KARPAS STRATEGIES, LLC

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CIK 1127544

13F portfolio (2024-Q2)

$319M

Positions

117

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2024-Q1. 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 (2024-Q2)

Holdings

117

Top 5

31.3%

Top 10

45.4%

Effective N

32.7

HHI

0.031

This quarter

3 new · 0 exit →

By sector

Financials23.1%

Real Estate14.1%

Health Care13.9%

Unclassified11.1%

Communication Services8.5%

Utilities7.7%

Energy7.1%

Information Technology7.0%

Other7.6%

By market cap

Large ($10–200B)36.1%

Mega (>$200B)29.0%

Unknown26.8%

Mid ($2–10B)8.0%

Small ($300M–2B)0.2%

By region

North America88.1%

Other11.1%

Europe0.7%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	14.34%	17
Pharmaceuticals & Biotechnology	13.62%	8
Capital Markets	12.28%	7
Real Estate Management & Development	9.44%	2
Utilities	7.65%	6
Oil, Gas & Consumable Fuels	7.14%	11
Banks	5.42%	8
Equity Real Estate Investment Trusts (REITs)	4.66%	8
Media & Entertainment	3.74%	6
Semiconductors & Semiconductor Equipment	3.21%	2
Commercial Services & Supplies	2.83%	3
Media & Publishing	2.25%	1
Insurance	2.16%	6
Software	1.91%	1
Entertainment	1.57%	1
Technology Hardware & Equipment	1.19%	2
Diversified Telecommunication Services	0.77%	2
Hotels, Restaurants & Leisure	0.74%	5
Aerospace & Defense	0.69%	3
Beverages	0.69%	2
Electrical Equipment & Components	0.63%	2
Chemicals	0.57%	2
Construction Materials	0.57%	1
Machinery	0.56%	2
Specialty Retail	0.33%	2
Food & Staples Retailing	0.27%	1
Health Care Equipment & Supplies	0.25%	2
Automobiles & Components	0.18%	1
Software & IT Services	0.13%	1
Food Products	0.10%	1
Distributors	0.08%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	BN	BROOKFIELD Corp /ON/	Real Estate	9.35%
2	JNJ	JOHNSON & JOHNSON	Health Care	5.97%
3	SCHW	SCHWAB CHARLES CORP	Financials	5.80%
4	MRK	Merck & Co., Inc.	Health Care	5.16%
5	OKE	ONEOK INC /NEW/	Utilities	4.97%
6	BRK.B	BERKSHIRE HATHAWAY INC	Financials	3.20%
7	BAM	Brookfield Asset Management Ltd.	Financials	3.16%
8	TXN	TEXAS INSTRUMENTS INC	Information Technology	2.91%
9	BIP	BROOKFIELD INFRAST PARTNERS	Unclassified	2.56%
10	MPLX	MPLX LP	Energy	2.36%

101/117 names classified · sector 88.9% of weight · industry 85.7% · mkt cap 73.2%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 45 quarters

FinancialsSCHW, BRK.B, WFC, USB, BAM · other

Health CareJNJ, MRK, PFE, BMY, ABT · other

Communication ServicesDIS, CMCSA, LUMN, CMPR, LBTYK · other

Real EstateWPC, BN, RYN, BXMT, NLY · other

EnergyXOM, MPLX, CVX, COP, ENB · other

Information TechnologyTXN, MSFT, GE, AAPL, IBM · other

UtilitiesOKE, KMI, NEE, BIPC, BEPC · other

IndustrialsHON, FISV, WM, HY, DE · other

Consumer StaplesCVS, KO, PEP, MDLZ, CAG · other

Consumer DiscretionaryMAR, MCD, GM, WH, HBB · other

MaterialsMLM, PG, CL, CSW, RYAM · other

UnclassifiedBROOKFIELD ASSET MGMT INC, MAGELLAN MIDSTREAM PARTNERS LP, BIP, Brookfield Property Partners LP, CIMPRESS N V · 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: 88.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2024-Q2), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (81 classified)KARPAS STRATEGIES, LLC centroid (Mid Core)

FinancialsHealth CareInformation TechnologyUtilitiesCommunication ServicesIndustrialsReal EstateEnergyConsumer DiscretionaryMaterialsConsumer Staples

Style box summary for KARPAS STRATEGIES, LLC: centroid Mid Core. Heaviest cells: Large Core 20.5%, Large Value 19.1%, Mid Core 6.1%.

