Rahlfs Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Rahlfs Capital, LLC reported 88 stock positions worth $126.4 million. Its top holding was Apple (AAPL) at 7.7% of the portfolio, followed by Microsoft (MSFT, 6.0%) and Berkshire Hathaway Class B (BRK.B, 6.0%). Compared with Q2 2025, it opened 1 new position, sold out of 2, added to 9 and reduced 16. The biggest buy was JPMorgan Ultra-Short Income (JPST, shares +235%) and the biggest sale Microsoft (MSFT, shares −4%).

Most Recent 13F
Q2 2026
Location
LAKE KIOWA, TX
CIK
0002056410
Portfolio Value
$126.4M (Q3 2025)
SEC Filing
0002056410-25-000007 ↗ filed Nov 12, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q4 2024: $100.9M Q4 2024 Q1 2025: $99.9M Q1 2025 Q2 2025: $109.2M Q2 2025 Q3 2025: $126.4M $126.4M Q3 2025 Q4 2025: $128.8M Q4 2025 Q1 2026: $136.1M Q1 2026 Q2 2026: $136.2M Q2 2026

Holdings 88 stocks · $126.4M
AAPL Apple Inc. 7.65% 37,995 $9.7M Reduce -2.7%
MSFT Microsoft Corp. 6.04% 14,740 $7.6M Reduce -3.9%
BRK.B Berkshire Hathaway Inc. Class B 6.03% 15,175 $7.6M Add +9.7%
JPST JPMorgan Ultra-Short Income 5.47% 136,255 $6.9M Add +235.0%
WMT Walmart Inc. 3.91% 47,965 $4.9M Reduce -1.4%
GOOGL Alphabet Inc. Class A 3.58% 18,605 $4.5M No change
XOM Exxon Mobil Corp. 3.35% 37,537 $4.2M Reduce -0.9%
NVDA Nvidia Corp. 3.14% 21,270 $4.0M No change
GDX Vaneck Gold Miners ETF 2.70% 44,655 $3.4M Reduce -1.3%
MCD McDonald's Corp. 2.23% 9,280 $2.8M No change
JEPI JPMorgan Equity Premium Inco 2.16% 47,750 $2.7M Reduce -0.4%
SO The Southern Co. 2.13% 28,370 $2.7M No change
ORCL Oracle Corp. 1.95% 8,785 $2.5M No change
VZ Verizon Communications Inc. 1.88% 54,004 $2.4M Reduce -0.2%
TXN Texas Instruments Inc. 1.75% 12,063 $2.2M Reduce -1.9%
TKO Tko Group Holdings Inc. 1.68% 10,515 $2.1M No change
NEM Newmont Corp. 1.67% 25,110 $2.1M No change
AMZN Amazon.com Inc. 1.66% 9,560 $2.1M Reduce -0.5%
OEF iShares S&P 100 ETF 1.61% 6,100 $2.0M No change
DUK Duke Energy Corp. 1.47% 14,986 $1.9M Reduce -1.5%
TSLA Tesla Inc. 1.45% 4,122 $1.8M Add +82.0%
JNJ Johnson & Johnson 1.31% 8,900 $1.7M Reduce -5.3%
ABBV Abbvie Inc. 1.28% 7,012 $1.6M No change
ULTA Ulta Beauty Inc. 1.26% 2,925 $1.6M No change
EBAY eBay Inc. 1.21% 16,810 $1.5M No change
PEP Pepsico Inc. 1.18% 10,665 $1.5M No change
SLV iShares Silver Trust 1.09% 32,500 $1.4M No change
FBTC Fidelity Wise Origin Bitcoin 1.05% 13,265 $1.3M Add +11.8%
BSM Black Stone Minerals LP 1.04% 99,917 $1.3M Add +18.6%
EWS iShares MSCI Singapore ETF 1.01% 45,095 $1.3M No change
PM Philip Morris International 1.00% 7,829 $1.3M No change
APA Apa Corp. 1.00% 52,200 $1.3M New
CVX Chevron Corp. 1.00% 8,154 $1.3M No change
EWJ iShares MSCI Japan ETF 0.94% 14,760 $1.2M No change
ABT Abbott Laboratories 0.93% 8,740 $1.2M No change
CPNG Coupang Inc. 0.89% 34,875 $1.1M Add +37.6%
UBER Uber Technologies Inc. 0.83% 10,774 $1.1M No change
INTC Intel Corp. 0.83% 31,334 $1.1M Add +14.3%
GPC Genuine Parts Co. 0.79% 7,165 $993K No change
PFE Pfizer Inc. 0.78% 38,553 $982K Reduce -2.0%
SBR Sabine Royalty Trust 0.75% 11,985 $952K No change
BMY Bristol-Myers Squibb Co. 0.71% 19,961 $900K Reduce -4.8%
FWONK Liberty Media Corp. Class C 0.67% 8,100 $846K No change
MSTR Strategy Inc. 0.67% 2,610 $841K No change
TGT Target Corp. 0.64% 9,080 $814K No change
MO Altria Group Inc. 0.63% 12,122 $801K No change
EOG EOG Resources Inc. 0.59% 6,690 $750K No change
ADBE Adobe Inc. 0.59% 2,107 $743K Reduce -3.4%
D Dominion Energy Inc. 0.58% 12,050 $737K No change
AMD Advanced Micro Devices 0.55% 4,300 $696K No change
KO The Coca-Cola Co. 0.52% 9,964 $661K Reduce -2.9%
PYPL PayPal Holdings Inc. 0.45% 8,561 $574K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.45% 850 $566K No change
GS Goldman Sachs Group Inc. 0.44% 700 $557K No change
COST Costco Wholesale Corp. 0.40% 540 $500K No change
FTSM First Trust Enh Short Mat FD 0.38% 7,926 $475K No change
CVS CVS Health Corp. 0.35% 5,930 $447K No change
MRK Merck & Co. Inc. 0.35% 5,325 $447K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.35% 3,900 $447K No change
ILF iShares Latin America 40 ETF 0.35% 15,250 $441K No change
GBTC Grayscale Bitcoin Trust ETF 0.35% 4,870 $437K No change
WMB Williams Cos Inc. 0.34% 6,775 $429K No change
PG The Procter & Gamble Co. 0.33% 2,755 $423K No change
XYZ Block Inc. 0.33% 5,708 $413K Add +5.5%
MXF Mexico Fund Inc. 0.33% 20,875 $411K No change
DVN Devon Energy Corp. 0.32% 11,425 $401K No change
FXI iShares China Large-Cap ETF 0.29% 9,030 $371K No change
SHEL Shell PLC-ADR 0.29% 5,110 $366K No change
ADM Archer-Daniels-Midland Co. 0.28% 5,930 $354K Reduce -22.4%
T AT&T Inc. 0.27% 12,252 $346K No change
EWT iShares MSCI Taiwan ETF 0.26% 5,075 $323K No change
AFL Aflac Inc. 0.25% 2,847 $318K No change
KMB Kimberly-Clark Corp. 0.23% 2,350 $292K No change
CSCO Cisco Systems Inc. 0.23% 4,200 $287K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.22% 5,450 $281K No change
SBSI Southside Bancshares Inc. 0.21% 9,423 $266K No change
SNOW Snowflake Inc. 0.21% 1,172 $264K No change
JD Jd.com Inc.-ADR 0.21% 7,550 $264K Add +5.7%
IWS iShares Russell Mid-Cap Valu 0.20% 1,850 $258K No change
EWH iShares MSCI Hong Kong ETF 0.19% 11,050 $238K No change
AMGN Amgen Inc. 0.19% 840 $237K No change
OXY Occidental Petroleum Corp. 0.19% 5,000 $236K No change
JPM JPMorgan Chase & Co. 0.18% 738 $233K No change
STEL Stellar Bancorp Inc. 0.18% 7,581 $230K No change
NOW ServiceNow Inc. 0.18% 242 $223K No change
META Meta Platforms Inc. Class A 0.17% 301 $221K No change
DG Dollar General Corp. 0.16% 2,005 $207K No change
SJT San Juan Basin Royalty TR 0.05% 11,500 $69K No change

