# Adams Asset Advisors, LLC

> Institutional holdings reported to the SEC as of Q3 2026 on Form 13F. CIK 1386929. Source: https://holderbook.com/funds/1386929-adams-asset-advisors-llc/

- Reported value: $984.4M
- Positions: 94
- Weight of the ten largest: 49.3%
- Filed: 2026-10-08

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 |
|---|---|---|---|---|---|
| J P MORGAN EXCHANGE TRADED F | [JEPQ](https://holderbook.com/stocks/JEPQ/) | $135.1M | 2,205,299 | 13.7% | 3 |
| CALUMET INC | [CLMT](https://holderbook.com/stocks/CLMT/) | $99.8M | 1,906,206 | 10.1% | 9 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $53.5M | 967,395 | 5.4% | 32 |
| SUNOCO LP/SUNOCO FIN CORP | [SUN](https://holderbook.com/stocks/SUN/) | $41.2M | 565,822 | 4.2% | 32 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $29.1M | 1,473,560 | 3.0% | 27 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $26.1M | 78,263 | 2.6% | 32 |
| DORCHESTER MINERALS LP | [DMLP](https://holderbook.com/stocks/DMLP/) | $26.0M | 925,684 | 2.6% | 32 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $25.2M | 50,700 | 2.6% | 16 |
| HF SINCLAIR CORP | [DINO](https://holderbook.com/stocks/DINO/) | $24.5M | 228,380 | 2.5% | 14 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $24.2M | 62,424 | 2.5% | 32 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $21.8M | 189,307 | 2.2% | 23 |
| PLAINS ALL AMERN PIPELINE L | [PAA](https://holderbook.com/stocks/PAA/) | $19.5M | 823,061 | 2.0% | 32 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $18.7M | 343,016 | 1.9% | 21 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $18.5M | 143,020 | 1.9% | 18 |
| WESTERN MIDSTREAM PARTNERS L | [WES](https://holderbook.com/stocks/WES/) | $18.1M | 408,023 | 1.8% | 28 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $16.4M | 152,508 | 1.7% | 18 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $16.3M | 62,331 | 1.7% | 32 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $15.9M | 235,728 | 1.6% | 21 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $15.1M | 35,818 | 1.5% | 30 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $14.4M | 27,883 | 1.5% | 32 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $14.2M | 398,768 | 1.4% | 32 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $14.0M | 68,368 | 1.4% | 32 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $13.5M | 293,295 | 1.4% | 32 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $13.0M | 238,906 | 1.3% | 15 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $13.0M | 14,407 | 1.3% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $12.5M | 156,544 | 1.3% | 27 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $12.5M | 221,452 | 1.3% | 30 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $11.1M | 87,385 | 1.1% | 32 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $10.5M | 431,263 | 1.1% | 27 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $10.3M | 6,000 | 1.0% | 3 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $9.8M | 345,049 | 1.0% | 32 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $9.2M | 17,877 | 0.9% | 32 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $8.6M | 88,748 | 0.9% | 32 |
| SELECT WATER SOLUTIONS INC | [WTTR](https://holderbook.com/stocks/WTTR/) | $8.1M | 409,161 | 0.8% | 32 |
| HP INC | [HPQ](https://holderbook.com/stocks/HPQ/) | $7.9M | 251,744 | 0.8% | 32 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $7.8M | 125,138 | 0.8% | 26 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $7.5M | 229,830 | 0.8% | 6 |
| ALLIANCE RESOURCE PARTNERS L | [ARLP](https://holderbook.com/stocks/ARLP/) | $6.4M | 264,797 | 0.7% | 32 |
| WP CAREY INC | [WPC](https://holderbook.com/stocks/WPC/) | $6.2M | 96,247 | 0.6% | 16 |
| HORMEL FOODS CORP | [HRL](https://holderbook.com/stocks/HRL/) | $6.1M | 303,472 | 0.6% | 4 |
| ETFIS SER TR I | [PFFA](https://holderbook.com/stocks/PFFA/) | $5.6M | 285,821 | 0.6% | 1 |
| UNIVERSAL CORP VA MTNS BK EN | [UVV](https://holderbook.com/stocks/UVV/) | $5.6M | 134,972 | 0.6% | 32 |
| OCCIDENTAL PETE CORP | [OXYWS](https://holderbook.com/stocks/OXYWS/) | $5.1M | 154,425 | 0.5% | 16 |
| RLJ LODGING TR | [RLJPRA](https://holderbook.com/stocks/RLJPRA/) | $5.0M | 208,897 | 0.5% | 16 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $4.8M | 32,840 | 0.5% | 26 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $4.4M | 229,236 | 0.4% | 32 |
| AH RLTY TR INC | [AHRT](https://holderbook.com/stocks/AHRT/) | $4.3M | 700,000 | 0.4% | 11 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $4.2M | 18,224 | 0.4% | 1 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $4.1M | 136,684 | 0.4% | 32 |
