Nicollet Investment Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Nicollet Investment Management, Inc. reported 70 stock positions worth $284.5 million. Its top holding was Amazon.com (AMZN) at 7.3% of the portfolio, followed by Microsoft (MSFT, 7.2%) and Apple (AAPL, 6.5%). Compared with Q4 2024, it opened 4 new positions, sold out of 5, added to 49 and reduced 12. The biggest buy was Equinix (EQIX, shares +89%) and the biggest sale ServiceNow (NOW, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001729048
- Portfolio Value
- $284.5M (Q1 2025)
- SEC Filing
- 0001729048-25-000002 ↗ filed May 12, 2025
Holdings Value
Holdings 70 stocks · $284.5M
| AMZN Amazon.com Inc. | 7.27% | 108,733 | $20.7M | Add +5.4% |
| MSFT Microsoft Corp. | 7.16% | 54,290 | $20.4M | Add +2.7% |
| AAPL Apple Inc. | 6.45% | 82,625 | $18.4M | Add +1.7% |
| META Meta Platforms Inc. Class A | 4.96% | 24,479 | $14.1M | Add +6.3% |
| V Visa Inc. Class A | 4.62% | 37,511 | $13.1M | Add +3.5% |
| GOOG Alphabet Inc. Class C | 4.48% | 81,653 | $12.8M | Reduce -1.1% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 3.31% | 9,524 | $9.4M | Add +2.1% |
| NVDA Nvidia Corp. | 3.04% | 79,702 | $8.6M | Add +3.4% |
| GOOGL Alphabet Inc. Class A | 2.95% | 54,231 | $8.4M | Add +8.4% |
| FISV Fiserv Inc. | 2.88% | 37,041 | $8.2M | Add +8.6% |
| SCHX Schwab US Large-Cap ETF | 2.45% | 315,120 | $7.0M | Add +0.0% |
| IWL iShares Russell Top 200 ETF | 2.24% | 46,299 | $6.4M | Reduce -2.6% |
| RMD Resmed Inc. | 2.20% | 27,909 | $6.2M | Add +0.1% |
| MMM 3M Co. | 2.15% | 41,700 | $6.1M | Reduce -1.3% |
| PANW Palo Alto Networks Inc. | 2.06% | 34,345 | $5.9M | Add +8.2% |
| EQIX Equinix Inc. | 2.03% | 7,096 | $5.8M | Add +89.3% |
| ORCL Oracle Corp. | 2.01% | 40,872 | $5.7M | Add +4.8% |
| ECL Ecolab Inc. | 1.96% | 21,962 | $5.6M | Reduce -0.3% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.93% | 131,564 | $5.5M | Add +7.1% |
| UBER Uber Technologies Inc. | 1.84% | 71,879 | $5.2M | Add +11.4% |
| UNP Union Pacific Corp. | 1.71% | 20,647 | $4.9M | Add +2.7% |
| KO The Coca-Cola Co. | 1.66% | 65,865 | $4.7M | Add +2.8% |
| UNH Unitedhealth Group Inc. | 1.57% | 8,519 | $4.5M | Add +2.7% |
| ACN Accenture PLC Class A | 1.52% | 13,879 | $4.3M | Add +3.7% |
| CRM Salesforce Inc. | 1.52% | 16,118 | $4.3M | Add +6.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.51% | 35,378 | $4.3M | Reduce -1.4% |
| CB Chubb Ltd. | 1.46% | 13,783 | $4.2M | Add +3.0% |
| NOW ServiceNow Inc. | 1.21% | 4,334 | $3.5M | Reduce -40.6% |
| HD Home Depot Inc. | 1.16% | 9,041 | $3.3M | Add +8.0% |
| FAST Fastenal Co. | 1.14% | 41,981 | $3.3M | Add +8.0% |
| SCHM Schwab US Mid Cap ETF | 1.13% | 123,117 | $3.2M | Reduce -1.6% |
| EOG EOG Resources Inc. | 1.13% | 25,046 | $3.2M | Reduce -0.2% |
| TMO Thermo Fisher Scientific Inc. | 1.06% | 6,032 | $3.0M | Add +4.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.02% | 41,962 | $2.9M | Add +3.3% |
| SBUX Starbucks Corp. | 0.99% | 28,738 | $2.8M | Reduce -0.3% |
| SYY Sysco Corp. | 0.80% | 30,487 | $2.3M | Add +0.4% |
