Beddow Capital Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Beddow Capital Management Inc. reported 53 stock positions worth $262.4 million. Its top holding was Texas Pacific Land Trust (TPL) at 8.0% of the portfolio, followed by Investor AB-B SHS (5.5%) and Intl Business Machines (IBM, 5.4%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 16 and reduced 26. The biggest buy was a new position in Copart (CPRT) and the biggest sale Intl Business Machines (IBM, shares −1%).

Most Recent 13F
Q4 2025
Location
JACKSON, WY
CIK
0001278641
Portfolio Value
$262.4M (Q3 2025)
SEC Filing
0001278641-25-000006 ↗ filed Nov 12, 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 Q2 2025 Q3 2025: $262.4M $262.4M Q3 2025 Q4 2025: $256.1M Q4 2025

Holdings 53 stocks · $262.4M
TPL Texas Pacific Land Trust 8.04% 22,599 $21.1M Add +0.7%
INVESTOR AB-B SHS 5.52% 475,144 $14.5M Reduce -0.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 5.37% 49,968 $14.1M Reduce -0.7%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 5.34% 304,870 $14.0M Reduce -11.9%
DG Dollar General Corp. 4.83% 122,750 $12.7M Add +14.5%
FNV Franco-Nevada Corp. 4.48% 52,732 $11.8M Reduce -1.6%
ALV Autoliv Inc. 4.29% 91,200 $11.3M Reduce -0.8%
MSB Mesabi Trust 4.08% 365,929 $10.7M Reduce -2.4%
WPM Wheaton Precious Metals Corp. 3.97% 93,243 $10.4M Reduce -2.5%
SIEGY Siemens AG-Spons ADR 3.81% 74,000 $10.0M Reduce -0.6%
ABBNY Abb Ltd.-Spon ADR 3.55% 129,565 $9.3M Reduce -0.3%
JNJ Johnson & Johnson 3.52% 49,840 $9.2M Reduce -0.4%
BRK.B Berkshire Hathaway Inc. Class B 3.26% 17,006 $8.6M Add +1.4%
ABBV Abbvie Inc. 2.68% 30,425 $7.0M Reduce -5.8%
LNG Cheniere Energy Inc. 2.67% 29,765 $7.0M Reduce -4.0%
OGN Organon & Co. 2.65% 650,790 $7.0M Add +7.0%
NSRGY Nestle SA-Spons ADR 2.58% 73,734 $6.8M Add +6.6%
FUJHY Subaru Corp.-Unspons ADR 2.29% 595,371 $6.0M Add +2.8%
CHRD Chord Energy Corp. 2.13% 56,240 $5.6M Add +3.9%
BRK.A Berkshire Hathaway Inc. Class A 2.01% 7 $5.3M No change
ORCL Oracle Corp. 2.00% 18,675 $5.3M Reduce -16.2%
CONOCOPHILLIPS (COP 7 03/30/29) 1.88% 52,205 $4.9M Reduce -0.5%
POGHF Pilot Corp. 1.86% 149,451 $4.9M Add +3.8%
FANG Diamondback Energy Inc. 1.80% 32,960 $4.7M Add +18.2%
CTRA Coterra Energy Inc. 1.79% 198,994 $4.7M Add +3.8%
SKFRY SKF AB-Sponsored ADR 1.66% 174,311 $4.4M Reduce -4.8%
ACLIF Accelleron Industries AG 1.65% 49,513 $4.3M Add +0.6%
EOG EOG Resources Inc. 1.64% 38,335 $4.3M Add +0.1%
SHEL Shell PLC-ADR 1.59% 58,501 $4.2M Reduce -1.2%
CPRT Copart Inc. 1.12% 65,485 $2.9M New
MTD Mettler-Toledo International 1.10% 2,347 $2.9M Add +10.3%
AMZN Amazon.com Inc. 0.47% 5,655 $1.2M Reduce -0.5%
AZO AutoZone Inc. 0.43% 265 $1.1M Reduce -27.4%
GOOGL Alphabet Inc. Class A 0.42% 4,500 $1.1M Add +79.3%
PFE Pfizer Inc. 0.34% 34,770 $886K Reduce -64.2%
MMM 3M Co. 0.33% 5,655 $878K Reduce -27.5%
FRMO Frmo Corp. 0.31% 93,877 $826K Reduce -0.4%
AAPL Apple Inc. 0.25% 2,550 $649K Reduce -1.8%
PSHZF Pershing Square Holdings Ltd. 0.24% 10,175 $630K No change
MRK Merck & Co. Inc. 0.22% 6,925 $581K Reduce -5.1%
NVS Novartis AG-Sponsored ADR 0.22% 4,450 $571K Reduce -0.3%
BLDR Builders Firstsource Inc. 0.20% 4,235 $513K New
ALL Allstate Corp. 0.18% 2,250 $483K No change
AZZ Azz Inc. 0.17% 4,100 $447K No change
MSFT Microsoft Corp. 0.16% 800 $414K No change
MXC Mexco Energy Corp. 0.14% 40,861 $374K Add +100.8%
CVX Chevron Corp. 0.14% 2,385 $370K No change
TFPM Triple Flag Precious Met 0.12% 10,750 $315K Reduce -7.7%
VTRS Viatris Inc. 0.11% 30,070 $298K Add +6.2%
KEWL Keweenaw Land Association LT 0.11% 7,652 $291K Reduce -13.2%
TKR Timken Co. 0.11% 3,875 $291K No change
CAT Caterpillar Inc. 0.11% 600 $286K No change
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 293,980$8.9MAdd +1.6%
BRISTOL-MYERS SQUIBB-CVR COMMON STOCK 522,789$0No change

