Van Den Berg Management I, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Van Den Berg Management I, Inc. reported 106 stock positions worth $399.2 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 6.4% of the portfolio, followed by Seabridge Gold (SA, 4.5%) and Exxon Mobil (XOM, 4.2%). Compared with Q2 2025, it opened 7 new positions, sold out of 11, added to 31 and reduced 51. The biggest buy was a new position in Timken (TKR) and the biggest sale an exit from Atkore (ATKR).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001142062
Portfolio Value
$399.2M (Q3 2025)
SEC Filing
0001398344-25-020913 ↗ filed Nov 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 Q2 2025 Q3 2025: $399.2M $399.2M Q3 2025 Q4 2025: $436.5M Q4 2025 Q1 2026: $436.2M Q1 2026 Q2 2026: $473.3M Q2 2026

Holdings 106 stocks · $399.2M
PHYS Sprott Physical Gold Trust 6.42% 865,106 $25.6M Reduce -0.2%
SA Seabridge Gold Inc. 4.50% 742,983 $17.9M Reduce -1.3%
XOM Exxon Mobil Corp. 4.16% 147,298 $16.6M Reduce -6.0%
GOOG Alphabet Inc. Class C 3.83% 62,829 $15.3M Reduce -6.0%
COHR Coherent Corp. 3.74% 138,524 $14.9M Reduce -9.8%
LUMN Lumen Technologies Inc. 3.70% 2,413,603 $14.8M Reduce -0.3%
BRK.B Berkshire Hathaway Inc. Class B 3.51% 27,844 $14.0M Reduce -0.5%
BN Brookfield Corp. 3.48% 202,557 $13.9M Reduce -2.5%
EQT Eqt Corp. 3.18% 233,513 $12.7M Add +1.2%
FANG Diamondback Energy Inc. 2.98% 83,045 $11.9M Add +1.1%
DELL Dell Technologies -C 2.79% 78,508 $11.1M Add +0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.62% 37,101 $10.5M Reduce -8.7%
VNT Vontier Corp. 2.51% 238,711 $10.0M Reduce -2.4%
QCOM Qualcomm Inc. 2.43% 58,354 $9.7M Add +0.1%
ELV Elevance Health Inc. 2.31% 28,474 $9.2M Add +54.2%
INTC Intel Corp. 2.28% 271,789 $9.1M Add +3.2%
UNH Unitedhealth Group Inc. 2.24% 25,840 $8.9M Add +37.1%
MSFT Microsoft Corp. 2.22% 17,131 $8.9M Reduce -0.5%
KW Kennedy-Wilson Holdings Inc. 2.03% 974,334 $8.1M Add +21.9%
CRK Comstock Resources Inc. 2.00% 402,468 $8.0M Add +1.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.94% 67,640 $7.7M Reduce -1.4%
CI The Cigna Group 1.93% 26,682 $7.7M Add +73.2%
SW Smurfit Westrock PLC 1.86% 174,228 $7.4M Reduce -0.8%
DHR Danaher Corp. 1.79% 36,086 $7.2M Add +59.7%
ACGL Arch Capital Group Ltd. 1.78% 78,487 $7.1M Add +19.0%
TMO Thermo Fisher Scientific Inc. 1.74% 14,295 $6.9M Add +0.6%
PR Permian Resources Corp. Class A 1.65% 514,705 $6.6M Add +11.5%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.61% 187,449 $6.4M Reduce -0.5%
SWK Stanley Black & Decker Inc. 1.50% 80,769 $6.0M Add +5.6%
CME Cme Group Inc. 1.29% 19,045 $5.1M Reduce -0.7%
CMCO Columbus McKinnon Corp. 1.17% 324,803 $4.7M Add +33.9%
ILMN Illumina Inc. 1.17% 48,988 $4.7M Reduce -0.2%
META Meta Platforms Inc. Class A 1.15% 6,276 $4.6M Reduce -6.8%
WDAY Workday Inc. Class A 1.05% 17,360 $4.2M Add +0.8%