Portfolio Sells Q2 2025 → Q3 2025
MSFT Microsoft Corp. Reduce -3.9% 6.04% −0.95
TXN Texas Instruments Inc. Reduce -1.9% 1.75% −0.58
WMT Walmart Inc. Reduce -1.4% 3.91% −0.45
XOM Exxon Mobil Corp. Reduce -0.9% 3.35% −0.39
JEPI JPMorgan Equity Premium Inco Reduce -0.4% 2.16% −0.34
AMZN Amazon.com Inc. Reduce -0.5% 1.66% −0.27
VZ Verizon Communications Inc. Reduce -0.2% 1.88% −0.27
LUV Southwest Airlines Co. Sold out 0.00% −0.22
NFLX Netflix Inc. Sold out 0.00% −0.20
ADBE Adobe Inc. Reduce -3.4% 0.59% −0.19
DUK Duke Energy Corp. Reduce -1.5% 1.47% −0.18
BMY Bristol-Myers Squibb Co. Reduce -4.8% 0.71% −0.18
KO The Coca-Cola Co. Reduce -2.9% 0.52% −0.14
PFE Pfizer Inc. Reduce -2.0% 0.78% −0.10
ADM Archer-Daniels-Midland Co. Reduce -22.4% 0.28% −0.09
JNJ Johnson & Johnson Reduce -5.3% 1.31% −0.01
AAPL Apple Inc. Reduce -2.7% 7.65% +0.32
GDX Vaneck Gold Miners ETF Reduce -1.3% 2.70% +0.54

Portfolio Buys Q2 2025 → Q3 2025
JPST JPMorgan Ultra-Short Income Add +235.0% 5.47% +3.58
APA Apa Corp. New 1.00% +1.00
TSLA Tesla Inc. Add +82.0% 1.45% +0.79
INTC Intel Corp. Add +14.3% 0.83% +0.27
CPNG Coupang Inc. Add +37.6% 0.89% +0.19
BSM Black Stone Minerals LP Add +18.6% 1.04% +0.03
FBTC Fidelity Wise Origin Bitcoin Add +11.8% 1.05% +0.03
JD Jd.com Inc.-ADR Add +5.7% 0.21% −0.00
XYZ Block Inc. Add +5.5% 0.33% −0.01
BRK.B Berkshire Hathaway Inc. Class B Add +9.7% 6.03% −0.12

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 86$136.2MAAPL, JPST, BRK.B, GOOGL, WMT
Q1 2026 86$136.1MJPST, AAPL, BRK.B, XOM, WMT
Q4 2025 84$128.8MJPST, AAPL, BRK.B, MSFT, GOOGL
Q3 2025 88$126.4MAAPL, MSFT, BRK.B, JPST, WMT
Q2 2025 89$109.2MAAPL, MSFT, BRK.B, WMT, XOM
Q1 2025 76$99.9MAAPL, BRK.B, MSFT, WMT, XOM
Q4 2024Amended 78$100.9MAAPL, MSFT, BRK.B, WMT, XOM