Westwood Holdings Group Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Westwood Holdings Group Inc. reported 433 stock positions worth $13.8 billion. Its top holding was Energy Transfer (ET) at 2.1% of the portfolio, followed by Williams Cos (WMB, 1.9%) and Vanguard Ftse Developed ETF (VEA, 1.9%). Compared with Q2 2025, it opened 47 new positions, sold out of 33, added to 146 and reduced 203. The biggest buy was Southstate Bank (SSB, shares +11992%) and the biggest sale Union Pacific (UNP, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001165002
- Portfolio Value
- $13.8B (Q3 2025)
- SEC Filing
- 0001165002-25-000061 ↗ filed Nov 14, 2025
Holdings Value
Holdings 433 stocks · $13.8B
| ET Energy Transfer LP | 2.10% | 16,926,370 | $290.5M | Add +1.5% |
| WMB Williams Cos Inc. | 1.90% | 4,143,648 | $262.5M | Add +0.8% |
| VEA Vanguard Ftse Developed ETF | 1.88% | 4,325,714 | $259.2M | Add +9.4% |
| KMI Kinder Morgan Inc. | 1.72% | 8,396,884 | $237.7M | Add +19.0% |
| LNG Cheniere Energy Inc. | 1.37% | 805,377 | $189.2M | Reduce -0.1% |
| MSFT Microsoft Corp. | 1.28% | 341,494 | $176.9M | Reduce -23.3% |
| EPD Enterprise Products Partners | 1.26% | 5,584,415 | $174.6M | Reduce -1.0% |
| AMZN Amazon.com Inc. | 1.15% | 725,085 | $159.2M | Add +14.4% |
| GOOGL Alphabet Inc. Class A | 1.14% | 646,854 | $157.3M | Reduce -10.5% |
| AAPL Apple Inc. | 1.10% | 596,995 | $152.0M | Add +117.2% |
| TRGP Targa Resources Corp. | 1.01% | 830,023 | $139.1M | Reduce -13.0% |
| JPM JPMorgan Chase & Co. | 0.96% | 421,572 | $133.0M | Reduce -37.7% |
| OKE Oneok Inc. | 0.93% | 1,757,631 | $128.3M | Reduce -9.2% |
| SSB Southstate Bank Corp. | 0.92% | 1,279,956 | $126.5M | Add +11992.2% |
| CFR Cullen/Frost Bankers Inc. | 0.91% | 996,401 | $126.3M | Add +126.5% |
| DTM DT Midstream Inc. | 0.91% | 1,109,447 | $125.4M | Add +2.1% |
| ENB Enbridge Inc. | 0.90% | 2,449,648 | $123.6M | Add +6.5% |
| JNJ Johnson & Johnson | 0.87% | 649,503 | $120.4M | Reduce -10.6% |
| ABT Abbott Laboratories | 0.86% | 881,996 | $118.1M | Reduce -17.6% |
| GD General Dynamics Corp. | 0.85% | 343,618 | $117.2M | Reduce -13.7% |
| TRP TC Energy Corp. | 0.82% | 2,080,366 | $113.2M | Add +3.5% |
| VRRM Verra Mobility Corp. | 0.81% | 4,553,928 | $112.5M | Add +0.3% |
| MPLX MPLX LP | 0.81% | 2,238,864 | $111.8M | Add +1.5% |
| META Meta Platforms Inc. Class A | 0.79% | 148,792 | $109.3M | Add +3698.6% |
| HD Home Depot Inc. | 0.78% | 266,031 | $107.8M | Add +231.6% |
| AIR Aar Corp. | 0.77% | 1,191,649 | $106.9M | Reduce -23.4% |
| AVA Avista Corp. | 0.77% | 2,806,191 | $106.1M | Add +33.0% |
| PKG Packaging Corp. of America | 0.77% | 485,976 | $105.9M | New |
| PCH Potlatchdeltic Corp. | 0.76% | 2,581,597 | $105.2M | Reduce -7.5% |
| HUBB Hubbell Inc. | 0.75% | 241,785 | $104.0M | Reduce -17.9% |
| CDP Copt Defense Properties | 0.75% | 3,574,133 | $103.9M | Reduce -1.3% |
| WEC WEC Energy Group Inc. | 0.74% | 891,004 | $102.1M | Reduce -9.8% |
| PIPR Piper Sandler Cos | 0.71% | 281,858 | $97.8M | Reduce -18.0% |
| IPAR Interparfums Inc. | 0.70% | 976,557 | $96.1M | Add +25.9% |
| ASO Academy Sports & Outdoors Inc. | 0.69% | 1,917,085 | $95.9M | Reduce -9.2% |
| BLBD Blue Bird Corp. | 0.69% | 1,659,675 | $95.5M | Reduce -25.7% |
| SXT Sensient Technologies Corp. | 0.68% | 1,003,271 | $94.2M | Add +8.3% |
| MOG.A Moog Inc. Class A | 0.68% | 452,803 | $94.0M | Reduce -6.7% |
| EXP Eagle Materials Inc. | 0.68% | 401,189 | $93.5M | Add +277.6% |
| TXN Texas Instruments Inc. | 0.66% | 494,967 | $90.9M | Reduce -13.6% |
| SM SM Energy Co. | 0.66% | 3,637,348 | $90.8M | Reduce -2.5% |
| TMUS T-Mobile US Inc. | 0.65% | 372,342 | $89.1M | Reduce -9.0% |
