Wallace Capital Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Wallace Capital Management Inc. reported 75 stock positions worth $830.5 million. Its top holding was Graham Class B (GHC) at 20.8% of the portfolio, followed by White Mountains Insurance GP (WTM, 20.1%) and Berkshire Hathaway Class B (BRK.B, 14.8%). Compared with Q3 2025, it opened 3 new positions, sold out of 6, added to 16 and reduced 40. The biggest buy was Liberty Capital Class C (GLIBK, shares +234%) and the biggest sale Graham Class B (GHC, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001459754
- Portfolio Value
- $830.5M (Q4 2025)
- SEC Filing
- 0001420506-26-000544 ↗ filed Feb 17, 2026
Holdings Value
Holdings 75 stocks · $830.5M
| GHC Graham Holdings Co. Class B | 20.78% | 157,068 | $172.6M | Reduce -3.2% |
| WTM White Mountains Insurance GP | 20.10% | 80,347 | $167.0M | Reduce -1.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 14.80% | 244,536 | $122.9M | Reduce -2.6% |
| PPLI People Inc. filed as IAC INC | 4.16% | 883,775 | $34.6M | Add +19.7% |
| SEB Seaboard Corp. | 4.13% | 7,713 | $34.3M | Reduce -0.3% |
| JNJ Johnson & Johnson | 3.36% | 134,819 | $27.9M | Reduce -10.4% |
| L Loews Corp. | 3.33% | 262,210 | $27.6M | Reduce -2.2% |
| MHK Mohawk Industries Inc. | 2.74% | 208,222 | $22.8M | Add +41.4% |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 2.27% | 505,977 | $18.8M | Add +234.1% |
| AMG Affiliated Managers Group | 2.26% | 65,097 | $18.8M | Reduce -2.7% |
| TAP Molson Coors Beverage Co. Class B | 2.25% | 400,400 | $18.7M | Reduce -24.2% |
| RSG Republic Services Inc. | 2.17% | 84,873 | $18.0M | Reduce -5.2% |
| CNX CNX Resources Corp. | 1.84% | 416,707 | $15.3M | Reduce -0.4% |
| LBTYA Liberty Global Ltd. Class A | 1.74% | 1,299,236 | $14.5M | Reduce -3.1% |
| UL Unilever PLC-Sponsored ADR | 1.51% | 191,192 | $12.5M | Reduce -21.8% |
| POST Post Holdings Inc. filed as POST HLDGS INC | 1.44% | 120,458 | $11.9M | Reduce -1.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.27% | 14 | $10.6M | No change |
| IMKTA Ingles Markets Inc. Class A | 1.20% | 145,649 | $10.0M | Add +0.8% |
| HTLD Heartland Express Inc. | 1.03% | 946,374 | $8.5M | Add +65.6% |
| JOUT Johnson Outdoors Inc. Class A | 0.97% | 189,296 | $8.0M | Reduce -20.0% |
| LBTYK Liberty Global Ltd. Class C | 0.49% | 368,763 | $4.1M | Reduce -40.0% |
| AAPL Apple Inc. | 0.44% | 13,470 | $3.7M | Add +1.0% |
| PG The Procter & Gamble Co. | 0.44% | 25,334 | $3.6M | Add +0.7% |
| KO The Coca-Cola Co. | 0.41% | 48,843 | $3.4M | Reduce -22.4% |
| LBRDK Liberty Broadband-C | 0.38% | 64,339 | $3.1M | Reduce -32.2% |
| TRIP Tripadvisor Inc. | 0.34% | 193,107 | $2.8M | Reduce -31.8% |
| GOOG Alphabet Inc. Class C | 0.31% | 8,245 | $2.6M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.24% | 2,867 | $2.0M | Add +31.7% |
| MRK Merck & Co. Inc. | 0.23% | 18,080 | $1.9M | Add +1.7% |
| MSFT Microsoft Corp. | 0.20% | 3,417 | $1.7M | Add +4.9% |
| MDLZ Mondelez International Inc. Class A | 0.19% | 29,866 | $1.6M | Reduce -5.3% |
| HSY The Hershey Co. | 0.18% | 8,135 | $1.5M | Reduce -6.0% |
| MA Mastercard Inc. Class A | 0.17% | 2,478 | $1.4M | Reduce -2.0% |
| CABO Cable One Inc. | 0.16% | 12,058 | $1.4M | Reduce -21.5% |
| GOOGL Alphabet Inc. Class A | 0.15% | 3,867 | $1.2M | Add +21.7% |
