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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

Baker Ellis Asset Management LLC

Quarter ended Q3 2025 · Filed October 23, 2025 · Accession 0001941040-25-000563

Total Value
$812.0M
Positions
249
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (249)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD INDEX FDS922908769228,174$74.9M9.22%
2BERKSHIRE HATHAWAY INC DELBRK-A70,795$35.6M4.38%
3MICROSOFT CORPMSFT56,444$29.2M3.60%
4VANGUARD WORLD FD92204A70234,421$25.7M3.17%
5VANGUARD WHITEHALL FDS921946406138,702$19.6M2.41%
6STERLING INFRASTRUCTURE INCSTRL54,210$18.4M2.27%
7DIMENSIONAL ETF TRUST25434V781500,970$17.9M2.20%
8VANGUARD INDEX FDS92290836328,870$17.7M2.18%
9JPMORGAN CHASE & CO.VYLD54,926$17.3M2.13%
10FIDELITY MERRIMACK STR TR316188309371,922$17.2M2.12%
11GOLDMAN SACHS ETF TRNVGLF416,374$17.1M2.11%
12LAM RESEARCH CORPLRCX120,412$16.1M1.99%
13INVESCO EXCHANGE TRADED FD TIVZ324,413$14.7M1.81%
14BROADCOM INCAVGO41,526$13.7M1.69%
15ISHARES TR46432F834162,177$13.4M1.65%
16COSTCO WHSL CORP NEW22160K10513,834$12.8M1.58%
17JOHN HANCOCK EXCHANGE TRADED47804J206197,530$12.8M1.57%
18PIMCO EQUITY SER72202L363226,619$12.7M1.57%
19GOLDMAN SACHS ETF TRNVGLF113,119$11.3M1.40%
20APPLE INCAAPL44,317$11.3M1.39%
21SCHWAB STRATEGIC TR808524797394,940$10.8M1.33%
22RTX CORPORATIONRTX59,313$9.9M1.22%
23ISHARES TR46436E71897,978$9.9M1.22%
24BERKSHIRE HATHAWAY INC DELBRK-A13$9.8M1.21%
25VANGUARD WORLD FD92191087337,510$9.2M1.13%
26ALPHABET INCGOOG34,560$8.4M1.04%
27WISDOMTREE TRWT143,127$8.2M1.01%
28EXXON MOBIL CORPXOM72,206$8.1M1.00%
29STRYKER CORPORATIONSYK20,920$7.7M0.95%
30ALPHABET INCGOOG30,924$7.5M0.93%
31OSHKOSH CORPOSK55,466$7.2M0.89%
32ANALOG DEVICES INCADI28,325$7.0M0.86%
33MOLSON COORS BEVERAGE COTAP-A148,890$6.7M0.83%
34ISHARES TR46432F859134,630$6.6M0.81%
35MID-AMER APT CMNTYS INC59522J10346,814$6.5M0.81%
36CAPITAL ONE FINL CORP14040H10530,343$6.5M0.79%
37SPDR S&P 500 ETF TRSPY9,334$6.2M0.77%
38NORTHROP GRUMMAN CORPNOC9,651$5.9M0.72%
39CARRIER GLOBAL CORPORATIONCARR94,673$5.7M0.70%
40FISERV INCFISV41,811$5.4M0.66%
41AMAZON COM INCAMZN24,405$5.4M0.66%
42SCHWAB STRATEGIC TR808524771199,705$5.3M0.65%
43VANGUARD INTL EQUITY INDEX F92204274236,520$5.0M0.62%
44PUBLIC STORAGE OPER COPSA-PS17,311$5.0M0.62%
45MUELLER INDS INC62475610249,165$5.0M0.61%
46TIMKEN COTKR63,687$4.8M0.59%
47KODIAK GAS SVCS INC50012A108127,854$4.7M0.58%
48WORLD GOLD TRGLDW59,880$4.6M0.56%
49KROGER COKR66,300$4.5M0.55%
50PEPSICO INCPEP31,695$4.5M0.55%
51SANOFI SASNYNF92,917$4.4M0.54%
52EATON CORP PLCETN11,590$4.3M0.53%
53PINNACLE WEST CAP CORPPNW47,634$4.3M0.53%
54VANGUARD INDEX FDS92290865219,299$4.0M0.50%
55FOMENTO ECONOMICO MEXICANO S34441910638,322$3.8M0.47%
56INVESCO QQQ TRIVZ6,220$3.7M0.46%
57BP PLCBPPFF106,633$3.7M0.45%
