# Hedges Asset Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1906202. Source: https://holderbook.com/funds/1906202-hedges-asset-management-llc/

- Reported value: $152.4M
- Positions: 108
- Weight of the ten largest: 36.4%
- Filed: 2026-07-27

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 |
|---|---|---|---|---|---|
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $15.3M | 295,712 | 10.0% | 18 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $7.3M | 19,475 | 4.8% | 18 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $6.0M | 27,600 | 3.9% | 18 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $4.7M | 33,650 | 3.1% | 18 |
| SOUTHWEST AIRLS CO | [LUV](https://holderbook.com/stocks/LUV/) | $4.3M | 83,400 | 2.8% | 18 |
| PENN ENTERTAINMENT INC | [PENN](https://holderbook.com/stocks/PENN/) | $4.0M | 188,900 | 2.6% | 18 |
| PROSHARES TR | [PSQ](https://holderbook.com/stocks/PSQ/) | $3.8M | 152,200 | 2.5% | 8 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $3.8M | 48,500 | 2.5% | 17 |
| GAMING & LEISURE P | [GLPI](https://holderbook.com/stocks/GLPI/) | $3.5M | 78,260 | 2.3% | 18 |
| ARCOS DORADOS HLDGS INC | [ARCO](https://holderbook.com/stocks/ARCO/) | $2.8M | 349,800 | 1.8% | 18 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $2.8M | 75,056 | 1.8% | 18 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $2.8M | 36,550 | 1.8% | 18 |
| CNH INDL N V | [CNH](https://holderbook.com/stocks/CNH/) | $2.7M | 238,000 | 1.8% | 10 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $2.5M | 94,500 | 1.7% | 2 |
| VAIL RESORTS INC | [MTN](https://holderbook.com/stocks/MTN/) | $2.5M | 18,525 | 1.7% | 1 |
| LINDBLAD EXPEDITIONS HLDGS I | [LIND](https://holderbook.com/stocks/LIND/) | $2.3M | 79,800 | 1.5% | 18 |
| FMC CORP | [FMC](https://holderbook.com/stocks/FMC/) | $2.1M | 185,900 | 1.4% | 10 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $2.1M | 78,000 | 1.4% | 18 |
| PROSHARES TR | [SH](https://holderbook.com/stocks/SH/) | $2.1M | 64,200 | 1.4% | 2 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $2.0M | 54,550 | 1.3% | 4 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $1.9M | 43,065 | 1.3% | 3 |
| IMAX CORP | [IMAX](https://holderbook.com/stocks/IMAX/) | $1.9M | 47,150 | 1.2% | 2 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $1.9M | 21,000 | 1.2% | 18 |
| WYNN RESORTS LTD | [WYNN](https://holderbook.com/stocks/WYNN/) | $1.8M | 19,015 | 1.2% | 18 |
| ELANCO ANIMAL HEALTH INC | [ELAN](https://holderbook.com/stocks/ELAN/) | $1.8M | 75,000 | 1.2% | 17 |
| COEUR MNG INC | [CDE](https://holderbook.com/stocks/CDE/) | $1.8M | 112,816 | 1.2% | 1 |
| SPROTT ASSET MANAGEMENT LP | [PHYS](https://holderbook.com/stocks/PHYS/) | $1.8M | 61,000 | 1.2% | 18 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $1.8M | 16,500 | 1.2% | 18 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $1.7M | 18,650 | 1.1% | 18 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $1.7M | 40,150 | 1.1% | 18 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $1.5M | 61,750 | 1.0% | 7 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $1.5M | 30,400 | 1.0% | 1 |
| LOEWS CORP | [L](https://holderbook.com/stocks/L/) | $1.4M | 12,700 | 0.9% | 18 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.3M | 10,450 | 0.9% | 18 |
