Salem Investment Counselors Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 11, 2024), Salem Investment Counselors Inc. reported 1,165 stock positions worth $3.0 billion. Its top holding was Lowe's Cos (LOW) at 18.4% of the portfolio, followed by Apple (AAPL, 5.7%) and Microsoft (MSFT, 5.6%). Compared with Q4 2023, it opened 134 new positions, sold out of 72, added to 267 and reduced 240. The biggest buy was Nvidia (NVDA, shares +1%) and the biggest sale Lowe's Cos (LOW, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- WINSTON-SALEM, NC
- CIK
- 0000884423
- Portfolio Value
- $3.0B (Q1 2024)
- SEC Filing
- 0001420506-24-000574 ↗ filed Apr 11, 2024
Holdings Value
Holdings 1,165 stocks · $3.0B
| LOW Lowe's Cos Inc. | 18.41% | 2,200,879 | $560.6M | Reduce -36.2% |
| AAPL Apple Inc. | 5.72% | 1,015,952 | $174.2M | Reduce -0.2% |
| MSFT Microsoft Corp. | 5.59% | 404,978 | $170.4M | Add +0.5% |
| NVDA Nvidia Corp. | 4.87% | 163,984 | $148.2M | Add +1.0% |
| AMZN Amazon.com Inc. | 2.81% | 474,053 | $85.5M | Add +1.2% |
| META Meta Platforms Inc. Class A | 2.67% | 167,514 | $81.3M | Add +0.4% |
| GOOG Alphabet Inc. Class C | 2.53% | 506,561 | $77.1M | Add +0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.46% | 177,929 | $74.8M | Add +1.9% |
| LLY Eli Lilly & Co. | 1.85% | 72,338 | $56.3M | Add +2.8% |
| PEP Pepsico Inc. | 1.71% | 296,098 | $52.1M | Add +2.5% |
| LEN Lennar Corp. Class A | 1.55% | 273,918 | $47.1M | Add +0.9% |
| JPM JPMorgan Chase & Co. | 1.52% | 231,388 | $46.3M | Add +1.9% |
| GRBK Green Brick Partners Inc. | 1.46% | 737,138 | $44.4M | Add +1.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.45% | 1,168,247 | $44.3M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 1.42% | 286,267 | $43.2M | Add +3.1% |
| MU Micron Technology Inc. | 1.39% | 359,608 | $42.4M | Reduce -0.8% |
| PLTR Palantir Technologies Inc. Class A | 1.29% | 1,711,203 | $39.4M | Add +4.2% |
| MRK Merck & Co. Inc. | 1.09% | 249,892 | $33.1M | Add +2.2% |
| WRK Westrock Co. | 0.98% | 600,682 | $29.7M | No change |
| ACN Accenture PLC Class A | 0.97% | 84,839 | $29.4M | Add +0.8% |
| AMD Advanced Micro Devices | 0.94% | 157,816 | $28.5M | Add +6.1% |
| JNJ Johnson & Johnson | 0.93% | 178,529 | $28.2M | Add +2.3% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.90% | 2,303,930 | $27.5M | Add +7.0% |
| ISRG Intuitive Surgical Inc. | 0.80% | 61,025 | $24.4M | Add +3.1% |
| ABBV Abbvie Inc. | 0.76% | 126,962 | $23.1M | Add +0.6% |
| RTX RTX Corp. | 0.75% | 233,932 | $22.8M | Add +3.4% |
| SCHM Schwab US Mid Cap ETF | 0.67% | 250,866 | $20.4M | Reduce -0.8% |
| WMT Walmart Inc. | 0.66% | 332,907 | $20.1M | Reduce -1.6% |
| SCHX Schwab US Large-Cap ETF | 0.64% | 313,480 | $19.5M | Add +0.8% |
| QCOM Qualcomm Inc. | 0.64% | 114,348 | $19.4M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 0.63% | 38,702 | $19.1M | Add +7.8% |
| V Visa Inc. Class A | 0.60% | 65,501 | $18.3M | Add +0.7% |
| CSCO Cisco Systems Inc. | 0.58% | 355,438 | $17.7M | Add +1.5% |
