Lummis Asset Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Lummis Asset Management, LP reported 159 stock positions worth $152.3 million. Its top holding was Matador Resources (MTDR) at 9.9% of the portfolio, followed by Apple (AAPL, 9.3%) and Oracle (ORCL, 6.0%). Compared with Q2 2025, it opened 8 new positions, sold out of 9, added to 14 and reduced 24. The biggest buy was Apple (AAPL, shares +19%) and the biggest sale Microsoft (MSFT, shares −52%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0002011652
Portfolio Value
$152.3M (Q3 2025)
SEC Filing
0002011652-25-000006 ↗ filed Nov 10, 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 Q2 2025 Q3 2025: $152.3M $152.3M Q3 2025 Q4 2025: $162.6M Q4 2025 Q1 2026: $167.3M Q1 2026 Q2 2026: $167.2M Q2 2026

Holdings 159 stocks · $152.3M
MTDR Matador Resources Co. 9.93% 336,457 $15.1M Add +0.0%
AAPL Apple Inc. 9.27% 55,408 $14.1M Add +18.7%
ORCL Oracle Corp. 5.96% 32,287 $9.1M Reduce -2.3%
MSFT Microsoft Corp. 5.40% 15,876 $8.2M Reduce -52.4%
BERKSHIRE HATHAWAY INC 5.38% 16,285 $8.2M Reduce -0.1%
GOOG Alphabet Inc. Class C 5.35% 33,446 $8.1M Reduce -0.2%
GD General Dynamics Corp. 3.35% 14,977 $5.1M Reduce -0.2%
BSM Black Stone Minerals LP 2.94% 340,763 $4.5M Add +0.1%
GS Goldman Sachs Group Inc. 2.77% 5,290 $4.2M Reduce -3.4%
ABT Abbott Laboratories 2.73% 31,056 $4.2M Reduce -32.2%
TFPM Triple Flag Precious Met 2.60% 98,306 $4.0M Reduce -40.5%
GOLF Acushnet Holdings Corp. 2.28% 44,250 $3.5M Reduce -1.5%
ROST Ross Stores Inc. 2.22% 22,161 $3.4M Reduce -1.1%
AIG American International Group 2.16% 41,838 $3.3M Reduce -0.2%
AYI Acuity Inc. 2.12% 9,358 $3.2M Reduce -0.6%
TMO Thermo Fisher Scientific Inc. 2.09% 6,565 $3.2M Reduce -0.1%
EQIX Equinix Inc. 1.92% 3,723 $2.9M No change
AMT American Tower Corp. 1.90% 15,032 $2.9M No change
WFC Wells Fargo & Co. 1.84% 33,350 $2.8M Reduce -0.4%
PEP Pepsico Inc. 1.67% 18,053 $2.5M Reduce -0.1%
JNJ Johnson & Johnson 1.65% 13,584 $2.5M Reduce -0.1%
XOM Exxon Mobil Corp. 1.60% 21,554 $2.4M No change
LLY Eli Lilly & Co. 1.34% 2,674 $2.0M No change
SCHW Schwab (charles) Corp. 1.23% 19,546 $1.9M Reduce -1.2%
AMRZ Amrize Ltd. 1.12% 35,277 $1.7M Add +251.4%
AMZN Amazon.com Inc. 1.02% 7,041 $1.5M No change
DG Dollar General Corp. 1.01% 14,860 $1.5M Reduce -0.1%
KO The Coca-Cola Co. 1.00% 22,981 $1.5M Reduce -0.1%
ABBV Abbvie Inc. 0.95% 6,229 $1.4M No change
SCHO Schwab Short-Term US Treas 0.86% 53,458 $1.3M Add +0.6%
VGK Vanguard Ftse Europe ETF 0.85% 16,247 $1.3M Add +5.5%
DVN Devon Energy Corp. 0.84% 36,311 $1.3M Add +0.5%
COP Conocophillips 0.80% 12,939 $1.2M Reduce -0.2%
VXUS Vanguard Total Intl Stock 0.73% 15,095 $1.1M Add +7.5%
PG The Procter & Gamble Co. 0.68% 6,700 $1.0M No change
WMB Williams Cos Inc. 0.63% 15,161 $960K Add +0.3%
CVX Chevron Corp. 0.62% 6,075 $943K No change
AMGN Amgen Inc. 0.62% 3,333 $941K No change
SSB Southstate Bank Corp. 0.61% 9,328 $922K Reduce -0.7%
FFIN First Finl Bankshares Inc. 0.55% 25,054 $843K Reduce -0.3%
