Ervin Investment Management, LLC Long-Term Concentrated

CIK: 0001907802 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 23, 2026

Total Value ($000): $178,496 (100.0% shares, 0.0% debt)

Holdings (44)

New Positions (3)

SIVR ABRDN SILVER ETF TRUST 0.3%

Value ($000) $480 Shares 7,100 Est. Cost $67.64 Unrealized —

GLD SPDR GOLD TR 0.1%

Value ($000) $215 Shares 543 Est. Cost $396.30 Unrealized —

QQQ INVESCO QQQ TR 0.1%

Value ($000) $213 Shares 346 Est. Cost $614.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SIVR	ABRDN SILVER ETF TRUST	7,100	$480	0.3%	$67.64	—	PHYSCL SILVR SHS	003264108
GLD	SPDR GOLD TR	543	$215	0.1%	$396.30	—	GOLD SHS	78463V107
QQQ	INVESCO QQQ TR	346	$213	0.1%	$614.31	—	UNIT SER 1	46090E103

Increased Positions (9)

MKL MARKEL GROUP INC 3.1%

Value ($000) $5,568 (+14.9%) Shares 2,590 (+2.1%) Est. Cost $1303.77 Unrealized +55.4%

SGOL ETFS GOLD TR 3.4%

Value ($000) $6,034 (+13.2%) Shares 146,880 (+1.5%) Est. Cost $23.21 Unrealized —

ASML ASML HOLDING N V 1.5%

Value ($000) $2,743 (+14.6%) Shares 2,564 (+3.7%) Est. Cost $804.44 Unrealized —

SPDW SPDR INDEX SHS FDS 2.7%

Value ($000) $4,865 (+6.5%) Shares 109,553 (+2.6%) Est. Cost $35.26 Unrealized —

CNX CNX RES CORP 0.2%

Value ($000) $379 (+78.7%) Shares 10,300 (+56.1%) Est. Cost $23.78 Unrealized +50.6%

SPEM SPDR INDEX SHS FDS 2.2%

Value ($000) $3,957 (+4.3%) Shares 84,538 (+4.3%) Est. Cost $39.55 Unrealized —

VBR VANGUARD INDEX FDS 2.9%

Value ($000) $5,163 (+3.0%) Shares 24,379 (+1.5%) Est. Cost $171.47 Unrealized —

BN BROOKFIELD CORP 6.0%

Value ($000) $10,697 (-1.0%) Shares 233,105 (+48.0%) Est. Cost $29.69 Unrealized +53.4%

AMZN AMAZON COM INC 0.3%

Value ($000) $489 (+10.4%) Shares 2,120 (+5.1%) Est. Cost $151.02 Unrealized +51.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MKL	MARKEL GROUP INC	2,590 (+2.1%)	$5,568 (+14.9%)	3.1%	$1303.77	+55.4%	COM	570535104
SGOL	ETFS GOLD TR	146,880 (+1.5%)	$6,034 (+13.2%)	3.4%	$23.21	—	PHYSCL GOLD SHS	00326A104
ASML	ASML HOLDING N V	2,564 (+3.7%)	$2,743 (+14.6%)	1.5%	$804.44	—	N Y REGISTRY SHS	N07059210
SPDW	SPDR INDEX SHS FDS	109,553 (+2.6%)	$4,865 (+6.5%)	2.7%	$35.26	—	PORTFOLIO DEVLPD	78463X889
CNX	CNX RES CORP	10,300 (+56.1%)	$379 (+78.7%)	0.2%	$23.78	+50.6%	COM	12653C108
SPEM	SPDR INDEX SHS FDS	84,538 (+4.3%)	$3,957 (+4.3%)	2.2%	$39.55	—	PORTFOLIO EMG MK	78463X509
VBR	VANGUARD INDEX FDS	24,379 (+1.5%)	$5,163 (+3.0%)	2.9%	$171.47	—	SM CP VAL ETF	922908611
BN	BROOKFIELD CORP	233,105 (+48.0%)	$10,697 (-1.0%)	6.0%	$29.69	+53.4%	CL A LTD VT SH	11271J107
AMZN	AMAZON COM INC	2,120 (+5.1%)	$489 (+10.4%)	0.3%	$151.02	+51.5%	COM	023135106

Exited Positions (1)

ITOT ISHARES TR 0.6%

Value ($000) $1,090 Shares 7,483 Est. Cost $145.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ITOT	ISHARES TR	7,483	$1,090	0.6%	$145.65	—	—	464287150

Decreased Positions (18)

GOOGL ALPHABET INC 5.2%

Value ($000) $9,364 (+19.9%) Shares 29,915 (-6.8%) Est. Cost $114.23 Unrealized +150.0%

MSFT MICROSOFT CORP 9.0%

Value ($000) $15,990 (-8.4%) Shares 33,063 (-1.9%) Est. Cost $313.41 Unrealized +59.7%

