Wallace Capital Management Inc.

Name: Wallace Capital Management Inc. 13F holdings, Q3 2025
Creator: Wallace Capital Management Inc.
Published: 2025-11-14

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Wallace Capital Management Inc. reported 77 stock positions worth $804.7 million. Its top holding was Graham Class B (GHC) at 23.7% of the portfolio, followed by White Mountains Insurance GP (WTM, 16.9%) and Berkshire Hathaway Class B (BRK.B, 15.7%). Compared with Q2 2025, it opened 7 new positions, sold out of 3, added to 12 and reduced 35. The biggest buy was a new position in People (PPLI) and the biggest sale an exit from Sunrise Communicat Class A (SNREY).

Most Recent 13F: Q2 2026
Location: DALLAS, TX
CIK: 0001459754
Portfolio Value: $804.7M (Q3 2025)
SEC Filing: 0001420506-25-003337 ↗ filed Nov 14, 2025

Holdings Value

Holdings 77 stocks · $804.7M


GHC Graham Holdings Co. Class B	23.74%	162,232	$191.0M	Add +0.1%
WTM White Mountains Insurance GP	16.93%	81,489	$136.2M	Add +3.1%
BRK.B Berkshire Hathaway Inc. Class B	15.68%	251,042	$126.2M	Add +0.3%
SEB Seaboard Corp.	3.51%	7,740	$28.2M	Add +0.7%
JNJ Johnson & Johnson	3.47%	150,446	$27.9M	Reduce -5.7%
L Loews Corp.	3.34%	268,044	$26.9M	Add +0.1%
PPLI People Inc. filed as IAC INC	3.13%	738,140	$25.1M	New
TAP Molson Coors Beverage Co. Class B	2.97%	528,518	$23.9M	Reduce -0.9%
RSG Republic Services Inc.	2.55%	89,547	$20.5M	Reduce -2.4%
MHK Mohawk Industries Inc.	2.36%	147,240	$19.0M	Add +0.3%
UL Unilever PLC	2.03%	275,150	$16.3M	Reduce -2.1%
AMG Affiliated Managers Group	1.98%	66,900	$16.0M	Reduce -0.3%
LBTYA Liberty Global Ltd. Class A	1.91%	1,340,791	$15.4M	Reduce -1.4%
CNX CNX Resources Corp.	1.67%	418,322	$13.4M	Add +0.9%
POST Post Holdings Inc. filed as POST HLDGS INC	1.63%	122,381	$13.2M	Reduce -2.6%
BRK.A Berkshire Hathaway Inc. Class A	1.31%	14	$10.6M	No change
IMKTA Ingles Markets Inc. Class A	1.25%	144,520	$10.1M	New
JOUT Johnson Outdoors Inc. Class A	1.19%	236,654	$9.6M	Reduce -12.8%
LBTYK Liberty Global Ltd. Class C	0.90%	614,217	$7.2M	Reduce -22.6%
LBRDK Liberty Broadband-C	0.75%	94,879	$6.0M	Reduce -4.2%
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC	0.70%	151,441	$5.6M	Add +664.3%
HTLD Heartland Express Inc.	0.60%	571,500	$4.8M	New
TRIP Tripadvisor Inc.	0.57%	283,185	$4.6M	Reduce -14.8%
KO The Coca-Cola Co.	0.52%	62,968	$4.2M	Reduce -8.7%
PG The Procter & Gamble Co.	0.48%	25,149	$3.9M	Reduce -5.4%
AAPL Apple Inc.	0.42%	13,335	$3.4M	Reduce -2.1%
CABO Cable One Inc.	0.34%	15,358	$2.7M	Reduce -12.7%
GOOG Alphabet Inc. Class C	0.25%	8,245	$2.0M	Reduce -0.3%
MDLZ Mondelez International Inc. Class A	0.24%	31,532	$2.0M	Add +0.1%
