Lummis Asset Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Lummis Asset Management, LP reported 163 stock positions worth $144.0 million. Its top holding was Matador Resources (MTDR) at 10.7% of the portfolio, followed by Apple (AAPL, 9.7%) and Microsoft (MSFT, 9.0%). Compared with Q4 2024, it opened 27 new positions, sold out of 12, added to 55 and reduced 5. The biggest buy was Black Stone Minerals (BSM, shares +11269%) and the biggest sale Middleby (MIDD, shares −93%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0002011652
Portfolio Value
$144.0M (Q1 2025)
SEC Filing
0002011652-25-000002 ↗ filed May 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 Q4 2024 Q1 2025: $144.0M $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 163 stocks · $144.0M
MTDR Matador Resources Co. 10.69% 333,390 $15.4M Add +75.6%
AAPL Apple Inc. 9.75% 64,190 $14.0M Add +72.0%
MSFT Microsoft Corp. 8.96% 33,456 $12.9M Add +162.2%
BERKSHIRE HATHAWAY INC 6.05% 16,360 $8.7M Add +84.4%
GOOG Alphabet Inc. Class C 3.68% 33,545 $5.3M Add +80.3%
BSM Black Stone Minerals LP 3.34% 340,513 $4.8M Add +11269.4%
ORCL Oracle Corp. 3.24% 33,305 $4.7M Add +41.8%
ABT Abbott Laboratories 2.87% 31,371 $4.1M Add +125.7%
GD General Dynamics Corp. 2.86% 15,097 $4.1M Add +96.6%
AIG American International Group 2.52% 42,364 $3.6M Add +39.8%
AMT American Tower Corp. 2.29% 15,032 $3.3M Add +25.1%
EQIX Equinix Inc. 2.23% 3,723 $3.2M New
TMO Thermo Fisher Scientific Inc. 2.17% 6,683 $3.1M Add +130.3%
GOLF Acushnet Holdings Corp. 2.17% 46,004 $3.1M Add +55.2%
GS Goldman Sachs Group Inc. 2.08% 5,490 $3.0M Add +41.8%
ROST Ross Stores Inc. 2.06% 22,571 $3.0M Add +61.0%
PEP Pepsico Inc. 1.88% 18,815 $2.7M Add +66.0%
TFPM Triple Flag Precious Met 1.80% 132,116 $2.6M Add +45.5%
AYI Acuity Inc. 1.70% 9,487 $2.4M Add +42.2%
WFC Wells Fargo & Co. 1.68% 33,751 $2.4M Add +22.5%
LLY Eli Lilly & Co. 1.67% 2,674 $2.4M Add +44466.7%
XOM Exxon Mobil Corp. 1.65% 21,554 $2.4M Add +181.9%
JNJ Johnson & Johnson 1.53% 13,743 $2.2M Add +119.8%
GTX Garrett Motion Inc. 1.33% 224,155 $1.9M Add +32.9%
KO The Coca-Cola Co. 1.16% 23,225 $1.7M Add +58.3%
SCHW Schwab (charles) Corp. 1.11% 20,055 $1.6M Add +67.6%
DG Dollar General Corp. 0.94% 15,056 $1.4M Add +65.1%
DVN Devon Energy Corp. 0.92% 36,186 $1.3M Add +15.1%
AMZN Amazon.com Inc. 0.92% 7,041 $1.3M Add +39.7%
SCHO Schwab Short-Term US Treas 0.90% 53,458 $1.3M Add +3.3%
COP Conocophillips 0.85% 12,962 $1.2M Add +213.0%
ABBV Abbvie Inc. 0.84% 6,229 $1.2M Add +31045.0%
PG The Procter & Gamble Co. 0.76% 6,700 $1.1M Add +2186.7%
VGK Vanguard Ftse Europe ETF 0.71% 14,539 $1.0M Add +7.3%
AMGN Amgen Inc. 0.67% 3,333 $970K New
WMB Williams Cos Inc. 0.63% 15,165 $906K Add +7.3%
FFIN First Finl Bankshares Inc. 0.61% 25,116 $872K Add +101.5%
SSB Southstate Bank Corp. 0.60% 9,551 $869K Add +44.5%
CVX Chevron Corp. 0.59% 6,247 $854K Add +4818.9%
VXUS Vanguard Total Intl Stock 0.57% 13,183 $819K Add +3.1%
ITW Illinois Tool Works 0.51% 3,015 $732K New
ADP Automatic Data Processing 0.43% 2,070 $625K Add +315.7%
