Mraz, Amerine & Associates, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Mraz, Amerine & Associates, Inc. reported 188 stock positions worth $642.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 12.8% of the portfolio, followed by Fairfax Financial (FRFHF, 7.9%) and WR Berkley (WRB, 7.4%). Compared with Q2 2025, it opened 5 new positions, sold out of 8, added to 44 and reduced 75. The biggest buy was Avantis Intl S/C Value ETF (AVDV, shares +7%) and the biggest sale an exit from Enstar (ESGR).
- Most Recent 13F
- Q2 2026
- Location
- Modesto, CA
- CIK
- 0001542324
- Portfolio Value
- $642.0M (Q3 2025)
- SEC Filing
- 0001214659-25-016025 ↗ filed Nov 6, 2025
Holdings Value
Holdings 188 stocks · $642.0M
| BRK.B Berkshire Hathaway Inc. Class B | 12.80% | 163,390 | $82.1M | Reduce -0.6% |
| FRFHF Fairfax Financial Hldgs Ltd. | 7.89% | 28,968 | $50.7M | Reduce -2.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 7.45% | 624,209 | $47.8M | Reduce -1.3% |
| WTM White Mountains Insurance GP | 5.89% | 22,606 | $37.8M | Add +4.8% |
| JEF Jefferies Financial Group Inc. | 5.80% | 568,716 | $37.2M | Reduce -0.5% |
| MKL Markel Group Inc. | 5.56% | 18,677 | $35.7M | Reduce -1.1% |
| L Loews Corp. | 4.01% | 256,502 | $25.8M | Reduce -0.9% |
| JAAA Janus Henderson Aaa Clo ETF | 3.04% | 383,841 | $19.5M | Add +6.7% |
| AVUV Avantis US Small Cap Value | 2.59% | 167,186 | $16.6M | Add +2.8% |
| BN Brookfield Corp. | 2.45% | 229,498 | $15.7M | Reduce -0.1% |
| DFIV Dimensional International Va | 1.89% | 262,901 | $12.1M | Add +11.4% |
| AVDV Avantis Intl S/C Value ETF | 1.84% | 132,561 | $11.8M | Add +7.4% |
| USFR Wisdomtree Floating Rate Tre | 1.76% | 224,387 | $11.3M | Add +19.4% |
| MSFT Microsoft Corp. | 1.50% | 18,581 | $9.6M | Reduce -0.7% |
| CNQ Canadian Natural Resources | 1.13% | 226,513 | $7.2M | Add +8.0% |
| CACC Credit Acceptance Corp. | 0.98% | 13,432 | $6.3M | Add +0.8% |
| OXY Occidental Petroleum Corp. | 0.97% | 132,079 | $6.2M | Add +5.0% |
| CVE Cenovus Energy Inc. | 0.97% | 366,599 | $6.2M | Add +10.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.82% | 7 | $5.3M | No change |
| JNJ Johnson & Johnson | 0.82% | 28,451 | $5.3M | No change |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.82% | 103,103 | $5.2M | Add +6.0% |
| AVEM Avantis Emerging Markets Eq | 0.79% | 67,503 | $5.1M | Add +26.3% |
| AR Antero Resources Corp. | 0.78% | 149,174 | $5.0M | Add +3.1% |
| WBD Warner Bros Discovery Inc. | 0.72% | 237,306 | $4.6M | Reduce -0.7% |
| GHC Graham Holdings Co. Class B | 0.66% | 3,610 | $4.3M | Reduce -3.0% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.63% | 118,358 | $4.1M | Add +7.9% |
| NVR NVR Inc. | 0.61% | 487 | $3.9M | Reduce -1.4% |
| AAPL Apple Inc. | 0.58% | 14,746 | $3.8M | Reduce -5.8% |
| LEN.B Lennar Corp. Class B | 0.58% | 30,944 | $3.7M | Add +0.8% |
| RMT Royce Micro-Cap Trust Inc. | 0.58% | 357,316 | $3.7M | Reduce -1.7% |
