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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 Q4 2025 · Filed January 21, 2026 · Accession 0001941040-26-000040

Total Value
$831.0M
Positions
260
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (260)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD INDEX FDS922908769223,174$74.8M9.00%
2BERKSHIRE HATHAWAY INC DELBRK-A71,776$36.1M4.34%
3MICROSOFT CORPMSFT56,526$27.3M3.29%
4VANGUARD WORLD FD92204A70233,423$25.2M3.03%
5DIMENSIONAL ETF TRUST25434V781525,147$20.0M2.40%
6LAM RESEARCH CORPLRCX116,472$19.9M2.40%
7VANGUARD WHITEHALL FDS921946406135,353$19.4M2.34%
8VANGUARD INDEX FDS92290836329,650$18.6M2.24%
9GOLDMAN SACHS ETF TRNVGLF422,232$18.1M2.18%
10JPMORGAN CHASE & CO.VYLD55,400$17.9M2.15%
11FIDELITY MERRIMACK STR TR316188309377,157$17.4M2.09%
12STERLING INFRASTRUCTURE INCSTRL52,183$16.0M1.92%
13INVESCO EXCHANGE TRADED FD TIVZ322,115$15.1M1.82%
14ISHARES TR46432F834176,941$15.0M1.80%
15BROADCOM INCAVGO40,364$14.0M1.68%
16PIMCO EQUITY SER72202L363228,295$12.9M1.56%
17JOHN HANCOCK EXCHANGE TRADED47804J206189,734$12.4M1.50%
18APPLE INCAAPL45,033$12.2M1.47%
19COSTCO WHSL CORP NEW22160K10513,781$11.9M1.43%
20RTX CORPORATIONRTX59,443$10.9M1.31%
21GOLDMAN SACHS ETF TRNVGLF108,190$10.8M1.30%
22ALPHABET INCGOOG34,203$10.7M1.29%
23SCHWAB STRATEGIC TR808524797383,354$10.5M1.27%
24ISHARES TR46436E718104,633$10.5M1.26%
25BERKSHIRE HATHAWAY INC DELBRK-A13$9.8M1.18%
26ALPHABET INCGOOG31,026$9.7M1.17%
27VANGUARD WORLD FD92191087336,385$9.1M1.10%
28WISDOMTREE TRWT154,439$8.8M1.06%
29EXXON MOBIL CORPXOM71,952$8.7M1.04%
30ANALOG DEVICES INCADI27,224$7.4M0.89%
31STRYKER CORPORATIONSYK20,827$7.3M0.88%
32CAPITAL ONE FINL CORP14040H10530,123$7.3M0.88%
33OSHKOSH CORPOSK56,726$7.1M0.86%
34MOLSON COORS BEVERAGE COTAP-A150,286$7.0M0.84%
35MID-AMER APT CMNTYS INC59522J10348,139$6.7M0.80%
36ISHARES TR46432F859137,030$6.7M0.80%
37SPDR S&P 500 ETF TRSPY8,817$6.0M0.72%
38AMAZON COM INCAMZN25,752$5.9M0.72%
39MUELLER INDS INC62475610250,965$5.9M0.70%
40SCHWAB STRATEGIC TR808524771210,006$5.7M0.69%
41NORTHROP GRUMMAN CORPNOC9,511$5.4M0.65%
42TIMKEN COTKR63,162$5.3M0.64%
43WORLD GOLD TRGLDW60,115$5.1M0.62%
44VANGUARD INTL EQUITY INDEX F92204274235,620$5.0M0.60%
45KODIAK GAS SVCS INC50012A108129,556$4.8M0.58%
46CARRIER GLOBAL CORPORATIONCARR89,638$4.7M0.57%
47PUBLIC STORAGE OPER COPSA-PS17,662$4.6M0.55%
48PEPSICO INCPEP31,434$4.5M0.54%
49PINNACLE WEST CAP CORPPNW48,119$4.3M0.51%
50KROGER COKR67,000$4.2M0.50%
51SLB LIMITEDSLB106,300$4.1M0.49%
52SANOFI SASNYNF83,477$4.0M0.49%
53HUNTINGTON INGALLS INDS INC44641310611,665$4.0M0.48%
54VANGUARD INDEX FDS92290865218,274$3.8M0.46%
55ELI LILLY & COLLY3,536$3.8M0.46%
56INVESCO QQQ TRIVZ6,185$3.8M0.46%
57ON SEMICONDUCTOR CORPON70,071$3.8M0.46%
58BP PLCBPPFF108,799$3.8M0.45%
59HENRY SCHEIN INCHSIC49,328$3.7M0.45%
60EATON CORP PLCETN11,684$3.7M0.45%
61FOMENTO ECONOMICO MEXICANO S34441910636,592$3.7M0.45%
