Lummis Asset Management, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Lummis Asset Management, LP reported 160 stock positions worth $152.9 million. Its top holding was Microsoft (MSFT) at 11.1% of the portfolio, followed by Matador Resources (MTDR, 10.4%) and Apple (AAPL, 7.0%). Compared with Q1 2025, it opened 3 new positions, sold out of 6, added to 7 and reduced 29. The biggest buy was Abbott Laboratories (ABT, shares +46%) and the biggest sale Apple (AAPL, shares −27%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0002011652
Portfolio Value
$152.9M (Q2 2025)
SEC Filing
0002011652-25-000004 ↗ filed Aug 11, 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 Q1 2025 Q2 2025: $152.9M $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 160 stocks · $152.9M
MSFT Microsoft Corp. 11.14% 33,381 $17.0M Reduce -0.2%
MTDR Matador Resources Co. 10.39% 336,415 $15.9M Add +0.9%
AAPL Apple Inc. 7.01% 46,694 $10.7M Reduce -27.3%
BERKSHIRE HATHAWAY INC 5.10% 16,294 $7.8M Reduce -0.4%
ORCL Oracle Corp. 4.91% 33,043 $7.5M Reduce -0.8%
GOOG Alphabet Inc. Class C 4.09% 33,514 $6.3M Reduce -0.1%
ABT Abbott Laboratories 4.04% 45,787 $6.2M Add +46.0%
GD General Dynamics Corp. 2.93% 15,003 $4.5M Reduce -0.6%
BSM Black Stone Minerals LP 2.79% 340,513 $4.3M No change
TFPM Triple Flag Precious Met 2.68% 165,216 $4.1M Add +25.1%
GS Goldman Sachs Group Inc. 2.55% 5,475 $3.9M Reduce -0.3%
AIG American International Group 2.29% 41,919 $3.5M Reduce -1.1%
GOLF Acushnet Holdings Corp. 2.16% 44,942 $3.3M Reduce -2.3%
AMT American Tower Corp. 2.14% 15,032 $3.3M No change
ROST Ross Stores Inc. 1.95% 22,416 $3.0M Reduce -0.7%
EQIX Equinix Inc. 1.89% 3,723 $2.9M No change
AYI Acuity Inc. 1.85% 9,411 $2.8M Reduce -0.8%
TMO Thermo Fisher Scientific Inc. 1.84% 6,569 $2.8M Reduce -1.7%
WFC Wells Fargo & Co. 1.75% 33,495 $2.7M Reduce -0.8%
PEP Pepsico Inc. 1.62% 18,068 $2.5M Reduce -4.0%
XOM Exxon Mobil Corp. 1.51% 21,554 $2.3M No change
JNJ Johnson & Johnson 1.46% 13,598 $2.2M Reduce -1.1%
SCHW Schwab (charles) Corp. 1.21% 19,782 $1.9M Reduce -1.4%
GTX Garrett Motion Inc. 1.21% 175,424 $1.8M Reduce -21.7%
DG Dollar General Corp. 1.12% 14,871 $1.7M Reduce -1.2%
LLY Eli Lilly & Co. 1.10% 2,674 $1.7M No change
KO The Coca-Cola Co. 1.06% 22,995 $1.6M Reduce -1.0%
AMZN Amazon.com Inc. 1.01% 7,041 $1.6M No change
SCHO Schwab Short-Term US Treas 0.85% 53,160 $1.3M Reduce -0.6%
ABBV Abbvie Inc. 0.81% 6,229 $1.2M No change
COP Conocophillips 0.79% 12,962 $1.2M No change
VGK Vanguard Ftse Europe ETF 0.78% 15,395 $1.2M Add +5.9%
DVN Devon Energy Corp. 0.75% 36,131 $1.2M Reduce -0.1%
PG The Procter & Gamble Co. 0.67% 6,700 $1.0M No change
VXUS Vanguard Total Intl Stock 0.63% 14,038 $970K Add +6.5%
AMGN Amgen Inc. 0.63% 3,333 $961K No change
