Van Den Berg Management I, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Van Den Berg Management I, Inc. reported 126 stock positions worth $436.5 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 6.5% of the portfolio, followed by Coherent (COHR, 5.1%) and Seabridge Gold (SA, 4.8%). Compared with Q3 2025, it opened 22 new positions, sold out of 2, added to 29 and reduced 60. The biggest buy was a new position in Fortive (FTV) and the biggest sale Dell Technologies -C (DELL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001142062
- Portfolio Value
- $436.5M (Q4 2025)
- SEC Filing
- 0001398344-26-003217 ↗ filed Feb 17, 2026
Holdings Value
Holdings 126 stocks · $436.5M
| PHYS Sprott Physical Gold Trust | 6.47% | 854,848 | $28.2M | Reduce -1.2% |
| COHR Coherent Corp. | 5.07% | 119,837 | $22.1M | Reduce -13.5% |
| SA Seabridge Gold Inc. | 4.80% | 707,390 | $20.9M | Reduce -4.8% |
| LUMN Lumen Technologies Inc. | 4.26% | 2,394,300 | $18.6M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 4.15% | 57,770 | $18.1M | Reduce -8.1% |
| XOM Exxon Mobil Corp. | 3.89% | 141,017 | $17.0M | Reduce -4.3% |
| BN Brookfield Corp. | 3.13% | 297,347 | $13.6M | Reduce -2.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.12% | 27,110 | $13.6M | Reduce -2.6% |
| FANG Diamondback Energy Inc. | 2.92% | 84,661 | $12.7M | Add +1.9% |
| EQT Eqt Corp. | 2.82% | 229,883 | $12.3M | Reduce -1.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.50% | 36,875 | $10.9M | Reduce -0.6% |
| QCOM Qualcomm Inc. | 2.26% | 57,705 | $9.9M | Reduce -1.1% |
| DELL Dell Technologies -C | 2.25% | 77,921 | $9.8M | Reduce -0.8% |
| INTC Intel Corp. | 2.18% | 258,183 | $9.5M | Reduce -5.0% |
| ELV Elevance Health Inc. | 2.17% | 26,999 | $9.5M | Reduce -5.2% |
| CRK Comstock Resources Inc. | 2.13% | 400,740 | $9.3M | Reduce -0.4% |
| VNT Vontier Corp. | 1.99% | 233,018 | $8.7M | Reduce -2.4% |
| KW Kennedy-Wilson Holdings Inc. | 1.98% | 894,821 | $8.7M | Reduce -8.2% |
| UNH Unitedhealth Group Inc. | 1.98% | 26,123 | $8.6M | Add +1.1% |
| CI The Cigna Group | 1.93% | 30,665 | $8.4M | Add +14.9% |
| MSFT Microsoft Corp. | 1.92% | 17,319 | $8.4M | Add +1.1% |
| DHR Danaher Corp. | 1.88% | 35,802 | $8.2M | Reduce -0.8% |
| TMO Thermo Fisher Scientific Inc. | 1.84% | 13,897 | $8.1M | Reduce -2.8% |
| ACGL Arch Capital Group Ltd. | 1.77% | 80,439 | $7.7M | Add +2.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.73% | 66,511 | $7.6M | Reduce -1.7% |
| PR Permian Resources Corp. Class A | 1.67% | 519,501 | $7.3M | Add +0.9% |
| SLB SLB Ltd. filed as SLB LIMITED | 1.58% | 179,118 | $6.9M | Reduce -4.4% |
| SWK Stanley Black & Decker Inc. | 1.52% | 89,601 | $6.7M | Add +10.9% |
| CMCO Columbus McKinnon Corp. | 1.50% | 379,019 | $6.5M | Add +16.7% |
