KS
Karpas Strategies, LLC Historical SEC 13F Holdings & Archive (Q2 2024)
Karpas Strategies, LLCCIK: 0001127544
Diversified strategyLong-term holderQuality / disciplined sizing
Total reported value
$318.8M
Reporting period: 2024-06-30 · Number of holdings: 117
KARPAS STRATEGIES, LLC disclosed 117 holdings in its latest 13F filing for the period ending 2024-06-30, with total reported value of $318.8M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 12.22
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 61.72
- Diversification
- 100
- Sizing Uniformity
- 83.88
Karpas Strategies, LLC's disclosed holdings carry a Herfindahl concentration index of 0.031 — mathematically equivalent to about 33 equally-sized positions, well below its 117 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 1.61), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNo holding changes this quarter
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BN | Brookfield CORP | Stock-Financials | 9.35% | — | +2.01% | |
| 2 | JNJ | Johnson & Johnson | Stock-Healthcare | 5.97% | — | -0.55% | |
| 3 | SCHW | Schwab (charles) CORP | Stock-Financials | 5.80% | — | -0.04% | |
| 4 | MRK | Merck & Co. Inc. | Stock-Healthcare | 5.16% | — | +0.05% | |
| 5 | OKE | Oneok Inc | Stock-Energy | 4.97% | — | +0.24% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 3.20% | — | -0.36% | |
| 7 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 3.16% | — | +0.39% | |
| 8 | TXN | Texas Instruments Inc | Stock-Tech | 2.91% | — | — | |
| 9 | BIP | Brookfield Infrastructure Partners L.P. | Stock-Utilities | 2.56% | — | -0.25% | |
| 10 | MPLX | Mplx LP | Stock-Energy | 2.36% | — | +1.14% | |
| 11 | CMPR | Cimpress plc | Stock-Other | 2.25% | — | -0.38% | |
| 12 | FISV | Fiserv Inc | Stock-Other | 2.11% | — | -0.53% | |
| 13 | MSFT | Microsoft CORP | Stock-Tech | 1.91% | — | -2.33% | |
| 14 | LBTYA | Liberty Global Ltd. | Stock-Other | 1.90% | — | -0.43% | |
| 15 | JEF | Jefferies Financial Group In | Stock-Financials | 1.74% | — | -1.34% | |
| 16 | ESGRP | Enstar Group Limited - Deposita | Stock-Other | 1.71% | — | -0.89% | |
| 17 | BEP | Brookfield Renewable Partners L.P. | Stock-Other | 1.68% | — | -1.05% | |
| 18 | DIS | Walt Disney Co/the | Stock-Comm Services | 1.57% | — | — | |
| 19 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.43% | — | -2.83% | |
| 20 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.34% | — | — | |
| 21 | XOM | Exxon Mobil CORP | Stock-Energy | 1.34% | — | +0.08% | |
| 22 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.19% | — | +0.19% | |
| 23 | WFC | Wells Fargo & Co | Stock-Financials | 1.17% | — | -5.81% | |
| 24 | WPC | Wp Carey Inc | Stock-Real Estate | 1.16% | — | +0.37% | |
| 25 | NLY | Annaly Capital Management In | Stock-Real Estate | 1.12% | — | +10.51% | |
| 26 | PFE | Pfizer Inc | Stock-Healthcare | 1.11% | — | +0.00% | |
| 27 | CB | Chubb Limited | Stock-Financials | 1.04% | — | — | |
| 28 | AAPL | Apple Inc | Stock-Tech | 1.04% | — | -0.67% | |
| 29 | DUHP | Dimensional US High Profi Et | ETF-Other | 0.99% | — | +39.79% | |
| 30 | C | Citigroup Inc | Stock-Financials | 0.96% | — | -11.70% | |
| 31 | BXSL | Blackstone Secured Lending F | Stock-Financials | 0.96% | — | +2.33% | |
| 32 | APO | Apollo Global Management Inc | Stock-Financials | 0.93% | — | — | |
| 33 | COP | Conocophillips | Stock-Energy | 0.85% | — | — | |
| 34 | 1939900D | Brookfield Infrastructure-a | Stock-Other | 0.82% | — | +2.04% | |
| 35 | ENB | Enbridge Inc | Stock-Energy | 0.80% | — | -1.64% | |
| 36 | KMI | Kinder Morgan, Inc. | Stock-Energy | 0.74% | — | -0.74% | |
| 37 | CVX | Chevron CORP | Stock-Energy | 0.73% | — | +1.13% | |
| 38 | RYN | Rayonier Inc | Stock-Real Estate | 0.72% | — | -0.17% | |
| 39 | USB | US Bancorp | Stock-Financials | 0.70% | — | +0.06% | |
| 40 | JQUA | Jpmorgan US Quality Factor | ETF-Other | 0.66% | — | — | |
| 41 | HHH | Howard Hughes Holdings Inc | Stock-Real Estate | 0.65% | — | -0.58% | |
| 42 | WM | Waste Management Inc | Stock-Industrials | 0.59% | — | +0.23% | |
| 43 | MLM | Martin Marietta Materials | Stock-Materials | 0.57% | — | +0.06% | |
| 44 | AXP | American Express Co | Stock-Financials | 0.55% | — | +2.58% | |
| 45 | BEPC | Brookfield Renewable Corporation | Stock-Utilities | 0.54% | — | +1.00% | |