| VTS Vitesse Energy Inc. | 0.52% | 145,056 | $3.4M | Reduce -0.8% |
| SCHW Schwab (charles) Corp. | 0.46% | 31,122 | $3.0M | No change |
| TPL Texas Pacific Land Corp. | 0.45% | 3,096 | $2.9M | No change |
| TDW Tidewater Inc. | 0.41% | 49,518 | $2.6M | Add +3.5% |
| BUR Burford Capital Ltd. | 0.41% | 219,664 | $2.6M | Add +11.3% |
| OIH Vaneck Oil Services ETF | 0.40% | 9,802 | $2.5M | Add +13.9% |
| HAL Halliburton Co. | 0.39% | 102,590 | $2.5M | Add +27.0% |
| AMGN Amgen Inc. | 0.39% | 8,915 | $2.5M | Reduce -1.5% |
| JOE The St Joe Co. | 0.39% | 50,547 | $2.5M | Reduce -0.9% |
| CTRA Coterra Energy Inc. | 0.39% | 104,861 | $2.5M | Reduce -1.2% |
| CUBI Customers Bancorp Inc. | 0.39% | 37,917 | $2.5M | Reduce -0.8% |
| DISV Dimensional International SM | 0.38% | 68,552 | $2.4M | No change |
| AMR Alpha Metallurgical Resource | 0.38% | 14,772 | $2.4M | Reduce -0.7% |
| BR Broadridge Financial Solutio | 0.37% | 9,939 | $2.4M | Reduce -0.8% |
| FCX Freeport-McMoran Inc. | 0.35% | 58,079 | $2.3M | Add +0.9% |
| PAAA Pgim Aaa Clo ETF | 0.35% | 43,281 | $2.2M | Add +59.3% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.34% | 20,270 | $2.2M | Reduce -0.5% |
| EMR Emerson Electric Co. | 0.33% | 16,220 | $2.1M | Reduce -3.1% |
| DEC Diversified Energy Co. PLC | 0.33% | 150,410 | $2.1M | Add +4.3% |
| DFLV Dim US Large Cap Value ETF | 0.33% | 63,534 | $2.1M | Reduce -0.3% |
| KF Korea Fund Inc. | 0.33% | 68,288 | $2.1M | Add +0.1% |
| LUMN Lumen Technologies Inc. | 0.31% | 326,486 | $2.0M | Reduce -2.1% |
| FCNCA First Citizens Bcshs Class A | 0.30% | 1,092 | $2.0M | Reduce -3.2% |
| NMM Navios Maritime Partners LP | 0.30% | 43,291 | $2.0M | Add +6.4% |
| SBR Sabine Royalty Trust | 0.29% | 23,700 | $1.9M | Reduce -3.4% |
| SBLK Star Bulk Carriers Corp. | 0.29% | 99,687 | $1.9M | Reduce -2.0% |
| CLF Cleveland-Cliffs Inc. | 0.29% | 151,430 | $1.8M | Reduce -13.3% |
| CRGY Crescent Energy Inc. Class A | 0.29% | 205,647 | $1.8M | Add +2.1% |
| VAL Valaris Ltd. | 0.28% | 37,063 | $1.8M | Reduce -0.1% |
| BSM Black Stone Minerals LP | 0.28% | 134,694 | $1.8M | Add +1.6% |
| NE Noble Corp. PLC | 0.27% | 61,055 | $1.7M | Add +6.2% |
| VYM Vanguard High DVD Yield ETF | 0.26% | 11,713 | $1.7M | Reduce -2.2% |
| JOF Japan Smaller Capitalization | 0.25% | 155,051 | $1.6M | Add +6.7% |
| ABEV Ambev SA-ADR | 0.25% | 711,515 | $1.6M | Reduce -1.8% |
| PXE Invesco Energy Exploration | 0.24% | 53,346 | $1.6M | Add +19.7% |
| COP Conocophillips | 0.24% | 16,493 | $1.6M | Reduce -1.3% |
| DFAI Dimensional International Co. | 0.23% | 41,255 | $1.5M | Reduce -1.1% |
| CABO Cable One Inc. | 0.23% | 8,409 | $1.5M | Add +2.4% |
| DVN Devon Energy Corp. | 0.23% | 41,925 | $1.5M | Reduce -0.4% |
| AXP American Express Co. | 0.23% | 4,355 | $1.4M | No change |
| CSL Carlisle Cos Inc. | 0.22% | 4,315 | $1.4M | No change |
