# EDGAR Filing Document

**Accession Number:** 0002053350
**File Stem:** 0002053350-25-000002
**Filing Date:** 2025-10
**Character Count:** 10107
**Document Hash:** b295f3658f4578817848c64af0de4ab1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002053350-25-000002.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0002053350-25-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fjell Capital, LLC
- **CENTRAL INDEX KEY:** 0002053350

**ORGANIZATION NAME:**
- **EIN:** 851769861
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24750
- **FILM NUMBER:** 251414069

**BUSINESS ADDRESS:**
- **STREET 1:** 27 10TH STREET NORTH
- **CITY:** FARGO
- **STATE:** ND
- **ZIP:** 58102
- **BUSINESS PHONE:** 701-491-7600

**MAIL ADDRESS:**
- **STREET 1:** 27 10TH STREET NORTH
- **CITY:** FARGO
- **STATE:** ND
- **ZIP:** 58102

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Fjell Capital LLC<br>**Address:** 27 10TH STREET NORTH<br>FARGO, ND 58102

**Form 13F File Number:** 028-24750

**CRD Number (if applicable):** 000327541

**SEC File Number (if applicable):** 801-128577

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Thomas Stadum<br>**Title:** Chief Executive Officer<br>**Phone:** 701-491-7600

**Signature, Place, and Date of Signing:**

/s/Thomas Stadum  Fargo, ND  10-23-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 58

