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Annandale Capital Portfolio holdings

AUM $709M
1-Year Est. Return 11.03%
This Fund
S&P 500
This Quarter Est. Return
+3.87%
1 Year Est. Return
+11.03%
3 Year Est. Return
+52.53%
5 Year Est. Return
+81.46%
10 Year Est. Return
–
AUM
$5.88B
AUM Growth
+$4.56B
Cap. Flow
-$608M
Cap. Flow %
-10.34%
Top 10 Hldgs %
43.26%
Holding
134
New
10
Increased
36
Reduced
19
Closed
10

Top Buys

Rank Stock Value
1
MORN icon
Morningstar
MORN
+$5.35M
2
FCNCA icon
First Citizens BancShares
FCNCA
+$3.02M
3
NRP icon
Natural Resource Partners
NRP
+$2.66M
4
DCOR icon
Dimensional US Core Equity 1 ETF
DCOR
+$2.48M
5
DFAI
Dimensional International Core Equity Market ETF
DFAI
+$1.71M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$7.22M
2
PEP icon
PepsiCo
PEP
+$2.36M
3
AER icon
AerCap
AER
+$2.34M
4
ADBE icon
Adobe
ADBE
+$1.58M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$722K

Sector Composition

Rank Sector Weight
1 Financials 13.21%
2 Communication Services 8.17%
3 Technology 6.53%
4 Consumer Discretionary 4.77%
5 Energy 4.73%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NRP icon
51
Natural Resource Partners
NRP
$1.28B
$27.4M 0.47%
+26,100
New +$2.66M
FCNCA icon
52
First Citizens BancShares
FCNCA
$25.3B
$27.4M 0.47%
+1,530
New +$3.02M
EFX icon
53
Equifax
EFX
$20.5B
$26.6M 0.45%
10,375
– –
ICE icon
54
Intercontinental Exchange
ICE
$85.2B
$25.7M 0.44%
15,246
– –
EFA icon
55
iShares MSCI EAFE ETF
EFA
$78.4B
$24.8M 0.42%
26,514
– –
AR icon
56
Antero Resources
AR
$11.2B
$24.8M 0.42%
73,754
+300
+0.4% +$10K
UNP icon
57
Union Pacific
UNP
$173B
$24.1M 0.41%
10,202
+40
+0.4% +$9.02K
COP icon
58
ConocoPhillips
COP
$145B
$22M 0.37%
23,270
– –
AON icon
59
Aon
AON
$75.9B
$19.3M 0.33%
5,421
+4,298
+383% +$1.55M
OXY icon
60
Occidental Petroleum
OXY
$55.2B
$19.2M 0.33%
40,659
+1
+0% +$45
KWY
61
Kingsway Corp
KWY
$265M
$18.7M 0.32%
128,200
– –
VRSK icon
62
Verisk Analytics
VRSK
$25.1B
$18.4M 0.31%
7,299
– –
TMO icon
63
Thermo Fisher Scientific
TMO
$213B
$16.7M 0.28%
3,448
+1,121
+48% +$522K
WSO icon
64
Watsco Inc
WSO
$13.1B
$16.6M 0.28%
4,109
– –
MSCI icon
65
MSCI
MSCI
$41.8B
$16.2M 0.28%
2,862
+962
+51% +$544K
DHR icon
66
Danaher
DHR
$139B
$15.5M 0.26%
7,815
+2,715
+53% +$540K
DFAX icon
67
Dimensional World ex US Core Equity 2 ETF
DFAX
$12B
$15.3M 0.26%
48,649
+20,816
+75% +$632K
WFC icon
68
Wells Fargo
WFC
$266B
$15.1M 0.26%
18,054
-389
-2% -$31.5K
URGN icon
69
UroGen Pharma
URGN
$1.88B
$14.1M 0.24%
70,552
-5,000
-7% -$89.8K
QCOM icon
70
Qualcomm
QCOM
$159B
$13.7M 0.23%
8,241
– –
MRSH
71
Marsh
MRSH
$92B
$12.6M 0.21%
6,239
+1,639
+36% +$337K
MELI icon
72
Mercado Libre
MELI
$96.3B
$10.1M 0.17%
434
– –
IWM icon
73
PUT
iShares Russell 2000 ETF
IWM
$81.5B
$10M 0.17%
50,000
– –
VTV icon
74
Vanguard Morningstar Value ETF
VTV
$189B
$9.81M 0.17%
5,261
– –
OSCR icon
75
Oscar Health
OSCR
$9.27B
$8.52M 0.14%
45,000
– –
1 2
3
4 5

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Annandale Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Annandale Capital held 134 positions worth $5.88B, up 345% from $1.32B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Annandale Capital withdrew a net $608M in Q3 2025, closing 10 positions and reducing 19 holdings. Its most notable exit was PepsiCo, an estimated $2.36M position sold in full.

By sector, the portfolio is most concentrated in Financials at 13% of assets, up from 5% a quarter earlier, followed by Communication Services and Technology.

Against the trend, Annandale Capital opened a new position in Morningstar worth $46.6M.

  • Annandale Capital's largest Q3 2025 buy was Morningstar: 20,084 shares worth $46.6M.
  • Annandale Capital added most to Dimensional US Core Equity 1 ETF in Q3 2025, an estimated $2.48M increase.
  • Annandale Capital's biggest Q3 2025 reduction was Meta Platforms (Facebook), cutting an estimated $7.22M.
  • Annandale Capital fully exited PepsiCo in Q3 2025, selling an estimated $2.36M.
  • Annandale Capital's ten largest holdings make up 43% of its $5.88B portfolio in Q3 2025.
  • Annandale Capital opened 10 new positions and closed 10 in Q3 2025.
  • Annandale Capital's portfolio value rose 345% quarter-over-quarter to $5.88B.

Based on Annandale Capital's 13F filing for Q3 2025, filed 13 Nov 2025.