58SCHLUMBERGER LTDSLB106,225$3.7M0.45%
59WEYERHAEUSER CO MTN BEWY145,677$3.6M0.44%
60AGCO CORPAGCO33,584$3.6M0.44%
61ON SEMICONDUCTOR CORPON72,731$3.6M0.44%
62HENRY SCHEIN INCHSIC53,358$3.5M0.44%
63HUNTINGTON INGALLS INDS INC44641310611,690$3.4M0.41%
64INVESCO EXCHANGE TRADED FD TIVZ17,673$3.4M0.41%
65LOUISIANA PAC CORPLPX35,630$3.2M0.39%
66VERIZON COMMUNICATIONS INCVZ71,175$3.1M0.39%
67VANGUARD WORLD FD92204A50411,817$3.1M0.38%
68GOLDMAN SACHS GROUP INCGSCE3,809$3.0M0.37%
69KIMCO RLTY CORP49446R109133,705$2.9M0.36%
70GARRETT MOTION INCGTX212,495$2.9M0.36%
71SPDR GOLD TRGLD8,079$2.9M0.35%
72ELI LILLY & COLLY3,461$2.6M0.33%
73UNION PAC CORPUNP10,653$2.5M0.31%
74VANGUARD INTL EQUITY INDEX F92204277534,626$2.5M0.30%
75AMRIZE LTDAMRZ47,455$2.3M0.28%
76VISA INCV6,463$2.2M0.27%
77JOHNSON & JOHNSONJNJ11,875$2.2M0.27%
78LABCORP HOLDINGS INCLH7,305$2.1M0.26%
79WASTE MGMT INC DEL94106L1098,966$2.0M0.24%
80NOVARTIS AGNVSEF14,711$1.9M0.23%
81HONEYWELL INTL INC4385161068,754$1.8M0.23%
82WALMART INCWMT17,363$1.8M0.22%
83UBS GROUP AGUBS42,750$1.8M0.22%
84J P MORGAN EXCHANGE TRADED F46641Q65434,300$1.8M0.22%
85HOME DEPOT INCHD4,224$1.7M0.21%
86SHELL PLCRYDAF22,793$1.6M0.20%
87REGENCY CTRS CORP75884910322,076$1.6M0.20%
88NEWS CORP NEWNWSLL46,060$1.6M0.20%
89META PLATFORMS INCMETA2,165$1.6M0.20%
90ISHARES TR46428749916,214$1.6M0.19%
91INGLES MKTS INC45703010422,238$1.5M0.19%
92ITT INCITT8,550$1.5M0.19%
93TJX COS INC NEW87254010910,502$1.5M0.19%
94ABBVIE INCABBV6,465$1.5M0.18%
95VANGUARD INDEX FDS9229086117,146$1.5M0.18%
96VANGUARD WORLD FD92204A30611,685$1.5M0.18%
97AMERICAN CENTY ETF TR02507280215,830$1.4M0.17%
98VANECK MERK GOLD ETFOUNZ37,000$1.4M0.17%
99ORACLE CORPORCL-PD4,866$1.4M0.17%
100MERCK & CO INCMRK15,737$1.3M0.16%
101AGNICO EAGLE MINES LTDAEM7,487$1.3M0.16%
102VANGUARD WORLD FD92204A8766,450$1.2M0.15%
103BOISE CASCADE CO DELBCC14,950$1.2M0.14%
104ENTERGY CORP NEWENO12,264$1.1M0.14%
105ISHARES TR4642878049,561$1.1M0.14%
106MARSH & MCLENNAN COS INC5717481025,618$1.1M0.14%
107TRANE TECHNOLOGIES PLCTT2,631$1.1M0.14%
108NEXTERA ENERGY INCNEE-PW14,266$1.1M0.13%
109BANK AMERICA CORP06050510420,805$1.1M0.13%
110PROLOGIS INC.PLDGP9,290$1.1M0.13%
111SPDR SERIES TRUST78464A6314,480$1.1M0.13%
112ISHARES TR46429B68912,150$1.0M0.13%
113MASTERCARD INCORPORATEDMA1,782$1.0M0.12%
114DEERE & CODE2,187$999,8400.12%
115CHEVRON CORP NEWCVX6,401$994,0880.12%
116PROCTER AND GAMBLE CO7427181096,416$985,7920.12%
117ISHARES TR46434V27427,300$980,3430.12%
118LISTED FDS TR53656F62321,582$964,6070.12%
119LINDE PLCLIN1,994$947,1690.12%
120VANGUARD INDEX FDS92290855310,102$923,5130.11%
121VANGUARD SCOTTSDALE FDS92206C87010,700$899,9770.11%
122VANGUARD MUN BD FDS92290769611,700$897,3900.11%
123PHILLIPS 66PSX6,594$896,9400.11%
124VANGUARD WORLD FD92204A4056,810$893,7440.11%
