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

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 Q2 2025 Q3 2025: $550.6M $550.6M Q3 2025 Q4 2025: $578.7M Q4 2025 Q1 2026: $604.2M Q1 2026 Q2 2026: $717.6M Q2 2026

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%
GEF.B Greif Inc. Class B 0.06% 5,716 $354K Reduce -6.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 1,242 $351K Add +0.6%
INTU Intuit Inc. 0.06% 506 $346K No change
CB Chubb Ltd. 0.06% 1,219 $345K No change
DE Deere & Co. 0.06% 757 $343K Add +0.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 6,659 $340K Add +7.7%
DVYE iShares Emerging Markets Div 0.06% 10,925 $324K New
FNDF Schwab Fndmn Intl LRG Co. ETF 0.06% 7,289 $316K Reduce -11.0%
NEM Newmont Corp. 0.06% 3,629 $312K Add +0.3%
UNP Union Pacific Corp. 0.06% 1,320 $310K Add +0.1%
IJR iShares Core S&P Small-Cap E 0.06% 2,603 $309K Reduce -27.6%
CASY Casey's General Stores Inc. 0.06% 539 $306K No change
ITW Illinois Tool Works 0.05% 1,157 $301K Reduce -9.8%
DHI D.R. Horton Inc. 0.05% 1,751 $299K Add +2.0%
ICE Intercontinental Exchange Inc. 0.05% 1,784 $294K No change
LMT Lockheed Martin Corp. 0.05% 560 $281K No change
DEM Wisdomtree Emerging Markets 0.05% 5,905 $272K No change
NOC Northrop Grumman Corp. 0.05% 449 $271K Add +0.2%
ETN Eaton Corp. PLC 0.05% 725 $271K No change
BSV Vanguard Short-Term Bond ETF 0.05% 3,310 $261K Reduce -37.7%
QQQ Invesco QQQ Trust Series 1 0.05% 428 $257K New
TRV The Travelers Cos Inc. 0.05% 910 $254K No change
LOW Lowe's Cos Inc. 0.05% 1,004 $249K No change
NEE Nextera Energy Inc. 0.04% 3,094 $238K No change
CRM Salesforce Inc. 0.04% 961 $231K No change
MNST Monster Beverage Corp. 0.04% 3,360 $226K No change
ECG Everus Construction Group 0.04% 2,682 $226K New
GLD SPDR Gold Shares 0.04% 615 $219K No change
VTS Vitesse Energy Inc. 0.04% 9,310 $215K Reduce -1.0%
IVLU iShares MSCI International V 0.04% 5,970 $213K Reduce -2.6%
GFI Gold Fields Ltd.-Spons ADR 0.04% 5,000 $212K New
AMD Advanced Micro Devices 0.04% 1,288 $210K No change
UPS United Parcel Service Class B 0.04% 2,404 $201K Add +27.3%
MDU Mdu Resources Group Inc. 0.04% 10,881 $194K Add +1.6%
AMAT Applied Materials Inc. 0.04% 918 $193K Add +0.1%
ECL Ecolab Inc. 0.03% 707 $192K No change
SCHA Schwab US Small-Cap ETF 0.03% 6,460 $180K Reduce -21.4%
SYY Sysco Corp. 0.03% 2,143 $177K Reduce -41.6%
ITB iShares U.S. Home Constructi 0.03% 1,644 $177K No change
SHEL Shell PLC-ADR 0.03% 2,426 $176K No change
KNF Knife River Corp. 0.03% 2,337 $173K Add +1.3%
LPLA LPL Financial Holdings Inc. 0.03% 493 $161K No change
GM General Motors Co. 0.03% 2,646 $161K Reduce -8.7%
WERN Werner Enterprises Inc. 0.03% 6,204 $160K Reduce -32.2%
TXN Texas Instruments Inc. 0.03% 844 $154K No change
AMT American Tower Corp. 0.03% 760 $146K Add +0.1%
NKE Nike Inc. Class B 0.03% 2,002 $145K No change
HSY The Hershey Co. 0.02% 707 $131K No change
BND Vanguard Total Bond Market 0.02% 1,688 $125K No change
QCOM Qualcomm Inc. 0.02% 693 $115K No change
NGD New Gold Inc. 0.02% 15,000 $109K No change
MDLZ Mondelez International Inc. Class A 0.02% 1,696 $106K Reduce -12.8%
IJH iShares Core S&P Midcap ETF 0.02% 1,602 $105K Reduce -39.5%
SBUX Starbucks Corp. 0.02% 1,114 $94K No change
INN Summit Hotel Properties Inc. 0.01% 12,466 $68K Reduce -44.4%
LCTX Lineage Cell Therapeutics Inc. 0.00% 15,000 $26K No change

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

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