# KARPAS STRATEGIES, LLC

> Institutional holdings reported to the SEC as of Q2 2024 on Form 13F. CIK 1127544. Source: https://holderbook.com/funds/1127544-karpas-strategies-llc/

- Reported value: $318.8M
- Positions: 117
- Weight of the ten largest: 45.4%
- Filed: 2024-07-30

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 |
|---|---|---|---|---|---|
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $29.8M | 717,839 | 9.4% | 7 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $19.0M | 130,223 | 6.0% | 23 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $18.5M | 251,003 | 5.8% | 23 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $16.5M | 133,008 | 5.2% | 23 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $15.8M | 194,324 | 5.0% | 23 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $10.2M | 25,051 | 3.2% | 23 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $10.1M | 264,538 | 3.2% | 7 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $9.3M | 47,666 | 2.9% | 23 |
| BROOKFIELD INFRASTRUCTURE PA | [BIP](https://holderbook.com/stocks/BIP/) | $8.2M | 297,083 | 2.6% | 23 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $7.5M | 176,557 | 2.4% | 23 |
| CIMPRESS PLC | [CMPR](https://holderbook.com/stocks/CMPR/) | $7.2M | 82,056 | 2.3% | 14 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $6.7M | 45,035 | 2.1% | 12 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $6.1M | 13,654 | 1.9% | 23 |
| LIBERTY GLOBAL LTD | [LBTYK](https://holderbook.com/stocks/LBTYK/) | $6.1M | 339,339 | 1.9% | 3 |
| JEFFERIES FINANCIAL GROUP IN | [JEF](https://holderbook.com/stocks/JEF/) | $5.6M | 111,775 | 1.7% | 23 |
| ENSTAR GROUP LIMITED | [ESGR](https://holderbook.com/stocks/ESGR/) | $5.4M | 17,823 | 1.7% | 23 |
| BROOKFIELD RENEWABLE ENERGY | [BEP](https://holderbook.com/stocks/BEP/) | $5.4M | 216,760 | 1.7% | 23 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $5.0M | 50,512 | 1.6% | 23 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $4.6M | 116,638 | 1.4% | 23 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $4.3M | 7 | 1.3% | 23 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $4.3M | 37,202 | 1.3% | 23 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $3.8M | 18,705 | 1.2% | 23 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $3.7M | 62,605 | 1.2% | 23 |
| WP CAREY INC | [WPC](https://holderbook.com/stocks/WPC/) | $3.7M | 67,271 | 1.2% | 23 |
| ANNALY CAPITAL MANAGEMENT IN | [NLY](https://holderbook.com/stocks/NLY/) | $3.6M | 188,133 | 1.1% | 8 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $3.6M | 127,003 | 1.1% | 23 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $3.3M | 13,015 | 1.0% | 23 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $3.3M | 15,682 | 1.0% | 23 |
| DIMENSIONAL ETF TRUST | [DUHP](https://holderbook.com/stocks/DUHP/) | $3.1M | 98,381 | 1.0% | 3 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $3.1M | 48,334 | 1.0% | 23 |
| BLACKSTONE SECD LENDING FD | [BXSL](https://holderbook.com/stocks/BXSL/) | $3.1M | 99,713 | 1.0% | 7 |
| APOLLO GLOBAL MGMT INC | [APO](https://holderbook.com/stocks/APO/) | $3.0M | 25,000 | 0.9% | 11 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $2.7M | 23,680 | 0.8% | 23 |
| BROOKFIELD INFRASTRUCTURE CO | [BIPC](https://holderbook.com/stocks/BIPC/) | $2.6M | 77,525 | 0.8% | 18 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $2.6M | 72,070 | 0.8% | 23 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $2.3M | 118,054 | 0.7% | 23 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $2.3M | 14,896 | 0.7% | 23 |
| RAYONIER INC | [RYN](https://holderbook.com/stocks/RYN/) | $2.3M | 78,546 | 0.7% | 23 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $2.2M | 55,973 | 0.7% | 23 |
| J P MORGAN EXCHANGE TRADED F | [JQUA](https://holderbook.com/stocks/JQUA/) | $2.1M | 39,569 | 0.7% | 1 |
| HOWARD HUGHES HOLDINGS INC | [HHH](https://holderbook.com/stocks/HHH/) | $2.1M | 32,033 | 0.7% | 4 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $1.9M | 8,804 | 0.6% | 23 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $1.8M | 3,368 | 0.6% | 23 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $1.8M | 7,600 | 0.6% | 23 |
| BROOKFIELD RENEWABLE CORP | [BEPCXXXX](https://holderbook.com/stocks/BEPCXXXX/) | $1.7M | 60,447 | 0.5% | 16 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.6M | 25,650 | 0.5% | 23 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $1.6M | 9,990 | 0.5% | 12 |
| LUMEN TECHNOLOGIES INC | [LUMN](https://holderbook.com/stocks/LUMN/) | $1.5M | 1,368,478 | 0.5% | 14 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $1.5M | 20,647 | 0.5% | 23 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $1.4M | 3,871 | 0.5% | 17 |
