Salem Investment Counselors Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 13, 2025), Salem Investment Counselors Inc. reported 1,200 stock positions worth $3.0 billion. Its top holding was Lowe's Cos (LOW) at 11.6% of the portfolio, followed by Apple (AAPL, 8.2%) and Nvidia (NVDA, 6.6%). Compared with Q3 2024, it opened 96 new positions, sold out of 82, added to 178 and reduced 301. The biggest buy was Walmart (WMT, shares +1%) and the biggest sale Lowe's Cos (LOW, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- WINSTON-SALEM, NC
- CIK
- 0000884423
- Portfolio Value
- $3.0B (Q4 2024)
- SEC Filing
- 0001420506-25-000017 ↗ filed Jan 13, 2025
Holdings Value
Holdings 1,200 stocks · $3.0B
| LOW Lowe's Cos Inc. | 11.57% | 1,429,902 | $352.9M | Reduce -32.7% |
| AAPL Apple Inc. | 8.17% | 995,287 | $249.2M | Reduce -0.6% |
| NVDA Nvidia Corp. | 6.64% | 1,508,235 | $202.5M | Reduce -5.0% |
| MSFT Microsoft Corp. | 5.58% | 403,427 | $170.0M | Reduce -0.6% |
| AMZN Amazon.com Inc. | 3.45% | 480,154 | $105.3M | Reduce -1.6% |
| META Meta Platforms Inc. Class A | 3.16% | 164,696 | $96.4M | Reduce -3.6% |
| GOOG Alphabet Inc. Class C | 3.13% | 501,254 | $95.5M | Reduce -1.3% |
| PLTR Palantir Technologies Inc. Class A | 2.77% | 1,117,509 | $84.5M | Reduce -34.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.64% | 177,359 | $80.4M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 1.80% | 228,599 | $54.8M | Reduce -2.0% |
| LLY Eli Lilly & Co. | 1.74% | 68,616 | $53.0M | Reduce -3.2% |
| GOOGL Alphabet Inc. Class A | 1.71% | 275,708 | $52.2M | Reduce -1.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.63% | 1,133,815 | $49.8M | Reduce -1.2% |
| PEP Pepsico Inc. | 1.47% | 292,565 | $44.8M | Add +1.0% |
| GRBK Green Brick Partners Inc. | 1.26% | 679,172 | $38.4M | Reduce -8.1% |
| LEN Lennar Corp. Class A | 1.21% | 270,032 | $36.8M | Reduce -0.8% |
| SW Smurfit Westrock PLC | 1.04% | 586,932 | $31.6M | Reduce -0.5% |
| ISRG Intuitive Surgical Inc. | 1.03% | 60,082 | $31.4M | Reduce -4.5% |
| WMT Walmart Inc. | 1.00% | 336,761 | $30.5M | Add +1.2% |
| ACN Accenture PLC Class A | 0.92% | 80,009 | $28.1M | Add +1.2% |
| JNJ Johnson & Johnson | 0.85% | 179,539 | $26.0M | Add +0.3% |
| MU Micron Technology Inc. | 0.84% | 305,544 | $25.7M | Reduce -14.0% |
| RTX RTX Corp. | 0.84% | 222,323 | $25.7M | Reduce -1.8% |
| MRK Merck & Co. Inc. | 0.84% | 255,649 | $25.6M | Add +0.9% |
| V Visa Inc. Class A | 0.81% | 78,463 | $24.8M | Reduce -3.5% |
| ABBV Abbvie Inc. | 0.77% | 132,253 | $23.5M | Add +0.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.74% | 2,166,113 | $22.4M | Reduce -7.1% |
