Van Den Berg Management I, Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Van Den Berg Management I, Inc. reported 110 stock positions worth $351.8 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 6.2% of the portfolio, followed by Exxon Mobil (XOM, 4.8%) and Coherent (COHR, 3.9%). Compared with Q1 2025, it opened 10 new positions, sold out of 2, added to 29 and reduced 54. The biggest buy was Coherent (COHR, shares +1%) and the biggest sale Exxon Mobil (XOM, shares −4%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001142062
Portfolio Value
$351.8M (Q2 2025)
SEC Filing
0001398344-25-015399 ↗ filed Aug 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $341.0M Q1 2024 Q2 2024: $337.0M Q2 2024 Q3 2024: $345.7M Q3 2024 Q4 2024: $347.0M Q4 2024 Q1 2025: $326.6M Q1 2025 Q2 2025: $351.8M $351.8M Q2 2025 Q3 2025: $399.2M Q3 2025 Q4 2025: $436.5M Q4 2025 Q1 2026: $436.2M Q1 2026 Q2 2026: $473.3M Q2 2026

Holdings 110 stocks · $351.8M
PHYS Sprott Physical Gold Trust 6.24% 866,612 $22.0M Reduce -0.7%
XOM Exxon Mobil Corp. 4.80% 156,771 $16.9M Reduce -3.6%
COHR Coherent Corp. 3.89% 153,593 $13.7M Add +1.3%
BRK.B Berkshire Hathaway Inc. Class B 3.86% 27,981 $13.6M Reduce -4.2%
EQT Eqt Corp. 3.82% 230,707 $13.5M Reduce -1.8%
BN Brookfield Corp. 3.65% 207,634 $12.8M Reduce -0.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 3.41% 40,646 $12.0M Reduce -4.1%
GOOG Alphabet Inc. Class C 3.37% 66,853 $11.9M Reduce -0.8%
FANG Diamondback Energy Inc. 3.21% 82,099 $11.3M Add +0.3%
CRK Comstock Resources Inc. 3.11% 395,228 $10.9M Reduce -2.5%
SA Seabridge Gold Inc. 3.11% 753,003 $10.9M Reduce -0.4%
LUMN Lumen Technologies Inc. 3.01% 2,419,663 $10.6M Reduce -0.6%
DELL Dell Technologies -C 2.73% 78,375 $9.6M Add +8.8%
QCOM Qualcomm Inc. 2.64% 58,302 $9.3M Add +2.7%
VNT Vontier Corp. 2.57% 244,678 $9.0M Add +2.5%
MSFT Microsoft Corp. 2.43% 17,223 $8.6M Add +23.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 2.42% 68,574 $8.5M Reduce -1.1%
SW Smurfit Westrock PLC 2.15% 175,653 $7.6M Reduce -0.6%
ELV Elevance Health Inc. 2.04% 18,470 $7.2M Add +7.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.81% 188,333 $6.4M Reduce -0.6%
PR Permian Resources Corp. Class A 1.79% 461,634 $6.3M Reduce -0.2%
ACGL Arch Capital Group Ltd. 1.71% 65,945 $6.0M Add +38.7%
INTC Intel Corp. 1.68% 263,260 $5.9M Add +4.1%
UNH Unitedhealth Group Inc. 1.67% 18,843 $5.9M Add +87.5%
TMO Thermo Fisher Scientific Inc. 1.64% 14,210 $5.8M Add +66.0%
KW Kennedy-Wilson Holdings Inc. 1.55% 799,519 $5.4M Add +27.0%
CME Cme Group Inc. 1.50% 19,177 $5.3M Reduce -7.4%
SWK Stanley Black & Decker Inc. 1.47% 76,462 $5.2M Add +3.3%
CI The Cigna Group 1.45% 15,409 $5.1M Add +4.1%
META Meta Platforms Inc. Class A 1.41% 6,731 $5.0M Reduce -0.7%
ILMN Illumina Inc. 1.33% 49,065 $4.7M Add +10.6%
DHR Danaher Corp. 1.27% 22,593 $4.5M Add +15.9%
VRSN Verisign Inc. 1.24% 15,109 $4.4M Reduce -2.0%
WDAY Workday Inc. Class A 1.17% 17,214 $4.1M Add +0.8%
COP Conocophillips 1.11% 43,638 $3.9M Add +0.3%
ST Sensata Technologies Holdplc 1.06% 124,074 $3.7M Add +15.8%
