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Mraz, Amerine & Associates, Inc.

1120 13TH STREET, STE C, MODESTO, CA 95354 • 209-593-5870

Q4 2025 · Filed 2026-02-06
Market Value
$672M
+5.2%
Holdings
195
+2
New Purchases
10
Added To
40
Closed
4
Reduced
70
Top 10 Concentration
60.0%
Turnover
7.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
USFR 5.38% 1.77% +3.61% $36M
WTM 6.99% 5.91% +1.08% $47M
MKL 6.05% 5.59% +0.47% $41M
AMR 0.79% 0.38% +0.41% $5M
TFLO 0.40% 0.00% +0.40% $3M
FRFHF 8.25% 7.93% +0.32% $55M
DEC 0.32% 0.00% +0.32% $2M
BN 2.74% 2.46% +0.28% $18M
AMTM 0.28% 0.11% +0.17% $2M
PSLV 0.30% 0.21% +0.09% $2M
WSC 0.30% 0.22% +0.09% $2M
DFIV 1.98% 1.90% +0.09% $13M
FCX 0.43% 0.36% +0.08% $3M
Q 0.07% 0.00% +0.07% $491K
BUR 0.48% 0.41% +0.07% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
JAAA 0.04% 3.05% -3.01% $286K
WRB 6.60% 7.49% -0.88% $44M
BRK-B 12.06% 12.86% -0.79% $81M
JEF 5.33% 5.82% -0.49% $36M
PAAA 0.00% 0.35% -0.35% $0
CLF 0.00% 0.29% -0.29% $0
WBD 0.50% 0.73% -0.23% $3M
MSFT 1.31% 1.51% -0.19% $9M
OXY 0.81% 0.98% -0.17% $5M
CABO 0.09% 0.23% -0.14% $609K
LEN-B 0.46% 0.58% -0.12% $3M
VTS 0.41% 0.53% -0.11% $3M
CACC 0.87% 0.98% -0.11% $6M
TPL 0.36% 0.45% -0.09% $2M
GHC 0.58% 0.67% -0.08% $4M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 72.9%
Energy 14.8%
Industrials 3.0%
Technology 2.4%
Healthcare 2.1%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 29 $120M 17.8%
Large Cap 82 $407M 60.6%
Mid Cap 38 $109M 16.2%
Small Cap 35 $30M 4.4%
Micro Cap 11 $7M 1.0%

Portfolio Analytics

Avg Market Cap
$211.0B
Median Market Cap
$19.7B
Avg P/E
26.4
Median P/E
17.0
Avg Dividend Yield
0.02%
Avg Beta
0.79
# Stocks
155
# ETFs / Funds
40

