Beddow Capital Management Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Beddow Capital Management Inc. reported 53 stock positions worth $243.8 million. Its top holding was Texas Pacific Land Trust (TPL) at 9.7% of the portfolio, followed by Intl Business Machines (IBM, 6.1%) and Bladex (BLX, 5.7%). Compared with Q1 2025, it sold out of 2, added to 11 and reduced 34. The biggest buy was Mettler-Toledo International (MTD, shares +51%) and the biggest sale Texas Pacific Land Trust (TPL, shares −5%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$243.8M (Q2 2025)
SEC Filing
0001278641-25-000003 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $243.8M $243.8M Q2 2025 Q3 2025: $262.4M Q3 2025 Q4 2025: $256.1M Q4 2025

Holdings 53 stocks · $243.8M
TPL Texas Pacific Land Trust 9.73% 22,451 $23.7M Reduce -5.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 6.08% 50,328 $14.8M Reduce -8.6%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 5.72% 346,026 $13.9M Reduce -7.4%
INVESTOR AB-B SHS 5.55% 478,844 $13.5M Reduce -5.6%
DG Dollar General Corp. 5.03% 107,190 $12.3M Reduce -4.0%
ALV Autoliv Inc. 4.22% 91,970 $10.3M Reduce -3.9%
SIEGY Siemens AG-Spons ADR 3.93% 74,450 $9.6M Reduce -6.0%
MSB Mesabi Trust 3.69% 375,095 $9.0M Reduce -6.9%
FNV Franco-Nevada Corp. 3.60% 53,617 $8.8M Reduce -5.3%
WPM Wheaton Precious Metals Corp. 3.52% 95,668 $8.6M Reduce -6.8%
BRK.B Berkshire Hathaway Inc. Class B 3.34% 16,776 $8.1M Add +1.6%
ABBNY Abb Ltd.-Spon ADR 3.18% 129,975 $7.8M Reduce -5.0%
JNJ Johnson & Johnson 3.13% 50,040 $7.6M Reduce -4.6%
LNG Cheniere Energy Inc. 3.10% 31,015 $7.6M Reduce -8.9%
NSRGY Nestle SA-Spons ADR 2.82% 69,190 $6.9M Reduce -4.1%
ABBV Abbvie Inc. 2.46% 32,310 $6.0M Reduce -6.0%
OGN Organon & Co. 2.41% 608,075 $5.9M Add +24.6%
CHRD Chord Energy Corp. 2.15% 54,110 $5.2M Add +15.3%
BRK.A Berkshire Hathaway Inc. Class A 2.09% 7 $5.1M Reduce -12.5%
FUJHY Subaru Corp.-Unspons ADR 2.05% 578,999 $5.0M Reduce -1.1%
ORCL Oracle Corp. 2.00% 22,275 $4.9M Reduce -15.7%
CTRA Coterra Energy Inc. 2.00% 191,794 $4.9M Reduce -5.3%
CONOCOPHILLIPS (COP 7 03/30/29) 1.93% 52,475 $4.7M Reduce -5.8%
EOG EOG Resources Inc. 1.88% 38,295 $4.6M Reduce -3.4%
SKFRY SKF AB-Sponsored ADR 1.74% 183,200 $4.2M Reduce -6.2%
SHEL Shell PLC-ADR 1.71% 59,226 $4.2M Reduce -4.2%
POGHF Pilot Corp. 1.68% 144,016 $4.1M Reduce -5.4%
FANG Diamondback Energy Inc. 1.57% 27,875 $3.8M Add +5.6%
ACLIF Accelleron Industries AG 1.23% 49,215 $3.0M Reduce -8.7%
MTD Mettler-Toledo International 1.03% 2,128 $2.5M Add +51.5%
PFE Pfizer Inc. 0.96% 97,045 $2.4M Reduce -40.1%
AZO AutoZone Inc. 0.56% 365 $1.4M Reduce -12.1%
AMZN Amazon.com Inc. 0.51% 5,685 $1.2M No change
MMM 3M Co. 0.49% 7,804 $1.2M Reduce -5.5%
FRMO Frmo Corp. 0.33% 94,269 $797K Reduce -6.5%
MRK Merck & Co. Inc. 0.24% 7,300 $578K Reduce -1.0%
PSHZF Pershing Square Holdings Ltd. 0.22% 10,175 $543K Reduce -45.0%
NVS Novartis AG-Sponsored ADR 0.22% 4,465 $540K No change
AAPL Apple Inc. 0.22% 2,597 $533K Add +1.8%
ALL Allstate Corp. 0.19% 2,250 $453K No change
GOOGL Alphabet Inc. Class A 0.18% 2,510 $445K Add +2.0%
MSFT Microsoft Corp. 0.16% 800 $398K Add +3.2%
AZZ Azz Inc. 0.16% 4,100 $387K No change
CVX Chevron Corp. 0.14% 2,385 $342K Add +9.7%
COST Costco Wholesale Corp. 0.13% 330 $327K No change
TKR Timken Co. 0.12% 3,875 $281K No change
TFPM Triple Flag Precious Met 0.11% 11,650 $276K Reduce -2.3%
KEWL Keweenaw Land Association LT 0.11% 8,814 $272K Reduce -18.3%
VTRS Viatris Inc. 0.10% 28,320 $253K Add +12.7%
CAT Caterpillar Inc. 0.10% 600 $233K Reduce -38.5%
COLM Columbia Sportswear Co. 0.09% 3,500 $214K No change
MXC Mexco Energy Corp. 0.07% 20,344 $180K Add +68.9%
Surface Oncology Inc. 0.01% 20,000 $21K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $8.5M (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN 289,505$8.5MReduce -3.3%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 522,789$0Reduce -5.4%

