Baker Ellis Asset Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Baker Ellis Asset Management LLC reported 260 stock positions worth $831.0 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 9.0% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 4.3%) and Microsoft (MSFT, 3.3%). Compared with Q3 2025, it opened 21 new positions, sold out of 10, added to 66 and reduced 109. The biggest buy was a new position in Schwab U.S. Tips ETF (SCHP) and the biggest sale an exit from Fiserv (FISV).
- Most Recent 13F
- Q2 2026
- Location
- Vancouver, WA
- CIK
- 0001365559
- Portfolio Value
- $831.0M (Q4 2025)
- SEC Filing
- 0001941040-26-000040 ↗ filed Jan 21, 2026
Holdings Value
Holdings 260 stocks · $831.0M
| VTI VG Morningstar TS MKT ETF-US | 9.00% | 223,174 | $74.8M | Reduce -2.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.34% | 71,776 | $36.1M | Add +1.4% |
| MSFT Microsoft Corp. | 3.29% | 56,526 | $27.3M | Add +0.1% |
| VGT Vanguard Info Tech ETF | 3.03% | 33,423 | $25.2M | Reduce -2.9% |
| DISV Dimensional International SM | 2.40% | 525,147 | $20.0M | Add +4.8% |
| LRCX Lam Research Corp. | 2.40% | 116,472 | $19.9M | Reduce -3.3% |
| VYM Vanguard High DVD Yield ETF | 2.34% | 135,353 | $19.4M | Reduce -2.4% |
| VOO Vanguard S&P 500 ETF | 2.24% | 29,650 | $18.6M | Add +2.7% |
| GSIE Goldman Sachs Activebeta Int | 2.18% | 422,232 | $18.1M | Add +1.4% |
| JPM JPMorgan Chase & Co. | 2.15% | 55,400 | $17.9M | Add +0.9% |
| FBND Fidelity Total Bond ETF | 2.09% | 377,157 | $17.4M | Add +1.4% |
| STRL Sterling Infrastructure Inc. | 1.92% | 52,183 | $16.0M | Reduce -3.7% |
| PRF Invesco Rafi US 1000 ETF | 1.82% | 322,115 | $15.1M | Reduce -0.7% |
| IXUS iShares Core Intl Stock ETF | 1.80% | 176,941 | $15.0M | Add +9.1% |
| AVGO Broadcom Inc. | 1.68% | 40,364 | $14.0M | Reduce -2.8% |
| MFUS PIMCO Rafi Dynamic Multi-Fac filed as PIMCO EQUITY SER | 1.56% | 228,295 | $12.9M | Add +0.7% |
| JHMM John Hancock Multi Fact Mid | 1.50% | 189,734 | $12.4M | Reduce -4.0% |
| AAPL Apple Inc. | 1.47% | 45,033 | $12.2M | Add +1.6% |
| COST Costco Wholesale Corp. | 1.43% | 13,781 | $11.9M | Reduce -0.4% |
| RTX RTX Corp. | 1.31% | 59,443 | $10.9M | Add +0.2% |
| GBIL Goldman Sachs Access Treasur | 1.30% | 108,190 | $10.8M | Reduce -4.4% |
| GOOG Alphabet Inc. Class C | 1.29% | 34,203 | $10.7M | Reduce -1.0% |
| SCHD Schwab US DVD Equity ETF | 1.27% | 383,354 | $10.5M | Reduce -2.9% |
| SGOV iShares 0-3 Month Treasury B | 1.26% | 104,633 | $10.5M | Add +6.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.18% | 13 | $9.8M | No change |
| GOOGL Alphabet Inc. Class A | 1.17% | 31,026 | $9.7M | Add +0.3% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 1.10% | 36,385 | $9.1M | Reduce -3.0% |
| DGS Wisdomtree Em Small Cap | 1.06% | 154,439 | $8.8M | Add +7.9% |