Top Holdings (195 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BRK-B 12.06% 161,376 $81M $502.65 -$1M -2,014 -1.2%
2 FRFHF 8.25% 29,116 $55M $1,906.07 $5M +148 +0.5%
3 WTM 6.99% 22,629 $47M $2,078.05 $9M +23 +0.1%
4 WRB 6.60% 633,285 $44M $70.12 -$3M +9,076 +1.4%
5 MKL 6.05% 18,938 $41M $2,149.65 $5M +261 +1.4%
6 USFR 5.38% 718,735 $36M $50.32 $25M +494,348 +220.3%
7 JEF 5.33% 578,763 $36M $61.97 -$1M +10,047 +1.8%
8 L 3.99% 254,577 $27M $105.31 $1M -1,925 -0.8%
9 BN 2.74% 401,542 $18M $45.89 $3M +172,044 +75.0%
10 AVUV 2.55% 168,418 $17M $101.98 $535K +1,232 +0.7%
11 DFIV 1.98% 267,218 $13M $49.90 $1M +4,317 +1.6%
12 AVDV 1.86% 133,253 $13M $93.97 $720K +692 +0.5%
13 MSFT 1.31% 18,243 $9M $483.63 -$801K -338 -1.8%
14 CNQ 1.19% 235,705 $8M $33.85 $739K +9,192 +4.1%
15 CVE 0.91% 363,218 $6M $16.92 -$83K -3,381 -0.9%
16 CACC 0.87% 13,235 $6M $443.46 -$403K -197 -1.5%
17 JNJ 0.87% 28,347 $6M $206.95 $591K -104 -0.4%
18 AVEM 0.83% 72,483 $6M $77.02 $512K +4,980 +7.4%
19 OXY 0.81% 131,972 $5M $41.12 -$814K -107 -0.1%
20 AMR 0.79% 26,439 $5M $199.88 $3M +11,667 +79.0%
21 BRK-A 0.79% 7 $5M $754,800.00 $4K
22 UHAL-B 0.77% 111,178 $5M $46.74 -$51K +8,075 +7.8%
23 AR 0.77% 150,769 $5M $34.46 $189K +1,595 +1.1%
24 SLB 0.69% 120,302 $5M $38.38 $549K +1,944 +1.6%
25 AAPL 0.60% 14,731 $4M $271.86 $250K -15 -0.1%
26 GHC 0.58% 3,576 $4M $1,098.66 -$322K -34 -0.9%
27 RMT 0.55% 355,378 $4M $10.43 -$6K -1,938 -0.5%
28 NVR 0.55% 503 $4M $7,292.77 -$245K +16 +3.3%
29 WBD 0.50% 115,555 $3M $28.82 -$1M -121,751 -51.3%
30 BUR 0.48% 363,570 $3M $8.92 $616K +143,906 +65.5%
31 LEN-B 0.46% 32,606 $3M $95.12 -$611K +1,662 +5.4%
32 SCHW 0.46% 30,923 $3M $99.91 $118K -199 -0.6%
33 JOE 0.44% 50,127 $3M $59.37 $475K -420 -0.8%
34 FCX 0.43% 57,300 $3M $50.79 $632K -779 -1.3%
35 HAL 0.43% 102,692 $3M $28.26 $378K +102 +0.1%
36 AMGN 0.43% 8,795 $3M $327.33 $363K -120 -1.4%
37 OIH 0.42% 9,974 $3M $284.76 $293K +172 +1.8%
38 VTS 0.41% 144,419 $3M $19.26 -$588K -637 -0.4%
39 CUBI 0.41% 37,448 $3M $73.12 $260K -469 -1.2%
40 CTRA 0.41% 103,801 $3M $26.32 $252K -1,060 -1.0%
41 TFLO 0.40% 52,796 $3M $50.46 +52,796 NEW
42 DISV 0.39% 68,552 $3M $38.00 $158K
43 TDW 0.38% 49,963 $3M $50.51 -$117K +445 +0.9%
44 KF 0.37% 68,288 $2M $36.32 $392K
45 LUMN 0.36% 315,484 $2M $7.77 $453K -11,002 -3.4%
46 TPL 0.36% 8,478 $2M $287.23 -$456K +5,382 +173.8%
47 BK 0.35% 20,270 $2M $116.09 $145K
48 FCNCA 0.35% 1,086 $2M $2,146.18 $377K -6 -0.6%
49 NMM 0.34% 43,226 $2M $52.43 $316K -65 -0.1%
50 BR 0.33% 9,939 $2M $223.17 -$149K
51 DEC 0.32% 149,815 $2M $14.48 +149,815 NEW
52 EMR 0.31% 15,748 $2M $132.72 -$38K -472 -2.9%
