# Red Cedar Capital, LLC

> Institutional holdings reported to the SEC as of Q4 2022 on Form 13F. CIK 1729867. Source: https://holderbook.com/funds/1729867-red-cedar-capital-llc/

- Reported value: $157.7M
- Positions: 182
- Weight of the ten largest: 55.3%
- Filed: 2023-02-06

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 |
|---|---|---|---|---|---|
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $16.4M | 6,662 | 10.4% | 17 |
| BOSTON OMAHA CORP | [BOC](https://holderbook.com/stocks/BOC/) | $12.7M | 479,394 | 8.1% | 17 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $11.4M | 187,466 | 7.2% | 17 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $10.4M | 33,510 | 6.6% | 17 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $8.5M | 72,823 | 5.4% | 17 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $5.9M | 92,707 | 3.7% | 17 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $5.8M | 16,912 | 3.7% | 17 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $5.5M | 22,889 | 3.5% | 12 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $5.3M | 20,048 | 3.4% | 17 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $5.3M | 129,200 | 3.4% | 17 |
| TELEFLEX INCORPORATED | [TFX](https://holderbook.com/stocks/TFX/) | $5.2M | 20,789 | 3.3% | 17 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $5.2M | 11 | 3.3% | 17 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.2M | 47,093 | 2.7% | 17 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $3.5M | 6,880 | 2.2% | 17 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $3.2M | 36,700 | 2.1% | 17 |
| VALMONT INDS INC | [VMI](https://holderbook.com/stocks/VMI/) | $3.1M | 9,386 | 2.0% | 17 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $2.9M | 36,015 | 1.8% | 17 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.4M | 18,135 | 1.5% | 17 |
| LIBERTY MEDIA CORP DEL | [FWONAXXXX](https://holderbook.com/stocks/FWONAXXXX/) | $2.2M | 40,845 | 1.4% | 17 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.2M | 4,066 | 1.4% | 17 |
| MISTRAS GROUP INC | [MG](https://holderbook.com/stocks/MG/) | $1.9M | 395,210 | 1.2% | 17 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $1.9M | 10,482 | 1.2% | 17 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $1.9M | 42,537 | 1.2% | 17 |
| TEVA PHARMACEUTICAL INDS LTD | [TEVA](https://holderbook.com/stocks/TEVA/) | $1.7M | 186,501 | 1.1% | 17 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $1.6M | 9,065 | 1.0% | 17 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $1.6M | 21,429 | 1.0% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.5M | 6,434 | 1.0% | 17 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $1.5M | 1,165 | 1.0% | 17 |
| DREAM FINDERS HOMES INC | [DFH](https://holderbook.com/stocks/DFH/) | $1.4M | 167,135 | 0.9% | 8 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.3M | 3,346 | 0.8% | 17 |
| ENOVIS CORPORATION | [ENOV](https://holderbook.com/stocks/ENOV/) | $1.2M | 21,901 | 0.7% | 3 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $981.0K | 10,530 | 0.6% | 17 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $952.0K | 28,731 | 0.6% | 17 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $806.0K | 2,553 | 0.5% | 17 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $741.0K | 5,016 | 0.5% | 17 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $712.0K | 11,689 | 0.5% | 17 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $678.0K | 5,000 | 0.4% | 17 |
| ESAB CORPORATION | [ESAB](https://holderbook.com/stocks/ESAB/) | $675.0K | 14,376 | 0.4% | 3 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $632.0K | 6,582 | 0.4% | 17 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $622.0K | 13,776 | 0.4% | 17 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $599.0K | 2,280 | 0.4% | 17 |
| AMDOCS LTD | [DOX](https://holderbook.com/stocks/DOX/) | $580.0K | 6,380 | 0.4% | 17 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $577.0K | 2,070 | 0.4% | 17 |
| BROOKFIELD ASSET MGMT INC | [BAMXXXX](https://holderbook.com/stocks/BAMXXXX/) | $460.0K | 16,406 | 0.3% | 17 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $449.0K | 3,743 | 0.3% | 17 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $429.0K | 2,652 | 0.3% | 17 |
| ADVANCE AUTO PARTS INC | [AAP](https://holderbook.com/stocks/AAP/) | $421.0K | 2,862 | 0.3% | 17 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $419.0K | 4,512 | 0.3% | 17 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $335.0K | 1,403 | 0.2% | 17 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $325.0K | 10,954 | 0.2% | 5 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $310.0K | 5,543 | 0.2% | 4 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $309.0K | 804 | 0.2% | 5 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $298.0K | 3,500 | 0.2% | 17 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $291.0K | 1,649 | 0.2% | 17 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $287.0K | 2,622 | 0.2% | 17 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $285.0K | 3,140 | 0.2% | 17 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $271.0K | 1,908 | 0.2% | 17 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $265.0K | 4,037 | 0.2% | 17 |
