Wallace Capital Management Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Wallace Capital Management Inc. reported 83 stock positions worth $781.0 million. Its top holding was Graham Class B (GHC) at 20.3% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 20.0%) and White Mountains Insurance GP (WTM, 19.7%). Compared with Q4 2024, it opened 7 new positions, sold out of 5, added to 16 and reduced 35. The biggest buy was a new position in Seaboard (SEB) and the biggest sale White Mountains Insurance GP (WTM, shares −0%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001459754
Portfolio Value
$781.0M (Q1 2025)
SEC Filing
0001420506-25-001250 ↗ filed May 15, 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 Q4 2024 Q1 2025: $781.0M $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 83 stocks · $781.0M

GHC Graham Holdings Co. Class B 20.27% 164,789 $158.3M Reduce -0.3%
BRK.B Berkshire Hathaway Inc. Class B 20.02% 293,581 $156.4M Reduce -3.6%
WTM White Mountains Insurance GP 19.71% 79,931 $153.9M Reduce -0.3%
L Loews Corp. 3.15% 267,432 $24.6M Reduce -0.8%
JNJ Johnson & Johnson 2.91% 137,025 $22.7M Add +2.8%
RSG Republic Services Inc. 2.89% 93,297 $22.6M Reduce -1.7%
TAP Molson Coors Beverage Co. Class B 2.81% 359,988 $21.9M Add +62.4%
SNREY Sunrise Communicat Class A 2.60% 421,200 $20.3M Reduce -4.6%
UL Unilever PLC 2.17% 285,180 $17.0M Reduce -0.4%
LBTYA Liberty Global Ltd. Class A 2.05% 1,392,172 $16.0M Add +4.9%
POST Post Holdings Inc. filed as POST HLDGS INC 1.92% 128,911 $15.0M Reduce -0.3%
CNX CNX Resources Corp. 1.72% 426,733 $13.4M Reduce -1.0%
SEB Seaboard Corp. 1.49% 4,327 $11.7M New
AMG Affiliated Managers Group 1.45% 67,495 $11.3M Reduce -0.7%
BRK.A Berkshire Hathaway Inc. Class A 1.43% 14 $11.2M No change
CABO Cable One Inc. 1.35% 39,636 $10.5M Reduce -6.9%
MHK Mohawk Industries Inc. 1.27% 87,195 $10.0M Add +47.8%
LBTYK Liberty Global Ltd. Class C 1.27% 830,048 $9.9M Reduce -6.6%
LBRDK Liberty Broadband-C 1.10% 100,648 $8.6M Reduce -3.1%
JOUT Johnson Outdoors Inc. Class A 0.97% 305,924 $7.6M Reduce -0.8%
KO The Coca-Cola Co. 0.67% 73,475 $5.3M Reduce -5.9%
TRIP Tripadvisor Inc. 0.63% 349,082 $4.9M Reduce -16.0%
PG The Procter & Gamble Co. 0.59% 27,109 $4.6M Reduce -0.7%
AAPL Apple Inc. 0.48% 16,877 $3.7M Add +37.1%
MDLZ Mondelez International Inc. Class A 0.31% 35,502 $2.4M Reduce -4.3%
NPK National Presto Inds Inc. 0.25% 21,987 $1.9M Reduce -30.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.24% 3,353 $1.9M Add +14.1%
HSY The Hershey Co. 0.23% 10,355 $1.8M Reduce -3.9%
MRK Merck & Co. Inc. 0.22% 18,875 $1.7M Reduce -0.2%
SIRI Sirius XM Holdings Inc. 0.19% 65,788 $1.5M Reduce -1.2%
CLX Clorox Company 0.19% 10,054 $1.5M No change