WTM White Mountains Insurance GP 0.40% 325 $574K New
GOOGL Alphabet Inc. Class A 0.36% 3,384 $523K No change
VTI VG Morningstar TS MKT ETF-US 0.30% 1,595 $438K Reduce -1.9%
LMT Lockheed Martin Corp. 0.30% 927 $436K Add +23075.0%
CSCO Cisco Systems Inc. 0.27% 6,668 $385K New
O Realty Income Corp. 0.25% 6,309 $366K Add +22.4%
XEL Xcel Energy Inc. 0.24% 4,949 $350K No change
RTX CORPORATION 0.23% 2,621 $331K New
UL Unilever PLC 0.22% 5,000 $318K New
PFE Pfizer Inc. 0.19% 11,314 $276K New
CLX Clorox Company 0.17% 1,734 $247K New
APH Amphenol Corp. Class A 0.15% 3,236 $212K Reduce -2.5%
JPM JPMorgan Chase & Co. 0.15% 858 $210K Add +371.4%
NUV Nuveen Municipal Value 0.13% 22,000 $193K No change
BSV Vanguard Short-Term Bond ETF 0.13% 2,460 $193K No change
NSRGY Nestle SA-Spons ADR 0.13% 1,753 $186K Add +1914.9%
ATO Atmos Energy Corp. 0.12% 1,128 $174K No change
META Meta Platforms Inc. Class A 0.12% 307 $170K Add +438.6%
BN Brookfield Corp. 0.12% 3,211 $168K No change
GLD SPDR Gold Shares 0.11% 525 $151K Add +0.8%
CET Central Securities Corp. 0.09% 3,036 $136K No change
KMB Kimberly-Clark Corp. 0.09% 1,000 $136K Add +150.0%
SHY iShares 1-3 Year Treasury Bo 0.09% 1,595 $132K No change
BP BP PLC-Spons ADR 0.08% 4,239 $116K New
VDC Vanguard Consumer Staple ETF 0.08% 490 $108K New
BBVA Banco Bilbao Vizcaya-SP ADR 0.07% 7,471 $102K New
DKS Dick's Sporting Goods Inc. 0.07% 507 $95K New
MIDD Middleby Corp. 0.07% 605 $95K Reduce -93.1%
MCD McDonald's Corp. 0.06% 275 $86K Reduce -2.5%
V Visa Inc. Class A 0.06% 227 $80K No change
BG Bunge Global SA 0.05% 1,000 $79K New
ET Energy Transfer LP 0.05% 4,070 $76K No change
VOO Vanguard S&P 500 ETF 0.05% 133 $68K Add +850.0%
EPD Enterprise Products Partners 0.05% 1,932 $66K Reduce -10.2%
FDS Factset Research Systems Inc. 0.04% 140 $64K No change
DUK Duke Energy Corp. 0.04% 500 $61K No change
CP Canadian Pac Railway 0.04% 864 $61K New
MDLZ Mondelez International Inc. Class A 0.04% 825 $56K No change
MINT PIMCO Enhanced Short Maturit 0.04% 541 $54K No change
CVS CVS Health Corp. 0.04% 800 $53K New
MSI Motorola Solutions Inc. 0.04% 117 $51K No change
LUV Southwest Airlines Co. 0.04% 1,500 $50K No change
CFR Cullen/Frost Bankers Inc. 0.03% 397 $50K No change
International Paper Co 0.03% 1,000 $46K New
NVDA Nvidia Corp. 0.03% 400 $43K No change
KMI Kinder Morgan Inc. 0.03% 1,500 $39K New
BN Brookfield Asset Mgmt Inc. 0.03% 797 $39K No change
NFLX Netflix Inc. 0.03% 34 $38K New
CAG Conagra Brands Inc. 0.03% 1,500 $37K New
VEA Vanguard Ftse Developed ETF 0.02% 646 $33K New
ADSK Autodesk Inc. 0.02% 111 $29K No change
FISV Fiserv Inc. 0.02% 128 $28K No change
ACN Accenture PLC Class A 0.02% 87 $27K No change
LW Lamb Weston Holdings Inc. 0.02% 500 $26K New
HHH Howard Hughes Holdings Inc. 0.02% 340 $25K No change
UNH Unitedhealth Group Inc. 0.02% 46 $24K No change
TXN Texas Instruments Inc. 0.02% 127 $23K No change
PGR Progressive Corp. 0.01% 73 $21K No change
WMT Walmart Inc. 0.01% 234 $21K No change
DOW Dow Inc. 0.01% 633 $19K New
MDT Medtronic PLC 0.01% 213 $19K No change
