# EDGAR Filing Document

**Accession Number:** 0000850601
**File Stem:** 0001085146-26-000287
**Filing Date:** 2026-3
**Character Count:** 13792
**Document Hash:** df96566c48cff491e2768fb15a130ccc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-26-000287.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001085146-26-000287

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FELL CAPITAL MANAGEMENT /ADV
- **CENTRAL INDEX KEY:** 0000850601

**ORGANIZATION NAME:**
- **EIN:** 330338050
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26783
- **FILM NUMBER:** 26808444

**BUSINESS ADDRESS:**
- **STREET 1:** 4425 JAMBOREE RD #125
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9494765056

**MAIL ADDRESS:**
- **STREET 1:** 4425 JAMBOREE RD #125
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FELL LAZARUS & CO                                       /ADV
- **DATE OF NAME CHANGE:** 19910313

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FELL CAPITAL MANAGEMENT                                 /ADV
- **DATE OF NAME CHANGE:** 19890524

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** FELL CAPITAL MANAGEMENT /ADV<br>**Address:** 4425 JAMBOREE RD #125<br>NEWPORT BEACH, CA 92660

**Form 13F File Number:** 028-26783

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:** Steven Park<br>**Title:** Chief Compliance Officeer<br>**Phone:** 949-476-5056

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

/s/Steven Park  Newport Beach, CA  03-27-2026<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:** 90