MA Mastercard Inc. Class A 0.18% 2,528 $1.4M No change
CVX Chevron Corp. 0.18% 8,229 $1.4M No change
GOOG Alphabet Inc. Class C 0.17% 8,270 $1.3M Reduce -1.8%
V Visa Inc. Class A 0.16% 3,647 $1.3M No change
MSFT Microsoft Corp. 0.16% 3,262 $1.2M No change
CL Colgate-Palmolive Co. 0.15% 12,540 $1.2M No change
XOM Exxon Mobil Corp. 0.15% 9,636 $1.1M Add +0.2%
UNH Unitedhealth Group Inc. 0.14% 2,119 $1.1M No change
KHC The Kraft Heinz Co. 0.12% 32,038 $975K Add +6.0%
LLYVK Liberty Media Corp.-Liberty-C 0.12% 13,505 $920K Reduce -2.0%
VOO Vanguard S&P 500 ETF 0.11% 1,646 $846K Reduce -0.1%
HLN Haleon PLC-ADR 0.10% 73,288 $754K Reduce -3.1%
ZTS Zoetis Inc. 0.08% 3,872 $638K No change
JPM JPMorgan Chase & Co. 0.08% 2,483 $609K Reduce -0.5%
PM Philip Morris International 0.08% 3,811 $605K Reduce -2.4%
ABT Abbott Laboratories 0.08% 4,500 $597K Reduce -25.0%
GIS General Mills Inc. 0.08% 9,900 $592K Add +9.4%
LLY Eli Lilly & Co. 0.07% 670 $553K Reduce -33.3%
ADP Automatic Data Processing 0.07% 1,790 $547K No change
PIPR Piper Sandler Cos 0.07% 2,188 $542K No change
ENB Enbridge Inc. 0.07% 12,096 $536K No change
GOOGL Alphabet Inc. Class A 0.06% 3,177 $491K Reduce -3.0%
MRSH Marsh & McLennan Cos 0.06% 1,960 $478K No change
PEP Pepsico Inc. 0.06% 2,931 $439K Add +15.8%
MCD McDonald's Corp. 0.05% 1,369 $428K Reduce -12.7%
LBRDA Liberty Broadband-A 0.05% 4,630 $394K No change
ABBV Abbvie Inc. 0.05% 1,789 $375K Add +0.2%
VEA Vanguard Ftse Developed ETF 0.05% 6,928 $352K Add +54.0%
PGR Progressive Corp. 0.04% 1,240 $351K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.03% 2,285 $271K Add +7.0%
META Meta Platforms Inc. Class A 0.03% 450 $259K Reduce -10.0%
TMO Thermo Fisher Scientific Inc. 0.03% 505 $251K No change
GS Goldman Sachs Group Inc. 0.03% 456 $249K Reduce -1.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.03% 911 $236K New
TOST Toast Inc. Class A 0.03% 7,092 $235K No change
PFE Pfizer Inc. 0.03% 8,912 $226K Add +5.9%
BMY Bristol-Myers Squibb Co. 0.03% 3,650 $223K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 5,305 $221K Add +10.7%
BKNG Booking Holdings Inc. 0.03% 48 $221K No change
KMB Kimberly-Clark Corp. 0.03% 1,550 $220K New
K Kellanova 0.03% 2,668 $220K No change
MO Altria Group Inc. 0.03% 3,650 $219K New
HIFS Hingham Institution for SVGS 0.03% 900 $214K No change
SYY Sysco Corp. 0.03% 2,830 $212K New
APH Amphenol Corp. Class A 0.03% 3,200 $210K No change
IVV iShares Core S&P 500 ETF 0.03% 368 $207K New
AMGN Amgen Inc. 0.03% 644 $201K New
VOD Vodafone Group PLC-SP ADR 0.02% 20,000 $187K Add +48.1%
CNH CNH Industrial NV 0.02% 15,000 $184K No change
OGN Organon & Co. 0.02% 10,039 $149K Reduce -2.1%
CLAR Clarus Corp. 0.01% 24,456 $92K No change
CRWS Crown Crafts Inc. 0.01% 12,500 $46K No change

