Mraz, Amerine & Associates, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Mraz, Amerine & Associates, Inc. reported 192 stock positions worth $673.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 12.1% of the portfolio, followed by Fairfax Financial (FRFHF, 8.2%) and White Mountains Insurance GP (WTM, 7.0%). Compared with Q3 2025, it opened 8 new positions, sold out of 5, added to 39 and reduced 73. The biggest buy was Wisdomtree Floating Rate Tre (USFR, shares +220%) and the biggest sale Janus Henderson Aaa Clo ETF (JAAA, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- Modesto, CA
- CIK
- 0001542324
- Portfolio Value
- $673.0M (Q4 2025)
- SEC Filing
- 0001214659-26-001286 ↗ filed Feb 6, 2026
Holdings Value
Holdings 192 stocks · $673.0M
| BRK.B Berkshire Hathaway Inc. Class B | 12.05% | 161,376 | $81.1M | Reduce -1.2% |
| FRFHF Fairfax Financial Hldgs Ltd. | 8.25% | 29,116 | $55.5M | Add +0.5% |
| WTM White Mountains Insurance GP | 6.99% | 22,629 | $47.0M | Add +0.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 6.60% | 633,285 | $44.4M | Add +1.4% |
| MKL Markel Group Inc. | 6.05% | 18,938 | $40.7M | Add +1.4% |
| USFR Wisdomtree Floating Rate Tre | 5.37% | 718,735 | $36.2M | Add +220.3% |
| JEF Jefferies Financial Group Inc. | 5.33% | 578,763 | $35.9M | Add +1.8% |
| L Loews Corp. | 3.98% | 254,577 | $26.8M | Reduce -0.8% |
| BN Brookfield Corp. | 2.74% | 401,542 | $18.4M | Add +16.6% |
| AVUV Avantis US Small Cap Value | 2.55% | 168,418 | $17.2M | Add +0.7% |
| DFIV Dimensional International Va | 1.98% | 267,218 | $13.3M | Add +1.6% |
| AVDV Avantis Intl S/C Value ETF | 1.86% | 133,253 | $12.5M | Add +0.5% |
| MSFT Microsoft Corp. | 1.31% | 18,243 | $8.8M | Reduce -1.8% |
| CNQ Canadian Natural Resources | 1.19% | 235,705 | $8.0M | Add +4.1% |
| CVE Cenovus Energy Inc. | 0.91% | 363,218 | $6.1M | Reduce -0.9% |
| CACC Credit Acceptance Corp. | 0.87% | 13,235 | $5.9M | Reduce -1.5% |
| JNJ Johnson & Johnson | 0.87% | 28,347 | $5.9M | Reduce -0.4% |
| AVEM Avantis Emerging Markets Eq | 0.83% | 72,483 | $5.6M | Add +7.4% |
| OXY Occidental Petroleum Corp. | 0.81% | 131,972 | $5.4M | Reduce -0.1% |
| AMR Alpha Metallurgical Resource | 0.79% | 26,439 | $5.3M | Add +79.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.79% | 7 | $5.3M | No change |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.77% | 111,178 | $5.2M | Add +7.8% |
| AR Antero Resources Corp. | 0.77% | 150,769 | $5.2M | Add +1.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.69% | 120,302 | $4.6M | Add +1.6% |
| AAPL Apple Inc. | 0.59% | 14,731 | $4.0M | Reduce -0.1% |
| GHC Graham Holdings Co. Class B | 0.58% | 3,576 | $3.9M | Reduce -0.9% |
| RMT Royce Micro-Cap Trust Inc. | 0.55% | 355,378 | $3.7M | Reduce -0.5% |