COP Conocophillips 1.05% 44,168 $4.2M Add +1.2%
VRSN Verisign Inc. 1.03% 14,728 $4.1M Reduce -2.5%
ST Sensata Technologies Holdplc 0.95% 124,548 $3.8M Add +0.4%
GNRC Generac Holdings Inc. 0.95% 22,610 $3.8M Reduce -0.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.87% 67,417 $3.5M Reduce -0.5%
TKR Timken Co. 0.78% 41,675 $3.1M New
FDX FedEx Corp. 0.73% 12,321 $2.9M New
MCO Moody's Corp. 0.72% 6,059 $2.9M Reduce -0.9%
MKTX Marketaxess Holdings Inc. 0.61% 14,017 $2.4M New
VTOL Bristow Group Inc. 0.53% 58,340 $2.1M Add +90.4%
UPS United Parcel Service Class B 0.50% 23,740 $2.0M New
EG Everest Group Ltd. 0.47% 5,318 $1.9M Reduce -8.0%
BAM Brookfield Asset Mgmt-A 0.40% 28,079 $1.6M Reduce -3.7%
CTRA Coterra Energy Inc. 0.30% 50,399 $1.2M Reduce -0.1%
CRGY Crescent Energy Inc. Class A 0.30% 133,080 $1.2M Add +3.0%
DVN Devon Energy Corp. 0.27% 31,052 $1.1M Reduce -2.1%
GDXJ Vaneck Junior Gold Miners 0.26% 10,353 $1.0M No change
MA Mastercard Inc. Class A 0.23% 1,629 $927K Reduce -2.6%
NOG Northern Oil and Gas Inc. 0.23% 36,906 $915K Reduce -2.5%
RSP Invesco S&P 500 Equal Weight 0.23% 4,810 $912K Reduce -1.0%
VIG Vanguard Dividend Apprec ETF 0.22% 4,083 $881K Reduce -7.3%
ERO Ero Copper Corp. 0.22% 43,508 $880K No change
VTI VG Morningstar TS MKT ETF-US 0.22% 2,635 $865K Add +1.7%
AEM Agnico Eagle Mines Ltd. 0.20% 4,847 $817K No change
OVV Ovintiv Inc. 0.20% 19,857 $802K Reduce -0.2%
AZZ Azz Inc. 0.18% 6,609 $721K Reduce -29.6%
VEA Vanguard Ftse Developed ETF 0.17% 11,559 $693K Reduce -5.6%
MOAT Vaneck Morningstar Wide Moat 0.17% 6,836 $678K Reduce -2.3%
XLE SS Energy Select Sector 0.16% 7,135 $637K Reduce -2.3%
SEI Solaris Energy Infrastructur 0.16% 15,811 $632K Reduce -40.8%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.15% 14,030 $603K Reduce -1.4%
PSLV Sprott Physical Silver Trust 0.15% 37,819 $594K No change
VOO Vanguard S&P 500 ETF 0.15% 967 $592K Add +2.6%
VTLE Vital Energy Inc. 0.15% 34,588 $584K Reduce -8.1%
CVX Chevron Corp. 0.14% 3,610 $561K Add +0.3%
XOP SS SPDR S&P Og Exp & Prod 0.13% 3,782 $500K Add +0.1%
VYM Vanguard High DVD Yield ETF 0.11% 3,032 $427K Reduce -8.2%
BTE Baytex Energy Corp. 0.11% 179,884 $421K Add +0.2%
SU Suncor Energy Inc. 0.10% 9,223 $386K Reduce -0.2%
VYMI Vanguard Int High DVD YLD Inc. 0.09% 4,134 $350K No change
T AT&T Inc. 0.08% 11,945 $337K No change
SPSM SS SPDR P S&P 600 Small Cap 0.08% 7,120 $330K Reduce -2.1%
AMZN Amazon.com Inc. 0.08% 1,453 $319K Add +0.8%
URA Global X Uranium ETF 0.07% 6,213 $296K Reduce -3.0%
TALO Talos Energy Inc. 0.07% 28,475 $273K Add +6.5%
AR Antero Resources Corp. 0.07% 7,895 $265K No change
RRC Range Resources Corp. 0.06% 6,479 $244K Reduce -0.2%
CEF Sprott Physical Gold and Sil 0.06% 6,126 $225K New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.05% 444 $206K New
