Elgethun Capital Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Elgethun Capital Management reported 163 stock positions worth $578.7 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 11.5% of the portfolio, followed by Fairfax Financial (FRFHF, 8.2%) and iShares MSCI Eafe Value ETF (EFV, 5.6%). Compared with Q3 2025, it opened 9 new positions, sold out of 2, added to 79 and reduced 29. The biggest buy was Eli Lilly (LLY, shares −0%) and the biggest sale Schwab US Broad Market ETF (SCHB, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX FALLS, SD
- CIK
- 0001638022
- Portfolio Value
- $578.7M (Q4 2025)
- SEC Filing
- 0001420506-26-000263 ↗ filed Feb 10, 2026
Holdings Value
Holdings 163 stocks · $578.7M
| BRK.B Berkshire Hathaway Inc. Class B | 11.46% | 131,927 | $66.3M | Add +1.4% |
| FRFHF Fairfax Financial Hldgs Ltd. | 8.19% | 24,851 | $47.4M | Add +1.1% |
| EFV iShares MSCI Eafe Value ETF | 5.61% | 454,996 | $32.5M | Add +7.8% |
| LLY Eli Lilly & Co. | 4.58% | 24,640 | $26.5M | Add +0.0% |
| IEMG iShares Core MSCI Emerging | 4.21% | 362,812 | $24.4M | Add +2.4% |
| C Citigroup Inc. | 3.52% | 174,715 | $20.4M | Add +1.1% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 3.34% | 536,745 | $19.4M | Add +9.6% |
| BOC Boston Omaha Corp. Class A | 3.11% | 1,453,842 | $18.0M | Add +1.9% |
| SCHW Schwab (charles) Corp. | 2.77% | 160,304 | $16.0M | Add +0.6% |
| SCHF Schwab Intl Equity ETF | 2.73% | 657,812 | $15.8M | Add +9.8% |
| TBBK The Bancorp Inc. | 2.57% | 220,172 | $14.9M | Add +0.4% |
| CASH Pathward Financial Inc. | 2.49% | 202,782 | $14.4M | Add +2.8% |
| SCHB Schwab US Broad Market ETF | 2.41% | 531,780 | $13.9M | Reduce -16.9% |
| FWONA Liberty Media Corp. Class A | 2.28% | 147,490 | $13.2M | Add +1.9% |
| MSFT Microsoft Corp. | 1.98% | 23,658 | $11.4M | Reduce -1.9% |
| LBTYK Liberty Global Ltd. Class C | 1.58% | 830,112 | $9.2M | Add +1.4% |
| AMLP Alerian MLP ETF | 1.53% | 188,564 | $8.9M | Add +6.1% |
| DFH Dream Finders Homes Inc. Class A | 1.46% | 495,037 | $8.5M | Add +8.2% |
| CWGL Crimson Wine Group Ltd. | 1.40% | 1,657,948 | $8.1M | Add +2.2% |
| DRVN Driven Brands Holdings Inc. | 1.36% | 532,535 | $7.9M | Add +3.6% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.34% | 36,597 | $7.8M | Add +7.6% |
| VDE Vanguard Energy ETF | 1.26% | 57,807 | $7.3M | Add +9.0% |
| AAP Advance Auto Parts Inc. | 1.16% | 170,279 | $6.7M | Add +1.1% |
| BATRK Atlanta Braves Holdings in-C | 1.09% | 160,326 | $6.3M | Add +8.2% |
| AXP American Express Co. | 1.09% | 17,039 | $6.3M | Reduce -0.9% |
| OXY Occidental Petroleum Corp. | 1.03% | 145,660 | $6.0M | Add +9.3% |
| EPD Enterprise Products Partners | 1.02% | 184,331 | $5.9M | Add +6.2% |
| FFXDF Fairfax India Ho-Sub VTG SHS | 1.02% | 337,057 | $5.9M | Add +6.2% |
| RSP Invesco S&P 500 Equal Weight | 1.00% | 30,337 | $5.8M | Add +5.9% |
| INTC Intel Corp. | 0.88% | 137,921 | $5.1M | Add +0.9% |
| AMZN Amazon.com Inc. | 0.88% | 21,944 | $5.1M | Reduce -2.4% |
| NVDA Nvidia Corp. | 0.87% | 27,106 | $5.1M | Add +312.4% |
| KR Kroger Co. | 0.86% | 79,388 | $5.0M | Add +2.5% |
| NVR NVR Inc. | 0.81% | 640 | $4.7M | Add +5.6% |
| AAPL Apple Inc. | 0.70% | 14,977 | $4.1M | Reduce -3.5% |
