Salem Investment Counselors Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 16, 2025), Salem Investment Counselors Inc. reported 1,216 stock positions worth $2.9 billion. Its top holding was Lowe's Cos (LOW) at 11.4% of the portfolio, followed by Apple (AAPL, 7.6%) and Nvidia (NVDA, 5.7%). Compared with Q4 2024, it opened 65 new positions, sold out of 50, added to 259 and reduced 223. The biggest buy was Eli Lilly (LLY, shares +4%) and the biggest sale Nvidia (NVDA, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- WINSTON-SALEM, NC
- CIK
- 0000884423
- Portfolio Value
- $2.9B (Q1 2025)
- SEC Filing
- 0001420506-25-000784 ↗ filed Apr 16, 2025
Holdings Value
Holdings 1,216 stocks · $2.9B
| LOW Lowe's Cos Inc. | 11.36% | 1,398,092 | $326.1M | Reduce -2.2% |
| AAPL Apple Inc. | 7.56% | 977,372 | $217.1M | Reduce -1.8% |
| NVDA Nvidia Corp. | 5.65% | 1,497,841 | $162.3M | Reduce -0.7% |
| MSFT Microsoft Corp. | 5.23% | 399,896 | $150.1M | Reduce -0.9% |
| META Meta Platforms Inc. Class A | 3.29% | 163,759 | $94.4M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.26% | 175,853 | $93.7M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 3.19% | 480,658 | $91.5M | Add +0.1% |
| PLTR Palantir Technologies Inc. Class A | 2.76% | 939,134 | $79.3M | Reduce -16.0% |
| GOOG Alphabet Inc. Class C | 2.72% | 499,019 | $78.0M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 2.06% | 71,443 | $59.0M | Add +4.1% |
| JPM JPMorgan Chase & Co. | 1.95% | 228,075 | $55.9M | Reduce -0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.64% | 1,127,403 | $47.0M | Reduce -0.6% |
| PEP Pepsico Inc. | 1.51% | 288,515 | $43.3M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 1.49% | 276,256 | $42.7M | Add +0.2% |
| GRBK Green Brick Partners Inc. | 1.36% | 669,644 | $39.0M | Reduce -1.4% |
| LEN Lennar Corp. Class A | 1.07% | 268,167 | $30.8M | Reduce -0.7% |
| JNJ Johnson & Johnson | 1.04% | 179,471 | $29.8M | Reduce -0.0% |
| WMT Walmart Inc. | 1.04% | 338,214 | $29.8M | Add +0.4% |
| ISRG Intuitive Surgical Inc. | 1.03% | 59,713 | $29.6M | Reduce -0.6% |
| RTX RTX Corp. | 1.02% | 220,952 | $29.3M | Reduce -0.6% |
| V Visa Inc. Class A | 0.96% | 78,434 | $27.5M | Reduce -0.0% |
| ABBV Abbvie Inc. | 0.95% | 130,846 | $27.4M | Reduce -1.1% |
| AMD Advanced Micro Devices | 0.94% | 262,344 | $27.0M | Add +51.1% |
| SW Smurfit Westrock PLC | 0.92% | 586,932 | $26.4M | No change |
| ACN Accenture PLC Class A | 0.85% | 78,397 | $24.5M | Reduce -2.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.81% | 2,281,213 | $23.4M | Add +5.3% |
| MRK Merck & Co. Inc. | 0.81% | 256,410 | $23.2M | Add +0.3% |
