JRM Investment Counsel, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), JRM Investment Counsel, LLC reported 18 stock positions worth $268.2 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 32.4% of the portfolio, followed by Avantis U.S. Equity ETF (AVUS, 13.4%) and Avantis US Large Cap Value (AVLV, 11.2%). Compared with Q3 2024, it added to 8 and reduced 7. The biggest buy was Avantis US Large Cap Value (AVLV, shares +8%) and the biggest sale Vanguard Ftse Developed ETF (VEA, shares −3%).

Most Recent 13F
Q2 2026
Location
OMAHA, NE
CIK
0001631084
Portfolio Value
$268.2M (Q4 2024)
SEC Filing
0001631084-25-000001 ↗ filed Feb 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $279.4M Q1 2024 Q2 2024: $277.2M Q2 2024 Q3 2024: $272.9M Q3 2024 Q4 2024: $268.2M $268.2M Q4 2024 Q1 2025: $281.5M Q1 2025 Q2 2025: $307.8M Q2 2025 Q3 2025: $331.0M Q3 2025 Q4 2025: $342.9M Q4 2025 Q1 2026: $372.7M Q1 2026 Q2 2026: $410.5M Q2 2026

Holdings 18 stocks · $268.2M
BRK.B Berkshire Hathaway Inc. Class B 32.37% 191,527 $86.8M Add +0.5%
AVUS Avantis U.S. Equity ETF 13.42% 371,273 $36.0M Reduce -10.5%
AVLV Avantis US Large Cap Value 11.22% 450,536 $30.1M Add +7.8%
VEA Vanguard Ftse Developed ETF 9.51% 533,610 $25.5M Reduce -3.0%
AVUV Avantis US Small Cap Value 6.39% 177,449 $17.1M Add +9.8%
AVEM Avantis Emerging Markets Eq 5.93% 270,496 $15.9M Add +6.4%
BRK.A Berkshire Hathaway Inc. Class A 5.59% 22 $15.0M No change
EPD Enterprise Products Partners 5.46% 467,179 $14.7M Add +1.0%
AVDV Avantis Intl S/C Value ETF 3.39% 139,737 $9.1M Add +2.3%
BX Blackstone Inc. 2.26% 35,221 $6.1M Reduce -17.0%
AAPL Apple Inc. 1.41% 15,058 $3.8M Reduce -0.5%
SPDW Ste STR SPDR PT DW Eu ETF 1.38% 108,723 $3.7M Reduce -0.6%
IEFA iShares Core MSCI Eafe ETF 0.60% 22,758 $1.6M Add +0.1%
TRP TC Energy Corp. 0.47% 27,000 $1.3M No change
VIG Vanguard Dividend Apprec ETF 0.35% 4,733 $927K Reduce -4.6%
VTI VG Morningstar TS MKT ETF-US 0.10% 910 $264K No change
UNP Union Pacific Corp. 0.09% 1,060 $242K Add +2.9%
TFLO iShares Treasury Floating Ra 0.07% 3,964 $200K Reduce -12.5%
Other holdings (2): bonds, preferreds, convertibles and warrants · $14.7M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 6,862$8.2MAdd +1.1%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 5,348$6.5MReduce -22.5%

Total filed on the 13F, all lines: $282.9M.

Portfolio Sells Q3 2024 → Q4 2024
VEA Vanguard Ftse Developed ETF Reduce -3.0% 9.51% −1.13
AVUS Avantis U.S. Equity ETF Reduce -10.5% 13.42% −1.04
SPDW Ste STR SPDR PT DW Eu ETF Reduce -0.6% 1.38% −0.12
BX Blackstone Inc. Reduce -17.0% 2.26% −0.12
VIG Vanguard Dividend Apprec ETF Reduce -4.6% 0.35% −0.01
TFLO iShares Treasury Floating Ra Reduce -12.5% 0.07% −0.01
AAPL Apple Inc. Reduce -0.5% 1.41% +0.11

Portfolio Buys Q3 2024 → Q4 2024
AVLV Avantis US Large Cap Value Add +7.8% 11.22% +1.14
AVUV Avantis US Small Cap Value Add +9.8% 6.39% +0.71
EPD Enterprise Products Partners Add +1.0% 5.46% +0.53
BRK.B Berkshire Hathaway Inc. Class B Add +0.5% 32.37% +0.23
UNP Union Pacific Corp. Add +2.9% 0.09% −0.00
IEFA iShares Core MSCI Eafe ETF Add +0.1% 0.60% −0.05
AVEM Avantis Emerging Markets Eq Add +6.4% 5.93% −0.09
AVDV Avantis Intl S/C Value ETF Add +2.3% 3.39% −0.15

Notes & Other Activity Q3 2024 → Q4 2024
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Add +1.1% 6,862 $8.2M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -22.5% 5,348 $6.5M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$410.5MBRK.B, AVLV, VEA, AVUS, AVEM
Q1 2026 19$372.7MBRK.B, AVLV, VEA, AVUS, AVEM
Q4 2025 19$342.9MBRK.B, VEA, AVLV, AVUS, AVEM
Q3 2025 19$331.0MBRK.B, VEA, AVLV, AVUS, AVEM
Q2 2025 18$307.8MBRK.B, VEA, AVLV, AVUS, AVEM
Q1 2025 18$281.5MBRK.B, AVLV, VEA, AVUS, BRK.A
Q4 2024 18$268.2MBRK.B, AVUS, AVLV, VEA, AVUV
Q3 2024 18$272.9MBRK.B, AVUS, VEA, AVLV, AVEM
Q2 2024 19$277.2MBRK.B, AVUS, AVLV, VEA, AVUV
Q1 2024 18$279.4MBRK.B, AVUS, VEA, AVLV, AVUV