| SCHX Schwab US Large-Cap ETF | 0.69% | 912,497 | $21.2M | Reduce -2.3% |
| AMD Advanced Micro Devices | 0.69% | 173,623 | $21.0M | Add +5.1% |
| COST Costco Wholesale Corp. | 0.68% | 22,532 | $20.6M | Reduce -6.1% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.64% | 57,204 | $19.6M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 0.64% | 38,538 | $19.5M | Add +1.9% |
| SCHM Schwab US Mid Cap ETF | 0.61% | 674,447 | $18.7M | Reduce -6.2% |
| PG The Procter & Gamble Co. | 0.60% | 109,493 | $18.4M | Reduce -0.1% |
| CSCO Cisco Systems Inc. | 0.60% | 309,279 | $18.3M | Reduce -7.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.59% | 68,612 | $18.1M | Add +0.8% |
| BSX Boston Scientific Corp. | 0.58% | 196,790 | $17.6M | Reduce -7.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.58% | 88,768 | $17.5M | Reduce -13.6% |
| QCOM Qualcomm Inc. | 0.57% | 113,770 | $17.5M | Reduce -0.1% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.57% | 72,254 | $17.4M | Add +0.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.55% | 28,662 | $16.8M | Add +0.5% |
| CAT Caterpillar Inc. | 0.50% | 42,229 | $15.3M | Add +0.2% |
| MCD McDonald's Corp. | 0.50% | 52,463 | $15.2M | Add +1.2% |
| TFC Truist Financial Corp. | 0.42% | 292,822 | $12.7M | Add +0.5% |
| BCPC Balchem Corp. | 0.41% | 76,345 | $12.4M | Reduce -3.8% |
| HON Honeywell International Inc. | 0.38% | 51,374 | $11.6M | Reduce -10.5% |
| XOM Exxon Mobil Corp. | 0.32% | 91,577 | $9.9M | Add +2.8% |
| KBH KB Home | 0.32% | 146,435 | $9.6M | Reduce -3.0% |
| KMI Kinder Morgan Inc. | 0.31% | 342,455 | $9.4M | Add +0.4% |
| ABT Abbott Laboratories | 0.31% | 82,643 | $9.3M | Add +1.4% |
| TMO Thermo Fisher Scientific Inc. | 0.30% | 17,664 | $9.2M | Add +5.6% |
| HD Home Depot Inc. | 0.29% | 23,058 | $9.0M | Add +2.7% |
| MMM 3M Co. | 0.29% | 68,000 | $8.8M | Add +2.5% |
| ROP Roper Technologies Inc. | 0.28% | 16,571 | $8.6M | Reduce -19.1% |
| GEHC GE Healthcare Technology | 0.28% | 109,208 | $8.5M | Reduce -11.4% |
| KMB Kimberly-Clark Corp. | 0.28% | 64,483 | $8.5M | Reduce -0.9% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.27% | 73,966 | $8.4M | Reduce -2.8% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.27% | 78,604 | $8.3M | Reduce -11.7% |
| SCHA Schwab US Small-Cap ETF | 0.27% | 314,089 | $8.1M | Reduce -4.0% |
| ET Energy Transfer LP | 0.25% | 384,774 | $7.5M | No change |
| AEP American Electric Power | 0.24% | 79,146 | $7.3M | Add +1.5% |
| CL Colgate-Palmolive Co. | 0.23% | 78,358 | $7.1M | Reduce -1.5% |
| UI Ubiquiti Inc. | 0.23% | 21,180 | $7.0M | Reduce -5.4% |
| IWR iShares Russell Mid-Cap ETF | 0.22% | 77,524 | $6.9M | Reduce -0.0% |
