Mraz, Amerine & Associates, Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed July 24, 2025), Mraz, Amerine & Associates, Inc. reported 166 stock positions worth $561.3 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 13.4% of the portfolio, followed by Jefferies Financial (JEF, 7.5%) and Fairfax Financial (FRFHF, 7.5%). Compared with Q3 2024, it opened 10 new positions, sold out of 11, added to 43 and reduced 75. The biggest buy was Markel (MKL, shares +1%) and the biggest sale Enstar (ESGR, shares −28%).

Most Recent 13F
Q2 2026
Location
Modesto, CA
CIK
0001542324
Portfolio Value
$561.3M (Q4 2024)
SEC Filing
0001214659-25-010858 ↗ filed Jul 24, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $528.9M Q1 2024 Q2 2024: $486.4M Q2 2024 Q3 2024: $552.9M Q3 2024 Q4 2024: $561.3M $561.3M Q4 2024 Q1 2025: $582.0M Q1 2025 Q2 2025: $623.5M Q2 2025 Q3 2025: $642.0M Q3 2025 Q4 2025: $673.0M Q4 2025 Q1 2026: $678.0M Q1 2026 Q2 2026: $696.9M Q2 2026

Holdings 166 stocks · $561.3M
BRK.B Berkshire Hathaway Inc. Class B 13.42% 166,238 $75.4M Reduce -1.4%
JEF Jefferies Financial Group Inc. 7.52% 538,699 $42.2M Reduce -1.4%
FRFHF Fairfax Financial Hldgs Ltd. 7.46% 30,076 $41.8M Reduce -1.6%
WTM White Mountains Insurance GP 7.30% 21,069 $41.0M Reduce -0.6%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 6.68% 640,573 $37.5M Reduce -1.6%
MKL Markel Group Inc. 5.74% 18,660 $32.2M Add +0.9%
ESGR Enstar Group Ltd. 4.24% 73,840 $23.8M Reduce -27.8%
L Loews Corp. 3.85% 254,879 $21.6M Add +1.1%
AVUV Avantis US Small Cap Value 2.83% 164,503 $15.9M Add +2.5%
JAAA Janus Henderson Aaa Clo ETF 2.08% 230,346 $11.7M Add +33.1%
BN Brookfield Corp. 1.98% 193,527 $11.1M Add +2.9%
MSFT Microsoft Corp. 1.41% 18,795 $7.9M Reduce -0.7%
DFIV Dimensional International Va 1.41% 222,643 $7.9M Add +16.8%
AVDV Avantis Intl S/C Value ETF 1.40% 120,488 $7.8M Add +5.1%
CACC Credit Acceptance Corp. 1.11% 13,213 $6.2M Reduce -1.5%
CNQ Canadian Natural Resources 1.00% 181,893 $5.6M Add +3.8%
UHAL.B U-Haul Holding Co.-Non Voting 1.00% 87,387 $5.6M Reduce -0.5%
OXY Occidental Petroleum Corp. 0.94% 106,307 $5.3M Add +7.9%
AR Antero Resources Corp. 0.90% 144,391 $5.1M Add +2.7%
BRK.A Berkshire Hathaway Inc. Class A 0.85% 7 $4.8M No change
LEN.B Lennar Corp. Class B 0.69% 29,244 $3.9M Reduce -3.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.65% 95,391 $3.7M Add +13.3%
NVR NVR Inc. 0.65% 444 $3.6M Reduce -1.8%
RMT Royce Micro-Cap Trust Inc. 0.64% 370,435 $3.6M Reduce -6.1%
VTS Vitesse Energy Inc. 0.63% 142,206 $3.6M Reduce -1.6%
JNJ Johnson & Johnson 0.62% 24,118 $3.5M Add +38.9%
GHC Graham Holdings Co. Class B 0.60% 3,844 $3.4M Reduce -2.8%
