Salem Investment Counselors Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Salem Investment Counselors Inc. reported 1,184 stock positions worth $3.3 billion. Its top holding was Lowe's Cos (LOW) at 17.3% of the portfolio, followed by Apple (AAPL, 7.0%) and Nvidia (NVDA, 5.8%). Compared with Q2 2024, it opened 70 new positions, sold out of 49, added to 238 and reduced 209. The biggest buy was a new position in Smurfit Westrock (SW) and the biggest sale an exit from Westrock (WRK).
- Most Recent 13F
- Q2 2026
- Location
- WINSTON-SALEM, NC
- CIK
- 0000884423
- Portfolio Value
- $3.3B (Q3 2024)
- SEC Filing
- 0001420506-24-002106 ↗ filed Oct 15, 2024
Holdings Value
Holdings 1,184 stocks · $3.3B
| LOW Lowe's Cos Inc. | 17.32% | 2,123,869 | $575.2M | Reduce -3.4% |
| AAPL Apple Inc. | 7.02% | 1,001,412 | $233.3M | Reduce -0.3% |
| NVDA Nvidia Corp. | 5.81% | 1,588,076 | $192.9M | Add +2.8% |
| MSFT Microsoft Corp. | 5.26% | 406,015 | $174.7M | Add +0.4% |
| META Meta Platforms Inc. Class A | 2.94% | 170,848 | $97.8M | Reduce -0.2% |
| AMZN Amazon.com Inc. | 2.74% | 487,695 | $90.9M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 2.56% | 508,040 | $84.9M | Add +0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.45% | 177,151 | $81.5M | Reduce -0.2% |
| PLTR Palantir Technologies Inc. Class A | 1.90% | 1,692,890 | $63.0M | Reduce -1.6% |
| LLY Eli Lilly & Co. | 1.89% | 70,881 | $62.8M | Reduce -0.9% |
| GRBK Green Brick Partners Inc. | 1.86% | 739,068 | $61.7M | Reduce -0.6% |
| LEN Lennar Corp. Class A | 1.54% | 272,249 | $51.0M | Add +0.2% |
| PEP Pepsico Inc. | 1.48% | 289,771 | $49.3M | Reduce -2.5% |
| JPM JPMorgan Chase & Co. | 1.48% | 233,282 | $49.2M | Add +1.2% |
| GOOGL Alphabet Inc. Class A | 1.40% | 280,215 | $46.5M | Reduce -0.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.37% | 1,147,721 | $45.5M | Reduce -0.1% |
| MU Micron Technology Inc. | 1.11% | 355,323 | $36.9M | Add +0.3% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.96% | 2,332,757 | $31.8M | Add +0.1% |
| ISRG Intuitive Surgical Inc. | 0.93% | 62,900 | $30.9M | Add +1.1% |
| SW Smurfit Westrock PLC | 0.88% | 589,664 | $29.1M | New |
| JNJ Johnson & Johnson | 0.87% | 179,036 | $29.0M | Reduce -0.2% |
| MRK Merck & Co. Inc. | 0.87% | 253,371 | $28.9M | Add +0.3% |
| ACN Accenture PLC Class A | 0.84% | 79,068 | $27.9M | Reduce -3.4% |
| RTX RTX Corp. | 0.83% | 226,491 | $27.4M | Reduce -0.6% |
| AMD Advanced Micro Devices | 0.82% | 165,196 | $27.1M | Add +0.6% |
| WMT Walmart Inc. | 0.81% | 332,764 | $26.9M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.78% | 131,022 | $25.9M | Add +0.2% |