| NVR NVR Inc. | 0.55% | 503 | $3.7M | Add +3.3% |
| WBD Warner Bros Discovery Inc. | 0.49% | 115,555 | $3.3M | Reduce -51.3% |
| BUR Burford Capital Ltd. | 0.48% | 363,570 | $3.2M | Add +65.5% |
| LEN.B Lennar Corp. Class B | 0.46% | 32,606 | $3.1M | Add +5.4% |
| SCHW Schwab (charles) Corp. | 0.46% | 30,923 | $3.1M | Reduce -0.6% |
| JOE The St Joe Co. | 0.44% | 50,127 | $3.0M | Reduce -0.8% |
| FCX Freeport-McMoran Inc. | 0.43% | 57,300 | $2.9M | Reduce -1.3% |
| HAL Halliburton Co. | 0.43% | 102,692 | $2.9M | Add +0.1% |
| AMGN Amgen Inc. | 0.43% | 8,795 | $2.9M | Reduce -1.4% |
| OIH Vaneck Oil Services ETF | 0.42% | 9,974 | $2.8M | Add +1.8% |
| VTS Vitesse Energy Inc. | 0.41% | 144,419 | $2.8M | Reduce -0.4% |
| CUBI Customers Bancorp Inc. | 0.41% | 37,448 | $2.7M | Reduce -1.2% |
| CTRA Coterra Energy Inc. | 0.41% | 103,801 | $2.7M | Reduce -1.0% |
| TFLO iShares Treasury Floating Ra | 0.40% | 52,796 | $2.7M | New |
| DISV Dimensional International SM | 0.39% | 68,552 | $2.6M | No change |
| TDW Tidewater Inc. | 0.38% | 49,963 | $2.5M | Add +0.9% |
| KF Korea Fund Inc. | 0.37% | 68,288 | $2.5M | No change |
| LUMN Lumen Technologies Inc. | 0.36% | 315,484 | $2.5M | Reduce -3.4% |
| TPL Texas Pacific Land Corp. | 0.36% | 8,478 | $2.4M | Reduce -8.7% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.35% | 20,270 | $2.4M | No change |
| FCNCA First Citizens Bcshs Class A | 0.35% | 1,086 | $2.3M | Reduce -0.6% |
| NMM Navios Maritime Partners LP | 0.34% | 43,226 | $2.3M | Reduce -0.1% |
| BR Broadridge Financial Solutio | 0.33% | 9,939 | $2.2M | No change |
| DEC Diversified Energy Co. | 0.32% | 149,815 | $2.2M | Reduce -0.4% |
| EMR Emerson Electric Co. | 0.31% | 15,748 | $2.1M | Reduce -2.9% |
| DFLV Dim US Large Cap Value ETF | 0.31% | 60,709 | $2.1M | Reduce -4.5% |
| WSC Willscot Holdings Corp. | 0.30% | 108,217 | $2.0M | Add +65.7% |
| PSLV Sprott Physical Silver Trust | 0.30% | 84,725 | $2.0M | No change |
| JOF Japan Smaller Capitalization | 0.29% | 174,710 | $1.9M | Add +12.7% |
| SBLK Star Bulk Carriers Corp. | 0.28% | 98,101 | $1.9M | Reduce -1.6% |
| VAL Valaris Ltd. | 0.28% | 37,119 | $1.9M | Add +0.1% |
| AMTM Amentum Holdings Inc. | 0.28% | 64,228 | $1.9M | Add +120.0% |
| CRGY Crescent Energy Inc. Class A | 0.27% | 217,810 | $1.8M | Add +5.9% |
| BSM Black Stone Minerals LP | 0.26% | 133,651 | $1.8M | Reduce -0.8% |
| ABEV Ambev SA-ADR | 0.26% | 706,674 | $1.7M | Reduce -0.7% |
| NE Noble Corp. PLC | 0.25% | 60,398 | $1.7M | Reduce -1.1% |
| AIG American International Group | 0.25% | 19,701 | $1.7M | Add +10.5% |
| VYM Vanguard High DVD Yield ETF | 0.25% | 11,551 | $1.7M | Reduce -1.4% |
| SBR Sabine Royalty Trust | 0.24% | 23,700 | $1.6M | No change |
