13F-HR 1 rapidan13fhr111309.txt FORM 13F-HR - RAPIDAN CAPITAL, LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Report for the Calendar Year or Quarter Ended: September 30, 2009 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: Rapidan Capital, LLC Address: 510 Thornall Street, Suite 320 Edison, NJ 08837 Form 13F File Number: 28-11846 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 the 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: David L. Berkowitz Title: Managing Member Phone: 732.632.8835 Signature, Place, and Date of Signing: /s/ David L. Berkowitz Edison, NJ 11/13/09 ---------------------- ------------- ------------ [Signature] [City, State] [Date] Report Type: [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT Form 13F SUMMARY PAGE REPORT SUMMARY Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 64 Form 13F Information Table Value Total: $74,036 (in thousands) List of Other Included Managers: None

TITLE OF VALUE SHRS OR SH/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN DISCRETION MANAGERS SOLE SHARED NONE -------------- -----~~---~~ ----- -------- ------- --- ---------- -------- ---- ------ ---- 3M CO COM COM 88579Y101 ~~2271~~2493 ~~37780~~33780 SH SHARED-OTHER 0 7100 0 ~~30680~~26680 A C MOORE ARTS & CRAFTS INC COM 00086T103 ~~778~~745 207000 SH SOLE 0 207000 0 0 ACCENTURE ~~LTD~~PLC ~~BERMUDA~~IRELAND CLCLASS ASHS ISIN#~~BMG1150G11~~IE00B COM ~~G1150G111~~G1151C101 ~~691~~769 20640 SH SHARED-OTHER 0 8500 0 12140 ALBEMARLE CORP COM 012653101 ~~205~~277 8000 SH SHARED-OTHER 0 0 0 8000 ALLIANCE BERSTEIN PORTFOLIOS - ALLIANCEBER ~~COM~~MFUS ~~01877f666~~01877F666 ~~196~~235 22530 SH SHARED-OTHER 0 0 0 22529.982 AMGEN INC COM COM 031162100 ~~2076~~1370 ~~39220~~22750 SH SHARED-OTHER 0 3900 0 ~~35320~~18850 AUTOZONE INC COM ~~COM~~ 053332102 ~~455~~411 ~~3014~~2814 SH SHARED-OTHER 0 0 0 ~~3014~~2814 BB&T CORP COM COM 054937107 ~~318~~394 14476 SH SHARED-OTHER 0 0 0 14476 BEST BUY COMPANY INC COM 086516101 ~~854~~957 25500 SH SHARED-OTHER 0 3500 0 22000 BMC SOFTWARE INC. COM COM 055921100 ~~1352~~623 ~~40000~~16600 SH SHARED-OTHER 0 0 0 ~~40000~~16600 BORDERS GROUP INC COM COM 099709107 ~~1043~~881 283300 SH SOLE 0 283300 0 0 BP PLC SPONSORED ADR SPON ADR 055622104 ~~238~~266 5002 SH SHARED-OTHER 0 0 0 5002 BRISTOL-MYERS SQUIBB CO COM COM 110122108 ~~1220~~1352 60052 SH SHARED-OTHER 0 0 0 60052 CARDINAL HLTH INC COM COM ~~14149y108~~14149Y108 ~~443~~389 14500 SH SHARED-OTHER 0 0 0 14500 CISCO SYSTEMS INC COM 17275R102 ~~399~~504 21420 SH SHARED-OTHER 0 16400 0 5020 CVS CAREMARK CORP COM 126650100 ~~502~~562 15738 SH SHARED-OTHER 0 8300 0 