TPL Texas Pacific Land Corp. 0.57% 2,873 $3.2M Reduce -0.7%
AAPL Apple Inc. 0.51% 11,423 $2.9M Reduce -2.7%
CVE Cenovus Energy Inc. 0.50% 185,308 $2.8M Add +37.1%
CTRA Coterra Energy Inc. 0.49% 107,928 $2.8M Reduce -8.9%
WBD Warner Bros Discovery Inc. 0.45% 237,743 $2.5M Reduce -3.1%
AVEM Avantis Emerging Markets Eq 0.44% 41,771 $2.5M Add +15.1%
FCNCA First Citizens Bcshs Class A 0.43% 1,145 $2.4M Reduce -3.0%
BR Broadridge Financial Solutio 0.41% 10,245 $2.3M No change
CRGY Crescent Energy Inc. Class A 0.41% 158,148 $2.3M Reduce -1.1%
SCHW Schwab (charles) Corp. 0.41% 31,122 $2.3M Reduce -1.7%
AMGN Amgen Inc. 0.41% 8,742 $2.3M Add +24.5%
FCX Freeport-McMoran Inc. 0.40% 59,676 $2.3M Add +4.6%
DFLV Dim US Large Cap Value ETF 0.40% 74,538 $2.2M Reduce -2.5%
TDW Tidewater Inc. 0.38% 39,256 $2.1M Add +4.0%
OIH Vaneck Oil Services ETF 0.37% 7,557 $2.0M Add +13.4%
CABO Cable One Inc. 0.36% 5,619 $2.0M Add +8.1%
DEC Diversified Energy Co. PLC 0.34% 113,495 $1.9M Reduce -3.3%
CUBI Customers Bancorp Inc. 0.33% 38,402 $1.9M Reduce -5.8%
AMR Alpha Metallurgical Resource 0.33% 9,315 $1.9M Add +7.0%
DISV Dimensional International SM 0.33% 68,856 $1.8M No change
JOE The St Joe Co. 0.32% 40,500 $1.8M Add +20.7%
BSM Black Stone Minerals LP 0.32% 123,405 $1.8M Reduce -1.5%
BUR Burford Capital Ltd. 0.32% 139,527 $1.8M Add +12.8%
VYM Vanguard High DVD Yield ETF 0.31% 13,564 $1.7M Reduce -21.6%
COP Conocophillips 0.30% 16,793 $1.7M Add +12.3%
LUMN Lumen Technologies Inc. 0.30% 313,484 $1.7M Reduce -1.7%
NE Noble Corp. PLC 0.29% 51,495 $1.6M Add +36.4%
SBR Sabine Royalty Trust 0.29% 24,708 $1.6M Reduce -3.7%
CLF Cleveland-Cliffs Inc. 0.28% 165,726 $1.6M Add +9.6%
VAL Valaris Ltd. 0.27% 34,826 $1.5M Reduce -16.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.27% 19,705 $1.5M Reduce -2.5%
DMLP Dorchester Minerals LP 0.27% 44,969 $1.5M Reduce -5.2%
VTV Vanguard Mrngstr Val ETF-Aui 0.26% 8,614 $1.5M Reduce -15.3%
NMM Navios Maritime Partners LP 0.25% 32,694 $1.4M Add +9.4%
EMR Emerson Electric Co. 0.25% 11,193 $1.4M Reduce -6.3%
AXP American Express Co. 0.23% 4,384 $1.3M Reduce -10.2%
ABEV Ambev SA-ADR 0.23% 693,029 $1.3M Reduce -2.8%
DFAI Dimensional International Co. 0.23% 43,432 $1.3M Reduce -7.9%
SBLK Star Bulk Carriers Corp. 0.22% 84,221 $1.3M Add +12.2%
DVN Devon Energy Corp. 0.22% 37,195 $1.2M Add +20.0%
HAL Halliburton Co. 0.21% 44,042 $1.2M Add +13.6%
CRC California Resources Corp. 0.21% 22,473 $1.2M Reduce -0.0%
GAM General American Investors 0.21% 22,650 $1.2M Reduce -3.3%
KF Korea Fund Inc. 0.20% 62,111 $1.1M Add +26.2%
DIHP Dimensional International Hi 0.20% 44,686 $1.1M Reduce -2.3%