| ILMN Illumina Inc. | 1.40% | 46,556 | $6.1M | Reduce -5.0% |
| SW Smurfit Westrock PLC | 1.38% | 156,087 | $6.0M | Reduce -10.4% |
| MKTX Marketaxess Holdings Inc. | 1.26% | 30,399 | $5.5M | Add +116.9% |
| CME Cme Group Inc. | 1.18% | 18,810 | $5.1M | Reduce -1.2% |
| TKR Timken Co. | 1.15% | 59,686 | $5.0M | Add +43.2% |
| ST Sensata Technologies Holdplc | 0.98% | 127,965 | $4.3M | Add +2.7% |
| META Meta Platforms Inc. Class A | 0.92% | 6,096 | $4.0M | Reduce -2.9% |
| COP Conocophillips | 0.91% | 42,234 | $4.0M | Reduce -4.4% |
| WDAY Workday Inc. Class A | 0.85% | 17,234 | $3.7M | Reduce -0.7% |
| FDX FedEx Corp. | 0.81% | 12,276 | $3.5M | Reduce -0.4% |
| VRSN Verisign Inc. | 0.81% | 14,474 | $3.5M | Reduce -1.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.74% | 58,964 | $3.2M | Reduce -12.5% |
| GNRC Generac Holdings Inc. | 0.72% | 23,049 | $3.1M | Add +1.9% |
| MCO Moody's Corp. | 0.69% | 5,927 | $3.0M | Reduce -2.2% |
| FTV Fortive Corp. | 0.65% | 51,439 | $2.8M | New |
| UPS United Parcel Service Class B | 0.57% | 25,205 | $2.5M | Add +6.2% |
| VTOL Bristow Group Inc. | 0.52% | 62,328 | $2.3M | Add +6.8% |
| CRGY Crescent Energy Inc. Class A | 0.42% | 218,153 | $1.8M | Add +63.9% |
| BAM Brookfield Asset Mgmt-A | 0.34% | 28,131 | $1.5M | Add +0.2% |
| CTRA Coterra Energy Inc. | 0.30% | 50,034 | $1.3M | Reduce -0.7% |
| GDXJ Vaneck Junior Gold Miners | 0.27% | 10,353 | $1.2M | No change |
| DVN Devon Energy Corp. | 0.25% | 29,259 | $1.1M | Reduce -5.8% |
| ERO Ero Copper Corp. | 0.22% | 33,593 | $950K | Reduce -22.8% |
| RSP Invesco S&P 500 Equal Weight | 0.21% | 4,825 | $924K | Add +0.3% |
| MA Mastercard Inc. Class A | 0.21% | 1,592 | $909K | Reduce -2.3% |
| PSLV Sprott Physical Silver Trust | 0.20% | 37,819 | $894K | No change |
| TXN Texas Instruments Inc. | 0.20% | 5,125 | $889K | New |
| VTI VG Morningstar TS MKT ETF-US | 0.20% | 2,582 | $866K | Reduce -2.0% |
| VIG Vanguard Dividend Apprec ETF | 0.20% | 3,885 | $854K | Reduce -4.8% |
| NOG Northern Oil and Gas Inc. | 0.19% | 38,305 | $822K | Add +3.8% |
| AEM Agnico Eagle Mines Ltd. | 0.19% | 4,797 | $813K | Reduce -1.0% |
| OVV Ovintiv Inc. | 0.18% | 19,742 | $774K | Reduce -0.6% |
| MOAT Vaneck Morningstar Wide Moat | 0.16% | 6,906 | $715K | Add +1.0% |
| SEI Solaris Energy Infrastructur | 0.16% | 15,465 | $711K | Reduce -2.2% |
| LBRT Liberty Energy Inc. | 0.16% | 38,141 | $704K | New |
| IVV iShares Core S&P 500 ETF | 0.16% | 1,008 | $690K | New |
| CVX Chevron Corp. | 0.16% | 4,496 | $685K | Add +24.5% |
| VEA Vanguard Ftse Developed ETF | 0.16% | 10,895 | $681K | Reduce -5.7% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.16% | 15,033 | $680K | Add +7.2% |
| XLE SS Energy Select Sector | 0.14% | 13,850 | $619K | Reduce -2.9% |
