Hedges Asset Management LLC

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CIK 1906202

13F portfolio (2025-Q4)

$142M

Positions

108

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-Q3. 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 →

Open in PORT →

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 (2025-Q4)

Holdings

108

Top 5

23.3%

Top 10

34.1%

Effective N

44.2

HHI

0.023

This quarter

11 new · 0 exit →

By sector

Unclassified17.3%

Industrials15.0%

Financials14.6%

Materials12.0%

Information Technology9.8%

Consumer Discretionary7.8%

Energy7.4%

Health Care6.8%

Other9.5%

By market cap

Large ($10–200B)35.4%

Unknown30.8%

Mid ($2–10B)19.5%

Mega (>$200B)10.9%

Small ($300M–2B)3.4%

By region

North America74.4%

Other17.3%

Europe8.0%

Asia-Pacific0.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	17.28%	23
Banks	12.96%	4
Oil, Gas & Consumable Fuels	7.43%	6
Metals & Mining	5.79%	8
Chemicals	5.60%	8
Aerospace & Defense	5.38%	3
Hotels, Restaurants & Leisure	5.32%	6
Electrical Equipment & Components	4.71%	1
Pharmaceuticals & Biotechnology	4.47%	5
Airlines	3.98%	3
Equity Real Estate Investment Trusts (REITs)	3.39%	2
Technology Hardware & Equipment	2.43%	2
Commercial Services & Supplies	2.08%	3
Food Products	1.92%	3
Health Care Equipment & Supplies	1.70%	6
Semiconductors & Semiconductor Equipment	1.65%	2
Diversified Telecommunication Services	1.58%	1
Transportation Infrastructure	1.42%	1
Automobiles & Components	1.20%	2
Health Care Providers & Services	1.04%	1
Utilities	1.02%	2
Insurance	0.94%	1
Software	0.86%	2
Media & Entertainment	0.85%	3
Machinery	0.79%	1
Specialty Retail	0.73%	1
Road & Rail	0.70%	1
Capital Markets	0.66%	1
Construction Materials	0.57%	1
Entertainment	0.54%	1
Textiles, Apparel & Luxury Goods	0.51%	1
Construction & Engineering	0.20%	1
Agricultural Products	0.17%	1
Communications Equipment	0.12%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	GBCI	GLACIER BANCORP, INC.	Financials	9.17%
2	GE	GENERAL ELECTRIC CO	Information Technology	4.71%
3	BA	BOEING CO	Industrials	3.92%
4	SHEL	SHELL PLC	Energy	2.91%
5	LUV	SOUTHWEST AIRLINES CO	Industrials	2.63%
6	GLPI	Gaming & Leisure Properties, Inc.	Real Estate	2.47%
7	GDX	VANECK ETF TRUST GOLD MINERS ETF	Unclassified	2.41%
8	BCS	Barclays PLC	Financials	2.16%
9	PENN	PENN Entertainment, Inc.	Consumer Discretionary	1.89%
10	BP	BP PLC	Energy	1.84%

85/108 names classified · sector 82.7% of weight · industry 82.7% · mkt cap 69.2%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 17 quarters

FinancialsGBCI, WFC, BCS, L, SCHW · other

IndustrialsBA, LUV, FDX, UBER, UPS · other

Information TechnologyGE, INTC, IBM, NTNX, IMAX · other

Consumer DiscretionaryPENN, WYNN, SHAK, MGM, TGT · other

EnergySHEL, BP, CVX, SLB, DVN · other

MaterialsDD, SQM, DOW, B, PAAS · other

Health CareMRK, BMY, BKD, ELAN, GEHC · other

Communication ServicesVZ, CNK, WBD, DIS, T · other

Real EstateGLPI, WY

Consumer StaplesKHC, CTVA, TSN, KO, CPB

UtilitiesWMB, KMI

UnclassifiedARCO, GDX, PROSHARES TR, PSQ, ROYAL DUTCH SHELL PLC · 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: 82.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2025-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (61 classified)Hedges Asset Management LLC centroid (Mid Core)

IndustrialsFinancialsInformation TechnologyConsumer DiscretionaryMaterialsReal EstateHealth CareCommunication ServicesEnergyConsumer StaplesUtilities

Style box summary for Hedges Asset Management LLC: centroid Mid Core. Heaviest cells: Small Core 13.4%, Large Growth 10.0%, Large Value 9.0%.

Classified: 60.9% of book weight (61/108 names) · unclassified 39.1%: SHEL, GDX, BCS, PENN, BP, SH, PAAS, B, , PHYS +37 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· 108 positions (2025-Q4) · largest first · Δ vs 2025-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	GBCIGLACIER BANCORP INC NEW	295,223	$13M	9.2%	HOLD
2	GEGE AEROSPACE	21,700	$7M	4.7%	TRIM −5%
3	BABOEING CO	25,600	$6M	3.9%	ADD 4%
4	SHELSHELL PLC	56,100	$4M	2.9%	HOLD
5	LUVSOUTHWEST AIRLS CO	90,100	$4M	2.6%	HOLD
6	GLPIGAMING & LEISURE P	78,260	$3M	2.5%	HOLD
7	GDXVANECK ETF TRUST GOLD MINERS ETF	39,900	$3M	2.4%	HOLD
8	BCSBARCLAYS PLC	120,500	$3M	2.2%	NEW
9	PENNPENN ENTERTAINMENT INC	182,150	$3M	1.9%	ADD 3%
10	BPBP PLC	75,067	$3M	1.8%	HOLD
11	SHPROSHARES TR	69,000	$2M	1.8%	NEW
12	PAASPAN AMERN SILVER CORP	44,572	$2M	1.6%	TRIM −7%
13	BBARRICK MNG CORP	52,800	$2M	1.6%	TRIM −13%
14	WYNNWYNN RESORTS LTD	19,015	$2M	1.6%	TRIM −2%
15	NEW GOLD INC CDA	257,500	$2M	1.6%	TRIM −4%
16	VZVERIZON COMMUNICATIONS INC	54,850	$2M	1.6%	HOLD
17	PHYSSprott Physical Gold Trust	65,000	$2M	1.5%	HOLD
18	ARCOARCOS DORADOS HOLDINGS INC	287,900	$2M	1.5%	TRIM −4%
19	IMAXIMAX CORP	56,500	$2M	1.5%	NEW
20	PSQPROSHARES TR	68,300	$2M	1.5%	TRIM −5%
21	LINDLINDBLAD EXPEDITIONS HLDGS I	139,900	$2M	1.4%	HOLD
22	INTCINTEL CORP	52,400	$2M	1.4%	HOLD
23	DOWDOW HLDGS INC	82,200	$2M	1.4%	HOLD
24	NEMNEWMONT CORP	18,850	$2M	1.3%	HOLD
25	PPLTABRDN PLATINUM ETF TRUST	9,450	$2M	1.2%	HOLD
26	VGKVANGUARD INTL EQUITY INDEX F	21,000	$2M	1.2%	HOLD
27	HONHONEYWELL INTL INC	8,950	$2M	1.2%	ADD 178%
28	ELANELANCO ANIMAL HEALTH INC	76,000	$2M	1.2%	HOLD
29	LYFTLYFT INC	87,600	$2M	1.2%	TRIM −8%
30	CVXCHEVRON CORP NEW	11,100	$2M	1.2%	HOLD
31	FDXFEDEX CORP	5,750	$2M	1.2%	HOLD
32	ULUNILEVER PLC	23,103	$2M	1.1%	NEW
33	WFCWELLS FARGO CO NEW	16,000	$1M	1.1%	TRIM −9%
34	BKDBROOKDALE SR LIVING INC	137,000	$1M	1.0%	TRIM −4%
35	MRKMERCK & CO INC	13,900	$1M	1.0%	HOLD
36	FMCF M C CORP	100,100	$1M	1.0%	ADD 142%
37	IBMINTERNATIONAL BUSINESS MACHS	4,600	$1M	1.0%	TRIM −4%
38	LLOEWS CORP	12,700	$1M	0.9%	HOLD
39	SLBSCHLUMBERGER LTD	34,700	$1M	0.9%	HOLD
40	WYWEYERHAEUSER CO	55,500	$1M	0.9%	ADD 50%
41	FFORD MTR CO	93,700	$1M	0.9%	HOLD
42	TSNTYSON FOODS INC	20,750	$1M	0.9%	HOLD
43	CRSPCRISPR THERAPEUTICS AG	22,775	$1M	0.8%	HOLD
44	CNHCNH INDL N V	121,000	$1M	0.8%	ADD 11%
45	KHCKRAFT HEINZ CO	45,900	$1M	0.8%	TRIM −13%
46	WMBWILLIAMS COS INC	18,400	$1M	0.8%	HOLD
47	IFFINTERNATIONAL FLAVORS&FRAGRA	15,900	$1M	0.8%	TRIM −11%
48	SHAKSHAKE SHACK INC	13,050	$1M	0.7%	HOLD
49	VTRSVIATRIS INC	84,500	$1M	0.7%	HOLD
50	TGTTARGET CORP	10,550	$1M	0.7%	NEW
51	UPSUNITED PARCEL SERVICE INC	10,000	$991,900	0.7%	HOLD
52	NTNXNUTANIX INC	19,100	$987,279	0.7%	HOLD
53	SCHWSCHWAB CHARLES CORP	9,400	$939,154	0.7%	HOLD
54	BMYBRISTOL-MYERS SQUIBB CO	16,775	$904,844	0.6%	TRIM −10%
55	DOGPROSHARES TR	37,450	$879,701	0.6%	ADD 9%
56	GTGOODYEAR TIRE & RUBR CO	96,000	$840,960	0.6%	TRIM −15%
57	BACBANK AMERICA CORP	14,900	$819,500	0.6%	HOLD
58	SLVISHARES SILVER TR	12,500	$805,250	0.6%	HOLD
59	SQMSOCIEDAD QUIMICA Y MINERA DE	11,700	$804,960	0.6%	HOLD
60	UBERUBER TECHNOLOGIES INC	9,750	$796,673	0.6%	TRIM −20%
61	EUFNISHARES TR MSCI EURO FL ETF	21,000	$778,890	0.5%	HOLD
62	DISDISNEY WALT CO	6,750	$767,948	0.5%	ADD 12%
63	CNKCINEMARK HOLDINGS INC	32,500	$755,300	0.5%	HOLD
64	FIGSFIGS INC	63,500	$721,360	0.5%	HOLD
65	MGMMGM RESORTS INTERNATIONAL	18,700	$682,363	0.5%	HOLD
66	NTRNUTRIEN LTD	10,400	$641,888	0.5%	HOLD
67	MMM3M CO	3,800	$608,380	0.4%	HOLD
68	MSOSADVISORSHARES TR	128,000	$604,160	0.4%	ADD 64%
69	BROSDUTCH BROS INC	8,600	$526,492	0.4%	HOLD
70	WPMWHEATON PRECIOUS METALS CORP	4,000	$470,080	0.3%	HOLD
71	HPHelmerich & Payne Inc.	16,300	$467,484	0.3%	HOLD
72	HMCHONDA MOTOR LTD	15,800	$465,784	0.3%	HOLD
73	ABNBAIRBNB INC	3,350	$454,662	0.3%	HOLD
74	NVSTENVISTA HOLDINGS CORPORATION	20,800	$451,568	0.3%	TRIM −49%
75	IEVISHARES TR	6,500	$445,900	0.3%	HOLD
76	FXIISHARES TR	11,400	$436,506	0.3%	HOLD
77	CCJCAMECO CORP	4,700	$430,003	0.3%	TRIM −2%
78	QQNITY ELECTRONICS INC	5,050	$412,335	0.3%	NEW
79	KWEBKRANESHARES TRUST CSI CHI INTERNET	11,800	$401,790	0.3%	HOLD
80	CPBTHE CAMPBELLS COMPANY	14,000	$390,180	0.3%	ADD 47%
81	MDTMEDTRONIC PLC	3,900	$374,634	0.3%	HOLD
82	INSPINSPIRE MED SYS INC	3,900	$359,698	0.3%	ADD 11%
83	DFEWISDOMTREE TR	5,000	$359,178	0.3%	HOLD
84	ROGROGERS CORP	3,800	$347,966	0.2%	HOLD
85	KMIKINDER MORGAN INC DEL	12,500	$343,625	0.2%	HOLD
86	VEUVANGUARD INTL EQUITY INDEX F	4,600	$338,376	0.2%	HOLD
87	EWEDWARDS LIFESCIENCES CORP	3,900	$332,475	0.2%	NEW
88	WABWABTEC	1,550	$330,848	0.2%	TRIM −6%
89	SGOLETFS GOLD TR	8,000	$328,640	0.2%	HOLD
90	COPCONOCOPHILLIPS	3,400	$318,274	0.2%	ADD 42%
91	MCDMCDONALDS CORP	1,000	$305,630	0.2%	HOLD
92	LACLITHIUM AMERS CORP NEW	70,000	$305,200	0.2%	ADD 40%
93	GVAGRANITE CONSTR INC	2,500	$288,375	0.2%	HOLD
94	WBDWARNER BROS DISCOVERY INC	10,000	$288,200	0.2%	TRIM −87%
95	RSPINVESCO EXCHANGE TRADED FD T	1,500	$287,340	0.2%	HOLD
96	PSLVSPROTT ASSET MANAGEMENT LP	12,000	$283,800	0.2%	TRIM −62%
97	GEHCGE HEALTHCARE TECHNOLOGIES I	3,400	$278,868	0.2%	TRIM −8%
98	AAAlcoa Upstream Corp.	5,000	$265,700	0.2%	NEW
99	EEMISHARES TR	4,700	$257,137	0.2%	HOLD
100	DALDELTA AIR LINES INC	3,700	$256,780	0.2%	HOLD
101	VEAVANGUARD TAX-MANAGED FDS	4,000	$249,880	0.2%	HOLD
102	FNVFRANCO NEV CORP	1,200	$248,736	0.2%	HOLD
103	CTVACORTEVA INC	3,500	$234,605	0.2%	HOLD
104	MBLYMOBILEYE GLOBAL INC	22,000	$229,680	0.2%	NEW
105	ALBALBEMARLE CORP	1,500	$212,160	0.1%	NEW
106	ERICERICSSON	18,000	$173,700	0.1%	HOLD
107	PSKYPARAMOUNT SKYDANCE CORP	12,113	$162,315	0.1%	TRIM −7%
108	SGMOQSANGAMO THERAPEUTICS INC	125,000	$52,500	0.0%	NEW

☆Hedges Asset Management LLC