Elgethun Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Elgethun Capital Management reported 151 stock positions worth $447.6 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 15.2% of the portfolio, followed by Fairfax Financial (FRFHF, 7.9%) and iShares MSCI Eafe Value ETF (EFV, 4.7%). Compared with Q4 2024, it opened 9 new positions, sold out of 12, added to 66 and reduced 52. The biggest buy was Boston Omaha Class A (BOC, shares +80%) and the biggest sale an exit from Sirius XM (SIRI).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001638022
- Portfolio Value
- $447.6M (Q1 2025)
- SEC Filing
- 0001420506-25-000978 ↗ filed May 9, 2025
Holdings Value
Holdings 151 stocks · $447.6M
| BRK.B Berkshire Hathaway Inc. Class B | 15.23% | 128,021 | $68.2M | Add +0.7% |
| FRFHF Fairfax Financial Hldgs Ltd. | 7.91% | 24,453 | $35.4M | Add +4.5% |
| EFV iShares MSCI Eafe Value ETF | 4.73% | 359,450 | $21.2M | Add +17.4% |
| LLY Eli Lilly & Co. | 4.55% | 24,636 | $20.3M | Reduce -0.2% |
| IEMG iShares Core MSCI Emerging | 4.07% | 337,557 | $18.2M | Add +7.2% |
| SCHB Schwab US Broad Market ETF | 3.29% | 683,898 | $14.7M | Reduce -3.7% |
| BOC Boston Omaha Corp. Class A | 3.29% | 1,009,471 | $14.7M | Add +80.4% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 2.84% | 413,155 | $12.7M | Add +18.2% |
| CASH Pathward Financial Inc. | 2.84% | 173,959 | $12.7M | Add +4.5% |
| SCHW Schwab (charles) Corp. | 2.78% | 159,001 | $12.4M | Add +7.6% |
| C Citigroup Inc. | 2.69% | 169,505 | $12.0M | Add +6.9% |
| FWONA Liberty Media Corp. Class A | 2.57% | 141,286 | $11.5M | Add +1.3% |
| SCHF Schwab Intl Equity ETF | 2.36% | 534,219 | $10.6M | Add +17.6% |
| LBTYK Liberty Global Ltd. Class C | 2.20% | 820,896 | $9.8M | Add +6.0% |
| MSFT Microsoft Corp. | 2.06% | 24,603 | $9.2M | Add +1.8% |
| AMLP Alerian MLP ETF | 2.02% | 173,982 | $9.0M | Add +1.3% |
| CWGL Crimson Wine Group Ltd. | 1.90% | 1,478,780 | $8.5M | Add +0.6% |
| VDE Vanguard Energy ETF | 1.45% | 50,165 | $6.5M | Add +3.9% |
| TBBK The Bancorp Inc. | 1.30% | 110,425 | $5.8M | Add +1.5% |
| BATRK Atlanta Braves Holdings in-C | 1.22% | 136,281 | $5.5M | Add +5.2% |
| KR Kroger Co. | 1.21% | 80,294 | $5.4M | Add +1.8% |
| KMX Carmax Inc. | 1.08% | 61,907 | $4.8M | Add +0.6% |
| FFXDF Fairfax India Ho-Sub VTG SHS | 1.06% | 283,177 | $4.7M | Add +8.9% |
| AXP American Express Co. | 1.04% | 17,284 | $4.7M | Reduce -1.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.04% | 24,919 | $4.6M | Add +39.9% |
| RSP Invesco S&P 500 Equal Weight | 0.96% | 24,809 | $4.3M | Add +24.6% |
| ACI Albertsons Cos Inc. Class A | 0.95% | 192,662 | $4.2M | Add +8.4% |
| DFH Dream Finders Homes Inc. Class A | 0.93% | 185,088 | $4.2M | Add +44.9% |
| NVR NVR Inc. | 0.93% | 572 | $4.1M | Reduce -2.9% |
| UNH Unitedhealth Group Inc. | 0.88% | 7,483 | $3.9M | Add +5.7% |
