Penn Davis McFarland Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Penn Davis McFarland Inc. reported 76 stock positions worth $967.6 million. Its top holding was Alphabet Class C (GOOG) at 11.7% of the portfolio, followed by Nvidia (NVDA, 10.0%) and Kinder Morgan (KMI, 5.1%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 10 and reduced 33. The biggest buy was a new position in Evolution AB-ADR (EVVTY) and the biggest sale Anheuser-Busch Inbev-SPN ADR (BUD, shares −0%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001108893
Portfolio Value
$967.6M (Q3 2025)
SEC Filing
0001108893-25-000007 ↗ filed Oct 21, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $643.6M Q1 2024 Q2 2024: $646.1M Q2 2024 Q3 2024: $888.0M Q3 2024 Q4 2024: $917.7M Q4 2024 Q1 2025: $844.2M Q1 2025 Q2 2025: $887.9M Q2 2025 Q3 2025: $967.6M $967.6M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 76 stocks · $967.6M
GOOG Alphabet Inc. Class C 11.69% 464,324 $113.1M Reduce -4.1%
NVDA Nvidia Corp. 10.03% 520,278 $97.1M Reduce -4.1%
KMI Kinder Morgan Inc. 5.06% 1,729,057 $48.9M Reduce -0.9%
UNH Unitedhealth Group Inc. 4.84% 135,687 $46.9M Add +0.9%
AAPL Apple Inc. 4.82% 182,988 $46.6M Reduce -0.1%
PYPL PayPal Holdings Inc. 4.48% 646,858 $43.4M Add +0.5%
GOOGL Alphabet Inc. Class A 4.36% 173,384 $42.1M Add +0.3%
EPD Enterprise Products Partners 3.83% 1,183,766 $37.0M Reduce -0.4%
SHEL Shell PLC-ADR 3.72% 502,636 $36.0M Reduce -0.7%
RTX RTX Corp. 3.35% 193,446 $32.4M Reduce -1.6%
QCOM Qualcomm Inc. 3.27% 190,486 $31.7M Reduce -0.3%
ROIV Roivant Sciences Ltd. 2.91% 1,862,088 $28.2M Add +10.1%
LMT Lockheed Martin Corp. 2.86% 55,507 $27.7M Add +14.6%
BUD Anheuser-Busch Inbev-SPN ADR 2.86% 464,094 $27.7M Reduce -0.3%
CHKP Check Point Software Tech 2.62% 122,669 $25.4M Reduce -0.8%
BSM Black Stone Minerals LP 2.61% 1,918,790 $25.2M Add +3.6%
LVS Las Vegas Sands Corp. 2.26% 406,337 $21.9M Reduce -0.5%
SFM Sprouts Farmers Market Inc. 1.94% 172,314 $18.7M Add +0.1%
MTCH Match Group Inc. 1.76% 482,060 $17.0M Reduce -0.3%
BMY Bristol-Myers Squibb Co. 1.64% 351,657 $15.9M Reduce -1.4%
MSFT Microsoft Corp. 1.53% 28,546 $14.8M Reduce -0.4%
SIRI Sirius XM Holdings Inc. 1.53% 634,294 $14.8M Reduce -2.7%
XYL Xylem Inc. 1.47% 96,189 $14.2M Reduce -0.3%
EVVTY Evolution AB-ADR 1.44% 169,880 $13.9M New
WM Waste Management Inc. 1.30% 56,840 $12.6M Reduce -0.1%
JNJ Johnson & Johnson 0.80% 41,540 $7.7M No change
TXN Texas Instruments Inc. 0.79% 41,597 $7.6M No change
ABBV Abbvie Inc. 0.73% 30,514 $7.1M No change
MCD McDonald's Corp. 0.66% 21,081 $6.4M No change
ACN Accenture PLC Class A 0.66% 25,800 $6.4M Reduce -0.3%
KO The Coca-Cola Co. 0.57% 82,773 $5.5M Reduce -1.2%
