Lummis Asset Management, LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), Lummis Asset Management, LP reported 191 stock positions worth $167.3 million. Its top holding was Matador Resources (MTDR) at 12.6% of the portfolio, followed by Apple (AAPL, 8.2%) and Microsoft (MSFT, 7.4%). Compared with Q4 2025, it opened 13 new positions, sold out of 11, added to 8 and reduced 34. The biggest buy was a new position in Dorman Products (DORM) and the biggest sale Microsoft (MSFT, shares −3%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0002011652
Portfolio Value
$167.3M (Q1 2026)
SEC Filing
0002011652-26-000002 ↗ filed May 11, 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 Q4 2025 Q1 2026: $167.3M $167.3M Q1 2026 Q2 2026: $167.2M Q2 2026

Holdings 191 stocks · $167.3M
MTDR Matador Resources Co. 12.58% 332,594 $21.1M Reduce -1.1%
AAPL Apple Inc. 8.21% 52,497 $13.7M Reduce -3.8%
MSFT Microsoft Corp. 7.44% 31,890 $12.5M Reduce -2.8%
GOOG Alphabet Inc. Class C 6.13% 31,642 $10.2M Reduce -3.8%
BERKSHIRE HATHAWAY INC 4.47% 15,690 $7.5M Reduce -2.3%
BSM Black Stone Minerals LP 2.94% 343,843 $4.9M Add +0.2%
GD General Dynamics Corp. 2.93% 14,255 $4.9M Reduce -4.0%
ROST Ross Stores Inc. 2.72% 20,651 $4.5M Reduce -5.0%
ORCL Oracle Corp. 2.67% 29,461 $4.5M Reduce -5.9%
GS Goldman Sachs Group Inc. 2.56% 4,906 $4.3M Reduce -28.0%
TFPM Triple Flag Precious Met 2.53% 124,666 $4.2M Reduce -5.1%
EQIX Equinix Inc. 2.41% 3,723 $4.0M No change
GOLF Acushnet Holdings Corp. 2.24% 396,670 $3.7M Add +824.0%
XOM Exxon Mobil Corp. 1.96% 20,627 $3.3M Reduce -3.2%
TMO Thermo Fisher Scientific Inc. 1.85% 6,370 $3.1M Reduce -2.1%
AIG American International Group 1.83% 40,671 $3.1M Reduce -3.0%
JNJ Johnson & Johnson 1.82% 12,873 $3.0M Reduce -3.7%
ABT Abbott Laboratories 1.71% 29,488 $2.9M Reduce -4.0%
AMRZ Amrize Ltd. 1.63% 49,177 $2.7M Reduce -4.5%
PEP Pepsico Inc. 1.61% 17,192 $2.7M Reduce -3.5%
AMT American Tower Corp. 1.57% 15,032 $2.6M No change
LLY Eli Lilly & Co. 1.49% 2,674 $2.5M No change
WFC Wells Fargo & Co. 1.49% 31,122 $2.5M Reduce -4.5%
AYI Acuity Inc. 1.48% 8,766 $2.5M Reduce -4.8%
DORM Dorman Products Inc. 1.26% 19,618 $2.1M New
DVN Devon Energy Corp. 1.12% 37,142 $1.9M Add +6.3%
SCHW Schwab (charles) Corp. 1.01% 18,232 $1.7M Reduce -4.2%
DG Dollar General Corp. 0.98% 13,932 $1.6M Reduce -5.0%
COP Conocophillips 0.96% 12,533 $1.6M Reduce -1.0%
KO The Coca-Cola Co. 0.95% 20,649 $1.6M Reduce -7.0%
AMZN Amazon.com Inc. 0.95% 7,055 $1.6M No change
VPL Vanguard Ftse Pacific ETF 0.84% 14,260 $1.4M Add +2973.3%
VGK Vanguard Ftse Europe ETF 0.81% 16,504 $1.4M Add +1.7%
ABBV Abbvie Inc. 0.79% 6,229 $1.3M No change
VXUS Vanguard Total Intl Stock 0.78% 16,908 $1.3M Add +12.1%
AMGN Amgen Inc. 0.71% 3,433 $1.2M Add +3.0%