| BLACKSTONE MORTGAGE TRUST IN | [BXMT](https://holderbook.com/stocks/BXMT/) | $1.4M | 81,280 | 0.4% | 22 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $1.4M | 33,259 | 0.4% | 23 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $1.3M | 22,278 | 0.4% | 23 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $1.3M | 8,903 | 0.4% | 23 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $1.2M | 5,645 | 0.4% | 23 |
| WHITE MTNS INS GROUP LTD | [WTM](https://holderbook.com/stocks/WTM/) | $1.2M | 659 | 0.4% | 23 |
| HSBC HLDGS PLC | [HSBC](https://holderbook.com/stocks/HSBC/) | $1.2M | 27,200 | 0.4% | 23 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $1.1M | 10,784 | 0.4% | 23 |
| DIMENSIONAL ETF TRUST | [DFAS](https://holderbook.com/stocks/DFAS/) | $1.1M | 17,702 | 0.3% | 11 |
| EASTGROUP PPTYS INC | [EGP](https://holderbook.com/stocks/EGP/) | $1.1M | 6,225 | 0.3% | 23 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $1.1M | 6,144 | 0.3% | 17 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.0M | 6,258 | 0.3% | 23 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $983.0K | 5,000 | 0.3% | 23 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $976.9K | 620 | 0.3% | 23 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $969.8K | 7,850 | 0.3% | 6 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $942.6K | 49,327 | 0.3% | 23 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $869.0K | 14,714 | 0.3% | 23 |
| DIMENSIONAL ETF TRUST | [DFSV](https://holderbook.com/stocks/DFSV/) | $846.6K | 29,415 | 0.3% | 1 |
| CSW INDUSTRIALS INC | [CSW](https://holderbook.com/stocks/CSW/) | $795.9K | 3,000 | 0.2% | 11 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $771.5K | 1,652 | 0.2% | 14 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $641.9K | 2,519 | 0.2% | 23 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $638.9K | 8,852 | 0.2% | 10 |
| ALLIANCEBERNSTEIN HLDG L P | [AB](https://holderbook.com/stocks/AB/) | $630.9K | 18,670 | 0.2% | 23 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $577.5K | 2,840 | 0.2% | 23 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $568.6K | 12,238 | 0.2% | 13 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $567.8K | 3,442 | 0.2% | 23 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $552.9K | 8,166 | 0.2% | 22 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $538.3K | 4,960 | 0.2% | 23 |
| WYNDHAM HOTELS & RESORTS INC | [WH](https://holderbook.com/stocks/WH/) | $536.5K | 7,251 | 0.2% | 23 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $526.5K | 14,584 | 0.2% | 23 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $522.0K | 577 | 0.2% | 3 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $505.2K | 17,794 | 0.2% | 23 |
| HARTFORD INSURANCE GROUP INC | [HIG](https://holderbook.com/stocks/HIG/) | $502.7K | 5,000 | 0.2% | 15 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $501.5K | 2,595 | 0.2% | 5 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $497.9K | 2,879 | 0.2% | 23 |
| LIBERTY BROADBAND CORP | [LBRDK](https://holderbook.com/stocks/LBRDK/) | $476.9K | 8,699 | 0.1% | 23 |
| MARRIOTT INTL INC NEW | [MAR](https://holderbook.com/stocks/MAR/) | $475.1K | 1,965 | 0.1% | 23 |
| NATIONAL WESTN LIFE GROUP IN | [NWLI](https://holderbook.com/stocks/NWLI/) | $460.6K | 927 | 0.1% | 7 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $459.2K | 1,075 | 0.1% | 15 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $442.1K | 1,457 | 0.1% | 14 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $427.1K | 2,490 | 0.1% | 1 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $417.1K | 4,161 | 0.1% | 23 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $415.4K | 2,280 | 0.1% | 10 |
| HYATT HOTELS CORP | [H](https://holderbook.com/stocks/H/) | $385.1K | 2,535 | 0.1% | 8 |
| DIMENSIONAL ETF TRUST | [DFUS](https://holderbook.com/stocks/DFUS/) | $364.7K | 6,197 | 0.1% | 3 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $353.9K | 2,609 | 0.1% | 16 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $342.9K | 9,000 | 0.1% | 14 |
| LIBERTY GLOBAL LTD | [LBTYA](https://holderbook.com/stocks/LBTYA/) | $337.1K | 19,339 | 0.1% | 3 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $332.6K | 5,083 | 0.1% | 23 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $327.8K | 6,915 | 0.1% | 13 |

## 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 2024 | -2.3% | +4.0% | -6.3% | 100% |
| Q1 2024 | +7.2% | +10.0% | -2.9% | 100% |
| Q4 2023 | +10.4% | +11.2% | -0.8% | 100% |
| Q3 2023 | -4.7% | -3.6% | -1.1% | 100% |
| Q2 2023 | +3.7% | +8.3% | -4.6% | 100% |
| Q1 2023 | -1.6% | +7.0% | -8.7% | 100% |
| Q4 2022 | +5.6% | +7.1% | -1.4% | 100% |
| Q3 2022 | -5.3% | -5.3% | +0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2024 | $318.8M | 117 |
| Q1 2024 | $321.7M | 114 |
| Q4 2023 | $302.5M | 117 |
| Q3 2023 | $272.4M | 114 |
| Q2 2023 | $296.4M | 120 |
| Q1 2023 | $283.9M | 121 |
| Q4 2022 | $284.7M | 117 |
| Q3 2022 | $263.4M | 113 |
| Q2 2022 | $285.9M | 115 |
| Q1 2022 | $317.2M | 123 |
| Q4 2021 | $312.1M | 123 |
| Q3 2021 | $302.9M | 118 |