| XOM Exxon Mobil Corp. | 1.04% | 71,952 | $8.7M | Reduce -0.3% |
| ADI Analog Devices Inc. | 0.89% | 27,224 | $7.4M | Reduce -3.9% |
| SYK Stryker Corp. | 0.88% | 20,827 | $7.3M | Reduce -0.4% |
| COF Capital One Financial Corp. | 0.88% | 30,123 | $7.3M | Reduce -0.7% |
| OSK Oshkosh Corp. | 0.86% | 56,726 | $7.1M | Add +2.3% |
| TAP Molson Coors Beverage Co. Class B | 0.84% | 150,286 | $7.0M | Add +0.9% |
| MAA Mid-America Apartment Comm | 0.80% | 48,139 | $6.7M | Add +2.8% |
| ISTB iShares Core 1-5 Year Usd Bo | 0.80% | 137,030 | $6.7M | Add +1.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.72% | 8,817 | $6.0M | Reduce -5.5% |
| AMZN Amazon.com Inc. | 0.72% | 25,752 | $5.9M | Add +5.5% |
| MLI Mueller Industries Inc. | 0.70% | 50,965 | $5.9M | Add +3.7% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.69% | 210,006 | $5.7M | Add +5.2% |
| NOC Northrop Grumman Corp. | 0.65% | 9,511 | $5.4M | Reduce -1.4% |
| TKR Timken Co. | 0.64% | 63,162 | $5.3M | Reduce -0.8% |
| GLDM SPDR Gold Minishares Trust | 0.62% | 60,115 | $5.1M | Add +0.4% |
| VT Vanguard Tot World STK ETF | 0.60% | 35,620 | $5.0M | Reduce -2.5% |
| KGS Kodiak Gas Services Inc. | 0.58% | 129,556 | $4.8M | Add +1.3% |
| CARR Carrier Global Corp. | 0.57% | 89,638 | $4.7M | Reduce -5.3% |
| PSA Public Storage | 0.55% | 17,662 | $4.6M | Add +2.0% |
| PEP Pepsico Inc. | 0.54% | 31,434 | $4.5M | Reduce -0.8% |
| PNW Pinnacle West Capital | 0.51% | 48,119 | $4.3M | Add +1.0% |
| KR Kroger Co. | 0.50% | 67,000 | $4.2M | Add +1.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.49% | 106,300 | $4.1M | Add +0.1% |
| SNY Sanofi-ADR | 0.49% | 83,477 | $4.0M | Reduce -10.2% |
| HII Huntington Ingalls Industrie | 0.48% | 11,665 | $4.0M | Reduce -0.2% |
| VXF Vanguard Extended Market ETF | 0.46% | 18,274 | $3.8M | Reduce -5.3% |
| LLY Eli Lilly & Co. | 0.46% | 3,536 | $3.8M | Add +2.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.46% | 6,185 | $3.8M | Reduce -0.6% |
| ON On Semiconductor | 0.46% | 70,071 | $3.8M | Reduce -3.7% |
| BP BP PLC-Spons ADR | 0.45% | 108,799 | $3.8M | Add +2.0% |
| HSIC Henry Schein Inc. | 0.45% | 49,328 | $3.7M | Reduce -7.5% |
| ETN Eaton Corp. PLC | 0.45% | 11,684 | $3.7M | Add +0.8% |
| FMX Fomento Economico Mex-SP ADR | 0.45% | 36,592 | $3.7M | Reduce -4.5% |
| VHT Vanguard Health Care ETF | 0.44% | 12,817 | $3.7M | Add +8.5% |
| GTX Garrett Motion Inc. | 0.44% | 210,145 | $3.7M | Reduce -1.1% |
| AGCO Agco Corp. | 0.43% | 34,225 | $3.6M | Add +1.9% |
| GS Goldman Sachs Group Inc. | 0.40% | 3,789 | $3.3M | Reduce -0.5% |
| WY Weyerhaeuser Co. | 0.39% | 136,013 | $3.2M | Reduce -6.6% |
| GLD SPDR Gold Shares | 0.38% | 8,069 | $3.2M | Reduce -0.1% |
| RSP Invesco S&P 500 Equal Weight | 0.37% | 16,184 | $3.1M | Reduce -8.4% |
