Beddow Capital Management Inc.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 24, 2024), Beddow Capital Management Inc. reported 57 stock positions worth $221.5 million. Its top holding was Texas Pacific Land Trust (TPL) at 8.6% of the portfolio, followed by Investor AB-B SHS (5.9%) and Bladex (BLX, 5.1%). Compared with Q4 2023, it opened 4 new positions, sold out of 2, added to 25 and reduced 17. The biggest buy was a new position in CVS Health (CVS) and the biggest sale Merck (MRK, shares −34%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$221.5M (Q1 2024)
SEC Filing
0001278641-24-000002 ↗ filed Apr 24, 2024

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $221.5M $221.5M Q1 2024 Q2 2024: $220.6M Q2 2024 Q3 2024: $235.4M Q3 2024 Q4 2024: $234.4M Q4 2024 Q1 2025: $258.3M Q1 2025 Q2 2025: $243.8M Q2 2025 Q3 2025: $262.4M Q3 2025 Q4 2025: $256.1M Q4 2025

Holdings 57 stocks · $221.5M
TPL Texas Pacific Land Trust 8.58% 32,848 $19.0M Add +199.9%
INVESTOR AB-B SHS 5.89% 516,753 $13.0M Reduce -1.7%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 5.08% 379,967 $11.3M Reduce -3.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 4.72% 54,755 $10.5M Reduce -13.2%
ALV Autoliv Inc. 3.87% 71,115 $8.6M Add +0.2%
CONOCOPHILLIPS (COP 7 03/30/29) 3.70% 64,320 $8.2M Reduce -2.8%
ABBV Abbvie Inc. 3.67% 44,646 $8.1M Reduce -17.0%
MSB Mesabi Trust 3.67% 459,287 $8.1M Add +1.3%
JNJ Johnson & Johnson 3.61% 50,543 $8.0M Add +0.8%
SIEGY Siemens AG-Spons ADR 3.41% 79,256 $7.6M Add +0.4%
VTRS Viatris Inc. 3.25% 602,089 $7.2M Add +0.1%
CTRA Coterra Energy Inc. 3.21% 254,897 $7.1M Reduce -1.5%
BRK.B Berkshire Hathaway Inc. Class B 3.19% 16,805 $7.1M Add +0.1%
FNV Franco-Nevada Corp. 3.06% 56,899 $6.8M Add +0.5%
ABBNY Abb Ltd.-Spon ADR 2.92% 139,450 $6.5M Reduce -0.0%
INTC Intel Corp. 2.75% 137,910 $6.1M Add +0.5%
LNG Cheniere Energy Inc. 2.70% 37,060 $6.0M Reduce -0.6%
NSRGY Nestle SA-Spons ADR 2.64% 55,015 $5.8M Add +5.5%
BRK.A Berkshire Hathaway Inc. Class A 2.58% 9 $5.7M No change
EOG EOG Resources Inc. 2.43% 42,165 $5.4M Reduce -0.1%
WPM Wheaton Precious Metals Corp. 2.01% 94,523 $4.5M Add +1.2%
PFE Pfizer Inc. 1.93% 153,885 $4.3M Add +22.5%
SKFRY SKF AB-Sponsored ADR 1.92% 203,502 $4.2M Add +1.4%
SHEL Shell PLC-ADR 1.84% 60,896 $4.1M Reduce -2.6%
OGN Organon & Co. 1.82% 214,700 $4.0M Add +22.7%
ORCL Oracle Corp. 1.82% 32,027 $4.0M Reduce -28.4%
MRK Merck & Co. Inc. 1.61% 26,939 $3.6M Reduce -34.2%
POGHF Pilot Corp. 1.58% 134,741 $3.5M Add +2.4%
CVS CVS Health Corp. 1.13% 31,500 $2.5M New
FANG Diamondback Energy Inc. 0.97% 10,815 $2.1M Add +0.4%
DG Dollar General Corp. 0.86% 12,180 $1.9M New
ACLIF Accelleron Industries AG 0.83% 53,685 $1.8M Add +7.4%
BMY Bristol-Myers Squibb Co. 0.80% 32,655 $1.8M Add +13.0%
KMI Kinder Morgan Inc. 0.66% 79,700 $1.5M Reduce -38.2%
AZO AutoZone Inc. 0.57% 401 $1.3M Add +8.1%
MMM 3M Co. 0.48% 9,999 $1.1M Add +1.2%
AMZN Amazon.com Inc. 0.46% 5,685 $1.0M Add +1.3%
PSHZF Pershing Square Holdings Ltd. 0.45% 19,500 $1.0M No change
FUJHY Subaru Corp.-Unspons ADR 0.42% 82,936 $939K Add +14.1%
FRMO Frmo Corp. 0.30% 88,331 $656K Add +10.5%
MTD Mettler-Toledo International 0.25% 410 $546K New
Equinor ASA 0.20% 16,745 $453K New
AAPL Apple Inc. 0.20% 2,600 $446K No change
ALL Allstate Corp. 0.18% 2,250 $389K No change
CAT Caterpillar Inc. 0.17% 1,050 $385K No change
TFPM Triple Flag Precious Met 0.17% 25,925 $375K Reduce -10.5%
GOOGL Alphabet Inc. Class A 0.17% 2,425 $369K Reduce -2.0%
ZEUS Olympic Steel Inc. 0.16% 5,000 $354K No change
TKR Timken Co. 0.16% 4,000 $350K Reduce -36.0%
MSFT Microsoft Corp. 0.15% 775 $326K No change
AZZ Azz Inc. 0.14% 4,100 $317K No change
NVS Novartis AG-Sponsored ADR 0.14% 3,240 $313K Reduce -23.6%
KEWL Keweenaw Land Association LT 0.14% 13,348 $308K No change
CVX Chevron Corp. 0.14% 1,900 $300K Add +5.0%
COLM Columbia Sportswear Co. 0.13% 3,650 $296K No change
COST Costco Wholesale Corp. 0.11% 340 $249K Add +4.6%
Surface Oncology Inc. 0.01% 20,000 $21K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $7.2M (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN 244,270$7.2MAdd +7.6%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 560,789$0No change

Total filed on the 13F, all lines: $228.7M.

