Arnold Van Den Berg’s Strategic Moves: MarketAxess Holdings Inc. Takes Center Stage

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Wed, February 18, 2026 at 2:00 AM GMT+9 3 min read

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This article first appeared on GuruFocus.

Insight into Arnold Van Den Berg (Trades, Portfolio)'s Fourth Quarter 2025 Investment Strategy

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Arnold Van Den Berg (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Since founding Century Management in 1974, Arnold Van Den Berg (Trades, Portfolio) has handily beaten all of the indices. Mr. Van Den Berg is a value investor, and considers himself a student of Benjamin Graham. Arnold applies value investment strategies as his investment philosophy. His investment research seeks to determine the appraised value of a company, often referred to as intrinsic value. Investments are then made at a significant discount, normally 40% to 65% below the company’s current intrinsic value. This is his margin of safety. Arnold usually holds 35-40 companies when fully invested, and invests primarily in U.S. headquartered companies.

Summary of New Buy

Arnold Van Den Berg (Trades, Portfolio) added a total of 22 stocks, among them:

The most significant addition was Fortive Corp (NYSE:FTV), with 51,439 shares, accounting for 0.65% of the portfolio and a total value of $2.84 million.

The second largest addition to the portfolio was Texas Instruments Inc (NASDAQ:TXN), consisting of 5,125 shares, representing approximately 0.2% of the portfolio, with a total value of $889,140.

The third largest addition was iShares Core S&P 500 ETF (IVV), with 1,008 shares, accounting for 0.16% of the portfolio and a total value of $690,380.

Key Position Increases

Arnold Van Den Berg (Trades, Portfolio) also increased stakes in a total of 31 stocks, among them:

The most notable increase was MarketAxess Holdings Inc (NASDAQ:MKTX), with an additional 16,382 shares, bringing the total to 30,399 shares. This adjustment represents a significant 116.87% increase in share count, a 0.68% impact on the current portfolio, with a total value of $5,509,820.

The second largest increase was The Timken Co (NYSE:TKR), with an additional 18,011 shares, bringing the total to 59,686. This adjustment represents a significant 43.22% increase in share count, with a total value of $5,021,380.

Summary of Sold Out

Arnold Van Den Berg (Trades, Portfolio) completely exited 2 holdings in the fourth quarter of 2025, as detailed below:

Vital Energy (VTLE): Arnold Van Den Berg (Trades, Portfolio) sold all 34,588 shares, resulting in a -0.15% impact on the portfolio.

DMC Global Inc (NASDAQ:BOOM): Arnold Van Den Berg (Trades, Portfolio) liquidated all 10,209 shares, causing a -0.02% impact on the portfolio.

 






Story Continues  

Key Position Reduces

Arnold Van Den Berg (Trades, Portfolio) also reduced positions in 59 stocks. The most significant changes include:

Reduced Coherent Corp (NYSE:COHR) by 18,687 shares, resulting in a -13.49% decrease in shares and a -0.5% impact on the portfolio. The stock traded at an average price of $150.14 during the quarter and has returned 57.68% over the past 3 months and 18.81% year-to-date.

Reduced Everest Group Ltd (NYSE:EG) by 4,078 shares, resulting in a -76.68% reduction in shares and a -0.36% impact on the portfolio. The stock traded at an average price of $329.87 during the quarter and has returned 8.18% over the past 3 months and 1.47% year-to-date.

Portfolio Overview

At the fourth quarter of 2025, Arnold Van Den Berg (Trades, Portfolio)'s portfolio included 126 stocks, with top holdings including 6.47% in Sprott Physical Gold Trust (PHYS), 5.07% in Coherent Corp (NYSE:COHR), 4.8% in Seabridge Gold Inc (NYSE:SA), 4.26% in Lumen Technologies Inc (NYSE:LUMN), and 4.15% in Alphabet Inc (NASDAQ:GOOG).

The holdings are mainly concentrated in 9 of the 11 industries: Technology, Financial Services, Energy, Healthcare, Communication Services, Industrials, Basic Materials, Real Estate, and Consumer Cyclical.

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