A. D. Beadell Investment Counsel, Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), A. D. Beadell Investment Counsel, Inc. reported 98 stock positions worth $153.7 million. Its top holding was VanEck Gold Miners ETF at 5.2% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 5.2%) and Primoris Services (PRIM, 4.9%). Compared with Q3 2025, it opened 11 new positions, sold out of 3, added to 19 and reduced 18. The biggest buy was a new position in Essential Utilities (WTRG) and the biggest sale Primoris Services (PRIM, shares −7%).

Most Recent 13F
Q2 2026
Location
MEQUON, WI
CIK
0001569102
Portfolio Value
$153.7M (Q4 2025)
SEC Filing
0001569102-26-000001 ↗ filed Jan 14, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $114.5M Q1 2024 Q2 2024: $119.6M Q2 2024 Q3 2024: $125.2M Q3 2024 Q4 2024: $123.4M Q4 2024 Q1 2025: $119.9M Q1 2025 Q2 2025: $130.7M Q2 2025 Q3 2025: $146.6M Q3 2025 Q4 2025: $153.7M $153.7M Q4 2025 Q1 2026: $156.3M Q1 2026 Q2 2026: $155.8M Q2 2026

Holdings 98 stocks · $153.7M
VanEck Gold Miners ETF 5.19% 93,046 $8.0M Reduce -3.1%
TSM Taiwan Semiconductor-SP ADR 5.15% 26,072 $7.9M Reduce -0.9%
PRIM Primoris Services Corp. 4.93% 61,060 $7.6M Reduce -7.4%
EPD Enterprise Products Partners 3.25% 155,910 $5.0M No change
KMI Kinder Morgan Inc. 2.63% 147,055 $4.0M Reduce -0.2%
GOOGL Alphabet Inc. Class A 2.62% 12,885 $4.0M No change
RTX RTX Corp. 2.52% 21,155 $3.9M No change
B Barrick Mining Corp. 2.49% 87,995 $3.8M Reduce -0.3%
BEPC Brookfield Renewable Cor-A 2.27% 91,160 $3.5M Reduce -4.8%
AMZN Amazon.com Inc. 2.21% 14,690 $3.4M Add +0.6%
PBA Pembina Pipeline Corp. 2.14% 86,430 $3.3M Add +0.7%
MRK Merck & Co. Inc. 2.07% 30,186 $3.2M Add +0.3%
PHYS Sprott Physical Gold Trust 2.05% 95,294 $3.1M Reduce -2.6%
PAGP Plains GP Hldgs L P 2.02% 162,075 $3.1M Add +0.8%
APD Air Products & Chemicals Inc. 1.98% 12,322 $3.0M No change
SGOL Abrdn Physical Gold Shares 1.93% 72,400 $3.0M Reduce -1.4%
ABT Abbott Laboratories 1.93% 23,680 $3.0M No change
AAPL Apple Inc. 1.85% 10,437 $2.8M No change
MDT Medtronic PLC 1.81% 29,035 $2.8M Add +1.0%
MSFT Microsoft Corp. 1.81% 5,748 $2.8M No change
MS Morgan Stanley 1.78% 15,396 $2.7M No change
SRE Sempra 1.68% 29,175 $2.6M No change
BDX Becton Dickinson and Co. 1.54% 12,210 $2.4M Add +0.1%
CB Chubb Ltd. 1.51% 7,445 $2.3M No change
LMT Lockheed Martin Corp. 1.43% 4,540 $2.2M Add +1.4%
J Jacobs Solutions Inc. 1.36% 15,835 $2.1M Add +1.6%
ENB Enbridge Inc. 1.35% 43,542 $2.1M Reduce -0.5%
PWR Quanta Services Inc. 1.35% 4,911 $2.1M No change
CEF Sprott Physical Gold & Silver 1.21% 40,770 $1.9M Reduce -0.6%
VCSH Vanguard S/T Corp. Bond ETF 1.19% 23,026 $1.8M Add +0.1%
NVO Novo-Nordisk A/S-Spons ADR 1.19% 35,833 $1.8M Add +4.7%
AVA Avista Corp. 1.11% 44,390 $1.7M Add +1.8%
RGLD Royal Gold Inc. 1.05% 7,279 $1.6M No change
IGSB iShares 1-5Y Inv Grade Corp. 1.03% 30,100 $1.6M Reduce -0.2%
PEP Pepsico Inc. 1.03% 11,026 $1.6M No change
ETR Entergy Corp. 0.99% 16,515 $1.5M No change
WTRG Essential Utilities Inc. 0.93% 37,345 $1.4M New
XLC SS Comm Select Sector SPDR 0.92% 12,025 $1.4M No change
VTEI Vanguard Int Tax-Exempt Bond 0.88% 13,475 $1.4M No change
SYK Stryker Corp. 0.87% 3,820 $1.3M No change
POR Portland General Electric Co. 0.87% 27,955 $1.3M Add +2.9%
AZN Astrazeneca PLC-Spons ADR 0.83% 13,960 $1.3M No change