| MRK Merck & Co. Inc. | 0.24% | 15,208 | $1.6M | Add +2.7% |
| AXP American Express Co. | 0.24% | 4,305 | $1.6M | Reduce -1.1% |
| DVN Devon Energy Corp. | 0.23% | 42,783 | $1.6M | Add +2.0% |
| DFAI Dimensional International Co. | 0.23% | 41,022 | $1.6M | Reduce -0.6% |
| PXE Invesco Energy Exploration | 0.23% | 55,902 | $1.6M | Add +4.8% |
| COP Conocophillips | 0.23% | 16,455 | $1.5M | Reduce -0.2% |
| NTR Nutrien Ltd. | 0.21% | 23,408 | $1.4M | Reduce -2.8% |
| IAU iShares Gold Trust | 0.21% | 17,744 | $1.4M | Reduce -3.6% |
| CVX Chevron Corp. | 0.20% | 9,053 | $1.4M | No change |
| DIHP Dimensional International Hi | 0.20% | 43,447 | $1.4M | Reduce -1.1% |
| EWJV iShares MSCI Japan Value ETF | 0.20% | 33,069 | $1.3M | Add +1.5% |
| GAM General American Investors | 0.19% | 22,074 | $1.3M | Reduce -0.0% |
| CSL Carlisle Cos Inc. | 0.19% | 4,015 | $1.3M | Reduce -7.0% |
| AVGO Broadcom Inc. | 0.17% | 3,400 | $1.2M | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.17% | 6,088 | $1.2M | Reduce -3.1% |
| SJT San Juan Basin Royalty TR | 0.15% | 184,236 | $1.0M | No change |
| AVES Avantis Emerging Markets Val | 0.15% | 17,273 | $1.0M | Reduce -0.4% |
| CRC California Resources Corp. | 0.15% | 22,510 | $1.0M | Add +0.7% |
| SU Suncor Energy Inc. | 0.15% | 22,392 | $993K | No change |
| NVDA Nvidia Corp. | 0.15% | 5,285 | $986K | Reduce -0.8% |
| APD Air Products & Chemicals Inc. | 0.14% | 3,908 | $965K | Add +0.3% |
| DMLP Dorchester Minerals LP | 0.14% | 42,678 | $954K | Add +0.1% |
| VIGI Vanguard Int Div App Indx FD | 0.14% | 10,384 | $950K | Reduce -0.4% |
| AGO Assured Guaranty Ltd. | 0.13% | 10,101 | $908K | Reduce -4.2% |
| NVS Novartis AG-Sponsored ADR | 0.13% | 6,298 | $868K | No change |
| VTOL Bristow Group Inc. | 0.13% | 23,577 | $863K | Reduce -0.8% |
| RVT Royce Small-Cap Trust Inc. | 0.12% | 52,111 | $839K | Reduce -3.5% |
| FITB Fifth Third Bancorp | 0.12% | 17,880 | $837K | No change |
| CTVA Corteva Inc. | 0.12% | 12,390 | $831K | No change |
| COST Costco Wholesale Corp. | 0.12% | 962 | $830K | Reduce -4.2% |
| EQT Eqt Corp. | 0.12% | 14,917 | $800K | Add +0.0% |
| VTIP Vanguard Short-Term Tips | 0.12% | 15,784 | $781K | Reduce -3.8% |
| IMO Imperial Oil Ltd. | 0.11% | 8,630 | $745K | No change |
| FTI Technipfmc PLC | 0.11% | 16,481 | $734K | Reduce -0.6% |
Portfolio Sells Q3 2025 → Q4 2025
| JAAA Janus Henderson Aaa Clo ETF | Reduce -98.5% | 0.04% | −2.99 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.2% | 12.05% | −0.74 |
| PAAA Pgim Aaa Clo ETF | Sold out | 0.00% | −0.35 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −0.29 |
| WBD Warner Bros Discovery Inc. | Reduce -51.3% | 0.49% | −0.23 |
| MSFT Microsoft Corp. | Reduce -1.8% | 1.31% | −0.19 |
| OXY Occidental Petroleum Corp. | Reduce -0.1% | 0.81% | −0.17 |
