Basic Stats
Portfolio Value $ 301,221,420
Current Positions 82
Latest Holdings, Performance, AUM (from 13F, 13D)

Pecaut & Co. has disclosed 82 total holdings in their latest SEC filings. Most recent portfolio value is calculated to be $ 301,221,420 USD. Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed). Pecaut & Co.’s top holdings are SPDR Series Trust - SPDR Bloomberg 3-12 Month T-Bill ETF (US:BILS) , Berkshire Hathaway Inc. (US:BRK.B) , iShares Trust - iShares 0-3 Month Treasury Bond ETF (US:SGOV) , Texas Pacific Land Corporation (US:TPL) , and SPDR Series Trust - SPDR Portfolio S&P 500 Growth ETF (US:SPYG) . Pecaut & Co.’s new positions include J.P. Morgan Exchange-Traded Fund Trust - JPMorgan Ultra-Short Municipal Income ETF (US:JMST) , PVH Corp. (US:PVH) , Hawaiian Electric Industries, Inc. (US:HE) , Aris Water Solutions, Inc. (US:ARIS) , and Taiwan Semiconductor Manufacturing Company Limited - Depositary Receipt (Common Stock) (US:TSM) .

Pecaut & Co. - Portfolio Value
Add This Fund
to your Dashboard
Top Increases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
0.15 14.51 4.8160 0.6050
0.04 1.80 0.5974 0.5974
0.02 2.44 0.8110 0.5005
0.14 8.78 2.9160 0.3990
0.01 4.85 1.6098 0.3557
0.19 7.52 2.4967 0.3201
0.02 3.22 1.0685 0.3154
0.06 11.36 3.7702 0.3078
0.07 5.51 1.8305 0.2884
0.01 0.86 0.2870 0.2870
Top Decreases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
0.01 14.53 4.8228 -1.3897
0.06 30.14 10.0060 -1.2995
0.01 0.92 0.3066 -0.9226
0.28 27.98 9.2896 -0.5538
0.04 7.81 2.5930 -0.3862
0.00 8.75 2.9034 -0.3568
0.38 37.46 12.4363 -0.3001
0.01 0.63 0.2108 -0.2992
0.05 4.32 1.4328 -0.2316
0.02 4.44 1.4731 -0.2163
13F and Fund Filings

This form was filed on 2025-08-14 for the reporting period 2025-06-30. Click the link icon to see the full transaction history.

Upgrade to unlock premium data and export to Excel .

2022-07-28: Important Note - We have changed the treatment of the Δ Portfolio % column in this table. Previously, we were reporting it as the percent change in the portfolio allocation. We are now reporting it as the raw change in the portfolio allocation (still reported as a percent). In formula terms, we were previously reporting it as 100 * (current allocation - prior allocation ) / prior allocation. We are now reporting it as (current allocation - prior allocation).
Security Type Avg Share Price Shares
(MM)		 ΔShares
(%)		 ΔShares
(%)		 Value
($MM)		 Portfolio
(%)		 ΔPortfolio
(%)
BILS / SPDR Series Trust - SPDR Bloomberg 3-12 Month T-Bill ETF 0.38 0.14 37.46 0.08 12.4363 -0.3001
BRK.B / Berkshire Hathaway Inc. 0.06 -0.55 30.14 -9.29 10.0060 -1.2995
SGOV / iShares Trust - iShares 0-3 Month Treasury Bond ETF 0.28 -3.29 27.98 -3.27 9.2896 -0.5538
TPL / Texas Pacific Land Corporation 0.01 -0.20 14.53 -20.43 4.8228 -1.3897
SPYG / SPDR Series Trust - SPDR Portfolio S&P 500 Growth ETF 0.15 -1.16 14.51 17.22 4.8160 0.6050
GOOG / Alphabet Inc. 0.06 -1.71 11.36 11.61 3.7702 0.3078
VIG / Vanguard Specialized Funds - Vanguard Dividend Appreciation ETF 0.05 1.71 11.20 7.31 3.7198 0.1671
SPYV / SPDR Series Trust - SPDR Portfolio S&P 500 Value ETF 0.18 5.00 9.50 7.61 3.1534 0.1501
EMXC / iShares, Inc. - iShares MSCI Emerging Markets ex China ETF 0.14 3.60 8.78 18.74 2.9160 0.3990
BRK.A / Berkshire Hathaway Inc. 0.00 0.00 8.75 -8.73 2.9034 -0.3568
SPMD / SPDR Series Trust - SPDR Portfolio S&P 400 Mid Cap ETF 0.15 -0.97 8.28 5.22 2.7487 0.0712
USMV / iShares Trust - iShares MSCI USA Min Vol Factor ETF 0.09 3.20 8.10 3.42 2.6884 0.0243
AAPL / Apple Inc. 0.04 -3.42 7.81 -10.79 2.5930 -0.3862
SPDW / SPDR Index Shares Funds - SPDR Portfolio Developed World ex-US ETF 0.19 5.72 7.52 17.57 2.4967 0.3201
COST / Costco Wholesale Corporation 0.01 -0.27 7.35 4.39 2.4406 0.0443
CIBR / First Trust Exchange-Traded Fund II - First Trust NASDAQ Cybersecurity ETF 0.07 1.41 5.51 21.65 1.8305 0.2884
AN / AutoNation, Inc. 0.03 -0.19 5.20 22.45 1.7259 0.2813
MSFT / Microsoft Corporation 0.01 -0.70 4.85 31.59 1.6098 0.3557
LOW / Lowe's Companies, Inc. 0.02 -6.05 4.44 -10.62 1.4731 -0.2163
KNF / Knife River Corporation 0.05 -2.51 4.32 -11.78 1.4328 -0.2316
SPSM / SPDR Series Trust - SPDR Portfolio S&P 600 Small Cap ETF 0.09 -9.31 3.88 -5.23 1.2880 -0.1048
GRID / First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund 0.03 0.02 3.59 22.92 1.1912 0.1979
ICE / Intercontinental Exchange, Inc. 0.02 -0.79 3.45 5.54 1.1451 0.0328
NVDA / NVIDIA Corporation 0.02 -0.24 3.22 45.41 1.0685 0.3154
CP / Canadian Pacific Kansas City Limited 0.04 -10.60 3.08 0.95 1.0237 -0.0158
BLDR / Builders FirstSource, Inc. 0.02 186.62 2.44 167.76 0.8110 0.5005
WTM / White Mountains Insurance Group, Ltd. 0.00 0.00 2.10 -6.76 0.6957 -0.0690
BIL / SPDR Series Trust - SPDR Bloomberg 1-3 Month T-Bill ETF 0.02 -7.85 2.08 -7.83 0.6917 -0.0776
VUG / Vanguard Index Funds - Vanguard Growth ETF 0.00 30.75 2.07 54.60 0.6862 0.2312
INFL / Listed Funds Trust - Horizon Kinetics Inflation Beneficiaries ETF 0.05 0.00 2.03 3.73 0.6741 0.0081
ORCL / Oracle Corporation 0.01 -3.09 1.82 51.58 0.6041 0.1955
JMST / J.P. Morgan Exchange-Traded Fund Trust - JPMorgan Ultra-Short Municipal Income ETF 0.04 1.80 0.5974 0.5974
FND / Floor & Decor Holdings, Inc. 0.02 0.00 1.74 -5.59 0.5775 -0.0495
AXP / American Express Company 0.01 0.00 1.63 18.52 0.5421 0.0735
BWXT / BWX Technologies, Inc. 0.01 0.00 1.39 46.11 0.4608 0.1374
GLDM / World Gold Trust - SPDR Gold MiniShares Trust 0.02 13.31 1.31 19.93 0.4339 0.0632
URI / United Rentals, Inc. 0.00 0.00 1.25 20.29 0.4135 0.0610
VEA / Vanguard Tax-Managed Funds - Vanguard FTSE Developed Markets ETF 0.02 2.65 1.24 15.10 0.4103 0.0450
WMT / Walmart Inc. 0.01 0.00 1.23 11.38 0.4094 0.0327
FWONA / Formula One Group 0.01 -2.42 1.15 13.76 0.3817 0.0377
UNP / Union Pacific Corporation 0.00 -1.40 1.13 -3.99 0.3757 -0.0253
LB / LandBridge Company LLC 0.02 0.01 1.08 -6.09 0.3588 -0.0327
VB / Vanguard Index Funds - Vanguard Small-Cap ETF 0.00 90.53 1.07 103.63 0.3545 0.1761
VTV / Vanguard Index Funds - Vanguard Value ETF 0.01 18.95 1.07 21.71 0.3536 0.0558
WPM / Wheaton Precious Metals Corp. 0.01 0.00 1.04 15.74 0.3443 0.0392
VO / Vanguard Index Funds - Vanguard Mid-Cap ETF 0.00 26.60 1.01 37.06 0.3342 0.0842
NKE / NIKE, Inc. 0.01 -77.15 0.92 -74.45 0.3066 -0.9226
ESGV / Vanguard World Fund - Vanguard ESG U.S. Stock ETF 0.01 -4.20 0.87 7.27 0.2893 0.0128
PVH / PVH Corp. 0.01 0.86 0.2870 0.2870
MSB / Mesabi Trust 0.03 0.39 0.81 -10.86 0.2700 -0.0404
NRP / Natural Resource Partners L.P. - Limited Partnership 0.01 6.85 0.74 -1.85 0.2473 -0.0108
CASY / Casey's General Stores, Inc. 0.00 0.00 0.73 17.64 0.2414 0.0309
ACI / Albertsons Companies, Inc. 0.03 0.00 0.65 -2.25 0.2171 -0.0104
TDW / Tidewater Inc. 0.01 -6.67 0.65 1.74 0.2144 -0.0013
SOR / Source Capital 0.01 1.30 0.64 5.79 0.2127 0.0067
NVO / Novo Nordisk A/S - Depositary Receipt (Common Stock) 0.01 -57.38 0.63 -57.71 0.2108 -0.2992
SHV / iShares Trust - iShares Short Treasury Bond ETF 0.01 0.00 0.57 0.00 0.1890 -0.0048
HE / Hawaiian Electric Industries, Inc. 0.04 0.43 0.1412 0.1412
ARIS / Aris Water Solutions, Inc. 0.02 0.40 0.1325 0.1325
JNJ / Johnson & Johnson 0.00 -38.31 0.38 -43.11 0.1262 -0.1014
LXU / LSB Industries, Inc. 0.04 0.00 0.34 18.53 0.1126 0.0151
ESGD / iShares Trust - iShares ESG Aware MSCI EAFE ETF 0.00 0.99 0.34 10.16 0.1119 0.0079
CNI / Canadian National Railway Company 0.00 0.00 0.30 6.86 0.0984 0.0039
BOC / Boston Omaha Corporation 0.02 0.00 0.29 -3.62 0.0974 -0.0063
RLI / RLI Corp. 0.00 0.00 0.29 -10.03 0.0955 -0.0134
SPY / SPDR S&P 500 ETF 0.00 -10.53 0.26 -1.13 0.0872 -0.0032
TSLA / Tesla, Inc. 0.00 0.00 0.26 23.00 0.0870 0.0143
TSM / Taiwan Semiconductor Manufacturing Company Limited - Depositary Receipt (Common Stock) 0.00 0.25 0.0829 0.0829
CINF / Cincinnati Financial Corporation 0.00 0.00 0.25 0.82 0.0817 -0.0014
IWF / iShares Trust - iShares Russell 1000 Growth ETF 0.00 -1.87 0.24 15.09 0.0811 0.0089
IHAK / iShares Trust - iShares Cybersecurity and Tech ETF 0.00 -1.25 0.24 11.98 0.0809 0.0068
PGR / The Progressive Corporation 0.00 0.00 0.24 -5.51 0.0797 -0.0069
IWD / iShares Trust - iShares Russell 1000 Value ETF 0.00 -2.85 0.24 0.42 0.0793 -0.0017
ELV / Elevance Health, Inc. 0.00 0.00 0.23 -10.38 0.0775 -0.0113
RCG / RENN Fund, Inc. 0.09 0.00 0.23 4.11 0.0760 0.0013
PHYS / Sprott Physical Gold Trust 0.01 0.00 0.22 5.26 0.0732 0.0020
SLB / Schlumberger Limited 0.01 0.00 0.22 -19.19 0.0729 -0.0195
OXY.WS / Occidental Petroleum Corporation - Equity Warrant 0.01 -8.79 0.22 -31.76 0.0722 -0.0362
ADP / Automatic Data Processing, Inc. 0.00 0.00 0.22 0.94 0.0717 -0.0011
ESGU / iShares Trust - iShares ESG Aware MSCI USA ETF 0.00 0.21 0.0689 0.0689
VRSK / Verisk Analytics, Inc. 0.00 0.20 0.0672 0.0672
SJT / San Juan Basin Royalty Trust 0.03 200.00 0.18 225.45 0.0595 0.0407
UFCS / United Fire Group, Inc. 0.00 -100.00 0.00 0.0000
NE / Noble Corporation plc 0.00 -100.00 0.00 0.0000