Van Den Berg Management I, Inc.

Name: VAN DEN BERG MANAGEMENT I, INC 13F holdings, Q1 2025
Creator: VAN DEN BERG MANAGEMENT I, INC
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Van Den Berg Management I, Inc. reported 102 stock positions worth $326.6 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 6.4% of the portfolio, followed by Exxon Mobil (XOM, 5.9%) and Berkshire Hathaway Class B (BRK.B, 4.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 11, added to 35 and reduced 51. The biggest buy was Stanley Black & Decker (SWK, shares +107%) and the biggest sale an exit from Carter's (CRI).

Most Recent 13F: Q2 2026
Location: AUSTIN, TX
CIK: 0001142062
Portfolio Value: $326.6M (Q1 2025)
SEC Filing: 0001398344-25-009471 ↗ filed May 15, 2025

Holdings Value

Holdings 102 stocks · $326.6M


PHYS Sprott Physical Gold Trust	6.43%	872,529	$21.0M	Reduce -1.5%
XOM Exxon Mobil Corp.	5.92%	162,563	$19.3M	Reduce -2.9%
BRK.B Berkshire Hathaway Inc. Class B	4.76%	29,201	$15.6M	Reduce -33.9%
FANG Diamondback Energy Inc.	4.01%	81,822	$13.1M	Reduce -3.1%
EQT Eqt Corp.	3.84%	234,968	$12.6M	Reduce -2.2%
BN Brookfield Corp.	3.35%	208,893	$10.9M	Reduce -0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	3.23%	42,374	$10.5M	Reduce -1.0%
GOOG Alphabet Inc. Class C	3.22%	67,390	$10.5M	Reduce -7.6%
COHR Coherent Corp.	3.01%	151,577	$9.8M	Reduce -2.4%
LUMN Lumen Technologies Inc.	2.92%	2,434,596	$9.5M	Add +0.1%
SA Seabridge Gold Inc.	2.70%	755,817	$8.8M	Add +21.0%
QCOM Qualcomm Inc.	2.67%	56,776	$8.7M	Reduce -0.3%
CRK Comstock Resources Inc.	2.52%	405,151	$8.2M	Reduce -1.1%
SW Smurfit Westrock PLC	2.44%	176,690	$8.0M	Reduce -2.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	2.43%	189,526	$7.9M	Reduce -0.2%
VNT Vontier Corp.	2.40%	238,637	$7.8M	Reduce -0.0%
ELV Elevance Health Inc.	2.29%	17,209	$7.5M	Add +3.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO	2.10%	69,359	$6.8M	Reduce -0.3%
DELL Dell Technologies -C	2.01%	72,068	$6.6M	Add +107.1%
PR Permian Resources Corp. Class A	1.96%	462,528	$6.4M	Add +2.5%
INTC Intel Corp.	1.76%	252,810	$5.7M	Add +5.3%
SWK Stanley Black & Decker Inc.	1.74%	74,033	$5.7M	Add +106.9%
CME Cme Group Inc.	1.68%	20,702	$5.5M	Reduce -2.3%