| V Visa Inc. Class A | 0.67% | 81,295 | $22.4M | Add +1.6% |
| UNH Unitedhealth Group Inc. | 0.67% | 37,811 | $22.1M | Reduce -4.5% |
| COST Costco Wholesale Corp. | 0.64% | 23,989 | $21.3M | Add +0.6% |
| SCHX Schwab US Large-Cap ETF | 0.64% | 311,315 | $21.1M | Reduce -0.5% |
| SCHM Schwab US Mid Cap ETF | 0.60% | 239,580 | $19.9M | Reduce -0.6% |
| QCOM Qualcomm Inc. | 0.58% | 113,882 | $19.4M | Reduce -0.2% |
| PG The Procter & Gamble Co. | 0.57% | 109,612 | $19.0M | Add +0.6% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.55% | 57,243 | $18.4M | Reduce -0.2% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.54% | 68,033 | $17.9M | Reduce -0.2% |
| CSCO Cisco Systems Inc. | 0.54% | 335,334 | $17.8M | Reduce -1.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.54% | 102,701 | $17.8M | Reduce -0.9% |
| BSX Boston Scientific Corp. | 0.54% | 212,647 | $17.8M | Add +0.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.51% | 71,753 | $17.1M | Add +0.1% |
| CAT Caterpillar Inc. | 0.50% | 42,143 | $16.5M | Add +0.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.49% | 28,524 | $16.4M | Add +1.6% |
| MCD McDonald's Corp. | 0.48% | 51,822 | $15.8M | Reduce -1.1% |
| BCPC Balchem Corp. | 0.42% | 79,345 | $14.0M | No change |
| KBH KB Home | 0.39% | 150,935 | $12.9M | Add +0.0% |
| TFC Truist Financial Corp. | 0.38% | 291,241 | $12.5M | Reduce -1.2% |
| HON Honeywell International Inc. | 0.36% | 57,418 | $11.9M | Reduce -3.0% |
| GEHC GE Healthcare Technology | 0.35% | 123,325 | $11.6M | Add +1.7% |
| ROP Roper Technologies Inc. | 0.34% | 20,480 | $11.4M | Add +0.1% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.32% | 88,982 | $10.6M | Add +0.5% |
| XOM Exxon Mobil Corp. | 0.31% | 89,078 | $10.4M | Add +0.4% |
| TMO Thermo Fisher Scientific Inc. | 0.31% | 16,734 | $10.4M | Reduce -0.1% |
| KMB Kimberly-Clark Corp. | 0.28% | 65,078 | $9.3M | Add +0.7% |
| ABT Abbott Laboratories | 0.28% | 81,539 | $9.3M | Reduce -0.6% |
| HD Home Depot Inc. | 0.27% | 22,454 | $9.1M | Reduce -0.6% |
| MMM 3M Co. | 0.27% | 66,346 | $9.1M | Reduce -2.2% |
| SCHA Schwab US Small-Cap ETF | 0.25% | 163,515 | $8.4M | Reduce -1.9% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.25% | 76,083 | $8.3M | Reduce -8.2% |
| CL Colgate-Palmolive Co. | 0.25% | 79,558 | $8.3M | Reduce -0.2% |
| AEP American Electric Power | 0.24% | 78,001 | $8.0M | Add +1.5% |
| KO The Coca-Cola Co. | 0.24% | 110,587 | $8.0M | Add +1.0% |
| CVS CVS Health Corp. | 0.24% | 125,991 | $7.9M | Reduce -3.2% |
| AMGN Amgen Inc. | 0.24% | 24,271 | $7.8M | Add +2.9% |
| ALSN Allison Transmission Holding | 0.23% | 79,641 | $7.7M | Reduce -2.6% |
