Beddow Capital Management

JACKSON, WYfiles as BEDDOW CAPITAL MANAGEMENT INC

$265m in 55 US stocks at the end of 31 December 2025. The top 10 are 50.2% of the money. It changed about 6.0% of the portfolio this quarter.

Value

$265m

Stocks

Top 10 share

50.2%

Turnover

6.0%

What changed this quarter

New

Bought for the first time this quarter.

Olympic Steel INC.comZEUS
<0.1% of the fund

Added

Bought more of a stock they already held.

Texas
7.4% of the fund
+202%
Berkshire Hathaway INC DELBRK-A
2.3% of the fund
+14%
Diamondback EnergyFANG
2.0% of the fund
+7%
OrganonOGN
1.8% of the fund
+2%
CopartCPRT
1.4% of the fund
+44%
FrmoFRMO
0.3% of the fund
+3%
Novartis AGNVS
0.3% of the fund
+11%
Mexco EnergyMXC
0.2% of the fund
+52%
Builders FirstSourceBLDR
0.2% of the fund
+4%
ChevronCVX
0.1% of the fund
+7%

Cut

Sold some of their stake.

Investor AB
6.1% of the fund
-3%
Dollar GeneralDG
5.7% of the fund
-7%
Mesabi TrustMSB
5.1% of the fund
-4%
International Business MachinesIBM
5.1% of the fund
-8%
BladexBLX
5.0% of the fund
-4%
Franco NevadaFNV
4.0% of the fund
-3%
Wheaton Precious MetalsWPM
4.0% of the fund
-4%
AutolivALV
4.0% of the fund
-3%
Johnson & JohnsonJNJ
3.8% of the fund
-3%
Siemens A G - ADRSIEGY
3.8% of the fund
-3%
ABB LTD -Spons ADRABBNY
3.5% of the fund
-4%
Berkshire HathawayBRK-B
3.0% of the fund
-7%
SubaruFUJHY
2.4% of the fund
-2%
AbbVieABBV
2.2% of the fund
-15%
Cheniere EnergyLNG
2.1% of the fund
-3%
Coterra EnergyCTRA
1.9% of the fund
-2%
Chord EnergyCHRD
1.8% of the fund
-7%
ConocoPhillips Company
1.7% of the fund
-7%
PilotPOGHF
1.7% of the fund
-3%
SKF ABSKFRY
1.6% of the fund
-6%
ShellSHEL
1.6% of the fund
-2%
EOG ResourcesEOG
1.5% of the fund
-4%
Accelleron Industries AG ORDACLIF
1.4% of the fund
-4%
AlphabetGOOGL
0.5% of the fund
-4%
MerckMRK
0.2% of the fund
-16%

Sold out

Sold their entire stake.