APD Air Products & Chemicals Inc. 0.20% 3,863 $1.1M Add +0.3%
CVX Chevron Corp. 0.20% 7,684 $1.1M Reduce -9.5%
PXE Invesco Energy Exploration 0.20% 37,542 $1.1M Add +33.0%
AGO Assured Guaranty Ltd. 0.19% 11,888 $1.1M Reduce -0.1%
NTR Nutrien Ltd. 0.19% 23,490 $1.1M Add +2.4%
IAU iShares Gold Trust 0.18% 20,962 $1.0M Add +2.9%
VTIP Vanguard Short-Term Tips 0.18% 21,252 $1.0M Reduce -30.9%
VIGI Vanguard Int Div App Indx FD 0.18% 12,443 $995K Reduce -8.7%
CSWC Capital Southwest Corp. 0.17% 43,521 $950K Reduce -3.8%
DD Dupont DE Nemours Inc. 0.16% 12,084 $921K Add +0.0%
RVT Royce Small-Cap Trust Inc. 0.16% 57,029 $901K Reduce -0.5%
COST Costco Wholesale Corp. 0.16% 961 $881K No change
EWJV iShares MSCI Japan Value ETF 0.15% 27,339 $855K Add +13.7%
PSLV Sprott Physical Silver Trust 0.15% 84,725 $818K No change
VTOL Bristow Group Inc. 0.15% 23,819 $817K Reduce -1.4%
SU Suncor Energy Inc. 0.14% 22,755 $812K Reduce -3.5%
AVES Avantis Emerging Markets Val 0.14% 17,525 $810K Reduce -2.5%
AVGO Broadcom Inc. 0.14% 3,400 $788K No change
JOF Japan Smaller Capitalization 0.14% 101,821 $781K Add +225.3%
FWONK Liberty Media Corp. Class C 0.13% 7,968 $738K Reduce -7.6%
DFAC Dimensional US Core Equity 2 0.13% 21,196 $733K Reduce -4.0%
SJT San Juan Basin Royalty TR 0.13% 189,246 $725K Reduce -2.0%
CTVA Corteva Inc. 0.13% 12,455 $709K Add +0.0%
WMB Williams Cos Inc. 0.13% 13,056 $707K No change
EQT Eqt Corp. 0.12% 15,106 $697K Add +0.0%
VONV Vanguard Russell 1000 Value 0.12% 8,376 $681K Reduce -0.4%
OFG Ofg Bancorp 0.12% 15,890 $672K Reduce -3.1%
ABT Abbott Laboratories 0.11% 5,523 $625K Reduce -7.8%
IVOL Quadratic Int Rte Vol Infl H 0.11% 34,001 $603K No change
IEO iShares U.S. Oil & Gas Explo 0.11% 6,614 $593K Reduce -4.1%
SO The Southern Co. 0.10% 6,890 $567K No change
CSW CSW Industrials Inc. 0.10% 1,600 $564K No change
WSC Willscot Holdings Corp. 0.10% 16,507 $552K Add +144.6%
IMO Imperial Oil Ltd. 0.09% 8,630 $532K No change
GD General Dynamics Corp. 0.09% 2,015 $531K No change
FTI Technipfmc PLC 0.09% 17,123 $496K Reduce -1.1%
DOW Dow Inc. 0.09% 12,121 $486K Add +0.0%
CNA Cna Financial Corp. 0.08% 9,741 $471K Reduce -16.4%
BPMC Blueprint Medicines Corp. 0.08% 5,346 $466K Reduce -7.5%
USB US Bancorp 0.08% 9,550 $457K Reduce -2.3%
NVS Novartis AG-Sponsored ADR 0.08% 4,592 $447K No change
AMAT Applied Materials Inc. 0.08% 2,705 $440K Reduce -22.4%
LMT Lockheed Martin Corp. 0.07% 854 $415K No change
TSLA Tesla Inc. 0.07% 1,015 $410K New
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 0.07% 20,431 $403K Reduce -13.6%
CRT Cross Timbers Royalty Trust 0.07% 40,481 $398K Reduce -11.8%
DJCO Daily Journal Corp. 0.07% 689 $391K No change
