Lummis Asset Management, LP
Long book
$167.3M
Q1 2026
Positions
192
Top-10 weight
53%
concentration
Last quarter
+4.5%
SPY +14.8%
Turnover
12%
of book per quarter
Strategy in plain words
auto-generated from filingsLummis Asset Management, LP is a diversified fundamental manager, running a $167.3M US long book across 192 positions.
The portfolio is concentrated: the top 10 names carry 53% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: MATADOR RESOURCES CO, APPLE INC, MICROSOFT CORP, ALPHABET INC-CL C, Berkshire Hathaway, Inc. Cl B.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. 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
Q1 2024
+0.7%
Q2 2024
+1.9%
Q3 2024
+2.2%
Q4 2024
-2.8%
Q1 2025
+5.8%
Q2 2025
+9.2%
Q3 2025
+3.3%
Q4 2025
+2.2%
Q1 2026
+4.5%
Sector allocation
Technology 30%
Energy 24%
Financials 13%
Industrials 10%
Healthcare 8%
Other 6%
Consumer discretionary 6%
Consumer staples 3%
Long book by quarter
What does Lummis Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MTDR MATADOR RESOURCES CO | Energy | 332.6K | $21.1M | 12.6% | -1.1% |
| AAPL APPLE INC | Technology | 52.5K | $13.7M | 8.2% | -3.8% |
| MSFT MICROSOFT CORP | Technology | 31.9K | $12.5M | 7.4% | -2.8% |
| GOOG ALPHABET INC-CL C | Technology | 31.6K | $10.2M | 6.1% | -3.8% |
| BSM BLACK STONE MINERALS LP | Energy | 343.8K | $4.9M | 2.9% | +0.2% |
| GD GENERAL DYNAMICS CORP | Industrials | 14.3K | $4.9M | 2.9% | -4.0% |
| ROST ROSS STORES INC | Consumer discretionary | 20.7K | $4.5M | 2.7% | -5.0% |
| ORCL ORACLE CORP | Technology | 29.5K | $4.5M | 2.7% | -5.9% |
| GS GOLDMAN SACHS GROUP INC | Financials | 4.9K | $4.3M | 2.6% | -28.0% |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 124.7K | $4.2M | 2.5% | -5.1% |
| GOLF ACUSHNET HOLDINGS CORP | Other | 396.7K | $3.7M | 2.2% | +823.9% |
| XOM EXXON MOBIL CORP | Energy | 20.6K | $3.3M | 2.0% | -3.2% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 6.4K | $3.1M | 1.9% | -2.1% |
| AIG AMERICAN INTERNATIONAL GROUP | Financials | 40.7K | $3.1M | 1.8% | -3.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 12.9K | $3.0M | 1.8% | -3.7% |
| ABT ABBOTT LABORATORIES | Healthcare | 29.5K | $2.9M | 1.7% | -4.0% |
| AMRZ AMRIZE LTD | Industrials | 49.2K | $2.7M | 1.6% | -4.5% |
| PEP PEPSICO INC | Consumer staples | 17.2K | $2.7M | 1.6% | -3.5% |
| LLY ELI LILLY & CO | Healthcare | 2.7K | $2.5M | 1.5% | Held |
| WFC WELLS FARGO & CO | Financials | 31.1K | $2.5M | 1.5% | -4.5% |
| AYI ACUITY INC | Industrials | 8.8K | $2.5M | 1.5% | -4.9% |
| DORM DORMAN PRODUCTS INC | Industrials | 19.6K | $2.1M | 1.3% | New |
| DVN DEVON ENERGY CORP | Energy | 37.1K | $1.9M | 1.1% | +6.3% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 18.2K | $1.7M | 1.0% | -4.2% |
| DG DOLLAR GENERAL CORP | Consumer discretionary | 13.9K | $1.6M | 1.0% | -5.0% |
| COP CONOCOPHILLIPS | Energy | 12.5K | $1.6M | 1.0% | -1.0% |
| KO COCA-COLA CO/THE | Consumer staples | 20.6K | $1.6M | 1.0% | -7.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 7.1K | $1.6M | 0.9% | Held |
| ABBV ABBVIE INC | Healthcare | 6.2K | $1.3M | 0.8% | Held |
| AMGN AMGEN INC | Healthcare | 3.4K | $1.2M | 0.7% | +3.0% |
| CVX CHEVRON CORP | Energy | 6.0K | $1.2M | 0.7% | Held |
| WMB WILLIAMS COS INC | Utilities | 14.0K | $1.0M | 0.6% | -7.1% |
| PG PROCTER & GAMBLE CO/THE | Other | 6.7K | $985K | 0.6% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 3.3K | $940K | 0.6% | -2.3% |
| SSB SOUTHSTATE BANK CORP | Financials | 8.3K | $785K | 0.5% | -7.6% |
| ITW ILLINOIS TOOL WORKS | Industrials | 3.0K | $780K | 0.5% | Held |
| FFIN FIRST FINL BANKSHARES INC | Financials | 24.7K | $762K | 0.5% | -0.5% |
| WTM WHITE MOUNTAINS INSURANCE GP | Financials | 325 | $725K | 0.4% | Held |
| CSCO CISCO SYSTEMS INC | Technology | 6.7K | $615K | 0.4% | Held |
| PSX PHILLIPS 66 | Energy | 3.0K | $540K | 0.3% | Held |
| RTX RTX CORP | Industrials | 2.7K | $479K | 0.3% | Held |
| LMT LOCKHEED MARTIN CORP | Industrials | 840 | $455K | 0.3% | Held |
| ADP AUTOMATIC DATA PROCESSING | Technology | 2.0K | $426K | 0.3% | -0.7% |
| APH AMPHENOL CORP-CL A | Technology | 2.9K | $365K | 0.2% | -1.6% |
| PFE PFIZER INC | Healthcare | 11.3K | $302K | 0.2% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 865 | $254K | 0.2% | Held |
| ATO ATMOS ENERGY CORP | Utilities | 1.1K | $208K | 0.1% | Held |
| BN BROOKFIELD CORP | Real estate | 4.8K | $195K | 0.1% | Held |
| CLX CLOROX COMPANY | Other | 2.0K | $190K | 0.1% | New |
| META META PLATFORMS INC-CLASS A | Technology | 310 | $187K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 194 | $167.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 190 | $162.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 161 | $152.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 162 | $152.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 164 | $144.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 15, 2025 | 148 | $78.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 147 | $85.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 153 | $75.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 17, 2024 | 156 | $74.6M | canonical | SEC ↗ |
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