Fjell Capital, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 9, 2025), Fjell Capital, LLC reported 53 stock positions worth $107.9 million. Its top holding was Davis Select Worldwide ETF (DWLD) at 9.4% of the portfolio, followed by Victoryshares Core Intermedi (UITB, 6.1%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 5.3%). Compared with Q1 2025, it opened 4 new positions, sold out of 2, added to 26 and reduced 20. The biggest buy was a new position in SS SPDR BB 1-3M T-Bill ETF (BIL) and the biggest sale an exit from iShares Core S&P Small-Cap E (IJR).
- Most Recent 13F
- Q2 2026
- Location
- FARGO, ND
- CIK
- 0002053350
- Portfolio Value
- $107.9M (Q2 2025)
- SEC Filing
- 0001085146-25-003677 ↗ filed Jul 9, 2025
Holdings Value
Holdings 53 stocks · $107.9M
| DWLD Davis Select Worldwide ETF | 9.43% | 245,413 | $10.2M | Reduce -4.0% |
| UITB Victoryshares Core Intermedi | 6.14% | 140,596 | $6.6M | Add +1.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 5.34% | 62,779 | $5.8M | New |
| GTO Invesco Total Return Bond Et | 4.42% | 101,702 | $4.8M | Reduce -1.5% |
| MSFT Microsoft Corp. | 4.25% | 9,212 | $4.6M | Add +0.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 3.86% | 14,868 | $4.2M | Reduce -0.2% |
| USIG iShares Broad Usd Investment | 3.75% | 78,721 | $4.0M | Add +2.4% |
| NVDA Nvidia Corp. | 3.74% | 25,546 | $4.0M | Reduce -2.8% |
| AVGO Broadcom Inc. | 3.61% | 14,125 | $3.9M | Reduce -1.1% |
| AMZN Amazon.com Inc. | 3.09% | 15,207 | $3.3M | Reduce -0.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.92% | 7,194 | $3.2M | Add +2.7% |
| AAPL Apple Inc. | 2.92% | 15,336 | $3.1M | Add +0.2% |
| PSH Pgim Short Duration High YLD | 2.89% | 61,510 | $3.1M | Reduce -3.6% |
| BINV Brandes International ETF | 2.51% | 75,544 | $2.7M | Add +14.1% |
| GOOGL Alphabet Inc. Class A | 2.48% | 15,151 | $2.7M | Add +1.8% |
| CGGR Cap Group Growth Equity | 2.40% | 63,697 | $2.6M | Add +2.9% |
| COST Costco Wholesale Corp. | 2.30% | 2,510 | $2.5M | Reduce -0.0% |
| META Meta Platforms Inc. Class A | 2.26% | 3,296 | $2.4M | Add +0.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.96% | 11,973 | $2.1M | Reduce -4.0% |
| KLAC KLA Corp. | 1.82% | 2,188 | $2.0M | Add +0.7% |
| PHYL Pgim Active High Yield Bond | 1.69% | 51,238 | $1.8M | Reduce -43.5% |
| HYFI AB High Yield ETF filed as AB ACTIVE ETFS INC | 1.67% | 48,115 | $1.8M | Reduce -42.5% |
| JPM JPMorgan Chase & Co. | 1.61% | 6,003 | $1.7M | Add +1.2% |
| SCHD Schwab US DVD Equity ETF | 1.56% | 63,472 | $1.7M | Add +3.6% |
| WM Waste Management Inc. | 1.33% | 6,290 | $1.4M | Add +2.0% |
| CRM Salesforce Inc. | 1.29% | 5,087 | $1.4M | Add +1.4% |
