Pecaut & Co.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Pecaut & Co. reported 81 stock positions worth $301.0 million. Its top holding was SS Spdrb B 3-12M T-Bill ETF (BILS) at 12.4% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 10.0%) and iShares 0-3 Month Treasury B (SGOV, 9.3%). Compared with Q1 2025, it opened 7 new positions, sold out of 2, added to 21 and reduced 29. The biggest buy was a new position in JPM Ultra-Short Muni Income (JMST) and the biggest sale Texas Pacific Land (TPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX CITY, IA
- CIK
- 0001597200
- Portfolio Value
- $301.0M (Q2 2025)
- SEC Filing
- 0001398344-25-015447 ↗ filed Aug 14, 2025
Holdings Value
Holdings 81 stocks · $301.0M
| BILS SS Spdrb B 3-12M T-Bill ETF | 12.45% | 376,756 | $37.5M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 10.01% | 62,046 | $30.1M | Reduce -0.6% |
| SGOV iShares 0-3 Month Treasury B | 9.30% | 277,904 | $28.0M | Reduce -3.3% |
| TPL Texas Pacific Land Corp. | 4.83% | 13,752 | $14.5M | Reduce -0.2% |
| SPYG SS SPDR P S&P 500 Growth ETF | 4.82% | 152,191 | $14.5M | Reduce -1.2% |
| GOOG Alphabet Inc. Class C | 3.77% | 64,020 | $11.4M | Reduce -1.7% |
| VIG Vanguard Dividend Apprec ETF | 3.72% | 54,747 | $11.2M | Add +1.7% |
| SPYV SS SPDR P S&P 500 Value ETF | 3.16% | 181,480 | $9.5M | Add +5.0% |
| EMXC iShares MSCI Emr MRK Ex Chna | 2.92% | 139,113 | $8.8M | Add +3.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.91% | 12 | $8.7M | No change |
| SPMD SS SPDR P S&P 400 Midcap ETF | 2.75% | 152,256 | $8.3M | Reduce -1.0% |
| USMV iShares MSCI USA Min Vol Fac | 2.69% | 86,268 | $8.1M | Add +3.2% |
| AAPL Apple Inc. | 2.59% | 38,070 | $7.8M | Reduce -3.4% |
| SPDW Ste STR SPDR PT DW Eu ETF | 2.50% | 185,739 | $7.5M | Add +5.7% |
| COST Costco Wholesale Corp. | 2.44% | 7,426 | $7.4M | Reduce -0.3% |
| CIBR First Trust Nasdaq Cybersecu | 1.83% | 72,954 | $5.5M | Add +1.4% |
| AN Autonation Inc. | 1.73% | 26,170 | $5.2M | Reduce -0.2% |
| MSFT Microsoft Corp. | 1.61% | 9,749 | $4.8M | Reduce -0.7% |
| LOW Lowe's Cos Inc. | 1.47% | 20,000 | $4.4M | Reduce -6.0% |
| KNF Knife River Corp. | 1.43% | 52,865 | $4.3M | Reduce -2.5% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.29% | 91,076 | $3.9M | Reduce -9.3% |
| GRID First TRST Nasd Class Edg Sgiif | 1.19% | 25,810 | $3.6M | Add +0.0% |
| ICE Intercontinental Exchange Inc. | 1.15% | 18,800 | $3.4M | Reduce -0.8% |
| NVDA Nvidia Corp. | 1.07% | 20,372 | $3.2M | Reduce -0.2% |
| CP Canadian Pacific Kansas City | 1.02% | 38,900 | $3.1M | Reduce -10.6% |
| BLDR Builders Firstsource Inc. | 0.81% | 20,935 | $2.4M | Add +186.6% |
| WTM White Mountains Insurance GP | 0.70% | 1,167 | $2.1M | No change |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.69% | 22,713 | $2.1M | Reduce -7.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.69% | 4,715 | $2.1M | Add +30.8% |
| INFL Horizon Kinetics Infl Benef | 0.67% | 48,150 | $2.0M | No change |
| ORCL Oracle Corp. | 0.60% | 8,322 | $1.8M | Reduce -3.1% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.60% | 35,342 | $1.8M | New |
| FND Floor & Decor Holdings Inc. Class A | 0.58% | 22,900 | $1.7M | No change |
| AXP American Express Co. | 0.54% | 5,119 | $1.6M | No change |
| BWXT BWX Technologies Inc. | 0.46% | 9,635 | $1.4M | No change |