MSFT Microsoft Corp.	0.21%	3,257	$1.7M	Reduce -0.1%
HSY The Hershey Co.	0.20%	8,650	$1.6M	Reduce -4.8%
MRK Merck & Co. Inc.	0.19%	17,779	$1.5M	Reduce -5.7%
SPY SS SPDR S&P 500 ETF Trust-US	0.18%	2,177	$1.5M	Add +1.4%
MA Mastercard Inc. Class A	0.18%	2,528	$1.4M	No change
SIRI Sirius XM Holdings Inc.	0.16%	55,981	$1.3M	Reduce -13.2%
V Visa Inc. Class A	0.15%	3,647	$1.2M	No change
LLYVK Liberty Media Corp.-Liberty-C	0.15%	12,832	$1.2M	Reduce -3.8%
CLX Clorox Company	0.14%	8,861	$1.1M	Reduce -1.3%
XOM Exxon Mobil Corp.	0.13%	8,978	$1.0M	Add +0.8%
VOO Vanguard S&P 500 ETF	0.11%	1,471	$901K	Reduce -12.0%
CL Colgate-Palmolive Co.	0.10%	10,315	$825K	Reduce -3.5%
GOOGL Alphabet Inc. Class A	0.10%	3,177	$772K	No change
UNH Unitedhealth Group Inc.	0.09%	2,119	$732K	No change
JPM JPMorgan Chase & Co.	0.09%	2,310	$729K	Reduce -3.1%
PIPR Piper Sandler Cos	0.08%	1,900	$659K	Reduce -13.2%
KHC The Kraft Heinz Co.	0.07%	21,896	$570K	Reduce -12.9%
PM Philip Morris International	0.07%	3,511	$569K	No change
CVX Chevron Corp.	0.07%	3,520	$547K	Reduce -48.4%
ZTS Zoetis Inc.	0.07%	3,691	$540K	Reduce -4.7%
ENB Enbridge Inc.	0.06%	10,346	$522K	No change
LLY Eli Lilly & Co.	0.06%	655	$500K	Reduce -2.2%
ADP Automatic Data Processing	0.06%	1,640	$481K	No change
ABT Abbott Laboratories	0.06%	3,500	$469K	Reduce -22.2%
HLN Haleon PLC-ADR	0.06%	49,537	$444K	Reduce -29.2%
ABBV Abbvie Inc.	0.05%	1,789	$414K	No change
APH Amphenol Corp. Class A	0.05%	3,200	$396K	No change
MRSH Marsh & McLennan Cos	0.05%	1,960	$395K	No change
MCD McDonald's Corp.	0.05%	1,273	$387K	Add +0.2%
GS Goldman Sachs Group Inc.	0.05%	456	$363K	No change
GIS General Mills Inc.	0.04%	6,900	$348K	No change
PGR Progressive Corp.	0.04%	1,231	$304K	No change
VEA Vanguard Ftse Developed ETF	0.04%	4,928	$295K	Reduce -9.2%
HIFS Hingham Institution for SVGS	0.03%	1,000	$264K	No change
BKNG Booking Holdings Inc.	0.03%	48	$259K	No change
TOST Toast Inc. Class A	0.03%	7,092	$259K	No change
LLYVA Liberty Media Corp.-Liberty-A	0.03%	2,696	$254K	Reduce -0.7%
IVV iShares Core S&P 500 ETF	0.03%	368	$247K	No change
LBRDA Liberty Broadband-A	0.03%	3,760	$238K	Reduce -18.8%
TMO Thermo Fisher Scientific Inc.	0.03%	475	$230K	New
VO Vngrd Mrngstr MD-Cap ETF-Usd	0.03%	765	$225K	No change
IDXX Idexx Laboratories Inc.	0.03%	350	$224K	New
META Meta Platforms Inc. Class A	0.03%	300	$220K	No change
RTX RTX Corp.	0.03%	1,231	$206K	New
DFUV Dimensional US Marketwide Va	0.03%	4,567	$204K	New
VOD Vodafone Group PLC-SP ADR	0.02%	15,000	$174K	No change
CLAR Clarus Corp.	0.01%	18,255	$64K	No change
CRWS Crown Crafts Inc.	0.00%	12,500	$36K	No change