WMB Williams Cos Inc. 0.62% 15,121 $947K Reduce -0.3%
CVX Chevron Corp. 0.62% 6,075 $940K Reduce -2.8%
FFIN First Finl Bankshares Inc. 0.58% 25,116 $879K No change
SSB Southstate Bank Corp. 0.57% 9,394 $865K Reduce -1.6%
ITW Illinois Tool Works 0.50% 3,015 $765K No change
ADP Automatic Data Processing 0.41% 2,070 $634K No change
GOOGL Alphabet Inc. Class A 0.39% 3,384 $596K No change
WTM White Mountains Insurance GP 0.37% 325 $569K No change
CSCO Cisco Systems Inc. 0.31% 6,668 $479K No change
AMRZ Amrize Ltd. 0.31% 10,040 $479K New
RTX RTX Corp. 0.27% 2,713 $419K Add +2848.9%
LMT Lockheed Martin Corp. 0.25% 873 $380K Reduce -5.8%
PSX Phillips 66 0.23% 3,011 $359K Add +1907.3%
VTI VG Morningstar TS MKT ETF-US 0.21% 1,073 $326K Reduce -32.7%
APH Amphenol Corp. Class A 0.21% 3,236 $320K No change
UL Unilever PLC 0.20% 5,000 $305K No change
O Realty Income Corp. 0.20% 5,228 $301K Reduce -17.1%
PFE Pfizer Inc. 0.18% 11,314 $278K No change
JPM JPMorgan Chase & Co. 0.16% 858 $249K No change
META Meta Platforms Inc. Class A 0.15% 307 $234K No change
CLX Clorox Company 0.14% 1,734 $217K No change
BN Brookfield Corp. 0.13% 3,211 $199K No change
BSV Vanguard Short-Term Bond ETF 0.13% 2,460 $194K No change
NUV Nuveen Municipal Value 0.13% 22,000 $191K No change
ATO Atmos Energy Corp. 0.11% 1,128 $174K No change
GLD SPDR Gold Shares 0.10% 525 $160K No change
CET Central Securities Corp. 0.10% 3,036 $145K No change
KMB Kimberly-Clark Corp. 0.09% 1,000 $133K No change
SHY iShares 1-3 Year Treasury Bo 0.09% 1,595 $132K No change
XEL Xcel Energy Inc. 0.08% 1,899 $129K Reduce -61.6%
FBAK First National Bank Alaska 0.08% 460 $122K New
DKS Dick's Sporting Goods Inc. 0.07% 507 $107K No change
BG Bunge Global SA 0.05% 1,000 $83K No change
V Visa Inc. Class A 0.05% 227 $81K No change
MCD McDonald's Corp. 0.05% 275 $80K No change
VOO Vanguard S&P 500 ETF 0.05% 133 $76K No change
ET Energy Transfer LP 0.05% 4,070 $74K No change
CP Canadian Pac Railway 0.04% 864 $68K No change
NVDA Nvidia Corp. 0.04% 400 $63K No change
FDS Factset Research Systems Inc. 0.04% 140 $63K No change
EPD Enterprise Products Partners 0.04% 1,932 $60K No change
DUK Duke Energy Corp. 0.04% 500 $59K No change
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. 0.03% 800 $52K No change
CFR Cullen/Frost Bankers Inc. 0.03% 397 $51K No change
MSI Motorola Solutions Inc. 0.03% 117 $49K No change
LUV Southwest Airlines Co. 0.03% 1,500 $49K No change
IP International Paper Co. 0.03% 1,000 $48K New
BN Brookfield Asset Mgmt Inc. 0.03% 797 $44K No change
NFLX Netflix Inc. 0.03% 34 $41K No change
KMI Kinder Morgan Inc. 0.03% 1,500 $40K No change
VEA Vanguard Ftse Developed ETF 0.02% 646 $37K No change
ADSK Autodesk Inc. 0.02% 111 $34K No change
CAG Conagra Brands Inc. 0.02% 1,500 $29K No change
TXN Texas Instruments Inc. 0.02% 127 $26K No change
