Baker Ellis Asset Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Baker Ellis Asset Management LLC reported 249 stock positions worth $812.0 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 9.2% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 4.4%) and Microsoft (MSFT, 3.6%). Compared with Q2 2025, it opened 36 new positions, sold out of 3, added to 75 and reduced 77. The biggest buy was Alphabet Class A (GOOGL, shares +42%) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- Vancouver, WA
- CIK
- 0001365559
- Portfolio Value
- $812.0M (Q3 2025)
- SEC Filing
- 0001941040-25-000563 ↗ filed Oct 23, 2025
Holdings Value
Holdings 249 stocks · $812.0M
| VTI VG Morningstar TS MKT ETF-US | 9.22% | 228,174 | $74.9M | Reduce -1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.38% | 70,795 | $35.6M | Add +2.0% |
| MSFT Microsoft Corp. | 3.60% | 56,444 | $29.2M | Add +1.8% |
| VGT Vanguard Info Tech ETF | 3.17% | 34,421 | $25.7M | Add +0.1% |
| VYM Vanguard High DVD Yield ETF | 2.41% | 138,702 | $19.6M | Reduce -2.6% |
| STRL Sterling Infrastructure Inc. | 2.27% | 54,210 | $18.4M | Reduce -2.3% |
| DISV Dimensional International SM | 2.20% | 500,970 | $17.9M | Add +6.5% |
| VOO Vanguard S&P 500 ETF | 2.18% | 28,870 | $17.7M | Add +1.6% |
| JPM JPMorgan Chase & Co. | 2.13% | 54,926 | $17.3M | Add +5.5% |
| FBND Fidelity Total Bond ETF | 2.12% | 371,922 | $17.2M | Add +3.9% |
| GSIE Goldman Sachs Activebeta Int | 2.11% | 416,374 | $17.1M | Add +10.2% |
| LRCX Lam Research Corp. | 1.99% | 120,412 | $16.1M | Reduce -2.0% |
| PRF Invesco Rafi US 1000 ETF | 1.81% | 324,413 | $14.7M | Reduce -0.4% |
| AVGO Broadcom Inc. | 1.69% | 41,526 | $13.7M | Reduce -1.2% |
| IXUS iShares Core Intl Stock ETF | 1.65% | 162,177 | $13.4M | Add +3.0% |
| COST Costco Wholesale Corp. | 1.58% | 13,834 | $12.8M | Add +9.5% |
| JHMM John Hancock Multi Fact Mid | 1.57% | 197,530 | $12.8M | Reduce -3.9% |
| MFUS PIMCO Rafi Dynamic Multi-Fac filed as PIMCO EQUITY SER | 1.57% | 226,619 | $12.7M | Reduce -0.9% |
| GBIL Goldman Sachs Access Treasur | 1.40% | 113,119 | $11.3M | Reduce -8.1% |
| AAPL Apple Inc. | 1.39% | 44,317 | $11.3M | Add +1.3% |
| SCHD Schwab US DVD Equity ETF | 1.33% | 394,940 | $10.8M | Reduce -1.0% |
| RTX RTX Corp. | 1.22% | 59,313 | $9.9M | Add +0.9% |
| SGOV iShares 0-3 Month Treasury B | 1.22% | 97,978 | $9.9M | Reduce -5.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.21% | 13 | $9.8M | No change |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 1.13% | 37,510 | $9.2M | Reduce -0.3% |
| GOOG Alphabet Inc. Class C | 1.04% | 34,560 | $8.4M | Add +15.8% |
| DGS Wisdomtree Em Small Cap | 1.01% | 143,127 | $8.2M | Add +10.8% |
| XOM Exxon Mobil Corp. | 1.00% | 72,206 | $8.1M | Reduce -0.5% |