| V Visa Inc. Class A | 0.14% | 3,397 | $1.2M | Reduce -6.8% |
| XOM Exxon Mobil Corp. | 0.14% | 9,534 | $1.1M | Add +6.2% |
| SIRI Sirius XM Holdings Inc. | 0.13% | 55,585 | $1.1M | Reduce -0.7% |
| LLYVK Liberty Live Holdings Class C | 0.12% | 12,059 | $1.0M | Reduce -6.0% |
| VOO Vanguard S&P 500 ETF | 0.11% | 1,421 | $891K | Reduce -3.4% |
| CLX Clorox Company | 0.10% | 8,371 | $844K | Reduce -5.5% |
| JPM JPMorgan Chase & Co. | 0.09% | 2,420 | $780K | Add +4.8% |
| CL Colgate-Palmolive Co. | 0.09% | 9,615 | $760K | Reduce -6.8% |
| UNH Unitedhealth Group Inc. | 0.09% | 2,164 | $714K | Add +2.1% |
| MICC The Magnum Ice Cream Co. NV | 0.08% | 43,704 | $693K | Reduce -20.6% |
| PIPR Piper Sandler Cos | 0.08% | 1,900 | $645K | No change |
| PM Philip Morris International | 0.07% | 3,511 | $563K | No change |
| LLY Eli Lilly & Co. | 0.06% | 475 | $510K | Reduce -27.5% |
| ENB Enbridge Inc. | 0.06% | 10,346 | $495K | No change |
| KHC The Kraft Heinz Co. | 0.06% | 19,622 | $476K | Reduce -10.4% |
| ZTS Zoetis Inc. | 0.06% | 3,691 | $464K | No change |
| ADP Automatic Data Processing | 0.05% | 1,760 | $453K | Add +7.3% |
| APH Amphenol Corp. Class A | 0.05% | 3,200 | $432K | No change |
| ABBV Abbvie Inc. | 0.05% | 1,789 | $409K | No change |
| GS Goldman Sachs Group Inc. | 0.05% | 446 | $392K | Reduce -2.2% |
| MCD McDonald's Corp. | 0.05% | 1,229 | $376K | Reduce -3.5% |
| MRSH Marsh & McLennan Cos | 0.04% | 2,010 | $373K | Add +2.5% |
| ABT Abbott Laboratories | 0.04% | 2,900 | $363K | Reduce -17.1% |
| CVX Chevron Corp. | 0.04% | 2,265 | $345K | Reduce -35.6% |
| M Macy's Inc. | 0.04% | 14,952 | $330K | New |
| HIFS Hingham Institution for SVGS | 0.03% | 1,000 | $284K | No change |
| PGR Progressive Corp. | 0.03% | 1,231 | $280K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.03% | 450 | $261K | Reduce -5.3% |
| BKNG Booking Holdings Inc. | 0.03% | 48 | $257K | No change |
| VEA Vanguard Ftse Developed ETF | 0.03% | 4,037 | $252K | Reduce -18.1% |
| GIS General Mills Inc. | 0.03% | 5,400 | $251K | Reduce -21.7% |
| HLN Haleon PLC-ADR | 0.03% | 24,551 | $248K | Reduce -50.4% |
| IVV iShares Core S&P 500 ETF | 0.03% | 360 | $247K | Reduce -2.2% |
| AMGN Amgen Inc. | 0.03% | 744 | $244K | New |
| IDXX Idexx Laboratories Inc. | 0.03% | 350 | $237K | No change |
| AMZN Amazon.com Inc. | 0.03% | 995 | $230K | New |
| RTX RTX Corp. | 0.03% | 1,231 | $226K | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.03% | 765 | $222K | No change |
| DFUV Dimensional US Marketwide Va | 0.03% | 4,567 | $213K | No change |
| VOD Vodafone Group PLC-SP ADR | 0.02% | 15,000 | $198K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| GHC Graham Holdings Co. Class B | Reduce -3.2% | 20.78% | −2.96 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.6% | 14.80% | −0.88 |
| TAP Molson Coors Beverage Co. Class B | Reduce -24.2% | 2.25% | −0.72 |
| UL Unilever PLC-Sponsored ADR | Reduce -21.8% | 1.51% | −0.52 |
| LBTYK Liberty Global Ltd. Class C | Reduce -40.0% | 0.49% | −0.41 |
| RSG Republic Services Inc. | Reduce -5.2% | 2.17% | −0.39 |
| LBRDK Liberty Broadband-C | Reduce -32.2% | 0.38% | −0.37 |
| TRIP Tripadvisor Inc. | Reduce -31.8% | 0.34% | −0.23 |
| JOUT Johnson Outdoors Inc. Class A | Reduce -20.0% | 0.97% | −0.22 |
| POST Post Holdings Inc. | Reduce -1.6% | 1.44% | −0.20 |
| CABO Cable One Inc. | Reduce -21.5% | 0.16% | −0.17 |
