Wallace Capital Management Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Wallace Capital Management Inc. reported 75 stock positions worth $870.8 million. Its top holding was White Mountains Insurance GP (WTM) at 19.9% of the portfolio, followed by Graham Class B (GHC, 18.8%) and Berkshire Hathaway Class B (BRK.B, 13.3%). Compared with Q4 2025, it opened 3 new positions, sold out of 3, added to 11 and reduced 42. The biggest buy was a new position in U-Haul Holding Co.-Non Voting (UHAL.B) and the biggest sale Graham Class B (GHC, shares −1%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001459754
Portfolio Value
$870.8M (Q1 2026)
SEC Filing
0001420506-26-001102 ↗ filed May 15, 2026

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 Q1 2025 Q2 2025: $733.9M Q2 2025 Q3 2025: $804.7M Q3 2025 Q4 2025: $830.5M Q4 2025 Q1 2026: $870.8M $870.8M Q1 2026 Q2 2026: $912.1M Q2 2026

Holdings 75 stocks · $870.8M

WTM White Mountains Insurance GP 19.88% 78,795 $173.1M Reduce -1.9%
GHC Graham Holdings Co. Class B 18.83% 155,071 $164.0M Reduce -1.3%
BRK.B Berkshire Hathaway Inc. Class B 13.31% 241,892 $115.9M Reduce -1.1%
PPLI People Inc. filed as IAC INC 5.14% 1,119,278 $44.8M Add +26.6%
SEB Seaboard Corp. 4.80% 7,396 $41.8M Reduce -4.1%
JNJ Johnson & Johnson 3.32% 118,370 $28.9M Reduce -12.2%
L Loews Corp. 3.15% 257,326 $27.5M Reduce -1.9%
UHAL.B U-Haul Holding Co.-Non Voting 2.78% 541,890 $24.2M New
MHK Mohawk Industries Inc. 2.42% 213,765 $21.0M Add +2.7%
TAP Molson Coors Beverage Co. Class B 2.26% 456,424 $19.7M Add +14.0%
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 2.22% 518,999 $19.3M Add +2.6%
RSG Republic Services Inc. 2.02% 80,129 $17.5M Reduce -5.6%
AMG Affiliated Managers Group 2.00% 62,874 $17.4M Reduce -3.4%
IMKTA Ingles Markets Inc. Class A 1.99% 192,307 $17.3M Add +32.0%
CNX CNX Resources Corp. 1.88% 423,572 $16.3M Add +1.6%
LBTYA Liberty Global Ltd. Class A 1.79% 1,287,233 $15.6M Reduce -0.9%
POST Post Holdings Inc. filed as POST HLDGS INC 1.34% 118,168 $11.7M Reduce -1.9%
JOUT Johnson Outdoors Inc. Class A 1.33% 248,842 $11.6M Add +31.5%
UL Unilever PLC-Sponsored ADR 1.19% 181,557 $10.3M Reduce -5.0%
HTLD Heartland Express Inc. 1.16% 971,067 $10.1M Add +2.6%
BRK.A Berkshire Hathaway Inc. Class A 1.15% 14 $10.1M No change
LBTYK Liberty Global Ltd. Class C 0.45% 336,000 $3.9M Reduce -8.9%
PG The Procter & Gamble Co. 0.41% 24,562 $3.5M Reduce -3.0%
AAPL Apple Inc. 0.36% 12,345 $3.1M Reduce -8.3%
LBRDK Liberty Broadband-C 0.35% 61,213 $3.1M Reduce -4.9%
KO The Coca-Cola Co. 0.33% 37,940 $2.9M Reduce -22.3%
GOOG Alphabet Inc. Class C 0.27% 8,245 $2.4M No change