| NTR Nutrien Ltd. | 0.22% | 24,079 | $1.4M | Reduce -1.4% |
| CVX Chevron Corp. | 0.22% | 9,053 | $1.4M | No change |
| AIG American International Group | 0.22% | 17,823 | $1.4M | Add +93.4% |
| WSC Willscot Holdings Corp. | 0.21% | 65,302 | $1.4M | Add +90.0% |
| GAM General American Investors | 0.21% | 22,081 | $1.4M | Reduce -6.8% |
| IAU iShares Gold Trust | 0.21% | 18,409 | $1.3M | Reduce -2.4% |
| DIHP Dimensional International Hi | 0.21% | 43,944 | $1.3M | Reduce -1.0% |
| PSLV Sprott Physical Silver Trust | 0.21% | 84,725 | $1.3M | No change |
| EWJV iShares MSCI Japan Value ETF | 0.20% | 32,593 | $1.3M | Add +1.0% |
| MRK Merck & Co. Inc. | 0.19% | 14,806 | $1.2M | Add +297.2% |
| CRC California Resources Corp. | 0.19% | 22,358 | $1.2M | Reduce -0.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.18% | 6,283 | $1.2M | Reduce -10.3% |
| AVGO Broadcom Inc. | 0.17% | 3,400 | $1.1M | No change |
| SJT San Juan Basin Royalty TR | 0.17% | 184,236 | $1.1M | Reduce -2.1% |
| DMLP Dorchester Minerals LP | 0.17% | 42,646 | $1.1M | Reduce -4.2% |
| APD Air Products & Chemicals Inc. | 0.17% | 3,895 | $1.1M | Add +0.3% |
| AVES Avantis Emerging Markets Val | 0.15% | 17,346 | $995K | Reduce -0.4% |
| NVDA Nvidia Corp. | 0.15% | 5,328 | $994K | Reduce -1.4% |
| DD Dupont DE Nemours Inc. | 0.15% | 12,018 | $936K | No change |
| SU Suncor Energy Inc. | 0.15% | 22,392 | $936K | Reduce -0.8% |
| VIGI Vanguard Int Div App Indx FD | 0.15% | 10,422 | $933K | Reduce -3.3% |
| COST Costco Wholesale Corp. | 0.14% | 1,004 | $929K | Reduce -1.4% |
| AGO Assured Guaranty Ltd. | 0.14% | 10,543 | $892K | Reduce -4.3% |
| RVT Royce Small-Cap Trust Inc. | 0.14% | 54,025 | $871K | No change |
| CSWC Capital Southwest Corp. | 0.14% | 39,724 | $868K | Reduce -7.5% |
| VTOL Bristow Group Inc. | 0.13% | 23,777 | $858K | No change |
| CTVA Corteva Inc. | 0.13% | 12,390 | $838K | No change |
| VTIP Vanguard Short-Term Tips | 0.13% | 16,403 | $830K | Reduce -10.5% |
| RPM RPM International Inc. | 0.13% | 7,000 | $825K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −2.83 |
| FRFHF Fairfax Financial Hldgs Ltd. | Reduce -2.5% | 7.89% | −0.71 |
| MKL Markel Group Inc. | Reduce -1.1% | 5.56% | −0.49 |
| LMB Limbach Holdings Inc. | Sold out | 0.00% | −0.08 |
| FCNCA First Citizens Bcshs Class A | Reduce -3.2% | 0.30% | −0.05 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.05 |
| CTRA Coterra Energy Inc. | Reduce -1.2% | 0.39% | −0.05 |
| CTO Cto Realty Growth Inc. | Sold out | 0.00% | −0.05 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −0.04 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.03 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.03 |
| ABEV Ambev SA-ADR | Reduce -1.8% | 0.25% | −0.03 |
| VGK Vanguard Ftse Europe ETF | Sold out | 0.00% | −0.03 |
| TXN Texas Instruments Inc. | Reduce -28.1% | 0.04% | −0.03 |
| DMLP Dorchester Minerals LP | Reduce -4.2% | 0.17% | −0.03 |
