Stansberry Asset Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Stansberry Asset Management, LLC reported 144 stock positions worth $975.6 million. Its top holding was Alphabet Class A (GOOGL) at 5.2% of the portfolio, followed by Amazon.com (AMZN, 3.2%) and Axis Capital (AXS, 3.1%). Compared with Q3 2025, it opened 12 new positions, sold out of 11, added to 73 and reduced 47. The biggest buy was Kenvue (KVUE, shares +304%) and the biggest sale Vici Properties (VICI, shares −88%).

Most Recent 13F
Q2 2026
Location
Westlake, TX
CIK
0001725910
Portfolio Value
$975.6M (Q4 2025)
SEC Filing
0000919574-26-001146 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $697.5M Q1 2024 Q2 2024: $717.3M Q2 2024 Q3 2024: $749.7M Q3 2024 Q4 2024: $721.5M Q4 2024 Q1 2025: $797.2M Q1 2025 Q2 2025: $865.3M Q2 2025 Q3 2025: $944.8M Q3 2025 Q4 2025: $975.6M $975.6M Q4 2025 Q1 2026: $954.8M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 144 stocks · $975.6M
GOOGL Alphabet Inc. Class A 5.24% 163,375 $51.1M Add +1.3%
AMZN Amazon.com Inc. 3.23% 136,330 $31.5M Add +4.4%
AXS Axis Capital Holdings Ltd. 3.10% 282,547 $30.3M Add +0.8%
MKL Markel Group Inc. 2.75% 12,495 $26.9M Add +1.2%
SGOV iShares 0-3 Month Treasury B 2.68% 260,614 $26.2M Reduce -0.7%
V Visa Inc. Class A 2.66% 74,020 $26.0M Add +1.6%
MSFT Microsoft Corp. 2.53% 51,055 $24.7M Add +1.4%
CRH CRH PLC 2.40% 187,522 $23.4M Add +12.8%
LLY Eli Lilly & Co. 2.36% 21,433 $23.0M Add +35.4%
CME Cme Group Inc. 2.30% 82,001 $22.4M Add +1.8%
KO The Coca-Cola Co. 2.24% 313,072 $21.9M Add +2.6%
COCO The Vita Coco Co. Inc. 2.17% 399,411 $21.2M Reduce -10.3%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 2.16% 301,143 $21.1M Reduce -3.5%
DHR Danaher Corp. 1.94% 82,664 $18.9M Add +44.9%
JMBS Janus Henderson Mortg Backed 1.86% 397,054 $18.1M Add +95.3%
AIR Aar Corp. 1.64% 193,476 $16.0M Add +16.0%
PSMT Pricesmart Inc. 1.62% 129,227 $15.9M Add +1.1%
MELI MercadoLibre Inc. 1.59% 7,713 $15.5M Reduce -3.7%
SHEL Shell PLC-ADR 1.57% 208,643 $15.3M Add +62.5%
RGLD Royal Gold Inc. 1.54% 67,449 $15.0M Add +13.3%
KVUE Kenvue Inc. 1.53% 866,021 $14.9M Add +304.4%
ICE Intercontinental Exchange Inc. 1.51% 91,242 $14.8M Reduce -21.9%
MBB iShares MBS ETF 1.49% 152,572 $14.5M Reduce -7.9%
TFPM Triple Flag Precious Met 1.49% 436,418 $14.5M Add +1.6%
DPZ Domino's Pizza Inc. 1.47% 34,477 $14.4M Add +0.6%
ALLE Allegion PLC 1.46% 89,502 $14.3M Reduce -1.4%
NVDA Nvidia Corp. 1.39% 72,858 $13.6M Add +0.7%
CBOE Cboe Global Markets Inc. 1.39% 54,110 $13.6M Add +2.2%
