Meixler Investment Management, Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Meixler Investment Management, Ltd. reported 90 stock positions worth $164.5 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 11.9% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 8.7%) and Natural Resource Partners (NRP, 6.0%). Compared with Q3 2025, it opened 5 new positions, sold out of 15, added to 37 and reduced 47. The biggest buy was Royal Gold (RGLD, shares +348%) and the biggest sale Suncor Energy (SU, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- SHOW LOW, AZ
- CIK
- 0001911615
- Portfolio Value
- $164.5M (Q4 2025)
- SEC Filing
- 0001911615-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 90 stocks · $164.5M
| PHYS Sprott Physical Gold Trust | 11.90% | 592,961 | $19.6M | Reduce -2.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 8.71% | 28,511 | $14.3M | Add +1.0% |
| NRP Natural Resource Partners LP | 6.00% | 94,506 | $9.9M | Add +21.2% |
| DMLP Dorchester Minerals LP | 5.63% | 414,544 | $9.3M | Add +0.1% |
| SU Suncor Energy Inc. | 4.80% | 177,948 | $7.9M | Reduce -28.1% |
| EXP Eagle Materials Inc. | 2.92% | 23,259 | $4.8M | Add +15.8% |
| CNQ Canadian Natural Resources | 2.90% | 141,124 | $4.8M | Reduce -26.3% |
| EPD Enterprise Products Partners | 2.79% | 142,925 | $4.6M | Add +14.6% |
| HON Honeywell International Inc. | 2.50% | 21,101 | $4.1M | Add +18.2% |
| TYG Tortoise Energy Infrastruct | 2.39% | 96,186 | $3.9M | Add +3.6% |
| FNV Franco-Nevada Corp. | 2.19% | 17,363 | $3.6M | Reduce -7.8% |
| OUNZ Vaneck Merk Gold ETF | 1.83% | 72,587 | $3.0M | Add +1.2% |
| OKE Oneok Inc. | 1.83% | 40,870 | $3.0M | Add +29.2% |
| RGLD Royal Gold Inc. | 1.82% | 13,459 | $3.0M | Add +347.6% |
| LMT Lockheed Martin Corp. | 1.80% | 6,122 | $3.0M | Reduce -1.6% |
| LEGH Legacy Housing Corp. | 1.61% | 135,560 | $2.6M | Add +32.4% |
| WPC WP Carey Inc. | 1.48% | 37,844 | $2.4M | Add +3.1% |
| KMI Kinder Morgan Inc. | 1.44% | 86,385 | $2.4M | Add +29.9% |
| SKYH SKY Harbour Group Corp. | 1.44% | 264,010 | $2.4M | Add +19.4% |
| PKST Peakstone Realty Trust | 1.44% | 164,653 | $2.4M | Add +0.3% |
| KNF Knife River Corp. | 1.29% | 30,262 | $2.1M | Add +44.6% |
| CP Canadian Pacific Kansas City | 1.24% | 27,599 | $2.0M | Add +25.0% |
| OR Or Royalties Inc. | 1.22% | 56,701 | $2.0M | Reduce -9.3% |
| ENB Enbridge Inc. | 1.08% | 37,205 | $1.8M | Add +5.4% |
| LOW Lowe's Cos Inc. | 1.05% | 7,164 | $1.7M | Reduce -5.2% |
| MUSA Murphy USA Inc. | 0.97% | 3,970 | $1.6M | New |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 0.94% | 67,987 | $1.5M | Reduce -6.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.92% | 2 | $1.5M | New |
| GRID First TRST Nasd Class Edg Sgiif | 0.91% | 9,735 | $1.5M | Reduce -0.7% |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 0.83% | 52,652 | $1.4M | Reduce -9.9% |
