# Cheviot Value Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1427147. Source: https://holderbook.com/funds/1427147-cheviot-value-management-llc/

- Reported value: $984.0M
- Positions: 443
- Weight of the ten largest: 56.3%
- Filed: 2026-08-06

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 |
|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $118.9M | 237,670 | 12.1% | 31 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $100.9M | 1,002,516 | 10.3% | 6 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $63.6M | 409,761 | 6.5% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $56.8M | 158,980 | 5.8% | 31 |
| SSGA ACTIVE ETF TR | [TOTL](https://holderbook.com/stocks/TOTL/) | $54.0M | 1,368,052 | 5.5% | 6 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $39.3M | 154,695 | 4.0% | 31 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $35.3M | 323,920 | 3.6% | 6 |
| FLEXSHARES TR | [TDTF](https://holderbook.com/stocks/TDTF/) | $32.6M | 1,372,859 | 3.3% | 6 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $27.6M | 80,407 | 2.8% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $24.7M | 43,818 | 2.5% | 31 |
| SPROTT ASSET MANAGEMENT LP | [CEF](https://holderbook.com/stocks/CEF/) | $22.8M | 567,160 | 2.3% | 26 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $22.1M | 367,496 | 2.2% | 3 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $22.0M | 171,084 | 2.2% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $21.6M | 57,787 | 2.2% | 31 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $20.4M | 218,434 | 2.1% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $19.5M | 81,721 | 2.0% | 31 |
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $17.0M | 124,616 | 1.7% | 1 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $15.6M | 7,971 | 1.6% | 31 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $15.4M | 627,143 | 1.6% | 26 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $15.0M | 20 | 1.5% | 6 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $14.8M | 612,610 | 1.5% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $13.7M | 82,362 | 1.4% | 9 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $12.4M | 119,603 | 1.3% | 9 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $11.3M | 308,875 | 1.2% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $10.0M | 34,484 | 1.0% | 31 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $8.8M | 11,987 | 0.9% | 26 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $7.0M | 27,894 | 0.7% | 31 |
| WISDOMTREE TR | [DEM](https://holderbook.com/stocks/DEM/) | $6.9M | 127,512 | 0.7% | 31 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $6.6M | 217,351 | 0.7% | 22 |
| ISHARES TR | [IBDW](https://holderbook.com/stocks/IBDW/) | $6.2M | 298,110 | 0.6% | 6 |
| ISHARES TR | [IBDT](https://holderbook.com/stocks/IBDT/) | $6.2M | 244,851 | 0.6% | 6 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $5.8M | 130,025 | 0.6% | 31 |
| HARRIS OAKMARK ETF TRUST | [OAKM](https://holderbook.com/stocks/OAKM/) | $5.4M | 192,975 | 0.6% | 6 |
| SCHWAB STRATEGIC TR | [SCHO](https://holderbook.com/stocks/SCHO/) | $5.1M | 213,107 | 0.5% | 6 |
| SCHWAB STRATEGIC TR | [FNDE](https://holderbook.com/stocks/FNDE/) | $5.1M | 129,249 | 0.5% | 29 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $4.7M | 96,617 | 0.5% | 9 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $4.3M | 57,130 | 0.4% | 26 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $4.3M | 41,597 | 0.4% | 31 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $3.9M | 1,694 | 0.4% | 6 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $3.7M | 5,136 | 0.4% | 29 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $3.7M | 21,875 | 0.4% | 9 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $3.5M | 35,825 | 0.4% | 6 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $3.5M | 5,159 | 0.4% | 6 |
| LIBERTY BROADBAND CORP | [LBRDK](https://holderbook.com/stocks/LBRDK/) | $3.3M | 98,593 | 0.3% | 31 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $3.3M | 142,817 | 0.3% | 6 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.8M | 14,096 | 0.3% | 14 |
| INVESCO EXCHANGE TRADED FD T | [PID](https://holderbook.com/stocks/PID/) | $2.7M | 122,502 | 0.3% | 26 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $2.7M | 4,240 | 0.3% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.7M | 8,273 | 0.3% | 31 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $2.5M | 3,850 | 0.3% | 6 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $2.0M | 25,671 | 0.2% | 6 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $1.7M | 9,566 | 0.2% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.7M | 4,786 | 0.2% | 9 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.6M | 1,718 | 0.2% | 29 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $1.6M | 6,164 | 0.2% | 6 |
