# EDGAR Filing Document

**Accession Number:** 0001730815
**File Stem:** 0001104659-23-018781
**Filing Date:** 2023-2
**Character Count:** 16292
**Document Hash:** 0e8e4ce5a5dc2cebec33b62bdb3e4e28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018781.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001104659-23-018781

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Poehling Capital Management, INC.
- **CENTRAL INDEX KEY:** 0001730815
- **IRS NUMBER:** 134280487
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18383
- **FILM NUMBER:** 23614246

**BUSINESS ADDRESS:**
- **STREET 1:** 525 JUNCTION RD.
- **STREET 2:** SUITE 8900
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 6086649600

**MAIL ADDRESS:**
- **STREET 1:** 525 JUNCTION RD.
- **STREET 2:** SUITE 8900
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Poehling Capital Management, LLC
- **DATE OF NAME CHANGE:** 20180208

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Poehling Capital Management INC.<br>**Address:** 525 Junction Rd.<br>Suite 8900<br>Madison, WI 53717

**Form 13F File Number:** 028-18383

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:** Patrick Poehling<br>**Title:** Vice President<br>**Phone:** 608-664-9600

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

/s/ Patrick Poehling  Madison, WI  02-10-2023<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:** 122

**Form 13F Information Table Value Total:** $267076871

      (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 |
| APPLE INC | COM | 037833100 |  | 8176402 | 62929 | SH |  | SOLE |  | 0 | 62929 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 6663665 | 41233 | SH |  | SOLE |  | 0 | 41233 | 0 |
| AMERICAN INTL GROUP | COM | 026874784 |  | 2008692 | 31763 | SH |  | SOLE |  | 0 | 31763 | 0 |
| AFFILIATED MANAGERS | COM | 008252108 |  | 2828926 | 17856 | SH |  | SOLE |  | 0 | 17856 | 0 |
| AMGEN INC. | COM | 031162100 |  | 375050 | 1428 | SH |  | SOLE |  | 0 | 1428 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 317520 | 3780 | SH |  | SOLE |  | 0 | 3780 | 0 |
| APOLLO GLOBAL MANAGEMENT | COM CL A | 03768E105 |  | 2098053 | 32890 | SH |  | SOLE |  | 0 | 32890 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 251609 | 450 | SH |  | SOLE |  | 0 | 450 | 0 |
| ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS    8  ORD SHS | SPONSORE ADS | 01609W102 |  | 620418 | 7043 | SH |  | SOLE |  | 0 | 7043 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1911455 | 57713 | SH |  | SOLE |  | 0 | 57713 | 0 |
| GRANITESHARES GOLD ETF | SHS BEN INT | 38748G101 |  | 1468981 | 81384 | SH |  | SOLE |  | 0 | 81384 | 0 |
| FRANKLIN RESOURCES | COM | 354613101 |  | 3040084 | 115242 | SH |  | SOLE |  | 0 | 115242 | 0 |
| BAUSCH HEALTH COS INC  F | COM | 071734107 |  | 559862 | 89150 | SH |  | SOLE |  | 0 | 89150 | 0 |
