Beddow Capital Management Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Beddow Capital Management Inc. reported 55 stock positions worth $258.3 million. Its top holding was Texas Pacific Land Trust (TPL) at 12.2% of the portfolio, followed by Investor AB-B SHS (6.0%) and Intl Business Machines (IBM, 5.3%). Compared with Q4 2024, it opened 1 new position, sold out of 2, added to 14 and reduced 27. The biggest buy was Dollar General (DG, shares +60%) and the biggest sale Viatris (VTRS, shares −91%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$258.3M (Q1 2025)
SEC Filing
0001278641-25-000002 ↗ filed May 9, 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 Q4 2024 Q1 2025: $258.3M $258.3M Q1 2025 Q2 2025: $243.8M Q2 2025 Q3 2025: $262.4M Q3 2025 Q4 2025: $256.1M Q4 2025

Holdings 55 stocks · $258.3M
TPL Texas Pacific Land Trust 12.16% 23,703 $31.4M Reduce -3.6%
INVESTOR AB-B SHS 5.98% 507,219 $15.4M Reduce -0.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 5.30% 55,058 $13.7M Reduce -1.4%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 5.30% 373,761 $13.7M Reduce -4.2%
MSB Mesabi Trust 4.24% 403,075 $11.0M Reduce -6.6%
DG Dollar General Corp. 3.80% 111,650 $9.8M Add +59.6%
SIEGY Siemens AG-Spons ADR 3.54% 79,190 $9.1M Reduce -3.4%
FNV Franco-Nevada Corp. 3.45% 56,607 $8.9M Reduce -2.1%
BRK.B Berkshire Hathaway Inc. Class B 3.41% 16,520 $8.8M Reduce -0.3%
JNJ Johnson & Johnson 3.37% 52,465 $8.7M Reduce -0.2%
ALV Autoliv Inc. 3.28% 95,655 $8.5M Add +5.1%
WPM Wheaton Precious Metals Corp. 3.08% 102,593 $7.9M Add +0.1%
LNG Cheniere Energy Inc. 3.05% 34,065 $7.9M Reduce -5.1%
NSRGY Nestle SA-Spons ADR 2.82% 72,120 $7.3M Add +9.8%
OGN Organon & Co. 2.81% 487,925 $7.3M Add +12.9%
ABBV Abbvie Inc. 2.79% 34,390 $7.2M Reduce -1.6%
ABBNY Abb Ltd.-Spon ADR 2.76% 136,760 $7.1M No change
BRK.A Berkshire Hathaway Inc. Class A 2.47% 8 $6.4M Reduce -11.1%
CTRA Coterra Energy Inc. 2.27% 202,545 $5.9M Reduce -20.0%
CONOCOPHILLIPS (COP 7 03/30/29) 2.26% 55,700 $5.8M Reduce -4.9%
CHRD Chord Energy Corp. 2.05% 46,935 $5.3M Add +108.7%
FUJHY Subaru Corp.-Unspons ADR 2.02% 585,601 $5.2M Add +316.5%
EOG EOG Resources Inc. 1.97% 39,645 $5.1M Reduce -2.9%
SHEL Shell PLC-ADR 1.75% 61,851 $4.5M Reduce -0.2%
POGHF Pilot Corp. 1.64% 152,266 $4.2M Add +1.7%
FANG Diamondback Energy Inc. 1.63% 26,405 $4.2M Add +132.5%
PFE Pfizer Inc. 1.59% 162,130 $4.1M Reduce -0.1%
SKFRY SKF AB-Sponsored ADR 1.53% 195,225 $3.9M Reduce -2.9%
ORCL Oracle Corp. 1.43% 26,410 $3.7M Reduce -3.3%
ACLIF Accelleron Industries AG 1.04% 53,915 $2.7M Add +2.5%
MTD Mettler-Toledo International 0.64% 1,405 $1.7M Add +24.9%
AZO AutoZone Inc. 0.61% 415 $1.6M No change
MMM 3M Co. 0.47% 8,254 $1.2M Reduce -2.9%
AMZN Amazon.com Inc. 0.42% 5,685 $1.1M No change
PSHZF Pershing Square Holdings Ltd. 0.35% 18,500 $906K No change
FRMO Frmo Corp. 0.32% 100,821 $829K Add +4.2%
MRK Merck & Co. Inc. 0.26% 7,375 $662K Reduce -1.3%
AAPL Apple Inc. 0.22% 2,550 $566K Reduce -1.9%
NVS Novartis AG-Sponsored ADR 0.19% 4,465 $498K Reduce -2.7%
ALL Allstate Corp. 0.18% 2,250 $466K No change
KEWL Keweenaw Land Association LT 0.15% 10,792 $389K Reduce -10.3%
GOOGL Alphabet Inc. Class A 0.15% 2,460 $384K Add +1.4%
CVX Chevron Corp. 0.14% 2,175 $364K No change
AZZ Azz Inc. 0.13% 4,100 $343K No change
CAT Caterpillar Inc. 0.12% 975 $322K No change
COST Costco Wholesale Corp. 0.12% 330 $312K No change
BMY Bristol-Myers Squibb Co. 0.12% 4,875 $297K Reduce -62.1%
MSFT Microsoft Corp. 0.11% 775 $291K No change
TKR Timken Co. 0.11% 3,875 $278K No change
COLM Columbia Sportswear Co. 0.10% 3,500 $265K No change
TFPM Triple Flag Precious Met 0.09% 11,925 $228K Reduce -54.0%
VTRS Viatris Inc. 0.08% 25,120 $219K Reduce -91.1%
YUM Yum! Brands Inc. 0.08% 1,325 $209K New
MXC Mexco Energy Corp. 0.04% 12,044 $91K Add +20.0%
Surface Oncology Inc. 0.01% 20,000 $21K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $8.9M (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN 299,260$8.9MAdd +1.7%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 552,539$0Reduce -0.2%