AEM Agnico Eagle Mines Ltd. 1.37% 78,811 $13.4M Reduce -16.1%
AXP American Express Co. 1.36% 35,794 $13.2M Reduce -8.2%
TKR Timken Co. 1.34% 154,947 $13.0M Reduce -0.5%
TRV The Travelers Cos Inc. 1.24% 41,812 $12.1M Add +3.2%
AAPL Apple Inc. 1.24% 44,506 $12.1M Add +79.0%
KGC Kinross Gold Corp. 1.11% 383,857 $10.8M Add +5.3%
ZETA Zeta Global Holdings Corp. Class A 1.07% 512,751 $10.4M Reduce -1.2%
XYL Xylem Inc. 1.03% 74,002 $10.1M Add +127.4%
C Citigroup Inc. 1.01% 84,511 $9.9M Add +249.6%
AVGO Broadcom Inc. 0.95% 26,877 $9.3M Add +2.4%
VRSK Verisk Analytics Inc. 0.93% 40,485 $9.1M Add +56.1%
UGI Ugi Corp. 0.84% 218,103 $8.2M Add +8.5%
PH Parker Hannifin Corp. 0.83% 9,244 $8.1M Add +0.8%
BXSL Blackstone Secured Lending F 0.80% 297,483 $7.8M Add +700.9%
KYN Kayne Anderson Energy Infra 0.80% 630,469 $7.8M Reduce -23.6%
TXNM TXNM Energy Inc. 0.79% 131,406 $7.7M Add +0.2%
INTU Intuit Inc. 0.77% 11,411 $7.6M Add +0.8%
VRRM Verra Mobility Corp. 0.77% 333,217 $7.5M Reduce -39.0%
DDOG Datadog Inc. Class A 0.75% 53,493 $7.3M Add +0.4%
GD General Dynamics Corp. 0.74% 21,375 $7.2M Add +2.0%
MCD McDonald's Corp. 0.72% 23,144 $7.1M Add +3.1%
BDX Becton Dickinson and Co. 0.72% 36,252 $7.0M New
BTI British American Tob-SP ADR 0.70% 120,517 $6.8M Add +20.2%
SPGI S&P Global Inc. 0.67% 12,514 $6.5M Reduce -44.5%
VZ Verizon Communications Inc. 0.65% 155,487 $6.3M Add +0.9%
PLNT Planet Fitness Inc. Class A 0.65% 58,276 $6.3M Add +0.1%
GLDM SPDR Gold Minishares Trust 0.65% 73,802 $6.3M Add +22.2%
CSL Carlisle Cos Inc. 0.62% 18,934 $6.1M Reduce -0.5%
TLT iShares 20+ Year Treasury BD 0.58% 65,198 $5.7M Reduce -59.5%
FIX Comfort Systems USA Inc. 0.56% 5,886 $5.5M Reduce -69.6%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.56% 29,781 $5.4M Add +3.6%
GNRC Generac Holdings Inc. 0.50% 35,970 $4.9M Add +1032.9%
HSY The Hershey Co. 0.50% 26,923 $4.9M Reduce -9.0%
META Meta Platforms Inc. Class A 0.49% 7,287 $4.8M Reduce -48.6%
FNV Franco-Nevada Corp. 0.48% 22,427 $4.6M Add +11.2%
NOG Northern Oil and Gas Inc. 0.45% 203,631 $4.4M New
UBER Uber Technologies Inc. 0.44% 51,968 $4.2M New
NVR NVR Inc. 0.43% 572 $4.2M Add +1.2%
VRSN Verisign Inc. 0.42% 16,788 $4.1M Reduce -55.4%
HD Home Depot Inc. 0.41% 11,528 $4.0M Reduce -13.7%
CRM Salesforce Inc. 0.36% 13,419 $3.6M Add +0.3%
AMLP Alerian MLP ETF 0.36% 75,074 $3.5M Reduce -60.7%
DBMF Imgp Dbi MFT STR ETF-Usd Inc. 0.34% 117,811 $3.3M Add +1.8%
VNOM Viper Energy Inc. Class A 0.33% 84,270 $3.3M Add +2.7%
B Barrick Mining Corp. 0.31% 70,073 $3.1M Add +10.8%