| BIG LOTS INC | COM | 089302103 |  | 189604 | 12898 | SH |  | SOLE |  | 0 | 12898 | 0 |
| BANK OF NY MELLON CO | COM | 064058100 |  | 2480703 | 54497 | SH |  | SOLE |  | 0 | 54497 | 0 |
| BOOKING HOLDINGS INC | COM | 110122108 |  | 2950370 | 1464 | SH |  | SOLE |  | 0 | 1464 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 200071 | 282 | SH |  | SOLE |  | 0 | 282 | 0 |
| BRISTOL-MYERS SQUIBB | COM | 110122108 |  | 3086511 | 42898 | SH |  | SOLE |  | 0 | 42898 | 0 |
| BERKSHIRE HATHAWAY CLASS                  B | CL B NEW | 084670702 |  | 19839720 | 64227 | SH |  | SOLE |  | 0 | 64227 | 0 |
| BRIT AMER TOBACCO      F UNSPONSORED ADR 1 ADR REPS    1  ORD SHS | SPONSORED ADR | 110448107 |  | 4349969 | 108804 | SH |  | SOLE |  | 0 | 108804 | 0 |
| ANHEUSER BUSCH INBEV S F SPONSORED ADR 1 ADR REPS    1  ORD SHS | SPONSORED ADR | 03524A108 |  | 3627076 | 60411 | SH |  | SOLE |  | 0 | 60411 | 0 |
| BLACKSTONE INC | COM CL A | 09260D107 |  | 821180 | 11069 | SH |  | SOLE |  | 0 | 11069 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 2424961 | 53614 | SH |  | SOLE |  | 0 | 53614 | 0 |
| CARRIER GLOBAL CORP | COM | 14448C104 |  | 2405824 | 58323 | SH |  | SOLE |  | 0 | 58323 | 0 |
| COGNYTE SOFTWARE LTD   F | ORD SHS | M25133105 |  | 82375 | 26487 | SH |  | SOLE |  | 0 | 26487 | 0 |
| CANNAE HOLDINGS INC | COM | 13765N107 |  | 6195372 | 300018 | SH |  | SOLE |  | 0 | 300018 | 0 |
| COSTCO WHOLESALE CO | COM | 22160K105 |  | 393503 | 862 | SH |  | SOLE |  | 0 | 862 | 0 |
| CANADIAN PAC RAILWAY   F | COM | 13645T100 |  | 298360 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| VANECK OIL REFINERS ETF | OIL REFINERS ETF | 92189F585 |  | 333715 | 10696 | SH |  | SOLE |  | 0 | 10696 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1517591 | 61766 | SH |  | SOLE |  | 0 | 61766 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 7629279 | 81868 | SH |  | SOLE |  | 0 | 81868 | 0 |
| DEERE  CO | COM | 244199105 |  | 440765 | 1028 | SH |  | SOLE |  | 0 | 1028 | 0 |
| HF SINCLAIR CORP | COM | 403949100 |  | 1802140 | 34730 | SH |  | SOLE |  | 0 | 34730 | 0 |
| WALT DISNEY CO | COM DISNEY | 254687106 |  | 1868615 | 21508 | SH |  | SOLE |  | 0 | 21508 | 0 |
| DOW INC | COM | 253868103 |  | 3444610 | 68359 | SH |  | SOLE |  | 0 | 68359 | 0 |
| D X C TECHNOLOGY CO 0050 | COM | 23355L106 |  | 1856299 | 70049 | SH |  | SOLE |  | 0 | 70049 | 0 |
| FASTENAL CO | COM | 311900104 |  | 443010 | 9362 | SH |  | SOLE |  | 0 | 9362 | 0 |
| FIRST BUSINESS FINL | COM | 319390100 |  | 2131852 | 58327 | SH |  | SOLE |  | 0 | 58327 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 963685 | 5564 | SH |  | SOLE |  | 0 | 5564 | 0 |
| FIDELITY NATL INFO | COM | 31620M106 |  | 271604 | 4003 | SH |  | SOLE |  | 0 | 4003 | 0 |
