Lummis Asset Management, L.P.

Lummis Asset Management provides portfolio management, investment advice, and investment planning to a mix of individual clients (including high‑net‑worth individuals), charitable organizations, and corporations or businesses that often have at least $1,000,000 to invest. The firm manages discretionary accounts for a relatively small client base and delivers periodic portfolio holdings statements and performance reports.

The firm’s investment approach is long‑term and low‑turnover, favoring companies that are simple to understand, have pricing power, strong balance sheets, and rational capital allocation; equity positions are typically held for three to five years or longer and some holdings have been retained for a decade. For fixed income, Lummis uses a laddered bond strategy with average maturities of three to seven years and generally prefers to hold bonds to maturity, while remaining tax‑sensitive in portfolio decisions.

What is distinctive is that the firm manages roughly $210 million in discretionary assets while operating with a very small advisory staff, producing an unusually high assets‑per‑advisor ratio relative to peers. The firm also publishes a quarterly market update newsletter available to clients and other interested parties and provides stock and bond review services to a financial institution, combining retail client work with institutional consulting.