Lummis Asset Management, LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 17, 2024), Lummis Asset Management, LP reported 156 stock positions worth $74.6 million. Its top holding was Matador Resources (MTDR) at 13.7% of the portfolio, followed by Apple (AAPL, 8.9%) and Microsoft (MSFT, 7.4%). Compared with Q4 2023, it opened 7 new positions, sold out of 26, added to 6 and reduced 45. The biggest buy was Goldman Sachs (GS, shares +7%) and the biggest sale Black Stone Minerals (BSM, shares −99%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0002011652
Portfolio Value
$74.6M (Q1 2024)
SEC Filing
0002011652-24-000002 ↗ filed May 17, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $74.6M $74.6M Q1 2024 Q2 2024: $75.7M Q2 2024 Q3 2024: $85.6M Q3 2024 Q4 2024: $78.9M Q4 2024 Q1 2025: $144.0M Q1 2025 Q2 2025: $152.9M Q2 2025 Q3 2025: $152.3M Q3 2025 Q4 2025: $162.6M Q4 2025 Q1 2026: $167.3M Q1 2026 Q2 2026: $167.2M Q2 2026

Holdings 156 stocks · $74.6M
MTDR Matador Resources Co. 13.73% 153,319 $10.2M Reduce -48.3%
AAPL Apple Inc. 8.91% 38,737 $6.6M Reduce -44.2%
MSFT Microsoft Corp. 7.42% 13,161 $5.5M Reduce -57.0%
BERKSHIRE HATHAWAY INC 4.96% 8,799 $3.7M Reduce -40.8%
ORCL Oracle Corp. 4.01% 23,807 $3.0M Reduce -18.1%
GOOG Alphabet Inc. Class C 3.85% 18,883 $2.9M Reduce -34.9%
AMT American Tower Corp. 3.18% 12,012 $2.4M Reduce -20.1%
AIG American International Group 3.13% 29,877 $2.3M Reduce -1.9%
GD General Dynamics Corp. 2.95% 7,801 $2.2M Reduce -38.1%
ROST Ross Stores Inc. 2.83% 14,389 $2.1M Reduce -32.8%
GOLF Acushnet Holdings Corp. 2.76% 31,203 $2.1M Reduce -28.5%
PEP Pepsico Inc. 2.67% 11,366 $2.0M Reduce -39.8%
AYI Acuity Inc. 2.42% 6,725 $1.8M Reduce -21.6%
SCHO Schwab Short-Term US Treas 2.40% 37,082 $1.8M Reduce -0.0%
TMO Thermo Fisher Scientific Inc. 2.33% 2,993 $1.7M Reduce -48.9%
GS Goldman Sachs Group Inc. 2.23% 3,978 $1.7M Add +7.4%
WFC Wells Fargo & Co. 2.17% 27,878 $1.6M Reduce -18.0%
ABT Abbott Laboratories 2.10% 13,754 $1.6M Reduce -51.9%
DVN Devon Energy Corp. 2.00% 29,765 $1.5M Reduce -7.5%
DG Dollar General Corp. 1.95% 9,304 $1.5M Reduce -38.8%
MIDD Middleby Corp. 1.88% 8,734 $1.4M Reduce -22.1%
GTX Garrett Motion Inc. 1.57% 117,448 $1.2M Reduce -18.5%
ASO Academy Sports & Outdoors Inc. 1.49% 16,484 $1.1M Reduce -24.7%
JNJ Johnson & Johnson 1.33% 6,290 $995K Reduce -54.6%
VGK Vanguard Ftse Europe ETF 1.23% 13,574 $914K No change
AMZN Amazon.com Inc. 1.22% 5,041 $909K Reduce -28.4%
KO The Coca-Cola Co. 1.20% 14,688 $899K Reduce -36.6%
SCHW Schwab (charles) Corp. 1.16% 11,936 $863K Reduce -41.0%
XOM Exxon Mobil Corp. 1.14% 7,289 $847K Reduce -65.6%
VXUS Vanguard Total Intl Stock 1.04% 12,814 $773K Add +1.1%
SSB Southstate Bank Corp. 0.75% 6,586 $560K Reduce -30.9%
WMB Williams Cos Inc. 0.74% 14,143 $551K Add +126.1%
COP Conocophillips 0.72% 4,214 $536K Reduce -68.1%
GOOGL Alphabet Inc. Class A 0.69% 3,414 $515K No change
VTI VG Morningstar TS MKT ETF-US 0.57% 1,626 $423K Add +6.1%
FFIN First Finl Bankshares Inc. 0.55% 12,465 $409K Reduce -50.8%
O Realty Income Corp. 0.40% 5,457 $295K New
APH Amphenol Corp. Class A 0.27% 1,733 $200K Reduce -1.1%
NUV Nuveen Municipal Value 0.26% 22,000 $192K No change