| KMI Kinder Morgan Inc. | 0.23% | 340,975 | $7.5M | Add +0.3% |
| VOO Vanguard S&P 500 ETF | 0.22% | 13,942 | $7.4M | Add +1.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.22% | 101,919 | $7.3M | Reduce -19.4% |
| MDLZ Mondelez International Inc. Class A | 0.21% | 95,518 | $7.0M | Add +2.0% |
| IWR iShares Russell Mid-Cap ETF | 0.21% | 77,555 | $6.8M | Reduce -3.0% |
| TTE Totalenergies SE -Spon ADR | 0.20% | 102,251 | $6.6M | Reduce -16.2% |
| PSX Phillips 66 | 0.20% | 49,912 | $6.6M | Add +0.3% |
| EVH Evolent Health Inc. Class A | 0.19% | 228,786 | $6.5M | Add +1.3% |
| ARCC Ares Capital Corp. | 0.19% | 298,505 | $6.3M | Reduce -2.9% |
| IVV iShares Core S&P 500 ETF | 0.19% | 10,793 | $6.2M | Add +5.3% |
| TXT Textron Inc. | 0.19% | 69,809 | $6.2M | Reduce -0.8% |
| WM Waste Management Inc. | 0.19% | 29,777 | $6.2M | Add +1.5% |
| ET Energy Transfer LP | 0.19% | 384,774 | $6.2M | No change |
| EPD Enterprise Products Partners | 0.18% | 207,791 | $6.0M | Add +1.6% |
| PBR Petroleo Brasileiro-Spon ADR | 0.18% | 416,311 | $6.0M | Add +0.5% |
| STZ Constellation Brands Inc. Class A | 0.18% | 23,178 | $6.0M | Reduce -16.7% |
| TT Trane Technologies PLC | 0.18% | 15,192 | $5.9M | Add +0.0% |
| ORCL Oracle Corp. | 0.17% | 33,724 | $5.7M | Reduce -0.2% |
| NEE Nextera Energy Inc. | 0.17% | 66,575 | $5.6M | Add +1.2% |
| FDX FedEx Corp. | 0.17% | 20,441 | $5.6M | Add +0.5% |
| OBDC Blue Owl Capital Corp. | 0.16% | 373,245 | $5.4M | Add +3.8% |
| CVX Chevron Corp. | 0.16% | 35,303 | $5.2M | Add +3.0% |
| FLO Flowers Foods Inc. | 0.16% | 224,441 | $5.2M | Reduce -0.5% |
| SON Sonoco Products Co. | 0.15% | 92,036 | $5.0M | Add +0.0% |
| DUK Duke Energy Corp. | 0.15% | 43,360 | $5.0M | Add +10.5% |
| UI Ubiquiti Inc. | 0.15% | 22,384 | $5.0M | No change |
| MTD Mettler-Toledo International | 0.15% | 3,300 | $4.9M | No change |
| VIG Vanguard Dividend Apprec ETF | 0.14% | 23,750 | $4.7M | Add +1.0% |
| AVGO Broadcom Inc. | 0.14% | 27,136 | $4.7M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.14% | 16,237 | $4.6M | Reduce -42.9% |
| MLM Martin Marietta Materials | 0.14% | 8,357 | $4.5M | Reduce -0.1% |
| SRDX Surmodics Inc. | 0.14% | 115,950 | $4.5M | Reduce -3.9% |
| DFS Discover Financial Services | 0.13% | 31,327 | $4.4M | Reduce -0.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.13% | 5,010 | $4.2M | Add +18.6% |
| TSLA Tesla Inc. | 0.13% | 15,881 | $4.2M | Add +1.4% |
| LOB Live Oak Bancshares Inc. | 0.12% | 87,360 | $4.1M | Reduce -4.9% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $3K (not counted above)
Total filed on the 13F, all lines: $3.3B.