7438 DELL INC COM COM 24702R101 ~~364~~404 26500 SH SHARED-OTHER 0 0 0 26500 ELDODGE ~~PASO~~& ~~CORP~~COX ~~COM~~INTERNATIONAL ~~COM~~STOCK ~~28336l109~~FD ~~813~~MFUS ~~88087~~256206103 214 6773 SH SHARED-OTHER 0 0 0 ~~88087~~6772.783 ~~EXXON~~DOMINION ~~MOBIL~~RES ~~CORP~~INC VA COM COM ~~30231G102~~25746U109 ~~4588~~483 ~~65624~~14000 SH SHARED-OTHER 0 ~~10300~~0 0 ~~55324~~14000 ~~GENERAL~~EL ~~ELECTRIC~~PASO COCORP COM COM ~~369604103~~28336l109 ~~2157~~909 ~~184083~~88087 SH SHARED-OTHER 0 0 0 ~~184083~~88087 ~~GENERAL~~EMERSON ~~MOLY~~ELECTRIC ~~INC~~CO COM COM ~~370373102~~291011104 ~~125~~253 ~~56400~~6300 SH ~~SOLE~~SHARED-OTHER 0 ~~56400~~ 0 0 ~~GENZYME~~6300 ~~CORP~~EXXON ~~COM~~MOBIL ~~FORMERLY~~CORP COM ~~GEN DIV TO 5~~ COM ~~372917104~~30231G102 ~~1325~~4502 ~~23801~~65624 SH SHARED-OTHER 0 ~~2800~~10300 0 ~~21001~~55324 ~~HARSCO~~GENERAL ~~CORP~~ELECTRIC CO COM ~~415864107~~COM ~~508~~369604103 ~~17940~~2986 181859 SH SHARED-OTHER 0 ~~11450~~0 0 ~~6490~~181859 ~~HUBBELL~~GENERAL MOLY INC ~~CL B~~ COM COM ~~443510201~~370373102 ~~1077~~178 ~~33600~~56400 SH ~~SHARED-OTHER~~SOLE 0 56400 0 0 ~~33600~~GENZYME ~~IBM~~ CORP COM ~~459200101~~FORMERLY ~~574~~COM ~~5500~~GEN SHDIV ~~SOLE~~TO 05 ~~5500 0 0 INGERSOLL-RAND PLC~~ COM ~~COM~~372917104 ~~g47791101~~337 ~~327~~5948 ~~15634~~ SH SHARED-OTHER 0 0 0 ~~15634~~5948

TITLE OF VALUE SHRS OR SH/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN DISCRETION MANAGERS SOLE SHARED NONE -------------- -----~~---~~ ----- -------- ------- --- ---------- -------- ---- ------ ---- GOOGLE INC CL A COM 38259P508 614 1238 SH SHARED-OTHER 0 1100 0 138 HARSCO CORP COM 415864107 876 24740 SH SHARED-OTHER 0 11450 0 13290 HUBBELL INC CL B COM COM 443510201 1411 33600 SH SHARED-OTHER 0 0 0 33600 INGERSOLL-RAND PLC COM COM G47791101 479 15634 SH SHARED-OTHER 0 0 0 15634 JOHNSON & JOHNSON COM COM 478160104 ~~6043~~6478 106390 SH SHARED-OTHER 0 10700 0 95690 LABORATORY CORP AMER HLDGS COM NEW COM 50540R409 263 4000 SH SOLE 0 4000 0 0 LEAP WIRELESS INTL INC COM NEW COM 521863308 ~~398~~506 ~~12100~~25900 SH SOLE 0 ~~12100~~25900 0 0 ~~LITTELFUSE~~LIBBEY INC COM ~~537008104~~COM ~~200~~529898108 ~~10032~~79 20500 SH ~~SHARED-OTHER~~SOLE 0 20500 0 0 ~~10032~~LITTELFUSE ~~LODGENET~~INC ~~INTERACTIVE CORP~~ COM ~~COM~~537008104 ~~540211109~~263 ~~410~~10032 ~~120700~~ SH ~~SOLE~~SHARED-OTHER 0 ~~120700~~ 0 0 10032 MARKEL CORP COM COM 570535104 ~~7551~~8841 26805 SH SHARED-OTHER 0 3500 0 23305 MEDCO HEALTH SOLUTIONS INC COM COM 58405u102 ~~759~~920 16640 SH SHARED-OTHER 0 0 0 16640 MEDTRONIC INC COM 585055106 ~~3218~~2640 ~~92226~~71751 SH SHARED-OTHER 