JRM Investment Counsel, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), JRM Investment Counsel, LLC reported 18 stock positions worth $281.5 million . Its top holding was Berkshire Hathaway Class B (BRK.B) at 36.2% of the portfolio, followed by Avantis US Large Cap Value (AVLV, 11.0% ) and Vanguard Ftse Developed ETF (VEA, 10.7% ). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 5 and reduced 10. The biggest buy was a new position in Plains GP (PAGP) and the biggest sale Avantis U.S. Equity ETF (AVUS, shares −18% ).
Location OMAHA, NE
CIK 0001631084
Portfolio Value $281.5M (Q1 2025) Holdings 18 stocks · $281.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 BRK.B Berkshire Hathaway Inc. Class B 191,311 $101.9M Reduce -0.1% AVLV Avantis US Large Cap Value 474,795 $31.0M Add +5.4% VEA Vanguard Ftse Developed ETF 591,379 $30.1M Add +10.8% AVUS Avantis U.S. Equity ETF 306,223 $28.3M Reduce -17.5% BRK.A Berkshire Hathaway Inc. Class A 22 $17.6M No change EPD Enterprise Products Partners 477,983 $16.3M Add +2.3% AVEM Avantis Emerging Markets Eq 254,476 $15.3M Reduce -5.9% AVUV Avantis US Small Cap Value 157,833 $13.8M Reduce -11.1% AVDV Avantis Intl S/C Value ETF 137,591 $9.6M Reduce -1.5% PAGP Plains GP Holdings LP 164,000 $3.5M New SPDW Ste STR SPDR PT DW Eu ETF 89,723 $3.3M Reduce -17.5% BX Blackstone Inc. 22,992 $3.2M Reduce -34.7% AAPL Apple Inc. 12,141 $2.7M Reduce -19.4% IEFA iShares Core MSCI Eafe ETF 31,575 $2.4M Add +38.7% TRP TC Energy Corp. 27,000 $1.3M No change VIG Vanguard Dividend Apprec ETF 4,513 $876K Reduce -4.7% UNP Union Pacific Corp. 1,263 $298K Add +19.1% VTI VG Morningstar TS MKT ETF-US 850 $234K Reduce -6.6%
Other holdings (2): bonds, preferreds, convertibles and warrants · $11.9M (not counted above) Total filed on the 13F, all lines: $293.4M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ AVUS Avantis U.S. Equity ETF Reduce -17.5% 10.05% −3.37 AVUV Avantis US Small Cap Value Reduce -11.1% 4.89% −1.50 BX Blackstone Inc. Reduce -34.7% 1.14% −1.12 AVEM Avantis Emerging Markets Eq Reduce -5.9% 5.44% −0.49 AAPL Apple Inc. Reduce -19.4% 0.96% −0.45 SPDW Ste STR SPDR PT DW Eu ETF Reduce -17.5% 1.16% −0.22 TFLO iShares Treasury Floating Ra Sold out 0.00% −0.07 VIG Vanguard Dividend Apprec ETF Reduce -4.7% 0.31% −0.03 VTI VG Morningstar TS MKT ETF-US Reduce -6.6% 0.08% −0.02 AVDV Avantis Intl S/C Value ETF Reduce -1.5% 3.41% +0.02 BRK.B Berkshire Hathaway Inc. Class B Reduce -0.1% 36.19% +3.83
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ PAGP Plains GP Holdings LP New 1.24% +1.24 VEA Vanguard Ftse Developed ETF Add +10.8% 10.68% +1.16 EPD Enterprise Products Partners Add +2.3% 5.80% +0.33 IEFA iShares Core MSCI Eafe ETF Add +38.7% 0.85% +0.25 UNP Union Pacific Corp. Add +19.1% 0.11% +0.02 AVLV Avantis US Large Cap Value Add +5.4% 11.00% −0.22
Notes & Other Activity Q4 2024 → Q1 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 19 $410.5M BRK.B, AVLV, VEA, AVUS, AVEM Q1 2026 19 $372.7M BRK.B, AVLV, VEA, AVUS, AVEM Q4 2025 19 $342.9M BRK.B, VEA, AVLV, AVUS, AVEM Q3 2025 19 $331.0M BRK.B, VEA, AVLV, AVUS, AVEM Q2 2025 18 $307.8M BRK.B, VEA, AVLV, AVUS, AVEM Q1 2025 18 $281.5M BRK.B, AVLV, VEA, AVUS, BRK.A Q4 2024 18 $268.2M BRK.B, AVUS, AVLV, VEA, AVUV Q3 2024 18 $272.9M BRK.B, AVUS, VEA, AVLV, AVEM Q2 2024 19 $277.2M BRK.B, AVUS, AVLV, VEA, AVUV Q1 2024 18 $279.4M BRK.B, AVUS, VEA, AVLV, AVUV