Elgethun Capital Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Elgethun Capital Management reported 151 stock positions worth $497.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 11.7% of the portfolio, followed by Fairfax Financial (FRFHF, 9.0%) and iShares MSCI Eafe Value ETF (EFV, 4.9%). Compared with Q1 2025, it opened 2 new positions, sold out of 2, added to 60 and reduced 43. The biggest buy was a new position in Advance Auto Parts (AAP) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −7%).

Most Recent 13F
Q2 2026
Location
SIOUX FALLS, SD
CIK
0001638022
Portfolio Value
$497.0M (Q2 2025)
SEC Filing
0001420506-25-001875 ↗ filed Aug 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 Q4 2024 Q1 2025: $447.6M Q1 2025 Q2 2025: $497.0M $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 151 stocks · $497.0M
BRK.B Berkshire Hathaway Inc. Class B 11.65% 119,219 $57.9M Reduce -6.9%
FRFHF Fairfax Financial Hldgs Ltd. 9.01% 24,782 $44.8M Add +1.4%
EFV iShares MSCI Eafe Value ETF 4.91% 384,036 $24.4M Add +6.8%
IEMG iShares Core MSCI Emerging 4.22% 349,535 $21.0M Add +3.5%
LLY Eli Lilly & Co. 3.86% 24,637 $19.2M Add +0.0%
SCHB Schwab US Broad Market ETF 3.17% 661,901 $15.8M Reduce -3.2%
FNDE Schwab Fndmntl Em MRK Eq ETF 2.97% 446,527 $14.7M Add +8.1%
C Citigroup Inc. 2.96% 172,895 $14.7M Add +2.0%
BOC Boston Omaha Corp. Class A 2.96% 1,047,984 $14.7M Add +3.8%
SCHW Schwab (charles) Corp. 2.95% 160,598 $14.7M Add +1.0%
CASH Pathward Financial Inc. 2.79% 175,215 $13.9M Add +0.7%
FWONA Liberty Media Corp. Class A 2.75% 143,968 $13.7M Add +1.9%
TBBK The Bancorp Inc. 2.54% 221,559 $12.6M Add +100.6%
SCHF Schwab Intl Equity ETF 2.53% 569,419 $12.6M Add +6.6%
MSFT Microsoft Corp. 2.44% 24,412 $12.1M Reduce -0.8%
DFH Dream Finders Homes Inc. Class A 2.30% 454,112 $11.4M Add +145.3%
LBTYK Liberty Global Ltd. Class C 1.75% 843,187 $8.7M Add +2.7%
CWGL Crimson Wine Group Ltd. 1.72% 1,555,453 $8.6M Add +5.2%
AMLP Alerian MLP ETF 1.70% 172,888 $8.4M Reduce -0.6%
AAP Advance Auto Parts Inc. 1.56% 167,284 $7.8M New
BATRK Atlanta Braves Holdings in-C 1.37% 145,531 $6.8M Add +6.8%
VDE Vanguard Energy ETF 1.24% 51,697 $6.2M Add +3.0%
FFXDF Fairfax India Ho-Sub VTG SHS 1.15% 309,029 $5.7M Add +9.1%
KR Kroger Co. 1.15% 79,608 $5.7M Reduce -0.8%
RSP Invesco S&P 500 Equal Weight 1.14% 31,087 $5.6M Add +25.3%
VBR Vngrd Mrngst SL-CP Val ETF-U 1.12% 28,515 $5.6M Add +14.4%
AXP American Express Co. 1.10% 17,113 $5.5M Reduce -1.0%
OXY Occidental Petroleum Corp. 1.09% 129,277 $5.4M New
EPD Enterprise Products Partners 1.07% 172,285 $5.3M Add +69.5%
ACI Albertsons Cos Inc. Class A 0.87% 201,558 $4.3M Add +4.6%
NVR NVR Inc. 0.86% 580 $4.3M Add +1.4%
AMZN Amazon.com Inc. 0.77% 17,429 $3.8M Reduce -0.1%
STLA Stellantis NV 0.69% 342,727 $3.4M Add +8.2%
UNH Unitedhealth Group Inc. 0.67% 10,692 $3.3M Add +42.9%