Portfolio Sells Q2 2025 → Q3 2025


SNREY Sunrise Communicat Class A	Sold out	0.00%	−3.16
LBRDK Liberty Broadband-C	Reduce -4.2%	0.75%	−0.58
RSG Republic Services Inc.	Reduce -2.4%	2.55%	−0.53
TAP Molson Coors Beverage Co. Class B	Reduce -0.9%	2.97%	−0.52
UL Unilever PLC	Reduce -2.1%	2.03%	−0.32
POST Post Holdings Inc.	Reduce -2.6%	1.63%	−0.23
LBTYK Liberty Global Ltd. Class C	Reduce -22.6%	0.90%	−0.22
KO The Coca-Cola Co.	Reduce -8.7%	0.52%	−0.15
PG The Procter & Gamble Co.	Reduce -5.4%	0.48%	−0.10
CVX Chevron Corp.	Reduce -48.4%	0.07%	−0.07
HLN Haleon PLC-ADR	Reduce -29.2%	0.06%	−0.04
SIRI Sirius XM Holdings Inc.	Reduce -13.2%	0.16%	−0.04
LBRDA Liberty Broadband-A	Reduce -18.8%	0.03%	−0.03
CL Colgate-Palmolive Co.	Reduce -3.5%	0.10%	−0.03
NKE Nike Inc. Class B	Sold out	0.00%	−0.03
KKR KKR & Co. Inc.	Sold out	0.00%	−0.03
ABT Abbott Laboratories	Reduce -22.2%	0.06%	−0.03
TRIP Tripadvisor Inc.	Reduce -14.8%	0.57%	−0.02
MRK Merck & Co. Inc.	Reduce -5.7%	0.19%	−0.02
KHC The Kraft Heinz Co.	Reduce -12.9%	0.07%	−0.02
VOO Vanguard S&P 500 ETF	Reduce -12.0%	0.11%	−0.02
ZTS Zoetis Inc.	Reduce -4.7%	0.07%	−0.02
MSFT Microsoft Corp.	Reduce -0.1%	0.21%	−0.01
CLX Clorox Company	Reduce -1.3%	0.14%	−0.01
LLY Eli Lilly & Co.	Reduce -2.2%	0.06%	−0.01
VEA Vanguard Ftse Developed ETF	Reduce -9.2%	0.04%	−0.01
HSY The Hershey Co.	Reduce -4.8%	0.20%	−0.00
JPM JPMorgan Chase & Co.	Reduce -3.1%	0.09%	−0.00
PIPR Piper Sandler Cos	Reduce -13.2%	0.08%	−0.00
LLYVA Liberty Media Corp.-Liberty-A	Reduce -0.7%	0.03%	+0.00
LLYVK Liberty Media Corp.-Liberty-C	Reduce -3.8%	0.15%	+0.01
CABO Cable One Inc.	Reduce -12.7%	0.34%	+0.01
AAPL Apple Inc.	Reduce -2.1%	0.42%	+0.04
GOOG Alphabet Inc. Class C	Reduce -0.3%	0.25%	+0.05
LBTYA Liberty Global Ltd. Class A	Reduce -1.4%	1.91%	+0.05
JOUT Johnson Outdoors Inc. Class A	Reduce -12.8%	1.19%	+0.07
JNJ Johnson & Johnson	Reduce -5.7%	3.47%	+0.14
AMG Affiliated Managers Group	Reduce -0.3%	1.98%	+0.18

Portfolio Buys Q2 2025 → Q3 2025


PPLI People Inc.	New	3.13%	+3.13
GHC Graham Holdings Co. Class B	Add +0.1%	23.74%	+2.84
IMKTA Ingles Markets Inc. Class A	New	1.25%	+1.25
GLIBK Liberty Capital Corp. Class C	Add +664.3%	0.70%	+0.60
HTLD Heartland Express Inc.	New	0.60%	+0.60
SEB Seaboard Corp.	Add +0.7%	3.51%	+0.51
MHK Mohawk Industries Inc.	Add +0.3%	2.36%	+0.26
TMO Thermo Fisher Scientific Inc.	New	0.03%	+0.03
IDXX Idexx Laboratories Inc.	New	0.03%	+0.03
RTX RTX Corp.	New	0.03%	+0.03
DFUV Dimensional US Marketwide Va	New	0.03%	+0.03
SPY SS SPDR S&P 500 ETF Trust-US	Add +1.4%	0.18%	−0.00
L Loews Corp.	Add +0.1%	3.34%	−0.00
MCD McDonald's Corp.	Add +0.2%	0.05%	−0.00
XOM Exxon Mobil Corp.	Add +0.8%	0.13%	−0.01
MDLZ Mondelez International Inc. Class A	Add +0.1%	0.24%	−0.04
CNX CNX Resources Corp.	Add +0.9%	1.67%	−0.23
BRK.B Berkshire Hathaway Inc. Class B	Add +0.3%	15.68%	−0.89
WTM White Mountains Insurance GP	Add +3.1%	16.93%	−2.41

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	77	$912.1M	GHC, WTM, BRK.B, PPLI, UHAL.B
Q1 2026	75	$870.8M	WTM, GHC, BRK.B, PPLI, SEB
Q4 2025	75	$830.5M	GHC, WTM, BRK.B, PPLI, SEB
Q3 2025	77	$804.7M	GHC, WTM, BRK.B, SEB, JNJ
Q2 2025	72	$733.9M	GHC, WTM, BRK.B, TAP, L
Q1 2025	83	$781.0M	GHC, BRK.B, WTM, L, JNJ
Q4 2024	81	$731.8M	WTM, GHC, BRK.B, L, JNJ
Q3 2024	85	$738.5M	BRK.B, WTM, GHC, LBTYA, L
Q2 2024Amended	79	$690.0M	WTM, BRK.B, GHC, LBTYA, L
Q1 2024	77	$733.1M	WTM, BRK.B, GHC, L, JNJ