AVENIR CORP

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CIK 1033475

13F portfolio (2026-Q1)

$820M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

48.4%

Top 10

74.0%

Effective N

15.2

HHI

0.066

This quarter

5 new · 0 exit →

By sector

Information Technology28.4%

Financials25.4%

Consumer Discretionary22.7%

Real Estate11.1%

Industrials6.2%

Utilities2.3%

Energy1.6%

Unclassified1.1%

Other1.1%

By market cap

Large ($10–200B)44.6%

Mega (>$200B)40.5%

Mid ($2–10B)10.9%

Unknown1.4%

Small ($300M–2B)1.4%

Micro (<$300M)1.1%

By region

North America98.9%

Other1.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Specialty Retail	22.66%	7
Software	14.81%	3
Insurance	11.12%	3
Equity Real Estate Investment Trusts (REITs)	10.93%	7
Commercial Services & Supplies	8.21%	4
Unclassified	7.51%	7
Technology Hardware & Equipment	7.35%	4
Semiconductors & Semiconductor Equipment	3.31%	3
Software & IT Services	3.26%	3
Banks	2.48%	7
Aerospace & Defense	2.45%	3
Utilities	2.28%	4
Oil, Gas & Consumable Fuels	1.63%	4
Machinery	1.00%	1
Health Care Equipment & Supplies	0.39%	2
Real Estate Management & Development	0.20%	2
Pharmaceuticals & Biotechnology	0.17%	2
Health Care Providers & Services	0.09%	1
Electrical Equipment & Components	0.06%	2
Automobiles & Components	0.03%	1
Entertainment	0.03%	1
Textiles, Apparel & Luxury Goods	0.03%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MSFT	MICROSOFT CORP	Information Technology	11.01%
2	MKL	MARKEL GROUP INC.	Financials	10.69%
3	AMZN	AMAZON COM INC	Consumer Discretionary	9.53%
4	AMT	AMERICAN TOWER CORP /MA/	Real Estate	8.74%
5	ORLY	O REILLY AUTOMOTIVE INC	Consumer Discretionary	8.43%
6	AAPL	Apple Inc.	Information Technology	7.08%
7	BRK.B	BERKSHIRE HATHAWAY INC	Financials	6.36%
8	CPRT	COPART INC	Consumer Discretionary	4.49%
9	MA	Mastercard Inc	Financials	3.96%
10	ADBE	ADOBE INC.	Information Technology	3.75%

66/72 names classified · sector 98.9% of weight · industry 92.5% · mkt cap 98.6%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

FinancialsMKL, BRK.B, AIG, BAC, DBRG · other

Consumer DiscretionaryKMX, AMZN, ORLY, DLTR, CPRT · other

Information TechnologyMSFT, OLED, AAPL, WAY, ADBE · other

Real EstateAMT, EQIX, SBAC, GOOD, STWD · other

IndustrialsAES, CCK, LMT, ERII, OPRX · other

UtilitiesKMI, ET, EPD, BIPC, TRGP

EnergyMPLX, XOM, BSM, OXY, SDRL · other

Health CareCTSO, NVAX, ADPT, PRVA, PCRX · other

Communication ServicesIRDM, GOOG, SIRI, DIS, VZ · other

Materials

Consumer Staples

UnclassifiedDENNYS CORP, PIONEER NAT RES CO, INTERNAP CORP, AMERICAN TOWER CORP, MICROS SYS INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 98.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (53 classified)AVENIR CORP centroid (Mid Core)

Information TechnologyConsumer DiscretionaryFinancialsReal EstateIndustrialsUtilitiesCommunication ServicesEnergyHealth Care

Style box summary for AVENIR CORP: centroid Mid Core. Heaviest cells: Large Growth 26.9%, Large Value 21.3%, Mid Value 11.5%.