| CRISPR THERAPEUTICS AG | [CRSP](https://holderbook.com/stocks/CRSP/) | $1.3M | 24,575 | 0.9% | 18 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $1.3M | 28,700 | 0.9% | 18 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $1.3M | 10,200 | 0.9% | 2 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $1.3M | 22,150 | 0.9% | 2 |
| GOODYEAR TIRE & RUBR CO | [GT](https://holderbook.com/stocks/GT/) | $1.3M | 198,000 | 0.9% | 17 |
| VIATRIS INC | [VTRS](https://holderbook.com/stocks/VTRS/) | $1.3M | 81,250 | 0.8% | 18 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $1.3M | 15,500 | 0.8% | 18 |
| ABRDN PLATINUM ETF TRUST | [PPLT](https://holderbook.com/stocks/PPLT/) | $1.3M | 89,500 | 0.8% | 6 |
| KRAFT HEINZ CO | [KHC](https://holderbook.com/stocks/KHC/) | $1.2M | 52,550 | 0.8% | 11 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $1.2M | 4,300 | 0.8% | 18 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $1.2M | 86,400 | 0.8% | 18 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $1.2M | 20,850 | 0.8% | 8 |
| INTERNATIONAL FLAVORS&FRAGRA | [IFF](https://holderbook.com/stocks/IFF/) | $1.1M | 14,325 | 0.7% | 12 |
| MCCORMICK & CO INC | [MKC](https://holderbook.com/stocks/MKC/) | $1.1M | 22,500 | 0.7% | 1 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $1.1M | 14,900 | 0.7% | 18 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $1.1M | 14,050 | 0.7% | 18 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $1.0M | 4,475 | 0.7% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $989.3K | 4,475 | 0.6% | 1 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $986.3K | 5,950 | 0.6% | 18 |
| NUTANIX INC | [NTNX](https://holderbook.com/stocks/NTNX/) | $958.0K | 18,800 | 0.6% | 18 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $885.5K | 9,200 | 0.6% | 14 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $878.7K | 15,250 | 0.6% | 18 |
| CINEMARK HLDGS INC | [CNK](https://holderbook.com/stocks/CNK/) | $863.1K | 27,200 | 0.6% | 18 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $837.6K | 14,700 | 0.5% | 18 |
| MOBILEYE GLOBAL INC | [MBLY](https://holderbook.com/stocks/MBLY/) | $825.2K | 85,250 | 0.5% | 2 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $802.7K | 8,700 | 0.5% | 18 |
| DUTCH BROS INC | [BROS](https://holderbook.com/stocks/BROS/) | $797.1K | 11,100 | 0.5% | 13 |
| SHAKE SHACK INC | [SHAK](https://holderbook.com/stocks/SHAK/) | $781.5K | 13,950 | 0.5% | 18 |
| MGM RESORTS INTERNATIONAL | [MGM](https://holderbook.com/stocks/MGM/) | $765.0K | 16,000 | 0.5% | 18 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $746.5K | 14,300 | 0.5% | 1 |
| ISHARES TR | [EUFN](https://holderbook.com/stocks/EUFN/) | $740.8K | 19,000 | 0.5% | 18 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $735.9K | 2,350 | 0.5% | 18 |
| ADVISORSHARES TR | [MSOS](https://holderbook.com/stocks/MSOS/) | $716.3K | 141,000 | 0.5% | 17 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $671.9K | 4,150 | 0.4% | 18 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $668.4K | 12,500 | 0.4% | 18 |
| FIGS INC | [FIGS](https://holderbook.com/stocks/FIGS/) | $649.6K | 63,500 | 0.4% | 9 |
| SOCIEDAD QUIMICA Y MINERA DE | [SQM](https://holderbook.com/stocks/SQM/) | $644.1K | 8,700 | 0.4% | 18 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $623.2K | 9,900 | 0.4% | 6 |
