Baker Ellis Asset Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 8, 2025), Baker Ellis Asset Management LLC reported 216 stock positions worth $728.6 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 9.7% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 4.6%) and Microsoft (MSFT, 3.8%). Compared with Q1 2025, it opened 9 new positions, sold out of 14, added to 39 and reduced 108. The biggest buy was a new position in Capital One Financial (COF) and the biggest sale an exit from Discover Financial Services (DFS).
- Most Recent 13F
- Q2 2026
- Location
- Vancouver, WA
- CIK
- 0001365559
- Portfolio Value
- $728.6M (Q2 2025)
- SEC Filing
- 0001941040-25-000336 ↗ filed Jul 8, 2025
Holdings Value
Holdings 216 stocks · $728.6M
| VTI VG Morningstar TS MKT ETF-US | 9.66% | 231,655 | $70.4M | Reduce -2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.63% | 69,423 | $33.7M | Add +0.7% |
| MSFT Microsoft Corp. | 3.78% | 55,436 | $27.6M | Reduce -1.7% |
| VGT Vanguard Info Tech ETF | 3.13% | 34,381 | $22.8M | Reduce -0.8% |
| VYM Vanguard High DVD Yield ETF | 2.61% | 142,410 | $19.0M | Reduce -2.3% |
| FBND Fidelity Total Bond ETF | 2.25% | 358,039 | $16.4M | Add +7.5% |
| VOO Vanguard S&P 500 ETF | 2.21% | 28,402 | $16.1M | Reduce -4.6% |
| DISV Dimensional International SM | 2.12% | 470,355 | $15.5M | Add +11.7% |
| JPM JPMorgan Chase & Co. | 2.07% | 52,083 | $15.1M | Reduce -0.1% |
| GSIE Goldman Sachs Activebeta Int | 2.06% | 377,804 | $15.0M | Add +5.6% |
| PRF Invesco Rafi US 1000 ETF | 1.89% | 325,685 | $13.8M | Reduce -1.2% |
| STRL Sterling Infrastructure Inc. | 1.76% | 55,475 | $12.8M | Add +0.1% |
| JHMM John Hancock Multi Fact Mid | 1.72% | 205,511 | $12.6M | Reduce -1.5% |
| COST Costco Wholesale Corp. | 1.72% | 12,636 | $12.5M | Reduce -1.3% |
| GBIL Goldman Sachs Access Treasur | 1.69% | 123,083 | $12.3M | Add +2.2% |
| MFUS PIMCO Rafi Dynamic Multi-Fac filed as PIMCO EQUITY SER | 1.68% | 228,618 | $12.2M | Reduce -0.3% |
| IXUS iShares Core Intl Stock ETF | 1.67% | 157,436 | $12.2M | Add +8.7% |
| LRCX Lam Research Corp. | 1.64% | 122,905 | $12.0M | Reduce -1.1% |
| AVGO Broadcom Inc. | 1.59% | 42,045 | $11.6M | Reduce -1.9% |
| SCHD Schwab US DVD Equity ETF | 1.45% | 398,881 | $10.6M | Add +0.3% |
| SGOV iShares 0-3 Month Treasury B | 1.43% | 103,788 | $10.5M | Add +4.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.30% | 13 | $9.5M | No change |
| AAPL Apple Inc. | 1.23% | 43,757 | $9.0M | Reduce -0.0% |
| RTX RTX Corp. | 1.18% | 58,753 | $8.6M | Reduce -1.3% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 1.16% | 37,605 | $8.5M | Reduce -3.7% |
| SYK Stryker Corp. | 1.15% | 21,175 | $8.4M | Reduce -0.9% |
| XOM Exxon Mobil Corp. | 1.07% | 72,532 | $7.8M | Reduce -1.3% |
