Westwood Holdings Group Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Westwood Holdings Group Inc. reported 426 stock positions worth $12.1 billion. Its top holding was Vanguard Ftse Developed ETF (VEA) at 2.4% of the portfolio, followed by Williams Cos (WMB, 2.1%) and Kinder Morgan (KMI, 1.9%). Compared with Q3 2025, it opened 36 new positions, sold out of 44, added to 127 and reduced 221. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +10%) and the biggest sale Energy Transfer (ET, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001165002
- Portfolio Value
- $12.1B (Q4 2025)
- SEC Filing
- 0001165002-26-000006 ↗ filed Feb 17, 2026
Holdings Value
Holdings 426 stocks · $12.1B
| VEA Vanguard Ftse Developed ETF | 2.45% | 4,754,095 | $297.0M | Add +9.9% |
| WMB Williams Cos Inc. | 2.11% | 4,256,309 | $255.8M | Add +2.7% |
| KMI Kinder Morgan Inc. | 1.89% | 8,350,611 | $229.6M | Reduce -0.6% |
| LNG Cheniere Energy Inc. | 1.25% | 778,102 | $151.3M | Reduce -3.4% |
| TRGP Targa Resources Corp. | 1.24% | 813,777 | $150.1M | Reduce -2.0% |
| MSFT Microsoft Corp. | 1.23% | 309,221 | $149.5M | Reduce -9.4% |
| AAPL Apple Inc. | 1.15% | 514,420 | $139.9M | Reduce -13.8% |
| AMZN Amazon.com Inc. | 1.12% | 588,130 | $135.8M | Reduce -18.9% |
| DTM DT Midstream Inc. | 1.11% | 1,127,338 | $134.9M | Add +1.6% |
| OKE Oneok Inc. | 1.07% | 1,770,938 | $130.2M | Add +0.8% |
| ENB Enbridge Inc. | 1.07% | 2,704,357 | $129.3M | Add +10.4% |
| GOOGL Alphabet Inc. Class A | 1.01% | 390,165 | $122.1M | Reduce -39.7% |
| JPM JPMorgan Chase & Co. | 0.97% | 367,024 | $118.3M | Reduce -12.9% |
| TRP TC Energy Corp. | 0.96% | 2,124,838 | $116.9M | Add +2.1% |
| VRRM Verra Mobility Corp. | 0.88% | 4,761,255 | $106.7M | Add +4.5% |
| JNJ Johnson & Johnson | 0.87% | 511,744 | $105.9M | Reduce -21.2% |
| SXT Sensient Technologies Corp. | 0.86% | 1,107,789 | $104.1M | Add +10.4% |
| AVA Avista Corp. | 0.83% | 2,616,743 | $100.8M | Reduce -6.8% |
| CDP Copt Defense Properties | 0.83% | 3,609,137 | $100.3M | Add +1.0% |
| SSB Southstate Bank Corp. | 0.82% | 1,050,659 | $98.9M | Reduce -17.9% |
| CFR Cullen/Frost Bankers Inc. | 0.81% | 778,429 | $98.6M | Reduce -21.9% |
| PIPR Piper Sandler Cos | 0.76% | 272,055 | $92.4M | Reduce -3.5% |
| ASO Academy Sports & Outdoors Inc. | 0.74% | 1,793,592 | $89.6M | Reduce -6.4% |
| BLBD Blue Bird Corp. | 0.73% | 1,895,038 | $89.1M | Add +14.2% |
| PKG Packaging Corp. of America | 0.73% | 430,025 | $88.7M | Reduce -11.5% |
| MOG.A Moog Inc. Class A | 0.72% | 356,657 | $86.9M | Reduce -21.2% |
| IPAR Interparfums Inc. | 0.71% | 1,012,336 | $85.9M | Add +3.7% |
| BL Blackline Inc. | 0.69% | 1,519,799 | $84.0M | Add +9.7% |
| META Meta Platforms Inc. Class A | 0.69% | 126,720 | $83.6M | Reduce -14.8% |
| HUBB Hubbell Inc. | 0.69% | 187,340 | $83.2M | Reduce -22.5% |
| ABT Abbott Laboratories | 0.67% | 645,404 | $80.9M | Reduce -26.8% |
| WEC WEC Energy Group Inc. | 0.67% | 765,711 | $80.8M | Reduce -14.1% |
| HD Home Depot Inc. | 0.66% | 234,191 | $80.6M | Reduce -12.0% |
| XOM Exxon Mobil Corp. | 0.64% | 644,116 | $77.5M | Reduce -15.8% |
| CAKE The Cheesecake Factory Inc. | 0.62% | 1,500,052 | $75.7M | Add +6.3% |
| CCS Century Communities Inc. | 0.62% | 1,271,128 | $75.4M | Add +6.0% |
| WFC Wells Fargo & Co. | 0.62% | 804,227 | $75.0M | Reduce -23.3% |
| TXN Texas Instruments Inc. | 0.62% | 430,573 | $74.7M | Reduce -13.0% |
