Lakewood Asset Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Lakewood Asset Management LLC reported 105 stock positions worth $170.2 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 6.9% of the portfolio, followed by Schwab Fndmntl US LRG Co. ETF (FNDX, 5.7%) and Vanguard 0-3M T-Bill ETF (VBIL, 4.9%). Compared with Q3 2025, it opened 7 new positions, sold out of 6, added to 70 and reduced 17. The biggest buy was Vanguard 0-3M T-Bill ETF (VBIL, shares +250%) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −55%).

Most Recent 13F
Q2 2026
Location
NAPERVILLE, IL
CIK
0001966581
Portfolio Value
$170.2M (Q4 2025)
SEC Filing
0001754960-26-000120 ↗ filed Jan 26, 2026

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 Q3 2025 Q4 2025: $170.2M $170.2M Q4 2025 Q1 2026: $156.4M Q1 2026 Q2 2026: $182.3M Q2 2026

Holdings 105 stocks · $170.2M
BRK.B Berkshire Hathaway Inc. Class B 6.86% 23,245 $11.7M Reduce -1.4%
FNDX Schwab Fndmntl US LRG Co. ETF 5.66% 353,870 $9.6M Add +4.0%
VBIL Vanguard 0-3M T-Bill ETF 4.88% 110,129 $8.3M Add +250.3%
VT Vanguard Tot World STK ETF 4.12% 49,667 $7.0M Add +2.3%
VPLS Vanguard Core-Plus Bond ETF 3.24% 70,644 $5.5M Add +115.4%
EBAY eBay Inc. 3.21% 62,715 $5.5M Add +1.2%
MCK McKesson Corp. 3.19% 6,626 $5.4M Add +1.1%
WSM Williams-Sonoma Inc. 2.97% 28,315 $5.1M Add +0.3%
AZO AutoZone Inc. 2.84% 1,426 $4.8M Add +1.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.76% 85,439 $4.7M Add +0.5%
COP Conocophillips 2.52% 45,848 $4.3M Add +1.3%
NVR NVR Inc. 2.37% 554 $4.0M Add +1.6%
AAPL Apple Inc. 2.35% 14,719 $4.0M Reduce -1.8%
RTX RTX Corp. 2.24% 20,796 $3.8M Add +0.6%
BKNG Booking Holdings Inc. 2.06% 655 $3.5M Add +0.5%
VTI VG Morningstar TS MKT ETF-US 1.98% 10,076 $3.4M Reduce -7.1%
BIL SS SPDR BB 1-3M T-Bill ETF 1.98% 36,850 $3.4M Reduce -54.7%
HPE Hewlett Packard Enterprise 1.96% 138,736 $3.3M Add +0.3%
MTB M & T Bank Corp. filed as M & T BK CORP 1.91% 16,138 $3.3M Add +1.3%
RF Regions Financial Corp. 1.60% 100,657 $2.7M Add +0.9%
VUSB Vanguard Ultra Short Bond Et 1.55% 53,109 $2.6M Add +44.2%
VTIP Vanguard Short-Term Tips 1.54% 53,132 $2.6M Add +9.7%
FNDF Schwab Fndmn Intl LRG Co. ETF 1.42% 53,561 $2.4M Add +4.8%
FANG Diamondback Energy Inc. 1.40% 15,854 $2.4M Add +1.2%
SLB SLB Ltd. filed as SLB LIMITED 1.35% 59,708 $2.3M Add +1.2%
DKS Dick's Sporting Goods Inc. 1.25% 10,758 $2.1M Add +0.8%
UHAL.B U-Haul Holding Co.-Non Voting 1.25% 45,529 $2.1M Add +1.3%
BMY Bristol-Myers Squibb Co. 1.24% 39,160 $2.1M Add +3.0%
MSFT Microsoft Corp. 1.20% 4,211 $2.0M No change
IVV iShares Core S&P 500 ETF 1.06% 2,631 $1.8M Reduce -4.1%
FNDA Schwab Fndmntl US SM Co. ETF 1.03% 55,471 $1.7M Reduce -5.8%
MHK Mohawk Industries Inc. 0.94% 14,656 $1.6M Add +0.8%
LEA Lear Corp. 0.92% 13,644 $1.6M Add +1.0%
MKL Markel Group Inc. 0.86% 678 $1.5M Add +1.6%
NICE Nice Ltd. - Spon ADR 0.82% 12,329 $1.4M Reduce -3.6%
VTEB Vanguard Tax-Exempt Bond ETF 0.75% 25,305 $1.3M Add +0.8%
DBX Dropbox Inc. Class A 0.73% 44,905 $1.2M Add +1.0%
LEN Lennar Corp. Class A 0.69% 11,416 $1.2M Add +2.5%
KMX Carmax Inc. 0.69% 30,189 $1.2M Add +0.9%
LULU Lululemon Athletica Inc. 0.61% 5,028 $1.0M New
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.56% 12,371 $957K Add +0.9%
