Wallace Capital Management Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Wallace Capital Management Inc. reported 81 stock positions worth $731.8 million. Its top holding was White Mountains Insurance GP (WTM) at 21.3% of the portfolio, followed by Graham Class B (GHC, 19.7%) and Berkshire Hathaway Class B (BRK.B, 18.9%). Compared with Q3 2024, it opened 5 new positions, sold out of 9, added to 14 and reduced 35. The biggest buy was a new position in Sunrise Communicat Class A (SNREY) and the biggest sale Liberty Global Class A (LBTYA, shares −1%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001459754
Portfolio Value
$731.8M (Q4 2024)
SEC Filing
0001420506-25-000603 ↗ filed Feb 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $733.1M Q1 2024 Q2 2024: $690.0M Q2 2024 Q3 2024: $738.5M Q3 2024 Q4 2024: $731.8M $731.8M Q4 2024 Q1 2025: $781.0M Q1 2025 Q2 2025: $733.9M Q2 2025 Q3 2025: $804.7M Q3 2025 Q4 2025: $830.5M Q4 2025 Q1 2026: $870.8M Q1 2026 Q2 2026: $912.1M Q2 2026

Holdings 81 stocks · $731.8M
WTM White Mountains Insurance GP 21.30% 80,158 $155.9M Reduce -2.7%
GHC Graham Holdings Co. Class B 19.69% 165,278 $144.1M Reduce -1.3%
BRK.B Berkshire Hathaway Inc. Class B 18.86% 304,563 $138.1M Reduce -3.6%
L Loews Corp. 3.12% 269,504 $22.8M Reduce -4.9%
JNJ Johnson & Johnson 2.63% 133,340 $19.3M Reduce -2.2%
RSG Republic Services Inc. 2.61% 94,906 $19.1M Reduce -3.3%
SNREY Sunrise Communicat Class A 2.60% 441,313 $19.0M New
LBTYA Liberty Global Ltd. Class A 2.31% 1,327,467 $16.9M Reduce -0.7%
UL Unilever PLC 2.22% 286,379 $16.2M Reduce -3.6%
CNX CNX Resources Corp. 2.16% 430,978 $15.8M Reduce -1.8%
CABO Cable One Inc. 2.11% 42,574 $15.4M Reduce -8.9%
POST Post Holdings Inc. filed as POST HLDGS INC 2.02% 129,346 $14.8M Reduce -1.6%
TAP Molson Coors Beverage Co. Class B 1.74% 221,718 $12.7M Add +306.5%
AMG Affiliated Managers Group 1.72% 67,979 $12.6M Reduce -2.0%
LBTYK Liberty Global Ltd. Class C 1.59% 888,283 $11.7M Reduce -8.8%
JOUT Johnson Outdoors Inc. Class A 1.39% 308,233 $10.2M Reduce -16.8%
BRK.A Berkshire Hathaway Inc. Class A 1.30% 14 $9.5M Reduce -6.7%
LBRDK Liberty Broadband-C 1.06% 103,912 $7.8M Reduce -2.9%
MHK Mohawk Industries Inc. 0.96% 58,982 $7.0M Add +9.3%
TRIP Tripadvisor Inc. 0.84% 415,511 $6.1M Reduce -23.6%
KO The Coca-Cola Co. 0.66% 78,100 $4.9M Reduce -5.5%
PG The Procter & Gamble Co. 0.63% 27,305 $4.6M Add +7.1%
MCY Mercury General Corp. 0.52% 57,236 $3.8M Reduce -3.8%
NPK National Presto Inds Inc. 0.42% 31,447 $3.1M Reduce -13.4%
AAPL Apple Inc. 0.42% 12,309 $3.1M Reduce -0.6%
MDLZ Mondelez International Inc. Class A 0.30% 37,081 $2.2M Reduce -0.8%
MRK Merck & Co. Inc. 0.26% 18,920 $1.9M Reduce -1.3%
HSY The Hershey Co. 0.25% 10,770 $1.8M Add +0.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.24% 2,938 $1.7M Add +4.3%
CLX Clorox Company 0.22% 10,054 $1.6M Reduce -25.3%
GOOG Alphabet Inc. Class C 0.22% 8,420 $1.6M No change
SIRI Sirius XM Holdings Inc. 0.21% 66,589 $1.5M Reduce -4.9%
MSFT Microsoft Corp. 0.19% 3,262 $1.4M Reduce -1.5%
MA Mastercard Inc. Class A 0.18% 2,528 $1.3M No change