Classified: 64.0% of book weight (81/115 names) · unclassified 36.0%: BN, BRK.B, BAM, BIP, MPLX, , LBTYK, BEP, BRK.A, WPC +24 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· 117 positions (2024-Q2) · largest first · Δ vs 2024-Q1

#	Security	Shares	Value	Weight	Δ QoQ
1	BNBROOKFIELD CORP	717,839	$30M	9.4%	ADD 2%
2	JNJJOHNSON & JOHNSON	130,223	$19M	6.0%	HOLD
3	SCHWSCHWAB CHARLES CORP	251,003	$18M	5.8%	HOLD
4	MRKMERCK & CO INC	133,008	$16M	5.2%	HOLD
5	OKEONEOK INC NEW	194,324	$16M	5.0%	HOLD
6	BRK.BBERKSHIRE HATHAWAY INC DEL	25,051	$10M	3.2%	HOLD
7	BAMBROOKFIELD ASSET MANAGMT LTD	264,538	$10M	3.2%	HOLD
8	TXNTEXAS INSTRS INC	47,666	$9M	2.9%	HOLD
9	BIPBROOKFIELD INFRAST PARTNERS	297,083	$8M	2.6%	HOLD
10	MPLXMPLX LP	176,557	$8M	2.4%	HOLD
11	CMPRCIMPRESS PLC	82,056	$7M	2.3%	HOLD
12	FISVFISERV INC	45,035	$7M	2.1%	HOLD
13	MSFTMICROSOFT CORP	13,654	$6M	1.9%	TRIM −2%
14	LBTYKLIBERTY GLOBAL LTD	339,339	$6M	1.9%	HOLD
15	JEFJEFFERIES FINL GROUP INC	111,775	$6M	1.7%	HOLD
16	ENSTAR GROUP LIMITED	17,823	$5M	1.7%	HOLD
17	BEPBROOKFIELD RENEWABLE PARTNER	216,760	$5M	1.7%	HOLD
18	DISDISNEY WALT CO	50,512	$5M	1.6%	HOLD
19	CMCSACOMCAST CORP NEW	116,638	$5M	1.4%	TRIM −3%
20	BRK.ABERKSHIRE HATHAWAY INC DEL	7	$4M	1.3%	HOLD
21	XOMEXXON MOBIL CORP	37,202	$4M	1.3%	HOLD
22	JPMJPMORGAN CHASE & CO	18,705	$4M	1.2%	HOLD
23	WFCWELLS FARGO CO NEW	62,605	$4M	1.2%	TRIM −6%
24	WPCW. P. Carey Inc.	67,271	$4M	1.2%	HOLD
25	NLYANNALY CAPITAL MANAGEMENT IN	188,133	$4M	1.1%	ADD 11%
26	PFEPFIZER INC	127,003	$4M	1.1%	HOLD
27	CBCHUBB LIMITED	13,015	$3M	1.0%	HOLD
28	AAPLAPPLE INC	15,682	$3M	1.0%	HOLD
29	DUHPDIMENSIONAL ETF TRUST	98,381	$3M	1.0%	ADD 40%
30	CCITIGROUP INC	48,334	$3M	1.0%	TRIM −12%
31	BXSLBLACKSTONE SECD LENDING FD	99,713	$3M	1.0%	ADD 2%
32	APOAPOLLO GLOBAL MGMT INC	25,000	$3M	0.9%	HOLD
33	COPCONOCOPHILLIPS	23,680	$3M	0.8%	HOLD
34	BIPCBrookfield Infrastructure Corp	77,525	$3M	0.8%	ADD 2%
35	ENBENBRIDGE INC	72,070	$3M	0.8%	HOLD
36	KMIKINDER MORGAN INC DEL	118,054	$2M	0.7%	HOLD
37	CVXCHEVRON CORP NEW	14,896	$2M	0.7%	HOLD