53 DFLV 0.31% 60,709 $2M $34.21 -$13K -2,825 -4.5%
54 WSC 0.30% 108,217 $2M $18.83 $659K +42,915 +65.7%
55 PSLV 0.30% 84,725 $2M $23.65 $674K
56 JOF 0.29% 174,710 $2M $11.08 $302K +19,659 +12.7%
57 SBLK 0.28% 98,101 $2M $19.22 $32K -1,586 -1.6%
58 VAL 0.28% 37,119 $2M $50.40 $63K +56 +0.1%
59 AMTM 0.28% 64,228 $2M $29.00 $1M +35,033 +120.0%
60 CRGY 0.27% 217,810 $2M $8.39 -$7K +12,163 +5.9%
61 BSM 0.26% 133,651 $2M $13.29 $6K -1,043 -0.8%
62 ABEV 0.26% 706,674 $2M $2.47 $159K -4,841 -0.7%
63 NE 0.25% 60,398 $2M $28.24 -$21K -657 -1.1%
64 AIG 0.25% 19,701 $2M $85.55 $286K +1,878 +10.5%
65 VYM 0.25% 11,551 $2M $143.52 $7K -162 -1.4%
66 SBR 0.24% 23,700 $2M $68.57 -$258K
67 MRK 0.24% 15,208 $2M $105.26 $358K +402 +2.7%
68 AXP 0.24% 4,305 $2M $369.96 $146K -50 -1.1%
69 DVN 0.23% 42,783 $2M $36.63 $97K +858 +2.0%
70 DFAI 0.23% 41,022 $2M $38.11 $64K -233 -0.6%
71 PXE 0.23% 55,902 $2M $27.95 -$5K +2,556 +4.8%
72 COP 0.23% 16,455 $2M $93.61 -$20K -38 -0.2%
73 NTR 0.21% 23,408 $1M $61.72 $31K -671 -2.8%
74 IAU 0.21% 17,744 $1M $81.17 $101K -665 -3.6%
75 CVX 0.21% 9,053 $1M $152.41 -$26K
76 DIHP 0.20% 43,447 $1M $31.67 $40K -497 -1.1%
77 EWJV 0.20% 33,069 $1M $39.72 $41K +476 +1.5%
78 GAM 0.19% 22,074 $1M $58.73 -$77K -7 -0.0%
79 CSL 0.19% 4,015 $1M $319.86 -$135K -300 -7.0%
80 AVGO 0.18% 3,400 $1M $346.10 $55K
81 VTV 0.17% 6,088 $1M $190.98 -$9K -195 -3.1%
82 SJT 0.15% 184,236 $1M $5.62 -$77K
83 AVES 0.15% 17,273 $1M $58.31 $12K -73 -0.4%
84 CRC 0.15% 22,510 $1M $44.71 -$183K +152 +0.7%
85 SU 0.15% 22,392 $993K $44.36 $57K
86 NVDA 0.15% 5,285 $986K $186.50 -$8K -43 -0.8%
87 APD 0.14% 3,908 $965K $247.01 -$97K +13 +0.3%
88 DMLP 0.14% 42,678 $954K $22.36 -$150K +32 +0.1%
89 VIGI 0.14% 10,384 $950K $91.45 $16K -38 -0.4%
90 AGO 0.14% 10,101 $908K $89.87 $15K -442 -4.2%
91 NVS 0.13% 6,298 $868K $137.87 $61K
92 VTOL 0.13% 23,577 $863K $36.62 $6K -200 -0.8%
93 RVT 0.12% 52,111 $839K $16.10 -$32K -1,914 -3.5%
94 FITB 0.12% 17,880 $837K $46.81 $40K
95 CTVA 0.12% 12,390 $831K $67.03 -$7K
96 COST 0.12% 962 $830K $862.34 -$100K -42 -4.2%
97 EQT 0.12% 14,917 $800K $53.60 -$12K +5 +0.0%
98 VTIP 0.12% 15,784 $781K $49.46 -$50K -619 -3.8%
99 IMO 0.11% 8,630 $745K $86.31 -$38K
100 FTI 0.11% 16,481 $734K $44.56 $81K -92 -0.6%

New Positions

SymbolValue% Port
TFLO $3M 0.40%
DEC $2M 0.32%
Q $491K 0.07%
MU $228K 0.03%
UTHR $219K 0.03%
GLD $215K 0.03%
TRGP $208K 0.03%
RIO $203K 0.03%
SOC $123K 0.02%
LGO.TO $13K —%

Sold Out Positions

SymbolValue% Port
ZTS —%
CLF —%
GOOG —%
PAAA —%
View SEC EDGAR Filings for Mraz, Amerine & Associates, Inc. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms