Elgethun Capital Management

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Elgethun Capital Management reported 154 stock positions worth $412.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 14.0% of the portfolio, followed by Fairfax Financial (FRFHF, 7.9%) and Eli Lilly (LLY, 4.6%). Compared with Q3 2024, it opened 3 new positions, sold out of 1, added to 96 and reduced 30. The biggest buy was Citigroup (C, shares +102%) and the biggest sale Bancorp (TBBK, shares −53%).

Most Recent 13F
Q2 2026
Location
SIOUX FALLS, SD
CIK
0001638022
Portfolio Value
$412.0M (Q4 2024)
SEC Filing
0001420506-25-000343 ↗ filed Feb 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $396.4M Q1 2024 Q2 2024: $396.6M Q2 2024 Q3 2024: $425.9M Q3 2024 Q4 2024: $412.0M $412.0M Q4 2024 Q1 2025: $447.6M Q1 2025 Q2 2025: $497.0M Q2 2025 Q3 2025: $550.6M Q3 2025 Q4 2025: $578.7M Q4 2025 Q1 2026: $604.2M Q1 2026 Q2 2026: $717.6M Q2 2026

Holdings 154 stocks · $412.0M
BRK.B Berkshire Hathaway Inc. Class B 13.99% 127,125 $57.6M Reduce -0.9%
FRFHF Fairfax Financial Hldgs Ltd. 7.89% 23,402 $32.5M Add +1.4%
LLY Eli Lilly & Co. 4.63% 24,690 $19.1M Add +0.2%
IEMG iShares Core MSCI Emerging 3.99% 314,878 $16.4M Reduce -0.8%
SCHB Schwab US Broad Market ETF 3.91% 709,865 $16.1M Reduce -1.9%
EFV iShares MSCI Eafe Value ETF 3.90% 306,221 $16.1M Add +8.8%
CASH Pathward Financial Inc. 2.97% 166,489 $12.3M Reduce -14.2%
FWONA Liberty Media Corp. Class A 2.84% 139,433 $11.7M Add +0.1%
C Citigroup Inc. 2.71% 158,599 $11.2M Add +102.5%
SCHW Schwab (charles) Corp. 2.65% 147,774 $10.9M Add +1.4%
MSFT Microsoft Corp. 2.47% 24,159 $10.2M Add +0.9%
LBTYK Liberty Global Ltd. Class C 2.47% 774,754 $10.2M Add +1.9%
FNDE Schwab Fndmntl Em MRK Eq ETF 2.47% 349,671 $10.2M Add +9.6%
CWGL Crimson Wine Group Ltd. 2.26% 1,469,364 $9.3M Add +0.8%
SCHF Schwab Intl Equity ETF 2.04% 454,269 $8.4M Add +25.0%
AMLP Alerian MLP ETF 2.01% 171,730 $8.3M Add +3.3%
BOC Boston Omaha Corp. Class A 1.93% 559,485 $7.9M Add +16.4%
VDE Vanguard Energy ETF 1.42% 48,273 $5.9M Add +4.3%
TBBK The Bancorp Inc. 1.39% 108,821 $5.7M Reduce -52.6%
SIRI Sirius XM Holdings Inc. 1.38% 249,088 $5.7M Add +1.7%
AXP American Express Co. 1.27% 17,614 $5.2M Reduce -5.5%
KMX Carmax Inc. 1.22% 61,547 $5.0M Add +7.5%
BATRK Atlanta Braves Holdings in-C 1.20% 129,566 $5.0M Add +4.1%
KR Kroger Co. 1.17% 78,852 $4.8M Reduce -2.8%
NVR NVR Inc. 1.17% 589 $4.8M Reduce -36.0%
AAPL Apple Inc. 1.02% 16,713 $4.2M Add +10.2%
FFXDF Fairfax India Ho-Sub VTG SHS 1.01% 259,927 $4.2M Add +14.2%
OPFI Oppfi Inc. 0.98% 525,378 $4.0M Reduce -15.8%
AMZN Amazon.com Inc. 0.97% 18,168 $4.0M Add +3.2%
UNH Unitedhealth Group Inc. 0.87% 7,080 $3.6M Add +0.8%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.86% 17,808 $3.5M Add +6.0%
RSP Invesco S&P 500 Equal Weight 0.85% 19,917 $3.5M Add +1105.6%