38	RYNRAYONIER INC	78,546	$2M	0.7%	HOLD
39	USBUS BANCORP	55,973	$2M	0.7%	HOLD
40	JQUAJ P MORGAN EXCHANGE TRADED F	39,569	$2M	0.7%	NEW
41	HHHHOWARD HUGHES HOLDINGS INC	32,033	$2M	0.7%	HOLD
42	WMWASTE MGMT INC DEL	8,804	$2M	0.6%	HOLD
43	MLMMARTIN MARIETTA MATLS INC	3,368	$2M	0.6%	HOLD
44	AXPAMERICAN EXPRESS CO	7,600	$2M	0.6%	ADD 3%
45	BEPCBROOKFIELD RENEWABLE CORP	60,447	$2M	0.5%	HOLD
46	KOCOCA COLA CO	25,650	$2M	0.5%	HOLD
47	GEGE AEROSPACE	9,990	$2M	0.5%	HOLD
48	LUMNLUMEN TECHNOLOGIES INC	1,368,478	$2M	0.5%	HOLD
49	NEENEXTERA ENERGY INC	20,647	$1M	0.5%	HOLD
50	DEDEERE & CO	3,871	$1M	0.5%	TRIM −2%
51	BXMTBLACKSTONE MTG TR INC	81,280	$1M	0.4%	ADD 3%
52	BMYBRISTOL-MYERS SQUIBB CO	33,259	$1M	0.4%	HOLD
53	BNYBANK NEW YORK MELLON CORP	22,278	$1M	0.4%	HOLD
54	PSXPHILLIPS 66	8,903	$1M	0.4%	HOLD
55	HONHONEYWELL INTL INC	5,645	$1M	0.4%	HOLD
56	WTMWHITE MTNS INS GROUP LTD	659	$1M	0.4%	HOLD
57	HSBCHSBC HLDGS PLC	27,200	$1M	0.4%	HOLD
58	ABTABBOTT LABS	10,784	$1M	0.4%	HOLD
59	DFASDIMENSIONAL ETF TRUST	17,702	$1M	0.3%	ADD 18%
60	EGPEASTGROUP PPTYS INC	6,225	$1M	0.3%	HOLD
61	ABBVABBVIE INC	6,144	$1M	0.3%	HOLD
62	PGPROCTER AND GAMBLE CO	6,258	$1M	0.3%	TRIM −2%
63	CMECME GROUP INC	5,000	$983,000	0.3%	HOLD
64	MKLMARKEL GROUP INC	620	$976,909	0.3%	TRIM −6%
65	NVDANVIDIA CORPORATION	7,850	$969,789	0.3%	ADD 900%
66	TAT&T INC	49,327	$942,646	0.3%	HOLD
67	CVSCVS HEALTH CORP	14,714	$869,029	0.3%	HOLD
68	DFSVDIMENSIONAL ETF TRUST	29,415	$846,564	0.3%	NEW
69	CSWCSW INDUSTRIALS INC	3,000	$795,930	0.2%	HOLD
70	LMTLOCKHEED MARTIN CORP	1,652	$771,506	0.2%	HOLD
71	MCDMCDONALDS CORP	2,519	$641,852	0.2%	HOLD
72	SHELSHELL PLC	8,852	$638,937	0.2%	HOLD
73	ABALLIANCEBERNSTEIN HLDG L P	18,670	$630,858	0.2%	HOLD
74	TRVTRAVELERS COMPANIES INC	2,840	$577,486	0.2%	HOLD
75	GMGENERAL MTRS CO	12,238	$568,555	0.2%	HOLD
76	PEPPEPSICO INC	3,442	$567,756	0.2%	HOLD
77	WMTWALMART INC	8,166	$552,888	0.2%	HOLD
78	ZBHZIMMER BIOMET HOLDINGS INC	4,960	$538,309	0.2%	HOLD
79	WHWYNDHAM HOTELS & RESORTS INC	7,251	$536,547	0.2%	TRIM −3%
