Baker Ellis Asset Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Baker Ellis Asset Management LLC reported 221 stock positions worth $693.0 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 9.4% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 5.3%) and Microsoft (MSFT, 3.1%). Compared with Q4 2024, it opened 13 new positions, sold out of 7, added to 73 and reduced 76. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +3%) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- Vancouver, WA
- CIK
- 0001365559
- Portfolio Value
- $693.0M (Q1 2025)
- SEC Filing
- 0001941040-25-000205 ↗ filed Apr 15, 2025
Holdings Value
Holdings 221 stocks · $693.0M
| VTI VG Morningstar TS MKT ETF-US | 9.44% | 238,024 | $65.4M | Reduce -2.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 5.30% | 68,934 | $36.7M | Add +2.6% |
| MSFT Microsoft Corp. | 3.05% | 56,380 | $21.2M | Add +1.0% |
| VYM Vanguard High DVD Yield ETF | 2.71% | 145,819 | $18.8M | Reduce -1.1% |
| VGT Vanguard Info Tech ETF | 2.71% | 34,646 | $18.8M | Add +0.3% |
| VOO Vanguard S&P 500 ETF | 2.21% | 29,784 | $15.3M | Reduce -2.9% |
| FBND Fidelity Total Bond ETF | 2.19% | 332,939 | $15.2M | Add +11.7% |
| PRF Invesco Rafi US 1000 ETF | 1.92% | 329,682 | $13.3M | Add +0.2% |
| JPM JPMorgan Chase & Co. | 1.84% | 52,112 | $12.8M | Add +0.5% |
| GSIE Goldman Sachs Activebeta Int | 1.84% | 357,871 | $12.8M | Add +2.5% |
| DISV Dimensional International SM | 1.77% | 421,136 | $12.3M | Add +14.8% |
| COST Costco Wholesale Corp. | 1.75% | 12,797 | $12.1M | Reduce -7.0% |
| GBIL Goldman Sachs Access Treasur | 1.74% | 120,463 | $12.1M | Add +3.9% |
| JHMM John Hancock Multi Fact Mid | 1.72% | 208,563 | $12.0M | Reduce -0.9% |
| MFUS PIMCO Rafi Dynamic Multi-Fac filed as PIMCO EQUITY SER | 1.66% | 229,198 | $11.5M | Reduce -1.0% |
| SCHD Schwab US DVD Equity ETF | 1.61% | 397,882 | $11.1M | Reduce -1.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.50% | 13 | $10.4M | No change |
| IXUS iShares Core Intl Stock ETF | 1.46% | 144,857 | $10.1M | Add +11.7% |
| SGOV iShares 0-3 Month Treasury B | 1.44% | 99,318 | $10.0M | Add +12.7% |
| AAPL Apple Inc. | 1.40% | 43,765 | $9.7M | Add +1.4% |
| FISV Fiserv Inc. | 1.33% | 41,726 | $9.2M | Reduce -2.2% |
| LRCX Lam Research Corp. | 1.30% | 124,330 | $9.0M | Reduce -0.5% |
| TAP Molson Coors Beverage Co. Class B | 1.30% | 148,358 | $9.0M | Add +2.4% |
| XOM Exxon Mobil Corp. | 1.26% | 73,475 | $8.7M | Add +7.8% |
| SYK Stryker Corp. | 1.15% | 21,369 | $8.0M | Reduce -1.5% |
| RTX RTX Corp. | 1.14% | 59,548 | $7.9M | Add +2.6% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 1.13% | 39,048 | $7.9M | Reduce -0.1% |
| MAA Mid-America Apartment Comm | 1.11% | 46,026 | $7.7M | Add +4.6% |
| AVGO Broadcom Inc. | 1.04% | 42,855 | $7.2M | Reduce -2.8% |
| STRL Sterling Infrastructure Inc. | 0.91% | 55,420 | $6.3M | Add +2.2% |