KW Kennedy-Wilson Holdings Inc.	1.67%	629,361	$5.5M	Add +23.9%
EG Everest Group Ltd.	1.63%	14,610	$5.3M	Add +8.5%
UNH Unitedhealth Group Inc.	1.61%	10,050	$5.3M	Add +5.5%
MSFT Microsoft Corp.	1.61%	14,002	$5.3M	Add +4.5%
CI The Cigna Group	1.49%	14,798	$4.9M	Add +12.7%
ACGL Arch Capital Group Ltd.	1.40%	47,554	$4.6M	Add +7.2%
COP Conocophillips	1.40%	43,488	$4.6M	Add +3.8%
TMO Thermo Fisher Scientific Inc.	1.30%	8,563	$4.3M	Reduce -0.3%
CMCO Columbus McKinnon Corp.	1.27%	244,877	$4.1M	Add +7.3%
DHR Danaher Corp.	1.22%	19,494	$4.0M	Add +14.6%
WDAY Workday Inc. Class A	1.22%	17,080	$4.0M	Reduce -1.2%
VRSN Verisign Inc.	1.20%	15,426	$3.9M	Reduce -18.7%
META Meta Platforms Inc. Class A	1.20%	6,780	$3.9M	Reduce -22.2%
ILMN Illumina Inc.	1.08%	44,372	$3.5M	Add +81.7%
MCO Moody's Corp.	0.88%	6,205	$2.9M	Reduce -0.9%
ST Sensata Technologies Holdplc	0.80%	107,123	$2.6M	Add +36.5%
ATKR Atkore Inc.	0.78%	42,727	$2.6M	Add +4.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.77%	59,958	$2.5M	Reduce -15.5%
CTRA Coterra Energy Inc.	0.46%	51,691	$1.5M	Reduce -0.3%
BAM Brookfield Asset Mgmt-A	0.43%	29,257	$1.4M	Reduce -73.4%
CRGY Crescent Energy Inc. Class A	0.42%	123,043	$1.4M	Add +1.6%
DVN Devon Energy Corp.	0.38%	33,037	$1.2M	Reduce -1.1%
NOG Northern Oil and Gas Inc.	0.36%	38,596	$1.2M	Add +4.6%
TXN Texas Instruments Inc.	0.30%	5,533	$994K	Reduce -12.1%
MA Mastercard Inc. Class A	0.29%	1,724	$945K	Reduce -6.2%
VTOL Bristow Group Inc.	0.29%	29,589	$934K	Add +1.3%
VIG Vanguard Dividend Apprec ETF	0.27%	4,525	$878K	Reduce -4.9%
RSP Invesco S&P 500 Equal Weight	0.27%	5,025	$870K	Reduce -2.4%
OVV Ovintiv Inc.	0.26%	19,924	$853K	Reduce -1.1%
AZZ Azz Inc.	0.26%	10,000	$836K	Reduce -24.4%
GNRC Generac Holdings Inc.	0.23%	5,883	$745K	Add +270.0%
VTI VG Morningstar TS MKT ETF-US	0.22%	2,628	$722K	Reduce -6.8%
XLE SS Energy Select Sector	0.22%	7,590	$709K	Reduce -11.1%
MOAT Vaneck Morningstar Wide Moat	0.21%	7,697	$677K	Reduce -2.9%
VEA Vanguard Ftse Developed ETF	0.20%	12,725	$647K	Add +1.1%
VTLE Vital Energy Inc.	0.20%	30,046	$638K	Add +2.6%
CVX Chevron Corp.	0.19%	3,616	$605K	Reduce -10.0%
GDXJ Vaneck Junior Gold Miners	0.18%	10,357	$592K	Reduce -0.3%
SEI Solaris Energy Infrastructur	0.18%	26,712	$581K	Reduce -1.8%