80	BPBP PLC	14,584	$526,482	0.2%	HOLD
81	LLYELI LILLY & CO	577	$521,952	0.2%	HOLD
82	WYWEYERHAEUSER CO	17,794	$505,180	0.2%	HOLD
83	HIGHARTFORD INSURANCE GROUP INC	5,000	$502,700	0.2%	HOLD
84	AMZNAMAZON COM INC	2,595	$501,484	0.2%	TRIM −3%
85	IBMINTERNATIONAL BUSINESS MACHS	2,879	$497,894	0.2%	HOLD
86	LBRDKLIBERTY BROADBAND CORP	8,699	$476,879	0.1%	HOLD
87	MARMARRIOTT INTL INC NEW	1,965	$475,053	0.1%	HOLD
88	NATIONAL WESTN LIFE GROUP IN	927	$460,628	0.1%	HOLD
89	AMPAMERIPRISE FINL INC	1,075	$459,229	0.1%	HOLD
90	ACNACCENTURE PLC IRELAND	1,457	$442,068	0.1%	HOLD
91	GEVGE VERNOVA INC	2,490	$427,060	0.1%	NEW
92	DUKDUKE ENERGY CORP NEW	4,161	$417,080	0.1%	HOLD
93	GOOGLALPHABET INC	2,280	$415,385	0.1%	HOLD
94	HHYATT HOTELS CORP	2,535	$385,095	0.1%	TRIM −4%
95	DFUSDIMENSIONAL ETF TRUST	6,197	$364,693	0.1%	ADD 25%
96	XYLXYLEM INC	2,609	$353,865	0.1%	HOLD
97	SUSUNCOR ENERGY INC NEW	9,000	$342,900	0.1%	HOLD
98	LBTYALIBERTY GLOBAL LTD	19,339	$337,079	0.1%	HOLD
99	MDLZMONDELEZ INTL INC	5,083	$332,632	0.1%	HOLD
100	DVNDEVON ENERGY CORP NEW	6,915	$327,771	0.1%	HOLD
101	DFUVDIMENSIONAL ETF TRUST	8,324	$326,883	0.1%	ADD 55%
102	MFCMANULIFE FINL CORP	12,000	$319,440	0.1%	HOLD
103	TNLTRAVEL PLUS LEISURE CO	7,063	$317,679	0.1%	TRIM −2%
104	DFAIDIMENSIONAL ETF TRUST	10,250	$304,131	0.1%	HOLD
105	OGNORGANON & CO	14,412	$298,334	0.1%	HOLD
106	PFFISHARES TR	8,602	$271,379	0.1%	HOLD
107	VTSVITESSE ENERGY INC	11,227	$266,080	0.1%	TRIM −4%
108	JOEST JOE CO	4,850	$265,295	0.1%	TRIM −2%
109	LIBERTY MEDIA CORP DEL	11,751	$260,402	0.1%	HOLD
110	GEHCGE HEALTHCARE TECHNOLOGIES I	3,324	$259,013	0.1%	HOLD
111	LILAKLIBERTY LATIN AMERICA LTD	26,826	$258,066	0.1%	HOLD
112	CAHCARDINAL HEALTH INC	2,453	$241,179	0.1%	HOLD
113	FWONKLIBERTY MEDIA CORP DEL	3,164	$227,302	0.1%	HOLD
114	GDGENERAL DYNAMICS CORP	780	$226,399	0.1%	HOLD
115	UDRUDR INC	5,356	$220,399	0.1%	HOLD
116	TDTORONTO DOMINION BK ONT	3,770	$207,199	0.1%	HOLD
117	XBGYXBLACKROCK ENHANCED INTL DIV	15,645	$87,302	0.0%	HOLD

☆KARPAS STRATEGIES, LLC