SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Annandale Capital, LLC

CIK 0001811739 · 2626 COLE AVENUE, SUITE 700, DALLAS, TX, 75204 · 2145235000

Reported Value
$6M
Q3 2025
Positions
124
Filings on Record
23
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Annandale Capital, LLC reported $6M in U.S.-listed holdings across 124 positions for Q3 2025.

Its largest position, Vanguard Bd Index Fds, represents 7.2% of the portfolio.

Compared with Q2 2025, the fund opened 10 new positions and exited 7.

Portfolio Metrics

Turnover
+14.9%
vs prior filed quarter
Top-10 Concentration
+43.3%
share of reported value
Largest Position
+7.2%
Vanguard Bd Index Fds
New / Exited
10 / 7
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’20: $120MQ4 ’20Q1 ’21: $141MQ2 ’21: $166MQ3 ’21: $166MQ3 ’21Q4 ’21: $227MQ1 ’22: $253MQ2 ’22: $253MQ2 ’22Q3 ’22: $271MQ1 ’23: $316,563Q2 ’23: $346,036Q2 ’23Q3 ’23: $401,480Q4 ’23: $530,476Q1 ’24: $543,265Q1 ’24Q2 ’24: $584,792Q3 ’24: $713,758Q4 ’24: $630,939Q4 ’24Q1 ’25: $2MQ2 ’25: $1MQ3 ’25: $6MQ3 ’25Q4 ’25: $843,087Q1 ’26: $708,835filingsflow.com

Portfolio Composition

By security type
ETP: 54.3%Common Stock: 39.6%MLP: 3.3%Other: 2.2%REIT: 0.5%Other: 0.1%
  • ETP · 54.3% · $3M
  • Common Stock · 39.6% · $2M
  • MLP · 3.3% · $195,061
  • Other · 2.2% · $131,285
  • REIT · 0.5% · $27,796
  • Other · 0.1% · $4,778

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MORNMORNINGSTAR INCNEW+20.1K20.1K+$46,597$46,597
NRPNATURAL RESOURCE PARTNERS LNEW+26.1K26.1K+$27,405$27,405
FCNCAFIRST CTZNS BANCSHARES INC DNEW+1.5K1.5K+$27,374$27,374
DFSDDIMENSIONAL ETF TRUSTNEW+7.8K7.8K+$3,779$3,779
IBITISHARES BITCOIN TRUST ETFNEW+3.6K3.6K+$2,340$2,340
NEBIUS GROUP N.V.NEW+2.0K2.0K+$2,245$2,245
CHVCHEVRON CORP NEWNEW+1.4K1.4K+$2,162$2,162
PSKYPARAMOUNT SKYDANCE CORPNEW+10.6K10.6K+$1,996$1,996

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1DFCFDIMENSIONAL ETF TRUSTCORE FIXED INCOM · INTL CORE EQT MK · US CORE EQUITY 1 · EMGR CRE EQT MNG · US TARGETED VLU · US MKTWIDE VALUE22.13%$1M3.04M
2VANGUARD BD INDEX FDSSHORT TRM BOND7.23%$425,070538.7K
3ISHARES TRUS TREAS BD ETF · MSCI EMG MKT ETF · MSCI USA QLT FCT · RUSSELL 2000 ETF6.69%$393,7341.08M
4AMERICAN CENTY ETF TRUS EQT ETF · INTL EQT ETF · AVANTIS EMGMKT4.01%$235,899266.4K
5VANGUARD WHITEHALL FDSHIGH DIV YLD3.74%$220,109156.2K
6METAMETA PLATFORMS INChistory →CL A3.43%$201,74227.5K
7GLOBAL X FDSGLB X MLP ENRG I2.98%$175,010279.1K
8NFLXNETFLIX INChistory →COM2.60%$152,93412.8K
9BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW2.32%$136,47427.1K
10GOOGLALPHABET INCCAP STK CL A · CAP STK CL C2.07%$121,65050.0K
11MSFTMICROSOFT CORPhistory →COM2.03%$119,55123.1K
12AMZNAMAZON COM INChistory →COM1.97%$115,59752.6K
13ETENERGY TRANSFER L Phistory →COM UT LTD PTN1.86%$109,391637.5K
14UBERUBER TECHNOLOGIES INChistory →COM1.78%$104,729106.9K
15WMTWALMART INChistory →COM1.51%$88,67286.0K
16FAFFIRST AMERN FINL CORPhistory →COM1.34%$78,601122.4K
17PGRPROGRESSIVE CORPhistory →COM1.32%$77,75031.5K
18SPDR S&P 500 ETF TRTR UNIT1.31%$76,84411.5K
19SPDR SER TRS&P REGL BKG1.29%$75,644119.5K
20ABBVABBVIE INChistory →COM1.13%$66,50328.7K
21HDHOME DEPOT INChistory →COM1.13%$66,18016.3K
22WRBBERKLEY W R CORPhistory →COM1.08%$63,23482.5K
23MKLMARKEL CORPhistory →COM1.07%$62,6733.3K
24AAPLAPPLE INCCOM1.00%$58,81023.1K
25ARCH CAP GROUP LTDORD0.91%$53,54059.0K
26EPDENTERPRISE PRODS PARTNERS LCOM0.89%$52,573168.1K
27MORNMORNINGSTAR INCCOM0.79%$46,59720.1K
28AZOAUTOZONE INCCOM0.77%$45,1331.1K
29BKNGBOOKING HOLDINGS INCCOM0.74%$43,788811
30CPRTCOPART INCCOM0.72%$42,43594.4K
31VVISA INCCOM CL A0.71%$41,66912.2K
32CSCOCISCO SYS INCCOM0.70%$41,12560.1K
33JNJJOHNSON & JOHNSONCOM0.70%$41,11022.2K
34ABTABBOTT LABSCOM0.65%$38,00728.4K
35TXNTEXAS INSTRS INCCOM0.65%$37,94020.6K
36BURFORD CAP LTDORD SHS0.61%$35,880300.0K
37SCHWSCHWAB CHARLES CORPCOM0.58%$34,22435.8K
38AMTAMERICAN TOWER CORP NEWCOM0.47%$27,79614.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$708,835121May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$843,087127Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$6M124Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$1M124Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$2M127May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$630,939128Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$713,758128Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$584,792121Aug 15, 202413F-HRchanges · EDGAR ↗
Q1 2024$543,265135May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$530,476138Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$401,480137Nov 15, 202313F-HRchanges · EDGAR ↗
Q2 2023$346,036138Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$316,563135May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review136Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$271M134Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$253M127Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$253M112May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$227M112Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$166M85Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$166M84Aug 17, 202113F-HRchanges · EDGAR ↗
Q1 2021$141M70May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$120M58Feb 10, 2021RESTATEMENTchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.