Cheviot Value Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Cheviot Value Management, LLC reported 442 stock positions worth $940.2 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 12.2% of the portfolio, followed by iShares 0-3 Month Treasury B (SGOV, 9.3%) and Agnico Eagle Mines (AEM, 7.7%). Compared with Q2 2025, it opened 20 new positions, sold out of 11, added to 65 and reduced 67. The biggest buy was NT Iboxx 5Y Dur Tips ETF (TDTF, shares +30%) and the biggest sale iShares 0-3 Month Treasury B (SGOV, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- BEVERLY HILLS, CA
- CIK
- 0001427147
- Portfolio Value
- $940.2M (Q3 2025)
- SEC Filing
- 0001140361-25-039956 ↗ filed Oct 31, 2025
Holdings Value
Holdings 442 stocks · $940.2M
| BRK.B Berkshire Hathaway Inc. Class B | 12.15% | 237,304 | $114.2M | Reduce -1.0% |
| SGOV iShares 0-3 Month Treasury B | 9.31% | 869,383 | $87.5M | Reduce -0.1% |
| AEM Agnico Eagle Mines Ltd. | 7.72% | 462,946 | $72.6M | Reduce -3.3% |
| GOOGL Alphabet Inc. Class A | 5.39% | 189,380 | $50.7M | Reduce -6.5% |
| TOTL SS Doubleline TR Tact ETF | 4.69% | 1,080,501 | $44.1M | Add +10.5% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 3.54% | 294,643 | $33.3M | Add +14.1% |
| JNJ Johnson & Johnson | 3.38% | 169,962 | $31.8M | Reduce -1.5% |
| MSFT Microsoft Corp. | 3.34% | 57,985 | $31.4M | Reduce -0.9% |
| META Meta Platforms Inc. Class A | 3.30% | 41,283 | $31.0M | Reduce -6.7% |
| TDTF NT Iboxx 5Y Dur Tips ETF | 3.15% | 1,217,901 | $29.6M | Add +30.2% |
| CEF Sprott Physical Gold and Sil | 2.82% | 726,943 | $26.6M | Reduce -0.8% |
| NEM Newmont Corp. | 2.66% | 315,560 | $25.0M | Reduce -9.9% |
| V Visa Inc. Class A | 2.60% | 70,580 | $24.5M | Reduce -0.6% |
| UL Unilever PLC | 2.48% | 377,270 | $23.4M | Reduce -1.1% |
| AMZN Amazon.com Inc. | 1.69% | 69,114 | $15.8M | Add +0.3% |
| CMCSA Comcast Corp. Class A | 1.55% | 497,971 | $14.6M | Add +2.5% |
| XOM Exxon Mobil Corp. | 1.54% | 126,220 | $14.5M | Add +3.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.54% | 20 | $14.4M | No change |
| MRK Merck & Co. Inc. | 1.53% | 165,312 | $14.4M | Add +4.4% |
| B Barrick Mining Corp. | 1.44% | 426,584 | $13.6M | Reduce -24.7% |
| CVX Chevron Corp. | 1.34% | 81,943 | $12.6M | Add +1.9% |
| MKL Markel Group Inc. | 1.32% | 6,755 | $12.4M | Reduce -1.0% |
| PFE Pfizer Inc. | 1.29% | 496,176 | $12.2M | Add +0.3% |
| AAPL Apple Inc. | 1.05% | 36,613 | $9.8M | Reduce -0.4% |
| COP Conocophillips | 1.03% | 111,938 | $9.7M | Add +0.5% |
| MDT Medtronic PLC | 0.97% | 98,319 | $9.2M | Reduce -0.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.77% | 11,451 | $7.2M | Add +1.2% |
| LBRDK Liberty Broadband-C | 0.70% | 115,480 | $6.6M | Reduce -14.9% |
| ABBV Abbvie Inc. | 0.69% | 28,544 | $6.5M | Reduce -1.0% |
| FISV Fiserv Inc. | 0.68% | 50,613 | $6.4M | Add +486.1% |
| PAAS Pan American Silver Corp. | 0.67% | 179,917 | $6.3M | Reduce -7.1% |