| CABO Cable One Inc. | Reduce -35.9% | 0.09% | −0.14 |
| VTS Vitesse Energy Inc. | Reduce -0.4% | 0.41% | −0.11 |
| CACC Credit Acceptance Corp. | Reduce -1.5% | 0.87% | −0.10 |
| TPL Texas Pacific Land Corp. | Reduce -8.7% | 0.36% | −0.09 |
| GHC Graham Holdings Co. Class B | Reduce -0.9% | 0.58% | −0.08 |
| CVE Cenovus Energy Inc. | Reduce -0.9% | 0.91% | −0.06 |
| QURE Uniqure NV | Reduce -8.8% | 0.03% | −0.05 |
| CSWC Capital Southwest Corp. | Reduce -27.2% | 0.10% | −0.04 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.03 |
| XSORX Source Capital Inc. | Sold out | 0.00% | −0.03 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.03 |
| CSL Carlisle Cos Inc. | Reduce -7.0% | 0.19% | −0.03 |
| L Loews Corp. | Reduce -0.8% | 3.98% | −0.03 |
| RMT Royce Micro-Cap Trust Inc. | Reduce -0.5% | 0.55% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -4.2% | 0.12% | −0.02 |
| GAM General American Investors | Reduce -0.0% | 0.19% | −0.02 |
| EMR Emerson Electric Co. | Reduce -2.9% | 0.31% | −0.02 |
| ENB Enbridge Inc. | Reduce -25.2% | 0.04% | −0.02 |
| MRP Millrose Properties | Reduce -24.9% | 0.03% | −0.02 |
| DFLV Dim US Large Cap Value ETF | Reduce -4.5% | 0.31% | −0.02 |
| WMB Williams Cos Inc. | Reduce -4.3% | 0.11% | −0.02 |
| CSW CSW Industrials Inc. | Reduce -35.6% | 0.04% | −0.02 |
| NE Noble Corp. PLC | Reduce -1.1% | 0.25% | −0.02 |
| COP Conocophillips | Reduce -0.2% | 0.23% | −0.01 |
| FWONK Liberty Media Corp. Class C | Reduce -2.1% | 0.10% | −0.01 |
| VTIP Vanguard Short-Term Tips | Reduce -3.8% | 0.12% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -18.7% | 0.05% | −0.01 |
| BSM Black Stone Minerals LP | Reduce -0.8% | 0.26% | −0.01 |
| RVT Royce Small-Cap Trust Inc. | Reduce -3.5% | 0.12% | −0.01 |
| VYM Vanguard High DVD Yield ETF | Reduce -1.4% | 0.25% | −0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -3.1% | 0.17% | −0.01 |
| IEO iShares U.S. Oil & Gas Explo | Reduce -1.4% | 0.09% | −0.01 |
| SBLK Star Bulk Carriers Corp. | Reduce -1.6% | 0.28% | −0.01 |
| NVDA Nvidia Corp. | Reduce -0.8% | 0.15% | −0.01 |
| GD General Dynamics Corp. | Reduce -0.4% | 0.10% | −0.01 |
| UHAL U-Haul Holding Co. | Reduce -0.1% | 0.03% | −0.01 |
| DEC Diversified Energy Co. | Reduce -0.4% | 0.32% | −0.01 |
| CNA Cna Financial Corp. | Reduce -7.8% | 0.05% | −0.01 |
| NTR Nutrien Ltd. | Reduce -2.8% | 0.21% | −0.01 |
| AVES Avantis Emerging Markets Val | Reduce -0.4% | 0.15% | −0.01 |
| VTOL Bristow Group Inc. | Reduce -0.8% | 0.13% | −0.01 |
| VIGI Vanguard Int Div App Indx FD | Reduce -0.4% | 0.14% | −0.00 |
| CSCO Cisco Systems Inc. | Reduce -17.6% | 0.03% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| USFR Wisdomtree Floating Rate Tre | Add +220.3% | 5.37% | +3.62 |
