Managers / Q2 2025 · view latest →
Fjell Capital, LLC
CIK 0002053350 · 27 10TH STREET NORTH, FARGO, ND, 58102 · 701-491-7600
Summary
Fjell Capital, LLC reported $108M in U.S.-listed holdings across 53 positions for Q2 2025.
Its largest position, Davis Fundamental Etf Tr, represents 9.4% of the portfolio.
Compared with Q1 2025, the fund opened 4 new positions and exited 2.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 52.9% · $57M
- Common Stock · 46.9% · $51M
- Closed-End Fund · 0.2% · $223,906
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SPDR SERIES TRUST | NEW | +62.8K | 62.8K | +$6M | $6M |
| SELECT SECTOR SPDR TR | NEW | +997 | 997 | +$216,678 | $216,678 |
| VANGUARD WORLD FD | NEW | +1.2K | 1.2K | +$207,801 | $207,801 |
| USBUS BANCORP DEL | NEW | +4.5K | 4.5K | +$203,897 | $203,897 |
| ISHARES TR | SOLD OUT | −24.6K | 0 | −$3M | $0 |
| UNHUNITEDHEALTH GROUP INC | SOLD OUT | −1.9K | 0 | −$974,350 | $0 |
| PGIM ETF TR | TRIMMED | −39.4K | 51.2K | −$1M | $2M |
| AB ACTIVE ETFS INC | TRIMMED | −35.6K | 48.1K | −$1M | $2M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | DAVIS FUNDAMENTAL ETF TR | SELECT WRLD WI | 9.43% | $10M | 245.4K |
| 2 | VUGVANGUARD INDEX FDS | MID CAP ETF · GROWTH ETF · VALUE ETF | 8.74% | $9M | 34.0K |
| 3 | VICTORY PORTFOLIOS II | CORE INTERMEDIAT | 6.14% | $7M | 140.6K |
| 4 | SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 5.34% | $6M | 62.8K |
| 5 | PGIM ETF TR | SHRT DUR HGH YLD · ACTV HY BD ETF | 4.57% | $5M | 112.7K |
| 6 | INVESCO ACTIVELY MANAGED EXC | TOTAL RETURN | 4.42% | $5M | 101.7K |
| 7 | MSFTMICROSOFT CORPhistory → | COM | 4.25% | $5M | 9.2K |
| 8 | ISHARES TR | USD INV GRDE ETF | 3.75% | $4M | 78.7K |
| 9 | NVDANVIDIA CORPORATIONhistory → | COM | 3.74% | $4M | 25.5K |
| 10 | AVGOBROADCOM INChistory → | COM | 3.61% | $4M | 14.1K |
| 11 | AMZNAMAZON COM INChistory → | COM | 3.09% | $3M | 15.2K |
| 12 | AAPLAPPLE INChistory → | COM | 2.92% | $3M | 15.3K |
| 13 | GOOGLALPHABET INC | CAP STK CL A · CAP STK CL C | 2.84% | $3M | 17.4K |
| 14 | 2023 ETF SERIES TRUST | BRANDES INTERNAT | 2.51% | $3M | 75.5K |
| 15 | CGGRUSDCAPITAL GROUP GROWTH ETFhistory → | SHS CREATION UNI | 2.40% | $3M | 63.7K |
| 16 | COSTCOSTCO WHSL CORP NEWhistory → | COM | 2.30% | $2M | 2.5K |
| 17 | METAMETA PLATFORMS INChistory → | CL A | 2.26% | $2M | 3.3K |
| 18 | KLACKLA CORPhistory → | COM NEW | 1.82% | $2M | 2.2K |
| 19 | AB ACTIVE ETFS INC | HIGH YIELD ETF | 1.67% | $2M | 48.1K |
| 20 | JPMJPMORGAN CHASE & CO.history → | COM | 1.61% | $2M | 6.0K |
| 21 | SCHWAB STRATEGIC TR | US DIVIDEND EQ | 1.56% | $2M | 63.5K |
| 22 | WMWASTE MGMT INC DELhistory → | COM | 1.33% | $1M | 6.3K |
| 23 | CRMSALESFORCE INChistory → | COM | 1.29% | $1M | 5.1K |
| 24 | SELECT SECTOR SPDR TR | TECHNOLOGY · SBI CONS DISCR | 1.22% | $1M | 5.4K |
| 25 | DEDEERE & COhistory → | COM | 1.21% | $1M | 2.6K |
| 26 | AMDADVANCED MICRO DEVICES INChistory → | COM | 1.19% | $1M | 9.1K |
| 27 | CMGCHIPOTLE MEXICAN GRILL INChistory → | COM | 1.16% | $1M | 22.2K |
| 28 | ARESARES MANAGEMENT CORPORATIONhistory → | CL A COM STK | 1.13% | $1M | 7.1K |
| 29 | RTXRTX CORPORATIONhistory → | COM | 1.07% | $1M | 7.9K |
| 30 | CHVCHEVRON CORP NEWhistory → | COM | 1.06% | $1M | 8.0K |
| 31 | BXBLACKSTONE INChistory → | COM | 1.06% | $1M | 7.6K |
| 32 | ICEINTERCONTINENTAL EXCHANGE INhistory → | COM | 1.02% | $1M | 6.0K |
| 33 | NEENEXTERA ENERGY INChistory → | COM | 1.01% | $1M | 15.6K |
| 34 | HDHOME DEPOT INC | COM | 0.96% | $1M | 2.8K |
| 35 | MRSHMARSH & MCLENNAN COS INC | COM | 0.95% | $1M | 4.7K |
| 36 | MRKMERCK & CO INC | COM | 0.92% | $996,011 | 12.6K |
| 37 | ADBEADOBE INC | COM | 0.88% | $945,535 | 2.4K |
| 38 | KKRKKR & CO INC | COM | 0.51% | $545,192 | 4.1K |
| 39 | UNPUNION PAC CORP | COM | 0.46% | $492,144 | 2.1K |
| 40 | VANGUARD WORLD FD | INF TECH ETF | 0.46% | $491,490 | 741 |
| 41 | DHRDANAHER CORPORATION | COM | 0.45% | $484,195 | 2.5K |
| 42 | LOWLOWES COS INC | COM | 0.40% | $431,590 | 1.9K |
| 43 | VANGUARD BD INDEX FDS | TOTAL BND MRKT | 0.28% | $297,907 | 4.0K |
| 44 | VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 0.24% | $258,540 | 4.5K |
| 45 | DNPDNP SELECT INCOME FD INC | COM | 0.21% | $223,906 | 22.9K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $130M | 68 | Apr 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $130M | 66 | Jan 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $114M | 58 | Oct 24, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $108M | 53 | Jul 9, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $99M | 51 | Apr 11, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $97M | 54 | Feb 5, 2025 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.