Lakewood Asset Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), Lakewood Asset Management LLC reported 104 stock positions worth $165.4 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 7.2% of the portfolio, followed by Schwab Fndmntl US LRG Co. ETF (FNDX, 5.4%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 4.5%). Compared with Q2 2025, it opened 4 new positions, sold out of 1, added to 54 and reduced 27. The biggest buy was Vanguard 0-3M T-Bill ETF (VBIL, shares +235%) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −4%).

Most Recent 13F
Q2 2026
Location
NAPERVILLE, IL
CIK
0001966581
Portfolio Value
$165.4M (Q3 2025)
SEC Filing
0001754960-25-000708 ↗ filed Oct 24, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $147.1M Q1 2024 Q2 2024: $143.4M Q2 2024 Q3 2024: $146.4M Q3 2024 Q4 2024: $145.2M Q4 2024 Q1 2025: $148.2M Q1 2025 Q2 2025: $149.7M Q2 2025 Q3 2025: $165.4M $165.4M Q3 2025 Q4 2025: $170.2M Q4 2025 Q1 2026: $156.4M Q1 2026 Q2 2026: $182.3M Q2 2026

Holdings 104 stocks · $165.4M
BRK.B Berkshire Hathaway Inc. Class B 7.16% 23,570 $11.8M Add +2.9%
FNDX Schwab Fndmntl US LRG Co. ETF 5.41% 340,403 $9.0M Add +1.5%
BIL SS SPDR BB 1-3M T-Bill ETF 4.51% 81,289 $7.5M Reduce -3.7%
VT Vanguard Tot World STK ETF 4.05% 48,568 $6.7M Add +7.5%
AZO AutoZone Inc. 3.65% 1,407 $6.0M No change
EBAY eBay Inc. 3.41% 61,977 $5.6M Add +1.4%
WSM Williams-Sonoma Inc. 3.34% 28,243 $5.5M Reduce -0.4%
MCK McKesson Corp. 3.06% 6,555 $5.1M Add +0.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.65% 85,014 $4.4M Add +0.5%
NVR NVR Inc. 2.65% 545 $4.4M Add +0.9%
COP Conocophillips 2.59% 45,249 $4.3M Add +2.1%
AAPL Apple Inc. 2.31% 14,985 $3.8M Reduce -8.6%
VTI VG Morningstar TS MKT ETF-US 2.15% 10,848 $3.6M Add +0.2%
BKNG Booking Holdings Inc. 2.13% 652 $3.5M Reduce -0.1%
RTX RTX Corp. 2.09% 20,671 $3.5M Reduce -1.1%
HPE Hewlett Packard Enterprise 2.05% 138,343 $3.4M Reduce -1.8%
MTB M & T Bank Corp. filed as M & T BK CORP 1.90% 15,928 $3.1M Add +1.4%
RF Regions Financial Corp. 1.59% 99,770 $2.6M Add +1.6%
VPLS Vanguard Core-Plus Bond ETF 1.56% 32,803 $2.6M Add +38.0%
VTIP Vanguard Short-Term Tips 1.48% 48,425 $2.5M Add +7.5%
VBIL Vanguard 0-3M T-Bill ETF 1.44% 31,435 $2.4M Add +235.3%
DKS Dick's Sporting Goods Inc. 1.43% 10,669 $2.4M Add +1.4%
UHAL.B U-Haul Holding Co.-Non Voting 1.38% 44,969 $2.3M Add +2.2%
FANG Diamondback Energy Inc. 1.36% 15,667 $2.2M Add +2.9%
FNDF Schwab Fndmn Intl LRG Co. ETF 1.33% 51,127 $2.2M Add +0.9%
MSFT Microsoft Corp. 1.32% 4,211 $2.2M Reduce -1.3%
ULTA Ulta Beauty Inc. 1.29% 3,916 $2.1M Add +1.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.23% 59,015 $2.0M Add +8.6%
MHK Mohawk Industries Inc. 1.13% 14,532 $1.9M Add +1.6%
NICE Nice Ltd. - Spon ADR 1.12% 12,791 $1.9M Add +478.5%
VUSB Vanguard Ultra Short Bond Et 1.11% 36,830 $1.8M Add +34.5%
