CIK: 0001906202
Total reported value
$141.8M
Reporting period: 2025-12-31 · Number of holdings: 108
Hedges Asset Management LLC disclosed 108 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $141.8M and a quarterly turnover rate of 23.3%.
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Hedges Asset Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.023 — mathematically equivalent to about 44 equally-sized positions, well below its 108 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.21), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 27% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim GBCI
+1.7% -$1.1M
Trim WBD
-86.9% -$1.2M
Add HON
+177.5% $1.1M
Trim PENN
+3.4% -$705.9K
Trim GE
-5.4% -$219.6K
Add LUV
-0.8% $826.4K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GBCI | Glacier Bancorp INC | Stock-Financials | 9.17% | -1.65% | +1.72% | |
| 2 | GE | General Electric | Stock-Industrials | 4.71% | -0.58% | -5.45% | |
| 3 | BA | Boeing Co/the | Stock-Industrials | 3.92% | -0.16% | +3.85% | |
| 4 | SHEL | Shell Plc-adr | Stock-Energy | 2.91% | — | — | |
| 5 | LUV | Southwest Airlines Co | Stock-Industrials | 2.63% | +0.41% | -0.77% | |
| 6 | GLPI | Gaming And Leisure Propertie | Stock-Real Estate | 2.47% | — | — | |
| 7 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 2.41% | +0.07% | — | |
| 8 | BCS | Barclays Plc-spons Adr | Stock-Financials | 2.16% | +2.16% | NEW | |
| 9 | PENN | Penn Entertainment INC | Stock-Consumer Disc | 1.89% | -0.71% | +3.41% | |
| 10 | BP | Bp Plc-spons Adr | Stock-Energy | 1.84% | — | +0.28% | |
| 11 | SH | Proshares Short S&p500 | ETF-Other | 1.75% | +1.75% | NEW | |
| 12 | PAAS | Pan American Silver CORP | Stock-Materials | 1.63% | +0.21% | -7.05% | |
| 13 | B | Barrick Mining CORP | Stock-Materials | 1.62% | +0.09% | -13.44% | |
| 14 | WYNN | Wynn Resorts LTD | Stock-Consumer Disc | 1.61% | -0.30% | -2.06% | |
| 15 | NGDN | New Gold INC | Stock-Other | 1.58% | +0.11% | -3.74% | |
| 16 | VZ | Verizon Communications INC | Stock-Comm Services | 1.58% | — | +0.55% | |
| 17 | PHYS | Sprott Physical Gold Trust | Stock-Other | 1.51% | +0.04% | — | |
| 18 | ARCO | Arcos Dorados Holdings Inc. | Stock-Other | 1.49% | — | -3.74% | |
| 19 | IMAX | Imax CORP | Stock-Other | 1.47% | +1.47% | NEW | |
| 20 | PSQ | Proshares Short Qqq | ETF-Other | 1.45% | -0.26% | -5.01% | |
| 21 | LIND | Lindblad Expeditions Holding | Stock-Other | 1.42% | +0.03% | -0.99% | |
| 22 | INTC | Intel CORP | Stock-Tech | 1.36% | +0.01% | -0.38% | |
| 23 | DOW | Dow INC | Stock-Materials | 1.36% | — | +1.61% | |
| 24 | NEM | Newmont CORP | Stock-Materials | 1.33% | +0.11% | -0.53% | |
| 25 | PPLT | Abrdn Physical Platinum Shrs | ETF-Commodities | 1.24% | +0.19% | -1.56% | |
| 26 | VGK | Vanguard Ftse Europe ETF | ETF-Other | 1.24% | — | — | |
| 27 | HON | Honeywell International INC | Stock-Industrials | 1.23% | +0.71% | +177.52% | |
| 28 | ELAN | Elanco Animal Health INC | Stock-Healthcare | 1.21% | +0.03% | -0.65% | |
| 29 | LYFT | Lyft Inc-a | Stock-Tech | 1.20% | -0.41% | -8.27% | |
| 30 | CVX | Chevron CORP | Stock-Energy | 1.19% | — | — | |
| 31 | FDX | Fedex CORP | Stock-Industrials | 1.17% | +0.13% | — | |