| CVX Chevron Corp. | 0.64% | 566,370 | $88.0M | Reduce -9.2% |
| WFC Wells Fargo & Co. | 0.64% | 1,049,137 | $87.9M | Reduce -13.8% |
| XOM Exxon Mobil Corp. | 0.62% | 764,599 | $86.2M | Reduce -7.9% |
| BCC Boise Cascade Co. | 0.62% | 1,113,726 | $86.1M | Reduce -32.3% |
| PGR Progressive Corp. | 0.59% | 332,657 | $82.2M | Add +5.7% |
| BLD Topbuild Corp. | 0.58% | 205,677 | $80.4M | Reduce -32.0% |
| DE Deere & Co. | 0.58% | 174,787 | $79.9M | Add +79.1% |
| ECG Everus Construction Group | 0.57% | 911,413 | $78.2M | Reduce -23.0% |
| ORLY O'reilly Automotive Inc. | 0.57% | 724,550 | $78.1M | Reduce -11.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.56% | 676,753 | $77.5M | Reduce -29.8% |
| CSX CSX Corp. | 0.56% | 2,180,265 | $77.4M | New |
| CAKE The Cheesecake Factory Inc. | 0.56% | 1,411,081 | $77.1M | Add +10.7% |
| CRM Salesforce Inc. | 0.56% | 324,765 | $77.0M | Reduce -0.1% |
| VECO Veeco Instruments Inc. | 0.56% | 2,522,914 | $76.8M | Reduce -7.4% |
| CCS Century Communities Inc. | 0.55% | 1,199,270 | $76.0M | Reduce -10.6% |
| HAYW Hayward Holdings Inc. | 0.55% | 5,025,913 | $76.0M | Add +79.0% |
| BANR Banner Corporation | 0.55% | 1,153,240 | $75.5M | Reduce -2.3% |
| UE Urban Edge Properties | 0.55% | 3,678,020 | $75.3M | Reduce -6.7% |
| SBCF Seacoast Banking Corp. | 0.54% | 2,447,924 | $74.5M | Reduce -12.6% |
| AUB Atlantic Union Bankshares Co. | 0.54% | 2,106,756 | $74.3M | Reduce -11.4% |
| ATMU Atmus Filtration Technologie | 0.53% | 1,638,389 | $73.9M | Add +388.6% |
| BL Blackline Inc. | 0.53% | 1,385,983 | $73.6M | Add +5.4% |
| FBNC First Bancorp | 0.53% | 1,387,545 | $73.4M | Reduce -20.3% |
| NEE Nextera Energy Inc. | 0.53% | 971,550 | $73.3M | Reduce -7.1% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.53% | 2,208,119 | $73.3M | Reduce -11.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.53% | 145,712 | $73.3M | Add +9.6% |
| MMSI Merit Medical Systems Inc. | 0.53% | 878,398 | $73.1M | Add +14.2% |
| ALG Alamo Group Inc. | 0.53% | 381,576 | $72.8M | Add +12.1% |
| CHCO City Holding Co. filed as CITY HLDG CO | 0.53% | 587,634 | $72.8M | Reduce -4.6% |
| SCL Stepan Co. | 0.53% | 1,525,114 | $72.7M | Add +14.1% |
| WES Western Midstream Partners L | 0.53% | 1,848,305 | $72.6M | Add +2.2% |
| HESM Hess Midstream LP Class A | 0.52% | 2,097,814 | $72.5M | Add +0.1% |
| FCPT Four Corners Property Trust | 0.52% | 2,961,317 | $72.3M | Add +11.2% |
| MCK McKesson Corp. | 0.52% | 93,012 | $71.9M | Add +73.2% |
| RNST Renasant Corp. | 0.52% | 1,937,109 | $71.5M | Reduce -6.4% |
| WMS Advanced Drainage Systems Inc. | 0.52% | 515,173 | $71.5M | Add +104.8% |
| PBH Prestige Consumer Healthcare | 0.52% | 1,141,817 | $71.2M | Add +29.5% |
| PLD Prologis Inc. | 0.51% | 617,815 | $70.8M | Reduce -11.3% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.51% | 2,489,064 | $70.2M | Add +29.6% |
| CHD Church & Dwight Co. Inc. | 0.50% | 788,285 | $69.1M | Reduce -5.1% |
| ICE Intercontinental Exchange Inc. | 0.50% | 409,680 | $69.0M | Reduce -23.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.50% | 221,751 | $68.7M | Reduce -6.3% |
| SFNC Simmons First Natl Corp. Class A | 0.49% | 3,553,456 | $68.1M | Reduce -4.9% |
| NOG Northern Oil and Gas Inc. | 0.48% | 2,686,095 | $66.6M | Add +10.7% |
| VLTO Veralto Corp. | 0.48% | 624,388 | $66.6M | Reduce -9.8% |
| HSY The Hershey Co. | 0.48% | 355,266 | $66.5M | Reduce -13.2% |
| TMO Thermo Fisher Scientific Inc. | 0.48% | 136,567 | $66.2M | Add +6332.7% |
| SO The Southern Co. | 0.47% | 690,201 | $65.4M | Reduce -8.0% |
| MCD McDonald's Corp. | 0.47% | 213,999 | $65.0M | Add +9096.4% |
