Pecaut & Co.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Pecaut & Co. reported 70 stock positions worth $310.0 million. Its top holding was SS Spdrb B 3-12M T-Bill ETF (BILS) at 14.8% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 9.5%) and iShares 0-3 Month Treasury B (SGOV, 8.1%). Compared with Q3 2025, it sold out of 8, added to 25 and reduced 27. The biggest buy was SS Spdrb B 3-12M T-Bill ETF (BILS, shares +7%) and the biggest sale an exit from Oracle (ORCL).
- Most Recent 13F
- Q2 2026
- Location
- SIOUX CITY, IA
- CIK
- 0001597200
- Portfolio Value
- $310.0M (Q4 2025)
- SEC Filing
- 0001398344-26-002609 ↗ filed Feb 10, 2026
Holdings Value
Holdings 70 stocks · $310.0M
| BILS SS Spdrb B 3-12M T-Bill ETF | 14.77% | 461,402 | $45.8M | Add +6.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 9.45% | 58,279 | $29.3M | Reduce -5.5% |
| SGOV iShares 0-3 Month Treasury B | 8.11% | 250,422 | $25.1M | Reduce -0.0% |
| GOOG Alphabet Inc. Class C | 6.12% | 60,480 | $19.0M | Reduce -3.3% |
| SPYG SS SPDR P S&P 500 Growth ETF | 5.33% | 154,790 | $16.5M | Reduce -3.6% |
| VIG Vanguard Dividend Apprec ETF | 4.14% | 58,437 | $12.8M | Add +1.3% |
| EMXC iShares MSCI Emr MRK Ex Chna | 3.71% | 158,364 | $11.5M | Add +6.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 3.46% | 188,666 | $10.7M | Add +2.2% |
| AAPL Apple Inc. | 3.30% | 37,598 | $10.2M | Add +3.6% |
| SPDW Ste STR SPDR PT DW Eu ETF | 3.14% | 219,357 | $9.7M | Add +7.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.44% | 10 | $7.5M | Reduce -16.7% |
| GRID First TRST Nasd Class Edg Sgiif | 2.43% | 49,231 | $7.5M | Reduce -0.0% |
| CIBR First Trust Nasdaq Cybersecu | 2.08% | 90,213 | $6.4M | Add +1.1% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 2.05% | 109,970 | $6.4M | Reduce -0.9% |
| COST Costco Wholesale Corp. | 1.96% | 7,037 | $6.1M | Reduce -0.7% |
| TPL Texas Pacific Land Corp. | 1.91% | 20,605 | $5.9M | No change |
| AN Autonation Inc. | 1.69% | 25,420 | $5.2M | Reduce -0.2% |
| MSFT Microsoft Corp. | 1.67% | 10,699 | $5.2M | Add +9.8% |
| LOW Lowe's Cos Inc. | 1.57% | 20,148 | $4.9M | Add +1.3% |
| AIRR First Trust Rba American Ind | 1.50% | 47,347 | $4.7M | Reduce -1.2% |
| USMV iShares MSCI USA Min Vol Fac | 1.28% | 42,198 | $4.0M | Add +2.5% |
| KNF Knife River Corp. | 1.15% | 50,790 | $3.6M | Reduce -4.7% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.08% | 36,570 | $3.3M | Add +41.3% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.04% | 68,583 | $3.2M | Reduce -1.4% |
| ICE Intercontinental Exchange Inc. | 0.90% | 17,302 | $2.8M | Reduce -6.5% |
| WTM White Mountains Insurance GP | 0.78% | 1,167 | $2.4M | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.75% | 4,783 | $2.3M | Reduce -0.1% |
| INFL Horizon Kinetics Infl Benef | 0.75% | 52,153 | $2.3M | Add +8.3% |
| BLDR Builders Firstsource Inc. | 0.65% | 19,535 | $2.0M | Reduce -1.5% |
| AXP American Express Co. | 0.60% | 5,050 | $1.9M | No change |
| GLDM SPDR Gold Minishares Trust | 0.59% | 21,381 | $1.8M | Add +2.0% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.58% | 35,232 | $1.8M | Add +0.3% |
| NVDA Nvidia Corp. | 0.54% | 8,991 | $1.7M | Reduce -55.2% |
| CASY Casey's General Stores Inc. | 0.47% | 2,625 | $1.5M | Add +12.9% |