IWR iShares Russell Mid-Cap ETF 0.66% 35,515 $3.3M No change
AAPL Apple Inc. 0.65% 15,759 $3.2M Reduce -0.5%
INTC Intel Corp. 0.60% 132,415 $3.0M Reduce -4.8%
BTT BlackRock 2030 Muni TRGT TRM 0.58% 132,251 $2.9M Add +0.1%
SPSM SS SPDR P S&P 600 Small Cap 0.47% 55,395 $2.4M Add +6.6%
WMT Walmart Inc. 0.46% 23,337 $2.3M Reduce -0.1%
SCHX Schwab US Large-Cap ETF 0.43% 87,618 $2.1M Reduce -19.4%
SCHV Schwab US Large-Cap Value 0.41% 73,805 $2.0M Add +0.4%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.36% 24,066 $1.8M Add +0.0%
GOOGL Alphabet Inc. Class A 0.32% 9,052 $1.6M Add +6.7%
VWO Vanguard Ftse Emerging Marke 0.30% 29,907 $1.5M Reduce -0.9%
GOOG Alphabet Inc. Class C 0.30% 8,268 $1.5M Add +2.6%
JPM JPMorgan Chase & Co. 0.29% 4,902 $1.4M Reduce -0.3%
V Visa Inc. Class A 0.28% 3,952 $1.4M No change
BWB Bridgewater Bancshares Inc. 0.26% 82,225 $1.3M Reduce -0.4%
HD Home Depot Inc. 0.24% 3,292 $1.2M No change
ABBV Abbvie Inc. 0.23% 6,218 $1.2M Reduce -4.3%
MMM 3M Co. 0.22% 7,112 $1.1M Reduce -1.6%
AVGO Broadcom Inc. 0.22% 3,880 $1.1M No change
MCD McDonald's Corp. 0.20% 3,400 $993K Add +1.2%
MRK Merck & Co. Inc. 0.19% 11,979 $948K Add +0.3%
IWM iShares Russell 2000 ETF 0.18% 4,129 $891K No change
NVDA Nvidia Corp. 0.18% 5,573 $881K Reduce -5.6%
TSM Taiwan Semiconductor-SP ADR 0.17% 3,823 $866K Reduce -0.5%
IVV iShares Core S&P 500 ETF 0.17% 1,387 $861K Add +285.3%
NOW ServiceNow Inc. 0.17% 830 $853K No change
XOM Exxon Mobil Corp. 0.17% 7,845 $846K Reduce -12.6%
PM Philip Morris International 0.17% 4,626 $843K Add +0.2%
PEP Pepsico Inc. 0.17% 6,351 $839K Add +1.8%
EFA iShares MSCI Eafe ETF 0.16% 9,137 $817K No change
IEFA iShares Core MSCI Eafe ETF 0.16% 9,636 $804K Add +6.4%
CVX Chevron Corp. 0.16% 5,600 $802K Add +6.1%
KO The Coca-Cola Co. 0.16% 11,155 $789K Reduce -1.6%
BRK.A Berkshire Hathaway Inc. Class A 0.15% 1 $729K No change
VTI VG Morningstar TS MKT ETF-US 0.14% 2,350 $714K Reduce -3.3%
VEA Vanguard Ftse Developed ETF 0.14% 12,283 $700K Add +0.3%
ORCL Oracle Corp. 0.13% 3,012 $658K No change
XLF SS Financial Select Sector 0.13% 12,154 $637K Reduce -1.5%
JNJ Johnson & Johnson 0.12% 4,062 $620K Add +6.3%
PG The Procter & Gamble Co. 0.12% 3,855 $614K Add +0.3%
IWO iShares Russell 2000 Growth 0.12% 2,075 $593K Reduce -12.6%
BKNG Booking Holdings Inc. 0.11% 95 $550K No change
MPC Marathon Petroleum Corp. 0.11% 3,168 $526K No change
MKL Markel Group Inc. 0.11% 262 $523K Reduce -11.8%
SPGI S&P Global Inc. 0.10% 983 $518K Reduce -9.2%
URI United Rentals Inc. 0.10% 683 $515K No change
VYM Vanguard High DVD Yield ETF 0.10% 3,700 $493K No change
DHR Danaher Corp. 0.10% 2,432 $480K No change
ACN Accenture PLC Class A 0.09% 1,512 $452K No change
MA Mastercard Inc. Class A 0.09% 756 $425K No change
GEF.B Greif Inc. Class B 0.08% 6,091 $420K Reduce -28.4%
