# Fjell Capital, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2053350. Source: https://holderbook.com/funds/2053350-fjell-capital-llc/

- Reported value: $146.6M
- Positions: 66
- Weight of the ten largest: 45.7%
- Filed: 2026-07-15

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 |
|---|---|---|---|---|---|
| DAVIS FUNDAMENTAL ETF TR | [DWLD](https://holderbook.com/stocks/DWLD/) | $12.7M | 274,721 | 8.7% | 7 |
| VICTORY PORTFOLIOS II | [UITB](https://holderbook.com/stocks/UITB/) | $8.5M | 181,398 | 5.8% | 7 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $7.2M | 35,875 | 4.9% | 7 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $6.2M | 17,365 | 4.2% | 7 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $6.0M | 19,822 | 4.1% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $5.8M | 15,465 | 4.0% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $5.6M | 19,216 | 3.8% | 7 |
| ISHARES TR | [USIG](https://holderbook.com/stocks/USIG/) | $5.6M | 108,370 | 3.8% | 7 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $4.8M | 59,524 | 3.3% | 7 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $4.7M | 19,752 | 3.2% | 7 |
| INVESCO ACTIVELY MANAGED EXC | [GTO](https://holderbook.com/stocks/GTO/) | $4.7M | 99,685 | 3.2% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.6M | 12,219 | 3.1% | 7 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $4.3M | 7,430 | 2.9% | 7 |
| 2023 ETF SERIES TRUST | [BINV](https://holderbook.com/stocks/BINV/) | $4.3M | 101,976 | 2.9% | 6 |
| CAPITAL GROUP GROWTH ETF | [CGGR](https://holderbook.com/stocks/CGGR/) | $3.2M | 68,042 | 2.2% | 7 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $3.1M | 3,364 | 2.1% | 7 |
| PGIM ETF TR | [PSH](https://holderbook.com/stocks/PSH/) | $3.0M | 60,047 | 2.0% | 6 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $2.5M | 29,007 | 1.7% | 7 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $2.5M | 4,431 | 1.7% | 7 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $2.4M | 26,605 | 1.7% | 5 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.4M | 7,209 | 1.6% | 7 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $2.0M | 9,108 | 1.4% | 7 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $2.0M | 10,438 | 1.4% | 6 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $1.9M | 8,793 | 1.3% | 7 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $1.9M | 2,952 | 1.3% | 7 |
| AB ACTIVE ETFS INC | [HYFI](https://holderbook.com/stocks/HYFI/) | $1.8M | 49,134 | 1.3% | 7 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.8M | 13,946 | 1.2% | 7 |
| PGIM ETF TR | [PHYL](https://holderbook.com/stocks/PHYL/) | $1.8M | 51,138 | 1.2% | 7 |
| CAPITAL GRP FIXED INCM ETF T | [CGHM](https://holderbook.com/stocks/CGHM/) | $1.7M | 67,520 | 1.2% | 2 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $1.7M | 19,102 | 1.1% | 7 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.5M | 7,830 | 1.0% | 7 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.5M | 8,793 | 1.0% | 7 |
| CASEYS GEN STORES INC | [CASY](https://holderbook.com/stocks/CASY/) | $1.5M | 1,830 | 1.0% | 4 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $1.3M | 11,398 | 0.9% | 7 |
| PIMCO ETF TR | [BOND](https://holderbook.com/stocks/BOND/) | $1.3M | 14,138 | 0.9% | 2 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $1.2M | 9,630 | 0.8% | 7 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $1.2M | 1,718 | 0.8% | 3 |
| ARES MANAGEMENT CORPORATION | [ARES](https://holderbook.com/stocks/ARES/) | $1.1M | 9,885 | 0.8% | 7 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $1.1M | 3,113 | 0.7% | 7 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $935.0K | 810 | 0.6% | 3 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $864.1K | 16,118 | 0.6% | 4 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $807.6K | 1,117 | 0.6% | 3 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $790.0K | 4,740 | 0.5% | 7 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $753.6K | 2,133 | 0.5% | 7 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $723.0K | 6,165 | 0.5% | 5 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $697.5K | 914 | 0.5% | 3 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $682.6K | 641 | 0.5% | 2 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $639.2K | 3,451 | 0.4% | 4 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $625.3K | 5,232 | 0.4% | 7 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $607.8K | 2,234 | 0.4% | 7 |
| PUTNAM ETF TRUST | [FTCA](https://holderbook.com/stocks/FTCA/) | $604.9K | 81,522 | 0.4% | 2 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $562.9K | 2,955 | 0.4% | 7 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $528.9K | 5,526 | 0.4% | 4 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $509.3K | 256 | 0.3% | 3 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $476.7K | 5,739 | 0.3% | 4 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $454.3K | 2,900 | 0.3% | 7 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $385.6K | 1,749 | 0.3% | 7 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $385.0K | 12,044 | 0.3% | 1 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $375.0K | 10,200 | 0.3% | 3 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $360.1K | 3,924 | 0.2% | 7 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $324.1K | 4,549 | 0.2% | 7 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $297.7K | 4,055 | 0.2% | 7 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $272.2K | 4,506 | 0.2% | 5 |
| DNP SELECT INCOME FD INC | [DNP](https://holderbook.com/stocks/DNP/) | $252.4K | 23,390 | 0.2% | 7 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $238.4K | 2,225 | 0.2% | 2 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $204.7K | 409 | 0.1% | 1 |

## 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 | +12.2% | +14.8% | -2.6% | 100% |
| Q1 2026 | -3.7% | -4.6% | +0.9% | 100% |
| Q4 2025 | +2.2% | +2.4% | -0.2% | 100% |
| Q3 2025 | +5.9% | +7.8% | -1.9% | 100% |
| Q2 2025 | +9.1% | +10.5% | -1.3% | 100% |
| Q1 2025 | -3.6% | -4.6% | +0.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $146.6M | 66 |
| Q1 2026 | $130.0M | 68 |
| Q4 2025 | $130.4M | 66 |
| Q3 2025 | $113.6M | 58 |
| Q2 2025 | $107.9M | 53 |
| Q1 2025 | $98.6M | 51 |
| Q4 2024 | $96.8M | 54 |