CIK: 0002011652
Total reported value
$167.3M
Reporting period: 2026-03-31 · Number of holdings: 194
Lummis Asset Management, LP disclosed 194 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $167.3M and a quarterly turnover rate of 18.7%.
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Lummis Asset Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.044 — mathematically equivalent to about 23 equally-sized positions, well below its 194 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 2.74), 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.
Add MTDR
-1.1% $6.8M
Trim MSFT
-2.8% -$3.4M
Trim ORCL
-5.9% -$1.6M
Trim AAPL
-3.8% -$1.1M
Add VPL
+2973.3% $1.4M
Add EQIX
0.0% $1.2M
Showing top 192 holdings (of 194 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MTDR | Matador Resources Co | Stock-Energy | 12.58% | +3.80% | -1.08% | |
| 2 | AAPL | Apple INC | Stock-Tech | 8.21% | -0.91% | -3.80% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 7.44% | -2.32% | -2.82% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 6.13% | -0.22% | -3.77% | |
| 5 | BRK-B | Berkshire Hathaway Inc. | Stock-Other | 4.47% | -0.50% | -2.33% | |
| 6 | BSM | Black Stone Minerals LP | Stock-Other | 2.94% | +0.17% | +0.23% | |
| 7 | GD | General Dynamics CORP | Stock-Industrials | 2.93% | -0.14% | -3.98% | |
| 8 | ROST | Ross Stores INC | Stock-Consumer Disc | 2.72% | +0.31% | -5.00% | |
| 9 | ORCL | Oracle CORP | Stock-Tech | 2.67% | -1.08% | -5.93% | |
| 10 | GS | Goldman Sachs Group INC | Stock-Financials | 2.56% | -0.26% | -27.98% | |
| 11 | TFPM | Triple Flag Precious Met | Stock-Materials | 2.53% | -0.15% | -5.14% | |
| 12 | EQIX | Equinix INC | Stock-Real Estate | 2.41% | +0.66% | — | |
| 13 | GOLF | Acushnet Holdings CORP | Stock-Other | 2.24% | +0.13% | +823.95% | |
| 14 | XOM | Exxon Mobil CORP | Stock-Energy | 1.96% | +0.38% | -3.24% | |
| 15 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 1.85% | -0.47% | -2.12% | |
| 16 | AIG | American International Group | Stock-Financials | 1.83% | -0.38% | -3.03% | |
| 17 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.82% | +0.12% | -3.74% | |
| 18 | ABT | Abbott Laboratories | Stock-Healthcare | 1.71% | -0.66% | -3.96% | |
| 19 | AMRZ | Amrize Ltd | Stock-Materials | 1.63% | -0.08% | -4.49% | |
| 20 | PEP | Pepsico INC | Stock-Consumer Staples | 1.61% | +0.04% | -3.54% | |
| 21 | AMT | American Tower CORP | Stock-Real Estate | 1.57% | — | — | |
| 22 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.49% | -0.28% | — | |
| 23 | WFC | Wells Fargo & Co | Stock-Financials | 1.49% | -0.38% | -4.48% | |
| 24 | AYI | Acuity INC | Stock-Industrials | 1.48% | -0.56% | -4.85% | |
| 25 | DORM | Dorman Products INC | Stock-Consumer Disc | 1.26% | +1.26% | NEW | |
| 26 | DVN | Devon Energy CORP | Stock-Energy | 1.12% | +0.33% | +6.31% | |
| 27 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.01% | -0.16% | -4.23% | |
| 28 | DG | Dollar General CORP | Stock-Consumer Staples | 0.98% | -0.22% | -5.01% | |
| 29 | COP | Conocophillips | Stock-Energy | 0.96% | +0.23% | -0.99% | |
| 30 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.95% | — | -7.00% | |
| 31 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.95% | — | — | |
| 32 | VPL | Vanguard Ftse Pacific ETF | ETF-Other | 0.84% | +0.81% | +2973.28% | |
| 33 | VGK | Vanguard Ftse Europe ETF | ETF-Other | 0.81% | — | +1.66% | |
| 34 | ABBV | Abbvie INC | Stock-Healthcare | 0.79% | -0.09% | — | |
| 35 | VXUS | Vanguard Total Intl Stock | ETF-Other | 0.78% | +0.08% | +12.11% | |
| 36 | AMGN | Amgen INC | Stock-Healthcare | 0.71% | +0.04% | +3.00% | |
| 37 | CVX | Chevron CORP | Stock-Energy | 0.69% | +0.13% | — | |
| 38 | SCHO | Schwab Short-term US Treas | ETF-Other | 0.68% | -0.10% | -9.53% | |
| 39 | WMB | Williams Cos INC | Stock-Energy | 0.61% | +0.05% | -7.14% | |
| 40 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.59% | +0.51% | — | |
| 41 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.56% | -0.08% | -2.30% | |
| 42 | SSBUSD | Southstate Bank CORP | Stock-Other | 0.47% | -0.05% | -7.64% | |
| 43 | ITW | Illinois Tool Works | Stock-Industrials | 0.47% | — | — | |
| 44 | FFIN | First Finl Bankshares INC | Stock-Financials | 0.46% | — | -0.54% | |
| 45 | WTM | White Mountains Insurance Group, Ltd. | Stock-Financials | 0.43% | +0.01% | — | |
