Lummis Asset Management, LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 15, 2025), Lummis Asset Management, LP reported 148 stock positions worth $78.9 million. Its top holding was Matador Resources (MTDR) at 13.5% of the portfolio, followed by Apple (AAPL, 11.8%) and Microsoft (MSFT, 6.8%). Compared with Q3 2024, it opened 7 new positions, sold out of 5, added to 3 and reduced 45. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +2%) and the biggest sale Microsoft (MSFT, shares −22%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0002011652
Portfolio Value
$78.9M (Q4 2024)
SEC Filing
0002011652-25-000001 ↗ filed Jan 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $74.6M Q1 2024 Q2 2024: $75.7M Q2 2024 Q3 2024: $85.6M Q3 2024 Q4 2024: $78.9M $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 148 stocks · $78.9M
MTDR Matador Resources Co. 13.53% 189,864 $10.7M Reduce -0.7%
AAPL Apple Inc. 11.84% 37,308 $9.3M Reduce -10.1%
MSFT Microsoft Corp. 6.82% 12,762 $5.4M Reduce -21.9%
BERKSHIRE HATHAWAY INC 5.09% 8,872 $4.0M Reduce -14.7%
ORCL Oracle Corp. 4.96% 23,482 $3.9M Reduce -5.3%
GOOG Alphabet Inc. Class C 4.49% 18,601 $3.5M Reduce -12.7%
GS Goldman Sachs Group Inc. 2.81% 3,872 $2.2M Reduce -1.9%
AIG American International Group 2.80% 30,310 $2.2M Reduce -3.2%
AMT American Tower Corp. 2.79% 12,012 $2.2M No change
ROST Ross Stores Inc. 2.69% 14,022 $2.1M Reduce -11.2%
GOLF Acushnet Holdings Corp. 2.67% 29,642 $2.1M Reduce -14.1%
GD General Dynamics Corp. 2.56% 7,680 $2.0M Reduce -25.9%
AYI Acuity Inc. 2.47% 6,673 $1.9M Reduce -1.5%
WFC Wells Fargo & Co. 2.45% 27,559 $1.9M Reduce -1.8%
PEP Pepsico Inc. 2.18% 11,332 $1.7M Reduce -0.4%
ABT Abbott Laboratories 1.99% 13,902 $1.6M Reduce -17.4%
GTX Garrett Motion Inc. 1.93% 168,705 $1.5M Reduce -3.7%
TMO Thermo Fisher Scientific Inc. 1.91% 2,902 $1.5M Reduce -25.4%
TFPM Triple Flag Precious Met 1.73% 90,771 $1.4M Reduce -7.5%
SCHO Schwab Short-Term US Treas 1.58% 51,776 $1.2M Reduce -28.3%
MIDD Middleby Corp. 1.51% 8,784 $1.2M Reduce -2.2%
AMZN Amazon.com Inc. 1.40% 5,041 $1.1M No change
DVN Devon Energy Corp. 1.30% 31,429 $1.0M Add +2.3%
KO The Coca-Cola Co. 1.16% 14,675 $914K Reduce -1.5%
JNJ Johnson & Johnson 1.15% 6,253 $904K Reduce -0.0%
SCHW Schwab (charles) Corp. 1.12% 11,969 $886K No change
VGK Vanguard Ftse Europe ETF 1.09% 13,551 $860K Reduce -1.9%
XOM Exxon Mobil Corp. 1.04% 7,647 $823K Reduce -0.4%
WMB Williams Cos Inc. 0.97% 14,133 $765K Reduce -3.4%
VXUS Vanguard Total Intl Stock 0.95% 12,789 $754K Reduce -2.1%
DG Dollar General Corp. 0.88% 9,118 $691K Reduce -4.1%
SSB Southstate Bank Corp. 0.83% 6,608 $657K Reduce -1.3%
GOOGL Alphabet Inc. Class A 0.81% 3,384 $641K No change
VTI VG Morningstar TS MKT ETF-US 0.60% 1,625 $471K Add +1.9%
FFIN First Finl Bankshares Inc. 0.57% 12,465 $449K No change
COP Conocophillips 0.52% 4,141 $411K Reduce -0.4%
XEL Xcel Energy Inc. 0.42% 4,949 $334K No change
O Realty Income Corp. 0.35% 5,154 $275K Reduce -5.5%
APH Amphenol Corp. Class A 0.29% 3,318 $230K No change
BSV Vanguard Short-Term Bond ETF 0.24% 2,460 $190K No change
NUV Nuveen Municipal Value 0.24% 22,000 $189K No change