RNR Renaissancere Holdings Ltd. 0.31% 10,804 $3.0M Add +3.8%
BRK.B Berkshire Hathaway Inc. Class B 0.30% 5,752 $2.9M Add +5.8%
ITB iShares U.S. Home Constructi 0.29% 29,004 $2.8M Add +10.5%
CMG Chipotle Mexican Grill Inc. 0.25% 65,801 $2.4M New
HODL Vaneck Bitcoin ETF 0.24% 92,877 $2.3M Add +43.5%
SBUX Starbucks Corp. 0.24% 27,234 $2.3M Add +0.5%
NEM Newmont Corp. 0.23% 22,523 $2.2M Add +23.6%
CTAS Cintas Corp. 0.22% 11,379 $2.1M Add +2.2%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.21% 73,582 $2.1M Reduce -88.0%
SGDJ Sprott Jr. Gold Miners ETF 0.20% 23,555 $2.0M Add +24.7%
LAMR Lamar Advertising Co. Class A 0.20% 15,619 $2.0M Add +3.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.20% 6,624 $2.0M Add +1.2%
PAAS Pan American Silver Corp. 0.19% 36,219 $1.9M Add +1.4%
GDX Vaneck Gold Miners ETF 0.19% 21,640 $1.9M Add +26.0%
HROW Harrow Inc. 0.19% 37,183 $1.8M Reduce -7.5%
FBTC Fidelity Wise Origin Bitcoin 0.18% 23,491 $1.8M Add +7.5%
EQX Equinox Gold Corp. 0.17% 120,382 $1.7M Add +23.1%
ABNB Airbnb Inc. Class A 0.17% 12,031 $1.6M Reduce -4.6%
CGAU Centerra Gold Inc. 0.16% 110,750 $1.6M Add +24.1%
SA Seabridge Gold Inc. 0.15% 50,401 $1.5M Add +21.4%
OR Or Royalties Inc. 0.14% 39,695 $1.4M Add +2.5%
RITM Rithm Capital Corp. 0.14% 126,799 $1.4M Reduce -79.3%
ASML ASML Holding NV-NY Reg SHS 0.14% 1,264 $1.4M Reduce -0.9%
TSLA Tesla Inc. 0.14% 2,982 $1.3M No change
SOFI Sofi Technologies Inc. 0.14% 50,691 $1.3M Reduce -5.1%
GBTC Grayscale Bitcoin Trust ETF 0.13% 19,009 $1.3M Reduce -2.6%
AFG American Financial Group Inc. 0.13% 9,437 $1.3M Add +1.8%
LMT Lockheed Martin Corp. 0.13% 2,556 $1.2M Add +2.0%
PSA Public Storage 0.12% 4,533 $1.2M New
GLPI Gaming and Leisure Propertie 0.12% 26,247 $1.2M Add +0.5%
AOS Smith (a.o.) Corp. 0.12% 17,050 $1.1M Add +1.0%
AGI Alamos Gold Inc. Class A 0.12% 29,074 $1.1M New
PSLV Sprott Physical Silver Trust 0.11% 44,349 $1.0M Add +0.7%
PM Philip Morris International 0.10% 5,911 $948K New
SMG Scotts Miracle-Gro Co. 0.08% 14,187 $828K Reduce -0.7%
HQY Healthequity Inc. 0.08% 8,949 $820K Reduce -8.0%
BN Brookfield Corp. 0.08% 17,698 $814K No change
SNOW Snowflake Inc. 0.08% 3,699 $811K Reduce -7.5%
GOOG Alphabet Inc. Class C 0.08% 2,549 $800K Reduce -2.3%
APPF Appfolio Inc. Class A 0.08% 3,168 $737K New
KNSL Kinsale Capital Group Inc. 0.07% 1,767 $691K Reduce -85.4%
FLUT Flutter Entertainment PLC-Di 0.07% 3,146 $677K Reduce -10.2%
SHLS Shoals Technologies Group -A 0.07% 76,860 $653K Reduce -8.6%
SSD Simpson Manufacturing Co. Inc. 0.06% 3,858 $623K Reduce -7.5%
