Beddow Capital Management Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Beddow Capital Management Inc. reported 56 stock positions worth $234.4 million. Its top holding was Texas Pacific Land Trust (TPL) at 11.6% of the portfolio, followed by Bladex (BLX, 5.9%) and Investor AB-B SHS (5.7%). Compared with Q3 2024, it opened 1 new position, sold out of 2, added to 15 and reduced 25. The biggest buy was Chord Energy (CHRD, shares +462%) and the biggest sale Investor AB-B SHS (shares −0%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$234.4M (Q4 2024)
SEC Filing
0001278641-25-000001 ↗ filed Feb 11, 2025

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 Q3 2024 Q4 2024: $234.4M $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 56 stocks · $234.4M
TPL Texas Pacific Land Trust 11.61% 24,602 $27.2M Reduce -15.4%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 5.92% 390,161 $13.9M Reduce -0.3%
INVESTOR AB-B SHS 5.74% 511,094 $13.5M Reduce -0.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 5.24% 55,863 $12.3M Reduce -0.1%
MSB Mesabi Trust 5.17% 431,356 $12.1M Reduce -3.9%
ALV Autoliv Inc. 3.64% 90,980 $8.5M Add +12.5%
SIEGY Siemens AG-Spons ADR 3.38% 81,995 $7.9M Reduce -0.2%
LNG Cheniere Energy Inc. 3.29% 35,895 $7.7M Reduce -0.2%
JNJ Johnson & Johnson 3.24% 52,555 $7.6M Add +1.4%
BRK.B Berkshire Hathaway Inc. Class B 3.20% 16,565 $7.5M No change
ABBNY Abb Ltd.-Spon ADR 3.13% 136,760 $7.3M Reduce -0.4%
FNV Franco-Nevada Corp. 2.90% 57,832 $6.8M Reduce -0.1%
CTRA Coterra Energy Inc. 2.76% 253,239 $6.5M Add +2.0%
OGN Organon & Co. 2.75% 432,300 $6.5M Add +41.0%
ABBV Abbvie Inc. 2.65% 34,960 $6.2M Reduce -2.7%
BRK.A Berkshire Hathaway Inc. Class A 2.61% 9 $6.1M No change
CONOCOPHILLIPS (COP 7 03/30/29) 2.48% 58,595 $5.8M Reduce -0.2%
WPM Wheaton Precious Metals Corp. 2.46% 102,468 $5.8M Add +7.7%
NSRGY Nestle SA-Spons ADR 2.29% 65,658 $5.4M Add +7.5%
DG Dollar General Corp. 2.26% 69,975 $5.3M Add +6.8%
EOG EOG Resources Inc. 2.13% 40,815 $5.0M Reduce -0.7%
POGHF Pilot Corp. 1.98% 149,666 $4.6M No change
ORCL Oracle Corp. 1.94% 27,310 $4.6M Reduce -5.9%
PFE Pfizer Inc. 1.84% 162,379 $4.3M Reduce -4.8%
SHEL Shell PLC-ADR 1.66% 62,001 $3.9M Add +0.1%
SKFRY SKF AB-Sponsored ADR 1.61% 201,102 $3.8M Add +0.3%
VTRS Viatris Inc. 1.49% 280,929 $3.5M Reduce -1.6%
ACLIF Accelleron Industries AG 1.18% 52,585 $2.8M Reduce -2.1%
CHRD Chord Energy Corp. 1.12% 22,495 $2.6M Add +461.7%
FANG Diamondback Energy Inc. 0.79% 11,355 $1.9M Reduce -1.7%
CVS CVS Health Corp. 0.77% 40,260 $1.8M Reduce -15.3%
MTD Mettler-Toledo International 0.59% 1,125 $1.4M Add +37.5%
AZO AutoZone Inc. 0.57% 415 $1.3M Reduce -1.2%
FUJHY Subaru Corp.-Unspons ADR 0.54% 140,598 $1.3M Add +20.5%
AMZN Amazon.com Inc. 0.53% 5,685 $1.2M No change
MMM 3M Co. 0.47% 8,504 $1.1M Reduce -0.3%
INTC Intel Corp. 0.46% 53,410 $1.1M Reduce -49.6%
FRMO Frmo Corp. 0.40% 96,771 $945K Add +5.2%
PSHZF Pershing Square Holdings Ltd. 0.38% 18,500 $893K No change
MRK Merck & Co. Inc. 0.32% 7,475 $744K Add +0.7%
BMY Bristol-Myers Squibb Co. 0.31% 12,880 $728K Reduce -14.1%
AAPL Apple Inc. 0.28% 2,600 $651K No change
GOOGL Alphabet Inc. Class A 0.20% 2,425 $462K No change
NVS Novartis AG-Sponsored ADR 0.19% 4,590 $447K Add +41.7%
ALL Allstate Corp. 0.19% 2,250 $434K No change
KEWL Keweenaw Land Association LT 0.18% 12,031 $421K Reduce -0.8%
TFPM Triple Flag Precious Met 0.17% 25,925 $390K No change
CAT Caterpillar Inc. 0.15% 975 $354K Reduce -7.1%
AZZ Azz Inc. 0.14% 4,100 $336K No change
MSFT Microsoft Corp. 0.14% 775 $327K No change
CVX Chevron Corp. 0.13% 2,175 $315K No change
COST Costco Wholesale Corp. 0.13% 330 $302K Reduce -2.9%
COLM Columbia Sportswear Co. 0.13% 3,500 $294K No change
TKR Timken Co. 0.12% 3,875 $277K No change
MXC Mexco Energy Corp. 0.05% 10,033 $113K New
Surface Oncology Inc. 0.01% 20,000 $21K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $8.8M (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN 294,235$8.8MAdd +2.7%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 553,789$0No change