| COST Costco Wholesale Corp. | 0.75% | 22,791 | $21.6M | Add +1.1% |
| SCHX Schwab US Large-Cap ETF | 0.71% | 925,684 | $20.4M | Add +1.4% |
| MU Micron Technology Inc. | 0.68% | 223,641 | $19.5M | Reduce -26.8% |
| BSX Boston Scientific Corp. | 0.68% | 192,846 | $19.5M | Reduce -2.0% |
| UNH Unitedhealth Group Inc. | 0.66% | 36,193 | $19.0M | Reduce -6.1% |
| PG The Procter & Gamble Co. | 0.66% | 110,709 | $18.9M | Add +1.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.62% | 68,654 | $17.8M | Add +0.1% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.61% | 56,617 | $17.5M | Reduce -1.0% |
| SCHM Schwab US Mid Cap ETF | 0.61% | 667,206 | $17.5M | Reduce -1.1% |
| QCOM Qualcomm Inc. | 0.61% | 113,235 | $17.4M | Reduce -0.5% |
| CSCO Cisco Systems Inc. | 0.59% | 274,800 | $17.0M | Reduce -11.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 29,431 | $16.5M | Add +2.7% |
| MCD McDonald's Corp. | 0.57% | 52,140 | $16.3M | Reduce -0.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.56% | 72,194 | $16.0M | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.52% | 89,523 | $14.9M | Add +0.8% |
| CAT Caterpillar Inc. | 0.49% | 42,533 | $14.0M | Add +0.7% |
| BCPC Balchem Corp. | 0.44% | 76,345 | $12.7M | No change |
| TFC Truist Financial Corp. | 0.39% | 270,712 | $11.1M | Reduce -7.5% |
| ABT Abbott Laboratories | 0.38% | 82,437 | $10.9M | Reduce -0.3% |
| XOM Exxon Mobil Corp. | 0.37% | 90,068 | $10.7M | Reduce -1.6% |
| MMM 3M Co. | 0.34% | 66,253 | $9.7M | Reduce -2.6% |
| KMI Kinder Morgan Inc. | 0.34% | 340,322 | $9.7M | Reduce -0.6% |
| HON Honeywell International Inc. | 0.33% | 45,335 | $9.6M | Reduce -11.8% |
| GEHC GE Healthcare Technology | 0.33% | 116,525 | $9.4M | Add +6.7% |
| ROP Roper Technologies Inc. | 0.33% | 15,916 | $9.4M | Reduce -4.0% |
| TMO Thermo Fisher Scientific Inc. | 0.33% | 18,822 | $9.4M | Add +6.6% |
| KMB Kimberly-Clark Corp. | 0.32% | 64,798 | $9.3M | Add +0.5% |
| HD Home Depot Inc. | 0.30% | 23,270 | $8.5M | Add +0.9% |
| EPD Enterprise Products Partners | 0.29% | 247,791 | $8.5M | Add +21.0% |
| KBH KB Home | 0.29% | 144,125 | $8.4M | Reduce -1.6% |
| AMGN Amgen Inc. | 0.29% | 26,344 | $8.2M | Add +2.6% |
| AEP American Electric Power | 0.28% | 73,671 | $8.1M | Reduce -6.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 10 | $8.0M | New |
| HIMS Hims & Hers Health Inc. | 0.27% | 265,468 | $7.8M | New |
| KO The Coca-Cola Co. | 0.27% | 107,609 | $7.7M | Reduce -1.8% |
| PBR Petroleo Brasileiro-Spon ADR | 0.26% | 520,911 | $7.5M | Add +22.1% |
| SCHA Schwab US Small-Cap ETF | 0.26% | 318,662 | $7.5M | Add +1.5% |
| CL Colgate-Palmolive Co. | 0.26% | 78,506 | $7.4M | Add +0.2% |