**Form 13F Information Table Value Total:** $102556875

      (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 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 1558740 | 4980 | SH |  | SOLE |  | 0 | 0 | 4980 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 4755011 | 15153 | SH |  | SOLE |  | 0 | 0 | 15153 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG001S5T8T5 | 464163 | 8050 | SH |  | SOLE |  | 0 | 0 | 8050 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 2488470 | 10781 | SH |  | SOLE |  | 0 | 0 | 10781 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 847186 | 2290 | SH |  | SOLE |  | 0 | 0 | 2290 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 1363246 | 4165 | SH |  | SOLE |  | 0 | 0 | 4165 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 5903984 | 21717 | SH |  | SOLE |  | 0 | 0 | 21717 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 256990 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG001S5P6Q6 | 284421 | 2450 | SH |  | SOLE |  | 0 | 0 | 2450 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 1438584 | 2862 | SH |  | SOLE |  | 0 | 0 | 2862 |
| BITWISE BITCOIN ETF TR | SHS BEN INT | 09174C104 | BBG01KY66MQ0 | 1000662 | 21040 | SH |  | SOLE |  | 0 | 0 | 21040 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 | BBG001SS72L0 | 917128 | 84684 | SH |  | SOLE |  | 0 | 0 | 84684 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 622049 | 2865 | SH |  | SOLE |  | 0 | 0 | 2865 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 353714 | 1022 | SH |  | SOLE |  | 0 | 0 | 1022 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 1249610 | 8199 | SH |  | SOLE |  | 0 | 0 | 8199 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 670777 | 8708 | SH |  | SOLE |  | 0 | 0 | 8708 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 338415 | 11322 | SH |  | SOLE |  | 0 | 0 | 11322 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 349184 | 4400 | SH |  | SOLE |  | 0 | 0 | 4400 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 693656 | 6097 | SH |  | SOLE |  | 0 | 0 | 6097 |
| EATON CORP PLC | SHS | G29183103 | BBG001S5QZ45 | 214994 | 675 | SH |  | SOLE |  | 0 | 0 | 675 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 1336376 | 11105 | SH |  | SOLE |  | 0 | 0 | 11105 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 824695 | 2855 | SH |  | SOLE |  | 0 | 0 | 2855 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 | BBG0078X1341 | 720986 | 15660 | SH |  | SOLE |  | 0 | 0 | 15660 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG001S5R3F3 | 725027 | 14275 | SH |  | SOLE |  | 0 | 0 | 14275 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 746973 | 2425 | SH |  | SOLE |  | 0 | 0 | 2425 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 273192 | 418 | SH |  | SOLE |  | 0 | 0 | 418 |
| GLOBAL X FDS | ARTIFICIAL ETF | 37954Y632 | BBG00KX8KH01 | 431344 | 8481 | SH |  | SOLE |  | 0 | 0 | 8481 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 1698228 | 1932 | SH |  | SOLE |  | 0 | 0 | 1932 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 | BBG008748J97 | 231740 | 3390 | SH |  | SOLE |  | 0 | 0 | 3390 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 1055355 | 3067 | SH |  | SOLE |  | 0 | 0 | 3067 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 724759 | 3715 | SH |  | SOLE |  | 0 | 0 | 3715 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG001S5SDX0 | 543092 | 2205 | SH |  | SOLE |  | 0 | 0 | 2205 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 1180704 | 1922 | SH |  | SOLE |  | 0 | 0 | 1922 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 270564 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 | BBG00TZR7YF0 | 627375 | 6250 | SH |  | SOLE |  | 0 | 0 | 6250 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 1336830 | 20255 | SH |  | SOLE |  | 0 | 0 | 20255 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 1663800 | 20635 | SH |  | SOLE |  | 0 | 0 | 20635 |
| ISHARES TR | PFD AND INCM SEC | 464288687 | BBG001SNVWC8 | 2073825 | 66984 | SH |  | SOLE |  | 0 | 0 | 66984 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 | BBG001S562F8 | 4184595 | 12955 | SH |  | SOLE |  | 0 | 0 | 12955 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 | BBG001S56277 | 3723322 | 20547 | SH |  | SOLE |  | 0 | 0 | 20547 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 700325 | 2845 | SH |  | SOLE |  | 0 | 0 | 2845 |
| ISHARES TR | TIPS BD ETF | 464287176 | BBG001SD9RM5 | 936433 | 8520 | SH |  | SOLE |  | 0 | 0 | 8520 |
| JACOBS SOLUTIONS INC | COM | 46982L108 | BBG019C1BQS3 | 256972 | 1940 | SH |  | SOLE |  | 0 | 0 | 1940 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 939967 | 4542 | SH |  | SOLE |  | 0 | 0 | 4542 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 1867265 | 5795 | SH |  | SOLE |  | 0 | 0 | 5795 |