| 32 | UL | Unilever Plc-sponsored Adr | Stock-Consumer Staples | 1.07% | +1.07% | NEW | |
| 33 | WFC | Wells Fargo & Co | Stock-Financials | 1.05% | — | -8.57% | |
| 34 | BKD | Brookdale Senior Living INC | Stock-Other | 1.04% | +0.12% | -3.52% | |
| 35 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.03% | +0.14% | — | |
| 36 | FMC | Fmc CORP | Stock-Materials | 0.98% | — | +142.37% | |
| 37 | IBM | Intl Business Machines CORP | Stock-Tech | 0.96% | — | -4.17% | |
| 38 | L | Loews CORP | Stock-Financials | 0.94% | — | — | |
| 39 | SLB | Slb LTD | Stock-Energy | 0.94% | — | -0.86% | |
| 40 | WY | Weyerhaeuser Co | Stock-Real Estate | 0.93% | +0.23% | +50.00% | |
| 41 | F | Ford Motor Co | Stock-Consumer Disc | 0.87% | — | — | |
| 42 | TSN | Tyson Foods Inc-cl A | Stock-Consumer Staples | 0.86% | — | — | |
| 43 | CRSP | CRISPR Therapeutics AG | Stock-Healthcare | 0.84% | -0.28% | +1.22% | |
| 44 | CNH | CNH Industrial N.V. | Stock-Industrials | 0.79% | — | +10.50% | |
| 45 | KHC | Kraft Heinz Co/the | Stock-Consumer Staples | 0.78% | -0.28% | -13.27% | |
| 46 | WMB | Williams Cos INC | Stock-Energy | 0.78% | — | — | |
| 47 | IFF | Intl Flavors & Fragrances | Stock-Materials | 0.76% | — | -10.67% | |
| 48 | SHAK | Shake Shack INC - Class A | Stock-Consumer Disc | 0.75% | — | +0.19% | |
| 49 | VTRS | Viatris INC | Stock-Healthcare | 0.74% | +0.11% | +1.20% | |
| 50 | TGT | Target CORP | Stock-Consumer Disc | 0.73% | +0.73% | NEW |
Performance for Q3 2026
+1.5%
Performance Last 4 Quarters
+21.6%
Based on 71% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-12-31 | 108 | $141.8M | 23 | |
| 2025-09-30 | 102 | $130.6M | 43 | |
| 2025-06-30 | 101 | $124.5M | 0 | |
| 2025-03-31 | 108 | $152.2M | 0 | |
| 2024-12-31 | 110 | $151.5M | 0 | |
| 2024-09-30 | 117 | $151.1M | 0 | |
| 2024-06-30 | 111 | $139.3M | 0 | |
| 2024-03-31 | 113 | $142.7M | 0 | |
| 2023-12-31 | 106 | $128.0M | 0 | |
| 2023-09-30 | 107 | $114.5M | 0 | |
| 2023-06-30 | 106 | $118.0M | 0 | |
| 2023-03-31 | 103 | $117.9M | 0 | |
| 2022-12-31 | 107 | $112.0M | 0 | |
| 2022-09-30 | 103 | $100.2M | 0 | |
| 2022-06-30 | 102 | $105.9M | 0 | |
| 2022-03-31 | 111 | $129.1M | 0 | |
| 2021-12-31 | 120 | $128.6M | 0 |
Hedges Asset Management LLC's most significant position changes for 2025-12-31: New buy: Barclays Plc-spons Adr (BCS); New buy: Proshares Short S&p500 (SH); New buy: Imax CORP (IMAX); Sold out: Unilever PLC (UL); New buy: Unilever Plc-sponsored Adr (UL).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | HON | Honeywell International INC | +0.7% | +177.52% | Add |
| 2 | LUV | Southwest Airlines Co | +0.4% | -0.77% | Trim |
| 3 | WY | Weyerhaeuser Co | +0.2% | +50.00% | Add |
| 4 | PAAS | Pan American Silver CORP | +0.2% | -7.05% | Trim |
| 5 | PPLT | Abrdn Physical Platinum Shrs | +0.2% | -1.56% | Trim |
| 6 | SQM | Quimica Y Minera Chil-sp Adr | +0.2% | — | Unchanged |
| 7 | FIGS | Figs Inc-class A | +0.2% | -1.55% | Trim |
| 8 | SLV | Ishares Silver Trust | +0.2% | — | Unchanged |
| 9 | MRK | Merck & Co. INC. | +0.1% | — | Unchanged |
| 10 | MSOS | Advisorshares Pure US Cann | +0.1% | +64.10% | Add |
| 11 | FDX | Fedex CORP | +0.1% | — | Unchanged |