BSV Vanguard Short-Term Bond ETF 0.25% 2,460 $189K No change
XEL Xcel Energy Inc. 0.24% 3,283 $176K No change
BN Brookfield Corp. 0.18% 3,211 $134K No change
SHY iShares 1-3 Year Treasury Bo 0.17% 1,595 $130K No change
CET Central Securities Corp. 0.17% 3,036 $127K No change
ADP Automatic Data Processing 0.17% 501 $125K Reduce -76.2%
GLD SPDR Gold Shares 0.14% 521 $107K Add +2.4%
ATO Atmos Energy Corp. 0.12% 752 $89K No change
MCD McDonald's Corp. 0.11% 302 $85K Reduce -5.6%
HHH Howard Hughes Holdings Inc. 0.09% 900 $65K No change
ET Energy Transfer LP 0.09% 4,070 $64K No change
ALL Allstate Corp. 0.09% 370 $64K New
FDS Factset Research Systems Inc. 0.09% 140 $64K No change
V Visa Inc. Class A 0.08% 227 $63K No change
EPD Enterprise Products Partners 0.08% 2,151 $63K No change
MDLZ Mondelez International Inc. Class A 0.08% 825 $58K No change
KMB Kimberly-Clark Corp. 0.07% 400 $52K Reduce -60.0%
DUK Duke Energy Corp. 0.06% 500 $48K No change
PG The Procter & Gamble Co. 0.06% 293 $48K Reduce -95.6%
CFR Cullen/Frost Bankers Inc. 0.06% 397 $45K No change
LUV Southwest Airlines Co. 0.06% 1,500 $44K No change
MSI Motorola Solutions Inc. 0.06% 117 $42K No change
BSM Black Stone Minerals LP 0.05% 2,415 $39K Reduce -99.3%
TFPM Triple Flag Precious Met 0.05% 2,579 $37K No change
JPM JPMorgan Chase & Co. 0.05% 182 $36K No change
NVDA Nvidia Corp. 0.05% 40 $36K No change
TPG TPG Inc. 0.05% 758 $34K No change
BN Brookfield Asset Mgmt Inc. 0.04% 797 $33K No change
ACN Accenture PLC Class A 0.04% 87 $30K No change
ADSK Autodesk Inc. 0.04% 111 $29K No change
META Meta Platforms Inc. Class A 0.04% 57 $28K Reduce -81.4%
MINT PIMCO Enhanced Short Maturit 0.04% 269 $27K New
PXD Pioneer Natural Resources Co. 0.04% 100 $26K No change
PSX Phillips 66 0.03% 150 $25K Reduce -95.0%
APA Apa Corp. 0.03% 700 $24K No change
UNH Unitedhealth Group Inc. 0.03% 46 $23K No change
TXN Texas Instruments Inc. 0.03% 127 $22K No change
FISV Fiserv Inc. 0.03% 134 $21K No change
CVX Chevron Corp. 0.03% 127 $20K Reduce -97.0%
IDXX Idexx Laboratories Inc. 0.03% 35 $19K No change
SRUUF Sprott Physical Uranium TR 0.03% 900 $19K New
MDT Medtronic PLC 0.02% 213 $19K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 461 $17K No change
AZO AutoZone Inc. 0.02% 5 $16K No change
HD Home Depot Inc. 0.02% 41 $16K No change
PGR Progressive Corp. 0.02% 73 $15K No change
PBT Permian Basin Royalty Trust 0.02% 1,233 $15K No change
DHR Danaher Corp. 0.02% 59 $15K No change
AON PLC filed as AON Corporation 0.02% 43 $14K New
WMT Walmart Inc. 0.02% 234 $14K No change
CTSH Cognizant Tech Solutions-A 0.02% 180 $13K No change
BND Vanguard Total Bond Market 0.02% 169 $12K Add +333.3%
VRTX Vertex Pharmaceuticals Inc. 0.02% 29 $12K No change
BKNG Booking Holdings Inc. 0.01% 3 $11K No change
ELV Elevance Health Inc. 0.01% 18 $9K No change
AVGO Broadcom Inc. 0.01% 7 $9K No change
NSRGY Nestle SA-Spons ADR 0.01% 87 $9K No change
VRT Vertiv Holdings Co. Class A 0.01% 112 $9K No change
RTX RTX Corp. 0.01% 92 $9K Reduce -96.6%
LIN Linde PLC 0.01% 19 $9K No change
CSX CSX Corp. 0.01% 229 $8K No change
NXPI NXP Semiconductors NV 0.01% 30 $7K No change
EOG EOG Resources Inc. 0.01% 58 $7K No change
COST Costco Wholesale Corp. 0.01% 10 $7K No change