BSV Vanguard Short-Term Bond ETF 0.08% 5,310 $418K Reduce -17.8%
HON Honeywell International Inc. 0.08% 1,750 $408K Reduce -9.3%
ABT Abbott Laboratories 0.08% 2,969 $404K Reduce -1.9%
CAT Caterpillar Inc. 0.08% 1,038 $403K Reduce -2.7%
CSX CSX Corp. 0.08% 12,310 $402K No change
BP BP PLC-Spons ADR 0.08% 13,355 $400K Reduce -19.7%
INTU Intuit Inc. 0.08% 506 $399K No change
IJR iShares Core S&P Small-Cap E 0.08% 3,598 $393K Add +0.1%
VTEB Vanguard Tax-Exempt Bond ETF 0.08% 8,011 $393K No change
DE Deere & Co. 0.08% 756 $384K Add +0.1%
COST Costco Wholesale Corp. 0.08% 384 $380K No change
GRBK Green Brick Partners Inc. 0.08% 6,000 $377K No change
RTX RTX Corp. 0.07% 2,496 $365K Add +0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 1,235 $364K Add +0.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 589 $364K No change
CB Chubb Ltd. 0.07% 1,219 $353K No change
FNDF Schwab Fndmn Intl LRG Co. ETF 0.07% 8,189 $328K Reduce -3.8%
ICE Intercontinental Exchange Inc. 0.07% 1,784 $327K Reduce -18.3%
ITW Illinois Tool Works 0.06% 1,282 $317K No change
UNP Union Pacific Corp. 0.06% 1,319 $304K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 6,182 $293K Add +11.4%
SYY Sysco Corp. 0.06% 3,669 $278K Add +0.7%
CASY Casey's General Stores Inc. 0.06% 539 $275K No change
DEM Wisdomtree Emerging Markets 0.05% 5,905 $267K No change
CRM Salesforce Inc. 0.05% 961 $262K No change
LMT Lockheed Martin Corp. 0.05% 560 $259K No change
ETN Eaton Corp. PLC 0.05% 725 $259K No change
SCHO Schwab Short-Term US Treas 0.05% 10,478 $255K Reduce -8.7%
WERN Werner Enterprises Inc. 0.05% 9,150 $250K Reduce -5.6%
TRV The Travelers Cos Inc. 0.05% 910 $244K No change
SCHZ Schwab US Aggregate Bond ETF 0.05% 10,000 $232K No change
NOC Northrop Grumman Corp. 0.05% 448 $224K Add +0.2%
LOW Lowe's Cos Inc. 0.04% 1,004 $223K No change
DHI D.R. Horton Inc. 0.04% 1,717 $221K No change
VOO Vanguard S&P 500 ETF 0.04% 387 $220K Add +0.5%
NEE Nextera Energy Inc. 0.04% 3,094 $215K No change
NEM Newmont Corp. 0.04% 3,619 $211K Add +0.4%
MNST Monster Beverage Corp. 0.04% 3,360 $210K No change
SCHA Schwab US Small-Cap ETF 0.04% 8,215 $208K Add +1.2%
VTS Vitesse Energy Inc. 0.04% 9,402 $208K Add +26.4%
IVLU iShares MSCI International V 0.04% 6,129 $202K Reduce -2.3%
UPS United Parcel Service Class B 0.04% 1,889 $191K Add +36.5%
ECL Ecolab Inc. 0.04% 707 $190K Reduce -12.4%
KNF Knife River Corp. 0.04% 2,307 $188K No change
GLD SPDR Gold Shares 0.04% 615 $187K No change
LPLA LPL Financial Holdings Inc. 0.04% 493 $185K No change
AMD Advanced Micro Devices 0.04% 1,288 $183K Add +0.1%
MDU Mdu Resources Group Inc. 0.04% 10,713 $179K Add +0.4%
TXN Texas Instruments Inc. 0.04% 844 $175K Reduce -0.1%
SHEL Shell PLC-ADR 0.03% 2,426 $171K No change
AMAT Applied Materials Inc. 0.03% 917 $168K No change
AMT American Tower Corp. 0.03% 759 $168K Add +0.1%
