Nicollet Investment Management, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Nicollet Investment Management, Inc. reported 71 stock positions worth $291.2 million. Its top holding was Amazon.com (AMZN) at 7.8% of the portfolio, followed by Microsoft (MSFT, 7.7%) and Apple (AAPL, 7.0%). Compared with Q3 2024, it opened 2 new positions, sold out of 1, added to 7 and reduced 52. The biggest buy was Alphabet Class A (GOOGL, shares +0%) and the biggest sale Uber Technologies (UBER, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001729048
- Portfolio Value
- $291.2M (Q4 2024)
- SEC Filing
- 0001729048-25-000001 ↗ filed Feb 12, 2025
Holdings Value
Holdings 71 stocks · $291.2M
| AMZN Amazon.com Inc. | 7.77% | 103,130 | $22.6M | Reduce -1.7% |
| MSFT Microsoft Corp. | 7.65% | 52,876 | $22.3M | Reduce -1.9% |
| AAPL Apple Inc. | 6.98% | 81,225 | $20.3M | Reduce -1.2% |
| GOOG Alphabet Inc. Class C | 5.40% | 82,596 | $15.7M | Reduce -3.2% |
| META Meta Platforms Inc. Class A | 4.63% | 23,038 | $13.5M | Reduce -1.8% |
| V Visa Inc. Class A | 3.93% | 36,237 | $11.5M | Reduce -1.6% |
| NVDA Nvidia Corp. | 3.56% | 77,101 | $10.4M | Reduce -2.0% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 3.38% | 9,330 | $9.8M | Reduce -2.5% |
| GOOGL Alphabet Inc. Class A | 3.25% | 50,011 | $9.5M | Add +0.4% |
| NOW ServiceNow Inc. | 2.65% | 7,293 | $7.7M | Reduce -0.6% |
| SCHX Schwab US Large-Cap ETF | 2.51% | 315,116 | $7.3M | No change |
| FISV Fiserv Inc. | 2.41% | 34,122 | $7.0M | Reduce -0.5% |
| IWL iShares Russell Top 200 ETF | 2.36% | 47,530 | $6.9M | Add +1.5% |
| ORCL Oracle Corp. | 2.23% | 38,984 | $6.5M | Reduce -1.2% |
| RMD Resmed Inc. | 2.19% | 27,882 | $6.4M | Reduce -1.6% |
| PANW Palo Alto Networks Inc. | 1.98% | 31,752 | $5.8M | Reduce -0.5% |
| MMM 3M Co. | 1.87% | 42,248 | $5.5M | Reduce -1.7% |
| ECL Ecolab Inc. | 1.77% | 22,020 | $5.2M | Reduce -1.3% |
| CRM Salesforce Inc. | 1.74% | 15,173 | $5.1M | Reduce -0.5% |
| ACN Accenture PLC Class A | 1.62% | 13,386 | $4.7M | Reduce -0.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.62% | 122,796 | $4.7M | Reduce -6.8% |
| UNP Union Pacific Corp. | 1.57% | 20,108 | $4.6M | Reduce -2.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.49% | 35,886 | $4.3M | Reduce -2.1% |
| UNH Unitedhealth Group Inc. | 1.44% | 8,297 | $4.2M | Reduce -0.5% |
| KO The Coca-Cola Co. | 1.37% | 64,092 | $4.0M | Reduce -1.6% |
| UBER Uber Technologies Inc. | 1.34% | 64,530 | $3.9M | Reduce -11.9% |
| CB Chubb Ltd. | 1.27% | 13,383 | $3.7M | Reduce -1.1% |
| EQIX Equinix Inc. | 1.21% | 3,749 | $3.5M | Reduce -0.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.20% | 40,621 | $3.5M | Reduce -1.5% |
| SCHM Schwab US Mid Cap ETF | 1.19% | 125,121 | $3.5M | Add +1.3% |
| HD Home Depot Inc. | 1.12% | 8,370 | $3.3M | Reduce -0.9% |
| EOG EOG Resources Inc. | 1.06% | 25,086 | $3.1M | Reduce -3.3% |
| TMO Thermo Fisher Scientific Inc. | 1.03% | 5,767 | $3.0M | Reduce -3.8% |
| FAST Fastenal Co. | 0.96% | 38,879 | $2.8M | Reduce -0.1% |
| SBUX Starbucks Corp. | 0.90% | 28,821 | $2.6M | Reduce -7.7% |
| PYPL PayPal Holdings Inc. | 0.89% | 30,241 | $2.6M | Reduce -4.4% |
| SYY Sysco Corp. | 0.80% | 30,376 | $2.3M | Reduce -1.2% |