| PYPL PayPal Holdings Inc. | 0.69% | 30,276 | $2.0M | Add +0.1% |
| UTHR United Therapeutics Corp. | 0.69% | 6,332 | $2.0M | Add +9.1% |
| AKAM Akamai Technologies Inc. | 0.61% | 21,500 | $1.7M | Add +8.4% |
| VMI Valmont Industries | 0.55% | 5,502 | $1.6M | Add +9.6% |
| ALKS Alkermes PLC | 0.55% | 47,175 | $1.6M | Add +7.9% |
| LHX L3HARRIS Technologies Inc. | 0.54% | 7,294 | $1.5M | Add +10.3% |
| FIS Fidelity National Info Serv | 0.52% | 19,877 | $1.5M | Add +10.2% |
| EXPD Expeditors Intl Wash Inc. | 0.50% | 11,740 | $1.4M | Add +9.4% |
| ULTA Ulta Beauty Inc. | 0.44% | 3,379 | $1.2M | New |
| FFIV F5 Inc. | 0.42% | 4,524 | $1.2M | Add +4.9% |
| CTRA Coterra Energy Inc. | 0.38% | 37,242 | $1.1M | Add +10.0% |
| SO The Southern Co. | 0.37% | 11,461 | $1.1M | No change |
| GNRC Generac Holdings Inc. | 0.37% | 8,264 | $1.0M | Add +5.3% |
| SCHA Schwab US Small-Cap ETF | 0.37% | 44,462 | $1.0M | Reduce 0.0% |
| RDN Radian Group Inc. | 0.36% | 31,326 | $1.0M | Add +5.4% |
| KNX Knight-Swift Transportation | 0.29% | 18,996 | $826K | Add +8.2% |
| IVV iShares Core S&P 500 ETF | 0.29% | 1,465 | $823K | Add +57.4% |
| LULU Lululemon Athletica Inc. | 0.28% | 2,837 | $803K | Add +4.8% |
| CAVA Cava Group Inc. | 0.28% | 9,285 | $802K | New |
| SPSC SPS Commerce Inc. | 0.27% | 5,743 | $762K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.26% | 1,346 | $753K | Reduce -1.5% |
| SMG Scotts Miracle-Gro Co. | 0.26% | 13,523 | $742K | Add +5.5% |
| SOLV Solventum Corp. | 0.25% | 9,392 | $714K | Add +3.6% |
| MDY State Street SPDR S&P Midcap | 0.23% | 1,245 | $664K | No change |
| IONS Ionis Pharmaceuticals Inc. | 0.23% | 21,451 | $647K | Add +8.4% |
| LLY Eli Lilly & Co. | 0.22% | 764 | $631K | Add +17.0% |
| XEL Xcel Energy Inc. | 0.21% | 8,275 | $586K | Reduce -1.7% |
| COST Costco Wholesale Corp. | 0.17% | 524 | $495K | Add +23.0% |
| SWKS Skyworks Solutions Inc. | 0.17% | 7,395 | $478K | Add +3.2% |
| GLD SPDR Gold Shares | 0.17% | 1,650 | $475K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.14% | 748 | $398K | New |
| AVGO Broadcom Inc. | 0.13% | 2,136 | $358K | Add +10.6% |
| IWM iShares Russell 2000 ETF | 0.11% | 1,599 | $319K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.09% | 881 | $242K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| NOW ServiceNow Inc. | Reduce -40.6% | 1.21% | −1.44 |
| GOOG Alphabet Inc. Class C | Reduce -1.1% | 4.48% | −0.92 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −0.15 |
| IWL iShares Russell Top 200 ETF | Reduce -2.6% | 2.24% | −0.13 |
| MURA Mural Oncology PLC | Sold out | 0.00% | −0.10 |
| IEFA iShares Core MSCI Eafe ETF | Sold out | 0.00% | −0.08 |
| AGG iShares Core U.S. Aggregate | Sold out | 0.00% | −0.08 |
| IJR iShares Core S&P Small-Cap E | Sold out | 0.00% | −0.07 |
| SCHM Schwab US Mid Cap ETF | Reduce -1.6% | 1.13% | −0.06 |
| SCHA Schwab US Small-Cap ETF | Reduce 0.0% | 0.37% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.5% | 0.26% | −0.01 |
| XEL Xcel Energy Inc. | Reduce -1.7% | 0.21% | +0.01 |
| TJX TJX Companies Inc. | Reduce -1.4% | 1.51% | +0.03 |
| EOG EOG Resources Inc. | Reduce -0.2% | 1.13% | +0.07 |