125VANGUARD INDEX FDS9229085124,970$867,6630.11%
126INVESTORS TITLE CO NCITIC3,125$836,9690.10%
127AUTOMATIC DATA PROCESSING INADP2,846$835,3010.10%
128TRAVELERS COMPANIES INCTRV2,919$815,1350.10%
129CENCORA INCCOR2,494$779,2970.10%
130VANGUARD INDEX FDS9229087444,140$772,0690.10%
131CATERPILLAR INCCAT1,608$767,3670.09%
132CRH PLCCRH6,400$767,3600.09%
133VERTEX PHARMACEUTICALS INCVRTX1,952$764,4810.09%
134MATSON INCMATX7,738$762,8890.09%
135NIKE INCNKE10,646$742,3190.09%
136TERADYNE INCTER5,373$739,5400.09%
137PREFORMED LINE PRODS CO7404441043,620$710,0630.09%
138ACCENTURE PLC IRELANDACN2,774$684,0680.08%
139HOST HOTELS & RESORTS INCHST37,252$634,0260.08%
140PRIMERICA INCPRI2,281$633,1830.08%
141MCDONALDS CORPMCD2,082$632,6200.08%
142ECOLAB INCECL2,236$612,3510.08%
143STARWOOD PPTY TR INCSTHO30,735$595,3370.07%
144CHUBB LIMITEDCB2,104$593,8540.07%
145ISHARES TR4642874577,126$591,1860.07%
146HOULIHAN LOKEY INCHLI2,869$589,0630.07%
147EVERSOURCE ENERGYES8,257$587,4030.07%
148ISHARES TR4642876552,409$582,8820.07%
149BANK NEW YORK MELLON CORP0640581005,299$577,3830.07%
150BALL CORPBALL11,230$566,2160.07%
151BORGWARNER INCBWA12,790$562,2680.07%
152VANGUARD INTL EQUITY INDEX F92204285810,332$559,7860.07%
153COMCAST CORP NEWCCZ17,405$546,8520.07%
154TOTALENERGIES SETTE8,753$522,4670.06%
155TENET HEALTHCARE CORPTHC2,500$507,6000.06%
156BROADRIDGE FINL SOLUTIONS IN11133T1032,131$507,5400.06%
157KLA CORPKLAC470$506,9420.06%
158SPROTT ASSET MANAGEMENT LPSII17,100$506,5020.06%
159INVESCO CURRENCYSHARES SWISS46138R1084,500$500,5350.06%
160ISHARES TR4642886794,450$491,6810.06%
161ISHARES TR4642874733,517$491,2190.06%
162ISHARES GOLD TRIAU6,500$473,0050.06%
163PNC FINL SVCS GROUP INC6934751052,345$471,1810.06%
164SOUTHWEST GAS HLDGS INCSWX6,000$470,0400.06%
165CORNING INCGLW5,700$467,5710.06%
166NEWS CORP NEWNWSLL15,200$466,7920.06%
167EXPONENT INCEXPO6,575$456,8310.06%
168LIMONEIRA COLMNR30,550$453,6680.06%
169STARBUCKS CORPSBUX5,354$452,9480.06%
170CISCO SYS INCCSCO6,620$452,9360.06%
171RBC BEARINGS INCRBC1,154$450,3950.06%
172SCHWAB STRATEGIC TR80852474810,050$447,3260.06%
173J P MORGAN EXCHANGE TRADED F46641Q8378,687$440,6920.05%
174MOODYS CORPMCO919$437,8850.05%
175JBT MAREL CORPORATIONJBTM3,090$433,9910.05%
176WATSCO INCWSO-B1,059$428,1540.05%
177STERIS PLCSTE1,658$410,2560.05%
178DIMENSIONAL ETF TRUST25434V4015,587$404,7220.05%
179ISHARES TR4642876221,100$402,0280.05%
180DIMENSIONAL ETF TRUST25434V20311,000$399,8500.05%
181LCNB CORPLCNB26,500$397,2350.05%
182FEDEX CORPFDX1,682$396,6960.05%
183VANGUARD BD INDEX FDS9219378275,000$394,5500.05%
184JEFFERIES FINL GROUP INC47233W1096,000$392,5200.05%
185AMPHENOL CORP NEW0320951013,066$379,4300.05%
186INVESCO CURRENCYSHARES EUROFXE3,500$379,2950.05%
187VALERO ENERGY CORPVLO2,214$377,0360.05%