Classified: 87.7% of book weight (53/72 names) · unclassified 12.3%: BRK.B, MPLX, ET, ATOM, EPD, BRK.A, CTSO, PHYS, COHR, BRSP +9 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 72 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	MSFTMICROSOFT CORP	244,110	$90M	11.0%	HOLD
2	MKLMARKEL GROUP INC	45,832	$88M	10.7%	HOLD
3	AMZNAMAZON COM INC	375,273	$78M	9.5%	HOLD
4	AMTAMERICAN TOWER CORP	415,352	$72M	8.7%	HOLD
5	ORLYOREILLY AUTOMOTIVE INC	749,700	$69M	8.4%	HOLD
6	AAPLAPPLE INC	228,871	$58M	7.1%	HOLD
7	BRK.BBERKSHIRE HATHAWAY INC DEL	108,941	$52M	6.4%	HOLD
8	CPRTCOPART INC	1,109,001	$37M	4.5%	HOLD
9	MAMASTERCARD INCORPORATED	65,067	$33M	4.0%	ADD 3%
10	ADBEADOBE INC	126,638	$31M	3.8%	ADD 11%
11	WAYWAYSTAR HLDG CORP	973,260	$23M	2.9%	ADD 30%
12	AMTMAMENTUM HOLDINGS INC	841,099	$22M	2.7%	HOLD
13	OLEDUNIVERSAL DISPLAY CORP	230,152	$21M	2.6%	HOLD
14	LMTLOCKHEED MARTIN CORP	31,952	$19M	2.4%	TRIM −50%
15	BOKFBOK FINL CORP	124,957	$16M	2.0%	HOLD
16	VVISA INC	41,075	$12M	1.5%	HOLD
17	MPLXMPLX LP	186,892	$11M	1.3%	HOLD
18	SBACSBA COMMUNICATIONS CORP NEW	61,747	$11M	1.3%	HOLD
19	ETENERGY TRANSFER L P	451,327	$9M	1.1%	HOLD
20	ERIIENERGY RECOVERY INC	817,755	$8M	1.0%	TRIM −16%
21	ATOMATOMERA INC	1,461,415	$6M	0.7%	ADD 138%
22	KMIKINDER MORGAN INC DEL	145,185	$5M	0.6%	HOLD
23	EPDENTERPRISE PRODS PARTNERS L	125,478	$5M	0.6%	HOLD
24	BRK.ABERKSHIRE HATHAWAY INC DEL	6	$4M	0.5%	HOLD
25	GOOGALPHABET INC	10,770	$3M	0.4%	HOLD
26	CTSOCYTOSORBENTS CORP	5,215,776	$3M	0.4%	HOLD
27	EQIXEQUINIX INC	2,741	$3M	0.3%	HOLD
28	STWDSTARWOOD PPTY TR INC	136,193	$2M	0.3%	HOLD
29	PHYSSprott Physical Gold Trust	60,310	$2M	0.3%	HOLD
30	MOHMOLINA HEALTHCARE INC	14,762	$2M	0.2%	NEW
31	AXAXOS FINANCIAL INC	20,790	$2M	0.2%	HOLD
32	AIGAMERICAN INTL GROUP INC	20,180	$2M	0.2%	HOLD
33	COHRCOHERENT CORP	6,110	$1M	0.2%	HOLD
34	XOMEXXON MOBIL CORP	8,345	$1M	0.2%	HOLD
35	BRSPBRIGHTSPIRE CAPITAL INC	221,900	$1M	0.2%	HOLD
36	BACBANK AMERICA CORP	24,690	$1M	0.1%	HOLD
37	VOOVANGUARD INDEX FDS	1,930	$1M	0.1%	HOLD
38	BSMBLACK STONE MINERALS L P	73,900	$1M	0.1%	HOLD
39	ADPTADAPTIVE BIOTECHNOLOGIES COR	76,365	$1M	0.1%	HOLD
40	BNBROOKFIELD CORP	22,500	$910,575	0.1%	HOLD
41	GLDSPDR GOLD TR	2,114	$909,633	0.1%	HOLD
42	LAMRLAMAR ADVERTISING CO	6,780	$858,755	0.1%	HOLD
43	BIPBROOKFIELD INFRAST PARTNERS	23,071	$833,325	0.1%	HOLD
44	GOODGLADSTONE COMMERCIAL CORP	66,748	$762,930	0.1%	HOLD
45	PRVAPRIVIA HEALTH GROUP INC	36,745	$755,845	0.1%	HOLD
46	INTCINTEL CORP	11,393	$502,773	0.1%	HOLD
47	COSTCOSTCO WHSL CORP NEW	500	$498,215	0.1%	HOLD
48	OPRXOPTIMIZERX CORP	77,260	$485,193	0.1%	HOLD
49	LHXL3HARRIS TECHNOLOGIES INC	1,357	$468,369	0.1%	HOLD
50	KMXCARMAX INC	11,021	$458,253	0.1%	TRIM −71%
51	NEWTNEWTEKONE INC	40,800	$446,760	0.1%	HOLD
52	WMTWALMART INC	3,501	$435,104	0.1%	HOLD
53	ANETARISTA NETWORKS INC	3,370	$413,769	0.1%	HOLD
54	VABKVIRGINIA NATL BANKSHARES COR	10,800	$412,560	0.1%	HOLD
55	TRGPTARGA RES CORP	1,602	$401,669	0.0%	HOLD
56	CCCCCC INTELLIGENT SOLUTIONS HL	60,957	$365,742	0.0%	TRIM −7%
57	ENVXENOVIX CORPORATION	62,828	$325,449	0.0%	HOLD
58	ABBVABBVIE INC	1,462	$317,970	0.0%	HOLD
59	RTXRTX CORPORATION	1,634	$315,199	0.0%	HOLD
60	DLTRDOLLAR TREE INC	2,860	$313,199	0.0%	HOLD
61	CCICROWN CASTLE INC	3,240	$263,444	0.0%	HOLD
62	PNCPNC FINL SVCS GROUP INC	1,266	$263,442	0.0%	HOLD
63	GEGE AEROSPACE	925	$262,487	0.0%	HOLD
64	PCARPACCAR INC	2,250	$259,875	0.0%	HOLD
65	DISDISNEY WALT CO	2,609	$251,455	0.0%	HOLD
66	BHRBBURKE HERBERT FINL SVCS CORP	4,000	$249,160	0.0%	TRIM −20%
67	PODDINSULET CORP	1,130	$237,119	0.0%	NEW
68	LULULULULEMON ATHLETICA INC	1,500	$229,650	0.0%	TRIM −8%
69	ENBENBRIDGE INC	3,975	$215,207	0.0%	NEW
70	MGNIMAGNITE INC	17,715	$210,454	0.0%	NEW
71	GEVGE VERNOVA INC	231	$201,640	0.0%	NEW
72	TPVGTRIPLEPOINT VENTURE GROWTH B	11,000	$54,890	0.0%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