UHAL U-Haul Holding Co. 0.26% 46,645 $2.2M New
MRK Merck & Co. Inc. 0.23% 16,765 $2.0M Reduce -7.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.23% 3,052 $2.0M Add +6.5%
TRIP Tripadvisor Inc. 0.19% 155,585 $1.7M Reduce -19.4%
MDLZ Mondelez International Inc. Class A 0.18% 27,895 $1.6M Reduce -6.6%
XOM Exxon Mobil Corp. 0.18% 9,016 $1.5M Reduce -5.4%
HSY The Hershey Co. 0.17% 7,005 $1.5M Reduce -13.9%
MSFT Microsoft Corp. 0.14% 3,377 $1.3M Reduce -1.2%
MA Mastercard Inc. Class A 0.14% 2,478 $1.2M No change
SIRI Sirius XM Holdings Inc. 0.14% 53,384 $1.2M Reduce -4.0%
CABO Cable One Inc. 0.12% 11,799 $1.1M Reduce -2.1%
LLYVK Liberty Live Holdings Class C 0.12% 11,380 $1.1M Reduce -5.6%
GOOGL Alphabet Inc. Class A 0.12% 3,602 $1.0M Reduce -6.8%
V Visa Inc. Class A 0.12% 3,397 $1.0M No change
CLX Clorox Company 0.11% 9,651 $1.0M Add +15.3%
VOO Vanguard S&P 500 ETF 0.10% 1,461 $873K Add +2.8%
CL Colgate-Palmolive Co. 0.09% 9,615 $819K No change
JPM JPMorgan Chase & Co. 0.08% 2,390 $703K Reduce -1.2%
PIPR Piper Sandler Cos 0.07% 7,600 $582K No change
PM Philip Morris International 0.07% 3,511 $581K No change
UNH Unitedhealth Group Inc. 0.07% 2,119 $573K Reduce -2.1%
ENB Enbridge Inc. 0.06% 10,096 $547K Reduce -2.4%
MICC The Magnum Ice Cream Co. NV 0.05% 31,600 $472K Reduce -27.7%
CVX Chevron Corp. 0.05% 2,200 $455K Reduce -2.9%
LLY Eli Lilly & Co. 0.05% 465 $428K Reduce -2.1%
KHC The Kraft Heinz Co. 0.05% 18,569 $418K Reduce -5.4%
ZTS Zoetis Inc. 0.05% 3,491 $413K Reduce -5.4%
MCD McDonald's Corp. 0.04% 1,181 $367K Reduce -3.9%
ABBV Abbvie Inc. 0.04% 1,676 $365K Reduce -6.3%
APH Amphenol Corp. Class A 0.04% 2,850 $360K Reduce -10.9%
ADP Automatic Data Processing 0.04% 1,760 $358K No change
MRSH Marsh & McLennan Cos 0.04% 2,010 $349K No change
HIFS Hingham Institution for SVGS 0.03% 1,000 $286K No change
M Macy's Inc. 0.03% 14,952 $270K No change
GS Goldman Sachs Group Inc. 0.03% 316 $267K Reduce -29.1%
AMGN Amgen Inc. 0.03% 719 $253K Reduce -3.4%
VEA Vanguard Ftse Developed ETF 0.03% 3,862 $247K Reduce -4.3%
PGR Progressive Corp. 0.03% 1,231 $244K No change
IVV iShares Core S&P 500 ETF 0.03% 360 $235K No change
VOD Vodafone Group PLC-SP ADR 0.03% 15,000 $225K No change
DFUV Dimensional US Marketwide Va 0.03% 4,567 $221K No change
TMO Thermo Fisher Scientific Inc. 0.03% 450 $221K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.03% 765 $220K No change
RTX RTX Corp. 0.03% 1,131 $218K Reduce -8.1%
LLYVA Liberty Live Holdings Class A 0.02% 2,221 $204K New
HLN Haleon PLC-ADR 0.02% 20,211 $202K Reduce -17.7%
BKNG Booking Holdings Inc. 0.02% 48 $202K No change
GIS General Mills Inc. 0.02% 5,400 $201K No change

