SEC 13F Intelligence

Managers / Q4 2025

Hedges Asset Management LLC

CIK 0001906202 · 2669 RODNEY DRIVE, RENO, NV, 89509 · 775-843-2069

Reported Value
$142M
Q4 2025
Positions
108
Filings on Record
17
2019–present window
Filed
Jan 27, 2026
original filing

Summary

Hedges Asset Management LLC reported $142M in U.S.-listed holdings across 108 positions for Q4 2025.

Its largest position, GBCI, represents 9.2% of the portfolio.

Compared with Q3 2025, the fund opened 11 new positions and exited 5.

Portfolio Metrics

Turnover
+7.5%
vs prior filed quarter
Top-10 Concentration
+34.1%
share of reported value
Largest Position
+9.2%
Glacier Bancorp
New / Exited
11 / 5
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 ’21: $129MQ4 ’21Q1 ’22: $129MQ2 ’22: $106MQ3 ’22: $100MQ3 ’22Q4 ’22: $112MQ1 ’23: $118MQ2 ’23: $118MQ2 ’23Q3 ’23: $114MQ4 ’23: $128MQ1 ’24: $143MQ1 ’24Q2 ’24: $139MQ3 ’24: $151MQ4 ’24: $152MQ4 ’24Q1 ’25: $152MQ2 ’25: $124MQ3 ’25: $131MQ3 ’25Q4 ’25: $142Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 70.1%ETP: 12.5%ADR: 9.0%REIT: 3.4%Other: 3.4%Other: 1.7%
  • Common Stock · 70.1% · $99M
  • ETP · 12.5% · $18M
  • ADR · 9.0% · $13M
  • REIT · 3.4% · $5M
  • Other · 3.4% · $5M
  • Other · 1.7% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BCSBARCLAYS PLCNEW+120.5K120.5K+$3M$3M
PROSHARES TRNEW+69.0K69.0K+$2M$2M
IMAIMAX CORPNEW+56.5K56.5K+$2M$2M
ULUNILEVER PLCNEW+23.1K23.1K+$2M$2M
DYHTARGET CORPNEW+10.6K10.6K+$1M$1M
QQNITY ELECTRONICS INCNEW+5.0K5.0K+$412,335$412,335
EWEDWARDS LIFESCIENCES CORPNEW+3.9K3.9K+$332,475$332,475
AAALCOA CORPNEW+5.0K5.0K+$265,700$265,700