| EXP Eagle Materials Inc. | 0.61% | 357,255 | $73.8M | Reduce -10.9% |
| UE Urban Edge Properties | 0.60% | 3,813,881 | $73.2M | Add +3.7% |
| CVX Chevron Corp. | 0.60% | 479,282 | $73.0M | Reduce -15.4% |
| MMSI Merit Medical Systems Inc. | 0.60% | 826,214 | $72.8M | Reduce -5.9% |
| PBH Prestige Consumer Healthcare | 0.60% | 1,179,636 | $72.8M | Add +3.3% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.59% | 1,631,549 | $72.1M | Reduce -26.1% |
| NEE Nextera Energy Inc. | 0.59% | 895,784 | $71.9M | Reduce -7.8% |
| ATMU Atmus Filtration Technologie | 0.59% | 1,381,485 | $71.7M | Reduce -15.7% |
| AUB Atlantic Union Bankshares Co. | 0.59% | 2,029,191 | $71.6M | Reduce -3.7% |
| BANR Banner Corporation | 0.59% | 1,135,362 | $71.1M | Reduce -1.6% |
| FCPT Four Corners Property Trust | 0.59% | 3,083,383 | $71.1M | Add +4.1% |
| SBCF Seacoast Banking Corp. | 0.59% | 2,261,719 | $71.1M | Reduce -7.6% |
| NOG Northern Oil and Gas Inc. | 0.59% | 3,309,394 | $71.1M | Add +23.2% |
| HAYW Hayward Holdings Inc. | 0.58% | 4,591,534 | $70.9M | Reduce -8.6% |
| CHCO City Holding Co. filed as CITY HLDG CO | 0.58% | 592,871 | $70.7M | Add +0.9% |
| FBNC First Bancorp | 0.58% | 1,387,756 | $70.5M | Add +0.0% |
| RNST Renasant Corp. | 0.58% | 1,994,155 | $70.2M | Add +2.9% |
| ECG Everus Construction Group | 0.58% | 818,930 | $70.1M | Reduce -10.2% |
| SXI Standex International Corp. | 0.58% | 322,402 | $70.1M | Add +67.4% |
| VECO Veeco Instruments Inc. | 0.57% | 2,437,649 | $69.7M | Reduce -3.4% |
| FBK FB Financial Corp. filed as FB FINL CORP | 0.57% | 1,244,682 | $69.5M | Add +275.8% |
| SFNC Simmons First Natl Corp. Class A | 0.57% | 3,679,874 | $69.4M | Add +3.6% |
| PLD Prologis Inc. | 0.57% | 542,719 | $69.3M | Reduce -12.2% |
| GD General Dynamics Corp. | 0.57% | 205,288 | $69.1M | Reduce -40.3% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.56% | 2,851,518 | $68.5M | Add +14.6% |
| DE Deere & Co. | 0.55% | 142,568 | $66.4M | Reduce -18.4% |
| GOOG Alphabet Inc. Class C | 0.55% | 210,805 | $66.2M | Reduce -11.8% |
| TMUS T-Mobile US Inc. | 0.53% | 315,022 | $64.0M | Reduce -15.4% |
| MRK Merck & Co. Inc. | 0.52% | 599,995 | $63.2M | Add +1953.4% |
| CSX CSX Corp. | 0.51% | 1,717,376 | $62.3M | Reduce -21.2% |
| WMS Advanced Drainage Systems Inc. | 0.51% | 429,342 | $62.2M | Reduce -16.7% |
| PGR Progressive Corp. | 0.51% | 272,491 | $62.1M | Reduce -18.1% |
| HESM Hess Midstream LP Class A | 0.51% | 1,789,190 | $61.7M | Reduce -14.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.50% | 119,700 | $60.2M | Reduce -17.9% |
| NVDA Nvidia Corp. | 0.49% | 321,770 | $60.0M | Reduce -5.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.49% | 87,567 | $59.7M | Add +0.4% |
| PBA Pembina Pipeline Corp. | 0.49% | 1,565,036 | $59.6M | Add +3.8% |
| DELL Dell Technologies -C | 0.49% | 468,211 | $58.9M | Add +1272.3% |
| KNF Knife River Corp. | 0.48% | 825,363 | $58.1M | Add +15.2% |
| HWKN Hawkins Inc. | 0.48% | 407,767 | $57.9M | Add +28.0% |
| TMO Thermo Fisher Scientific Inc. | 0.47% | 98,313 | $57.0M | Reduce -28.0% |
| NBHC National Bank Hold Class A | 0.47% | 1,489,391 | $56.6M | Add +0.6% |
| NMRK Newmark Group Inc. Class A | 0.46% | 3,212,982 | $55.7M | Add +0.7% |
| CRM Salesforce Inc. | 0.46% | 209,882 | $55.6M | Reduce -35.4% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.46% | 214,761 | $55.6M | Reduce -3.1% |