GOOGL Alphabet Inc. Class A 0.54% 3,384 $823K No change
ITW Illinois Tool Works 0.52% 3,015 $786K No change
ADP Automatic Data Processing 0.40% 2,063 $605K Reduce -0.3%
WTM White Mountains Insurance GP 0.36% 325 $543K No change
CSCO Cisco Systems Inc. 0.30% 6,668 $456K No change
RTX RTX Corp. 0.30% 2,713 $454K No change
LMT Lockheed Martin Corp. 0.29% 873 $436K No change
PSX Phillips 66 0.27% 3,011 $410K No change
APH Amphenol Corp. Class A 0.24% 2,955 $366K Reduce -8.7%
VTI VG Morningstar TS MKT ETF-US 0.23% 1,073 $352K No change
O Realty Income Corp. 0.21% 5,228 $318K No change
UL Unilever PLC 0.19% 5,000 $296K No change
PFE Pfizer Inc. 0.19% 11,314 $288K No change
JPM JPMorgan Chase & Co. 0.18% 858 $271K No change
META Meta Platforms Inc. Class A 0.15% 307 $225K No change
BN Brookfield Corp. 0.14% 3,211 $220K No change
CLX Clorox Company 0.14% 1,734 $214K No change
GLD SPDR Gold Shares 0.14% 580 $206K Add +10.5%
NUV Nuveen Municipal Value 0.13% 22,000 $198K No change
BSV Vanguard Short-Term Bond ETF 0.13% 2,460 $194K No change
ATO Atmos Energy Corp. 0.13% 1,128 $193K No change
CET Central Securities Corp. 0.10% 3,036 $156K No change
XEL Xcel Energy Inc. 0.10% 1,899 $153K No change
NSRGY Nestle SA-Spons ADR 0.10% 1,666 $153K Add +1814.9%
BRK.B Berkshire Hathaway Inc. Class B 0.10% 4,239 $146K New
BG Bunge Global SA 0.09% 7,471 $144K Add +647.1%
SHY iShares 1-3 Year Treasury Bo 0.09% 1,595 $132K No change
FBAK First National Bank Alaska 0.08% 460 $125K No change
KMB Kimberly-Clark Corp. 0.08% 1,000 $124K No change
DKS Dick's Sporting Goods Inc. 0.07% 507 $113K No change
VDC Vanguard Consumer Staple ETF 0.07% 490 $105K New
VIG Vanguard Dividend Apprec ETF 0.06% 400 $86K New
UNH Unitedhealth Group Inc. 0.06% 249 $86K Add +441.3%
MCD McDonald's Corp. 0.05% 275 $84K No change
VOO Vanguard S&P 500 ETF 0.05% 133 $81K No change
BP BP PLC-Spons ADR 0.05% 1,000 $81K New
V Visa Inc. Class A 0.05% 227 $77K No change
NVDA Nvidia Corp. 0.05% 400 $75K No change
ET Energy Transfer LP 0.05% 4,070 $70K No change
CP Canadian Pac Railway 0.04% 864 $64K No change
DUK Duke Energy Corp. 0.04% 500 $62K No change
EPD Enterprise Products Partners 0.04% 1,932 $60K No change
CVS CVS Health Corp. 0.04% 800 $60K No change
MINT PIMCO Enhanced Short Maturit 0.04% 541 $54K No change
MSI Motorola Solutions Inc. 0.04% 117 $54K No change
MDLZ Mondelez International Inc. Class A 0.03% 825 $52K No change
CFR Cullen/Frost Bankers Inc. 0.03% 397 $50K No change
LUV Southwest Airlines Co. 0.03% 1,500 $48K No change
IP International Paper Co. 0.03% 1,000 $46K No change
BN Brookfield Asset Mgmt Inc. 0.03% 797 $45K No change
KMI Kinder Morgan Inc. 0.03% 1,500 $42K No change
NFLX Netflix Inc. 0.03% 34 $41K No change
VPL Vanguard Ftse Pacific ETF 0.03% 464 $41K New
FDS Factset Research Systems Inc. 0.03% 140 $40K No change
VEA Vanguard Ftse Developed ETF 0.03% 646 $39K No change
ADSK Autodesk Inc. 0.02% 111 $35K No change
