Pecaut & Co.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 3, 2025), Pecaut & Co. reported 78 stock positions worth $311.0 million. Its top holding was SS Spdrb B 3-12M T-Bill ETF (BILS) at 13.8% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 10.0%) and iShares 0-3 Month Treasury B (SGOV, 8.1%). Compared with Q2 2025, it opened 4 new positions, sold out of 7, added to 19 and reduced 35. The biggest buy was a new position in First Trust Rba American Ind (AIRR) and the biggest sale Texas Pacific Land (TPL, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX CITY, IA
- CIK
- 0001597200
- Portfolio Value
- $311.0M (Q3 2025)
- SEC Filing
- 0001398344-25-020159 ↗ filed Nov 3, 2025
Holdings Value
Holdings 78 stocks · $311.0M
| BILS SS Spdrb B 3-12M T-Bill ETF | 13.84% | 432,546 | $43.0M | Add +14.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 9.97% | 61,653 | $31.0M | Reduce -0.6% |
| SGOV iShares 0-3 Month Treasury B | 8.11% | 250,441 | $25.2M | Reduce -9.9% |
| SPYG SS SPDR P S&P 500 Growth ETF | 5.39% | 160,508 | $16.8M | Add +5.5% |
| GOOG Alphabet Inc. Class C | 4.90% | 62,536 | $15.2M | Reduce -2.3% |
| VIG Vanguard Dividend Apprec ETF | 4.00% | 57,671 | $12.4M | Add +5.3% |
| SPYV SS SPDR P S&P 500 Value ETF | 3.28% | 184,630 | $10.2M | Add +1.7% |
| EMXC iShares MSCI Emr MRK Ex Chna | 3.22% | 148,502 | $10.0M | Add +6.8% |
| AAPL Apple Inc. | 2.97% | 36,294 | $9.2M | Reduce -4.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.91% | 12 | $9.1M | No change |
| SPDW Ste STR SPDR PT DW Eu ETF | 2.80% | 203,460 | $8.7M | Add +9.5% |
| GRID First TRST Nasd Class Edg Sgiif | 2.39% | 49,252 | $7.4M | Add +90.8% |
| CIBR First Trust Nasdaq Cybersecu | 2.18% | 89,255 | $6.8M | Add +22.3% |
| COST Costco Wholesale Corp. | 2.11% | 7,086 | $6.6M | Reduce -4.6% |
| TPL Texas Pacific Land Corp. | 2.06% | 6,869 | $6.4M | Reduce -50.0% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 2.04% | 110,977 | $6.3M | Reduce -27.1% |
| AN Autonation Inc. | 1.79% | 25,470 | $5.6M | Reduce -2.7% |
| MSFT Microsoft Corp. | 1.62% | 9,745 | $5.0M | Reduce -0.0% |
| LOW Lowe's Cos Inc. | 1.61% | 19,898 | $5.0M | Reduce -0.5% |
| AIRR First Trust Rba American Ind | 1.49% | 47,914 | $4.6M | New |
| KNF Knife River Corp. | 1.32% | 53,290 | $4.1M | Add +0.8% |
| USMV iShares MSCI USA Min Vol Fac | 1.26% | 41,152 | $3.9M | Reduce -52.3% |
| NVDA Nvidia Corp. | 1.20% | 20,072 | $3.7M | Reduce -1.5% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.04% | 69,583 | $3.2M | Reduce -23.6% |
| ICE Intercontinental Exchange Inc. | 1.00% | 18,500 | $3.1M | Reduce -1.6% |
| BLDR Builders Firstsource Inc. | 0.77% | 19,835 | $2.4M | Reduce -5.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.76% | 25,889 | $2.4M | Add +14.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.74% | 4,789 | $2.3M | Add +1.6% |
| INFL Horizon Kinetics Infl Benef | 0.69% | 48,150 | $2.2M | No change |
| ORCL Oracle Corp. | 0.67% | 7,378 | $2.1M | Reduce -11.3% |
| WTM White Mountains Insurance GP | 0.63% | 1,167 | $2.0M | No change |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.58% | 35,117 | $1.8M | Reduce -0.6% |
| FND Floor & Decor Holdings Inc. Class A | 0.54% | 22,900 | $1.7M | No change |
| AXP American Express Co. | 0.54% | 5,050 | $1.7M | Reduce -1.4% |