| BAXTER INTL INC | [BAX](https://holderbook.com/stocks/BAX/) | $249.0K | 4,893 | 0.2% | 17 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $225.0K | 6,973 | 0.1% | 17 |
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $222.0K | 4,856 | 0.1% | 4 |
| Kimberly-Clark Corp. | - | $214.0K | 1,575 | 0.1% | 17 |
| DISCOVER FINL SVCS | [DFS](https://holderbook.com/stocks/DFS/) | $196.0K | 2,000 | 0.1% | 17 |
| ISHARES GOLD TRUST | [IAUXXXX](https://holderbook.com/stocks/IAUXXXX/) | $160.0K | 4,619 | 0.1% | 17 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $156.0K | 284 | 0.1% | 8 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $155.0K | 2,085 | 0.1% | 3 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $153.0K | 1,500 | 0.1% | 17 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $145.0K | 550 | 0.1% | 17 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $134.0K | 2,101 | 0.1% | 17 |
| SCHWAB STRATEGIC TR | [SCHO](https://holderbook.com/stocks/SCHO/) | $133.0K | 2,758 | 0.1% | 17 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $124.0K | 1,480 | 0.1% | 17 |
| GLOBAL X FDS | [MLPA](https://holderbook.com/stocks/MLPA/) | $122.0K | 2,951 | 0.1% | 5 |
| STANLEY BLACK & DECKER INC | [SWK](https://holderbook.com/stocks/SWK/) | $115.0K | 1,528 | 0.1% | 17 |
| SCHWAB STRATEGIC TR | [SCHJ](https://holderbook.com/stocks/SCHJ/) | $110.0K | 2,354 | 0.1% | 6 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $107.0K | 559 | 0.1% | 6 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $105.0K | 1,290 | 0.1% | 17 |
| ISHARES TR | [SHYG](https://holderbook.com/stocks/SHYG/) | $94.0K | 2,297 | 0.1% | 17 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $93.0K | 2,817 | 0.1% | 14 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $88.0K | 300 | 0.1% | 17 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $84.0K | 2,157 | 0.1% | 6 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $82.0K | 525 | 0.1% | 17 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $80.0K | 302 | 0.1% | 7 |
| LIBERTY MEDIA CORP DEL | [BATRAXXXX](https://holderbook.com/stocks/BATRAXXXX/) | $75.0K | 2,282 | 0.0% | 17 |
| SCHWAB STRATEGIC TR | [SCHE](https://holderbook.com/stocks/SCHE/) | $73.0K | 3,074 | 0.0% | 17 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $69.0K | 700 | 0.0% | 17 |
| COMMERCE BANCSHARES INC | [CBSH](https://holderbook.com/stocks/CBSH/) | $68.0K | 999 | 0.0% | 17 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $60.0K | 1,180 | 0.0% | 17 |
| ISHARES TR | [IAGG](https://holderbook.com/stocks/IAGG/) | $59.0K | 1,242 | 0.0% | 17 |
| LIBERTY MEDIA CORP DEL | [BATRKXXXX](https://holderbook.com/stocks/BATRKXXXX/) | $59.0K | 1,837 | 0.0% | 17 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $58.0K | 229 | 0.0% | 17 |
| SCHWAB STRATEGIC TR | [SCHC](https://holderbook.com/stocks/SCHC/) | $57.0K | 1,815 | 0.0% | 17 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $55.0K | 500 | 0.0% | 17 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $53.0K | 117 | 0.0% | 17 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $48.0K | 1,819 | 0.0% | 17 |
| SCHWAB STRATEGIC TR | [SCHH](https://holderbook.com/stocks/SCHH/) | $47.0K | 2,434 | 0.0% | 4 |
| WERNER ENTERPRISES INC | [WERN](https://holderbook.com/stocks/WERN/) | $47.0K | 1,159 | 0.0% | 17 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $44.0K | 322 | 0.0% | 17 |
| ALCON AG | [ALC](https://holderbook.com/stocks/ALC/) | $43.0K | 628 | 0.0% | 15 |
| LAMB WESTON HLDGS INC | [LW](https://holderbook.com/stocks/LW/) | $40.0K | 450 | 0.0% | 17 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $38.0K | 300 | 0.0% | 17 |

## 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 |
|---|---|---|---|---|
| Q4 2022 | +12.2% | +7.1% | +5.1% | 98% |
| Q3 2022 | -2.9% | -5.3% | +2.4% | 99% |
| Q2 2022 | -14.0% | -16.5% | +2.4% | 100% |
| Q1 2022 | -5.0% | -4.9% | -0.1% | 100% |
| Q4 2021 | +5.1% | +10.7% | -5.6% | 100% |
| Q3 2021 | +3.4% | +0.3% | +3.2% | 100% |
| Q2 2021 | +7.8% | +8.0% | -0.2% | 100% |
| Q1 2021 | +7.2% | +6.0% | +1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2022 | $157.7M | 182 |
| Q3 2022 | $144.9M | 184 |
| Q2 2022 | $147.8M | 172 |
| Q1 2022 | $166.0M | 170 |
| Q4 2021 | $175.5M | 161 |
| Q3 2021 | $163.0M | 157 |
| Q2 2021 | $159.2M | 151 |
| Q1 2021 | $150.0M | 148 |
| Q4 2020 | $137.0M | 134 |
| Q3 2020 | $114.5M | 135 |
| Q2 2020 | $110.5M | 136 |
| Q1 2020 | $99.8M | 136 |