| V Visa Inc. Class A | 0.47% | 188,981 | $64.5M | Reduce -25.8% |
| NVDA Nvidia Corp. | 0.46% | 340,670 | $63.6M | Reduce -6.7% |
| LPLA LPL Financial Holdings Inc. | 0.46% | 190,089 | $63.2M | New |
| WM Waste Management Inc. | 0.45% | 283,230 | $62.5M | Reduce -5.8% |
| CNMD Conmed Corp. | 0.45% | 1,329,787 | $62.5M | Add +7.5% |
| PBA Pembina Pipeline Corp. | 0.44% | 1,507,375 | $61.0M | Reduce -7.5% |
| ADC Agree Realty Corp. | 0.43% | 841,997 | $59.8M | Reduce -5.9% |
| KKR KKR & Co. Inc. | 0.43% | 459,422 | $59.7M | New |
| NMRK Newmark Group Inc. Class A | 0.43% | 3,189,670 | $59.5M | New |
Other holdings (56): bonds, preferreds, convertibles and warrants · $200.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 195,150 | $13.3M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 184,550 | $12.8M | Add +2.5% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 375,000 | $9.5M | No change |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 190,000 | $9.1M | No change |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 283,506 | $8.9M | No change |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 7,600,000 | $7.9M | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 6,400,000 | $7.6M | Add +4.9% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 6,180,000 | $6.9M | No change |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 6,515,000 | $6.7M | No change |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 4,915,000 | $6.4M | No change |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 6,140,000 | $6.3M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 242,066 | $4.9M | No change |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 2,500,000 | $4.6M | Reduce -16.7% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 1,500,000 | $4.3M | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 2,750,000 | $3.8M | No change |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 3,500,000 | $3.6M | Add +250.0% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,100,000 | $3.5M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 2,100,000 | $3.5M | Reduce -16.0% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 3,000,000 | $3.4M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 2,000,000 | $3.3M | No change |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 2,000,000 | $3.1M | New |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 2,000,000 | $3.1M | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 3,000,000 | $3.0M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 2,000,000 | $3.0M | No change |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | 2,000,000 | $2.9M | New |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 30,000 | $2.8M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 2,000,000 | $2.8M | No change |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 2,000,000 | $2.8M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 2,800,000 | $2.8M | No change |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 2,500,000 | $2.7M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 2,250,000 | $2.7M | Reduce -18.2% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 2,000,000 | $2.6M | No change |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 2,250,000 | $2.5M | No change |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 2,200,000 | $2.4M | No change |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 1,000,000 | $2.4M | Reduce -50.0% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 2,000,000 | $2.3M | Reduce -33.3% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 1,470,000 | $2.1M | No change |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 1,750,000 | $2.1M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 2,000,000 | $2.1M | No change |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | 2,000,000 | $2.0M | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,500,000 | $2.0M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 98,002 | $2.0M | No change |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,500,000 | $1.6M | No change |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 1,500,000 | $1.5M | Reduce -40.0% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 1,000,000 | $1.4M | Reduce -55.6% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 1,500,000 | $1.4M | Reduce -50.0% |
| VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) | NOTE 2.875% 6/0 · principal | 1,000,000 | $1.3M | Reduce -50.0% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 1,000,000 | $1.1M | Reduce -60.0% |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 1,000,000 | $1.0M | Reduce -33.3% |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 1,000,000 | $893K | No change |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 1,000,000 | $888K | Reduce -60.0% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 31,000 | $785K | No change |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 500,000 | $753K | New |
| WISDOMTREE INC (WT 3.25 08/15/29) | NOTE 3.250% 8/1 · principal | 500,000 | $655K | New |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 500,000 | $501K | Reduce -50.0% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 500,000 | $455K | Reduce -66.7% |
Total filed on the 13F, all lines: $14.0B.
Portfolio Sells Q2 2025 → Q3 2025
| UNP Union Pacific Corp. | Reduce -84.5% | 0.15% | −0.81 |
| GS Goldman Sachs Group Inc. | Reduce -82.5% | 0.20% | −0.81 |
| RMBS Rambus Inc. | Reduce -86.5% | 0.18% | −0.63 |
| BWXT BWX Technologies Inc. | Reduce -86.9% | 0.11% | −0.57 |
| GMS GMS Inc. | Sold out | 0.00% | −0.52 |
| BAC Bank of America Corp. | Reduce -63.6% | 0.33% | −0.52 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.50 |
| DRI Darden Restaurants Inc. | Sold out | 0.00% | −0.50 |
| JPM JPMorgan Chase & Co. | Reduce -37.7% | 0.96% | −0.47 |
| BCC Boise Cascade Co. | Reduce -32.3% | 0.62% | −0.42 |
| TXNM TXNM Energy Inc. | Reduce -99.5% | 0.00% | −0.40 |
| MRVL Marvell Technology Inc. | Reduce -68.3% | 0.20% | −0.38 |
| MSFT Microsoft Corp. | Reduce -23.3% | 1.28% | −0.34 |
| EOG EOG Resources Inc. | Reduce -79.0% | 0.08% | −0.33 |
| DIS The Walt Disney Co. | Reduce -29.8% | 0.56% | −0.31 |
| WMT Walmart Inc. | Reduce -46.8% | 0.34% | −0.27 |
| PLYM Plymouth Industrial REIT Inc. | Reduce -60.5% | 0.29% | −0.24 |
| ADBE Adobe Inc. | Reduce -98.7% | 0.00% | −0.24 |
| AMT American Tower Corp. | Reduce -87.7% | 0.03% | −0.24 |
| ACN Accenture PLC Class A | Reduce -35.9% | 0.26% | −0.23 |
| OKE Oneok Inc. | Reduce -9.2% | 0.93% | −0.23 |
| ICE Intercontinental Exchange Inc. | Reduce -23.9% | 0.50% | −0.22 |
| TXN Texas Instruments Inc. | Reduce -13.6% | 0.66% | −0.21 |
| ABT Abbott Laboratories | Reduce -17.6% | 0.86% | −0.21 |
| TRGP Targa Resources Corp. | Reduce -13.0% | 1.01% | −0.21 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.20 |
| V Visa Inc. Class A | Reduce -25.8% | 0.47% | −0.19 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -66.8% | 0.09% | −0.19 |
| CMG Chipotle Mexican Grill Inc. | Reduce -97.7% | 0.00% | −0.18 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.15 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −0.15 |
| DUOL Duolingo | Reduce -97.9% | 0.00% | −0.14 |
| MKTX Marketaxess Holdings Inc. | Sold out | 0.00% | −0.14 |