| 12 | BKD | Brookdale Senior Living INC | +0.1% | -3.52% | Trim |
| 13 | NGDN | New Gold INC | +0.1% | -3.74% | Trim |
| 14 | NEM | Newmont CORP | +0.1% | -0.53% | Trim |
| 15 | VTRS | Viatris INC | +0.1% | +1.20% | Add |
| 16 | B | Barrick Mining CORP | +0.1% | -13.44% | Trim |
| 17 | GDX | Vaneck Gold Miners ETF | +0.1% | — | Unchanged |
| 18 | PHYS | Sprott Physical Gold Trust | 0% | — | Unchanged |
| 19 | LIND | Lindblad Expeditions Holding | 0% | -0.99% | Trim |
| 20 | ELAN | Elanco Animal Health INC | 0% | -0.65% | Trim |
| 21 | INTC | Intel CORP | 0% | -0.38% | Trim |
| 22 | BA | Boeing Co/the | -0.2% | +3.85% | Add |
| 23 | PSLV | Sprott Physical Silver Trust | -0.2% | -61.90% | Trim |
| 24 | PSQ | Proshares Short Qqq | -0.3% | -5.01% | Trim |
| 25 | KHC | Kraft Heinz Co/the | -0.3% | -13.27% | Trim |
| 26 | CRSP | CRISPR Therapeutics AG | -0.3% | +1.22% | Add |
| 27 | WYNN | Wynn Resorts LTD | -0.3% | -2.06% | Trim |
| 28 | NVST | Envista Holdings CORP | -0.3% | -49.02% | Trim |
| 29 | UBER | Uber Technologies INC | -0.4% | -19.75% | Trim |
| 30 | NTNX | Nutanix INC - A | -0.4% | — | Unchanged |
| 31 | LYFT | Lyft Inc-a | -0.4% | -8.27% | Trim |
| 32 | GE | General Electric | -0.6% | -5.45% | Trim |
| 33 | PENN | Penn Entertainment INC | -0.7% | +3.41% | Add |
| 34 | WBD | Warner Bros Discovery INC | -0.9% | -86.89% | Trim |
| 35 | GBCI | Glacier Bancorp INC | -1.7% | +1.72% | Add |
| 36 | BCS | Barclays Plc-spons Adr | — | NEW | New buy |
| 37 | SH | Proshares Short S&p500 | — | NEW | New buy |
| 38 | IMAX | Imax CORP | — | NEW | New buy |
| 39 | UL | Unilever PLC | — | EXIT | Sold out |
| 40 | UL | Unilever Plc-sponsored Adr | — | NEW | New buy |
| 41 | TGT | Target CORP | — | NEW | New buy |
| 42 | 6D8 | Dupont De Nemours INC | — | EXIT | Sold out |
| 43 | Q | Qnity Electronics INC | — | NEW | New buy |
| 44 | EW | Edwards Lifesciences CORP | — | NEW | New buy |
| 45 | CRWV | Coreweave Inc-cl A | — | EXIT | Sold out |
| 46 | GEV | GE Vernova INC | — | EXIT | Sold out |
| 47 | AA | Alcoa CORP | — | NEW | New buy |
| 48 | MBLY | Mobileye Global Inc-a | — | NEW | New buy |
| 49 | ALB | Albemarle CORP | — | NEW | New buy |
| 50 | BABA | Alibaba Group Holding-sp Adr | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-12-31 | 2026-01-27 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-08 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-24 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-17 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-24 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-19 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-24 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-10 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-31 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-13 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-18 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-03 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-18 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-26 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-08 | 13F-HR | View on EDGAR |
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