Van Den Berg Management I, Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Van Den Berg Management I, Inc. reported 133 stock positions worth $436.2 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 6.8% of the portfolio, followed by Exxon Mobil (XOM, 5.2%) and Seabridge Gold (SA, 4.3%). Compared with Q4 2025, it opened 14 new positions, sold out of 7, added to 31 and reduced 69. The biggest buy was a new position in Trex (TREX) and the biggest sale an exit from Kennedy-Wilson (KW).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001142062
Portfolio Value
$436.2M (Q1 2026)
SEC Filing
0001398344-26-009228 ↗ filed May 15, 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 Q4 2025 Q1 2026: $436.2M $436.2M Q1 2026 Q2 2026: $473.3M Q2 2026

Holdings 133 stocks · $436.2M
PHYS Sprott Physical Gold Trust 6.78% 834,961 $29.6M Reduce -2.3%
XOM Exxon Mobil Corp. 5.25% 134,915 $22.9M Reduce -4.3%
SA Seabridge Gold Inc. 4.28% 658,050 $18.6M Reduce -7.0%
LUMN Lumen Technologies Inc. 3.87% 2,427,862 $16.9M Add +1.4%
FANG Diamondback Energy Inc. 3.76% 82,958 $16.4M Reduce -2.0%
COHR Coherent Corp. 3.52% 64,539 $15.4M Reduce -46.1%
EQT Eqt Corp. 3.30% 226,057 $14.4M Reduce -1.7%
GOOG Alphabet Inc. Class C 3.05% 46,423 $13.3M Reduce -19.6%
DELL Dell Technologies -C 2.95% 78,282 $12.8M Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B 2.58% 23,478 $11.3M Reduce -13.4%
INTC Intel Corp. 2.53% 249,846 $11.0M Reduce -3.2%
PR Permian Resources Corp. Class A 2.53% 516,902 $11.0M Reduce -0.5%
MSFT Microsoft Corp. 2.33% 27,496 $10.2M Add +58.8%
BN Brookfield Corp. 2.20% 236,693 $9.6M Reduce -20.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.05% 36,942 $9.0M Add +0.2%
SLB SLB Ltd. filed as SLB LIMITED 2.04% 172,854 $8.9M Reduce -3.5%
CRK Comstock Resources Inc. 1.91% 396,089 $8.3M Reduce -1.2%
CI The Cigna Group 1.90% 31,112 $8.3M Add +1.5%
ELV Elevance Health Inc. 1.89% 28,114 $8.2M Add +4.1%
QCOM Qualcomm Inc. 1.83% 62,118 $8.0M Add +7.7%
VNT Vontier Corp. 1.81% 222,194 $7.9M Reduce -4.7%
UNH Unitedhealth Group Inc. 1.79% 28,888 $7.8M Add +10.6%
ACGL Arch Capital Group Ltd. 1.78% 81,086 $7.8M Add +0.8%
TMO Thermo Fisher Scientific Inc. 1.59% 14,146 $7.0M Add +1.8%
CMCO Columbus McKinnon Corp. 1.59% 478,328 $7.0M Add +26.2%
DHR Danaher Corp. 1.57% 36,228 $6.9M Add +1.2%
SWK Stanley Black & Decker Inc. 1.50% 92,203 $6.6M Add +2.9%
SW Smurfit Westrock PLC 1.47% 160,915 $6.4M Add +3.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.47% 66,356 $6.4M Reduce -0.2%
TKR Timken Co. 1.37% 59,290 $6.0M Reduce -0.7%
ILMN Illumina Inc. 1.27% 44,778 $5.5M Reduce -3.8%
COP Conocophillips 1.26% 41,762 $5.5M Reduce -1.1%
CME Cme Group Inc. 1.25% 18,498 $5.5M Reduce -1.7%
MKTX Marketaxess Holdings Inc. 1.19% 31,423 $5.2M Add +3.4%
WDAY Workday Inc. Class A 1.13% 37,898 $4.9M Add +119.9%
ST Sensata Technologies Holdplc 1.04% 128,294 $4.5M Add +0.3%
GNRC Generac Holdings Inc. 1.02% 22,794 $4.5M Reduce -1.1%
VTOL Bristow Group Inc. 1.00% 92,927 $4.4M Add +49.1%
FDX FedEx Corp. 0.99% 12,110 $4.3M Reduce -1.4%
VRSN Verisign Inc. 0.82% 14,348 $3.6M Reduce -0.9%
FTV Fortive Corp. 0.80% 63,238 $3.5M Add +22.9%
META Meta Platforms Inc. Class A 0.79% 6,056 $3.5M Reduce -0.7%
TREX Trex Company Inc. filed as TREX INC 0.71% 84,871 $3.1M New
CRGY Crescent Energy Inc. Class A 0.70% 227,213 $3.1M Add +4.2%
INTU Intuit Inc. 0.68% 6,869 $3.0M New
MCO Moody's Corp. 0.59% 5,850 $2.6M Reduce -1.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.58% 51,725 $2.5M Reduce -12.3%
UPS United Parcel Service Class B 0.57% 25,193 $2.5M Reduce -0.1%
BAM Brookfield Asset Mgmt-A 0.43% 42,080 $1.9M Add +49.6%
CTRA Coterra Energy Inc. 0.40% 49,090 $1.7M Reduce -1.9%
DVN Devon Energy Corp. 0.33% 28,973 $1.5M Reduce -1.0%
GDXJ Vaneck Junior Gold Miners 0.28% 10,353 $1.2M No change
NOG Northern Oil and Gas Inc. 0.28% 42,343 $1.2M Add +10.5%
OVV Ovintiv Inc. 0.26% 19,300 $1.1M Reduce -2.2%
LBRT Liberty Energy Inc. 0.25% 38,141 $1.1M No change
CVX Chevron Corp. 0.24% 5,115 $1.1M Add +13.8%
AEM Agnico Eagle Mines Ltd. 0.22% 4,762 $967K Reduce -0.7%
PSLV Sprott Physical Silver Trust 0.21% 38,019 $927K Add +0.5%
RSP Invesco S&P 500 Equal Weight 0.21% 4,732 $908K Reduce -1.9%
ERO Ero Copper Corp. 0.21% 33,593 $896K No change
VIG Vanguard Dividend Apprec ETF 0.20% 4,062 $874K Add +4.6%
VTI VG Morningstar TS MKT ETF-US 0.19% 2,639 $847K Add +2.2%
SEI Solaris Energy Infrastructur 0.19% 14,868 $840K Reduce -3.9%
XLE SS Energy Select Sector 0.19% 13,480 $826K Reduce -2.7%
MA Mastercard Inc. Class A 0.18% 1,588 $793K Reduce -0.3%
BTE Baytex Energy Corp. 0.17% 166,027 $742K Reduce -8.1%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.16% 14,694 $719K Reduce -2.3%
VEA Vanguard Ftse Developed ETF 0.16% 10,646 $682K Reduce -2.3%
VOO Vanguard S&P 500 ETF 0.15% 1,127 $673K Add +18.3%
MOAT Vaneck Morningstar Wide Moat 0.15% 6,629 $641K Reduce -4.0%
SU Suncor Energy Inc. 0.14% 9,116 $603K Reduce -0.6%
VYM Vanguard High DVD Yield ETF 0.12% 3,647 $540K Add +27.6%
XOP SS SPDR S&P Og Exp & Prod 0.12% 2,918 $531K Reduce -16.4%
TXN Texas Instruments Inc. 0.10% 2,158 $419K Reduce -57.9%
AMZN Amazon.com Inc. 0.09% 1,807 $376K Add +18.6%
VYMI Vanguard Int High DVD YLD Inc. 0.09% 3,960 $373K Reduce -2.8%
EG Everest Group Ltd. 0.08% 1,082 $354K Reduce -12.7%
SPSM SS SPDR P S&P 600 Small Cap 0.08% 7,242 $350K Reduce -0.7%