| PAG Penske Automotive Group Inc. | 0.82% | 8,530 | $1.4M | Add +28.5% |
| BOC Boston Omaha Corp. Class A | 0.79% | 105,472 | $1.3M | Reduce -2.8% |
| LECO Lincoln Electric Holdings | 0.75% | 5,125 | $1.2M | Reduce -5.2% |
| XAR SS SPDR S&P Aerospace Def | 0.74% | 5,059 | $1.2M | Reduce -5.7% |
| VAL Valaris Ltd. | 0.70% | 22,917 | $1.2M | Reduce -42.4% |
| QCOM Qualcomm Inc. | 0.68% | 6,571 | $1.1M | Add +90.9% |
| HD Home Depot Inc. | 0.68% | 3,252 | $1.1M | Reduce -1.9% |
| DIN Dine Brands Global Inc. | 0.67% | 34,168 | $1.1M | New |
| MDV Modiv Industrial Inc. | 0.62% | 71,086 | $1.0M | New |
| JOE The St Joe Co. | 0.59% | 16,296 | $967K | Reduce -20.6% |
| TRMB Trimble Inc. | 0.58% | 12,124 | $950K | Add +8.2% |
| NEM Newmont Corp. | 0.58% | 9,511 | $950K | Add +7.7% |
| GOOGL Alphabet Inc. Class A | 0.56% | 2,958 | $926K | Reduce -13.9% |
| AEM Agnico Eagle Mines Ltd. | 0.55% | 5,369 | $910K | Reduce -15.9% |
| VOXR Vox Royalty Corp. | 0.54% | 188,279 | $892K | Reduce -12.3% |
| AMRZ Amrize Ltd. | 0.53% | 16,260 | $879K | Add +7.7% |
| SFM Sprouts Farmers Market Inc. | 0.49% | 10,156 | $809K | Add +65.5% |
| LAMR Lamar Advertising Co. Class A | 0.48% | 6,240 | $790K | Reduce -11.4% |
| IMO Imperial Oil Ltd. | 0.45% | 8,625 | $744K | Reduce -25.9% |
| WPM Wheaton Precious Metals Corp. | 0.44% | 6,098 | $717K | Reduce -6.9% |
| WCC Wesco International Inc. | 0.42% | 2,837 | $694K | Reduce -14.2% |
| AIG American International Group | 0.41% | 7,897 | $676K | Reduce -8.0% |
| FERG Ferguson Enterprises Inc. | 0.40% | 2,968 | $661K | Add +172.5% |
| CRESY Cresud S.A.-Spons ADR | 0.39% | 51,062 | $645K | Reduce -4.6% |
| TFPM Triple Flag Precious Met | 0.38% | 18,774 | $624K | Reduce -9.7% |
| MELI MercadoLibre Inc. | 0.37% | 303 | $610K | Add +39.0% |
| OMAB Grupo Aeroportuario Cen-ADR | 0.37% | 5,585 | $607K | Reduce -1.4% |
| SNX TD Synnex Corp. | 0.37% | 4,033 | $606K | Reduce -9.5% |
| PSLV Sprott Physical Silver Trust | 0.36% | 24,975 | $591K | Reduce -11.3% |
| SOLS Solstice Adv Materials Inc. | 0.33% | 11,270 | $547K | Add +152.5% |
| BRKR Bruker Corp. | 0.33% | 11,468 | $540K | Reduce -11.7% |
| TRP TC Energy Corp. | 0.32% | 9,458 | $520K | Reduce -0.7% |
| ATKR Atkore Inc. | 0.29% | 7,524 | $476K | Reduce -2.3% |
| SII Sprott Inc. | 0.29% | 4,824 | $472K | Reduce -16.5% |
| GOOG Alphabet Inc. Class C | 0.27% | 1,441 | $452K | Reduce -7.9% |
| REXR Rexford Industrial Realty Inc. | 0.27% | 11,364 | $440K | Add +8.3% |
| ALTG Alta Equipment Group Inc. | 0.26% | 92,717 | $426K | Add +28.4% |
| FVR Frontview REIT Inc. | 0.26% | 28,525 | $421K | New |
| HGTY Hagerty Inc. Class A | 0.24% | 29,100 | $391K | Reduce -0.1% |
| XOM Exxon Mobil Corp. | 0.23% | 3,145 | $378K | Add +2.8% |
| AAPL Apple Inc. | 0.22% | 1,337 | $363K | Reduce -1.8% |