CMCO Columbus McKinnon Corp. 1.05% 242,574 $3.7M Reduce -0.9%
GNRC Generac Holdings Inc. 0.92% 22,684 $3.2M Add +285.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.91% 67,738 $3.2M Add +13.0%
MCO Moody's Corp. 0.87% 6,113 $3.1M Reduce -1.5%
ATKR Atkore Inc. 0.85% 42,196 $3.0M Reduce -1.2%
EG Everest Group Ltd. 0.56% 5,780 $2.0M Reduce -60.4%
BAM Brookfield Asset Mgmt-A 0.46% 29,169 $1.6M Reduce -0.3%
CTRA Coterra Energy Inc. 0.36% 50,426 $1.3M Reduce -2.5%
CRGY Crescent Energy Inc. Class A 0.32% 129,182 $1.1M Add +5.0%
NOG Northern Oil and Gas Inc. 0.30% 37,837 $1.1M Reduce -2.0%
VTOL Bristow Group Inc. 0.29% 30,639 $1.0M Add +3.5%
DVN Devon Energy Corp. 0.29% 31,727 $1.0M Reduce -4.0%
MA Mastercard Inc. Class A 0.27% 1,672 $940K Reduce -3.0%
VIG Vanguard Dividend Apprec ETF 0.26% 4,402 $901K Reduce -2.7%
AZZ Azz Inc. 0.25% 9,386 $887K Reduce -6.1%
RSP Invesco S&P 500 Equal Weight 0.25% 4,857 $883K Reduce -3.3%
VTI VG Morningstar TS MKT ETF-US 0.22% 2,590 $787K Reduce -1.4%
OVV Ovintiv Inc. 0.22% 19,888 $757K Reduce -0.2%
SEI Solaris Energy Infrastructur 0.21% 26,712 $756K No change
ERO Ero Copper Corp. 0.21% 43,508 $733K No change
GDXJ Vaneck Junior Gold Miners 0.20% 10,353 $700K Reduce -0.0%
VEA Vanguard Ftse Developed ETF 0.20% 12,246 $698K Reduce -3.8%
MOAT Vaneck Morningstar Wide Moat 0.19% 6,996 $656K Reduce -9.1%
XLE SS Energy Select Sector 0.18% 7,305 $620K Reduce -3.8%
VTLE Vital Energy Inc. 0.17% 37,619 $605K Add +25.2%
AEM Agnico Eagle Mines Ltd. 0.16% 4,847 $576K No change
FNDF Schwab Fndmn Intl LRG Co. ETF 0.16% 14,226 $569K Reduce -4.4%
TRS Trimas Corp. 0.16% 19,566 $560K Reduce -15.7%
VOO Vanguard S&P 500 ETF 0.15% 942 $535K Reduce -9.4%
TXN Texas Instruments Inc. 0.15% 2,483 $516K Reduce -55.1%
CVX Chevron Corp. 0.15% 3,598 $515K Reduce -0.5%
XOP SS SPDR S&P Og Exp & Prod 0.14% 3,780 $475K Reduce -5.0%
PSLV Sprott Physical Silver Trust 0.13% 37,819 $463K Reduce -0.7%
VYM Vanguard High DVD Yield ETF 0.13% 3,302 $440K Reduce -2.0%
SU Suncor Energy Inc. 0.10% 9,244 $346K Reduce -0.2%
T AT&T Inc. 0.10% 11,945 $346K No change
VYMI Vanguard Int High DVD YLD Inc. 0.09% 4,134 $331K Reduce -2.1%
BTE Baytex Energy Corp. 0.09% 179,446 $321K Reduce -2.1%
AR Antero Resources Corp. 0.09% 7,895 $318K No change
AMZN Amazon.com Inc. 0.09% 1,442 $316K New
SPSM SS SPDR P S&P 600 Small Cap 0.09% 7,270 $310K Reduce -8.5%
EPD Enterprise Products Partners 0.08% 8,800 $273K New
ET Energy Transfer LP 0.08% 14,797 $268K New
RRC Range Resources Corp. 0.07% 6,490 $264K No change
URA Global X Uranium ETF 0.07% 6,407 $249K New
TALO Talos Energy Inc. 0.06% 26,734 $227K Reduce -1.9%
KMI Kinder Morgan Inc. 0.06% 7,500 $221K New
MPLX MPLX LP 0.06% 3,990 $206K New
HL Hecla Mining Co. 0.03% 17,000 $102K No change
GDX Vaneck Gold Miners ETF 0.02% 1,590 $83K Reduce -4.8%
FNDE Schwab Fndmntl Em MRK Eq ETF 0.02% 2,356 $78K Reduce -3.6%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.02% 370 $72K No change
RIG Transocean Ltd. 0.02% 27,410 $71K Add +6.5%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.02% 225 $64K Reduce -3.9%