| ISTB iShares Core 1-5 Year Usd Bo | 0.88% | 125,700 | $6.1M | Add +16.9% |
| DGS Wisdomtree Em Small Cap | 0.87% | 125,409 | $6.1M | Reduce -1.1% |
| CARR Carrier Global Corp. | 0.87% | 95,408 | $6.0M | Reduce -1.0% |
| PEP Pepsico Inc. | 0.76% | 35,325 | $5.3M | Add +0.9% |
| DFS Discover Financial Services | 0.75% | 30,579 | $5.2M | Reduce -1.9% |
| SNY Sanofi-ADR | 0.75% | 93,780 | $5.2M | Add +7.9% |
| ADI Analog Devices Inc. | 0.74% | 25,425 | $5.1M | Reduce -0.5% |
| NOC Northrop Grumman Corp. | 0.72% | 9,706 | $5.0M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 0.72% | 31,748 | $5.0M | Reduce -1.9% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.68% | 112,190 | $4.7M | Add +840.8% |
| KGS Kodiak Gas Services Inc. | 0.68% | 125,722 | $4.7M | Add +3.3% |
| WY Weyerhaeuser Co. | 0.68% | 159,763 | $4.7M | Reduce -3.7% |
| TKR Timken Co. | 0.67% | 64,590 | $4.6M | Add +6.0% |
| PNW Pinnacle West Capital | 0.67% | 48,494 | $4.6M | Reduce -0.7% |
| SKX Skechers USA Inc. Class A | 0.67% | 81,209 | $4.6M | Reduce -0.8% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.64% | 188,421 | $4.4M | Add +2.8% |
| KR Kroger Co. | 0.64% | 65,410 | $4.4M | Reduce -0.8% |
| VT Vanguard Tot World STK ETF | 0.61% | 36,709 | $4.3M | Reduce -0.3% |
| GPK Graphic Packaging Holding Co. | 0.61% | 163,309 | $4.2M | Reduce -2.0% |
| BP BP PLC-Spons ADR | 0.58% | 118,439 | $4.0M | Reduce -1.6% |
| FMX Fomento Economico Mex-SP ADR | 0.57% | 40,619 | $4.0M | Reduce -0.5% |
| FBIN Fortune Brands Innovations I | 0.54% | 61,602 | $3.8M | Add +0.4% |
| HSIC Henry Schein Inc. | 0.54% | 54,492 | $3.7M | Reduce -1.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.53% | 6,512 | $3.6M | Add +0.1% |
| GOOGL Alphabet Inc. Class A | 0.51% | 23,005 | $3.6M | Add +4.5% |
| GLDM SPDR Gold Minishares Trust | 0.51% | 56,650 | $3.5M | Add +3.0% |
| AMZN Amazon.com Inc. | 0.50% | 18,334 | $3.5M | Add +4.0% |
| LPX Louisiana-Pacific Corp. | 0.48% | 36,260 | $3.3M | Reduce -0.9% |
| VXF Vanguard Extended Market ETF | 0.48% | 19,324 | $3.3M | No change |
| OSK Oshkosh Corp. | 0.48% | 35,304 | $3.3M | Add +2.8% |
| RSP Invesco S&P 500 Equal Weight | 0.48% | 19,168 | $3.3M | Add +2.2% |
| MLI Mueller Industries Inc. | 0.47% | 42,865 | $3.3M | New |
| VZ Verizon Communications Inc. | 0.46% | 69,938 | $3.2M | Add +15.6% |
| VHT Vanguard Health Care ETF | 0.46% | 11,927 | $3.2M | Reduce -0.8% |
| BAX Baxter International Inc. | 0.44% | 88,945 | $3.0M | Reduce -1.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.44% | 6,455 | $3.0M | Reduce -1.5% |
| ETN Eaton Corp. PLC | 0.41% | 10,545 | $2.9M | New |
| KIM Kimco Realty Corp. | 0.41% | 134,345 | $2.9M | Add +1.8% |
| ON On Semiconductor | 0.40% | 68,624 | $2.8M | Reduce -3.5% |
| AGCO Agco Corp. | 0.40% | 29,934 | $2.8M | Add +9.0% |
| UNP Union Pacific Corp. | 0.37% | 10,988 | $2.6M | Add +1.0% |