62VANGUARD WORLD FD92204A50412,817$3.7M0.44%
63GARRETT MOTION INCGTX210,145$3.7M0.44%
64AGCO CORPAGCO34,225$3.6M0.43%
65GOLDMAN SACHS GROUP INCGSCE3,789$3.3M0.40%
66WEYERHAEUSER CO MTN BEWY136,013$3.2M0.39%
67SPDR GOLD TRGLD8,069$3.2M0.38%
68INVESCO EXCHANGE TRADED FD TIVZ16,184$3.1M0.37%
69VERIZON COMMUNICATIONS INCVZ71,052$2.9M0.35%
70LOUISIANA PAC CORPLPX35,005$2.8M0.34%
71AMRIZE LTDAMRZ48,705$2.6M0.32%
72KIMCO RLTY CORP49446R109129,620$2.6M0.32%
73JOHNSON & JOHNSONJNJ12,475$2.6M0.31%
74VANGUARD INTL EQUITY INDEX F92204277532,626$2.4M0.29%
75UNION PAC CORPUNP10,228$2.4M0.28%
76VISA INCV6,427$2.3M0.27%
77SCHWAB STRATEGIC TR80852487080,680$2.1M0.26%
78NOVARTIS AGNVSEF15,250$2.1M0.25%
79WALMART INCWMT17,707$2.0M0.24%
80WASTE MGMT INC DEL94106L1098,856$1.9M0.23%
81LABCORP HOLDINGS INCLH7,005$1.8M0.21%
82UBS GROUP AGUBS37,150$1.7M0.21%
83HONEYWELL INTL INC4385161068,549$1.7M0.20%
84SHELL PLCRYDAF22,293$1.6M0.20%
85J P MORGAN EXCHANGE TRADED F46641Q65431,800$1.6M0.19%
86INGLES MKTS INC45703010423,303$1.6M0.19%
87MERCK & CO INCMRK14,988$1.6M0.19%
88VANGUARD INDEX FDS9229086117,382$1.6M0.19%
89ISHARES TR46428749916,214$1.6M0.19%
90BOISE CASCADE CO DELBCC21,180$1.6M0.19%
91VANECK MERK GOLD ETFOUNZ37,000$1.5M0.18%
92TJX COS INC NEW8725401099,875$1.5M0.18%
93VANGUARD MALVERN FDS92202080530,400$1.5M0.18%
94REGENCY CTRS CORP75884910321,584$1.5M0.18%
95AMERICAN CENTY ETF TR02507280215,830$1.5M0.18%
96META PLATFORMS INCMETA2,249$1.5M0.18%
97ITT INCITT8,550$1.5M0.18%
98NEWS CORP NEWNWSLL47,560$1.4M0.17%
99ABBVIE INCABBV6,123$1.4M0.17%
100HOME DEPOT INCHD4,024$1.4M0.17%
101PINTEREST INCPINS52,245$1.4M0.16%
102AGNICO EAGLE MINES LTDAEM7,550$1.3M0.15%
103CATERPILLAR INCCAT2,157$1.2M0.15%
104VANGUARD MUN BD FDS92290769615,400$1.2M0.14%
105NEXTERA ENERGY INCNEE-PW14,572$1.2M0.14%
106BANK AMERICA CORP06050510421,163$1.2M0.14%
107ISHARES TR4642878049,561$1.1M0.14%
108ENTERGY CORP NEWENO12,264$1.1M0.14%
109VANGUARD WORLD FD92204A8766,030$1.1M0.13%
110ISHARES TR46429B68912,150$1.0M0.13%
111PROLOGIS INC.PLDGP8,076$1.0M0.12%
112VANGUARD WORLD FD92204A3068,125$1.0M0.12%
113SPDR SERIES TRUST78464A6314,230$1.0M0.12%
114MASTERCARD INCORPORATEDMA1,727$986,1680.12%
115CHEVRON CORP NEWCVX6,429$979,8330.12%
116MATSON INCMATX7,738$956,0300.12%
117VANGUARD SCOTTSDALE FDS92206C87011,200$938,0000.11%
118DEERE & CODE1,987$924,8970.11%
119TRANE TECHNOLOGIES PLCTT2,350$914,6200.11%
120TERADYNE INCTER4,700$909,7320.11%
121VANGUARD WORLD FD92204A4056,810$909,0670.11%
122CENCORA INCCOR2,644$892,8460.11%
123VERTEX PHARMACEUTICALS INCVRTX1,952$884,9590.11%
124VANGUARD INDEX FDS9229085539,857$872,2350.10%
125PROCTER AND GAMBLE CO7427181096,082$871,6110.10%
126CRH PLCCRH6,900$861,1200.10%
127LINDE PLCLIN1,994$850,2390.10%
128LISTED FDS TR53656F62318,972$843,4950.10%
129MARSH & MCLENNAN COS INC5717481024,306$798,8490.10%
130ORACLE CORPORCL-PD4,096$798,3420.10%