| AGI Alamos Gold Inc. Class A | 0.63% | 189,029 | $6.0M | Add +7.2% |
| DEM Wisdomtree Emerging Markets | 0.62% | 125,969 | $5.9M | Reduce -0.1% |
| IBDW iShares Ibonds Dec 2031 Corp. | 0.60% | 263,245 | $5.6M | Add +8.1% |
| IBDT iShares Ibonds Dec 2028 ETF | 0.59% | 217,986 | $5.6M | Add +5.8% |
| OXY Occidental Petroleum Corp. | 0.53% | 122,271 | $5.0M | Reduce -0.6% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.51% | 129,657 | $4.8M | Reduce -1.1% |
| GDX Vaneck Gold Miners ETF | 0.50% | 65,889 | $4.7M | Reduce -2.5% |
| CVS CVS Health Corp. | 0.39% | 44,723 | $3.7M | Reduce -3.1% |
| AGG iShares Core U.S. Aggregate | 0.38% | 35,246 | $3.6M | Add +1.0% |
| PSX Phillips 66 | 0.31% | 22,135 | $3.0M | Reduce -1.6% |
| SCHO Schwab Short-Term US Treas | 0.31% | 117,876 | $2.9M | Reduce -12.9% |
| PID Invesco International Divide | 0.30% | 129,175 | $2.8M | Reduce -1.4% |
| NVDA Nvidia Corp. | 0.30% | 13,809 | $2.8M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 0.27% | 8,290 | $2.5M | No change |
| VOO Vanguard S&P 500 ETF | 0.26% | 3,896 | $2.5M | Add +19.4% |
| BSV Vanguard Short-Term Bond ETF | 0.23% | 27,121 | $2.1M | Reduce -3.7% |
| ABT Abbott Laboratories | 0.19% | 14,341 | $1.8M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.18% | 44,241 | $1.7M | Reduce -1.0% |
| URNM Sprott Uranium Miners ETF | 0.18% | 27,330 | $1.7M | No change |
| COST Costco Wholesale Corp. | 0.17% | 1,745 | $1.6M | Add +3.3% |
| PM Philip Morris International | 0.17% | 10,689 | $1.6M | Reduce -0.1% |
| SMH Vaneck Semiconductor ETF | 0.16% | 4,100 | $1.5M | No change |
| OAKM Oakmark US Large Cap ETF | 0.16% | 54,630 | $1.5M | Add +10.6% |
| GOOG Alphabet Inc. Class C | 0.14% | 4,947 | $1.3M | Add +3.5% |
| TSLA Tesla Inc. | 0.13% | 2,570 | $1.2M | Reduce -8.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.13% | 10,530 | $1.2M | Add +67.3% |
| AMAT Applied Materials Inc. | 0.13% | 5,161 | $1.2M | No change |
| AMGN Amgen Inc. | 0.12% | 3,762 | $1.1M | No change |
| MCD McDonald's Corp. | 0.11% | 3,365 | $1.0M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.11% | 1,489 | $1.0M | Reduce -10.3% |
| INTC Intel Corp. | 0.10% | 23,284 | $967K | Add +164.2% |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 0.10% | 25,860 | $949K | Reduce -4.7% |
| ORCL Oracle Corp. | 0.10% | 3,346 | $940K | Reduce -9.9% |
| DVN Devon Energy Corp. | 0.10% | 29,299 | $938K | Reduce -35.1% |
| BA The Boeing Co. | 0.10% | 4,096 | $915K | Add +337.6% |
| WFC Wells Fargo & Co. | 0.09% | 9,800 | $852K | No change |
| GOVT iShares US Treasury Bond ETF | 0.09% | 36,084 | $842K | Add +11.1% |
| WDC Western Digital Corp. | 0.09% | 6,709 | $838K | Reduce -14.9% |
| XBI SS SPDR S&P Biotech ETF | 0.08% | 7,025 | $787K | Add +0.7% |
| CDNS Cadence Design SYS Inc. | 0.08% | 2,287 | $781K | No change |
| SIG Signet Jewelers Ltd. | 0.08% | 7,515 | $773K | New |