CVX Chevron Corp. 0.69% 5,994 $1.2M No change
SCHO Schwab Short-Term US Treas 0.68% 46,846 $1.1M Reduce -9.5%
WMB Williams Cos Inc. 0.61% 14,018 $1.0M Reduce -7.1%
PG The Procter & Gamble Co. 0.59% 6,700 $985K No change
GOOGL Alphabet Inc. Class A 0.56% 3,270 $940K Reduce -2.3%
SSB Southstate Bank Corp. 0.47% 8,326 $785K Reduce -7.6%
ITW Illinois Tool Works 0.47% 3,015 $780K No change
FFIN First Finl Bankshares Inc. 0.46% 24,673 $762K Reduce -0.5%
WTM White Mountains Insurance GP 0.43% 325 $725K No change
CSCO Cisco Systems Inc. 0.37% 6,725 $615K No change
PSX Phillips 66 0.32% 3,011 $540K No change
RTX RTX Corp. 0.29% 2,713 $479K No change
LMT Lockheed Martin Corp. 0.27% 840 $455K No change
ADP Automatic Data Processing 0.25% 2,030 $426K Reduce -0.7%
APH Amphenol Corp. Class A 0.22% 2,887 $365K Reduce -1.6%
O Realty Income Corp. 0.19% 5,184 $322K Reduce -5.6%
PFE Pfizer Inc. 0.18% 11,314 $302K No change
VTI VG Morningstar TS MKT ETF-US 0.18% 933 $299K No change
UL Unilever PLC 0.16% 4,460 $263K No change
GLD SPDR Gold Shares 0.15% 600 $258K No change
JPM JPMorgan Chase & Co. 0.15% 865 $254K No change
ATO Atmos Energy Corp. 0.12% 1,128 $208K No change
BP BP PLC-Spons ADR 0.12% 4,239 $201K No change
NUV Nuveen Municipal Value 0.12% 22,000 $198K No change
BN Brookfield Corp. 0.12% 4,813 $195K No change
BSV Vanguard Short-Term Bond ETF 0.12% 2,460 $193K No change
CLX Clorox Company 0.11% 1,974 $190K New
META Meta Platforms Inc. Class A 0.11% 310 $187K No change
NSRGY Nestle SA-Spons ADR 0.11% 1,781 $180K No change
FBAK First National Bank Alaska 0.09% 460 $151K New
XEL Xcel Energy Inc. 0.09% 1,899 $151K No change
CET Central Securities Corp. 0.09% 3,036 $151K No change
BBVA Banco Bilbao Vizcaya-SP ADR 0.09% 6,784 $150K No change
SHY iShares 1-3 Year Treasury Bo 0.08% 1,595 $132K No change
BG Bunge Global SA 0.08% 1,032 $131K New
DKS Dick's Sporting Goods Inc. 0.07% 507 $115K No change
VDC Vanguard Consumer Staple ETF 0.07% 490 $114K No change
VIG Vanguard Dividend Apprec ETF 0.05% 400 $91K No change
MCD McDonald's Corp. 0.05% 268 $83K Reduce -2.5%
KMB Kimberly-Clark Corp. 0.05% 854 $83K No change
VOO Vanguard S&P 500 ETF 0.05% 133 $79K No change
NVDA Nvidia Corp. 0.04% 428 $75K No change
V Visa Inc. Class A 0.04% 229 $69K No change
CP Canadian Pac Railway 0.04% 864 $68K No change
UNH Unitedhealth Group Inc. 0.04% 249 $67K No change
CVS CVS Health Corp. 0.04% 800 $67K No change
DUK Duke Energy Corp. 0.04% 500 $65K No change
AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO 0.03% 1,097 $58K No change
LUV Southwest Airlines Co. 0.03% 1,500 $56K No change
CFR Cullen/Frost Bankers Inc. 0.03% 397 $54K No change
MINT PIMCO Enhanced Short Maturit 0.03% 541 $54K No change
MSI Motorola Solutions Inc. 0.03% 117 $51K No change