FANG Diamondback Energy Inc. 0.06% 4,065 $611K Reduce -1.3%
CRWD CrowdStrike Holdings Inc. Class A 0.06% 1,272 $596K No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.06% 15,626 $593K No change
GSHD Goosehead Insurance Inc. Class A 0.06% 7,903 $582K Reduce -14.5%
SN Sharkninja Inc. 0.06% 5,068 $567K Reduce -7.2%
TSM Taiwan Semiconductor-SP ADR 0.06% 1,802 $548K Reduce -0.4%
CSGP Costar Group Inc. 0.06% 8,002 $538K Reduce -9.8%
BILL Bill Holdings Inc. 0.06% 9,841 $537K Reduce -9.6%
NKE Nike Inc. Class B 0.05% 8,412 $536K No change
AG First Majestic Silver Corp. 0.05% 30,205 $503K New
CEF Sprott Physical Gold and Sil 0.05% 10,874 $498K Reduce -2.3%
VEEV Veeva Systems Inc. Class A 0.05% 2,088 $466K No change
PHYS Sprott Physical Gold Trust 0.05% 14,000 $462K Reduce -1.1%
RKLB Rocket Lab Corp. 0.05% 6,587 $460K New
ABBV Abbvie Inc. 0.04% 1,904 $435K Add +6.9%
GRAB Grab Holdings Ltd. Class A 0.04% 86,577 $432K No change
U Unity Software Inc. 0.04% 9,500 $420K No change
DOCS Doximity Inc. Class A 0.04% 8,858 $392K No change
DASH DoorDash Inc. Class A 0.04% 1,673 $379K No change
BEPC Brookfield Renewable Corp. 0.04% 9,280 $356K No change
XOM Exxon Mobil Corp. 0.04% 2,875 $346K Add +2.9%
DFAC Dimensional US Core Equity 2 0.03% 7,546 $299K No change
SII Sprott Inc. 0.03% 2,506 $246K New
TMDX Transmedics Group Inc. 0.03% 2,016 $245K New
SELF Global Self Storage Inc. 0.02% 47,388 $242K Reduce -44.5%
CDE Coeur Mining Inc. 0.02% 12,253 $218K Add +2.0%
VGIT Vanguard Intermediate-Term T 0.02% 3,401 $204K Reduce -40.5%
Other holdings (1): bonds, preferreds, convertibles and warrants · $11.7M (not counted above)
SecurityClassShares / PrincipalValueChange
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 284,768$11.7MAdd +1.2%

Total filed on the 13F, all lines: $987.3M.

Portfolio Sells Q3 2025 → Q4 2025
VICI Vici Properties Inc. Reduce -88.0% 0.21% −1.90
FIX Comfort Systems USA Inc. Reduce -69.6% 0.56% −1.13
FISV Fiserv Inc. Sold out 0.00% −1.12
TLT iShares 20+ Year Treasury BD Reduce -59.5% 0.58% −0.94
VRSN Verisign Inc. Reduce -55.4% 0.42% −0.70
VRRM Verra Mobility Corp. Reduce -39.0% 0.77% −0.66
META Meta Platforms Inc. Class A Reduce -48.6% 0.49% −0.61
RITM Rithm Capital Corp. Reduce -79.3% 0.14% −0.60
AMLP Alerian MLP ETF Reduce -60.7% 0.36% −0.59
ICE Intercontinental Exchange Inc. Reduce -21.9% 1.51% −0.57
MTN Vail Resorts Inc. Sold out 0.00% −0.55
SPGI S&P Global Inc. Reduce -44.5% 0.67% −0.49
EZBC Franklin Bitcoin ETF Sold out 0.00% −0.48