PFE Pfizer Inc. 0.82% 50,896 $1.3M No change
AES AES Corp. 0.82% 88,250 $1.3M No change
HESM Hess Midstream LP Class A 0.81% 36,050 $1.2M No change
JNJ Johnson & Johnson 0.78% 5,805 $1.2M No change
EMA Emera Inc. 0.77% 24,055 $1.2M No change
GLD SPDR Gold Shares 0.75% 2,927 $1.2M Reduce -3.3%
LH Laboratory CRP of Amer Hldgs filed as LABCORP HLDGS INC 0.71% 4,344 $1.1M No change
GTLS Chart Industries Inc. 0.69% 5,175 $1.1M Reduce -1.9%
CVX Chevron Corp. 0.69% 6,919 $1.1M No change
JPM JPMorgan Chase & Co. 0.68% 3,222 $1.0M No change
NOC Northrop Grumman Corp. 0.65% 1,747 $996K No change
AVGO Broadcom Inc. 0.60% 2,649 $916K No change
ORI Old Republic Intl Corp. 0.57% 19,320 $881K Add +6.2%
MDLZ Mondelez International Inc. Class A 0.53% 15,231 $819K No change
UNP Union Pacific Corp. 0.53% 3,503 $810K Reduce -9.3%
AEM Agnico Eagle Mines Ltd. 0.51% 4,630 $784K Reduce -4.8%
SYY Sysco Corp. 0.51% 10,647 $784K No change
AEP American Electric Power 0.51% 6,760 $779K No change
DELL Dell Technologies -C 0.47% 5,805 $730K New
XIFR XPLR Infrastructure LP 0.46% 71,040 $710K Add +19.2%
GPK Graphic Packaging Holding Co. 0.45% 46,365 $698K Add +24.5%
FCX Freeport-McMoran Inc. 0.44% 13,485 $684K No change
NVDA Nvidia Corp. 0.42% 3,480 $649K No change
ECL Ecolab Inc. 0.41% 2,375 $623K No change
KO The Coca-Cola Co. 0.38% 8,370 $585K Reduce -23.7%
SHY iShares 1-3 Year Treasury Bo 0.38% 6,980 $578K Reduce -2.5%
COLD Americold Realty Trust Inc. 0.33% 39,675 $510K Add +46.5%
GOOG Alphabet Inc. Class C 0.32% 1,575 $494K No change
BSV Vanguard Short-Term Bond ETF 0.31% 6,060 $477K Add +0.1%
JAAA Janus Henderson Aaa Clo ETF 0.29% 8,900 $450K No change
BTI British American Tob-SP ADR 0.28% 7,700 $435K No change
D Dominion Energy Inc. 0.28% 7,365 $431K Add +11.2%
ALERIAN MLP ETF filed as ALPS 0.26% 8,600 $404K No change
MSOS Advisorshares Pure US Cann 0.25% 82,400 $388K No change
WMT Walmart Inc. 0.22% 3,000 $334K No change
PROSHARES SHORT S&P500 0.21% 8,800 $317K New
NEE Nextera Energy Inc. 0.20% 3,890 $312K No change
NFG National Fuel Gas Co. 0.19% 3,700 $296K New
IAU iShares Gold Trust 0.19% 3,600 $292K No change
XLK SS Technology Select Sector 0.18% 1,900 $273K No change
ANET Arista Networks Inc. 0.18% 2,066 $270K No change
XOM Exxon Mobil Corp. 0.17% 2,200 $264K No change
TRANSCANADA CORP COM filed as TC Energy Corp 0.16% 4,510 $248K New
WM Waste Management Inc. 0.16% 1,125 $247K No change
C Citigroup Inc. 0.15% 1,990 $232K No change
PLD Prologis Inc. 0.15% 1,751 $223K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.14% 4,000 $220K No change
VHT Vanguard Health Care ETF 0.14% 760 $219K New
CENCORA INC 0.14% 647 $218K New
MLPX Global X MLP & Energy Infras 0.14% 3,466 $209K Add +0.3%
CLX Clorox Company 0.13% 2,000 $201K New
KMB Kimberly-Clark Corp. 0.13% 2,000 $201K New
AMT American Tower Corp. 0.13% 1,140 $200K New
AMBP Ardagh Metal Packaging SA 0.10% 37,800 $154K Reduce -1.4%
SPDN Dir DLY SP 500 BR 1X ETF-Usi 0.08% 12,500 $117K New
AQN Algonquin Power & Utilities 0.05% 12,500 $76K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $260K (not counted above)
SecurityClassShares / PrincipalValueChange
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 10,450$260KNo change

Total filed on the 13F, all lines: $154.0M.