| MMM 3M Co. | 0.08% | 4,610 | $769K | Add +4510.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.08% | 14,091 | $745K | Reduce -0.3% |
| MS Morgan Stanley | 0.07% | 4,225 | $698K | Add +3.7% |
| MA Mastercard Inc. Class A | 0.07% | 1,188 | $672K | Reduce -0.3% |
| CAH Cardinal Health Inc. | 0.07% | 4,100 | $667K | New |
| SNPS Synopsys Inc. | 0.07% | 1,408 | $643K | Reduce -0.1% |
| COR Cencora Inc. | 0.06% | 1,788 | $600K | No change |
| RTX RTX Corp. | 0.06% | 3,296 | $589K | Add +0.3% |
| ITA iShares U.S. Aerospace & Def | 0.06% | 2,649 | $576K | No change |
| MO Altria Group Inc. | 0.06% | 8,999 | $569K | Add +0.1% |
| QCOM Qualcomm Inc. | 0.06% | 3,106 | $562K | Reduce -1.6% |
| GLW Corning Inc. | 0.06% | 6,271 | $542K | Add +0.0% |
| SPG Simon Property Group Inc. | 0.06% | 3,065 | $542K | New |
| HD Home Depot Inc. | 0.06% | 1,350 | $521K | Add +10.2% |
| VT Vanguard Tot World STK ETF | 0.05% | 3,571 | $506K | No change |
| LLY Eli Lilly & Co. | 0.05% | 581 | $476K | No change |
| ACM Aecom | 0.05% | 3,525 | $466K | Add +1.4% |
| CHTR Charter Communications Inc. Class A | 0.05% | 1,836 | $457K | No change |
| SNDK Sandisk Corp. | 0.05% | 2,570 | $451K | No change |
| ETSY Etsy Inc. | 0.05% | 6,015 | $450K | New |
| NSC Norfolk Southern Corp. | 0.05% | 1,535 | $430K | No change |
| F Ford Motor Co. filed as FORD MTR CO | 0.05% | 32,595 | $428K | Reduce -2.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.05% | 847 | $425K | No change |
| GS Goldman Sachs Group Inc. | 0.04% | 533 | $422K | No change |
| ALK Alaska Air Group Inc. | 0.04% | 9,400 | $404K | New |
| TGT Target Corp. | 0.04% | 4,133 | $401K | Reduce -9.3% |
| SHY iShares 1-3 Year Treasury Bo | 0.04% | 4,747 | $395K | Reduce -1.7% |
| PYPL PayPal Holdings Inc. | 0.04% | 5,337 | $390K | Add +7748.5% |
Lines left out (1) · $6 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| BITO Proshares Bitcoin ETF-Usd | BITCOIN ETF | 0 | $6 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $940.2M.
Portfolio Sells Q2 2025 → Q3 2025
| SGOV iShares 0-3 Month Treasury B | Reduce -0.1% | 9.31% | −0.72 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.0% | 12.15% | −0.64 |
| META Meta Platforms Inc. Class A | Reduce -6.7% | 3.30% | −0.60 |
| LBRDK Liberty Broadband-C | Reduce -14.9% | 0.70% | −0.20 |
| UL Unilever PLC | Reduce -1.1% | 2.48% | −0.18 |
| MKL Markel Group Inc. | Reduce -1.0% | 1.32% | −0.17 |
| MSFT Microsoft Corp. | Reduce -0.9% | 3.34% | −0.16 |
| V Visa Inc. Class A | Reduce -0.6% | 2.60% | −0.14 |
| NEM Newmont Corp. | Reduce -9.9% | 2.66% | −0.11 |
| OXY Occidental Petroleum Corp. | Reduce -0.6% | 0.53% | −0.09 |
| MDT Medtronic PLC | Reduce -0.7% | 0.97% | −0.08 |
| B Barrick Mining Corp. | Reduce -24.7% | 1.44% | −0.08 |
| DVN Devon Energy Corp. | Reduce -35.1% | 0.10% | −0.07 |
| SCHO Schwab Short-Term US Treas | Reduce -12.9% | 0.31% | −0.07 |