BN Brookfield Corp. 0.23% 3,211 $184K No change
ATO Atmos Energy Corp. 0.20% 1,128 $157K No change
ADP Automatic Data Processing 0.18% 498 $146K Reduce -0.2%
CET Central Securities Corp. 0.18% 3,036 $139K No change
SHY iShares 1-3 Year Treasury Bo 0.17% 1,595 $131K No change
GLD SPDR Gold Shares 0.16% 521 $126K Reduce -0.8%
MCD McDonald's Corp. 0.10% 282 $82K No change
ET Energy Transfer LP 0.10% 4,070 $80K No change
V Visa Inc. Class A 0.09% 227 $72K No change
EPD Enterprise Products Partners 0.09% 2,151 $67K Add +11.3%
FDS Factset Research Systems Inc. 0.09% 140 $67K No change
MINT PIMCO Enhanced Short Maturit 0.07% 541 $54K No change
MSI Motorola Solutions Inc. 0.07% 117 $54K No change
DUK Duke Energy Corp. 0.07% 500 $54K No change
NVDA Nvidia Corp. 0.07% 400 $54K No change
CFR Cullen/Frost Bankers Inc. 0.07% 397 $53K No change
KMB Kimberly-Clark Corp. 0.07% 400 $52K No change
LUV Southwest Airlines Co. 0.06% 1,500 $50K No change
MDLZ Mondelez International Inc. Class A 0.06% 825 $49K No change
PG The Procter & Gamble Co. 0.06% 293 $49K No change
BSM Black Stone Minerals LP 0.06% 2,995 $44K No change
JPM JPMorgan Chase & Co. 0.06% 182 $44K Reduce -78.8%
BN Brookfield Asset Mgmt Inc. 0.05% 797 $43K No change
META Meta Platforms Inc. Class A 0.04% 57 $33K No change
ADSK Autodesk Inc. 0.04% 111 $33K No change
ACN Accenture PLC Class A 0.04% 87 $31K No change
FISV Fiserv Inc. 0.03% 128 $26K Reduce -0.8%
HHH Howard Hughes Holdings Inc. 0.03% 340 $26K No change
TPG TPG Inc. 0.03% 379 $24K Reduce -50.0%
TXN Texas Instruments Inc. 0.03% 127 $24K No change
UNH Unitedhealth Group Inc. 0.03% 46 $23K No change
WMT Walmart Inc. 0.03% 234 $21K No change
PBT Permian Basin Royalty Trust 0.03% 1,850 $20K No change
CVX Chevron Corp. 0.02% 127 $18K No change
PGR Progressive Corp. 0.02% 73 $17K No change
PSX Phillips 66 0.02% 150 $17K No change
MDT Medtronic PLC 0.02% 213 $17K No change
AVGO Broadcom Inc. 0.02% 70 $16K No change
APA Apa Corp. 0.02% 700 $16K No change
AZO AutoZone Inc. 0.02% 5 $16K No change
HD Home Depot Inc. 0.02% 41 $16K No change
ETN Eaton Corporation 0.02% 48 $16K No change
SRUUF Sprott Physical Uranium TR 0.02% 900 $16K New
AON PLC filed as AON Corporation 0.02% 43 $15K No change
BKNG Booking Holdings Inc. 0.02% 3 $15K No change
IDXX Idexx Laboratories Inc. 0.02% 35 $14K No change
CTSH Cognizant Tech Solutions-A 0.02% 180 $14K No change
DHR Danaher Corp. 0.02% 59 $14K No change
VRT Vertiv Holdings Co. Class A 0.02% 112 $13K Reduce -21.1%
BND Vanguard Total Bond Market 0.02% 169 $12K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 29 $12K No change
RTX RTX Corp. 0.01% 92 $11K No change
COST Costco Wholesale Corp. 0.01% 10 $9K No change
LIN Linde PLC 0.01% 19 $8K No change
VOO Vanguard S&P 500 ETF 0.01% 14 $8K Reduce -89.5%
CSX CSX Corp. 0.01% 229 $7K No change
EOG EOG Resources Inc. 0.01% 58 $7K No change
NSRGY Nestle SA-Spons ADR 0.01% 87 $7K No change
ELV Elevance Health Inc. 0.01% 18 $7K No change

Show all 148 holdings

Portfolio Sells Q3 2024 → Q4 2024
MSFT Microsoft Corp. Reduce -21.9% 6.82% −1.40
GD General Dynamics Corp. Reduce -25.9% 2.56% −1.10