| STLA Stellantis NV | 0.79% | 316,685 | $3.6M | Add +259.8% |
| AAPL Apple Inc. | 0.79% | 15,834 | $3.5M | Reduce -5.3% |
| EPD Enterprise Products Partners | 0.78% | 101,630 | $3.5M | Add +0.7% |
| AMZN Amazon.com Inc. | 0.74% | 17,443 | $3.3M | Reduce -4.0% |
| INTC Intel Corp. | 0.71% | 139,136 | $3.2M | Add +243.2% |
| IWR iShares Russell Mid-Cap ETF | 0.68% | 35,515 | $3.0M | Reduce -0.2% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.63% | 132,081 | $2.8M | Reduce -0.6% |
| SCHX Schwab US Large-Cap ETF | 0.54% | 108,731 | $2.4M | Reduce -2.9% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.47% | 51,968 | $2.1M | Add +59.2% |
| WMT Walmart Inc. | 0.46% | 23,357 | $2.1M | Reduce -1.9% |
| SCHV Schwab US Large-Cap Value | 0.44% | 73,488 | $2.0M | Add +14.5% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.38% | 24,064 | $1.7M | Add +0.0% |
| KVUE Kenvue Inc. | 0.36% | 67,497 | $1.6M | Reduce -5.0% |
| V Visa Inc. Class A | 0.31% | 3,952 | $1.4M | Reduce -3.5% |
| VWO Vanguard Ftse Emerging Marke | 0.31% | 30,170 | $1.4M | Add +17.6% |
| ABBV Abbvie Inc. | 0.30% | 6,500 | $1.4M | Reduce -8.8% |
| GOOGL Alphabet Inc. Class A | 0.29% | 8,487 | $1.3M | Add +4.8% |
| GOOG Alphabet Inc. Class C | 0.28% | 8,058 | $1.3M | Add +0.0% |
| JPM JPMorgan Chase & Co. | 0.27% | 4,918 | $1.2M | Add +4.2% |
| HD Home Depot Inc. | 0.27% | 3,292 | $1.2M | Add +13.6% |
| BWB Bridgewater Bancshares Inc. | 0.26% | 82,575 | $1.1M | Reduce -2.6% |
| MRK Merck & Co. Inc. | 0.24% | 11,938 | $1.1M | Reduce -1.4% |
| XOM Exxon Mobil Corp. | 0.24% | 8,971 | $1.1M | Add +2.0% |
| MMM 3M Co. | 0.24% | 7,230 | $1.1M | Add +5.1% |
| MCD McDonald's Corp. | 0.23% | 3,361 | $1.0M | Reduce -1.1% |
| PEP Pepsico Inc. | 0.21% | 6,240 | $936K | Reduce -11.2% |
| CVX Chevron Corp. | 0.20% | 5,279 | $883K | Reduce -19.8% |
| IWM iShares Russell 2000 ETF | 0.18% | 4,129 | $824K | No change |
| KO The Coca-Cola Co. | 0.18% | 11,338 | $812K | Add +5.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.18% | 1 | $798K | No change |
| EFA iShares MSCI Eafe ETF | 0.17% | 9,137 | $747K | No change |
| PM Philip Morris International | 0.16% | 4,618 | $733K | Add +8.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.15% | 9,056 | $685K | Add +72.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.15% | 2,429 | $668K | Add +44.1% |
| NOW ServiceNow Inc. | 0.15% | 830 | $661K | Reduce -2.6% |
| PG The Procter & Gamble Co. | 0.15% | 3,842 | $655K | Reduce -0.8% |
| AVGO Broadcom Inc. | 0.15% | 3,880 | $650K | Reduce -2.5% |
| NVDA Nvidia Corp. | 0.14% | 5,903 | $640K | Add +18.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 3,843 | $638K | Reduce -3.9% |
| JNJ Johnson & Johnson | 0.14% | 3,823 | $634K | Add +6.4% |
| VEA Vanguard Ftse Developed ETF | 0.14% | 12,245 | $622K | New |
