In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), WS Management LLLP reported 31 stock positions worth $591.2 million . Its top holding was Berkshire Hathaway Class A (BRK.A) at 34.7% of the portfolio, followed by Amazon.com (AMZN, 8.2% ) and iShares 20+ Year Treasury BD (TLT, 6.2% ). Compared with Q4 2024, it opened 5 new positions, sold out of 4, added to 2 and reduced 20. The biggest buy was a new position in Labcorp (LH) and the biggest sale iShares 20+ Year Treasury BD (TLT, shares −44% ).
Location JACKSONVILLE, FL
CIK 0000877338
Portfolio Value $591.2M (Q1 2025) Holdings 31 stocks · $591.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 BRK.A Berkshire Hathaway Inc. Class A 257 $205.2M No change AMZN Amazon.com Inc. 255,906 $48.7M Reduce -10.5% TLT iShares 20+ Year Treasury BD 402,118 $36.6M Reduce -44.4% GLD SPDR Gold Shares 120,678 $34.8M Reduce -21.1% LH Labcorp Holdings Inc. 100,000 $23.3M New LUV Southwest Airlines Co. 636,640 $21.4M Add +6.1% GDX Vaneck Gold Miners ETF 461,263 $21.2M Reduce -1.6% NVDA Nvidia Corp. 186,868 $20.3M Reduce -1.9% COP Conocophillips 175,119 $18.4M No change MU Micron Technology Inc. 196,227 $17.1M Reduce -19.9% GOOGL Alphabet Inc. Class A 104,453 $16.2M Reduce -19.1% LAMR Lamar Advertising Co. Class A 134,782 $15.3M Reduce -21.1% TJX TJX Companies Inc. filed as TJX COS INC NEW 118,414 $14.4M Reduce -21.5% RHP Ryman Hospitality Properties 155,835 $14.2M Reduce -21.8% WMT Walmart Inc. 120,977 $10.6M Reduce -22.1% KNX Knight-Swift Transportation 201,943 $8.8M Reduce -0.6% FE Firstenergy Corp. 215,535 $8.7M Reduce -22.7% KMX Carmax Inc. 100,455 $7.8M Add +0.5% GEHC GE Healthcare Technology 96,675 $7.8M Reduce -20.8% XBI SS SPDR S&P Biotech ETF 76,457 $6.2M Reduce -23.5% COST Costco Wholesale Corp. 6,285 $5.9M Reduce -13.3% MPC Marathon Petroleum Corp. 37,378 $5.4M No change CROX Crocs Inc. 50,000 $5.3M New ASA ASA Gold and Precious Metals 122,351 $3.7M No change CHTR Charter Communications Inc. Class A 9,809 $3.6M Reduce -24.6% CELH Celsius Holdings Inc. 100,000 $3.6M New VTRS Viatris Inc. 316,222 $2.8M Reduce -20.9% GME Gamestop Corp. Class A 100,000 $2.2M Reduce -56.0% WOLF Wolfspeed Inc. 302,800 $927K New PL Planet Labs PBC 198,254 $670K Reduce -20.7% DXCM Dexcom Inc. 1,949 $133K New
Options reported separately and not counted above: TXN puts ($84.5M), BRK.B puts ($79.9M), TLT calls ($54.8M), GLD puts ($28.8M), CHWY puts ($16.8M), GDX puts ($13.8M), COP puts ($5.3M), PAYX puts ($5.0M), MU puts ($4.3M), DXCM puts ($3.4M), COP calls ($3.2M), SOUN puts ($3.1M), and 2 more.