AZO AutoZone Inc. 0.01% 5 $19K No change
PSX Phillips 66 0.01% 150 $19K No change
PBT Permian Basin Royalty Trust 0.01% 1,850 $18K No change
TPG TPG Inc. 0.01% 379 $18K No change
LYB Lyondellbasell Indu Class A 0.01% 300 $17K New
AON PLC filed as AON Corporation 0.01% 43 $17K No change
HD Home Depot Inc. 0.01% 41 $15K No change
APA Apa Corp. 0.01% 700 $15K No change
IDXX Idexx Laboratories Inc. 0.01% 35 $15K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 29 $14K No change
BKNG Booking Holdings Inc. 0.01% 3 $14K No change
CTSH Cognizant Tech Solutions-A 0.01% 180 $14K No change
ETN Eaton Corporation 0.01% 48 $13K No change
BND Vanguard Total Bond Market 0.01% 169 $12K No change
RTX RTX Corp. 0.01% 92 $12K No change
DHR Danaher Corp. 0.01% 59 $12K No change
AVGO Broadcom Inc. 0.01% 70 $12K No change
VRT Vertiv Holdings Co. Class A 0.01% 142 $10K Add +26.8%
VWO Vanguard Ftse Emerging Marke 0.01% 212 $10K Add +473.0%
COST Costco Wholesale Corp. 0.01% 10 $9K No change
LIN Linde PLC 0.01% 19 $9K No change
DD Dupont DE Nemours Inc. 0.01% 133 $9K New
ELV Elevance Health Inc. 0.01% 18 $8K No change
EOG EOG Resources Inc. 0.01% 58 $7K No change
CSX CSX Corp. 0.00% 229 $7K No change
ZTS Zoetis Inc. 0.00% 40 $7K No change
QCOM Qualcomm Inc. 0.00% 42 $6K No change
FWONK Liberty Media Corp.-Liberty-C 0.00% 65 $6K Add +12.1%
STEL Stellar Bancorp Inc. 0.00% 200 $6K No change
EXE Expand Energy Corp. 0.00% 43 $5K New
NEE Nextera Energy Inc. 0.00% 61 $4K No change
ORLY O'reilly Automotive Inc. 0.00% 3 $4K No change
CRM Salesforce Inc. 0.00% 16 $4K Add +14.3%
EW Edwards Lifesciences Corp. 0.00% 53 $4K No change
PM Philip Morris International 0.00% 23 $4K No change
ADBE Adobe Inc. 0.00% 9 $3K No change
PAYX Paychex Inc. 0.00% 22 $3K No change
LUNMF Lundin Mining Corp. 0.00% 353 $3K Add +26.1%
SLV iShares Silver Trust 0.00% 85 $3K New
ICE Intercontinental Exchange Inc. filed as Intrcontinentalexchange 0.00% 15 $3K No change
GE General Electric Company 0.00% 12 $2K No change
PLD Prologis Inc. 0.00% 21 $2K No change
TCEHY Tencent Holdings Ltd.-Uns ADR 0.00% 36 $2K Add +28.6%
MA Mastercard Inc. Class A 0.00% 4 $2K No change
URI United Rentals Inc. 0.00% 3 $2K No change
VLTO Veralto Corp. 0.00% 19 $2K No change
FECCF Frontera Energy Corp. 0.00% 328 $2K Add +23.3%
UAL United Airlines Holdings Inc. 0.00% 21 $1K Add +40.0%
CBOE Cboe Global Markets Inc. 0.00% 6 $1K No change
NERD Roundhill Video Games ETF 0.00% 65 $1K No change
ALGN Align Technology Inc. 0.00% 8 $1K No change
IR Ingersoll-Rand Inc. 0.00% 15 $1K No change
HON Honeywell International Inc. 0.00% 5 $1K No change
NOC Northrop Grumman Corp. 0.00% 2 $1K No change
GEV GE Vernova Inc. 0.00% 3 $916 No change
FUN Six Flags Entertainment Corp. 0.00% 24 $856 No change
CME Cme Group Inc. 0.00% 3 $796 No change
SEG Seaport Entertainment Group 0.00% 36 $773 No change
GEHC GE Healthcare Technology 0.00% 4 $323 No change
LLYVK Liberty Media Corp.-Liberty-C 0.00% 2 $136 No change

Portfolio Sells Q4 2024 → Q1 2025
MIDD Middleby Corp. Reduce -93.1% 0.07% −1.44