| DGS Wisdomtree Em Small Cap | 0.98% | 129,188 | $7.1M | Add +3.0% |
| TAP Molson Coors Beverage Co. Class B | 0.97% | 147,178 | $7.1M | Reduce -0.8% |
| FISV Fiserv Inc. | 0.96% | 40,521 | $7.0M | Reduce -2.9% |
| MAA Mid-America Apartment Comm | 0.95% | 46,808 | $6.9M | Add +1.7% |
| CARR Carrier Global Corp. | 0.95% | 94,295 | $6.9M | Reduce -1.2% |
| COF Capital One Financial Corp. | 0.90% | 30,798 | $6.6M | New |
| ISTB iShares Core 1-5 Year Usd Bo | 0.87% | 130,600 | $6.4M | Add +3.9% |
| OSK Oshkosh Corp. | 0.86% | 54,872 | $6.2M | Add +55.4% |
| ADI Analog Devices Inc. | 0.84% | 25,565 | $6.1M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 0.73% | 29,843 | $5.3M | Reduce -6.0% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.66% | 197,147 | $4.8M | Add +4.6% |
| NOC Northrop Grumman Corp. | 0.66% | 9,630 | $4.8M | Reduce -0.8% |
| KR Kroger Co. | 0.66% | 66,662 | $4.8M | Add +1.9% |
| PSA Public Storage | 0.65% | 16,123 | $4.7M | New |
| TKR Timken Co. | 0.65% | 64,926 | $4.7M | Add +0.5% |
| VT Vanguard Tot World STK ETF | 0.65% | 36,649 | $4.7M | Reduce -0.2% |
| SNY Sanofi-ADR | 0.64% | 95,794 | $4.6M | Add +2.1% |
| PEP Pepsico Inc. | 0.61% | 33,555 | $4.4M | Reduce -5.0% |
| KGS Kodiak Gas Services Inc. | 0.60% | 128,353 | $4.4M | Add +2.1% |
| PNW Pinnacle West Capital | 0.59% | 48,094 | $4.3M | Reduce -0.8% |
| ETN Eaton Corp. PLC | 0.57% | 11,560 | $4.1M | Add +9.6% |
| FMX Fomento Economico Mex-SP ADR | 0.57% | 40,021 | $4.1M | Reduce -1.5% |
| AMZN Amazon.com Inc. | 0.56% | 18,539 | $4.1M | Add +1.1% |
| HSIC Henry Schein Inc. | 0.54% | 54,321 | $4.0M | Reduce -0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.54% | 6,402 | $4.0M | Reduce -1.7% |
| WY Weyerhaeuser Co. | 0.53% | 151,601 | $3.9M | Reduce -5.1% |
| GOOGL Alphabet Inc. Class A | 0.53% | 21,790 | $3.8M | Reduce -5.3% |
| ON On Semiconductor | 0.52% | 72,379 | $3.8M | Add +5.5% |
| MLI Mueller Industries Inc. | 0.51% | 47,190 | $3.8M | Add +10.1% |
| GLDM SPDR Gold Minishares Trust | 0.51% | 57,000 | $3.7M | Add +0.6% |
| VXF Vanguard Extended Market ETF | 0.51% | 19,324 | $3.7M | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.50% | 106,775 | $3.6M | Reduce -4.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.49% | 6,430 | $3.5M | Reduce -0.4% |
| RSP Invesco S&P 500 Equal Weight | 0.47% | 18,924 | $3.4M | Reduce -1.3% |
| BP BP PLC-Spons ADR | 0.45% | 109,174 | $3.3M | Reduce -7.8% |
| AGCO Agco Corp. | 0.45% | 31,574 | $3.3M | Add +5.5% |
| LPX Louisiana-Pacific Corp. | 0.42% | 35,730 | $3.1M | Reduce -1.5% |
| VZ Verizon Communications Inc. | 0.41% | 68,360 | $3.0M | Reduce -2.3% |
| VHT Vanguard Health Care ETF | 0.40% | 11,817 | $2.9M | Reduce -0.9% |
