Elgethun Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Elgethun Capital Management reported 156 stock positions worth $550.6 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 11.8% of the portfolio, followed by Fairfax Financial (FRFHF, 7.8%) and iShares MSCI Eafe Value ETF (EFV, 5.2%). Compared with Q2 2025, it opened 9 new positions, sold out of 4, added to 55 and reduced 44. The biggest buy was a new position in Driven Brands (DRVN) and the biggest sale Fairfax Financial (FRFHF, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001638022
- Portfolio Value
- $550.6M (Q3 2025)
- SEC Filing
- 0001420506-25-003199 ↗ filed Nov 13, 2025
Holdings Value
Holdings 156 stocks · $550.6M
| BRK.B Berkshire Hathaway Inc. Class B | 11.76% | 130,075 | $64.7M | Add +9.1% |
| FRFHF Fairfax Financial Hldgs Ltd. | 7.84% | 24,589 | $43.2M | Reduce -0.8% |
| EFV iShares MSCI Eafe Value ETF | 5.23% | 422,080 | $28.8M | Add +9.9% |
| IEMG iShares Core MSCI Emerging | 4.27% | 354,216 | $23.5M | Add +1.3% |
| LLY Eli Lilly & Co. | 3.55% | 24,639 | $19.6M | Add +0.0% |
| BOC Boston Omaha Corp. Class A | 3.38% | 1,426,608 | $18.6M | Add +36.1% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 3.23% | 489,738 | $17.8M | Add +9.7% |
| C Citigroup Inc. | 3.13% | 172,905 | $17.2M | Add +0.0% |
| SCHB Schwab US Broad Market ETF | 2.98% | 639,607 | $16.4M | Reduce -3.4% |
| TBBK The Bancorp Inc. | 2.94% | 219,201 | $16.2M | Reduce -1.1% |
| SCHW Schwab (charles) Corp. | 2.70% | 159,373 | $14.9M | Reduce -0.8% |
| CASH Pathward Financial Inc. | 2.63% | 197,231 | $14.5M | Add +12.6% |
| SCHF Schwab Intl Equity ETF | 2.55% | 599,083 | $14.0M | Add +5.2% |
| FWONA Liberty Media Corp. Class A | 2.49% | 144,719 | $13.7M | Add +0.5% |
| MSFT Microsoft Corp. | 2.25% | 24,122 | $12.4M | Reduce -1.2% |
| DFH Dream Finders Homes Inc. Class A | 2.14% | 457,587 | $11.8M | Add +0.8% |
| AAP Advance Auto Parts Inc. | 1.86% | 168,376 | $10.2M | Add +0.7% |
| LBTYK Liberty Global Ltd. Class C | 1.77% | 818,968 | $9.7M | Reduce -2.9% |
| CWGL Crimson Wine Group Ltd. | 1.53% | 1,622,317 | $8.4M | Add +4.3% |
| AMLP Alerian MLP ETF | 1.52% | 177,694 | $8.3M | Add +2.8% |
| DRVN Driven Brands Holdings Inc. | 1.48% | 513,979 | $8.1M | New |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.29% | 34,004 | $7.1M | Add +19.3% |
| VDE Vanguard Energy ETF | 1.21% | 53,030 | $6.7M | Add +2.6% |
| OXY Occidental Petroleum Corp. | 1.15% | 133,308 | $6.3M | Add +3.1% |
| BATRK Atlanta Braves Holdings in-C | 1.11% | 148,249 | $6.1M | Add +1.9% |
| AXP American Express Co. | 1.05% | 17,202 | $5.8M | Add +0.5% |
| FFXDF Fairfax India Ho-Sub VTG SHS | 1.01% | 317,444 | $5.5M | Add +2.7% |
| RSP Invesco S&P 500 Equal Weight | 0.99% | 28,652 | $5.4M | Reduce -7.8% |
| EPD Enterprise Products Partners | 0.98% | 173,566 | $5.4M | Add +0.7% |
| KR Kroger Co. | 0.93% | 77,485 | $5.1M | Reduce -2.7% |
| AMZN Amazon.com Inc. | 0.90% | 22,487 | $5.0M | Add +29.0% |
| NVR NVR Inc. | 0.89% | 606 | $4.9M | Add +4.5% |
| INTC Intel Corp. | 0.85% | 136,682 | $4.7M | Add +3.2% |
| AAPL Apple Inc. | 0.72% | 15,519 | $4.0M | Reduce -1.5% |
| UNH Unitedhealth Group Inc. | 0.67% | 10,549 | $3.7M | Reduce -1.3% |
| IWR iShares Russell Mid-Cap ETF | 0.62% | 35,515 | $3.4M | No change |
| SCHG Schwab US Large-Cap Growth | 0.61% | 105,073 | $3.4M | New |