| XLF SS Financial Select Sector | 0.14% | 12,344 | $615K | Reduce -6.4% |
| IWO iShares Russell 2000 Growth | 0.14% | 2,375 | $607K | No change |
| BP BP PLC-Spons ADR | 0.13% | 16,640 | $562K | Reduce -4.4% |
| MKL Markel Group Inc. | 0.12% | 297 | $555K | Reduce -2.9% |
| SPGI S&P Global Inc. | 0.12% | 1,083 | $550K | No change |
| BSV Vanguard Short-Term Bond ETF | 0.11% | 6,460 | $506K | New |
| GEF.B Greif Inc. Class B | 0.11% | 8,503 | $504K | Reduce -9.9% |
| DHR Danaher Corp. | 0.11% | 2,432 | $498K | Reduce -3.4% |
| VYM Vanguard High DVD Yield ETF | 0.11% | 3,700 | $477K | New |
| ACN Accenture PLC Class A | 0.11% | 1,512 | $472K | No change |
| MPC Marathon Petroleum Corp. | 0.10% | 3,168 | $462K | Reduce -20.8% |
| BKNG Booking Holdings Inc. | 0.10% | 95 | $438K | Reduce -6.9% |
| URI United Rentals Inc. | 0.10% | 683 | $428K | Add +12.3% |
| ORCL Oracle Corp. | 0.09% | 3,012 | $421K | Add +183.6% |
| MA Mastercard Inc. Class A | 0.09% | 756 | $414K | Reduce -8.0% |
| HON Honeywell International Inc. | 0.09% | 1,930 | $409K | Reduce -12.9% |
| ABT Abbott Laboratories | 0.09% | 3,026 | $401K | Add +6.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 8,011 | $398K | New |
| ICE Intercontinental Exchange Inc. | 0.08% | 2,184 | $377K | No change |
| IJR iShares Core S&P Small-Cap E | 0.08% | 3,595 | $376K | Add +171.5% |
| CB Chubb Ltd. | 0.08% | 1,219 | $368K | No change |
| COST Costco Wholesale Corp. | 0.08% | 384 | $363K | Reduce -2.5% |
| CSX CSX Corp. | 0.08% | 12,310 | $362K | Reduce -3.8% |
| DE Deere & Co. | 0.08% | 755 | $354K | Add +54.7% |
| CAT Caterpillar Inc. | 0.08% | 1,067 | $352K | Reduce -2.7% |
| GRBK Green Brick Partners Inc. | 0.08% | 6,000 | $350K | Add +3.5% |
| RTX RTX Corp. | 0.07% | 2,490 | $330K | Reduce -5.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 589 | $329K | Reduce -14.6% |
| ITW Illinois Tool Works | 0.07% | 1,282 | $318K | Add +8.9% |
Portfolio Sells Q4 2024 → Q1 2025
| SIRI Sirius XM Holdings Inc. | Sold out | 0.00% | −1.38 |
| OPFI Oppfi Inc. | Sold out | 0.00% | −0.98 |
| SCHB Schwab US Broad Market ETF | Reduce -3.7% | 3.29% | −0.62 |
| NVR NVR Inc. | Reduce -2.9% | 0.93% | −0.24 |
| AAPL Apple Inc. | Reduce -5.3% | 0.79% | −0.23 |
| AXP American Express Co. | Reduce -1.9% | 1.04% | −0.23 |
| AMZN Amazon.com Inc. | Reduce -4.0% | 0.74% | −0.23 |
| SCHX Schwab US Large-Cap ETF | Reduce -2.9% | 0.54% | −0.09 |
| IWR iShares Russell Mid-Cap ETF | Reduce -0.2% | 0.68% | −0.09 |
| LLY Eli Lilly & Co. | Reduce -0.2% | 4.55% | −0.08 |
| AVGO Broadcom Inc. | Reduce -2.5% | 0.15% | −0.08 |
| NOW ServiceNow Inc. | Reduce -2.6% | 0.15% | −0.07 |
| WMT Walmart Inc. | Reduce -1.9% | 0.46% | −0.06 |
| MRK Merck & Co. Inc. | Reduce -1.4% | 0.24% | −0.05 |
| PEP Pepsico Inc. | Reduce -11.2% | 0.21% | −0.05 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -3.9% | 0.14% | −0.05 |
| GEF.B Greif Inc. Class B | Reduce -9.9% | 0.11% | −0.04 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.04 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -0.6% | 0.63% | −0.04 |
| TGT Target Corp. | Sold out | 0.00% | −0.04 |
| CRM Salesforce Inc. | Reduce -16.0% | 0.06% | −0.04 |
| CVX Chevron Corp. | Reduce -19.8% | 0.20% | −0.03 |
| BA The Boeing Co. | Sold out | 0.00% | −0.03 |
| MPC Marathon Petroleum Corp. | Reduce -20.8% | 0.10% | −0.03 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.03 |
| HON Honeywell International Inc. | Reduce -12.9% | 0.09% | −0.03 |
| DHR Danaher Corp. | Reduce -3.4% | 0.11% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.03 |
| WERN Werner Enterprises Inc. | Reduce -8.2% | 0.06% | −0.03 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.03 |
| BKNG Booking Holdings Inc. | Reduce -6.9% | 0.10% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -14.6% | 0.07% | −0.02 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.02 |
| BWB Bridgewater Bancshares Inc. | Reduce -2.6% | 0.26% | −0.02 |
| CSX CSX Corp. | Reduce -3.8% | 0.08% | −0.02 |
| INTU Intuit Inc. | Reduce -12.9% | 0.07% | −0.02 |
| ARWR Arrowhead Pharmaceuticals Inc. | Sold out | 0.00% | −0.02 |
| CAT Caterpillar Inc. | Reduce -2.7% | 0.08% | −0.02 |
| XLF SS Financial Select Sector | Reduce -6.4% | 0.14% | −0.02 |
| BAC Bank of America Corp. | Reduce -14.3% | 0.05% | −0.02 |
| AMAT Applied Materials Inc. | Reduce -21.4% | 0.03% | −0.02 |
| QCOM Qualcomm Inc. | Reduce -34.3% | 0.02% | −0.02 |
| SHEL Shell PLC-ADR | Reduce -31.7% | 0.04% | −0.01 |
| INN Summit Hotel Properties Inc. | Reduce -8.3% | 0.03% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -8.0% | 0.09% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -0.8% | 0.15% | −0.01 |
| AMD Advanced Micro Devices | Reduce -6.3% | 0.03% | −0.01 |
| UNP Union Pacific Corp. | Reduce -7.2% | 0.07% | −0.01 |
| AMT American Tower Corp. | Reduce -26.2% | 0.04% | −0.01 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BOC Boston Omaha Corp. Class A | Add +80.4% | 3.29% | +1.36 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.7% | 15.23% | +1.25 |
| EFV iShares MSCI Eafe Value ETF | Add +17.4% | 4.73% | +0.83 |
| STLA Stellantis NV | Add +259.8% | 0.79% | +0.51 |
| INTC Intel Corp. | Add +243.2% | 0.71% | +0.51 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +18.2% | 2.84% | +0.38 |
| SCHF Schwab Intl Equity ETF | Add +17.6% | 2.36% | +0.32 |
| DFH Dream Finders Homes Inc. Class A | Add +44.9% | 0.93% | +0.21 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +39.9% | 1.04% | +0.18 |
| VEA Vanguard Ftse Developed ETF | New | 0.14% | +0.14 |
| SCHW Schwab (charles) Corp. | Add +7.6% | 2.78% | +0.13 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +59.2% | 0.47% | +0.12 |