| DE Deere & Co. | 1.21% | 2,567 | $1.3M | Reduce -0.6% |
| AMD Advanced Micro Devices | 1.19% | 9,054 | $1.3M | Reduce -5.4% |
| CMG Chipotle Mexican Grill Inc. | 1.16% | 22,191 | $1.2M | Add +2.0% |
| ARES Ares Management Corp. Class A | 1.13% | 7,065 | $1.2M | Reduce -1.3% |
| RTX RTX Corp. | 1.07% | 7,938 | $1.2M | Add +0.5% |
| CVX Chevron Corp. | 1.06% | 7,992 | $1.1M | Add +1.2% |
| BX Blackstone Inc. | 1.06% | 7,610 | $1.1M | Add +0.6% |
| ICE Intercontinental Exchange Inc. | 1.02% | 6,016 | $1.1M | Add +2.0% |
| XLK SS Technology Select Sector | 1.02% | 4,356 | $1.1M | Add +4.3% |
| NEE Nextera Energy Inc. | 1.01% | 15,647 | $1.1M | Add +1.7% |
| HD Home Depot Inc. | 0.96% | 2,836 | $1.0M | Reduce -1.0% |
| MRSH Marsh & McLennan Cos | 0.95% | 4,679 | $1.0M | Add +0.8% |
| MRK Merck & Co. Inc. | 0.92% | 12,582 | $996K | Add +2.1% |
| ADBE Adobe Inc. | 0.88% | 2,444 | $946K | Reduce -14.1% |
| KKR KKR & Co. Inc. | 0.51% | 4,098 | $545K | Reduce -5.0% |
| UNP Union Pacific Corp. | 0.46% | 2,139 | $492K | Reduce -1.8% |
| VGT Vanguard Info Tech ETF | 0.46% | 741 | $491K | Reduce -6.1% |
| DHR Danaher Corp. | 0.45% | 2,451 | $484K | Add +2.7% |
| LOW Lowe's Cos Inc. | 0.40% | 1,945 | $432K | Reduce -2.6% |
| GOOG Alphabet Inc. Class C | 0.36% | 2,219 | $394K | Add +0.1% |
| BND Vanguard Total Bond Market | 0.28% | 4,046 | $298K | No change |
| VEA Vanguard Ftse Developed ETF | 0.24% | 4,535 | $259K | No change |
| DNP DNP Select Income Fund Inc. | 0.21% | 22,871 | $224K | Add +0.4% |
| XLY SS Consumer Disc Select Sect | 0.20% | 997 | $217K | New |
| VOX Vanguard Communication Servi | 0.19% | 1,215 | $208K | New |
| USB US Bancorp | 0.19% | 4,506 | $204K | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.19% | 413 | $201K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| IJR iShares Core S&P Small-Cap E | Sold out | 0.00% | −2.61 |
| PHYL Pgim Active High Yield Bond | Reduce -43.5% | 1.69% | −1.51 |
| HYFI AB High Yield ETF | Reduce -42.5% | 1.67% | −1.45 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.99 |
| GTO Invesco Total Return Bond Et | Reduce -1.5% | 4.42% | −0.49 |
| PSH Pgim Short Duration High YLD | Reduce -3.6% | 2.89% | −0.37 |
| DWLD Davis Select Worldwide ETF | Reduce -4.0% | 9.43% | −0.34 |
| ADBE Adobe Inc. | Reduce -14.1% | 0.88% | −0.23 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -4.0% | 1.96% | −0.22 |
| COST Costco Wholesale Corp. | Reduce -0.0% | 2.30% | −0.10 |
| HD Home Depot Inc. | Reduce -1.0% | 0.96% | −0.10 |
| LOW Lowe's Cos Inc. | Reduce -2.6% | 0.40% | −0.07 |
| UNP Union Pacific Corp. | Reduce -1.8% | 0.46% | −0.07 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.2% | 3.86% | −0.05 |
