Nicollet Investment Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Nicollet Investment Management, Inc. reported 74 stock positions worth $316.0 million. Its top holding was Amazon.com (AMZN) at 7.2% of the portfolio, followed by Microsoft (MSFT, 6.9%) and Apple (AAPL, 6.5%). Compared with Q3 2025, it opened 6 new positions, sold out of 3, added to 31 and reduced 28. The biggest buy was a new position in Invesco S&P 500 Equal Weight (RSP) and the biggest sale Microsoft (MSFT, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0001729048
- Portfolio Value
- $316.0M (Q4 2025)
- SEC Filing
- 0001729048-26-000001 ↗ filed Feb 11, 2026
Holdings Value
Holdings 74 stocks · $316.0M
| AMZN Amazon.com Inc. | 7.23% | 99,025 | $22.9M | Add +0.1% |
| MSFT Microsoft Corp. | 6.86% | 44,826 | $21.7M | Reduce -9.8% |
| AAPL Apple Inc. | 6.55% | 76,092 | $20.7M | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 6.38% | 64,210 | $20.1M | Reduce -9.6% |
| GOOGL Alphabet Inc. Class A | 4.88% | 49,259 | $15.4M | Reduce -7.8% |
| META Meta Platforms Inc. Class A | 4.76% | 22,800 | $15.1M | Add +0.3% |
| NVDA Nvidia Corp. | 4.05% | 68,622 | $12.8M | Reduce -7.8% |
| V Visa Inc. Class A | 3.92% | 35,333 | $12.4M | Add +0.8% |
| GWW WW Grainger Inc. | 2.85% | 8,925 | $9.0M | Add +0.8% |
| RSP Invesco S&P 500 Equal Weight | 2.66% | 43,943 | $8.4M | New |
| IWL iShares Russell Top 200 ETF | 2.57% | 47,632 | $8.1M | Add +0.2% |
| SCHX Schwab US Large-Cap ETF | 2.50% | 293,530 | $7.9M | No change |
| ORCL Oracle Corp. | 2.36% | 38,204 | $7.4M | Add +0.1% |
| MMM 3M Co. | 1.99% | 39,283 | $6.3M | Add +0.3% |
| EQIX Equinix Inc. | 1.96% | 8,081 | $6.2M | Add +18.8% |
| RMD Resmed Inc. | 1.96% | 25,677 | $6.2M | Add +0.4% |
| UBER Uber Technologies Inc. | 1.70% | 65,856 | $5.4M | Add +0.3% |
| ECL Ecolab Inc. | 1.68% | 20,195 | $5.3M | Add +0.4% |
| MDY State Street SPDR S&P Midcap | 1.61% | 8,448 | $5.1M | Add +584.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.57% | 32,241 | $5.0M | Add +0.6% |
| BSX Boston Scientific Corp. | 1.49% | 49,525 | $4.7M | New |
| SLB SLB Ltd. filed as SLB LIMITED | 1.42% | 117,204 | $4.5M | Reduce -2.8% |
| UNP Union Pacific Corp. | 1.42% | 19,357 | $4.5M | Add +0.8% |
| KO The Coca-Cola Co. | 1.35% | 60,822 | $4.3M | Reduce -0.1% |
| CB Chubb Ltd. | 1.29% | 13,016 | $4.1M | Reduce -0.2% |
| CRM Salesforce Inc. | 1.21% | 14,381 | $3.8M | Reduce -3.2% |
| SCHM Schwab US Mid Cap ETF | 1.16% | 122,252 | $3.7M | Reduce -0.7% |
| ACN Accenture PLC Class A | 1.06% | 12,442 | $3.3M | Reduce -5.1% |
| TMO Thermo Fisher Scientific Inc. | 1.05% | 5,700 | $3.3M | Add +0.4% |
| NOW ServiceNow Inc. | 1.02% | 21,045 | $3.2M | Add +1.1% |
| FAST Fastenal Co. | 0.98% | 76,846 | $3.1M | Add +0.3% |
| PANW Palo Alto Networks Inc. | 0.96% | 16,399 | $3.0M | Reduce -48.7% |
| UTHR United Therapeutics Corp. | 0.91% | 5,931 | $2.9M | Add +0.9% |
| HD Home Depot Inc. | 0.88% | 8,113 | $2.8M | Reduce -0.3% |
| UNH Unitedhealth Group Inc. | 0.82% | 7,824 | $2.6M | Reduce -0.3% |
| EOG EOG Resources Inc. | 0.71% | 21,496 | $2.3M | Reduce -6.4% |
| VMI Valmont Industries | 0.66% | 5,169 | $2.1M | Add +0.8% |
| SBUX Starbucks Corp. | 0.64% | 24,164 | $2.0M | Reduce -6.8% |