| SYK Stryker Corp. | 0.95% | 20,920 | $7.7M | Reduce -1.2% |
| GOOGL Alphabet Inc. Class A | 0.93% | 30,924 | $7.5M | Add +41.9% |
| OSK Oshkosh Corp. | 0.89% | 55,466 | $7.2M | Add +1.1% |
| ADI Analog Devices Inc. | 0.86% | 28,325 | $7.0M | Add +10.8% |
| TAP Molson Coors Beverage Co. Class B | 0.83% | 148,890 | $6.7M | Add +1.2% |
| ISTB iShares Core 1-5 Year Usd Bo | 0.81% | 134,630 | $6.6M | Add +3.1% |
| MAA Mid-America Apartment Comm | 0.81% | 46,814 | $6.5M | Add +0.0% |
| COF Capital One Financial Corp. | 0.79% | 30,343 | $6.5M | Reduce -1.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.77% | 9,334 | $6.2M | Add +45.8% |
| NOC Northrop Grumman Corp. | 0.72% | 9,651 | $5.9M | Add +0.2% |
| CARR Carrier Global Corp. | 0.70% | 94,673 | $5.7M | Add +0.4% |
| FISV Fiserv Inc. | 0.66% | 41,811 | $5.4M | Add +3.2% |
| AMZN Amazon.com Inc. | 0.66% | 24,405 | $5.4M | Add +31.6% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.65% | 199,705 | $5.3M | Add +1.3% |
| VT Vanguard Tot World STK ETF | 0.62% | 36,520 | $5.0M | Reduce -0.3% |
| PSA Public Storage | 0.62% | 17,311 | $5.0M | Add +7.4% |
| MLI Mueller Industries Inc. | 0.61% | 49,165 | $5.0M | Add +4.2% |
| TKR Timken Co. | 0.59% | 63,687 | $4.8M | Reduce -1.9% |
| KGS Kodiak Gas Services Inc. | 0.58% | 127,854 | $4.7M | Reduce -0.4% |
| GLDM SPDR Gold Minishares Trust | 0.56% | 59,880 | $4.6M | Add +5.0% |
| KR Kroger Co. | 0.55% | 66,300 | $4.5M | Reduce -0.5% |
| PEP Pepsico Inc. | 0.55% | 31,695 | $4.5M | Reduce -5.5% |
| SNY Sanofi-ADR | 0.54% | 92,917 | $4.4M | Reduce -3.0% |
| ETN Eaton Corp. PLC | 0.53% | 11,590 | $4.3M | Add +0.3% |
| PNW Pinnacle West Capital | 0.53% | 47,634 | $4.3M | Reduce -1.0% |
| VXF Vanguard Extended Market ETF | 0.50% | 19,299 | $4.0M | Reduce -0.1% |
| FMX Fomento Economico Mex-SP ADR | 0.47% | 38,322 | $3.8M | Reduce -4.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.46% | 6,220 | $3.7M | Reduce -3.3% |
| BP BP PLC-Spons ADR | 0.45% | 106,633 | $3.7M | Reduce -2.3% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.45% | 106,225 | $3.7M | Reduce -0.5% |
| WY Weyerhaeuser Co. | 0.44% | 145,677 | $3.6M | Reduce -3.9% |
| AGCO Agco Corp. | 0.44% | 33,584 | $3.6M | Add +6.4% |
| ON On Semiconductor | 0.44% | 72,731 | $3.6M | Add +0.5% |
| HSIC Henry Schein Inc. | 0.44% | 53,358 | $3.5M | Reduce -1.8% |
| HII Huntington Ingalls Industrie | 0.41% | 11,690 | $3.4M | Add +0.9% |
| RSP Invesco S&P 500 Equal Weight | 0.41% | 17,673 | $3.4M | Reduce -6.6% |
| LPX Louisiana-Pacific Corp. | 0.39% | 35,630 | $3.2M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.39% | 71,175 | $3.1M | Add +4.1% |
| VHT Vanguard Health Care ETF | 0.38% | 11,817 | $3.1M | No change |
