Managers / Q3 2025 · view latest →
Fjell Capital, LLC
CIK 0002053350 · 27 10TH STREET NORTH, FARGO, ND, 58102 · 701-491-7600
Summary
Fjell Capital, LLC reported $114M in U.S.-listed holdings across 58 positions for Q3 2025.
Its largest position, Davis Fundamental Etf Tr, represents 9.7% of the portfolio.
Compared with Q2 2025, the fund opened 5 new positions and exited 0.
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 · 52.3% · $59M
- Common Stock · 47.5% · $54M
- Closed-End Fund · 0.2% · $229,817
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| XLFSELECT SECTOR SPDR TR | NEW | +14.2K | 14.2K | +$762,530 | $762,530 |
| SELECT SECTOR SPDR TR | NEW | +3.1K | 3.1K | +$476,108 | $476,108 |
| SELECT SECTOR SPDR TR | NEW | +5.2K | 5.2K | +$403,684 | $403,684 |
| CASYCASEYS GEN STORES INC | NEW | +699 | 699 | +$395,159 | $395,159 |
| SOSOUTHERN CO | NEW | +4.2K | 4.2K | +$394,054 | $394,054 |
| SELECT SECTOR SPDR TR | ADDED | +1.4K | 2.4K | +$360,375 | $577,053 |
| SCHWAB STRATEGIC TR | TRIMMED | −53.6K | 9.9K | −$1M | $269,842 |
| CRMSALESFORCE INC | TRIMMED | −2.2K | 2.8K | −$712,620 | $674,557 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | DAVIS FUNDAMENTAL ETF TR | SELECT WRLD WI | 9.69% | $11M | 243.2K |
| 2 | VUGVANGUARD INDEX FDS | MID CAP ETF · GROWTH ETF · VALUE ETF | 8.48% | $10M | 32.9K |
| 3 | VICTORY PORTFOLIOS II | CORE INTERMEDIAT | 6.03% | $7M | 144.1K |
| 4 | SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 5.09% | $6M | 63.1K |
| 5 | PGIM ETF TR | SHRT DUR HGH YLD · ACTV HY BD ETF | 4.26% | $5M | 109.6K |
| 6 | MSFTMICROSOFT CORPhistory → | COM | 4.19% | $5M | 9.2K |
| 7 | NVDANVIDIA CORPORATIONhistory → | COM | 4.15% | $5M | 25.3K |
| 8 | INVESCO ACTIVELY MANAGED EXC | TOTAL RETURN | 4.07% | $5M | 97.2K |
| 9 | AVGOBROADCOM INChistory → | COM | 4.02% | $5M | 13.8K |
| 10 | ISHARES TR | USD INV GRDE ETF | 3.81% | $4M | 82.8K |
| 11 | GOOGLALPHABET INC | CAP STK CL A · CAP STK CL C | 3.69% | $4M | 17.2K |
| 12 | AAPLAPPLE INChistory → | COM | 3.20% | $4M | 14.3K |
| 13 | XLFSELECT SECTOR SPDR TR | TECHNOLOGY · FINANCIAL · SBI CONS DISCR · INDL · SBI CONS STPLS | 3.00% | $3M | 29.0K |
| 14 | AMZNAMAZON COM INChistory → | COM | 2.89% | $3M | 14.9K |
| 15 | 2023 ETF SERIES TRUST | BRANDES INTERNAT | 2.56% | $3M | 75.7K |
| 16 | CGGRUSDCAPITAL GROUP GROWTH ETFhistory → | SHS CREATION UNI | 2.30% | $3M | 59.6K |
| 17 | METAMETA PLATFORMS INChistory → | CL A | 2.13% | $2M | 3.3K |
| 18 | COSTCOSTCO WHSL CORP NEWhistory → | COM | 2.06% | $2M | 2.5K |
| 19 | KLACKLA CORPhistory → | COM NEW | 1.95% | $2M | 2.1K |
| 20 | JPMJPMORGAN CHASE & CO.history → | COM | 1.69% | $2M | 6.1K |
| 21 | AB ACTIVE ETFS INC | HIGH YIELD ETF | 1.55% | $2M | 46.4K |
| 22 | WMWASTE MGMT INC DELhistory → | COM | 1.40% | $2M | 7.2K |
| 23 | RTXRTX CORPORATIONhistory → | COM | 1.17% | $1M | 7.9K |
| 24 | AMDADVANCED MICRO DEVICES INChistory → | COM | 1.15% | $1M | 8.1K |
| 25 | BXBLACKSTONE INChistory → | COM | 1.13% | $1M | 7.5K |
| 26 | CHVCHEVRON CORP NEWhistory → | COM | 1.09% | $1M | 8.0K |
| 27 | NEENEXTERA ENERGY INChistory → | COM | 1.06% | $1M | 16.0K |
| 28 | DEDEERE & COhistory → | COM | 1.04% | $1M | 2.6K |
| 29 | ICEINTERCONTINENTAL EXCHANGE INhistory → | COM | 1.02% | $1M | 6.9K |
| 30 | HDHOME DEPOT INC | COM | 0.98% | $1M | 2.8K |
| 31 | ARESARES MANAGEMENT CORPORATION | CL A COM STK | 0.98% | $1M | 6.9K |
| 32 | MRKMERCK & CO INC | COM | 0.96% | $1M | 13.0K |
| 33 | MRSHMARSH & MCLENNAN COS INC | COM | 0.84% | $958,291 | 4.8K |
| 34 | CMGCHIPOTLE MEXICAN GRILL INC | COM | 0.79% | $898,705 | 22.9K |
| 35 | CRMSALESFORCE INC | COM | 0.59% | $674,557 | 2.8K |
| 36 | ADBEADOBE INC | COM | 0.50% | $571,455 | 1.6K |
| 37 | VANGUARD WORLD FD | INF TECH ETF | 0.48% | $550,266 | 737 |
| 38 | KKRKKR & CO INC | COM | 0.46% | $521,264 | 4.0K |
| 39 | UNPUNION PAC CORP | COM | 0.44% | $504,977 | 2.1K |
| 40 | DHRDANAHER CORPORATION | COM | 0.44% | $499,455 | 2.5K |
| 41 | LOWLOWES COS INC | COM | 0.43% | $489,150 | 1.9K |
| 42 | CASYCASEYS GEN STORES INC | COM | 0.35% | $395,159 | 699 |
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 ↗.