P&

Pecaut & Co.

Diversified strategyContrarianQuality / disciplined sizing

Total reported value

$308.0M

Reporting period: 2026-03-31 · Number of holdings: 66

PECAUT & CO. disclosed 66 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $308.0M and a quarterly turnover rate of 35.0%.

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Personality snowflake

Concentration
17.24
Portfolio Stability
34.96
Momentum/Contrarian
0
Sector conviction
50.93
Diversification
100
Sizing Uniformity
86.32

Recent moves

  • Trim BILS

    -44.5%　-$20.3M

  • Trim SGOV

    -35.6%　-$8.9M

  • Add INFL

    +186.5%　$5.5M

  • Add EMXC

    +28.9%　$4.5M

  • Add TPL

    0.0%　$3.9M

  • Add SPDW

    +34.9%　$3.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1BRK-BBerkshire Hathaway Inc-cl BStock-Other8.88%-0.57%-2.02%
2BILSSs Spdrb B 3-12m T-bill ETFETF-Other8.27%-6.50%-44.50%
3VCSHVanguard S/t CORP Bond ETFETF-Corp Bonds7.97%+7.97%NEW
4SGOVIshares 0-3 Month Treasury BETF-Gov Bonds5.27%-2.84%-35.61%
5EMXCIshares Msci Emr Mrk Ex ChnaETF-Other5.21%+1.50%+28.92%
6GOOGAlphabet Inc-cl CStock-Comm Services5.05%-1.07%-10.32%
7SPYGSs Spdr P S&p 500 Growth ETFETF-Large Cap & Growth4.97%-0.36%+0.94%
8SPDWSte Str Spdr Pt Dw EU ETFETF-Other4.39%+1.25%+34.88%
9VIGVanguard Dividend Apprec ETFETF-Other4.00%-0.14%-2.06%
10SPYVSs Spdr P S&p 500 Value ETFETF-Large Cap & Growth3.26%-0.20%-5.95%
11TPLTexas Pacific Land CORPStock-Energy3.18%+1.27%—
12AAPLApple INCStock-Tech2.99%-0.31%-3.35%
13GRIDFirst Trst Nasd Cl Edg SgiifETF-Other2.65%+0.22%+1.48%
14INFLHorizon Kinetics Infl BenefETF-Other2.53%+1.78%+186.47%
15BRK-ABerkshire Hathaway Inc-cl AStock-Other2.33%-0.11%—
16COSTCostco Wholesale CORPStock-Consumer Staples2.31%+0.35%+1.28%
17SPMDSs Spdr P S&p 400 Midcap ETFETF-Other2.04%—-3.61%
18AIRRFirst Trust Rba American IndETF-Other1.98%+0.48%+16.13%
19ANAutonation INCStock-Consumer Disc1.61%-0.08%—
20LOWLowe's Cos INCStock-Consumer Disc1.51%-0.06%-2.13%
21KNFKnife River CORPStock-Materials1.35%+0.20%—
22BILSs Spdr Bb 1-3m T-bill ETFETF-Gov Bonds1.07%—-1.36%
23SPSMSs Spdr P S&p 600 Small CapETF-Small Cap1.05%—-2.45%
24MSFTMicrosoft CORPStock-Tech1.00%-0.67%-22.09%
25ICEIntercontinental Exchange InStock-Financials0.88%—-0.06%
26WTMWhite Mountains Insurance Group, Ltd.Stock-Financials0.84%+0.06%+0.43%
27WBIWaterbridge Infrastruc-cl AStock-Other0.76%+0.33%+31.58%
28JMSTJPM Ultra-short Muni IncomeETF-Other0.73%+0.15%+24.71%
29BLDRBuilders Firstsource INCStock-Industrials0.72%+0.07%+37.52%
30GLDMSpdr Gold Minishares TrustETF-Commodities0.67%+0.08%+4.07%
31VUGVanguard Growth ETFETF-Other0.65%-0.10%-3.66%
32VEAVanguard Ftse Developed ETFETF-Other0.63%+0.18%+35.80%
33CASYCasey's General Stores INCStock-Consumer Disc0.61%+0.14%-0.95%
34SBUXStarbucks CORPStock-Consumer Disc0.60%+0.60%NEW
35BWXTBwx Technologies INCStock-Industrials0.54%+0.09%—
36AXPAmerican Express CoStock-Financials0.50%-0.10%-0.20%
37WMTWalmart INCStock-Consumer Staples0.49%+0.05%+0.45%
38WPMWheaton Precious Metals CORPStock-Materials0.49%+0.05%—
39NVDANvidia CORPStock-Tech0.42%-0.12%-17.67%
40VTVVanguard Value ETFETF-Other0.41%—+1.35%
41LBLandbridge Co Llc-aStock-Other0.36%+0.11%-0.62%
42MSBMesabi TrustStock-Other0.35%-0.07%—
43UNPUnion Pacific CORPStock-Industrials0.35%—-0.02%
44URIUnited Rentals INCStock-Industrials0.33%——
45NRPNatural Resource Partners LPStock-Other0.32%+0.06%+3.53%
46FWONALiberty Media Corp-formula-aStock-Other0.31%—+0.41%
47VBVanguard Small-cap ETFETF-Other0.28%—-1.91%
48VOVanguard Mid-cap ETFETF-Other0.28%—+3.05%
49ESGVVanguard Esg US Stock ETFETF-Other0.27%-0.06%-12.48%
50TDWTidewater INCStock-Energy0.26%+0.06%-24.00%
1–50 of 66

Holding changes this quarter

Pecaut & Co.'s most significant position changes for 2026-03-31: New buy: Vanguard S/t CORP Bond ETF (VCSH); Sold out: First Trust Nasdaq Cybersecu (CIBR); Sold out: Ishares Msci USA Min Vol Fac (USMV); New buy: Starbucks CORP (SBUX); Sold out: Ishares 0-1 Year Treasury Bo (SHV).

