Institutional Manager · CIK 0001542324

Mraz, Amerine & Associates, Inc.

Modesto, CA · File #028-14861

Latest AUM

$673.0M

Positions

192

Top-10 Concentration

70.1%

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	WISDOMTREE TR	WT	+494,348	+$24.9M	+$11,213
REDUCE	JANUS DETROIT STR TR	47103U845	-378,189	-$19.1M	-$78,344
ADD	BROOKFIELD CORP	11271J107	+172,044	+$7.9M	-$5.2M
REDUCE	WARNER BROS DISCOVERY INC	WBD	-121,751	-$3.5M	+$2.2M
NEW	ISHARES TR	46434V860	+52,796	+$2.7M	$0
ADD	ALPHA METALLURGICAL RESOUR	020764106	+11,667	+$2.3M	+$528,690
EXITED	PGIM ETF TR	69344A834	-43,281	-$2.2M	$0
NEW	DIVERSIFIED ENERGY CO	DEC	+149,815	+$2.2M	$0
EXITED	DIVERSIFIED ENERGY COMPANY P	G2891G204	-150,410	-$2.1M	$0
EXITED	CLEVELAND-CLIFFS INC NEW	185899101	-151,430	-$1.8M	$0

Sector Allocation

17.2%$115.8M

6.3%$42.1M

2.5%$16.6M

2.5%$16.6M

1.7%$11.2M

Communication Services

1.0%$6.9M

Materials

1.0%$6.8M

Consumer Discretionary

0.6%$4.2M

Real Estate

0.4%$3.0M

Consumer Staples

0.4%$2.8M

Utilities

0.1%$600,808

Filing History

Feb 6, 202613F HOLDINGS REPORTQ/E Dec 2025192 pos · $673.0M
Nov 6, 202513F HOLDINGS REPORTQ/E Sep 2025188 pos · $642.0M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025170 pos · $582.0M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025178 pos · $477.4M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025174 pos · $443.8M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025168 pos · $486.7M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025167 pos · $552.9M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025177 pos · $406.4M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025166 pos · $561.3M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025182 pos · $425.6M
Jul 24, 202513F HOLDINGS REPORT (Amended)Q/E Jun 2025178 pos · $529.1M
Jul 23, 202513F HOLDINGS REPORTQ/E Jun 2025191 pos · $623.5M
Apr 30, 202513F HOLDINGS REPORTQ/E Mar 2025170 pos · $582.0M
Jan 31, 202513F HOLDINGS REPORTQ/E Dec 2024166 pos · $561.3M
Oct 23, 202413F HOLDINGS REPORTQ/E Sep 2024167 pos · $552.9M
Aug 1, 202413F HOLDINGS REPORTQ/E Jun 2024168 pos · $486.7M
May 15, 202413F HOLDINGS REPORTQ/E Mar 2024178 pos · $529.1M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 2023174 pos · $443.8M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	BERKSHIRE HATHAWAY INC DEL	BRK-A	161,376	$81.1M	14.10%
2	FAIRFAX FINL HLDGS LTD SUB VTG	FRFFF	29,116	$55.5M	9.64%
3	WHITE MTNS INS GROUP LTD	G9618E107	22,629	$47.0M	8.17%
4	BERKLEY W R CORP	WRB-PH	633,285	$44.4M	7.72%
5	MARKEL GROUP INC	MKL	18,938	$40.7M	7.07%
6	WISDOMTREE TR	WT	718,735	$36.2M	6.28%
7	JEFFERIES FINL GROUP INC	47233W109	578,763	$35.9M	6.23%
8	LOEWS CORP	L	254,577	$26.8M	4.66%
9	BROOKFIELD CORP	11271J107	401,542	$18.4M	3.20%
10	AMERICAN CENTY ETF TR	025072877	168,418	$17.2M	2.98%
11	DIMENSIONAL ETF TRUST	25434V807	267,218	$13.3M	2.32%
12	AMERICAN CENTY ETF TR	025072802	133,253	$12.5M	2.18%
13	MICROSOFT CORP	MSFT	18,243	$8.8M	1.53%
14	CANADIAN NAT RES LTD	136385101	235,705	$8.0M	1.39%
15	CENOVUS ENERGY INC	CVE	363,218	$6.1M	1.07%
16	CREDIT ACCEP CORP MICH	225310101	13,235	$5.9M	1.02%
17	JOHNSON & JOHNSON	JNJ	28,347	$5.9M	1.02%
18	AMERICAN CENTY ETF TR	025072604	72,483	$5.6M	0.97%
19	OCCIDENTAL PETE CORP	674599105	131,972	$5.4M	0.94%
20	ALPHA METALLURGICAL RESOUR	020764106	26,439	$5.3M	0.92%