Lubar & Co., Inc

Fundamental diversified ★Signal utilities specialist (75%) CIK 1473033
Long book
$119.0M
Q1 2026
Positions
3
Top-10 weight
100%
concentration
Last quarter
+1.5%
SPY +14.8%
Turnover
0%
of book per quarter

Strategy in plain words

auto-generated from filings

Lubar & Co., Inc is a diversified fundamental manager, specialised in utilities (75% of the long book), running a $119.0M US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: HALLADOR ENERGY CO, STAR GROUP LP, BERKSHIRE HATHAWAY INC-CL A.

We rate its filings as signal-bearing: position changes reflect genuine views.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q4 2025
-11.2%
Q1 2026
+1.5%

Sector allocation

Utilities
75%
Consumer discretionary
13%
Financials
12%

Long book by quarter

$134.2M
Q4 2025
$119.0M
Q1 2026

What does Lubar & own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
HNRG HALLADOR ENERGY COUtilities5.5M$88.8M74.6%Held
SGU STAR GROUP LPConsumer discretionary1.3M$15.9M13.4%Held
BRK/A BERKSHIRE HATHAWAY INC-CL AFinancials20$14.4M12.1%Held

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRApr 24, 20263$119.0M canonicalSEC ↗
Q4 202513F-HRFeb 3, 20263$134.2M canonicalSEC ↗

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