131TRAVELERS COMPANIES INCTRV2,750$797,6650.10%
132VANGUARD INDEX FDS9229087444,140$790,6990.10%
133ISHARES TR46434V27420,000$755,0000.09%
134INVESTORS TITLE CO NCITIC2,925$730,1970.09%
135PHILLIPS 66PSX5,654$729,6370.09%
136AUTOMATIC DATA PROCESSING INADP2,776$714,0700.09%
137MCDONALDS CORPMCD2,282$697,3680.08%
138VANGUARD INDEX FDS9229085123,900$691,7430.08%
139RIO TINTO PLCRTNTF8,600$688,2580.08%
140PREFORMED LINE PRODS CO7404441043,310$684,2100.08%
141ACCENTURE PLC IRELANDACN2,544$682,5550.08%
142GRAHAM HLDGS COGHM620$681,1320.08%
143NIKE INCNKE10,318$657,3600.08%
144BANK NEW YORK MELLON CORP0640581005,299$615,1660.07%
145ECOLAB INCECL2,322$609,5710.07%
146ISHARES TR4642874577,326$606,7530.07%
147CHUBB LIMITEDCB1,929$602,0790.07%
148ISHARES TR4642876552,409$592,9990.07%
149PRIMERICA INCPRI2,281$589,3190.07%
150BORGWARNER INCBWA12,790$576,3370.07%
151KLA CORPKLAC470$571,0880.07%
152SPROTT ASSET MANAGEMENT LPSII17,000$561,3400.07%
153BALL CORPBALL10,530$557,7740.07%
154STARWOOD PPTY TR INCSTHO30,735$553,5370.07%
155TOTALENERGIES SETTE8,453$552,9950.07%
156ISHARES TR4642871765,000$549,5500.07%
157HOST HOTELS & RESORTS INCHST30,804$546,1490.07%
158EVERSOURCE ENERGYES8,107$545,8440.07%
159WHIRLPOOL CORPWHR-PA7,475$539,2470.06%
160VANGUARD INTL EQUITY INDEX F9220428589,832$528,5670.06%
161ISHARES SILVER TRSLV8,200$528,2440.06%
162ISHARES GOLD TRIAU6,500$527,6050.06%
163RBC BEARINGS INCRBC1,154$517,4880.06%
164PNC FINL SVCS GROUP INC6934751052,443$509,9270.06%
165INVESCO CURRENCYSHARES SWISS46138R1084,500$502,2000.06%
166CISCO SYS INCCSCO6,495$500,3050.06%
167CORNING INCGLW5,700$499,0920.06%
168ISHARES TR4642874733,517$496,0730.06%
169FEDEX CORPFDX1,682$485,9410.06%
170SOUTHWEST GAS HLDGS INCSWX6,000$480,1200.06%
171BROADRIDGE FINL SOLUTIONS IN11133T1032,131$475,5750.06%
172MOODYS CORPMCO919$469,4710.06%
173JBT MAREL CORPORATIONJBTM3,090$465,5700.06%
174MARRIOTT INTL INC NEW5719032021,489$462,0750.06%
175SCHWAB STRATEGIC TR80852474810,050$447,7280.05%
176HOULIHAN LOKEY INCHLI2,500$435,4750.05%
177NVIDIA CORPORATIONNVDA2,276$424,4740.05%
178STERIS PLCSTE1,658$420,3360.05%
179STARBUCKS CORPSBUX4,954$417,1760.05%
180DIMENSIONAL ETF TRUST25434V4015,587$414,3880.05%
181ISHARES TR4642876221,100$410,7840.05%
182IMPERIAL OIL LTDIMO4,750$409,9730.05%
183J P MORGAN EXCHANGE TRADED F46641Q8378,087$409,1210.05%
184TENET HEALTHCARE CORPTHC2,000$397,4400.05%
185SONY GROUP CORPSNEJF15,525$397,4400.05%
186VANGUARD BD INDEX FDS9219378275,000$394,0500.05%
187ARCOS DORADOS HOLDINGS INCARCO53,300$391,2220.05%
188VODAFONE GROUP PLC NEW92857W30829,300$387,0530.05%
189INVESCO CURRENCYSHARES EUROFXE3,500$379,5930.05%
190AMPHENOL CORP NEW0320951012,766$373,8110.04%
191JEFFERIES FINL GROUP INC47233W1096,000$371,8200.04%
192VALERO ENERGY CORPVLO2,214$360,4940.04%
193EXPONENT INCEXPO5,160$358,4140.04%
194ISHARES INC46434G78013,000$357,6300.04%
195WATSCO INCWSO-B1,059$356,8300.04%
