Spears Abacus Advisors LLC

Long Only Manager • Value

Spears Abacus Advisors LLC is a Value-focused institution based in New York, NY led by Joseph Blair Werner, reporting $6.3B in AUM as of Q3 2025 with MSFT as the largest holding (7% allocation).

Managing PartnerJoseph Blair Werner

Portfolio Value: $5.3B
Positions: 400
Top Holding: MSFT at 7.23%
Last Reported: Q3 2025

Address535 Madison Avenue, 14th Floor, New York, NY, 10022, United States

Top Holdings

Largest long holdings in Spears Abacus Advisors LLC's portfolio (30.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Microsoft MSFT	Software - Infrastructure Technology	$384.6M	7.23%	-$2.9M Sold	0.01% 742.6K shares	≤ Q2 2013 Held for 12y 5m+
2 Apple AAPL	Consumer Electronics Technology	$194.8M	3.66%	-$3.4M Sold	0.01% 764.9K shares	≤ Q2 2013 Held for 12y 5m+
3 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$193.6M	3.64%	-$14.4M Sold	0.01% 795.1K shares	Q2 2014 Held for 11y 5m
4 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$171.1M	3.22%	-$1.0M Sold	0.02% 340.3K shares	Q4 2019 Held for 5y 11m
5 Oracle ORCL	Software - Infrastructure Technology	$147.5M	2.77%	-$29.6M Sold	0.02% 524.5K shares	≤ Q2 2013 Held for 12y 5m+
6 Amazon AMZN	Specialty Retail Consumer Cyclical	$142.8M	2.69%	+$3.6M Bought	0.01% 650.4K shares	Q1 2020 Held for 5y 8m
7 Brookfield BN	Asset Management Financial Services	$123.7M	2.33%	-$4.2M Sold	0.12% 1.8M shares	Q4 2022 Held for 2y 11m
8 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$98.3M	1.85%	-$1.0M Sold	0.00% 404.5K shares	≤ Q2 2013 Held for 12y 5m+
9 Vertiv Holdings Co VRT	Electrical Equipment & Parts Industrials	$94.4M	1.78%	-$3.2M Sold	0.16% 626.0K shares	Q1 2024 Held for 1y 8m
10 Agnico Eagle Mines AEM	Gold Basic Materials	$94.4M	1.77%	+$12.3M Bought	0.11% 559.8K shares	Q1 2024 Held for 1y 8m

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Changes

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

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Market Value

$5.3B

Prior: $5.0B

Q/Q Change

+7.24%

+$358.9M

Net Flows % of MV

-3.01%

Turnover Ratio

10.33%

New Purchases

19 stocks

$78.5M

Added To

126 stocks

+$369.1M

Sold Out Of

26 stocks

$114.9M

Reduced Holdings

170 stocks

-$492.6M

Increased Positions

Position	Shares Δ	Change
1 Amrize Ltd AMRZ	New	0 → 1.1M +$53.4M
2 Coursera COUR	New	0 → 561.6K +$6.6M
3 Pan American Silver PAAS	New	0 → 150.8K +$5.8M
4 Direxion Daily Homebuilders & Supplies Bull 3X Shares NAIL	New	0 → 68.1K +$5.0M
5 Riley Exploration Permian REPX	New	0 → 82.0K +$2.2M

Decreased Positions

Position	Shares Δ	Change
1 Extendicare Inc. EXE	Sold	570.4K → 0 −$66.7M
2 Fiserv FI	Sold	187.1K → 0 −$32.3M
3 MAG Silver MAG	Sold	256.4K → 0 −$5.4M
4 Pure Storage, Inc. PSTG	Sold	59.6K → 0 −$3.4M
5 Enstar Group ESGR	Sold	2.6K → 0 −$876.6K

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Analytics

Portfolio insights and performance metrics for Spears Abacus Advisors LLC

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Sector Allocation

Technology

22.80%

Financial Services

15.10%

Consumer Cyclical

11.40%

Industrials

10.90%

Healthcare

8.90%

Communication Services

8.20%

Basic Materials

7.10%

Consumer Defensive

4.00%

Energy

2.40%

ETF

1.50%

Real Estate

1.10%

Utilities

0.70%

Market Cap Distribution

Mega Cap (> $200B)

41.35%

Large Cap ($10B - $200B)

44.63%

Mid Cap ($2B - $10B)

9.44%

Small Cap ($300M - $2B)

1.24%

Micro Cap ($50M - $300M)

0.06%

Nano Cap (< $50M)

0.23%

N/A (ETF or Unknown)

3.05%

Portfolio Concentration

Top 10 Holdings %

30.93%

Top 20 Holdings %

45.85%

Top 50 Holdings %

70.13%

Top 100 Holdings %

88.9%