# EDGAR Filing Document

**Accession Number:** 0001906202
**File Stem:** 0001667731-25-000737
**Filing Date:** 2025-7
**Character Count:** 13502
**Document Hash:** c5be7ad5d65f9e1e7c1a5dfaf99a71ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001667731-25-000737.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001667731-25-000737

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hedges Asset Management LLC
- **CENTRAL INDEX KEY:** 0001906202

**ORGANIZATION NAME:**
- **EIN:** 861343513
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21643
- **FILM NUMBER:** 251108345

**BUSINESS ADDRESS:**
- **STREET 1:** 2669 RODNEY DRIVE
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89509
- **BUSINESS PHONE:** 775-843-2069

**MAIL ADDRESS:**
- **STREET 1:** 2669 RODNEY DRIVE
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89509

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Hedges Asset Management LLC<br>**Address:** 2669 Rodney Drive<br>Reno, NV 89509

**Form 13F File Number:** 028-21643

**CRD Number (if applicable):** 000313637

**SEC File Number (if applicable):** 801-121018

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** William T. Hedges<br>**Title:** Managing Member / CCO<br>**Phone:** 775-843-2069

**Signature, Place, and Date of Signing:**

/s/ William T. Hedges  Reno, NV  07-07-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 101

**Form 13F Information Table Value Total:** $124474845

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 578512 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| ABRDN PLATINUM ETF TRUST | PHYSCL PLATM SHS | 003260106 |  | 1179552 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 134960 | 56000 | SH |  | SOLE |  | 0 | 0 | 56000 |
| AIRBNB INC | COM CL A | 009066101 |  | 403637 | 3050 | SH |  | SOLE |  | 0 | 0 | 3050 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 1941729 | 246100 | SH |  | SOLE |  | 0 | 0 | 246100 |
| BANK AMERICA CORP | COM | 060505104 |  | 709800 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| BARCLAYS PLC | ADR | 06738E204 |  | 2245672 | 120800 | SH |  | SOLE |  | 0 | 0 | 120800 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 1249200 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| BOEING CO | COM | 097023105 |  | 5420542 | 25870 | SH |  | SOLE |  | 0 | 0 | 25870 |
| BP PLC | SPONSORED ADR | 055622104 |  | 2288587 | 76465 | SH |  | SOLE |  | 0 | 0 | 76465 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 791560 | 17100 | SH |  | SOLE |  | 0 | 0 | 17100 |
| BROOKDALE SR LIVING INC | COM | 112463104 |  | 1057920 | 152000 | SH |  | SOLE |  | 0 | 0 | 152000 |
| CAMECO CORP | COM | 13321L108 |  | 356304 | 4800 | SH |  | SOLE |  | 0 | 0 | 4800 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1589409 | 11100 | SH |  | SOLE |  | 0 | 0 | 11100 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 971796 | 32200 | SH |  | SOLE |  | 0 | 0 | 32200 |
| CNH INDL N V | SHS | N20944109 |  | 835920 | 64500 | SH |  | SOLE |  | 0 | 0 | 64500 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 215376 | 2400 | SH |  | SOLE |  | 0 | 0 | 2400 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 391344 | 2400 | SH |  | SOLE |  | 0 | 0 | 2400 |
| CORTEVA INC | COM | 22052L104 |  | 275761 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 1201408 | 24700 | SH |  | SOLE |  | 0 | 0 | 24700 |
| DISNEY WALT CO | COM | 254687106 |  | 750261 | 6050 | SH |  | SOLE |  | 0 | 0 | 6050 |
| DOCUSIGN INC | COM | 256163106 |  | 206409 | 2650 | SH |  | SOLE |  | 0 | 0 | 2650 |