| WBI Waterbridge Infrastruc Class A | 0.54% | 66,500 | $1.7M | New |
| GLDM SPDR Gold Minishares Trust | 0.52% | 20,963 | $1.6M | Add +5.1% |
| BWXT BWX Technologies Inc. | 0.48% | 8,135 | $1.5M | Reduce -15.6% |
| URI United Rentals Inc. | 0.43% | 1,403 | $1.3M | Reduce -15.1% |
| CASY Casey's General Stores Inc. | 0.42% | 2,325 | $1.3M | Add +63.2% |
| WMT Walmart Inc. | 0.42% | 12,614 | $1.3M | Add +0.0% |
| WPM Wheaton Precious Metals Corp. | 0.42% | 11,550 | $1.3M | No change |
| VEA Vanguard Ftse Developed ETF | 0.41% | 21,172 | $1.3M | Reduce -2.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.38% | 6,272 | $1.2M | Add +4.1% |
| FWONA Liberty Media Corp. Class A | 0.37% | 12,108 | $1.2M | No change |
| UNP Union Pacific Corp. | 0.34% | 4,468 | $1.1M | Reduce -9.2% |
| PVH PVH Corp. | 0.34% | 12,600 | $1.1M | No change |
| MSB Mesabi Trust | 0.32% | 33,963 | $981K | Add +0.1% |
| ESGV Vanguard ESG US Stock ETF | 0.30% | 7,809 | $925K | Reduce -1.7% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.28% | 3,434 | $873K | Reduce -23.8% |
| LB Landbridge Co. LLC-A | 0.27% | 15,991 | $853K | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.27% | 2,868 | $842K | Reduce -20.3% |
| NRP Natural Resource Partners LP | 0.26% | 7,800 | $819K | No change |
| NKE Nike Inc. Class B | 0.24% | 10,602 | $739K | Reduce -18.5% |
| TDW Tidewater Inc. | 0.21% | 12,500 | $667K | Reduce -10.7% |
| XSORX Source Capital Inc. | 0.19% | 13,165 | $593K | Reduce -10.9% |
| KMX Carmax Inc. | 0.19% | 13,050 | $586K | New |
| SHV iShares 0-1 Year Treasury Bo | 0.17% | 4,703 | $520K | Reduce -8.8% |
| HE Hawaiian Electric Inds | 0.14% | 40,000 | $442K | No change |
| JNJ Johnson & Johnson | 0.13% | 2,239 | $415K | Reduce -10.0% |
| TSLA Tesla Inc. | 0.12% | 829 | $369K | Add +0.5% |
| ESGD iShares Trust iShares ESG Aw | 0.11% | 3,542 | $329K | Reduce -6.2% |
| LXU LSB Industries Inc. | 0.10% | 38,500 | $303K | Reduce -11.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 425 | $283K | No change |
| IWF iShares Russell 1000 Growth | 0.09% | 576 | $270K | No change |
| CINF Cincinnati Financial Corp. | 0.08% | 1,653 | $261K | No change |
| RLI Rli Corp. | 0.08% | 3,984 | $260K | Add +0.0% |
| PHYS Sprott Physical Gold Trust | 0.08% | 8,700 | $258K | No change |
| CNI Canadian Natl Railway Co. | 0.08% | 2,684 | $253K | Reduce -5.8% |
| IWD iShares Russell 1000 Value E | 0.08% | 1,231 | $251K | Add +0.2% |
| IHAK iShares Cybersecurity & Tech | 0.08% | 4,580 | $240K | No change |
| BOC Boston Omaha Corp. Class A | 0.07% | 17,400 | $228K | Reduce -16.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.07% | 6,500 | $223K | No change |
| PGR Progressive Corp. | 0.07% | 900 | $222K | No change |
| RCG Renn Fund Inc. | 0.07% | 86,050 | $219K | No change |
| ESGU iShares ESG Aware MSCI USA | 0.07% | 1,478 | $215K | Reduce -3.7% |
| ADP Automatic Data Processing | 0.07% | 700 | $205K | No change |
| TFPM Triple Flag Precious Met | 0.07% | 7,000 | $205K | New |
| SJT San Juan Basin Royalty TR | 0.06% | 30,000 | $181K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $268K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 10,507 | $268K | No change |
Total filed on the 13F, all lines: $311.3M.