| KIM Kimco Realty Corp. | 0.39% | 135,695 | $2.9M | Add +1.0% |
| HII Huntington Ingalls Industrie | 0.38% | 11,580 | $2.8M | Add +7.1% |
| GS Goldman Sachs Group Inc. | 0.37% | 3,824 | $2.7M | Reduce -7.7% |
| BAX Baxter International Inc. | 0.37% | 88,055 | $2.7M | Reduce -1.0% |
| GLD SPDR Gold Shares | 0.34% | 8,079 | $2.5M | Reduce -1.5% |
| UNP Union Pacific Corp. | 0.34% | 10,688 | $2.5M | Reduce -2.7% |
| VEU Vanguard Ftse All-World Ex-U | 0.32% | 35,126 | $2.4M | No change |
| GTX Garrett Motion Inc. | 0.31% | 217,205 | $2.3M | Reduce -1.1% |
| LH Labcorp Holdings Inc. | 0.27% | 7,355 | $1.9M | Reduce -7.3% |
| NVS Novartis AG-Sponsored ADR | 0.24% | 14,561 | $1.8M | Add +17.8% |
| WMT Walmart Inc. | 0.23% | 17,197 | $1.7M | Reduce -0.8% |
| HON Honeywell International Inc. | 0.23% | 7,096 | $1.7M | Reduce -12.4% |
| REG Regency Centers Corp. | 0.22% | 22,765 | $1.6M | Reduce -10.0% |
| NWS News Corp. Class B | 0.21% | 44,560 | $1.5M | Add +31.6% |
| V Visa Inc. Class A | 0.21% | 4,294 | $1.5M | Reduce -17.0% |
| IMKTA Ingles Markets Inc. Class A | 0.21% | 23,851 | $1.5M | Reduce -0.3% |
| IWR iShares Russell Mid-Cap ETF | 0.20% | 16,214 | $1.5M | No change |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.20% | 28,800 | $1.5M | No change |
| VDE Vanguard Energy ETF | 0.20% | 12,180 | $1.5M | Reduce -9.0% |
| HD Home Depot Inc. | 0.20% | 3,950 | $1.4M | Reduce -2.5% |
| WM Waste Management Inc. | 0.19% | 6,186 | $1.4M | Reduce -1.6% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.19% | 7,171 | $1.4M | No change |
| SHEL Shell PLC-ADR | 0.19% | 19,400 | $1.4M | Reduce -4.4% |
| UBS UBS Group AG-Reg | 0.19% | 40,050 | $1.4M | Add +2.7% |
| BCC Boise Cascade Co. | 0.19% | 15,563 | $1.4M | Reduce -2.5% |
| JNJ Johnson & Johnson | 0.18% | 8,779 | $1.3M | No change |
| ITT Itt Inc. | 0.18% | 8,550 | $1.3M | Reduce -3.8% |
| AVDV Avantis Intl S/C Value ETF | 0.17% | 15,830 | $1.3M | Add +48.2% |
| ABBV Abbvie Inc. | 0.17% | 6,543 | $1.2M | Reduce -8.3% |
| OUNZ Vaneck Merk Gold ETF | 0.16% | 37,000 | $1.2M | No change |
| VPU Vanguard Utilities ETF | 0.16% | 6,450 | $1.1M | Reduce -4.4% |
| DE Deere & Co. | 0.15% | 2,180 | $1.1M | No change |
| ORCL Oracle Corp. | 0.15% | 5,004 | $1.1M | No change |
| PLD Prologis Inc. | 0.15% | 10,150 | $1.1M | Add +6.3% |
Portfolio Sells Q1 2025 → Q2 2025
| DFS Discover Financial Services | Sold out | 0.00% | −0.75 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.67 |
| GPK Graphic Packaging Holding Co. | Sold out | 0.00% | −0.61 |
| FBIN Fortune Brands Innovations I | Sold out | 0.00% | −0.54 |
| FISV Fiserv Inc. | Reduce -2.9% | 0.96% | −0.37 |
| TAP Molson Coors Beverage Co. Class B | Reduce -0.8% | 0.97% | −0.33 |
