Hedges Asset Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 8, 2025), Hedges Asset Management LLC reported 102 stock positions worth $130.6 million. Its top holding was Glacier Bancorp (GBCI) at 10.8% of the portfolio, followed by General Electric (GE, 5.3%) and Boeing (BA, 4.1%). Compared with Q2 2025, it opened 9 new positions, sold out of 8, added to 20 and reduced 27. The biggest buy was a new position in Pan American Silver (PAAS) and the biggest sale an exit from Barclays PLC-Spons ADR (BCS).

Most Recent 13F
Q2 2026
Location
RENO, NV
CIK
0001906202
Portfolio Value
$130.6M (Q3 2025)
SEC Filing
0002085853-25-000036 ↗ filed Oct 8, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $142.7M Q1 2024 Q2 2024: $139.3M Q2 2024 Q3 2024: $151.1M Q3 2024 Q4 2024: $151.5M Q4 2024 Q1 2025: $152.2M Q1 2025 Q2 2025: $124.5M Q2 2025 Q3 2025: $130.6M $130.6M Q3 2025 Q4 2025: $141.8M Q4 2025 Q2 2026: $152.4M Q2 2026

Holdings 102 stocks · $130.6M
GBCI Glacier Bancorp Inc. 10.82% 290,223 $14.1M No change
GE General Electric filed as GE AEROSPACE 5.29% 22,950 $6.9M Reduce -4.9%
BA The Boeing Co. 4.08% 24,650 $5.3M Reduce -4.7%
SHEL Shell PLC-ADR 3.07% 56,100 $4.0M No change
GLPI Gaming and Leisure Propertie 2.79% 78,260 $3.6M No change
PENN Penn Entertainment Inc. 2.60% 176,150 $3.4M Reduce -5.3%
GDX Vaneck Gold Miners ETF 2.33% 39,900 $3.0M No change
LUV Southwest Airlines Co. 2.22% 90,800 $2.9M Reduce -1.6%
BP BP PLC-Spons ADR 1.98% 74,856 $2.6M Reduce -2.1%
WYNN WYNN Resorts Ltd. 1.91% 19,415 $2.5M Reduce -12.8%
VZ Verizon Communications Inc. 1.84% 54,550 $2.4M No change
PSQ Proshares Short QQQ 1.71% 71,900 $2.2M Add +7.0%
LYFT LYFT Inc. Class A 1.61% 95,500 $2.1M Reduce -1.3%
ARCO Arcos Dorados Holdings Inc. Class A 1.55% 299,100 $2.0M Add +21.5%
B Barrick Mining Corp. 1.53% 61,000 $2.0M Add +1.7%
PHYS Sprott Physical Gold Trust 1.47% 65,000 $1.9M No change
NGD New Gold Inc. 1.47% 267,500 $1.9M Reduce -3.6%
PAAS Pan American Silver Corp. 1.42% 47,953 $1.9M New
DOW Dow Inc. 1.42% 80,900 $1.9M Add +28.0%
LIND Lindblad Expeditions Holding 1.39% 141,300 $1.8M Reduce -4.2%
INTC Intel Corp. 1.35% 52,600 $1.8M Add +2.9%
CVX Chevron Corp. 1.32% 11,100 $1.7M No change
VGK Vanguard Ftse Europe ETF 1.28% 21,000 $1.7M No change
NEM Newmont Corp. 1.22% 18,950 $1.6M Reduce -15.6%
UL Unilever PLC 1.18% 26,000 $1.5M No change
ELAN Elanco Animal Health Inc. 1.18% 76,500 $1.5M No change
WBD Warner Bros Discovery Inc. 1.14% 76,300 $1.5M Reduce -0.3%
WFC Wells Fargo & Co. 1.12% 17,500 $1.5M No change
CRSP Crispr Therapeutics AG 1.12% 22,500 $1.5M Reduce -8.9%
NTNX Nutanix Inc. Class A 1.09% 19,100 $1.4M Reduce -14.7%
FMC FMC Corp. 1.06% 41,300 $1.4M Add +4.0%
KHC The Kraft Heinz Co. 1.06% 52,925 $1.4M Add +10.4%
PPLT Abrdn Physical Platinum SHRS 1.05% 9,600 $1.4M No change
FDX FedEx Corp. 1.04% 5,750 $1.4M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.04% 4,800 $1.4M No change
L Loews Corp. 0.98% 12,700 $1.3M No change
SHAK Shake Shack Inc. Class A 0.93% 13,025 $1.2M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.92% 35,000 $1.2M Add +0.9%
BKD Brookdale Senior Living Inc. 0.92% 142,000 $1.2M Reduce -6.6%
UBER Uber Technologies Inc. 0.91% 12,150 $1.2M Reduce -8.7%
CNH CNH Industrial NV 0.91% 109,500 $1.2M Add +69.8%
MRK Merck & Co. Inc. 0.89% 13,900 $1.2M Add +0.7%