TRS Trimas Corp.	0.17%	23,209	$544K	Reduce -0.3%
FNDF Schwab Fndmn Intl LRG Co. ETF	0.16%	14,880	$538K	Reduce -0.9%
VOO Vanguard S&P 500 ETF	0.16%	1,040	$534K	Add +0.5%
ERO Ero Copper Corp.	0.16%	43,508	$527K	Reduce -0.5%
AEM Agnico Eagle Mines Ltd.	0.16%	4,847	$525K	No change
XOP SS SPDR S&P Og Exp & Prod	0.16%	3,977	$524K	Reduce -3.2%
PSLV Sprott Physical Silver Trust	0.14%	38,069	$442K	Reduce -21.6%
VYM Vanguard High DVD Yield ETF	0.13%	3,371	$435K	Reduce -1.3%
BTE Baytex Energy Corp.	0.13%	183,278	$409K	Add +7.0%
SU Suncor Energy Inc.	0.11%	9,264	$359K	Reduce -1.0%
T AT&T Inc.	0.10%	11,945	$338K	No change
SPSM SS SPDR P S&P 600 Small Cap	0.10%	7,944	$324K	Reduce -2.5%
AR Antero Resources Corp.	0.10%	7,895	$319K	Reduce -2.9%
VYMI Vanguard Int High DVD YLD Inc.	0.10%	4,222	$311K	No change
TALO Talos Energy Inc.	0.08%	27,246	$265K	Reduce -1.9%
RRC Range Resources Corp.	0.08%	6,490	$259K	Reduce -0.1%
HL Hecla Mining Co.	0.03%	17,000	$95K	No change
VRN Veren Inc.	0.03%	14,035	$93K	Add +1.5%
RIG Transocean Ltd.	0.03%	25,750	$82K	Reduce -8.5%
GDX Vaneck Gold Miners ETF	0.02%	1,670	$77K	No change
FNDE Schwab Fndmntl Em MRK Eq ETF	0.02%	2,445	$75K	Add +3.2%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.02%	370	$69K	Add +0.3%
VV Vngrd Mrgstr LRG-Cap ETF-Usd	0.02%	234	$60K	No change
SCHD Schwab US DVD Equity ETF	0.02%	1,923	$54K	Add +5.3%
REI Ring Energy Inc.	0.01%	23,361	$27K	Reduce -1.0%
VNQ Vanguard Real Estate ETF	0.01%	222	$20K	Add +0.9%
NLR Vaneck Urani & Nuclr ETF-Usd	0.00%	216	$16K	New
EU Encore Energy Corp.	0.00%	10,000	$14K	No change
XLF SS Financial Select Sector	0.00%	268	$13K	No change
VTV Vanguard Mrngstr Val ETF-Aui	0.00%	76	$13K	Add +40.7%
VUG Vanguard Mrngstar GR ETF-Sui	0.00%	26	$10K	Reduce -10.3%
DJD Invesco Dow Jones Industrial	0.00%	150	$8K	No change
MORT Vaneck Mortgage REIT Income	0.00%	585	$7K	No change
XES SS SPDR S&P Og Eqp & Serv	0.00%	71	$5K	Add +91.9%
GOOGL Alphabet Inc. Class A	0.00%	21	$3K	Add +5.0%
VB Vanguard Most SM-Cap ETF-Usd	0.00%	13	$3K	No change
PFXF Vaneck Pref Sec X-Financials	0.00%	50	$838	No change
VO Vngrd Mrngstr MD-Cap ETF-Usd	0.00%	2	$517	New
SCHX Schwab US Large-Cap ETF	0.00%	22	$486	New
VOE Vngrd Mrngstr MD-Cap Val ETF	0.00%	1	$161	New