Total filed on the 13F, all lines: $271.3M.

Portfolio Sells Q2 2025 → Q3 2025
IBM Intl Business Machines Corp. Reduce -0.7% 5.37% −0.71
PFE Pfizer Inc. Reduce -64.2% 0.34% −0.63
LNG Cheniere Energy Inc. Reduce -4.0% 2.67% −0.43
BLX Bladex Inc. Reduce -11.9% 5.34% −0.38
MMM 3M Co. Reduce -27.5% 0.33% −0.15
COST Costco Wholesale Corp. Sold out 0.00% −0.13
SIEGY Siemens AG-Spons ADR Reduce -0.6% 3.81% −0.13
AZO AutoZone Inc. Reduce -27.4% 0.43% −0.12
SHEL Shell PLC-ADR Reduce -1.2% 1.59% −0.12
COLM Columbia Sportswear Co. Sold out 0.00% −0.09
SKFRY SKF AB-Sponsored ADR Reduce -4.8% 1.66% −0.08
CONOCOPHILLIPS (COP 7 03/30/29) Reduce -0.5% 1.88% −0.05
AMZN Amazon.com Inc. Reduce -0.5% 0.47% −0.04
INVESTOR AB-B SHS Reduce -0.8% 5.52% −0.03
MRK Merck & Co. Inc. Reduce -5.1% 0.22% −0.02
FRMO Frmo Corp. Reduce -0.4% 0.31% −0.01
NVS Novartis AG-Sponsored ADR Reduce -0.3% 0.22% −0.00
KEWL Keweenaw Land Association LT Reduce -13.2% 0.11% −0.00
ORCL Oracle Corp. Reduce -16.2% 2.00% +0.00
TFPM Triple Flag Precious Met Reduce -7.7% 0.12% +0.01
AAPL Apple Inc. Reduce -1.8% 0.25% +0.03
ALV Autoliv Inc. Reduce -0.8% 4.29% +0.07
ABBV Abbvie Inc. Reduce -5.8% 2.68% +0.23
ABBNY Abb Ltd.-Spon ADR Reduce -0.3% 3.55% +0.37
JNJ Johnson & Johnson Reduce -0.4% 3.52% +0.39
MSB Mesabi Trust Reduce -2.4% 4.08% +0.40
WPM Wheaton Precious Metals Corp. Reduce -2.5% 3.97% +0.45
FNV Franco-Nevada Corp. Reduce -1.6% 4.48% +0.88

Portfolio Buys Q2 2025 → Q3 2025
CPRT Copart Inc. New 1.12% +1.12
ACLIF Accelleron Industries AG Add +0.6% 1.65% +0.42
FUJHY Subaru Corp.-Unspons ADR Add +2.8% 2.29% +0.24
GOOGL Alphabet Inc. Class A Add +79.3% 0.42% +0.24
OGN Organon & Co. Add +7.0% 2.65% +0.23
FANG Diamondback Energy Inc. Add +18.2% 1.80% +0.23
BLDR Builders Firstsource Inc. New 0.20% +0.20
POGHF Pilot Corp. Add +3.8% 1.86% +0.18
MTD Mettler-Toledo International Add +10.3% 1.10% +0.07
MXC Mexco Energy Corp. Add +100.8% 0.14% +0.07
VTRS Viatris Inc. Add +6.2% 0.11% +0.01
CHRD Chord Energy Corp. Add +3.9% 2.13% −0.02
BRK.B Berkshire Hathaway Inc. Class B Add +1.4% 3.26% −0.08
DG Dollar General Corp. Add +14.5% 4.83% −0.19
CTRA Coterra Energy Inc. Add +3.8% 1.79% −0.20
NSRGY Nestle SA-Spons ADR Add +6.6% 2.58% −0.24
EOG EOG Resources Inc. Add +0.1% 1.64% −0.24
TPL Texas Pacific Land Trust Add +0.7% 8.04% −1.69

Notes & Other Activity Q2 2025 → Q3 2025
CITIGROUP CAPITAL XIII (C V0 10/30/40) C.PRN Add +1.6% 293,980 $8.9M

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