# PENN DAVIS MCFARLAND INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1108893. Source: https://holderbook.com/funds/1108893-penn-davis-mcfarland-inc/

- Reported value: $1.1B
- Positions: 79
- Weight of the ten largest: 55.4%
- Filed: 2026-07-15

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $151.4M | 428,390 | 13.5% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $93.2M | 465,988 | 8.3% | 27 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $56.6M | 136,259 | 5.0% | 28 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $55.9M | 1,580,191 | 5.0% | 10 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $53.5M | 1,673,542 | 4.8% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $50.8M | 175,501 | 4.5% | 31 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $43.2M | 1,175,994 | 3.9% | 31 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $39.9M | 320,793 | 3.6% | 31 |
| ANHEUSER BUSCH INBEV SA/NV | [BUD](https://holderbook.com/stocks/BUD/) | $39.8M | 483,439 | 3.5% | 25 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $38.0M | 489,575 | 3.4% | 18 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $36.8M | 103,003 | 3.3% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $35.4M | 186,527 | 3.2% | 25 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $34.6M | 187,300 | 3.1% | 31 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $29.4M | 680,019 | 2.6% | 18 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $28.3M | 55,590 | 2.5% | 20 |
| BLACK STONE MINERALS L P | [BSM](https://holderbook.com/stocks/BSM/) | $27.4M | 1,958,137 | 2.4% | 31 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $24.6M | 157,021 | 2.2% | 2 |
| EVOLUTION AB ADR | [EVVTY](https://holderbook.com/stocks/EVVTY/) | $23.8M | 345,936 | 2.1% | 4 |
| MATCH GROUP INC NEW | [MTCH](https://holderbook.com/stocks/MTCH/) | $20.2M | 531,126 | 1.8% | 13 |
| SPROUTS FMRS MKT INC | [SFM](https://holderbook.com/stocks/SFM/) | $18.9M | 223,281 | 1.7% | 29 |
| LAS VEGAS SANDS CORP | [LVS](https://holderbook.com/stocks/LVS/) | $18.0M | 389,501 | 1.6% | 31 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $16.0M | 122,103 | 1.4% | 31 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $13.9M | 240,615 | 1.2% | 31 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $12.6M | 56,370 | 1.1% | 8 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $12.5M | 41,778 | 1.1% | 12 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $11.3M | 95,570 | 1.0% | 31 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $11.0M | 84,306 | 1.0% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $10.7M | 28,611 | 1.0% | 27 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $10.5M | 41,217 | 0.9% | 8 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $9.3M | 84,820 | 0.8% | 11 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $7.7M | 30,630 | 0.7% | 8 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $6.8M | 18,748 | 0.6% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $6.7M | 82,462 | 0.6% | 8 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $6.1M | 56,843 | 0.5% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $5.7M | 21,014 | 0.5% | 8 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $5.6M | 132,169 | 0.5% | 8 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $4.1M | 3,218 | 0.4% | 8 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $4.1M | 169,415 | 0.4% | 8 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $3.9M | 29,083 | 0.4% | 27 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $3.9M | 26,340 | 0.3% | 8 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $3.6M | 10,546 | 0.3% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $3.2M | 2,695 | 0.3% | 8 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.8M | 31,215 | 0.3% | 8 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $2.7M | 7,283 | 0.2% | 14 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $2.5M | 61,621 | 0.2% | 8 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $2.3M | 19,959 | 0.2% | 8 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.3M | 7,150 | 0.2% | 22 |
| U S PHYSICAL THERAPY | [USPH](https://holderbook.com/stocks/USPH/) | $2.0M | 29,713 | 0.2% | 8 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.0M | 8,502 | 0.2% | 31 |
| FIRSTCASH HOLDINGS INC | [FCFS](https://holderbook.com/stocks/FCFS/) | $1.6M | 7,220 | 0.1% | 8 |
| MATADOR RES CO | [MTDR](https://holderbook.com/stocks/MTDR/) | $1.5M | 30,000 | 0.1% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $1.4M | 1,328 | 0.1% | 7 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $1.3M | 5,765 | 0.1% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $1.3M | 5,765 | 0.1% | 1 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $1.2M | 1,704 | 0.1% | 11 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.1M | 7,718 | 0.1% | 17 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.0M | 3,050 | 0.1% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $721.3K | 1,715 | 0.1% | 8 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $578.3K | 5,881 | 0.1% | 31 |
| DORCHESTER MINERALS LP | [DMLP](https://holderbook.com/stocks/DMLP/) | $568.9K | 22,530 | 0.1% | 31 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $410.7K | 2,500 | 0.0% | 8 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $365.7K | 1,037 | 0.0% | 8 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $356.2K | 943 | 0.0% | 5 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $330.7K | 587 | 0.0% | 7 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $322.8K | 645 | 0.0% | 12 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $308.1K | 2,720 | 0.0% | 7 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $308.0K | 933 | 0.0% | 8 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $306.1K | 527 | 0.0% | 1 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $282.0K | 240 | 0.0% | 2 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $276.5K | 370 | 0.0% | 15 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $262.9K | 617 | 0.0% | 1 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $240.4K | 705 | 0.0% | 1 |
| SOLSTICE ADVANCED MATLS INC | [SOLS](https://holderbook.com/stocks/SOLS/) | $217.7K | 2,457 | 0.0% | 1 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $214.1K | 3,600 | 0.0% | 1 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $212.3K | 492 | 0.0% | 1 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $204.2K | 2,370 | 0.0% | 1 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $197.6K | 10,663 | 0.0% | 1 |
| CLENE INC | [CLNN](https://holderbook.com/stocks/CLNN/) | $67.7K | 11,000 | 0.0% | 6 |
| GAMESQUARE HLDGS INC | [GAME](https://holderbook.com/stocks/GAME/) | $4.0K | 10,000 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.5% | +14.8% | -6.4% | 100% |
| Q1 2026 | -0.9% | -4.6% | +3.7% | 100% |
| Q4 2025 | +5.5% | +2.4% | +3.2% | 100% |
| Q3 2025 | +8.3% | +7.8% | +0.5% | 100% |
| Q2 2025 | +4.0% | +10.5% | -6.4% | 99% |
| Q1 2025 | -4.3% | -4.6% | +0.2% | 100% |
| Q4 2024 | +1.8% | +2.1% | -0.4% | 100% |
| Q3 2024 | +6.6% | +5.4% | +1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.1B | 79 |
| Q1 2026 | $1.0B | 75 |
| Q4 2025 | $1.0B | 75 |
| Q3 2025 | $967.6M | 76 |
| Q2 2025 | $887.9M | 76 |
| Q1 2025 | $845.4M | 75 |
| Q4 2024 | $918.8M | 81 |
| Q3 2024 | $889.1M | 77 |
| Q2 2024 | $647.2M | 45 |
| Q1 2024 | $644.7M | 47 |
| Q4 2023 | $587.8M | 46 |
| Q3 2023 | $570.8M | 46 |