| ACI Albertsons Cos Inc. Class A | 0.63% | 211,851 | $3.6M | Add +13.2% |
| UNH Unitedhealth Group Inc. | 0.61% | 10,699 | $3.5M | Add +1.4% |
| STLA Stellantis NV | 0.60% | 318,734 | $3.5M | Add +1.7% |
| SCHG Schwab US Large-Cap Growth | 0.59% | 104,946 | $3.4M | Reduce -0.1% |
| IWR iShares Russell Mid-Cap ETF | 0.59% | 35,515 | $3.4M | No change |
| BTT BlackRock 2030 Muni TRGT TRM | 0.54% | 137,007 | $3.1M | Add +3.5% |
| GOOG Alphabet Inc. Class C | 0.54% | 9,882 | $3.1M | Add +16.7% |
| GOOGL Alphabet Inc. Class A | 0.53% | 9,738 | $3.0M | Add +7.6% |
| WMT Walmart Inc. | 0.46% | 24,029 | $2.7M | Add +2.5% |
| SCHV Schwab US Large-Cap Value | 0.40% | 78,257 | $2.3M | Add +3.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.39% | 3 | $2.3M | Add +200.0% |
| SCHX Schwab US Large-Cap ETF | 0.36% | 78,465 | $2.1M | Reduce -7.9% |
| JPM JPMorgan Chase & Co. | 0.30% | 5,344 | $1.7M | Add +4.8% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.29% | 24,069 | $1.7M | Add +0.0% |
| VWO Vanguard Ftse Emerging Marke | 0.26% | 27,983 | $1.5M | Add +1.2% |
| ABBV Abbvie Inc. | 0.25% | 6,302 | $1.4M | Add +2.4% |
| V Visa Inc. Class A | 0.24% | 4,018 | $1.4M | Add +1.6% |
| BWB Bridgewater Bancshares Inc. | 0.24% | 79,250 | $1.4M | Reduce -0.1% |
| AVGO Broadcom Inc. | 0.23% | 3,880 | $1.3M | No change |
| MRK Merck & Co. Inc. | 0.22% | 11,901 | $1.3M | Add +0.3% |
| HD Home Depot Inc. | 0.20% | 3,303 | $1.1M | Add +1.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.20% | 3,717 | $1.1M | Reduce -0.8% |
| MMM 3M Co. | 0.19% | 6,915 | $1.1M | Add +0.1% |
| MCD McDonald's Corp. | 0.18% | 3,478 | $1.1M | Add +1.9% |
| IWM iShares Russell 2000 ETF | 0.18% | 4,129 | $1.0M | No change |
| ORCL Oracle Corp. | 0.17% | 5,142 | $1.0M | Add +70.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.17% | 5,116 | $977K | New |
| XOM Exxon Mobil Corp. | 0.17% | 8,023 | $966K | Add +2.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.16% | 1,894 | $924K | New |
| IVV iShares Core S&P 500 ETF | 0.16% | 1,344 | $921K | Reduce -3.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.16% | 10,264 | $918K | Add +5.4% |
| VST Vistra Corp. | 0.16% | 5,633 | $909K | No change |
| SPSM SS SPDR P S&P 600 Small Cap | 0.15% | 19,062 | $893K | Reduce -15.6% |
| EFA iShares MSCI Eafe ETF | 0.15% | 9,138 | $877K | Add +0.0% |
| JNJ Johnson & Johnson | 0.15% | 4,114 | $851K | Reduce -1.2% |
| VEA Vanguard Ftse Developed ETF | 0.14% | 12,676 | $792K | Add +1.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.14% | 2,350 | $788K | No change |
| CVX Chevron Corp. | 0.13% | 4,962 | $756K | Add +0.7% |
| PM Philip Morris International | 0.13% | 4,644 | $745K | Add +0.2% |
| KO The Coca-Cola Co. | 0.13% | 10,399 | $727K | Reduce -6.7% |
| PEP Pepsico Inc. | 0.12% | 4,780 | $686K | Reduce -12.2% |
| IWO iShares Russell 2000 Growth | 0.12% | 2,075 | $670K | No change |
| XLF SS Financial Select Sector | 0.12% | 12,154 | $666K | No change |
| UPS United Parcel Service Class B | 0.11% | 6,482 | $643K | Add +169.6% |
| CAT Caterpillar Inc. | 0.11% | 1,113 | $638K | Add +7.2% |
| NOW ServiceNow Inc. | 0.11% | 4,150 | $636K | No change |
