Baker Ellis Asset Management LLC

CIK

1365559

Location

Vancouver, WA

Portfolio Value

Small $447,421,813

Diversification

Diversified

Filing Date

Global Rank

#2,734 / 8,605 ▲ 94 · as of Mar 2026

Top Industry

Insurance - Diversified 8.1%

3Y Alpha vs SPY

-4.5%

Period ended 3 months ago

Filed Apr 17, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+57.4%

SPY

+76.5%

Annualised alpha

-4.5%

Max drawdown

−14.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

182 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.7%

−0.6 pts

Top 5

26.1%

−0.7 pts

Top 10

39.0%

−1.3 pts

HHI

232

Diversified−12

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	21.2%	$94,805,270	34
Technology	19.7%	$88,365,636	19
Financial Services	16.0%	$71,671,104	23
Consumer Defensive	9.1%	$40,637,024	13
Healthcare	7.0%	$31,483,689	19
Energy	5.6%	$25,144,472	13
Real Estate	5.1%	$22,724,993	11
Unclassified	4.6%	$20,762,644	9
Consumer Cyclical	4.0%	$17,882,320	18
Communication Services	3.5%	$15,639,671	7
Utilities	2.1%	$9,228,024	7
Basic Materials	2.0%	$9,076,966	9

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
RYN	Rayonier Inc	+24,551	37,493	$773,105
ARCO	Arcos Dorados Holdings Inc.	+10,700	64,000	$528,000
ON	On Semiconductor Corp	+8,745	78,816	$4,880,286
NWSA	News Corp	+8,500	21,700	$540,981
MAA	Mid America Apartment Communities Inc.	+5,977	54,116	$6,608,645
SLB	Slb Limited/Nv	+2,550	108,850	$5,593,801
TAP	Molson Coors Beverage Co	+1,756	152,042	$6,546,928
KIM	Kimco Realty Corp	+1,500	131,120	$2,946,266
AMRZ	Amrize Ltd	+1,500	50,205	$2,812,484
PNW	Pinnacle West Capital Corp	+1,425	49,544	$4,991,558
TKR	Timken Co	+1,001	64,163	$6,452,872
MSFT	Microsoft Corp	+788	57,314	$21,215,923
AMZN	Amazon Com Inc	+751	26,503	$5,519,779
AGCO	Agco Corp /De	+670	34,895	$4,043,283
PSA	Public Storage	+550	18,212	$4,933,266
BCC	BOISE CASCADE Co	+390	21,570	$1,636,084
PLD	Prologis, Inc.	+245	8,321	$1,099,869
HST	Host Hotels & Resorts, Inc.	+203	31,007	$594,094
SON	Sonoco Products Co	+201	5,307	$287,055
JNJ	Johnson & Johnson	+190	12,665	$3,095,832
COF	Capital One Financial Corp	+124	30,247	$5,517,960
UBS	UBS Group AG	+100	37,250	$1,455,357
WHR	Whirlpool Corp /De/	+100	7,575	$408,444
SYK	Stryker Corp	+97	20,924	$6,875,417
COST	Costco Wholesale Corp /New	+90	13,871	$13,821,480
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
DHC	Diversified Healthcare Trust	−24,000	21,000	$139,440
LMNR	Limoneira CO	−6,500	18,800	$252,296
PBR	Petrobras - Petroleo Brasileiro SA	−6,000	12,000	$249,000
GLDM	World Gold Trust	−5,450	54,665	$5,066,898
SONY	Sony Group Corp	−5,000	10,525	$217,867
SELF	Global Self Storage, Inc.	−4,000	35,000	$178,850
OUNZ	VanEck Merk Gold ETF	−4,000	33,000	$1,486,650
BP	Bp PLC	−3,999	104,800	$4,925,600
LRCX	Lam Research Corp	−3,850	112,622	$24,062,816
VOD	Vodafone Group Public Ltd Co	−3,300	26,000	$390,520
RIO	Rio Tinto PLC	−2,800	5,800	$541,082
PHYS	Sprott Physical Gold Trust	−2,000	15,000	$531,600
STLA	Stellantis N.V.	−2,000	22,840	$161,935
TTE	TotalEnergies SE	−2,000	6,453	$587,093
SLV	iShares Silver Trust	−1,160	7,040	$479,705
ORCL	Oracle Corp	−1,062	3,034	$446,331
CARR	CARRIER GLOBAL Corp	−1,039	88,599	$4,989,009
LCNB	Lcnb Corp	−1,000	15,500	$241,645
TTI	Tetra Technologies Inc	−1,000	16,000	$136,320
IAU	Ishares Gold Trust	−1,000	5,500	$484,880
NOV	NOV Inc.	−1,000	18,400	$346,104
HSIC	Henry Schein Inc	−985	48,343	$3,562,879
PEP	Pepsico Inc	−930	30,504	$4,736,966
SHEL	Shell plc	−900	21,393	$1,989,549
PINS	Pinterest, Inc.	−800	51,445	$943,501
No positions match the current search.