| GLD SPDR Gold Shares | 0.34% | 8,199 | $2.4M | Add +3.8% |
| GS Goldman Sachs Group Inc. | 0.33% | 4,143 | $2.3M | Reduce -6.8% |
| HII Huntington Ingalls Industrie | 0.32% | 10,815 | $2.2M | Add +69.3% |
| VEU Vanguard Ftse All-World Ex-U | 0.31% | 35,126 | $2.1M | Add +2.6% |
| REG Regency Centers Corp. | 0.27% | 25,285 | $1.9M | Reduce -4.8% |
| LH Labcorp Holdings Inc. | 0.27% | 7,935 | $1.8M | Add +1.1% |
| GTX Garrett Motion Inc. | 0.27% | 219,670 | $1.8M | Reduce -1.4% |
| V Visa Inc. Class A | 0.26% | 5,172 | $1.8M | Add +5.5% |
| VDE Vanguard Energy ETF | 0.25% | 13,380 | $1.7M | Reduce -12.7% |
| HON Honeywell International Inc. | 0.25% | 8,101 | $1.7M | Reduce -4.7% |
| BCC Boise Cascade Co. | 0.23% | 15,955 | $1.6M | Reduce -2.6% |
| IMKTA Ingles Markets Inc. Class A | 0.22% | 23,915 | $1.6M | Add +0.3% |
| WMT Walmart Inc. | 0.22% | 17,327 | $1.5M | Add +1.5% |
| ABBV Abbvie Inc. | 0.22% | 7,134 | $1.5M | Reduce -0.8% |
| SHEL Shell PLC-ADR | 0.21% | 20,300 | $1.5M | Add +19.4% |
| HD Home Depot Inc. | 0.21% | 4,050 | $1.5M | Add +1.3% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.21% | 28,800 | $1.5M | Add +9.5% |
| JNJ Johnson & Johnson | 0.21% | 8,779 | $1.5M | Add +18.5% |
| WM Waste Management Inc. | 0.21% | 6,286 | $1.5M | Reduce -3.4% |
| IWR iShares Russell Mid-Cap ETF | 0.20% | 16,214 | $1.4M | Add +0.9% |
| NVS Novartis AG-Sponsored ADR | 0.20% | 12,361 | $1.4M | Add +9.1% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.19% | 7,171 | $1.3M | Reduce -0.7% |
| CVX Chevron Corp. | 0.17% | 7,152 | $1.2M | Reduce -0.2% |
| UBS UBS Group AG-Reg | 0.17% | 39,000 | $1.2M | Reduce -2.3% |
| MRK Merck & Co. Inc. | 0.17% | 13,268 | $1.2M | Add +2.6% |
| VCIT Vanguard Int-Term Corporate | 0.17% | 14,200 | $1.2M | Add +73.2% |
| VPU Vanguard Utilities ETF | 0.17% | 6,750 | $1.2M | Reduce -0.7% |
| ITT Itt Inc. | 0.17% | 8,890 | $1.1M | No change |
| OUNZ Vaneck Merk Gold ETF | 0.16% | 37,000 | $1.1M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.5% | 9.44% | −0.98 |
| AVGO Broadcom Inc. | Reduce -2.8% | 1.04% | −0.47 |
| ADM Archer-Daniels-Midland Co. | Sold out | 0.00% | −0.26 |
| ON On Semiconductor | Reduce -3.5% | 0.40% | −0.26 |
| VOO Vanguard S&P 500 ETF | Reduce -2.9% | 2.21% | −0.22 |
| GOOG Alphabet Inc. Class C | Reduce -1.9% | 0.72% | −0.19 |
| TGT Target Corp. | Sold out | 0.00% | −0.18 |
| SKX Skechers USA Inc. Class A | Reduce -0.8% | 0.67% | −0.14 |
| JHMM John Hancock Multi Fact Mid | Reduce -0.9% | 1.72% | −0.13 |
| COST Costco Wholesale Corp. | Reduce -7.0% | 1.75% | −0.11 |
| CARR Carrier Global Corp. | Reduce -1.0% | 0.87% | −0.09 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Reduce -0.1% | 1.13% | −0.09 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -52.9% | 0.07% | −0.08 |
| LPX Louisiana-Pacific Corp. | Reduce -0.9% | 0.48% | −0.08 |
| BCC Boise Cascade Co. | Reduce -2.6% | 0.23% | −0.06 |