IVV iShares Core S&P 500 ETF 1.11% 2,744 $1.8M Add +1.7%
FNDA Schwab Fndmntl US SM Co. ETF 1.11% 58,864 $1.8M Reduce -1.2%
BMY Bristol-Myers Squibb Co. 1.04% 38,031 $1.7M Add +2.3%
LEN Lennar Corp. Class A 0.85% 11,134 $1.4M Add +2.9%
LEA Lear Corp. 0.82% 13,512 $1.4M Add +2.8%
DBX Dropbox Inc. Class A 0.81% 44,447 $1.3M Add +1.6%
KMX Carmax Inc. 0.81% 29,907 $1.3M Add +2.4%
MKL Markel Group Inc. 0.77% 667 $1.3M Add +2.0%
VTEB Vanguard Tax-Exempt Bond ETF 0.76% 25,109 $1.3M Add +0.6%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.67% 12,260 $1.1M Add +1.7%
META Meta Platforms Inc. Class A 0.60% 1,356 $996K No change
IWD iShares Russell 1000 Value E 0.58% 4,688 $954K Add +0.8%
APA Apa Corp. 0.56% 38,278 $929K Add +2.3%
PTLO Portillo's Inc. Class A 0.53% 137,065 $884K Add +1.5%
CAT Caterpillar Inc. 0.52% 1,805 $861K Add +0.1%
CARR Carrier Global Corp. 0.52% 14,279 $852K Reduce -0.8%
VOO Vanguard S&P 500 ETF 0.51% 1,386 $849K No change
BN Brookfield Corp. 0.51% 12,236 $839K No change
EPD Enterprise Products Partners 0.48% 25,640 $802K No change
AVGO Broadcom Inc. 0.48% 2,412 $796K No change
AIG American International Group 0.44% 9,283 $729K Reduce -1.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.41% 1,024 $682K Add +0.1%
ACIW Aci Worldwide Inc. 0.41% 12,922 $682K No change
JNJ Johnson & Johnson 0.40% 3,558 $660K Add +0.1%
JPM JPMorgan Chase & Co. 0.39% 2,060 $650K Add +5.1%
ATKR Atkore Inc. 0.39% 10,177 $639K Reduce -0.6%
CMI Cummins Inc. 0.38% 1,489 $629K Add +0.1%
GRBK Green Brick Partners Inc. 0.36% 8,168 $603K Reduce -0.3%
VEU Vanguard Ftse All-World Ex-U 0.35% 8,163 $583K Reduce -0.0%
CTVA Corteva Inc. 0.35% 8,563 $579K Add +0.1%
PRDO Perdoceo Education Corp. 0.35% 15,224 $573K Reduce -1.0%
ADI Analog Devices Inc. 0.34% 2,282 $561K Add +0.0%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.33% 2,599 $542K Add +5.3%
CLMB Climb Global Solutions Inc. 0.32% 3,875 $523K Reduce -41.0%
CVCO Cavco Industries Inc. 0.31% 895 $520K Reduce -0.4%
ORCL Oracle Corp. 0.31% 1,843 $518K No change
VTES Vanguard SH Term Tax-Ex Bond 0.30% 4,932 $503K Add +0.6%
BBSI Barrett Business SVCS Inc. 0.29% 10,817 $479K Reduce -0.9%
VXUS Vanguard Total Intl Stock 0.29% 6,488 $477K Add +0.5%
BIP Brookfield Infrastructure Pa 0.29% 14,369 $473K No change
SDY SS SPDR S&P Dividend ETF 0.27% 3,156 $442K No change
HCC Warrior Met Coal Inc. 0.26% 6,757 $430K Reduce -0.1%
QQQ Invesco QQQ Trust Series 1 0.25% 700 $420K No change
VVX V2X Inc. 0.22% 6,210 $361K Reduce -0.5%
OSBC Old Second Bancorp Inc. 0.21% 19,944 $345K Reduce -0.7%
FNDC Schwab Fndmnt Intl SM Eq ETF 0.21% 7,623 $339K No change
BSV Vanguard Short-Term Bond ETF 0.19% 4,019 $317K Add +1.0%
GD General Dynamics Corp. 0.18% 870 $297K Add +0.1%
PKBK Parke Bancorp Inc. 0.18% 13,504 $291K Reduce -0.3%