New Positions

Positions the filer opened this quarter

10 positions

Ticker	Company	Shares	Value
DMC	Del Monte Corp	11,100	$446,886
INSW	International Seaways, Inc.	4,000	$291,520
TROW	Price T Rowe Group Inc	3,200	$288,448
TGT	Target Corp	2,020	$244,824
MU	Micron Technology Inc	694	$234,460
NTR	Nutrien Ltd.	3,000	$226,380
RUSHA	Rush Enterprises Inc \Tx\	3,150	$208,246
SIVR	abrdn Silver ETF Trust	2,900	$207,669
DTE	Dte Energy Co	1,389	$203,099
ELDN	Eledon Pharmaceuticals, Inc.	19,000	$58,520
No positions match the current search.

Sold Out

Positions the filer fully exited

16 positions

Ticker	Company	Shares	Value
FXE	Invesco CurrencyShares Euro Trust	3,500	$379,610
JEF	Jefferies Financial Group Inc.	6,000	$371,820
IBM	International Business Machines Corp	962	$284,954
TMO	Thermo Fisher Scientific Inc.	429	$248,584
THO	Thor Industries Inc	2,408	$247,229
HMC	Honda Motor Co Ltd	8,100	$238,788
PSLV	Sprott Physical Silver Trust	10,000	$236,500
FICO	Fair Isaac Corp	139	$234,996
TSLA	Tesla, Inc.	519	$233,404
DHR	Danaher Corp /De/	920	$210,606
ALK	Alaska Air Group, Inc.	4,094	$205,928
MET	Metlife Inc	2,593	$204,691
NXST	Nexstar Media Group, Inc.	1,000	$203,050
IFN	Aberdeen India Fund, Inc.	12,000	$164,520
WU	Western Union CO	10,000	$93,100
ABEV	Ambev S.A.	30,000	$74,100
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