| 46 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.51% | — | +0.01% | |
| 47 | GE | General Electric | Stock-Industrials | 0.50% | — | +0.03% | |
| 48 | LUMN | Lumen Technologies Inc | Stock-Comm Services | 0.47% | — | -0.27% | |
| 49 | NEE | Nextera Energy Inc | Stock-Utilities | 0.46% | — | +0.24% | |
| 50 | DE | Deere & Co | Stock-Industrials | 0.45% | — | -2.47% |
1–50 of 117
Portfolio Performance
Performance for Q3 2026
+4.2%
Performance Last 4 Quarters
+17.6%
- Stdev
- +13.2%
- Beta
- +0.81
- Alpha
- +1%
- Max Drawdown
- -11.9%
- Annualized Perf
- +17.7%
- Batting Avg vs S&P
- +58.3%
- Sortino
- +2.4
- Stutzer
- +0.38
- Treynor
- +0.21
- Sterling
- +1.07
- Calmar
- +1.49
- Information Ratio
- -0.33
- Tracking Error
- +8.4%
- Stdev Down
- +7.2%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +40.2%
- Worst 12 Months
- +3.3%
- Efficiency Ratio
- +0.54
- Sharpe
- +1.31
- Stdev Sectors
- +10.2%
- Skewness
- -0.16
- Kurtosis
- +0.01
- Upside Potential
- +3.92
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2024 Q2 | 117 | $318.8M | 0 | ||
| 2024 Q1 | 114 | $321.7M | 0 | ||
| 2023 Q4 | 117 | $302.5M | 0 | ||
| 2023 Q3 | 114 | $272.4M | 0 | ||
| 2023 Q2 | 120 | $296.4M | 0 | ||
| 2023 Q1 | 121 | $283.9M | 0 | ||
| 2022 Q4 | 117 | $284.7M | 0 | ||
| 2022 Q3 | 113 | $263.4M | 0 | ||
| 2022 Q2 | 115 | $285.9M | 0 | ||
| 2022 Q1 | 123 | $317.2M | 0 | ||
| 2021 Q4 | 123 | $312.1M | 0 | ||
| 2021 Q3 | 118 | $302.9M | 0 | ||
| 2021 Q2 | 116 | $281.7M | 97 | ||
| 2021 Q1 | 109 | $264.2M | 28 | ||
| 2020 Q4 | 124 | $255.2M | 17 | ||
| 2020 Q3 | 121 | $217.3M | 11 | ||
| 2020 Q2 | 118 | $207.8M | 13 | ||
| 2020 Q1 | 114 | $184.3M | 39 | ||
| 2019 Q4 | 122 | $265.8M | 9 | ||
| 2019 Q3 | 121 | $247.4M | 11 | ||
| 2019 Q2 | 122 | $241.0M | 8 | ||
| 2019 Q1 | 125 | $237.0M | 16 | ||
| 2018 Q4 | 113 | $213.9M | 16 | ||
| 2018 Q3 | 122 | $242.1M | 8 | ||
| 2018 Q2 | 118 | $231.0M | 11 | ||
| 2018 Q1 | 123 | $230.4M | 12 | ||
| 2017 Q4 | 124 | $233.3M | 11 | ||
| 2017 Q3 | 123 | $227.8M | 9 | ||
| 2017 Q2 | 121 | $221.7M | 7 | ||
| 2017 Q1 | 121 | $218.8M | 8 | ||
| 2016 Q4 | 119 | $212.1M | 10 | ||
| 2016 Q3 | 122 | $204.7M | 8 | ||
| 2016 Q2 | 118 | $200.5M | 8 | ||
| 2016 Q1 | 118 | $192.6M | 12 | ||
| 2015 Q4 | 120 | $189.2M | 13 | ||
| 2015 Q3 | 120 | $181.1M | 15 | ||
| 2015 Q2 | 119 | $200.5M | 6 | ||
| 2015 Q1 | 120 | $206.3M | 6 | ||
| 2014 Q4 | 123 | $208.4M | 18 | ||
| 2014 Q3 | 117 | $200.1M | 8 | ||
| 2014 Q2 | 119 | $199.7M | 51 | ||
| 2014 Q1 | 114 | $188.1M | 9 | ||
| 2013 Q4 | 104 | $181.4M | 9 | ||
| 2013 Q3 | 107 | $170.7M | 9 | ||
| 2013 Q2 | 103 | $163.3M | 0 |
Holding changes this quarter
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|
Filing History
FAQ
What is Karpas Strategies, LLC and what type of investor is it?
Karpas Strategies, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2024-06-30), the firm manages a tracked equity portfolio valued at approximately $318.8M, spread across 117 disclosed positions.
What are Karpas Strategies, LLC's largest equity positions?
Based on the latest 13F filing, Karpas Strategies, LLC's top holdings by market value are:
1. Brookfield CORP (BN) — $29.8M (9.3%)
2. Johnson & Johnson (JNJ) — $19.0M (6.0%)
3. Schwab (charles) CORP (SCHW) — $18.5M (5.8%)
4. Merck & Co. Inc. (MRK) — $16.5M (5.2%)
5. Oneok Inc (OKE) — $15.8M (5.0%)
What changes did Karpas Strategies, LLC make in its most recent portfolio filing?
No notable portfolio changes were recorded for Karpas Strategies, LLC in the most recent quarter. Holdings appear to have remained relatively stable.
What sectors does Karpas Strategies, LLC focus on?
Karpas Strategies, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 36.8%
• Health Care: 17.4%
• Energy: 15.7%
• Information Technology: 7.9%
• Real Estate: 5.7%
• Communication Services: 5.1%
Investment Profile
Karpas Strategies, LLC returned an annualized 17.7% over the trailing 36 months — outperforming the S&P 500 by 1.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.81 (less volatile than the market) and a 58% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 36.8% of the portfolio concentrated in Financials.
It has added to its OKE position over the past two quarters (+$2.3M, now $15.8M), while trimming JNJ over the same stretch (-$2.0M, still holding $19.0M).
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