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

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

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
PG The Procter & Gamble Co. 0.07% 2,760 $396K Reduce -3.8%
QQQ Invesco QQQ Trust Series 1 0.07% 625 $384K Add +46.0%
CB Chubb Ltd. 0.07% 1,219 $380K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.06% 1,281 $372K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 1,247 $369K Add +0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 6,662 $366K Add +0.1%
NEM Newmont Corp. 0.06% 3,638 $363K Add +0.3%
ABT Abbott Laboratories 0.06% 2,888 $362K No change
COST Costco Wholesale Corp. 0.06% 417 $359K Add +4.3%
INTU Intuit Inc. 0.06% 534 $354K Add +5.5%
DE Deere & Co. 0.06% 758 $353K Add +0.1%
HON Honeywell International Inc. 0.06% 1,752 $342K Add +0.1%
DVYE iShares Emerging Markets Div 0.06% 10,925 $340K No change
UNP Union Pacific Corp. 0.06% 1,461 $338K Add +10.7%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.06% 7,367 $333K Add +1.1%
CASY Casey's General Stores Inc. 0.06% 585 $323K Add +8.5%
ITW Illinois Tool Works 0.05% 1,289 $318K Add +11.4%
IJR iShares Core S&P Small-Cap E 0.05% 2,603 $313K No change
DEM Wisdomtree Emerging Markets 0.05% 6,495 $303K Add +10.0%
ICE Intercontinental Exchange Inc. 0.05% 1,784 $289K No change
AMD Advanced Micro Devices 0.05% 1,250 $268K Reduce -3.0%
GEF.B Greif Inc. Class B 0.05% 3,581 $267K Reduce -37.4%
LMT Lockheed Martin Corp. 0.05% 552 $267K Reduce -1.4%
ARWR Arrowhead Pharmaceuticals Inc. 0.05% 4,000 $266K New
TRV The Travelers Cos Inc. 0.05% 910 $264K No change
BSV Vanguard Short-Term Bond ETF 0.05% 3,310 $261K No change
MNST Monster Beverage Corp. 0.04% 3,360 $258K No change
DHI D.R. Horton Inc. 0.04% 1,751 $252K No change
NEE Nextera Energy Inc. 0.04% 3,091 $248K Reduce -0.1%
NOC Northrop Grumman Corp. 0.04% 431 $246K Reduce -4.0%
GLD SPDR Gold Shares 0.04% 616 $244K Add +0.2%
LOW Lowe's Cos Inc. 0.04% 1,005 $242K Add +0.1%
MO Altria Group Inc. 0.04% 4,120 $238K New
AMAT Applied Materials Inc. 0.04% 918 $236K No change
ETN Eaton Corp. PLC 0.04% 725 $231K No change
ECG Everus Construction Group 0.04% 2,682 $229K No change
CRM Salesforce Inc. 0.04% 860 $228K Reduce -10.5%
IVLU iShares MSCI International V 0.04% 5,970 $227K No change
CNQ Canadian Natural Resources 0.04% 6,698 $227K New
GFI Gold Fields Ltd.-Spons ADR 0.04% 5,000 $218K No change
GM General Motors Co. 0.04% 2,646 $215K No change
MDU Mdu Resources Group Inc. 0.04% 10,930 $213K Add +0.5%
MU Micron Technology Inc. 0.04% 747 $213K New
ECL Ecolab Inc. 0.03% 707 $186K No change
SCHA Schwab US Small-Cap ETF 0.03% 6,352 $181K Reduce -1.7%
LPLA LPL Financial Holdings Inc. 0.03% 493 $176K No change
SHEL Shell PLC-ADR 0.03% 2,361 $173K Reduce -2.7%
KNF Knife River Corp. 0.03% 2,337 $164K No change
ITB iShares U.S. Home Constructi 0.03% 1,644 $158K No change
SYY Sysco Corp. 0.03% 2,118 $156K Reduce -1.2%
WERN Werner Enterprises Inc. 0.03% 4,919 $148K Reduce -20.7%
TXN Texas Instruments Inc. 0.03% 844 $146K No change
VTS Vitesse Energy Inc. 0.02% 7,139 $137K Reduce -23.3%
BND Vanguard Total Bond Market 0.02% 1,841 $136K Add +9.1%
NGD New Gold Inc. 0.02% 15,000 $131K No change
HSY The Hershey Co. 0.02% 707 $129K No change
NKE Nike Inc. Class B 0.02% 2,002 $128K No change
AMT American Tower Corp. 0.02% 661 $116K Reduce -13.0%
IJH iShares Core S&P Midcap ETF 0.02% 1,636 $108K Add +2.1%
QCOM Qualcomm Inc. 0.02% 622 $106K Reduce -10.3%
SBUX Starbucks Corp. 0.02% 1,114 $94K No change
MDLZ Mondelez International Inc. Class A 0.02% 1,696 $91K No change
LCTX Lineage Cell Therapeutics Inc. 0.00% 15,000 $25K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $200K (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 10,400$200KNew

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

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