| LHX L3HARRIS Technologies Inc. | 0.64% | 6,884 | $2.0M | Add +0.1% |
| SYY Sysco Corp. | 0.62% | 26,620 | $2.0M | Reduce -5.6% |
| ULTA Ulta Beauty Inc. | 0.61% | 3,187 | $1.9M | Add +0.7% |
| AKAM Akamai Technologies Inc. | 0.54% | 19,682 | $1.7M | Reduce -2.5% |
| PYPL PayPal Holdings Inc. | 0.53% | 28,453 | $1.7M | Reduce -0.0% |
| EXPD Expeditors Intl Wash Inc. | 0.52% | 11,115 | $1.7M | Add +0.9% |
| IONS Ionis Pharmaceuticals Inc. | 0.51% | 20,523 | $1.6M | Add +0.6% |
| ALKS Alkermes PLC | 0.39% | 44,479 | $1.2M | Reduce -1.1% |
| FIS Fidelity National Info Serv | 0.39% | 18,677 | $1.2M | No change |
| SCHA Schwab US Small-Cap ETF | 0.38% | 42,558 | $1.2M | Reduce -1.0% |
| FISV Fiserv Inc. | 0.37% | 17,506 | $1.2M | Reduce -48.5% |
| FFIV F5 Inc. | 0.35% | 4,321 | $1.1M | Add +0.1% |
| RDN Radian Group Inc. | 0.34% | 30,034 | $1.1M | Add +0.9% |
| GNRC Generac Holdings Inc. | 0.33% | 7,734 | $1.1M | Add +0.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.33% | 20,572 | $1.0M | Reduce -46.9% |
| IVV iShares Core S&P 500 ETF | 0.32% | 1,485 | $1.0M | Add +0.3% |
| ALGN Align Technology Inc. | 0.31% | 6,292 | $982K | New |
| KNX Knight-Swift Transportation | 0.30% | 17,977 | $940K | Add +0.9% |
| CTRA Coterra Energy Inc. | 0.29% | 35,374 | $931K | Add +0.9% |
| LYFT LYFT Inc. Class A | 0.29% | 47,853 | $927K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.29% | 1,360 | $927K | Reduce -0.1% |
| MRNA Moderna Inc. | 0.28% | 30,413 | $897K | New |
| SMG Scotts Miracle-Gro Co. | 0.22% | 12,030 | $702K | Reduce -4.3% |
| GLD SPDR Gold Shares | 0.20% | 1,575 | $624K | No change |
| DINO HF Sinclair Corp. | 0.20% | 13,436 | $619K | Add +1.0% |
| SOLV Solventum Corp. | 0.19% | 7,621 | $604K | Reduce -6.8% |
| AVGO Broadcom Inc. | 0.19% | 1,720 | $595K | No change |
| XEL Xcel Energy Inc. | 0.16% | 7,011 | $518K | No change |
| SWKS Skyworks Solutions Inc. | 0.14% | 6,905 | $438K | Add +0.0% |
| IWM iShares Russell 2000 ETF | 0.12% | 1,599 | $394K | No change |
| COST Costco Wholesale Corp. | 0.11% | 403 | $347K | Reduce -2.4% |
| MDT Medtronic PLC | 0.09% | 3,111 | $299K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.09% | 587 | $295K | Reduce -2.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.09% | 881 | $295K | No change |
| LLY Eli Lilly & Co. | 0.07% | 214 | $230K | New |
| IJR iShares Core S&P Small-Cap E | 0.07% | 1,885 | $227K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -9.8% | 6.86% | −1.53 |
| PANW Palo Alto Networks Inc. | Reduce -48.7% | 0.96% | −1.17 |
| FISV Fiserv Inc. | Reduce -48.5% | 0.37% | −1.06 |
| NVDA Nvidia Corp. | Reduce -7.8% | 4.05% | −0.48 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -46.9% | 0.33% | −0.37 |
| HD Home Depot Inc. | Reduce -0.3% | 0.88% | −0.19 |
| SPSC SPS Commerce Inc. | Sold out | 0.00% | −0.18 |
| CAVA Cava Group Inc. | Sold out | 0.00% | −0.17 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.15 |
| SYY Sysco Corp. | Reduce -5.6% | 0.62% | −0.14 |
| EOG EOG Resources Inc. | Reduce -6.4% | 0.71% | −0.13 |
| PYPL PayPal Holdings Inc. | Reduce -0.0% | 0.53% | −0.10 |
| SBUX Starbucks Corp. | Reduce -6.8% | 0.64% | −0.07 |
