Rahlfs Capital, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), Rahlfs Capital, LLC reported 86 stock positions worth $136.1 million. Its top holding was JPMorgan Ultra-Short Income (JPST) at 9.4% of the portfolio, followed by Apple (AAPL, 6.9%) and Berkshire Hathaway Class B (BRK.B, 5.3%). Compared with Q4 2025, it opened 4 new positions, sold out of 2, added to 7 and reduced 17. The biggest buy was JPMorgan Ultra-Short Income (JPST, shares +16%) and the biggest sale Microsoft (MSFT, shares −1%).

Most Recent 13F
Q2 2026
Location
LAKE KIOWA, TX
CIK
0002056410
Portfolio Value
$136.1M (Q1 2026)
SEC Filing
0002056410-26-000002 ↗ filed May 11, 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 Q4 2025 Q1 2026: $136.1M $136.1M Q1 2026 Q2 2026: $136.2M Q2 2026

Holdings 86 stocks · $136.1M
JPST JPMorgan Ultra-Short Income 9.37% 251,930 $12.8M Add +16.1%
AAPL Apple Inc. 6.88% 36,920 $9.4M No change
BRK.B Berkshire Hathaway Inc. Class B 5.28% 14,992 $7.2M Reduce -0.3%
XOM Exxon Mobil Corp. 4.50% 36,126 $6.1M Reduce -0.1%
WMT Walmart Inc. 4.29% 47,015 $5.8M Reduce -0.3%
GOOGL Alphabet Inc. Class A 3.90% 18,445 $5.3M Reduce -0.9%
MSFT Microsoft Corp. 3.80% 13,965 $5.2M Reduce -0.5%
GDX Vaneck Gold Miners ETF 2.98% 44,255 $4.1M Reduce -0.9%
MCD McDonald's Corp. 2.09% 9,160 $2.8M Reduce -0.5%
SO The Southern Co. 1.98% 27,895 $2.7M No change
VNLA Janus Henderson Short Durati 1.97% 55,000 $2.7M No change
JEPI JPMorgan Equity Premium Inco 1.92% 46,197 $2.6M No change
VZ Verizon Communications Inc. 1.88% 50,896 $2.6M Reduce -0.7%
NEM Newmont Corp. 1.88% 23,585 $2.6M Reduce -0.5%
APA Apa Corp. 1.83% 58,700 $2.5M No change
TXN Texas Instruments Inc. 1.71% 11,963 $2.3M No change
JNJ Johnson & Johnson 1.54% 8,600 $2.1M Reduce -3.4%
AMZN Amazon.com Inc. 1.46% 9,560 $2.0M No change
NVDA Nvidia Corp. 1.44% 11,270 $2.0M No change
TKO Tko Group Holdings Inc. 1.44% 9,745 $2.0M No change
DUK Duke Energy Corp. 1.44% 14,986 $2.0M No change
OEF iShares S&P 100 ETF 1.43% 6,100 $1.9M No change
EOG EOG Resources Inc. 1.30% 12,280 $1.8M Add +83.6%
CVX Chevron Corp. 1.23% 8,069 $1.7M No change
PEP Pepsico Inc. 1.22% 10,665 $1.7M No change
INTC Intel Corp. 1.19% 36,759 $1.6M Add +17.3%
BSM Black Stone Minerals LP 1.11% 100,062 $1.5M No change
ADM Archer-Daniels-Midland Co. 1.11% 20,810 $1.5M Add +136.3%
TSLA Tesla Inc. 1.08% 3,940 $1.5M Reduce -0.5%
EBAY eBay Inc. 1.04% 15,610 $1.4M No change
AMD Advanced Micro Devices 1.02% 6,850 $1.4M Add +58.4%
ABBV Abbvie Inc. 1.02% 6,399 $1.4M Reduce -7.9%
ILF iShares Latin America 40 ETF 1.00% 38,250 $1.4M Add +150.8%
PM Philip Morris International 0.95% 7,829 $1.3M No change
EWS iShares MSCI Singapore ETF 0.94% 45,095 $1.3M No change
EWJ iShares MSCI Japan ETF 0.92% 14,760 $1.2M No change
ORCL Oracle Corp. 0.89% 8,245 $1.2M No change
BMY Bristol-Myers Squibb Co. 0.88% 19,851 $1.2M Reduce -0.6%
ET Energy Transfer LP 0.83% 58,225 $1.1M New
SLV iShares Silver Trust 0.82% 16,325 $1.1M Reduce -49.8%
PFE Pfizer Inc. 0.78% 37,686 $1.1M No change
CRK Comstock Resources Inc. 0.76% 49,350 $1.0M No change
TGT Target Corp. 0.69% 7,697 $933K No change
SBR Sabine Royalty Trust 0.66% 11,985 $901K No change
ABT Abbott Laboratories 0.63% 8,340 $856K No change
MO Altria Group Inc. 0.56% 11,597 $765K No change
D Dominion Energy Inc. 0.55% 12,050 $745K No change
GPC Genuine Parts Co. 0.54% 6,977 $738K Reduce -2.6%
KO The Coca-Cola Co. 0.53% 9,451 $719K No change
UBER Uber Technologies Inc. 0.52% 9,799 $705K Reduce -2.0%
FWONK Liberty Media Corp. Class C 0.51% 8,100 $689K No change
CPNG Coupang Inc. 0.47% 34,025 $642K Reduce -2.4%
MRK Merck & Co. Inc. 0.47% 5,325 $641K No change
FBTC Fidelity Wise Origin Bitcoin 0.44% 10,250 $605K No change
GS Goldman Sachs Group Inc. 0.44% 700 $592K No change
DVN Devon Energy Corp. 0.42% 11,425 $575K No change
WMB Williams Cos Inc. 0.42% 7,775 $566K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.41% 850 $553K No change
COST Costco Wholesale Corp. 0.40% 540 $538K No change
ADBE Adobe Inc. 0.38% 2,107 $512K No change
FTSM First Trust Enh Short Mat FD 0.34% 7,850 $469K No change
SHEL Shell PLC-ADR 0.33% 4,777 $444K No change
MXF Mexico Fund Inc. 0.32% 20,875 $437K No change
CVS CVS Health Corp. 0.31% 5,930 $426K No change
PG The Procter & Gamble Co. 0.29% 2,755 $398K No change
PYPL PayPal Holdings Inc. 0.28% 8,561 $387K No change
FNV Franco-Nevada Corp. 0.28% 1,550 $383K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.28% 3,900 $376K No change
EWT iShares MSCI Taiwan ETF 0.26% 5,075 $360K No change
EWH iShares MSCI Hong Kong ETF 0.24% 14,300 $330K Add +29.4%
CSCO Cisco Systems Inc. 0.24% 4,200 $326K No change
XYZ Block Inc. 0.23% 5,258 $316K No change
MSTR Strategy Inc. 0.23% 2,485 $310K No change
AMGN Amgen Inc. 0.22% 840 $296K No change
FXI iShares China Large-Cap ETF 0.21% 8,055 $289K No change
STEL Stellar Bancorp Inc. 0.20% 7,581 $278K No change
IWS iShares Russell Mid-Cap Valu 0.20% 1,850 $270K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.20% 5,450 $266K No change
T AT&T Inc. 0.19% 8,705 $252K No change
DG Dollar General Corp. 0.17% 2,005 $238K No change
TWN Taiwan Fund Inc./TH/MD-US Inc. 0.17% 3,500 $230K New
KMB Kimberly-Clark Corp. 0.17% 2,350 $227K No change
LMT Lockheed Martin Corp. 0.15% 349 $211K New
AFL Aflac Inc. 0.15% 1,897 $208K No change
FCX Freeport-McMoran Inc. 0.15% 3,460 $203K New
SJT San Juan Basin Royalty TR 0.04% 11,000 $53K No change

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -0.5% 3.80% −1.48
SLV iShares Silver Trust Reduce -49.8% 0.82% −0.81
GOOGL Alphabet Inc. Class A Reduce -0.9% 3.90% −0.63
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.3% 5.28% −0.59
TSLA Tesla Inc. Reduce -0.5% 1.08% −0.31
ABBV Abbvie Inc. Reduce -7.9% 1.02% −0.21
SNOW Snowflake Inc. Sold out 0.00% −0.20
JD Jd.com Inc.-ADR Sold out 0.00% −0.17
CPNG Coupang Inc. Reduce -2.4% 0.47% −0.17
GPC Genuine Parts Co. Reduce -2.6% 0.54% −0.14
UBER Uber Technologies Inc. Reduce -2.0% 0.52% −0.12
MCD McDonald's Corp. Reduce -0.5% 2.09% −0.09
GDX Vaneck Gold Miners ETF Reduce -0.9% 2.98% +0.01
NEM Newmont Corp. Reduce -0.5% 1.88% +0.04
BMY Bristol-Myers Squibb Co. Reduce -0.6% 0.88% +0.05
JNJ Johnson & Johnson Reduce -3.4% 1.54% +0.11
WMT Walmart Inc. Reduce -0.3% 4.29% +0.21
VZ Verizon Communications Inc. Reduce -0.7% 1.88% +0.26
XOM Exxon Mobil Corp. Reduce -0.1% 4.50% +1.12

Portfolio Buys Q4 2025 → Q1 2026
JPST JPMorgan Ultra-Short Income Add +16.1% 9.37% +0.84
ET Energy Transfer LP New 0.83% +0.83
EOG EOG Resources Inc. Add +83.6% 1.30% +0.76
ADM Archer-Daniels-Midland Co. Add +136.3% 1.11% +0.72
ILF iShares Latin America 40 ETF Add +150.8% 1.00% +0.64
AMD Advanced Micro Devices Add +58.4% 1.02% +0.30
INTC Intel Corp. Add +17.3% 1.19% +0.29
TWN Taiwan Fund Inc./TH/MD-US Inc. New 0.17% +0.17
LMT Lockheed Martin Corp. New 0.15% +0.15
FCX Freeport-McMoran Inc. New 0.15% +0.15
EWH iShares MSCI Hong Kong ETF Add +29.4% 0.24% +0.06

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