| EMR Emerson Electric Co. | Reduce -3.1% | 0.33% | −0.03 |
| BR Broadridge Financial Solutio | Reduce -0.8% | 0.37% | −0.02 |
| HSY The Hershey Co. | Reduce -32.1% | 0.06% | −0.02 |
| CRT Cross Timbers Royalty Trust | Reduce -9.3% | 0.04% | −0.02 |
| VTIP Vanguard Short-Term Tips | Reduce -10.5% | 0.13% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -33.6% | 0.04% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -1.4% | 0.14% | −0.02 |
| CSWC Capital Southwest Corp. | Reduce -7.5% | 0.14% | −0.02 |
| EQT Eqt Corp. | Reduce -2.3% | 0.13% | −0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -10.3% | 0.18% | −0.02 |
| AGO Assured Guaranty Ltd. | Reduce -4.3% | 0.14% | −0.01 |
| AMGN Amgen Inc. | Reduce -1.5% | 0.39% | −0.01 |
| WMB Williams Cos Inc. | Reduce -7.3% | 0.12% | −0.01 |
| ABT Abbott Laboratories | Reduce -5.7% | 0.10% | −0.01 |
| VIGI Vanguard Int Div App Indx FD | Reduce -3.3% | 0.15% | −0.01 |
| PNC PNC Financial Services Group | Reduce -24.2% | 0.04% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.6% | 12.80% | −0.01 |
| FWONK Liberty Media Corp. Class C | Reduce -3.8% | 0.11% | −0.01 |
| NTR Nutrien Ltd. | Reduce -1.4% | 0.22% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -15.2% | 0.04% | −0.01 |
| SJT San Juan Basin Royalty TR | Reduce -2.1% | 0.17% | −0.01 |
| ZTS Zoetis Inc. | Reduce -7.3% | 0.03% | −0.01 |
| UHAL U-Haul Holding Co. | Reduce -2.3% | 0.04% | −0.00 |
| CNA Cna Financial Corp. | Reduce -3.6% | 0.06% | −0.00 |
| DFAC Dimensional US Core Equity 2 | Reduce -8.9% | 0.08% | −0.00 |
| XSORX Source Capital Inc. | Reduce -9.8% | 0.03% | −0.00 |
| DIHP Dimensional International Hi | Reduce -1.0% | 0.21% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -7.9% | 0.05% | −0.00 |
| ENB Enbridge Inc. | Reduce -9.4% | 0.05% | −0.00 |
| MRP Millrose Properties | Reduce -14.1% | 0.05% | −0.00 |
| WFC Wells Fargo & Co. | Reduce -2.4% | 0.10% | −0.00 |
| JOE The St Joe Co. | Reduce -0.9% | 0.39% | −0.00 |
| WRB WR Berkley Corp. | Reduce -1.3% | 7.45% | −0.00 |
| VONV Vanguard Russell 1000 Value | Reduce -1.6% | 0.07% | +0.00 |
| IEO iShares U.S. Oil & Gas Explo | Reduce -0.9% | 0.09% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| AVDV Avantis Intl S/C Value ETF | Add +7.4% | 1.84% | +0.27 |
| DFIV Dimensional International Va | Add +11.4% | 1.89% | +0.27 |
| CVE Cenovus Energy Inc. | Add +10.6% | 0.97% | +0.25 |
| USFR Wisdomtree Floating Rate Tre | Add +19.4% | 1.76% | +0.24 |
| AVUV Avantis US Small Cap Value | Add +2.8% | 2.59% | +0.22 |
| AVEM Avantis Emerging Markets Eq | Add +26.3% | 0.79% | +0.20 |
| MRK Merck & Co. Inc. | Add +297.2% | 0.19% | +0.15 |
| HAL Halliburton Co. | Add +27.0% | 0.39% | +0.13 |
| OXY Occidental Petroleum Corp. | Add +5.0% | 0.97% | +0.12 |
| PAAA Pgim Aaa Clo ETF | Add +59.3% | 0.35% | +0.12 |
| JAAA Janus Henderson Aaa Clo ETF | Add +6.7% | 3.04% | +0.11 |