| DOW INC | COM | 260557103 |  | 1673536 | 63200 | SH |  | SOLE |  | 0 | 0 | 63200 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 781926 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| DUTCH BROS INC | CL A | 26701L100 |  | 758907 | 11100 | SH |  | SOLE |  | 0 | 0 | 11100 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 305019 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 1092420 | 76500 | SH |  | SOLE |  | 0 | 0 | 76500 |
| ENVISTA HOLDINGS CORPORATION | COM | 29415F104 |  | 846082 | 43300 | SH |  | SOLE |  | 0 | 0 | 43300 |
| ETFS GOLD TR | PHYSCL GOLD SHS | 00326A104 |  | 252320 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| FEDEX CORP | COM | 31428X106 |  | 1307033 | 5750 | SH |  | SOLE |  | 0 | 0 | 5750 |
| FIGS INC | CL A | 30260D103 |  | 375060 | 66500 | SH |  | SOLE |  | 0 | 0 | 66500 |
| FMC CORP | COM NEW | 302491303 |  | 1657475 | 39700 | SH |  | SOLE |  | 0 | 0 | 39700 |
| FORD MTR CO | COM | 345370860 |  | 1016645 | 93700 | SH |  | SOLE |  | 0 | 0 | 93700 |
| GAMING  LEISURE PPTYS INC | COM | 36467J108 |  | 3653177 | 78260 | SH |  | SOLE |  | 0 | 0 | 78260 |
| GE AEROSPACE | COM NEW | 369604301 |  | 6209535 | 24125 | SH |  | SOLE |  | 0 | 0 | 24125 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 718480 | 9700 | SH |  | SOLE |  | 0 | 0 | 9700 |
| GE VERNOVA INC | COM | 36828A101 |  | 952470 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| GLACIER BANCORP INC NEW | COM | 37637Q105 |  | 12502807 | 290223 | SH |  | SOLE |  | 0 | 0 | 290223 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 891820 | 86000 | SH |  | SOLE |  | 0 | 0 | 86000 |
| GRANITE CONSTR INC | COM | 387328107 |  | 280530 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 242560 | 16000 | SH |  | SOLE |  | 0 | 0 | 16000 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 |  | 452631 | 15700 | SH |  | SOLE |  | 0 | 0 | 15700 |
| IMAX CORP | COM | 45245E109 |  | 1618884 | 57900 | SH |  | SOLE |  | 0 | 0 | 57900 |
| INTEL CORP | COM | 458140100 |  | 1144640 | 51100 | SH |  | SOLE |  | 0 | 0 | 51100 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1414944 | 4800 | SH |  | SOLE |  | 0 | 0 | 4800 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 823761 | 11200 | SH |  | SOLE |  | 0 | 0 | 11200 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 272610 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 410125 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 411125 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 226728 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| ISHARES TR | MSCI EURO FL ETF | 464289180 |  | 664230 | 21000 | SH |  | SOLE |  | 0 | 0 | 21000 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 419064 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 367500 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| KRAFT HEINZ CO | COM | 500754106 |  | 1237424 | 47925 | SH |  | SOLE |  | 0 | 0 | 47925 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 405094 | 11800 | SH |  | SOLE |  | 0 | 0 | 11800 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 |  | 1721325 | 147500 | SH |  | SOLE |  | 0 | 0 | 147500 |
| LITHIUM AMERS CORP NEW | COM SHS | 53681J103 |  | 134000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| LOEWS CORP | COM | 540424108 |  | 1164082 | 12700 | SH |  | SOLE |  | 0 | 0 | 12700 |
| LYFT INC | CL A COM | 55087P104 |  | 1525568 | 96800 | SH |  | SOLE |  | 0 | 0 | 96800 |
| MAG SILVER CORP | COM | 55903Q104 |  | 1753790 | 83000 | SH |  | SOLE |  | 0 | 0 | 83000 |
| MCDONALDS CORP | COM | 580135101 |  | 292170 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 339963 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| MERCK  CO INC | COM | 58933Y105 |  | 1092408 | 13800 | SH |  | SOLE |  | 0 | 0 | 13800 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 653410 | 19000 | SH |  | SOLE |  | 0 | 0 | 19000 |