| VZ Verizon Communications Inc. | 0.35% | 71,052 | $2.9M | Reduce -0.2% |
| LPX Louisiana-Pacific Corp. | 0.34% | 35,005 | $2.8M | Reduce -1.8% |
| AMRZ Amrize Ltd. | 0.32% | 48,705 | $2.6M | Add +2.6% |
| KIM Kimco Realty Corp. | 0.32% | 129,620 | $2.6M | Reduce -3.1% |
| JNJ Johnson & Johnson | 0.31% | 12,475 | $2.6M | Add +5.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.29% | 32,626 | $2.4M | Reduce -5.8% |
| UNP Union Pacific Corp. | 0.28% | 10,228 | $2.4M | Reduce -4.0% |
| V Visa Inc. Class A | 0.27% | 6,427 | $2.3M | Reduce -0.6% |
| SCHP Schwab U.S. Tips ETF | 0.26% | 80,680 | $2.1M | New |
| NVS Novartis AG-Sponsored ADR | 0.25% | 15,250 | $2.1M | Add +3.7% |
| WMT Walmart Inc. | 0.24% | 17,707 | $2.0M | Add +2.0% |
| WM Waste Management Inc. | 0.23% | 8,856 | $1.9M | Reduce -1.2% |
| LH Labcorp Holdings Inc. | 0.21% | 7,005 | $1.8M | Reduce -4.1% |
| UBS UBS Group AG-Reg | 0.21% | 37,150 | $1.7M | Reduce -13.1% |
| HON Honeywell International Inc. | 0.20% | 8,549 | $1.7M | Reduce -2.3% |
| SHEL Shell PLC-ADR | 0.20% | 22,293 | $1.6M | Reduce -2.2% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.19% | 31,800 | $1.6M | Reduce -7.3% |
| IMKTA Ingles Markets Inc. Class A | 0.19% | 23,303 | $1.6M | Add +4.8% |
| MRK Merck & Co. Inc. | 0.19% | 14,988 | $1.6M | Reduce -4.8% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.19% | 7,382 | $1.6M | Add +3.3% |
| IWR iShares Russell Mid-Cap ETF | 0.19% | 16,214 | $1.6M | No change |
| BCC Boise Cascade Co. | 0.19% | 21,180 | $1.6M | Add +41.7% |
| OUNZ Vaneck Merk Gold ETF | 0.18% | 37,000 | $1.5M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 9,875 | $1.5M | Reduce -6.0% |
| VTIP Vanguard Short-Term Tips | 0.18% | 30,400 | $1.5M | New |
| REG Regency Centers Corp. | 0.18% | 21,584 | $1.5M | Reduce -2.2% |
| AVDV Avantis Intl S/C Value ETF | 0.18% | 15,830 | $1.5M | No change |
| META Meta Platforms Inc. Class A | 0.18% | 2,249 | $1.5M | Add +3.9% |
| ITT Itt Inc. | 0.18% | 8,550 | $1.5M | No change |
| NWS News Corp. Class B | 0.17% | 47,560 | $1.4M | Add +3.3% |
| ABBV Abbvie Inc. | 0.17% | 6,123 | $1.4M | Reduce -5.3% |
| HD Home Depot Inc. | 0.17% | 4,024 | $1.4M | Reduce -4.7% |
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Sold out | 0.00% | −0.66 |
| STRL Sterling Infrastructure Inc. | Reduce -3.7% | 1.92% | −0.34 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.2% | 9.00% | −0.22 |
| COST Costco Wholesale Corp. | Reduce -0.4% | 1.43% | −0.15 |
| VGT Vanguard Info Tech ETF | Reduce -2.9% | 3.03% | −0.13 |
| CARR Carrier Global Corp. | Reduce -5.3% | 0.57% | −0.13 |
| GBIL Goldman Sachs Access Treasur | Reduce -4.4% | 1.30% | −0.10 |
| JHMM John Hancock Multi Fact Mid | Reduce -4.0% | 1.50% | −0.08 |