| ACI Albertsons Cos Inc. Class A | 0.59% | 187,104 | $3.2M | Reduce -7.2% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.54% | 132,416 | $3.0M | Add +0.1% |
| STLA Stellantis NV | 0.54% | 313,295 | $3.0M | Reduce -8.6% |
| WMT Walmart Inc. | 0.43% | 23,438 | $2.4M | Add +0.4% |
| SCHX Schwab US Large-Cap ETF | 0.41% | 85,199 | $2.2M | Reduce -2.8% |
| SCHV Schwab US Large-Cap Value | 0.40% | 75,534 | $2.2M | Add +2.3% |
| GOOGL Alphabet Inc. Class A | 0.39% | 9,052 | $2.2M | No change |
| GOOG Alphabet Inc. Class C | 0.37% | 8,469 | $2.0M | Add +2.4% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.33% | 24,067 | $1.8M | Add +0.0% |
| JPM JPMorgan Chase & Co. | 0.29% | 5,098 | $1.6M | Add +4.0% |
| VWO Vanguard Ftse Emerging Marke | 0.27% | 27,643 | $1.5M | Reduce -7.6% |
| ABBV Abbvie Inc. | 0.27% | 6,156 | $1.5M | Reduce -1.0% |
| BWB Bridgewater Bancshares Inc. | 0.25% | 79,300 | $1.4M | Reduce -3.6% |
| V Visa Inc. Class A | 0.25% | 3,953 | $1.4M | Add +0.0% |
| HD Home Depot Inc. | 0.24% | 3,250 | $1.3M | Reduce -1.3% |
| AVGO Broadcom Inc. | 0.23% | 3,880 | $1.3M | No change |
| NVDA Nvidia Corp. | 0.22% | 6,573 | $1.2M | Add +17.9% |
| VST Vistra Corp. | 0.20% | 5,633 | $1.1M | New |
| MMM 3M Co. | 0.20% | 6,908 | $1.1M | Reduce -2.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.19% | 3,749 | $1.1M | Reduce -1.9% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.19% | 22,591 | $1.0M | Reduce -59.2% |
| MRK Merck & Co. Inc. | 0.19% | 11,866 | $1.0M | Reduce -0.9% |
| MCD McDonald's Corp. | 0.19% | 3,413 | $1.0M | Add +0.4% |
| IWM iShares Russell 2000 ETF | 0.18% | 4,129 | $999K | No change |
| IVV iShares Core S&P 500 ETF | 0.17% | 1,387 | $928K | No change |
| XOM Exxon Mobil Corp. | 0.16% | 7,812 | $875K | Reduce -0.4% |
| EFA iShares MSCI Eafe ETF | 0.16% | 9,137 | $859K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.16% | 9,740 | $855K | Add +1.1% |
| ORCL Oracle Corp. | 0.15% | 3,012 | $843K | No change |
| NOW ServiceNow Inc. | 0.14% | 830 | $772K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.14% | 2,350 | $771K | No change |
| JNJ Johnson & Johnson | 0.14% | 4,163 | $770K | Add +2.5% |
| PEP Pepsico Inc. | 0.14% | 5,441 | $768K | Reduce -14.3% |
| CVX Chevron Corp. | 0.14% | 4,929 | $758K | Reduce -12.0% |
| PM Philip Morris International | 0.14% | 4,634 | $755K | Add +0.2% |
| VEA Vanguard Ftse Developed ETF | 0.14% | 12,497 | $754K | Add +1.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.14% | 1 | $746K | No change |
| KO The Coca-Cola Co. | 0.13% | 11,140 | $743K | Reduce -0.1% |
| IWO iShares Russell 2000 Growth | 0.12% | 2,075 | $664K | No change |
| URI United Rentals Inc. | 0.12% | 683 | $662K | No change |
| XLF SS Financial Select Sector | 0.12% | 12,154 | $652K | No change |
| MPC Marathon Petroleum Corp. | 0.11% | 3,168 | $612K | No change |
| VOO Vanguard S&P 500 ETF | 0.10% | 943 | $577K | Add +143.7% |
| VYM Vanguard High DVD Yield ETF | 0.09% | 3,700 | $521K | No change |
| BKNG Booking Holdings Inc. | 0.09% | 97 | $517K | Add +2.1% |
| DHR Danaher Corp. | 0.09% | 2,432 | $498K | No change |
| CAT Caterpillar Inc. | 0.09% | 1,038 | $496K | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.09% | 7,500 | $491K | New |
| SPGI S&P Global Inc. | 0.09% | 983 | $479K | No change |
| GRBK Green Brick Partners Inc. | 0.09% | 6,355 | $472K | Add +5.9% |
| MKL Markel Group Inc. | 0.09% | 249 | $471K | Reduce -5.0% |
| BP BP PLC-Spons ADR | 0.08% | 12,603 | $437K | Reduce -5.6% |
| PG The Procter & Gamble Co. | 0.08% | 2,868 | $436K | Reduce -25.6% |
| MA Mastercard Inc. Class A | 0.08% | 756 | $434K | No change |
| CSX CSX Corp. | 0.08% | 12,310 | $427K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 611 | $407K | Add +3.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.07% | 8,011 | $400K | No change |
| ABT Abbott Laboratories | 0.07% | 2,888 | $378K | Reduce -2.7% |
| RTX RTX Corp. | 0.07% | 2,255 | $375K | Reduce -9.7% |
| TGT Target Corp. | 0.07% | 4,269 | $374K | New |
| HON Honeywell International Inc. | 0.07% | 1,751 | $369K | Add +0.1% |
| ACN Accenture PLC Class A | 0.07% | 1,512 | $368K | No change |
| COST Costco Wholesale Corp. | 0.07% | 400 | $366K | Add +4.2% |
Portfolio Sells Q2 2025 → Q3 2025
| FRFHF Fairfax Financial Hldgs Ltd. | Reduce -0.8% | 7.84% | −1.17 |
| ACI Albertsons Cos Inc. Class A | Reduce -7.2% | 0.59% | −0.29 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -59.2% | 0.19% | −0.28 |
| SCHW Schwab (charles) Corp. | Reduce -0.8% | 2.70% | −0.25 |
| KR Kroger Co. | Reduce -2.7% | 0.93% | −0.22 |
| MSFT Microsoft Corp. | Reduce -1.2% | 2.25% | −0.19 |
| SCHB Schwab US Broad Market ETF | Reduce -3.4% | 2.98% | −0.19 |
| STLA Stellantis NV | Reduce -8.6% | 0.54% | −0.15 |
| RSP Invesco S&P 500 Equal Weight | Reduce -7.8% | 0.99% | −0.15 |
| SCHO Schwab Short-Term US Treas | Sold out | 0.00% | −0.05 |
| SCHZ Schwab US Aggregate Bond ETF | Sold out | 0.00% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -25.6% | 0.08% | −0.04 |
| BSV Vanguard Short-Term Bond ETF | Reduce -37.7% | 0.05% | −0.04 |
| PEP Pepsico Inc. | Reduce -14.3% | 0.14% | −0.03 |
| VWO Vanguard Ftse Emerging Marke | Reduce -7.6% | 0.27% | −0.02 |
| KO The Coca-Cola Co. | Reduce -0.1% | 0.13% | −0.02 |
| CVX Chevron Corp. | Reduce -12.0% | 0.14% | −0.02 |
| SYY Sysco Corp. | Reduce -41.6% | 0.03% | −0.02 |
| SCHX Schwab US Large-Cap ETF | Reduce -2.8% | 0.41% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -27.6% | 0.06% | −0.02 |
| MMM 3M Co. | Reduce -2.9% | 0.20% | −0.02 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.02 |
| WERN Werner Enterprises Inc. | Reduce -32.2% | 0.03% | −0.02 |
| GEF.B Greif Inc. Class B | Reduce -6.2% | 0.06% | −0.02 |
| MKL Markel Group Inc. | Reduce -5.0% | 0.09% | −0.02 |
| IJH iShares Core S&P Midcap ETF | Reduce -39.5% | 0.02% | −0.01 |
| ABT Abbott Laboratories | Reduce -2.7% | 0.07% | −0.01 |
| BWB Bridgewater Bancshares Inc. | Reduce -3.6% | 0.25% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -0.4% | 0.16% | −0.01 |
| INN Summit Hotel Properties Inc. | Reduce -44.4% | 0.01% | −0.01 |
| ITW Illinois Tool Works | Reduce -9.8% | 0.05% | −0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -21.4% | 0.03% | −0.01 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Reduce -11.0% | 0.06% | −0.01 |
| MDLZ Mondelez International Inc. Class A | Reduce -12.8% | 0.02% | −0.01 |
| HD Home Depot Inc. | Reduce -1.3% | 0.24% | −0.01 |
| RTX RTX Corp. | Reduce -9.7% | 0.07% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -1.3% | 0.67% | −0.00 |
| MRK Merck & Co. Inc. | Reduce -0.9% | 0.19% | −0.00 |
| VTS Vitesse Energy Inc. | Reduce -1.0% | 0.04% | −0.00 |
| IVLU iShares MSCI International V | Reduce -2.6% | 0.04% | −0.00 |
| VUSB Vanguard Ultra Short Bond Et | Sold out | 0.00% | −0.00 |
| BP BP PLC-Spons ADR | Reduce -5.6% | 0.08% | −0.00 |
| GM General Motors Co. | Reduce -8.7% | 0.03% | +0.00 |
| LBTYK Liberty Global Ltd. Class C | Reduce -2.9% | 1.77% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -1.9% | 0.19% | +0.02 |
| ABBV Abbvie Inc. | Reduce -1.0% | 0.27% | +0.03 |
| AAPL Apple Inc. | Reduce -1.5% | 0.72% | +0.07 |
| TBBK The Bancorp Inc. | Reduce -1.1% | 2.94% | +0.40 |
Portfolio Buys Q2 2025 → Q3 2025
| DRVN Driven Brands Holdings Inc. | New | 1.48% | +1.48 |
| SCHG Schwab US Large-Cap Growth | New | 0.61% | +0.61 |
| BOC Boston Omaha Corp. Class A | Add +36.1% | 3.38% | +0.42 |
| EFV iShares MSCI Eafe Value ETF | Add +9.9% | 5.23% | +0.33 |
| AAP Advance Auto Parts Inc. | Add +0.7% | 1.86% | +0.30 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +9.7% | 3.23% | +0.27 |
| INTC Intel Corp. | Add +3.2% | 0.85% | +0.25 |
| VST Vistra Corp. | New | 0.20% | +0.20 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +19.3% | 1.29% | +0.17 |
| C Citigroup Inc. | Add +0.0% | 3.13% | +0.17 |
| AMZN Amazon.com Inc. | Add +29.0% | 0.90% | +0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +9.1% | 11.76% | +0.10 |
| ACWX iShares MSCI Acwi Ex US ETF | New | 0.09% | +0.09 |
| GOOG Alphabet Inc. Class C | Add +2.4% | 0.37% | +0.08 |
| TGT Target Corp. | New | 0.07% | +0.07 |
| VOO Vanguard S&P 500 ETF | Add +143.7% | 0.10% | +0.06 |
| DVYE iShares Emerging Markets Div | New | 0.06% | +0.06 |
| OXY Occidental Petroleum Corp. | Add +3.1% | 1.15% | +0.05 |
| IEMG iShares Core MSCI Emerging | Add +1.3% | 4.27% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.05% | +0.05 |
| NVDA Nvidia Corp. | Add +17.9% | 0.22% | +0.04 |
| ECG Everus Construction Group | New | 0.04% | +0.04 |
| GFI Gold Fields Ltd.-Spons ADR | New | 0.04% | +0.04 |
| NVR NVR Inc. | Add +4.5% | 0.89% | +0.03 |
| SCHF Schwab Intl Equity ETF | Add +5.2% | 2.55% | +0.02 |
| JNJ Johnson & Johnson | Add +2.5% | 0.14% | +0.01 |
| NEM Newmont Corp. | Add +0.3% | 0.06% | +0.01 |
| DHI D.R. Horton Inc. | Add +2.0% | 0.05% | +0.01 |
| GRBK Green Brick Partners Inc. | Add +5.9% | 0.09% | +0.01 |
| NOC Northrop Grumman Corp. | Add +0.2% | 0.05% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +4.0% | 0.29% | +0.00 |
| BAC Bank of America Corp. | Add +7.7% | 0.06% | +0.00 |
| AMAT Applied Materials Inc. | Add +0.1% | 0.04% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.7% | 0.07% | +0.00 |
| MDU Mdu Resources Group Inc. | Add +1.6% | 0.04% | −0.00 |
| UPS United Parcel Service Class B | Add +27.3% | 0.04% | −0.00 |
| VEA Vanguard Ftse Developed ETF | Add +1.7% | 0.14% | −0.00 |
| UNP Union Pacific Corp. | Add +0.1% | 0.06% | −0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +1.1% | 0.16% | −0.01 |
| KNF Knife River Corp. | Add +1.3% | 0.03% | −0.01 |
| AMT American Tower Corp. | Add +0.1% | 0.03% | −0.01 |
| IBM Intl Business Machines Corp. | Add +0.6% | 0.06% | −0.01 |
| COST Costco Wholesale Corp. | Add +4.2% | 0.07% | −0.01 |
| SCHV Schwab US Large-Cap Value | Add +2.3% | 0.40% | −0.01 |
| MCD McDonald's Corp. | Add +0.4% | 0.19% | −0.01 |
| HON Honeywell International Inc. | Add +0.1% | 0.07% | −0.01 |
| DE Deere & Co. | Add +0.1% | 0.06% | −0.02 |
| BKNG Booking Holdings Inc. | Add +2.1% | 0.09% | −0.02 |
| WRB WR Berkley Corp. | Add +0.0% | 0.33% | −0.03 |
| WMT Walmart Inc. | Add +0.4% | 0.43% | −0.03 |
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 |