9AT: ACADEMY CAPITAL MANAGEMENT

ACADEMY CAPITAL MANAGEMENT

ACADEMY CAPITAL MANAGEMENT

Adviser Profile

As of Date	03/10/2026
Registration	SEC, Approved, 11/16/1987
Other registrations (1)	North Carolina, Terminated, 02/26/2020
ADV Location	WACO, TX, United States
Contact Info	254 xxxxxxx
Websites

AUM^*	1,158,602,375 29%
of that, discretionary	1,158,602,375 29%
Number of Employees	9 13%
of those in investment advisory functions	5 25%
Private Fund GAV^*	0
Avg Account Size	1,163,255 23%
% High Net Worth	3.61% 23%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Pension and profit sharing plans
- Charitable organizations
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

1B 993M 828M 662M 497M 331M 166M

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker037833100	Stock NameAPPLE INC	$ Position$79,100,620	% Position10.00%	$ Change13.00%	# Change-1.00%
Stck Ticker02079k107	Stock NameALPHABET C	$ Position$70,326,803	% Position9.00%	$ Change22.00%	# Change-1.00%
Stck Ticker874039100	Stock NameTAIWAN SEMICONDUCTOR MANUFAC	$ Position$70,967,857	% Position9.00%	$ Change40.00%	# Change-1.00%
Stck Ticker023135106	Stock NameAMAZON COM INC	$ Position$58,676,448	% Position8.00%	$ Change10.00%	# Change-4.00%
Stck Ticker02079k305	Stock NameALPHABET A	$ Position$55,623,965	% Position7.00%	$ Change19.00%	# Change-4.00%
Stck Ticker084670702	Stock NameBERKSHIRE HATHAWAY INC DEL	$ Position$52,544,953	% Position7.00%	$ Change37.00%	# Change31.00%
Stck Ticker57636q104	Stock NameMASTERCARD INC	$ Position$51,080,602	% Position7.00%	$ Change4.00%	# Change1.00%
Stck Ticker30303m102	Stock NameMETA PLATFORMS	$ Position$47,834,024	% Position6.00%	$ Change-5.00%	# Change-3.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$45,812,824	% Position6.00%	$ Change-3.00%	# Change-4.00%
Stck Ticker91324p102	Stock NameUNITEDHEALTH	$ Position$35,311,509	% Position5.00%	$ Change54.00%	# Change0.00%

Brochure Summary

Overview

Academy Capital Management (ACM) offers investment advisory services. The firm was started on April 1, 1986, by Scott Granowski. It is currently owned by Scott Granowski and Joel Adam and is incorporated in the state of Texas. The two principals each own fifty percent of the company. As of December 31, 2023, ACM totaled $896,128,068.00 of assets under management. This total includes only “Discretionary” Assets. “Discretionary” means ACM has your approval to manage your account(s), including placing trades, without seeking consent on each marketable securities trade. “Non-Discretionary” means you must approve every financial transaction. ACM’s basic service is to provide investment supervisory services on a fully discretionary basis to two types of accounts: internally generated accounts and solicitor generated accounts. Academy’s Portfolio Managers strive to provide clear information about the client’s portfolios including performance, risk, and tax-related information. In meetings with clients, time is devoted to reviewing portfolio positions, performance,

and the reasons behind changes recommended or implemented. Hopefully, the client becomes familiar with investment strategies utilized in their managed portfolio and is encouraged to ask questions about any portfolio matters. Each client’s investment objectives, goals, and risk tolerance levels (via asset allocation) are stated in our Investment Policy Statement (IPS). Portfolio Managers will assist in the establishment and development of the Investment Policy Statement (IPS) or may accept one developed by the client. The allocation of a portfolio will be based on factors including, but not limited to the following: cash flow needs, liquidity, taxes, risk expectations, time horizons, and the portfolio needs. At portfolio meetings, investment policy statements will be reviewed and amended if necessary. Clients are also allowed to provide trade restrictions on specific stocks that they either do not want to own or may not be permitted to own because of work or other conflicts. They may also request that specific stocks be bought in their accounts.