| NEW GOLD INC CDA | COM | 644535106 |  | 1373625 | 277500 | SH |  | SOLE |  | 0 | 0 | 277500 |
| NEWMONT CORP | COM | 651639106 |  | 1307937 | 22450 | SH |  | SOLE |  | 0 | 0 | 22450 |
| NUTANIX INC | CL A | 67059N108 |  | 1712256 | 22400 | SH |  | SOLE |  | 0 | 0 | 22400 |
| NUTRIEN LTD | COM | 67077M108 |  | 611520 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 223815 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 3324714 | 186050 | SH |  | SOLE |  | 0 | 0 | 186050 |
| PROSHARES TR | SHORT QQQ | 74349Y837 |  | 2261952 | 67200 | SH |  | SOLE |  | 0 | 0 | 67200 |
| ROGERS CORP | COM | 775133101 |  | 253376 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 1172860 | 34700 | SH |  | SOLE |  | 0 | 0 | 34700 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 866780 | 9500 | SH |  | SOLE |  | 0 | 0 | 9500 |
| SHAKE SHACK INC | CL A | 819047101 |  | 1831315 | 13025 | SH |  | SOLE |  | 0 | 0 | 13025 |
| SHELL PLC | SPON ADS | 780259305 |  | 3950001 | 56100 | SH |  | SOLE |  | 0 | 0 | 56100 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 412659 | 11700 | SH |  | SOLE |  | 0 | 0 | 11700 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2994212 | 92300 | SH |  | SOLE |  | 0 | 0 | 92300 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 1647750 | 65000 | SH |  | SOLE |  | 0 | 0 | 65000 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 385560 | 31500 | SH |  | SOLE |  | 0 | 0 | 31500 |
| STAAR SURGICAL CO | COM PAR $0.01 | 852312305 |  | 335600 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| TARGET CORP | COM | 87612E106 |  | 1282450 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| TELEFONAKTIEBOLAGET LM ERICS | ADR B SEK 10 | 294821608 |  | 152640 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| TYSON FOODS INC | CL A | 902494103 |  | 1157958 | 20700 | SH |  | SOLE |  | 0 | 0 | 20700 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1240890 | 13300 | SH |  | SOLE |  | 0 | 0 | 13300 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1590420 | 26000 | SH |  | SOLE |  | 0 | 0 | 26000 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 979118 | 9700 | SH |  | SOLE |  | 0 | 0 | 9700 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 2077194 | 39900 | SH |  | SOLE |  | 0 | 0 | 39900 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 309212 | 4600 | SH |  | SOLE |  | 0 | 0 | 4600 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 1627500 | 21000 | SH |  | SOLE |  | 0 | 0 | 21000 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 228040 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 2360379 | 54550 | SH |  | SOLE |  | 0 | 0 | 54550 |
| VIATRIS INC | COM | 92556V106 |  | 803700 | 90000 | SH |  | SOLE |  | 0 | 0 | 90000 |
| WABTEC | COM | 929740108 |  | 345428 | 1650 | SH |  | SOLE |  | 0 | 0 | 1650 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 876690 | 76500 | SH |  | SOLE |  | 0 | 0 | 76500 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1402100 | 17500 | SH |  | SOLE |  | 0 | 0 | 17500 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 565180 | 22000 | SH |  | SOLE |  | 0 | 0 | 22000 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 359200 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| WILLIAMS COS INC | COM | 969457100 |  | 1155704 | 18400 | SH |  | SOLE |  | 0 | 0 | 18400 |
| WISDOMTREE TR | EUROPE SMCP DV | 97717W869 |  | 350610 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| WYNN RESORTS LTD | COM | 983134107 |  | 2085563 | 22265 | SH |  | SOLE |  | 0 | 0 | 22265 |

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