| AIG American International Group | Add +93.4% | 0.22% | +0.09 |
| QURE Uniqure NV | New | 0.08% | +0.08 |
| OIH Vaneck Oil Services ETF | Add +13.9% | 0.40% | +0.08 |
| AMTM Amentum Holdings Inc. | Add +241.5% | 0.11% | +0.08 |
| CNQ Canadian Natural Resources | Add +8.0% | 1.13% | +0.07 |
| WSC Willscot Holdings Corp. | Add +90.0% | 0.21% | +0.06 |
| LEN.B Lennar Corp. Class B | Add +0.8% | 0.58% | +0.06 |
| NMM Navios Maritime Partners LP | Add +6.4% | 0.30% | +0.06 |
| TDW Tidewater Inc. | Add +3.5% | 0.41% | +0.06 |
| CABO Cable One Inc. | Add +2.4% | 0.23% | +0.05 |
| FITB Fifth Third Bancorp | Add +61.4% | 0.12% | +0.05 |
| PXE Invesco Energy Exploration | Add +19.7% | 0.24% | +0.04 |
| GLRE Greenlight Capital Re Ltd. Class A | Add +114.0% | 0.09% | +0.04 |
| SLB SLB Ltd. | Add +7.9% | 0.63% | +0.04 |
| GOOGL Alphabet Inc. Class A | New | 0.04% | +0.04 |
| GOOG Alphabet Inc. Class C | New | 0.03% | +0.03 |
| HCC Warrior Met Coal Inc. | New | 0.03% | +0.03 |
| KF Korea Fund Inc. | Add +0.1% | 0.33% | +0.03 |
| JOF Japan Smaller Capitalization | Add +6.7% | 0.25% | +0.03 |
| NE Noble Corp. PLC | Add +6.2% | 0.27% | +0.02 |
| EWJV iShares MSCI Japan Value ETF | Add +1.0% | 0.20% | +0.02 |
| RLJ RLJ Lodging Trust | New | 0.02% | +0.02 |
| GD General Dynamics Corp. | Add +0.3% | 0.11% | +0.01 |
| CRGY Crescent Energy Inc. Class A | Add +2.1% | 0.29% | +0.01 |
| RTX RTX Corp. | Add +0.4% | 0.07% | +0.01 |
| USB US Bancorp | Add +0.3% | 0.09% | +0.00 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +16.5% | 0.02% | −0.00 |
| LLY Eli Lilly & Co. | Add +1.0% | 0.04% | −0.00 |
| BSM Black Stone Minerals LP | Add +1.6% | 0.28% | −0.00 |
| OEC Orion SA | Add +6.4% | 0.02% | −0.01 |
| APD Air Products & Chemicals Inc. | Add +0.3% | 0.17% | −0.01 |
| DEC Diversified Energy Co. PLC | Add +4.3% | 0.33% | −0.01 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +6.0% | 0.82% | −0.03 |
| BUR Burford Capital Ltd. | Add +11.3% | 0.41% | −0.04 |
| FCX Freeport-McMoran Inc. | Add +0.9% | 0.35% | −0.05 |
| CACC Credit Acceptance Corp. | Add +0.8% | 0.98% | −0.11 |
| AR Antero Resources Corp. | Add +3.1% | 0.78% | −0.15 |
| WTM White Mountains Insurance GP | Add +4.8% | 5.89% | −0.33 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 198 | $696.9M | BRK.B, FRFHF, WTM, WRB, USFR |
| Q1 2026 | 189 | $678.0M | BRK.B, FRFHF, WTM, WRB, USFR |
| Q4 2025 | 192 | $673.0M | BRK.B, FRFHF, WTM, WRB, MKL |
| Q3 2025 | 188 | $642.0M | BRK.B, FRFHF, WRB, WTM, JEF |
| Q2 2025 | 191 | $623.5M | BRK.B, FRFHF, WRB, WTM, MKL |
| Q1 2025Amended | 170 | $582.0M | BRK.B, WRB, FRFHF, WTM, MKL |
| Q4 2024Amended | 166 | $561.3M | BRK.B, JEF, FRFHF, WTM, WRB |
| Q3 2024Amended | 167 | $552.9M | BRK.B, FRFHF, WRB, WTM, JEF |
| Q2 2024Amended | 167 | $486.4M | BRK.B, WTM, WRB, ESGR, MKL |
| Q1 2024Amended | 177 | $528.9M | BRK.B, WTM, WRB, FRFHF, ESGR |