ACI Albertsons Cos Inc. Class A 0.85% 177,667 $3.5M Add +1.1%
EPD Enterprise Products Partners 0.77% 100,910 $3.2M Add +1.2%
IWR iShares Russell Mid-Cap ETF 0.76% 35,575 $3.1M Add +0.0%
DFH Dream Finders Homes Inc. Class A 0.72% 127,704 $3.0M Add +10.1%
BTT BlackRock 2030 Muni TRGT TRM 0.66% 132,918 $2.7M Reduce -0.1%
SCHX Schwab US Large-Cap ETF 0.63% 111,971 $2.6M Reduce -6.9%
WMT Walmart Inc. 0.52% 23,806 $2.2M Add +3.5%
SCHV Schwab US Large-Cap Value 0.41% 64,157 $1.7M Add +2.9%
GOOG Alphabet Inc. Class C 0.37% 8,055 $1.5M Add +3.6%
GOOGL Alphabet Inc. Class A 0.37% 8,097 $1.5M Add +3.7%
KVUE Kenvue Inc. 0.37% 71,046 $1.5M Reduce -3.5%
SPSM SS SPDR P S&P 600 Small Cap 0.36% 32,640 $1.5M New
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.34% 24,062 $1.4M Add +0.0%
V Visa Inc. Class A 0.31% 4,095 $1.3M Add +2.6%
ABBV Abbvie Inc. 0.31% 7,131 $1.3M Add +0.3%
MRK Merck & Co. Inc. 0.29% 12,105 $1.2M Add +0.4%
STLA Stellantis NV 0.28% 88,018 $1.1M Reduce -60.6%
BWB Bridgewater Bancshares Inc. 0.28% 84,824 $1.1M Reduce -3.5%
JPM JPMorgan Chase & Co. 0.27% 4,720 $1.1M Add +5.9%
VWO Vanguard Ftse Emerging Marke 0.27% 25,663 $1.1M Reduce -0.2%
HD Home Depot Inc. 0.27% 2,899 $1.1M Add +5.4%
PEP Pepsico Inc. 0.26% 7,027 $1.1M Add +0.7%
MCD McDonald's Corp. 0.24% 3,400 $986K Add +0.4%
CVX Chevron Corp. 0.23% 6,580 $953K Add +6.3%
XOM Exxon Mobil Corp. 0.23% 8,793 $946K Add +6.1%
AVGO Broadcom Inc. 0.22% 3,980 $923K Add +6.1%
IWM iShares Russell 2000 ETF 0.22% 4,129 $912K No change
NOW ServiceNow Inc. 0.22% 852 $903K Add +2.6%
MMM 3M Co. 0.22% 6,878 $888K Reduce -6.7%
INTC Intel Corp. 0.20% 40,537 $813K Reduce -68.8%
TSM Taiwan Semiconductor-SP ADR 0.19% 4,000 $790K Reduce -13.4%
EFA iShares MSCI Eafe ETF 0.17% 9,137 $691K No change
IWO iShares Russell 2000 Growth 0.17% 2,375 $684K No change
BRK.A Berkshire Hathaway Inc. Class A 0.17% 1 $681K New
KO The Coca-Cola Co. 0.16% 10,781 $671K Add +2.5%
NVDA Nvidia Corp. 0.16% 4,993 $671K Add +30.2%
PG The Procter & Gamble Co. 0.16% 3,875 $650K Add +6.8%
GEF.B Greif Inc. Class B 0.16% 9,441 $641K Add +0.2%
XLF SS Financial Select Sector 0.15% 13,190 $637K Add +0.0%
DHR Danaher Corp. 0.14% 2,517 $578K Add +3.5%
MPC Marathon Petroleum Corp. 0.14% 4,000 $558K No change
SPGI S&P Global Inc. 0.13% 1,083 $540K No change
ACN Accenture PLC Class A 0.13% 1,512 $532K No change
MKL Markel Group Inc. 0.13% 306 $528K Reduce -19.1%
JNJ Johnson & Johnson 0.13% 3,594 $520K Add +4.0%
BP BP PLC-Spons ADR 0.12% 17,405 $514K Add +3.4%
PM Philip Morris International 0.12% 4,269 $514K Add +0.4%
BKNG Booking Holdings Inc. 0.12% 102 $507K Add +7.4%
HON Honeywell International Inc. 0.12% 2,215 $500K Add +0.1%
VTI VG Morningstar TS MKT ETF-US 0.12% 1,685 $488K New
MA Mastercard Inc. Class A 0.10% 822 $433K Add +8.7%
URI United Rentals Inc. 0.10% 608 $428K No change