ACN Accenture PLC Class A 0.02% 87 $26K No change
LW Lamb Weston Holdings Inc. 0.02% 500 $26K No change
PBT Permian Basin Royalty Trust 0.01% 1,850 $23K No change
HHH Howard Hughes Holdings Inc. 0.01% 340 $23K No change
WMT Walmart Inc. 0.01% 234 $23K No change
FISV Fiserv Inc. 0.01% 128 $22K No change
TPG TPG Inc. 0.01% 379 $20K No change
PGR Progressive Corp. 0.01% 73 $19K No change
AVGO Broadcom Inc. 0.01% 70 $19K No change
IDXX Idexx Laboratories Inc. 0.01% 35 $19K No change
MDT Medtronic PLC 0.01% 213 $19K No change
AZO AutoZone Inc. 0.01% 5 $19K No change
VRT Vertiv Holdings Co. Class A 0.01% 142 $18K No change
BKNG Booking Holdings Inc. 0.01% 3 $17K No change
ETN Eaton Corporation 0.01% 48 $17K No change
AON PLC filed as AON Corporation 0.01% 43 $15K No change
HD Home Depot Inc. 0.01% 41 $15K No change
LYB Lyondellbasell Indu Class A 0.01% 300 $15K No change
UNH Unitedhealth Group Inc. 0.01% 46 $14K No change
CTSH Cognizant Tech Solutions-A 0.01% 180 $14K No change
DOW Dow Inc. 0.01% 633 $13K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 29 $13K No change
APA Apa Corp. 0.01% 700 $13K No change
BND Vanguard Total Bond Market 0.01% 169 $12K No change
DHR Danaher Corp. 0.01% 59 $12K No change
VWO Vanguard Ftse Emerging Marke 0.01% 212 $11K No change
COST Costco Wholesale Corp. 0.01% 10 $10K No change
DD Dupont DE Nemours Inc. 0.01% 133 $9K No change
LIN Linde PLC 0.01% 19 $9K No change
NSRGY Nestle SA-Spons ADR 0.01% 87 $9K Reduce -95.0%
CSX CSX Corp. 0.00% 229 $7K No change
ELV Elevance Health Inc. 0.00% 18 $7K No change
EOG EOG Resources Inc. 0.00% 58 $7K No change
FWONK Liberty Media Corp.-Liberty-C 0.00% 65 $7K No change
QCOM Qualcomm Inc. 0.00% 42 $7K No change
ZTS Zoetis Inc. 0.00% 40 $6K No change
STEL Stellar Bancorp Inc. 0.00% 200 $6K No change
EXE Expand Energy Corp. 0.00% 43 $5K No change
CRM Salesforce Inc. 0.00% 16 $4K No change
NEE Nextera Energy Inc. 0.00% 61 $4K No change
PM Philip Morris International 0.00% 23 $4K No change
EW Edwards Lifesciences Corp. 0.00% 53 $4K No change
ORLY O'reilly Automotive Inc. 0.00% 45 $4K No change
LUNMF Lundin Mining Corp. 0.00% 353 $4K No change
ADBE Adobe Inc. 0.00% 9 $3K No change
PAYX Paychex Inc. 0.00% 22 $3K No change
GE General Electric Company 0.00% 12 $3K No change
SLV iShares Silver Trust 0.00% 85 $3K No change
ICE Intercontinental Exchange Inc. filed as Intrcontinentalexchange 0.00% 15 $3K No change
TCEHY Tencent Holdings Ltd.-Uns ADR 0.00% 36 $2K No change
URI United Rentals Inc. 0.00% 3 $2K No change
MA Mastercard Inc. Class A 0.00% 4 $2K No change
PLD Prologis Inc. 0.00% 21 $2K No change
VLTO Veralto Corp. 0.00% 19 $2K No change
NERD Roundhill Video Games ETF 0.00% 65 $2K No change
UAL United Airlines Holdings Inc. 0.00% 21 $2K No change