| ORLY O'reilly Automotive Inc. | 0.45% | 603,026 | $55.0M | Reduce -16.8% |
| ICE Intercontinental Exchange Inc. | 0.45% | 337,496 | $54.7M | Reduce -17.6% |
| AZZ Azz Inc. | 0.45% | 508,340 | $54.5M | Reduce -2.1% |
| V Visa Inc. Class A | 0.43% | 150,120 | $52.6M | Reduce -20.6% |
| ETR Entergy Corp. | 0.43% | 568,995 | $52.6M | New |
| GPOR Gulfport Energy Corp. | 0.43% | 252,194 | $52.5M | Reduce -20.4% |
| PAGP Plains GP Holdings LP | 0.43% | 2,711,118 | $51.9M | Add +2.9% |
| MCK McKesson Corp. | 0.43% | 62,903 | $51.6M | Reduce -32.4% |
| NWE Northwestern Energy Group Inc. | 0.42% | 787,257 | $50.8M | Reduce -19.8% |
| PEP Pepsico Inc. | 0.42% | 353,926 | $50.8M | Add +49.7% |
| WM Waste Management Inc. | 0.42% | 230,952 | $50.7M | Reduce -18.5% |
| BCC Boise Cascade Co. | 0.42% | 684,639 | $50.4M | Reduce -38.5% |
| HSY The Hershey Co. | 0.41% | 275,147 | $50.1M | Reduce -22.6% |
| ARCB Arcbest Corp. | 0.41% | 672,098 | $49.9M | Reduce -17.4% |
| VLTO Veralto Corp. | 0.41% | 498,931 | $49.8M | Reduce -20.1% |
| LPLA LPL Financial Holdings Inc. | 0.41% | 138,040 | $49.3M | Reduce -27.4% |
| MSCI MSCI Inc. | 0.40% | 85,521 | $49.1M | New |
Other holdings (56): bonds, preferreds, convertibles and warrants · $169.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 195,150 | $13.0M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 184,550 | $12.7M | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 375,000 | $9.3M | No change |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 190,000 | $8.9M | No change |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 283,506 | $8.5M | No change |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 8,100,000 | $8.1M | Add +6.6% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 6,515,000 | $6.5M | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 6,400,000 | $6.4M | No change |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 6,180,000 | $6.2M | No change |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 6,140,000 | $6.1M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 242,066 | $4.6M | No change |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 3,500,000 | $3.5M | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 3,300,000 | $3.3M | Add +10.0% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 3,000,000 | $3.0M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 2,800,000 | $2.8M | No change |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 2,500,000 | $2.5M | New |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 2,500,000 | $2.5M | New |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 2,500,000 | $2.5M | No change |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | 2,500,000 | $2.5M | Add +25.0% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 2,500,000 | $2.5M | Add +66.7% |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 30,000 | $2.4M | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 2,250,000 | $2.3M | Reduce -18.2% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 2,250,000 | $2.3M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 2,250,000 | $2.3M | No change |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 2,200,000 | $2.2M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 2,100,000 | $2.1M | No change |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 2,000,000 | $2.0M | Reduce -20.0% |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 2,000,000 | $2.0M | No change |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 2,000,000 | $2.0M | No change |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 2,000,000 | $2.0M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 2,000,000 | $2.0M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 2,000,000 | $2.0M | No change |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 2,000,000 | $2.0M | No change |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 2,000,000 | $2.0M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 2,000,000 | $2.0M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 98,002 | $1.9M | No change |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 1,750,000 | $1.8M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 1,500,000 | $1.5M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,500,000 | $1.5M | No change |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 1,500,000 | $1.5M | No change |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | 1,500,000 | $1.5M | New |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 1,470,000 | $1.5M | No change |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 1,000,000 | $1.0M | New |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 1,000,000 | $1.0M | Reduce -50.0% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 1,000,000 | $1.0M | New |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 1,000,000 | $1.0M | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 1,000,000 | $1.0M | No change |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 1,000,000 | $1.0M | Reduce -33.3% |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | NOTE 0.750%12/0 · principal | 1,000,000 | $1.0M | New |
| VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) | NOTE 2.875% 6/0 · principal | 1,000,000 | $1.0M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 800,000 | $800K | Reduce -27.3% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 31,000 | $688K | No change |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 500,000 | $500K | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 500,000 | $500K | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 500,000 | $500K | No change |
| WISDOMTREE INC (WT 3.25 08/15/29) | NOTE 3.250% 8/1 · principal | 500,000 | $500K | No change |
Total filed on the 13F, all lines: $12.3B.
Portfolio Sells Q3 2025 → Q4 2025
| ET Energy Transfer LP | Reduce -98.1% | 0.04% | −2.06 |
| EPD Enterprise Products Partners | Reduce -97.7% | 0.03% | −1.23 |
| MPLX MPLX LP | Reduce -98.1% | 0.02% | −0.79 |
| AIR Aar Corp. | Reduce -99.0% | 0.01% | −0.77 |
| SM SM Energy Co. | Sold out | 0.00% | −0.66 |
| BLD Topbuild Corp. | Sold out | 0.00% | −0.58 |
| WES Western Midstream Partners L | Reduce -97.7% | 0.01% | −0.51 |
| DIS The Walt Disney Co. | Reduce -83.5% | 0.10% | −0.46 |
| CNMD Conmed Corp. | Sold out | 0.00% | −0.45 |
| ADC Agree Realty Corp. | Sold out | 0.00% | −0.43 |
| PCH Potlatchdeltic Corp. | Reduce -56.1% | 0.37% | −0.39 |
| PLYM Plymouth Industrial REIT Inc. | Sold out | 0.00% | −0.29 |
| GD General Dynamics Corp. | Reduce -40.3% | 0.57% | −0.28 |
| SO The Southern Co. | Reduce -56.1% | 0.22% | −0.26 |
| ALG Alamo Group Inc. | Reduce -45.6% | 0.29% | −0.24 |
| SCL Stepan Co. | Reduce -51.4% | 0.29% | −0.24 |
| NTB Bank of N.T. Butterfield&son | Sold out | 0.00% | −0.22 |