| ADI Analog Devices Inc. | Reduce -0.5% | 0.74% | −0.06 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -1.5% | 0.44% | −0.06 |
| GPK Graphic Packaging Holding Co. | Reduce -2.0% | 0.61% | −0.05 |
| VYM Vanguard High DVD Yield ETF | Reduce -1.1% | 2.71% | −0.05 |
| GS Goldman Sachs Group Inc. | Reduce -6.8% | 0.33% | −0.05 |
| ANGL Vaneck Fallen Angel High YLD | Reduce -28.0% | 0.11% | −0.05 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.04 |
| DFS Discover Financial Services | Reduce -1.9% | 0.75% | −0.04 |
| DGS Wisdomtree Em Small Cap | Reduce -1.1% | 0.87% | −0.04 |
| HON Honeywell International Inc. | Reduce -4.7% | 0.25% | −0.03 |
| CLX Clorox Company | Sold out | 0.00% | −0.03 |
| DFIN Donnelley Financial Solution | Sold out | 0.00% | −0.03 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.03 |
| HST Host Hotels & Resorts Inc. | Reduce -9.9% | 0.08% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.03 |
| GTX Garrett Motion Inc. | Reduce -1.4% | 0.27% | −0.03 |
| NKE Nike Inc. Class B | Reduce -4.8% | 0.11% | −0.03 |
| MFUS PIMCO Rafi Dynamic Multi-Fac | Reduce -1.0% | 1.66% | −0.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -15.0% | 0.13% | −0.03 |
| LRCX Lam Research Corp. | Reduce -0.5% | 1.30% | −0.02 |
| HSIC Henry Schein Inc. | Reduce -1.3% | 0.54% | −0.02 |
| VDE Vanguard Energy ETF | Reduce -12.7% | 0.25% | −0.02 |
| BALL Ball Corp. | Reduce -14.0% | 0.09% | −0.02 |
| VT Vanguard Tot World STK ETF | Reduce -0.3% | 0.61% | −0.02 |
| STLA Stellantis NV | Reduce -9.0% | 0.07% | −0.02 |
| REG Regency Centers Corp. | Reduce -4.8% | 0.27% | −0.02 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -28.5% | 0.04% | −0.02 |
| ACN Accenture PLC Class A | Reduce -26.8% | 0.03% | −0.02 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -0.7% | 0.19% | −0.02 |
| SCHD Schwab US DVD Equity ETF | Reduce -1.3% | 1.61% | −0.01 |
| FDX FedEx Corp. | Reduce -5.7% | 0.06% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -5.5% | 0.14% | −0.01 |
| WY Weyerhaeuser Co. | Reduce -3.7% | 0.68% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -21.0% | 0.04% | −0.01 |
| MRTN Marten Transport Ltd. | Reduce -13.3% | 0.02% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.6% | 5.30% | +0.82 |
| SLB SLB Ltd. | Add +840.8% | 0.68% | +0.61 |
| MLI Mueller Industries Inc. | New | 0.47% | +0.47 |
| ETN Eaton Corp. PLC | New | 0.41% | +0.41 |
| DISV Dimensional International SM | Add +14.8% | 1.77% | +0.34 |
| FBND Fidelity Total Bond ETF | Add +11.7% | 2.19% | +0.23 |
| IXUS iShares Core Intl Stock ETF | Add +11.7% | 1.46% | +0.20 |
| XOM Exxon Mobil Corp. | Add +7.8% | 1.26% | +0.18 |
| RTX RTX Corp. | Add +2.6% | 1.14% | +0.15 |
| SGOV iShares 0-3 Month Treasury B | Add +12.7% | 1.44% | +0.14 |
| HII Huntington Ingalls Industrie | Add +69.3% | 0.32% | +0.14 |