Portfolio Sells Q4 2025 → Q1 2026

GHC Graham Holdings Co. Class B Reduce -1.3% 18.83% −1.95
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.1% 13.31% −1.49
UL Unilever PLC-Sponsored ADR Reduce -5.0% 1.19% −0.32
AMG Affiliated Managers Group Reduce -3.4% 2.00% −0.26
WTM White Mountains Insurance GP Reduce -1.9% 19.88% −0.23
L Loews Corp. Reduce -1.9% 3.15% −0.17
RSG Republic Services Inc. Reduce -5.6% 2.02% −0.15
TRIP Tripadvisor Inc. Reduce -19.4% 0.19% −0.15
POST Post Holdings Inc. Reduce -1.9% 1.34% −0.10
AAPL Apple Inc. Reduce -8.3% 0.36% −0.08
KO The Coca-Cola Co. Reduce -22.3% 0.33% −0.08
MSFT Microsoft Corp. Reduce -1.2% 0.14% −0.06
ABT Abbott Laboratories Sold out 0.00% −0.04
CABO Cable One Inc. Reduce -2.1% 0.12% −0.04
LBTYK Liberty Global Ltd. Class C Reduce -8.9% 0.45% −0.04
JNJ Johnson & Johnson Reduce -12.2% 3.32% −0.04
PG The Procter & Gamble Co. Reduce -3.0% 0.41% −0.03
MICC The Magnum Ice Cream Co. NV Reduce -27.7% 0.05% −0.03
IDXX Idexx Laboratories Inc. Sold out 0.00% −0.03
AMZN Amazon.com Inc. Sold out 0.00% −0.03
GOOGL Alphabet Inc. Class A Reduce -6.8% 0.12% −0.03
LBRDK Liberty Broadband-C Reduce -4.9% 0.35% −0.02
UNH Unitedhealth Group Inc. Reduce -2.1% 0.07% −0.02
GS Goldman Sachs Group Inc. Reduce -29.1% 0.03% −0.02
JPM JPMorgan Chase & Co. Reduce -1.2% 0.08% −0.01
LLY Eli Lilly & Co. Reduce -2.1% 0.05% −0.01
HSY The Hershey Co. Reduce -13.9% 0.17% −0.01
APH Amphenol Corp. Class A Reduce -10.9% 0.04% −0.01
KHC The Kraft Heinz Co. Reduce -5.4% 0.05% −0.01
MDLZ Mondelez International Inc. Class A Reduce -6.6% 0.18% −0.01
ZTS Zoetis Inc. Reduce -5.4% 0.05% −0.01
ABBV Abbvie Inc. Reduce -6.3% 0.04% −0.01
HLN Haleon PLC-ADR Reduce -17.7% 0.02% −0.01
MCD McDonald's Corp. Reduce -3.9% 0.04% −0.00
RTX RTX Corp. Reduce -8.1% 0.03% −0.00
VEA Vanguard Ftse Developed ETF Reduce -4.3% 0.03% −0.00
AMGN Amgen Inc. Reduce -3.4% 0.03% −0.00
LLYVK Liberty Live Holdings Class C Reduce -5.6% 0.12% +0.00
MRK Merck & Co. Inc. Reduce -7.3% 0.23% +0.00
ENB Enbridge Inc. Reduce -2.4% 0.06% +0.00
SIRI Sirius XM Holdings Inc. Reduce -4.0% 0.14% +0.01
CVX Chevron Corp. Reduce -2.9% 0.05% +0.01
XOM Exxon Mobil Corp. Reduce -5.4% 0.18% +0.04
LBTYA Liberty Global Ltd. Class A Reduce -0.9% 1.79% +0.04
SEB Seaboard Corp. Reduce -4.1% 4.80% +0.67

Portfolio Buys Q4 2025 → Q1 2026

UHAL.B U-Haul Holding Co.-Non Voting New 2.78% +2.78
PPLI People Inc. Add +26.6% 5.14% +0.98
IMKTA Ingles Markets Inc. Class A Add +32.0% 1.99% +0.78
JOUT Johnson Outdoors Inc. Class A Add +31.5% 1.33% +0.36
UHAL U-Haul Holding Co. New 0.26% +0.26
HTLD Heartland Express Inc. Add +2.6% 1.16% +0.13
CNX CNX Resources Corp. Add +1.6% 1.88% +0.03
LLYVA Liberty Live Holdings Class A New 0.02% +0.02
CLX Clorox Company Add +15.3% 0.11% +0.01
TAP Molson Coors Beverage Co. Class B Add +14.0% 2.26% +0.01
VOO Vanguard S&P 500 ETF Add +2.8% 0.10% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +6.5% 0.23% −0.01
GLIBK Liberty Capital Corp. Class C Add +2.6% 2.22% −0.05
MHK Mohawk Industries Inc. Add +2.7% 2.42% −0.32

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