| TLT iShares 20+ Year Treasury BD | Reduce -77.1% | 0.04% | −0.13 |
| BLD Topbuild Corp. | Reduce -32.0% | 0.58% | −0.13 |
| HUBB Hubbell Inc. | Reduce -17.9% | 0.75% | −0.13 |
| LOW Lowe's Cos Inc. | Reduce -98.4% | 0.00% | −0.12 |
| VTWG Vanguard Russell 2000 Growth | Reduce -57.2% | 0.11% | −0.12 |
| DPZ Domino's Pizza Inc. | Reduce -30.2% | 0.21% | −0.11 |
| INTC Intel Corp. | Reduce -92.2% | 0.01% | −0.11 |
| ELS Equity Lifestyle Properties | Sold out | 0.00% | −0.10 |
| PAGP Plains GP Holdings LP | Reduce -17.0% | 0.35% | −0.10 |
| CL Colgate-Palmolive Co. | Reduce -97.0% | 0.00% | −0.09 |
| CRM Salesforce Inc. | Reduce -0.1% | 0.56% | −0.09 |
| CHD Church & Dwight Co. Inc. | Reduce -5.1% | 0.50% | −0.08 |
| MLM Martin Marietta Materials | Reduce -55.7% | 0.08% | −0.08 |
| INR Infinity Natural Resour Class A | Reduce -1.4% | 0.18% | −0.08 |
| WFC Wells Fargo & Co. | Reduce -13.8% | 0.64% | −0.08 |
| KNTK Kinetik Holdings Inc. | Reduce -16.3% | 0.31% | −0.07 |
| TMUS T-Mobile US Inc. | Reduce -9.0% | 0.65% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| SSB Southstate Bank Corp. | Add +11992.2% | 0.92% | +0.91 |
| META Meta Platforms Inc. Class A | Add +3698.6% | 0.79% | +0.77 |
| PKG Packaging Corp. of America | New | 0.77% | +0.77 |
| AAPL Apple Inc. | Add +117.2% | 1.10% | +0.69 |
| HD Home Depot Inc. | Add +231.6% | 0.78% | +0.57 |
| CSX CSX Corp. | New | 0.56% | +0.56 |
| EXP Eagle Materials Inc. | Add +277.6% | 0.68% | +0.52 |
| CFR Cullen/Frost Bankers Inc. | Add +126.5% | 0.91% | +0.50 |
| TMO Thermo Fisher Scientific Inc. | Add +6332.7% | 0.48% | +0.47 |
| MCD McDonald's Corp. | Add +9096.4% | 0.47% | +0.47 |
| LPLA LPL Financial Holdings Inc. | New | 0.46% | +0.46 |
| ATMU Atmus Filtration Technologie | Add +388.6% | 0.53% | +0.45 |
| KKR KKR & Co. Inc. | New | 0.43% | +0.43 |
| NMRK Newmark Group Inc. Class A | New | 0.43% | +0.43 |
| KNF Knife River Corp. | New | 0.40% | +0.40 |
| WMS Advanced Drainage Systems Inc. | Add +104.8% | 0.52% | +0.31 |
| SXI Standex International Corp. | New | 0.30% | +0.30 |
| HAYW Hayward Holdings Inc. | Add +79.0% | 0.55% | +0.27 |
| MCK McKesson Corp. | Add +73.2% | 0.52% | +0.23 |
| VEA Vanguard Ftse Developed ETF | Add +9.4% | 1.88% | +0.23 |
| DE Deere & Co. | Add +79.1% | 0.58% | +0.22 |
| KMI Kinder Morgan Inc. | Add +19.0% | 1.72% | +0.21 |
| NRG NRG Energy Inc. | New | 0.20% | +0.20 |
| AVA Avista Corp. | Add +33.0% | 0.77% | +0.18 |
| WMG Warner Music Group Corp. Class A | New | 0.18% | +0.18 |
| NFG National Fuel Gas Co. | New | 0.17% | +0.17 |
| GDX Vaneck Gold Miners ETF | New | 0.17% | +0.17 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +53.4% | 0.42% | +0.16 |
| EZU iShares MSCI Eurozone ETF | New | 0.16% | +0.16 |
| QQQ Invesco QQQ Trust Series 1 | Add +87.1% | 0.29% | +0.15 |
| AMZN Amazon.com Inc. | Add +14.4% | 1.15% | +0.14 |
| ENB Enbridge Inc. | Add +6.5% | 0.90% | +0.13 |
| FBK FB Financial Corp. | New | 0.13% | +0.13 |
| AVGO Broadcom Inc. | Add +102.3% | 0.19% | +0.11 |
| WBI Waterbridge Infrastruc Class A | New | 0.11% | +0.11 |
| TRP TC Energy Corp. | Add +3.5% | 0.82% | +0.10 |
| XLC SS Comm Select Sector SPDR | New | 0.09% | +0.09 |
| TSLA Tesla Inc. | Add +524.0% | 0.09% | +0.08 |
| XLE SS Energy Select Sector | New | 0.08% | +0.08 |
| MPWR Monolithic Power Systems Inc. | Add +87.7% | 0.13% | +0.08 |
| ALC Alcon Inc. | Add +374.0% | 0.10% | +0.07 |
| HYD Vaneck High Yield Muni ETF | New | 0.07% | +0.07 |
| LHX L3HARRIS Technologies Inc. | Add +721.3% | 0.08% | +0.07 |
| PWP Perella Weinberg Partners | Add +22.7% | 0.27% | +0.07 |
| CDW CDW Corp. | Add +332.5% | 0.09% | +0.07 |
