Fjell Capital, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), Fjell Capital, LLC reported 58 stock positions worth $113.6 million. Its top holding was Davis Select Worldwide ETF (DWLD) at 9.7% of the portfolio, followed by Victoryshares Core Intermedi (UITB, 6.0%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 5.1%). Compared with Q2 2025, it opened 5 new positions, added to 18 and reduced 30. The biggest buy was a new position in SS Financial Select Sector (XLF) and the biggest sale Schwab US DVD Equity ETF (SCHD, shares −84%).
- Most Recent 13F
- Q2 2026
- Location
- FARGO, ND
- CIK
- 0002053350
- Portfolio Value
- $113.6M (Q3 2025)
- SEC Filing
- 0002053350-25-000002 ↗ filed Oct 24, 2025
Holdings Value
Holdings 58 stocks · $113.6M
| DWLD Davis Select Worldwide ETF | 9.69% | 243,195 | $11.0M | Reduce -0.9% |
| UITB Victoryshares Core Intermedi | 6.03% | 144,052 | $6.8M | Add +2.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 5.09% | 63,059 | $5.8M | Add +0.5% |
| MSFT Microsoft Corp. | 4.19% | 9,177 | $4.8M | Reduce -0.4% |
| NVDA Nvidia Corp. | 4.15% | 25,263 | $4.7M | Reduce -1.1% |
| GTO Invesco Total Return Bond Et | 4.07% | 97,170 | $4.6M | Reduce -4.5% |
| AVGO Broadcom Inc. | 4.02% | 13,832 | $4.6M | Reduce -2.1% |
| USIG iShares Broad Usd Investment | 3.81% | 82,848 | $4.3M | Add +5.2% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 3.72% | 14,372 | $4.2M | Reduce -3.3% |
| GOOGL Alphabet Inc. Class A | 3.22% | 15,030 | $3.7M | Reduce -0.8% |
| AAPL Apple Inc. | 3.20% | 14,274 | $3.6M | Reduce -6.9% |
| AMZN Amazon.com Inc. | 2.89% | 14,924 | $3.3M | Reduce -1.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.82% | 6,684 | $3.2M | Reduce -7.1% |
| PSH Pgim Short Duration High YLD | 2.72% | 60,887 | $3.1M | Reduce -1.0% |
| BINV Brandes International ETF | 2.56% | 75,685 | $2.9M | Add +0.2% |
| CGGR Cap Group Growth Equity | 2.30% | 59,576 | $2.6M | Reduce -6.5% |
| META Meta Platforms Inc. Class A | 2.13% | 3,301 | $2.4M | Add +0.1% |
| COST Costco Wholesale Corp. | 2.06% | 2,528 | $2.3M | Add +0.7% |
| KLAC KLA Corp. | 1.95% | 2,056 | $2.2M | Reduce -6.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.94% | 11,826 | $2.2M | Reduce -1.2% |
| JPM JPMorgan Chase & Co. | 1.69% | 6,099 | $1.9M | Add +1.6% |
| HYFI AB High Yield ETF filed as AB ACTIVE ETFS INC | 1.55% | 46,409 | $1.8M | Reduce -3.5% |
| PHYL Pgim Active High Yield Bond | 1.53% | 48,670 | $1.7M | Reduce -5.0% |
| WM Waste Management Inc. | 1.40% | 7,209 | $1.6M | Add +14.6% |
| RTX RTX Corp. | 1.17% | 7,922 | $1.3M | Reduce -0.2% |
| AMD Advanced Micro Devices | 1.15% | 8,057 | $1.3M | Reduce -11.0% |
| BX Blackstone Inc. | 1.13% | 7,502 | $1.3M | Reduce -1.4% |
| CVX Chevron Corp. | 1.09% | 7,988 | $1.2M | Reduce -0.1% |
| NEE Nextera Energy Inc. | 1.06% | 16,015 | $1.2M | Add +2.4% |
| XLK SS Technology Select Sector | 1.05% | 4,219 | $1.2M | Reduce -3.1% |
| DE Deere & Co. | 1.04% | 2,593 | $1.2M | Add +1.0% |
| ICE Intercontinental Exchange Inc. | 1.02% | 6,853 | $1.2M | Add +13.9% |
| HD Home Depot Inc. | 0.98% | 2,758 | $1.1M | Reduce -2.8% |
| ARES Ares Management Corp. Class A | 0.98% | 6,942 | $1.1M | Reduce -1.7% |
| MRK Merck & Co. Inc. | 0.96% | 12,957 | $1.1M | Add +3.0% |
| MRSH Marsh & McLennan Cos | 0.84% | 4,755 | $958K | Add +1.6% |
| CMG Chipotle Mexican Grill Inc. | 0.79% | 22,932 | $899K | Add +3.3% |
| XLF SS Financial Select Sector | 0.67% | 14,155 | $763K | New |
| CRM Salesforce Inc. | 0.59% | 2,846 | $675K | Reduce -44.0% |
| XLY SS Consumer Disc Select Sect | 0.51% | 2,408 | $577K | Add +141.5% |
| ADBE Adobe Inc. | 0.50% | 1,620 | $571K | Reduce -33.7% |
| VGT Vanguard Info Tech ETF | 0.48% | 737 | $550K | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 0.48% | 2,219 | $540K | No change |
| KKR KKR & Co. Inc. | 0.46% | 4,011 | $521K | Reduce -2.1% |
| UNP Union Pacific Corp. | 0.44% | 2,136 | $505K | Reduce -0.1% |
| DHR Danaher Corp. | 0.44% | 2,519 | $499K | Add +2.8% |
| LOW Lowe's Cos Inc. | 0.43% | 1,946 | $489K | Add +0.1% |