| KO The Coca-Cola Co. | 0.22% | 109,579 | $6.8M | Reduce -0.9% |
| AMGN Amgen Inc. | 0.22% | 25,666 | $6.7M | Add +5.8% |
| AVGO Broadcom Inc. | 0.22% | 28,740 | $6.7M | Add +5.9% |
| TSLA Tesla Inc. | 0.21% | 16,138 | $6.5M | Add +1.6% |
| VOO Vanguard S&P 500 ETF | 0.21% | 11,928 | $6.4M | Reduce -14.4% |
| EPD Enterprise Products Partners | 0.21% | 204,791 | $6.4M | Reduce -1.4% |
| IVV iShares Core S&P 500 ETF | 0.20% | 10,401 | $6.1M | Reduce -3.6% |
| ALSN Allison Transmission Holding | 0.20% | 56,642 | $6.1M | Reduce -28.9% |
| WM Waste Management Inc. | 0.20% | 29,792 | $6.0M | Add +0.1% |
| FDX FedEx Corp. | 0.19% | 20,896 | $5.9M | Add +2.2% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 17,122 | $5.9M | Add +5.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.19% | 98,814 | $5.8M | Reduce -3.0% |
| MDLZ Mondelez International Inc. Class A | 0.19% | 94,852 | $5.7M | Reduce -0.7% |
| ORCL Oracle Corp. | 0.19% | 34,199 | $5.7M | Add +1.4% |
| TT Trane Technologies PLC | 0.18% | 15,187 | $5.6M | Reduce -0.0% |
| PBR Petroleo Brasileiro-Spon ADR | 0.18% | 426,746 | $5.5M | Add +2.5% |
| DFS Discover Financial Services | 0.18% | 31,327 | $5.4M | No change |
| TTE Totalenergies SE -Spon ADR | 0.18% | 98,758 | $5.4M | Reduce -3.4% |
| STZ Constellation Brands Inc. Class A | 0.16% | 22,647 | $5.0M | Reduce -2.3% |
| OBDC Blue Owl Capital Corp. | 0.16% | 329,975 | $5.0M | Reduce -11.6% |
| ARCC Ares Capital Corp. | 0.16% | 227,140 | $5.0M | Reduce -23.9% |
| CVX Chevron Corp. | 0.16% | 34,325 | $5.0M | Reduce -2.8% |
| CVS CVS Health Corp. | 0.16% | 110,301 | $5.0M | Reduce -12.4% |
| NEE Nextera Energy Inc. | 0.16% | 67,838 | $4.9M | Add +1.9% |
| VIG Vanguard Dividend Apprec ETF | 0.15% | 24,101 | $4.7M | Add +1.5% |
| SON Sonoco Products Co. | 0.15% | 96,323 | $4.7M | Add +4.7% |
| PSX Phillips 66 | 0.15% | 41,264 | $4.7M | Reduce -17.3% |
| TXT Textron Inc. | 0.15% | 60,299 | $4.6M | Reduce -13.6% |
| SRDX Surmodics Inc. | 0.15% | 113,750 | $4.5M | Reduce -1.9% |
| FLO Flowers Foods Inc. | 0.15% | 216,345 | $4.5M | Reduce -3.6% |
| NOW ServiceNow Inc. | 0.14% | 4,138 | $4.4M | Add +0.5% |
| MLM Martin Marietta Materials | 0.14% | 8,353 | $4.3M | Reduce -0.1% |
| DUK Duke Energy Corp. | 0.14% | 39,787 | $4.3M | Reduce -8.2% |
| GS Goldman Sachs Group Inc. | 0.13% | 7,060 | $4.0M | Add +0.1% |
| MTD Mettler-Toledo International | 0.13% | 3,300 | $4.0M | No change |
| HRI Herc Holdings Inc. filed as HERC HLDGS INC | 0.13% | 21,126 | $4.0M | Add +0.4% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $2K (not counted above)
Total filed on the 13F, all lines: $3.0B.