| LYFT INC | [LYFT](https://holderbook.com/stocks/LYFT/) | $578.6K | 39,600 | 0.4% | 18 |
| ENVISTA HOLDINGS CORPORATION | [NVST](https://holderbook.com/stocks/NVST/) | $494.1K | 18,750 | 0.3% | 8 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $479.4K | 3,350 | 0.3% | 7 |
| ISHARES TR | [IEV](https://holderbook.com/stocks/IEV/) | $473.5K | 6,500 | 0.3% | 18 |
| KRANESHARES TRUST | [KWEB](https://holderbook.com/stocks/KWEB/) | $469.8K | 19,200 | 0.3% | 17 |
| HONDA MOTOR CO LTD | [HMC](https://holderbook.com/stocks/HMC/) | $455.4K | 16,800 | 0.3% | 17 |
| ROGERS CORP | [ROG](https://holderbook.com/stocks/ROG/) | $429.8K | 2,625 | 0.3% | 9 |
| INSPIRE MED SYS INC | [INSP](https://holderbook.com/stocks/INSP/) | $388.1K | 8,700 | 0.3% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $385.2K | 4,600 | 0.3% | 18 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $376.9K | 3,700 | 0.2% | 4 |
| HELMERICH & PAYNE INC | [HP](https://holderbook.com/stocks/HP/) | $366.7K | 11,200 | 0.2% | 4 |
| ISHARES TR | [FXI](https://holderbook.com/stocks/FXI/) | $360.1K | 11,400 | 0.2% | 9 |
| WISDOMTREE TR | [DFE](https://holderbook.com/stocks/DFE/) | $359.9K | 5,000 | 0.2% | 18 |
| LITHIUM AMERS CORP NEW | [LAC](https://holderbook.com/stocks/LAC/) | $346.5K | 90,000 | 0.2% | 10 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $335.7K | 10,500 | 0.2% | 18 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $325.7K | 2,900 | 0.2% | 8 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $321.5K | 4,700 | 0.2% | 5 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $319.2K | 1,500 | 0.2% | 18 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $316.6K | 3,500 | 0.2% | 2 |
| GRANITE CONSTR INC | [GVA](https://holderbook.com/stocks/GVA/) | $316.2K | 2,000 | 0.2% | 7 |
| PROSHARES TR | [DOG](https://holderbook.com/stocks/DOG/) | $308.1K | 14,250 | 0.2% | 3 |
| ON HLDG AG | [ONON](https://holderbook.com/stocks/ONON/) | $301.1K | 8,500 | 0.2% | 1 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $299.7K | 3,200 | 0.2% | 3 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $285.0K | 4,000 | 0.2% | 5 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $280.7K | 2,700 | 0.2% | 18 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $270.3K | 1,000 | 0.2% | 18 |
| WABTEC | [WAB](https://holderbook.com/stocks/WAB/) | $269.6K | 1,000 | 0.2% | 18 |
| DOCUSIGN INC | [DOCU](https://holderbook.com/stocks/DOCU/) | $244.3K | 5,500 | 0.2% | 1 |

## 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 |
|---|---|---|---|---|
| Q1 2026 | +4.5% | -4.6% | +9.2% | 98% |
| Q4 2025 | +3.0% | +2.4% | +0.7% | 100% |
| Q3 2025 | +8.9% | +7.8% | +1.1% | 100% |
| Q2 2025 | +6.4% | +10.5% | -4.1% | 106% |
| Q1 2025 | +2.1% | -4.6% | +6.6% | 100% |
| Q4 2024 | -1.0% | +2.1% | -3.1% | 100% |
| Q3 2024 | +6.8% | +5.4% | +1.4% | 100% |
| Q2 2024 | -4.1% | +4.0% | -8.2% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $152.4M | 108 |
| Q4 2025 | $141.8M | 108 |
| Q3 2025 | $130.6M | 102 |
| Q2 2025 | $124.5M | 101 |
| Q1 2025 | $152.2M | 108 |
| Q4 2024 | $151.5M | 110 |
| Q3 2024 | $151.1M | 112 |
| Q2 2024 | $139.3M | 111 |
| Q1 2024 | $142.7M | 113 |
| Q4 2023 | $128.0M | 106 |
| Q3 2023 | $114.5M | 107 |
| Q2 2023 | $118.0M | 106 |