KMI Kinder Morgan Inc. 0.03% 1,500 $49K No change
MDLZ Mondelez International Inc. Class A 0.03% 825 $48K No change
EXEL Exelixis Inc. 0.03% 1,000 $43K New
VEA Vanguard Ftse Developed ETF 0.02% 646 $41K No change
PBT Permian Basin Royalty Trust 0.02% 1,850 $40K No change
VRT Vertiv Holdings Co. Class A 0.02% 142 $36K No change
BN Brookfield Asset Mgmt Inc. filed as BP PLC-SPONS ADR 0.02% 797 $35K No change
LHX L3HARRIS Technologies Inc. 0.02% 100 $35K New
WMT Walmart Inc. 0.02% 261 $32K No change
NFLX Netflix Inc. 0.02% 340 $32K No change
IP International Paper Co. 0.02% 1,000 $30K No change
MSEX Middlesex Water Co. 0.02% 550 $28K New
DOW Dow Inc. filed as DOW HLDGS INC 0.02% 633 $26K No change
TXN Texas Instruments Inc. 0.01% 127 $25K No change
LYB Lyondellbasell Indu Class A 0.01% 300 $22K No change
LW Lamb Weston Holdings Inc. 0.01% 500 $22K No change
AVGO Broadcom Inc. 0.01% 70 $22K No change
CAG Conagra Brands Inc. 0.01% 1,500 $22K New
HHH Howard Hughes Holdings Inc. 0.01% 340 $22K No change
MDT Medtronic PLC 0.01% 243 $21K No change
ADSK Autodesk Inc. 0.01% 83 $20K Reduce -25.2%
IDXX Idexx Laboratories Inc. 0.01% 35 $20K No change
TLT iShares 20+ Year Treasury BD 0.01% 220 $19K Add +100.0%
ET Energy Transfer LP 0.01% 970 $19K Reduce -76.2%
ACN Accenture PLC Class A 0.01% 87 $17K No change
ETN Eaton Corporation 0.01% 48 $17K No change
AZO AutoZone Inc. 0.01% 5 $17K No change
TPG TPG Inc. 0.01% 379 $15K No change
BND Vanguard Total Bond Market 0.01% 206 $15K No change
PGR Progressive Corp. 0.01% 73 $14K No change
AON PLC filed as AON Corporation 0.01% 43 $14K No change
QQQ Invesco QQQ Trust Series 1 0.01% 23 $13K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 29 $13K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 52 $13K No change
IGLB iShares 10+ Year Inv GR Corp. 0.01% 239 $12K No change
DHR Danaher Corp. 0.01% 59 $11K No change
CTSH Cognizant Tech Solutions-A 0.01% 180 $11K No change
EOG EOG Resources Inc. 0.01% 69 $10K No change
COST Costco Wholesale Corp. 0.01% 10 $10K No change
EFV iShares MSCI Eafe Value ETF 0.01% 133 $10K No change
LIN Linde PLC 0.01% 19 $9K No change
CSX CSX Corp. 0.01% 229 $9K No change
Q Qnity Electronics Inc. 0.01% 66 $9K No change
JEPI JPMorgan Equity Premium Inco 0.01% 163 $9K No change
LUNMF Lundin Mining Corp. 0.01% 353 $9K No change
GSLC Goldman Activebeta US LC ETF 0.00% 61 $8K No change
STEL Stellar Bancorp Inc. 0.00% 200 $7K No change
CEF Sprott Physical Gold and Sil 0.00% 150 $7K No change
IMBBY Imperial Brands PLC-Spon ADR 0.00% 151 $6K No change
MU Micron Technology Inc. 0.00% 18 $6K No change
DD Dupont DE Nemours Inc. 0.00% 133 $6K No change
IEFA iShares Core MSCI Eafe ETF 0.00% 66 $6K No change
SLV iShares Silver Trust 0.00% 85 $6K No change
NEE Nextera Energy Inc. 0.00% 61 $6K No change