Portfolio Sells Q3 2024 → Q4 2024
| LOW Lowe's Cos Inc. | Reduce -32.7% | 11.57% | −5.74 |
| GRBK Green Brick Partners Inc. | Reduce -8.1% | 1.26% | −0.60 |
| LEN Lennar Corp. Class A | Reduce -0.8% | 1.21% | −0.33 |
| MU Micron Technology Inc. | Reduce -14.0% | 0.84% | −0.27 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -7.1% | 0.74% | −0.22 |
| LLY Eli Lilly & Co. | Reduce -3.2% | 1.74% | −0.15 |
| CVS CVS Health Corp. | Reduce -12.4% | 0.16% | −0.08 |
| KBH KB Home | Reduce -3.0% | 0.32% | −0.07 |
| CDE Coeur Mining Inc. | Reduce -95.6% | 0.00% | −0.07 |
| GEHC GE Healthcare Technology | Reduce -11.4% | 0.28% | −0.07 |
| ROP Roper Technologies Inc. | Reduce -19.1% | 0.28% | −0.06 |
| IRM Iron Mountain Inc. | Reduce -11.7% | 0.27% | −0.05 |
| PSX Phillips 66 | Reduce -17.3% | 0.15% | −0.04 |
| NUE Nucor Corp. | Reduce -26.4% | 0.07% | −0.04 |
| LOB Live Oak Bancshares Inc. | Reduce -23.6% | 0.09% | −0.04 |
| TXT Textron Inc. | Reduce -13.6% | 0.15% | −0.03 |
| VDE Vanguard Energy ETF | Reduce -48.8% | 0.04% | −0.03 |
| INTC Intel Corp. | Reduce -29.6% | 0.06% | −0.03 |
| TERN Terns Pharmaceuticals Inc. | Reduce -7.9% | 0.06% | −0.03 |
| ALSN Allison Transmission Holding | Reduce -28.9% | 0.20% | −0.03 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -3.0% | 0.19% | −0.03 |
| ARCC Ares Capital Corp. | Reduce -23.9% | 0.16% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.7% | 0.19% | −0.02 |
| XLV SS Health Care Select Sector | Reduce -22.3% | 0.07% | −0.02 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.4% | 0.18% | −0.02 |
| ABNB Airbnb Inc. Class A | Reduce -30.4% | 0.08% | −0.02 |
| SCHF Schwab Intl Equity ETF | Reduce -16.9% | 0.09% | −0.02 |
| VNQ Vanguard Real Estate ETF | Reduce -46.4% | 0.02% | −0.02 |
| KO The Coca-Cola Co. | Reduce -0.9% | 0.22% | −0.02 |
| SRCL Stericycle Inc. | Sold out | 0.00% | −0.02 |
| STZ Constellation Brands Inc. Class A | Reduce -2.3% | 0.16% | −0.02 |
| CL Colgate-Palmolive Co. | Reduce -1.5% | 0.23% | −0.01 |
| BCPC Balchem Corp. | Reduce -3.8% | 0.41% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -14.4% | 0.21% | −0.01 |
| NEM Newmont Corp. | Reduce -5.1% | 0.03% | −0.01 |
| DUK Duke Energy Corp. | Reduce -8.2% | 0.14% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -0.1% | 0.57% | −0.01 |
| NGVT Ingevity Corp. | Reduce -22.9% | 0.07% | −0.01 |
| FLO Flowers Foods Inc. | Reduce -3.6% | 0.15% | −0.01 |
| DY Dycom Industries Inc. | Reduce -4.6% | 0.10% | −0.01 |
| ADBE Adobe Inc. | Reduce -18.1% | 0.03% | −0.01 |
| ABCL Abcellera Biologics Inc. | Reduce -61.5% | 0.01% | −0.01 |
| UPS United Parcel Service Class B | Reduce -79.7% | 0.00% | −0.01 |
| MGA Magna International Inc. | Reduce -70.1% | 0.00% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Reduce -34.4% | 0.01% | −0.01 |
| ELV Elevance Health Inc. | Reduce -0.3% | 0.02% | −0.00 |
| GE General Electric | Reduce -3.8% | 0.06% | −0.00 |
| RF Regions Financial Corp. | Reduce -65.1% | 0.00% | −0.00 |
| PFE Pfizer Inc. | Reduce -3.4% | 0.11% | −0.00 |