| ET Energy Transfer LP | 0.25% | 384,665 | $7.2M | Reduce -0.0% |
| ENB Enbridge Inc. | 0.25% | 160,666 | $7.1M | Add +171.3% |
| WM Waste Management Inc. | 0.25% | 30,543 | $7.1M | Add +2.5% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.23% | 77,265 | $6.6M | Reduce -1.7% |
| IWR iShares Russell Mid-Cap ETF | 0.23% | 76,302 | $6.5M | Reduce -1.6% |
| MDLZ Mondelez International Inc. Class A | 0.22% | 93,827 | $6.4M | Reduce -1.1% |
| UI Ubiquiti Inc. | 0.22% | 20,480 | $6.4M | Reduce -3.3% |
| VOO Vanguard S&P 500 ETF | 0.22% | 12,138 | $6.2M | Add +1.8% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.21% | 16,842 | $5.9M | Reduce -1.6% |
| IVV iShares Core S&P 500 ETF | 0.21% | 10,531 | $5.9M | Add +1.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.20% | 94,644 | $5.7M | Reduce -4.2% |
| PSX Phillips 66 | 0.20% | 45,884 | $5.7M | Add +11.2% |
| OBDC Blue Owl Capital Corp. | 0.19% | 373,320 | $5.5M | Add +13.1% |
| ALSN Allison Transmission Holding | 0.19% | 56,892 | $5.4M | Add +0.4% |
| DFS Discover Financial Services | 0.18% | 31,058 | $5.3M | Reduce -0.9% |
| CVX Chevron Corp. | 0.18% | 30,785 | $5.2M | Reduce -10.3% |
| ARCC Ares Capital Corp. | 0.18% | 231,915 | $5.1M | Add +2.1% |
| TT Trane Technologies PLC | 0.18% | 15,196 | $5.1M | Add +0.1% |
| FDX FedEx Corp. | 0.18% | 20,840 | $5.1M | Reduce -0.3% |
| AVGO Broadcom Inc. | 0.17% | 29,985 | $5.0M | Add +4.3% |
| ORCL Oracle Corp. | 0.17% | 34,688 | $4.8M | Add +1.4% |
| NEE Nextera Energy Inc. | 0.17% | 67,795 | $4.8M | Reduce -0.1% |
| VIG Vanguard Dividend Apprec ETF | 0.17% | 24,453 | $4.7M | Add +1.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.16% | 6,752 | $4.5M | Add +34.1% |
| SON Sonoco Products Co. | 0.16% | 94,581 | $4.5M | Reduce -1.8% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.15% | 48,337 | $4.4M | Reduce -34.6% |
| AMLP Alerian MLP ETF | 0.15% | 82,779 | $4.3M | Add +19.9% |
| CVS CVS Health Corp. | 0.15% | 62,886 | $4.3M | Reduce -43.0% |
| TXT Textron Inc. | 0.15% | 58,629 | $4.2M | Reduce -2.8% |
| FLO Flowers Foods Inc. | 0.14% | 217,920 | $4.1M | Add +0.7% |
| MLM Martin Marietta Materials | 0.14% | 8,359 | $4.0M | Add +0.1% |
| DUK Duke Energy Corp. | 0.14% | 32,439 | $4.0M | Reduce -18.5% |
| EVH Evolent Health Inc. Class A | 0.14% | 413,625 | $3.9M | Add +18.1% |
| MTD Mettler-Toledo International | 0.14% | 3,300 | $3.9M | No change |
| PM Philip Morris International | 0.14% | 24,217 | $3.9M | Add +5.3% |
Options reported separately and not counted above: NVDA calls ($217K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $2K (not counted above)
Total filed on the 13F, all lines: $2.9B.