TMO Thermo Fisher Scientific Inc. Reduce -25.4% 1.91% −0.90
BERKSHIRE HATHAWAY INC Reduce -14.7% 5.09% −0.49
SCHO Schwab Short-Term US Treas Reduce -28.3% 1.58% −0.49
ITW Illinois Tool Works Sold out 0.00% −0.31
ABT Abbott Laboratories Reduce -17.4% 1.99% −0.25
MTB M & T Bank Corp. Sold out 0.00% −0.16
JPM JPMorgan Chase & Co. Reduce -78.8% 0.06% −0.16
LMT Lockheed Martin Corp. Reduce -98.3% 0.00% −0.15
TFPM Triple Flag Precious Met Reduce -7.5% 1.73% −0.13
KO The Coca-Cola Co. Reduce -1.5% 1.16% −0.09
ROST Ross Stores Inc. Reduce -11.2% 2.69% −0.09
PEP Pepsico Inc. Reduce -0.4% 2.18% −0.08
VOO Vanguard S&P 500 ETF Reduce -89.5% 0.01% −0.07
DG Dollar General Corp. Reduce -4.1% 0.88% −0.06
VGK Vanguard Ftse Europe ETF Reduce -1.9% 1.09% −0.06
O Realty Income Corp. Reduce -5.5% 0.35% −0.06
VEA Vanguard Ftse Developed ETF Sold out 0.00% −0.04
JNJ Johnson & Johnson Reduce -0.0% 1.15% −0.04
VXUS Vanguard Total Intl Stock Reduce -2.1% 0.95% −0.03
BAC Bank of America Corp. Sold out 0.00% −0.02
TPG TPG Inc. Reduce -50.0% 0.03% −0.02
VWO Vanguard Ftse Emerging Marke Reduce -82.1% 0.00% −0.01
XOM Exxon Mobil Corp. Reduce -0.4% 1.04% −0.01
SLV iShares Silver Trust Sold out 0.00% −0.00
LUNMF Lundin Mining Corp. Reduce -20.7% 0.00% −0.00
TCEHY Tencent Holdings Ltd.-Uns ADR Reduce -22.2% 0.00% −0.00
VRT Vertiv Holdings Co. Class A Reduce -21.1% 0.02% −0.00
FECCF Frontera Energy Corp. Reduce -18.9% 0.00% −0.00
UAL United Airlines Holdings Inc. Reduce -28.6% 0.00% +0.00
CRM Salesforce Inc. Reduce -12.5% 0.01% +0.00
FWONK Liberty Media Corp.-Liberty-C Reduce -10.8% 0.01% +0.00
FISV Fiserv Inc. Reduce -0.8% 0.03% +0.01
COP Conocophillips Reduce -0.4% 0.52% +0.01
GLD SPDR Gold Shares Reduce -0.8% 0.16% +0.01
ORCL Oracle Corp. Reduce -5.3% 4.96% +0.02
ADP Automatic Data Processing Reduce -0.2% 0.18% +0.02
MIDD Middleby Corp. Reduce -2.2% 1.51% +0.05
SSB Southstate Bank Corp. Reduce -1.3% 0.83% +0.07
GOLF Acushnet Holdings Corp. Reduce -14.1% 2.67% +0.10
AIG American International Group Reduce -3.2% 2.80% +0.12
WMB Williams Cos Inc. Reduce -3.4% 0.97% +0.19
GTX Garrett Motion Inc. Reduce -3.7% 1.93% +0.26
AYI Acuity Inc. Reduce -1.5% 2.47% +0.29
GOOG Alphabet Inc. Class C Reduce -12.7% 4.49% +0.33
GS Goldman Sachs Group Inc. Reduce -1.9% 2.81% +0.53
AAPL Apple Inc. Reduce -10.1% 11.84% +0.54
WFC Wells Fargo & Co. Reduce -1.8% 2.45% +0.60
MTDR Matador Resources Co. Reduce -0.7% 13.53% +2.50

Portfolio Buys Q3 2024 → Q4 2024
VTI VG Morningstar TS MKT ETF-US Add +1.9% 0.60% +0.07
EPD Enterprise Products Partners Add +11.3% 0.09% +0.02
SRUUF Sprott Physical Uranium TR New 0.02% +0.02
CCJ Cameco Corp. New 0.01% +0.01
URNM Sprott Uranium Miners ETF New 0.01% +0.01
VFH Vanguard Financials ETF New 0.00% +0.00
URA Global X Uranium ETF New 0.00% +0.00
ARKK ARK Innovation ETF New 0.00% +0.00
RUN Sunrun Inc. New 0.00% +0.00
DVN Devon Energy Corp. Add +2.3% 1.30% −0.10

Notes & Other Activity Q3 2024 → Q4 2024
SEAPORT ENTERTAINMENT GR-RTS RIGHT 10/10/2024 Sold out 36 $106before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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