ACN Accenture PLC Class A 0.17% 1,129 $278K No change
KRMD Koru Medical Systems Inc. 0.17% 71,945 $276K No change
CVX Chevron Corp. 0.16% 1,719 $267K Add +0.1%
XOM Exxon Mobil Corp. 0.16% 2,361 $266K Add +0.1%
VTEI Vanguard Int Tax-Exempt Bond 0.16% 2,639 $265K Add +0.8%
SD Sandridge Energy Inc. 0.16% 22,900 $258K Reduce -0.6%
ABBV Abbvie Inc. 0.15% 1,080 $250K New
FONR Fonar Corp. 0.15% 16,564 $249K Add +51.2%
XPEL Xpel Inc. 0.15% 7,459 $247K New
V Visa Inc. Class A 0.15% 715 $244K Add +0.1%
UHAL U-Haul Holding Co. 0.15% 4,269 $244K No change
NFLX Netflix Inc. 0.14% 200 $240K No change
NVDA Nvidia Corp. 0.13% 1,190 $222K New
IBIT iShares Bitcoin Trust ETF 0.13% 3,305 $215K New
AMGN Amgen Inc. 0.13% 757 $214K Add +0.1%
KMI Kinder Morgan Inc. 0.13% 7,510 $213K Add +0.5%
EGY Vaalco Energy Inc. 0.12% 47,789 $192K Reduce -1.6%
BOOM DMC Global Inc. 0.11% 22,257 $188K No change
PANL Pangaea Logistics Solutions 0.11% 36,837 $187K Reduce -1.1%
AMPY Amplify Energy Corp. 0.10% 32,279 $169K No change
BTE Baytex Energy Corp. 0.08% 59,650 $140K Reduce -1.2%
AOUT American Outdoor Brands Inc. 0.06% 11,508 $100K Reduce -0.3%
FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC 0.06% 31,065 $100K No change
CRWS Crown Crafts Inc. 0.05% 26,692 $78K Reduce -2.6%

Portfolio Sells Q2 2025 → Q3 2025
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -3.7% 4.51% −0.66
BKNG Booking Holdings Inc. Reduce -0.1% 2.13% −0.40
CARR Carrier Global Corp. Reduce -0.8% 0.52% −0.19
IT Gartner Inc. Sold out 0.00% −0.18
CLMB Climb Global Solutions Inc. Reduce -41.0% 0.32% −0.15
MSFT Microsoft Corp. Reduce -1.3% 1.32% −0.10
ATKR Atkore Inc. Reduce -0.6% 0.39% −0.10
AIG American International Group Reduce -1.0% 0.44% −0.10
FNDA Schwab Fndmntl US SM Co. ETF Reduce -1.2% 1.11% −0.03
OSBC Old Second Bancorp Inc. Reduce -0.7% 0.21% −0.03
AOUT American Outdoor Brands Inc. Reduce -0.3% 0.06% −0.02
VEU Vanguard Ftse All-World Ex-U Reduce -0.0% 0.35% −0.01
BBSI Barrett Business SVCS Inc. Reduce -0.9% 0.29% −0.01
SD Sandridge Energy Inc. Reduce -0.6% 0.16% −0.01
PKBK Parke Bancorp Inc. Reduce -0.3% 0.18% −0.01
CRWS Crown Crafts Inc. Reduce -2.6% 0.05% −0.01
PANL Pangaea Logistics Solutions Reduce -1.1% 0.11% −0.00
EGY Vaalco Energy Inc. Reduce -1.6% 0.12% −0.00
PRDO Perdoceo Education Corp. Reduce -1.0% 0.35% +0.01
BTE Baytex Energy Corp. Reduce -1.2% 0.08% +0.01
VVX V2X Inc. Reduce -0.5% 0.22% +0.02
GRBK Green Brick Partners Inc. Reduce -0.3% 0.36% +0.02
HCC Warrior Met Coal Inc. Reduce -0.1% 0.26% +0.05
RTX RTX Corp. Reduce -1.1% 2.09% +0.05
CVCO Cavco Industries Inc. Reduce -0.4% 0.31% +0.05
AAPL Apple Inc. Reduce -8.6% 2.31% +0.06
HPE Hewlett Packard Enterprise Reduce -1.8% 2.05% +0.13
WSM Williams-Sonoma Inc. Reduce -0.4% 3.34% +0.24

Portfolio Buys Q2 2025 → Q3 2025
VBIL Vanguard 0-3M T-Bill ETF Add +235.3% 1.44% +0.96