| VOO Vanguard S&P 500 ETF | 0.10% | 943 | $592K | No change |
| TSLA Tesla Inc. | 0.10% | 1,244 | $559K | New |
| DHR Danaher Corp. | 0.10% | 2,432 | $557K | No change |
| URI United Rentals Inc. | 0.10% | 683 | $553K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 781 | $533K | Add +27.8% |
| VYM Vanguard High DVD Yield ETF | 0.09% | 3,700 | $531K | No change |
| BKNG Booking Holdings Inc. | 0.09% | 97 | $519K | No change |
| MPC Marathon Petroleum Corp. | 0.09% | 3,168 | $515K | No change |
| SPGI S&P Global Inc. | 0.09% | 983 | $514K | No change |
| MKL Markel Group Inc. | 0.09% | 238 | $512K | Reduce -4.4% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.09% | 7,500 | $503K | No change |
| KMX Carmax Inc. | 0.08% | 12,125 | $469K | New |
| MA Mastercard Inc. Class A | 0.08% | 785 | $448K | Add +3.8% |
| CSX CSX Corp. | 0.08% | 12,310 | $446K | No change |
| BP BP PLC-Spons ADR | 0.08% | 12,694 | $441K | Add +0.7% |
| TGT Target Corp. | 0.07% | 4,269 | $417K | No change |
| RTX RTX Corp. | 0.07% | 2,259 | $414K | Add +0.2% |
| ACN Accenture PLC Class A | 0.07% | 1,512 | $406K | No change |
| GRBK Green Brick Partners Inc. | 0.07% | 6,355 | $398K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $200K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 10,400 | $200K | New |
Total filed on the 13F, all lines: $578.9M.
Portfolio Sells Q3 2025 → Q4 2025
| SCHB Schwab US Broad Market ETF | Reduce -16.9% | 2.41% | −0.57 |
| MSFT Microsoft Corp. | Reduce -1.9% | 1.98% | −0.27 |
| VTEB Vanguard Tax-Exempt Bond ETF | Sold out | 0.00% | −0.07 |
| SCHX Schwab US Large-Cap ETF | Reduce -7.9% | 0.36% | −0.04 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -15.6% | 0.15% | −0.04 |
| AMZN Amazon.com Inc. | Reduce -2.4% | 0.88% | −0.02 |
| AAPL Apple Inc. | Reduce -3.5% | 0.70% | −0.02 |
| PEP Pepsico Inc. | Reduce -12.2% | 0.12% | −0.02 |
| GEF.B Greif Inc. Class B | Reduce -37.4% | 0.05% | −0.02 |
| SCHG Schwab US Large-Cap Growth | Reduce -0.1% | 0.59% | −0.02 |
| VTS Vitesse Energy Inc. | Reduce -23.3% | 0.02% | −0.02 |
| INN Summit Hotel Properties Inc. | Sold out | 0.00% | −0.01 |
| BWB Bridgewater Bancshares Inc. | Reduce -0.1% | 0.24% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -3.8% | 0.07% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -3.1% | 0.16% | −0.01 |
| KO The Coca-Cola Co. | Reduce -6.7% | 0.13% | −0.01 |
| NOC Northrop Grumman Corp. | Reduce -4.0% | 0.04% | −0.01 |
| AMT American Tower Corp. | Reduce -13.0% | 0.02% | −0.01 |
| SYY Sysco Corp. | Reduce -1.2% | 0.03% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -1.4% | 0.05% | −0.00 |
| WERN Werner Enterprises Inc. | Reduce -20.7% | 0.03% | −0.00 |
| CRM Salesforce Inc. | Reduce -10.5% | 0.04% | −0.00 |
| QCOM Qualcomm Inc. | Reduce -10.3% | 0.02% | −0.00 |
| SHEL Shell PLC-ADR | Reduce -2.7% | 0.03% | −0.00 |
| SCHA Schwab US Small-Cap ETF | Reduce -1.7% | 0.03% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -0.1% | 0.04% | −0.00 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.8% | 0.20% | +0.00 |
| MKL Markel Group Inc. | Reduce -4.4% | 0.09% | +0.00 |
| JNJ Johnson & Johnson | Reduce -1.2% | 0.15% | +0.01 |
| AMD Advanced Micro Devices | Reduce -3.0% | 0.05% | +0.01 |
| AXP American Express Co. | Reduce -0.9% | 1.09% | +0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| LLY Eli Lilly & Co. | Add +0.0% | 4.58% | +1.02 |
| NVDA Nvidia Corp. | Add +312.4% | 0.87% | +0.65 |
| C Citigroup Inc. | Add +1.1% | 3.52% | +0.39 |
| EFV iShares MSCI Eafe Value ETF | Add +7.8% | 5.61% | +0.38 |
| FRFHF Fairfax Financial Hldgs Ltd. | Add +1.1% | 8.19% | +0.35 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +200.0% | 0.39% | +0.26 |
| SCHF Schwab Intl Equity ETF | Add +9.8% | 2.73% | +0.18 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.17% | +0.17 |
| GOOG Alphabet Inc. Class C | Add +16.7% | 0.54% | +0.17 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.16% | +0.16 |
| GOOGL Alphabet Inc. Class A | Add +7.6% | 0.53% | +0.13 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +9.6% | 3.34% | +0.11 |
| TSLA Tesla Inc. | New | 0.10% | +0.10 |
| KMX Carmax Inc. | New | 0.08% | +0.08 |
| UPS United Parcel Service Class B | Add +169.6% | 0.11% | +0.07 |
| SCHW Schwab (charles) Corp. | Add +0.6% | 2.77% | +0.07 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.06% | +0.06 |
| STLA Stellantis NV | Add +1.7% | 0.60% | +0.06 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +7.6% | 1.34% | +0.05 |
| VDE Vanguard Energy ETF | Add +9.0% | 1.26% | +0.05 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.05% | +0.05 |
| ACI Albertsons Cos Inc. Class A | Add +13.2% | 0.63% | +0.04 |
| MO Altria Group Inc. | New | 0.04% | +0.04 |
| EPD Enterprise Products Partners | Add +6.2% | 1.02% | +0.04 |
| CNQ Canadian Natural Resources | New | 0.04% | +0.04 |
| MU Micron Technology Inc. | New | 0.04% | +0.04 |
| INTC Intel Corp. | Add +0.9% | 0.88% | +0.03 |
| WMT Walmart Inc. | Add +2.5% | 0.46% | +0.03 |
| MRK Merck & Co. Inc. | Add +0.3% | 0.22% | +0.03 |
| CAT Caterpillar Inc. | Add +7.2% | 0.11% | +0.02 |
| ORCL Oracle Corp. | Add +70.7% | 0.17% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +46.0% | 0.07% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +27.8% | 0.09% | +0.02 |
| RSP Invesco S&P 500 Equal Weight | Add +5.9% | 1.00% | +0.02 |
| AMLP Alerian MLP ETF | Add +6.1% | 1.53% | +0.02 |
| FFXDF Fairfax India Ho-Sub VTG SHS | Add +6.2% | 1.02% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +4.8% | 0.30% | +0.01 |
| XOM Exxon Mobil Corp. | Add +2.7% | 0.17% | +0.01 |
| NEM Newmont Corp. | Add +0.3% | 0.06% | +0.01 |
| RTX RTX Corp. | Add +0.2% | 0.07% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +5.4% | 0.16% | +0.00 |
| DEM Wisdomtree Emerging Markets | Add +10.0% | 0.05% | +0.00 |
| GLD SPDR Gold Shares | Add +0.2% | 0.04% | +0.00 |
| UNP Union Pacific Corp. | Add +10.7% | 0.06% | +0.00 |
| MDU Mdu Resources Group Inc. | Add +0.5% | 0.04% | +0.00 |
| BAC Bank of America Corp. | Add +0.1% | 0.06% | +0.00 |
| SCHV Schwab US Large-Cap Value | Add +3.6% | 0.40% | +0.00 |
| BND Vanguard Total Bond Market | Add +9.1% | 0.02% | +0.00 |
| CASY Casey's General Stores Inc. | Add +8.5% | 0.06% | +0.00 |
| ITW Illinois Tool Works | Add +11.4% | 0.05% | +0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | New | 10,400 | $200K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |