Beddow Capital Management Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Beddow Capital Management Inc. reported 57 stock positions worth $220.6 million. Its top holding was Texas Pacific Land Trust (TPL) at 10.5% of the portfolio, followed by Investor AB-B SHS (6.4%) and Bladex (BLX, 5.2%). Compared with Q1 2024, it added to 21 and reduced 23. The biggest buy was Dollar General (DG, shares +175%) and the biggest sale Viatris (VTRS, shares −44%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$220.6M (Q2 2024)
SEC Filing
0001278641-24-000003 ↗ filed Aug 13, 2024

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $221.5M Q1 2024 Q2 2024: $220.6M $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 · $220.6M
TPL Texas Pacific Land Trust 10.52% 31,605 $23.2M Reduce -3.8%
INVESTOR AB-B SHS 6.43% 516,013 $14.2M Reduce -0.1%
BLX Bladex Inc. filed as BANCO LATINOAMER EXPORT S A CL 5.16% 383,738 $11.4M Add +1.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 4.29% 54,730 $9.5M Reduce -0.1%
MSB Mesabi Trust 3.61% 462,315 $8.0M Add +0.7%
SIEGY Siemens AG-Spons ADR 3.47% 82,145 $7.7M Add +3.6%
ABBV Abbvie Inc. 3.46% 44,496 $7.6M Reduce -0.3%
ABBNY Abb Ltd.-Spon ADR 3.43% 136,325 $7.6M Reduce -2.2%
ALV Autoliv Inc. 3.43% 70,699 $7.6M Reduce -0.6%
JNJ Johnson & Johnson 3.35% 50,540 $7.4M Reduce -0.0%
CTRA Coterra Energy Inc. 3.08% 254,798 $6.8M Reduce -0.0%
CONOCOPHILLIPS (COP 7 03/30/29) 3.07% 59,295 $6.8M Reduce -7.8%
FNV Franco-Nevada Corp. 3.07% 57,092 $6.8M Add +0.3%
BRK.B Berkshire Hathaway Inc. Class B 3.06% 16,605 $6.8M Reduce -1.2%
LNG Cheniere Energy Inc. 2.90% 36,635 $6.4M Reduce -1.1%
NSRGY Nestle SA-Spons ADR 2.72% 58,510 $6.0M Add +6.3%
BRK.A Berkshire Hathaway Inc. Class A 2.50% 9 $5.5M No change
EOG EOG Resources Inc. 2.39% 41,940 $5.3M Reduce -0.5%
WPM Wheaton Precious Metals Corp. 2.27% 95,391 $5.0M Add +0.9%
PFE Pfizer Inc. 2.14% 168,360 $4.7M Add +9.4%
OGN Organon & Co. 2.07% 220,900 $4.6M Add +2.9%
DG Dollar General Corp. 2.01% 33,523 $4.4M Add +175.2%
SHEL Shell PLC-ADR 2.00% 61,061 $4.4M Add +0.3%
INTC Intel Corp. 1.99% 142,050 $4.4M Add +3.0%
ORCL Oracle Corp. 1.99% 31,127 $4.4M Reduce -2.8%
SKFRY SKF AB-Sponsored ADR 1.84% 201,977 $4.1M Reduce -0.8%
POGHF Pilot Corp. 1.72% 142,903 $3.8M Add +6.1%
VTRS Viatris Inc. 1.62% 335,660 $3.6M Reduce -44.3%
CVS CVS Health Corp. 1.45% 54,135 $3.2M Add +71.9%
FANG Diamondback Energy Inc. 1.12% 12,365 $2.5M Add +14.3%
ACLIF Accelleron Industries AG 0.96% 54,290 $2.1M Add +1.1%
BMY Bristol-Myers Squibb Co. 0.64% 34,055 $1.4M Add +4.3%
AZO AutoZone Inc. 0.55% 411 $1.2M Add +2.5%
AMZN Amazon.com Inc. 0.50% 5,685 $1.1M No change
PSHZF Pershing Square Holdings Ltd. 0.44% 18,500 $971K Reduce -5.1%
MMM 3M Co. 0.42% 9,028 $923K Reduce -9.7%
MTD Mettler-Toledo International 0.42% 660 $922K Add +61.0%
MRK Merck & Co. Inc. 0.42% 7,420 $919K Reduce -72.5%
FUJHY Subaru Corp.-Unspons ADR 0.41% 84,443 $895K Add +1.8%
KMI Kinder Morgan Inc. 0.34% 38,175 $759K Reduce -52.1%
FRMO Frmo Corp. 0.32% 91,256 $697K Add +3.3%
AAPL Apple Inc. 0.25% 2,600 $548K No change
GOOGL Alphabet Inc. Class A 0.20% 2,425 $445K No change
Equinor ASA 0.19% 14,820 $423K Reduce -11.5%
TFPM Triple Flag Precious Met 0.18% 25,925 $402K No change
KEWL Keweenaw Land Association LT 0.17% 12,817 $385K Reduce -4.0%
ALL Allstate Corp. 0.16% 2,250 $359K No change
CAT Caterpillar Inc. 0.16% 1,050 $350K No change
MSFT Microsoft Corp. 0.16% 775 $346K No change
NVS Novartis AG-Sponsored ADR 0.16% 3,240 $345K No change
AZZ Azz Inc. 0.14% 4,100 $317K No change
CVX Chevron Corp. 0.14% 2,025 $317K Add +6.6%
TKR Timken Co. 0.14% 3,875 $311K Reduce -3.1%
COST Costco Wholesale Corp. 0.13% 340 $289K No change
COLM Columbia Sportswear Co. 0.13% 3,500 $277K Reduce -4.1%
ZEUS Olympic Steel Inc. 0.10% 5,000 $224K No change
Surface Oncology Inc. 0.01% 20,000 $21K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $8.0M (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN 274,060$8.0MAdd +12.2%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 553,789$0Reduce -1.3%

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

Portfolio Sells Q1 2024 → Q2 2024
VTRS Viatris Inc. Reduce -44.3% 1.62% −1.63
MRK Merck & Co. Inc. Reduce -72.5% 0.42% −1.19
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -7.8% 3.07% −0.62
ALV Autoliv Inc. Reduce -0.6% 3.43% −0.44
IBM Intl Business Machines Corp. Reduce -0.1% 4.29% −0.43
KMI Kinder Morgan Inc. Reduce -52.1% 0.34% −0.32
JNJ Johnson & Johnson Reduce -0.0% 3.35% −0.26
ABBV Abbvie Inc. Reduce -0.3% 3.46% −0.21
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.2% 3.06% −0.13
CTRA Coterra Energy Inc. Reduce -0.0% 3.08% −0.13
SKFRY SKF AB-Sponsored ADR Reduce -0.8% 1.84% −0.07
MMM 3M Co. Reduce -9.7% 0.42% −0.06
EOG EOG Resources Inc. Reduce -0.5% 2.39% −0.04
TKR Timken Co. Reduce -3.1% 0.14% −0.02
PSHZF Pershing Square Holdings Ltd. Reduce -5.1% 0.44% −0.01
Equinor ASA Reduce -11.5% 0.19% −0.01
COLM Columbia Sportswear Co. Reduce -4.1% 0.13% −0.01
KEWL Keweenaw Land Association LT Reduce -4.0% 0.17% +0.04
ORCL Oracle Corp. Reduce -2.8% 1.99% +0.18
LNG Cheniere Energy Inc. Reduce -1.1% 2.90% +0.20
ABBNY Abb Ltd.-Spon ADR Reduce -2.2% 3.43% +0.51
INVESTOR AB-B SHS Reduce -0.1% 6.43% +0.54
TPL Texas Pacific Land Trust Reduce -3.8% 10.52% +1.94

Portfolio Buys Q1 2024 → Q2 2024
DG Dollar General Corp. Add +175.2% 2.01% +1.15
CVS CVS Health Corp. Add +71.9% 1.45% +0.31
WPM Wheaton Precious Metals Corp. Add +0.9% 2.27% +0.25
OGN Organon & Co. Add +2.9% 2.07% +0.25
PFE Pfizer Inc. Add +9.4% 2.14% +0.21
MTD Mettler-Toledo International Add +61.0% 0.42% +0.17
SHEL Shell PLC-ADR Add +0.3% 2.00% +0.15
FANG Diamondback Energy Inc. Add +14.3% 1.12% +0.15
POGHF Pilot Corp. Add +6.1% 1.72% +0.15
ACLIF Accelleron Industries AG Add +1.1% 0.96% +0.14
BLX Bladex Inc. Add +1.0% 5.16% +0.08
NSRGY Nestle SA-Spons ADR Add +6.3% 2.72% +0.08
SIEGY Siemens AG-Spons ADR Add +3.6% 3.47% +0.06
FRMO Frmo Corp. Add +3.3% 0.32% +0.02
CVX Chevron Corp. Add +6.6% 0.14% +0.01
FNV Franco-Nevada Corp. Add +0.3% 3.07% +0.01
FUJHY Subaru Corp.-Unspons ADR Add +1.8% 0.41% −0.02
AZO AutoZone Inc. Add +2.5% 0.55% −0.02
MSB Mesabi Trust Add +0.7% 3.61% −0.06
BMY Bristol-Myers Squibb Co. Add +4.3% 0.64% −0.16
INTC Intel Corp. Add +3.0% 1.99% −0.76

Notes & Other Activity Q1 2024 → Q2 2024
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Add +12.2% 274,060 $8.0M
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK Reduce -1.3% 553,789 $0

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