| KINDER MORGAN INC DEL | COM | 49456B101 | BBG001TG2YZ5 | 835696 | 30400 | SH |  | SOLE |  | 0 | 0 | 30400 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 481367 | 1575 | SH |  | SOLE |  | 0 | 0 | 1575 |
| MCKESSON CORP | COM | 58155Q103 | BBG001S8F8P8 | 972044 | 1185 | SH |  | SOLE |  | 0 | 0 | 1185 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 475249 | 4515 | SH |  | SOLE |  | 0 | 0 | 4515 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 334666 | 507 | SH |  | SOLE |  | 0 | 0 | 507 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 3276526 | 6775 | SH |  | SOLE |  | 0 | 0 | 6775 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG001S9V5Z3 | 534365 | 3010 | SH |  | SOLE |  | 0 | 0 | 3010 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 654445 | 6980 | SH |  | SOLE |  | 0 | 0 | 6980 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 1561565 | 8373 | SH |  | SOLE |  | 0 | 0 | 8373 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 1065378 | 5466 | SH |  | SOLE |  | 0 | 0 | 5466 |
| PIMCO CORPORATE  INCOME OPP | COM | 72201B101 | BBG001SJSKV6 | 773355 | 59950 | SH |  | SOLE |  | 0 | 0 | 59950 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 345520 | 2411 | SH |  | SOLE |  | 0 | 0 | 2411 |
| RBB FD INC | US TREAS 3 MNTH | 74933W452 | BBG01922X1R4 | 740718 | 14850 | SH |  | SOLE |  | 0 | 0 | 14850 |
| RBB FD INC | US TREASY 2 YR | 74933W486 | BBG019229DL1 | 263465 | 5425 | SH |  | SOLE |  | 0 | 0 | 5425 |
| RTX CORPORATION | COM | 75513E101 | BBG001S5X5Q9 | 651070 | 3550 | SH |  | SOLE |  | 0 | 0 | 3550 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 224798 | 2250 | SH |  | SOLE |  | 0 | 0 | 2250 |
| SCHWAB STRATEGIC TR | EMRG MKTEQ ETF | 808524706 | BBG001T6L7D9 | 203050 | 6200 | SH |  | SOLE |  | 0 | 0 | 6200 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 | BBG001S7T223 | 275219 | 5025 | SH |  | SOLE |  | 0 | 0 | 5025 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG001S7SCQ6 | 1290258 | 8335 | SH |  | SOLE |  | 0 | 0 | 8335 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 2255004 | 5690 | SH |  | SOLE |  | 0 | 0 | 5690 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG001SRXRJ1 | 428690 | 9653 | SH |  | SOLE |  | 0 | 0 | 9653 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 | BBG001SRXRD7 | 207602 | 4435 | SH |  | SOLE |  | 0 | 0 | 4435 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 5987258 | 8780 | SH |  | SOLE |  | 0 | 0 | 8780 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A847 | BBG001SPT9T9 | 892683 | 15415 | SH |  | SOLE |  | 0 | 0 | 15415 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A409 | BBG001SD7RB9 | 1357117 | 12719 | SH |  | SOLE |  | 0 | 0 | 12719 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 | BBG001SQDKG3 | 743773 | 6100 | SH |  | SOLE |  | 0 | 0 | 6100 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A508 | BBG001SG4284 | 1398208 | 24612 | SH |  | SOLE |  | 0 | 0 | 24612 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A201 | BBG001SG4275 | 1450903 | 15404 | SH |  | SOLE |  | 0 | 0 | 15404 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A300 | BBG001SG3JV2 | 1902365 | 20912 | SH |  | SOLE |  | 0 | 0 | 20912 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A763 | BBG001SPTBP8 | 3343597 | 24027 | SH |  | SOLE |  | 0 | 0 | 24027 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A649 | BBG001STKD11 | 413442 | 16056 | SH |  | SOLE |  | 0 | 0 | 16056 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 775995 | 9215 | SH |  | SOLE |  | 0 | 0 | 9215 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 408732 | 1345 | SH |  | SOLE |  | 0 | 0 | 1345 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 410593 | 1775 | SH |  | SOLE |  | 0 | 0 | 1775 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 530817 | 1608 | SH |  | SOLE |  | 0 | 0 | 1608 |
| VANECK ETF TRUST | RARE EARTH AND S | 92189H805 | BBG001TCVD33 | 333379 | 4510 | SH |  | SOLE |  | 0 | 0 | 4510 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 2305508 | 7944 | SH |  | SOLE |  | 0 | 0 | 7944 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 | BBG001SHVTR2 | 255842 | 1208 | SH |  | SOLE |  | 0 | 0 | 1208 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 270228 | 806 | SH |  | SOLE |  | 0 | 0 | 806 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 2113951 | 39322 | SH |  | SOLE |  | 0 | 0 | 39322 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 464652 | 7438 | SH |  | SOLE |  | 0 | 0 | 7438 |
| VANGUARD WORLD FD | MATERIALS ETF | 92204A801 | BBG001SHTTP7 | 2427297 | 11695 | SH |  | SOLE |  | 0 | 0 | 11695 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 887303 | 21785 | SH |  | SOLE |  | 0 | 0 | 21785 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 872917 | 2489 | SH |  | SOLE |  | 0 | 0 | 2489 |
| WELLTOWER INC | COM | 95040Q104 | BBG001S5RTQ4 | 315537 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |

---