Managers / Q4 2025 · view latest →
Fjell Capital, LLC
CIK 0002053350 · 27 10TH STREET NORTH, FARGO, ND, 58102 · 701-491-7600
Summary
Fjell Capital, LLC reported $130M in U.S.-listed holdings across 66 positions for Q4 2025.
Its largest position, Davis Fundamental Etf Tr, represents 9.1% of the portfolio.
Compared with Q3 2025, the fund opened 10 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
- Common Stock · 50.4% · $66M
- ETP · 49.0% · $64M
- Other · 0.2% · $298,491
- Closed-End Fund · 0.2% · $230,234
- MLP · 0.2% · $219,290
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | NEW | +1.7K | 1.7K | +$1M | $1M |
| VANGUARD CHARLOTTE FDS | NEW | +6.3K | 6.3K | +$304,368 | $304,368 |
| AMATAPPLIED MATLS INC | NEW | +1.2K | 1.2K | +$302,220 | $302,220 |
| ASML HOLDING N V | NEW | +279 | 279 | +$298,491 | $298,491 |
| VANGUARD INDEX FDS | NEW | +761 | 761 | +$255,205 | $255,205 |
| VANGUARD STAR FDS | NEW | +3.3K | 3.3K | +$250,385 | $250,385 |
| CRWDCROWDSTRIKE HLDGS INC | NEW | +521 | 521 | +$244,224 | $244,224 |
| MUMICRON TECHNOLOGY INC | NEW | +820 | 820 | +$234,036 | $234,036 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | DAVIS FUNDAMENTAL ETF TR | SELECT WRLD WI | 9.14% | $12M | 255.5K |
| 2 | VUGVANGUARD INDEX FDS | MID CAP ETF · GROWTH ETF · VALUE ETF · S&P 500 ETF SHS | 8.23% | $11M | 34.5K |
| 3 | VICTORY PORTFOLIOS II | CORE INTERMEDIAT | 5.80% | $8M | 159.8K |
| 4 | NVDANVIDIA CORPORATIONhistory → | COM | 5.24% | $7M | 36.6K |
| 5 | GOOGLALPHABET INC | CAP STK CL A · CAP STK CL C | 4.92% | $6M | 20.5K |
| 6 | SPDR SERIES TRUST | STATE STREET SPD | 4.57% | $6M | 65.3K |
| 7 | AVGOBROADCOM INChistory → | COM | 4.24% | $6M | 16.0K |
| 8 | MSFTMICROSOFT CORPhistory → | COM | 4.12% | $5M | 11.1K |
| 9 | AAPLAPPLE INChistory → | COM | 3.92% | $5M | 18.8K |
| 10 | ISHARES TR | USD INV GRDE ETF | 3.70% | $5M | 93.3K |
| 11 | PGIM ETF TR | SHRT DUR HGH YLD · ACTV HY BD ETF | 3.65% | $5M | 109.0K |
| 12 | INVESCO ACTIVELY MANAGED EXC | TOTAL RETURN | 3.60% | $5M | 99.0K |
| 13 | AMZNAMAZON COM INChistory → | COM | 3.23% | $4M | 18.2K |
| 14 | 2023 ETF SERIES TRUST | BRANDES INTERNAT | 2.43% | $3M | 79.1K |
| 15 | XLFSELECT SECTOR SPDR TR | STATE STREET TEC · STATE STREET FIN · STATE STREET CON · STATE STREET IND | 2.38% | $3M | 31.4K |
| 16 | COSTCOSTCO WHSL CORP NEWhistory → | COM | 2.02% | $3M | 3.1K |
| 17 | CGGRUSDCAPITAL GROUP GROWTH ETFhistory → | SHS CREATION UNI | 2.01% | $3M | 58.8K |
| 18 | KLACKLA CORPhistory → | COM NEW | 1.94% | $3M | 2.1K |
| 19 | METAMETA PLATFORMS INChistory → | CL A | 1.82% | $2M | 3.6K |
| 20 | JPMJPMORGAN CHASE & CO.history → | COM | 1.58% | $2M | 6.4K |
| 21 | AMDADVANCED MICRO DEVICES INChistory → | COM | 1.42% | $2M | 8.7K |
| 22 | AB ACTIVE ETFS INC | HIGH YIELD ETF | 1.36% | $2M | 47.4K |
| 23 | WMWASTE MGMT INC DELhistory → | COM | 1.34% | $2M | 8.0K |
| 24 | RTXRTX CORPORATIONhistory → | COM | 1.13% | $1M | 8.0K |
| 25 | NEENEXTERA ENERGY INChistory → | COM | 1.11% | $1M | 18.1K |
| 26 | MRKMERCK & CO INChistory → | COM | 1.09% | $1M | 13.5K |
| 27 | BXBLACKSTONE INChistory → | COM | 1.07% | $1M | 9.0K |
| 28 | ARESARES MANAGEMENT CORPORATIONhistory → | CL A COM STK | 1.04% | $1M | 8.4K |
| 29 | DEDEERE & COhistory → | COM | 1.02% | $1M | 2.8K |
| 30 | HDHOME DEPOT INChistory → | COM | 1.00% | $1M | 3.8K |
| 31 | CHVCHEVRON CORP NEW | COM | 0.98% | $1M | 8.4K |
| 32 | ICEINTERCONTINENTAL EXCHANGE IN | COM | 0.97% | $1M | 7.8K |
| 33 | MRSHMARSH & MCLENNAN COS INC | COM | 0.70% | $919,083 | 5.0K |
| 34 | CRMSALESFORCE INC | COM | 0.62% | $808,101 | 3.0K |
| 35 | KKRKKR & CO INC | COM | 0.51% | $661,749 | 5.2K |
| 36 | DHRDANAHER CORPORATION | COM | 0.48% | $624,093 | 2.7K |
| 37 | ADBEADOBE INC | COM | 0.39% | $511,685 | 1.5K |
| 38 | VANGUARD BD INDEX FDS | TOTAL BND MRKT | 0.39% | $507,380 | 6.8K |
| 39 | UNPUNION PAC CORP | COM | 0.38% | $499,595 | 2.2K |
| 40 | VANGUARD WORLD FD | INF TECH ETF | 0.37% | $487,696 | 647 |
| 41 | CASYCASEYS GEN STORES INC | COM | 0.37% | $484,174 | 876 |
| 42 | LOWLOWES COS INC | COM | 0.36% | $469,683 | 1.9K |
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 ↗.