CSX CSX Corp. 0.10% 12,792 $413K Add +3.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.10% 690 $404K Reduce -30.3%
CAT Caterpillar Inc. 0.10% 1,097 $398K Add +16.4%
CRM Salesforce Inc. 0.09% 1,144 $382K Add +14.5%
WERN Werner Enterprises Inc. 0.09% 10,556 $379K Reduce -1.2%
IEFA iShares Core MSCI Eafe ETF 0.09% 5,256 $369K Add +0.4%
INTU Intuit Inc. 0.09% 581 $365K Add +14.8%
COST Costco Wholesale Corp. 0.09% 394 $361K Add +8.0%
CB Chubb Ltd. 0.08% 1,219 $337K No change
GRBK Green Brick Partners Inc. 0.08% 5,800 $328K No change
ICE Intercontinental Exchange Inc. 0.08% 2,184 $325K No change
UNP Union Pacific Corp. 0.08% 1,421 $324K Add +8.1%
ABT Abbott Laboratories 0.08% 2,837 $321K Add +6.8%
RTX RTX Corp. 0.07% 2,633 $305K Add +12.7%
ITW Illinois Tool Works 0.07% 1,177 $298K Add +1.8%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.07% 8,602 $286K Add +1.4%
SYY Sysco Corp. 0.07% 3,727 $285K Add +0.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.07% 6,472 $284K Add +16.8%
LMT Lockheed Martin Corp. 0.07% 560 $272K Add +0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 1,222 $269K Add +0.7%
LOW Lowe's Cos Inc. 0.06% 1,004 $248K Add +0.1%
ETN Eaton Corp. PLC 0.06% 725 $241K No change
DHI D.R. Horton Inc. 0.06% 1,717 $240K No change
DEM Wisdomtree Emerging Markets 0.06% 5,906 $239K Add +0.1%
KNF Knife River Corp. 0.06% 2,307 $234K No change
MDLZ Mondelez International Inc. Class A 0.05% 3,761 $225K No change
SHEL Shell PLC-ADR 0.05% 3,553 $223K Add +15.2%
NEE Nextera Energy Inc. 0.05% 3,094 $222K No change
CASY Casey's General Stores Inc. 0.05% 539 $213K No change
IVV iShares Core S&P 500 ETF 0.05% 360 $212K Reduce -54.9%
NOC Northrop Grumman Corp. 0.05% 446 $210K Add +0.2%
DE Deere & Co. 0.05% 488 $207K Add +0.4%
VTS Vitesse Energy Inc. 0.05% 7,766 $194K Reduce -1.8%
VOO Vanguard S&P 500 ETF 0.05% 360 $194K Add +27.2%
MDU Mdu Resources Group Inc. 0.05% 10,622 $191K Add +0.3%
SCHA Schwab US Small-Cap ETF 0.05% 7,386 $191K Add +3.1%
AMAT Applied Materials Inc. 0.05% 1,166 $190K Add +14.7%
AMT American Tower Corp. 0.05% 1,027 $188K Add +3.6%
ORCL Oracle Corp. 0.04% 1,062 $177K Add +20.8%
MNST Monster Beverage Corp. 0.04% 3,360 $177K No change
UPS United Parcel Service Class B 0.04% 1,365 $172K Add +1.3%
IVLU iShares MSCI International V 0.04% 6,276 $170K Reduce -49.2%
ITB iShares U.S. Home Constructi 0.04% 1,644 $170K No change
INN Summit Hotel Properties Inc. 0.04% 24,248 $166K Add +1.0%
AMD Advanced Micro Devices 0.04% 1,373 $166K Add +40.0%
IJH iShares Core S&P Midcap ETF 0.04% 2,611 $163K Add +0.3%
QCOM Qualcomm Inc. 0.04% 1,055 $162K Add +14.3%
WFC Wells Fargo & Co. 0.04% 2,297 $161K Reduce -97.5%
LPLA LPL Financial Holdings Inc. 0.04% 493 $161K No change
TXN Texas Instruments Inc. 0.04% 845 $158K Add +0.1%
IJR iShares Core S&P Small-Cap E 0.04% 1,324 $153K Add +0.5%