| B Barrick Gold Corp. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| WMT Walmart Inc. | Add +1.2% | 1.00% | +0.19 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.1% | 2.64% | +0.18 |
| TSLA Tesla Inc. | Add +1.6% | 0.21% | +0.09 |
| ACN Accenture PLC Class A | Add +1.2% | 0.92% | +0.08 |
| KMI Kinder Morgan Inc. | Add +0.4% | 0.31% | +0.08 |
| AVGO Broadcom Inc. | Add +5.9% | 0.22% | +0.08 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.5% | 0.55% | +0.06 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.7% | 0.57% | +0.06 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +5.5% | 0.19% | +0.06 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +0.8% | 0.59% | +0.05 |
| TFC Truist Financial Corp. | Add +0.5% | 0.42% | +0.04 |
| NOW ServiceNow Inc. | Add +0.5% | 0.14% | +0.03 |
| HUBB Hubbell Inc. | Add +26.0% | 0.13% | +0.03 |
| NFLX Netflix Inc. | Add +15.1% | 0.08% | +0.03 |
| HRI Herc Holdings Inc. | Add +0.4% | 0.13% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +0.1% | 0.13% | +0.03 |
| ABT Abbott Laboratories | Add +1.4% | 0.31% | +0.03 |
| FDX FedEx Corp. | Add +2.2% | 0.19% | +0.02 |
| MCD McDonald's Corp. | Add +1.2% | 0.50% | +0.02 |
| RDVT Red Violet Inc. | Add +202.7% | 0.03% | +0.02 |
| NTRA Natera Inc. | Add +0.7% | 0.08% | +0.02 |
| HD Home Depot Inc. | Add +2.7% | 0.29% | +0.02 |
| FN Fabrinet | New | 0.02% | +0.02 |
| ENB Enbridge Inc. | Add +9.4% | 0.08% | +0.02 |
| PNC PNC Financial Services Group | Add +0.8% | 0.13% | +0.02 |
| MMM 3M Co. | Add +2.5% | 0.29% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +3.3% | 0.10% | +0.01 |
| CPRT Copart Inc. | Add +1.5% | 0.08% | +0.01 |
| ORCL Oracle Corp. | Add +1.4% | 0.19% | +0.01 |
| TM Toyota Motor Corp. -Spon ADR | Add +21.0% | 0.04% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +3.9% | 0.08% | +0.01 |
| VUSB Vanguard Ultra Short Bond Et | Add +3.7% | 0.12% | +0.01 |
| DIS The Walt Disney Co. | Add +6.0% | 0.05% | +0.01 |
| AMLP Alerian MLP ETF | Add +1.5% | 0.11% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +1.5% | 0.15% | +0.01 |
| IT Gartner Inc. | Add +12.5% | 0.08% | +0.01 |
| SSB Southstate Bank Corp. | Add +25.0% | 0.04% | +0.01 |
| WM Waste Management Inc. | Add +0.1% | 0.20% | +0.01 |
| IVW iShares S&P 500 Growth ETF | Add +26.7% | 0.03% | +0.01 |
| ETN Eaton Corp. PLC | Add +2.8% | 0.09% | +0.01 |
| AGG iShares Core U.S. Aggregate | Add +6.3% | 0.10% | +0.01 |
| UNF Unifirst Corp. | Add +24.7% | 0.06% | +0.01 |
| JPST JPMorgan Ultra-Short Income | Add +4.5% | 0.08% | +0.01 |
| EXE Expand Energy Corp. | Add +11.5% | 0.03% | +0.01 |
| SCHR Schwab Intermediate-Term US | Add +6.8% | 0.08% | +0.01 |
| XOM Exxon Mobil Corp. | Add +2.8% | 0.32% | +0.01 |
| ZS Zscaler Inc. | Add +1.9% | 0.06% | +0.01 |
| GEV GE Vernova Inc. | Add +1.6% | 0.03% | +0.01 |
| DAR Darling Ingredients Inc. | Add +142.1% | 0.01% | +0.01 |
| AXP American Express Co. | Add +3.5% | 0.04% | +0.01 |
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 |