QCOM Qualcomm Inc. 0.07% 2,540 $390K Add +4.5%
HNRG Hallador Energy Co. 0.06% 31,575 $362K No change
INSW International Seaways Inc. 0.06% 9,749 $350K No change
VIG Vanguard Dividend Apprec ETF 0.06% 1,672 $327K No change
ENB Enbridge Inc. 0.06% 7,399 $314K Reduce -14.7%
IDT Idt Corp. Class B 0.06% 6,504 $309K No change
XSORX Source Capital Inc. 0.05% 7,030 $306K Reduce -12.9%
LMB Limbach Holdings Inc. 0.05% 3,500 $299K No change
CMCSA Comcast Corp. Class A 0.05% 7,919 $297K Reduce -5.3%
UHAL U-Haul Holding Co. 0.05% 4,270 $295K Reduce -3.5%
CEF Sprott Physical Gold and Sil 0.05% 12,291 $292K No change
SLM SLM Corp. 0.05% 10,475 $289K No change
VYMI Vanguard Int High DVD YLD Inc. 0.05% 4,097 $278K No change
OEC Orion SA 0.05% 17,415 $275K Reduce -5.6%
SRE Sempra 0.05% 3,089 $271K No change
ZTS Zoetis Inc. 0.05% 1,642 $268K Reduce -6.5%
TRGP Targa Resources Corp. 0.05% 1,475 $263K No change
JPM JPMorgan Chase & Co. 0.04% 1,041 $250K New
WABC Westamerica Bancorporation 0.04% 4,646 $244K No change
GEOS Geospace Technologies Corp. 0.04% 24,181 $242K Reduce -5.0%
PNC PNC Financial Services Group 0.04% 1,240 $239K No change
DFEV Dimensional Emrg MRKT Val 0.04% 9,070 $238K No change
LBRDK Liberty Broadband-C 0.04% 3,128 $234K Reduce -1.1%
WY Weyerhaeuser Co. 0.04% 8,188 $230K Reduce -3.5%
IP International Paper Co. 0.04% 4,232 $228K Reduce -21.4%
RRC Range Resources Corp. 0.04% 6,330 $228K New
ETR Entergy Corp. 0.04% 2,944 $223K New
NVDA Nvidia Corp. 0.04% 1,625 $218K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.04% 4,827 $212K New
VEA Vanguard Ftse Developed ETF 0.04% 4,411 $211K No change
VZ Verizon Communications Inc. 0.04% 5,202 $208K No change
LLY Eli Lilly & Co. 0.04% 262 $202K No change
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 0.03% 14,900 $188K Reduce -4.5%
UBFO United Security Bancshare 0.03% 18,248 $184K No change
VTRS Viatris Inc. 0.03% 12,200 $152K Add +1.7%
BRFS BRF SA-ADR 0.02% 29,725 $121K No change
ARQ Arq Inc. 0.02% 11,300 $86K No change
TTI Tetra Technologies Inc. 0.01% 22,000 $79K No change
FUND Sprott Focus Trust Inc. 0.01% 10,718 $78K No change
TWI Titan International Inc. 0.01% 10,940 $74K New
DSX Diana Shipping Inc. 0.01% 33,453 $66K New
MTR Mesa Royalty Trust 0.01% 10,046 $58K No change
PHX PHX Minerals Inc. 0.01% 14,289 $57K Reduce -1.3%
EQC Equity Commonwealth 0.01% 27,473 $49K Reduce -69.8%
SB Safe Bulkers Inc. 0.01% 13,345 $48K No change
HOUS Anywhere Real Estate Inc. 0.01% 10,000 $33K New
REI Ring Energy Inc. 0.00% 20,000 $27K New

Portfolio Sells Q3 2024 → Q4 2024
ESGR Enstar Group Ltd. Reduce -27.8% 4.24% −1.71