| BWXT BWX Technologies Inc. | 0.45% | 8,135 | $1.4M | No change |
| VEA Vanguard Ftse Developed ETF | 0.45% | 22,288 | $1.4M | Add +5.3% |
| WPM Wheaton Precious Metals Corp. | 0.44% | 11,550 | $1.4M | No change |
| WMT Walmart Inc. | 0.44% | 12,164 | $1.4M | Reduce -3.6% |
| WBI Waterbridge Infrastruc Class A | 0.43% | 66,500 | $1.3M | No change |
| MSB Mesabi Trust | 0.42% | 33,963 | $1.3M | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.39% | 6,355 | $1.2M | Add +1.3% |
| URI United Rentals Inc. | 0.37% | 1,403 | $1.1M | No change |
| FWONA Liberty Media Corp. Class A | 0.35% | 12,108 | $1.1M | No change |
| ESGV Vanguard ESG US Stock ETF | 0.33% | 8,395 | $1.0M | Add +7.5% |
| UNP Union Pacific Corp. | 0.33% | 4,382 | $1.0M | Reduce -1.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.28% | 3,410 | $880K | Reduce -0.7% |
| FND Floor & Decor Holdings Inc. Class A | 0.28% | 14,200 | $865K | Reduce -38.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.28% | 2,951 | $856K | Add +2.9% |
| NRP Natural Resource Partners LP | 0.26% | 7,800 | $814K | No change |
| LB Landbridge Co. LLC-A | 0.25% | 15,992 | $783K | Add +0.0% |
| NKE Nike Inc. Class B | 0.21% | 10,302 | $656K | Reduce -2.8% |
| TDW Tidewater Inc. | 0.20% | 12,500 | $631K | No change |
| XSORX Source Capital Inc. | 0.20% | 13,311 | $609K | Add +1.1% |
| HE Hawaiian Electric Inds | 0.16% | 40,000 | $492K | No change |
| SHV iShares 0-1 Year Treasury Bo | 0.16% | 4,437 | $489K | Reduce -5.7% |
| JNJ Johnson & Johnson | 0.15% | 2,222 | $460K | Reduce -0.8% |
| ESGD iShares Trust iShares ESG Aw | 0.12% | 3,763 | $358K | Add +6.2% |
| LXU LSB Industries Inc. | 0.11% | 38,500 | $327K | No change |
| ESGU iShares ESG Aware MSCI USA | 0.09% | 1,960 | $292K | Add +32.6% |
| PHYS Sprott Physical Gold Trust | 0.09% | 8,700 | $287K | No change |
| IWF iShares Russell 1000 Growth | 0.09% | 573 | $271K | Reduce -0.5% |
| CINF Cincinnati Financial Corp. | 0.09% | 1,653 | $270K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 390 | $266K | Reduce -8.2% |
| CNI Canadian Natl Railway Co. | 0.09% | 2,684 | $265K | No change |
| IWD iShares Russell 1000 Value E | 0.08% | 1,228 | $258K | Reduce -0.2% |
| TFPM Triple Flag Precious Met | 0.07% | 7,000 | $233K | No change |
| RCG Renn Fund Inc. | 0.07% | 86,066 | $221K | Add +0.0% |
| IHAK iShares Cybersecurity & Tech | 0.07% | 4,581 | $220K | Add +0.0% |
| RLI Rli Corp. | 0.07% | 3,209 | $205K | Reduce -19.4% |
| SJT San Juan Basin Royalty TR | 0.05% | 30,000 | $169K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Sold out | 0.00% | −0.67 |
| NVDA Nvidia Corp. | Reduce -55.2% | 0.54% | −0.66 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.5% | 9.45% | −0.51 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -16.7% | 2.44% | −0.47 |
| PVH PVH Corp. | Sold out | 0.00% | −0.34 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -38.0% | 0.28% | −0.26 |
| KMX Carmax Inc. | Sold out | 0.00% | −0.19 |
| KNF Knife River Corp. | Reduce -4.7% | 1.15% | −0.16 |
| COST Costco Wholesale Corp. | Reduce -0.7% | 1.96% | −0.15 |
| BLDR Builders Firstsource Inc. | Reduce -1.5% | 0.65% | −0.12 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.12 |
| AN Autonation Inc. | Reduce -0.2% | 1.69% | −0.10 |
