Sanders Morris Harris LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 8, 2026), Sanders Morris Harris LLC reported 34 stock positions worth $64.7 million. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 57.8% of the portfolio, followed by Vox Royalty (VOXR, 11.0%) and Alibaba Group Holding-SP ADR (BABA, 4.5%). Compared with Q3 2025, it opened 5 new positions, sold out of 268, added to 1 and reduced 12. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale an exit from Blackstone (BX).

Most Recent 13F
Q2 2026
Location
Houston, TX
CIK
0001053994
Portfolio Value
$64.7M (Q4 2025)
SEC Filing
0001053994-26-000001 ↗ filed Jan 8, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $544.7M Q1 2024 Q2 2024: $608.6M Q2 2024 Q3 2024: $602.5M Q3 2024 Q4 2024: $666.0M Q4 2024 Q1 2025: $640.9M Q1 2025 Q2 2025: $418.4M Q2 2025 Q3 2025: $748.7M Q3 2025 Q4 2025: $64.7M $64.7M Q4 2025 Q1 2026: $618.2M Q1 2026 Q2 2026: $172.4M Q2 2026

Holdings 34 stocks · $64.7M
QQQ Invesco QQQ Trust Series 1 57.75% 59,900 $37.4M Reduce -76.5%
VOXR Vox Royalty Corp. 11.02% 1,400,903 $7.1M No change
BABA Alibaba Group Holding-SP ADR 4.47% 19,170 $2.9M New
JBS JBS NV-A 3.90% 173,200 $2.5M Reduce -11.1%
SLB SLB Ltd. filed as SLB LIMITED 2.25% 38,500 $1.5M Reduce -88.3%
GDX Vaneck Gold Miners ETF 1.34% 9,500 $867K New
VNET Vnet Group Inc.-ADR 1.28% 95,000 $826K Reduce -28.0%
VOLATILITY SHS TR 1.15% 120,000 $745K New
LIN Linde PLC 1.15% 1,750 $743K No change
KYN Kayne Anderson Energy Infra 1.14% 61,200 $740K No change
MULTISENSOR AI HOLDINGS INC 1.03% 1,552,131 $668K Reduce -52.1%
MDY State Street SPDR S&P Midcap 0.95% 1,000 $615K No change
EXE Expand Energy Corp. 0.94% 5,555 $608K No change
JEPI JPMorgan Equity Premium Inco 0.90% 10,072 $584K Reduce -26.4%
IBIT iShares Bitcoin Trust ETF 0.90% 11,726 $582K Reduce -46.0%
ETN Eaton Corp. PLC 0.90% 1,800 $580K No change
CNQ Canadian Natural Resources 0.79% 15,600 $512K No change
IAU iShares Gold Trust 0.73% 5,498 $469K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.64% 599 $413K Reduce -98.5%
PAC Grupo Aeroportuario Pac-ADR 0.63% 1,500 $409K No change
ARM Arm Holdings PLC-ADR 0.62% 3,667 $404K Add +51.7%
OMAB Grupo Aeroportuario Cen-ADR 0.61% 3,500 $395K No change
VGLT Vanguard Long-Term Treasury 0.60% 6,900 $387K No change
AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO 0.55% 5,372 $357K New
FLEX Flex Ltd. 0.50% 5,100 $323K No change
GEL Genesis Energy L.P. 0.49% 20,500 $320K Reduce -12.8%
BTI British American Tob-SP ADR 0.46% 5,223 $299K Reduce -74.8%
TRP TC Energy Corp. 0.46% 5,300 $296K No change
GBTC Grayscale Bitcoin Trust ETF 0.40% 3,785 $259K No change
MPLX MPLX LP 0.36% 4,380 $236K Reduce -41.9%
CFIT Cambria Fixed Income Trend 0.34% 8,840 $223K Reduce -1.8%
PFF iShares Preferred & Income S 0.34% 7,017 $218K No change
NVT Nvent Electric PLC 0.32% 2,000 $208K New
PPT Franklin Premir Inc. Trust-Ui 0.09% 15,490 $55K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $9K (not counted above)
SecurityClassShares / PrincipalValueChange
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 107,403$9KNo change

Total filed on the 13F, all lines: $64.7M.

