Fjell Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), Fjell Capital, LLC reported 66 stock positions worth $130.4 million. Its top holding was Davis Select Worldwide ETF (DWLD) at 9.1% of the portfolio, followed by Victoryshares Core Intermedi (UITB, 5.8%) and Nvidia (NVDA, 5.2%). Compared with Q3 2025, it opened 10 new positions, sold out of 2, added to 44 and reduced 10. The biggest buy was Alphabet Class A (GOOGL, shares +22%) and the biggest sale an exit from Chipotle Mexican Grill (CMG).
- Most Recent 13F
- Q2 2026
- Location
- FARGO, ND
- CIK
- 0002053350
- Portfolio Value
- $130.4M (Q4 2025)
- SEC Filing
- 0002053350-26-000001 ↗ filed Jan 12, 2026
Holdings Value
Holdings 66 stocks · $130.4M
| DWLD Davis Select Worldwide ETF | 9.14% | 255,535 | $11.9M | Add +5.1% |
| UITB Victoryshares Core Intermedi | 5.80% | 159,840 | $7.6M | Add +11.0% |
| NVDA Nvidia Corp. | 5.24% | 36,622 | $6.8M | Add +45.0% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 4.57% | 65,286 | $6.0M | Add +3.5% |
| GOOGL Alphabet Inc. Class A | 4.39% | 18,304 | $5.7M | Add +21.8% |
| AVGO Broadcom Inc. | 4.24% | 15,993 | $5.5M | Add +15.6% |
| MSFT Microsoft Corp. | 4.12% | 11,100 | $5.4M | Add +20.9% |
| AAPL Apple Inc. | 3.92% | 18,799 | $5.1M | Add +31.7% |
| USIG iShares Broad Usd Investment | 3.70% | 93,318 | $4.8M | Add +12.6% |
| GTO Invesco Total Return Bond Et | 3.60% | 99,036 | $4.7M | Add +1.9% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 3.25% | 14,590 | $4.2M | Add +1.5% |
| AMZN Amazon.com Inc. | 3.23% | 18,238 | $4.2M | Add +22.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.44% | 6,530 | $3.2M | Reduce -2.3% |
| BINV Brandes International ETF | 2.43% | 79,107 | $3.2M | Add +4.5% |
| PSH Pgim Short Duration High YLD | 2.31% | 59,842 | $3.0M | Reduce -1.7% |
| COST Costco Wholesale Corp. | 2.02% | 3,060 | $2.6M | Add +21.0% |
| CGGR Cap Group Growth Equity | 2.01% | 58,831 | $2.6M | Reduce -1.3% |
| KLAC KLA Corp. | 1.94% | 2,079 | $2.5M | Add +1.1% |
| META Meta Platforms Inc. Class A | 1.82% | 3,590 | $2.4M | Add +8.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.71% | 11,668 | $2.2M | Reduce -1.3% |
| JPM JPMorgan Chase & Co. | 1.58% | 6,409 | $2.1M | Add +5.1% |
| AMD Advanced Micro Devices | 1.42% | 8,650 | $1.9M | Add +7.4% |
| HYFI AB High Yield ETF filed as AB ACTIVE ETFS INC | 1.36% | 47,369 | $1.8M | Add +2.1% |
| WM Waste Management Inc. | 1.34% | 7,961 | $1.7M | Add +10.4% |
| PHYL Pgim Active High Yield Bond | 1.34% | 49,164 | $1.7M | Add +1.0% |
| RTX RTX Corp. | 1.13% | 8,027 | $1.5M | Add +1.3% |
| NEE Nextera Energy Inc. | 1.11% | 18,074 | $1.5M | Add +12.9% |
| MRK Merck & Co. Inc. | 1.09% | 13,513 | $1.4M | Add +4.3% |
| BX Blackstone Inc. | 1.07% | 9,047 | $1.4M | Add +20.6% |
| ARES Ares Management Corp. Class A | 1.04% | 8,408 | $1.4M | Add +21.1% |
| DE Deere & Co. | 1.02% | 2,846 | $1.3M | Add +9.8% |
| HD Home Depot Inc. | 1.00% | 3,807 | $1.3M | Add +38.0% |
| CVX Chevron Corp. | 0.98% | 8,357 | $1.3M | Add +4.6% |