NICE Nice Ltd. - Spon ADR Add +478.5% 1.12% +0.87
EBAY eBay Inc. Add +1.4% 3.41% +0.37
VPLS Vanguard Core-Plus Bond ETF Add +38.0% 1.56% +0.32
VUSB Vanguard Ultra Short Bond Et Add +34.5% 1.11% +0.20
VT Vanguard Tot World STK ETF Add +7.5% 4.05% +0.17
ABBV Abbvie Inc. New 0.15% +0.15
XPEL Xpel Inc. New 0.15% +0.15
NVDA Nvidia Corp. New 0.13% +0.13
MHK Mohawk Industries Inc. Add +1.6% 1.13% +0.13
IBIT iShares Bitcoin Trust ETF New 0.13% +0.13
APA Apa Corp. Add +2.3% 0.56% +0.10
ULTA Ulta Beauty Inc. Add +1.2% 1.29% +0.09
CMI Cummins Inc. Add +0.1% 0.38% +0.05
CAT Caterpillar Inc. Add +0.1% 0.52% +0.05
LEN Lennar Corp. Class A Add +2.9% 0.85% +0.05
RF Regions Financial Corp. Add +1.6% 1.59% +0.05
DKS Dick's Sporting Goods Inc. Add +1.4% 1.43% +0.04
FONR Fonar Corp. Add +51.2% 0.15% +0.04
JNJ Johnson & Johnson Add +0.1% 0.40% +0.04
JPM JPMorgan Chase & Co. Add +5.1% 0.39% +0.01
GD General Dynamics Corp. Add +0.1% 0.18% +0.01
VBR Vngrd Mrngst SL-CP Val ETF-U Add +5.3% 0.33% +0.01
SLB SLB Ltd. Add +8.6% 1.23% −0.00
CVX Chevron Corp. Add +0.1% 0.16% −0.00
IVV iShares Core S&P 500 ETF Add +1.7% 1.11% −0.01
XOM Exxon Mobil Corp. Add +0.1% 0.16% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +0.1% 0.41% −0.01
VXUS Vanguard Total Intl Stock Add +0.5% 0.29% −0.01
AMGN Amgen Inc. Add +0.1% 0.13% −0.01
LEA Lear Corp. Add +2.8% 0.82% −0.01
VTEI Vanguard Int Tax-Exempt Bond Add +0.8% 0.16% −0.01
NVR NVR Inc. Add +0.9% 2.65% −0.02
BSV Vanguard Short-Term Bond ETF Add +1.0% 0.19% −0.02
KMI Kinder Morgan Inc. Add +0.5% 0.13% −0.02
BAC Bank of America Corp. Add +0.5% 2.65% −0.02
V Visa Inc. Class A Add +0.1% 0.15% −0.02
ADI Analog Devices Inc. Add +0.0% 0.34% −0.02
DBX Dropbox Inc. Class A Add +1.6% 0.81% −0.02
FNDF Schwab Fndmn Intl LRG Co. ETF Add +0.9% 1.33% −0.03
IWD iShares Russell 1000 Value E Add +0.8% 0.58% −0.03
VTES Vanguard SH Term Tax-Ex Bond Add +0.6% 0.30% −0.03
VTIP Vanguard Short-Term Tips Add +7.5% 1.48% −0.03
FANG Diamondback Energy Inc. Add +2.9% 1.36% −0.04
VTI VG Morningstar TS MKT ETF-US Add +0.2% 2.15% −0.04
VTEB Vanguard Tax-Exempt Bond ETF Add +0.6% 0.76% −0.06
COP Conocophillips Add +2.1% 2.59% −0.07
CF CF Industries Holdings Inc. Add +1.7% 0.67% −0.08
CTVA Corteva Inc. Add +0.1% 0.35% −0.08
FNDX Schwab Fndmntl US LRG Co. ETF Add +1.5% 5.41% −0.08

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 107$182.3MFNDX, VPLS, VT, BRK.B, VBIL
Q1 2026 107$156.4MFNDX, BRK.B, VBIL, VT, VPLS
Q4 2025 105$170.2MBRK.B, FNDX, VBIL, VT, VPLS
Q3 2025 104$165.4MBRK.B, FNDX, BIL, VT, AZO
Q2 2025 101$149.7MBRK.B, FNDX, BIL, VT, AZO
Q1 2025 101$148.2MBRK.B, BIL, FNDX, MCK, AZO
Q4 2024 120$145.2MBRK.B, BIL, FNDX, VT, AAPL
Q3 2024 119$146.4MBIL, BRK.B, FNDX, VT, AAPL
Q2 2024 116$143.4MBIL, BRK.B, FNDX, MCK, AAPL
Q1 2024 115$147.1MBIL, BRK.B, FNDX, WSM, MCK