188MARRIOTT INTL INC NEW5719032021,435$373,8380.05%
189ISHARES TR4642873418,575$358,0060.04%
190VANECK ETF TRUST92189F43712,021$357,3920.04%
191VANGUARD INTL EQUITY INDEX F9220427182,483$353,9500.04%
192ISHARES SILVER TRSLV8,200$347,4340.04%
193IMPERIAL OIL LTDIMO3,750$340,2750.04%
194RAYONIER INCRYN12,473$331,0330.04%
195NORFOLK SOUTHN CORP6558441081,100$330,4510.04%
196POTLATCHDELTIC CORPORATION7376301038,061$328,4860.04%
197SITEONE LANDSCAPE SUPPLY INCSITE2,523$324,9620.04%
198ISHARES TR4642875981,587$323,0480.04%
199ABBOTT LABSABLZF2,343$313,7670.04%
200UDR INCUDR8,420$313,7290.04%
201HONDA MOTOR LTDHNDAF10,050$309,5400.04%
202ALLETE INC0185223004,650$308,7600.04%
203AUTONATION INCAN1,400$306,2780.04%
204WABTEC9297401081,500$300,7050.04%
205ARCOS DORADOS HOLDINGS INCARCO44,500$300,3750.04%
206AMERICAN CENTY ETF TR0250728772,930$291,6230.04%
207LOCKHEED MARTIN CORPLMT580$289,5420.04%
208CME GROUP INCCME1,055$284,9290.04%
209COCA COLA COKO4,266$282,9240.03%
210GENTEX CORPGNTX9,927$280,9340.03%
2113M COMMM1,804$280,0100.03%
212STELLANTIS N.VSTLA29,933$279,5740.03%
213WEC ENERGY GROUP INCWEC2,372$271,8400.03%
214SIRIUSPOINT LTDSPNT15,000$271,3500.03%
215PENSKE AUTOMOTIVE GRP INC70959W1031,500$260,8650.03%
216EDWARDS LIFESCIENCES CORPEW3,350$260,5300.03%
217U HAUL HOLDING COMPANYUHAL-B5,060$257,5540.03%
218BADGER METER INCBMI1,399$249,8330.03%
219THOR INDS INC8851601012,408$249,6860.03%
220VANGUARD STAR FDS9219097683,300$242,4180.03%
221GLOBAL X FDS37960A5293,360$236,0060.03%
222NVIDIA CORPORATIONNVDA1,250$233,2250.03%
223SONOCO PRODS CO8354951025,406$232,9260.03%
224BRISTOL-MYERS SQUIBB COCELG-RI5,130$231,3630.03%
225TESLA INCTSLA519$230,7160.03%
226CONTINEUM THERAPEUTICS INCCTNM19,500$229,1250.03%
227QUEST DIAGNOSTICS INCDGX1,200$228,6960.03%
228RUSH ENTERPRISES INCRUSHB3,912$224,6270.03%
229SONY GROUP CORPSNEJF7,775$223,8420.03%
230INTERNATIONAL BUSINESS MACHSINTR789$222,6580.03%
231GRACO INCGGG2,589$219,9610.03%
232WHIRLPOOL CORPWHR-PA2,775$218,1150.03%
233VANGUARD ADMIRAL FDS INC921932505500$217,7300.03%
234METLIFE INCMET-PF2,593$213,5850.03%
235PARKER-HANNIFIN CORPPH278$210,7810.03%
236THERMO FISHER SCIENTIFIC INCTMO429$208,1120.03%
237FAIR ISAAC CORPFICO139$208,0180.03%
238DIMENSIONAL ETF TRUST25434V5003,000$205,3800.03%
239PIMCO ETF TR72201R3043,800$202,4640.02%
240ISHARES TR46429B6972,125$202,1730.02%
241SPROTT ASSET MANAGEMENT LPSII12,500$196,2500.02%
242GLOBAL SELF STORAGE INCSELF33,000$165,9900.02%
243BLACK STONE MINERALS L PBSMLP11,000$144,5400.02%
244MARTEN TRANS LTDMRTN11,620$123,8690.02%
245WABASH NATL CORP92956610711,250$111,0380.01%
246TETRA TECHNOLOGIES INC DEL88162F10517,000$97,7500.01%
247RIVERVIEW BANCORP INCRVSB15,000$80,5500.01%
248AMBEV SAABEV35,000$78,0500.01%
249CARDIFF ONCOLOGY INCCRDF20,000$41,2000.01%