| SNY Sanofi-ADR | Add +7.9% | 0.75% | +0.13 |
| GSIE Goldman Sachs Activebeta Int | Add +2.5% | 1.84% | +0.13 |
| ISTB iShares Core 1-5 Year Usd Bo | Add +16.9% | 0.88% | +0.12 |
| MAA Mid-America Apartment Comm | Add +4.6% | 1.11% | +0.11 |
| VZ Verizon Communications Inc. | Add +15.6% | 0.46% | +0.10 |
| SWX Southwest Gas Holdings Inc. | New | 0.09% | +0.09 |
| GLDM SPDR Gold Minishares Trust | Add +3.0% | 0.51% | +0.09 |
| TAP Molson Coors Beverage Co. Class B | Add +2.4% | 1.30% | +0.08 |
| DFAI Dimensional International Co. | New | 0.08% | +0.08 |
| VSDM Vanguard Short Tax-Ex Bond | Add +170.7% | 0.12% | +0.08 |
| VCIT Vanguard Int-Term Corporate | Add +73.2% | 0.17% | +0.07 |
| AVDV Avantis Intl S/C Value ETF | Add +134.7% | 0.11% | +0.06 |
| MRSH Marsh & McLennan Cos | Add +61.3% | 0.13% | +0.06 |
| GLD SPDR Gold Shares | Add +3.8% | 0.34% | +0.06 |
| SHY iShares 1-3 Year Treasury Bo | Add +69.3% | 0.15% | +0.06 |
| SHEL Shell PLC-ADR | Add +19.4% | 0.21% | +0.06 |
| JNJ Johnson & Johnson | Add +18.5% | 0.21% | +0.05 |
| DFUS Dimensional US Eq MKT ETF | New | 0.05% | +0.05 |
| WHR Whirlpool Corp. | New | 0.05% | +0.05 |
| WAB Wabtec Corp. | New | 0.05% | +0.05 |
| DFAS Dimensional US Small Cap ETF | New | 0.04% | +0.04 |
| APH Amphenol Corp. Class A | New | 0.04% | +0.04 |
| GBIL Goldman Sachs Access Treasur | Add +3.9% | 1.74% | +0.04 |
| NVS Novartis AG-Sponsored ADR | Add +9.1% | 0.20% | +0.04 |
| V Visa Inc. Class A | Add +5.5% | 0.26% | +0.03 |
| DGX Quest Diagnostics Inc. | New | 0.03% | +0.03 |
| TKR Timken Co. | Add +6.0% | 0.67% | +0.03 |
| VXUS Vanguard Total Intl Stock | New | 0.03% | +0.03 |
| RPM RPM International Inc. | New | 0.03% | +0.03 |
| DFAE Dimensional Emerging Core Eq | New | 0.03% | +0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Add +20.3% | 0.09% | +0.03 |
| CB Chubb Ltd. | Add +19.9% | 0.10% | +0.02 |
| AGCO Agco Corp. | Add +9.0% | 0.40% | +0.02 |
| PG The Procter & Gamble Co. | Add +18.4% | 0.12% | +0.02 |
| VEU Vanguard Ftse All-World Ex-U | Add +2.6% | 0.31% | +0.02 |
| ETR Entergy Corp. | Add +0.4% | 0.16% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +0.5% | 1.84% | +0.02 |
| JMST JPM Ultra-Short Muni Income | Add +9.5% | 0.21% | +0.02 |
| FXF Invesco Currencyshares Swiss | Add +47.6% | 0.04% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 265 | $964.1M | VTI, LRCX, STRL, BRK.B, VGT |
| Q1 2026 | 254 | $842.5M | VTI, BRK.B, LRCX, VGT, DISV |
| Q4 2025 | 260 | $831.0M | VTI, BRK.B, MSFT, VGT, DISV |
| Q3 2025 | 249 | $812.0M | VTI, BRK.B, MSFT, VGT, VYM |
| Q2 2025 | 216 | $728.6M | VTI, BRK.B, MSFT, VGT, VYM |
| Q1 2025 | 221 | $693.0M | VTI, BRK.B, MSFT, VYM, VGT |
| Q4 2024 | 215 | $679.6M | VTI, BRK.B, MSFT, VGT, VYM |
| Q3 2024 | 226 | $706.8M | VTI, BRK.B, MSFT, VGT, VYM |
| Q2 2024 | 210 | $663.7M | VTI, BRK.B, MSFT, VGT, VYM |
| Q1 2024 | 216 | $671.6M | VTI, BRK.B, MSFT, VYM, VGT |