Qualcomm, Inc. 0.01% 42 $7K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 58 $7K No change
ZTS Zoetis Inc. 0.01% 40 $7K No change
VOO Vanguard S&P 500 ETF 0.01% 14 $7K Reduce -90.5%
MRK Merck & Co Inc 0.01% 49 $6K No change
RRX Regal Rexnord Corp. 0.01% 35 $6K No change
NKE Nike Inc. Class B 0.01% 62 $6K No change
URNM Sprott Uranium Miners ETF 0.01% 111 $5K No change
EW Edwards Lifesciences Corp. 0.01% 53 $5K No change
OTIS Otis Worldwide Corp. 0.01% 50 $5K No change
STEL Stellar Bancorp Inc. 0.01% 200 $5K No change
REGN Regeneron Pharmaceuticals 0.01% 5 $5K No change
LLY Eli Lilly & Co. 0.01% 6 $5K Reduce -99.8%
ADBE Adobe Inc. 0.01% 9 $5K No change
CCJ Cameco Corp. 0.01% 100 $4K New
CRM Salesforce Inc. 0.01% 14 $4K No change
NEE Nextera Energy Inc. 0.01% 61 $4K No change
FWONK Liberty Media Corp.-Liberty-C 0.01% 58 $4K No change
SWN Southwestern Energy Co. 0.01% 500 $4K No change
ABBV Abbvie Inc. 0.00% 20 $4K Reduce -99.7%
ORLY O'reilly Automotive Inc. 0.00% 3 $3K No change
VFH Vanguard Financials ETF 0.00% 31 $3K No change
URA Global X Uranium ETF 0.00% 100 $3K New
LUNMF Lundin Mining Corp. 0.00% 280 $3K No change
PLD Prologis Inc. 0.00% 21 $3K No change
PAYX Paychex Inc. 0.00% 22 $3K No change
ALGN Align Technology Inc. 0.00% 8 $3K No change
URI United Rentals Inc. 0.00% 3 $2K No change
PM Philip Morris International 0.00% 23 $2K No change
GE General Electric Company 0.00% 12 $2K No change
ICE Intercontinental Exchange Inc. filed as Intrcontinentalexchange 0.00% 15 $2K No change
MA Mastercard Inc. Class A 0.00% 4 $2K No change
LMT Lockheed Martin Corp. 0.00% 4 $2K Reduce -99.4%
VLTO Veralto Corp. 0.00% 19 $2K No change
MRSH Marsh & McLennan Cos 0.00% 8 $2K No change
FECCF Frontera Energy Corp. 0.00% 266 $2K No change
VWO Vanguard Ftse Emerging Marke 0.00% 37 $2K No change
IR Ingersoll-Rand Inc. 0.00% 15 $1K No change
SIX Six Flags Entertainment Corp. 0.00% 42 $1K No change
CBOE Cboe Global Markets Inc. 0.00% 6 $1K No change
TCEHY Tencent Holdings Ltd.-Uns ADR 0.00% 28 $1K No change
MO Altria Group 0.00% 24 $1K No change
HON Honeywell International Inc. 0.00% 5 $1K No change
NERD Roundhill Video Games ETF 0.00% 65 $1K No change
NOC Northrop Grumman Corp. 0.00% 2 $957 No change
KDP Keurig Dr Pepper Inc. 0.00% 29 $889 No change
UAL United Airlines Holdings Inc. 0.00% 18 $862 No change
ARKK ARK Innovation ETF 0.00% 13 $651 Reduce -98.9%
CME Cme Group Inc. 0.00% 3 $646 No change
GEHC GE Healthcare Technology 0.00% 4 $364 No change
RUN Sunrun Inc. 0.00% 26 $343 No change
LLYVK Liberty Media Corp.-Liberty-C 0.00% 2 $88 No change
ETN Eaton Corporation 0.00% 48 $15 No change

Portfolio Sells Q4 2023 → Q1 2024
BSM Black Stone Minerals LP Reduce -99.3% 0.05% −4.07
EQIX Equinix Inc. Sold out 0.00% −2.29
MSFT Microsoft Corp. Reduce -57.0% 7.42% −1.39
AAPL Apple Inc. Reduce -44.2% 8.91% −1.32
LLY Eli Lilly & Co. Reduce -99.8% 0.01% −1.19
AMGN Amgen Inc. Sold out 0.00% −0.73
ABBV Abbvie Inc. Reduce -99.7% 0.00% −0.73
PG The Procter & Gamble Co. Reduce -95.6% 0.06% −0.69
XOM Exxon Mobil Corp. Reduce -65.6% 1.14% −0.49
COP Conocophillips Reduce -68.1% 0.72% −0.45
CVX Chevron Corp. Reduce -97.0% 0.03% −0.45
ITW Illinois Tool Works Sold out 0.00% −0.40