| IWB iShares Russell 1000 ETF | 0.14% | 1,622 | $606K | New |
| VOO Vanguard S&P 500 ETF | 0.14% | 953 | $598K | Reduce -1.4% |
| BTE Baytex Energy Corp. | 0.13% | 180,571 | $583K | Add +0.4% |
| AZZ Azz Inc. | 0.13% | 5,414 | $580K | Reduce -18.1% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.13% | 1,160 | $557K | Add +161.3% |
| XOP SS SPDR S&P Og Exp & Prod | 0.10% | 3,492 | $441K | Reduce -7.7% |
| EG Everest Group Ltd. | 0.10% | 1,240 | $421K | Reduce -76.7% |
| VYM Vanguard High DVD Yield ETF | 0.09% | 2,857 | $410K | Reduce -5.8% |
| SU Suncor Energy Inc. | 0.09% | 9,168 | $407K | Reduce -0.6% |
| VYMI Vanguard Int High DVD YLD Inc. | 0.08% | 4,074 | $367K | Reduce -1.4% |
| AMZN Amazon.com Inc. | 0.08% | 1,523 | $352K | Add +4.8% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.08% | 7,292 | $342K | Add +2.4% |
| HL Hecla Mining Co. | 0.07% | 17,000 | $326K | No change |
| IWF iShares Russell 1000 Growth | 0.07% | 681 | $322K | New |
| TALO Talos Energy Inc. | 0.07% | 26,407 | $291K | Reduce -7.3% |
| T AT&T Inc. | 0.07% | 11,495 | $286K | Reduce -3.8% |
| CEF Sprott Physical Gold and Sil | 0.06% | 6,126 | $281K | No change |
| AR Antero Resources Corp. | 0.06% | 7,970 | $275K | Add +0.9% |
| IWD iShares Russell 1000 Value E | 0.06% | 1,256 | $264K | New |
| URA Global X Uranium ETF | 0.06% | 6,113 | $261K | Reduce -1.6% |
| RRC Range Resources Corp. | 0.05% | 6,434 | $227K | Reduce -0.7% |
| IJH iShares Core S&P Midcap ETF | 0.05% | 3,022 | $199K | New |
| IWR iShares Russell Mid-Cap ETF | 0.04% | 1,804 | $174K | New |
| IJS iShares S&P Small-Cap 600 Va | 0.04% | 1,523 | $173K | New |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.04% | 4,258 | $154K | Add +83.5% |
| GDX Vaneck Gold Miners ETF | 0.03% | 1,590 | $136K | No change |
| IWS iShares Russell Mid-Cap Valu | 0.03% | 913 | $129K | New |
| RIG Transocean Ltd. | 0.03% | 27,743 | $115K | Reduce -0.7% |
| SCHD Schwab US DVD Equity ETF | 0.01% | 1,899 | $52K | No change |
| REI Ring Energy Inc. | 0.01% | 57,884 | $50K | Add +13.8% |
| ILF iShares Latin America 40 ETF | 0.01% | 1,300 | $40K | New |
Portfolio Sells Q3 2025 → Q4 2025
| DELL Dell Technologies -C | Reduce -0.8% | 2.25% | −0.54 |
| VNT Vontier Corp. | Reduce -2.4% | 1.99% | −0.52 |
| SW Smurfit Westrock PLC | Reduce -10.4% | 1.38% | −0.48 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.6% | 3.12% | −0.38 |
| EG Everest Group Ltd. | Reduce -76.7% | 0.10% | −0.37 |
| EQT Eqt Corp. | Reduce -1.6% | 2.82% | −0.36 |
| BN Brookfield Corp. | Reduce -2.1% | 3.13% | −0.35 |
| XOM Exxon Mobil Corp. | Reduce -4.3% | 3.89% | −0.27 |
| META Meta Platforms Inc. Class A | Reduce -2.9% | 0.92% | −0.23 |
| VRSN Verisign Inc. | Reduce -1.7% | 0.81% | −0.23 |