| GEL Genesis Energy L.P. | Reduce -96.8% | 0.01% | −0.22 |
| BCC Boise Cascade Co. | Reduce -38.5% | 0.42% | −0.21 |
| PAA Plains All Amer Pipeline LP | Reduce -95.8% | 0.01% | −0.19 |
| ABT Abbott Laboratories | Reduce -26.8% | 0.67% | −0.19 |
| CHD Church & Dwight Co. Inc. | Reduce -41.3% | 0.32% | −0.18 |
| CACI Caci International Inc. Class A | Reduce -80.4% | 0.06% | −0.18 |
| AHR American Healthcare REIT Inc. | Sold out | 0.00% | −0.16 |
| GOOGL Alphabet Inc. Class A | Reduce -39.7% | 1.01% | −0.13 |
| LNG Cheniere Energy Inc. | Reduce -3.4% | 1.25% | −0.12 |
| TMUS T-Mobile US Inc. | Reduce -15.4% | 0.53% | −0.12 |
| HD Home Depot Inc. | Reduce -12.0% | 0.66% | −0.12 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.11 |
| ORLY O'reilly Automotive Inc. | Reduce -16.8% | 0.45% | −0.11 |
| CFR Cullen/Frost Bankers Inc. | Reduce -21.9% | 0.81% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -14.8% | 0.69% | −0.10 |
| SSB Southstate Bank Corp. | Reduce -17.9% | 0.82% | −0.10 |
| OWL Blue Owl Capital Inc. | Reduce -97.8% | 0.00% | −0.10 |
| CRM Salesforce Inc. | Reduce -35.4% | 0.46% | −0.10 |
| MCK McKesson Corp. | Reduce -32.4% | 0.43% | −0.09 |
| XLC SS Comm Select Sector SPDR | Sold out | 0.00% | −0.09 |
| PGR Progressive Corp. | Reduce -18.1% | 0.51% | −0.08 |
| DKL Delek Logistics Partners LP | Sold out | 0.00% | −0.08 |
| CDW CDW Corp. | Reduce -86.4% | 0.01% | −0.08 |
| KNTK Kinetik Holdings Inc. | Reduce -21.6% | 0.23% | −0.08 |
| WEC WEC Energy Group Inc. | Reduce -14.1% | 0.67% | −0.07 |
| VLTO Veralto Corp. | Reduce -20.1% | 0.41% | −0.07 |
| EZU iShares MSCI Eurozone ETF | Reduce -50.6% | 0.10% | −0.07 |
| HSY The Hershey Co. | Reduce -22.6% | 0.41% | −0.07 |
| EXP Eagle Materials Inc. | Reduce -10.9% | 0.61% | −0.07 |
| MCD McDonald's Corp. | Reduce -25.3% | 0.40% | −0.07 |
| HUBB Hubbell Inc. | Reduce -22.5% | 0.69% | −0.07 |
| EXR Extra Space Storage Inc. | Sold out | 0.00% | −0.05 |
| LPLA LPL Financial Holdings Inc. | Reduce -27.4% | 0.41% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| VEA Vanguard Ftse Developed ETF | Add +9.9% | 2.45% | +0.57 |
| MRK Merck & Co. Inc. | Add +1953.4% | 0.52% | +0.50 |
| DELL Dell Technologies -C | Add +1272.3% | 0.49% | +0.45 |
| FBK FB Financial Corp. | Add +275.8% | 0.57% | +0.44 |
| ETR Entergy Corp. | New | 0.43% | +0.43 |
| MSCI MSCI Inc. | New | 0.40% | +0.40 |
| ADUS Addus Homecare Corp. | New | 0.33% | +0.33 |
| MYRG MYR Group Inc./Delaware | New | 0.33% | +0.33 |
| MGY Magnolia Oil & Gas Corp. Class A | New | 0.32% | +0.32 |
| LNN Lindsay Corp. | New | 0.31% | +0.31 |
| POWI Power Integrations Inc. | New | 0.30% | +0.30 |
| XPEL Xpel Inc. | New | 0.29% | +0.29 |
| MDU Mdu Resources Group Inc. | New | 0.28% | +0.28 |
| SXI Standex International Corp. | Add +67.4% | 0.58% | +0.28 |
| TPHD Timothy Plan High DVD STCK | New | 0.27% | +0.27 |
| TPLC Timothy PLN US LRG/Mid Cap | New | 0.23% | +0.23 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.22% | +0.22 |
| WMB Williams Cos Inc. | Add +2.7% | 2.11% | +0.21 |
| DTM DT Midstream Inc. | Add +1.6% | 1.11% | +0.20 |
| Q Qnity Electronics Inc. | New | 0.20% | +0.20 |
| TPSC Timothy Plan US Small Cap Co. | New | 0.20% | +0.20 |
| PEP Pepsico Inc. | Add +49.7% | 0.42% | +0.18 |
| SXT Sensient Technologies Corp. | Add +10.4% | 0.86% | +0.18 |
| ENB Enbridge Inc. | Add +10.4% | 1.07% | +0.17 |