| GLDM SPDR Gold Minishares Trust | 0.43% | 19,947 | $1.3M | Add +13.3% |
| URI United Rentals Inc. | 0.41% | 1,653 | $1.2M | No change |
| VEA Vanguard Ftse Developed ETF | 0.41% | 21,680 | $1.2M | Add +2.6% |
| WMT Walmart Inc. | 0.41% | 12,613 | $1.2M | No change |
| FWONA Liberty Media Corp. Class A | 0.38% | 12,108 | $1.1M | Reduce -2.4% |
| UNP Union Pacific Corp. | 0.38% | 4,918 | $1.1M | Reduce -1.4% |
| LB Landbridge Co. LLC-A | 0.36% | 15,991 | $1.1M | Add +0.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.35% | 4,506 | $1.1M | Add +90.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.35% | 6,027 | $1.1M | Add +18.9% |
| WPM Wheaton Precious Metals Corp. | 0.34% | 11,550 | $1.0M | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.33% | 3,598 | $1.0M | Add +26.6% |
| NKE Nike Inc. Class B | 0.31% | 13,002 | $924K | Reduce -77.2% |
| ESGV Vanguard ESG US Stock ETF | 0.29% | 7,947 | $871K | Reduce -4.2% |
| PVH PVH Corp. | 0.29% | 12,600 | $864K | New |
| MSB Mesabi Trust | 0.27% | 33,940 | $813K | Add +0.4% |
| NRP Natural Resource Partners LP | 0.25% | 7,800 | $745K | Add +6.8% |
| CASY Casey's General Stores Inc. | 0.24% | 1,425 | $727K | No change |
| ACI Albertsons Cos Inc. Class A | 0.22% | 30,400 | $654K | No change |
| TDW Tidewater Inc. | 0.21% | 14,000 | $646K | Reduce -6.7% |
| XSORX Source Capital Inc. | 0.21% | 14,772 | $641K | Add +1.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.21% | 9,200 | $635K | Reduce -57.4% |
| SHV iShares 0-1 Year Treasury Bo | 0.19% | 5,156 | $569K | No change |
| HE Hawaiian Electric Inds | 0.14% | 40,000 | $425K | New |
| ARIS WATER SOLUTIONS INC-A | 0.13% | 16,879 | $399K | New |
| JNJ Johnson & Johnson | 0.13% | 2,488 | $380K | Reduce -38.3% |
| LXU LSB Industries Inc. | 0.11% | 43,500 | $339K | No change |
| ESGD iShares Trust iShares ESG Aw | 0.11% | 3,777 | $337K | Add +1.0% |
| CNI Canadian Natl Railway Co. | 0.10% | 2,850 | $297K | No change |
| BOC Boston Omaha Corp. Class A | 0.10% | 20,900 | $293K | No change |
| RLI Rli Corp. | 0.10% | 3,983 | $288K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 425 | $263K | Reduce -10.5% |
| TSLA Tesla Inc. | 0.09% | 825 | $262K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.08% | 1,102 | $250K | New |
| CINF Cincinnati Financial Corp. | 0.08% | 1,653 | $246K | No change |
| IWF iShares Russell 1000 Growth | 0.08% | 576 | $244K | Reduce -1.9% |
| IHAK iShares Cybersecurity & Tech | 0.08% | 4,580 | $244K | Reduce -1.3% |
| PGR Progressive Corp. | 0.08% | 900 | $240K | No change |
| IWD iShares Russell 1000 Value E | 0.08% | 1,229 | $239K | Reduce -2.9% |
| ELV Elevance Health Inc. | 0.08% | 600 | $233K | No change |
| RCG Renn Fund Inc. | 0.08% | 86,050 | $229K | No change |
| PHYS Sprott Physical Gold Trust | 0.07% | 8,700 | $221K | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.07% | 6,500 | $220K | No change |
| ADP Automatic Data Processing | 0.07% | 700 | $216K | No change |
| ESGU iShares ESG Aware MSCI USA | 0.07% | 1,535 | $208K | New |
| VRSK Verisk Analytics Inc. | 0.07% | 650 | $202K | New |
| SJT San Juan Basin Royalty TR | 0.06% | 30,000 | $179K | Add +200.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $218K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 10,507 | $218K | Reduce -8.8% |
Total filed on the 13F, all lines: $301.2M.