| STARWOOD PPTY TR INC | [STWD](https://holderbook.com/stocks/STWD/) | $4.0M | 299,901 | 0.4% | 16 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $3.9M | 42,273 | 0.4% | 30 |
| SUN CMNTYS INC | [SUI](https://holderbook.com/stocks/SUI/) | $3.9M | 35,570 | 0.4% | 27 |
| DELEK LOGISTICS PARTNERS LP | [DKL](https://holderbook.com/stocks/DKL/) | $3.9M | 73,963 | 0.4% | 8 |
| GLOBAL X FDS | [MLPA](https://holderbook.com/stocks/MLPA/) | $3.6M | 67,781 | 0.4% | 23 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $3.4M | 62,686 | 0.3% | 13 |
| NNN REIT INC | [NNN](https://holderbook.com/stocks/NNN/) | $3.2M | 78,933 | 0.3% | 13 |
| RAYONIER INC | [RYN](https://holderbook.com/stocks/RYN/) | $3.1M | 167,348 | 0.3% | 1 |
| SELECT SECTOR SPDR TR | [XLEI](https://holderbook.com/stocks/XLEI/) | $3.0M | 110,000 | 0.3% | 1 |
| BLUE OWL CAPITAL INC | [OWL](https://holderbook.com/stocks/OWL/) | $2.6M | 289,496 | 0.3% | 4 |
| PEABODY ENGR CORP | [BTU](https://holderbook.com/stocks/BTU/) | $2.4M | 100,000 | 0.2% | 8 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $2.4M | 34,884 | 0.2% | 32 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $2.4M | 6,703 | 0.2% | 4 |
| GOLUB CAP BDC INC | [GBDC](https://holderbook.com/stocks/GBDC/) | $2.3M | 180,151 | 0.2% | 9 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $2.2M | 46,445 | 0.2% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.2M | 6,261 | 0.2% | 7 |
| BLUE OWL CAPITAL CORPORATION | [OBDC](https://holderbook.com/stocks/OBDC/) | $2.0M | 192,852 | 0.2% | 16 |
| GOLDMAN SACHS BDC INC | [GSBD](https://holderbook.com/stocks/GSBD/) | $2.0M | 221,536 | 0.2% | 16 |
| MORGAN STANLEY DIRECT LENDIN | [MSDL](https://holderbook.com/stocks/MSDL/) | $2.0M | 145,210 | 0.2% | 9 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.6M | 10,040 | 0.2% | 18 |
|  | - | $1.6M | 18,941 | 0.2% | 1 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $1.6M | 43,727 | 0.2% | 6 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $1.5M | 57,753 | 0.2% | 28 |
| NUVEEN CHURCHILL DIRECT LEND | [NCDL](https://holderbook.com/stocks/NCDL/) | $1.4M | 128,099 | 0.1% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.4M | 1,938 | 0.1% | 3 |
| CONAGRA BRANDS INC | [CAG](https://holderbook.com/stocks/CAG/) | $1.3M | 96,100 | 0.1% | 12 |
| KAYNE ANDERSON BDC INC | [KBDC](https://holderbook.com/stocks/KBDC/) | $1.3M | 101,428 | 0.1% | 4 |
| BLACKSTONE SECD LENDING FD | [BXSL](https://holderbook.com/stocks/BXSL/) | $1.2M | 50,169 | 0.1% | 16 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $1.2M | 5,789 | 0.1% | 16 |
| CRESCENT CAP BDC INC | [CCAP](https://holderbook.com/stocks/CCAP/) | $1.1M | 119,066 | 0.1% | 5 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $986.4K | 8,800 | 0.1% | 1 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $986.0K | 10,800 | 0.1% | 1 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $939.8K | 9,197 | 0.1% | 31 |
| VANECK ETF TRUST | [BIZD](https://holderbook.com/stocks/BIZD/) | $913.0K | 70,831 | 0.1% | 6 |
| KIMBELL RTY PARTNERS LP | [KRP](https://holderbook.com/stocks/KRP/) | $796.5K | 55,780 | 0.1% | 3 |
| HESS MIDSTREAM LP | [HESM](https://holderbook.com/stocks/HESM/) | $768.0K | 20,550 | 0.1% | 4 |
| GLOBAL X FDS | [PFFD](https://holderbook.com/stocks/PFFD/) | $766.1K | 43,530 | 0.1% | 6 |
| MEDICAL PROPERTIES TRUST INC | [MPT](https://holderbook.com/stocks/MPT/) | $738.6K | 213,470 | 0.1% | 21 |
| FIDUS INVT CORP | [FDUS](https://holderbook.com/stocks/FDUS/) | $634.3K | 32,919 | 0.1% | 2 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $602.8K | 2,277 | 0.1% | 29 |
| GLOBAL PARTNERS LP | [GLP](https://holderbook.com/stocks/GLP/) | $456.5K | 9,860 | 0.0% | 13 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $381.6K | 7,000 | 0.0% | 7 |
| TRINITY PETROLEUM TR | [TTYP](https://holderbook.com/stocks/TTYP/) | $302.6K | 10,020 | 0.0% | 31 |
| FIRST FINL BANKSHARES INC | [FFIN](https://holderbook.com/stocks/FFIN/) | $278.0K | 8,760 | 0.0% | 30 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $202.4K | 1,331 | 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 | -0.8% | +14.8% | -15.6% | 100% |
| Q1 2026 | +28.4% | -4.6% | +33.0% | 100% |
| Q4 2025 | -1.3% | +2.4% | -3.6% | 100% |
| Q3 2025 | +8.5% | +7.8% | +0.7% | 100% |
| Q2 2025 | -2.7% | +10.5% | -13.1% | 100% |
| Q1 2025 | -3.9% | -4.6% | +0.7% | 100% |
| Q4 2024 | +1.8% | +2.1% | -0.3% | 100% |
| Q3 2024 | -4.1% | +5.4% | -9.5% | 89% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2026 | $984.4M | 94 |
| Q2 2026 | $881.7M | 88 |
| Q1 2026 | $891.5M | 88 |
| Q4 2025 | $760.1M | 83 |
| Q3 2025 | $775.6M | 81 |
| Q2 2025 | $710.7M | 80 |
| Q1 2025 | $729.5M | 77 |
| Q4 2024 | $779.0M | 77 |
| Q3 2024 | $756.3M | 75 |
| Q2 2024 | $766.8M | 73 |
| Q1 2024 | $773.1M | 77 |
| Q4 2023 | $743.2M | 75 |