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -0.7% | 5.65% | −0.99 |
| AAPL Apple Inc. | Reduce -1.8% | 7.56% | −0.61 |
| GOOG Alphabet Inc. Class C | Reduce -0.5% | 2.72% | −0.42 |
| MSFT Microsoft Corp. | Reduce -0.9% | 5.23% | −0.35 |
| LOW Lowe's Cos Inc. | Reduce -2.2% | 11.36% | −0.22 |
| TTE Totalenergies SE -Spon ADR | Reduce -98.5% | 0.00% | −0.17 |
| MU Micron Technology Inc. | Reduce -26.8% | 0.68% | −0.17 |
| STZ Constellation Brands Inc. Class A | Reduce -97.7% | 0.00% | −0.16 |
| TSLA Tesla Inc. | Reduce -46.9% | 0.08% | −0.14 |
| LEN Lennar Corp. Class A | Reduce -0.7% | 1.07% | −0.14 |
| TROW T Rowe Price Group Inc. | Reduce -34.6% | 0.15% | −0.12 |
| FANG Diamondback Energy Inc. | Reduce -97.7% | 0.00% | −0.11 |
| ABNB Airbnb Inc. Class A | Reduce -99.8% | 0.00% | −0.08 |
| ACN Accenture PLC Class A | Reduce -2.0% | 0.85% | −0.07 |
| MRP Millrose Properties | Reduce -45.5% | 0.07% | −0.05 |
| HON Honeywell International Inc. | Reduce -11.8% | 0.33% | −0.05 |
| LOB Live Oak Bancshares Inc. | Reduce -28.5% | 0.04% | −0.04 |
| IRM Iron Mountain Inc. | Reduce -1.7% | 0.23% | −0.04 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Reduce -1.0% | 0.61% | −0.04 |
| HRI Herc Holdings Inc. | Reduce -0.6% | 0.10% | −0.03 |
| TFC Truist Financial Corp. | Reduce -7.5% | 0.39% | −0.03 |
| TAP Molson Coors Beverage Co. Class B | Reduce -73.5% | 0.01% | −0.03 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -71.4% | 0.01% | −0.02 |
| XLF SS Financial Select Sector | Reduce -69.5% | 0.01% | −0.02 |
| KBH KB Home | Reduce -1.6% | 0.29% | −0.02 |
| IVE iShares S&P 500 Value ETF | Reduce -35.0% | 0.05% | −0.02 |
| SO The Southern Co. | Reduce -52.1% | 0.03% | −0.02 |
| IJH iShares Core S&P Midcap ETF | Reduce -34.0% | 0.04% | −0.02 |
| DY Dycom Industries Inc. | Reduce -16.5% | 0.08% | −0.02 |
| KRE SS SPDR S&P Regional Bank | Reduce -94.8% | 0.00% | −0.02 |
| FDX FedEx Corp. | Reduce -0.3% | 0.18% | −0.02 |
| CVS CVS Health Corp. | Reduce -43.0% | 0.15% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -11.7% | 0.03% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -0.1% | 0.56% | −0.01 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -22.3% | 0.03% | −0.01 |
| PLTR Palantir Technologies Inc. Class A | Reduce -16.0% | 2.76% | −0.01 |
| DELL Dell Technologies -C | Reduce -8.0% | 0.04% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -11.2% | 0.59% | −0.01 |
| NKE Nike Inc. Class B | Reduce -20.1% | 0.02% | −0.01 |
| UI Ubiquiti Inc. | Reduce -3.3% | 0.22% | −0.01 |
| XOP SS SPDR S&P Og Exp & Prod | Reduce -48.9% | 0.01% | −0.01 |
| CARR Carrier Global Corp. | Reduce -17.6% | 0.04% | −0.01 |
| ENVX Enovix Corp. | Reduce -4.1% | 0.02% | −0.01 |
| ADBE Adobe Inc. | Reduce -25.9% | 0.02% | −0.01 |
| EWJ iShares MSCI Japan ETF | Reduce -38.0% | 0.02% | −0.01 |
| INTC Intel Corp. | Reduce -27.6% | 0.05% | −0.01 |
| MXCT Maxcyte Inc. | Sold out | 0.00% | −0.01 |
| PSCI Invesco S&P Smallcap Industr | Reduce -0.1% | 0.10% | −0.01 |
| PSN Parsons Corp. | Sold out | 0.00% | −0.01 |