| NOC Northrop Grumman Corp. | Add +2197.5% | 0.06% | +0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +9.6% | 0.53% | +0.06 |
| SMMD iShares Russell 2500 ETF | New | 0.06% | +0.06 |
| EEM iShares MSCI Emerging Market | New | 0.05% | +0.05 |
| RSP Invesco S&P 500 Equal Weight | New | 0.05% | +0.05 |
Notes & Other Activity Q2 2025 → Q3 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +2.5% | 184,550 | $12.8M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Add +4.9% | 6,400,000 | $7.6M |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | Sold out | 6,385,000 | $6.4Mbefore exit |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Reduce -16.7% | 2,500,000 | $4.6M |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | Add +250.0% | 3,500,000 | $3.6M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Sold out | 3,500,000 | $3.5Mbefore exit |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -16.0% | 2,100,000 | $3.5M |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | New | 2,000,000 | $3.1M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Sold out | 3,000,000 | $3.0Mbefore exit |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | New | 2,000,000 | $2.9M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -18.2% | 2,250,000 | $2.7M |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | Sold out | 2,500,000 | $2.5Mbefore exit |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | Sold out | 2,500,000 | $2.5Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Reduce -50.0% | 1,000,000 | $2.4M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Reduce -33.3% | 2,000,000 | $2.3M |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | New | 2,000,000 | $2.0M |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Sold out | 2,000,000 | $2.0Mbefore exit |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Sold out | 1,500,000 | $1.5Mbefore exit |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | Sold out | 1,500,000 | $1.5Mbefore exit |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | Reduce -40.0% | 1,500,000 | $1.5M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Reduce -55.6% | 1,000,000 | $1.4M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -50.0% | 1,500,000 | $1.4M |
| VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) | NOTE 2.875% 6/0 · principal | Reduce -50.0% | 1,000,000 | $1.3M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Reduce -60.0% | 1,000,000 | $1.1M |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Reduce -33.3% | 1,000,000 | $1.0M |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Sold out | 1,000,000 | $1.0Mbefore exit |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Reduce -60.0% | 1,000,000 | $888K |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | New | 500,000 | $753K |
| WISDOMTREE INC (WT 3.25 08/15/29) | NOTE 3.250% 8/1 · principal | New | 500,000 | $655K |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Reduce -50.0% | 500,000 | $501K |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -66.7% | 500,000 | $455K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 617 | $13.2B | WMB, VEA, ET, BIL, KMI |
| Q1 2026 | 452 | $13.7B | WMB, ET, BIL, VEA, KMI |
| Q4 2025 | 426 | $12.1B | VEA, WMB, KMI, LNG, TRGP |
| Q3 2025 | 433 | $13.8B | ET, WMB, VEA, KMI, LNG |
| Q2 2025Amended | 419 | $13.7B | ET, WMB, VEA, MSFT, KMI |
| Q1 2025 | 416 | $13.1B | ET, WMB, OKE, TRGP, MSFT |
| Q4 2024 | 439 | $12.8B | ET, WMB, MSFT, JPM, TRGP |
| Q3 2024 | 424 | $12.9B | ET, MSFT, WMB, JPM, WES |
| Q2 2024 | 412 | $12.1B | ET, MSFT, LNG, AAPL, JPM |
| Q1 2024Amended | 414 | $12.6B | ET, MSFT, JPM, LNG, OKE |