| DIS The Walt Disney Co. | Reduce -1.7% | 1.73% | −0.21 |
| WDAY Workday Inc. Class A | Reduce -0.7% | 0.85% | −0.20 |
| QCOM Qualcomm Inc. | Reduce -1.1% | 2.26% | −0.17 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.15 |
| COP Conocophillips | Reduce -4.4% | 0.91% | −0.14 |
| ELV Elevance Health Inc. | Reduce -5.2% | 2.17% | −0.14 |
| BAC Bank of America Corp. | Reduce -12.5% | 0.74% | −0.13 |
| IBM Intl Business Machines Corp. | Reduce -0.6% | 2.50% | −0.12 |
| CME Cme Group Inc. | Reduce -1.2% | 1.18% | −0.11 |
| INTC Intel Corp. | Reduce -5.0% | 2.18% | −0.10 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -8.2% | 1.98% | −0.05 |
| AZZ Azz Inc. | Reduce -18.1% | 0.13% | −0.05 |
| SLB SLB Ltd. | Reduce -4.4% | 1.58% | −0.04 |
| MCO Moody's Corp. | Reduce -2.2% | 0.69% | −0.03 |
| DVN Devon Energy Corp. | Reduce -5.8% | 0.25% | −0.03 |
| VIG Vanguard Dividend Apprec ETF | Reduce -4.8% | 0.20% | −0.03 |
| XOP SS SPDR S&P Og Exp & Prod | Reduce -7.7% | 0.10% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -2.3% | 0.21% | −0.02 |
| OVV Ovintiv Inc. | Reduce -0.6% | 0.18% | −0.02 |
| BOOM DMC Global Inc. | Sold out | 0.00% | −0.02 |
| T AT&T Inc. | Reduce -3.8% | 0.07% | −0.02 |
| AEM Agnico Eagle Mines Ltd. | Reduce -1.0% | 0.19% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.0% | 0.20% | −0.02 |
| XLE SS Energy Select Sector | Reduce -2.9% | 0.14% | −0.02 |
| VEA Vanguard Ftse Developed ETF | Reduce -5.7% | 0.16% | −0.02 |
| URA Global X Uranium ETF | Reduce -1.6% | 0.06% | −0.01 |
| VYM Vanguard High DVD Yield ETF | Reduce -5.8% | 0.09% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -59.6% | 0.01% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -1.4% | 0.14% | −0.01 |
| RRC Range Resources Corp. | Reduce -0.7% | 0.05% | −0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -44.9% | 0.01% | −0.01 |
| VYMI Vanguard Int High DVD YLD Inc. | Reduce -1.4% | 0.08% | −0.00 |
| SU Suncor Energy Inc. | Reduce -0.6% | 0.09% | −0.00 |
| ERO Ero Copper Corp. | Reduce -22.8% | 0.22% | −0.00 |
| VNQ Vanguard Real Estate ETF | Reduce -43.2% | 0.00% | −0.00 |
| TALO Talos Energy Inc. | Reduce -7.3% | 0.07% | −0.00 |
| XLF SS Financial Select Sector | Reduce -39.0% | 0.00% | −0.00 |
| MORT Vaneck Mortgage REIT Income | Reduce -59.0% | 0.00% | −0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -10.3% | 0.00% | −0.00 |
| CTRA Coterra Energy Inc. | Reduce -0.7% | 0.30% | +0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| FTV Fortive Corp. | New | 0.65% | +0.65 |
| MKTX Marketaxess Holdings Inc. | Add +116.9% | 1.26% | +0.65 |
| TKR Timken Co. | Add +43.2% | 1.15% | +0.37 |
| CMCO Columbus McKinnon Corp. | Add +16.7% | 1.50% | +0.33 |
| TXN Texas Instruments Inc. | New | 0.20% | +0.20 |