| GBTC Grayscale Bitcoin Trust ETF | 0.22% | 5,249 | $359K | Reduce -12.2% |
| BTU Peabody Energy Corp. | 0.22% | 12,039 | $358K | Reduce -39.1% |
| UMH Umh Properties Inc. filed as UMH PPTYS INC | 0.20% | 21,100 | $336K | Add +9.5% |
| SSNC Ss&c Technologies Holdings | 0.20% | 3,764 | $329K | Reduce -2.2% |
| GSHD Goosehead Insurance Inc. Class A | 0.20% | 4,355 | $321K | Add +5.3% |
| VLTO Veralto Corp. | 0.19% | 3,197 | $319K | Add +1.4% |
| IA Innovative Solutions & Supp | 0.19% | 16,575 | $314K | Reduce -1.5% |
| NPK National Presto Inds Inc. | 0.19% | 2,931 | $313K | Reduce -0.8% |
| IBIT iShares Bitcoin Trust ETF | 0.19% | 6,271 | $311K | Reduce -11.8% |
| SJT San Juan Basin Royalty TR | 0.18% | 52,100 | $293K | Add +5.0% |
| HCC Warrior Met Coal Inc. | 0.17% | 3,242 | $286K | Reduce -52.6% |
| OC Owens Corning | 0.16% | 2,422 | $271K | Add +14.9% |
| PSX Phillips 66 | 0.16% | 1,984 | $256K | Add +8.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.14% | 4,200 | $231K | No change |
| ARW Arrow Electronics Inc. | 0.13% | 2,001 | $220K | Reduce -41.1% |
| CVX Chevron Corp. | 0.13% | 1,407 | $215K | Reduce -1.5% |
| MXC Mexco Energy Corp. | 0.09% | 15,651 | $155K | Reduce -21.1% |
| HE Hawaiian Electric Inds | 0.09% | 12,300 | $151K | Add +23.0% |
| ILPT Industrial Logistics Propert | 0.04% | 12,700 | $70K | Reduce -17.0% |
Options reported separately and not counted above: NEM calls ($210K), DIN calls ($80K), SFM calls ($24K), RGLD calls ($22K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $20K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | 30,488 | $20K | New |
Total filed on the 13F, all lines: $164.5M.
Portfolio Sells Q3 2025 → Q4 2025
| SU Suncor Energy Inc. | Reduce -28.1% | 4.80% | −1.54 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −1.34 |
| CNQ Canadian Natural Resources | Reduce -26.3% | 2.90% | −0.85 |
| VAL Valaris Ltd. | Reduce -42.4% | 0.70% | −0.49 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.43 |
| SOBO South Bow Corp. | Sold out | 0.00% | −0.42 |
| FNV Franco-Nevada Corp. | Reduce -7.8% | 2.19% | −0.39 |
| TPL Texas Pacific Land Corp. | Sold out | 0.00% | −0.32 |
| OR Or Royalties Inc. | Reduce -9.3% | 1.22% | −0.32 |
| TIPT Tiptree Inc. | Sold out | 0.00% | −0.31 |
| MOS The Mosaic Co. | Sold out | 0.00% | −0.25 |
| BG Bunge Global SA | Sold out | 0.00% | −0.23 |
| IMO Imperial Oil Ltd. | Reduce -25.9% | 0.45% | −0.19 |
| ALEX Alexander & Baldwin Inc. | Sold out | 0.00% | −0.19 |
| EMX Emx Royalty Corp. | Sold out | 0.00% | −0.16 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −0.16 |
| PLYM Plymouth Industrial REIT Inc. | Sold out | 0.00% | −0.15 |
| FRPH FRP Holdings Inc. | Reduce -6.5% | 0.94% | −0.14 |
| HD Home Depot Inc. | Reduce -1.9% | 0.68% | −0.14 |
| ALNT Allient Inc. | Sold out | 0.00% | −0.13 |