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.4% 13.42% −0.60
EQC Equity Commonwealth Reduce -69.8% 0.01% −0.32
LEN.B Lennar Corp. Class B Reduce -3.2% 0.69% −0.26
CVS CVS Health Corp. Sold out 0.00% −0.23
NVR NVR Inc. Reduce -1.8% 0.65% −0.16
UHAL.B U-Haul Holding Co.-Non Voting Reduce -0.5% 1.00% −0.15
VAL Valaris Ltd. Reduce -16.0% 0.27% −0.14
LUMN Lumen Technologies Inc. Reduce -1.7% 0.30% −0.11
VYM Vanguard High DVD Yield ETF Reduce -21.6% 0.31% −0.09
VTIP Vanguard Short-Term Tips Reduce -30.9% 0.18% −0.09
ABEV Ambev SA-ADR Reduce -2.8% 0.23% −0.09
MSFT Microsoft Corp. Reduce -0.7% 1.41% −0.06
VTV Vanguard Mrngstr Val ETF-Aui Reduce -15.3% 0.26% −0.06
XOM Exxon Mobil Corp. Sold out 0.00% −0.05
AMAT Applied Materials Inc. Reduce -22.4% 0.08% −0.05
SYLD Cambria Shareholder Yield Et Sold out 0.00% −0.05
DFAI Dimensional International Co. Reduce -7.9% 0.23% −0.04
MRK Merck & Co. Inc. Sold out 0.00% −0.04
RMT Royce Micro-Cap Trust Inc. Reduce -6.1% 0.64% −0.04
HP Helmerich & Payne Sold out 0.00% −0.04
LBTYK Liberty Global Ltd. Class C Sold out 0.00% −0.04
VIGI Vanguard Int Div App Indx FD Reduce -8.7% 0.18% −0.04
MRO Marathon Oil Corp. Sold out 0.00% −0.04
CSWC Capital Southwest Corp. Reduce -3.8% 0.17% −0.04
VGK Vanguard Ftse Europe ETF Sold out 0.00% −0.04
MAC The Macerich Co. Sold out 0.00% −0.03
DIHP Dimensional International Hi Reduce -2.3% 0.20% −0.03
CVX Chevron Corp. Reduce -9.5% 0.20% −0.03
DFLV Dim US Large Cap Value ETF Reduce -2.5% 0.40% −0.03
SWN Southwestern Energy Co. Sold out 0.00% −0.03
AVES Avantis Emerging Markets Val Reduce -2.5% 0.14% −0.03
CTRA Coterra Energy Inc. Reduce -8.9% 0.49% −0.02
GAM General American Investors Reduce -3.3% 0.21% −0.02
BSM Black Stone Minerals LP Reduce -1.5% 0.32% −0.02
CNA Cna Financial Corp. Reduce -16.4% 0.08% −0.02
CRT Cross Timbers Royalty Trust Reduce -11.8% 0.07% −0.02
ZTS Zoetis Inc. Reduce -6.5% 0.05% −0.01
BPMC Blueprint Medicines Corp. Reduce -7.5% 0.08% −0.01
OFG Ofg Bancorp Reduce -3.1% 0.12% −0.01
SU Suncor Energy Inc. Reduce -3.5% 0.14% −0.01
ABT Abbott Laboratories Reduce -7.8% 0.11% −0.01
QURE Uniqure NV Sold out 0.00% −0.01
WY Weyerhaeuser Co. Reduce -3.5% 0.04% −0.01
XSORX Source Capital Inc. Reduce -12.9% 0.05% −0.01
OEC Orion SA Reduce -5.6% 0.05% −0.01
CMCSA Comcast Corp. Class A Reduce -5.3% 0.05% −0.01
CTO Cto Realty Growth Inc. Reduce -13.6% 0.07% −0.01
UHAL U-Haul Holding Co. Reduce -3.5% 0.05% −0.01
CUBI Customers Bancorp Inc. Reduce -5.8% 0.33% −0.01

Portfolio Buys Q3 2024 → Q4 2024
MKL Markel Group Inc. Add +0.9% 5.74% +0.49
JAAA Janus Henderson Aaa Clo ETF Add +33.1% 2.08% +0.49
L Loews Corp. Add +1.1% 3.85% +0.24
AR Antero Resources Corp. Add +2.7% 0.90% +0.17
