# Lummis Asset Management, LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2011652. Source: https://holderbook.com/funds/2011652-lummis-asset-management-lp/

- Reported value: $167.2M
- Positions: 221
- Weight of the ten largest: 52.6%
- Filed: 2026-08-03

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 |
|---|---|---|---|---|---|
| MATADOR RES CO | [MTDR](https://holderbook.com/stocks/MTDR/) | $16.2M | 328,769 | 9.7% | 11 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $15.9M | 51,505 | 9.5% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $13.1M | 31,432 | 7.8% | 11 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $10.8M | 31,233 | 6.5% | 11 |
| Berkshire Hathaway Cl B | [BRK-A](https://holderbook.com/stocks/BRK-A/) | $8.0M | 15,823 | 4.8% | 11 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $5.1M | 14,095 | 3.1% | 11 |
| BLACK STONE MINERALS L P | [BSM](https://holderbook.com/stocks/BSM/) | $5.1M | 343,843 | 3.0% | 11 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $4.9M | 4,831 | 2.9% | 11 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $4.5M | 20,062 | 2.7% | 11 |
| ACUSHNET HLDGS CORP | [GOLF](https://holderbook.com/stocks/GOLF/) | $4.4M | 38,792 | 2.6% | 11 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $4.1M | 28,781 | 2.4% | 11 |
| TRIPLE FLAG PRECIOUS METAL | [TFPM](https://holderbook.com/stocks/TFPM/) | $3.9M | 131,121 | 2.3% | 11 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $3.9M | 3,723 | 2.3% | 6 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $3.4M | 6,367 | 2.0% | 11 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.3M | 12,849 | 2.0% | 11 |
| ACUITY INC | [AYI](https://holderbook.com/stocks/AYI/) | $3.2M | 8,656 | 1.9% | 11 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $3.1M | 2,675 | 1.8% | 11 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $3.1M | 20,484 | 1.8% | 11 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $3.1M | 40,274 | 1.8% | 11 |
| AMRIZE LTD | [AMRZ](https://holderbook.com/stocks/AMRZ/) | $3.0M | 58,677 | 1.8% | 5 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.9M | 29,101 | 1.7% | 11 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $2.6M | 30,788 | 1.5% | 11 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $2.5M | 15,032 | 1.5% | 11 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $1.8M | 17,932 | 1.0% | 11 |
| DORMAN PRODS INC | [DORM](https://holderbook.com/stocks/DORM/) | $1.7M | 12,803 | 1.0% | 2 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.7M | 20,355 | 1.0% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.7M | 7,088 | 1.0% | 11 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $1.7M | 13,732 | 1.0% | 11 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $1.6M | 6,229 | 1.0% | 11 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $1.5M | 26,888 | 0.9% | 11 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $1.5M | 16,739 | 0.9% | 11 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $1.5M | 17,095 | 0.9% | 11 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $1.4M | 12,315 | 0.8% | 11 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.3M | 3,433 | 0.8% | 6 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $1.3M | 9,647 | 0.8% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.2M | 3,270 | 0.7% | 11 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.1M | 5,995 | 0.7% | 11 |
| SCHWAB STRATEGIC TR | [SCHO](https://holderbook.com/stocks/SCHO/) | $1.1M | 44,147 | 0.6% | 11 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.0M | 7,003 | 0.6% | 11 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $998.9K | 13,468 | 0.6% | 11 |
| FIRST FINL BANKSHARES INC | [FFIN](https://holderbook.com/stocks/FFIN/) | $856.7K | 24,645 | 0.5% | 11 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $841.9K | 3,015 | 0.5% | 6 |
| SOUTHSTATE CORPORATION | [SSBXXXX](https://holderbook.com/stocks/SSBXXXX/) | $834.6K | 8,205 | 0.5% | 11 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $765.9K | 6,742 | 0.5% | 6 |
| WHITE MTNS INS GROUP LTD | [WTM](https://holderbook.com/stocks/WTM/) | $688.5K | 325 | 0.4% | 6 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $627.9K | 3,011 | 0.4% | 11 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $582.0K | 2,727 | 0.3% | 11 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $513.6K | 2,019 | 0.3% | 11 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $492.3K | 2,792 | 0.3% | 11 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $465.4K | 836 | 0.3% | 11 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $345.2K | 933 | 0.2% | 11 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $293.5K | 4,680 | 0.2% | 10 |