AR Antero Resources Corp. 0.08% 7,970 $338K No change
T AT&T Inc. 0.08% 11,454 $332K Reduce -0.4%
HL Hecla Mining Co. 0.07% 17,000 $317K No change
URA Global X Uranium ETF 0.07% 6,114 $296K Add +0.0%
AZZ Azz Inc. 0.07% 2,351 $294K Reduce -56.6%
RRC Range Resources Corp. 0.07% 6,387 $289K Reduce -0.7%
CEF Sprott Physical Gold and Sil 0.07% 5,986 $286K Reduce -2.3%
TALO Talos Energy Inc. 0.06% 17,895 $282K Reduce -32.2%
NVDA Nvidia Corp. 0.06% 1,560 $272K New
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.06% 569 $264K Reduce -51.0%
AAPL Apple Inc. 0.05% 904 $229K New
CW Curtiss-Wright Corp. 0.05% 327 $223K New
GE General Electric filed as GE AEROSPACE 0.05% 784 $222K New
SM SM Energy Co. 0.05% 7,003 $218K New
RIG Transocean Ltd. 0.04% 27,743 $184K No change
GDX Vaneck Gold Miners ETF 0.03% 1,590 $146K No change
VHT Vanguard Health Care ETF 0.03% 489 $133K New
FNDE Schwab Fndmntl Em MRK Eq ETF 0.02% 2,649 $101K Reduce -37.8%
REI Ring Energy Inc. 0.02% 53,191 $81K Reduce -8.1%
IVV iShares Core S&P 500 ETF 0.02% 116 $76K Reduce -88.5%
GOOGL Alphabet Inc. Class A 0.01% 214 $61K Add +319.6%
IWF iShares Russell 1000 Growth 0.01% 141 $60K Reduce -79.3%
SCHD Schwab US DVD Equity ETF 0.01% 1,899 $58K No change
IWB iShares Russell 1000 ETF 0.01% 161 $57K Reduce -90.1%
IWS iShares Russell Mid-Cap Valu 0.01% 368 $54K Reduce -59.7%
IWD iShares Russell 1000 Value E 0.01% 247 $53K Reduce -80.3%
VGT Vanguard Info Tech ETF 0.01% 75 $52K New
ILF iShares Latin America 40 ETF 0.01% 1,300 $46K No change
VPU Vanguard Utilities ETF 0.01% 162 $32K New
NLR Vaneck Urani & Nuclr ETF-Usd 0.01% 216 $29K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.01% 86 $26K No change
VIGI Vanguard Int Div App Indx FD 0.01% 268 $24K New
COPX Global X Copper Miners ETF 0.00% 274 $21K New
EU Encore Energy Corp. 0.00% 10,000 $18K No change
SIL Global X Silver Miners ETF 0.00% 175 $16K No change
IVW iShares S&P 500 Growth ETF 0.00% 135 $15K Reduce -10.0%
NAK Northern Dynasty Minerals 0.00% 10,000 $14K New
VTV Vanguard Mrngstr Val ETF-Aui 0.00% 54 $11K Reduce -52.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.00% 22 $10K Reduce -37.1%
DJD Invesco Dow Jones Industrial 0.00% 150 $9K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.00% 34 $7K Reduce -77.2%
IJH iShares Core S&P Midcap ETF 0.00% 107 $7K Reduce -96.5%
XLF SS Financial Select Sector 0.00% 133 $7K No change
IJK iShares S&P Mid-Cap 400 Grow 0.00% 41 $4K Reduce -35.9%
XES SS SPDR S&P Og Eqp & Serv 0.00% 34 $4K Reduce -45.2%
IVE iShares S&P 500 Value ETF 0.00% 18 $4K Reduce -5.3%
SCHH Schwab US REIT ETF 0.00% 172 $4K New
IJR iShares Core S&P Small-Cap E 0.00% 26 $3K Reduce -86.6%