Portfolio Sells Q4 2023 → Q1 2024
MRK Merck & Co. Inc. Reduce -34.2% 1.61% −0.54
ORCL Oracle Corp. Reduce -28.4% 1.82% −0.45
KMI Kinder Morgan Inc. Reduce -38.2% 0.66% −0.43
LNG Cheniere Energy Inc. Reduce -0.6% 2.70% −0.36
ABBV Abbvie Inc. Reduce -17.0% 3.67% −0.33
HP Helmerich & Payne Sold out 0.00% −0.30
IBM Intl Business Machines Corp. Reduce -13.2% 4.72% −0.23
SDZNY Sandoz Group AG-ADR Sold out 0.00% −0.20
SHEL Shell PLC-ADR Reduce -2.6% 1.84% −0.13
TKR Timken Co. Reduce -36.0% 0.16% −0.08
NVS Novartis AG-Sponsored ADR Reduce -23.6% 0.14% −0.06
ABBNY Abb Ltd.-Spon ADR Reduce -0.0% 2.92% −0.05
EOG EOG Resources Inc. Reduce -0.1% 2.43% −0.02
TFPM Triple Flag Precious Met Reduce -10.5% 0.17% −0.02
GOOGL Alphabet Inc. Class A Reduce -2.0% 0.17% −0.00
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -2.8% 3.70% +0.01
CTRA Coterra Energy Inc. Reduce -1.5% 3.21% +0.04
INVESTOR AB-B SHS Reduce -1.7% 5.89% +0.09
BLX Bladex Inc. Reduce -3.9% 5.08% +0.39

Portfolio Buys Q4 2023 → Q1 2024
CVS CVS Health Corp. New 1.13% +1.13
DG Dollar General Corp. New 0.86% +0.86
OGN Organon & Co. Add +22.7% 1.82% +0.61
BRK.B Berkshire Hathaway Inc. Class B Add +0.1% 3.19% +0.32
TPL Texas Pacific Land Trust Add +199.9% 8.58% +0.31
MTD Mettler-Toledo International New 0.25% +0.25
Equinor ASA New 0.20% +0.20
PFE Pfizer Inc. Add +22.5% 1.93% +0.19
FANG Diamondback Energy Inc. Add +0.4% 0.97% +0.17
ACLIF Accelleron Industries AG Add +7.4% 0.83% +0.14
VTRS Viatris Inc. Add +0.1% 3.25% +0.12
ALV Autoliv Inc. Add +0.2% 3.87% +0.11
AZO AutoZone Inc. Add +8.1% 0.57% +0.11
FUJHY Subaru Corp.-Unspons ADR Add +14.1% 0.42% +0.10
BMY Bristol-Myers Squibb Co. Add +13.0% 0.80% +0.09
AMZN Amazon.com Inc. Add +1.3% 0.46% +0.05
FRMO Frmo Corp. Add +10.5% 0.30% +0.05
FNV Franco-Nevada Corp. Add +0.5% 3.06% +0.05
COST Costco Wholesale Corp. Add +4.6% 0.11% +0.01
CVX Chevron Corp. Add +5.0% 0.14% +0.01
SKFRY SKF AB-Sponsored ADR Add +1.4% 1.92% −0.01
MMM 3M Co. Add +1.2% 0.48% −0.04
SIEGY Siemens AG-Spons ADR Add +0.4% 3.41% −0.13
JNJ Johnson & Johnson Add +0.8% 3.61% −0.16
WPM Wheaton Precious Metals Corp. Add +1.2% 2.01% −0.20
NSRGY Nestle SA-Spons ADR Add +5.5% 2.64% −0.26
POGHF Pilot Corp. Add +2.4% 1.58% −0.30
INTC Intel Corp. Add +0.5% 2.75% −0.56
MSB Mesabi Trust Add +1.3% 3.67% −0.79

Notes & Other Activity Q4 2023 → Q1 2024
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Add +7.6% 244,270 $7.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 53$256.1MTPL, INVESTOR AB-B SHS, DG, MSB, IBM
Q3 2025 53$262.4MTPL, INVESTOR AB-B SHS, IBM, BLX, DG
Q2 2025 53$243.8MTPL, IBM, BLX, INVESTOR AB-B SHS, DG
Q1 2025 55$258.3MTPL, INVESTOR AB-B SHS, IBM, BLX, MSB
Q4 2024 56$234.4MTPL, BLX, INVESTOR AB-B SHS, IBM, MSB
Q3 2024 57$235.4MTPL, INVESTOR AB-B SHS, BLX, IBM, MSB
Q2 2024 57$220.6MTPL, INVESTOR AB-B SHS, BLX, IBM, MSB
Q1 2024 57$221.5MTPL, INVESTOR AB-B SHS, BLX, IBM, ALV