Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (43 quarters reported)
$116M in Q4 2013 → $106M now. Hover for any quarter.
As reported for the quarter ended December 31, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| B( Buckle Inc (the) | 9.9% | Trimmed 1.4% | 197,182 | $10.5M |
| Regeneron Pharmaceuticals Inc | 9.2% | Added 0.1% | 12,660 | $9.77M |
| Allegiant Travel Co | 6.6% | Trimmed 4.8% | 82,356 | $7.02M |
| Newmarket Corp | 6.4% | Trimmed 2.1% | 9,824 | $6.75M |
| BH Berkshire Hathaway Cl-b | 5.9% | Trimmed 6.9% | 12,477 | $6.27M |
| NB Natl Beverage Corp (hldg Co) | 5.9% | Added 3.2% | 195,868 | $6.25M |
| Sei Investments Co | 5.2% | Trimmed 2.0% | 67,759 | $5.56M |
| Kraft Heinz Co | 4.8% | Trimmed 3.0% | 211,770 | $5.14M |
| BF Brown Forman Corp Cl B | 4.6% | Added 0.6% | 185,768 | $4.84M |
| Mohawk Industries Inc | 4.5% | Trimmed 2.4% | 43,203 | $4.72M |
| BR Bio Rad Lab A | 4.2% | Added 0.5% | 14,573 | $4.42M |
| Paylocity Holding Corporation | 4.0% | Trimmed 0.3% | 28,065 | $4.28M |
| Dorman Products, Inc | 4.0% | Trimmed 1.0% | 34,647 | $4.27M |
| LN Lincoln National Corp Ind | 3.9% | Trimmed 0.3% | 92,280 | $4.11M |
| BB The Boston Beer Co Inc A | 3.7% | Added 5.1% | 19,994 | $3.9M |
| The Campbell's Company | 3.7% | Added 0.2% | 139,508 | $3.89M |
| NB Nike Inc B | 3.3% | Trimmed 0.6% | 54,362 | $3.46M |
| BH Berkshire Hathaway Cl-a | 2.8% | Unchanged | 4 | $3.02M |
| J&J Snack Foods | 2.8% | Added 8.2% | 32,400 | $2.93M |
| UH U Haul Holding Company Ser N | 2.3% | Trimmed 2.0% | 51,829 | $2.42M |
| Fastenal Co | 2.1% | Added 0.1% | 56,341 | $2.26M |
| U Haul Holding Company | 0.1% | Added 0.0% | 2,850 | $144K |
| Opko Health Inc | 0.0% | Unchanged | 40,485 | $51K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2025 · filed January 05, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hathaway Cl-b | Trimmed | −923 | −$464K | 5.9% |
| Allegiant Travel Co | Trimmed | −4,121 | −$351K | 6.6% |
| J&J Snack Foods | Added | +2,452 | +$222K | 2.8% |
| NB Natl Beverage Corp (hldg Co) | Added | +6,085 | +$194K | 5.9% |
| BB The Boston Beer Co Inc A | Added | +979 | +$191K | 3.7% |
| Kraft Heinz Co | Trimmed | −6,519 | −$158K | 4.8% |
| Newmarket Corp | Trimmed | −214 | −$147K | 6.4% |
| B( Buckle Inc (the) | Trimmed | −2,725 | −$146K | 9.9% |
| Mohawk Industries Inc | Trimmed | −1,060 | −$116K | 4.5% |
| Sei Investments Co | Trimmed | −1,380 | −$113K | 5.2% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2025 · filed October 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B( Buckle Inc (the) | Trimmed | −7,075 | −$415K | 10.7% |
| Fastenal Co | Trimmed | −6,460 | −$317K | 2.5% |
| Kraft Heinz Co | Added | +7,243 | +$189K | 5.2% |
| Newmarket Corp | Trimmed | −129 | −$107K | 7.6% |
| NB Nike Inc B | Trimmed | −1,450 | −$101K | 3.5% |
| BB The Boston Beer Co Inc A | Added | +295 | +$62.4K | 3.7% |
| Paylocity Holding Corporation | Trimmed | −175 | −$27.9K | 4.1% |
| Regeneron Pharmaceuticals Inc | Added | +44 | +$24.7K | 6.5% |
| BF Brown Forman Corp Cl B | Added | +784 | +$21.2K | 4.5% |
| LN Lincoln National Corp Ind | Trimmed | −522 | −$21K | 3.4% |
Showing the 10 largest of 19 changes.
