Baker Ellis Asset Management LLC Q4 2025 Filing

Filed January 21, 2026

Portfolio Value

$831.0M

Holdings

260

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (260 positions)

#	Stock	Shares	Value	% Portfolio
1	VTIVANGUARD INDEX FDS	223,174	$74.8M	9.00%
2	BRK/BBERKSHIRE HATHAWAY INC DEL	71,776	$36.1M	4.34%
3	MSFTMICROSOFT CORP	56,526	$27.3M	3.29%
4	VGTVANGUARD WORLD FD	33,423	$25.2M	3.03%
5	DISVDIMENSIONAL ETF TRUST	525,147	$20.0M	2.40%
6	LRCXLAM RESEARCH CORP	116,472	$19.9M	2.40%
7	VYMVANGUARD WHITEHALL FDS	135,353	$19.4M	2.34%
8	VOOVANGUARD INDEX FDS	29,650	$18.6M	2.24%
9	GSIEGOLDMAN SACHS ETF TR	422,232	$18.1M	2.18%
10	JPMJPMORGAN CHASE & CO.	55,400	$17.9M	2.15%
11	FBNDFIDELITY MERRIMACK STR TR	377,157	$17.4M	2.09%
12	STRLSTERLING INFRASTRUCTURE INC	52,183	$16.0M	1.92%
13	PRFINVESCO EXCHANGE TRADED FD T	322,115	$15.1M	1.82%
14	IXUSISHARES TR	176,941	$15.0M	1.80%
15	AVGOBROADCOM INC	40,364	$14.0M	1.68%
16	MFUSPIMCO EQUITY SER	228,295	$12.9M	1.56%
17	JHMMJOHN HANCOCK EXCHANGE TRADED	189,734	$12.4M	1.50%
18	AAPLAPPLE INC	45,033	$12.2M	1.47%
19	COSTCOSTCO WHSL CORP NEW	13,781	$11.9M	1.43%
20	RTXRTX CORPORATION	59,443	$10.9M	1.31%
21	GBILGOLDMAN SACHS ETF TR	108,190	$10.8M	1.30%
22	GOOGALPHABET INC	34,203	$10.7M	1.29%
23	SCHDSCHWAB STRATEGIC TR	383,354	$10.5M	1.27%
24	SGOVISHARES TR	104,633	$10.5M	1.26%
25	BRK-BBERKSHIRE HATHAWAY INC DEL	13	$9.8M	1.18%
26	GOOGLALPHABET INC	31,026	$9.7M	1.17%
27	MGCVANGUARD WORLD FD	36,385	$9.1M	1.10%
28	DGSWISDOMTREE TR	154,439	$8.8M	1.06%
29	XOMEXXON MOBIL CORP	71,952	$8.7M	1.04%
30	ADIANALOG DEVICES INC	27,224	$7.4M	0.89%
31	SYKSTRYKER CORPORATION	20,827	$7.3M	0.88%
32	COFCAPITAL ONE FINL CORP	30,123	$7.3M	0.88%
33	OSKOSHKOSH CORP	56,726	$7.1M	0.86%
34	TAPMOLSON COORS BEVERAGE CO	150,286	$7.0M	0.84%
35	MAAMID-AMER APT CMNTYS INC	48,139	$6.7M	0.80%
36	ISTBISHARES TR	137,030	$6.7M	0.80%
37	SPYSPDR S&P 500 ETF TR	8,817	$6.0M	0.72%
38	AMZNAMAZON COM INC	25,752	$5.9M	0.72%
39	MLIMUELLER INDS INC	50,965	$5.8M	0.70%
40	FNDXSCHWAB STRATEGIC TR	210,006	$5.7M	0.69%
41	NOCNORTHROP GRUMMAN CORP	9,511	$5.4M	0.65%
42	TKRTIMKEN CO	63,162	$5.3M	0.64%
43	GLDMWORLD GOLD TR	60,115	$5.1M	0.62%
44	VTVANGUARD INTL EQUITY INDEX F	35,620	$5.0M	0.60%
45	KGSKODIAK GAS SVCS INC	129,556	$4.8M	0.58%
46	CARRCARRIER GLOBAL CORPORATION	89,638	$4.7M	0.57%
