# JRM Investment Counsel, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1631084. Source: https://holderbook.com/funds/1631084-jrm-investment-counsel-llc/

- Reported value: $413.3M
- Positions: 21
- Weight of the ten largest: 91.3%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $101.3M | 202,508 | 24.5% | 31 |
| AMERICAN CENTY ETF TR | [AVLV](https://holderbook.com/stocks/AVLV/) | $49.4M | 541,727 | 12.0% | 16 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $44.1M | 618,971 | 10.7% | 31 |
| AMERICAN CENTY ETF TR | [AVUS](https://holderbook.com/stocks/AVUS/) | $38.6M | 301,331 | 9.3% | 16 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $32.6M | 337,757 | 7.9% | 14 |
| AMERICAN CENTY ETF TR | [AVUV](https://holderbook.com/stocks/AVUV/) | $26.9M | 215,990 | 6.5% | 16 |
| AMERICAN CENTY ETF TR | [AVDE](https://holderbook.com/stocks/AVDE/) | $23.2M | 260,135 | 5.6% | 5 |
| STURM RUGER & CO INC | [RGR](https://holderbook.com/stocks/RGR/) | $23.1M | 610,000 | 5.6% | 2 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $20.2M | 549,345 | 4.9% | 31 |
| AMERICAN CENTY ETF TR | [AVDV](https://holderbook.com/stocks/AVDV/) | $18.1M | 175,220 | 4.4% | 16 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $16.5M | 22 | 4.0% | 31 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $6.2M | 255,000 | 1.5% | 6 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $4.2M | 83,898 | 1.0% | 31 |
| WELLS FARGO & CO | [WFCPRL](https://holderbook.com/stocks/WFCPRL/) | $2.2M | 1,881 | 0.5% | 19 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $1.8M | 27,000 | 0.4% | 29 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.4M | 4,971 | 0.3% | 31 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $1.2M | 12,481 | 0.3% | 11 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $1.0M | 4,344 | 0.2% | 31 |
| BANK OF AMER CORP | [BACPRL](https://holderbook.com/stocks/BACPRL/) | $584.0K | 466 | 0.1% | 19 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $344.1K | 1,265 | 0.1% | 12 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $322.5K | 2,741 | 0.1% | 28 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.0% | +14.8% | -6.9% | 100% |
| Q1 2026 | +1.6% | -4.6% | +6.2% | 100% |
| Q4 2025 | +2.2% | +2.4% | -0.1% | 100% |
| Q3 2025 | +5.5% | +7.8% | -2.3% | 100% |
| Q2 2025 | -0.0% | +10.5% | -10.5% | 100% |
| Q1 2025 | +5.9% | -4.6% | +10.4% | 100% |
| Q4 2024 | -1.6% | +2.1% | -3.8% | 100% |
| Q3 2024 | +8.8% | +5.4% | +3.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $413.3M | 21 |
| Q1 2026 | $375.4M | 21 |
| Q4 2025 | $345.7M | 21 |
| Q3 2025 | $334.1M | 21 |
| Q2 2025 | $311.1M | 20 |
| Q1 2025 | $293.4M | 20 |
| Q4 2024 | $282.9M | 20 |
| Q3 2024 | $290.4M | 20 |
| Q2 2024 | $296.5M | 21 |
| Q1 2024 | $302.8M | 20 |
| Q4 2023 | $273.7M | 21 |
| Q3 2023 | $225.9M | 22 |