Institutional Manager · CIK 0001108893

PENN DAVIS MCFARLAND INC

DALLAS, TX · File #028-05623

Latest AUM

$1.04B

Positions

Top-10 Concentration

57.1%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	EVOLUTION AB-ADR	30051E104	+174,740	+$11.9M	-$2.4M
REDUCE	SIRIUSXM HOLDINGS INC.	829933100	-498,032	-$10.0M	-$2.1M
NEW	TARGET CORP	TGT	+84,671	+$8.3M	$0
ADD	KIMBERLY CLARK, CORP.	KMB	+73,410	+$7.4M	-$322,672
ADD	SPROUTS FARMERS MARKET INC	85208M102	+51,516	+$4.1M	-$5.0M
REDUCE	NVIDIA CORP	NVDA	-20,245	-$3.8M	-$41,621
EXITED	COLGATE PALMOLIVE, CO.	194162103	-30,280	-$2.4M	$0
ADD	UNITED PARCEL SERVICE, INC.	UPS	+22,929	+$2.3M	+$536,700
ADD	PAYPAL HOLDINGS, INC.	PYPL	+33,994	+$2.0M	-$5.6M
ADD	VERIZON COMMUNICATIONS	VZ	+36,867	+$1.5M	-$311,412

Sector Allocation

19.0%$198.6M

11.6%$121.4M

7.9%$82.0M

4.4%$46.3M

Consumer Discretionary

4.1%$43.1M

Consumer Staples

2.6%$27.4M

Communication Services

2.2%$23.1M

Energy

0.3%$2.8M

Filing History

Jan 16, 202613F HOLDINGS REPORTQ/E Dec 202575 pos · $1.04B
Oct 21, 202513F HOLDINGS REPORTQ/E Sep 202576 pos · $967.6M
Jul 15, 202513F HOLDINGS REPORTQ/E Jun 202576 pos · $887.9M
Apr 23, 202513F HOLDINGS REPORTQ/E Mar 202575 pos · $845.4M
Jan 16, 202513F HOLDINGS REPORTQ/E Dec 202481 pos · $918.8M
Oct 18, 202413F HOLDINGS REPORTQ/E Sep 202477 pos · $889.1M
Jul 19, 202413F HOLDINGS REPORTQ/E Jun 202445 pos · $647.2M
Apr 25, 202413F HOLDINGS REPORTQ/E Mar 202447 pos · $644.7M
Oct 19, 202313F HOLDINGS REPORTQ/E Dec 202346 pos · $570.8M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ALPHABET, INC. CL C (GOOGLE C)	GOOG	461,553	$144.8M	14.05%
2	NVIDIA CORP	NVDA	500,033	$93.3M	9.05%
3	ALPHABET, INC. CL A (GOOGLE A)	GOOG	172,137	$53.9M	5.23%
4	APPLE, INC.	AAPL	181,890	$49.4M	4.80%
5	KINDER MORGAN, INC.	EP-PC	1,725,267	$47.4M	4.60%
6	UNITEDHEALTH GROUP, INC.	UNH	137,349	$45.3M	4.40%
7	ROIVANT SCIENCES LTD.	ROIV	1,858,289	$40.3M	3.91%
8	PAYPAL HOLDINGS, INC.	PYPL	680,852	$39.7M	3.86%
9	ENTERPRISE PRODUCTS PRTNS	293792107	1,181,138	$37.9M	3.67%
10	SHELL PLC	RYDAF	501,658	$36.9M	3.58%
11	RTX CORP.	RTX	193,028	$35.4M	3.43%
12	QUALCOMM, INC.	QCOM	190,184	$32.5M	3.16%
13	ANHEUSER-BUSCH INBEV SA/NV	BUDFF	486,842	$31.2M	3.02%
14	LOCKHEED MARTIN CORP	LMT	55,773	$27.0M	2.62%
15	LAS VEGAS SANDS	LVS	405,040	$26.4M	2.56%
16	BLACK STONE MINERALS LP	BSMLP	1,967,467	$26.1M	2.54%
17	EVOLUTION AB-ADR	30051E104	344,620	$23.4M	2.27%
18	CHECK POINT SOFTWARE TECH	M22465104	122,442	$22.7M	2.20%
19	BRISTOL-MYERS SQUIBB CO	CELG-RI	338,253	$18.2M	1.77%
20	SPROUTS FARMERS MARKET INC	85208M102	223,830	$17.8M	1.73%