FWONK Liberty Media Corp.-Liberty-C 0.00% 65 $6K New
ZTS Zoetis Inc. 0.00% 40 $5K No change
EXE Expand Energy Corp. 0.00% 43 $5K No change
PLD Prologis Inc. 0.00% 34 $4K No change
ECG Everus Construction Group 0.00% 37 $4K No change
JPMB JPMorgan Usd Emerging Market 0.00% 110 $4K No change
EW Edwards Lifesciences Corp. 0.00% 53 $4K No change
ORLY O'reilly Automotive Inc. 0.00% 45 $4K No change
SKYWORKS SOLUTIONS INC (SWKS 1.8 06/01/26) 0.00% 4,000 $4K New
EMXC iShares MSCI Emr MRK Ex Chna 0.00% 49 $4K No change
SNY Sanofi-ADR 0.00% 80 $4K New
HDUS Hartford Discip Eqty ETF 0.00% 61 $4K No change
PM Philip Morris International 0.00% 23 $4K No change
IEMG iShares Core MSCI Emerging 0.00% 54 $4K No change
NFG National Fuel Gas Co. 0.00% 40 $4K No change
JIVE JPM Interntl Value ETF filed as J P MORGAN EXCHANGE TRADED F 0.00% 42 $4K No change
PAVE Global X US Infrastructure 0.00% 70 $4K No change
RSP Invesco S&P 500 Equal Weight 0.00% 18 $3K New
GE General Electric Company filed as GE AEROSPACE 0.00% 12 $3K No change
IJR iShares Core S&P Small-Cap E 0.00% 27 $3K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.00% 60 $3K No change
FECCF Frontera Energy Corp. 0.00% 328 $3K No change
MDU Mdu Resources Group Inc. 0.00% 150 $3K No change
BSCT Invesco Bulletshares 2029 CB 0.00% 162 $3K No change
CRM Salesforce Inc. 0.00% 16 $3K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.00% 55 $3K No change
PSCI Invesco S&P Smallcap Industr 0.00% 17 $3K No change
GEV GE Vernova Inc. 0.00% 3 $3K No change
NVS Novartis AG-Sponsored ADR 0.00% 16 $2K No change
ICE Intercontinental Exchange Inc. filed as Intrcontinentalexchange 0.00% 15 $2K New
TCEHY Tencent Holdings Ltd.-Uns ADR 0.00% 36 $2K No change
URI United Rentals Inc. 0.00% 3 $2K No change
HCMLY Holcim Ltd.-Uns ADR 0.00% 132 $2K No change
AMAT Applied Materials Inc. 0.00% 6 $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
EUFN iShares MSCI Europe Financia 0.00% 50 $2K No change
CBOE Cboe Global Markets Inc. 0.00% 6 $2K No change
PSMT Pricesmart Inc. 0.00% 11 $2K No change
TTEK Tetra Tech Inc. 0.00% 50 $2K No change
MOS The Mosaic Co. 0.00% 55 $1K No change
NERD Roundhill Video Games ETF 0.00% 65 $1K No change
FCX Freeport-McMoran Inc. 0.00% 21 $1K No change
CME Cme Group Inc. 0.00% 3 $886 No change
SEG Seaport Entertainment Group 0.00% 36 $773 No change
FUN Six Flags Entertainment Corp. 0.00% 24 $426 No change
GEHC GE Healthcare Technology 0.00% 4 $285 No change
LLYVK Liberty Media Corp.-Liberty-C 0.00% 2 $188 No change
TIGO Millicom Intl Cellular S.A. 0.00% 3 $45 No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above)
SecurityClassShares / PrincipalValueChange
HARTFORD INSUR GRP INC/T (HIG 6 PERP G) Common Stock 13$2KNew

Total filed on the 13F, all lines: $167.3M.