**Form 13F Information Table Value Total:** $113564330

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 2023 ETF SERIES TRUST | BRANDES INTERNAT | 900934209 | BBG01JM52MM6 | 2907818 | 75685 | SH |  | SOLE |  | 0 | 0 | 75685 |
| AB ACTIVE ETFS INC | HIGH YIELD ETF | 00039J608 | BBG01G44QH59 | 1761447 | 46409 | SH |  | SOLE |  | 0 | 0 | 46409 |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 571455 | 1620 | SH |  | SOLE |  | 0 | 0 | 1620 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 1303542 | 8057 | SH |  | SOLE |  | 0 | 0 | 8057 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 3653806 | 15030 | SH |  | SOLE |  | 0 | 0 | 15030 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 540480 | 2219 | SH |  | SOLE |  | 0 | 0 | 2219 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 3276863 | 14924 | SH |  | SOLE |  | 0 | 0 | 14924 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 3634505 | 14274 | SH |  | SOLE |  | 0 | 0 | 14274 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 | BBG0068KVVC7 | 1109906 | 6942 | SH |  | SOLE |  | 0 | 0 | 6942 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 206626 | 411 | SH |  | SOLE |  | 0 | 0 | 411 |
| BLACKSTONE INC | COM | 09260D107 | BBG001S7H949 | 1281792 | 7502 | SH |  | SOLE |  | 0 | 0 | 7502 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 4563201 | 13832 | SH |  | SOLE |  | 0 | 0 | 13832 |
| CAPITAL GROUP GROWTH ETF | SHS CREATION UNI | 14020G101 | BBG015DMY5P8 | 2616578 | 59576 | SH |  | SOLE |  | 0 | 0 | 59576 |
| CASEYS GEN STORES INC | COM | 147528103 | BBG001S5PHZ2 | 395159 | 699 | SH |  | SOLE |  | 0 | 0 | 699 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 1240532 | 7988 | SH |  | SOLE |  | 0 | 0 | 7988 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 | BBG001SP50B3 | 898705 | 22932 | SH |  | SOLE |  | 0 | 0 | 22932 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 2340341 | 2528 | SH |  | SOLE |  | 0 | 0 | 2528 |
| DANAHER CORPORATION | COM | 235851102 | BBG001S5QGT0 | 499455 | 2519 | SH |  | SOLE |  | 0 | 0 | 2519 |
| DAVIS FUNDAMENTAL ETF TR | SELECT WRLD WI | 23908L306 | BBG00FNFQV91 | 10999694 | 243195 | SH |  | SOLE |  | 0 | 0 | 243195 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 1185668 | 2593 | SH |  | SOLE |  | 0 | 0 | 2593 |
| DNP SELECT INCOME FD INC | COM | 23325P104 | BBG001S5QKC9 | 229817 | 22959 | SH |  | SOLE |  | 0 | 0 | 22959 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 1117411 | 2758 | SH |  | SOLE |  | 0 | 0 | 2758 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG001SDJ4R0 | 1154562 | 6853 | SH |  | SOLE |  | 0 | 0 | 6853 |
| INVESCO ACTIVELY MANAGED EXC | TOTAL RETURN | 46090A804 | BBG00KJR1JM8 | 4616539 | 97170 | SH |  | SOLE |  | 0 | 0 | 97170 |
| ISHARES TR | USD INV GRDE ETF | 464288620 | BBG001SSD876 | 4326318 | 82848 | SH |  | SOLE |  | 0 | 0 | 82848 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 1923848 | 6099 | SH |  | SOLE |  | 0 | 0 | 6099 |
| KKR  CO INC | COM | 48251W104 | BBG001S6PW05 | 521264 | 4011 | SH |  | SOLE |  | 0 | 0 | 4011 |
| KLA CORP | COM NEW | 482480100 | BBG001S5SLM4 | 2217284 | 2056 | SH |  | SOLE |  | 0 | 0 | 2056 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 489150 | 1946 | SH |  | SOLE |  | 0 | 0 | 1946 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 958291 | 4755 | SH |  | SOLE |  | 0 | 0 | 4755 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 1087458 | 12957 | SH |  | SOLE |  | 0 | 0 | 12957 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 2424246 | 3301 | SH |  | SOLE |  | 0 | 0 | 3301 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 4753251 | 9177 | SH |  | SOLE |  | 0 | 0 | 9177 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 1208981 | 16015 | SH |  | SOLE |  | 0 | 0 | 16015 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 4713617 | 25263 | SH |  | SOLE |  | 0 | 0 | 25263 |
| PGIM ETF TR | ACTV HY BD ETF | 69344A206 | BBG00M3J0QK6 | 1739944 | 48670 | SH |  | SOLE |  | 0 | 0 | 48670 |
| PGIM ETF TR | SHRT DUR HGH YLD | 69344A784 | BBG01KN3D2Z5 | 3092542 | 60887 | SH |  | SOLE |  | 0 | 0 | 60887 |
| RTX CORPORATION | COM | 75513E101 | BBG001S5X5Q9 | 1325591 | 7922 | SH |  | SOLE |  | 0 | 0 | 7922 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 674557 | 2846 | SH |  | SOLE |  | 0 | 0 | 2846 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 | BBG0025RWLM4 | 269842 | 9884 | SH |  | SOLE |  | 0 | 0 | 9884 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG001S7T223 | 762530 | 14155 | SH |  | SOLE |  | 0 | 0 | 14155 |
| SELECT SECTOR SPDR TR | INDL | 81369Y704 | BBG001S7T232 | 476108 | 3087 | SH |  | SOLE |  | 0 | 0 | 3087 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 | BBG001S7T1Q9 | 577053 | 2408 | SH |  | SOLE |  | 0 | 0 | 2408 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 | BBG001S7T107 | 403684 | 5151 | SH |  | SOLE |  | 0 | 0 | 5151 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG001S7TCZ5 | 1189203 | 4219 | SH |  | SOLE |  | 0 | 0 | 4219 |
| SOUTHERN CO | COM | 842587107 | BBG001S5W777 | 394054 | 4158 | SH |  | SOLE |  | 0 | 0 | 4158 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 | BBG001STKCW9 | 5785663 | 63059 | SH |  | SOLE |  | 0 | 0 | 63059 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 504977 | 2136 | SH |  | SOLE |  | 0 | 0 | 2136 |
| US BANCORP DEL | COM NEW | 902973304 | BBG001S6T8C1 | 217775 | 4506 | SH |  | SOLE |  | 0 | 0 | 4506 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | BBG001SK7DK4 | 300901 | 4046 | SH |  | SOLE |  | 0 | 0 | 4046 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 | BBG001SHTTS4 | 3205760 | 6684 | SH |  | SOLE |  | 0 | 0 | 6684 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 4221724 | 14372 | SH |  | SOLE |  | 0 | 0 | 14372 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG001SHVR78 | 2205393 | 11826 | SH |  | SOLE |  | 0 | 0 | 11826 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 271737 | 4535 | SH |  | SOLE |  | 0 | 0 | 4535 |
| VANGUARD WORLD FD | COMM SRVC ETF | 92204A884 | BBG001SHTV72 | 228092 | 1215 | SH |  | SOLE |  | 0 | 0 | 1215 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 | BBG001SHTTR5 | 550266 | 737 | SH |  | SOLE |  | 0 | 0 | 737 |
| VICTORY PORTFOLIOS II | CORE INTERMEDIAT | 92647N527 | BBG00HZ6RB06 | 6845375 | 144052 | SH |  | SOLE |  | 0 | 0 | 144052 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG001S5XH47 | 1591949 | 7209 | SH |  | SOLE |  | 0 | 0 | 7209 |

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