Total filed on the 13F, all lines: $252.4M.

Portfolio Sells Q1 2025 → Q2 2025
TPL Texas Pacific Land Trust Reduce -5.3% 9.73% −2.43
PFE Pfizer Inc. Reduce -40.1% 0.96% −0.63
MSB Mesabi Trust Reduce -6.9% 3.69% −0.56
INVESTOR AB-B SHS Reduce -5.6% 5.55% −0.43
BRK.A Berkshire Hathaway Inc. Class A Reduce -12.5% 2.09% −0.38
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -5.8% 1.93% −0.33
ABBV Abbvie Inc. Reduce -6.0% 2.46% −0.33
CTRA Coterra Energy Inc. Reduce -5.3% 2.00% −0.27
JNJ Johnson & Johnson Reduce -4.6% 3.13% −0.23
PSHZF Pershing Square Holdings Ltd. Reduce -45.0% 0.22% −0.13
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.12
EOG EOG Resources Inc. Reduce -3.4% 1.88% −0.09
YUM Yum! Brands Inc. Sold out 0.00% −0.08
AZO AutoZone Inc. Reduce -12.1% 0.56% −0.06
SHEL Shell PLC-ADR Reduce -4.2% 1.71% −0.04
KEWL Keweenaw Land Association LT Reduce -18.3% 0.11% −0.04
CAT Caterpillar Inc. Reduce -38.5% 0.10% −0.03
MRK Merck & Co. Inc. Reduce -1.0% 0.24% −0.02
NSRGY Nestle SA-Spons ADR Reduce -4.1% 2.82% −0.01
FRMO Frmo Corp. Reduce -6.5% 0.33% +0.01
MMM 3M Co. Reduce -5.5% 0.49% +0.02
TFPM Triple Flag Precious Met Reduce -2.3% 0.11% +0.02
FUJHY Subaru Corp.-Unspons ADR Reduce -1.1% 2.05% +0.03
POGHF Pilot Corp. Reduce -5.4% 1.68% +0.04
LNG Cheniere Energy Inc. Reduce -8.9% 3.10% +0.05
FNV Franco-Nevada Corp. Reduce -5.3% 3.60% +0.15
ACLIF Accelleron Industries AG Reduce -8.7% 1.23% +0.19
SKFRY SKF AB-Sponsored ADR Reduce -6.2% 1.74% +0.21
SIEGY Siemens AG-Spons ADR Reduce -6.0% 3.93% +0.40
ABBNY Abb Ltd.-Spon ADR Reduce -5.0% 3.18% +0.42
BLX Bladex Inc. Reduce -7.4% 5.72% +0.42
WPM Wheaton Precious Metals Corp. Reduce -6.8% 3.52% +0.45
ORCL Oracle Corp. Reduce -15.7% 2.00% +0.57
IBM Intl Business Machines Corp. Reduce -8.6% 6.08% +0.78
ALV Autoliv Inc. Reduce -3.9% 4.22% +0.95
DG Dollar General Corp. Reduce -4.0% 5.03% +1.23

Portfolio Buys Q1 2025 → Q2 2025
MTD Mettler-Toledo International Add +51.5% 1.03% +0.38
CHRD Chord Energy Corp. Add +15.3% 2.15% +0.10
MSFT Microsoft Corp. Add +3.2% 0.16% +0.05
MXC Mexco Energy Corp. Add +68.9% 0.07% +0.04
GOOGL Alphabet Inc. Class A Add +2.0% 0.18% +0.03
VTRS Viatris Inc. Add +12.7% 0.10% +0.02
AAPL Apple Inc. Add +1.8% 0.22% −0.00
CVX Chevron Corp. Add +9.7% 0.14% −0.00
FANG Diamondback Energy Inc. Add +5.6% 1.57% −0.06
BRK.B Berkshire Hathaway Inc. Class B Add +1.6% 3.34% −0.06
OGN Organon & Co. Add +24.6% 2.41% −0.40

Notes & Other Activity Q1 2025 → Q2 2025
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Reduce -3.3% 289,505 $8.5M
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK Reduce -5.4% 522,789 $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