HL Hecla Mining Co. 0.05% 17,000 $206K No change
GDX Vaneck Gold Miners ETF 0.03% 1,590 $121K No change
RIG Transocean Ltd. 0.02% 27,943 $87K Add +1.9%
BOOM DMC Global Inc. 0.02% 10,209 $86K New
FNDE Schwab Fndmntl Em MRK Eq ETF 0.02% 2,320 $84K Reduce -1.5%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.02% 369 $77K Reduce -0.3%
REI Ring Energy Inc. 0.01% 50,884 $55K Add +39.9%
SCHD Schwab US DVD Equity ETF 0.01% 1,899 $52K Reduce -0.3%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.01% 156 $48K Reduce -30.7%
EU Encore Energy Corp. 0.01% 10,000 $32K No change
NLR Vaneck Urani & Nuclr ETF-Usd 0.01% 216 $29K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.01% 113 $21K Reduce -8.9%
VNQ Vanguard Real Estate ETF 0.01% 220 $20K Reduce -0.9%
VUG Vanguard Mrngstar GR ETF-Sui 0.00% 39 $19K Reduce -9.3%
SIL Global X Silver Miners ETF 0.00% 175 $13K Add +250.0%
XLF SS Financial Select Sector 0.00% 218 $12K No change
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 No change
GOOGL Alphabet Inc. Class A 0.00% 23 $6K No change
XES SS SPDR S&P Og Eqp & Serv 0.00% 62 $4K Reduce -12.7%
VB Vanguard Most SM-Cap ETF-Usd 0.00% 5 $1K Reduce -28.6%
XLK SS Technology Select Sector 0.00% 2 $564 No change

Portfolio Sells Q2 2025 → Q3 2025
ATKR Atkore Inc. Sold out 0.00% −0.85
IBM Intl Business Machines Corp. Reduce -8.7% 2.62% −0.78
XOM Exxon Mobil Corp. Reduce -6.0% 4.16% −0.64
DIS The Walt Disney Co. Reduce -1.4% 1.94% −0.48
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.5% 3.51% −0.36
SW Smurfit Westrock PLC Reduce -0.8% 1.86% −0.30
META Meta Platforms Inc. Class A Reduce -6.8% 1.15% −0.26
CME Cme Group Inc. Reduce -0.7% 1.29% −0.21
MSFT Microsoft Corp. Reduce -0.5% 2.22% −0.21
VRSN Verisign Inc. Reduce -2.5% 1.03% −0.21
SLB SLB Ltd. Reduce -0.5% 1.61% −0.20
BN Brookfield Corp. Reduce -2.5% 3.48% −0.17
ILMN Illumina Inc. Reduce -0.2% 1.17% −0.17
TRS Trimas Corp. Sold out 0.00% −0.16
COHR Coherent Corp. Reduce -9.8% 3.74% −0.16
MCO Moody's Corp. Reduce -0.9% 0.72% −0.15
TXN Texas Instruments Inc. Sold out 0.00% −0.15
EG Everest Group Ltd. Reduce -8.0% 0.47% −0.09
EPD Enterprise Products Partners Sold out 0.00% −0.08
ET Energy Transfer LP Sold out 0.00% −0.08
NOG Northern Oil and Gas Inc. Reduce -2.5% 0.23% −0.08
AZZ Azz Inc. Reduce -29.6% 0.18% −0.07
CTRA Coterra Energy Inc. Reduce -0.1% 0.30% −0.07
KMI Kinder Morgan Inc. Sold out 0.00% −0.06
MPLX MPLX LP Sold out 0.00% −0.06
BAM Brookfield Asset Mgmt-A Reduce -3.7% 0.40% −0.06
SEI Solaris Energy Infrastructur Reduce -40.8% 0.16% −0.06
VNT Vontier Corp. Reduce -2.4% 2.51% −0.06
BAC Bank of America Corp. Reduce -0.5% 0.87% −0.04
VIG Vanguard Dividend Apprec ETF Reduce -7.3% 0.22% −0.04
MA Mastercard Inc. Class A Reduce -2.6% 0.23% −0.03
VTLE Vital Energy Inc. Reduce -8.1% 0.15% −0.03
VEA Vanguard Ftse Developed ETF Reduce -5.6% 0.17% −0.02