| FISERV INC | COM | 337738108 |  | 1049511 | 10384 | SH |  | SOLE |  | 0 | 10384 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 207359 | 6320 | SH |  | SOLE |  | 0 | 6320 | 0 |
| TECHNIPFMC LTD         F | COM | G87110105 |  | 621836 | 51012 | SH |  | SOLE |  | 0 | 51012 | 0 |
| GERON CORP | COM | 374163103 |  | 140360 | 58000 | SH |  | SOLE |  | 0 | 58000 | 0 |
| ALPHABET INC. CLASS                  C | CAP STK CL C | 02079K107 |  | 5353613 | 60336 | SH |  | SOLE |  | 0 | 60336 | 0 |
| GOLDMAN SACHS GROUP | COM | 38141G104 |  | 2164668 | 6304 | SH |  | SOLE |  | 0 | 6304 | 0 |
| HANESBRANDS INC | COM | 410345102 |  | 97664 | 15356 | SH |  | SOLE |  | 0 | 15356 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 294382 | 932 | SH |  | SOLE |  | 0 | 932 | 0 |
| SCHEIN HENRY INC | COM | 806407102 |  | 696466 | 8720 | SH |  | SOLE |  | 0 | 8720 | 0 |
| ISHARES US OIL GAS EXL PROD ETF | US OIL GS EX ETF | 464288851 |  | 325010 | 3500 | SH |  | SOLE |  | 0 | 3500 | 0 |
| ISHARES CORE S SMALL CAP ETF | CORE S SCP ETF | 464287804 |  | 321114 | 3393 | SH |  | SOLE |  | 0 | 3393 | 0 |
| INTEL CORP | COM | 458140100 |  | 1540578 | 58289 | SH |  | SOLE |  | 0 | 58289 | 0 |
| ISHARES US AEROSPACE DEFENSE ETF | US AER DEF ETF | 464288760 |  | 262871 | 2350 | SH |  | SOLE |  | 0 | 2350 | 0 |
| QUADRATIC INTRST RT VLT AND ETF | QUADRTC INT RT | 500767736 |  | 1432072 | 63338 | SH |  | SOLE |  | 0 | 63338 | 0 |
| INVESCO LTD            F | INTRM GOV CR ETF | G491BT108 |  | 4545066 | 252644 | SH |  | SOLE |  | 0 | 252644 | 0 |
| ISHARES RUSSELL 1000 VALUE ETF | CORE S SCP ETF | 464287598 |  | 232631 | 1534 | SH |  | SOLE |  | 0 | 1534 | 0 |
| ISHARES RUSSELL 1000 GROWTH ETF | RUS 1000 GRW ETF | 464287614 |  | 297794 | 1390 | SH |  | SOLE |  | 0 | 1390 | 0 |
| ISHARES RUSSELL MID CAP ETF | RUS MID CAP ETF | 464287499 |  | 207476 | 3076 | SH |  | SOLE |  | 0 | 3076 | 0 |
| JEFFERIES FINL TRADES WITH DUE BILLS | COM | 47233W109 |  | 4198340 | 122472 | SH |  | SOLE |  | 0 | 122472 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 351887 | 1992 | SH |  | SOLE |  | 0 | 1992 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3030454 | 22598 | SH |  | SOLE |  | 0 | 22598 | 0 |
| JACKSON FINL INC CLASS                  A | COM CL A | 46817M107 |  | 1945387 | 55918 | SH |  | SOLE |  | 0 | 55918 | 0 |
| SPDR S BANK ETF | S BK ETF | 78464A797 |  | 241507 | 5349 | SH |  | SOLE |  | 0 | 5349 | 0 |
| KKR  CO INC | COM | 48248M102 |  | 2195573 | 47298 | SH |  | SOLE |  | 0 | 47298 | 0 |
| KRANESHARES CSI CHINA INTERNET ETF | CSI CHI INTERNET | 500767306 |  | 350441 | 11604 | SH |  | SOLE |  | 0 | 11604 | 0 |
| LOEWS CORP | COM | 540424108 |  | 255019 | 4372 | SH |  | SOLE |  | 0 | 4372 | 0 |
| LYONDELLBASELL INDS    F CLASS                  A | SHS - A - | N53745100 |  | 283797 | 3418 | SH |  | SOLE |  | 0 | 3418 | 0 |
| LOYALTY VENTURES INC | COM STOCK | 54911Q107 |  | 64860 | 26913 | SH |  | SOLE |  | 0 | 26913 | 0 |