IJH iShares Core S&P Midcap ETF 0.03% 2,649 $164K Add +1.3%
ITB iShares U.S. Home Constructi 0.03% 1,644 $153K No change
GM General Motors Co. 0.03% 2,898 $143K Add +22.5%
NKE Nike Inc. Class B 0.03% 2,002 $142K Reduce -0.8%
MDLZ Mondelez International Inc. Class A 0.03% 1,945 $131K Reduce -48.3%
BND Vanguard Total Bond Market 0.03% 1,688 $124K Reduce -54.2%
HSY The Hershey Co. 0.02% 707 $117K Add +0.9%
INN Summit Hotel Properties Inc. 0.02% 22,405 $114K Add +0.8%
VNQ Vanguard Real Estate ETF 0.02% 1,248 $111K Reduce -5.2%
QCOM Qualcomm Inc. 0.02% 693 $110K No change
SBUX Starbucks Corp. 0.02% 1,114 $102K No change
NGD New Gold Inc. 0.01% 15,000 $74K No change
LCTX Lineage Cell Therapeutics Inc. 0.00% 15,000 $14K No change
VUSB Vanguard Ultra Short Bond Et 0.00% 113 $6K Reduce -97.5%

Portfolio Sells Q1 2025 → Q2 2025
BRK.B Berkshire Hathaway Inc. Class B Reduce -6.9% 11.65% −3.58
KMX Carmax Inc. Sold out 0.00% −1.08
KVUE Kenvue Inc. Sold out 0.00% −0.36
AMLP Alerian MLP ETF Reduce -0.6% 1.70% −0.32
AAPL Apple Inc. Reduce -0.5% 0.65% −0.14
SCHB Schwab US Broad Market ETF Reduce -3.2% 3.17% −0.12
INTC Intel Corp. Reduce -4.8% 0.60% −0.11
SCHX Schwab US Large-Cap ETF Reduce -19.4% 0.43% −0.11
ABBV Abbvie Inc. Reduce -4.3% 0.23% −0.07
XOM Exxon Mobil Corp. Reduce -12.6% 0.17% −0.07
KR Kroger Co. Reduce -0.8% 1.15% −0.07
VUSB Vanguard Ultra Short Bond Et Reduce -97.5% 0.00% −0.05
BP BP PLC-Spons ADR Reduce -19.7% 0.08% −0.05
BND Vanguard Total Bond Market Reduce -54.2% 0.03% −0.04
MDLZ Mondelez International Inc. Class A Reduce -48.3% 0.03% −0.03
BSV Vanguard Short-Term Bond ETF Reduce -17.8% 0.08% −0.03
GEF.B Greif Inc. Class B Reduce -28.4% 0.08% −0.03
KO The Coca-Cola Co. Reduce -1.6% 0.16% −0.02
MMM 3M Co. Reduce -1.6% 0.22% −0.02
MKL Markel Group Inc. Reduce -11.8% 0.11% −0.02
SPGI S&P Global Inc. Reduce -9.2% 0.10% −0.02
ICE Intercontinental Exchange Inc. Reduce -18.3% 0.07% −0.02
IWO iShares Russell 2000 Growth Reduce -12.6% 0.12% −0.02
WERN Werner Enterprises Inc. Reduce -5.6% 0.05% −0.01
SCHO Schwab Short-Term US Treas Reduce -8.7% 0.05% −0.01
HON Honeywell International Inc. Reduce -9.3% 0.08% −0.01
XLF SS Financial Select Sector Reduce -1.5% 0.13% −0.01
ABT Abbott Laboratories Reduce -1.9% 0.08% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -0.9% 0.30% −0.01
ECL Ecolab Inc. Reduce -12.4% 0.04% −0.01
VTI VG Morningstar TS MKT ETF-US Reduce -3.3% 0.14% −0.01
VNQ Vanguard Real Estate ETF Reduce -5.2% 0.02% −0.00
FNDF Schwab Fndmn Intl LRG Co. ETF Reduce -3.8% 0.07% −0.00
IVLU iShares MSCI International V Reduce -2.3% 0.04% −0.00
NKE Nike Inc. Class B Reduce -0.8% 0.03% 0.00
WMT Walmart Inc. Reduce -0.1% 0.46% +0.00
TXN Texas Instruments Inc. Reduce -0.1% 0.04% +0.00
CAT Caterpillar Inc. Reduce -2.7% 0.08% +0.00
BWB Bridgewater Bancshares Inc. Reduce -0.4% 0.26% +0.01