GM GENERAL MTRS CO 3.4%

Value ($000) $6,015 (+22.5%) Shares 73,966 (-8.2%) Est. Cost $50.24 Unrealized +40.1%

ORCL ORACLE CORP 1.0%

Value ($000) $1,776 (-35.7%) Shares 9,110 (-7.1%) Est. Cost $90.58 Unrealized +162.8%

GOOG ALPHABET INC 1.9%

Value ($000) $3,454 (+24.7%) Shares 11,007 (-3.2%) Est. Cost $112.49 Unrealized +154.5%

AAPL APPLE INC 7.8%

Value ($000) $13,933 (+2.5%) Shares 51,250 (-4.0%) Est. Cost $154.71 Unrealized +73.5%

L LOEWS CORP 4.7%

Value ($000) $8,338 (+3.8%) Shares 79,180 (-1.1%) Est. Cost $55.96 Unrealized +84.4%

BAM BROOKFIELD ASSET MANAGMT LTD 1.0%

Value ($000) $1,731 (-9.4%) Shares 33,037 (-1.6%) Est. Cost $37.97 Unrealized +40.8%

SGOV ISHARES TR 1.0%

Value ($000) $1,818 (-8.6%) Shares 18,113 (-8.3%) Est. Cost $100.68 Unrealized —

XOM EXXON MOBIL CORP 1.6%

Value ($000) $2,801 (+4.7%) Shares 23,276 (-1.9%) Est. Cost $110.09 Unrealized +4.9%

SFM SPROUTS FMRS MKT INC 0.1%

Value ($000) $226 (-29.7%) Shares 2,831 (-4.0%) Est. Cost $72.86 Unrealized +23.1%

DEO DIAGEO PLC 0.2%

Value ($000) $395 (-18.9%) Shares 4,576 (-10.3%) Est. Cost $145.66 Unrealized —

AXP AMERICAN EXPRESS CO 0.8%

Value ($000) $1,464 (+6.3%) Shares 3,956 (-4.6%) Est. Cost $161.79 Unrealized +120.6%

MO ALTRIA GROUP INC 0.2%

Value ($000) $309 (-14.3%) Shares 5,351 (-1.8%) Est. Cost $32.79 Unrealized +81.0%

IVV ISHARES TR 0.8%

Value ($000) $1,463 (-2.5%) Shares 2,136 (-4.7%) Est. Cost $462.30 Unrealized —

YUMC YUM CHINA HLDGS INC 0.2%

Value ($000) $338 (+7.4%) Shares 7,080 (-3.4%) Est. Cost $54.25 Unrealized -15.6%

VTI VANGUARD INDEX FDS 0.3%

Value ($000) $532 (-2.2%) Shares 1,586 (-4.2%) Est. Cost $201.07 Unrealized —

VXUS VANGUARD STAR FDS 0.6%

Value ($000) $1,021 (+0.7%) Shares 13,539 (-2.0%) Est. Cost $51.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	29,915 (-6.8%)	$9,364 (+19.9%)	5.2%	$114.23	+150.0%	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	33,063 (-1.9%)	$15,990 (-8.4%)	9.0%	$313.41	+59.7%	COM	594918104
GM	GENERAL MTRS CO	73,966 (-8.2%)	$6,015 (+22.5%)	3.4%	$50.24	+40.1%	COM	37045V100
ORCL	ORACLE CORP	9,110 (-7.1%)	$1,776 (-35.7%)	1.0%	$90.58	+162.8%	COM	68389X105
GOOG	ALPHABET INC	11,007 (-3.2%)	$3,454 (+24.7%)	1.9%	$112.49	+154.5%	CAP STK CL C	02079K107
AAPL	APPLE INC	51,250 (-4.0%)	$13,933 (+2.5%)	7.8%	$154.71	+73.5%	COM	037833100
L	LOEWS CORP	79,180 (-1.1%)	$8,338 (+3.8%)	4.7%	$55.96	+84.4%	COM	540424108
BAM	BROOKFIELD ASSET MANAGMT LTD	33,037 (-1.6%)	$1,731 (-9.4%)	1.0%	$37.97	+40.8%	CL A LMT VTG SHS	113004105
SGOV	ISHARES TR	18,113 (-8.3%)	$1,818 (-8.6%)	1.0%	$100.68	—	0-3 MNTH TREASRY	46436E718
XOM	EXXON MOBIL CORP	23,276 (-1.9%)	$2,801 (+4.7%)	1.6%	$110.09	+4.9%	COM	30231G102
SFM	SPROUTS FMRS MKT INC	2,831 (-4.0%)	$226 (-29.7%)	0.1%	$72.86	+23.1%	COM	85208M102
DEO	DIAGEO PLC	4,576 (-10.3%)	$395 (-18.9%)	0.2%	$145.66	—	SPON ADR NEW	25243Q205
AXP	AMERICAN EXPRESS CO	3,956 (-4.6%)	$1,464 (+6.3%)	0.8%	$161.79	+120.6%	COM	025816109
MO	ALTRIA GROUP INC	5,351 (-1.8%)	$309 (-14.3%)	0.2%	$32.79	+81.0%	COM	02209S103
IVV	ISHARES TR	2,136 (-4.7%)	$1,463 (-2.5%)	0.8%	$462.30	—	CORE S&P500 ETF	464287200
YUMC	YUM CHINA HLDGS INC	7,080 (-3.4%)	$338 (+7.4%)	0.2%	$54.25	-15.6%	COM	98850P109
VTI	VANGUARD INDEX FDS	1,586 (-4.2%)	$532 (-2.2%)	0.3%	$201.07	—	TOTAL STK MKT	922908769
VXUS	VANGUARD STAR FDS	13,539 (-2.0%)	$1,021 (+0.7%)	0.6%	$51.72	—	VG TL INTL STK F	921909768