PBT Permian Basin Royalty Trust 0.02% 1,850 $34K No change
LW Lamb Weston Holdings Inc. 0.02% 500 $29K No change
HHH Howard Hughes Holdings Inc. 0.02% 340 $28K No change
CJTXX JPMorgan 100% US Treasu-Cap filed as CONAGRA BRANDS INC 0.02% 1,500 $27K New
WMT Walmart Inc. 0.02% 234 $24K No change
TXN Texas Instruments Inc. 0.02% 127 $23K No change
AVGO Broadcom Inc. 0.02% 70 $23K No change
IDXX Idexx Laboratories Inc. 0.01% 35 $22K No change
TPG TPG Inc. 0.01% 379 $22K No change
ACN Accenture PLC Class A 0.01% 87 $21K No change
AZO AutoZone Inc. 0.01% 5 $21K No change
VRT Vertiv Holdings Co. Class A 0.01% 142 $21K No change
Medtronic Inc 0.01% 213 $20K New
PGR Progressive Corp. 0.01% 73 $18K No change
ETN Eaton Corporation 0.01% 48 $18K No change
HD Home Depot Inc. 0.01% 41 $17K No change
FISV Fiserv Inc. 0.01% 128 $17K No change
BKNG Booking Holdings Inc. 0.01% 3 $16K No change
AON PLC filed as AON Corporation 0.01% 43 $15K No change
BND Vanguard Total Bond Market 0.01% 206 $15K Add +21.9%
LYB Lyondellbasell Indu Class A 0.01% 300 $15K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 52 $15K New
DOW Dow Inc. 0.01% 633 $15K No change
CTSH Cognizant Tech Solutions-A 0.01% 180 $12K No change
DHR Danaher Corp. 0.01% 59 $12K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 29 $11K No change
DD Dupont DE Nemours Inc. 0.01% 133 $10K No change
COST Costco Wholesale Corp. 0.01% 10 $9K No change
LIN Linde PLC 0.01% 19 $9K No change
CSX CSX Corp. 0.01% 229 $8K No change
QCOM Qualcomm Inc. 0.00% 42 $7K No change
FWONK Liberty Media Corp.-Liberty-C 0.00% 65 $7K No change
EOG EOG Resources Inc. 0.00% 58 $7K No change
STEL Stellar Bancorp Inc. 0.00% 200 $6K No change
ZTS Zoetis Inc. 0.00% 40 $6K No change
LUNMF Lundin Mining Corp. 0.00% 353 $5K No change
ORLY O'reilly Automotive Inc. 0.00% 45 $5K No change
NEE Nextera Energy Inc. 0.00% 61 $5K No change
EXE Expand Energy Corp. 0.00% 43 $5K No change
EW Edwards Lifesciences Corp. 0.00% 53 $4K No change
CRM Salesforce Inc. 0.00% 16 $4K No change
PM Philip Morris International 0.00% 23 $4K No change
GE General Electric Company 0.00% 12 $4K No change
SLV iShares Silver Trust 0.00% 85 $4K No change
ADBE Adobe Inc. 0.00% 9 $3K No change
TCEHY Tencent Holdings Ltd.-Uns ADR 0.00% 36 $3K No change
URI United Rentals Inc. 0.00% 3 $3K No change
ICE Intercontinental Exchange Inc. filed as Intrcontinentalexchange 0.00% 15 $3K No change
PLD Prologis Inc. 0.00% 21 $2K No change
MA Mastercard Inc. Class A 0.00% 4 $2K No change
UAL United Airlines Holdings Inc. 0.00% 21 $2K No change
VLTO Veralto Corp. 0.00% 19 $2K No change
GEV GE Vernova Inc. 0.00% 3 $2K No change
NERD Roundhill Video Games ETF 0.00% 65 $2K No change
CBOE Cboe Global Markets Inc. 0.00% 6 $1K No change
FECCF Frontera Energy Corp. 0.00% 328 $1K No change
IR Ingersoll-Rand Inc. 0.00% 15 $1K No change
HON Honeywell International Inc. 0.00% 5 $1K No change
SEG Seaport Entertainment Group 0.00% 36 $825 No change