quarter ended June 30, 2025 · filed July 18, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BF Brown Forman Corp Cl B | Added | +46,550 | +$1.25M | 4.8% |
| B( Buckle Inc (the) | Trimmed | −11,174 | −$507K | 9.0% |
| Newmarket Corp | Trimmed | −470 | −$325K | 6.8% |
| Paylocity Holding Corporation | Trimmed | −1,623 | −$294K | 4.9% |
| Fastenal Co | Added | +6,187 | +$260K | 2.5% |
| Kraft Heinz Co | Added | +6,756 | +$174K | 5.3% |
| The Campbell's Company | Added | +5,208 | +$160K | 4.1% |
| UH U Haul Holding Company Ser N | Trimmed | −2,759 | −$150K | 2.8% |
| NB Natl Beverage Corp (hldg Co) | Trimmed | −864 | −$37.4K | 7.9% |
| Dorman Products, Inc | Added | +260 | +$31.9K | 4.1% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2025 · filed April 02, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BB The Boston Beer Co Inc A | New | +18,698 | +$4.47M | 4.1% |
| FR Franklin Resources Inc | Exited | −157,533 | −$3.2M | — |
| UH U Haul Holding Company Ser N | Trimmed | −52,817 | −$3.13M | 3.0% |
| Regeneron Pharmaceuticals Inc | Added | +2,574 | +$1.63M | 7.4% |
| J&J Snack Foods | Trimmed | −3,728 | −$491K | 3.6% |
| Fastenal Co | Trimmed | −5,423 | −$421K | 4.0% |
| Mohawk Industries Inc | Trimmed | −3,619 | −$413K | 4.7% |
| B( Buckle Inc (the) | Trimmed | −7,873 | −$302K | 7.7% |
| Paylocity Holding Corporation | Trimmed | −1,392 | −$261K | 5.2% |
| BH Berkshire Hathaway Cl-b | Trimmed | −471 | −$251K | 6.6% |
Showing the 10 largest of 23 changes.
quarter ended December 31, 2024 · filed January 03, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fastenal Co | Trimmed | −9,066 | −$652K | 3.6% |
| Regeneron Pharmaceuticals Inc | Added | +896 | +$638K | 5.8% |
| B( Buckle Inc (the) | Trimmed | −11,700 | −$595K | 9.4% |
| Allegiant Travel Co | Trimmed | −5,628 | −$530K | 7.0% |
| BR Bio Rad Lab A | Trimmed | −911 | −$299K | 3.9% |
| BH Berkshire Hathaway Cl-b | Trimmed | −583 | −$264K | 5.1% |
| Dorman Products, Inc | Trimmed | −1,908 | −$247K | 3.8% |
| Mohawk Industries Inc | Trimmed | −1,862 | −$222K | 4.7% |
| Sei Investments Co | Trimmed | −2,606 | −$215K | 4.8% |
| Paylocity Holding Corporation | Trimmed | −1,046 | −$209K | 5.1% |
Showing the 10 largest of 22 changes.
quarter ended September 30, 2024 · filed October 07, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| National Western Life Group Inc. | Exited | −45,959 | −$22.8M | — |
| BF Brown Forman Corp Cl B | New | +140,274 | +$6.9M | 5.3% |
| Paylocity Holding Corporation | New | +32,391 | +$5.34M | 4.1% |
| Allegiant Travel Co | New | +96,387 | +$5.31M | 4.1% |
| NB Nike Inc B | New | +59,268 | +$5.24M | 4.0% |
| BR Bio Rad Lab A | New | +15,537 | +$5.2M | 4.0% |
| Futurefuel Corp | Exited | −278,024 | −$1.43M | — |
| Sei Investments Co | Added | +5,465 | +$378K | 3.9% |
| BH Berkshire Hathaway Cl-b | Added | +727 | +$335K | 5.1% |
| B( Buckle Inc (the) | Added | +4,675 | +$206K | 8.0% |
Showing the 10 largest of 24 changes.
quarter ended June 30, 2024 · filed August 02, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| National Western Life Group Inc. | Trimmed | −1,258 | −$625K | 19.7% |
| BH Berkshire Hathaway Cl-b | Trimmed | −845 | −$344K | 4.8% |
| Fastenal Co | Added | +4,775 | +$300K | 3.8% |
| Regeneron Pharmaceuticals Inc | Trimmed | −112 | −$118K | 8.3% |
| Kraft Heinz Co | Trimmed | −2,527 | −$81.4K | 5.9% |
| U Haul Holding Company | Trimmed | −895 | −$55.2K | 0.2% |
| NB Natl Beverage Corp (hldg Co) | Trimmed | −750 | −$38.4K | 8.8% |
| B( Buckle Inc (the) | Trimmed | −985 | −$36.4K | 7.4% |
| UH U Haul Holding Company Ser N | Trimmed | −480 | −$28.8K | 5.7% |
| Newmarket Corp | Trimmed | −50 | −$25.8K | 4.8% |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2024 · filed April 03, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| National Western Life Group Inc. | Trimmed | −1,986 | −$977K | 18.9% |
| CS Campbell Soup | Added | +4,601 | +$204K | 5.0% |
| Newmarket Corp | Trimmed | −281 | −$178K | 5.6% |
| Regeneron Pharmaceuticals Inc | Trimmed | −180 | −$173K | 7.2% |
| BH Berkshire Hathaway Cl-b | Trimmed | −371 | −$156K | 5.0% |
| Fastenal Co | Trimmed | −1,784 | −$138K | 4.1% |
| NB Natl Beverage Corp (hldg Co) | Trimmed | −2,774 | −$132K | 7.7% |
| Mohawk Industries Inc | Trimmed | −744 | −$97.4K | 5.4% |
| Kraft Heinz Co | Trimmed | −2,184 | −$80.6K | 6.4% |
| UH U Haul Holding Company Ser N | Trimmed | −1,194 | −$79.6K | 6.0% |
Showing the 10 largest of 18 changes.
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