CVX Chevron Corp. 0.16% 8,229 $1.2M No change
V Visa Inc. Class A 0.16% 3,647 $1.2M No change
CL Colgate-Palmolive Co. 0.16% 12,540 $1.1M Reduce -5.6%
UNH Unitedhealth Group Inc. 0.15% 2,119 $1.1M No change
XOM Exxon Mobil Corp. 0.14% 9,616 $1.0M Add +0.1%
LLYVK Liberty Media Corp.-Liberty-C 0.13% 13,778 $938K Reduce -10.4%
KHC The Kraft Heinz Co. 0.13% 30,224 $928K Add +16.1%
VOO Vanguard S&P 500 ETF 0.12% 1,647 $888K Reduce -8.8%
LLY Eli Lilly & Co. 0.11% 1,005 $776K Reduce -11.1%
HLN Haleon PLC-ADR 0.10% 75,648 $722K Reduce -5.4%
ABT Abbott Laboratories 0.09% 6,000 $679K No change
PIPR Piper Sandler Cos 0.09% 2,188 $656K Reduce -31.4%
ZTS Zoetis Inc. 0.09% 3,872 $631K No change
GOOGL Alphabet Inc. Class A 0.08% 3,277 $620K No change
JPM JPMorgan Chase & Co. 0.08% 2,495 $598K Add +11.7%
GIS General Mills Inc. 0.08% 9,050 $577K Add +43.6%
ACN Accenture PLC Class A 0.08% 1,600 $563K No change
ADP Automatic Data Processing 0.07% 1,790 $524K No change
ENB Enbridge Inc. 0.07% 12,096 $513K No change
PM Philip Morris International 0.06% 3,904 $470K No change
MCD McDonald's Corp. 0.06% 1,568 $454K Add +0.1%
MRSH Marsh & McLennan Cos 0.06% 1,960 $416K No change
PEP Pepsico Inc. 0.05% 2,531 $385K Add +8.6%
LBRDA Liberty Broadband-A 0.05% 4,630 $344K Reduce -12.3%
ABBV Abbvie Inc. 0.04% 1,786 $317K No change
PGR Progressive Corp. 0.04% 1,240 $297K No change
META Meta Platforms Inc. Class A 0.04% 500 $293K No change
GS Goldman Sachs Group Inc. 0.04% 461 $264K Add +13.6%
TMO Thermo Fisher Scientific Inc. 0.04% 505 $263K No change
TOST Toast Inc. Class A 0.04% 7,092 $259K No change
BKNG Booking Holdings Inc. 0.03% 48 $238K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.03% 2,135 $235K Add +4.9%
HIFS Hingham Institution for SVGS 0.03% 900 $229K No change
NKE Nike Inc. Class B 0.03% 3,000 $227K No change
KKR KKR & Co. Inc. 0.03% 1,513 $224K New
PFE Pfizer Inc. 0.03% 8,412 $223K Reduce -20.0%
APH Amphenol Corp. Class A 0.03% 3,200 $222K No change
K Kellanova 0.03% 2,668 $216K No change
VEA Vanguard Ftse Developed ETF 0.03% 4,500 $215K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 4,794 $211K New
BMY Bristol-Myers Squibb Co. 0.03% 3,650 $206K New
SRG Seritage Growth Prop- A 0.03% 50,072 $206K Reduce -16.9%
CNH CNH Industrial NV 0.02% 15,000 $170K No change
OGN Organon & Co. 0.02% 10,260 $153K New
VOD Vodafone Group PLC-SP ADR 0.02% 13,500 $115K Add +8.0%
CLAR Clarus Corp. 0.02% 24,456 $110K No change
CRWS Crown Crafts Inc. 0.01% 12,500 $56K No change

Portfolio Sells Q3 2024 → Q4 2024
LBTYA Liberty Global Ltd. Class A Reduce -0.7% 2.31% −1.51
EQC Equity Commonwealth Sold out 0.00% −1.28
LBTYK Liberty Global Ltd. Class C Reduce -8.8% 1.59% −1.25
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.6% 18.86% −0.82
JOUT Johnson Outdoors Inc. Class A Reduce -16.8% 1.39% −0.43
UL Unilever PLC Reduce -3.6% 2.22% −0.39
JNJ Johnson & Johnson Reduce -2.2% 2.63% −0.36
TRIP Tripadvisor Inc. Reduce -23.6% 0.84% −0.23
ITIC Investors Title Co. Sold out 0.00% −0.21
INVX Innovex International Inc. Sold out 0.00% −0.16