| MASTERCARD INC CLASS                  A | CL A | 57636Q104 |  | 5217341 | 15004 | SH |  | SOLE |  | 0 | 15004 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 337772 | 1282 | SH |  | SOLE |  | 0 | 1282 | 0 |
| MEDTRONIC PLC          F | SHS | G5960L103 |  | 4494004 | 57823 | SH |  | SOLE |  | 0 | 57823 | 0 |
| META PLATFORMS INC CLASS                  A | CL A | 30303M102 |  | 2211007 | 18373 | SH |  | SOLE |  | 0 | 18373 | 0 |
| MARKEL CORP | COM | 570535104 |  | 10831085 | 8221 | SH |  | SOLE |  | 0 | 8221 | 0 |
| 3M CO | COM | 88579Y101 |  | 1338187 | 11159 | SH |  | SOLE |  | 0 | 11159 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1642452 | 35932 | SH |  | SOLE |  | 0 | 35932 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 5238481 | 45008 | SH |  | SOLE |  | 0 | 45008 | 0 |
| MERCK  CO. INC. | COM | 58933Y105 |  | 1409065 | 12700 | SH |  | SOLE |  | 0 | 12700 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 5852567 | 24404 | SH |  | SOLE |  | 0 | 24404 | 0 |
| MADISON SQUARE GARDEN EN CLASS                  A | CL A | 55826T102 |  | 568915 | 12651 | SH |  | SOLE |  | 0 | 12651 | 0 |
| MADISON SQUARE GARDEN CO CLASS                  A | CL A | 55825T103 |  | 2553054 | 13926 | SH |  | SOLE |  | 0 | 13926 | 0 |
| MICRON TECHNOLOGY | COM | 595112103 |  | 874100 | 17489 | SH |  | SOLE |  | 0 | 17489 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 204736 | 2449 | SH |  | SOLE |  | 0 | 2449 | 0 |
| NTNL FUEL GAS CO | COM | 636180101 |  | 1399120 | 22103 | SH |  | SOLE |  | 0 | 22103 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 231340 | 1583 | SH |  | SOLE |  | 0 | 1583 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 8595849 | 307764 | SH |  | SOLE |  | 0 | 307764 | 0 |
| OCCIDENTAL PETROL CO | COM | 674599105 |  | 6363754 | 101028 | SH |  | SOLE |  | 0 | 101028 | 0 |
| PARAMOUNT GLOBAL CLASS                  B | CLASS A COM | 92556H107 |  | 3020102 | 178916 | SH |  | SOLE |  | 0 | 178916 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1980395 | 10962 | SH |  | SOLE |  | 0 | 10962 | 0 |
| PFIZER INC | COM | 717081103 |  | 2631000 | 51347 | SH |  | SOLE |  | 0 | 51347 | 0 |
| PHILIP MORRIS INTL | COM | 718172109 |  | 3978768 | 39312 | SH |  | SOLE |  | 0 | 39312 | 0 |
| PAYPAL HOLDINGS INCORPOR | COM | 70450Y103 |  | 508012 | 7133 | SH |  | SOLE |  | 0 | 7133 | 0 |
| QURATE RETAIL INC CLASS                  A | COM SER A | 74915M100 |  | 200930 | 123270 | SH |  | SOLE |  | 0 | 123270 | 0 |
| SABRE CORP | COM | 78573M104 |  | 270159 | 43715 | SH |  | SOLE |  | 0 | 43715 | 0 |
| CHARLES SCHWAB CORP | COM | 808513105 |  | 1444478 | 17349 | SH |  | SOLE |  | 0 | 17349 | 0 |
| SHELL PLC              F SPONSORED ADR 1 ADR REPS    2  ORD SHS | SPON ADR NEW | 780259107 |  | 1139399 | 20007 | SH |  | SOLE |  | 0 | 20007 | 0 |