196VANGUARD INTL EQUITY INDEX F9220427182,483$355,8860.04%
197NEWS CORP NEWNWSLL13,200$344,7840.04%
198VANECK ETF TRUST92189F43711,651$342,1390.04%
199ISHARES TR4642873418,075$338,5850.04%
200SIRIUSPOINT LTDSPNT15,000$328,3500.04%
201LIMONEIRA COLMNR25,300$319,4130.04%
202NORFOLK SOUTHN CORP6558441081,100$317,5920.04%
203ISHARES TR4642875981,486$312,5140.04%
204NOV INCNOV19,400$303,2220.04%
205POTLATCHDELTIC CORPORATION7376301037,561$300,7770.04%
206COMCAST CORP NEWCCZ10,055$300,5440.04%
207AMERICAN CENTY ETF TR0250728772,930$298,8010.04%
208COCA COLA COKO4,266$298,2390.04%
209FREEPORT-MCMORAN INCFCX5,800$294,5820.04%
210FRANKLIN TEMPLETON ETF TRFGDL12,000$289,0780.03%
211AUTONATION INCAN1,400$289,0720.03%
212CME GROUP INCCME1,055$287,9770.03%
213ABBOTT LABSABLZF2,295$287,5410.03%
214EDWARDS LIFESCIENCES CORPEW3,350$285,5880.03%
215INTERNATIONAL BUSINESS MACHSINTR962$284,9540.03%
216RAYONIER INCRYN12,942$280,1940.03%
217WABTEC9297401081,300$277,4850.03%
218SITEONE LANDSCAPE SUPPLY INCSITE2,200$274,0320.03%
219STELLANTIS N.VSTLA24,840$270,5080.03%
220LCNB CORPLCNB16,500$270,4350.03%
221ISHARES TR4642886792,450$269,8680.03%
2223M COMMM1,675$268,1680.03%
223PARKER-HANNIFIN CORPPH302$265,4640.03%
224DIMENSIONAL ETF TRUST25434V8158,000$263,1200.03%
225WEC ENERGY GROUP INCWEC2,372$250,1810.03%
226VANGUARD STAR FDS9219097683,300$248,9520.03%
227THERMO FISHER SCIENTIFIC INCTMO429$248,6300.03%
228THOR INDS INC8851601012,408$247,2290.03%
229BRISTOL-MYERS SQUIBB COCELG-RI4,530$244,3480.03%
230BADGER METER INCBMI1,399$244,0000.03%
231PIMCO ETF TR72201R3044,710$243,7430.03%
232ANDERSONS INCANDE4,500$239,2650.03%
233HONDA MOTOR LTDHNDAF8,100$238,7880.03%
234PENSKE AUTOMOTIVE GRP INC70959W1031,500$237,4350.03%
235SPROTT ASSET MANAGEMENT LPSII10,000$236,5000.03%
236FAIR ISAAC CORPFICO139$234,9960.03%
237TESLA INCTSLA519$233,3100.03%
238SONOCO PRODS CO8354951025,106$222,8360.03%
239VANGUARD ADMIRAL FDS INC921932505500$222,2950.03%
240DIVERSIFIED HEALTHCARE TRDHCNL45,000$218,2500.03%
241GLOBAL X FDS37960A5293,360$217,6940.03%
242COLUMBIA SPORTSWEAR COCOLM3,950$217,6060.03%
243U HAUL HOLDING COMPANYUHAL-B4,640$216,8740.03%
244PETROLEO BRASILEIRO SA PETRO71654V40818,000$213,3000.03%
245GRACO INCGGG2,589$212,2200.03%
246DANAHER CORPORATION235851102920$210,5150.03%
247QUEST DIAGNOSTICS INCDGX1,200$208,2360.03%
248LOCKHEED MARTIN CORPLMT430$207,9780.03%
249ALASKA AIR GROUP INCALK4,094$205,9280.02%
250RIVERVIEW BANCORP INCRVSB41,000$205,8200.02%
251METLIFE INCMET-PF2,593$204,6910.02%
252NEXSTAR MEDIA GROUP INCNXST1,000$203,0500.02%
253ISHARES TR46429B6972,125$200,0900.02%
254GLOBAL SELF STORAGE INCSELF39,000$198,9000.02%
255INDIA FD INC45408910312,000$164,5200.02%
256TETRA TECHNOLOGIES INC DEL88162F10517,000$159,2900.02%
257BLACK STONE MINERALS L PBSMLP11,000$146,1900.02%
258WESTERN UN COWU10,000$93,1000.01%
259AMBEV SAABEV30,000$74,1000.01%
260CARDIFF ONCOLOGY INCCRDF20,000$56,2000.01%