KO The Coca-Cola Co. Reduce -5.5% 0.66% −0.14
AMZN Amazon.com Inc. Sold out 0.00% −0.12
CABO Cable One Inc. Reduce -8.9% 2.11% −0.11
BRK.A Berkshire Hathaway Inc. Class A Reduce -6.7% 1.30% −0.10
CLX Clorox Company Reduce -25.3% 0.22% −0.07
MDLZ Mondelez International Inc. Class A Reduce -0.8% 0.30% −0.07
IT Gartner Inc. Sold out 0.00% −0.07
RSG Republic Services Inc. Reduce -3.3% 2.61% −0.06
LBRDK Liberty Broadband-C Reduce -2.9% 1.06% −0.06
POST Post Holdings Inc. Reduce -1.6% 2.02% −0.04
CRD.A Crawford & Company Class A Sold out 0.00% −0.04
MRK Merck & Co. Inc. Reduce -1.3% 0.26% −0.04
PIPR Piper Sandler Cos Reduce -31.4% 0.09% −0.03
CL Colgate-Palmolive Co. Reduce -5.6% 0.16% −0.03
LLY Eli Lilly & Co. Reduce -11.1% 0.11% −0.03
AMGN Amgen Inc. Sold out 0.00% −0.03
SYY Sysco Corp. Sold out 0.00% −0.03
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.03
SIRI Sirius XM Holdings Inc. Reduce -4.9% 0.21% −0.02
HLN Haleon PLC-ADR Reduce -5.4% 0.10% −0.02
PFE Pfizer Inc. Reduce -20.0% 0.03% −0.01
SRG Seritage Growth Prop- A Reduce -16.9% 0.03% −0.01
LBRDA Liberty Broadband-A Reduce -12.3% 0.05% −0.01
VOO Vanguard S&P 500 ETF Reduce -8.8% 0.12% −0.01
MSFT Microsoft Corp. Reduce -1.5% 0.19% −0.01
MCY Mercury General Corp. Reduce -3.8% 0.52% +0.01
LLYVK Liberty Media Corp.-Liberty-C Reduce -10.4% 0.13% +0.02
AAPL Apple Inc. Reduce -0.6% 0.42% +0.03
AMG Affiliated Managers Group Reduce -2.0% 1.72% +0.05
NPK National Presto Inds Inc. Reduce -13.4% 0.42% +0.05
L Loews Corp. Reduce -4.9% 3.12% +0.09
CNX CNX Resources Corp. Reduce -1.8% 2.16% +0.22
GHC Graham Holdings Co. Class B Reduce -1.3% 19.69% +1.05
WTM White Mountains Insurance GP Reduce -2.7% 21.30% +2.39

Portfolio Buys Q3 2024 → Q4 2024
SNREY Sunrise Communicat Class A New 2.60% +2.60
TAP Molson Coors Beverage Co. Class B Add +306.5% 1.74% +1.31
KKR KKR & Co. Inc. New 0.03% +0.03
BAC Bank of America Corp. New 0.03% +0.03
BMY Bristol-Myers Squibb Co. New 0.03% +0.03
PG The Procter & Gamble Co. Add +7.1% 0.63% +0.03
OGN Organon & Co. New 0.02% +0.02
JPM JPMorgan Chase & Co. Add +11.7% 0.08% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +4.3% 0.24% +0.02
GIS General Mills Inc. Add +43.6% 0.08% +0.02
GS Goldman Sachs Group Inc. Add +13.6% 0.04% +0.01
KHC The Kraft Heinz Co. Add +16.1% 0.13% +0.00
PEP Pepsico Inc. Add +8.6% 0.05% −0.00
SJM The JM Smucker Co. Add +4.9% 0.03% −0.00
VOD Vodafone Group PLC-SP ADR Add +8.0% 0.02% −0.00
MCD McDonald's Corp. Add +0.1% 0.06% −0.00
XOM Exxon Mobil Corp. Add +0.1% 0.14% −0.01
HSY The Hershey Co. Add +0.9% 0.25% −0.03
MHK Mohawk Industries Inc. Add +9.3% 0.96% −0.21

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 77$912.1MGHC, WTM, BRK.B, PPLI, UHAL.B
Q1 2026 75$870.8MWTM, GHC, BRK.B, PPLI, SEB
Q4 2025 75$830.5MGHC, WTM, BRK.B, PPLI, SEB
Q3 2025 77$804.7MGHC, WTM, BRK.B, SEB, JNJ
Q2 2025 72$733.9MGHC, WTM, BRK.B, TAP, L
Q1 2025 83$781.0MGHC, BRK.B, WTM, L, JNJ
Q4 2024 81$731.8MWTM, GHC, BRK.B, L, JNJ
Q3 2024 85$738.5MBRK.B, WTM, GHC, LBTYA, L
Q2 2024Amended 79$690.0MWTM, BRK.B, GHC, LBTYA, L
Q1 2024 77$733.1MWTM, BRK.B, GHC, L, JNJ