| ICE Intercontinental Exchange Inc. | 0.97% | 7,773 | $1.3M | Add +13.4% |
| XLK SS Technology Select Sector | 0.91% | 8,258 | $1.2M | Reduce -2.1% |
| VOO Vanguard S&P 500 ETF | 0.83% | 1,736 | $1.1M | New |
| MRSH Marsh & McLennan Cos | 0.70% | 4,954 | $919K | Add +4.2% |
| XLF SS Financial Select Sector | 0.62% | 14,879 | $815K | Add +5.1% |
| CRM Salesforce Inc. | 0.62% | 3,050 | $808K | Add +7.2% |
| GOOG Alphabet Inc. Class C | 0.53% | 2,204 | $692K | Reduce -0.7% |
| KKR KKR & Co. Inc. | 0.51% | 5,191 | $662K | Add +29.4% |
| DHR Danaher Corp. | 0.48% | 2,726 | $624K | Add +8.2% |
| XLY SS Consumer Disc Select Sect | 0.46% | 5,029 | $601K | Add +4.4% |
| ADBE Adobe Inc. | 0.39% | 1,462 | $512K | Reduce -9.8% |
| BND Vanguard Total Bond Market | 0.39% | 6,850 | $507K | Add +69.3% |
| XLI SS Industrial Select Sector | 0.39% | 3,246 | $504K | Add +5.2% |
| UNP Union Pacific Corp. | 0.38% | 2,160 | $500K | Add +1.1% |
| VGT Vanguard Info Tech ETF | 0.37% | 647 | $488K | Reduce -12.2% |
| CASY Casey's General Stores Inc. | 0.37% | 876 | $484K | Add +25.3% |
| LOW Lowe's Cos Inc. | 0.36% | 1,948 | $470K | Add +0.1% |
| SO The Southern Co. | 0.34% | 5,043 | $440K | Add +21.3% |
| XLP SS Consumer Staples Sel Sect | 0.33% | 5,596 | $435K | Add +8.6% |
| BNDX Vanguard Total Intl Bond ETF | 0.23% | 6,299 | $304K | New |
| AMAT Applied Materials Inc. | 0.23% | 1,176 | $302K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.23% | 279 | $298K | New |
| VEA Vanguard Ftse Developed ETF | 0.22% | 4,535 | $283K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.20% | 761 | $255K | New |
| VXUS Vanguard Total Intl Stock | 0.19% | 3,319 | $250K | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 521 | $244K | New |
| USB US Bancorp | 0.18% | 4,506 | $240K | No change |
| MU Micron Technology Inc. | 0.18% | 820 | $234K | New |
| DNP DNP Select Income Fund Inc. | 0.18% | 23,046 | $230K | Add +0.4% |
| EPD Enterprise Products Partners | 0.17% | 6,840 | $219K | New |
| HON Honeywell International Inc. | 0.16% | 1,070 | $209K | New |
| VOX Vanguard Communication Servi | 0.16% | 1,076 | $208K | Reduce -11.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.16% | 409 | $206K | Reduce -0.5% |
Portfolio Sells Q3 2025 → Q4 2025
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.79 |
| PSH Pgim Short Duration High YLD | Reduce -1.7% | 2.31% | −0.41 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -2.3% | 2.44% | −0.38 |
| CGGR Cap Group Growth Equity | Reduce -1.3% | 2.01% | −0.30 |
| SCHD Schwab US DVD Equity ETF | Sold out | 0.00% | −0.24 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.3% | 1.71% | −0.23 |
| XLK SS Technology Select Sector | Reduce -2.1% | 0.91% | −0.14 |
| ADBE Adobe Inc. | Reduce -9.8% | 0.39% | −0.11 |
| VGT Vanguard Info Tech ETF | Reduce -12.2% | 0.37% | −0.11 |
| VOX Vanguard Communication Servi | Reduce -11.4% | 0.16% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 0.16% | −0.02 |