| SPROTT FDS TR | [URNM](https://holderbook.com/stocks/URNM/) | $1.4M | 27,330 | 0.1% | 9 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.4M | 3,892 | 0.1% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $1.4M | 32,978 | 0.1% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $1.2M | 13,605 | 0.1% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.2M | 8,259 | 0.1% | 6 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $1.1M | 7,200 | 0.1% | 6 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $992.9K | 4,750 | 0.1% | 6 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $903.6K | 3,343 | 0.1% | 6 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $864.4K | 1,158 | 0.1% | 6 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $854.6K | 2,277 | 0.1% | 6 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $843.3K | 3,550 | 0.1% | 4 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $843.3K | 2,005 | 0.1% | 6 |
| VANGUARD BD INDEX FDS | [VUSB](https://holderbook.com/stocks/VUSB/) | $836.6K | 16,805 | 0.1% | 4 |
| ISHARES TR | [ITA](https://holderbook.com/stocks/ITA/) | $836.1K | 3,449 | 0.1% | 6 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $793.8K | 13,932 | 0.1% | 6 |
| MAGNUM ICE CREAM CO NV | [MICC](https://holderbook.com/stocks/MICC/) | $766.3K | 44,016 | 0.1% | 3 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $745.9K | 18,051 | 0.1% | 9 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $728.7K | 4,265 | 0.1% | 1 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $696.9K | 581 | 0.1% | 21 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $685.5K | 3,065 | 0.1% | 4 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $657.0K | 7,950 | 0.1% | 6 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $643.1K | 3,480 | 0.1% | 6 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $620.8K | 583 | 0.1% | 15 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $614.2K | 1,377 | 0.1% | 6 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $612.8K | 3,785 | 0.1% | 6 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $610.4K | 3,217 | 0.1% | 24 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $590.7K | 5,029 | 0.1% | 31 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $576.7K | 8,015 | 0.1% | 26 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $566.5K | 1,103 | 0.1% | 15 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $565.1K | 1,896 | 0.1% | 6 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $564.3K | 1,600 | 0.1% | 22 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $560.5K | 3,571 | 0.1% | 18 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $539.1K | 533 | 0.1% | 11 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $538.5K | 6,883 | 0.1% | 26 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $531.0K | 460 | 0.1% | 6 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $514.7K | 3,941 | 0.1% | 6 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $513.5K | 3,504 | 0.1% | 14 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $503.1K | 1,778 | 0.1% | 6 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $482.9K | 1,535 | 0.0% | 6 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $453.1K | 32,595 | 0.0% | 6 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $440.8K | 3,688 | 0.0% | 11 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $438.2K | 7,095 | 0.0% | 6 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $437.8K | 5,082 | 0.0% | 7 |
| REINSURANCE GROUP AMER INC | [RGA](https://holderbook.com/stocks/RGA/) | $435.9K | 2,050 | 0.0% | 6 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $425.7K | 2,000 | 0.0% | 15 |

## 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 | +1.7% | -4.6% | +6.3% | 95% |
| Q4 2025 | +3.8% | +2.4% | +1.5% | 101% |
| Q3 2025 | +9.5% | +7.8% | +1.6% | 98% |
| Q2 2025 | +2.1% | +10.5% | -8.3% | 101% |
| Q1 2025 | +9.2% | -4.6% | +13.7% | 94% |
| Q4 2024 | -2.0% | +2.1% | -4.2% | 93% |
| Q3 2024 | +7.5% | +5.4% | +2.1% | 93% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $984.0M | 443 |
| Q1 2026 | $995.6M | 425 |
| Q4 2025 | $1.0B | 415 |
| Q3 2025 | $940.2M | 443 |
| Q2 2025 | $872.3M | 432 |
| Q1 2025 | $813.1M | 454 |
| Q4 2024 | $523.0M | 70 |
| Q3 2024 | $530.1M | 67 |
| Q2 2024 | $512.0M | 69 |
| Q1 2024 | $456.2M | 62 |
| Q4 2023 | $464.5M | 72 |
| Q3 2023 | $451.8M | 74 |