| ZIG The Acquirers Fund ETF | Sold out | 0.00% | −0.13 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.13 |
| ARW Arrow Electronics Inc. | Reduce -41.1% | 0.13% | −0.12 |
| LOW Lowe's Cos Inc. | Reduce -5.2% | 1.05% | −0.11 |
| GBTC Grayscale Bitcoin Trust ETF | Reduce -12.2% | 0.22% | −0.11 |
| AEM Agnico Eagle Mines Ltd. | Reduce -15.9% | 0.55% | −0.11 |
| LMT Lockheed Martin Corp. | Reduce -1.6% | 1.80% | −0.10 |
| BTU Peabody Energy Corp. | Reduce -39.1% | 0.22% | −0.10 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −0.10 |
| IBIT iShares Bitcoin Trust ETF | Reduce -11.8% | 0.19% | −0.09 |
| HCC Warrior Met Coal Inc. | Reduce -52.6% | 0.17% | −0.09 |
| SNX TD Synnex Corp. | Reduce -9.5% | 0.37% | −0.08 |
| BOC Boston Omaha Corp. Class A | Reduce -2.8% | 0.79% | −0.08 |
| LAMR Lamar Advertising Co. Class A | Reduce -11.4% | 0.48% | −0.05 |
| LECO Lincoln Electric Holdings | Reduce -5.2% | 0.75% | −0.04 |
| JOE The St Joe Co. | Reduce -20.6% | 0.59% | −0.03 |
| XAR SS SPDR S&P Aerospace Def | Reduce -5.7% | 0.74% | −0.03 |
| VOXR Vox Royalty Corp. | Reduce -12.3% | 0.54% | −0.02 |
| MXC Mexco Energy Corp. | Reduce -21.1% | 0.09% | −0.02 |
| WPM Wheaton Precious Metals Corp. | Reduce -6.9% | 0.44% | −0.01 |
| NPK National Presto Inds Inc. | Reduce -0.8% | 0.19% | −0.01 |
| ILPT Industrial Logistics Propert | Reduce -17.0% | 0.04% | −0.01 |
| SSNC Ss&c Technologies Holdings | Reduce -2.2% | 0.20% | −0.01 |
| SII Sprott Inc. | Reduce -16.5% | 0.29% | −0.01 |
| WCC Wesco International Inc. | Reduce -14.2% | 0.42% | −0.01 |
| ATKR Atkore Inc. | Reduce -2.3% | 0.29% | −0.01 |
| CVX Chevron Corp. | Reduce -1.5% | 0.13% | −0.01 |
| GRID First TRST Nasd Class Edg Sgiif | Reduce -0.7% | 0.91% | −0.00 |
| AIG American International Group | Reduce -8.0% | 0.41% | −0.00 |
| TRP TC Energy Corp. | Reduce -0.7% | 0.32% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| RGLD Royal Gold Inc. | Add +347.6% | 1.82% | +1.45 |
| NRP Natural Resource Partners LP | Add +21.2% | 6.00% | +0.98 |
| MUSA Murphy USA Inc. | New | 0.97% | +0.97 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.92% | +0.92 |
| DIN Dine Brands Global Inc. | New | 0.67% | +0.67 |
| MDV Modiv Industrial Inc. | New | 0.62% | +0.62 |
| OKE Oneok Inc. | Add +29.2% | 1.83% | +0.41 |
| EPD Enterprise Products Partners | Add +14.6% | 2.79% | +0.39 |
| QCOM Qualcomm Inc. | Add +90.9% | 0.68% | +0.33 |
| KNF Knife River Corp. | Add +44.6% | 1.29% | +0.31 |
| KMI Kinder Morgan Inc. | Add +29.9% | 1.44% | +0.29 |
| FVR Frontview REIT Inc. | New | 0.26% | +0.26 |
| FERG Ferguson Enterprises Inc. | Add +172.5% | 0.40% | +0.25 |
| CP Canadian Pacific Kansas City | Add +25.0% | 1.24% | +0.23 |
| SOLS Solstice Adv Materials Inc. | Add +152.5% | 0.33% | +0.20 |
| HON Honeywell International Inc. | Add +18.2% | 2.50% | +0.20 |