Portfolio Sells Q2 2024 → Q3 2024
| WRK Westrock Co. | Sold out | 0.00% | −0.97 |
| GOOGL Alphabet Inc. Class A | Reduce -0.7% | 1.40% | −0.26 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -42.9% | 0.14% | −0.21 |
| LLY Eli Lilly & Co. | Reduce -0.9% | 1.89% | −0.20 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.19 |
| QCOM Qualcomm Inc. | Reduce -0.2% | 0.58% | −0.15 |
| WSM Williams-Sonoma Inc. | Reduce -99.7% | 0.00% | −0.13 |
| BAC Bank of America Corp. | Reduce -0.1% | 1.37% | −0.10 |
| PEP Pepsico Inc. | Reduce -2.5% | 1.48% | −0.10 |
| TTE Totalenergies SE -Spon ADR | Reduce -16.2% | 0.20% | −0.06 |
| TROW T Rowe Price Group Inc. | Reduce -8.2% | 0.25% | −0.06 |
| STZ Constellation Brands Inc. Class A | Reduce -16.7% | 0.18% | −0.05 |
| HON Honeywell International Inc. | Reduce -3.0% | 0.36% | −0.05 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -19.4% | 0.22% | −0.05 |
| INTC Intel Corp. | Reduce -7.0% | 0.09% | −0.05 |
| LNC Lincoln National Corp. | Reduce -86.6% | 0.01% | −0.05 |
| NGVT Ingevity Corp. | Reduce -24.0% | 0.08% | −0.04 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.9% | 0.54% | −0.04 |
| ABNB Airbnb Inc. Class A | Reduce -2.0% | 0.10% | −0.03 |
| SRDX Surmodics Inc. | Reduce -3.9% | 0.14% | −0.03 |
| FANG Diamondback Energy Inc. | Reduce -0.1% | 0.11% | −0.03 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Reduce -0.2% | 0.55% | −0.03 |
| DNA Ginkgo Bioworks Holdings Inc. | Reduce -72.3% | 0.00% | −0.03 |
| ENVX Enovix Corp. | Reduce -10.6% | 0.02% | −0.02 |
| ARCC Ares Capital Corp. | Reduce -2.9% | 0.19% | −0.02 |
| DIS The Walt Disney Co. | Reduce -23.1% | 0.04% | −0.02 |
| SCHX Schwab US Large-Cap ETF | Reduce -0.5% | 0.64% | −0.01 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -4.5% | 0.11% | −0.01 |
| MLM Martin Marietta Materials | Reduce -0.1% | 0.14% | −0.01 |
| C Citigroup Inc. | Reduce -5.1% | 0.07% | −0.01 |
| JPST JPMorgan Ultra-Short Income | Reduce -6.4% | 0.07% | −0.01 |
| CVS CVS Health Corp. | Reduce -3.2% | 0.24% | −0.01 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -5.2% | 0.03% | −0.01 |
| TXT Textron Inc. | Reduce -0.8% | 0.19% | −0.01 |
| CPRT Copart Inc. | Reduce -1.5% | 0.07% | −0.01 |
| CRGY Crescent Energy Inc. Class A | Sold out | 0.00% | −0.01 |
| SNAP Snap Inc. Class A | Reduce -19.4% | 0.01% | −0.01 |
| SCHM Schwab US Mid Cap ETF | Reduce -0.6% | 0.60% | −0.01 |
| CDE Coeur Mining Inc. | Reduce -19.8% | 0.07% | −0.01 |
| JEPI JPMorgan Equity Premium Inco | Reduce -75.3% | 0.00% | −0.01 |
| FLO Flowers Foods Inc. | Reduce -0.5% | 0.16% | −0.01 |
| TOST Toast Inc. Class A | Reduce -63.6% | 0.00% | −0.01 |
| XLE SS Energy Select Sector | Reduce -4.8% | 0.03% | −0.01 |
| PFE Pfizer Inc. | Reduce -1.1% | 0.11% | −0.01 |
| SOLV Solventum Corp. | Reduce -34.5% | 0.02% | −0.01 |
| COP Conocophillips | Reduce -3.6% | 0.02% | −0.00 |
| EMR Emerson Electric Co. | Reduce -1.9% | 0.05% | −0.00 |
| WFC Wells Fargo & Co. | Reduce -3.3% | 0.03% | −0.00 |
| HUBB Hubbell Inc. | Reduce -12.4% | 0.09% | −0.00 |