Position changes disclosed by Pecaut & Co. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1INFLHorizon Kinetics Infl Benef+1.8%+186.47%Add
2EMXCIshares Msci Emr Mrk Ex Chna+1.5%+28.92%Add
3TPLTexas Pacific Land CORP+1.3%—Unchanged
4SPDWSte Str Spdr Pt Dw EU ETF+1.3%+34.88%Add
5AIRRFirst Trust Rba American Ind+0.5%+16.13%Add
6COSTCostco Wholesale CORP+0.4%+1.28%Add
7WBIWaterbridge Infrastruc-cl A+0.3%+31.58%Add
8GRIDFirst Trst Nasd Cl Edg Sgiif+0.2%+1.48%Add
9KNFKnife River CORP+0.2%—Unchanged
10VEAVanguard Ftse Developed ETF+0.2%+35.80%Add
11JMSTJPM Ultra-short Muni Income+0.2%+24.71%Add
12CASYCasey's General Stores INC+0.1%-0.95%Trim
13LBLandbridge Co Llc-a+0.1%-0.62%Trim
14BWXTBwx Technologies INC+0.1%—Unchanged
15GLDMSpdr Gold Minishares Trust+0.1%+4.07%Add
16LXULsb Industries INC+0.1%-5.19%Trim
17BLDRBuilders Firstsource INC+0.1%+37.52%Add
18NRPNatural Resource Partners LP+0.1%+3.53%Add
19TDWTidewater INC+0.1%-24.00%Trim
20WTMWhite Mountains Insurance Group, Ltd.+0.1%+0.43%Add
21WMTWalmart INC+0.1%+0.45%Add
22WPMWheaton Precious Metals CORP+0.1%—Unchanged
23FNDFloor & Decor Holdings Inc-a-0.1%—Unchanged
24LOWLowe's Cos INC-0.1%-2.13%Trim
25ESGVVanguard Esg US Stock ETF-0.1%-12.48%Trim
26MSBMesabi Trust-0.1%—Unchanged
27ANAutonation INC-0.1%—Unchanged
28AXPAmerican Express Co-0.1%-0.20%Trim
29VUGVanguard Growth ETF-0.1%-3.66%Trim
30BRK-ABerkshire Hathaway Inc-cl A-0.1%—Unchanged
31NVDANvidia CORP-0.1%-17.67%Trim
32VIGVanguard Dividend Apprec ETF-0.1%-2.06%Trim
33SPYVSs Spdr P S&p 500 Value ETF-0.2%-5.95%Trim
34AAPLApple INC-0.3%-3.35%Trim
35SPYGSs Spdr P S&p 500 Growth ETF-0.4%+0.94%Add
36BRK-BBerkshire Hathaway Inc-cl B-0.6%-2.02%Trim
37MSFTMicrosoft CORP-0.7%-22.09%Trim
38GOOGAlphabet Inc-cl C-1.1%-10.32%Trim
39SGOVIshares 0-3 Month Treasury B-2.8%-35.61%Trim
40BILSSs Spdrb B 3-12m T-bill ETF-6.5%-44.50%Trim
41VCSHVanguard S/t CORP Bond ETF—NEWNew buy
42CIBRFirst Trust Nasdaq Cybersecu—EXITSold out
43USMVIshares Msci USA Min Vol Fac—EXITSold out
44SBUXStarbucks CORP—NEWNew buy
45SHVIshares 0-1 Year Treasury Bo—EXITSold out
46OROr Royalties INC—NEWNew buy
47CINFCincinnati Financial CORP—EXITSold out
48IHAKIshares Cybersecurity & Tech—EXITSold out
49RLIRli CORP—EXITSold out
50SJTSan Juan Basin Royalty Tr—EXITSold out

FAQ

What is Pecaut & Co. and what type of investor is it?
Pecaut & Co. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $308.0M, spread across 66 disclosed positions.
What are Pecaut & Co.'s largest equity positions?
Based on the latest 13F filing, Pecaut & Co.'s top holdings by market value are: 1. Berkshire Hathaway Inc-cl B (BRK-B) — $27.4M (8.9%) 2. Ss Spdrb B 3-12m T-bill ETF (BILS) — $25.5M (8.3%) 3. Vanguard S/t CORP Bond ETF (VCSH) — $24.6M (8.0%) 4. Ishares 0-3 Month Treasury B (SGOV) — $16.2M (5.3%) 5. Ishares Msci Emr Mrk Ex Chna (EMXC) — $16.1M (5.2%)
What changes did Pecaut & Co. make in its most recent portfolio filing?
In the latest reported quarter, Pecaut & Co. made 42 notable position adjustments: 3 new positions were initiated, 15 existing holdings were added to, 17 positions were partially reduced, and 7 were completely exited. The largest of these moves: New buy: Vanguard S/t CORP Bond ETF (VCSH); Sold out: First Trust Nasdaq Cybersecu (CIBR); Sold out: Ishares Msci USA Min Vol Fac (USMV); New buy: Starbucks CORP (SBUX); Sold out: Ishares 0-1 Year Treasury Bo (SHV)
What sectors does Pecaut & Co. focus on?
Pecaut & Co. is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 30.9% • Communication Services: 14.1% • Consumer Discretionary: 13.3% • Information Technology: 12.3% • Energy: 9.6% • Consumer Staples: 7.8%

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