JRM Investment Counsel, LLC
Long book
$375.4M
Q1 2026
Positions
21
Top-10 weight
91%
concentration
Last quarter
+8.5%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsJRM Investment Counsel, LLC is a wealth-management firm allocating client money, specialised in financials (71% of the long book), running a $375.4M US long book across 21 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, AVANTIS US LARGE CAP VALUE, VANGUARD FTSE DEVELOPED ETF, AVANTIS U.S. EQUITY ETF, AVANTIS EMERGING MARKETS EQ.
Over the last 9 quarters its long book ran on average 0.8pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.1%
Q2 2024
+9.2%
Q3 2024
-0.8%
Q4 2024
+6.4%
Q1 2025
+0.6%
Q2 2025
+5.8%
Q3 2025
+3.0%
Q4 2025
+1.9%
Q1 2026
+8.5%
Sector allocation
Financials 73%
Utilities 14%
Industrials 10%
Other 2%
Technology 1%
Long book by quarter
What does JRM Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 202.9K | $97.2M | 25.9% | +0.9% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 553.3K | $20.9M | 5.6% | +2.2% |
| RGR STURM RUGER & CO INC | Industrials | 397.0K | $15.9M | 4.2% | New |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 22 | $15.8M | 4.2% | Held |
| WFC 7.5 PERP L WELLS FARGO & COMPANY | — | 1.9K | $2.1M | 0.6% | Held |
| TRP TC ENERGY CORP | Utilities | 27.0K | $1.7M | 0.5% | Held |
| AAPL APPLE INC | Technology | 5.6K | $1.4M | 0.4% | -14.6% |
| BAC 7.25 PERP L BANK OF AMERICA CORP | — | 461 | $549K | 0.1% | -1.3% |
| BX BLACKSTONE INC | Financials | 2.8K | $320K | 0.1% | -5.7% |
| UNP UNION PACIFIC CORP | Industrials | 1.3K | $307K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 21 | $375.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 21 | $345.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 21 | $334.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 20 | $311.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 20 | $293.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 20 | $282.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 20 | $290.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 21 | $296.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 20 | $302.8M | canonical | SEC ↗ |