| RSP Invesco S&P 500 Equal Weight | Add +24.6% | 0.96% | +0.11 |
| BSV Vanguard Short-Term Bond ETF | New | 0.11% | +0.11 |
| VYM Vanguard High DVD Yield ETF | New | 0.11% | +0.11 |
| ACI Albertsons Cos Inc. Class A | Add +8.4% | 0.95% | +0.10 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.09% | +0.09 |
| IEMG iShares Core MSCI Emerging | Add +7.2% | 4.07% | +0.08 |
| IEFA iShares Core MSCI Eafe ETF | Add +72.3% | 0.15% | +0.06 |
| SCHO Schwab Short-Term US Treas | New | 0.06% | +0.06 |
| BND Vanguard Total Bond Market | New | 0.06% | +0.06 |
| TRV The Travelers Cos Inc. | New | 0.05% | +0.05 |
| SCHZ Schwab US Aggregate Bond ETF | New | 0.05% | +0.05 |
| ORCL Oracle Corp. | Add +183.6% | 0.09% | +0.05 |
| VUSB Vanguard Ultra Short Bond Et | New | 0.05% | +0.05 |
| FFXDF Fairfax India Ho-Sub VTG SHS | Add +8.9% | 1.06% | +0.05 |
| IJR iShares Core S&P Small-Cap E | Add +171.5% | 0.08% | +0.05 |
| KR Kroger Co. | Add +1.8% | 1.21% | +0.04 |
| WRB WR Berkley Corp. | Add +0.0% | 0.38% | +0.04 |
| PM Philip Morris International | Add +8.2% | 0.16% | +0.04 |
| VDE Vanguard Energy ETF | Add +3.9% | 1.45% | +0.03 |
| VWO Vanguard Ftse Emerging Marke | Add +17.6% | 0.31% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Add +44.1% | 0.15% | +0.03 |
| SCHV Schwab US Large-Cap Value | Add +14.5% | 0.44% | +0.03 |
| DE Deere & Co. | Add +54.7% | 0.08% | +0.03 |
| MMM 3M Co. | Add +5.1% | 0.24% | +0.02 |
| ECL Ecolab Inc. | Add +70.6% | 0.05% | +0.02 |
| KO The Coca-Cola Co. | Add +5.2% | 0.18% | +0.02 |
| JNJ Johnson & Johnson | Add +6.4% | 0.14% | +0.02 |
| BATRK Atlanta Braves Holdings in-C | Add +5.2% | 1.22% | +0.01 |
| FRFHF Fairfax Financial Hldgs Ltd. | Add +4.5% | 7.91% | +0.01 |
| ABT Abbott Laboratories | Add +6.7% | 0.09% | +0.01 |
| AMLP Alerian MLP ETF | Add +1.3% | 2.02% | +0.01 |
| GLD SPDR Gold Shares | Add +19.4% | 0.04% | +0.01 |
| XOM Exxon Mobil Corp. | Add +2.0% | 0.24% | +0.01 |
| EPD Enterprise Products Partners | Add +0.7% | 0.78% | +0.01 |
| NEM Newmont Corp. | Add +0.5% | 0.04% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +5.7% | 0.88% | +0.01 |
| NKE Nike Inc. Class B | Add +63.4% | 0.03% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +35.3% | 0.03% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 173 | $717.6M | LLY, BRK.B, FRFHF, EFV, IEMG |
| Q1 2026 | 165 | $604.2M | BRK.B, LLY, FRFHF, EFV, IEMG |
| Q4 2025 | 163 | $578.7M | BRK.B, FRFHF, EFV, LLY, IEMG |
| Q3 2025 | 156 | $550.6M | BRK.B, FRFHF, EFV, IEMG, LLY |
| Q2 2025 | 151 | $497.0M | BRK.B, FRFHF, EFV, IEMG, LLY |
| Q1 2025 | 151 | $447.6M | BRK.B, FRFHF, EFV, LLY, IEMG |
| Q4 2024 | 154 | $412.0M | BRK.B, FRFHF, LLY, IEMG, SCHB |
| Q3 2024 | 152 | $425.9M | BRK.B, FRFHF, LLY, IEMG, LBTYK |
| Q2 2024 | 152 | $396.6M | BRK.B, FRFHF, LLY, IEMG, SCHB |
| Q1 2024 | 154 | $396.4M | BRK.B, FRFHF, LLY, IEMG, SCHB |