| PG The Procter & Gamble Co. | 0.58% | 108,249 | $17.6M | Add +2.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.56% | 68,232 | $17.0M | Add +1.5% |
| COST Costco Wholesale Corp. | 0.56% | 23,254 | $17.0M | Add +3.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.54% | 71,839 | $16.4M | Add +2.5% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.51% | 54,266 | $15.6M | Add +0.2% |
| CAT Caterpillar Inc. | 0.50% | 41,936 | $15.4M | Reduce -0.5% |
| MCD McDonald's Corp. | 0.48% | 52,164 | $14.7M | Add +1.0% |
| BSX Boston Scientific Corp. | 0.47% | 211,218 | $14.5M | Add +12.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 27,543 | $14.5M | Add +0.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.47% | 104,298 | $14.2M | Reduce -3.9% |
| BCPC Balchem Corp. | 0.43% | 84,845 | $13.1M | No change |
| HON Honeywell International Inc. | 0.41% | 61,346 | $12.6M | Reduce -1.1% |
| ROP Roper Technologies Inc. | 0.41% | 22,389 | $12.6M | Add +1.8% |
| TFC Truist Financial Corp. | 0.38% | 300,635 | $11.7M | Reduce -3.4% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.36% | 90,359 | $11.0M | Add +0.1% |
| CVS CVS Health Corp. | 0.35% | 135,193 | $10.8M | Reduce -1.7% |
| KBH KB Home | 0.35% | 149,300 | $10.6M | Add +8.7% |
| HD Home Depot Inc. | 0.33% | 26,560 | $10.2M | Reduce -2.5% |
| TMO Thermo Fisher Scientific Inc. | 0.33% | 17,060 | $9.9M | Add +13.3% |
| GEHC GE Healthcare Technology | 0.32% | 106,917 | $9.7M | Add +50.1% |
| ABT Abbott Laboratories | 0.31% | 83,078 | $9.4M | Reduce -0.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.30% | 28,094 | $9.0M | Add +0.1% |
| TTE Totalenergies SE -Spon ADR | 0.28% | 122,411 | $8.5M | Reduce -0.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.28% | 127,216 | $8.4M | Add +12.2% |
| KMB Kimberly-Clark Corp. | 0.28% | 64,546 | $8.4M | Add +0.9% |
| SCHA Schwab US Small-Cap ETF | 0.28% | 170,352 | $8.4M | Add +2.0% |
| PSX Phillips 66 | 0.27% | 50,172 | $8.2M | Reduce -3.8% |
| XOM Exxon Mobil Corp. | 0.26% | 69,165 | $8.0M | Reduce -1.2% |
| STZ Constellation Brands Inc. Class A | 0.24% | 27,386 | $7.4M | Add +0.6% |
| MMM 3M Co. | 0.24% | 69,329 | $7.4M | Reduce -8.7% |
| CL Colgate-Palmolive Co. | 0.23% | 78,803 | $7.1M | Reduce -2.5% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.23% | 85,113 | $6.9M | Add +6.1% |
| IWR iShares Russell Mid-Cap ETF | 0.22% | 81,000 | $6.8M | Reduce -0.1% |
| MDLZ Mondelez International Inc. Class A | 0.22% | 96,412 | $6.8M | Add +1.2% |
| KO The Coca-Cola Co. | 0.22% | 110,134 | $6.8M | Reduce -1.5% |
| INTC Intel Corp. | 0.22% | 152,305 | $6.7M | Reduce -2.0% |
| ALSN Allison Transmission Holding | 0.22% | 82,825 | $6.7M | Reduce -4.7% |
| VOO Vanguard S&P 500 ETF | 0.21% | 13,531 | $6.5M | Reduce -1.2% |
| ARCC Ares Capital Corp. | 0.21% | 308,645 | $6.4M | Add +9.0% |
| AMGN Amgen Inc. | 0.21% | 22,512 | $6.4M | Add +17.9% |
| KMI Kinder Morgan Inc. | 0.21% | 347,583 | $6.4M | Add +1.8% |
