Lummis Asset Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Lummis Asset Management, LP reported 189 stock positions worth $162.6 million. Its top holding was Microsoft (MSFT) at 9.8% of the portfolio, followed by Apple (AAPL, 9.1%) and Matador Resources (MTDR, 8.8%). Compared with Q3 2025, it opened 40 new positions, sold out of 11, added to 19 and reduced 34. The biggest buy was Microsoft (MSFT, shares +107%) and the biggest sale Oracle (ORCL, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- FORT WORTH, TX
- CIK
- 0002011652
- Portfolio Value
- $162.6M (Q4 2025)
- SEC Filing
- 0002011652-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 189 stocks · $162.6M
| MSFT Microsoft Corp. | 9.76% | 32,814 | $15.9M | Add +106.7% |
| AAPL Apple Inc. | 9.12% | 54,569 | $14.8M | Reduce -1.5% |
| MTDR Matador Resources Co. | 8.78% | 336,232 | $14.3M | Reduce -0.1% |
| GOOG Alphabet Inc. Class C | 6.35% | 32,882 | $10.3M | Reduce -1.7% |
| BERKSHIRE HATHAWAY INC | 4.97% | 16,065 | $8.1M | Reduce -1.4% |
| ORCL Oracle Corp. | 3.75% | 31,318 | $6.1M | Reduce -3.0% |
| GD General Dynamics Corp. | 3.07% | 14,846 | $5.0M | Reduce -0.9% |
| GS Goldman Sachs Group Inc. | 2.82% | 6,812 | $4.6M | Add +28.8% |
| BSM Black Stone Minerals LP | 2.77% | 343,043 | $4.5M | Add +0.7% |
| TFPM Triple Flag Precious Met | 2.68% | 131,421 | $4.4M | Add +33.7% |
| ROST Ross Stores Inc. | 2.41% | 21,738 | $3.9M | Reduce -1.9% |
| ABT Abbott Laboratories | 2.37% | 30,703 | $3.8M | Reduce -1.1% |
| TMO Thermo Fisher Scientific Inc. | 2.32% | 6,508 | $3.8M | Reduce -0.9% |
| AIG American International Group | 2.21% | 41,940 | $3.6M | Add +0.2% |
| GOLF Acushnet Holdings Corp. | 2.11% | 42,932 | $3.4M | Reduce -3.0% |
| AYI Acuity Inc. | 2.04% | 9,213 | $3.3M | Reduce -1.6% |
| WFC Wells Fargo & Co. | 1.87% | 32,583 | $3.0M | Reduce -2.3% |
| LLY Eli Lilly & Co. | 1.77% | 2,674 | $2.9M | No change |
| EQIX Equinix Inc. | 1.75% | 3,723 | $2.9M | No change |
| AMRZ Amrize Ltd. | 1.71% | 51,490 | $2.8M | Add +46.0% |
| JNJ Johnson & Johnson | 1.70% | 13,373 | $2.8M | Reduce -1.6% |
| AMT American Tower Corp. | 1.62% | 15,032 | $2.6M | No change |
| XOM Exxon Mobil Corp. | 1.58% | 21,318 | $2.6M | Reduce -1.1% |
| PEP Pepsico Inc. | 1.57% | 17,823 | $2.6M | Reduce -1.3% |
| DG Dollar General Corp. | 1.20% | 14,667 | $1.9M | Reduce -1.3% |
| SCHW Schwab (charles) Corp. | 1.17% | 19,038 | $1.9M | Reduce -2.6% |
| AMZN Amazon.com Inc. | 1.00% | 7,055 | $1.6M | Add +0.2% |
| KO The Coca-Cola Co. | 0.95% | 22,203 | $1.6M | Reduce -3.4% |
| ABBV Abbvie Inc. | 0.88% | 6,229 | $1.4M | No change |
| VGK Vanguard Ftse Europe ETF | 0.83% | 16,234 | $1.4M | Reduce -0.1% |
| DVN Devon Energy Corp. | 0.79% | 34,939 | $1.3M | Reduce -3.8% |
| SCHO Schwab Short-Term US Treas | 0.78% | 51,780 | $1.3M | Reduce -3.1% |
| COP Conocophillips | 0.73% | 12,658 | $1.2M | Reduce -2.2% |
| VXUS Vanguard Total Intl Stock | 0.70% | 15,081 | $1.1M | Reduce -0.1% |
| AMGN Amgen Inc. | 0.67% | 3,333 | $1.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.64% | 3,347 | $1.0M | Reduce -1.1% |
| CVX Chevron Corp. | 0.56% | 5,994 | $914K | Reduce -1.3% |
| WMB Williams Cos Inc. | 0.56% | 15,096 | $907K | Reduce -0.4% |
| SSB Southstate Bank Corp. | 0.52% | 9,015 | $848K | Reduce -3.4% |
| ITW Illinois Tool Works | 0.46% | 3,015 | $743K | No change |
| FFIN First Finl Bankshares Inc. | 0.46% | 24,806 | $741K | Reduce -1.0% |
| WTM White Mountains Insurance GP | 0.42% | 325 | $675K | No change |
| ADP Automatic Data Processing | 0.32% | 2,045 | $526K | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.32% | 6,725 | $518K | Add +0.8% |
| RTX RTX Corp. | 0.31% | 2,713 | $498K | No change |
| LMT Lockheed Martin Corp. | 0.25% | 840 | $406K | Reduce -3.8% |
| APH Amphenol Corp. Class A | 0.24% | 2,935 | $397K | Reduce -0.7% |
| PSX Phillips 66 | 0.24% | 3,011 | $389K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 933 | $313K | Reduce -13.1% |
| O Realty Income Corp. | 0.19% | 5,493 | $310K | Add +5.1% |
| UL Unilever PLC | 0.18% | 4,460 | $292K | Reduce -10.8% |
| PFE Pfizer Inc. | 0.17% | 11,314 | $282K | No change |
| JPM JPMorgan Chase & Co. | 0.17% | 865 | $279K | Add +0.8% |
| GLD SPDR Gold Shares | 0.15% | 600 | $238K | Add +3.5% |
| BN Brookfield Corp. | 0.14% | 4,813 | $221K | No change |
| META Meta Platforms Inc. Class A | 0.13% | 310 | $205K | Add +1.0% |
| NUV Nuveen Municipal Value | 0.12% | 22,000 | $199K | No change |
| BSV Vanguard Short-Term Bond ETF | 0.12% | 2,460 | $194K | No change |
| ATO Atmos Energy Corp. | 0.12% | 1,128 | $189K | No change |
| NSRGY Nestle SA-Spons ADR | 0.11% | 1,781 | $177K | Add +6.9% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.10% | 6,784 | $158K | New |
| CET Central Securities Corp. | 0.09% | 3,036 | $154K | No change |
| BP BP PLC-Spons ADR | 0.09% | 4,239 | $147K | Add +323.9% |
| XEL Xcel Energy Inc. | 0.09% | 1,899 | $140K | No change |
| PG The Procter & Gamble Co. | 0.08% | 6,700 | $134K | No change |
| SHY iShares 1-3 Year Treasury Bo | 0.08% | 1,595 | $132K | No change |
| VDC Vanguard Consumer Staple ETF | 0.06% | 490 | $104K | No change |
| DKS Dick's Sporting Goods Inc. | 0.06% | 507 | $100K | No change |
| BG Bunge Ltd. | 0.06% | 1,032 | $92K | New |
| VIG Vanguard Dividend Apprec ETF | 0.05% | 400 | $88K | No change |
| KMB Kimberly-Clark Corp. | 0.05% | 854 | $86K | Reduce -14.6% |
| MCD McDonald's Corp. | 0.05% | 275 | $84K | No change |
| VOO Vanguard S&P 500 ETF | 0.05% | 133 | $83K | No change |
| UNH Unitedhealth Group Inc. | 0.05% | 249 | $82K | No change |
| V Visa Inc. Class A | 0.05% | 229 | $80K | Add +0.9% |
| NVDA Nvidia Corp. | 0.05% | 428 | $80K | Add +7.0% |
| AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO | 0.04% | 1,097 | $72K | New |
| ET Energy Transfer LP | 0.04% | 4,070 | $67K | No change |
| CP Canadian Pac Railway | 0.04% | 864 | $64K | No change |
| CVS CVS Health Corp. | 0.04% | 800 | $63K | No change |
| LUV Southwest Airlines Co. | 0.04% | 1,500 | $62K | No change |
| EPD Enterprise Products Partners | 0.04% | 1,932 | $62K | No change |
| DUK Duke Energy Corp. | 0.04% | 500 | $59K | No change |
| MINT PIMCO Enhanced Short Maturit | 0.03% | 541 | $54K | No change |
| CFR Cullen/Frost Bankers Inc. | 0.03% | 397 | $50K | No change |
| MSI Motorola Solutions Inc. | 0.03% | 117 | $45K | No change |
| MDLZ Mondelez International Inc. Class A | 0.03% | 825 | $44K | No change |
| VPL Vanguard Ftse Pacific ETF | 0.03% | 464 | $42K | No change |
| BN Brookfield Asset Mgmt Inc. | 0.03% | 797 | $42K | No change |
| KMI Kinder Morgan Inc. | 0.03% | 1,500 | $41K | No change |
| FDS Factset Research Systems Inc. | 0.03% | 140 | $41K | No change |
| VEA Vanguard Ftse Developed ETF | 0.02% | 646 | $40K | No change |
| IP International Paper Co. | 0.02% | 1,000 | $39K | No change |
| ADSK Autodesk Inc. | 0.02% | 111 | $33K | No change |
| NFLX Netflix Inc. | 0.02% | 340 | $32K | No change |
| PBT Permian Basin Royalty Trust | 0.02% | 1,850 | $31K | No change |
| WMT Walmart Inc. | 0.02% | 261 | $29K | Add +11.5% |
| HHH Howard Hughes Holdings Inc. | 0.02% | 340 | $27K | No change |
| CONAGRA BRANDS INC | 0.02% | 1,500 | $26K | New |
| AVGO Broadcom Inc. | 0.01% | 70 | $24K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Reduce -3.0% | 3.75% | −2.21 |
| MTDR Matador Resources Co. | Reduce -0.1% | 8.78% | −1.15 |
| BERKSHIRE HATHAWAY INC | Reduce -1.4% | 4.97% | −0.41 |
| ABT Abbott Laboratories | Reduce -1.1% | 2.37% | −0.37 |
| GD General Dynamics Corp. | Reduce -0.9% | 3.07% | −0.28 |
| GOLF Acushnet Holdings Corp. | Reduce -3.0% | 2.11% | −0.17 |
| AAPL Apple Inc. | Reduce -1.5% | 9.12% | −0.14 |
| CLX Clorox Company | Sold out | 0.00% | −0.14 |
| FFIN First Finl Bankshares Inc. | Reduce -1.0% | 0.46% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.10 |
| BG Bunge Global SA | Sold out | 0.00% | −0.09 |
| PEP Pepsico Inc. | Reduce -1.3% | 1.57% | −0.09 |
| SSB Southstate Bank Corp. | Reduce -3.4% | 0.52% | −0.08 |
| FBAK First National Bank Alaska | Sold out | 0.00% | −0.08 |
| SCHO Schwab Short-Term US Treas | Reduce -3.1% | 0.78% | −0.08 |
| AYI Acuity Inc. | Reduce -1.6% | 2.04% | −0.08 |
| COP Conocophillips | Reduce -2.2% | 0.73% | −0.08 |
| ADP Automatic Data Processing | Reduce -0.9% | 0.32% | −0.07 |
| WMB Williams Cos Inc. | Reduce -0.4% | 0.56% | −0.07 |
| CVX Chevron Corp. | Reduce -1.3% | 0.56% | −0.06 |
| SCHW Schwab (charles) Corp. | Reduce -2.6% | 1.17% | −0.06 |
| DVN Devon Energy Corp. | Reduce -3.8% | 0.79% | −0.05 |
| KO The Coca-Cola Co. | Reduce -3.4% | 0.95% | −0.05 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -13.1% | 0.19% | −0.04 |
| LMT Lockheed Martin Corp. | Reduce -3.8% | 0.25% | −0.04 |
| KMB Kimberly-Clark Corp. | Reduce -14.6% | 0.05% | −0.03 |
| VXUS Vanguard Total Intl Stock | Reduce -0.1% | 0.70% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -1.1% | 1.58% | −0.02 |
| CJTXX JPMorgan 100% US Treasu-Cap | Sold out | 0.00% | −0.02 |
| VGK Vanguard Ftse Europe ETF | Reduce -0.1% | 0.83% | −0.02 |
| UL Unilever PLC | Reduce -10.8% | 0.18% | −0.02 |
| Medtronic Inc | Sold out | 0.00% | −0.01 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.01 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.01 |
| FWONK Liberty Media Corp.-Liberty-C | Sold out | 0.00% | −0.00 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −0.00 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.00 |
| APH Amphenol Corp. Class A | Reduce -0.7% | 0.24% | +0.00 |
| WFC Wells Fargo & Co. | Reduce -2.3% | 1.87% | +0.03 |
| JNJ Johnson & Johnson | Reduce -1.6% | 1.70% | +0.05 |
| GOOGL Alphabet Inc. Class A | Reduce -1.1% | 0.64% | +0.10 |
| DG Dollar General Corp. | Reduce -1.3% | 1.20% | +0.19 |
| ROST Ross Stores Inc. | Reduce -1.9% | 2.41% | +0.19 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.9% | 2.32% | +0.23 |
| GOOG Alphabet Inc. Class C | Reduce -1.7% | 6.35% | +1.00 |
Portfolio Buys Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Add +106.7% | 9.76% | +4.36 |
| AMRZ Amrize Ltd. | Add +46.0% | 1.71% | +0.59 |
| BBVA Banco Bilbao Vizcaya-SP ADR | New | 0.10% | +0.10 |
| TFPM Triple Flag Precious Met | Add +33.7% | 2.68% | +0.08 |