Portfolio Sells Q2 2025 → Q3 2025
| TPL Texas Pacific Land Corp. | Reduce -50.0% | 2.06% | −2.76 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -52.3% | 1.26% | −1.43 |
| SGOV iShares 0-3 Month Treasury B | Reduce -9.9% | 8.11% | −1.19 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −1.02 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -27.1% | 2.04% | −0.71 |
| COST Costco Wholesale Corp. | Reduce -4.6% | 2.11% | −0.33 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -23.6% | 1.04% | −0.25 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.22 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.21 |
| ICE Intercontinental Exchange Inc. | Reduce -1.6% | 1.00% | −0.14 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.13 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.08 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.08 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -23.8% | 0.28% | −0.07 |
| NKE Nike Inc. Class B | Reduce -18.5% | 0.24% | −0.07 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.07 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -20.3% | 0.27% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.6% | 9.97% | −0.05 |
| BLDR Builders Firstsource Inc. | Reduce -5.3% | 0.77% | −0.04 |
| UNP Union Pacific Corp. | Reduce -9.2% | 0.34% | −0.04 |
| BOC Boston Omaha Corp. Class A | Reduce -16.8% | 0.07% | −0.02 |
| XSORX Source Capital Inc. | Reduce -10.9% | 0.19% | −0.02 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -8.8% | 0.17% | −0.02 |
| JMST JPM Ultra-Short Muni Income | Reduce -0.6% | 0.58% | −0.02 |
| CNI Canadian Natl Railway Co. | Reduce -5.8% | 0.08% | −0.02 |
| LXU LSB Industries Inc. | Reduce -11.5% | 0.10% | −0.02 |
| ESGD iShares Trust iShares ESG Aw | Reduce -6.2% | 0.11% | −0.01 |
| AXP American Express Co. | Reduce -1.4% | 0.54% | −0.00 |
| VEA Vanguard Ftse Developed ETF | Reduce -2.3% | 0.41% | −0.00 |
| TDW Tidewater Inc. | Reduce -10.7% | 0.21% | −0.00 |
| ESGU iShares ESG Aware MSCI USA | Reduce -3.7% | 0.07% | +0.00 |
| JNJ Johnson & Johnson | Reduce -10.0% | 0.13% | +0.01 |
| ESGV Vanguard ESG US Stock ETF | Reduce -1.7% | 0.30% | +0.01 |
| MSFT Microsoft Corp. | Reduce -0.0% | 1.62% | +0.01 |
| URI United Rentals Inc. | Reduce -15.1% | 0.43% | +0.02 |
| BWXT BWX Technologies Inc. | Reduce -15.6% | 0.48% | +0.02 |
| ORCL Oracle Corp. | Reduce -11.3% | 0.67% | +0.06 |
| AN Autonation Inc. | Reduce -2.7% | 1.79% | +0.06 |
| LOW Lowe's Cos Inc. | Reduce -0.5% | 1.61% | +0.13 |
| NVDA Nvidia Corp. | Reduce -1.5% | 1.20% | +0.13 |
| AAPL Apple Inc. | Reduce -4.7% | 2.97% | +0.38 |
| GOOG Alphabet Inc. Class C | Reduce -2.3% | 4.90% | +1.12 |
Portfolio Buys Q2 2025 → Q3 2025
| AIRR First Trust Rba American Ind | New | 1.49% | +1.49 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +14.8% | 13.84% | +1.40 |
| GRID First TRST Nasd Class Edg Sgiif | Add +90.8% | 2.39% | +1.20 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +5.5% | 5.39% | +0.57 |
| WBI Waterbridge Infrastruc Class A | New | 0.54% | +0.54 |
| CIBR First Trust Nasdaq Cybersecu | Add +22.3% | 2.18% | +0.35 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +6.8% | 3.22% | +0.31 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +9.5% | 2.80% | +0.30 |
| VIG Vanguard Dividend Apprec ETF | Add +5.3% | 4.00% | +0.28 |
| KMX Carmax Inc. | New | 0.19% | +0.19 |
| CASY Casey's General Stores Inc. | Add +63.2% | 0.42% | +0.18 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +1.7% | 3.28% | +0.13 |
| GLDM SPDR Gold Minishares Trust | Add +5.1% | 0.52% | +0.08 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +14.0% | 0.76% | +0.07 |
| TFPM Triple Flag Precious Met | New | 0.07% | +0.07 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +1.6% | 0.74% | +0.05 |
| MSB Mesabi Trust | Add +0.1% | 0.32% | +0.05 |
| TSLA Tesla Inc. | Add +0.5% | 0.12% | +0.03 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +4.1% | 0.38% | +0.02 |
| WMT Walmart Inc. | Add +0.0% | 0.42% | +0.01 |
| IWD iShares Russell 1000 Value E | Add +0.2% | 0.08% | +0.00 |
| RLI Rli Corp. | Add +0.0% | 0.08% | −0.01 |
| KNF Knife River Corp. | Add +0.8% | 1.32% | −0.12 |
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 |