MSFTMICROSOFT CORP

274K

270K

266K

252K

245K

244K

$90M

MKLMARKEL GROUP INC

55K

50K

49K

47K

46K

$88M

AMZNAMAZON COM INC

407K

404K

400K

384K

379K

375K

$78M

AMTAMERICAN TOWER CORP

438K

435K

433K

419K

418K

415K

$72M

ORLYOREILLY AUTOMOTIVE INC

61K

59K

794K

764K

758K

750K

$69M

AAPLAPPLE INC

253K

249K

242K

234K

231K

229K

$58M

BRK.BBERKSHIRE HATHAWAY INC DEL

115K

114K

113K

111K

110K

109K

$52M

CPRTCOPART INC

1.1M

1.2M

1.1M

$37M

MAMASTERCARD INCORPORATED

66K

65K

63K

65K

$33M

ADBEADOBE INC

—

76K

108K

114K

127K

$31M

WAYWAYSTAR HLDG CORP

590K

615K

658K

722K

746K

973K

$23M

AMTMAMENTUM HOLDINGS INC

193K

904K

895K

862K

851K

841K

$22M

OLEDUNIVERSAL DISPLAY CORP

197K

195K

223K

216K

230K

$21M

LMTLOCKHEED MARTIN CORP

72K

74K

73K

70K

64K

32K

$19M

BOKFBOK FINL CORP

126K

125K

$16M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆AVENIR CORP