CIK 1927623
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.
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.
| Industry group | Weight | Names |
|---|---|---|
| Unclassified | 34.09% | 8 |
| Tobacco | 26.81% | 2 |
| Oil, Gas & Consumable Fuels | 15.60% | 2 |
| Capital Markets | 8.81% | 3 |
| Utilities | 4.09% | 1 |
| Coal & Consumable Fuels | 2.82% | 1 |
| Banks | 1.72% | 1 |
| Software | 1.53% | 1 |
| Real Estate Management & Development | 1.40% | 2 |
| Software & IT Services | 1.27% | 1 |
| Insurance | 0.64% | 1 |
| Marine | 0.49% | 2 |
| Transportation Infrastructure | 0.24% | 1 |
| Pharmaceuticals & Biotechnology | 0.22% | 1 |
| Equity Real Estate Investment Trusts (REITs) | 0.19% | 1 |
| Health Care Equipment & Supplies | 0.08% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | PM | Philip Morris International Inc. | Consumer Staples | 13.66% |
| 2 | BTI | British American Tobacco p.l.c. | Consumer Staples | 13.15% |
| 3 | VEA | VANGUARD TAX-MANAGED FDS | Unclassified | 11.62% |
| 4 | CNQ | CANADIAN NATURAL RESOURCES LTD | Energy | 8.80% |
| 5 | BRK.B | BERKSHIRE HATHAWAY INC | Financials | 7.85% |
| 6 | BSM | Black Stone Minerals, L.P. | Energy | 6.80% |
| 7 | BOXX | EA SERIES TRUST | Unclassified | 5.32% |
| 8 | EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | Utilities | 4.09% |
| 9 | IBKR | Interactive Brokers Group, Inc. | Financials | 3.74% |
| 10 | BRK.A | BERKSHIRE HATHAWAY INC DEL | Unclassified | 3.34% |
22/29 names classified · sector 73.8% of weight · industry 65.9% · mkt cap 39.3%; unclassified names shown, never dropped.
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: 73.8% of the book is sector-classified (unclassified names shown, never dropped).
Only 27% of book weight classified — the grid is NOT representative of the whole book.
Classified: 26.6% of book weight (10/29 names) · unclassified 73.4%: BTI, VEA, CNQ, BRK.B, BSM, BOXX, EPD, BRK.A, SGOV, SPY +9 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | PMPHILIP MORRIS INTL INC | 106,667 | $18M | 13.7% | HOLD |
| 2 | BTIBRITISH AMERN TOB PLC | 290,381 | $17M | 13.2% | TRIM −8% |
| 3 | VEAVANGUARD TAX-MANAGED FDS | 234,089 | $15M | 11.6% | HOLD |
| 4 | CNQCANADIAN NAT RES LTD | 233,208 | $11M | 8.8% | ADD 2% |
| 5 | BRK.BBERKSHIRE HATHAWAY INC DEL | 21,160 | $10M | 7.9% | HOLD |
| 6 | BSMBLACK STONE MINERALS L P | 580,716 | $9M | 6.8% | HOLD |
| 7 | BOXXEA SERIES TRUST | 59,046 | $7M | 5.3% | ADD 2% |
| 8 | EPDENTERPRISE PRODS PARTNERS L | 139,372 | $5M | 4.1% | HOLD |
| 9 | IBKRINTERACTIVE BROKERS GROUP IN | 72,000 | $5M | 3.7% | HOLD |
| 10 | BRK.ABERKSHIRE HATHAWAY INC DEL | 6 | $4M | 3.3% | HOLD |
| 11 | HCCWARRIOR MET COAL INC | 39,052 | $4M | 2.8% | HOLD |
| 12 | VIRTVIRTU FINL INC | 82,582 | $4M | 2.8% | HOLD |
| 13 | SGOVISHARES TR | 35,350 | $4M | 2.8% | HOLD |
| 14 | SPYSTATE STR SPDR S&P 500 ETF T | 5,432 | $4M | 2.7% | HOLD |
| 15 | MRXMAREX GROUP PLC | 65,400 | $3M | 2.3% | ADD 294% |
| 16 | NTBBANK OF NT BUTTERFIELD&SON L | 42,292 | $2M | 1.7% | HOLD |
| 17 | CHKPCHECK POINT SOFTWARE TECH LT | 13,808 | $2M | 1.5% | ADD 5% |
| 18 | GOOGALPHABET INC | 5,727 | $2M | 1.3% | TRIM −26% |
| 19 | FRPHFRP HLDGS INC | 58,217 | $1M | 1.0% | HOLD |
| 20 | AFLAFLAC INC | 7,500 | $822,825 | 0.6% | HOLD |
| 21 | NENNEW ENGLAND RLTY ASSOC LTD P | 8,636 | $527,228 | 0.4% | HOLD |
| 22 | INSWINTERNATIONAL SEAWAYS INC | 4,745 | $345,816 | 0.3% | TRIM −78% |
| 23 | EXPDEXPEDITORS INTL WASH INC | 2,200 | $315,106 | 0.2% | HOLD |
| 24 | FROFrontline, LTD. | 8,621 | $300,528 | 0.2% | NEW |
| 25 | ECOOKEANIS ECO TANKERS COR | 5,857 | $296,306 | 0.2% | NEW |
| 26 | DHTDHT HOLDINGS INC | 15,826 | $289,141 | 0.2% | TRIM −82% |
| 27 | MRVIMARAVAI LIFESCIENCES HLDGS I | 100,078 | $283,221 | 0.2% | HOLD |
| 28 | MAAMID-AMER APT CMNTYS INC | 2,008 | $245,217 | 0.2% | HOLD |
| 29 | CLPTCLEARPOINT NEURO INC | 11,729 | $106,734 | 0.1% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| PMPHILIP MORRIS INTL INC | 106K | 107K | 107K | 107K | 107K | 107K | $18M |
| BTIBRITISH AMERN TOB PLC | 315K | 315K | 316K | 316K | 316K | 290K | $17M |
| VEAVANGUARD TAX-MANAGED FDS | 233K | 234K | 234K | 234K | 234K | 234K | $15M |
| CNQCANADIAN NAT RES LTD | 181K | 208K | 223K | 225K | 228K | 233K | $11M |
| BRK.BBERKSHIRE HATHAWAY INC DEL | 21K | 21K | 21K | 21K | 21K | 21K | $10M |
| BSMBLACK STONE MINERALS L P | 578K | 578K | 578K | 581K | 581K | 581K | $9M |
| BOXXEA SERIES TRUST | 42K | 52K | 57K | 58K | 58K | 59K | $7M |
| EPDENTERPRISE PRODS PARTNERS L | 139K | 139K | 139K | 139K | 139K | 139K | $5M |
| IBKRINTERACTIVE BROKERS GROUP IN | 23K | 19K | 76K | 76K | 72K | 72K | $5M |
| BRK/ABERKSHIRE HATHAWAY INC DEL | 6 | 6 | 6 | 6 | 6 | 6 | $4M |
| HCCWARRIOR MET COAL INC | 19K | 28K | 39K | 39K | 39K | 39K | $4M |
| VIRTVIRTU FINL INC | 83K | 83K | 83K | 83K | 83K | 83K | $4M |
| SGOVISHARES TR | — | — | — | — | 35K | 35K | $4M |
| SPYSTATE STR SPDR S&P 500 ETF T | 15K | 15K | 5K | 5K | 5K | 5K | $4M |
| MRXMAREX GROUP PLC | — | — | — | — | 17K | 65K | $3M |
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.
Where this firm's principals came from and which firms its alumni went on to found.