KNSL Kinsale Capital Group Inc. Reduce -85.4% 0.07% −0.47
MELI MercadoLibre Inc. Reduce -3.7% 1.59% −0.39
WRB WR Berkley Corp. Reduce -3.5% 2.16% −0.37
AEM Agnico Eagle Mines Ltd. Reduce -16.1% 1.37% −0.31
KYN Kayne Anderson Energy Infra Reduce -23.6% 0.80% −0.28
ALLE Allegion PLC Reduce -1.4% 1.46% −0.24
MBB iShares MBS ETF Reduce -7.9% 1.49% −0.18
HD Home Depot Inc. Reduce -13.7% 0.41% −0.17
SGOV iShares 0-3 Month Treasury B Reduce -0.7% 2.68% −0.12
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.11
ABEV Ambev SA-ADR Sold out 0.00% −0.11
HSY The Hershey Co. Reduce -9.0% 0.50% −0.08
WIW Western Asst Infl-LNK Opp Sold out 0.00% −0.08
SNAP Snap Inc. Class A Sold out 0.00% −0.07
CWH Camping World Holdings Inc. Class A Sold out 0.00% −0.06
GBTC Grayscale Bitcoin Trust ETF Reduce -2.6% 0.13% −0.05
CSL Carlisle Cos Inc. Reduce -0.5% 0.62% −0.04
ADBE Adobe Inc. Sold out 0.00% −0.04
KD Kyndryl Holdings Inc. Sold out 0.00% −0.03
WING Wingstop Inc. Sold out 0.00% −0.03
FLUT Flutter Entertainment PLC-Di Reduce -10.2% 0.07% −0.02
CSGP Costar Group Inc. Reduce -9.8% 0.06% −0.02
ZETA Zeta Global Holdings Corp. Class A Reduce -1.2% 1.07% −0.02
SELF Global Self Storage Inc. Reduce -44.5% 0.02% −0.02
HROW Harrow Inc. Reduce -7.5% 0.19% −0.02
VGIT Vanguard Intermediate-Term T Reduce -40.5% 0.02% −0.02
HQY Healthequity Inc. Reduce -8.0% 0.08% −0.01
AXP American Express Co. Reduce -8.2% 1.36% −0.01
SOFI Sofi Technologies Inc. Reduce -5.1% 0.14% −0.01
GSHD Goosehead Insurance Inc. Class A Reduce -14.5% 0.06% −0.01
SNOW Snowflake Inc. Reduce -7.5% 0.08% −0.01
SSD Simpson Manufacturing Co. Inc. Reduce -7.5% 0.06% −0.01
BILL Bill Holdings Inc. Reduce -9.6% 0.06% −0.01
SN Sharkninja Inc. Reduce -7.2% 0.06% −0.00
SMG Scotts Miracle-Gro Co. Reduce -0.7% 0.08% −0.00
FANG Diamondback Energy Inc. Reduce -1.3% 0.06% +0.00
SHLS Shoals Technologies Group -A Reduce -8.6% 0.07% +0.00

Portfolio Buys Q3 2025 → Q4 2025
KVUE Kenvue Inc. Add +304.4% 1.53% +1.16
GOOGL Alphabet Inc. Class A Add +1.3% 5.24% +1.09
LLY Eli Lilly & Co. Add +35.4% 2.36% +1.08
JMBS Janus Henderson Mortg Backed Add +95.3% 1.86% +0.88
C Citigroup Inc. Add +249.6% 1.01% +0.75
DHR Danaher Corp. Add +44.9% 1.94% +0.74
BDX Becton Dickinson and Co. New 0.72% +0.72
BXSL Blackstone Secured Lending F Add +700.9% 0.80% +0.70
SHEL Shell PLC-ADR Add +62.5% 1.57% +0.60
AAPL Apple Inc. Add +79.0% 1.24% +0.57
XYL Xylem Inc. Add +127.4% 1.03% +0.52
NOG Northern Oil and Gas Inc. New 0.45% +0.45
GNRC Generac Holdings Inc. Add +1032.9% 0.50% +0.45