SCHD Schwab US DVD Equity ETF 0.01% 1,904 $50K Reduce -1.0%
BIZD Vaneck BDC Income ETF 0.01% 3,000 $49K New
REI Ring Energy Inc. 0.01% 36,361 $29K Add +55.6%
EU Encore Energy Corp. 0.01% 10,000 $29K No change
NLR Vaneck Urani & Nuclr ETF-Usd 0.01% 216 $24K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.01% 124 $22K Add +63.2%
VNQ Vanguard Real Estate ETF 0.01% 222 $20K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.01% 43 $19K Add +65.4%
XLF SS Financial Select Sector 0.00% 218 $11K Reduce -18.7%
DJD Invesco Dow Jones Industrial 0.00% 150 $8K No change
MORT Vaneck Mortgage REIT Income 0.00% 585 $6K No change
EFAS Global X MSCI Superdividend 0.00% 325 $6K New
XES SS SPDR S&P Og Eqp & Serv 0.00% 71 $5K No change
GOOGL Alphabet Inc. Class A 0.00% 23 $4K Add +9.5%
SIL Global X Silver Miners ETF 0.00% 50 $2K New
VB Vanguard Most SM-Cap ETF-Usd 0.00% 7 $2K Reduce -46.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.00% 2 $560 No change
SCHX Schwab US Large-Cap ETF 0.00% 22 $538 No change
XLK SS Technology Select Sector 0.00% 2 $506 New
VOE Vngrd Mrngstr MD-Cap Val ETF 0.00% 1 $164 No change

Portfolio Sells Q1 2025 → Q2 2025
XOM Exxon Mobil Corp. Reduce -3.6% 4.80% −1.12
EG Everest Group Ltd. Reduce -60.4% 0.56% −1.07
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.2% 3.86% −0.90
SLB SLB Ltd. Reduce -0.6% 1.81% −0.62
SW Smurfit Westrock PLC Reduce -0.6% 2.15% −0.28
CMCO Columbus McKinnon Corp. Reduce -0.9% 1.05% −0.22
PHYS Sprott Physical Gold Trust Reduce -0.7% 6.24% −0.18
CME Cme Group Inc. Reduce -7.4% 1.50% −0.18
PR Permian Resources Corp. Class A Reduce -0.2% 1.79% −0.17
TXN Texas Instruments Inc. Reduce -55.1% 0.15% −0.16
CTRA Coterra Energy Inc. Reduce -2.5% 0.36% −0.09
DVN Devon Energy Corp. Reduce -4.0% 0.29% −0.09
NOG Northern Oil and Gas Inc. Reduce -2.0% 0.30% −0.05
OVV Ovintiv Inc. Reduce -0.2% 0.22% −0.05
XLE SS Energy Select Sector Reduce -3.8% 0.18% −0.04
CVX Chevron Corp. Reduce -0.5% 0.15% −0.04
BTE Baytex Energy Corp. Reduce -2.1% 0.09% −0.03
VRN Veren Inc. Sold out 0.00% −0.03
XOP SS SPDR S&P Og Exp & Prod Reduce -5.0% 0.14% −0.03
MA Mastercard Inc. Class A Reduce -3.0% 0.27% −0.02
MOAT Vaneck Morningstar Wide Moat Reduce -9.1% 0.19% −0.02
EQT Eqt Corp. Reduce -1.8% 3.82% −0.02
TALO Talos Energy Inc. Reduce -1.9% 0.06% −0.02
RSP Invesco S&P 500 Equal Weight Reduce -3.3% 0.25% −0.02
MCO Moody's Corp. Reduce -1.5% 0.87% −0.01
VIG Vanguard Dividend Apprec ETF Reduce -2.7% 0.26% −0.01
VOO Vanguard S&P 500 ETF Reduce -9.4% 0.15% −0.01
SU Suncor Energy Inc. Reduce -0.2% 0.10% −0.01
SPSM SS SPDR P S&P 600 Small Cap Reduce -8.5% 0.09% −0.01
VYM Vanguard High DVD Yield ETF Reduce -2.0% 0.13% −0.01
TRS Trimas Corp. Reduce -15.7% 0.16% −0.01
AZZ Azz Inc. Reduce -6.1% 0.25% −0.00
PSLV Sprott Physical Silver Trust Reduce -0.7% 0.13% −0.00
FNDF Schwab Fndmn Intl LRG Co. ETF Reduce -4.4% 0.16% −0.00
SCHD Schwab US DVD Equity ETF Reduce -1.0% 0.01% −0.00
VYMI Vanguard Int High DVD YLD Inc. Reduce -2.1% 0.09% −0.00
FNDE Schwab Fndmntl Em MRK Eq ETF Reduce -3.6% 0.02% −0.00