| OUNZ Vaneck Merk Gold ETF | Add +1.2% | 1.83% | +0.19 |
| NEM Newmont Corp. | Add +7.7% | 0.58% | +0.12 |
| PKST Peakstone Realty Trust | Add +0.3% | 1.44% | +0.12 |
| PAG Penske Automotive Group Inc. | Add +28.5% | 0.82% | +0.11 |
| SKYH SKY Harbour Group Corp. | Add +19.4% | 1.44% | +0.10 |
| AMRZ Amrize Ltd. | Add +7.7% | 0.53% | +0.09 |
| SFM Sprouts Farmers Market Inc. | Add +65.5% | 0.49% | +0.08 |
| MELI MercadoLibre Inc. | Add +39.0% | 0.37% | +0.06 |
| EXP Eagle Materials Inc. | Add +15.8% | 2.92% | +0.05 |
| UMH Umh Properties Inc. | Add +9.5% | 0.20% | +0.03 |
| HE Hawaiian Electric Inds | Add +23.0% | 0.09% | +0.02 |
| XOM Exxon Mobil Corp. | Add +2.8% | 0.23% | +0.02 |
| TRMB Trimble Inc. | Add +8.2% | 0.58% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.0% | 8.71% | +0.01 |
| GSHD Goosehead Insurance Inc. Class A | Add +5.3% | 0.20% | +0.01 |
| PSX Phillips 66 | Add +8.6% | 0.16% | +0.00 |
| REXR Rexford Industrial Realty Inc. | Add +8.3% | 0.27% | +0.00 |
| SJT San Juan Basin Royalty TR | Add +5.0% | 0.18% | −0.01 |
| ENB Enbridge Inc. | Add +5.4% | 1.08% | −0.01 |
| VLTO Veralto Corp. | Add +1.4% | 0.19% | −0.01 |
| OC Owens Corning | Add +14.9% | 0.16% | −0.02 |
| WPC WP Carey Inc. | Add +3.1% | 1.48% | −0.04 |
| ALTG Alta Equipment Group Inc. | Add +28.4% | 0.26% | −0.06 |
| TYG Tortoise Energy Infrastruct | Add +3.6% | 2.39% | −0.06 |
| LEGH Legacy Housing Corp. | Add +32.4% | 1.61% | −0.12 |
| DMLP Dorchester Minerals LP | Add +0.1% | 5.63% | −0.94 |
Options Activity Q3 2025 → Q4 2025
| NEM Newmont Corp. | call | Reduce -43.2% | 2,100 | $210K |
| DIN Dine Brands Global Inc. | call | New | 2,500 | $80K |
| BTU Peabody Energy Corp. | call | Sold out | 8,700 | $33Kbefore exit |
| CLF Cleveland-Cliffs Inc. | call | Sold out | 4,200 | $24Kbefore exit |
| SFM Sprouts Farmers Market Inc. | call | New | 300 | $24K |
| RGLD Royal Gold Inc. | call | New | 100 | $22K |
| SU Suncor Energy Inc. | call | Sold out | 2,100 | $22Kbefore exit |
| CNQ Canadian Natural Resources | call | Sold out | 3,300 | $20Kbefore exit |
| TIPT Tiptree Inc. | call | Sold out | 300 | $653before exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | New | 30,488 | $20K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 88 | $181.1M | PHYS, BRK.B, NRP, DMLP, EXP |
| Q1 2026 | 87 | $185.8M | PHYS, BRK.B, NRP, DMLP, SU |
| Q4 2025 | 90 | $164.5M | PHYS, BRK.B, NRP, DMLP, SU |
| Q3 2025 | 99 | $163.0M | PHYS, BRK.B, DMLP, SU, NRP |
| Q2 2025 | 95 | $145.2M | PHYS, BRK.B, DMLP, SU, NRP |
| Q1 2025 | 101 | $144.3M | PHYS, BRK.B, DMLP, SU, CNQ |
| Q4 2024 | 103 | $134.9M | PHYS, DMLP, BRK.B, SU, CNQ |
| Q3 2024 | 104 | $135.5M | PHYS, BRK.B, DMLP, SU, CNQ |
| Q2 2024 | 99 | $130.0M | PHYS, DMLP, BRK.B, SU, CNQ |
| Q1 2024 | 98 | $133.2M | DMLP, PHYS, BRK.B, SU, CNQ |