WMB Williams Cos Inc. 0.89% 18,400 $1.2M No change
TSN Tyson Foods Inc. Class A 0.86% 20,750 $1.1M Add +0.2%
F Ford Motor Co. filed as FORD MTR CO 0.86% 93,700 $1.1M No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.84% 17,800 $1.1M Add +58.9%
WY Weyerhaeuser Co. 0.70% 37,000 $917K Add +68.2%
CNK Cinemark Holdings Inc. 0.69% 32,200 $902K No change
SCHW Schwab (charles) Corp. 0.69% 9,400 $897K Reduce -1.1%
UPS United Parcel Service Class B 0.65% 10,200 $852K Add +5.2%
GT Goodyear Tire & Rubber Co. 0.65% 113,000 $845K Add +31.4%
DOG Proshares Short DOW30 0.64% 34,500 $840K New
BMY Bristol-Myers Squibb Co. 0.64% 18,575 $838K Add +8.6%
NVST Envista Holdings Corp. 0.64% 40,800 $831K Reduce -5.8%
VTRS Viatris Inc. 0.63% 83,500 $827K Reduce -7.2%
DD Dupont DE Nemours Inc. 0.62% 10,400 $810K Reduce -8.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.59% 15,000 $774K No change
EUFN iShares MSCI Europe Financia 0.55% 21,000 $721K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.53% 6,050 $693K No change
HON Honeywell International Inc. 0.52% 3,225 $679K New
MGM MGM Resorts International 0.50% 18,700 $648K Reduce -1.6%
NTR Nutrien Ltd. 0.47% 10,500 $616K No change
MMM 3M Co. 0.45% 3,800 $590K No change
SLV iShares Silver Trust 0.41% 12,500 $530K No change
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.39% 11,700 $503K No change
KWEB Kranesh Csi China Internet 0.38% 11,800 $496K No change
PSLV Sprott Physical Silver Trust 0.38% 31,500 $495K No change
HMC Honda Motor Co. Ltd.-Spons ADR 0.37% 15,700 $484K No change
FXI iShares China Large-Cap ETF 0.36% 11,400 $469K No change
BROS Dutch Bros Inc. Class A 0.34% 8,600 $450K Reduce -22.5%
WPM Wheaton Precious Metals Corp. 0.34% 4,000 $447K No change
FIGS Figs Inc. Class A 0.33% 64,500 $432K Reduce -3.0%
IEV iShares Europe ETF 0.33% 6,500 $426K No change
ABNB Airbnb Inc. Class A 0.31% 3,350 $407K Add +9.8%
CCJ Cameco Corp. 0.31% 4,800 $403K No change
MSOS Advisorshares Pure US Cann 0.29% 78,000 $374K Add +39.3%
MDT Medtronic PLC 0.28% 3,900 $371K No change
HP Helmerich & Payne 0.28% 16,300 $360K Add +1.9%
KMI Kinder Morgan Inc. 0.27% 12,500 $354K No change
DFE Wisdomtree Eur S/C Dividend 0.27% 5,000 $352K No change
WAB Wabtec Corp. 0.25% 1,650 $331K No change
VEU Vanguard Ftse All-World Ex-U 0.25% 4,600 $328K No change
CRWV Coreweave Inc. Class A 0.24% 2,300 $315K Reduce -4.2%
GEV GE Vernova Inc. 0.24% 500 $307K Reduce -72.2%
ROG Rogers Corp. 0.23% 3,800 $306K Add +2.7%
MCD McDonald's Corp. 0.23% 1,000 $304K No change
CPB The Campbell's Company 0.23% 9,500 $300K New
SGOL Abrdn Physical Gold Shares 0.23% 8,000 $294K No change
LAC Lithium Americas Corp. 0.22% 50,000 $286K No change
RSP Invesco S&P 500 Equal Weight 0.22% 1,500 $285K No change
GEHC GE Healthcare Technology 0.21% 3,700 $278K Reduce -61.9%
GVA Granite Construction Inc. 0.21% 2,500 $274K Reduce -16.7%
FNV Franco-Nevada Corp. 0.20% 1,200 $267K New
INSP Inspire Medical Systems Inc. 0.20% 3,500 $260K New
EEM iShares MSCI Emerging Market 0.19% 4,700 $251K No change
PSKY Paramount Skydance Class B 0.19% 13,090 $248K New
VEA Vanguard Ftse Developed ETF 0.18% 4,000 $240K No change
CTVA Corteva Inc. 0.18% 3,500 $237K Reduce -5.4%
COP Conocophillips 0.17% 2,400 $227K No change
BABA Alibaba Group Holding-SP ADR 0.16% 1,175 $210K New