XLF SS Financial Select Sector Reduce -18.7% 0.00% −0.00
VB Vanguard Most SM-Cap ETF-Usd Reduce -46.1% 0.00% −0.00
PFXF Vaneck Pref Sec X-Financials Sold out 0.00% −0.00
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -3.9% 0.02% −0.00
GDX Vaneck Gold Miners ETF Reduce -4.8% 0.02% 0.00
VEA Vanguard Ftse Developed ETF Reduce -3.8% 0.20% +0.00
VTI VG Morningstar TS MKT ETF-US Reduce -1.4% 0.22% +0.00
GDXJ Vaneck Junior Gold Miners Reduce -0.0% 0.20% +0.02
BAM Brookfield Asset Mgmt-A Reduce -0.3% 0.46% +0.02
VRSN Verisign Inc. Reduce -2.0% 1.24% +0.04
ATKR Atkore Inc. Reduce -1.2% 0.85% +0.06
LUMN Lumen Technologies Inc. Reduce -0.6% 3.01% +0.09
GOOG Alphabet Inc. Class C Reduce -0.8% 3.37% +0.15

Portfolio Buys Q1 2025 → Q2 2025
COHR Coherent Corp. Add +1.3% 3.89% +0.88
MSFT Microsoft Corp. Add +23.0% 2.43% +0.83
DELL Dell Technologies -C Add +8.8% 2.73% +0.72
GNRC Generac Holdings Inc. Add +285.6% 0.92% +0.70
TMO Thermo Fisher Scientific Inc. Add +66.0% 1.64% +0.33
ACGL Arch Capital Group Ltd. Add +38.7% 1.71% +0.31
ST Sensata Technologies Holdplc Add +15.8% 1.06% +0.27
ILMN Illumina Inc. Add +10.6% 1.33% +0.25
VNT Vontier Corp. Add +2.5% 2.57% +0.17
BAC Bank of America Corp. Add +13.0% 0.91% +0.14
AMZN Amazon.com Inc. New 0.09% +0.09
EPD Enterprise Products Partners New 0.08% +0.08
ET Energy Transfer LP New 0.08% +0.08
URA Global X Uranium ETF New 0.07% +0.07
KMI Kinder Morgan Inc. New 0.06% +0.06
UNH Unitedhealth Group Inc. Add +87.5% 1.67% +0.06
MPLX MPLX LP New 0.06% +0.06
DHR Danaher Corp. Add +15.9% 1.27% +0.04
BIZD Vaneck BDC Income ETF New 0.01% +0.01
VUG Vanguard Mrngstar GR ETF-Sui Add +65.4% 0.01% +0.00
VTV Vanguard Mrngstr Val ETF-Aui Add +63.2% 0.01% +0.00
EFAS Global X MSCI Superdividend New 0.00% +0.00
VTOL Bristow Group Inc. Add +3.5% 0.29% +0.00
SIL Global X Silver Miners ETF New 0.00% +0.00
GOOGL Alphabet Inc. Class A Add +9.5% 0.00% +0.00
XLK SS Technology Select Sector New 0.00% +0.00
REI Ring Energy Inc. Add +55.6% 0.01% 0.00
RIG Transocean Ltd. Add +6.5% 0.02% −0.00
VTLE Vital Energy Inc. Add +25.2% 0.17% −0.02
QCOM Qualcomm Inc. Add +2.7% 2.64% −0.03
CI The Cigna Group Add +4.1% 1.45% −0.04
WDAY Workday Inc. Class A Add +0.8% 1.17% −0.05
INTC Intel Corp. Add +4.1% 1.68% −0.08
CRGY Crescent Energy Inc. Class A Add +5.0% 0.32% −0.11
KW Kennedy-Wilson Holdings Inc. Add +27.0% 1.55% −0.13
ELV Elevance Health Inc. Add +7.3% 2.04% −0.25
SWK Stanley Black & Decker Inc. Add +3.3% 1.47% −0.27
COP Conocophillips Add +0.3% 1.11% −0.29
FANG Diamondback Energy Inc. Add +0.3% 3.21% −0.80

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 120$473.3MDELL, PHYS, INTC, LUMN, XOM
Q1 2026 133$436.2MPHYS, XOM, SA, LUMN, FANG
Q4 2025 126$436.5MPHYS, COHR, SA, LUMN, GOOG
Q3 2025 106$399.2MPHYS, SA, XOM, GOOG, COHR
Q2 2025 110$351.8MPHYS, XOM, COHR, BRK.B, EQT
Q1 2025 102$326.6MPHYS, XOM, BRK.B, FANG, EQT
Q4 2024 109$347.0MBRK.B, XOM, PHYS, COHR, GOOG
Q3 2024 107$345.7MBRK.B, XOM, PHYS, LUMN, FANG
Q2 2024 108$337.0MBRK.B, XOM, FANG, PHYS, GOOG
Q1 2024 111$341.0MBRK.B, PXD, FANG, PHYS, GOOG