RSP Invesco S&P 500 Equal Weight Reduce -1.0% 0.23% −0.02
VYM Vanguard High DVD Yield ETF Reduce -8.2% 0.11% −0.02
MOAT Vaneck Morningstar Wide Moat Reduce -2.3% 0.17% −0.02
XLE SS Energy Select Sector Reduce -2.3% 0.16% −0.02
OVV Ovintiv Inc. Reduce -0.2% 0.20% −0.01
DVN Devon Energy Corp. Reduce -2.1% 0.27% −0.01
RRC Range Resources Corp. Reduce -0.2% 0.06% −0.01
BIZD Vaneck BDC Income ETF Sold out 0.00% −0.01
FNDF Schwab Fndmn Intl LRG Co. ETF Reduce -1.4% 0.15% −0.01
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -30.7% 0.01% −0.01
SPSM SS SPDR P S&P 600 Small Cap Reduce -2.1% 0.08% −0.01
SU Suncor Energy Inc. Reduce -0.2% 0.10% −0.00
SCHD Schwab US DVD Equity ETF Reduce -0.3% 0.01% −0.00
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -0.3% 0.02% −0.00
FNDE Schwab Fndmntl Em MRK Eq ETF Reduce -1.5% 0.02% −0.00
VTV Vanguard Mrngstr Val ETF-Aui Reduce -8.9% 0.01% −0.00
VUG Vanguard Mrngstar GR ETF-Sui Reduce -9.3% 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
TKR Timken Co. New 0.78% +0.78
FDX FedEx Corp. New 0.73% +0.73
MKTX Marketaxess Holdings Inc. New 0.61% +0.61
INTC Intel Corp. Add +3.2% 2.28% +0.61
UNH Unitedhealth Group Inc. Add +37.1% 2.24% +0.56
DHR Danaher Corp. Add +59.7% 1.79% +0.52
UPS United Parcel Service Class B New 0.50% +0.50
KW Kennedy-Wilson Holdings Inc. Add +21.9% 2.03% +0.49
CI The Cigna Group Add +73.2% 1.93% +0.48
ELV Elevance Health Inc. Add +54.2% 2.31% +0.26
VTOL Bristow Group Inc. Add +90.4% 0.53% +0.24
CMCO Columbus McKinnon Corp. Add +33.9% 1.17% +0.11
TMO Thermo Fisher Scientific Inc. Add +0.6% 1.74% +0.10
ACGL Arch Capital Group Ltd. Add +19.0% 1.78% +0.08
DELL Dell Technologies -C Add +0.2% 2.79% +0.06
CEF Sprott Physical Gold and Sil New 0.06% +0.06
DIA SS SPDR Dow Jones Indus Avg New 0.05% +0.05
SWK Stanley Black & Decker Inc. Add +5.6% 1.50% +0.03
BOOM DMC Global Inc. New 0.02% +0.02
BTE Baytex Energy Corp. Add +0.2% 0.11% +0.01
REI Ring Energy Inc. Add +39.9% 0.01% +0.01
TALO Talos Energy Inc. Add +6.5% 0.07% +0.00
SIL Global X Silver Miners ETF Add +250.0% 0.00% +0.00
RIG Transocean Ltd. Add +1.9% 0.02% +0.00
VOO Vanguard S&P 500 ETF Add +2.6% 0.15% −0.00
CVX Chevron Corp. Add +0.3% 0.14% −0.01
VTI VG Morningstar TS MKT ETF-US Add +1.7% 0.22% −0.01
XOP SS SPDR S&P Og Exp & Prod Add +0.1% 0.13% −0.01
AMZN Amazon.com Inc. Add +0.8% 0.08% −0.01
CRGY Crescent Energy Inc. Class A Add +3.0% 0.30% −0.02
COP Conocophillips Add +1.2% 1.05% −0.07
ST Sensata Technologies Holdplc Add +0.4% 0.95% −0.11
WDAY Workday Inc. Class A Add +0.8% 1.05% −0.13
PR Permian Resources Corp. Class A Add +11.5% 1.65% −0.14
QCOM Qualcomm Inc. Add +0.1% 2.43% −0.21
FANG Diamondback Energy Inc. Add +1.1% 2.98% −0.23
EQT Eqt Corp. Add +1.2% 3.18% −0.64
CRK Comstock Resources Inc. Add +1.8% 2.00% −1.11

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