| SBUX Starbucks Corp. | Reduce -0.3% | 0.99% | +0.09 |
| ECL Ecolab Inc. | Reduce -0.3% | 1.96% | +0.19 |
| MMM 3M Co. | Reduce -1.3% | 2.15% | +0.28 |
Portfolio Buys Q4 2024 → Q1 2025
| EQIX Equinix Inc. | Add +89.3% | 2.03% | +0.82 |
| V Visa Inc. Class A | Add +3.5% | 4.62% | +0.69 |
| UBER Uber Technologies Inc. | Add +11.4% | 1.84% | +0.50 |
| FISV Fiserv Inc. | Add +8.6% | 2.88% | +0.47 |
| ULTA Ulta Beauty Inc. | New | 0.44% | +0.44 |
| META Meta Platforms Inc. Class A | Add +6.3% | 4.96% | +0.33 |
| SLB SLB Ltd. | Add +7.1% | 1.93% | +0.32 |
| KO The Coca-Cola Co. | Add +2.8% | 1.66% | +0.29 |
| CAVA Cava Group Inc. | New | 0.28% | +0.28 |
| SPSC SPS Commerce Inc. | New | 0.27% | +0.27 |
| CB Chubb Ltd. | Add +3.0% | 1.46% | +0.19 |
| FAST Fastenal Co. | Add +8.0% | 1.14% | +0.18 |
| UNP Union Pacific Corp. | Add +2.7% | 1.71% | +0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.14% | +0.14 |
| UNH Unitedhealth Group Inc. | Add +2.7% | 1.57% | +0.13 |
| ALKS Alkermes PLC | Add +7.9% | 0.55% | +0.12 |
| IVV iShares Core S&P 500 ETF | Add +57.4% | 0.29% | +0.10 |
| EXPD Expeditors Intl Wash Inc. | Add +9.4% | 0.50% | +0.09 |
| CTRA Coterra Energy Inc. | Add +10.0% | 0.38% | +0.08 |
| PANW Palo Alto Networks Inc. | Add +8.2% | 2.06% | +0.08 |
| LHX L3HARRIS Technologies Inc. | Add +10.3% | 0.54% | +0.06 |
| FFIV F5 Inc. | Add +4.9% | 0.42% | +0.05 |
| LLY Eli Lilly & Co. | Add +17.0% | 0.22% | +0.05 |
| HD Home Depot Inc. | Add +8.0% | 1.16% | +0.05 |
| SOLV Solventum Corp. | Add +3.6% | 0.25% | +0.05 |
| RDN Radian Group Inc. | Add +5.4% | 0.36% | +0.04 |
| COST Costco Wholesale Corp. | Add +23.0% | 0.17% | +0.04 |
| TMO Thermo Fisher Scientific Inc. | Add +4.6% | 1.06% | +0.03 |
| VMI Valmont Industries | Add +9.6% | 0.55% | +0.02 |
| FIS Fidelity National Info Serv | Add +10.2% | 0.52% | +0.02 |
| RMD Resmed Inc. | Add +0.1% | 2.20% | +0.01 |
| SYY Sysco Corp. | Add +0.4% | 0.80% | +0.01 |
| IONS Ionis Pharmaceuticals Inc. | Add +8.4% | 0.23% | −0.01 |
| UTHR United Therapeutics Corp. | Add +9.1% | 0.69% | −0.02 |
| AVGO Broadcom Inc. | Add +10.6% | 0.13% | −0.03 |
| KNX Knight-Swift Transportation | Add +8.2% | 0.29% | −0.03 |
| SMG Scotts Miracle-Gro Co. | Add +5.5% | 0.26% | −0.03 |
| AKAM Akamai Technologies Inc. | Add +8.4% | 0.61% | −0.04 |
| GNRC Generac Holdings Inc. | Add +5.3% | 0.37% | −0.05 |
| SWKS Skyworks Solutions Inc. | Add +3.2% | 0.17% | −0.05 |
| SCHX Schwab US Large-Cap ETF | Add +0.0% | 2.45% | −0.06 |
| GWW WW Grainger Inc. | Add +2.1% | 3.31% | −0.07 |
| LULU Lululemon Athletica Inc. | Add +4.8% | 0.28% | −0.07 |
| ACN Accenture PLC Class A | Add +3.7% | 1.52% | −0.09 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +3.3% | 1.02% | −0.18 |
| PYPL PayPal Holdings Inc. | Add +0.1% | 0.69% | −0.19 |
| CRM Salesforce Inc. | Add +6.2% | 1.52% | −0.22 |
| ORCL Oracle Corp. | Add +4.8% | 2.01% | −0.22 |
| GOOGL Alphabet Inc. Class A | Add +8.4% | 2.95% | −0.30 |
| MSFT Microsoft Corp. | Add +2.7% | 7.16% | −0.49 |
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 |