Keweenaw LD Assn LTD.comKEWL
-100%

Holdings

Texas
Share
7.4%
Value
$20m
Shares
68,241
+202%
Investor AB
Share
6.1%
Value
$16m
Shares
459,474
-3%
Dollar GeneralDG
Share
5.7%
Value
$15m
Shares
113,995
-7%
Mesabi TrustMSB
Share
5.1%
Value
$14m
Shares
352,805
-4%
International Business MachinesIBM
Share
5.1%
Value
$14m
Shares
45,790
-8%
BladexBLX
Share
5.0%
Value
$13m
Shares
294,135
-4%
Franco NevadaFNV
Share
4.0%
Value
$11m
Shares
51,272
-3%
Wheaton Precious MetalsWPM
Share
4.0%
Value
$11m
Shares
89,943
-4%
AutolivALV
Share
4.0%
Value
$11m
Shares
88,810
-3%
Johnson & JohnsonJNJ
Share
3.8%
Value
$10m
Shares
48,425
-3%
Siemens A G - ADRSIEGY
Share
3.8%
Value
$10m
Shares
71,555
-3%
ABB LTD -Spons ADRABBNY
Share
3.5%
Value
$9m
Shares
124,815
-4%
Citigroup
Share
3.3%
Value
$9m
Shares
289,455
Held
Berkshire HathawayBRK-B
Share
3.0%
Value
$8m
Shares
15,736
-7%
Nestle SA ADRNSRGY
Share
2.7%
Value
$7m
Shares
73,394
Held
SubaruFUJHY
Share
2.4%
Value
$6m
Shares
583,121
-2%
Berkshire Hathaway INC DELBRK-A
Share
2.3%
Value
$6m
Shares
8
+14%
AbbVieABBV
Share
2.2%
Value
$6m
Shares
25,725
-15%
Cheniere EnergyLNG
Share
2.1%
Value
$6m
Shares
28,740
-3%
Diamondback EnergyFANG
Share
2.0%
Value
$5m
Shares
35,155
+7%
Coterra EnergyCTRA
Share
1.9%
Value
$5m
Shares
194,974
-2%
Chord EnergyCHRD
Share
1.8%
Value
$5m
Shares
52,535
-7%
OrganonOGN
Share
1.8%
Value
$5m
Shares
666,725
+2%
ConocoPhillips Company
Share
1.7%
Value
$5m
Shares
48,380
-7%
PilotPOGHF
Share
1.7%
Value
$5m
Shares
145,306
-3%
SKF ABSKFRY
Share
1.6%
Value
$4m
Shares
164,511
-6%
ShellSHEL
Share
1.6%
Value
$4m
Shares
57,076
-2%
EOG ResourcesEOG
Share
1.5%
Value
$4m
Shares
36,960
-4%
CopartCPRT
Share
1.4%
Value
$4m
Shares
94,590
+44%
Accelleron Industries AG ORDACLIF
Share
1.4%
Value
$4m
Shares
47,473
-4%
Mettler Toledo InternationalMTD
Share
1.2%
Value
$3m
Shares
2,347
Held
AlphabetGOOGL
Share
0.5%
Value
$1m
Shares
4,300
-4%
Amazon.comAMZN
Share
0.5%
Value
$1m
Shares
5,580
Held
AutozoneAZO
Share
0.3%
Value
$899,000
Shares
265
Held
FrmoFRMO
Share
0.3%
Value
$706,000
Shares
96,702
+3%
AppleAAPL
Share
0.3%
Value
$693,000
Shares
2,550
Held
Novartis AGNVS
Share
0.3%
Value
$681,000
Shares
4,940
+11%
Pershing Square HL OrdfPSHZF
Share
0.3%
Value
$663,000
Shares
10,175
Held
Mexco EnergyMXC
Share
0.2%
Value
$617,000
Shares
62,295
+52%
MerckMRK
Share
0.2%
Value
$616,000
Shares
5,850
-16%
3MMMM
Share
0.2%
Value
$593,000
Shares
3,705
-34%
OracleORCL
Share
0.2%
Value
$480,000
Shares
2,465
-87%
AllstateALL
Share
0.2%
Value
$468,000
Shares
2,250
Held
PfizerPFE
Share
0.2%
Value
$467,000
Shares
18,770
-46%
Builders FirstSourceBLDR
Share
0.2%
Value
$454,000
Shares
4,410
+4%
AZZAZZ
Share
0.2%
Value
$429,000
Shares
4,000
-2%
ChevronCVX
Share
0.1%
Value
$390,000
Shares
2,560
+7%
MicrosoftMSFT
Share
0.1%
Value
$382,000
Shares
790
Held
Triple Flag Precious MetalsTFPM
Share
0.1%
Value
$357,000
Shares
10,750
Held
TimkenTKR
Share
0.1%
Value
$326,000
Shares
3,875
Held
ViatrisVTRS
Share
0.1%
Value
$318,000
Shares
25,570
-15%
CaterpillarCAT
Share
0.1%
Value
$315,000
Shares
550
-8%
Olympic Steel INC.comZEUS
Share
<0.1%
Value
$214,000
Shares
5,000
New
Surface Oncology
Share
<0.1%
Value
$21,000
Shares
20,000
Held
Bristol-Myers Squibb
Share
0.0%
Value
$0
Shares
505,289
-3%

Company	Share of fund	Value	Shares	Change
Texas	7.4%	$20m	68,241	+202%
Investor AB	6.1%	$16m	459,474	-3%
Dollar GeneralDG	5.7%	$15m	113,995	-7%
Mesabi TrustMSB	5.1%	$14m	352,805	-4%
International Business MachinesIBM	5.1%	$14m	45,790	-8%
BladexBLX	5.0%	$13m	294,135	-4%
Franco NevadaFNV	4.0%	$11m	51,272	-3%
Wheaton Precious MetalsWPM	4.0%	$11m	89,943	-4%
AutolivALV	4.0%	$11m	88,810	-3%
Johnson & JohnsonJNJ	3.8%	$10m	48,425	-3%
Siemens A G - ADRSIEGY	3.8%	$10m	71,555	-3%
ABB LTD -Spons ADRABBNY	3.5%	$9m	124,815	-4%
Citigroup	3.3%	$9m	289,455	Held
Berkshire HathawayBRK-B	3.0%	$8m	15,736	-7%
Nestle SA ADRNSRGY	2.7%	$7m	73,394	Held
SubaruFUJHY	2.4%	$6m	583,121	-2%
Berkshire Hathaway INC DELBRK-A	2.3%	$6m	8	+14%
AbbVieABBV	2.2%	$6m	25,725	-15%
Cheniere EnergyLNG	2.1%	$6m	28,740	-3%
Diamondback EnergyFANG	2.0%	$5m	35,155	+7%
Coterra EnergyCTRA	1.9%	$5m	194,974	-2%
Chord EnergyCHRD	1.8%	$5m	52,535	-7%
OrganonOGN	1.8%	$5m	666,725	+2%
ConocoPhillips Company	1.7%	$5m	48,380	-7%
PilotPOGHF	1.7%	$5m	145,306	-3%
SKF ABSKFRY	1.6%	$4m	164,511	-6%
ShellSHEL	1.6%	$4m	57,076	-2%
EOG ResourcesEOG	1.5%	$4m	36,960	-4%
CopartCPRT	1.4%	$4m	94,590	+44%
Accelleron Industries AG ORDACLIF	1.4%	$4m	47,473	-4%
Mettler Toledo InternationalMTD	1.2%	$3m	2,347	Held
AlphabetGOOGL	0.5%	$1m	4,300	-4%
Amazon.comAMZN	0.5%	$1m	5,580	Held
AutozoneAZO	0.3%	$899,000	265	Held
FrmoFRMO	0.3%	$706,000	96,702	+3%
AppleAAPL	0.3%	$693,000	2,550	Held
Novartis AGNVS	0.3%	$681,000	4,940	+11%
Pershing Square HL OrdfPSHZF	0.3%	$663,000	10,175	Held
Mexco EnergyMXC	0.2%	$617,000	62,295	+52%
MerckMRK	0.2%	$616,000	5,850	-16%
3MMMM	0.2%	$593,000	3,705	-34%
OracleORCL	0.2%	$480,000	2,465	-87%
AllstateALL	0.2%	$468,000	2,250	Held
PfizerPFE	0.2%	$467,000	18,770	-46%
Builders FirstSourceBLDR	0.2%	$454,000	4,410	+4%
AZZAZZ	0.2%	$429,000	4,000	-2%
ChevronCVX	0.1%	$390,000	2,560	+7%
MicrosoftMSFT	0.1%	$382,000	790	Held
Triple Flag Precious MetalsTFPM	0.1%	$357,000	10,750	Held
TimkenTKR	0.1%	$326,000	3,875	Held
ViatrisVTRS	0.1%	$318,000	25,570	-15%
CaterpillarCAT	0.1%	$315,000	550	-8%
Olympic Steel INC.comZEUS	<0.1%	$214,000	5,000	New
Surface Oncology	<0.1%	$21,000	20,000	Held
Bristol-Myers Squibb	0.0%	$0	505,289	-3%

Over time and by industry

Value over time

Jun '25

Dec '25

Value is up 4.9% since 30 June 2025.

Where the money is

Financial services13.4%

Health care9.8%

Materials8.0%

Energy7.8%

Everyday goods5.7%

Technology5.7%

Retail & consumer5.0%

Industrials2.0%

Media & telecom0.5%

Other42.1%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.