| GOOG Alphabet Inc. Class C | Reduce -0.7% | 0.53% | +0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +21.8% | 4.39% | +1.18 |
| NVDA Nvidia Corp. | Add +45.0% | 5.24% | +1.09 |
| VOO Vanguard S&P 500 ETF | New | 0.83% | +0.83 |
| AAPL Apple Inc. | Add +31.7% | 3.92% | +0.72 |
| AMZN Amazon.com Inc. | Add +22.2% | 3.23% | +0.34 |
| AMD Advanced Micro Devices | Add +7.4% | 1.42% | +0.27 |
| BNDX Vanguard Total Intl Bond ETF | New | 0.23% | +0.23 |
| AMAT Applied Materials Inc. | New | 0.23% | +0.23 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.23% | +0.23 |
| AVGO Broadcom Inc. | Add +15.6% | 4.24% | +0.23 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.20% | +0.20 |
| VXUS Vanguard Total Intl Stock | New | 0.19% | +0.19 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.19% | +0.19 |
| MU Micron Technology Inc. | New | 0.18% | +0.18 |
| EPD Enterprise Products Partners | New | 0.17% | +0.17 |
| HON Honeywell International Inc. | New | 0.16% | +0.16 |
| MRK Merck & Co. Inc. | Add +4.3% | 1.09% | +0.13 |
| BND Vanguard Total Bond Market | Add +69.3% | 0.39% | +0.12 |
| ARES Ares Management Corp. Class A | Add +21.1% | 1.04% | +0.06 |
| KKR KKR & Co. Inc. | Add +29.4% | 0.51% | +0.05 |
| NEE Nextera Energy Inc. | Add +12.9% | 1.11% | +0.05 |
| DHR Danaher Corp. | Add +8.2% | 0.48% | +0.04 |
| CRM Salesforce Inc. | Add +7.2% | 0.62% | +0.03 |
| CASY Casey's General Stores Inc. | Add +25.3% | 0.37% | +0.02 |
| HD Home Depot Inc. | Add +38.0% | 1.00% | +0.02 |
| SO The Southern Co. | Add +21.3% | 0.34% | −0.01 |
| KLAC KLA Corp. | Add +1.1% | 1.94% | −0.02 |
| XLP SS Consumer Staples Sel Sect | Add +8.6% | 0.33% | −0.02 |
| DNP DNP Select Income Fund Inc. | Add +0.4% | 0.18% | −0.03 |
| DE Deere & Co. | Add +9.8% | 1.02% | −0.03 |
| XLI SS Industrial Select Sector | Add +5.2% | 0.39% | −0.03 |
| COST Costco Wholesale Corp. | Add +21.0% | 2.02% | −0.04 |
| RTX RTX Corp. | Add +1.3% | 1.13% | −0.04 |
| XLF SS Financial Select Sector | Add +5.1% | 0.62% | −0.05 |
| XLY SS Consumer Disc Select Sect | Add +4.4% | 0.46% | −0.05 |
| ICE Intercontinental Exchange Inc. | Add +13.4% | 0.97% | −0.05 |
| BX Blackstone Inc. | Add +20.6% | 1.07% | −0.06 |
| WM Waste Management Inc. | Add +10.4% | 1.34% | −0.06 |
| UNP Union Pacific Corp. | Add +1.1% | 0.38% | −0.06 |
| MSFT Microsoft Corp. | Add +20.9% | 4.12% | −0.07 |
| LOW Lowe's Cos Inc. | Add +0.1% | 0.36% | −0.07 |
| USIG iShares Broad Usd Investment | Add +12.6% | 3.70% | −0.11 |
| JPM JPMorgan Chase & Co. | Add +5.1% | 1.58% | −0.11 |
| CVX Chevron Corp. | Add +4.6% | 0.98% | −0.12 |
| BINV Brandes International ETF | Add +4.5% | 2.43% | −0.13 |
| MRSH Marsh & McLennan Cos | Add +4.2% | 0.70% | −0.14 |
| HYFI AB High Yield ETF | Add +2.1% | 1.36% | −0.19 |
| PHYL Pgim Active High Yield Bond | Add +1.0% | 1.34% | −0.19 |
| UITB Victoryshares Core Intermedi | Add +11.0% | 5.80% | −0.22 |
| META Meta Platforms Inc. Class A | Add +8.8% | 1.82% | −0.32 |
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 |