Rahlfs Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Rahlfs Capital, LLC reported 84 stock positions worth $128.8 million. Its top holding was JPMorgan Ultra-Short Income (JPST) at 8.5% of the portfolio, followed by Apple (AAPL, 7.8%) and Berkshire Hathaway Class B (BRK.B, 5.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 7, added to 6 and reduced 33. The biggest buy was JPMorgan Ultra-Short Income (JPST, shares +59%) and the biggest sale Nvidia (NVDA, shares −47%).

Most Recent 13F
Q2 2026
Location
LAKE KIOWA, TX
CIK
0002056410
Portfolio Value
$128.8M (Q4 2025)
SEC Filing
0002056410-26-000001 ↗ filed Feb 5, 2026

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 Q3 2025 Q4 2025: $128.8M $128.8M Q4 2025 Q1 2026: $136.1M Q1 2026 Q2 2026: $136.2M Q2 2026

Holdings 84 stocks · $128.8M
JPST JPMorgan Ultra-Short Income 8.53% 217,005 $11.0M Add +59.3%
AAPL Apple Inc. 7.80% 36,920 $10.0M Reduce -2.8%
BRK.B Berkshire Hathaway Inc. Class B 5.87% 15,042 $7.6M Reduce -0.9%
MSFT Microsoft Corp. 5.27% 14,040 $6.8M Reduce -4.8%
GOOGL Alphabet Inc. Class A 4.52% 18,605 $5.8M No change
WMT Walmart Inc. 4.08% 47,165 $5.3M Reduce -1.7%
XOM Exxon Mobil Corp. 3.38% 36,176 $4.4M Reduce -3.6%
GDX Vaneck Gold Miners ETF 2.97% 44,655 $3.8M No change
MCD McDonald's Corp. 2.18% 9,205 $2.8M Reduce -0.8%
VNLA Janus Henderson Short Durati 2.10% 55,000 $2.7M New
JEPI JPMorgan Equity Premium Inco 2.05% 46,197 $2.6M Reduce -3.3%
SO The Southern Co. 1.89% 27,895 $2.4M Reduce -1.7%
NEM Newmont Corp. 1.84% 23,710 $2.4M Reduce -5.6%
AMZN Amazon.com Inc. 1.71% 9,560 $2.2M No change
NVDA Nvidia Corp. 1.63% 11,270 $2.1M Reduce -47.0%
SLV iShares Silver Trust 1.63% 32,500 $2.1M No change
OEF iShares S&P 100 ETF 1.62% 6,100 $2.1M No change
VZ Verizon Communications Inc. 1.62% 51,271 $2.1M Reduce -5.1%
TXN Texas Instruments Inc. 1.61% 11,963 $2.1M Reduce -0.8%
TKO Tko Group Holdings Inc. 1.58% 9,745 $2.0M Reduce -7.3%
JNJ Johnson & Johnson 1.43% 8,900 $1.8M No change
TSLA Tesla Inc. 1.38% 3,960 $1.8M Reduce -3.9%
DUK Duke Energy Corp. 1.36% 14,986 $1.8M No change
ORCL Oracle Corp. 1.25% 8,245 $1.6M Reduce -6.2%
ABBV Abbvie Inc. 1.23% 6,949 $1.6M Reduce -0.9%
PEP Pepsico Inc. 1.19% 10,665 $1.5M No change
APA Apa Corp. 1.12% 58,700 $1.4M Add +12.4%
EBAY eBay Inc. 1.06% 15,610 $1.4M Reduce -7.1%
BSM Black Stone Minerals LP 1.03% 100,062 $1.3M Add +0.1%
PM Philip Morris International 0.98% 7,829 $1.3M No change
EWS iShares MSCI Singapore ETF 0.96% 45,095 $1.2M No change
CVX Chevron Corp. 0.96% 8,069 $1.2M Reduce -1.0%
EWJ iShares MSCI Japan ETF 0.93% 14,760 $1.2M No change
INTC Intel Corp. 0.90% 31,334 $1.2M No change
CRK Comstock Resources Inc. 0.89% 49,350 $1.1M New
BMY Bristol-Myers Squibb Co. 0.84% 19,961 $1.1M No change
ABT Abbott Laboratories 0.81% 8,340 $1.0M Reduce -4.6%
PFE Pfizer Inc. 0.73% 37,686 $938K Reduce -2.3%
AMD Advanced Micro Devices 0.72% 4,325 $926K Add +0.6%
GPC Genuine Parts Co. 0.68% 7,165 $881K No change
CPNG Coupang Inc. 0.64% 34,875 $823K No change
SBR Sabine Royalty Trust 0.64% 11,985 $822K No change
UBER Uber Technologies Inc. 0.63% 9,999 $817K Reduce -7.2%
FWONK Liberty Media Corp. Class C 0.62% 8,100 $798K No change
FBTC Fidelity Wise Origin Bitcoin 0.61% 10,250 $781K Reduce -22.7%
TGT Target Corp. 0.58% 7,697 $752K Reduce -15.2%
ADBE Adobe Inc. 0.57% 2,107 $737K No change
D Dominion Energy Inc. 0.55% 12,050 $706K No change
EOG EOG Resources Inc. 0.55% 6,690 $703K No change
MO Altria Group Inc. 0.52% 11,597 $669K Reduce -4.3%
KO The Coca-Cola Co. 0.51% 9,451 $661K Reduce -5.2%
GS Goldman Sachs Group Inc. 0.48% 700 $615K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.45% 850 $580K No change
MRK Merck & Co. Inc. 0.44% 5,325 $561K No change
ADM Archer-Daniels-Midland Co. 0.39% 8,805 $506K Add +48.5%
PYPL PayPal Holdings Inc. 0.39% 8,561 $500K No change
CVS CVS Health Corp. 0.37% 5,930 $471K No change
FTSM First Trust Enh Short Mat FD 0.37% 7,850 $470K Reduce -1.0%
WMB Williams Cos Inc. 0.36% 7,775 $467K Add +14.8%
COST Costco Wholesale Corp. 0.36% 540 $466K No change
ILF iShares Latin America 40 ETF 0.36% 15,250 $464K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.34% 3,900 $444K No change
MXF Mexico Fund Inc. 0.33% 20,875 $420K No change
DVN Devon Energy Corp. 0.33% 11,425 $418K No change
PG The Procter & Gamble Co. 0.31% 2,755 $395K No change
MSTR Strategy Inc. 0.29% 2,485 $378K Reduce -4.8%
SHEL Shell PLC-ADR 0.27% 4,777 $351K Reduce -6.5%
XYZ Block Inc. 0.27% 5,258 $342K Reduce -7.9%
CSCO Cisco Systems Inc. 0.25% 4,200 $324K No change
EWT iShares MSCI Taiwan ETF 0.25% 5,075 $322K No change
FNV Franco-Nevada Corp. 0.25% 1,550 $321K New
FXI iShares China Large-Cap ETF 0.24% 8,055 $308K Reduce -10.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.23% 5,450 $300K No change
AMGN Amgen Inc. 0.21% 840 $275K No change
DG Dollar General Corp. 0.21% 2,005 $266K No change
IWS iShares Russell Mid-Cap Valu 0.20% 1,850 $261K No change
SNOW Snowflake Inc. 0.20% 1,172 $257K No change
KMB Kimberly-Clark Corp. 0.18% 2,350 $237K No change
EWH iShares MSCI Hong Kong ETF 0.18% 11,050 $235K No change
STEL Stellar Bancorp Inc. 0.18% 7,581 $235K No change
JD Jd.com Inc.-ADR 0.17% 7,550 $217K No change
T AT&T Inc. 0.17% 8,705 $216K Reduce -28.9%
AFL Aflac Inc. 0.16% 1,897 $209K Reduce -33.4%
SJT San Juan Basin Royalty TR 0.05% 11,000 $62K Reduce -4.3%

Portfolio Sells Q3 2025 → Q4 2025
NVDA Nvidia Corp. Reduce -47.0% 1.63% −1.51
ULTA Ulta Beauty Inc. Sold out 0.00% −1.26
MSFT Microsoft Corp. Reduce -4.8% 5.27% −0.77
ORCL Oracle Corp. Reduce -6.2% 1.25% −0.71
FBTC Fidelity Wise Origin Bitcoin Reduce -22.7% 0.61% −0.44
MSTR Strategy Inc. Reduce -4.8% 0.29% −0.37
GBTC Grayscale Bitcoin Trust ETF Sold out 0.00% −0.35
VZ Verizon Communications Inc. Reduce -5.1% 1.62% −0.26
SO The Southern Co. Reduce -1.7% 1.89% −0.24
SBSI Southside Bancshares Inc. Sold out 0.00% −0.21
UBER Uber Technologies Inc. Reduce -7.2% 0.63% −0.20
OXY Occidental Petroleum Corp. Sold out 0.00% −0.19
JPM JPMorgan Chase & Co. Sold out 0.00% −0.18
NOW ServiceNow Inc. Sold out 0.00% −0.18
META Meta Platforms Inc. Class A Sold out 0.00% −0.17
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.9% 5.87% −0.16
EBAY eBay Inc. Reduce -7.1% 1.06% −0.15
TXN Texas Instruments Inc. Reduce -0.8% 1.61% −0.14
ABT Abbott Laboratories Reduce -4.6% 0.81% −0.11
MO Altria Group Inc. Reduce -4.3% 0.52% −0.11
T AT&T Inc. Reduce -28.9% 0.17% −0.11
JEPI JPMorgan Equity Premium Inco Reduce -3.3% 2.05% −0.10
TKO Tko Group Holdings Inc. Reduce -7.3% 1.58% −0.10
AFL Aflac Inc. Reduce -33.4% 0.16% −0.09
TSLA Tesla Inc. Reduce -3.9% 1.38% −0.07
XYZ Block Inc. Reduce -7.9% 0.27% −0.06
TGT Target Corp. Reduce -15.2% 0.58% −0.06
FXI iShares China Large-Cap ETF Reduce -10.8% 0.24% −0.05
ABBV Abbvie Inc. Reduce -0.9% 1.23% −0.05
PFE Pfizer Inc. Reduce -2.3% 0.73% −0.05
CVX Chevron Corp. Reduce -1.0% 0.96% −0.05
MCD McDonald's Corp. Reduce -0.8% 2.18% −0.05
SHEL Shell PLC-ADR Reduce -6.5% 0.27% −0.02
FTSM First Trust Enh Short Mat FD Reduce -1.0% 0.37% −0.01
KO The Coca-Cola Co. Reduce -5.2% 0.51% −0.01
SJT San Juan Basin Royalty TR Reduce -4.3% 0.05% −0.01
XOM Exxon Mobil Corp. Reduce -3.6% 3.38% +0.03
AAPL Apple Inc. Reduce -2.8% 7.80% +0.14
NEM Newmont Corp. Reduce -5.6% 1.84% +0.16
WMT Walmart Inc. Reduce -1.7% 4.08% +0.17

Portfolio Buys Q3 2025 → Q4 2025
JPST JPMorgan Ultra-Short Income Add +59.3% 8.53% +3.06
VNLA Janus Henderson Short Durati New 2.10% +2.10
CRK Comstock Resources Inc. New 0.89% +0.89
FNV Franco-Nevada Corp. New 0.25% +0.25
AMD Advanced Micro Devices Add +0.6% 0.72% +0.17
ADM Archer-Daniels-Midland Co. Add +48.5% 0.39% +0.11
APA Apa Corp. Add +12.4% 1.12% +0.11
WMB Williams Cos Inc. Add +14.8% 0.36% +0.02
BSM Black Stone Minerals LP Add +0.1% 1.03% −0.01

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