| 46 | CSCO | Cisco Systems INC | Stock-Tech | 0.37% | +0.05% | — | |
| 47 | PSX | Phillips 66 | Stock-Energy | 0.32% | +0.08% | — | |
| 48 | RTX | Rtx CORP | Stock-Industrials | 0.29% | — | — | |
| 49 | LMT | Lockheed Martin CORP | Stock-Industrials | 0.27% | +0.02% | — | |
| 50 | ADP | Automatic Data Processing | Stock-Tech | 0.25% | -0.07% | -0.73% |
Performance for Q3 2026
+6.3%
Performance Last 4 Quarters
+27.2%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 194 | $167.3M | 19 | |
| 2025-12-31 | 190 | $162.6M | 16 | |
| 2025-09-30 | 161 | $152.3M | 20 | |
| 2025-06-30 | 162 | $152.9M | 0 | |
| 2025-03-31 | 164 | $144.0M | 0 | |
| 2024-12-31 | 148 | $78.9M | 0 | |
| 2024-09-30 | 147 | $85.6M | 0 | |
| 2024-06-30 | 153 | $75.7M | 0 | |
| 2024-03-31 | 156 | $74.6M | 0 | |
| 2023-12-31 | 177 | $130.7M | 0 |
Lummis Asset Management, LP's most significant position changes for 2026-03-31: New buy: Dorman Products INC (DORM); New buy: Clorox Company (CLX); New buy: First National Bank Alaska (FBAK); New buy: Bunge Global SA (BG); Sold out: Bunge Global SA (BG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MTDR | Matador Resources Co | +3.8% | -1.08% | Trim |
| 2 | VPL | Vanguard Ftse Pacific ETF | +0.8% | +2973.28% | Add |
| 3 | EQIX | Equinix INC | +0.7% | — | Unchanged |
| 4 | PG | Procter & Gamble Co/the | +0.5% | — | Unchanged |
| 5 | XOM | Exxon Mobil CORP | +0.4% | -3.24% | Trim |
| 6 | DVN | Devon Energy CORP | +0.3% | +6.31% | Add |
| 7 | ROST | Ross Stores INC | +0.3% | -5.00% | Trim |
| 8 | COP | Conocophillips | +0.2% | -0.99% | Trim |
| 9 | BSM | Black Stone Minerals LP | +0.2% | +0.23% | Add |
| 10 | GOLF | Acushnet Holdings CORP | +0.1% | +823.95% | Add |
| 11 | CVX | Chevron CORP | +0.1% | — | Unchanged |
| 12 | JNJ | Johnson & Johnson | +0.1% | -3.74% | Trim |
| 13 | VXUS | Vanguard Total Intl Stock | +0.1% | +12.11% | Add |
| 14 | PSX | Phillips 66 | +0.1% | — | Unchanged |
| 15 | WMB | Williams Cos INC | +0.1% | -7.14% | Trim |
| 16 | CSCO | Cisco Systems INC | +0.1% | — | Unchanged |
| 17 | PEP | Pepsico INC | 0% | -3.54% | Trim |
| 18 | AMGN | Amgen INC | 0% | +3.00% | Add |
| 19 | BP | Bp Plc-spons Adr | 0% | — | Unchanged |
| 20 | LMT | Lockheed Martin CORP | 0% | — | Unchanged |
| 21 | WTM | White Mountains Insurance Group, Ltd. | 0% | — | Unchanged |
| 22 | ET | Energy Transfer LP | 0% | -76.17% | Trim |
| 23 | SSBUSD | Southstate Bank CORP | -0.1% | -7.64% | Trim |
| 24 | ADP | Automatic Data Processing | -0.1% | -0.73% | Trim |
| 25 | GOOGL | Alphabet Inc-cl A | -0.1% | -2.30% | Trim |
| 26 | AMRZ | Amrize Ltd | -0.1% | -4.49% | Trim |
| 27 | ABBV | Abbvie INC | -0.1% | — | Unchanged |
| 28 | SCHO | Schwab Short-term US Treas | -0.1% | -9.53% | Trim |
| 29 | GD | General Dynamics CORP | -0.1% | -3.98% | Trim |
| 30 | TFPM | Triple Flag Precious Met | -0.2% | -5.14% | Trim |
| 31 | SCHW | Schwab (charles) CORP | -0.2% | -4.23% | Trim |
| 32 | DG | Dollar General CORP | -0.2% | -5.01% | Trim |
| 33 | GOOG | Alphabet Inc-cl C | -0.2% | -3.77% | Trim |
| 34 | GS | Goldman Sachs Group INC | -0.3% | -27.98% | Trim |
| 35 | LLY | Eli Lilly & Co | -0.3% | — | Unchanged |
| 36 | WFC | Wells Fargo & Co | -0.4% | -4.48% | Trim |
| 37 | AIG | American International Group | -0.4% | -3.03% | Trim |
| 38 | TMO | Thermo Fisher Scientific INC | -0.5% | -2.12% | Trim |
| 39 | BRK-B | Berkshire Hathaway Inc. | -0.5% | -2.33% | Trim |
| 40 | AYI | Acuity INC | -0.6% | -4.85% | Trim |
| 41 | ABT | Abbott Laboratories | -0.7% | -3.96% | Trim |
| 42 | AAPL | Apple INC | -0.9% | -3.80% | Trim |
| 43 | ORCL | Oracle CORP | -1.1% | -5.93% | Trim |
| 44 | MSFT | Microsoft CORP | -2.3% | -2.82% | Trim |
| 45 | DORM | Dorman Products INC | — | NEW | New buy |
| 46 | CLX | Clorox Company | — | NEW | New buy |
| 47 | FBAK | First National Bank Alaska | — | NEW | New buy |
| 48 | BG | Bunge Global SA | — | NEW | New buy |
| 49 | BG | Bunge Global SA | — | EXIT | Sold out |
| 50 | EPD | Enterprise Products Partners | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-11 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-15 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-06 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-17 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
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