Portfolio Sells Q4 2024 → Q1 2025


CRI Carter's Inc.	Sold out	0.00%	−2.13
BAM Brookfield Asset Mgmt-A	Reduce -73.4%	0.43%	−1.28
COHR Coherent Corp.	Reduce -2.4%	3.01%	−1.22
BRK.B Berkshire Hathaway Inc. Class B	Reduce -33.9%	4.76%	−1.00
GOOG Alphabet Inc. Class C	Reduce -7.6%	3.22%	−0.78
SW Smurfit Westrock PLC	Reduce -2.2%	2.44%	−0.37
META Meta Platforms Inc. Class A	Reduce -22.2%	1.20%	−0.27
DIS The Walt Disney Co.	Reduce -0.3%	2.10%	−0.14
BAC Bank of America Corp.	Reduce -15.5%	0.77%	−0.13
BN Brookfield Corp.	Reduce -0.5%	3.35%	−0.12
VNT Vontier Corp.	Reduce -0.0%	2.40%	−0.11
ALKT Alkami Technology Inc.	Sold out	0.00%	−0.06
WDAY Workday Inc. Class A	Reduce -1.2%	1.22%	−0.06
AAPL Apple Inc.	Sold out	0.00%	−0.06
AZZ Azz Inc.	Reduce -24.4%	0.26%	−0.06
URA Global X Uranium ETF	Sold out	0.00%	−0.06
SEI Solaris Energy Infrastructur	Reduce -1.8%	0.18%	−0.05
TXN Texas Instruments Inc.	Reduce -12.1%	0.30%	−0.04
KGEI Kolibri Global Energy Inc.	Sold out	0.00%	−0.02
VTI VG Morningstar TS MKT ETF-US	Reduce -6.8%	0.22%	−0.01
ERO Ero Copper Corp.	Reduce -0.5%	0.16%	−0.01
PXE Invesco Energy Exploration	Sold out	0.00%	−0.01
SPSM SS SPDR P S&P 600 Small Cap	Reduce -2.5%	0.10%	−0.01
RIG Transocean Ltd.	Reduce -8.5%	0.03%	−0.01
MOAT Vaneck Morningstar Wide Moat	Reduce -2.9%	0.21%	−0.00
QYLD Global X Nasd 100 Cov Call	Sold out	0.00%	−0.00
PFFD Global X US Preferred ETF	Sold out	0.00%	−0.00
EFAS Global X MSCI Superdividend	Sold out	0.00%	−0.00
REI Ring Energy Inc.	Reduce -1.0%	0.01%	−0.00
DTCR Global X Data Center & Digit	Sold out	0.00%	−0.00
SIL Global X Silver Miners ETF	Sold out	0.00%	−0.00
VUG Vanguard Mrngstar GR ETF-Sui	Reduce -10.3%	0.00%	−0.00
PSLV Sprott Physical Silver Trust	Reduce -21.6%	0.14%	+0.00
VIG Vanguard Dividend Apprec ETF	Reduce -4.9%	0.27%	+0.00
TRS Trimas Corp.	Reduce -0.3%	0.17%	+0.00
TALO Talos Energy Inc.	Reduce -1.9%	0.08%	+0.00
XOP SS SPDR S&P Og Exp & Prod	Reduce -3.2%	0.16%	+0.00
XLE SS Energy Select Sector	Reduce -11.1%	0.22%	+0.01
RSP Invesco S&P 500 Equal Weight	Reduce -2.4%	0.27%	+0.01
VYM Vanguard High DVD Yield ETF	Reduce -1.3%	0.13%	+0.01
MA Mastercard Inc. Class A	Reduce -6.2%	0.29%	+0.01
RRC Range Resources Corp.	Reduce -0.1%	0.08%	+0.01
SU Suncor Energy Inc.	Reduce -1.0%	0.11%	+0.01
AR Antero Resources Corp.	Reduce -2.9%	0.10%	+0.02
FANG Diamondback Energy Inc.	Reduce -3.1%	4.01%	+0.02
TMO Thermo Fisher Scientific Inc.	Reduce -0.3%	1.30%	+0.02
CVX Chevron Corp.	Reduce -10.0%	0.19%	+0.02
FNDF Schwab Fndmn Intl LRG Co. ETF	Reduce -0.9%	0.16%	+0.02
OVV Ovintiv Inc.	Reduce -1.1%	0.26%	+0.03
MCO Moody's Corp.	Reduce -0.9%	0.88%	+0.03

