Douglass Winthrop Advisors, LLC

Real Assets • Distressed

Douglass Winthrop Advisors, LLC is a Real Assets specializing in Distressed based in Boston, MA led by Michael Lee Ashner, managing $5.5B across 286 long positions as of Q3 2025 with BRK.B as the largest holding (8% allocation).

CEOMichael Lee Ashner

Portfolio Value: $5.5B
Positions: 286
Top Holding: BRK.B at 8.07%
Last Reported: Q3 2025

Address2 Liberty Square, 9th Floor, Boston, MA, 02109, United States

Top Holdings

Largest long holdings in Douglass Winthrop Advisors, LLC's portfolio (46.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$444.8M	8.07%	+$7.5M Bought	0.04% 884.8K shares	Q4 2019 Held for 5y 11m
2 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$368.4M	6.68%	-$6.5M Sold	0.01% 1.5M shares	Q2 2014 Held for 11y 5m
3 Microsoft MSFT	Software - Infrastructure Technology	$340.8M	6.18%	+$10.8M Bought	0.01% 658.0K shares	≤ Q2 2013 Held for 12y 5m+
4 Amazon AMZN	Specialty Retail Consumer Cyclical	$266.2M	4.83%	+$4.9M Bought	0.01% 1.2M shares	≤ Q2 2013 Held for 12y 5m+
5 Uber Technologies UBER	Software - Application Technology	$226.9M	4.11%	-$1.6M Sold	0.11% 2.3M shares	Q1 2022 Held for 3y 8m
6 Mastercard MA	Financial - Credit Services Financial Services	$219.9M	3.99%	+$3.0M Bought	0.04% 386.6K shares	≤ Q2 2013 Held for 12y 5m+
7 Apple AAPL	Consumer Electronics Technology	$187.5M	3.40%	+$9.6M Bought	0.00% 736.4K shares	≤ Q2 2013 Held for 12y 5m+
8 Costco Wholesale COST	Discount Stores Consumer Defensive	$179.9M	3.26%	+$67.6K Bought	0.04% 194.3K shares	≤ Q2 2013 Held for 12y 5m+
9 Markel MKL	Insurance - Property & Casualty Financial Services	$161.0M	2.92%	+$548.6K Bought	0.67% 84.2K shares	≤ Q2 2013 Held for 12y 5m+
10 Fastenal FAST	Industrial - Distribution Industrials	$158.7M	2.88%	-$1.3M Sold	0.28% 3.2M shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Douglass Winthrop Advisors, LLC's latest filing

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Market Value

$5.5B

Prior: $5.3B

Q/Q Change

+3.89%

+$206.5M

Net Flows % of MV

+1.07%

Turnover Ratio

3.98%

New Purchases

15 stocks

$9.1M

Added To

131 stocks

+$242.1M

Sold Out Of

12 stocks

$8.7M

Reduced Holdings

77 stocks

-$183.5M

Increased Positions

Position	Shares Δ	Change
1 SAP SAP SAP	New	0 → 14.0K +$3.7M
2 RPM International RPM	New	0 → 6.2K +$725.0K
3 Marathon Petroleum MPC	New	0 → 2.9K +$553.7K
4 VanEck Gold Miners GDX	New	0 → 7.0K +$536.7K
5 iShares Broad USD High Yield Corporate Bond USHY	New	0 → 13.6K +$515.6K

Decreased Positions

Position	Shares Δ	Change
1 Forge Global Holdings FRGE	Sold	295.9K → 0 −$5.6M
2 Golub Capital GBDC	Sold	36.0K → 0 −$527.2K
3 FactSet Research Systems FDS	Sold	775.0 → 0 −$346.6K
4 MPLX MPLX	Sold	5.8K → 0 −$298.8K
5 Nucor NUE	Sold	2.1K → 0 −$273.8K

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Analytics

Portfolio insights and performance metrics for Douglass Winthrop Advisors, LLC

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Sector Allocation

Financial Services

25.90%

Technology

15.50%

Industrials

14.20%

Consumer Cyclical

12.10%

Communication Services

11.50%

Consumer Defensive

6.60%

Basic Materials

6.30%

Healthcare

2.30%

Energy

2.20%

Real Estate

1.60%

ETF

0.70%

Utilities

0.30%

Market Cap Distribution

Mega Cap (> $200B)

53.58%

Large Cap ($10B - $200B)

44.55%

Mid Cap ($2B - $10B)

0.14%

Small Cap ($300M - $2B)

0.01%

Micro Cap ($50M - $300M)

0.03%

Nano Cap (< $50M)

0.10%

N/A (ETF or Unknown)

1.58%

Portfolio Concentration

Top 10 Holdings %

46.32%

Top 20 Holdings %

70.49%

Top 50 Holdings %

92.97%

Top 100 Holdings %

97.46%