Wallace Capital Management Inc.
Long book
$870.8M
Q1 2026
Positions
75
Top-10 weight
76%
concentration
Last quarter
+4.7%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsWallace Capital Management Inc. is a diversified fundamental manager, running a $870.8M US long book across 75 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: WHITE MOUNTAINS INSURANCE GP, GRAHAM HOLDINGS CO-CLASS B, BERKSHIRE HATHAWAY INC-CL B, PEOPLE INC, SEABOARD CORP.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 5 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
-4.5%
Q2 2024
+9.0%
Q3 2024
+4.7%
Q4 2024
+5.4%
Q1 2025
-5.0%
Q2 2025
+8.0%
Q3 2025
+4.4%
Q4 2025
+1.7%
Q1 2026
+4.7%
Sector allocation
Financials 40%
Services media 23%
Consumer discretionary 7%
Technology 6%
Communications 5%
Consumer staples 5%
Other 4%
Healthcare 4%
Long book by quarter
What does Wallace Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WTM WHITE MOUNTAINS INSURANCE GP | Financials | 78.8K | $173.1M | 19.9% | -1.9% |
| GHC GRAHAM HOLDINGS CO-CLASS B | Services media | 155.1K | $164.0M | 18.8% | -1.3% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 241.9K | $115.9M | 13.3% | -1.1% |
| PPLI PEOPLE INC | Technology | 1.1M | $44.8M | 5.1% | +26.6% |
| SEB SEABOARD CORP | Consumer discretionary | 7.4K | $41.8M | 4.8% | -4.1% |
| JNJ JOHNSON & JOHNSON | Healthcare | 118.4K | $28.9M | 3.3% | -12.2% |
| L LOEWS CORP | Financials | 257.3K | $27.5M | 3.2% | -1.9% |
| UHAL/B U-HAUL HOLDING CO-NON VOTING | Services media | 541.9K | $24.2M | 2.8% | New |
| MHK MOHAWK INDUSTRIES INC | Other | 213.8K | $21.0M | 2.4% | +2.7% |
| TAP MOLSON COORS BEVERAGE CO - B | Consumer staples | 456.4K | $19.7M | 2.3% | +14.0% |
| GLIBK LIBERTY CAPITAL CORP-CL C | Communications | 519.0K | $19.3M | 2.2% | +2.6% |
| RSG REPUBLIC SERVICES INC | Utilities | 80.1K | $17.5M | 2.0% | -5.6% |
| AMG AFFILIATED MANAGERS GROUP | Financials | 62.9K | $17.4M | 2.0% | -3.4% |
| IMKTA INGLES MARKETS INC-CLASS A | Consumer discretionary | 192.3K | $17.3M | 2.0% | +32.0% |
| CNX CNX RESOURCES CORP | Energy | 423.6K | $16.3M | 1.9% | +1.6% |
| LBTYA LIBERTY GLOBAL LTD-A | Communications | 1.3M | $15.6M | 1.8% | -0.9% |
| POST POST HOLDINGS INC | Consumer staples | 118.2K | $11.7M | 1.3% | -1.9% |
| JOUT JOHNSON OUTDOORS INC-A | Other | 248.8K | $11.6M | 1.3% | +31.5% |
| HTLD HEARTLAND EXPRESS INC | Industrials | 971.1K | $10.1M | 1.2% | +2.6% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 14 | $10.1M | 1.2% | Held |
| LBTYK LIBERTY GLOBAL LTD-C | Communications | 336.0K | $3.9M | 0.5% | -8.9% |
| PG PROCTER & GAMBLE CO/THE | Other | 24.6K | $3.5M | 0.4% | -3.0% |
| AAPL APPLE INC | Technology | 12.3K | $3.1M | 0.4% | -8.4% |
| LBRDK LIBERTY BROADBAND-C | Communications | 61.2K | $3.1M | 0.4% | -4.9% |
| KO COCA-COLA CO/THE | Consumer staples | 37.9K | $2.9M | 0.3% | -22.3% |
| GOOG ALPHABET INC-CL C | Technology | 8.2K | $2.4M | 0.3% | Held |
| UHAL U-HAUL HOLDING CO | Services media | 46.6K | $2.2M | 0.3% | New |
| MRK MERCK & CO. INC. | Healthcare | 16.8K | $2.0M | 0.2% | -7.3% |
| TRIP TRIPADVISOR INC | Technology | 155.6K | $1.7M | 0.2% | -19.4% |
| MDLZ MONDELEZ INTERNATIONAL INC-A | Consumer staples | 27.9K | $1.6M | 0.2% | -6.6% |
| XOM EXXON MOBIL CORP | Energy | 9.0K | $1.5M | 0.2% | -5.4% |
| HSY HERSHEY CO/THE | Consumer staples | 7.0K | $1.5M | 0.2% | -13.9% |
| MSFT MICROSOFT CORP | Technology | 3.4K | $1.3M | 0.1% | -1.2% |
| MA MASTERCARD INC - A | Services media | 2.5K | $1.2M | 0.1% | Held |
| SIRI SIRIUS XM HOLDINGS INC | Communications | 53.4K | $1.2M | 0.1% | -4.0% |
| CABO CABLE ONE INC | Communications | 11.8K | $1.1M | 0.1% | -2.1% |
| LLYVK LIBERTY LIVE HOLDINGS-C | Services media | 11.4K | $1.1M | 0.1% | -5.6% |
| GOOGL ALPHABET INC-CL A | Technology | 3.6K | $1.0M | 0.1% | -6.9% |
| V VISA INC-CLASS A SHARES | Services media | 3.4K | $1.0M | 0.1% | Held |
| CLX CLOROX COMPANY | Other | 9.7K | $1.0M | 0.1% | +15.3% |
| CL COLGATE-PALMOLIVE CO | Other | 9.6K | $819K | 0.1% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 2.4K | $703K | 0.1% | -1.2% |
| PIPR PIPER SANDLER COS | Financials | 7.6K | $582K | 0.1% | New |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 3.5K | $581K | 0.1% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 2.1K | $573K | 0.1% | -2.1% |
| ENB ENBRIDGE INC | Energy | 10.1K | $547K | 0.1% | -2.4% |
| MICC MAGNUM ICE CREAM CO NV/THE | Consumer staples | 31.6K | $472K | 0.1% | -27.7% |
| CVX CHEVRON CORP | Energy | 2.2K | $455K | 0.1% | -2.9% |
| LLY ELI LILLY & CO | Healthcare | 465 | $428K | 0.0% | -2.1% |
| KHC KRAFT HEINZ CO/THE | Consumer staples | 18.6K | $418K | 0.0% | -5.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 75 | $870.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 75 | $830.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 77 | $804.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 72 | $733.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 83 | $781.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 81 | $731.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 85 | $738.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Aug 16, 2024 | 79 | $690.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 79 | $690.0M | SEC ↗ | |
| Q1 2024 | 13F-HR | May 15, 2024 | 77 | $733.1M | canonical | SEC ↗ |
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