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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
+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
(-86%)
Cap. Flow
-$82.9M
Cap. Flow
% of AUM
-9.83%
Top 10 Holdings %
Top 10 Hldgs %
51.34%
Holding
140
New
16
Increased
32
Reduced
37
Closed
13
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI USA Quality Factor ETF
QUAL
|
+$16.1M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$7.69M |
| 3 |
AKRE
Akre Focus ETF
AKRE
|
+$6.38M |
| 4 |
Dimensional World ex US Core Equity 2 ETF
DFAX
|
+$5.15M |
| 5 |
Keurig Dr Pepper
KDP
|
+$4.45M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Morningstar
MORN
|
+$46.6M |
| 2 |
AutoZone
AZO
|
+$45.1M |
| 3 |
Burford Capital
BUR
|
+$35.9M |
| 4 |
American Tower
AMT
|
+$27.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
IRD
126
Opus Genetics
IRD
$306M
| $20K | ﹤0.01% |
10,000
| – | – |
|
|
RNTX
127
Rein Therapeutics
RNTX
$65.3M
| $17K | ﹤0.01% |
+15,026
| New | +$20.7K |
|
|
128
American Tower
AMT
$81.7B
| – | – |
-14,453
| Closed | -$27.8M |
|
129
APA Corp
APA
$12.7B
| – | – |
-12,474
| Closed | -$3.03M |
|
|
130
AutoZone
AZO
$49.4B
| – | – |
-1,052
| Closed | -$45.1M |
|
|
131
Burford Capital
BUR
$951M
| – | – |
-300,000
| Closed | -$35.9M |
|
|
132
Equifax
EFX
$20.8B
| – | – |
-10,375
| Closed | -$26.6M |
|
133
iShares Bitcoin Trust
IBIT
$47.3B
| – | – |
-3,600
| Closed | -$2.34M |
|
134
Kimbell Royalty Partners
KRP
$1.44B
| – | – |
-11,586
| Closed | -$1.56M |
|
135
Mercado Libre
MELI
$95.7B
| – | – |
-434
| Closed | -$10.1M |
|
|
136
Morningstar
MORN
$7.51B
| – | – |
-20,084
| Closed | -$46.6M |
|
137
Orion Energy Systems
OESX
$42.2M
| – | – |
-17,333
| Closed | -$1.52M |
|
138
Oscar Health
OSCR
$9.16B
| – | – |
-45,000
| Closed | -$8.52M |
|
|
NBIS
139
Nebius Group N.V.
NBIS
$57.3B
| – | – |
-2,000
| Closed | -$2.25M |
|
|
PSKY
140
Paramount Skydance Corp
PSKY
$9.38B
| – | – |
-10,550
| Closed | -$2M |
|
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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.