| LBTYA Liberty Global Ltd. Class A | Reduce -3.1% | 1.74% | −0.17 |
| KO The Coca-Cola Co. | Reduce -22.4% | 0.41% | −0.11 |
| JNJ Johnson & Johnson | Reduce -10.4% | 3.36% | −0.11 |
| MDLZ Mondelez International Inc. Class A | Reduce -5.3% | 0.19% | −0.05 |
| CLX Clorox Company | Reduce -5.5% | 0.10% | −0.03 |
| LLYVK Liberty Live Holdings Class C | Reduce -6.0% | 0.12% | −0.03 |
| TOST Toast Inc. Class A | Sold out | 0.00% | −0.03 |
| LLYVA Liberty Media Corp.-Liberty-A | Sold out | 0.00% | −0.03 |
| LBRDA Liberty Broadband-A | Sold out | 0.00% | −0.03 |
| SIRI Sirius XM Holdings Inc. | Reduce -0.7% | 0.13% | −0.03 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.03 |
| CVX Chevron Corp. | Reduce -35.6% | 0.04% | −0.03 |
| HLN Haleon PLC-ADR | Reduce -50.4% | 0.03% | −0.03 |
| MICC The Magnum Ice Cream Co. NV | Reduce -20.6% | 0.08% | −0.03 |
| HSY The Hershey Co. | Reduce -6.0% | 0.18% | −0.02 |
| L Loews Corp. | Reduce -2.2% | 3.33% | −0.02 |
| ABT Abbott Laboratories | Reduce -17.1% | 0.04% | −0.01 |
| KHC The Kraft Heinz Co. | Reduce -10.4% | 0.06% | −0.01 |
| GIS General Mills Inc. | Reduce -21.7% | 0.03% | −0.01 |
| V Visa Inc. Class A | Reduce -6.8% | 0.14% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -6.8% | 0.09% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -2.0% | 0.17% | −0.01 |
| CLAR Clarus Corp. | Sold out | 0.00% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -18.1% | 0.03% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -3.4% | 0.11% | −0.00 |
| CRWS Crown Crafts Inc. | Sold out | 0.00% | −0.00 |
| MCD McDonald's Corp. | Reduce -3.5% | 0.05% | −0.00 |
| IVV iShares Core S&P 500 ETF | Reduce -2.2% | 0.03% | −0.00 |
| LLY Eli Lilly & Co. | Reduce -27.5% | 0.06% | −0.00 |
| GS Goldman Sachs Group Inc. | Reduce -2.2% | 0.05% | +0.00 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.3% | 0.03% | +0.00 |
| CNX CNX Resources Corp. | Reduce -0.4% | 1.84% | +0.18 |
| AMG Affiliated Managers Group | Reduce -2.7% | 2.26% | +0.28 |
| SEB Seaboard Corp. | Reduce -0.3% | 4.13% | +0.62 |
| WTM White Mountains Insurance GP | Reduce -1.4% | 20.10% | +3.18 |
Portfolio Buys Q3 2025 → Q4 2025
| GLIBK Liberty Capital Corp. Class C | Add +234.1% | 2.27% | +1.57 |
| PPLI People Inc. | Add +19.7% | 4.16% | +1.04 |
| HTLD Heartland Express Inc. | Add +65.6% | 1.03% | +0.43 |
| MHK Mohawk Industries Inc. | Add +41.4% | 2.74% | +0.38 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +31.7% | 0.24% | +0.06 |
| GOOGL Alphabet Inc. Class A | Add +21.7% | 0.15% | +0.05 |
| MRK Merck & Co. Inc. | Add +1.7% | 0.23% | +0.04 |
| M Macy's Inc. | New | 0.04% | +0.04 |
| AMGN Amgen Inc. | New | 0.03% | +0.03 |
| AMZN Amazon.com Inc. | New | 0.03% | +0.03 |
| AAPL Apple Inc. | Add +1.0% | 0.44% | +0.02 |
| XOM Exxon Mobil Corp. | Add +6.2% | 0.14% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +4.8% | 0.09% | +0.00 |
| MRSH Marsh & McLennan Cos | Add +2.5% | 0.04% | −0.00 |
| UNH Unitedhealth Group Inc. | Add +2.1% | 0.09% | −0.00 |
| ADP Automatic Data Processing | Add +7.3% | 0.05% | −0.01 |
| MSFT Microsoft Corp. | Add +4.9% | 0.20% | −0.01 |
| PG The Procter & Gamble Co. | Add +0.7% | 0.44% | −0.04 |
| IMKTA Ingles Markets Inc. Class A | Add +0.8% | 1.20% | −0.05 |
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 |