WTM White Mountains Insurance GP Sold out 0.00% −0.37
JNJ Johnson & Johnson Reduce -54.6% 1.33% −0.33
ABT Abbott Laboratories Reduce -51.9% 2.10% −0.31
Realty Incm Corp Sold out 0.00% −0.29
PSX Phillips 66 Reduce -95.0% 0.03% −0.27
CSCO Cisco Systems Inc. Sold out 0.00% −0.26
NRIIX Nuveen Real Asset Income-I Sold out 0.00% −0.25
PFE Pfizer Inc. Sold out 0.00% −0.25
LMT Lockheed Martin Corp. Reduce -99.4% 0.00% −0.24
ADP Automatic Data Processing Reduce -76.2% 0.17% −0.21
CLX Clorox Company Sold out 0.00% −0.19
UL Unilever PLC Sold out 0.00% −0.19
RTX RTX Corp. Reduce -96.6% 0.01% −0.16
BP BP PLC-Spons ADR Sold out 0.00% −0.11
INTC Intel Corp. Sold out 0.00% −0.10
BG Bunge Global SA Sold out 0.00% −0.08
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.07
CAG Conagra Brands Inc. Sold out 0.00% −0.07
DKS Dick's Sporting Goods Inc. Sold out 0.00% −0.06
BBVA Banco Bilbao Vizcaya-SP ADR Sold out 0.00% −0.05
ARKK ARK Innovation ETF Reduce -98.9% 0.00% −0.05
CVS CVS Health Corp. Sold out 0.00% −0.05
TMO Thermo Fisher Scientific Inc. Reduce -48.9% 2.33% −0.05
META Meta Platforms Inc. Class A Reduce -81.4% 0.04% −0.05
VOO Vanguard S&P 500 ETF Reduce -90.5% 0.01% −0.04
FFIN First Finl Bankshares Inc. Reduce -50.8% 0.55% −0.04
IP International Paper Co. Sold out 0.00% −0.03
DOW Dow Inc. Sold out 0.00% −0.03
VEA Vanguard Ftse Developed ETF Sold out 0.00% −0.02
KMB Kimberly-Clark Corp. Reduce -60.0% 0.07% −0.02
LYB Lyondellbasell Indu Class A Sold out 0.00% −0.02
ADM Archer-Daniels-Midland Co. Sold out 0.00% −0.02
KMI Kinder Morgan Inc. Sold out 0.00% −0.02
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.02
DD Dupont DE Nemours Inc. Sold out 0.00% −0.01
MCD McDonald's Corp. Reduce -5.6% 0.11% +0.04
SCHW Schwab (charles) Corp. Reduce -41.0% 1.16% +0.09
APH Amphenol Corp. Class A Reduce -1.1% 0.27% +0.14

Portfolio Buys Q4 2023 → Q1 2024
GS Goldman Sachs Group Inc. Add +7.4% 2.23% +0.58
WMB Williams Cos Inc. Add +126.1% 0.74% +0.57
VXUS Vanguard Total Intl Stock Add +1.1% 1.04% +0.47
O Realty Income Corp. New 0.40% +0.40
VTI VG Morningstar TS MKT ETF-US Add +6.1% 0.57% +0.29
ALL Allstate Corp. New 0.09% +0.09
GLD SPDR Gold Shares Add +2.4% 0.14% +0.07
MINT PIMCO Enhanced Short Maturit New 0.04% +0.04
SRUUF Sprott Physical Uranium TR New 0.03% +0.03
AON PLC New 0.02% +0.02
BND Vanguard Total Bond Market Add +333.3% 0.02% +0.01
CCJ Cameco Corp. New 0.01% +0.01
URA Global X Uranium ETF New 0.00% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 221$167.2MMTDR, AAPL, MSFT, GOOG, BERKSHIRE HATHAWAY INC
Q1 2026 191$167.3MMTDR, AAPL, MSFT, GOOG, BERKSHIRE HATHAWAY INC
Q4 2025 189$162.6MMSFT, AAPL, MTDR, GOOG, BERKSHIRE HATHAWAY INC
Q3 2025 159$152.3MMTDR, AAPL, ORCL, MSFT, BERKSHIRE HATHAWAY INC
Q2 2025 160$152.9MMSFT, MTDR, AAPL, BERKSHIRE HATHAWAY INC, ORCL
Q1 2025 163$144.0MMTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, GOOG
Q4 2024 148$78.9MMTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, ORCL
Q3 2024 146$85.6MAAPL, MTDR, MSFT, BERKSHIRE HATHAWAY INC, ORCL
Q2 2024 153$75.7MMTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, GOOG
Q1 2024 156$74.6MMTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, ORCL