| XYZ Block Inc. | Reduce -40.5% | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| LLY Eli Lilly & Co. | Add +4.1% | 2.06% | +0.32 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.28% | +0.28 |
| HIMS Hims & Hers Health Inc. | New | 0.27% | +0.27 |
| AMD Advanced Micro Devices | Add +51.1% | 0.94% | +0.25 |
| ENB Enbridge Inc. | Add +171.3% | 0.25% | +0.17 |
| EPD Enterprise Products Partners | Add +21.0% | 0.29% | +0.08 |
| PBR Petroleo Brasileiro-Spon ADR | Add +22.1% | 0.26% | +0.08 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +5.3% | 0.81% | +0.08 |
| COST Costco Wholesale Corp. | Add +1.1% | 0.75% | +0.07 |
| AMGN Amgen Inc. | Add +2.6% | 0.29% | +0.07 |
| PG The Procter & Gamble Co. | Add +1.1% | 0.66% | +0.06 |
| WM Waste Management Inc. | Add +2.5% | 0.25% | +0.05 |
| GEHC GE Healthcare Technology | Add +6.7% | 0.33% | +0.05 |
| MELI MercadoLibre Inc. | Add +30.1% | 0.13% | +0.05 |
| KMB Kimberly-Clark Corp. | Add +0.5% | 0.32% | +0.04 |
| PM Philip Morris International | Add +5.3% | 0.14% | +0.04 |
| PSX Phillips 66 | Add +11.2% | 0.20% | +0.04 |
| ASML ASML Holding NV-NY Reg SHS | Add +34.1% | 0.16% | +0.04 |
| AMLP Alerian MLP ETF | Add +19.9% | 0.15% | +0.04 |
| WMT Walmart Inc. | Add +0.4% | 1.04% | +0.04 |
| OBDC Blue Owl Capital Corp. | Add +13.1% | 0.19% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +6.6% | 0.33% | +0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +0.1% | 0.62% | +0.02 |
| CL Colgate-Palmolive Co. | Add +0.2% | 0.26% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.7% | 0.57% | +0.02 |
| RDDT Reddit Inc. Class A | New | 0.02% | +0.02 |
| KLG WK Kellogg Co. | Add +2.0% | 0.11% | +0.02 |
| SCHX Schwab US Large-Cap ETF | Add +1.4% | 0.71% | +0.02 |
| AGG iShares Core U.S. Aggregate | Add +8.7% | 0.12% | +0.02 |
| SGOV iShares 0-3 Month Treasury B | Add +31.9% | 0.06% | +0.02 |
| ARCC Ares Capital Corp. | Add +2.1% | 0.18% | +0.02 |
| LBRT Liberty Energy Inc. | New | 0.01% | +0.01 |
| SLB SLB Ltd. | Add +426.2% | 0.02% | +0.01 |
| NFLX Netflix Inc. | Add +2.8% | 0.10% | +0.01 |
| SCHR Schwab Intermediate-Term US | Add +5.2% | 0.10% | +0.01 |
| SYK Stryker Corp. | Add +2.3% | 0.10% | +0.01 |
| VUSB Vanguard Ultra Short Bond Et | Add +1.8% | 0.13% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +1.5% | 0.17% | +0.01 |
| HBAN Huntington Bancshares Inc. | Add +192.2% | 0.02% | +0.01 |
| NEM Newmont Corp. | Add +0.3% | 0.04% | +0.01 |
| TDW Tidewater Inc. | New | 0.01% | +0.01 |
| T AT&T Inc. | Add +4.5% | 0.03% | +0.01 |
| AAP Advance Auto Parts Inc. | Add +113.9% | 0.02% | +0.01 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +5.3% | 0.05% | +0.01 |
| ACOG Alpha Cognition Inc. | New | 0.01% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +0.2% | 0.07% | +0.01 |
| CPRT Copart Inc. | Add +4.5% | 0.09% | +0.01 |
| HCA HCA Healthcare Inc. | Add +0.4% | 0.04% | +0.01 |
| EVH Evolent Health Inc. Class A | Add +18.1% | 0.14% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +1.8% | 0.22% | +0.01 |
Options Activity Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | call | New | 2,000 | $217K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |