PECAUT & CO.
Reported holdings as of Q3 2026, from 33 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | BRKB | $28.0M | 56,145 | -0.83pp | 33q | -4.0%-$1.2M | |
| SPDR SERIES TRUST | BILS | $26.2M | 263,878 | -0.28pp | 14q | +1.6%+$415.8K | |
| J P MORGAN EXCHANGE TRADED F | JPIE | $25.6M | 569,220 | - | new | NEW | |
| VANGUARD SCOTTSDALE FDS | VCSH | $24.8M | 321,079 | -0.43pp | 3q | +1.6%+$387.4K | |
| ISHARES INC | EMXC | $20.1M | 202,975 | -0.48pp | 16q | HELD | |
| SPDR SERIES TRUST | SPYG | $19.0M | 154,753 | -0.14pp | 22q | -0.7%-$138.6K | |
| ALPHABET INC | GOOG | $17.1M | 50,072 | -0.76pp | 33q | -5.4%-$975.2K | |
| ISHARES TR | SGOV | $16.6M | 164,689 | -0.20pp | 17q | +1.0%+$168.1K | |
| SPDR INDEX SHS FDS | SPDW | $15.3M | 305,059 | -0.15pp | 22q | +2.2%+$333.9K | |
| VANGUARD SPECIALIZED FUNDS | VIG | $13.8M | 58,973 | -0.17pp | 11q | +2.3%+$315.2K | |
| APPLE INC | AAPL | $11.6M | 34,905 | +0.22pp | 33q | -2.0%-$236.8K | |
| SPDR SERIES TRUST | SPYV | $11.6M | 189,740 | -0.08pp | 22q | +2.3%+$265.5K | |
| FIRST TR EXCHANGE-TRADED FD | GRID | $8.9M | 50,186 | -0.31pp | 10q | +1.7%+$145.9K | |
| LISTED FDS TR | INFL | $8.0M | 158,935 | -0.02pp | 23q | +3.9%+$302.3K | |
| TEXAS PACIFIC LAND CORPORATI | TPL | $6.7M | 20,556 | -0.80pp | 23q | HELD | |
| SPDR SERIES TRUST | SPMD | $6.7M | 106,078 | -0.24pp | 22q | +0.6%+$39.5K | |
| COSTCO WHOLESALE CORPORATION | COST | $6.3M | 6,907 | -0.20pp | 33q | -2.4%-$154.8K | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $6.0M | 8 | -0.10pp | 33q | HELD | |
| FIRST TR EXCHANGE-TRADED FD | AIRR | $5.5M | 52,956 | -0.65pp | 5q | -3.5%-$196.2K | |
| MICROSOFT CORP | MSFT | $4.2M | 8,279 | +0.29pp | 26q | HELD | |
| CASEYS GEN STORES INC | CASY | $3.6M | 5,937 | +0.42pp | 33q | +128.3%+$2.0M | |
| SPDR SERIES TRUST | SPSM | $3.5M | 66,471 | -0.15pp | 22q | HELD | |
| AUTONATION INC | AN | $3.5M | 22,310 | -0.32pp | 17q | -5.3%-$198.4K | |
| NETFLIX INC. | NFLX | $3.5M | 49,771 | - | new | NEW | |
| SPDR SERIES TRUST | BIL | $3.3M | 36,327 | -0.11pp | 14q | -5.4%-$189.6K | |
| J P MORGAN EXCHANGE TRADED F | JMST | $2.6M | 51,865 | +0.11pp | 6q | +24.1%+$509.6K | |
| KNIFE RIVER CORP | KNF | $2.6M | 51,740 | -0.52pp | 14q | +3.2%+$80.7K | |
| LOWES COS INC | LOW | $2.6M | 14,062 | -0.50pp | 27q | -24.3%-$830.2K | |
| WATERBRIDGE INFRASTRUCTURE L | WBI | $2.4M | 87,000 | -0.20pp | 5q | HELD | |
| VANGUARD INDEX FDS | VUG | $2.4M | 26,471 | -0.03pp | 22q | -3.5%-$86.6K | |
| WHITE MTNS INS GROUP LTD | WTM | $2.3M | 1,142 | -0.06pp | 33q | HELD | |
| VANGUARD TAX-MANAGED FDS | VEA | $2.2M | 31,412 | -0.03pp | 19q | +2.0%+$43.1K | |
| STARBUCKS CORP | SBUX | $1.9M | 20,700 | -0.08pp | 3q | HELD | |
| WORLD GOLD TR | GLDM | $1.8M | 21,797 | -0.02pp | 19q | -2.1%-$38.7K | |
| NVIDIA CORPORATION | NVDA | $1.7M | 7,456 | +0.04pp | 26q | +0.9%+$14.8K | |
| WHEATON PRECIOUS METALS CORP | WPM | $1.5M | 11,550 | +0.05pp | 24q | HELD | |
| AMERICAN EXPRESS CO | AXP | $1.5M | 4,995 | -0.08pp | 33q | HELD | |
| VANGUARD INDEX FDS | VTV | $1.4M | 6,416 | -0.03pp | 22q | -0.6%-$8.2K | |
| LANDBRIDGE COMPANY LLC | LB | $1.3M | 15,895 | -0.01pp | 9q | HELD | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $1.2M | 8,000 | -0.26pp | 26q | -51.4%-$1.3M | |
| UNION PAC CORP | UNP | $1.1M | 4,139 | -0.02pp | 33q | HELD | |
| UNITED RENTALS INC | URI | $1.1M | 1,103 | -0.16pp | 18q | -21.4%-$300.3K | |
| BWX TECHNOLOGIES INC | BWXT | $1.1M | 7,935 | -0.16pp | 12q | HELD | |
| NATURAL RESOURCE PARTNERS LP | NRP | $986.7K | 9,075 | +0.05pp | 8q | +12.4%+$108.7K | |
| VANGUARD INDEX FDS | VB | $967.2K | 3,400 | -0.03pp | 22q | +1.0%+$9.4K | |
| LIBERTY MEDIA CORP DEL | FWONA | $961.2K | 11,358 | -0.05pp | 13q | -6.6%-$67.7K | |
| VANGUARD INDEX FDS | VO | $954.2K | 12,167 | -0.03pp | 20q | -1.4%-$13.3K | |
| WALMART INC | WMT | $948.2K | 9,124 | -0.14pp | 25q | -24.7%-$311.7K | |
| VANGUARD WORLD FD | ESGV | $946.0K | 6,980 | -0.01pp | 20q | -1.9%-$18.7K | |
| TIDEWATER INC NEW | TDW | $689.4K | 8,500 | +0.01pp | 16q | -10.5%-$81.1K | |
| MESABI TR | MSB | $665.3K | 33,963 | -0.07pp | 12q | HELD | |
| VANGUARD INSTL INDEX FD | VBIL | $657.8K | 8,687 | - | new | NEW | |
| SOURCE CAPITAL | SOR | $622.9K | 13,712 | -0.01pp | 7q | +0.8%+$5.0K | |
| JOHNSON & JOHNSON | JNJ | $548.0K | 2,070 | -0.01pp | 33q | -2.8%-$15.9K | |
| BUILDERS FIRSTSOURCE INC | BLDR | $533.9K | 9,365 | -0.58pp | 31q | -65.1%-$997.7K | |
| ISHARES TR | ESGD | $458.8K | 4,452 | -0.01pp | 22q | -0.6%-$3.0K | |
| HAWAIIAN ELEC INDS INC MTN B | HE | $369.2K | 41,300 | -0.06pp | 6q | HELD | |
| LSB INDS INC | LXU | $356.6K | 36,500 | -0.02pp | 9q | HELD | |
| CANADIAN NATL RY CO | CNI | $319.1K | 2,684 | -0.01pp | 33q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $298.3K | 391 | flat | 12q | HELD | |
| ISHARES TR | ESGU | $290.6K | 1,742 | -0.01pp | 6q | -7.3%-$22.9K | |
| ISHARES TR | IWD | $287.0K | 1,158 | flat | 7q | HELD | |
| ISHARES TR | IWF | $283.0K | 2,260 | flat | 8q | HELD | |
| RENN FD INC COM | RCG | $277.4K | 93,099 | flat | 33q | HELD | |
| OR ROYALTIES INC. | OR | $274.7K | 8,000 | flat | 3q | HELD | |
| SPROTT ASSET MANAGEMENT LP | PHYS | $272.0K | 8,700 | flat | 7q | HELD | |
| TRIPLE FLAG PRECIOUS METAL | TFPM | $215.7K | 7,000 | flat | 5q | HELD | |
| PROGRESSIVE CORP | PGR | $207.3K | 1,000 | - | new | NEW | |
| NUVEEN QUALITY MUNCP INCOME | NAD | $121.4K | 12,000 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Insurance | $36.4M | 10.5% |
| Software & IT Services | $21.3M | 6.2% |
| Retail & Consumer | $19.4M | 5.6% |
| Computer Hardware | $11.6M | 3.4% |
| Holding & Investment | $8.9M | 2.6% |
| Mining & Metals | $5.4M | 1.6% |
| Other sectors | $20.3M | 5.9% |
| Not classified | $222.3M | 64.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -3.0% | +2.1% | -5.1% | 100% |
| Q2 2026 | +7.0% | +14.8% | -7.8% | 100% |
| Q1 2026 | +0.5% | -4.6% | +5.1% | 100% |
| Q4 2025 | +1.1% | +2.4% | -1.3% | 100% |
| Q3 2025 | +4.7% | +7.8% | -3.1% | 100% |
| Q2 2025 | +2.2% | +10.5% | -8.2% | 100% |
| Q1 2025 | +0.2% | -4.6% | +4.8% | 100% |
| Q4 2024 | +0.9% | +2.1% | -1.3% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $345.7M | 69 | 5 | 17 | 23 | 1 | 59.7% | 27 |
| Q2 2026 | $328.2M | 65 | 0 | 15 | 24 | 1 | 59.2% | 34 |
| Q1 2026 | $308.0M | 66 | 3 | 18 | 23 | 7 | 57.3% | 41 |
| Q4 2025 | $310.0M | 70 | 0 | 21 | 22 | 9 | 61.5% | 41 |
| Q3 2025 | $311.3M | 79 | 4 | 14 | 34 | 7 | 58.5% | 34 |
| Q2 2025 | $301.2M | 82 | 7 | 17 | 26 | 2 | 57.8% | 45 |
| Q1 2025 | $293.9M | 77 | 5 | 28 | 24 | 3 | 60.6% | 32 |
| Q4 2024 | $289.7M | 75 | 6 | 22 | 27 | 5 | 59.4% | 42 |
| Q3 2024 | $282.7M | 74 | 8 | 21 | 24 | 4 | 57.3% | 37 |
| Q2 2024 | $264.5M | 70 | 1 | 16 | 27 | 9 | 59.0% | 38 |
| Q1 2024 | $268.3M | 78 | 5 | 14 | 38 | 7 | 56.8% | 37 |
| Q4 2023 | $249.1M | 80 | 5 | 19 | 26 | 26 | 56.5% | 38 |
| Q3 2023 | $238.9M | 101 | 7 | 15 | 34 | 12 | 58.8% | 44 |
| Q2 2023 | $237.1M | 106 | 10 | 20 | 31 | 14 | 56.1% | 186 |
| Q1 2023 | $219.5M | 110 | 8 | 30 | 29 | 6 | 53.0% | 41 |
| Q4 2022 | $210.6M | 108 | 14 | 32 | 40 | 8 | 51.1% | 45 |
| Q3 2022 | $188.6M | 102 | 9 | 34 | 35 | 5 | 52.9% | 40 |
| Q2 2022 | $177.5M | 98 | 7 | 35 | 23 | 12 | 52.9% | 35 |
| Q1 2022 | $205.4M | 103 | 11 | 36 | 20 | 6 | 53.5% | 40 |
| Q4 2021 | $197.0M | 98 | 21 | 24 | 31 | 3 | 53.6% | 42 |
| Q3 2021 | $167.6M | 80 | 2 | 18 | 30 | 4 | 60.5% | 36 |
| Q2 2021 | $153.5M | 82 | 26 | 6 | 25 | 2 | 62.5% | 43 |
| Q1 2021 | $138.6M | 58 | 5 | 7 | 24 | 4 | 66.1% | 43 |
| Q4 2020 | $132.9M | 57 | 6 | 5 | 31 | 8 | 65.1% | 42 |
| Q3 2020 | $131.9M | 59 | 4 | 4 | 27 | 7 | 67.0% | 44 |
| Q2 2020 | $127.7M | 62 | 7 | 3 | 30 | 7 | 63.2% | 44 |
| Q1 2020 | $110.2M | 62 | 2 | 8 | 21 | 5 | 64.4% | 42 |
| Q4 2019 | $156.9M | 65 | 2 | 4 | 32 | 7 | 61.3% | 35 |
| Q3 2019 | $143.6M | 70 | 6 | 7 | 38 | 6 | 58.9% | 39 |
| Q2 2019 | $146.3M | 70 | 5 | 16 | 21 | 4 | 56.5% | 39 |
| Q1 2019 | $144.7M | 69 | 11 | 14 | 15 | 8 | 56.8% | 58 |
| Q4 2018 | $121.2M | 66 | 5 | 8 | 27 | 9 | 60.4% | 44 |
| Q3 2018 | $144.5M | 70 | 0 | 0 | 0 | 0 | 59.0% | 460 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.