| TXT Textron Inc. | 0.21% | 66,315 | $6.4M | Reduce -0.4% |
| AEP American Electric Power | 0.21% | 73,779 | $6.4M | Add +433.7% |
| WM Waste Management Inc. | 0.20% | 28,797 | $6.1M | Add +12.8% |
| ET Energy Transfer LP | 0.20% | 383,774 | $6.0M | Reduce -0.3% |
| EPD Enterprise Products Partners | 0.20% | 205,591 | $6.0M | Reduce -0.1% |
| FDX FedEx Corp. | 0.19% | 20,289 | $5.9M | Add +5.6% |
| PBR Petroleo Brasileiro-Spon ADR | 0.18% | 368,541 | $5.6M | Add +1.9% |
| DNA Ginkgo Bioworks Holdings Inc. | 0.18% | 4,758,585 | $5.5M | Add +110.6% |
| SON Sonoco Products Co. | 0.18% | 94,713 | $5.5M | Add +1.7% |
| IVV iShares Core S&P 500 ETF | 0.18% | 10,283 | $5.4M | Add +0.9% |
| FLO Flowers Foods Inc. | 0.18% | 225,959 | $5.4M | Reduce -1.3% |
| CVX Chevron Corp. | 0.17% | 33,608 | $5.3M | Add +7.8% |
| OBDC Blue Owl Capital Corp. | 0.17% | 332,540 | $5.3M | Add +6.8% |
| SMCI Super Micro Computer Inc. | 0.17% | 5,167 | $5.2M | Reduce -7.6% |
| LOB Live Oak Bancshares Inc. | 0.17% | 125,015 | $5.2M | Reduce -16.3% |
| MLM Martin Marietta Materials | 0.17% | 8,363 | $5.1M | Add +0.1% |
| NUE Nucor Corp. | 0.17% | 25,507 | $5.1M | Reduce -1.2% |
| NGVT Ingevity Corp. | 0.16% | 102,398 | $4.9M | Add +17.2% |
| WSM Williams-Sonoma Inc. | 0.16% | 14,905 | $4.7M | Reduce -1.1% |
| ABNB Airbnb Inc. Class A | 0.15% | 28,029 | $4.6M | Reduce -35.4% |
| TT Trane Technologies PLC | 0.15% | 15,187 | $4.6M | Reduce -0.0% |
| MTD Mettler-Toledo International | 0.14% | 3,300 | $4.4M | No change |
| FANG Diamondback Energy Inc. | 0.14% | 21,640 | $4.3M | Reduce -0.2% |
| ORCL Oracle Corp. | 0.14% | 33,902 | $4.3M | Add +144.3% |
| NEE Nextera Energy Inc. | 0.14% | 66,413 | $4.2M | Add +1.1% |
| DFS Discover Financial Services | 0.14% | 31,725 | $4.2M | Reduce -36.8% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $11K (not counted above)
Lines left out (2) · $195 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| VICI Vici Properties Inc. | COM | 0 | $169 |
| IEP Icahn Enterprises LP | DEPOSITARY UNIT | 0 | $26 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $3.0B.
Portfolio Sells Q4 2023 → Q1 2024
| LOW Lowe's Cos Inc. | Reduce -36.2% | 18.41% | −7.91 |
| AAPL Apple Inc. | Reduce -0.2% | 5.72% | −0.99 |
| LOB Live Oak Bancshares Inc. | Reduce -16.3% | 0.17% | −0.06 |
| DFS Discover Financial Services | Reduce -36.8% | 0.14% | −0.06 |
| ABNB Airbnb Inc. Class A | Reduce -35.4% | 0.15% | −0.05 |
| INTC Intel Corp. | Reduce -2.0% | 0.22% | −0.05 |
| SRDX Surmodics Inc. | Reduce -6.9% | 0.12% | −0.05 |
| SPLK Splunk Inc. | Sold out | 0.00% | −0.04 |
| MMM 3M Co. | Reduce -8.7% | 0.24% | −0.04 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| PFE Pfizer Inc. | Reduce -15.1% | 0.12% | −0.03 |
| HON Honeywell International Inc. | Reduce -1.1% | 0.41% | −0.03 |
| UI Ubiquiti Inc. | Reduce -0.5% | 0.09% | −0.02 |
| CSX CSX Corp. | Reduce -69.2% | 0.01% | −0.02 |
| CVS CVS Health Corp. | Reduce -1.7% | 0.35% | −0.02 |
| FRPH FRP Holdings Inc. | Reduce -6.7% | 0.11% | −0.02 |