| ECHO Echostar Corp. Class A | Reduce -41.5% | 0.01% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| SW Smurfit Westrock PLC | New | 0.88% | +0.88 |
| LEN Lennar Corp. Class A | Add +0.2% | 1.54% | +0.22 |
| HRI Herc Holdings Inc. | Add +252.1% | 0.10% | +0.08 |
| IRM Iron Mountain Inc. | Add +0.5% | 0.32% | +0.06 |
| ABBV Abbvie Inc. | Add +0.2% | 0.78% | +0.06 |
| EVH Evolent Health Inc. Class A | Add +1.3% | 0.19% | +0.06 |
| ZS Zscaler Inc. | Add +2841.8% | 0.05% | +0.05 |
| KBH KB Home | Add +0.0% | 0.39% | +0.05 |
| CAT Caterpillar Inc. | Add +0.6% | 0.50% | +0.05 |
| GEHC GE Healthcare Technology | Add +1.7% | 0.35% | +0.04 |
| DELL Dell Technologies -C | Add +2132.0% | 0.04% | +0.04 |
| ISRG Intuitive Surgical Inc. | Add +1.1% | 0.93% | +0.04 |
| TSLA Tesla Inc. | Add +1.4% | 0.13% | +0.03 |
| DUK Duke Energy Corp. | Add +10.5% | 0.15% | +0.02 |
| AEP American Electric Power | Add +1.5% | 0.24% | +0.02 |
| NEE Nextera Energy Inc. | Add +1.2% | 0.17% | +0.02 |
| TT Trane Technologies PLC | Add +0.0% | 0.18% | +0.02 |
| AVTR Avantor Inc. | Add +21.3% | 0.06% | +0.02 |
| MELI MercadoLibre Inc. | Add +5.2% | 0.08% | +0.02 |
| KO The Coca-Cola Co. | Add +1.0% | 0.24% | +0.01 |
| PM Philip Morris International | Add +7.8% | 0.08% | +0.01 |
| EME Emcor Group Inc. | New | 0.01% | +0.01 |
| TERN Terns Pharmaceuticals Inc. | Add +1.4% | 0.09% | +0.01 |
| MDLZ Mondelez International Inc. Class A | Add +2.0% | 0.21% | +0.01 |
| PNC PNC Financial Services Group | Add +2.0% | 0.11% | +0.01 |
| AI C3.AI Inc. Class A | Add +192.7% | 0.02% | +0.01 |
| BSX Boston Scientific Corp. | Add +0.4% | 0.54% | +0.01 |
| SYK Stryker Corp. | Add +15.1% | 0.08% | +0.01 |
| RSP Invesco S&P 500 Equal Weight | Add +61.1% | 0.02% | +0.01 |
| AGG iShares Core U.S. Aggregate | Add +14.5% | 0.09% | +0.01 |
| ABCL Abcellera Biologics Inc. | Add +203.4% | 0.01% | +0.01 |
| KMI Kinder Morgan Inc. | Add +0.3% | 0.23% | +0.01 |
| EXP Eagle Materials Inc. | New | 0.01% | +0.01 |
| ENB Enbridge Inc. | Add +7.2% | 0.07% | +0.01 |
| CARR Carrier Global Corp. | Add +0.4% | 0.05% | +0.01 |
| NTRA Natera Inc. | Add +4.3% | 0.06% | +0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.1% | 0.51% | +0.01 |
| IBM Intl Business Machines Corp. | Add +0.8% | 0.04% | +0.01 |
| NOW ServiceNow Inc. | Add +0.4% | 0.11% | +0.01 |
| RDVT Red Violet Inc. | Add +1293.5% | 0.01% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +5.3% | 0.19% | +0.01 |
| GE General Electric | Add +0.5% | 0.06% | +0.01 |
| DAR Darling Ingredients Inc. | Add +9616.1% | 0.01% | +0.01 |
| KVUE Kenvue Inc. | Add +2.7% | 0.03% | +0.01 |
| GEV GE Vernova Inc. | Add +0.5% | 0.02% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +12.2% | 0.08% | +0.01 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +60.3% | 0.01% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +5.5% | 0.04% | +0.01 |
| SHW The Sherwin-Williams Co. | Add +0.2% | 0.03% | +0.00 |
| SO The Southern Co. | Add +0.1% | 0.05% | +0.00 |
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 |