| JNJ Johnson & Johnson | Reduce -1.5% | 3.38% | −0.05 |
| DEM Wisdomtree Emerging Markets | Reduce -0.1% | 0.62% | −0.04 |
| PM Philip Morris International | Reduce -0.1% | 0.17% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -1.0% | 0.18% | −0.04 |
| PAAS Pan American Silver Corp. | Reduce -7.1% | 0.67% | −0.04 |
| SNPS Synopsys Inc. | Reduce -0.1% | 0.07% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.3% | 0.19% | −0.03 |
| BSV Vanguard Short-Term Bond ETF | Reduce -3.7% | 0.23% | −0.03 |
| PID Invesco International Divide | Reduce -1.4% | 0.30% | −0.02 |
| GLIBK Liberty Capital Corp. Class C | Reduce -4.7% | 0.10% | −0.01 |
| TGT Target Corp. | Reduce -9.3% | 0.04% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -10.3% | 0.11% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -48.5% | 0.01% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -0.3% | 0.07% | −0.01 |
| ORCL Oracle Corp. | Reduce -9.9% | 0.10% | −0.01 |
| VDE Vanguard Energy ETF | Reduce -37.9% | 0.01% | −0.01 |
| NKE Nike Inc. Class B | Reduce -2.8% | 0.02% | −0.01 |
| HPQ HP Inc. | Reduce -30.3% | 0.01% | −0.00 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -1.7% | 0.04% | −0.00 |
| CSCO Cisco Systems Inc. | Reduce -2.8% | 0.04% | −0.00 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.00 |
| IJR iShares Core S&P Small-Cap E | Reduce -4.1% | 0.02% | −0.00 |
| LH Labcorp Holdings Inc. | Reduce -63.9% | 0.00% | −0.00 |
| DAL Delta Air Lines Inc. | Reduce -33.3% | 0.00% | −0.00 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -41.7% | 0.00% | −0.00 |
| OGN Organon & Co. | Reduce -2.8% | 0.00% | −0.00 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.00 |
| MFG Mizuho Financial Group-ADR | Sold out | 0.00% | −0.00 |
| QDF NT Qual Div ETF | Reduce -0.3% | 0.02% | −0.00 |
| NB Niocorp Developments Ltd. | Sold out | 0.00% | −0.00 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -51.2% | 0.00% | −0.00 |
| PDYN Palladyne AI Corp. | Reduce -50.3% | 0.00% | −0.00 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -1.2% | 0.01% | −0.00 |
| SAN Banco Santander SA-Spon ADR | Sold out | 0.00% | −0.00 |
| ITOT iShares Core S&P Total U.S. | Reduce -5.0% | 0.00% | −0.00 |
| VEA Vanguard Ftse Developed ETF | Reduce -2.1% | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| TDTF NT Iboxx 5Y Dur Tips ETF | Add +30.2% | 3.15% | +0.56 |
| FISV Fiserv Inc. | Add +486.1% | 0.68% | +0.55 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +14.1% | 3.54% | +0.30 |
| TOTL SS Doubleline TR Tact ETF | Add +10.5% | 4.69% | +0.20 |
| AGI Alamos Gold Inc. Class A | Add +7.2% | 0.63% | +0.10 |
| INTC Intel Corp. | Add +164.2% | 0.10% | +0.08 |
| SIG Signet Jewelers Ltd. | New | 0.08% | +0.08 |
| MMM 3M Co. | Add +4510.0% | 0.08% | +0.08 |
| BA The Boeing Co. | Add +337.6% | 0.10% | +0.07 |
| CAH Cardinal Health Inc. | New | 0.07% | +0.07 |