JPM JPMorgan Chase & Co. Reduce -0.3% 0.29% +0.02
AMZN Amazon.com Inc. Reduce -0.1% 0.77% +0.03
TSM Taiwan Semiconductor-SP ADR Reduce -0.5% 0.17% +0.03
NVDA Nvidia Corp. Reduce -5.6% 0.18% +0.03
AXP American Express Co. Reduce -1.0% 1.10% +0.06
MSFT Microsoft Corp. Reduce -0.8% 2.44% +0.38

Portfolio Buys Q1 2025 → Q2 2025
AAP Advance Auto Parts Inc. New 1.56% +1.56
DFH Dream Finders Homes Inc. Class A Add +145.3% 2.30% +1.36
TBBK The Bancorp Inc. Add +100.6% 2.54% +1.24
FRFHF Fairfax Financial Hldgs Ltd. Add +1.4% 9.01% +1.10
OXY Occidental Petroleum Corp. New 1.09% +1.09
EPD Enterprise Products Partners Add +69.5% 1.07% +0.30
C Citigroup Inc. Add +2.0% 2.96% +0.27
FWONA Liberty Media Corp. Class A Add +1.9% 2.75% +0.18
RSP Invesco S&P 500 Equal Weight Add +25.3% 1.14% +0.18
EFV iShares MSCI Eafe Value ETF Add +6.8% 4.91% +0.17
SCHF Schwab Intl Equity ETF Add +6.6% 2.53% +0.17
SCHW Schwab (charles) Corp. Add +1.0% 2.95% +0.17
IEMG iShares Core MSCI Emerging Add +3.5% 4.22% +0.15
BATRK Atlanta Braves Holdings in-C Add +6.8% 1.37% +0.15
IVV iShares Core S&P 500 ETF Add +285.3% 0.17% +0.13
FNDE Schwab Fndmntl Em MRK Eq ETF Add +8.1% 2.97% +0.12
FFXDF Fairfax India Ho-Sub VTG SHS Add +9.1% 1.15% +0.09
VBR Vngrd Mrngst SL-CP Val ETF-U Add +14.4% 1.12% +0.08
GOOGL Alphabet Inc. Class A Add +6.7% 0.32% +0.03
GOOG Alphabet Inc. Class C Add +2.6% 0.30% +0.01
IEFA iShares Core MSCI Eafe ETF Add +6.4% 0.16% +0.01
AMD Advanced Micro Devices Add +0.1% 0.04% +0.01
BAC Bank of America Corp. Add +11.4% 0.06% +0.01
PM Philip Morris International Add +0.2% 0.17% +0.01
IBM Intl Business Machines Corp. Add +0.5% 0.07% +0.01
UPS United Parcel Service Class B Add +36.5% 0.04% +0.00
GM General Motors Co. Add +22.5% 0.03% +0.00
NEM Newmont Corp. Add +0.4% 0.04% +0.00
VEA Vanguard Ftse Developed ETF Add +0.3% 0.14% +0.00
SPSM SS SPDR P S&P 600 Small Cap Add +6.6% 0.47% +0.00
VTS Vitesse Energy Inc. Add +26.4% 0.04% +0.00
VOO Vanguard S&P 500 ETF Add +0.5% 0.04% 0.00
RTX RTX Corp. Add +0.2% 0.07% −0.00
SCHA Schwab US Small-Cap ETF Add +1.2% 0.04% −0.00
IJH iShares Core S&P Midcap ETF Add +1.3% 0.03% −0.00
DE Deere & Co. Add +0.1% 0.08% −0.00
AMT American Tower Corp. Add +0.1% 0.03% −0.00
HSY The Hershey Co. Add +0.9% 0.02% −0.00
INN Summit Hotel Properties Inc. Add +0.8% 0.02% −0.00
MDU Mdu Resources Group Inc. Add +0.4% 0.04% −0.00
IJR iShares Core S&P Small-Cap E Add +0.1% 0.08% −0.00
SYY Sysco Corp. Add +0.7% 0.06% −0.01
NOC Northrop Grumman Corp. Add +0.2% 0.05% −0.01
JNJ Johnson & Johnson Add +6.3% 0.12% −0.02
PG The Procter & Gamble Co. Add +0.3% 0.12% −0.02
SCHV Schwab US Large-Cap Value Add +0.4% 0.41% −0.03
WRB WR Berkley Corp. Add +0.0% 0.36% −0.03
MCD McDonald's Corp. Add +1.2% 0.20% −0.03
CVX Chevron Corp. Add +6.1% 0.16% −0.04
PEP Pepsico Inc. Add +1.8% 0.17% −0.04

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