PECAUT & CO.
Long book
$308.0M
Q1 2026
Positions
66
Top-10 weight
57%
concentration
Last quarter
+7.2%
SPY +14.8%
Turnover
14%
of book per quarter
Strategy in plain words
auto-generated from filingsPECAUT & CO. is a wealth-management firm allocating client money, running a $308.0M US long book across 66 positions.
The portfolio is concentrated: the top 10 names carry 57% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, SS SPDRB B 3-12M T-BILL ETF, VANGUARD S/T CORP BOND ETF, ISHARES 0-3 MONTH TREASURY B, ISHARES MSCI EMR MRK EX CHNA.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 3 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
+2.3%
Q2 2024
+7.1%
Q3 2024
+1.5%
Q4 2024
+0.6%
Q1 2025
+2.8%
Q2 2025
+5.1%
Q3 2025
+1.7%
Q4 2025
+0.7%
Q1 2026
+7.2%
Sector allocation
Financials 42%
Technology 24%
Consumer discretionary 20%
Materials 6%
Industrials 3%
Energy 2%
Services media 1%
Communications 1%
Long book by quarter
What does PECAUT & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 57.1K | $27.4M | 8.9% | -2.0% |
| GOOG ALPHABET INC-CL C | Technology | 54.2K | $15.6M | 5.1% | -10.3% |
| TPL TEXAS PACIFIC LAND CORP | Financials | 20.6K | $9.8M | 3.2% | Held |
| AAPL APPLE INC | Technology | 36.3K | $9.2M | 3.0% | -3.4% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 10 | $7.2M | 2.3% | Held |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 7.1K | $7.1M | 2.3% | +1.3% |
| AN AUTONATION INC | Consumer discretionary | 25.4K | $5.0M | 1.6% | Held |
| LOW LOWE'S COS INC | Consumer discretionary | 19.7K | $4.7M | 1.5% | -2.1% |
| KNF KNIFE RIVER CORP | Materials | 50.8K | $4.1M | 1.3% | Held |
| MSFT MICROSOFT CORP | Technology | 8.3K | $3.1M | 1.0% | -22.1% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 17.3K | $2.7M | 0.9% | -0.1% |
| WTM WHITE MOUNTAINS INSURANCE GP | Financials | 1.2K | $2.6M | 0.8% | +0.4% |
| WBI WATERBRIDGE INFRASTRUC-CL A | Energy | 87.5K | $2.3M | 0.8% | +31.6% |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 26.9K | $2.2M | 0.7% | +37.5% |
| CASY CASEY'S GENERAL STORES INC | Consumer discretionary | 2.6K | $1.9M | 0.6% | -1.0% |
| SBUX STARBUCKS CORP | Consumer discretionary | 20.7K | $1.9M | 0.6% | New |
| BWXT BWX TECHNOLOGIES INC | Industrials | 8.1K | $1.7M | 0.5% | Held |
| AXP AMERICAN EXPRESS CO | Financials | 5.0K | $1.5M | 0.5% | -0.2% |
| WMT WALMART INC | Consumer discretionary | 12.2K | $1.5M | 0.5% | +0.5% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 11.6K | $1.5M | 0.5% | Held |
| NVDA NVIDIA CORP | Technology | 7.4K | $1.3M | 0.4% | -17.7% |
| LB LANDBRIDGE CO LLC-A | Financials | 15.9K | $1.1M | 0.4% | -0.6% |
| UNP UNION PACIFIC CORP | Industrials | 4.4K | $1.1M | 0.3% | 0.0% |
| URI UNITED RENTALS INC | Services media | 1.4K | $1.0M | 0.3% | Held |
| NRP NATURAL RESOURCE PARTNERS LP | Materials | 8.1K | $977K | 0.3% | +3.5% |
| FWONA LIBERTY MEDIA CORP-FORMULA-A | Communications | 12.2K | $949K | 0.3% | +0.4% |
| TDW TIDEWATER INC | Industrials | 9.5K | $794K | 0.3% | -24.0% |
| FND FLOOR & DECOR HOLDINGS INC-A | Consumer discretionary | 14.2K | $721K | 0.2% | Held |
| HE HAWAIIAN ELECTRIC INDS | Utilities | 40.0K | $594K | 0.2% | Held |
| NKE NIKE INC -CL B | Other | 10.3K | $544K | 0.2% | Held |
| LXU LSB INDUSTRIES INC | Materials | 36.5K | $544K | 0.2% | -5.2% |
| JNJ JOHNSON & JOHNSON | Healthcare | 2.1K | $526K | 0.2% | -3.2% |
| OR OR ROYALTIES INC | Materials | 8.0K | $304K | 0.1% | New |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 2.7K | $276K | 0.1% | Held |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 7.0K | $243K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 66 | $308.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 70 | $310.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 3, 2025 | 79 | $311.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 82 | $301.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 2, 2025 | 77 | $293.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 75 | $289.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 74 | $282.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 70 | $264.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 78 | $268.3M | canonical | SEC ↗ |