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -2.8% 7.44% −2.32
ORCL Oracle Corp. Reduce -5.9% 2.67% −1.09
AAPL Apple Inc. Reduce -3.8% 8.21% −0.92
ABT Abbott Laboratories Reduce -4.0% 1.71% −0.66
AYI Acuity Inc. Reduce -4.8% 1.48% −0.56
BERKSHIRE HATHAWAY INC Reduce -2.3% 4.47% −0.49
TMO Thermo Fisher Scientific Inc. Reduce -2.1% 1.85% −0.47
AIG American International Group Reduce -3.0% 1.83% −0.38
WFC Wells Fargo & Co. Reduce -4.5% 1.49% −0.38
GS Goldman Sachs Group Inc. Reduce -28.0% 2.56% −0.26
GOOG Alphabet Inc. Class C Reduce -3.8% 6.13% −0.22
DG Dollar General Corp. Reduce -5.0% 0.98% −0.22
SCHW Schwab (charles) Corp. Reduce -4.2% 1.01% −0.16
TFPM Triple Flag Precious Met Reduce -5.1% 2.53% −0.15
GD General Dynamics Corp. Reduce -4.0% 2.93% −0.15
SCHO Schwab Short-Term US Treas Reduce -9.5% 0.68% −0.10
AMRZ Amrize Ltd. Reduce -4.5% 1.63% −0.09
GOOGL Alphabet Inc. Class A Reduce -2.3% 0.56% −0.08
ADP Automatic Data Processing Reduce -0.7% 0.25% −0.07
BG Bunge Ltd. Sold out 0.00% −0.06
SSB Southstate Bank Corp. Reduce -7.6% 0.47% −0.05
EPD Enterprise Products Partners Sold out 0.00% −0.04
ET Energy Transfer LP Reduce -76.2% 0.01% −0.03
APH Amphenol Corp. Class A Reduce -1.6% 0.22% −0.03
FDS Factset Research Systems Inc. Sold out 0.00% −0.03
CONAGRA BRANDS INC Sold out 0.00% −0.02
BKNG Booking Holdings Inc. Sold out 0.00% −0.01
ADSK Autodesk Inc. Reduce -25.2% 0.01% −0.01
QCOM Qualcomm Inc. Sold out 0.00% −0.00
KO The Coca-Cola Co. Reduce -7.0% 0.95% −0.00
ADBE Adobe Inc. Sold out 0.00% −0.00
MCD McDonald's Corp. Reduce -2.5% 0.05% −0.00
VLTO Veralto Corp. Sold out 0.00% −0.00
HIG Hartford Insurance Group Inc. Sold out 0.00% −0.00
IR Ingersoll-Rand Inc. Sold out 0.00% −0.00
NOC Northrop Grumman Corp. Sold out 0.00% −0.00
FFIN First Finl Bankshares Inc. Reduce -0.5% 0.46% −0.00
O Realty Income Corp. Reduce -5.6% 0.19% +0.00
PEP Pepsico Inc. Reduce -3.5% 1.61% +0.04
WMB Williams Cos Inc. Reduce -7.1% 0.61% +0.05
JNJ Johnson & Johnson Reduce -3.7% 1.82% +0.11
COP Conocophillips Reduce -1.0% 0.96% +0.23
ROST Ross Stores Inc. Reduce -5.0% 2.72% +0.31
XOM Exxon Mobil Corp. Reduce -3.2% 1.96% +0.39
MTDR Matador Resources Co. Reduce -1.1% 12.58% +3.81

Portfolio Buys Q4 2025 → Q1 2026
DORM Dorman Products Inc. New 1.26% +1.26
VPL Vanguard Ftse Pacific ETF Add +2973.3% 0.84% +0.81
DVN Devon Energy Corp. Add +6.3% 1.12% +0.33
BSM Black Stone Minerals LP Add +0.2% 2.94% +0.17
GOLF Acushnet Holdings Corp. Add +824.0% 2.24% +0.13
CLX Clorox Company New 0.11% +0.11
FBAK First National Bank Alaska New 0.09% +0.09
VXUS Vanguard Total Intl Stock Add +12.1% 0.78% +0.08
BG Bunge Global SA New 0.08% +0.08
AMGN Amgen Inc. Add +3.0% 0.71% +0.04
EXEL Exelixis Inc. New 0.03% +0.03
LHX L3HARRIS Technologies Inc. New 0.02% +0.02
MSEX Middlesex Water Co. New 0.02% +0.02
CAG Conagra Brands Inc. New 0.01% +0.01
TLT iShares 20+ Year Treasury BD Add +100.0% 0.01% +0.01
FWONK Liberty Media Corp.-Liberty-C New 0.00% +0.00
SKYWORKS SOLUTIONS INC (SWKS 1.8 06/01/26) New 0.00% +0.00
SNY Sanofi-ADR New 0.00% +0.00
RSP Invesco S&P 500 Equal Weight New 0.00% +0.00
ICE Intercontinental Exchange Inc. New 0.00% +0.00
VGK Vanguard Ftse Europe ETF Add +1.7% 0.81% −0.02

Notes & Other Activity Q4 2025 → Q1 2026
HARTFORD INSUR GRP INC/T (HIG 6 PERP G) Common Stock New 13 $2K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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