0 7860 0 ~~84366~~63891 MERCK & CO INC COM COM ~~589331107~~58933Y105 ~~857~~969 30646 SH SHARED-OTHER 0 0 0 30646 MICROSOFT CORP COM COM 594918104 ~~6230~~5719 ~~262107~~220884 SH SHARED-OTHER 0 19000 0 ~~243107~~201884 ~~MILLER~~MONSANTO ~~HERMAN~~CO ~~INC~~COM COM ~~600544100~~61166W101 ~~206~~255 ~~13400~~3300 SH SOLE 0 ~~13400~~3300 0 0 NALCO HLDG CO COM COM 62985Q101 ~~281~~541 ~~16700~~26400 SH SHARED-OTHER 0 10200 0 ~~6500~~16200 NORFOLK SOUTHERN CORP COM 655844108 ~~1017~~1164 27000 SH SHARED-OTHER 0 0 0 27000 ~~PFIZER~~NORTHROP ~~INC~~GRUMMAN CORP COM COM ~~717081103~~666807102 ~~1968~~207 ~~131220~~4000 SH SHARED-OTHER 0 ~~24200~~0 0 ~~107020~~4000 ~~PROCTER~~PFIZER &INC ~~GAMBLE CO~~ COM COM ~~742718109~~717081103 ~~1789~~2172 ~~35018~~131220 SH SHARED-OTHER 0 024200 0 ~~35018~~107020 ~~QUEST~~PROCTER ~~DIAGNOSTICS~~& ~~INC~~GAMBLE CO COM COM ~~74834L100~~742718109 ~~294~~2028 ~~5205~~35018 SH SHARED-OTHER 0 ~~5100~~0 0 ~~105~~35018 ROYAL-DUTCH-SHELL-A SPON ADR 780259206 ~~1998~~1975 ~~39806~~34532 SH SHARED-OTHER 0 0 0 ~~39806~~34532 SPX CORPORATION COM 784635104 208 3400 SH SOLE 0 3400 0 0 STANDARD & POORS DEPOSITARY RECEIPTS (SPDR COM 78462F103 ~~1329~~558 ~~14450~~5280 SH SHARED-OTHER 0 0 0 ~~14450~~5280 TELEFONICA S A SPONSORED ADR SPON ADR 879382208 ~~253~~309 3723 SH SHARED-OTHER 0 0 0 3723 ~~TEMPUR~~TEXAS ~~PEDIC~~INSTRUMENTS ~~INTL~~ INC COM ~~COM~~882508104 ~~88023U101~~542 ~~396~~22896 ~~30308~~ SH SHARED-OTHER 0 ~~27000~~0 0 ~~3308~~22896 ~~TEXAS~~THERMO ~~INSTRUMENTS~~FISHER ~~INC~~SCIENTIFIC CORP COM ~~882508104~~COM ~~913~~883556102 ~~42873~~262 6000 SH ~~SHARED-OTHER~~SOLE 0 ~~13500~~6000 0 ~~29373~~0 TOWN SPORTS INTL HLDGS INC COM COM 89214A102 ~~368~~246 98000 SH SOLE 0 98000 0 0 TRIAN ACQUISITION I CORP UNIT 1 COM & 1 WT COM 89582E207 ~~430~~446 44000 SH SOLE 0 44000 0 0 ~~UNUM PROVIDENT COM 91529Y106 1504 94800 SH SHARED-OTHER 0 0 0 94800~~ US BANCORP DEL COM COM 902973304 ~~1463~~1784 81615 SH SHARED-OTHER 0 0 0 81615 VANGUARD INDEX FDS VANGUARD TOTAL STK MKT COM 922908769 213 4600 SH SOLE 0 4600 0 0 VODAFONE GROUP PLC COM SPON ADR 92857w209 539 27656 SH SHARED-OTHER 0 0 0 27656 WAL MART STORES INC COM 931142103 1466 30270 SH SHARED-OTHER 0 10780 0 19490 WESTERN UNION CO COM COM 959802109 1184 72218 SH SHARED-OTHER 0 0 0 72218 WILLIAMS COS INC COM COM 969457100 517 33140 SH SHARED-OTHER 0 17850 0 15290 WYETH COM 983024100 2052 45200 SH SHARED-OTHER 0 0 0 45200 XILINX INC COM 983919101 919 44900 SH SHARED-OTHER 0 0 0 44900 ZIMMER HLDGS INC COM COM 98956P102 329 7732 SH SHARED-OTHER 0 1266 0 6466

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