Show all 102 holdings

Portfolio Sells Q2 2025 → Q3 2025
BCS Barclays PLC-Spons ADR Sold out 0.00% −1.80
MAG Mag Silver Corp. Sold out 0.00% −1.41
IMAX Imax Corp. Sold out 0.00% −1.30
TGT Target Corp. Sold out 0.00% −1.03
GEV GE Vernova Inc. Reduce -72.2% 0.24% −0.53
GEHC GE Healthcare Technology Reduce -61.9% 0.21% −0.36
NTNX Nutanix Inc. Class A Reduce -14.7% 1.09% −0.29
BA The Boeing Co. Reduce -4.7% 4.08% −0.28
STAA Staar Surgical Co. Sold out 0.00% −0.27
BROS Dutch Bros Inc. Class A Reduce -22.5% 0.34% −0.26
EW Edwards Lifesciences Corp. Sold out 0.00% −0.24
LUV Southwest Airlines Co. Reduce -1.6% 2.22% −0.19
ONON On Holding AG Class A Sold out 0.00% −0.18
DOCU Docusign Inc. Sold out 0.00% −0.17
UBER Uber Technologies Inc. Reduce -8.7% 0.91% −0.09
CRWV Coreweave Inc. Class A Reduce -4.2% 0.24% −0.07
PENN Penn Entertainment Inc. Reduce -5.3% 2.60% −0.07
NVST Envista Holdings Corp. Reduce -5.8% 0.64% −0.04
CTVA Corteva Inc. Reduce -5.4% 0.18% −0.04
MGM MGM Resorts International Reduce -1.6% 0.50% −0.03
GVA Granite Construction Inc. Reduce -16.7% 0.21% −0.02
VTRS Viatris Inc. Reduce -7.2% 0.63% −0.01
SCHW Schwab (charles) Corp. Reduce -1.1% 0.69% −0.01
DD Dupont DE Nemours Inc. Reduce -8.8% 0.62% −0.01
LIND Lindblad Expeditions Holding Reduce -4.2% 1.39% +0.00
FIGS Figs Inc. Class A Reduce -3.0% 0.33% +0.03
BKD Brookdale Senior Living Inc. Reduce -6.6% 0.92% +0.07
BP BP PLC-Spons ADR Reduce -2.1% 1.98% +0.14
CRSP Crispr Therapeutics AG Reduce -8.9% 1.12% +0.15
NEM Newmont Corp. Reduce -15.6% 1.22% +0.17
WYNN WYNN Resorts Ltd. Reduce -12.8% 1.91% +0.23
GE General Electric Reduce -4.9% 5.29% +0.30
NGD New Gold Inc. Reduce -3.6% 1.47% +0.37
LYFT LYFT Inc. Class A Reduce -1.3% 1.61% +0.38
WBD Warner Bros Discovery Inc. Reduce -0.3% 1.14% +0.44

Portfolio Buys Q2 2025 → Q3 2025
PAAS Pan American Silver Corp. New 1.42% +1.42
DOG Proshares Short DOW30 New 0.64% +0.64
B Barrick Mining Corp. Add +1.7% 1.53% +0.53
HON Honeywell International Inc. New 0.52% +0.52
INTC Intel Corp. Add +2.9% 1.35% +0.43
WY Weyerhaeuser Co. Add +68.2% 0.70% +0.25
CNH CNH Industrial NV Add +69.8% 0.91% +0.24
CPB The Campbell's Company New 0.23% +0.23
FNV Franco-Nevada Corp. New 0.20% +0.20
INSP Inspire Medical Systems Inc. New 0.20% +0.20
PSKY Paramount Skydance Class B New 0.19% +0.19
MSOS Advisorshares Pure US Cann Add +39.3% 0.29% +0.18
IFF Intl Flavors & Fragrances Add +58.9% 0.84% +0.18
BABA Alibaba Group Holding-SP ADR New 0.16% +0.16
DAL Delta Air Lines Inc. New 0.16% +0.16
HP Helmerich & Payne Add +1.9% 0.28% +0.08
DOW Dow Inc. Add +28.0% 1.42% +0.08
KHC The Kraft Heinz Co. Add +10.4% 1.06% +0.06
ROG Rogers Corp. Add +2.7% 0.23% +0.03
MRK Merck & Co. Inc. Add +0.7% 0.89% +0.02
BMY Bristol-Myers Squibb Co. Add +8.6% 0.64% +0.01
ABNB Airbnb Inc. Class A Add +9.8% 0.31% −0.01
ARCO Arcos Dorados Holdings Inc. Class A Add +21.5% 1.55% −0.01
SLB SLB Ltd. Add +0.9% 0.92% −0.02
TSN Tyson Foods Inc. Class A Add +0.2% 0.86% −0.07
GT Goodyear Tire & Rubber Co. Add +31.4% 0.65% −0.07
PSQ Proshares Short QQQ Add +7.0% 1.71% −0.11
UPS United Parcel Service Class B Add +5.2% 0.65% −0.13
FMC FMC Corp. Add +4.0% 1.06% −0.27

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 108$152.4MGBCI, GE, BA, INTC, LUV
Q4 2025 108$141.8MGBCI, GE, BA, SHEL, LUV
Q3 2025 102$130.6MGBCI, GE, BA, SHEL, GLPI
Q2 2025 101$124.5MGBCI, GE, BA, SHEL, GLPI
Q1 2025 108$152.2MGBCI, GE, BA, SHEL, LUV
Q4 2024 110$151.5MGBCI, GE, BA, LUV, SHEL
Q3 2024 112$151.1MGBCI, GE, SHEL, GLPI, LUV
Q2 2024 111$139.3MGBCI, GE, SHEL, GLPI, PENN
Q1 2024 113$142.7MGBCI, GE, SHEL, GLPI, PENN