| UTHR United Therapeutics Corp. | 0.70% | 5,806 | $2.0M | Reduce -0.5% |
| AKAM Akamai Technologies Inc. | 0.65% | 19,827 | $1.9M | Add +0.2% |
| VMI Valmont Industries | 0.53% | 5,020 | $1.5M | Reduce -0.2% |
| FIS Fidelity National Info Serv | 0.50% | 18,038 | $1.5M | Reduce -1.3% |
| LHX L3HARRIS Technologies Inc. | 0.48% | 6,612 | $1.4M | Reduce -0.9% |
| ALKS Alkermes PLC | 0.43% | 43,737 | $1.3M | Reduce -0.3% |
| GNRC Generac Holdings Inc. | 0.42% | 7,849 | $1.2M | Reduce -0.2% |
| EXPD Expeditors Intl Wash Inc. | 0.41% | 10,735 | $1.2M | Reduce -0.8% |
| SCHA Schwab US Small-Cap ETF | 0.39% | 44,464 | $1.1M | Reduce -0.5% |
| FFIV F5 Inc. | 0.37% | 4,312 | $1.1M | Reduce -0.9% |
| LULU Lululemon Athletica Inc. | 0.36% | 2,707 | $1.0M | Reduce -0.7% |
| RDN Radian Group Inc. | 0.32% | 29,726 | $943K | Reduce -0.1% |
| SO The Southern Co. | 0.32% | 11,461 | $943K | No change |
| KNX Knight-Swift Transportation | 0.32% | 17,558 | $931K | Reduce -0.1% |
| CTRA Coterra Energy Inc. | 0.30% | 33,861 | $865K | Reduce -0.0% |
| SMG Scotts Miracle-Gro Co. | 0.29% | 12,822 | $851K | Reduce -0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 1,366 | $800K | No change |
| MDY State Street SPDR S&P Midcap | 0.24% | 1,245 | $709K | No change |
| IONS Ionis Pharmaceuticals Inc. | 0.24% | 19,786 | $692K | Reduce -3.0% |
| SWKS Skyworks Solutions Inc. | 0.22% | 7,167 | $636K | Reduce -1.2% |
| SOLV Solventum Corp. | 0.21% | 9,064 | $599K | Reduce -4.8% |
| XEL Xcel Energy Inc. | 0.20% | 8,415 | $568K | Add +92.8% |
| IVV iShares Core S&P 500 ETF | 0.19% | 931 | $548K | No change |
| LLY Eli Lilly & Co. | 0.17% | 653 | $504K | No change |
| AVGO Broadcom Inc. | 0.15% | 1,931 | $448K | Add +1.1% |
| DINO HF Sinclair Corp. | 0.15% | 12,387 | $434K | Reduce -1.0% |
| GLD SPDR Gold Shares | 0.14% | 1,650 | $400K | No change |
| COST Costco Wholesale Corp. | 0.13% | 426 | $390K | Add +0.2% |
| IWM iShares Russell 2000 ETF | 0.12% | 1,599 | $353K | No change |
| MURA Mural Oncology PLC | 0.10% | 94,737 | $305K | Reduce -4.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.09% | 881 | $255K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.08% | 3,482 | $245K | New |
| AGG iShares Core U.S. Aggregate | 0.08% | 2,388 | $231K | New |
| IJR iShares Core S&P Small-Cap E | 0.07% | 1,885 | $217K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| UBER Uber Technologies Inc. | Reduce -11.9% | 1.34% | −0.57 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -1.5% | 1.20% | −0.50 |
| SRCL Stericycle Inc. | Sold out | 0.00% | −0.37 |
| MSFT Microsoft Corp. | Reduce -1.9% | 7.65% | −0.36 |
| SLB SLB Ltd. | Reduce -6.8% | 1.62% | −0.29 |
| TMO Thermo Fisher Scientific Inc. | Reduce -3.8% | 1.03% | −0.25 |
| KO The Coca-Cola Co. | Reduce -1.6% | 1.37% | −0.25 |
| UNH Unitedhealth Group Inc. | Reduce -0.5% | 1.44% | −0.24 |
| RMD Resmed Inc. | Reduce -1.6% | 2.19% | −0.20 |
| ECL Ecolab Inc. | Reduce -1.3% | 1.77% | −0.20 |
| UNP Union Pacific Corp. | Reduce -2.0% | 1.57% | −0.17 |
| MMM 3M Co. | Reduce -1.7% | 1.87% | −0.16 |
| SBUX Starbucks Corp. | Reduce -7.7% | 0.90% | −0.15 |
| ORCL Oracle Corp. | Reduce -1.2% | 2.23% | −0.09 |
| SMG Scotts Miracle-Gro Co. | Reduce -0.2% | 0.29% | −0.09 |
