Institutional Manager · CIK 0001427147

Cheviot Value Management, LLC

BEVERLY HILLS, CA · File #028-12964

Latest AUM

$1.02B

Positions

416

Top-10 Concentration

61.3%

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
EXITED	UNILEVER PLC SPON ADR NEW	904767704	-377,270	-$23.4M	$0
NEW	UNILEVER PLC SPON ADR NEW	UNLYF	+332,017	+$22.1M	$0
ADD	ISHARES 0-3 MONTH TREASURY BOND ETF	46436E718	+106,672	+$10.7M	-$26,080
REDUCE	NEWMONT CORP COM	NEMCL	-76,823	-$10.1M	+$16.6M
REDUCE	MEDTRONIC PLC SHS	MDT	-88,892	-$9.0M	+$743,292
REDUCE	AGNICO EAGLE MINES LTD COM	AEM	-37,093	-$8.3M	+$30.6M
ADD	STATE STREET DOUBLELINE TOTAL RETURN TACTICAL ETF	78467V848	+188,770	+$7.6M	-$551,052
REDUCE	SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD AN	SII	-100,603	-$5.9M	+$16.4M
REDUCE	BARRICK MNG CORP	06849F108	-95,823	-$5.1M	+$9.0M
REDUCE	FISERV INC COM	FISV	-43,896	-$2.9M	-$3.1M

Sector Allocation

10.3%$104.6M

9.4%$95.8M

8.3%$84.8M

7.6%$77.2M

4.6%$47.1M

Communication Services

3.0%$30.2M

Consumer Discretionary

2.1%$21.9M

0.4%$3.8M

0.3%$2.9M

0.0%$80,403

0.0%$33,661

Filing History

Feb 3, 202613F HOLDINGS REPORTQ/E Dec 2025416 pos · $1.02B
Oct 31, 202513F HOLDINGS REPORTQ/E Sep 2025444 pos · $940.2M
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 2025433 pos · $872.3M
May 9, 202513F HOLDINGS REPORTQ/E Mar 2025455 pos · $813.1M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202470 pos · $523.0M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 202467 pos · $530.1M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 202469 pos · $512.0M
May 14, 202413F HOLDINGS REPORTQ/E Mar 202462 pos · $456.2M
Nov 7, 202313F HOLDINGS REPORTQ/E Dec 202375 pos · $459.1M
Nov 7, 202313F HOLDINGS REPORTQ/E Dec 202374 pos · $451.8M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	BERKSHIRE HATHAWAY INC DEL CL B NEW	BRK-A	234,394	$111.0M	11.55%
2	ISHARES 0-3 MONTH TREASURY BOND ETF	46436E718	976,055	$98.2M	10.23%
3	AGNICO EAGLE MINES LTD COM	AEM	425,853	$95.0M	9.89%
4	ALPHABET INC CAP STK CL A	GOOG	181,144	$60.9M	6.34%
5	STATE STREET DOUBLELINE TOTAL RETURN TACTICAL ETF	78467V848	1,269,271	$51.2M	5.32%
6	JOHNSON & JOHNSON COM	JNJ	165,729	$37.7M	3.93%
7	SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD AN	SII	626,340	$37.0M	3.85%
8	ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF	464287242	319,299	$35.3M	3.68%
9	NEWMONT CORP COM	NEMCL	238,737	$31.5M	3.28%
10	FLEXSHARES IBOXX 5 YEAR TARGET DURATION TIPS INDEX FUND	FLEX	1,290,146	$31.0M	3.23%
11	MICROSOFT CORP COM	MSFT	57,100	$27.5M	2.86%
12	META PLATFORMS INC CL A	META	40,502	$27.1M	2.82%
13	VISA INC COM CL A	V	73,492	$24.0M	2.50%
14	UNILEVER PLC SPON ADR NEW	UNLYF	332,017	$22.1M	2.30%
15	AMAZON COM INC COM	AMZN	74,808	$18.2M	1.89%
16	MERCK & CO INC COM	MRK	169,736	$18.1M	1.89%
17	BARRICK MNG CORP	06849F108	330,761	$17.5M	1.82%
18	EXXON MOBIL CORP COM	XOM	126,893	$17.5M	1.82%
19	COMCAST CORP NEW CL A	CCZ	557,851	$15.8M	1.65%
20	PFIZER INC COM	PFE	555,832	$14.4M	1.50%