GEV GE Vernova Inc. 0.00% 3 $2K No change
FECCF Frontera Energy Corp. 0.00% 328 $2K No change
ALGN Align Technology Inc. 0.00% 8 $2K No change
CBOE Cboe Global Markets Inc. 0.00% 6 $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
CME Cme Group Inc. 0.00% 3 $827 No change
FUN Six Flags Entertainment Corp. 0.00% 24 $730 No change
SEG Seaport Entertainment Group 0.00% 36 $671 No change
GEHC GE Healthcare Technology 0.00% 4 $296 No change
LLYVK Liberty Media Corp.-Liberty-C 0.00% 2 $162 No change

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -27.3% 7.01% −2.74
BERKSHIRE HATHAWAY INC Reduce -0.4% 5.10% −0.96
TMO Thermo Fisher Scientific Inc. Reduce -1.7% 1.84% −0.33
PEP Pepsico Inc. Reduce -4.0% 1.62% −0.26
RTX CORPORATION Sold out 0.00% −0.23
AIG American International Group Reduce -1.1% 2.29% −0.22
DVN Devon Energy Corp. Reduce -0.1% 0.75% −0.17
XEL Xcel Energy Inc. Reduce -61.6% 0.08% −0.16
GTX Garrett Motion Inc. Reduce -21.7% 1.21% −0.13
NSRGY Nestle SA-Spons ADR Reduce -95.0% 0.01% −0.12
ROST Ross Stores Inc. Reduce -0.7% 1.95% −0.11
KO The Coca-Cola Co. Reduce -1.0% 1.06% −0.10
VTI VG Morningstar TS MKT ETF-US Reduce -32.7% 0.21% −0.09
BP BP PLC-Spons ADR Sold out 0.00% −0.08
VDC Vanguard Consumer Staple ETF Sold out 0.00% −0.08
JNJ Johnson & Johnson Reduce -1.1% 1.46% −0.07
BBVA Banco Bilbao Vizcaya-SP ADR Sold out 0.00% −0.07
MIDD Middleby Corp. Sold out 0.00% −0.07
O Realty Income Corp. Reduce -17.1% 0.20% −0.06
SCHO Schwab Short-Term US Treas Reduce -0.6% 0.85% −0.06
LMT Lockheed Martin Corp. Reduce -5.8% 0.25% −0.05
SSB Southstate Bank Corp. Reduce -1.6% 0.57% −0.04
International Paper Co Sold out 0.00% −0.03
GOLF Acushnet Holdings Corp. Reduce -2.3% 2.16% −0.01
WMB Williams Cos Inc. Reduce -0.3% 0.62% −0.01
CVX Chevron Corp. Reduce -2.8% 0.62% +0.02
WFC Wells Fargo & Co. Reduce -0.8% 1.75% +0.07
GD General Dynamics Corp. Reduce -0.6% 2.93% +0.08
SCHW Schwab (charles) Corp. Reduce -1.4% 1.21% +0.10
AYI Acuity Inc. Reduce -0.8% 1.85% +0.16
DG Dollar General Corp. Reduce -1.2% 1.12% +0.18
GOOG Alphabet Inc. Class C Reduce -0.1% 4.09% +0.41
GS Goldman Sachs Group Inc. Reduce -0.3% 2.55% +0.46
ORCL Oracle Corp. Reduce -0.8% 4.91% +1.67
MSFT Microsoft Corp. Reduce -0.2% 11.14% +2.18

Portfolio Buys Q1 2025 → Q2 2025
ABT Abbott Laboratories Add +46.0% 4.04% +1.17
TFPM Triple Flag Precious Met Add +25.1% 2.68% +0.89
AMRZ Amrize Ltd. New 0.31% +0.31
RTX RTX Corp. Add +2848.9% 0.27% +0.27
PSX Phillips 66 Add +1907.3% 0.23% +0.22
FBAK First National Bank Alaska New 0.08% +0.08
VGK Vanguard Ftse Europe ETF Add +5.9% 0.78% +0.07
VXUS Vanguard Total Intl Stock Add +6.5% 0.63% +0.07
IP International Paper Co. New 0.03% +0.03
MTDR Matador Resources Co. Add +0.9% 10.39% −0.29

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