| UNH Unitedhealth Group Inc. | Reduce -0.3% | 0.82% | −0.07 |
| ALKS Alkermes PLC | Reduce -1.1% | 0.39% | −0.05 |
| SCHM Schwab US Mid Cap ETF | Reduce -0.7% | 1.16% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -2.4% | 0.11% | −0.01 |
| SMG Scotts Miracle-Gro Co. | Reduce -4.3% | 0.22% | −0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -1.0% | 0.38% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.5% | 0.09% | −0.01 |
| SOLV Solventum Corp. | Reduce -6.8% | 0.19% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.1% | 0.29% | −0.00 |
| ACN Accenture PLC Class A | Reduce -5.1% | 1.06% | +0.00 |
| KO The Coca-Cola Co. | Reduce -0.1% | 1.35% | +0.03 |
| AKAM Akamai Technologies Inc. | Reduce -2.5% | 0.54% | +0.04 |
| CRM Salesforce Inc. | Reduce -3.2% | 1.21% | +0.06 |
| SLB SLB Ltd. | Reduce -2.8% | 1.42% | +0.07 |
| CB Chubb Ltd. | Reduce -0.2% | 1.29% | +0.09 |
| AAPL Apple Inc. | Reduce -0.6% | 6.55% | +0.19 |
| GOOGL Alphabet Inc. Class A | Reduce -7.8% | 4.88% | +0.64 |
| GOOG Alphabet Inc. Class C | Reduce -9.6% | 6.38% | +0.73 |
Portfolio Buys Q3 2025 → Q4 2025
| RSP Invesco S&P 500 Equal Weight | New | 2.66% | +2.66 |
| BSX Boston Scientific Corp. | New | 1.49% | +1.49 |
| MDY State Street SPDR S&P Midcap | Add +584.6% | 1.61% | +1.37 |
| ALGN Align Technology Inc. | New | 0.31% | +0.31 |
| LYFT LYFT Inc. Class A | New | 0.29% | +0.29 |
| MRNA Moderna Inc. | New | 0.28% | +0.28 |
| EQIX Equinix Inc. | Add +18.8% | 1.96% | +0.22 |
| AMZN Amazon.com Inc. | Add +0.1% | 7.23% | +0.15 |
| TMO Thermo Fisher Scientific Inc. | Add +0.4% | 1.05% | +0.15 |
| UTHR United Therapeutics Corp. | Add +0.9% | 0.91% | +0.11 |
| GWW WW Grainger Inc. | Add +0.8% | 2.85% | +0.10 |
| EXPD Expeditors Intl Wash Inc. | Add +0.9% | 0.52% | +0.08 |
| IONS Ionis Pharmaceuticals Inc. | Add +0.6% | 0.51% | +0.08 |
| LLY Eli Lilly & Co. | New | 0.07% | +0.07 |
| KNX Knight-Swift Transportation | Add +0.9% | 0.30% | +0.07 |
| TJX TJX Companies Inc. | Add +0.6% | 1.57% | +0.06 |
| ULTA Ulta Beauty Inc. | Add +0.7% | 0.61% | +0.05 |
| CTRA Coterra Energy Inc. | Add +0.9% | 0.29% | +0.02 |
| V Visa Inc. Class A | Add +0.8% | 3.92% | +0.02 |
| VMI Valmont Industries | Add +0.8% | 0.66% | +0.01 |
| MMM 3M Co. | Add +0.3% | 1.99% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 0.32% | −0.00 |
| IWL iShares Russell Top 200 ETF | Add +0.2% | 2.57% | −0.00 |
| RDN Radian Group Inc. | Add +0.9% | 0.34% | −0.01 |
| DINO HF Sinclair Corp. | Add +1.0% | 0.20% | −0.03 |
| SWKS Skyworks Solutions Inc. | Add +0.0% | 0.14% | −0.03 |
| LHX L3HARRIS Technologies Inc. | Add +0.1% | 0.64% | −0.05 |
| UNP Union Pacific Corp. | Add +0.8% | 1.42% | −0.06 |
| GNRC Generac Holdings Inc. | Add +0.7% | 0.33% | −0.09 |
| FFIV F5 Inc. | Add +0.1% | 0.35% | −0.11 |
| ECL Ecolab Inc. | Add +0.4% | 1.68% | −0.12 |
| NOW ServiceNow Inc. | Add +1.1% | 1.02% | −0.23 |
| FAST Fastenal Co. | Add +0.3% | 0.98% | −0.25 |
| RMD Resmed Inc. | Add +0.4% | 1.96% | −0.33 |
| UBER Uber Technologies Inc. | Add +0.3% | 1.70% | −0.39 |
| META Meta Platforms Inc. Class A | Add +0.3% | 4.76% | −0.68 |
| ORCL Oracle Corp. | Add +0.1% | 2.36% | −1.14 |
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 |