Fjell Capital Portfolio Analysis Q2 2026

Portfolio Overview

Fjell Capital's portfolio as of June 30th, 2026, totals $13.7 million. The fund maintains a significant allocation to the Technology sector at approximately 26.5% ($36.3M), followed by Consumer Cyclical (5.6%), Financial Services (5.7%), and others.

Significant Increases

Fjell Capital demonstrated strong buying activity during Q2, most notably increasing its position in Vanguard INDEX FUNDS ETFs significantly. The fund boosted shares of VO by over 300%, representing a substantial increase in exposure to broad market index funds.

• The investor also increased holdings in KLAC (KLA Corporation) by nearly 856% ($5.9M), making it one of the largest purchases tracked during this period.
• UITB saw an increase of about 4.7%, adding $0.8M to its position.
• DWLD was increased by a small percentage (2.16%), but still gained value due to share growth ($0.1M).
• VGT experienced a massive jump in allocation, increasing over sevenfold from just 0.4% previously to $0.6M invested.

Decreases and Gains

In contrast, the fund sold off several positions during Q2:

• GOOGL decreased by about 4.4%, losing approximately $0.6M in value.
• BIL saw a significant reduction of over 30% (-30.1%), resulting in a loss of nearly $1.7M from its position.
• AMD experienced a notable decrease, shedding about 14.5% (-$4.3M).
• AVGO was reduced by approximately 2.5%, losing around $1.5M.

Despite these reductions, the fund also saw gains in other areas:

• KMI increased its allocation dramatically (by 100%), adding a small but significant position worth $0.4M.
• BND gained value despite share reduction (-33.17%) due to price appreciation, contributing about $0.3M.

Technology Focus

The Technology sector remains central to Fjell Capital's strategy:

• KLAC is the largest holding in this category, accounting for 4.1% of the portfolio ($5.9M).
• AAPL and AVGO are other significant Technology positions.

The fund also holds several Vanguard ETFs categorized under Technology:

• VGT (Vanguard World Fund) is a small but growing position at $0.6M.
• VO, despite being listed as an index fund in the data, has a portfolio percentage allocation that suggests it might be tracking a broad market or growth index often classified under Technology.

Diversification and Other Sectors

Fjell Capital maintains diversification across various sectors:

• Communication Services are represented by GOOGL (4.2%) and AVGO (3.9%).
• Energy holdings include KMI (0.3%) and EPD.
• The fund holds several fixed-income related positions like BOND, BND, and BIL.

No purchases or sales were disclosed for the Healthcare sector during this period according to the provided data.