| XLI SS Industrial Select Sector | 0.42% | 3,087 | $476K | New |
| XLP SS Consumer Staples Sel Sect | 0.36% | 5,151 | $404K | New |
| CASY Casey's General Stores Inc. | 0.35% | 699 | $395K | New |
| SO The Southern Co. | 0.35% | 4,158 | $394K | New |
| BND Vanguard Total Bond Market | 0.27% | 4,046 | $301K | No change |
| VEA Vanguard Ftse Developed ETF | 0.24% | 4,535 | $272K | No change |
| SCHD Schwab US DVD Equity ETF | 0.24% | 9,884 | $270K | Reduce -84.4% |
| DNP DNP Select Income Fund Inc. | 0.20% | 22,959 | $230K | Add +0.4% |
| VOX Vanguard Communication Servi | 0.20% | 1,215 | $228K | No change |
| USB US Bancorp | 0.19% | 4,506 | $218K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.18% | 411 | $207K | Reduce -0.5% |
Portfolio Sells Q2 2025 → Q3 2025
| SCHD Schwab US DVD Equity ETF | Reduce -84.4% | 0.24% | −1.32 |
| CRM Salesforce Inc. | Reduce -44.0% | 0.59% | −0.69 |
| ADBE Adobe Inc. | Reduce -33.7% | 0.50% | −0.37 |
| GTO Invesco Total Return Bond Et | Reduce -4.5% | 4.07% | −0.36 |
| AMZN Amazon.com Inc. | Reduce -1.9% | 2.89% | −0.21 |
| PSH Pgim Short Duration High YLD | Reduce -1.0% | 2.72% | −0.16 |
| ARES Ares Management Corp. Class A | Reduce -1.7% | 0.98% | −0.16 |
| PHYL Pgim Active High Yield Bond | Reduce -5.0% | 1.53% | −0.15 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -3.3% | 3.72% | −0.14 |
| HYFI AB High Yield ETF | Reduce -3.5% | 1.55% | −0.12 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -7.1% | 2.82% | −0.10 |
| CGGR Cap Group Growth Equity | Reduce -6.5% | 2.30% | −0.10 |
| MSFT Microsoft Corp. | Reduce -0.4% | 4.19% | −0.06 |
| KKR KKR & Co. Inc. | Reduce -2.1% | 0.46% | −0.05 |
| AMD Advanced Micro Devices | Reduce -11.0% | 1.15% | −0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.2% | 1.94% | −0.02 |
| UNP Union Pacific Corp. | Reduce -0.1% | 0.44% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 0.18% | −0.00 |
| HD Home Depot Inc. | Reduce -2.8% | 0.98% | +0.02 |
| XLK SS Technology Select Sector | Reduce -3.1% | 1.05% | +0.02 |
| VGT Vanguard Info Tech ETF | Reduce -0.5% | 0.48% | +0.03 |
| CVX Chevron Corp. | Reduce -0.1% | 1.09% | +0.03 |
| BX Blackstone Inc. | Reduce -1.4% | 1.13% | +0.07 |
| RTX RTX Corp. | Reduce -0.2% | 1.17% | +0.09 |
| KLAC KLA Corp. | Reduce -6.0% | 1.95% | +0.14 |
| DWLD Davis Select Worldwide ETF | Reduce -0.9% | 9.69% | +0.26 |
| AAPL Apple Inc. | Reduce -6.9% | 3.20% | +0.28 |
| AVGO Broadcom Inc. | Reduce -2.1% | 4.02% | +0.41 |
| NVDA Nvidia Corp. | Reduce -1.1% | 4.15% | +0.41 |
| GOOGL Alphabet Inc. Class A | Reduce -0.8% | 3.22% | +0.74 |
Portfolio Buys Q2 2025 → Q3 2025
| XLF SS Financial Select Sector | New | 0.67% | +0.67 |
| XLI SS Industrial Select Sector | New | 0.42% | +0.42 |
| XLP SS Consumer Staples Sel Sect | New | 0.36% | +0.36 |
| CASY Casey's General Stores Inc. | New | 0.35% | +0.35 |
| SO The Southern Co. | New | 0.35% | +0.35 |
| XLY SS Consumer Disc Select Sect | Add +141.5% | 0.51% | +0.31 |
| JPM JPMorgan Chase & Co. | Add +1.6% | 1.69% | +0.08 |
| WM Waste Management Inc. | Add +14.6% | 1.40% | +0.07 |
| NEE Nextera Energy Inc. | Add +2.4% | 1.06% | +0.06 |
| USIG iShares Broad Usd Investment | Add +5.2% | 3.81% | +0.06 |
| BINV Brandes International ETF | Add +0.2% | 2.56% | +0.05 |
| MRK Merck & Co. Inc. | Add +3.0% | 0.96% | +0.03 |
| LOW Lowe's Cos Inc. | Add +0.1% | 0.43% | +0.03 |
| DNP DNP Select Income Fund Inc. | Add +0.4% | 0.20% | −0.01 |
| ICE Intercontinental Exchange Inc. | Add +13.9% | 1.02% | −0.01 |
| DHR Danaher Corp. | Add +2.8% | 0.44% | −0.01 |
| MRSH Marsh & McLennan Cos | Add +1.6% | 0.84% | −0.10 |
| UITB Victoryshares Core Intermedi | Add +2.5% | 6.03% | −0.11 |
| META Meta Platforms Inc. Class A | Add +0.1% | 2.13% | −0.12 |
| DE Deere & Co. | Add +1.0% | 1.04% | −0.17 |
| COST Costco Wholesale Corp. | Add +0.7% | 2.06% | −0.24 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +0.5% | 5.09% | −0.24 |
| CMG Chipotle Mexican Grill Inc. | Add +3.3% | 0.79% | −0.36 |
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 |