| BG Bunge Ltd. | New | 0.06% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +28.8% | 2.82% | +0.05 |
| AIG American International Group | Add +0.2% | 2.21% | +0.05 |
| AKRE Akre Focus ETF | New | 0.04% | +0.04 |
| BP BP PLC-Spons ADR | Add +323.9% | 0.09% | +0.04 |
| CSCO Cisco Systems Inc. | Add +0.8% | 0.32% | +0.02 |
| CONAGRA BRANDS INC | New | 0.02% | +0.02 |
| MDT Medtronic PLC | New | 0.01% | +0.01 |
| GLD SPDR Gold Shares | Add +3.5% | 0.15% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.01% | +0.01 |
| NSRGY Nestle SA-Spons ADR | Add +6.9% | 0.11% | +0.01 |
| IGLB iShares 10+ Year Inv GR Corp. | New | 0.01% | +0.01 |
| TLT iShares 20+ Year Treasury BD | New | 0.01% | +0.01 |
| EFV iShares MSCI Eafe Value ETF | New | 0.01% | +0.01 |
| JEPI JPMorgan Equity Premium Inco | New | 0.01% | +0.01 |
| GSLC Goldman Activebeta US LC ETF | New | 0.01% | +0.01 |
| CEF Sprott Physical Gold and Sil | New | 0.00% | +0.00 |
| IMBBY Imperial Brands PLC-Spon ADR | New | 0.00% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.00% | +0.00 |
| MU Micron Technology Inc. | New | 0.00% | +0.00 |
| JPMB JPMorgan Usd Emerging Market | New | 0.00% | +0.00 |
| HDUS Hartford Discip Eqty ETF | New | 0.00% | +0.00 |
| IEMG iShares Core MSCI Emerging | New | 0.00% | +0.00 |
| EMXC iShares MSCI Emr MRK Ex Chna | New | 0.00% | +0.00 |
| PAVE Global X US Infrastructure | New | 0.00% | +0.00 |
| JEPQ JPM Nasdaq Equity Premium | New | 0.00% | +0.00 |
| JIVE JPM Interntl Value ETF | New | 0.00% | +0.00 |
| IJR iShares Core S&P Small-Cap E | New | 0.00% | +0.00 |
| NFG National Fuel Gas Co. | New | 0.00% | +0.00 |
| WMT Walmart Inc. | Add +11.5% | 0.02% | +0.00 |
| ECG Everus Construction Group | New | 0.00% | +0.00 |
| BSCT Invesco Bulletshares 2029 CB | New | 0.00% | +0.00 |
| IGSB iShares 1-5Y Inv Grade Corp. | New | 0.00% | +0.00 |
| MDU Mdu Resources Group Inc. | New | 0.00% | +0.00 |
| HCMLY Holcim Ltd.-Uns ADR | New | 0.00% | +0.00 |
| PSCI Invesco S&P Smallcap Industr | New | 0.00% | +0.00 |
| NVS Novartis AG-Sponsored ADR | New | 0.00% | +0.00 |
| HIG Hartford Insurance Group Inc. | New | 0.00% | +0.00 |
| EUFN iShares MSCI Europe Financia | New | 0.00% | +0.00 |
| PLD Prologis Inc. | Add +61.9% | 0.00% | +0.00 |
| TTEK Tetra Tech Inc. | New | 0.00% | +0.00 |
| AMAT Applied Materials Inc. | New | 0.00% | +0.00 |
| MOS The Mosaic Co. | New | 0.00% | +0.00 |
| PSMT Pricesmart Inc. | New | 0.00% | +0.00 |
| FCX Freeport-McMoran Inc. | New | 0.00% | +0.00 |
| NOC Northrop Grumman Corp. | New | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 221 | $167.2M | MTDR, AAPL, MSFT, GOOG, BERKSHIRE HATHAWAY INC |
| Q1 2026 | 191 | $167.3M | MTDR, AAPL, MSFT, GOOG, BERKSHIRE HATHAWAY INC |
| Q4 2025 | 189 | $162.6M | MSFT, AAPL, MTDR, GOOG, BERKSHIRE HATHAWAY INC |
| Q3 2025 | 159 | $152.3M | MTDR, AAPL, ORCL, MSFT, BERKSHIRE HATHAWAY INC |
| Q2 2025 | 160 | $152.9M | MSFT, MTDR, AAPL, BERKSHIRE HATHAWAY INC, ORCL |
| Q1 2025 | 163 | $144.0M | MTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, GOOG |
| Q4 2024 | 148 | $78.9M | MTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, ORCL |
| Q3 2024 | 146 | $85.6M | AAPL, MTDR, MSFT, BERKSHIRE HATHAWAY INC, ORCL |
| Q2 2024 | 153 | $75.7M | MTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, GOOG |
| Q1 2024 | 156 | $74.6M | MTDR, AAPL, MSFT, BERKSHIRE HATHAWAY INC, ORCL |