| XOM Exxon Mobil Corp. | Reduce -1.3% | 1.07% | −0.19 |
| SLB SLB Ltd. | Reduce -4.8% | 0.50% | −0.18 |
| AAPL Apple Inc. | Reduce -0.0% | 1.23% | −0.17 |
| PEP Pepsico Inc. | Reduce -5.0% | 0.61% | −0.16 |
| WY Weyerhaeuser Co. | Reduce -5.1% | 0.53% | −0.14 |
| BP BP PLC-Spons ADR | Reduce -7.8% | 0.45% | −0.13 |
| VYM Vanguard High DVD Yield ETF | Reduce -2.3% | 2.61% | −0.11 |
| PNW Pinnacle West Capital | Reduce -0.8% | 0.59% | −0.08 |
| BAX Baxter International Inc. | Reduce -1.0% | 0.37% | −0.07 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -41.4% | 0.08% | −0.06 |
| LPX Louisiana-Pacific Corp. | Reduce -1.5% | 0.42% | −0.06 |
| ANGL Vaneck Fallen Angel High YLD | Reduce -49.2% | 0.06% | −0.06 |
| NOC Northrop Grumman Corp. | Reduce -0.8% | 0.66% | −0.06 |
| VHT Vanguard Health Care ETF | Reduce -0.9% | 0.40% | −0.05 |
| V Visa Inc. Class A | Reduce -17.0% | 0.21% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -2.3% | 0.41% | −0.05 |
| VDE Vanguard Energy ETF | Reduce -9.0% | 0.20% | −0.05 |
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.05 |
| IXC iShares Global Energy ETF | Reduce -38.5% | 0.06% | −0.05 |
| ABBV Abbvie Inc. | Reduce -8.3% | 0.17% | −0.05 |
| REG Regency Centers Corp. | Reduce -10.0% | 0.22% | −0.05 |
| VCIT Vanguard Int-Term Corporate | Reduce -24.6% | 0.12% | −0.05 |
| CVX Chevron Corp. | Reduce -8.7% | 0.13% | −0.04 |
| BCC Boise Cascade Co. | Reduce -2.5% | 0.19% | −0.04 |
| DFAS Dimensional US Small Cap ETF | Sold out | 0.00% | −0.04 |
| CCEP Coca-Cola Europacific Partne | Sold out | 0.00% | −0.04 |
| UNP Union Pacific Corp. | Reduce -2.7% | 0.34% | −0.04 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.04 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.04 |
| PRF Invesco Rafi US 1000 ETF | Reduce -1.2% | 1.89% | −0.03 |
| TTE Totalenergies SE -Spon ADR | Reduce -22.4% | 0.08% | −0.03 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -1.4% | 0.14% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -1.3% | 1.72% | −0.03 |
| RPM RPM International Inc. | Sold out | 0.00% | −0.03 |
| DFAE Dimensional Emerging Core Eq | Sold out | 0.00% | −0.03 |
| NEE Nextera Energy Inc. | Reduce -15.9% | 0.10% | −0.03 |
| SHEL Shell PLC-ADR | Reduce -4.4% | 0.19% | −0.03 |
| DFAI Dimensional International Co. | Reduce -37.5% | 0.05% | −0.03 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -17.4% | 0.06% | −0.02 |
| AVUV Avantis US Small Cap Value | Reduce -38.7% | 0.04% | −0.02 |
| TJX TJX Companies Inc. | Reduce -29.4% | 0.05% | −0.02 |
| SWX Southwest Gas Holdings Inc. | Reduce -23.1% | 0.07% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| COF Capital One Financial Corp. | New | 0.90% | +0.90 |
| STRL Sterling Infrastructure Inc. | Add +0.1% | 1.76% | +0.85 |