| ORCL Oracle Corp. | Reduce -15.8% | 0.10% | −0.07 |
| NOC Northrop Grumman Corp. | Reduce -1.4% | 0.65% | −0.07 |
| SYK Stryker Corp. | Reduce -0.4% | 0.88% | −0.07 |
| VYM Vanguard High DVD Yield ETF | Reduce -2.4% | 2.34% | −0.07 |
| SCHD Schwab US DVD Equity ETF | Reduce -2.9% | 1.27% | −0.06 |
| VDE Vanguard Energy ETF | Reduce -30.5% | 0.12% | −0.06 |
| WY Weyerhaeuser Co. | Reduce -6.6% | 0.39% | −0.06 |
| SNY Sanofi-ADR | Reduce -10.2% | 0.49% | −0.05 |
| LPX Louisiana-Pacific Corp. | Reduce -1.8% | 0.34% | −0.05 |
| DFAI Dimensional International Co. | Sold out | 0.00% | −0.05 |
| LH Labcorp Holdings Inc. | Reduce -4.1% | 0.21% | −0.05 |
| HD Home Depot Inc. | Reduce -4.7% | 0.17% | −0.04 |
| KIM Kimco Realty Corp. | Reduce -3.1% | 0.32% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -23.4% | 0.10% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.5% | 0.72% | −0.04 |
| RSP Invesco S&P 500 Equal Weight | Reduce -8.4% | 0.37% | −0.04 |
| UDR Udr Inc. | Sold out | 0.00% | −0.04 |
| ALE Allete Inc. | Sold out | 0.00% | −0.04 |
| VXF Vanguard Extended Market ETF | Reduce -5.3% | 0.46% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -0.2% | 0.35% | −0.04 |
| GNTX Gentex Corp. | Sold out | 0.00% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -42.2% | 0.04% | −0.03 |
| INTF iShares International Equity | Reduce -26.7% | 0.09% | −0.03 |
| CTNM Contineum Therapeutics Inc. Class A | Sold out | 0.00% | −0.03 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -44.9% | 0.03% | −0.03 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Reduce -3.0% | 1.10% | −0.03 |
| RUSHB Rush Enterprises Inc. Class B | Sold out | 0.00% | −0.03 |
| TT Trane Technologies PLC | Reduce -10.7% | 0.11% | −0.03 |
| HON Honeywell International Inc. | Reduce -2.3% | 0.20% | −0.03 |
| UNP Union Pacific Corp. | Reduce -4.0% | 0.28% | −0.03 |
| DFAS Dimensional US Small Cap ETF | Sold out | 0.00% | −0.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -21.5% | 0.08% | −0.02 |
| PSX Phillips 66 | Reduce -14.3% | 0.09% | −0.02 |
| JMST JPM Ultra-Short Muni Income | Reduce -7.3% | 0.19% | −0.02 |
| FMX Fomento Economico Mex-SP ADR | Reduce -4.5% | 0.45% | −0.02 |
| HLI Houlihan Lokey Inc. | Reduce -12.9% | 0.05% | −0.02 |
| REG Regency Centers Corp. | Reduce -2.2% | 0.18% | −0.02 |
| LMNR Limoneira Co. | Reduce -17.2% | 0.04% | −0.02 |
| INFL Horizon Kinetics Infl Benef | Reduce -12.1% | 0.10% | −0.02 |
| ADP Automatic Data Processing | Reduce -2.5% | 0.09% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -5.2% | 0.10% | −0.02 |
| LCNB LCNB Corporation | Reduce -37.7% | 0.03% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| SCHP Schwab U.S. Tips ETF | New | 0.26% | +0.26 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 1.17% | +0.24 |
