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AC

Annandale Capital Portfolio holdings

AUM $709M
1-Year Est. Return 11.03%
This Fund
S&P 500
This Quarter Est. Return
+0.82%
1 Year Est. Return
+11.03%
3 Year Est. Return
+52.53%
5 Year Est. Return
+81.46%
10 Year Est. Return
–
AUM
$843M
AUM Growth
-$5.04B
Cap. Flow
-$82.9M
Cap. Flow %
-9.83%
Top 10 Hldgs %
51.34%
Holding
140
New
16
Increased
32
Reduced
37
Closed
13

Top Buys

Rank Stock Value
1
QUAL icon
iShares MSCI USA Quality Factor ETF
QUAL
+$16.1M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$7.69M
3
AKRE
Akre Focus ETF
AKRE
+$6.38M
4
DFAX icon
Dimensional World ex US Core Equity 2 ETF
DFAX
+$5.15M
5
KDP icon
Keurig Dr Pepper
KDP
+$4.45M

Top Sells

Rank Stock Value
1
MORN icon
Morningstar
MORN
+$46.6M
2
AZO icon
AutoZone
AZO
+$45.1M
3
BUR icon
Burford Capital
BUR
+$35.9M
4
AMT icon
American Tower
AMT
+$27.8M
5
EFX icon
Equifax
EFX
+$26.6M

Sector Composition

Rank Sector Weight
1 Financials 8.56%
2 Technology 5.01%
3 Communication Services 4.67%
4 Energy 3.54%
5 Consumer Discretionary 3.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EEM icon
26
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.8B
$8.69M 1.03%
+200,000
New +$10.9M
AVDE icon
27
Avantis International Equity ETF
AVDE
$18.1B
$8.54M 1.01%
103,717
-1,608
-2% -$129K
NFLX icon
28
Netflix
NFLX
$299B
$7.75M 0.92%
82,667
-44,893
-35% -$4.84M
FAF icon
29
First American
FAF
$7.66B
$7.52M 0.89%
122,355
– –
PGR icon
30
Progressive
PGR
$123B
$7.47M 0.89%
32,794
+1,310
+4% +$296K
DFAT icon
31
Dimensional US Targeted Value ETF
DFAT
$14.6B
$7.2M 0.85%
120,929
+7,588
+7% +$443K
DFAX icon
32
Dimensional World ex US Core Equity 2 ETF
DFAX
$11.9B
$6.88M 0.82%
210,239
+161,590
+332% +$5.15M
KRE icon
33
State Street SPDR S&P Regional Banking ETF
KRE
$4.5B
$6.48M 0.77%
100,000
-19,500
-16% -$1.23M
AKRE
34
Akre Focus ETF
AKRE
$5.29B
$6.45M 0.77%
+98,506
New +$6.38M
AAPL icon
35
Apple
AAPL
$4.54T
$6.41M 0.76%
23,584
+488
+2% +$131K
ABBV icon
36
AbbVie
ABBV
$443B
$6.4M 0.76%
28,020
-702
-2% -$160K
GOOG icon
37
Alphabet (Google) Class C
GOOG
$4.36T
$6.03M 0.72%
19,209
-1,073
-5% -$307K
DFUV icon
38
Dimensional US Marketwide Value ETF
DFUV
$15.4B
$5.88M 0.7%
126,224
-572
-0.5% -$25.9K
ACGL icon
39
Arch Capital
ACGL
$34.3B
$5.72M 0.68%
59,648
+638
+1% +$58.4K
EPD icon
40
Enterprise Products Partners
EPD
$82.3B
$5.39M 0.64%
168,031
-96
-0.1% -$3.04K
WRB icon
41
W.R. Berkley
WRB
$26.9B
$5.29M 0.63%
75,479
-7,050
-9% -$520K
AVEM icon
42
Avantis Emerging Markets Equity ETF
AVEM
$25.4B
$4.99M 0.59%
64,742
-1,468
-2% -$112K
CPRT icon
43
Copart
CPRT
$27B
$4.87M 0.58%
124,444
+30,081
+32% +$1.25M
MRSH
44
Marsh
MRSH
$90.5B
$4.65M 0.55%
21,380
+15,141
+243% +$2.83M
CSCO icon
45
Cisco
CSCO
$457B
$4.62M 0.55%
59,993
-114
-0.2% -$8.46K
JNJ icon
46
Johnson & Johnson
JNJ
$618B
$4.58M 0.54%
22,140
-31
-0.1% -$6.13K
KDP icon
47
Keurig Dr Pepper
KDP
$42.3B
$4.54M 0.54%
+162,008
New +$4.45M
AON icon
48
Aon
AON
$76.5B
$4.45M 0.53%
12,619
+7,198
+133% +$2.51M
V icon
49
Visa
V
$684B
$4.42M 0.52%
12,606
+400
+3% +$136K
BKNG icon
50
Booking.com
BKNG
$149B
$4.34M 0.52%
20,275
– –
1
2
3 4 5

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Annandale Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Annandale Capital held 140 positions worth $843M, down 86% from $5.88B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Annandale Capital withdrew a net $82.9M in Q4 2025, closing 13 positions and reducing 37 holdings. Its most notable exit was Morningstar, an estimated $46.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8.6% of assets, down from 13% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Annandale Capital opened a new position in Akre Focus ETF worth $6.45M.

  • Annandale Capital's largest Q4 2025 buy was Akre Focus ETF: 98,506 shares worth $6.45M.
  • Annandale Capital added most to iShares MSCI USA Quality Factor ETF in Q4 2025, an estimated $16.1M increase.
  • Annandale Capital's biggest Q4 2025 reduction was Netflix, cutting an estimated $4.84M.
  • Annandale Capital fully exited Morningstar in Q4 2025, selling an estimated $46.6M.
  • Annandale Capital's ten largest holdings make up 51% of its $843M portfolio in Q4 2025.
  • Annandale Capital opened 16 new positions and closed 13 in Q4 2025.
  • Annandale Capital's portfolio value fell 86% quarter-over-quarter to $843M.

Based on Annandale Capital's 13F filing for Q4 2025, filed 12 Feb 2026.