AMGN Amgen Inc. 0.55% 18,831 $5.3M No change
NKE Nike Inc. Class B 0.45% 62,046 $4.3M Reduce -0.0%
VZ Verizon Communications Inc. 0.44% 96,712 $4.3M Add +2.3%
ABT Abbott Laboratories 0.43% 31,275 $4.2M No change
PEP Pepsico Inc. 0.42% 29,213 $4.1M No change
PG The Procter & Gamble Co. 0.42% 26,503 $4.1M No change
MTD Mettler-Toledo International 0.41% 3,228 $4.0M No change
AXP American Express Co. 0.36% 10,580 $3.5M No change
GLD SPDR Gold Shares 0.30% 8,242 $2.9M No change
PFE Pfizer Inc. 0.30% 113,555 $2.9M Reduce -5.7%
UPS United Parcel Service Class B 0.30% 34,272 $2.9M Reduce -11.2%
AMZN Amazon.com Inc. 0.27% 11,975 $2.6M Reduce -2.2%
USPH U.S. Physical Therapy Inc. 0.26% 29,789 $2.5M Reduce -1.0%
SBUX Starbucks Corp. 0.26% 29,199 $2.5M No change
HON Honeywell International Inc. 0.25% 11,636 $2.4M No change
CL Colgate-Palmolive Co. 0.25% 30,280 $2.4M No change
LLY Eli Lilly & Co. 0.22% 2,750 $2.1M No change
KMB Kimberly-Clark Corp. 0.18% 13,760 $1.7M No change
CSCO Cisco Systems Inc. 0.14% 19,944 $1.4M Reduce -3.9%
MTDR Matador Resources Co. 0.14% 30,000 $1.3M No change
FCFS Firstcash Holdings Inc. 0.12% 7,420 $1.2M No change
V Visa Inc. Class A 0.12% 3,350 $1.1M Reduce -0.5%
XOM Exxon Mobil Corp. 0.10% 8,297 $935K Reduce -13.1%
JPM JPMorgan Chase & Co. 0.08% 2,580 $814K No change
CAT Caterpillar Inc. 0.08% 1,700 $811K Reduce -15.0%
TSLA Tesla Inc. 0.08% 1,715 $763K Add +41.1%
PAYX Paychex Inc. 0.08% 5,881 $745K No change
DMLP Dorchester Minerals LP 0.07% 26,976 $698K Add +131.3%
VOO Vanguard S&P 500 ETF 0.07% 1,116 $683K Reduce -20.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 1,001 $667K Reduce -9.1%
META Meta Platforms Inc. Class A 0.05% 718 $527K Reduce -8.5%
HD Home Depot Inc. 0.04% 1,048 $425K No change
ITOT iShares Core S&P Total U.S. 0.04% 2,500 $364K No change
BRK.B Berkshire Hathaway Inc. Class B 0.03% 645 $324K No change
ORCL Oracle Corp. 0.03% 1,130 $318K Reduce -12.4%
NFLX Netflix Inc. 0.03% 265 $318K No change
AVGO Broadcom Inc. 0.03% 859 $283K Reduce -10.1%
WMT Walmart Inc. 0.03% 2,720 $280K No change
TOST Toast Inc. Class A 0.03% 7,500 $274K No change
GSLC Goldman Activebeta US LC ETF 0.03% 2,000 $261K No change
TRV The Travelers Cos Inc. 0.03% 933 $261K No change
SLV iShares Silver Trust 0.02% 5,500 $233K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 1,766 $202K No change
CLNN Clene Inc. 0.01% 11,000 $66K No change
ENGINE MEDIA HLDGS INC filed as GAMESQUARE HOLDINGS, INC. 0.00% 10,000 $7K New

Portfolio Sells Q2 2025 → Q3 2025
BUD Anheuser-Busch Inbev-SPN ADR Reduce -0.3% 2.86% −0.75
KMI Kinder Morgan Inc. Reduce -0.9% 5.06% −0.72
CHKP Check Point Software Tech Reduce -0.8% 2.62% −0.46
EPD Enterprise Products Partners Reduce -0.4% 3.83% −0.32