IJS iShares S&P Small-Cap 600 Va 0.00% 26 $3K Reduce -98.3%
IWN iShares Russell 2000 Value E 0.00% 15 $3K No change
IJT iShares S&P Small-Cap 600 GR 0.00% 17 $2K No change
VNQ Vanguard Real Estate ETF 0.00% 25 $2K Reduce -80.0%
MORT Vaneck Mortgage REIT Income 0.00% 140 $1K Reduce -41.7%
VB Vanguard Most SM-Cap ETF-Usd 0.00% 5 $1K No change
XLK SS Technology Select Sector 0.00% 4 $532 No change

Portfolio Sells Q4 2025 → Q1 2026
KW Kennedy-Wilson Holdings Inc. Sold out 0.00% −1.98
COHR Coherent Corp. Reduce -46.1% 3.52% −1.54
GOOG Alphabet Inc. Class C Reduce -19.6% 3.05% −1.10
BN Brookfield Corp. Reduce -20.4% 2.20% −0.93
BRK.B Berkshire Hathaway Inc. Class B Reduce -13.4% 2.58% −0.54
SA Seabridge Gold Inc. Reduce -7.0% 4.28% −0.52
DIS The Walt Disney Co. Reduce -0.2% 1.47% −0.27
CRK Comstock Resources Inc. Reduce -1.2% 1.91% −0.21
VNT Vontier Corp. Reduce -4.7% 1.81% −0.18
BAC Bank of America Corp. Reduce -12.3% 0.58% −0.16
IVV iShares Core S&P 500 ETF Reduce -88.5% 0.02% −0.14
ILMN Illumina Inc. Reduce -3.8% 1.27% −0.13
META Meta Platforms Inc. Class A Reduce -0.7% 0.79% −0.13
IWB iShares Russell 1000 ETF Reduce -90.1% 0.01% −0.13
MCO Moody's Corp. Reduce -1.3% 0.59% −0.11
TXN Texas Instruments Inc. Reduce -57.9% 0.10% −0.11
DIA SS SPDR Dow Jones Indus Avg Reduce -51.0% 0.06% −0.07
AZZ Azz Inc. Reduce -56.6% 0.07% −0.07
IWF iShares Russell 1000 Growth Reduce -79.3% 0.01% −0.06
IWD iShares Russell 1000 Value E Reduce -80.3% 0.01% −0.05
IJH iShares Core S&P Midcap ETF Reduce -96.5% 0.00% −0.04
IWR iShares Russell Mid-Cap ETF Sold out 0.00% −0.04
IJS iShares S&P Small-Cap 600 Va Reduce -98.3% 0.00% −0.04
MA Mastercard Inc. Class A Reduce -0.3% 0.18% −0.03
IWS iShares Russell Mid-Cap Valu Reduce -59.7% 0.01% −0.02
MOAT Vaneck Morningstar Wide Moat Reduce -4.0% 0.15% −0.02
EG Everest Group Ltd. Reduce -12.7% 0.08% −0.02
FNDE Schwab Fndmntl Em MRK Eq ETF Reduce -37.8% 0.02% −0.01
FXI iShares China Large-Cap ETF Sold out 0.00% −0.01
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -77.2% 0.00% −0.01
IJR iShares Core S&P Small-Cap E Reduce -86.6% 0.00% −0.00
UPS United Parcel Service Class B Reduce -0.1% 0.57% −0.00
RSP Invesco S&P 500 Equal Weight Reduce -1.9% 0.21% −0.00
VTV Vanguard Mrngstr Val ETF-Aui Reduce -52.2% 0.00% −0.00
TALO Talos Energy Inc. Reduce -32.2% 0.06% −0.00
VNQ Vanguard Real Estate ETF Reduce -80.0% 0.00% −0.00
VUG Vanguard Mrngstar GR ETF-Sui Reduce -37.1% 0.00% −0.00
EFAS Global X MSCI Superdividend Sold out 0.00% −0.00
IVW iShares S&P 500 Growth ETF Reduce -10.0% 0.00% −0.00
IJK iShares S&P Mid-Cap 400 Grow Reduce -35.9% 0.00% −0.00
IJJ iShares S&P Mid-Cap 400 Valu Sold out 0.00% −0.00