Portfolio Sells Q4 2024 → Q1 2025

WTM White Mountains Insurance GP Reduce -0.3% 19.71% −1.59
CABO Cable One Inc. Reduce -6.9% 1.35% −0.76
MCY Mercury General Corp. Sold out 0.00% −0.52
CNX CNX Resources Corp. Reduce -1.0% 1.72% −0.44
JOUT Johnson Outdoors Inc. Class A Reduce -0.8% 0.97% −0.42
LBTYK Liberty Global Ltd. Class C Reduce -6.6% 1.27% −0.32
AMG Affiliated Managers Group Reduce -0.7% 1.45% −0.27
TRIP Tripadvisor Inc. Reduce -16.0% 0.63% −0.21
NPK National Presto Inds Inc. Reduce -30.1% 0.25% −0.18
POST Post Holdings Inc. Reduce -0.3% 1.92% −0.10
ACN Accenture PLC Class A Sold out 0.00% −0.08
GOOG Alphabet Inc. Class C Reduce -1.8% 0.17% −0.05
UL Unilever PLC Reduce -0.4% 2.17% −0.04
MRK Merck & Co. Inc. Reduce -0.2% 0.22% −0.04
LLY Eli Lilly & Co. Reduce -33.3% 0.07% −0.04
PG The Procter & Gamble Co. Reduce -0.7% 0.59% −0.03
NKE Nike Inc. Class B Sold out 0.00% −0.03
KKR KKR & Co. Inc. Sold out 0.00% −0.03
SRG Seritage Growth Prop- A Sold out 0.00% −0.03
HSY The Hershey Co. Reduce -3.9% 0.23% −0.02
GOOGL Alphabet Inc. Class A Reduce -3.0% 0.06% −0.02
SIRI Sirius XM Holdings Inc. Reduce -1.2% 0.19% −0.02
ABT Abbott Laboratories Reduce -25.0% 0.08% −0.02
VOO Vanguard S&P 500 ETF Reduce -0.1% 0.11% −0.01
LLYVK Liberty Media Corp.-Liberty-C Reduce -2.0% 0.12% −0.01
MCD McDonald's Corp. Reduce -12.7% 0.05% −0.01
META Meta Platforms Inc. Class A Reduce -10.0% 0.03% −0.01
GS Goldman Sachs Group Inc. Reduce -1.1% 0.03% −0.00
JPM JPMorgan Chase & Co. Reduce -0.5% 0.08% −0.00
HLN Haleon PLC-ADR Reduce -3.1% 0.10% −0.00
OGN Organon & Co. Reduce -2.1% 0.02% −0.00
MDLZ Mondelez International Inc. Class A Reduce -4.3% 0.31% +0.01
SNREY Sunrise Communicat Class A Reduce -4.6% 2.60% +0.01
KO The Coca-Cola Co. Reduce -5.9% 0.67% +0.01
PM Philip Morris International Reduce -2.4% 0.08% +0.01
L Loews Corp. Reduce -0.8% 3.15% +0.03
LBRDK Liberty Broadband-C Reduce -3.1% 1.10% +0.03
RSG Republic Services Inc. Reduce -1.7% 2.89% +0.28
GHC Graham Holdings Co. Class B Reduce -0.3% 20.27% +0.58
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.6% 20.02% +1.16

Portfolio Buys Q4 2024 → Q1 2025

SEB Seaboard Corp. New 1.49% +1.49
TAP Molson Coors Beverage Co. Class B Add +62.4% 2.81% +1.07
MHK Mohawk Industries Inc. Add +47.8% 1.27% +0.31
JNJ Johnson & Johnson Add +2.8% 2.91% +0.27
AAPL Apple Inc. Add +37.1% 0.48% +0.06
VO Vngrd Mrngstr MD-Cap ETF-Usd New 0.03% +0.03
KMB Kimberly-Clark Corp. New 0.03% +0.03
MO Altria Group Inc. New 0.03% +0.03
SYY Sysco Corp. New 0.03% +0.03
IVV iShares Core S&P 500 ETF New 0.03% +0.03
AMGN Amgen Inc. New 0.03% +0.03
VEA Vanguard Ftse Developed ETF Add +54.0% 0.05% +0.02
VOD Vodafone Group PLC-SP ADR Add +48.1% 0.02% +0.01
XOM Exxon Mobil Corp. Add +0.2% 0.15% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +14.1% 0.24% +0.00
ABBV Abbvie Inc. Add +0.2% 0.05% +0.00
PEP Pepsico Inc. Add +15.8% 0.06% +0.00
SJM The JM Smucker Co. Add +7.0% 0.03% +0.00
BAC Bank of America Corp. Add +10.7% 0.03% −0.00
PFE Pfizer Inc. Add +5.9% 0.03% −0.00
KHC The Kraft Heinz Co. Add +6.0% 0.12% −0.00
GIS General Mills Inc. Add +9.4% 0.08% −0.00
LBTYA Liberty Global Ltd. Class A Add +4.9% 2.05% −0.26

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