Unchanged Positions (14)

SPTM SPDR SERIES TRUST 7.5%

Value ($000) $13,337 Shares 161,659 Est. Cost $66.15 Unrealized —

JEF JEFFERIES FINL GROUP INC 3.0%

Value ($000) $5,398 Shares 87,104 Est. Cost $52.59 Unrealized +7.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 22.8%

Value ($000) $40,644 Shares 80,860 Est. Cost $286.41 Unrealized +73.7%

TECK TECK RESOURCES LTD 0.2%

Value ($000) $424 Shares 8,855 Est. Cost $43.15 Unrealized +0.4%

GE GE AEROSPACE 0.7%

Value ($000) $1,189 Shares 3,859 Est. Cost $75.89 Unrealized +296.4%

ESGV VANGUARD WORLD FD 0.8%

Value ($000) $1,436 Shares 11,871 Est. Cost $84.17 Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES I 0.1%

Value ($000) $259 Shares 3,162 Est. Cost $69.54 Unrealized +12.0%

GEV GE VERNOVA INC 0.2%

Value ($000) $359 Shares 550 Est. Cost $415.97 Unrealized +46.4%

YUM YUM BRANDS INC 0.9%

Value ($000) $1,626 Shares 10,747 Est. Cost $118.20 Unrealized +24.9%

AUR AURORA INNOVATION INC 0.0%

Value ($000) $38 Shares 10,000 Est. Cost $5.87 Unrealized -21.9%

PM PHILIP MORRIS INTL INC 0.7%

Value ($000) $1,162 Shares 7,244 Est. Cost $76.31 Unrealized +101.2%

KO COCA COLA CO 0.1%

Value ($000) $216 Shares 3,087 Est. Cost $69.79 Unrealized -0.6%

VSGX VANGUARD WORLD FD 0.1%

Value ($000) $263 Shares 3,668 Est. Cost $65.50 Unrealized —

BA BOEING CO 0.2%

Value ($000) $376 Shares 1,730 Est. Cost $184.48 Unrealized +11.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPTM	SPDR SERIES TRUST	161,659	$13,337	7.5%	$66.15	—	STATE STREET SPD	78464A805
JEF	JEFFERIES FINL GROUP INC	87,104	$5,398	3.0%	$52.59	+7.8%	COM	47233W109
BRK/B	BERKSHIRE HATHAWAY INC DEL	80,860	$40,644	22.8%	$286.41	+73.7%	CL B NEW	084670702
TECK	TECK RESOURCES LTD	8,855	$424	0.2%	$43.15	+0.4%	CL B	878742204
GE	GE AEROSPACE	3,859	$1,189	0.7%	$75.89	+296.4%	COM NEW	369604301
ESGV	VANGUARD WORLD FD	11,871	$1,436	0.8%	$84.17	—	ESG US STK ETF	921910733
GEHC	GE HEALTHCARE TECHNOLOGIES I	3,162	$259	0.1%	$69.54	+12.0%	COMMON STOCK	36266G107
GEV	GE VERNOVA INC	550	$359	0.2%	$415.97	+46.4%	COM	36828A101
YUM	YUM BRANDS INC	10,747	$1,626	0.9%	$118.20	+24.9%	COM	988498101
AUR	AURORA INNOVATION INC	10,000	$38	0.0%	$5.87	-21.9%	CLASS A COM	051774107
PM	PHILIP MORRIS INTL INC	7,244	$1,162	0.7%	$76.31	+101.2%	COM	718172109
KO	COCA COLA CO	3,087	$216	0.1%	$69.79	-0.6%	COM	191216100
VSGX	VANGUARD WORLD FD	3,668	$263	0.1%	$65.50	—	ESG INTL STK ETF	921910725
BA	BOEING CO	1,730	$376	0.2%	$184.48	+11.5%	COM	097023105