IWM iShares Russell 2000 ETF Sold out 0.00% −0.00
XES SS SPDR S&P Og Eqp & Serv Reduce -45.2% 0.00% −0.00
MORT Vaneck Mortgage REIT Income Reduce -41.7% 0.00% −0.00
IVE iShares S&P 500 Value ETF Reduce -5.3% 0.00% −0.00
EFA iShares MSCI Eafe ETF Sold out 0.00% −0.00
VEA Vanguard Ftse Developed ETF Reduce -2.3% 0.16% +0.00
CEF Sprott Physical Gold and Sil Reduce -2.3% 0.07% +0.00
VYMI Vanguard Int High DVD YLD Inc. Reduce -2.8% 0.09% +0.00
SPSM SS SPDR P S&P 600 Small Cap Reduce -0.7% 0.08% +0.00

Portfolio Buys Q4 2025 → Q1 2026
TREX Trex Company Inc. New 0.71% +0.71
DELL Dell Technologies -C Add +0.5% 2.95% +0.70
INTU Intuit Inc. New 0.68% +0.68
VTOL Bristow Group Inc. Add +49.1% 1.00% +0.48
MSFT Microsoft Corp. Add +58.8% 2.33% +0.41
CRGY Crescent Energy Inc. Class A Add +4.2% 0.70% +0.28
WDAY Workday Inc. Class A Add +119.9% 1.13% +0.28
FTV Fortive Corp. Add +22.9% 0.80% +0.15
CMCO Columbus McKinnon Corp. Add +26.2% 1.59% +0.10
NOG Northern Oil and Gas Inc. Add +10.5% 0.28% +0.10
BAM Brookfield Asset Mgmt-A Add +49.6% 0.43% +0.09
SW Smurfit Westrock PLC Add +3.1% 1.47% +0.09
CVX Chevron Corp. Add +13.8% 0.24% +0.09
NVDA Nvidia Corp. New 0.06% +0.06
ST Sensata Technologies Holdplc Add +0.3% 1.04% +0.06
AAPL Apple Inc. New 0.05% +0.05
CW Curtiss-Wright Corp. New 0.05% +0.05
GE General Electric New 0.05% +0.05
SM SM Energy Co. New 0.05% +0.05
VHT Vanguard Health Care ETF New 0.03% +0.03
VYM Vanguard High DVD Yield ETF Add +27.6% 0.12% +0.03
VOO Vanguard S&P 500 ETF Add +18.3% 0.15% +0.02
ACGL Arch Capital Group Ltd. Add +0.8% 1.78% +0.02
VGT Vanguard Info Tech ETF New 0.01% +0.01
GOOGL Alphabet Inc. Class A Add +319.6% 0.01% +0.01
URA Global X Uranium ETF Add +0.0% 0.07% +0.01
PSLV Sprott Physical Silver Trust Add +0.5% 0.21% +0.01
VPU Vanguard Utilities ETF New 0.01% +0.01
AMZN Amazon.com Inc. Add +18.6% 0.09% +0.01
VIGI Vanguard Int Div App Indx FD New 0.01% +0.01
COPX Global X Copper Miners ETF New 0.00% +0.00
VIG Vanguard Dividend Apprec ETF Add +4.6% 0.20% +0.00
NAK Northern Dynasty Minerals New 0.00% +0.00
SCHH Schwab US REIT ETF New 0.00% +0.00
VTI VG Morningstar TS MKT ETF-US Add +2.2% 0.19% −0.00
SWK Stanley Black & Decker Inc. Add +2.9% 1.50% −0.02
CI The Cigna Group Add +1.5% 1.90% −0.03
MKTX Marketaxess Holdings Inc. Add +3.4% 1.19% −0.07
UNH Unitedhealth Group Inc. Add +10.6% 1.79% −0.18
TMO Thermo Fisher Scientific Inc. Add +1.8% 1.59% −0.25
ELV Elevance Health Inc. Add +4.1% 1.89% −0.28
DHR Danaher Corp. Add +1.2% 1.57% −0.30
LUMN Lumen Technologies Inc. Add +1.4% 3.87% −0.39
QCOM Qualcomm Inc. Add +7.7% 1.83% −0.43
IBM Intl Business Machines Corp. Add +0.2% 2.05% −0.45

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