TGT Target Corp. 0.04% 1,102 $149K No change
BA The Boeing Co. 0.03% 780 $138K Add +2.8%
NEM Newmont Corp. 0.03% 3,585 $133K Add +0.7%
FL Foot Locker Inc. 0.03% 5,808 $126K No change
GM General Motors Co. 0.03% 2,365 $126K Reduce -48.7%
GLD SPDR Gold Shares 0.03% 515 $125K Reduce -22.6%
SBUX Starbucks Corp. 0.03% 1,311 $120K Add +17.7%
DEO Diageo PLC-Sponsored ADR 0.03% 935 $119K Add +1.6%
HSY The Hershey Co. 0.03% 696 $118K Add +0.7%
ECL Ecolab Inc. 0.03% 473 $111K No change
PFE Pfizer Inc. 0.03% 4,129 $110K Reduce -3.2%
NKE Nike Inc. Class B 0.02% 1,236 $94K Add +13.7%
AFL Aflac Inc. 0.02% 883 $91K Add +0.5%
VNQ Vanguard Real Estate ETF 0.02% 973 $87K Add +0.5%
ARWR Arrowhead Pharmaceuticals Inc. 0.02% 4,000 $75K No change
NGD New Gold Inc. 0.01% 15,000 $37K No change
XEL Xcel Energy Inc. 0.01% 503 $34K Reduce -80.2%
BUD Anheuser-Busch Inbev-SPN ADR 0.01% 438 $22K Reduce -99.3%
LCTX Lineage Cell Therapeutics Inc. 0.00% 15,000 $8K No change

Portfolio Sells Q3 2024 → Q4 2024
TBBK The Bancorp Inc. Reduce -52.6% 1.39% −1.49
WFC Wells Fargo & Co. Reduce -97.5% 0.04% −1.16
NVR NVR Inc. Reduce -36.0% 1.17% −0.95
BUD Anheuser-Busch Inbev-SPN ADR Reduce -99.3% 0.01% −0.95
INTC Intel Corp. Reduce -68.8% 0.20% −0.52
STLA Stellantis NV Reduce -60.6% 0.28% −0.46
IEMG iShares Core MSCI Emerging Reduce -0.8% 3.99% −0.29
IVV iShares Core S&P 500 ETF Reduce -54.9% 0.05% −0.06
IVLU iShares MSCI International V Reduce -49.2% 0.04% −0.04
CEF Sprott Physical Gold and Sil Sold out 0.00% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -30.3% 0.10% −0.04
CASH Pathward Financial Inc. Reduce -14.2% 2.97% −0.03
KVUE Kenvue Inc. Reduce -3.5% 0.37% −0.03
XEL Xcel Energy Inc. Reduce -80.2% 0.01% −0.03
MMM 3M Co. Reduce -6.7% 0.22% −0.02
GM General Motors Co. Reduce -48.7% 0.03% −0.02
VWO Vanguard Ftse Emerging Marke Reduce -0.2% 0.27% −0.01
BWB Bridgewater Bancshares Inc. Reduce -3.5% 0.28% −0.01
MKL Markel Group Inc. Reduce -19.1% 0.13% −0.01
BTT BlackRock 2030 Muni TRGT TRM Reduce -0.1% 0.66% −0.01
SCHX Schwab US Large-Cap ETF Reduce -6.9% 0.63% −0.01
GLD SPDR Gold Shares Reduce -22.6% 0.03% −0.01
WERN Werner Enterprises Inc. Reduce -1.2% 0.09% −0.00
PFE Pfizer Inc. Reduce -3.2% 0.03% −0.00
VTS Vitesse Energy Inc. Reduce -1.8% 0.05% +0.00
TSM Taiwan Semiconductor-SP ADR Reduce -13.4% 0.19% +0.00
KR Kroger Co. Reduce -2.8% 1.17% +0.08
AXP American Express Co. Reduce -5.5% 1.27% +0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.9% 13.99% +0.13
SCHB Schwab US Broad Market ETF Reduce -1.9% 3.91% +0.14
OPFI Oppfi Inc. Reduce -15.8% 0.98% +0.28

Portfolio Buys Q3 2024 → Q4 2024
C Citigroup Inc. Add +102.5% 2.71% +1.56
FRFHF Fairfax Financial Hldgs Ltd. Add +1.4% 7.89% +1.07
RSP Invesco S&P 500 Equal Weight Add +1105.6% 0.85% +0.78
FWONA Liberty Media Corp. Class A Add +0.1% 2.84% +0.51