| SCHLUMBERGER LTD       F | COM | 806857108 |  | 925981 | 17321 | SH |  | SOLE |  | 0 | 17321 | 0 |
| ISHARES SILVER TRUST ETF | ISHARES | 46428Q109 |  | 966348 | 43885 | SH |  | SOLE |  | 0 | 43885 | 0 |
| SANUWAVE HEALTH INC | COM | 835495102 |  | 14931 | 654880 | SH |  | SOLE |  | 0 | 654880 | 0 |
| SCRIPPS E W CO CLASS                  A | CL A NEW | 811054402 |  | 233806 | 17726 | SH |  | SOLE |  | 0 | 17726 | 0 |
| A T  T INC | COM | 00206R102 |  | 1763973 | 95816 | SH |  | SOLE |  | 0 | 95816 | 0 |
| TRAVELCENTERS AMER INC | COM NEW | 89421B109 |  | 1715835 | 38317 | SH |  | SOLE |  | 0 | 38317 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 1770814 | 41153 | SH |  | SOLE |  | 0 | 41153 | 0 |
| TARGET CORP | COM | 87612E106 |  | 666209 | 4470 | SH |  | SOLE |  | 0 | 4470 | 0 |
| T ROWE PRICE GROUP | COM | 74144T108 |  | 1548216 | 14196 | SH |  | SOLE |  | 0 | 14196 | 0 |
| UNILEVER PLC           F SPONSORED ADR 1 ADR REPS    1  ORD SHS | SPON ADR NEW | 904767704 |  | 1519714 | 30183 | SH |  | SOLE |  | 0 | 30183 | 0 |
| U S BANCORP | COM | 902973304 |  | 535609 | 12282 | SH |  | SOLE |  | 0 | 12282 | 0 |
| PROSHARES ULTRA VIX SHORT TERM ETF | VIX SH TRM FUTRS | 74347Y854 |  | 2441563 | 355913 | SH |  | SOLE |  | 0 | 355913 | 0 |
| VISA INC CLASS                  A | CL A | 92826C839 |  | 4803827 | 23122 | SH |  | SOLE |  | 0 | 23122 | 0 |
| VANGUARD REAL ESTATE ETF | REAL ESTATE ETF | 922908553 |  | 272943 | 3309 | SH |  | SOLE |  | 0 | 3309 | 0 |
| VANGUARD UTILITIES ETF | UTILITIES ETF | 92204A876 |  | 299052 | 1950 | SH |  | SOLE |  | 0 | 1950 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | TOTAL STK MKT | 922908769 |  | 946008 | 4948 | SH |  | SOLE |  | 0 | 4948 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 9025131 | 810883 | SH |  | SOLE |  | 0 | 810883 | 0 |
| VANGUARD HIGH DIVIDEND YIELD ETF | HIGH DIV YLD | 921946406 |  | 1111966 | 10276 | SH |  | SOLE |  | 0 | 10276 | 0 |
| WALGREENS BOOTS ALLI | COM | 931427108 |  | 5954062 | 159370 | SH |  | SOLE |  | 0 | 159370 | 0 |
| WARNER BROTHERS DISCOVER | COM SER A | 934423104 |  | 5209544 | 549530 | SH |  | SOLE |  | 0 | 549530 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 6269928 | 151851 | SH |  | SOLE |  | 0 | 151851 | 0 |
| WALMART INC | COM | 931142103 |  | 202193 | 1426 | SH |  | SOLE |  | 0 | 1426 | 0 |
| WW INTL INC | COM | 98262P101 |  | 167493 | 43392 | SH |  | SOLE |  | 0 | 43392 | 0 |
| WYNN RESORTS | COM | 983134107 |  | 954343 | 11572 | SH |  | SOLE |  | 0 | 11572 | 0 |
| SPDR S BIOTECH ETF | S BIOTECH | 78464A870 |  | 254810 | 3070 | SH |  | SOLE |  | 0 | 3070 | 0 |
| ENERGY SELECT SECTOR SPDR ETF | ENERGY | 81369Y506 |  | 5736632 | 65584 | SH |  | SOLE |  | 0 | 65584 | 0 |
| SELECT STR FINANCIAL SELECT SPDR ETF | SBI INT-FINL | 81369Y605 |  | 2152651 | 62943 | SH |  | SOLE |  | 0 | 62943 | 0 |

---