JI
JRM Investment Counsel, LLC — 13F Filing & Top Stock Positions (Q2 2026)
JRM Investment Counsel, LLCCIK: 0001631084
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$413.3M
Reporting period: 2026-06-30 · Number of holdings: 21
JRM Investment Counsel, LLC disclosed 21 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $413.3M and a quarterly turnover rate of 10.0%.
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Personality snowflake
- Concentration
- 47.02
- Portfolio Stability
- 9.99
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 42
- Sizing Uniformity
- 87.58
JRM Investment Counsel, LLC's disclosed holdings carry a Herfindahl concentration index of 0.118 — mathematically equivalent to about 9 equally-sized positions, well below its 21 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.24), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 8% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim BRK-B
-0.2% $4.1M
Add RGR
+53.7% $7.2M
Trim EPD
-0.7% -$742.4K
Add AVEM
+0.3% $5.5M
Add AVLV
+1.8% $6.5M
Add AVUV
+4.6% $4.1M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 24.52% | -1.38% | -0.18% | |
| 2 | AVLV | Avantis US Large Cap Value | ETF-Large Cap & Growth | 11.96% | +0.53% | +1.80% | |
| 3 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 10.67% | -0.12% | -2.06% | |
| 4 | AVUS | Avantis U.s. Equity ETF | ETF-Other | 9.34% | +0.15% | -2.89% | |
| 5 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 7.89% | +0.66% | +0.31% | |
| 6 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 6.52% | +0.45% | +4.64% | |
| 7 | AVDE | Avantis International Equity | ETF-Other | 5.61% | -0.18% | +1.50% | |
| 8 | RGR | Sturm Ruger & Co Inc | Stock-Other | 5.59% | +1.35% | +53.65% | |
| 9 | EPD | Enterprise Products Partners | Stock-Energy | 4.89% | -0.69% | -0.71% | |
| 10 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 4.37% | -0.20% | +1.92% | |
| 11 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 3.99% | -0.22% | — | |
| 12 | PAGP | Plains Gp Holdings Lp-cl A | Stock-Energy | 1.50% | -0.15% | — | |
| 13 | SPDW | Ste Str Spdr Pt Dw EU ETF | ETF-Other | 1.02% | -0.08% | -6.89% | |
| 14 | WFC 7.5 PERP LBond | Wells Fargo & Company | Bond | 0.53% | -0.04% | +1.68% | |
| 15 | TRP | Tc Energy CORP | Stock-Energy | 0.43% | -0.02% | — | |
| 16 | AAPL | Apple Inc | Stock-Tech | 0.35% | -0.03% | -11.09% | |
| 17 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.29% | -0.01% | +0.16% | |
| 18 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.25% | — | -1.63% | |
| 19 | BAC 7.25 PERP LBond | Bank Of America CORP | Bond | 0.14% | -0.01% | +1.08% | |
| 20 | UNP | Union Pacific CORP | Stock-Industrials | 0.08% | — | — | |
| 21 | BX | Blackstone Inc | Stock-Financials | 0.08% | -0.01% | -1.62% |
Portfolio Performance
Performance for Q3 2026
+3%
Performance Last 4 Quarters
+28.7%
Based on 69% of reported portfolio value with available pricing
- Stdev
- +12.5%
- Beta
- +0.81
- Alpha
- +4%
- Max Drawdown
- -7%
- Annualized Perf
- +21.4%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +3.38
- Stutzer
- +0.47
- Treynor
- +0.25
- Sterling
- +1.38
- Calmar
- +3.07
- Information Ratio
- +0.04
- Tracking Error
- +7.2%
- Stdev Down
- +6%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +40.1%
- Worst 12 Months
- +6.4%
- Efficiency Ratio
- +0.66
- Sharpe
- +1.62
- Stdev Sectors
- +34.9%
- Skewness
- -0.18
- Kurtosis
- -0.74
- Upside Potential
- +4.99
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 21 | $413.3M | 10 | ||
| 2026 Q1 | 21 | $375.4M | 14 | ||
| 2025 Q4 | 21 | $345.7M | 4 | ||
| 2025 Q3 | 21 | $334.1M | 23 | ||
| 2025 Q2 | 20 | $311.1M | 0 | ||
| 2025 Q1 | 20 | $293.4M | 100 | ||
| 2024 Q4 | 20 | $282.9M | 0 | ||
| 2024 Q3 | 20 | $290.4M | 0 | ||
| 2024 Q2 | 21 | $296.5M | 0 | ||
| 2024 Q1 | 20 | $302.8M | 0 | ||
| 2023 Q4 | 20 | $261.8M | 0 | ||
| 2023 Q3 | 21 | $214.2M | 0 | ||
| 2023 Q2 | 21 | $235.7M | 0 | ||
| 2023 Q1 | 22 | $228.3M | 0 | ||
| 2022 Q4 | 20 | $233.1M | 0 | ||
| 2022 Q3 | 23 | $234.7M | 0 | ||
| 2022 Q2 | 17 | $229.6M | 0 | ||
| 2022 Q1 | 17 | $249.5M | 0 | ||
| 2021 Q4 | 19 | $239.0M | 0 | ||
| 2021 Q3 | 16 | $197.4M | 0 | ||
| 2021 Q2 | 16 | $185.3M | 93 | ||
| 2021 Q1 | 17 | $161.5M | 29 | ||
| 2020 Q4 | 16 | $148.0M | 29 | ||
| 2020 Q3 | 18 | $145.2M | 22 | ||
| 2020 Q2 | 17 | $143.9M | 27 | ||
| 2020 Q1 | 21 | $121.1M | 45 | ||
| 2019 Q4 | 29 | $164.8M | 21 | ||
| 2019 Q3 | 26 | $151.0M | 36 | ||
| 2019 Q2 | 27 | $143.8M | 14 | ||
| 2019 Q1 | 29 | $136.9M | 14 | ||
| 2018 Q4 | 31 | $127.6M | 23 | ||
| 2018 Q3 | 33 | $149.8M | 21 | ||
| 2018 Q2 | 34 | $127.5M | 13 | ||
| 2018 Q1 | 32 | $124.3M | 12 | ||
| 2017 Q4 | 35 | $129.9M | 22 | ||
| 2017 Q3 | 32 | $124.2M | 10 | ||
| 2017 Q2 | 31 | $127.9M | 20 | ||
| 2017 Q1 | 28 | $119.1M | 23 | ||
| 2016 Q4 | 30 | $130.0M | 19 | ||
| 2016 Q3 | 27 | $118.5M | 59 | ||
| 2016 Q2 | 27 | $104.3M | 14 | ||
| 2016 Q1 | 25 | $92.3M | 58 | ||
| 2015 Q4 | 32 | $84.1M | 41 | ||
| 2015 Q3 | 34 | $85.0M | 40 | ||
| 2015 Q2 | 40 | $115.6M | 11 | ||
| 2015 Q1 | 39 | $116.9M | 51 | ||
| 2014 Q4 | 40 | $110.7M | 0 |
Holding changes this quarter
JRM Investment Counsel, LLC's most significant position changes for 2026-06-30: Trim: Berkshire Hathaway Inc-cl B (BRK-B) — shares -0.18%; Add: Sturm Ruger & Co Inc (RGR) — shares +53.65%; Trim: Enterprise Products Partners (EPD) — shares -0.71%; Add: Avantis Emerging Markets Eq (AVEM) — shares +0.31%; Add: Avantis US Large Cap Value (AVLV) — shares +1.80%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RGR | Sturm Ruger & Co Inc | +1.4% | +53.65% | Add |
| 2 | AVEM | Avantis Emerging Markets Eq | +0.7% | +0.31% | Add |
| 3 | AVLV | Avantis US Large Cap Value | +0.5% | +1.80% | Add |
| 4 | AVUV | Avantis US Small Cap Value | +0.5% | +4.64% | Add |
| 5 | AVUS | Avantis U.s. Equity ETF | +0.2% | -2.89% | Trim |
| 6 | VIG | Vanguard Dividend Apprec ETF | — | -1.63% | Trim |
| 7 | UNP | Union Pacific CORP | — | — | Unchanged |
| 8 | IEFA | Ishares Core Msci Eafe ETF | 0% | +0.16% | Add |
| 9 | BAC 7.25 PERP LBond | Bank Of America CORP | 0% | +1.08% | Add |
| 10 | BX | Blackstone Inc | 0% | -1.62% | Trim |
| 11 | TRP | Tc Energy CORP | 0% | — | Unchanged |
| 12 | AAPL | Apple Inc | 0% | -11.09% | Trim |
| 13 | WFC 7.5 PERP LBond | Wells Fargo & Company | 0% | +1.68% | Add |
| 14 | SPDW | Ste Str Spdr Pt Dw EU ETF | -0.1% | -6.89% | Trim |
| 15 | VEA | Vanguard Ftse Developed ETF | -0.1% | -2.06% | Trim |
| 16 | PAGP | Plains Gp Holdings Lp-cl A | -0.2% | — | Unchanged |
| 17 | AVDE | Avantis International Equity | -0.2% | +1.50% | Add |
| 18 | AVDV | Avantis Intl S/c Value ETF | -0.2% | +1.92% | Add |
| 19 | BRK-A | Berkshire Hathaway Inc-cl A | -0.2% | — | Unchanged |
| 20 | EPD | Enterprise Products Partners | -0.7% | -0.71% | Trim |
| 21 | BRK-B | Berkshire Hathaway Inc-cl B | -1.4% | -0.18% | Trim |
Filing History
FAQ
What is JRM Investment Counsel, LLC and what type of investor is it?
JRM Investment Counsel, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $413.3M, spread across 21 disclosed positions.
What are JRM Investment Counsel, LLC's largest equity positions?
Based on the latest 13F filing, JRM Investment Counsel, LLC's top holdings by market value are:
1. Berkshire Hathaway Inc-cl B (BRK-B) — $101.3M (24.5%)
2. Avantis US Large Cap Value (AVLV) — $49.4M (12.0%)
3. Vanguard Ftse Developed ETF (VEA) — $44.1M (10.7%)
4. Avantis U.s. Equity ETF (AVUS) — $38.6M (9.3%)
5. Avantis Emerging Markets Eq (AVEM) — $32.6M (7.9%)
What changes did JRM Investment Counsel, LLC make in its most recent portfolio filing?
In the latest reported quarter, JRM Investment Counsel, LLC made 17 notable position adjustments: 0 new positions were initiated, 9 existing holdings were added to, 8 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Berkshire Hathaway Inc-cl B (BRK-B) — shares -0.18%; Add: Sturm Ruger & Co Inc (RGR) — shares +53.65%; Trim: Enterprise Products Partners (EPD) — shares -0.71%; Add: Avantis Emerging Markets Eq (AVEM) — shares +0.31%; Add: Avantis US Large Cap Value (AVLV) — shares +1.80%
What sectors does JRM Investment Counsel, LLC focus on?
JRM Investment Counsel, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 85.3%
• Financials: 9.3%
• Information Technology: 4.3%
• Industrials: 1.0%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
JRM Investment Counsel, LLC returned an annualized 21.4% over the trailing 36 months — outperforming the S&P 500 by 4.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.81 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 85.3% of the portfolio concentrated in Energy.
It has added to its AVLV position for two straight quarters, increasing it by $11.6M to reach $49.4M.
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Developer Access
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