SCHW Schwab (charles) Corp. Add +1.4% 2.65% +0.44
SPSM SS SPDR P S&P 600 Small Cap New 0.36% +0.36
SCHF Schwab Intl Equity ETF Add +25.0% 2.04% +0.29
BOC Boston Omaha Corp. Class A Add +16.4% 1.93% +0.25
FFXDF Fairfax India Ho-Sub VTG SHS Add +14.2% 1.01% +0.21
AMZN Amazon.com Inc. Add +3.2% 0.97% +0.20
AAPL Apple Inc. Add +10.2% 1.02% +0.19
KMX Carmax Inc. Add +7.5% 1.22% +0.18
AMLP Alerian MLP ETF Add +3.3% 2.01% +0.17
BRK.A Berkshire Hathaway Inc. Class A New 0.17% +0.17
VTI VG Morningstar TS MKT ETF-US New 0.12% +0.12
CWGL Crimson Wine Group Ltd. Add +0.8% 2.26% +0.10
EFV iShares MSCI Eafe Value ETF Add +8.8% 3.90% +0.10
VDE Vanguard Energy ETF Add +4.3% 1.42% +0.09
EPD Enterprise Products Partners Add +1.2% 0.77% +0.09
WMT Walmart Inc. Add +3.5% 0.52% +0.09
ACI Albertsons Cos Inc. Class A Add +1.1% 0.85% +0.08
AVGO Broadcom Inc. Add +6.1% 0.22% +0.07
GOOGL Alphabet Inc. Class A Add +3.7% 0.37% +0.07
GOOG Alphabet Inc. Class C Add +3.6% 0.37% +0.07
VBR Vngrd Mrngst SL-CP Val ETF-U Add +6.0% 0.86% +0.07
V Visa Inc. Class A Add +2.6% 0.31% +0.06
MSFT Microsoft Corp. Add +0.9% 2.47% +0.05
JPM JPMorgan Chase & Co. Add +5.9% 0.27% +0.05
NVDA Nvidia Corp. Add +30.2% 0.16% +0.05
FNDE Schwab Fndmntl Em MRK Eq ETF Add +9.6% 2.47% +0.05
NOW ServiceNow Inc. Add +2.6% 0.22% +0.04
BATRK Atlanta Braves Holdings in-C Add +4.1% 1.20% +0.04
BKNG Booking Holdings Inc. Add +7.4% 0.12% +0.03
CRM Salesforce Inc. Add +14.5% 0.09% +0.03
IWR iShares Russell Mid-Cap ETF Add +0.0% 0.76% +0.03
WRB WR Berkley Corp. Add +0.0% 0.34% +0.02
SIRI Sirius XM Holdings Inc. Add +1.7% 1.38% +0.02
BAC Bank of America Corp. Add +16.8% 0.07% +0.02
MA Mastercard Inc. Class A Add +8.7% 0.10% +0.02
CVX Chevron Corp. Add +6.3% 0.23% +0.02
INTU Intuit Inc. Add +14.8% 0.09% +0.01
XLF SS Financial Select Sector Add +0.0% 0.15% +0.01
HON Honeywell International Inc. Add +0.1% 0.12% +0.01
SCHV Schwab US Large-Cap Value Add +2.9% 0.41% +0.01
HD Home Depot Inc. Add +5.4% 0.27% +0.01
VOO Vanguard S&P 500 ETF Add +27.2% 0.05% +0.01
COST Costco Wholesale Corp. Add +8.0% 0.09% +0.01
CAT Caterpillar Inc. Add +16.4% 0.10% +0.01
PG The Procter & Gamble Co. Add +6.8% 0.16% +0.01
ORCL Oracle Corp. Add +20.8% 0.04% +0.01

Notes & Other Activity Q3 2024 → Q4 2024
OPFI.WS Oppfi Inc. -CW26 *W EXP 07/20/202 Sold out 109,700 $23Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 173$717.6MLLY, BRK.B, FRFHF, EFV, IEMG
Q1 2026 165$604.2MBRK.B, LLY, FRFHF, EFV, IEMG
Q4 2025 163$578.7MBRK.B, FRFHF, EFV, LLY, IEMG
Q3 2025 156$550.6MBRK.B, FRFHF, EFV, IEMG, LLY
Q2 2025 151$497.0MBRK.B, FRFHF, EFV, IEMG, LLY
Q1 2025 151$447.6MBRK.B, FRFHF, EFV, LLY, IEMG
Q4 2024 154$412.0MBRK.B, FRFHF, LLY, IEMG, SCHB
Q3 2024 152$425.9MBRK.B, FRFHF, LLY, IEMG, LBTYK
Q2 2024 152$396.6MBRK.B, FRFHF, LLY, IEMG, SCHB
Q1 2024 154$396.4MBRK.B, FRFHF, LLY, IEMG, SCHB