Eldred Rock Partners, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 9, 2025), Eldred Rock Partners, LLC reported 29 stock positions worth $329.0 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 6.0% of the portfolio, followed by Capital One Financial (COF, 5.5%) and Brookfield (BN, 5.3%). Compared with Q1 2025, it opened 2 new positions, sold out of 2, added to 9 and reduced 18. 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
- SAN ANTONIO, TX
- CIK
- 0001984180
- Portfolio Value
- $329.0M (Q2 2025)
- SEC Filing
- 0001085146-25-003675 ↗ filed Jul 9, 2025
Holdings Value
Holdings 29 stocks · $329.0M
| TSM Taiwan Semiconductor-SP ADR | 5.95% | 86,459 | $19.6M | Reduce -0.0% |
| COF Capital One Financial Corp. | 5.54% | 85,664 | $18.2M | New |
| BN Brookfield Corp. | 5.32% | 283,048 | $17.5M | Reduce -5.0% |
| GOOGL Alphabet Inc. Class A | 4.88% | 91,127 | $16.1M | Reduce -5.1% |
| LRCX Lam Research Corp. | 4.79% | 161,946 | $15.8M | Reduce -5.1% |
| VNT Vontier Corp. | 4.76% | 423,991 | $15.6M | Reduce -5.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.17% | 28,219 | $13.7M | Reduce -5.0% |
| ASML ASML Holding NV-NY Reg SHS | 4.11% | 16,866 | $13.5M | Add +0.2% |
| EMR Emerson Electric Co. | 3.89% | 95,873 | $12.8M | Reduce -5.0% |
| TXN Texas Instruments Inc. | 3.86% | 61,135 | $12.7M | Reduce -5.0% |
| CALM Cal-Maine Foods Inc. | 3.62% | 119,383 | $11.9M | Reduce -25.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.48% | 206,993 | $11.4M | Add +0.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 3.47% | 165,219 | $11.4M | Add +72.0% |
| CMI Cummins Inc. | 3.45% | 34,631 | $11.3M | Reduce -5.1% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 3.44% | 78,716 | $11.3M | Reduce -5.0% |
| PSX Phillips 66 | 3.27% | 90,184 | $10.8M | Reduce -5.0% |
| WFC Wells Fargo & Co. | 3.09% | 127,015 | $10.2M | Reduce -4.9% |
| KMX Carmax Inc. | 3.01% | 147,143 | $9.9M | Reduce -5.0% |
| NVS Novartis AG-Sponsored ADR | 2.97% | 80,882 | $9.8M | Add +0.1% |
| ACN Accenture PLC Class A | 2.85% | 31,396 | $9.4M | Reduce -5.0% |
| UL Unilever PLC | 2.71% | 145,700 | $8.9M | Add +0.1% |
| PEP Pepsico Inc. | 2.71% | 67,431 | $8.9M | Reduce -5.0% |
| IBOC International Bancshares CRP | 2.62% | 129,715 | $8.6M | Reduce -3.0% |
| ABEV Ambev SA-ADR | 2.60% | 3,549,857 | $8.6M | Add +0.1% |
| MRK Merck & Co. Inc. | 2.60% | 107,863 | $8.5M | Reduce -4.9% |
| ICLR Icon PLC | 2.33% | 52,627 | $7.7M | Add +0.2% |
| DEO Diageo PLC-Sponsored ADR | 2.24% | 73,163 | $7.4M | Add +0.1% |
| SHEL Shell PLC-ADR | 2.23% | 104,435 | $7.4M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 0.07% | 1,218 | $216K | New |
Portfolio Sells Q1 2025 → Q2 2025
| DFS Discover Financial Services | Sold out | 0.00% | −4.49 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −3.55 |
| CALM Cal-Maine Foods Inc. | Reduce -25.6% | 3.62% | −0.84 |
| KMX Carmax Inc. | Reduce -5.0% | 3.01% | −0.65 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.0% | 4.17% | −0.64 |
| PEP Pepsico Inc. | Reduce -5.0% | 2.71% | −0.54 |
| MRK Merck & Co. Inc. | Reduce -4.9% | 2.60% | −0.51 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Reduce -5.0% | 3.44% | −0.29 |
| PSX Phillips 66 | Reduce -5.0% | 3.27% | −0.29 |
| ACN Accenture PLC Class A | Reduce -5.0% | 2.85% | −0.27 |
| CMI Cummins Inc. | Reduce -5.1% | 3.45% | −0.05 |
| IBOC International Bancshares CRP | Reduce -3.0% | 2.62% | +0.05 |
| WFC Wells Fargo & Co. | Reduce -4.9% | 3.09% | +0.18 |
| VNT Vontier Corp. | Reduce -5.0% | 4.76% | +0.28 |
| TXN Texas Instruments Inc. | Reduce -5.0% | 3.86% | +0.35 |
| GOOGL Alphabet Inc. Class A | Reduce -5.1% | 4.88% | +0.35 |
| EMR Emerson Electric Co. | Reduce -5.0% | 3.89% | +0.52 |
| BN Brookfield Corp. | Reduce -5.0% | 5.32% | +0.57 |
| LRCX Lam Research Corp. | Reduce -5.1% | 4.79% | +1.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.0% | 5.95% | +1.57 |
Portfolio Buys Q1 2025 → Q2 2025
| COF Capital One Financial Corp. | New | 5.54% | +5.54 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +72.0% | 3.47% | +0.78 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.2% | 4.11% | +0.69 |
| BNS Bank of Nova Scotia | Add +0.1% | 3.48% | +0.48 |
| NVS Novartis AG-Sponsored ADR | Add +0.1% | 2.97% | +0.22 |
| ABEV Ambev SA-ADR | Add +0.1% | 2.60% | +0.09 |
| GOOG Alphabet Inc. Class C | New | 0.07% | +0.07 |
| UL Unilever PLC | Add +0.1% | 2.71% | +0.07 |
| SHEL Shell PLC-ADR | Add +0.1% | 2.23% | −0.10 |
| DEO Diageo PLC-Sponsored ADR | Add +0.1% | 2.24% | −0.10 |
| ICLR Icon PLC | Add +0.2% | 2.33% | −0.50 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 29 | $465.1M | LRCX, ASML, GOOGL, TSM, JBHT |
| Q1 2026 | 31 | $392.9M | TSM, GOOGL, ASML, JBHT, PSX |
| Q4 2025 | 32 | $385.5M | GOOGL, TSM, BN, ASML, CMI |
| Q3 2025Amended | 30 | $401.0M | TSM, GOOGL, LRCX, BN, VNT |
| Q2 2025 | 29 | $329.0M | TSM, COF, BN, GOOGL, LRCX |
| Q1 2025 | 29 | $327.5M | BRK.B, BN, GOOGL, DFS, VNT |
| Q4 2024 | 30 | $291.3M | GOOGL, BN, CALM, VNT, TSM |
| Q3 2024 | 32 | $299.3M | GOOGL, BN, VNT, TSM, LRCX |
| Q2 2024 | 30 | $239.3M | LRCX, GOOGL, VNT, MRK, PSX |
| Q1 2024 | 26 | $183.5M | LRCX, PSX, MRK, GOOGL, KMX |