VTI VG Morningstar TS MKT ETF-US Reduce -1.9% 0.30% −0.29
APH Amphenol Corp. Class A Reduce -2.5% 0.15% −0.14
MCD McDonald's Corp. Reduce -2.5% 0.06% −0.04
EPD Enterprise Products Partners Reduce -10.2% 0.05% −0.04
SRUUF Sprott Physical Uranium TR Sold out 0.00% −0.02
NXPI NXP Semiconductors NV Sold out 0.00% −0.01
CCJ Cameco Corp. Sold out 0.00% −0.01
MRK Merck & Co Inc Sold out 0.00% −0.01
URNM Sprott Uranium Miners ETF Sold out 0.00% −0.01
VFH Vanguard Financials ETF Sold out 0.00% −0.00
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.00
URA Global X Uranium ETF Sold out 0.00% −0.00
MRSH Marsh & McLennan Cos Sold out 0.00% −0.00
ARKK ARK Innovation ETF Sold out 0.00% −0.00
RUN Sunrun Inc. Sold out 0.00% −0.00
SWN Southwestern Energy Co. Sold out 0.00% 0.00

Portfolio Buys Q4 2024 → Q1 2025
BSM Black Stone Minerals LP Add +11269.4% 3.34% +3.28
EQIX Equinix Inc. New 2.23% +2.23
MSFT Microsoft Corp. Add +162.2% 8.96% +2.15
LLY Eli Lilly & Co. Add +44466.7% 1.67% +1.66
BERKSHIRE HATHAWAY INC Add +84.4% 6.05% +0.96
ABT Abbott Laboratories Add +125.7% 2.87% +0.88
ABBV Abbvie Inc. Add +31045.0% 0.84% +0.84
PG The Procter & Gamble Co. Add +2186.7% 0.76% +0.70
AMGN Amgen Inc. New 0.67% +0.67
XOM Exxon Mobil Corp. Add +181.9% 1.65% +0.61
CVX Chevron Corp. Add +4818.9% 0.59% +0.57
ITW Illinois Tool Works New 0.51% +0.51
WTM White Mountains Insurance GP New 0.40% +0.40
JNJ Johnson & Johnson Add +119.8% 1.53% +0.39
COP Conocophillips Add +213.0% 0.85% +0.33
LMT Lockheed Martin Corp. Add +23075.0% 0.30% +0.30
GD General Dynamics Corp. Add +96.6% 2.86% +0.29
CSCO Cisco Systems Inc. New 0.27% +0.27
TMO Thermo Fisher Scientific Inc. Add +130.3% 2.17% +0.26
ADP Automatic Data Processing Add +315.7% 0.43% +0.25
RTX CORPORATION New 0.23% +0.23
UL Unilever PLC New 0.22% +0.22
PFE Pfizer Inc. New 0.19% +0.19
CLX Clorox Company New 0.17% +0.17
NSRGY Nestle SA-Spons ADR Add +1914.9% 0.13% +0.12
JPM JPMorgan Chase & Co. Add +371.4% 0.15% +0.09
BP BP PLC-Spons ADR New 0.08% +0.08
META Meta Platforms Inc. Class A Add +438.6% 0.12% +0.08
VDC Vanguard Consumer Staple ETF New 0.08% +0.08
BBVA Banco Bilbao Vizcaya-SP ADR New 0.07% +0.07
DG Dollar General Corp. Add +65.1% 0.94% +0.07
DKS Dick's Sporting Goods Inc. New 0.07% +0.07
TFPM Triple Flag Precious Met Add +45.5% 1.80% +0.07
BG Bunge Global SA New 0.05% +0.05
CP Canadian Pac Railway New 0.04% +0.04
VOO Vanguard S&P 500 ETF Add +850.0% 0.05% +0.04
CVS CVS Health Corp. New 0.04% +0.04
FFIN First Finl Bankshares Inc. Add +101.5% 0.61% +0.04
International Paper Co New 0.03% +0.03
KMB Kimberly-Clark Corp. Add +150.0% 0.09% +0.03
KMI Kinder Morgan Inc. New 0.03% +0.03
NFLX Netflix Inc. New 0.03% +0.03
CAG Conagra Brands Inc. New 0.03% +0.03
VEA Vanguard Ftse Developed ETF New 0.02% +0.02
LW Lamb Weston Holdings Inc. New 0.02% +0.02
DOW Dow Inc. New 0.01% +0.01
LYB Lyondellbasell Indu Class A New 0.01% +0.01
DD Dupont DE Nemours Inc. New 0.01% +0.01
VWO Vanguard Ftse Emerging Marke Add +473.0% 0.01% +0.00
EXE Expand Energy Corp. 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