| DISV Dimensional International SM | Add +4.8% | 2.40% | +0.20 |
| VTIP Vanguard Short-Term Tips | New | 0.18% | +0.18 |
| PINS Pinterest Inc. Class A | New | 0.16% | +0.16 |
| IXUS iShares Core Intl Stock ETF | Add +9.1% | 1.80% | +0.15 |
| LLY Eli Lilly & Co. | Add +2.2% | 0.46% | +0.13 |
| MLI Mueller Industries Inc. | Add +3.7% | 0.70% | +0.09 |
| RTX RTX Corp. | Add +0.2% | 1.31% | +0.09 |
| AAPL Apple Inc. | Add +1.6% | 1.47% | +0.08 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.08% | +0.08 |
| GHC Graham Holdings Co. Class B | New | 0.08% | +0.08 |
| GSIE Goldman Sachs Activebeta Int | Add +1.4% | 2.18% | +0.07 |
| VHT Vanguard Health Care ETF | Add +8.5% | 0.44% | +0.07 |
| TIP iShares Tips Bond ETF | New | 0.07% | +0.07 |
| VOO Vanguard S&P 500 ETF | Add +2.7% | 2.24% | +0.06 |
| DGS Wisdomtree Em Small Cap | Add +7.9% | 1.06% | +0.06 |
| AMZN Amazon.com Inc. | Add +5.5% | 0.72% | +0.06 |
| CAT Caterpillar Inc. | Add +34.1% | 0.15% | +0.05 |
| GLDM SPDR Gold Minishares Trust | Add +0.4% | 0.62% | +0.05 |
| SGOV iShares 0-3 Month Treasury B | Add +6.8% | 1.26% | +0.05 |
| VOD Vodafone Group PLC-SP ADR | New | 0.05% | +0.05 |
| BCC Boise Cascade Co. | Add +41.7% | 0.19% | +0.05 |
| EWS iShares MSCI Singapore ETF | New | 0.04% | +0.04 |
| SLB SLB Ltd. | Add +0.1% | 0.49% | +0.04 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +5.2% | 0.69% | +0.04 |
| JNJ Johnson & Johnson | Add +5.0% | 0.31% | +0.04 |
| WHR Whirlpool Corp. | Add +169.4% | 0.06% | +0.04 |
| NOV Nov Inc. | New | 0.04% | +0.04 |
| FCX Freeport-McMoran Inc. | New | 0.04% | +0.04 |
| FLLA Franklin Ftse Latin America | New | 0.03% | +0.03 |
| AMRZ Amrize Ltd. | Add +2.6% | 0.32% | +0.03 |
| DFSV Dimensional US Small Cap Val | New | 0.03% | +0.03 |
| VSDM Vanguard Short Tax-Ex Bond | Add +31.6% | 0.14% | +0.03 |
| ANDE The Andersons Inc. | New | 0.03% | +0.03 |
| DHC Diversified Healthcare Trust | New | 0.03% | +0.03 |
| COLM Columbia Sportswear Co. | New | 0.03% | +0.03 |
| PBR Petroleo Brasileiro-Spon ADR | New | 0.03% | +0.03 |
| DHR Danaher Corp. | New | 0.03% | +0.03 |
| ALK Alaska Air Group Inc. | New | 0.02% | +0.02 |
| NXST Nexstar Media Group Inc. | New | 0.02% | +0.02 |
| NVDA Nvidia Corp. | Add +82.1% | 0.05% | +0.02 |
| NVS Novartis AG-Sponsored ADR | Add +3.7% | 0.25% | +0.02 |
| SONY Sony Group Corp. - SP ADR | Add +99.7% | 0.05% | +0.02 |
| IFN Aberdeen India Fund Inc. | New | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +2.0% | 0.24% | +0.02 |
| RVSB Riverview Bancorp Inc. | Add +173.3% | 0.02% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +0.9% | 2.15% | +0.01 |
| TAP Molson Coors Beverage Co. Class B | Add +0.9% | 0.84% | +0.01 |
| COR Cencora Inc. | Add +6.0% | 0.11% | +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 |