DOSSIER · 13F-HR · Q2 2026

SANDERS MORRIS HARRIS LLC

$172M in tracked AUM across 75 positions as of Q2 2026.

SM
CIK 0001053994 · last filed Jun 30, 2026
Total AUM
$172M
as of Q2 2026
Holdings
75
positions
Whale Score
67
67
tracked
Activity
no data
changes this Q
AI Analysis · Q2 2026

Comprehensive Analysis of SEC 13F Filing: SANDERS MORRIS HARRIS LLC

1. Portfolio Overview

The filing for Sanders Morris Harris LLC (SMH) as of December 31, 2025, reveals a dramatic transformation in the firm's portfolio structure and risk profile. The total portfolio value plummeted by 81.9%, declining from $358.50 million to $64.72 million in a single quarter. This drastic reduction was driven by a massive restructuring effort that saw the firm exit 45 positions while ...

The portfolio currently holds 35 securities, indicating a shift toward a more consolidated, albeit highly concentrated, strategy. The number of holdings decreased significantly compared to the previous quarter (where 45 positions were sold, implying a much larger prior count). The turnover is exceptional, suggesting a complete overhaul of the investment thesis or a substantial capital reallocation (such as a large distribution or redemption) that necessitated a liquidation of legacy assets.

2. Key Holdings

The most striking feature of the current portfolio is its extreme concentration in a single asset. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100, is the dominant position with a value of $37.37 million, accounting for 57.74% of the entire portfolio. This suggests a strong "barbell" or core-satellite approach where the firm seeks broad market exposure—specifically to large-cap technology growth—as its primary anchor.

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
MSIF
MSC INCOME FUND INC
$26M2.3M15.2%
02
CSWC
CAPITAL SOUTHWEST CORP
$18M760K10.5%
03
AAPL
APPLE INC
$17M58K9.7%
04
BX
BLACKSTONE INC
$14M122K8.3%
05
XOM
EXXON MOBIL CORP
$11M80K6.3%
06
MAIN
MAIN STR CAP CORP
$10M200K6.0%
07
LLY
ELI LILLY & CO
$7M6K4.3%
08
PM
PHILIP MORRIS INTL INC
$7M36K3.8%
09
NVDA
NVIDIA CORPORATION
$5M27K3.1%
10
RKLB
ROCKET LAB CORP
$4M44K2.6%

Filing history

2026Q2Jun 30
$172M 72.7%
75 positionsView →
2026Q1Mar 31
$631M 874.7%
297 positionsView →
2025Q4Dec 31
$65M 81.9%
35 positionsView →
2025Q3Sep 30
$359M 14.4%
150 positionsView →
2025Q2Jun 30
$419M 48.3%
165 positionsLocked
2025Q1Mar 31
$282M 57.9%
139 positionsLocked
2024Q4Dec 31
$670M 11.1%
291 positionsLocked
2024Q3Sep 30
$603M 1.0%
287 positionsLocked
2024Q2Jun 30
$609M 11.8%
289 positionsLocked
2024Q1Mar 31
$545M 167.8%
276 positionsLocked
2023Q4Dec 31
$203M 58.2%
162 positionsLocked
2023Q3Sep 30
$487M 7.8%
256 positionsLocked
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