| PSA Public Storage | New | 0.65% | +0.65 |
| OSK Oshkosh Corp. | Add +55.4% | 0.86% | +0.38 |
| DISV Dimensional International SM | Add +11.7% | 2.12% | +0.36 |
| GSIE Goldman Sachs Activebeta Int | Add +5.6% | 2.06% | +0.22 |
| IXUS iShares Core Intl Stock ETF | Add +8.7% | 1.67% | +0.21 |
| ETN Eaton Corp. PLC | Add +9.6% | 0.57% | +0.15 |
| ON On Semiconductor | Add +5.5% | 0.52% | +0.12 |
| DGS Wisdomtree Em Small Cap | Add +3.0% | 0.98% | +0.11 |
| ADI Analog Devices Inc. | Add +0.6% | 0.84% | +0.10 |
| HII Huntington Ingalls Industrie | Add +7.1% | 0.38% | +0.07 |
| AVDV Avantis Intl S/C Value ETF | Add +48.2% | 0.17% | +0.06 |
| NWS News Corp. Class B | Add +31.6% | 0.21% | +0.06 |
| BWA Borgwarner Inc. | New | 0.06% | +0.06 |
| FBND Fidelity Total Bond ETF | Add +7.5% | 2.25% | +0.06 |
| AMZN Amazon.com Inc. | Add +1.1% | 0.56% | +0.05 |
| AGCO Agco Corp. | Add +5.5% | 0.45% | +0.05 |
| FXE Invesco Currencyshares Euro | New | 0.04% | +0.04 |
| MLI Mueller Industries Inc. | Add +10.1% | 0.51% | +0.04 |
| NVS Novartis AG-Sponsored ADR | Add +17.8% | 0.24% | +0.04 |
| SLV iShares Silver Trust | New | 0.03% | +0.03 |
| SHLD Global X Defense Tech ETF | New | 0.03% | +0.03 |
| SONY Sony Group Corp. - SP ADR | New | 0.03% | +0.03 |
| PM Philip Morris International | New | 0.03% | +0.03 |
| FXF Invesco Currencyshares Swiss | Add +45.2% | 0.07% | +0.02 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +4.6% | 0.66% | +0.02 |
| KR Kroger Co. | Add +1.9% | 0.66% | +0.02 |
| WNC Wabash National Corp. | New | 0.02% | +0.02 |
| UBS UBS Group AG-Reg | Add +2.7% | 0.19% | +0.01 |
| GLDM SPDR Gold Minishares Trust | Add +0.6% | 0.51% | +0.01 |
| SELF Global Self Storage Inc. | Add +17.9% | 0.02% | +0.00 |
| ES Eversource Energy | Add +4.5% | 0.07% | +0.00 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +9.9% | 0.05% | +0.00 |
| ISTB iShares Core 1-5 Year Usd Bo | Add +3.9% | 0.87% | −0.00 |
| UDR Udr Inc. | Add +5.0% | 0.05% | −0.01 |
| PLD Prologis Inc. | Add +6.3% | 0.15% | −0.01 |
| SGOV iShares 0-3 Month Treasury B | Add +4.5% | 1.43% | −0.01 |
| CB Chubb Ltd. | Add +0.2% | 0.09% | −0.01 |
| PG The Procter & Gamble Co. | Add +0.8% | 0.11% | −0.01 |
| KIM Kimco Realty Corp. | Add +1.0% | 0.39% | −0.02 |
| TKR Timken Co. | Add +0.5% | 0.65% | −0.02 |
| GBIL Goldman Sachs Access Treasur | Add +2.2% | 1.69% | −0.05 |
| KGS Kodiak Gas Services Inc. | Add +2.1% | 0.60% | −0.07 |
| SNY Sanofi-ADR | Add +2.1% | 0.64% | −0.12 |
| SCHD Schwab US DVD Equity ETF | Add +0.3% | 1.45% | −0.15 |
| MAA Mid-America Apartment Comm | Add +1.7% | 0.95% | −0.16 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.7% | 4.63% | −0.67 |
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 |