| BL Blackline Inc. | Add +9.7% | 0.69% | +0.16 |
| OKE Oneok Inc. | Add +0.8% | 1.07% | +0.14 |
| LSCC Lattice Semiconductor Corp. | New | 0.14% | +0.14 |
| TRP TC Energy Corp. | Add +2.1% | 0.96% | +0.14 |
| MTN Vail Resorts Inc. | New | 0.13% | +0.13 |
| XME SS SPDR S&P Metals Mining | New | 0.12% | +0.12 |
| IBM Intl Business Machines Corp. | Add +31.1% | 0.30% | +0.11 |
| MU Micron Technology Inc. | Add +1.8% | 0.21% | +0.11 |
| NOG Northern Oil and Gas Inc. | Add +23.2% | 0.59% | +0.10 |
| RSP Invesco S&P 500 Equal Weight | Add +155.2% | 0.15% | +0.10 |
| LMT Lockheed Martin Corp. | New | 0.10% | +0.10 |
| LRCX Lam Research Corp. | New | 0.09% | +0.09 |
| PR Permian Resources Corp. Class A | Add +28.3% | 0.24% | +0.09 |
| AVTR Avantor Inc. | New | 0.09% | +0.09 |
| AXTA Axalta Coating Systems Ltd. | Add +23.9% | 0.24% | +0.09 |
| IWD iShares Russell 1000 Value E | Add +30.8% | 0.24% | +0.08 |
| PBH Prestige Consumer Healthcare | Add +3.3% | 0.60% | +0.08 |
| GDX Vaneck Gold Miners ETF | Add +16.9% | 0.25% | +0.08 |
| PAGP Plains GP Holdings LP | Add +2.9% | 0.43% | +0.08 |
| KNF Knife River Corp. | Add +15.2% | 0.48% | +0.08 |
| SFNC Simmons First Natl Corp. Class A | Add +3.6% | 0.57% | +0.08 |
| NFG National Fuel Gas Co. | Add +47.2% | 0.24% | +0.08 |
| CDP Copt Defense Properties | Add +1.0% | 0.83% | +0.08 |
| CCS Century Communities Inc. | Add +6.0% | 0.62% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.4% | 0.49% | +0.07 |
| SMMD iShares Russell 2500 ETF | Add +93.3% | 0.12% | +0.07 |
Notes & Other Activity Q3 2025 → Q4 2025
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | Add +6.6% | 8,100,000 | $8.1M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | Sold out | 4,915,000 | $6.4Mbefore exit |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +10.0% | 3,300,000 | $3.3M |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | New | 2,500,000 | $2.5M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 2,500,000 | $2.5M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +66.7% | 2,500,000 | $2.5M |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | Add +25.0% | 2,500,000 | $2.5M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Sold out | 1,000,000 | $2.4Mbefore exit |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -18.2% | 2,250,000 | $2.3M |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | Sold out | 2,000,000 | $2.0Mbefore exit |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Reduce -20.0% | 2,000,000 | $2.0M |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | New | 1,500,000 | $1.5M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Sold out | 1,000,000 | $1.4Mbefore exit |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Sold out | 1,000,000 | $1.0Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -33.3% | 1,000,000 | $1.0M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Reduce -50.0% | 1,000,000 | $1.0M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | New | 1,000,000 | $1.0M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | New | 1,000,000 | $1.0M |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | NOTE 0.750%12/0 · principal | New | 1,000,000 | $1.0M |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | Sold out | 1,000,000 | $893Kbefore exit |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -27.3% | 800,000 | $800K |
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 |