1 2026
VGSH Vanguard Short-Term Treasury New 2.19% +2.19
QUAL iShares MSCI USA Quality Fac Add +29.2% 4.65% +0.95
SPY SS SPDR S&P 500 ETF Trust-US Add +33.4% 3.26% +0.72
DFAX Dimensional World Ex US Core Add +29.3% 1.52% +0.40
MSFT Microsoft Corp. Add +50.1% 2.85% +0.39
AON Aon PLC Class A Add +66.7% 1.11% +0.39
JPM JPMorgan Chase & Co. Add +664.3% 0.38% +0.33
NVDA Nvidia Corp. Add +788.9% 0.37% +0.32
HD Home Depot Inc. Add +24.7% 1.85% +0.31
SPGI S&P Global Inc. New 0.26% +0.26
KKR KKR & Co. Inc. New 0.25% +0.25
APO Apollo Global Management Inc. New 0.25% +0.25
DFCF Dimensional Core Fixed Inc. Add +3.6% 6.04% +0.21
BSV Vanguard Short-Term Bond ETF Add +1.7% 7.05% +0.14
GOVT iShares US Treasury Bond ETF Add +3.4% 3.29% +0.12
OKE Oneok Inc. Add +1.3% 0.41% +0.08
FAF First American Financial Add +6.5% 1.29% +0.07
ACGL Arch Capital Group Ltd. Add +4.1% 0.98% +0.05
T AT&T Inc. New 0.04% +0.04
NFLX Netflix Inc. Add +0.1% 1.31% +0.04
VDE Vanguard Energy ETF New 0.04% +0.04
DOW Dow Inc. New 0.04% +0.04
TMO Thermo Fisher Scientific Inc. Add +29.1% 0.36% +0.03
SLV iShares Silver Trust New 0.03% +0.03
DFAW Dimensional World Eqty ETF Add +19.3% 0.16% +0.03
UNP Union Pacific Corp. Add +0.1% 0.41% +0.02
WSO Watsco Inc. Add +0.8% 0.21% +0.02
GOOG Alphabet Inc. Class C Add +10.4% 1.00% +0.02
MRK Merck & Co. Inc. Add +0.5% 0.09% +0.01
DFAS Dimensional US Small Cap ETF Add +3.7% 0.04% +0.00
DIA SS SPDR Dow Jones Indus Avg Add +6.5% 0.06% +0.00
VUG Vanguard Mrngstar GR ETF-Sui Add +10.7% 0.04% 0.00
V Visa Inc. Class A Add +14.6% 0.72% −0.00
AVGO Broadcom Inc. Add +2.5% 0.06% −0.01
TSLA Tesla Inc. Add +0.8% 0.04% −0.01
SCHG Schwab US Large-Cap Growth Add +0.1% 0.08% −0.01
AAPL Apple Inc. Add +2.1% 1.00% −0.04
ABBV Abbvie Inc. Add +0.0% 1.00% −0.04
DHR Danaher Corp. Add +0.1% 0.24% −0.05
CPRT Copart Inc. Add +6.0% 0.72% −0.07
ABT Abbott Laboratories Add +0.5% 0.48% −0.10
UBER Uber Technologies Inc. Add +0.0% 1.28% −0.16
AMZN Amazon.com Inc. Add +0.1% 1.80% −0.18
META Meta Platforms Inc. Class A Add +0.2% 2.32% −0.33

Options Activity Q4 2025 → Q1 2026
VOO Vanguard S&P 500 ETF put Sold out 200,000 $114.0Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Add +0.1% 130,200 $80.9M
GOOGL Alphabet Inc. Class A call Sold out 29,000 $11.6Mbefore exit
UBER Uber Technologies Inc. put Sold out 50,000 $3.5Mbefore 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