SHEL Shell PLC-ADR Reduce -0.7% 3.72% −0.30
BDX Becton Dickinson and Co. Sold out 0.00% −0.29
BMY Bristol-Myers Squibb Co. Reduce -1.4% 1.64% −0.22
ACN Accenture PLC Class A Reduce -0.3% 0.66% −0.21
WM Waste Management Inc. Reduce -0.1% 1.30% −0.17
SIRI Sirius XM Holdings Inc. Reduce -2.7% 1.53% −0.16
QCOM Qualcomm Inc. Reduce -0.3% 3.27% −0.15
UPS United Parcel Service Class B Reduce -11.2% 0.30% −0.14
KO The Coca-Cola Co. Reduce -1.2% 0.57% −0.10
MSFT Microsoft Corp. Reduce -0.4% 1.53% −0.08
MA Mastercard Inc. Class A Sold out 0.00% −0.06
NKE Nike Inc. Class B Reduce -0.0% 0.45% −0.05
IDXX Idexx Laboratories Inc. Sold out 0.00% −0.05
AMZN Amazon.com Inc. Reduce -2.2% 0.27% −0.03
PFE Pfizer Inc. Reduce -5.7% 0.30% −0.03
CSCO Cisco Systems Inc. Reduce -3.9% 0.14% −0.02
VOO Vanguard S&P 500 ETF Reduce -20.9% 0.07% −0.02
XOM Exxon Mobil Corp. Reduce -13.1% 0.10% −0.02
V Visa Inc. Class A Reduce -0.5% 0.12% −0.02
META Meta Platforms Inc. Class A Reduce -8.5% 0.05% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -9.1% 0.07% −0.01
CAT Caterpillar Inc. Reduce -15.0% 0.08% −0.00
USPH U.S. Physical Therapy Inc. Reduce -1.0% 0.26% −0.00
AVGO Broadcom Inc. Reduce -10.1% 0.03% −0.00
ORCL Oracle Corp. Reduce -12.4% 0.03% +0.00
XYL Xylem Inc. Reduce -0.3% 1.47% +0.06
MTCH Match Group Inc. Reduce -0.3% 1.76% +0.08
RTX RTX Corp. Reduce -1.6% 3.35% +0.11
LVS Las Vegas Sands Corp. Reduce -0.5% 2.26% +0.26
NVDA Nvidia Corp. Reduce -4.1% 10.03% +0.38
AAPL Apple Inc. Reduce -0.1% 4.82% +0.58
GOOG Alphabet Inc. Class C Reduce -4.1% 11.69% +2.02

Portfolio Buys Q2 2025 → Q3 2025
EVVTY Evolution AB-ADR New 1.44% +1.44
GOOGL Alphabet Inc. Class A Add +0.3% 4.36% +0.92
ROIV Roivant Sciences Ltd. Add +10.1% 2.91% +0.76
LMT Lockheed Martin Corp. Add +14.6% 2.86% +0.34
UNH Unitedhealth Group Inc. Add +0.9% 4.84% +0.12
DMLP Dorchester Minerals LP Add +131.3% 0.07% +0.04
TSLA Tesla Inc. Add +41.1% 0.08% +0.04
SLV iShares Silver Trust New 0.02% +0.02
ENGINE MEDIA HLDGS INC New 0.00% +0.00
VZ Verizon Communications Inc. Add +2.3% 0.44% −0.02
BSM Black Stone Minerals LP Add +3.6% 2.61% −0.12
PYPL PayPal Holdings Inc. Add +0.5% 4.48% −0.91
SFM Sprouts Farmers Market Inc. Add +0.1% 1.94% −1.25

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 79$1.1BGOOG, NVDA, UNH, ROIV, KMI
Q1 2026 75$1.0BGOOG, NVDA, KMI, SHEL, AAPL
Q4 2025 75$1.0BGOOG, NVDA, GOOGL, AAPL, KMI
Q3 2025 76$967.6MGOOG, NVDA, KMI, UNH, AAPL
Q2 2025 76$887.9MGOOG, NVDA, KMI, PYPL, UNH
Q1 2025 74$844.2MGOOG, NVDA, KMI, AAPL, EPD
Q4 2024 80$917.7MGOOG, NVDA, PYPL, KMI, AAPL
Q3 2024 76$888.0MGOOG, NVDA, PYPL, AAPL, KMI
Q2 2024 44$646.1MGOOG, QCOM, SHEL, AAPL, EPD
Q1 2024 46$643.6MGOOG, PYPL, EPD, SHEL, QCOM