Total filed on the 13F, all lines: $267.3M.

Portfolio Sells Q4 2024 → Q1 2025
VTRS Viatris Inc. Reduce -91.1% 0.08% −1.41
MSB Mesabi Trust Reduce -6.6% 4.24% −0.93
CVS CVS Health Corp. Sold out 0.00% −0.77
BLX Bladex Inc. Reduce -4.2% 5.30% −0.62
ORCL Oracle Corp. Reduce -3.3% 1.43% −0.51
CTRA Coterra Energy Inc. Reduce -20.0% 2.27% −0.49
INTC Intel Corp. Sold out 0.00% −0.46
PFE Pfizer Inc. Reduce -0.1% 1.59% −0.25
LNG Cheniere Energy Inc. Reduce -5.1% 3.05% −0.24
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -4.9% 2.26% −0.21
BMY Bristol-Myers Squibb Co. Reduce -62.1% 0.12% −0.20
EOG EOG Resources Inc. Reduce -2.9% 1.97% −0.17
BRK.A Berkshire Hathaway Inc. Class A Reduce -11.1% 2.47% −0.14
SKFRY SKF AB-Sponsored ADR Reduce -2.9% 1.53% −0.08
TFPM Triple Flag Precious Met Reduce -54.0% 0.09% −0.08
MRK Merck & Co. Inc. Reduce -1.3% 0.26% −0.06
AAPL Apple Inc. Reduce -1.9% 0.22% −0.06
KEWL Keweenaw Land Association LT Reduce -10.3% 0.15% −0.03
MMM 3M Co. Reduce -2.9% 0.47% +0.00
NVS Novartis AG-Sponsored ADR Reduce -2.7% 0.19% +0.00
IBM Intl Business Machines Corp. Reduce -1.4% 5.30% +0.06
SHEL Shell PLC-ADR Reduce -0.2% 1.75% +0.10
JNJ Johnson & Johnson Reduce -0.2% 3.37% +0.13
ABBV Abbvie Inc. Reduce -1.6% 2.79% +0.14
SIEGY Siemens AG-Spons ADR Reduce -3.4% 3.54% +0.16
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.3% 3.41% +0.20
INVESTOR AB-B SHS Reduce -0.8% 5.98% +0.24
TPL Texas Pacific Land Trust Reduce -3.6% 12.16% +0.55
FNV Franco-Nevada Corp. Reduce -2.1% 3.45% +0.55

Portfolio Buys Q4 2024 → Q1 2025
DG Dollar General Corp. Add +59.6% 3.80% +1.54
FUJHY Subaru Corp.-Unspons ADR Add +316.5% 2.02% +1.48
CHRD Chord Energy Corp. Add +108.7% 2.05% +0.93
FANG Diamondback Energy Inc. Add +132.5% 1.63% +0.84
WPM Wheaton Precious Metals Corp. Add +0.1% 3.08% +0.62
NSRGY Nestle SA-Spons ADR Add +9.8% 2.82% +0.54
YUM Yum! Brands Inc. New 0.08% +0.08
OGN Organon & Co. Add +12.9% 2.81% +0.06
MTD Mettler-Toledo International Add +24.9% 0.64% +0.05
MXC Mexco Energy Corp. Add +20.0% 0.04% −0.01
GOOGL Alphabet Inc. Class A Add +1.4% 0.15% −0.05
FRMO Frmo Corp. Add +4.2% 0.32% −0.08
ACLIF Accelleron Industries AG Add +2.5% 1.04% −0.14
POGHF Pilot Corp. Add +1.7% 1.64% −0.34
ALV Autoliv Inc. Add +5.1% 3.28% −0.36

Notes & Other Activity Q4 2024 → Q1 2025
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Add +1.7% 299,260 $8.9M
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK Reduce -0.2% 552,539 $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