| MUB iShares National Muni Bond E | Sold out | 0.00% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -25.6% | 0.05% | −0.01 |
| MO Altria Group Inc. | Reduce -19.9% | 0.05% | −0.01 |
| NKE Nike Inc. Class B | Reduce -3.3% | 0.04% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -7.6% | 0.14% | −0.01 |
| TFC Truist Financial Corp. | Reduce -3.4% | 0.38% | −0.01 |
| HSIC Henry Schein Inc. | Reduce -5.1% | 0.08% | −0.01 |
| MGA Magna International Inc. | Reduce -22.4% | 0.02% | −0.01 |
| DUK Duke Energy Corp. | Reduce -1.4% | 0.13% | −0.01 |
| AVTR Avantor Inc. | Reduce -91.3% | 0.00% | −0.01 |
| LNC Lincoln National Corp. | Reduce -21.6% | 0.06% | −0.01 |
| TTE Totalenergies SE -Spon ADR | Reduce -0.3% | 0.28% | −0.01 |
| SCHF Schwab Intl Equity ETF | Reduce -6.3% | 0.12% | −0.01 |
| NEM Newmont Corp. | Reduce -2.1% | 0.03% | −0.01 |
| SNAP Snap Inc. Class A | Reduce -4.9% | 0.01% | −0.01 |
| BA The Boeing Co. | Reduce -15.1% | 0.01% | −0.01 |
| DWSN Dawson Geophysical Co. | Reduce -25.5% | 0.01% | −0.01 |
| IQV Iqvia Holdings Inc. | Reduce -52.5% | 0.01% | −0.01 |
| SCHR Schwab Intermediate-Term US | Reduce -0.8% | 0.07% | −0.01 |
| O Realty Income Corp. | Reduce -70.2% | 0.00% | −0.00 |
| BABA Alibaba Group Holding-SP ADR | Reduce -18.5% | 0.01% | −0.00 |
| QLYS Qualys Inc. | Sold out | 0.00% | −0.00 |
| ABT Abbott Laboratories | Reduce -0.1% | 0.31% | −0.00 |
| WAT Waters Corp. | Sold out | 0.00% | −0.00 |
| SMPL The Simply Good Foods Co. | Reduce -50.3% | 0.00% | −0.00 |
| VTRS Viatris Inc. | Reduce -16.7% | 0.02% | −0.00 |
| KO The Coca-Cola Co. | Reduce -1.5% | 0.22% | −0.00 |
| CEDAR FAIR LP | Reduce -50.0% | 0.00% | −0.00 |
| PFM Invesco Dividend Achievers E | Sold out | 0.00% | −0.00 |
| MSM MSC Industrial Direct Co. Class A | Sold out | 0.00% | −0.00 |
| WPC WP Carey Inc. | Reduce -48.1% | 0.00% | −0.00 |
| CMCSA Comcast Corp. Class A | Reduce -1.2% | 0.03% | −0.00 |
| XYZ Block Inc. | Reduce -18.2% | 0.01% | −0.00 |
| BDX Becton Dickinson and Co. | Reduce -53.9% | 0.00% | −0.00 |
Portfolio Buys Q4 2023 → Q1 2024
| NVDA Nvidia Corp. | Add +1.0% | 4.87% | +2.11 |
| META Meta Platforms Inc. Class A | Add +0.4% | 2.67% | +0.65 |
| LLY Eli Lilly & Co. | Add +2.8% | 1.85% | +0.44 |
| MSFT Microsoft Corp. | Add +0.5% | 5.59% | +0.40 |
| AMZN Amazon.com Inc. | Add +1.2% | 2.81% | +0.37 |
| PLTR Palantir Technologies Inc. Class A | Add +4.2% | 1.29% | +0.33 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.9% | 2.46% | +0.32 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +7.0% | 0.90% | +0.29 |
| JPM JPMorgan Chase & Co. | Add +1.9% | 1.52% | +0.20 |
| AMD Advanced Micro Devices | Add +6.1% | 0.94% | +0.18 |
| AEP American Electric Power | Add +433.7% | 0.21% | +0.17 |
| MRK Merck & Co. Inc. | Add +2.2% | 1.09% | +0.17 |
| GRBK Green Brick Partners Inc. | Add +1.7% | 1.46% | +0.17 |
| LEN Lennar Corp. Class A | Add +0.9% | 1.55% | +0.16 |
| GEHC GE Healthcare Technology | Add +50.1% | 0.32% | +0.13 |