Portfolio Buys Q4 2024 → Q1 2025


SWK Stanley Black & Decker Inc.	Add +106.9%	1.74%	+0.92
DELL Dell Technologies -C	Add +107.1%	2.01%	+0.86
SA Seabridge Gold Inc.	Add +21.0%	2.70%	+0.65
ELV Elevance Health Inc.	Add +3.7%	2.29%	+0.53
CI The Cigna Group	Add +12.7%	1.49%	+0.45
INTC Intel Corp.	Add +5.3%	1.76%	+0.37
UNH Unitedhealth Group Inc.	Add +5.5%	1.61%	+0.22
ACGL Arch Capital Group Ltd.	Add +7.2%	1.40%	+0.22
EG Everest Group Ltd.	Add +8.5%	1.63%	+0.22
KW Kennedy-Wilson Holdings Inc.	Add +23.9%	1.67%	+0.21
COP Conocophillips	Add +3.8%	1.40%	+0.20
ST Sensata Technologies Holdplc	Add +36.5%	0.80%	+0.18
GNRC Generac Holdings Inc.	Add +270.0%	0.23%	+0.16
ILMN Illumina Inc.	Add +81.7%	1.08%	+0.14
DHR Danaher Corp.	Add +14.6%	1.22%	+0.10
PR Permian Resources Corp. Class A	Add +2.5%	1.96%	+0.09
VEA Vanguard Ftse Developed ETF	Add +1.1%	0.20%	+0.02
VRN Veren Inc.	Add +1.5%	0.03%	+0.01
NLR Vaneck Urani & Nuclr ETF-Usd	New	0.00%	+0.00
FNDE Schwab Fndmntl Em MRK Eq ETF	Add +3.2%	0.02%	+0.00
VOO Vanguard S&P 500 ETF	Add +0.5%	0.16%	+0.00
SCHD Schwab US DVD Equity ETF	Add +5.3%	0.02%	+0.00
VTV Vanguard Mrngstr Val ETF-Aui	Add +40.7%	0.00%	+0.00
XES SS SPDR S&P Og Eqp & Serv	Add +91.9%	0.00%	+0.00
VNQ Vanguard Real Estate ETF	Add +0.9%	0.01%	+0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd	New	0.00%	+0.00
SCHX Schwab US Large-Cap ETF	New	0.00%	+0.00
VOE Vngrd Mrngstr MD-Cap Val ETF	New	0.00%	0.00
VBR Vngrd Mrngst SL-CP Val ETF-U	Add +0.3%	0.02%	0.00
GOOGL Alphabet Inc. Class A	Add +5.0%	0.00%	−0.00
BTE Baytex Energy Corp.	Add +7.0%	0.13%	−0.00
VTOL Bristow Group Inc.	Add +1.3%	0.29%	−0.00
MSFT Microsoft Corp.	Add +4.5%	1.61%	−0.02
NOG Northern Oil and Gas Inc.	Add +4.6%	0.36%	−0.04
VTLE Vital Energy Inc.	Add +2.6%	0.20%	−0.07
CRGY Crescent Energy Inc. Class A	Add +1.6%	0.42%	−0.09
ATKR Atkore Inc.	Add +4.1%	0.78%	−0.20
LUMN Lumen Technologies Inc.	Add +0.1%	2.92%	−0.80
CMCO Columbus McKinnon Corp.	Add +7.3%	1.27%	−1.18

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	120	$473.3M	DELL, PHYS, INTC, LUMN, XOM
Q1 2026	133	$436.2M	PHYS, XOM, SA, LUMN, FANG
Q4 2025	126	$436.5M	PHYS, COHR, SA, LUMN, GOOG
Q3 2025	106	$399.2M	PHYS, SA, XOM, GOOG, COHR
Q2 2025	110	$351.8M	PHYS, XOM, COHR, BRK.B, EQT
Q1 2025	102	$326.6M	PHYS, XOM, BRK.B, FANG, EQT
Q4 2024	109	$347.0M	BRK.B, XOM, PHYS, COHR, GOOG
Q3 2024	107	$345.7M	BRK.B, XOM, PHYS, LUMN, FANG
Q2 2024	108	$337.0M	BRK.B, XOM, FANG, PHYS, GOOG
Q1 2024	111	$341.0M	BRK.B, PXD, FANG, PHYS, GOOG