| LBRT Liberty Energy Inc. | New | 0.16% | +0.16 |
| IVV iShares Core S&P 500 ETF | New | 0.16% | +0.16 |
| IWB iShares Russell 1000 ETF | New | 0.14% | +0.14 |
| CRGY Crescent Energy Inc. Class A | Add +63.9% | 0.42% | +0.12 |
| DIA SS SPDR Dow Jones Indus Avg | Add +161.3% | 0.13% | +0.08 |
| UPS United Parcel Service Class B | Add +6.2% | 0.57% | +0.08 |
| IWF iShares Russell 1000 Growth | New | 0.07% | +0.07 |
| IWD iShares Russell 1000 Value E | New | 0.06% | +0.06 |
| IJH iShares Core S&P Midcap ETF | New | 0.05% | +0.05 |
| IWR iShares Russell Mid-Cap ETF | New | 0.04% | +0.04 |
| IJS iShares S&P Small-Cap 600 Va | New | 0.04% | +0.04 |
| IWS iShares Russell Mid-Cap Valu | New | 0.03% | +0.03 |
| BTE Baytex Energy Corp. | Add +0.4% | 0.13% | +0.03 |
| ST Sensata Technologies Holdplc | Add +2.7% | 0.98% | +0.02 |
| SWK Stanley Black & Decker Inc. | Add +10.9% | 1.52% | +0.02 |
| PR Permian Resources Corp. Class A | Add +0.9% | 1.67% | +0.02 |
| CVX Chevron Corp. | Add +24.5% | 0.16% | +0.02 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +83.5% | 0.04% | +0.01 |
| ILF iShares Latin America 40 ETF | New | 0.01% | +0.01 |
| CI The Cigna Group | Add +14.9% | 1.93% | +0.01 |
| FXI iShares China Large-Cap ETF | New | 0.01% | +0.01 |
| IJR iShares Core S&P Small-Cap E | New | 0.01% | +0.01 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +7.2% | 0.16% | +0.00 |
| IVW iShares S&P 500 Growth ETF | New | 0.00% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +121.7% | 0.00% | +0.00 |
| IJK iShares S&P Mid-Cap 400 Grow | New | 0.00% | +0.00 |
| IVE iShares S&P 500 Value ETF | New | 0.00% | +0.00 |
| AMZN Amazon.com Inc. | Add +4.8% | 0.08% | +0.00 |
| IWN iShares Russell 2000 Value E | New | 0.00% | +0.00 |
| IJT iShares S&P Small-Cap 600 GR | New | 0.00% | +0.00 |
| IJJ iShares S&P Mid-Cap 400 Valu | New | 0.00% | +0.00 |
| IWM iShares Russell 2000 ETF | New | 0.00% | +0.00 |
| EFA iShares MSCI Eafe ETF | New | 0.00% | +0.00 |
| REI Ring Energy Inc. | Add +13.8% | 0.01% | −0.00 |
| AR Antero Resources Corp. | Add +0.9% | 0.06% | −0.00 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +2.4% | 0.08% | −0.00 |
| VTOL Bristow Group Inc. | Add +6.8% | 0.52% | −0.00 |
| MOAT Vaneck Morningstar Wide Moat | Add +1.0% | 0.16% | −0.01 |
| ACGL Arch Capital Group Ltd. | Add +2.5% | 1.77% | −0.02 |
| RSP Invesco S&P 500 Equal Weight | Add +0.3% | 0.21% | −0.02 |
| NOG Northern Oil and Gas Inc. | Add +3.8% | 0.19% | −0.04 |
| FANG Diamondback Energy Inc. | Add +1.9% | 2.92% | −0.06 |
| BAM Brookfield Asset Mgmt-A | Add +0.2% | 0.34% | −0.06 |
| GNRC Generac Holdings Inc. | Add +1.9% | 0.72% | −0.23 |
| UNH Unitedhealth Group Inc. | Add +1.1% | 1.98% | −0.26 |
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 |