| GS Goldman Sachs Group Inc. | 0.37% | 3,809 | $3.0M | Reduce -0.4% |
| KIM Kimco Realty Corp. | 0.36% | 133,705 | $2.9M | Reduce -1.5% |
| GTX Garrett Motion Inc. | 0.36% | 212,495 | $2.9M | Reduce -2.2% |
| GLD SPDR Gold Shares | 0.35% | 8,079 | $2.9M | No change |
| LLY Eli Lilly & Co. | 0.33% | 3,461 | $2.6M | Add +765.3% |
| UNP Union Pacific Corp. | 0.31% | 10,653 | $2.5M | Reduce -0.3% |
| VEU Vanguard Ftse All-World Ex-U | 0.30% | 34,626 | $2.5M | Reduce -1.4% |
| AMRZ Amrize Ltd. | 0.28% | 47,455 | $2.3M | New |
| V Visa Inc. Class A | 0.27% | 6,463 | $2.2M | Add +50.5% |
| JNJ Johnson & Johnson | 0.27% | 11,875 | $2.2M | Add +35.3% |
| LH Labcorp Holdings Inc. | 0.26% | 7,305 | $2.1M | Reduce -0.7% |
| WM Waste Management Inc. | 0.24% | 8,966 | $2.0M | Add +44.9% |
| NVS Novartis AG-Sponsored ADR | 0.23% | 14,711 | $1.9M | Add +1.0% |
| HON Honeywell International Inc. | 0.23% | 8,754 | $1.8M | Add +23.4% |
| WMT Walmart Inc. | 0.22% | 17,363 | $1.8M | Add +1.0% |
| UBS UBS Group AG-Reg | 0.22% | 42,750 | $1.8M | Add +6.7% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.22% | 34,300 | $1.8M | Add +19.1% |
| HD Home Depot Inc. | 0.21% | 4,224 | $1.7M | Add +6.9% |
| SHEL Shell PLC-ADR | 0.20% | 22,793 | $1.6M | Add +17.5% |
| REG Regency Centers Corp. | 0.20% | 22,076 | $1.6M | Reduce -3.0% |
| NWS News Corp. Class B | 0.20% | 46,060 | $1.6M | Add +3.4% |
| META Meta Platforms Inc. Class A | 0.20% | 2,165 | $1.6M | Add +386.5% |
| IWR iShares Russell Mid-Cap ETF | 0.19% | 16,214 | $1.6M | No change |
| IMKTA Ingles Markets Inc. Class A | 0.19% | 22,238 | $1.5M | Reduce -6.8% |
| ITT Itt Inc. | 0.19% | 8,550 | $1.5M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.19% | 10,502 | $1.5M | Add +265.3% |
| ABBV Abbvie Inc. | 0.18% | 6,465 | $1.5M | Reduce -1.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.18% | 7,146 | $1.5M | Reduce -0.3% |
| VDE Vanguard Energy ETF | 0.18% | 11,685 | $1.5M | Reduce -4.1% |
| AVDV Avantis Intl S/C Value ETF | 0.17% | 15,830 | $1.4M | No change |
| OUNZ Vaneck Merk Gold ETF | 0.17% | 37,000 | $1.4M | No change |
| ORCL Oracle Corp. | 0.17% | 4,866 | $1.4M | Reduce -2.8% |
| MRK Merck & Co. Inc. | 0.16% | 15,737 | $1.3M | Add +20.2% |
Portfolio Sells Q2 2025 → Q3 2025
| VTI VG Morningstar TS MKT ETF-US | Reduce -1.5% | 9.22% | −0.44 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.37 |
| GBIL Goldman Sachs Access Treasur | Reduce -8.1% | 1.40% | −0.30 |
| SGOV iShares 0-3 Month Treasury B | Reduce -5.6% | 1.22% | −0.22 |
| VYM Vanguard High DVD Yield ETF | Reduce -2.6% | 2.41% | −0.20 |
| SYK Stryker Corp. | Reduce -1.2% | 0.95% | −0.20 |
| JHMM John Hancock Multi Fact Mid | Reduce -3.9% | 1.57% | −0.15 |