APA Apa Corp. 0.55% 38,558 $943K Add +0.7%
IWD iShares Russell 1000 Value E 0.54% 4,408 $927K Reduce -6.0%
META Meta Platforms Inc. Class A 0.53% 1,356 $895K No change
VOO Vanguard S&P 500 ETF 0.50% 1,351 $847K Reduce -2.5%
BN Brookfield Corp. 0.49% 18,349 $842K No change
EPD Enterprise Products Partners 0.48% 25,640 $822K No change
AVGO Broadcom Inc. 0.48% 2,350 $813K Reduce -2.6%
AIG American International Group 0.47% 9,293 $795K Add +0.1%
CMI Cummins Inc. 0.45% 1,490 $761K Add +0.1%
JNJ Johnson & Johnson 0.43% 3,561 $737K Add +0.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.41% 1,024 $699K No change
CARR Carrier Global Corp. 0.41% 13,085 $691K Reduce -8.4%
CAT Caterpillar Inc. 0.39% 1,173 $672K Reduce -35.0%
ATKR Atkore Inc. 0.39% 10,590 $670K Add +4.1%
JPM JPMorgan Chase & Co. 0.39% 2,060 $664K No change
HCC Warrior Met Coal Inc. 0.37% 7,102 $626K Add +5.1%
ADI Analog Devices Inc. 0.36% 2,283 $619K Add +0.0%
ACIW Aci Worldwide Inc. 0.36% 12,922 $618K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.36% 2,914 $617K Add +12.1%
PTLO Portillo's Inc. Class A 0.36% 135,497 $615K Reduce -1.1%
VEU Vanguard Ftse All-World Ex-U 0.36% 8,217 $604K Add +0.7%
SLV iShares Silver Trust 0.35% 9,320 $600K New
CTVA Corteva Inc. 0.34% 8,570 $574K Add +0.1%
CVCO Cavco Industries Inc. 0.33% 959 $567K Add +7.2%
ULTA Ulta Beauty Inc. 0.33% 921 $557K Reduce -76.5%
GRBK Green Brick Partners Inc. 0.33% 8,848 $554K Add +8.3%
BIP Brookfield Infrastructure Pa 0.29% 14,369 $499K No change
VXUS Vanguard Total Intl Stock 0.29% 6,606 $498K Add +1.8%
PRDO Perdoceo Education Corp. 0.28% 16,450 $482K Add +8.1%
SDY SS SPDR S&P Dividend ETF 0.26% 3,156 $439K No change
QQQ Invesco QQQ Trust Series 1 0.25% 700 $430K No change
KRMD Koru Medical Systems Inc. 0.25% 73,945 $430K Add +2.8%
CLMB Climb Global Solutions Inc. 0.25% 4,178 $429K Add +7.8%
BBSI Barrett Business SVCS Inc. 0.25% 11,776 $426K Add +8.9%
OSBC Old Second Bancorp Inc. 0.24% 21,360 $417K Add +7.1%
XPEL Xpel Inc. 0.24% 8,116 $405K Add +8.8%
VVX V2X Inc. 0.21% 6,701 $366K Add +7.9%
PKBK Parke Bancorp Inc. 0.21% 14,593 $365K Add +8.1%
ORCL Oracle Corp. 0.21% 1,844 $359K Add +0.1%
SD Sandridge Energy Inc. 0.21% 24,724 $357K Add +8.0%
FONR Fonar Corp. 0.21% 19,057 $354K Add +15.1%
FNDC Schwab Fndmnt Intl SM Eq ETF 0.20% 7,832 $349K Add +2.7%
GD General Dynamics Corp. 0.17% 870 $293K No change
XOM Exxon Mobil Corp. 0.17% 2,364 $284K Add +0.1%
PANL Pangaea Logistics Solutions 0.16% 39,542 $272K Add +7.3%
CVX Chevron Corp. 0.15% 1,720 $262K Add +0.1%
VCRM Vanguard Core Tax-Ex Bond 0.15% 3,373 $255K New
V Visa Inc. Class A 0.15% 716 $251K Add +0.1%
AMGN Amgen Inc. 0.15% 759 $248K Add +0.3%
ABBV Abbvie Inc. 0.15% 1,083 $247K Add +0.3%
ACN Accenture PLC Class A 0.14% 894 $240K Reduce -20.8%
WGO Winnebago Industries 0.14% 5,832 $236K New
VTEI Vanguard Int Tax-Exempt Bond 0.14% 2,335 $235K Reduce -11.5%
NVDA Nvidia Corp. 0.13% 1,185 $221K Reduce -0.4%
BTE Baytex Energy Corp. 0.13% 67,571 $218K Add +13.3%
KMI Kinder Morgan Inc. 0.12% 7,545 $207K Add +0.5%
LLY Eli Lilly & Co. 0.12% 189 $203K New
YELP Yelp Inc. 0.12% 6,641 $202K New
EGY Vaalco Energy Inc. 0.11% 51,178 $186K Add +7.1%

