BEDDOW CAPITAL MANAGEMENT INC
$265M in tracked AUM across 55 positions as of Q4 2025.
Dollar General's position in Beddow Capital Management's book gained nearly $2.4 million in value this quarter — and the manager was selling the whole time, cutting its share count by 7.1%. The same pattern shows up at Mesabi Trust (shares down 3.6%, value up $2.9 million) and Investor AB (shares down 3.3%, value up $1.8 million): all three trims were more than offset by rallying prices. That's not the dominant story, though — of roughly 50 tracked positions, 33 were trimmed in share count this quarter against only 10 increased, and total assets slipped 2.4% to $264.9 million. Oracle took the sharpest real cut, down 86.8% in shares. One number needs a caveat: Texas Pacific Land, still the largest position at 7.4% of the book, shows a share count that roughly tripled quarter over quarter while its dollar value fell slightly — a mismatch too large to read as a straightforward purchase, more likely a technical adjustment to the reported share count than fresh buying.
Quarter at a glance — Q4 2025
Position-change comparison pending.
Top 10 holdings
By portfolio weight as of Q4 2025.