182 positions · $447,421,813 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 182 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	71,717	-59	$34,366,786	−4.7%	7.68%
LRCX	Lam Research Corp Technology	Reduced	112,622	-3,850	$24,062,816	+20.7%	5.38%
MSFT	Microsoft Corp Technology	Added	57,314	+788	$21,215,923	−22.4%	4.74%
STRL	Sterling Infrastructure, Inc. Industrials	Reduced	51,470	-713	$20,962,186	+31.2%	4.69%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	55,355	-45	$16,283,226	−8.8%	3.64%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	13,871	+90	$13,821,480	+16.3%	3.09%
AVGO	Broadcom Inc. Technology	Reduced	40,075	-289	$12,403,613	−11.2%	2.77%
RTX	RTX Corp Industrials	Reduced	58,710	-733	$11,325,159	+3.9%	2.53%
AAPL	Apple Inc. Technology	Reduced	44,543	-490	$11,304,567	−7.7%	2.53%
GOOGL	Alphabet Inc. Communication Services	Reduced	30,406	-620	$8,743,549	−10.0%	1.95%
ADI	Analog Devices Inc Technology	Reduced	27,210	-14	$8,656,589	+17.2%	1.93%
OSK	Oshkosh Corp Industrials	Reduced	56,698	-28	$8,346,512	+17.1%	1.87%
KGS	Kodiak Gas Services, Inc. Energy	Reduced	129,057	-499	$7,526,604	+55.3%	1.68%
SYK	Stryker Corp Healthcare	Added	20,924	+97	$6,875,417	−6.1%	1.54%
MAA	Mid America Apartment Communities Inc. Real Estate	Added	54,116	+5,977	$6,608,645	−1.2%	1.48%
TAP	Molson Coors Beverage Co Consumer Defensive	Added	152,042	+1,756	$6,546,928	−6.7%	1.46%
TKR	Timken Co Industrials	Added	64,163	+1,001	$6,452,872	+21.4%	1.44%
NOC	Northrop Grumman Corp /De/ Industrials	Reduced	9,231	-280	$6,297,757	+16.1%	1.41%
SPY	Spdr S&P 500 ETF Trust	Reduced	8,741	-76	$5,684,621	−5.5%	1.27%
SLB	Slb Limited/Nv Energy	Added	108,850	+2,550	$5,593,801	+37.1%	1.25%
AMZN	Amazon Com Inc Consumer Cyclical	Added	26,503	+751	$5,519,779	−7.1%	1.23%
COF	Capital One Financial Corp Financial Services	Added	30,247	+124	$5,517,960	−24.4%	1.23%
GLDM	World Gold Trust	Reduced	54,665	-5,450	$5,066,898	−1.3%	1.13%
PNW	Pinnacle West Capital Corp Utilities	Added	49,544	+1,425	$4,991,558	+16.9%	1.12%
CARR	CARRIER GLOBAL Corp Industrials	Reduced	88,599	-1,039	$4,989,009	+5.3%	1.12%
PSA	Public Storage Real Estate	Added	18,212	+550	$4,933,266	+7.6%	1.10%
BP	Bp PLC Energy	Reduced	104,800	-3,999	$4,925,600	+30.4%	1.10%
ON	On Semiconductor Corp Technology	Added	78,816	+8,745	$4,880,286	+28.6%	1.09%
KR	Kroger Co Consumer Defensive	Reduced	66,850	-150	$4,837,266	+15.6%	1.08%
PEP	Pepsico Inc Consumer Defensive	Reduced	30,504	-930	$4,736,966	+5.0%	1.06%
HII	Huntington Ingalls Industries, Inc. Industrials	Added	11,735	+70	$4,458,126	+12.4%	1.00%
ETN	Eaton Corp plc Industrials	Added	11,709	+25	$4,187,958	+12.5%	0.94%
AGCO	Agco Corp /De Industrials	Added	34,895	+670	$4,043,283	+13.2%	0.90%
FMX	Mexican Economic Development Inc Consumer Defensive	Reduced	36,067	-525	$4,005,601	+8.3%	0.90%
SNY	Sanofi Healthcare	Reduced	83,067	-410	$4,002,168	−1.1%	0.89%
GTX	Garrett Motion Inc. Consumer Cyclical	Reduced	209,946	-199	$3,814,718	+4.1%	0.85%
HSIC	Henry Schein Inc Healthcare	Reduced	48,343	-985	$3,562,879	−4.4%	0.80%
VZ	Verizon Communications Inc Communication Services	Reduced	70,941	-111	$3,561,238	+23.1%	0.80%
QQQ	Invesco Qqq Trust, Series 1	Reduced	6,134	-51	$3,540,422	−6.8%	0.79%
WY	Weyerhaeuser Co Real Estate	Reduced	135,816	-197	$3,317,984	+3.0%	0.74%
GLD	Spdr Gold Trust	Reduced	7,704	-365	$3,314,954	+3.7%	0.74%
LLY	ELI LILLY & Co Healthcare	Added	3,545	+9	$3,260,584	−14.2%	0.73%
GS	Goldman Sachs Group Inc Financial Services	Reduced	3,739	-50	$3,163,156	−5.0%	0.71%
JNJ	Johnson & Johnson Healthcare	Added	12,665	+190	$3,095,832	+19.9%	0.69%
KIM	Kimco Realty Corp Real Estate	Added	131,120	+1,500	$2,946,266	+12.1%	0.66%
MLI	Mueller Industries Inc Industrials	Added	50,966	+1	$2,823,516	−3.5%	0.63%
AMRZ	Amrize Ltd Basic Materials	Added	50,205	+1,500	$2,812,484	+6.8%	0.63%
LPX	Louisiana-Pacific Corp Industrials	Reduced	34,905	-100	$2,539,338	−10.2%	0.57%
UNP	Union Pacific Corp Industrials	Reduced	9,968	-260	$2,418,436	+2.2%	0.54%
NVS	Novartis AG Healthcare	Reduced	14,950	-300	$2,283,612	+8.6%	0.51%