Show all 105 holdings

Portfolio Sells Q3 2025 → Q4 2025
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -54.7% 1.98% −2.53
ULTA Ulta Beauty Inc. Reduce -76.5% 0.33% −0.97
VTES Vanguard SH Term Tax-Ex Bond Sold out 0.00% −0.30
NICE Nice Ltd. - Spon ADR Reduce -3.6% 0.82% −0.30
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.4% 6.86% −0.30
BSV Vanguard Short-Term Bond ETF Sold out 0.00% −0.19
PTLO Portillo's Inc. Class A Reduce -1.1% 0.36% −0.17
VTI VG Morningstar TS MKT ETF-US Reduce -7.1% 1.98% −0.17
UHAL U-Haul Holding Co. Sold out 0.00% −0.15
NFLX Netflix Inc. Sold out 0.00% −0.14
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.13
CAT Caterpillar Inc. Reduce -35.0% 0.39% −0.13
CARR Carrier Global Corp. Reduce -8.4% 0.41% −0.11
FNDA Schwab Fndmntl US SM Co. ETF Reduce -5.8% 1.03% −0.08
AOUT American Outdoor Brands Inc. Sold out 0.00% −0.06
IVV iShares Core S&P 500 ETF Reduce -4.1% 1.06% −0.05
IWD iShares Russell 1000 Value E Reduce -6.0% 0.54% −0.03
ACN Accenture PLC Class A Reduce -20.8% 0.14% −0.03
VTEI Vanguard Int Tax-Exempt Bond Reduce -11.5% 0.14% −0.02
VOO Vanguard S&P 500 ETF Reduce -2.5% 0.50% −0.02
NVDA Nvidia Corp. Reduce -0.4% 0.13% −0.00
AVGO Broadcom Inc. Reduce -2.6% 0.48% −0.00
AAPL Apple Inc. Reduce -1.8% 2.35% +0.04

Portfolio Buys Q3 2025 → Q4 2025
VBIL Vanguard 0-3M T-Bill ETF Add +250.3% 4.88% +3.44
VPLS Vanguard Core-Plus Bond ETF Add +115.4% 3.24% +1.68
LULU Lululemon Athletica Inc. New 0.61% +0.61
VUSB Vanguard Ultra Short Bond Et Add +44.2% 1.55% +0.44
SLV iShares Silver Trust New 0.35% +0.35
FNDX Schwab Fndmntl US LRG Co. ETF Add +4.0% 5.66% +0.24
BMY Bristol-Myers Squibb Co. Add +3.0% 1.24% +0.20
VCRM Vanguard Core Tax-Ex Bond New 0.15% +0.15
RTX RTX Corp. Add +0.6% 2.24% +0.15
WGO Winnebago Industries New 0.14% +0.14
MCK McKesson Corp. Add +1.1% 3.19% +0.13
SLB SLB Ltd. Add +1.2% 1.35% +0.12
LLY Eli Lilly & Co. New 0.12% +0.12
YELP Yelp Inc. New 0.12% +0.12
EBF Ennis Inc. New 0.11% +0.11
BAC Bank of America Corp. Add +0.5% 2.76% +0.11
HCC Warrior Met Coal Inc. Add +5.1% 0.37% +0.11
LEA Lear Corp. Add +1.0% 0.92% +0.10
FNDF Schwab Fndmn Intl LRG Co. ETF Add +4.8% 1.42% +0.09
XPEL Xpel Inc. Add +8.8% 0.24% +0.09
KRMD Koru Medical Systems Inc. Add +2.8% 0.25% +0.09
MKL Markel Group Inc. Add +1.6% 0.86% +0.09
VT Vanguard Tot World STK ETF Add +2.3% 4.12% +0.07
CMI Cummins Inc. Add +0.1% 0.45% +0.07
VTIP Vanguard Short-Term Tips Add +9.7% 1.54% +0.06
FONR Fonar Corp. Add +15.1% 0.21% +0.06
SD Sandridge Energy Inc. Add +8.0% 0.21% +0.05
PANL Pangaea Logistics Solutions Add +7.3% 0.16% +0.05
FANG Diamondback Energy Inc. Add +1.2% 1.40% +0.04
BTE Baytex Energy Corp. Add +13.3% 0.13% +0.04
PKBK Parke Bancorp Inc. Add +8.1% 0.21% +0.04
OSBC Old Second Bancorp Inc. Add +7.1% 0.24% +0.04
VBR Vngrd Mrngst SL-CP Val ETF-U Add +12.1% 0.36% +0.03
JNJ Johnson & Johnson Add +0.1% 0.43% +0.03
AIG American International Group Add +0.1% 0.47% +0.03
ADI Analog Devices Inc. Add +0.0% 0.36% +0.02
CVCO Cavco Industries Inc. Add +7.2% 0.33% +0.02
AMGN Amgen Inc. Add +0.3% 0.15% +0.02
RF Regions Financial Corp. Add +0.9% 1.60% +0.01
ATKR Atkore Inc. Add +4.1% 0.39% +0.01
MTB M & T Bank Corp. Add +1.3% 1.91% +0.01
XOM Exxon Mobil Corp. Add +0.1% 0.17% +0.01
VXUS Vanguard Total Intl Stock Add +1.8% 0.29% +0.00
VEU Vanguard Ftse All-World Ex-U Add +0.7% 0.36% +0.00
V Visa Inc. Class A Add +0.1% 0.15% −0.00
FNDC Schwab Fndmnt Intl SM Eq ETF Add +2.7% 0.20% −0.00
CRWS Crown Crafts Inc. Add +4.9% 0.05% −0.00
VVX V2X Inc. Add +7.9% 0.21% −0.00
ABBV Abbvie Inc. Add +0.3% 0.15% −0.01
KMI Kinder Morgan Inc. Add +0.5% 0.12% −0.01

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