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

Holdings — Q4 2025

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GBCIGLACIER BANCORP INC NEWhistory →COM9.17%$13M295.2K
2GE AEROSPACECOM NEW4.71%$7M21.7K
3BABOEING COhistory →COM3.92%$6M25.6K
4PROSHARES TRSHORT S&P 500 NE · SHORT QQQ3.21%$5M137.3K
5SHELSHELL PLChistory →SPON ADS2.91%$4M56.1K
6LUVSOUTHWEST AIRLS COhistory →COM2.63%$4M90.1K
7GLPIGAMING & LEISURE PPTYS INChistory →COM2.47%$3M78.3K
8VANECK ETF TRUSTGOLD MINERS ETF2.41%$3M39.9K
9BCSBARCLAYS PLChistory →ADR2.16%$3M120.5K
10PENNPENN ENTERTAINMENT INChistory →COM1.89%$3M182.2K
11BPBP PLChistory →SPONSORED ADR1.84%$3M75.1K
12PAASPAN AMERN SILVER CORPhistory →COM1.63%$2M44.6K
13BBARRICK MNG CORPhistory →COM SHS1.62%$2M52.8K
14WYNNWYNN RESORTS LTDhistory →COM1.61%$2M19.0K
15NGDNNEW GOLD INC CDAhistory →COM1.58%$2M257.5K
16BACVERIZON COMMUNICATIONS INChistory →COM1.58%$2M54.9K
17SPROTT ASSET MANAGEMENT LPPHYSICAL GOLD TR1.51%$2M65.0K
18ARCOS DORADOS HOLDINGS INCSHS CLASS -A -1.49%$2M287.9K
19IMAIMAX CORPhistory →COM1.47%$2M56.5K
20LINDLINDBLAD EXPEDITIONS HLDGS Ihistory →COM1.42%$2M139.9K
21INTCINTEL CORPhistory →COM1.36%$2M52.4K
22DOWDOW INChistory →COM1.36%$2M82.2K
23NEMNEWMONT CORPhistory →COM1.33%$2M18.9K
24PPLTUSDABRDN PLATINUM ETF TRUSThistory →PHYSCL PLATM SHS1.24%$2M9.4K
25VANGUARD INTL EQUITY INDEX FFTSE EUROPE ETF1.24%$2M21.0K
26HONGBPHONEYWELL INTL INChistory →COM1.23%$2M8.9K
27ELANELANCO ANIMAL HEALTH INChistory →COM1.21%$2M76.0K
28LYFTLYFT INChistory →CL A COM1.20%$2M87.6K
29CHVCHEVRON CORP NEWhistory →COM1.19%$2M11.1K
30FDXFEDEX CORPhistory →COM1.17%$2M5.8K
31ULUNILEVER PLChistory →SPON ADR NEW1.07%$2M23.1K
32WFCWELLS FARGO CO NEWhistory →COM1.05%$1M16.0K
33B7SBROOKDALE SR LIVING INChistory →COM1.04%$1M137.0K
34MRKMERCK & CO INChistory →COM1.03%$1M13.9K
35FMCFMC CORPCOM NEW0.98%$1M100.1K
36IBMINTERNATIONAL BUSINESS MACHSCOM0.96%$1M4.6K
37LLOEWS CORPCOM0.94%$1M12.7K
38SLBSLB LIMITEDCOM STK0.94%$1M34.7K
39WYWEYERHAEUSER CO MTN BECOM NEW0.93%$1M55.5K
40FFORD MTR COCOM0.87%$1M93.7K
41TSNTYSON FOODS INCCL A0.86%$1M20.8K
42CRISPR THERAPEUTICS AGNAMEN AKT0.84%$1M22.8K
43CNH INDL N VSHS0.79%$1M121.0K
44KHCKRAFT HEINZ COCOM0.78%$1M45.9K
45WMBWILLIAMS COS INCCOM0.78%$1M18.4K
46IFFINTERNATIONAL FLAVORS&FRAGRACOM0.76%$1M15.9K
47SHAKSHAKE SHACK INCCL A0.75%$1M13.1K
48VTRSVIATRIS INCCOM0.74%$1M84.5K
49DYHTARGET CORPCOM0.73%$1M10.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q4 2025$142M108Jan 27, 202613F-HRchanges · EDGAR ↗
Q3 2025$131M102Oct 8, 202513F-HRchanges · EDGAR ↗
Q2 2025$124M101Jul 7, 202513F-HRchanges · EDGAR ↗
Q1 2025$152M108Apr 24, 202513F-HRchanges · EDGAR ↗
Q4 2024$152M110Jan 17, 202513F-HRchanges · EDGAR ↗
Q3 2024$151M117Oct 24, 202413F-HRchanges · EDGAR ↗
Q2 2024$139M111Jul 19, 202413F-HRchanges · EDGAR ↗
Q1 2024$143M113Apr 24, 202413F-HRchanges · EDGAR ↗
Q4 2023$128M106Jan 10, 202413F-HRchanges · EDGAR ↗
Q3 2023$114M107Oct 31, 202313F-HRchanges · EDGAR ↗
Q2 2023$118M106Jul 13, 202313F-HRchanges · EDGAR ↗
Q1 2023$118M103Apr 18, 202313F-HRchanges · EDGAR ↗
Q4 2022$112M107Feb 3, 202313F-HRchanges · EDGAR ↗
Q3 2022$100M103Oct 18, 202213F-HRchanges · EDGAR ↗
Q2 2022$106M102Jul 26, 202213F-HRchanges · EDGAR ↗
Q1 2022$129M111May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$129M120Feb 8, 202213F-HRchanges · 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 ↗.