| DE Deere & Co. | Reduce -0.6% | 1.21% | −0.02 |
| KKR KKR & Co. Inc. | Reduce -5.0% | 0.51% | −0.00 |
| VGT Vanguard Info Tech ETF | Reduce -6.1% | 0.46% | +0.02 |
| ARES Ares Management Corp. Class A | Reduce -1.3% | 1.13% | +0.07 |
| AMZN Amazon.com Inc. | Reduce -0.6% | 3.09% | +0.14 |
| AMD Advanced Micro Devices | Reduce -5.4% | 1.19% | +0.19 |
| NVDA Nvidia Corp. | Reduce -2.8% | 3.74% | +0.85 |
| AVGO Broadcom Inc. | Reduce -1.1% | 3.61% | +1.19 |
Portfolio Buys Q1 2025 → Q2 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 5.34% | +5.34 |
| MSFT Microsoft Corp. | Add +0.3% | 4.25% | +0.75 |
| META Meta Platforms Inc. Class A | Add +0.9% | 2.26% | +0.35 |
| KLAC KLA Corp. | Add +0.7% | 1.82% | +0.32 |
| BINV Brandes International ETF | Add +14.1% | 2.51% | +0.29 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +2.7% | 2.92% | +0.29 |
| CGGR Cap Group Growth Equity | Add +2.9% | 2.40% | +0.25 |
| XLY SS Consumer Disc Select Sect | New | 0.20% | +0.20 |
| VOX Vanguard Communication Servi | New | 0.19% | +0.19 |
| USB US Bancorp | New | 0.19% | +0.19 |
| XLK SS Technology Select Sector | Add +4.3% | 1.02% | +0.15 |
| GOOGL Alphabet Inc. Class A | Add +1.8% | 2.48% | +0.14 |
| JPM JPMorgan Chase & Co. | Add +1.2% | 1.61% | +0.14 |
| CMG Chipotle Mexican Grill Inc. | Add +2.0% | 1.16% | +0.05 |
| RTX RTX Corp. | Add +0.5% | 1.07% | +0.01 |
| GOOG Alphabet Inc. Class C | Add +0.1% | 0.36% | +0.01 |
| ICE Intercontinental Exchange Inc. | Add +2.0% | 1.02% | −0.01 |
| BX Blackstone Inc. | Add +0.6% | 1.06% | −0.02 |
| DNP DNP Select Income Fund Inc. | Add +0.4% | 0.21% | −0.02 |
| DHR Danaher Corp. | Add +2.7% | 0.45% | −0.05 |
| CRM Salesforce Inc. | Add +1.4% | 1.29% | −0.08 |
| NEE Nextera Energy Inc. | Add +1.7% | 1.01% | −0.10 |
| WM Waste Management Inc. | Add +2.0% | 1.33% | −0.11 |
| SCHD Schwab US DVD Equity ETF | Add +3.6% | 1.56% | −0.18 |
| MRK Merck & Co. Inc. | Add +2.1% | 0.92% | −0.20 |
| MRSH Marsh & McLennan Cos | Add +0.8% | 0.95% | −0.20 |
| USIG iShares Broad Usd Investment | Add +2.4% | 3.75% | −0.23 |
| CVX Chevron Corp. | Add +1.2% | 1.06% | −0.28 |
| UITB Victoryshares Core Intermedi | Add +1.4% | 6.14% | −0.47 |
| AAPL Apple Inc. | Add +0.2% | 2.92% | −0.53 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 66 | $146.6M | DWLD, UITB, NVDA, GOOGL, KLAC |
| Q1 2026 | 68 | $130.0M | DWLD, UITB, NVDA, USIG, GOOGL |
| Q4 2025 | 66 | $130.4M | DWLD, UITB, NVDA, BIL, GOOGL |
| Q3 2025 | 58 | $113.6M | DWLD, UITB, BIL, MSFT, NVDA |
| Q2 2025 | 53 | $107.9M | DWLD, UITB, BIL, GTO, MSFT |
| Q1 2025 | 51 | $98.6M | DWLD, UITB, GTO, USIG, VO |
| Q4 2024 | 54 | $96.8M | DWLD, GTO, UITB, VO, USIG |