Total filed on the 13F, all lines: $243.3M.

Portfolio Sells Q3 2024 → Q4 2024
INVESTOR AB-B SHS Reduce -0.3% 5.74% −0.87
INTC Intel Corp. Reduce -49.6% 0.46% −0.60
CVS CVS Health Corp. Reduce -15.3% 0.77% −0.50
ABBV Abbvie Inc. Reduce -2.7% 2.65% −0.36
PFE Pfizer Inc. Reduce -4.8% 1.84% −0.26
KMI Kinder Morgan Inc. Sold out 0.00% −0.25
ABBNY Abb Ltd.-Spon ADR Reduce -0.4% 3.13% −0.24
ORCL Oracle Corp. Reduce -5.9% 1.94% −0.16
FNV Franco-Nevada Corp. Reduce -0.1% 2.90% −0.15
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -0.2% 2.48% −0.15
SIEGY Siemens AG-Spons ADR Reduce -0.2% 3.38% −0.14
Equinor ASA Sold out 0.00% −0.12
FANG Diamondback Energy Inc. Reduce -1.7% 0.79% −0.05
MMM 3M Co. Reduce -0.3% 0.47% −0.03
CAT Caterpillar Inc. Reduce -7.1% 0.15% −0.02
BMY Bristol-Myers Squibb Co. Reduce -14.1% 0.31% −0.02
IBM Intl Business Machines Corp. Reduce -0.1% 5.24% −0.01
EOG EOG Resources Inc. Reduce -0.7% 2.13% −0.01
ACLIF Accelleron Industries AG Reduce -2.1% 1.18% −0.00
COST Costco Wholesale Corp. Reduce -2.9% 0.13% +0.00
AZO AutoZone Inc. Reduce -1.2% 0.57% +0.00
KEWL Keweenaw Land Association LT Reduce -0.8% 0.18% +0.01
VTRS Viatris Inc. Reduce -1.6% 1.49% +0.08
BLX Bladex Inc. Reduce -0.3% 5.92% +0.52
LNG Cheniere Energy Inc. Reduce -0.2% 3.29% +0.54
TPL Texas Pacific Land Trust Reduce -15.4% 11.61% +0.68
MSB Mesabi Trust Reduce -3.9% 5.17% +0.86

Portfolio Buys Q3 2024 → Q4 2024
CHRD Chord Energy Corp. Add +461.7% 1.12% +0.90
ALV Autoliv Inc. Add +12.5% 3.64% +0.43
OGN Organon & Co. Add +41.0% 2.75% +0.26
CTRA Coterra Energy Inc. Add +2.0% 2.76% +0.23
FUJHY Subaru Corp.-Unspons ADR Add +20.5% 0.54% +0.11
FRMO Frmo Corp. Add +5.2% 0.40% +0.08
MTD Mettler-Toledo International Add +37.5% 0.59% +0.07
MXC Mexco Energy Corp. New 0.05% +0.05
NVS Novartis AG-Sponsored ADR Add +41.7% 0.19% +0.03
WPM Wheaton Precious Metals Corp. Add +7.7% 2.46% −0.01
MRK Merck & Co. Inc. Add +0.7% 0.32% −0.04
SHEL Shell PLC-ADR Add +0.1% 1.66% −0.08
SKFRY SKF AB-Sponsored ADR Add +0.3% 1.61% −0.09
DG Dollar General Corp. Add +6.8% 2.26% −0.09
NSRGY Nestle SA-Spons ADR Add +7.5% 2.29% −0.32
JNJ Johnson & Johnson Add +1.4% 3.24% −0.33

Notes & Other Activity Q3 2024 → Q4 2024
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Add +2.7% 294,235 $8.8M

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