CME Cme Group Inc. 0.00% 3 $811 No change
FUN Six Flags Entertainment Corp. 0.00% 24 $545 No change
GEHC GE Healthcare Technology 0.00% 4 $300 No change
LLYVK Liberty Media Corp.-Liberty-C 0.00% 2 $194 No change

Portfolio Sells Q2 2025 → Q3 2025
MSFT Microsoft Corp. Reduce -52.4% 5.40% −5.74
ABT Abbott Laboratories Reduce -32.2% 2.73% −1.31
GTX Garrett Motion Inc. Sold out 0.00% −1.21
AIG American International Group Reduce -0.2% 2.16% −0.14
DG Dollar General Corp. Reduce -0.1% 1.01% −0.11
TFPM Triple Flag Precious Met Reduce -40.5% 2.60% −0.08
KO The Coca-Cola Co. Reduce -0.1% 1.00% −0.06
FFIN First Finl Bankshares Inc. Reduce -0.3% 0.55% −0.02
CAG Conagra Brands Inc. Sold out 0.00% −0.02
ADP Automatic Data Processing Reduce -0.3% 0.40% −0.02
MDT Medtronic PLC Sold out 0.00% −0.01
APA Apa Corp. Sold out 0.00% −0.01
VWO Vanguard Ftse Emerging Marke Sold out 0.00% −0.01
ELV Elevance Health Inc. Sold out 0.00% −0.00
PAYX Paychex Inc. Sold out 0.00% −0.00
ALGN Align Technology Inc. Sold out 0.00% −0.00
NOC Northrop Grumman Corp. Sold out 0.00% −0.00
SCHW Schwab (charles) Corp. Reduce -1.2% 1.23% +0.01
COP Conocophillips Reduce -0.2% 0.80% +0.02
APH Amphenol Corp. Class A Reduce -8.7% 0.24% +0.03
SSB Southstate Bank Corp. Reduce -0.7% 0.61% +0.04
PEP Pepsico Inc. Reduce -0.1% 1.67% +0.04
WFC Wells Fargo & Co. Reduce -0.4% 1.84% +0.09
GOLF Acushnet Holdings Corp. Reduce -1.5% 2.28% +0.12
JNJ Johnson & Johnson Reduce -0.1% 1.65% +0.19
GS Goldman Sachs Group Inc. Reduce -3.4% 2.77% +0.22
TMO Thermo Fisher Scientific Inc. Reduce -0.1% 2.09% +0.25
AYI Acuity Inc. Reduce -0.6% 2.12% +0.26
ROST Ross Stores Inc. Reduce -1.1% 2.22% +0.27
BERKSHIRE HATHAWAY INC Reduce -0.1% 5.38% +0.28
GD General Dynamics Corp. Reduce -0.2% 3.35% +0.42
ORCL Oracle Corp. Reduce -2.3% 5.96% +1.05
GOOG Alphabet Inc. Class C Reduce -0.2% 5.35% +1.26

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. Add +18.7% 9.27% +2.26
AMRZ Amrize Ltd. Add +251.4% 1.12% +0.81
BSM Black Stone Minerals LP Add +0.1% 2.94% +0.15
BRK.B Berkshire Hathaway Inc. Class B New 0.10% +0.10
NSRGY Nestle SA-Spons ADR Add +1814.9% 0.10% +0.09
VXUS Vanguard Total Intl Stock Add +7.5% 0.73% +0.09
DVN Devon Energy Corp. Add +0.5% 0.84% +0.08
VGK Vanguard Ftse Europe ETF Add +5.5% 0.85% +0.07
VDC Vanguard Consumer Staple ETF New 0.07% +0.07
VIG Vanguard Dividend Apprec ETF New 0.06% +0.06
BP BP PLC-Spons ADR New 0.05% +0.05
UNH Unitedhealth Group Inc. Add +441.3% 0.06% +0.05
BG Bunge Global SA Add +647.1% 0.09% +0.04
GLD SPDR Gold Shares Add +10.5% 0.14% +0.03
VPL Vanguard Ftse Pacific ETF New 0.03% +0.03
CJTXX JPMorgan 100% US Treasu-Cap New 0.02% +0.02
Medtronic Inc New 0.01% +0.01
WMB Williams Cos Inc. Add +0.3% 0.63% +0.01
IBM Intl Business Machines Corp. New 0.01% +0.01
SCHO Schwab Short-Term US Treas Add +0.6% 0.86% +0.01
BND Vanguard Total Bond Market Add +21.9% 0.01% +0.00
MTDR Matador Resources Co. Add +0.0% 9.93% −0.46

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