Beddow Capital Management Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), Beddow Capital Management Inc. reported 57 stock positions worth $235.4 million. Its top holding was Texas Pacific Land Trust (TPL) at 10.9% of the portfolio, followed by Investor AB-B SHS (6.6%) and Bladex (BLX, 5.4%). Compared with Q2 2024, it opened 1 new position, sold out of 1, added to 17 and reduced 22. The biggest buy was Intl Business Machines (IBM, shares +2%) and the biggest sale Intel (INTC, shares −25%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$235.4M (Q3 2024)
SEC Filing
0001278641-24-000005 ↗ filed Nov 7, 2024

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $221.5M Q1 2024 Q2 2024: $220.6M Q2 2024 Q3 2024: $235.4M $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 · $235.4M
TPL Texas Pacific Land Trust 10.92% 29,065 $25.7M Reduce -8.0%
INVESTOR AB-B SHS 6.61% 512,743 $15.6M Reduce -0.6%
BLX Bladex Inc. filed as BANCO LATINOAMER EXPORT S A CL 5.40% 391,161 $12.7M Add +1.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 5.25% 55,928 $12.4M Add +2.2%
MSB Mesabi Trust 4.32% 448,666 $10.2M Reduce -3.0%
JNJ Johnson & Johnson 3.57% 51,830 $8.4M Add +2.5%
SIEGY Siemens AG-Spons ADR 3.53% 82,145 $8.3M No change
ABBNY Abb Ltd.-Spon ADR 3.38% 137,260 $8.0M Add +0.7%
BRK.B Berkshire Hathaway Inc. Class B 3.24% 16,565 $7.6M Reduce -0.2%
ALV Autoliv Inc. 3.21% 80,897 $7.6M Add +14.4%
FNV Franco-Nevada Corp. 3.05% 57,882 $7.2M Add +1.4%
ABBV Abbvie Inc. 3.01% 35,925 $7.1M Reduce -19.3%
LNG Cheniere Energy Inc. 2.75% 35,970 $6.5M Reduce -1.8%
BRK.A Berkshire Hathaway Inc. Class A 2.64% 9 $6.2M No change
CONOCOPHILLIPS (COP 7 03/30/29) 2.63% 58,720 $6.2M Reduce -1.0%
NSRGY Nestle SA-Spons ADR 2.61% 61,100 $6.2M Add +4.4%
CTRA Coterra Energy Inc. 2.52% 248,166 $5.9M Reduce -2.6%
OGN Organon & Co. 2.49% 306,675 $5.9M Add +38.8%
WPM Wheaton Precious Metals Corp. 2.47% 95,166 $5.8M Reduce -0.2%
DG Dollar General Corp. 2.35% 65,545 $5.5M Add +95.5%
EOG EOG Resources Inc. 2.15% 41,090 $5.1M Reduce -2.0%
ORCL Oracle Corp. 2.10% 29,022 $4.9M Reduce -6.8%
PFE Pfizer Inc. 2.10% 170,560 $4.9M Add +1.3%
POGHF Pilot Corp. 1.96% 149,666 $4.6M Add +4.7%
SHEL Shell PLC-ADR 1.73% 61,916 $4.1M Add +1.4%
SKFRY SKF AB-Sponsored ADR 1.70% 200,452 $4.0M Reduce -0.8%
VTRS Viatris Inc. 1.41% 285,579 $3.3M Reduce -14.9%
CVS CVS Health Corp. 1.27% 47,510 $3.0M Reduce -12.2%
ACLIF Accelleron Industries AG 1.18% 53,710 $2.8M Reduce -1.1%
INTC Intel Corp. 1.06% 105,925 $2.5M Reduce -25.4%
FANG Diamondback Energy Inc. 0.85% 11,555 $2.0M Reduce -6.5%
AZO AutoZone Inc. 0.56% 420 $1.3M Add +2.2%
MTD Mettler-Toledo International 0.52% 818 $1.2M Add +23.9%
MMM 3M Co. 0.50% 8,529 $1.2M Reduce -5.5%
AMZN Amazon.com Inc. 0.45% 5,685 $1.1M No change
FUJHY Subaru Corp.-Unspons ADR 0.43% 116,648 $1.0M Add +38.1%
PSHZF Pershing Square Holdings Ltd. 0.37% 18,500 $874K No change
MRK Merck & Co. Inc. 0.36% 7,420 $843K No change
BMY Bristol-Myers Squibb Co. 0.33% 15,000 $776K Reduce -56.0%
FRMO Frmo Corp. 0.32% 91,981 $764K Add +0.8%
AAPL Apple Inc. 0.26% 2,600 $606K No change
KMI Kinder Morgan Inc. 0.25% 26,775 $591K Reduce -29.9%
CHRD Chord Energy Corp. 0.22% 4,005 $522K New
ALL Allstate Corp. 0.18% 2,250 $427K No change
TFPM Triple Flag Precious Met 0.18% 25,925 $419K No change
CAT Caterpillar Inc. 0.17% 1,050 $411K No change
GOOGL Alphabet Inc. Class A 0.17% 2,425 $405K No change
KEWL Keweenaw Land Association LT 0.17% 12,131 $394K Reduce -5.3%
NVS Novartis AG-Sponsored ADR 0.16% 3,240 $373K No change
AZZ Azz Inc. 0.14% 4,100 $339K No change
MSFT Microsoft Corp. 0.14% 775 $333K No change
TKR Timken Co. 0.14% 3,875 $327K No change
CVX Chevron Corp. 0.14% 2,175 $320K Add +7.4%
COST Costco Wholesale Corp. 0.13% 340 $301K No change
COLM Columbia Sportswear Co. 0.12% 3,500 $291K No change
Equinor ASA 0.12% 11,145 $282K Reduce -24.8%
Surface Oncology Inc. 0.01% 20,000 $21K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $8.6M (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN 286,535$8.6MAdd +4.5%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 553,789$0No change

Total filed on the 13F, all lines: $244.0M.

Portfolio Sells Q2 2024 → Q3 2024
INTC Intel Corp. Reduce -25.4% 1.06% −0.94
CTRA Coterra Energy Inc. Reduce -2.6% 2.52% −0.55
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -1.0% 2.63% −0.45
ABBV Abbvie Inc. Reduce -19.3% 3.01% −0.45
BMY Bristol-Myers Squibb Co. Reduce -56.0% 0.33% −0.31
FANG Diamondback Energy Inc. Reduce -6.5% 0.85% −0.28
EOG EOG Resources Inc. Reduce -2.0% 2.15% −0.25
VTRS Viatris Inc. Reduce -14.9% 1.41% −0.21
CVS CVS Health Corp. Reduce -12.2% 1.27% −0.18
LNG Cheniere Energy Inc. Reduce -1.8% 2.75% −0.15
SKFRY SKF AB-Sponsored ADR Reduce -0.8% 1.70% −0.15
ZEUS Olympic Steel Inc. Sold out 0.00% −0.10
KMI Kinder Morgan Inc. Reduce -29.9% 0.25% −0.09
Equinor ASA Reduce -24.8% 0.12% −0.07
KEWL Keweenaw Land Association LT Reduce -5.3% 0.17% −0.01
MMM 3M Co. Reduce -5.5% 0.50% +0.08
ORCL Oracle Corp. Reduce -6.8% 2.10% +0.11
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.2% 3.24% +0.18
INVESTOR AB-B SHS Reduce -0.6% 6.61% +0.18
WPM Wheaton Precious Metals Corp. Reduce -0.2% 2.47% +0.20
ACLIF Accelleron Industries AG Reduce -1.1% 1.18% +0.22
TPL Texas Pacific Land Trust Reduce -8.0% 10.92% +0.41
MSB Mesabi Trust Reduce -3.0% 4.32% +0.71

Portfolio Buys Q2 2024 → Q3 2024
IBM Intl Business Machines Corp. Add +2.2% 5.25% +0.96
OGN Organon & Co. Add +38.8% 2.49% +0.42
DG Dollar General Corp. Add +95.5% 2.35% +0.35
BLX Bladex Inc. Add +1.9% 5.40% +0.24
POGHF Pilot Corp. Add +4.7% 1.96% +0.24
CHRD Chord Energy Corp. New 0.22% +0.22
JNJ Johnson & Johnson Add +2.5% 3.57% +0.22
MTD Mettler-Toledo International Add +23.9% 0.52% +0.10
FUJHY Subaru Corp.-Unspons ADR Add +38.1% 0.43% +0.02
AZO AutoZone Inc. Add +2.2% 0.56% +0.01
FRMO Frmo Corp. Add +0.8% 0.32% +0.01
CVX Chevron Corp. Add +7.4% 0.14% −0.01
FNV Franco-Nevada Corp. Add +1.4% 3.05% −0.01
PFE Pfizer Inc. Add +1.3% 2.10% −0.04
ABBNY Abb Ltd.-Spon ADR Add +0.7% 3.38% −0.06
NSRGY Nestle SA-Spons ADR Add +4.4% 2.61% −0.10
ALV Autoliv Inc. Add +14.4% 3.21% −0.22
SHEL Shell PLC-ADR Add +1.4% 1.73% −0.26

Notes & Other Activity Q2 2024 → Q3 2024
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Add +4.5% 286,535 $8.6M

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