| EVH Evolent Health Inc. Class A | Add +1223.7% | 0.13% | +0.12 |
| ISRG Intuitive Surgical Inc. | Add +3.1% | 0.80% | +0.12 |
| BAC Bank of America Corp. | Add +0.2% | 1.45% | +0.11 |
| BSX Boston Scientific Corp. | Add +12.4% | 0.47% | +0.10 |
| PNC PNC Financial Services Group | Add +2323.2% | 0.10% | +0.10 |
| RTX RTX Corp. | Add +3.4% | 0.75% | +0.10 |
| GOOG Alphabet Inc. Class C | Add +0.3% | 2.53% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +3.1% | 1.42% | +0.09 |
| ORCL Oracle Corp. | Add +144.3% | 0.14% | +0.09 |
| ABBV Abbvie Inc. | Add +0.6% | 0.76% | +0.09 |
| QCOM Qualcomm Inc. | Add +0.3% | 0.64% | +0.07 |
| KBH KB Home | Add +8.7% | 0.35% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | Add +13.3% | 0.33% | +0.05 |
| DNA Ginkgo Bioworks Holdings Inc. | Add +110.6% | 0.18% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +0.1% | 0.30% | +0.05 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +528.4% | 0.06% | +0.05 |
| PG The Procter & Gamble Co. | Add +2.5% | 0.58% | +0.05 |
| ASML ASML Holding NV-NY Reg SHS | Add +41.1% | 0.11% | +0.05 |
| WM Waste Management Inc. | Add +12.8% | 0.20% | +0.04 |
| COST Costco Wholesale Corp. | Add +3.2% | 0.56% | +0.04 |
| SCHX Schwab US Large-Cap ETF | Add +0.8% | 0.64% | +0.04 |
| ENB Enbridge Inc. | Add +157.7% | 0.06% | +0.04 |
| AMLP Alerian MLP ETF | Add +48.9% | 0.10% | +0.04 |
| SYK Stryker Corp. | Add +119.4% | 0.06% | +0.03 |
| OXY Occidental Petroleum Corp. | Add +216.1% | 0.05% | +0.03 |
| IRM Iron Mountain Inc. | Add +6.1% | 0.23% | +0.03 |
| TAP Molson Coors Beverage Co. Class B | Add +990.7% | 0.03% | +0.03 |
| AVGO Broadcom Inc. | Add +18.0% | 0.11% | +0.03 |
| ULST SS Ultra Short TM Bond ETF | New | 0.03% | +0.03 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Add +0.2% | 0.51% | +0.03 |
| TROW T Rowe Price Group Inc. | Add +0.1% | 0.36% | +0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +2.5% | 0.54% | +0.03 |
| FDX FedEx Corp. | Add +5.6% | 0.19% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.5% | 0.47% | +0.03 |
| MLM Martin Marietta Materials | Add +0.1% | 0.17% | +0.03 |
Notes & Other Activity Q4 2023 → Q1 2024
| WBXWF Wallbox BV Class A -CW26 | *W EXP 10/01/202 | Reduce -0.6% | 35,127 | $7K |
| VICI Vici Properties Inc. | COM | Reduce -100.0% | 0 | $169 |
| IEP Icahn Enterprises LP | DEPOSITARY UNIT | Reduce -100.0% | 0 | $26 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,236 | $4.0B | LOW, NVDA, AAPL, MU, GOOG |
| Q1 2026Amended | 1,235 | $3.4B | LOW, NVDA, AAPL, MSFT, GOOG |
| Q4 2025 | 391 | $3.5B | LOW, NVDA, AAPL, MSFT, GOOG |
| Q3 2025 | 1,209 | $3.5B | LOW, NVDA, AAPL, MSFT, PLTR |
| Q2 2025Amended | 1,168 | $3.2B | LOW, NVDA, AAPL, MSFT, META |
| Q1 2025 | 1,216 | $2.9B | LOW, AAPL, NVDA, MSFT, META |
| Q4 2024 | 1,200 | $3.0B | LOW, AAPL, NVDA, MSFT, AMZN |
| Q3 2024 | 1,184 | $3.3B | LOW, AAPL, NVDA, MSFT, META |
| Q2 2024 | 1,162 | $3.1B | LOW, AAPL, NVDA, MSFT, AMZN |
| Q1 2024 | 1,165 | $3.0B | LOW, AAPL, MSFT, NVDA, AMZN |