Portfolio Sells Q1 2025 → Q2 2025
| TPL Texas Pacific Land Corp. | Reduce -0.2% | 4.83% | −1.39 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.6% | 10.01% | −1.30 |
| NKE Nike Inc. Class B | Reduce -77.2% | 0.31% | −0.92 |
| SGOV iShares 0-3 Month Treasury B | Reduce -3.3% | 9.30% | −0.56 |
| AAPL Apple Inc. | Reduce -3.4% | 2.59% | −0.39 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -57.4% | 0.21% | −0.30 |
| KNF Knife River Corp. | Reduce -2.5% | 1.43% | −0.23 |
| LOW Lowe's Cos Inc. | Reduce -6.0% | 1.47% | −0.22 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.16 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -9.3% | 1.29% | −0.11 |
| JNJ Johnson & Johnson | Reduce -38.3% | 0.13% | −0.10 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -7.8% | 0.69% | −0.08 |
| UFCS United Fire Group Inc. | Sold out | 0.00% | −0.07 |
| UNP Union Pacific Corp. | Reduce -1.4% | 0.38% | −0.03 |
| CP Canadian Pacific Kansas City | Reduce -10.6% | 1.02% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -10.5% | 0.09% | −0.00 |
| IWD iShares Russell 1000 Value E | Reduce -2.9% | 0.08% | −0.00 |
| TDW Tidewater Inc. | Reduce -6.7% | 0.21% | −0.00 |
| IHAK iShares Cybersecurity & Tech | Reduce -1.3% | 0.08% | +0.01 |
| IWF iShares Russell 1000 Growth | Reduce -1.9% | 0.08% | +0.01 |
| ESGV Vanguard ESG US Stock ETF | Reduce -4.2% | 0.29% | +0.01 |
| ICE Intercontinental Exchange Inc. | Reduce -0.8% | 1.15% | +0.03 |
| FWONA Liberty Media Corp. Class A | Reduce -2.4% | 0.38% | +0.04 |
| COST Costco Wholesale Corp. | Reduce -0.3% | 2.44% | +0.04 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -1.0% | 2.75% | +0.07 |
| ORCL Oracle Corp. | Reduce -3.1% | 0.60% | +0.20 |
| AN Autonation Inc. | Reduce -0.2% | 1.73% | +0.28 |
| GOOG Alphabet Inc. Class C | Reduce -1.7% | 3.77% | +0.31 |
| NVDA Nvidia Corp. | Reduce -0.2% | 1.07% | +0.32 |
| MSFT Microsoft Corp. | Reduce -0.7% | 1.61% | +0.36 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -1.2% | 4.82% | +0.60 |
Portfolio Buys Q1 2025 → Q2 2025
| JMST JPM Ultra-Short Muni Income | New | 0.60% | +0.60 |
| BLDR Builders Firstsource Inc. | Add +186.6% | 0.81% | +0.50 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +3.6% | 2.92% | +0.40 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +5.7% | 2.50% | +0.32 |
| CIBR First Trust Nasdaq Cybersecu | Add +1.4% | 1.83% | +0.29 |
| PVH PVH Corp. | New | 0.29% | +0.29 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +30.8% | 0.69% | +0.23 |
| GRID First TRST Nasd Class Edg Sgiif | Add +0.0% | 1.19% | +0.20 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +90.5% | 0.35% | +0.18 |
| VIG Vanguard Dividend Apprec ETF | Add +1.7% | 3.72% | +0.17 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +5.0% | 3.16% | +0.15 |
| HE Hawaiian Electric Inds | New | 0.14% | +0.14 |
| ARIS WATER SOLUTIONS INC-A | New | 0.13% | +0.13 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +26.6% | 0.33% | +0.08 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.08% | +0.08 |
| ESGU iShares ESG Aware MSCI USA | New | 0.07% | +0.07 |
| VRSK Verisk Analytics Inc. | New | 0.07% | +0.07 |
| GLDM SPDR Gold Minishares Trust | Add +13.3% | 0.43% | +0.06 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +18.9% | 0.35% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +2.6% | 0.41% | +0.04 |
| SJT San Juan Basin Royalty TR | Add +200.0% | 0.06% | +0.04 |
| USMV iShares MSCI USA Min Vol Fac | Add +3.2% | 2.69% | +0.02 |
| ESGD iShares Trust iShares ESG Aw | Add +1.0% | 0.11% | +0.01 |
| XSORX Source Capital Inc. | Add +1.3% | 0.21% | +0.01 |
| NRP Natural Resource Partners LP | Add +6.8% | 0.25% | −0.01 |
| LB Landbridge Co. LLC-A | Add +0.0% | 0.36% | −0.03 |
| MSB Mesabi Trust | Add +0.4% | 0.27% | −0.04 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +0.1% | 12.45% | −0.30 |
Notes & Other Activity Q1 2025 → Q2 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -8.8% | 10,507 | $218K |
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 | 65 | $328.2M | BRK.B, BILS, VCSH, EMXC, GOOG |
| Q1 2026 | 66 | $308.0M | BRK.B, BILS, VCSH, SGOV, EMXC |
| Q4 2025 | 70 | $310.0M | BILS, BRK.B, SGOV, GOOG, SPYG |
| Q3 2025 | 78 | $311.0M | BILS, BRK.B, SGOV, SPYG, GOOG |
| Q2 2025 | 81 | $301.0M | BILS, BRK.B, SGOV, TPL, SPYG |
| Q1 2025 | 76 | $293.6M | BILS, BRK.B, SGOV, TPL, SPYG |
| Q4 2024 | 74 | $289.4M | BILS, BRK.B, SGOV, TPL, SPYG |
| Q3 2024 | 72 | $282.1M | BILS, BRK.B, SGOV, TPL, GOOG |
| Q2 2024 | 69 | $263.7M | SGOV, BRK.B, BILS, GOOG, AAPL |
| Q1 2024 | 77 | $267.6M | SGOV, BRK.B, BILS, GOOG, AAPL |