| SCHD Schwab US DVD Equity ETF | Reduce -1.0% | 1.33% | −0.12 |
| HSIC Henry Schein Inc. | Reduce -1.8% | 0.44% | −0.11 |
| MFUS PIMCO Rafi Dynamic Multi-Fac | Reduce -0.9% | 1.57% | −0.11 |
| KR Kroger Co. | Reduce -0.5% | 0.55% | −0.11 |
| COF Capital One Financial Corp. | Reduce -1.5% | 0.79% | −0.10 |
| FMX Fomento Economico Mex-SP ADR | Reduce -4.3% | 0.47% | −0.10 |
| SNY Sanofi-ADR | Reduce -3.0% | 0.54% | −0.10 |
| WY Weyerhaeuser Co. | Reduce -3.9% | 0.44% | −0.09 |
| PRF Invesco Rafi US 1000 ETF | Reduce -0.4% | 1.81% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -0.5% | 1.00% | −0.07 |
| PNW Pinnacle West Capital | Reduce -1.0% | 0.53% | −0.06 |
| PEP Pepsico Inc. | Reduce -5.5% | 0.55% | −0.06 |
| RSP Invesco S&P 500 Equal Weight | Reduce -6.6% | 0.41% | −0.06 |
| TKR Timken Co. | Reduce -1.9% | 0.59% | −0.06 |
| CMCSA Comcast Corp. Class A | Reduce -27.8% | 0.07% | −0.05 |
| SLB SLB Ltd. | Reduce -0.5% | 0.45% | −0.05 |
| BCC Boise Cascade Co. | Reduce -3.9% | 0.14% | −0.04 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Reduce -0.3% | 1.13% | −0.03 |
| LPX Louisiana-Pacific Corp. | Reduce -0.3% | 0.39% | −0.03 |
| KIM Kimco Realty Corp. | Reduce -1.5% | 0.36% | −0.03 |
| PM Philip Morris International | Sold out | 0.00% | −0.03 |
| UNP Union Pacific Corp. | Reduce -0.3% | 0.31% | −0.03 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -3.3% | 0.46% | −0.03 |
| VT Vanguard Tot World STK ETF | Reduce -0.3% | 0.62% | −0.03 |
| WHR Whirlpool Corp. | Reduce -24.9% | 0.03% | −0.02 |
| REG Regency Centers Corp. | Reduce -3.0% | 0.20% | −0.02 |
| LMNR Limoneira Co. | Reduce -16.6% | 0.06% | −0.02 |
| KGS Kodiak Gas Services Inc. | Reduce -0.4% | 0.58% | −0.02 |
| CB Chubb Ltd. | Reduce -10.6% | 0.07% | −0.02 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -1.4% | 0.30% | −0.02 |
| ADP Automatic Data Processing | Reduce -0.9% | 0.10% | −0.02 |
| VDE Vanguard Energy ETF | Reduce -4.1% | 0.18% | −0.02 |
| BALL Ball Corp. | Reduce -0.4% | 0.07% | −0.02 |
| IMKTA Ingles Markets Inc. Class A | Reduce -6.8% | 0.19% | −0.02 |
| IXC iShares Global Energy ETF | Reduce -23.9% | 0.04% | −0.02 |
| STLA Stellantis NV | Reduce -18.9% | 0.03% | −0.02 |
| PLD Prologis Inc. | Reduce -8.5% | 0.13% | −0.02 |
| VXF Vanguard Extended Market ETF | Reduce -0.1% | 0.50% | −0.01 |
| UHAL.B U-Haul Holding Co.-Non Voting | Reduce -14.4% | 0.03% | −0.01 |
| JPST JPMorgan Ultra-Short Income | Reduce -8.7% | 0.05% | −0.01 |
| TTE Totalenergies SE -Spon ADR | Reduce -2.7% | 0.06% | −0.01 |
| ANGL Vaneck Fallen Angel High YLD | Reduce -12.1% | 0.04% | −0.01 |
| INTF iShares International Equity | Reduce -1.8% | 0.12% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +41.9% | 0.93% | +0.40 |
| GOOG Alphabet Inc. Class C | Add +15.8% | 1.04% | +0.31 |
| AMRZ Amrize Ltd. | New | 0.28% | +0.28 |
| LLY Eli Lilly & Co. | Add +765.3% | 0.33% | +0.28 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +45.8% | 0.77% | +0.22 |
| AAPL Apple Inc. | Add +1.3% | 1.39% | +0.16 |
| META Meta Platforms Inc. Class A | Add +386.5% | 0.20% | +0.15 |
| TJX TJX Companies Inc. | Add +265.3% | 0.19% | +0.14 |
| TT Trane Technologies PLC | New | 0.14% | +0.14 |
| MA Mastercard Inc. Class A | New | 0.12% | +0.12 |
| VNQ Vanguard Real Estate ETF | New | 0.11% | +0.11 |
| AMZN Amazon.com Inc. | Add +31.6% | 0.66% | +0.10 |
| TRV The Travelers Cos Inc. | New | 0.10% | +0.10 |
| MLI Mueller Industries Inc. | Add +4.2% | 0.61% | +0.10 |
| TER Teradyne Inc. | New | 0.09% | +0.09 |
| JNJ Johnson & Johnson | Add +35.3% | 0.27% | +0.09 |
| ACN Accenture PLC Class A | New | 0.08% | +0.08 |
| LIN Linde PLC | Add +276.2% | 0.12% | +0.08 |
| PRI Primerica Inc. | New | 0.08% | +0.08 |
| DISV Dimensional International SM | Add +6.5% | 2.20% | +0.08 |
| ECL Ecolab Inc. | New | 0.08% | +0.08 |
| HLI Houlihan Lokey Inc. | New | 0.07% | +0.07 |
| NOC Northrop Grumman Corp. | Add +0.2% | 0.72% | +0.06 |
| BR Broadridge Financial Solutio | New | 0.06% | +0.06 |
| V Visa Inc. Class A | Add +50.5% | 0.27% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +5.5% | 2.13% | +0.06 |
| PNC PNC Financial Services Group | New | 0.06% | +0.06 |
| RBC RBC Bearings Inc. | New | 0.06% | +0.06 |
| MCO Moody's Corp. | New | 0.05% | +0.05 |
| WSO Watsco Inc. | New | 0.05% | +0.05 |
| GSIE Goldman Sachs Activebeta Int | Add +10.2% | 2.11% | +0.05 |
| GLDM SPDR Gold Minishares Trust | Add +5.0% | 0.56% | +0.05 |
| STE Steris PLC | New | 0.05% | +0.05 |
| WM Waste Management Inc. | Add +44.9% | 0.24% | +0.05 |
| RTX RTX Corp. | Add +0.9% | 1.22% | +0.04 |
| SITE Siteone Landscape Supply Inc. | New | 0.04% | +0.04 |
| BAC Bank of America Corp. | Add +41.2% | 0.13% | +0.04 |
| CME Cme Group Inc. | New | 0.04% | +0.04 |
| VGT Vanguard Info Tech ETF | Add +0.1% | 3.17% | +0.04 |
| GNTX Gentex Corp. | New | 0.03% | +0.03 |
| MMM 3M Co. | New | 0.03% | +0.03 |
| WEC WEC Energy Group Inc. | New | 0.03% | +0.03 |
| NEE Nextera Energy Inc. | Add +36.6% | 0.13% | +0.03 |
| BMI Badger Meter Inc. | New | 0.03% | +0.03 |
| OSK Oshkosh Corp. | Add +1.1% | 0.89% | +0.03 |
| THO Thor Industries Inc. | New | 0.03% | +0.03 |
| HII Huntington Ingalls Industrie | Add +0.9% | 0.41% | +0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Add +85.5% | 0.09% | +0.03 |
| UBS UBS Group AG-Reg | Add +6.7% | 0.22% | +0.03 |
| NVDA Nvidia Corp. | New | 0.03% | +0.03 |
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 |