BN Brookfield Corp. Add +2.9% 1.98% +0.17
JNJ Johnson & Johnson Add +38.9% 0.62% +0.11
DFIV Dimensional International Va Add +16.8% 1.41% +0.09
JOF Japan Smaller Capitalization Add +225.3% 0.14% +0.09
CVE Cenovus Energy Inc. Add +37.1% 0.50% +0.09
TSLA Tesla Inc. New 0.07% +0.07
WSC Willscot Holdings Corp. Add +144.6% 0.10% +0.05
PXE Invesco Energy Exploration Add +33.0% 0.20% +0.05
AVUV Avantis US Small Cap Value Add +2.5% 2.83% +0.05
JPM JPMorgan Chase & Co. New 0.04% +0.04
NE Noble Corp. PLC Add +36.4% 0.29% +0.04
RRC Range Resources Corp. New 0.04% +0.04
ETR Entergy Corp. New 0.04% +0.04
NVDA Nvidia Corp. New 0.04% +0.04
BAC Bank of America Corp. New 0.04% +0.04
CABO Cable One Inc. Add +8.1% 0.36% +0.03
EQT Eqt Corp. Add +0.0% 0.12% +0.02
OIH Vaneck Oil Services ETF Add +13.4% 0.37% +0.02
BUR Burford Capital Ltd. Add +12.8% 0.32% +0.02
OXY Occidental Petroleum Corp. Add +7.9% 0.94% +0.02
AVEM Avantis Emerging Markets Eq Add +15.1% 0.44% +0.01
TWI Titan International Inc. New 0.01% +0.01
SLB SLB Ltd. Add +13.3% 0.65% +0.01
COP Conocophillips Add +12.3% 0.30% +0.01
DSX Diana Shipping Inc. New 0.01% +0.01
HAL Halliburton Co. Add +13.6% 0.21% +0.01
EWJV iShares MSCI Japan Value ETF Add +13.7% 0.15% +0.01
HOUS Anywhere Real Estate Inc. New 0.01% +0.01
REI Ring Energy Inc. New 0.00% +0.00
VTRS Viatris Inc. Add +1.7% 0.03% +0.00
IAU iShares Gold Trust Add +2.9% 0.18% +0.00
KF Korea Fund Inc. Add +26.2% 0.20% +0.00
DVN Devon Energy Corp. Add +20.0% 0.22% −0.00
AMGN Amgen Inc. Add +24.5% 0.41% −0.00
QCOM Qualcomm Inc. Add +4.5% 0.07% −0.01
CTVA Corteva Inc. Add +0.0% 0.13% −0.01
APD Air Products & Chemicals Inc. Add +0.3% 0.20% −0.01
NTR Nutrien Ltd. Add +2.4% 0.19% −0.01
JOE The St Joe Co. Add +20.7% 0.32% −0.03
DD Dupont DE Nemours Inc. Add +0.0% 0.16% −0.03
DOW Dow Inc. Add +0.0% 0.09% −0.03
AMR Alpha Metallurgical Resource Add +7.0% 0.33% −0.04
CNQ Canadian Natural Resources Add +3.8% 1.00% −0.05
AVDV Avantis Intl S/C Value ETF Add +5.1% 1.40% −0.07
CLF Cleveland-Cliffs Inc. Add +9.6% 0.28% −0.07
NMM Navios Maritime Partners LP Add +9.4% 0.25% −0.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 198$696.9MBRK.B, FRFHF, WTM, WRB, USFR
Q1 2026 189$678.0MBRK.B, FRFHF, WTM, WRB, USFR
Q4 2025 192$673.0MBRK.B, FRFHF, WTM, WRB, MKL
Q3 2025 188$642.0MBRK.B, FRFHF, WRB, WTM, JEF
Q2 2025 191$623.5MBRK.B, FRFHF, WRB, WTM, MKL
Q1 2025Amended 170$582.0MBRK.B, WRB, FRFHF, WTM, MKL
Q4 2024Amended 166$561.3MBRK.B, JEF, FRFHF, WTM, WRB
Q3 2024Amended 167$552.9MBRK.B, FRFHF, WRB, WTM, JEF
Q2 2024Amended 167$486.4MBRK.B, WTM, WRB, ESGR, MKL
Q1 2024Amended 177$528.9MBRK.B, WTM, WRB, FRFHF, ESGR