| EXPD Expeditors Intl Wash Inc. | Reduce -0.8% | 0.41% | −0.08 |
| CB Chubb Ltd. | Reduce -1.1% | 1.27% | −0.08 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.9% | 0.48% | −0.07 |
| HD Home Depot Inc. | Reduce -0.9% | 1.12% | −0.06 |
| GWW WW Grainger Inc. | Reduce -2.5% | 3.38% | −0.06 |
| EOG EOG Resources Inc. | Reduce -3.3% | 1.06% | −0.05 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -3.0% | 0.24% | −0.04 |
| DINO HF Sinclair Corp. | Reduce -1.0% | 0.15% | −0.04 |
| RDN Radian Group Inc. | Reduce -0.1% | 0.32% | −0.03 |
| SYY Sysco Corp. | Reduce -1.2% | 0.80% | −0.03 |
| SWKS Skyworks Solutions Inc. | Reduce -1.2% | 0.22% | −0.03 |
| FIS Fidelity National Info Serv | Reduce -1.3% | 0.50% | −0.03 |
| SOLV Solventum Corp. | Reduce -4.8% | 0.21% | −0.02 |
| ACN Accenture PLC Class A | Reduce -0.1% | 1.62% | −0.02 |
| UTHR United Therapeutics Corp. | Reduce -0.5% | 0.70% | −0.02 |
| GNRC Generac Holdings Inc. | Reduce -0.2% | 0.42% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -1.8% | 4.63% | −0.01 |
| KNX Knight-Swift Transportation | Reduce -0.1% | 0.32% | −0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -0.5% | 0.39% | −0.00 |
| MURA Mural Oncology PLC | Reduce -4.3% | 0.10% | −0.00 |
| FAST Fastenal Co. | Reduce -0.1% | 0.96% | −0.00 |
| TJX TJX Companies Inc. | Reduce -2.1% | 1.49% | −0.00 |
| ALKS Alkermes PLC | Reduce -0.3% | 0.43% | +0.01 |
| CTRA Coterra Energy Inc. | Reduce -0.0% | 0.30% | +0.02 |
| VMI Valmont Industries | Reduce -0.2% | 0.53% | +0.02 |
| PYPL PayPal Holdings Inc. | Reduce -4.4% | 0.89% | +0.03 |
| FFIV F5 Inc. | Reduce -0.9% | 0.37% | +0.04 |
| EQIX Equinix Inc. | Reduce -0.5% | 1.21% | +0.06 |
| PANW Palo Alto Networks Inc. | Reduce -0.5% | 1.98% | +0.10 |
| LULU Lululemon Athletica Inc. | Reduce -0.7% | 0.36% | +0.10 |
| NVDA Nvidia Corp. | Reduce -2.0% | 3.56% | +0.25 |
| FISV Fiserv Inc. | Reduce -0.5% | 2.41% | +0.28 |
| CRM Salesforce Inc. | Reduce -0.5% | 1.74% | +0.30 |
| AAPL Apple Inc. | Reduce -1.2% | 6.98% | +0.36 |
| NOW ServiceNow Inc. | Reduce -0.6% | 2.65% | +0.39 |
Portfolio Buys Q3 2024 → Q4 2024
| GOOGL Alphabet Inc. Class A | Add +0.4% | 3.25% | +0.40 |
| XEL Xcel Energy Inc. | Add +92.8% | 0.20% | +0.10 |
| IWL iShares Russell Top 200 ETF | Add +1.5% | 2.36% | +0.09 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.08% | +0.08 |
| AGG iShares Core U.S. Aggregate | New | 0.08% | +0.08 |
| AVGO Broadcom Inc. | Add +1.1% | 0.15% | +0.04 |
| SCHM Schwab US Mid Cap ETF | Add +1.3% | 1.19% | +0.01 |
| COST Costco Wholesale Corp. | Add +0.2% | 0.13% | +0.00 |
| AKAM Akamai Technologies Inc. | Add +0.2% | 0.65% | −0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 77 | $323.9M | AMZN, GOOG, AAPL, GOOGL, MSFT |
| Q1 2026 | 76 | $292.0M | AMZN, AAPL, GOOG, MSFT, GOOGL |
| Q4 2025 | 74 | $316.0M | AMZN, MSFT, AAPL, GOOG, GOOGL |
| Q3 2025 | 71 | $306.6M | MSFT, AMZN, AAPL, GOOG, META |
| Q2 2025 | 73 | $298.6M | MSFT, AMZN, META, AAPL, GOOG |
| Q1 2025 | 70 | $284.5M | AMZN, MSFT, AAPL, META, V |
| Q4 2024 | 71 | $291.2M | AMZN, MSFT, AAPL, GOOG, META |
| Q3 2024 | 70 | $289.3M | MSFT, AMZN, AAPL, GOOG, META |
| Q2 2024 | 68 | $267.8M | MSFT, AMZN, AAPL, GOOG, META |
| Q1 2024 | 68 | $271.0M | MSFT, AAPL, AMZN, GOOG, META |