Portfolio Sells Q3 2025 → Q4 2025
BX Blackstone Inc. Sold out 0.00% −12.17
NVDA Nvidia Corp. Sold out 0.00% −4.66
CSWC Capital Southwest Corp. Sold out 0.00% −4.00
AAPL Apple Inc. Sold out 0.00% −3.87
EPD Enterprise Products Partners Sold out 0.00% −2.95
SPY SS SPDR S&P 500 ETF Trust-US Reduce -98.5% 0.64% −2.87
MSIF MSC Income Fund Inc. Sold out 0.00% −2.00
MAIN Main Street Capital Corp. Sold out 0.00% −1.73
CTAS Cintas Corp. Sold out 0.00% −1.35
AVGO Broadcom Inc. Sold out 0.00% −0.91
BRK.A Berkshire Hathaway Inc. Class A Sold out 0.00% −0.91
MSFT Microsoft Corp. Sold out 0.00% −0.86
JPM JPMorgan Chase & Co. Sold out 0.00% −0.79
LLY Eli Lilly & Co. Sold out 0.00% −0.78
LRCX Lam Research Corp. Sold out 0.00% −0.76
AMD Advanced Micro Devices Sold out 0.00% −0.74
ORCL Oracle Corp. Sold out 0.00% −0.73
CORZ Core Scientific Inc. Sold out 0.00% −0.69
QURE Uniqure NV Sold out 0.00% −0.68
XOM Exxon Mobil Corp. Sold out 0.00% −0.67
ABBV Abbvie Inc. Sold out 0.00% −0.67
GOOG Alphabet Inc. Class C Sold out 0.00% −0.65
CRM Salesforce Inc. Sold out 0.00% −0.62
GS Goldman Sachs Group Inc. Sold out 0.00% −0.61
META Meta Platforms Inc. Class A Sold out 0.00% −0.52
RSVR Reservoir Media Inc. Sold out 0.00% −0.49
TXO Txo Partners LP Sold out 0.00% −0.48
AMZN Amazon.com Inc. Sold out 0.00% −0.47
V Visa Inc. Class A Sold out 0.00% −0.41
FYBR Frontier Communications Pare Sold out 0.00% −0.41
TGT Target Corp. Sold out 0.00% −0.40
INTU Intuit Inc. Sold out 0.00% −0.39
PR Permian Resources Corp. Class A Sold out 0.00% −0.38
IVV iShares Core S&P 500 ETF Sold out 0.00% −0.37
COST Costco Wholesale Corp. Sold out 0.00% −0.36
HPK Highpeak Energy Inc. Sold out 0.00% −0.35
MCK McKesson Corp. Sold out 0.00% −0.35
PM Philip Morris International Sold out 0.00% −0.34
MA Mastercard Inc. Class A Sold out 0.00% −0.34
ALAB Astera Labs Inc. Sold out 0.00% −0.33
ETNB 89BIO Inc. Sold out 0.00% −0.32
GE General Electric Sold out 0.00% −0.32
MRUS Merus NV Sold out 0.00% −0.31
LEN Lennar Corp. Class A Sold out 0.00% −0.29
MSI Motorola Solutions Inc. Sold out 0.00% −0.29
SHIM Shimmick Corp. Sold out 0.00% −0.28
RSP Invesco S&P 500 Equal Weight Sold out 0.00% −0.27
ADBE Adobe Inc. Sold out 0.00% −0.27
RKLB Rocket Lab Corp. Sold out 0.00% −0.26
KLAC KLA Corp. Sold out 0.00% −0.25

Portfolio Buys Q3 2025 → Q4 2025
BABA Alibaba Group Holding-SP ADR New 4.47% +4.47
GDX Vaneck Gold Miners ETF New 1.34% +1.34
VOLATILITY SHS TR New 1.15% +1.15
ARM Arm Holdings PLC-ADR Add +51.7% 0.62% +0.58
AKRE Akre Focus ETF New 0.55% +0.55
NVT Nvent Electric PLC New 0.32% +0.32

Notes & Other Activity Q3 2025 → Q4 2025
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Sold out 47,583 $3.3Mbefore exit
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Sold out 69,865 $3.3Mbefore exit
HUBS HubSpot Inc. COM Sold out 0 $2.1Mbefore exit
QBTS.WS D-Wave Quantum Inc. -27 *W EXP 08/05/202 Sold out 12,165 $297Kbefore exit
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Sold out 6,000 $236Kbefore exit
RSVRW Reservoir Media-CW26 *W EXP 08/26/202 Sold out 232,775 $205Kbefore exit
CLSKW Cleanspark Inc.-29 *W EXP 12/29/202 Sold out 14,500 $7Kbefore exit
AIIOW NWTN Inc. -CW27 *W EXP 11/11/202 Sold out 10,000 $2Kbefore exit
PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 Sold out 93,332 $868before exit
ANGHW Anghami Inc. -CW27 *W EXP 02/03/202 Sold out 33,333 $433before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 75$172.4MMSIF, CSWC, AAPL, BX, XOM
Q1 2026 288$618.2MQQQ, AAPL, NVDA, EPD, CSWC
Q4 2025 34$64.7MQQQ, VOXR, BABA, JBS, SLB
Q3 2025 297$748.7MQQQ, BX, NVDA, CSWC, AAPL
Q2 2025 160$418.4MQQQ, BX, CSWC, EPD, MSIF
Q1 2025 276$640.9MQQQ, BX, CSWC, EPD, AAPL
Q4 2024 280$666.0MQQQ, BX, AAPL, EPD, NVDA
Q3 2024 273$602.5MQQQ, BX, AAPL, NVDA, EPD
Q2 2024 272$608.6MQQQ, BX, AAPL, NVDA, CSWC
Q1 2024 260$544.7MQQQ, BX, AAPL, NVDA, CSWC