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

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 Q3 2025 Q4 2025: $162.6M $162.6M Q4 2025 Q1 2026: $167.3M Q1 2026 Q2 2026: $167.2M Q2 2026

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
TPG TPG Inc. 0.01% 379 $24K No change
IDXX Idexx Laboratories Inc. 0.01% 35 $24K No change
MDT Medtronic PLC 0.01% 243 $23K New
ACN Accenture PLC Class A 0.01% 87 $23K No change
VRT Vertiv Holdings Co. Class A 0.01% 142 $23K No change
TXN Texas Instruments Inc. 0.01% 127 $22K No change
LW Lamb Weston Holdings Inc. 0.01% 500 $21K No change
AZO AutoZone Inc. 0.01% 5 $17K No change
PGR Progressive Corp. 0.01% 73 $17K No change
BKNG Booking Holdings Inc. 0.01% 3 $16K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 52 $15K No change
ETN Eaton Corporation 0.01% 48 $15K No change
BND Vanguard Total Bond Market 0.01% 206 $15K No change
AON PLC filed as AON Corporation 0.01% 43 $15K No change
CTSH Cognizant Tech Solutions-A 0.01% 180 $15K No change
DOW Dow Inc. 0.01% 633 $15K No change
QQQ Invesco QQQ Trust Series 1 0.01% 23 $14K New
DHR Danaher Corp. 0.01% 59 $14K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 29 $13K No change
LYB Lyondellbasell Indu Class A 0.01% 300 $13K No change
IGLB iShares 10+ Year Inv GR Corp. 0.01% 239 $12K New
TLT iShares 20+ Year Treasury BD 0.01% 110 $10K New
EFV iShares MSCI Eafe Value ETF 0.01% 133 $9K New
JEPI JPMorgan Equity Premium Inco 0.01% 163 $9K New
COST Costco Wholesale Corp. 0.01% 10 $9K No change
CSX CSX Corp. 0.01% 229 $8K No change
LIN Linde PLC 0.01% 19 $8K No change
GSLC Goldman Activebeta US LC ETF 0.01% 61 $8K New
LUNMF Lundin Mining Corp. 0.00% 353 $8K No change
EOG EOG Resources Inc. 0.00% 69 $7K Add +19.0%
QCOM Qualcomm Inc. 0.00% 42 $7K No change
CEF Sprott Physical Gold and Sil 0.00% 150 $7K New
IMBBY Imperial Brands PLC-Spon ADR 0.00% 151 $6K New
STEL Stellar Bancorp Inc. 0.00% 200 $6K No change
IEFA iShares Core MSCI Eafe ETF 0.00% 66 $6K New
SLV iShares Silver Trust 0.00% 85 $5K No change
Q Qnity Electronics Inc. 0.00% 66 $5K No change
DD Dupont DE Nemours Inc. 0.00% 133 $5K No change
MU Micron Technology Inc. 0.00% 18 $5K New
ZTS Zoetis Inc. 0.00% 40 $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 $5K No change
JPMB JPMorgan Usd Emerging Market 0.00% 110 $4K New
PLD Prologis Inc. 0.00% 34 $4K Add +61.9%
CRM Salesforce Inc. 0.00% 16 $4K No change
ORLY O'reilly Automotive Inc. 0.00% 45 $4K No change
HDUS Hartford Discip Eqty ETF 0.00% 61 $4K New
GE General Electric Company filed as GE Aerospace 0.00% 12 $4K No change
PM Philip Morris International 0.00% 23 $4K No change
IEMG iShares Core MSCI Emerging 0.00% 54 $4K New
EMXC iShares MSCI Emr MRK Ex Chna 0.00% 49 $4K New
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.00% 60 $3K New
JIVE JPM Interntl Value ETF filed as J P MORGAN EXCHANGE TRADED F 0.00% 42 $3K New
PAVE Global X US Infrastructure 0.00% 70 $3K New
IJR iShares Core S&P Small-Cap E 0.00% 27 $3K New
NFG National Fuel Gas Co. 0.00% 40 $3K New
ECG Everus Construction Group 0.00% 37 $3K New
ADBE Adobe Inc. 0.00% 9 $3K No change
BSCT Invesco Bulletshares 2029 CB 0.00% 162 $3K New
MDU Mdu Resources Group Inc. 0.00% 150 $3K New
IGSB iShares 1-5Y Inv Grade Corp. 0.00% 55 $3K New
TCEHY Tencent Holdings Ltd.-Uns ADR 0.00% 36 $3K No change
HCMLY Holcim Ltd.-Uns ADR 0.00% 132 $3K New
PSCI Invesco S&P Smallcap Industr 0.00% 17 $3K New
URI United Rentals Inc. 0.00% 3 $2K No change
UAL United Airlines Holdings Inc. 0.00% 21 $2K No change
MA Mastercard Inc. Class A 0.00% 4 $2K No change
NVS Novartis AG-Sponsored ADR 0.00% 16 $2K New
GEV GE Vernova Inc. 0.00% 3 $2K No change
VLTO Veralto Corp. 0.00% 19 $2K No change
EUFN iShares MSCI Europe Financia 0.00% 50 $2K New
HIG Hartford Insurance Group Inc. 0.00% 13 $2K New
TTEK Tetra Tech Inc. 0.00% 50 $2K New
NERD Roundhill Video Games ETF 0.00% 65 $2K No change
AMAT Applied Materials Inc. 0.00% 6 $2K New
CBOE Cboe Global Markets Inc. 0.00% 6 $2K No change
FECCF Frontera Energy Corp. 0.00% 328 $1K No change
PSMT Pricesmart Inc. 0.00% 11 $1K New
MOS The Mosaic Co. 0.00% 55 $1K New
IR Ingersoll-Rand Inc. 0.00% 15 $1K No change
NOC Northrop Grumman Corp. 0.00% 2 $1K New
FCX Freeport-McMoran Inc. 0.00% 21 $1K New
CME Cme Group Inc. 0.00% 3 $819 No change
SEG Seaport Entertainment Group 0.00% 36 $712 No change
FUN Six Flags Entertainment Corp. 0.00% 24 $368 No change
GEHC GE Healthcare Technology 0.00% 4 $328 No change
LLYVK Liberty Media Corp.-Liberty-C 0.00% 2 $166 No change
TIGO Millicom Intl Cellular S.A. 0.00% 3 $48 New

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

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