In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), WS Management LLLP reported 28 stock positions worth $747.7 million . Its top holding was Micron Technology (MU) at 23.7% of the portfolio, followed by Berkshire Hathaway Class A (BRK.A, 12.6% ) and SPDR Gold Shares (GLD, 6.4% ). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 6 and reduced 7. The biggest buy was Micron Technology (MU, shares +111% ) and the biggest sale Vaneck Gold Miners ETF (GDX, shares −42% ).
Location JACKSONVILLE, FL
CIK 0000877338
Portfolio Value $747.7M (Q4 2025) Holdings 28 stocks · $747.7M 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 Q3 2025 MU Micron Technology Inc. 620,100 $177.0M Add +111.3% BRK.A Berkshire Hathaway Inc. Class A 125 $94.3M No change GLD SPDR Gold Shares 120,678 $47.8M Reduce -7.7% TLT iShares 20+ Year Treasury BD 473,500 $41.3M Add +19.1% GDX Vaneck Gold Miners ETF 421,963 $36.2M Reduce -42.3% AMZN Amazon.com Inc. 143,503 $33.1M Reduce -30.3% GOOGL Alphabet Inc. Class A 104,453 $32.7M No change NVDA Nvidia Corp. 173,918 $32.4M Reduce -29.6% BRK.B Berkshire Hathaway Inc. Class B 57,864 $29.1M Reduce -35.6% LH Labcorp Holdings Inc. 105,000 $26.3M No change LUV Southwest Airlines Co. 550,000 $22.7M Add +10.0% TJX TJX Companies Inc. filed as TJX COS INC NEW 118,414 $18.2M No change COP Conocophillips 182,540 $17.1M Add +4.2% XBI SS SPDR S&P Biotech ETF 130,000 $15.9M Add +70.0% RHP Ryman Hospitality Properties 155,835 $14.7M No change WMT Walmart Inc. 120,977 $13.5M No change LAMR Lamar Advertising Co. Class A 100,000 $12.7M No change CROX Crocs Inc. 129,000 $11.0M No change STUB Stubhub Holdings Inc. Class A 800,000 $10.8M New KNX Knight-Swift Transportation 201,943 $10.6M No change SN Sharkninja Inc. 90,000 $10.1M No change GEHC GE Healthcare Technology 96,675 $7.9M No change CELH Celsius Holdings Inc. 150,000 $6.9M Add +50.0% MPC Marathon Petroleum Corp. 37,378 $6.1M No change KMX Carmax Inc. 150,455 $5.8M Reduce -24.9% COST Costco Wholesale Corp. 6,285 $5.4M No change ASA ASA Gold and Precious Metals 70,000 $4.2M Reduce -42.8% VTRS Viatris Inc. 316,222 $3.9M No change
Options reported separately and not counted above: MU puts ($77.1M), BRK.B puts ($75.4M), GLD puts ($75.3M), MU calls ($74.2M), AAPL puts ($27.2M), QQQ puts ($24.6M), BRK.B calls ($20.1M), GDX puts ($17.2M), PAYX calls ($16.8M), HOOD puts ($15.3M), COP puts ($14.0M), NVDA puts ($9.3M), and 6 more.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ GDX Vaneck Gold Miners ETF Reduce -42.3% 4.84% −3.73 BRK.B Berkshire Hathaway Inc. Class B Reduce -35.6% 3.89% −3.05 NVDA Nvidia Corp. Reduce -29.6% 4.34% −2.73 AMZN Amazon.com Inc. Reduce -30.3% 4.43% −2.51 CHTR Charter Communications Inc. Class A Sold out 0.00% −1.02 GLD SPDR Gold Shares Reduce -7.7% 6.40% −0.73 TEM Tempus AI Inc. Class A Sold out 0.00% −0.60 KMX Carmax Inc. Reduce -24.9% 0.78% −0.60 ASA ASA Gold and Precious Metals Reduce -42.8% 0.56% −0.30
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ MU Micron Technology Inc. Add +111.3% 23.67% +16.13 STUB Stubhub Holdings Inc. Class A New 1.45% +1.45 XBI SS SPDR S&P Biotech ETF Add +70.0% 2.12% +0.94 LUV Southwest Airlines Co. Add +10.0% 3.04% +0.59 TLT iShares 20+ Year Treasury BD Add +19.1% 5.52% +0.07 CELH Celsius Holdings Inc. Add +50.0% 0.92% +0.04 COP Conocophillips Add +4.2% 2.29% −0.26
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ MU Micron Technology Inc. put Add +350.0% 270,000 $77.1M BRK.B Berkshire Hathaway Inc. Class B put Add +201.2% 150,000 $75.4M GLD SPDR Gold Shares put Add +280.0% 190,000 $75.3M MU Micron Technology Inc. call Add +160.0% 260,000 $74.2M PAYX Paychex Inc. put Sold out 238,300 $30.2Mbefore exit AAPL Apple Inc. put New 100,000 $27.2M QQQ Invesco QQQ Trust Series 1 put New 40,000 $24.6M BRK.B Berkshire Hathaway Inc. Class B call Reduce -60.0% 40,000 $20.1M GDX Vaneck Gold Miners ETF put Reduce -39.4% 200,000 $17.2M PAYX Paychex Inc. call New 150,000 $16.8M DXCM Dexcom Inc. put Sold out 240,300 $16.2Mbefore exit HOOD Robinhood Markets Inc. Class A put New 135,500 $15.3M COP Conocophillips put Add +87.5% 150,000 $14.0M NVDA Nvidia Corp. put Add +150.0% 50,000 $9.3M TXN Texas Instruments Inc. put Reduce -16.7% 50,000 $8.7M TEM Tempus AI Inc. Class A put Reduce -64.9% 130,000 $7.7M GDX Vaneck Gold Miners ETF call Sold out 100,000 $7.6Mbefore exit GOOGL Alphabet Inc. Class A put Sold out 20,000 $4.9Mbefore exit COP Conocophillips call Sold out 50,000 $4.7Mbefore exit RIVN Rivian Automotive Inc. Class A put New 200,000 $3.9M CHWY Chewy Inc. Class A put New 100,000 $3.3M ASTS Ast Spacemobile Inc. put Reduce -62.5% 30,000 $2.2M NVDA Nvidia Corp. call Sold out 10,000 $1.9Mbefore exit CELH Celsius Holdings Inc. call New 20,000 $915K SOUN Soundhound AI Inc. Class A put Sold out 50,000 $804Kbefore exit
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