| WTM White Mountains Insurance GP | Add +0.1% | 6.99% | +1.10 |
| MKL Markel Group Inc. | Add +1.4% | 6.05% | +0.49 |
| AMR Alpha Metallurgical Resource | Add +79.0% | 0.79% | +0.41 |
| TFLO iShares Treasury Floating Ra | New | 0.40% | +0.40 |
| FRFHF Fairfax Financial Hldgs Ltd. | Add +0.5% | 8.25% | +0.35 |
| BN Brookfield Corp. | Add +16.6% | 2.74% | +0.29 |
| AMTM Amentum Holdings Inc. | Add +120.0% | 0.28% | +0.17 |
| DFIV Dimensional International Va | Add +1.6% | 1.98% | +0.09 |
| WSC Willscot Holdings Corp. | Add +65.7% | 0.30% | +0.09 |
| BUR Burford Capital Ltd. | Add +65.5% | 0.48% | +0.07 |
| CNQ Canadian Natural Resources | Add +4.1% | 1.19% | +0.06 |
| SLB SLB Ltd. | Add +1.6% | 0.69% | +0.05 |
| MRK Merck & Co. Inc. | Add +2.7% | 0.24% | +0.04 |
| AVEM Avantis Emerging Markets Eq | Add +7.4% | 0.83% | +0.04 |
| HAL Halliburton Co. | Add +0.1% | 0.43% | +0.04 |
| MU Micron Technology Inc. | New | 0.03% | +0.03 |
| JOF Japan Smaller Capitalization | Add +12.7% | 0.29% | +0.03 |
| UTHR United Therapeutics Corp. | New | 0.03% | +0.03 |
| AIG American International Group | Add +10.5% | 0.25% | +0.03 |
| GLD SPDR Gold Shares | New | 0.03% | +0.03 |
| TRGP Targa Resources Corp. | New | 0.03% | +0.03 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.03% | +0.03 |
| OIH Vaneck Oil Services ETF | Add +1.8% | 0.42% | +0.03 |
| AVDV Avantis Intl S/C Value ETF | Add +0.5% | 1.86% | +0.02 |
| SOC Sable Offshore Corp. | New | 0.02% | +0.02 |
| OEC Orion SA | Add +95.4% | 0.03% | +0.01 |
| DVN Devon Energy Corp. | Add +2.0% | 0.23% | +0.00 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +11.3% | 0.02% | +0.00 |
| LGO Largo Inc. | New | 0.00% | +0.00 |
| OSG Octave Specialty Group Inc. | Add +3.8% | 0.02% | −0.00 |
| EWJV iShares MSCI Japan Value ETF | Add +1.5% | 0.20% | −0.00 |
| VAL Valaris Ltd. | Add +0.1% | 0.28% | −0.00 |
| EQT Eqt Corp. | Add +0.0% | 0.12% | −0.01 |
| AR Antero Resources Corp. | Add +1.1% | 0.77% | −0.01 |
| PXE Invesco Energy Exploration | Add +4.8% | 0.23% | −0.01 |
| CRGY Crescent Energy Inc. Class A | Add +5.9% | 0.27% | −0.01 |
| APD Air Products & Chemicals Inc. | Add +0.3% | 0.14% | −0.02 |
| DMLP Dorchester Minerals LP | Add +0.1% | 0.14% | −0.03 |
| CRC California Resources Corp. | Add +0.7% | 0.15% | −0.04 |
| TDW Tidewater Inc. | Add +0.9% | 0.38% | −0.04 |
| AVUV Avantis US Small Cap Value | Add +0.7% | 2.55% | −0.04 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +7.8% | 0.77% | −0.05 |
| NVR NVR Inc. | Add +3.3% | 0.55% | −0.06 |
| LEN.B Lennar Corp. Class B | Add +5.4% | 0.46% | −0.12 |
| JEF Jefferies Financial Group Inc. | Add +1.8% | 5.33% | −0.47 |
| WRB WR Berkley Corp. | Add +1.4% | 6.60% | −0.85 |
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 |