| UNILEVER PLC | [ULXXXX](https://holderbook.com/stocks/ULXXXX/) | $290.1K | 4,444 | 0.2% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $283.1K | 865 | 0.2% | 11 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $221.0K | 600 | 0.1% | 11 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $205.0K | 4,813 | 0.1% | 11 |
| NUVEEN MUN VALUE FD INC | [NUV](https://holderbook.com/stocks/NUV/) | $202.8K | 22,000 | 0.1% | 11 |
| ATMOS ENERGY CORP | [ATO](https://holderbook.com/stocks/ATO/) | $194.3K | 1,128 | 0.1% | 11 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $191.7K | 2,460 | 0.1% | 11 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $190.9K | 1,974 | 0.1% | 2 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $187.4K | 4,239 | 0.1% | 4 |
| BANCO BILBAO VIZCAYA ARGENTA | [BBVA](https://holderbook.com/stocks/BBVA/) | $187.2K | 6,784 | 0.1% | 3 |
| NESTLE SA ADR | [NSRGY](https://holderbook.com/stocks/NSRGY/) | $181.7K | 1,781 | 0.1% | 11 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $173.6K | 319 | 0.1% | 11 |
| CENTRAL SECS CORP | [CET](https://holderbook.com/stocks/CET/) | $159.2K | 3,036 | 0.1% | 11 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $152.5K | 1,899 | 0.1% | 11 |
| FIRST NATL BK OF ALASKA | [FBAK](https://holderbook.com/stocks/FBAK/) | $149.5K | 460 | 0.1% | 2 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $131.0K | 1,595 | 0.1% | 11 |
| VANGUARD WORLD FD | [VDC](https://holderbook.com/stocks/VDC/) | $113.4K | 490 | 0.1% | 4 |
| BUNGE LIMITED | [BGXXXX](https://holderbook.com/stocks/BGXXXX/) | $108.5K | 1,032 | 0.1% | 1 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $106.4K | 256 | 0.1% | 11 |
| DICKS SPORTING GOODS INC | [DKS](https://holderbook.com/stocks/DKS/) | $101.4K | 507 | 0.1% | 6 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $99.4K | 497 | 0.1% | 11 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $96.0K | 400 | 0.1% | 4 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $93.9K | 854 | 0.1% | 11 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $91.3K | 133 | 0.1% | 11 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $84.2K | 800 | 0.1% | 6 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $83.4K | 243 | 0.0% | 11 |
| SOUTHWEST AIRLS CO | [LUV](https://holderbook.com/stocks/LUV/) | $77.1K | 1,500 | 0.0% | 11 |
| CANADIAN PAC RY LTD | [CPXXXX](https://holderbook.com/stocks/CPXXXX/) | $74.9K | 864 | 0.0% | 6 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $67.8K | 251 | 0.0% | 11 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $63.3K | 500 | 0.0% | 11 |
| CULLEN FROST BANKERS INC | [CFR](https://holderbook.com/stocks/CFR/) | $61.3K | 397 | 0.0% | 11 |
| PROFESIONALLY MANAGED PORTFO | [AKRE](https://holderbook.com/stocks/AKRE/) | $58.3K | 1,097 | 0.0% | 3 |
| PIMCO ETF TR | [MINT](https://holderbook.com/stocks/MINT/) | $54.5K | 541 | 0.0% | 10 |
| EXELIXIS INC | [EXEL](https://holderbook.com/stocks/EXEL/) | $54.4K | 1,000 | 0.0% | 2 |
| VANGUARD INTL EQUITY INDEX F | [VPL](https://holderbook.com/stocks/VPL/) | $51.1K | 464 | 0.0% | 4 |
| MOTOROLA SOLUTIONS INC | [MSI](https://holderbook.com/stocks/MSI/) | $49.4K | 119 | 0.0% | 11 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $47.7K | 825 | 0.0% | 11 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $47.5K | 142 | 0.0% | 11 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $47.5K | 1,500 | 0.0% | 6 |
| PERMIAN BASIN RTY TR | [PBT](https://holderbook.com/stocks/PBT/) | $46.3K | 1,850 | 0.0% | 11 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $46.0K | 646 | 0.0% | 6 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $43.1K | 1,000 | 0.0% | 5 |
| EAGLEROCK LD LLC | - | $42.5K | 2,000 | 0.0% | 1 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $38.2K | 128 | 0.0% | 11 |
| AB ACTIVE ETFS INC | [EMOP](https://holderbook.com/stocks/EMOP/) | $37.2K | 713 | 0.0% | 1 |
| BROOKFIELD ASSET MGMT INC | [BAMXXXX](https://holderbook.com/stocks/BAMXXXX/) | $35.7K | 797 | 0.0% | 11 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $32.1K | 85 | 0.0% | 11 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $30.8K | 272 | 0.0% | 11 |

## 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 | +6.0% | +14.8% | -8.9% | 118% |
| Q1 2026 | +1.3% | -4.6% | +6.0% | 101% |
| Q4 2025 | +2.6% | +2.4% | +0.2% | 99% |
| Q3 2025 | +8.0% | +7.8% | +0.2% | 99% |
| Q2 2025 | +4.0% | +10.5% | -6.5% | 102% |
| Q1 2025 | -2.2% | -4.6% | +2.4% | 100% |
| Q4 2024 | +1.5% | +2.1% | -0.6% | 100% |
| Q3 2024 | +2.1% | +5.4% | -3.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $167.2M | 221 |
| Q1 2026 | $167.3M | 192 |
| Q4 2025 | $162.6M | 189 |
| Q3 2025 | $152.3M | 159 |
| Q2 2025 | $152.9M | 160 |
| Q1 2025 | $144.0M | 163 |
| Q4 2024 | $78.9M | 147 |
| Q3 2024 | $85.6M | 147 |
| Q2 2024 | $75.7M | 153 |
| Q1 2024 | $74.6M | 156 |
| Q4 2023 | $130.7M | 175 |