47	PSAPUBLIC STORAGE OPER CO	17,662	$4.6M	0.55%
48	PEPPEPSICO INC	31,434	$4.5M	0.54%
49	PNWPINNACLE WEST CAP CORP	48,119	$4.3M	0.51%
50	KRKROGER CO	67,000	$4.2M	0.50%
51	SLBSLB LIMITED	106,300	$4.1M	0.49%
52	SNYSANOFI SA	83,477	$4.0M	0.49%
53	HIIHUNTINGTON INGALLS INDS INC	11,665	$4.0M	0.48%
54	VXFVANGUARD INDEX FDS	18,274	$3.8M	0.46%
55	LLYELI LILLY & CO	3,536	$3.8M	0.46%
56	NDQINVESCO QQQ TR	6,185	$3.8M	0.46%
57	ONON SEMICONDUCTOR CORP	70,071	$3.8M	0.46%
58	BPBP PLC	108,799	$3.8M	0.45%
59	HSICHENRY SCHEIN INC	49,328	$3.7M	0.45%
60	ETNEATON CORP PLC	11,684	$3.7M	0.45%
61	FMXFOMENTO ECONOMICO MEXICANO S	36,592	$3.7M	0.45%
62	VHTVANGUARD WORLD FD	12,817	$3.7M	0.44%
63	GTXGARRETT MOTION INC	210,145	$3.7M	0.44%
64	AGCOAGCO CORP	34,225	$3.6M	0.43%
65	GSGOLDMAN SACHS GROUP INC	3,789	$3.3M	0.40%
66	WYWEYERHAEUSER CO MTN BE	136,013	$3.2M	0.39%
67	GQ9SPDR GOLD TR	8,069	$3.2M	0.38%
68	RSPINVESCO EXCHANGE TRADED FD T	16,184	$3.1M	0.37%
69	BACVERIZON COMMUNICATIONS INC	71,052	$2.9M	0.35%
70	LPXLOUISIANA PAC CORP	35,005	$2.8M	0.34%
71	AMRZAMRIZE LTD	48,705	$2.6M	0.32%
72	KIMKIMCO RLTY CORP	129,620	$2.6M	0.32%
73	JNJJOHNSON & JOHNSON	12,475	$2.6M	0.31%
74	VEUVANGUARD INTL EQUITY INDEX F	32,626	$2.4M	0.29%
75	UNPUNION PAC CORP	10,228	$2.4M	0.28%
76	VVISA INC	6,427	$2.3M	0.27%
77	SCHPSCHWAB STRATEGIC TR	80,680	$2.1M	0.26%
78	NVSNNOVARTIS AG	15,250	$2.1M	0.25%
79	WMTWALMART INC	17,707	$2.0M	0.24%
80	WMWASTE MGMT INC DEL	8,856	$1.9M	0.23%
81	LHLABCORP HOLDINGS INC	7,005	$1.8M	0.21%
82	UBSUBS GROUP AG	37,150	$1.7M	0.21%
83	HONHONEYWELL INTL INC	8,549	$1.7M	0.20%
84	SHELSHELL PLC	22,293	$1.6M	0.20%
85	JMSTJ P MORGAN EXCHANGE TRADED F	31,800	$1.6M	0.19%
86	IMKTAINGLES MKTS INC	23,303	$1.6M	0.19%
87	MRKMERCK & CO INC	14,988	$1.6M	0.19%
88	VBRVANGUARD INDEX FDS	7,382	$1.6M	0.19%
89	IWRISHARES TR	16,214	$1.6M	0.19%
90	BCCBOISE CASCADE CO DEL	21,180	$1.6M	0.19%
91	OUNZVANECK MERK GOLD ETF	37,000	$1.5M	0.18%
92	TJXTJX COS INC NEW	9,875	$1.5M	0.18%
93	VTIPVANGUARD MALVERN FDS	30,400	$1.5M	0.18%
94	REGREGENCY CTRS CORP	21,584	$1.5M	0.18%
95	AVDVAMERICAN CENTY ETF TR	15,830	$1.5M	0.18%
96	METAMETA PLATFORMS INC	2,249	$1.5M	0.18%
97	ITTITT INC	8,550	$1.5M	0.18%
98	NWSNEWS CORP NEW	47,560	$1.4M	0.17%
99	ABBVABBVIE INC	6,123	$1.4M	0.17%
100	HDHOME DEPOT INC	4,024	$1.4M	0.17%

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