Portfolio Sells Q3 2025 → Q4 2025
PRIM Primoris Services Corp. Reduce -7.4% 4.93% −1.24
BAX Baxter International Inc. Sold out 0.00% −0.61
RWM Proshares Short RUSSELL2000 Sold out 0.00% −0.23
KMI Kinder Morgan Inc. Reduce -0.2% 2.63% −0.22
ENB Enbridge Inc. Reduce -0.5% 1.35% −0.15
COR Cencora Inc. Sold out 0.00% −0.14
KO The Coca-Cola Co. Reduce -23.7% 0.38% −0.12
UNP Union Pacific Corp. Reduce -9.3% 0.53% −0.10
IGSB iShares 1-5Y Inv Grade Corp. Reduce -0.2% 1.03% −0.06
AEM Agnico Eagle Mines Ltd. Reduce -4.8% 0.51% −0.05
SHY iShares 1-3 Year Treasury Bo Reduce -2.5% 0.38% −0.03
GTLS Chart Industries Inc. Reduce -1.9% 0.69% −0.03
AMBP Ardagh Metal Packaging SA Reduce -1.4% 0.10% −0.00
GLD SPDR Gold Shares Reduce -3.3% 0.75% +0.02
BEPC Brookfield Renewable Cor-A Reduce -4.8% 2.27% +0.03
PHYS Sprott Physical Gold Trust Reduce -2.6% 2.05% +0.07
SGOL Abrdn Physical Gold Shares Reduce -1.4% 1.93% +0.09
TSM Taiwan Semiconductor-SP ADR Reduce -0.9% 5.15% +0.14
VanEck Gold Miners ETF Reduce -3.1% 5.19% +0.18
CEF Sprott Physical Gold & Silver Reduce -0.6% 1.21% +0.19
B Barrick Mining Corp. Reduce -0.3% 2.49% +0.52

Portfolio Buys Q3 2025 → Q4 2025
WTRG Essential Utilities Inc. New 0.93% +0.93
DELL Dell Technologies -C New 0.47% +0.47
MRK Merck & Co. Inc. Add +0.3% 2.07% +0.34
PROSHARES SHORT S&P500 New 0.21% +0.21
NFG National Fuel Gas Co. New 0.19% +0.19
TRANSCANADA CORP COM New 0.16% +0.16
VHT Vanguard Health Care ETF New 0.14% +0.14
CENCORA INC New 0.14% +0.14
CLX Clorox Company New 0.13% +0.13
KMB Kimberly-Clark Corp. New 0.13% +0.13
AMT American Tower Corp. New 0.13% +0.13
COLD Americold Realty Trust Inc. Add +46.5% 0.33% +0.11
SPDN Dir DLY SP 500 BR 1X ETF-Usi New 0.08% +0.08
POR Portland General Electric Co. Add +2.9% 0.87% +0.06
XIFR XPLR Infrastructure LP Add +19.2% 0.46% +0.05
ORI Old Republic Intl Corp. Add +6.2% 0.57% +0.05
PAGP Plains GP Hldgs L P Add +0.8% 2.02% +0.02
AMZN Amazon.com Inc. Add +0.6% 2.21% +0.02
D Dominion Energy Inc. Add +11.2% 0.28% +0.00
MLPX Global X MLP & Energy Infras Add +0.3% 0.14% −0.01
AVA Avista Corp. Add +1.8% 1.11% −0.01
BSV Vanguard Short-Term Bond ETF Add +0.1% 0.31% −0.02
BDX Becton Dickinson and Co. Add +0.1% 1.54% −0.02
GPK Graphic Packaging Holding Co. Add +24.5% 0.45% −0.04
MDT Medtronic PLC Add +1.0% 1.81% −0.05
VCSH Vanguard S/T Corp. Bond ETF Add +0.1% 1.19% −0.06
LMT Lockheed Martin Corp. Add +1.4% 1.43% −0.10
NVO Novo-Nordisk A/S-Spons ADR Add +4.7% 1.19% −0.11
PBA Pembina Pipeline Corp. Add +0.7% 2.14% −0.23
J Jacobs Solutions Inc. Add +1.6% 1.36% −0.23

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 103$155.8MTSM, VanEck Gold Miners ETF, EPD, PRIM, GOOGL
Q1 2026 99$156.3MPRIM, TSM, VanEck Gold Miners ETF, EPD, KMI
Q4 2025 98$153.7MVanEck Gold Miners ETF, TSM, PRIM, EPD, KMI
Q3 2025 90$146.6MPRIM, TSM, VanEck Gold Miners ETF, EPD, KMI
Q2 2025 88$130.7MTSM, PRIM, VanEck Gold Miners ETF, EPD, KMI
Q1 2025 84$119.9MTSM, EPD, VanEck Gold Miners ETF, PRIM, KMI
Q4 2024 88$123.4MTSM, PRIM, EPD, KMI, APD
Q3 2024 85$125.2MTSM, PRIM, EPD, VanEck Gold Miners ETF, APD
Q2 2024 83$119.6MTSM, PRIM, EPD, MRK, PAGP
Q1 2024 74$114.5MTSM, PRIM, EPD, MRK, PAGP