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ TLT iShares 20+ Year Treasury BD Reduce -44.4% 6.19% −3.55 ANF Abercrombie & Fitch Co. Class A Sold out 0.00% −2.49 FCX Freeport-McMoran Inc. Sold out 0.00% −1.68 AMZN Amazon.com Inc. Reduce -10.5% 8.24% −1.44 GOOGL Alphabet Inc. Class A Reduce -19.1% 2.73% −1.04 RHP Ryman Hospitality Properties Reduce -21.8% 2.41% −0.80 GME Gamestop Corp. Class A Reduce -56.0% 0.38% −0.72 TSLA Tesla Inc. Sold out 0.00% −0.62 LAMR Lamar Advertising Co. Class A Reduce -21.1% 2.59% −0.61 NVDA Nvidia Corp. Reduce -1.9% 3.43% −0.52 TJX TJX Companies Inc. Reduce -21.5% 2.44% −0.37 WMT Walmart Inc. Reduce -22.1% 1.80% −0.37 XBI SS SPDR S&P Biotech ETF Reduce -23.5% 1.05% −0.34 VTRS Viatris Inc. Reduce -20.9% 0.47% −0.30 MU Micron Technology Inc. Reduce -19.9% 2.88% −0.30 FE Firstenergy Corp. Reduce -22.7% 1.47% −0.24 KNX Knight-Swift Transportation Reduce -0.6% 1.49% −0.18 SOUN Soundhound AI Inc. Class A Sold out 0.00% −0.15 GEHC GE Healthcare Technology Reduce -20.8% 1.32% −0.15 CHTR Charter Communications Inc. Class A Reduce -24.6% 0.61% −0.08 PL Planet Labs PBC Reduce -20.7% 0.11% −0.04 COST Costco Wholesale Corp. Reduce -13.3% 1.01% −0.02 GLD SPDR Gold Shares Reduce -21.1% 5.88% +0.17 GDX Vaneck Gold Miners ETF Reduce -1.6% 3.59% +1.14
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ LH Labcorp Holdings Inc. New 3.94% +3.94 CROX Crocs Inc. New 0.90% +0.90 CELH Celsius Holdings Inc. New 0.60% +0.60 LUV Southwest Airlines Co. Add +6.1% 3.62% +0.50 WOLF Wolfspeed Inc. New 0.16% +0.16 KMX Carmax Inc. Add +0.5% 1.32% +0.06 DXCM Dexcom Inc. New 0.02% +0.02
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ TXN Texas Instruments Inc. put Reduce -58.5% 470,000 $84.5M BRK.B Berkshire Hathaway Inc. Class B put Add +1400.0% 150,000 $79.9M AMZN Amazon.com Inc. put Sold out 280,000 $61.4Mbefore exit TLT iShares 20+ Year Treasury BD call Add +1105.0% 602,500 $54.8M ON On Semiconductor put Sold out 830,000 $52.3Mbefore exit GLD SPDR Gold Shares put New 100,000 $28.8M ANF Abercrombie & Fitch Co. Class A put Sold out 160,000 $23.9Mbefore exit TLT iShares 20+ Year Treasury BD put Sold out 200,000 $17.5Mbefore exit MU Micron Technology Inc. call Sold out 200,000 $16.8Mbefore exit CHWY Chewy Inc. Class A put Add +47.3% 515,500 $16.8M GDX Vaneck Gold Miners ETF put New 300,000 $13.8M RIVN Rivian Automotive Inc. Class A put Sold out 500,000 $6.7Mbefore exit AMZN Amazon.com Inc. call Sold out 30,000 $6.6Mbefore exit COP Conocophillips put New 50,000 $5.3M PAYX Paychex Inc. put New 32,200 $5.0M MU Micron Technology Inc. put New 50,000 $4.3M DXCM Dexcom Inc. put New 50,000 $3.4M COP Conocophillips call New 30,000 $3.2M SOUN Soundhound AI Inc. Class A put Add +546.5% 387,900 $3.1M GDX Vaneck Gold Miners ETF call Sold out 50,000 $1.7Mbefore exit NVDA Nvidia Corp. call Sold out 10,000 $1.3Mbefore exit GME Gamestop Corp. Class A put Reduce -75.0% 50,000 $1.1M WOLF Wolfspeed Inc. call New 200,000 $612K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 31 $849.8M MU, BRK.A, GLD, AMZN, TLT Q1 2026 35 $764.5M MU, BRK.A, GDX, TLT, GLD Q4 2025 28 $747.7M MU, BRK.A, GLD, TLT, GDX Q3 2025 29 $651.6M BRK.A, GDX, MU, GLD, NVDA Q2 2025 30 $572.9M BRK.A, AMZN, MU, NVDA, GLD Q1 2025 31 $591.2M BRK.A, AMZN, TLT, GLD, LH Q4 2024 30 $648.3M BRK.A, TLT, AMZN, GLD, NVDA Q3 2024 30 $1.1B BRK.A, TLT, BRK.B, NVDA, GLD Q2 2024 34 $1.1B BRK.A, TLT, GLD, MU, NVDA Q1 2024 36 $1.1B BRK.A, MU, TLT, GLD, NVDA