Eldred Rock Partners, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Eldred Rock Partners, LLC reported 30 stock positions worth $401.0 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 6.4% of the portfolio, followed by Alphabet Class A (GOOGL, 6.2%) and Lam Research (LRCX, 6.1%). Compared with Q2 2025, it opened 1 new position, added to 26 and reduced 2. The biggest buy was a new position in Vail Resorts (MTN) and the biggest sale Capital One Financial (COF, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- SAN ANTONIO, TX
- CIK
- 0001984180
- Portfolio Value
- $401.0M (Q3 2025)
- SEC Filing
- 0001984180-25-000015 ↗ filed Oct 21, 2025
Holdings Value
Holdings 30 stocks · $401.0M
| TSM Taiwan Semiconductor-SP ADR | 6.36% | 91,061 | $25.5M | Add +5.3% |
| GOOGL Alphabet Inc. Class A | 6.21% | 102,399 | $24.9M | Add +12.4% |
| LRCX Lam Research Corp. | 6.08% | 181,603 | $24.4M | Add +12.1% |
| BN Brookfield Corp. | 5.42% | 317,056 | $21.7M | Add +12.0% |
| VNT Vontier Corp. | 4.97% | 475,114 | $19.9M | Add +12.1% |
| ASML ASML Holding NV-NY Reg SHS | 4.54% | 18,823 | $18.2M | Add +11.6% |
| CMI Cummins Inc. | 4.09% | 38,817 | $16.4M | Add +12.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.96% | 31,616 | $15.9M | Add +12.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.72% | 231,004 | $14.9M | Add +11.6% |
| EMR Emerson Electric Co. | 3.51% | 107,396 | $14.1M | Add +12.0% |
| COF Capital One Financial Corp. | 3.46% | 65,204 | $13.9M | Reduce -23.9% |
| PSX Phillips 66 | 3.43% | 101,051 | $13.7M | Add +12.1% |
| MTN Vail Resorts Inc. | 3.38% | 90,676 | $13.6M | New |
| CALM Cal-Maine Foods Inc. | 3.15% | 134,241 | $12.6M | Add +12.4% |
| TXN Texas Instruments Inc. | 3.13% | 68,336 | $12.6M | Add +11.8% |
| WFC Wells Fargo & Co. | 2.97% | 142,182 | $11.9M | Add +11.9% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 2.95% | 88,061 | $11.8M | Add +11.9% |
| NVS Novartis AG-Sponsored ADR | 2.90% | 90,753 | $11.6M | Add +12.2% |
| PEP Pepsico Inc. | 2.64% | 75,444 | $10.6M | Add +11.9% |
| ICLR Icon PLC | 2.58% | 59,017 | $10.3M | Add +12.1% |
| MRK Merck & Co. Inc. | 2.55% | 120,880 | $10.2M | Add +12.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 2.55% | 184,151 | $10.2M | Add +11.5% |
| UL Unilever PLC | 2.42% | 163,471 | $9.7M | Add +12.2% |
| KMX Carmax Inc. | 2.33% | 207,986 | $9.3M | Add +41.4% |
| ABEV Ambev SA-ADR | 2.23% | 3,962,046 | $8.9M | Add +11.6% |
| IBOC International Bancshares CRP | 2.19% | 127,460 | $8.8M | Reduce -1.7% |
| ACN Accenture PLC Class A | 2.16% | 35,171 | $8.7M | Add +12.0% |
| SHEL Shell PLC-ADR | 2.09% | 117,232 | $8.4M | Add +12.3% |
| DEO Diageo PLC-Sponsored ADR | 1.94% | 81,630 | $7.8M | Add +11.6% |
| GOOG Alphabet Inc. Class C | 0.07% | 1,218 | $297K | No change |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| MTN Vail Resorts Inc. | New | 3.38% | +3.38 |
| GOOGL Alphabet Inc. Class A | Add +12.4% | 6.21% | +1.33 |
| LRCX Lam Research Corp. | Add +12.1% | 6.08% | +1.29 |
| CMI Cummins Inc. | Add +12.1% | 4.09% | +0.64 |
| ASML ASML Holding NV-NY Reg SHS | Add +11.6% | 4.54% | +0.44 |
| TSM Taiwan Semiconductor-SP ADR | Add +5.3% | 6.36% | +0.41 |
| ICLR Icon PLC | Add +12.1% | 2.58% | +0.25 |
| BNS Bank of Nova Scotia | Add +11.6% | 3.72% | +0.25 |
| VNT Vontier Corp. | Add +12.1% | 4.97% | +0.22 |
| PSX Phillips 66 | Add +12.1% | 3.43% | +0.16 |
| BN Brookfield Corp. | Add +12.0% | 5.42% | +0.10 |
| MRK Merck & Co. Inc. | Add +12.1% | 2.55% | −0.04 |
| PEP Pepsico Inc. | Add +11.9% | 2.64% | −0.06 |
| NVS Novartis AG-Sponsored ADR | Add +12.2% | 2.90% | −0.07 |
| WFC Wells Fargo & Co. | Add +11.9% | 2.97% | −0.12 |
| SHEL Shell PLC-ADR | Add +12.3% | 2.09% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +12.0% | 3.96% | −0.20 |
| UL Unilever PLC | Add +12.2% | 2.42% | −0.29 |
| DEO Diageo PLC-Sponsored ADR | Add +11.6% | 1.94% | −0.30 |
| EMR Emerson Electric Co. | Add +12.0% | 3.51% | −0.37 |
| ABEV Ambev SA-ADR | Add +11.6% | 2.23% | −0.37 |
| CALM Cal-Maine Foods Inc. | Add +12.4% | 3.15% | −0.46 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Add +11.9% | 2.95% | −0.49 |
| KMX Carmax Inc. | Add +41.4% | 2.33% | −0.68 |
| ACN Accenture PLC Class A | Add +12.0% | 2.16% | −0.69 |
| TXN Texas Instruments Inc. | Add +11.8% | 3.13% | −0.73 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +11.5% | 2.55% | −0.92 |
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 |