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

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 Q3 2025 Q4 2025: $436.5M $436.5M Q4 2025 Q1 2026: $436.2M Q1 2026 Q2 2026: $473.3M Q2 2026

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
VBR Vngrd Mrngst SL-CP Val ETF-U 0.01% 149 $32K Reduce -59.6%
FXI iShares China Large-Cap ETF 0.01% 710 $27K New
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.01% 86 $27K Reduce -44.9%
NLR Vaneck Urani & Nuclr ETF-Usd 0.01% 216 $27K No change
EU Encore Energy Corp. 0.01% 10,000 $25K No change
IJR iShares Core S&P Small-Cap E 0.01% 194 $23K New
VTV Vanguard Mrngstr Val ETF-Aui 0.00% 113 $22K No change
IVW iShares S&P 500 Growth ETF 0.00% 150 $18K New
VUG Vanguard Mrngstar GR ETF-Sui 0.00% 35 $17K Reduce -10.3%
GOOGL Alphabet Inc. Class A 0.00% 51 $16K Add +121.7%
SIL Global X Silver Miners ETF 0.00% 175 $15K No change
VNQ Vanguard Real Estate ETF 0.00% 125 $11K Reduce -43.2%
DJD Invesco Dow Jones Industrial 0.00% 150 $9K No change
XLF SS Financial Select Sector 0.00% 133 $7K Reduce -39.0%
EFAS Global X MSCI Superdividend 0.00% 325 $6K No change
IJK iShares S&P Mid-Cap 400 Grow 0.00% 64 $6K New
XES SS SPDR S&P Og Eqp & Serv 0.00% 62 $5K No change
IVE iShares S&P 500 Value ETF 0.00% 19 $4K New
IWN iShares Russell 2000 Value E 0.00% 15 $3K New
MORT Vaneck Mortgage REIT Income 0.00% 240 $3K Reduce -59.0%
IJT iShares S&P Small-Cap 600 GR 0.00% 17 $2K New
IJJ iShares S&P Mid-Cap 400 Valu 0.00% 12 $2K New
IWM iShares Russell 2000 ETF 0.00% 5 $1K New
VB Vanguard Most SM-Cap ETF-Usd 0.00% 5 $1K No change
XLK SS Technology Select Sector 0.00% 4 $576 No change
EFA iShares MSCI Eafe ETF 0.00% 3 $316 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

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