UBER Uber Technologies Inc. New 0.44% +0.44
CRH CRH PLC Add +12.8% 2.40% +0.29
RGLD Royal Gold Inc. Add +13.3% 1.54% +0.27
AXS Axis Capital Holdings Ltd. Add +0.8% 3.10% +0.26
MKL Markel Group Inc. Add +1.2% 2.75% +0.26
CMG Chipotle Mexican Grill Inc. New 0.25% +0.25
VRSK Verisk Analytics Inc. Add +56.1% 0.93% +0.24
AMZN Amazon.com Inc. Add +4.4% 3.23% +0.19
GLDM SPDR Gold Minishares Trust Add +22.2% 0.65% +0.16
TFPM Triple Flag Precious Met Add +1.6% 1.49% +0.16
KGC Kinross Gold Corp. Add +5.3% 1.11% +0.15
BTI British American Tob-SP ADR Add +20.2% 0.70% +0.14
UGI Ugi Corp. Add +8.5% 0.84% +0.13
PSA Public Storage New 0.12% +0.12
AGI Alamos Gold Inc. Class A New 0.12% +0.12
JKHY Jack Henry & Associates Inc. Add +3.6% 0.56% +0.10
KO The Coca-Cola Co. Add +2.6% 2.24% +0.10
PH Parker Hannifin Corp. Add +0.8% 0.83% +0.10
PM Philip Morris International New 0.10% +0.10
B Barrick Mining Corp. Add +10.8% 0.31% +0.09
APPF Appfolio Inc. Class A New 0.08% +0.08
NEM Newmont Corp. Add +23.6% 0.23% +0.07
CGAU Centerra Gold Inc. Add +24.1% 0.16% +0.06
SGDJ Sprott Jr. Gold Miners ETF Add +24.7% 0.20% +0.06
AIR Aar Corp. Add +16.0% 1.64% +0.06
EQX Equinox Gold Corp. Add +23.1% 0.17% +0.06
AG First Majestic Silver Corp. New 0.05% +0.05
GDX Vaneck Gold Miners ETF Add +26.0% 0.19% +0.05
RKLB Rocket Lab Corp. New 0.05% +0.05
SA Seabridge Gold Inc. Add +21.4% 0.15% +0.05
PAAS Pan American Silver Corp. Add +1.4% 0.19% +0.05
TRV The Travelers Cos Inc. Add +3.2% 1.24% +0.05
AVGO Broadcom Inc. Add +2.4% 0.95% +0.04
PSLV Sprott Physical Silver Trust Add +0.7% 0.11% +0.03
RNR Renaissancere Holdings Ltd. Add +3.8% 0.31% +0.03
CRM Salesforce Inc. Add +0.3% 0.36% +0.03
V Visa Inc. Class A Add +1.6% 2.66% +0.03

Options Activity Q3 2025 → Q4 2025
OR Or Royalties Inc. call Sold out 1,000 $23Kbefore exit
PAAS Pan American Silver Corp. call Sold out 1,200 $16Kbefore exit
KGC Kinross Gold Corp. call Sold out 500 $7Kbefore exit
RGLD Royal Gold Inc. call Sold out 100 $4Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Add +1.2% 284,768 $11.7M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 139$1.0BGOOGL, AMZN, AIR, AXS, GD
Q1 2026 139$954.8MSGOV, GOOGL, AXS, CME, AMZN
Q4 2025 144$975.6MGOOGL, AMZN, AXS, MKL, SGOV
Q3 2025 143$944.8MGOOGL, AMZN, AXS, SGOV, MSFT
Q2 2025 134$865.3MAXS, V, MSFT, WRB, SGOV
Q1 2025 123$797.2MSGOV, WRB, AXS, V, SHEL
Q4 2024 118$721.5MGOOGL, AMZN, AXS, WRB, V
Q3 2024 120$749.7MCPRI, GOOGL, AMZN, WRB, SHEL
Q2 2024 123$717.3MGOOGL, CPRI, SHEL, WRB, AMZN
Q1 2024 118$697.5MCPRI, GOOGL, WRB, SHEL, TKR