| ICE Intercontinental Exchange Inc. | Reduce -6.5% | 0.90% | −0.10 |
| BOC Boston Omaha Corp. Class A | Sold out | 0.00% | −0.07 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.07 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.07 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.07 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -3.6% | 5.33% | −0.07 |
| NKE Nike Inc. Class B | Reduce -2.8% | 0.21% | −0.03 |
| RLI Rli Corp. | Reduce -19.4% | 0.07% | −0.02 |
| UNP Union Pacific Corp. | Reduce -1.9% | 0.33% | −0.01 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -5.7% | 0.16% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -8.2% | 0.09% | −0.01 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -1.4% | 1.04% | +0.00 |
| IWF iShares Russell 1000 Growth | Reduce -0.5% | 0.09% | +0.00 |
| SGOV iShares 0-3 Month Treasury B | Reduce -0.0% | 8.11% | +0.00 |
| IWD iShares Russell 1000 Value E | Reduce -0.2% | 0.08% | +0.00 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -0.7% | 0.28% | +0.00 |
| AIRR First Trust Rba American Ind | Reduce -1.2% | 1.50% | +0.01 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -0.9% | 2.05% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -0.1% | 0.75% | +0.01 |
| JNJ Johnson & Johnson | Reduce -0.8% | 0.15% | +0.01 |
| WMT Walmart Inc. | Reduce -3.6% | 0.44% | +0.02 |
| GRID First TRST Nasd Class Edg Sgiif | Reduce -0.0% | 2.43% | +0.04 |
| GOOG Alphabet Inc. Class C | Reduce -3.3% | 6.12% | +1.23 |
Portfolio Buys Q3 2025 → Q4 2025
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +6.7% | 14.77% | +0.93 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +6.6% | 3.71% | +0.49 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +7.8% | 3.14% | +0.34 |
| AAPL Apple Inc. | Add +3.6% | 3.30% | +0.33 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +41.3% | 1.08% | +0.31 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +2.2% | 3.46% | +0.17 |
| VIG Vanguard Dividend Apprec ETF | Add +1.3% | 4.14% | +0.14 |
| GLDM SPDR Gold Minishares Trust | Add +2.0% | 0.59% | +0.07 |
| INFL Horizon Kinetics Infl Benef | Add +8.3% | 0.75% | +0.06 |
| MSFT Microsoft Corp. | Add +9.8% | 1.67% | +0.05 |
| CASY Casey's General Stores Inc. | Add +12.9% | 0.47% | +0.05 |
| VEA Vanguard Ftse Developed ETF | Add +5.3% | 0.45% | +0.04 |
| ESGV Vanguard ESG US Stock ETF | Add +7.5% | 0.33% | +0.03 |
| ESGU iShares ESG Aware MSCI USA | Add +32.6% | 0.09% | +0.03 |
| USMV iShares MSCI USA Min Vol Fac | Add +2.5% | 1.28% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +1.3% | 0.39% | +0.02 |
| ESGD iShares Trust iShares ESG Aw | Add +6.2% | 0.12% | +0.01 |
| XSORX Source Capital Inc. | Add +1.1% | 0.20% | +0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +2.9% | 0.28% | +0.01 |
| JMST JPM Ultra-Short Muni Income | Add +0.3% | 0.58% | +0.00 |
| RCG Renn Fund Inc. | Add +0.0% | 0.07% | +0.00 |
| IHAK iShares Cybersecurity & Tech | Add +0.0% | 0.07% | −0.01 |
| LB Landbridge Co. LLC-A | Add +0.0% | 0.25% | −0.02 |
| LOW Lowe's Cos Inc. | Add +1.3% | 1.57% | −0.04 |
| CIBR First Trust Nasdaq Cybersecu | Add +1.1% | 2.08% | −0.10 |
Notes & Other Activity Q3 2025 → Q4 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 10,507 | $268Kbefore exit |
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 |