| MRK Merck & Co. Inc. | Add +4.4% | 1.53% | +0.07 |
| SPG Simon Property Group Inc. | New | 0.06% | +0.06 |
| ETSY Etsy Inc. | New | 0.05% | +0.05 |
| DIS The Walt Disney Co. | Add +67.3% | 0.13% | +0.04 |
| XOM Exxon Mobil Corp. | Add +3.0% | 1.54% | +0.04 |
| ALK Alaska Air Group Inc. | New | 0.04% | +0.04 |
| VOO Vanguard S&P 500 ETF | Add +19.4% | 0.26% | +0.04 |
| PYPL PayPal Holdings Inc. | Add +7748.5% | 0.04% | +0.04 |
| VUSB Vanguard Ultra Short Bond Et | New | 0.04% | +0.04 |
| NE Noble Corp. PLC | New | 0.04% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +3.5% | 0.14% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.2% | 0.77% | +0.03 |
| UPS United Parcel Service Class B | Add +2455.0% | 0.03% | +0.03 |
| CPRI Capri Holdings Ltd. | New | 0.02% | +0.02 |
| HPE Hewlett Packard Enterprise | Add +12327.3% | 0.02% | +0.02 |
| XBI SS SPDR S&P Biotech ETF | Add +0.7% | 0.08% | +0.02 |
| OAKM Oakmark US Large Cap ETF | Add +10.6% | 0.16% | +0.01 |
| IBDW iShares Ibonds Dec 2031 Corp. | Add +8.1% | 0.60% | +0.01 |
| IYR iShares US Real Estate ETF | New | 0.01% | +0.01 |
| VONG Vanguard Russell 1000 Growth | New | 0.01% | +0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +63000.0% | 0.01% | +0.01 |
| GLW Corning Inc. | Add +0.0% | 0.06% | +0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +53.4% | 0.03% | +0.01 |
| MS Morgan Stanley | Add +3.7% | 0.07% | +0.01 |
| BBY Best Buy Co. Inc. | Add +2.4% | 0.04% | +0.01 |
| MELI MercadoLibre Inc. | Add +2000.0% | 0.01% | +0.00 |
| COF Capital One Financial Corp. | Add +36.4% | 0.02% | +0.00 |
| GOVT iShares US Treasury Bond ETF | Add +11.1% | 0.09% | +0.00 |
| RTX RTX Corp. | Add +0.3% | 0.06% | +0.00 |
| RKT Rocket Cos Inc. Class A | Add +1424.0% | 0.00% | +0.00 |
| SOLV Solventum Corp. | Add +2248.0% | 0.00% | +0.00 |
| MSTR Strategy Inc. | New | 0.00% | +0.00 |
| BLDR Builders Firstsource Inc. | Add +33.1% | 0.03% | +0.00 |
| ICLN iShares Global Clean Energy | Add +12.9% | 0.01% | +0.00 |
| VLO Valero Energy Corp. | Add +0.3% | 0.02% | +0.00 |
| GLD SPDR Gold Shares | Add +9.9% | 0.02% | +0.00 |
| ACM Aecom | Add +1.4% | 0.05% | +0.00 |
| SMA Smartstop Self Storage REIT | New | 0.00% | +0.00 |
| C Citigroup Inc. | Add +3.6% | 0.03% | +0.00 |
| HD Home Depot Inc. | Add +10.2% | 0.06% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 441 | $984.0M | BRK.B, SGOV, AEM, GOOGL, TOTL |
| Q1 2026 | 424 | $995.6M | BRK.B, SGOV, AEM, TOTL, GOOGL |
| Q4 2025 | 414 | $1.0B | BRK.B, SGOV, AEM, GOOGL, TOTL |
| Q3 2025 | 442 | $940.2M | BRK.B, SGOV, AEM, GOOGL, TOTL |
| Q2 2025 | 431 | $872.3M | BRK.B, SGOV, AEM, GOOGL, TOTL |
| Q1 2025 | 453 | $813.1M | BRK.B, SGOV, AEM, TOTL, GOOGL |
| Q4 2024 | 70 | $521.6M | BRK.B, GOOGL, AEM, META, JNJ |
| Q3 2024 | 67 | $530.1M | BRK.B, AEM, GOOGL, JNJ, MSFT |
| Q2 2024 | 69 | $511.3M | BRK.B, GOOGL, AEM, MSFT, JNJ |
| Q1 2024 | 62 | $455.6M | BRK.B, GOOGL, AEM, MSFT, JNJ |