Salem Investment Counselors Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 8, 2025), Salem Investment Counselors Inc. reported 1,168 stock positions worth $3.2 billion. Its top holding was Lowe's Cos (LOW) at 9.8% of the portfolio, followed by Nvidia (NVDA, 7.4%) and Apple (AAPL, 6.3%). Compared with Q1 2025, it opened 56 new positions, sold out of 105, added to 181 and reduced 301. The biggest buy was a new position in Astera Labs (ALAB) and the biggest sale Lowe's Cos (LOW, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- WINSTON-SALEM, NC
- CIK
- 0000884423
- Portfolio Value
- $3.2B (Q2 2025)
- SEC Filing
- 0001420506-25-001476 ↗ filed Jul 8, 2025
Holdings Value
Holdings 1,168 stocks · $3.2B
| LOW Lowe's Cos Inc. | 9.83% | 1,397,615 | $310.1M | Reduce -0.0% |
| NVDA Nvidia Corp. | 7.38% | 1,473,927 | $232.9M | Reduce -1.6% |
| AAPL Apple Inc. | 6.34% | 975,375 | $200.1M | Reduce -0.2% |
| MSFT Microsoft Corp. | 6.28% | 398,450 | $198.2M | Reduce -0.4% |
| META Meta Platforms Inc. Class A | 3.81% | 162,685 | $120.1M | Reduce -0.7% |
| PLTR Palantir Technologies Inc. Class A | 3.53% | 816,322 | $111.3M | Reduce -13.1% |
| AMZN Amazon.com Inc. | 3.34% | 480,698 | $105.5M | Add +0.0% |
| GOOG Alphabet Inc. Class C | 2.81% | 499,868 | $88.7M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.67% | 173,546 | $84.3M | Reduce -1.3% |
| JPM JPMorgan Chase & Co. | 2.09% | 227,894 | $66.1M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 1.78% | 71,869 | $56.0M | Add +0.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.70% | 1,131,508 | $53.5M | Add +0.4% |
| GOOGL Alphabet Inc. Class A | 1.55% | 276,816 | $48.8M | Add +0.2% |
| GRBK Green Brick Partners Inc. | 1.29% | 649,786 | $40.9M | Reduce -3.0% |
| PEP Pepsico Inc. | 1.19% | 284,343 | $37.5M | Reduce -1.4% |
| AMD Advanced Micro Devices | 1.18% | 262,700 | $37.3M | Add +0.1% |
| WMT Walmart Inc. | 1.05% | 338,078 | $33.1M | Reduce -0.0% |
| RTX RTX Corp. | 1.03% | 222,252 | $32.5M | Add +0.6% |
| ISRG Intuitive Surgical Inc. | 1.02% | 59,482 | $32.3M | Reduce -0.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.99% | 2,282,236 | $31.3M | Add +0.0% |
| LEN Lennar Corp. Class A | 0.93% | 264,540 | $29.3M | Reduce -1.4% |
| V Visa Inc. Class A | 0.89% | 79,074 | $28.1M | Add +0.8% |
| JNJ Johnson & Johnson | 0.86% | 178,673 | $27.3M | Reduce -0.4% |
| MU Micron Technology Inc. | 0.86% | 220,663 | $27.2M | Reduce -1.3% |
| ABBV Abbvie Inc. | 0.77% | 131,459 | $24.4M | Add +0.5% |
| SW Smurfit Westrock PLC | 0.77% | 562,032 | $24.3M | Reduce -4.2% |
| ACN Accenture PLC Class A | 0.74% | 78,370 | $23.4M | Reduce -0.0% |
| SCHX Schwab US Large-Cap ETF | 0.72% | 930,860 | $22.8M | Add +0.6% |
| COST Costco Wholesale Corp. | 0.72% | 22,793 | $22.6M | Add +0.0% |
| BSX Boston Scientific Corp. | 0.66% | 192,941 | $20.7M | Add +0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.65% | 89,929 | $20.4M | Add +0.5% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.65% | 55,558 | $20.4M | Reduce -1.9% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.63% | 70,342 | $19.8M | Add +2.5% |
| CAT Caterpillar Inc. | 0.62% | 50,581 | $19.6M | Add +18.9% |
| CSCO Cisco Systems Inc. | 0.60% | 273,219 | $19.0M | Reduce -0.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 29,249 | $18.1M | Reduce -0.6% |
| QCOM Qualcomm Inc. | 0.57% | 112,916 | $18.0M | Reduce -0.3% |
| PG The Procter & Gamble Co. | 0.56% | 111,122 | $17.7M | Add +0.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.56% | 74,214 | $17.6M | Add +2.8% |
| SCHM Schwab US Mid Cap ETF | 0.56% | 628,255 | $17.6M | Reduce -5.8% |
| ALAB Astera Labs Inc. | 0.50% | 175,844 | $15.9M | New |
| MRK Merck & Co. Inc. | 0.49% | 192,700 | $15.4M | Reduce -24.9% |
| MCD McDonald's Corp. | 0.49% | 52,481 | $15.3M | Add +0.7% |
| HIMS Hims & Hers Health Inc. | 0.41% | 262,163 | $13.1M | Reduce -1.2% |
| BCPC Balchem Corp. | 0.39% | 76,345 | $12.2M | No change |
| TFC Truist Financial Corp. | 0.38% | 277,549 | $11.9M | Add +2.5% |
| ABT Abbott Laboratories | 0.35% | 81,816 | $11.1M | Reduce -0.8% |
| ETN Eaton Corp. PLC | 0.35% | 30,691 | $11.0M | Add +254.3% |
| HON Honeywell International Inc. | 0.33% | 44,602 | $10.4M | Reduce -1.6% |
| MMM 3M Co. | 0.33% | 67,586 | $10.3M | Add +2.0% |
| KMI Kinder Morgan Inc. | 0.32% | 340,766 | $10.0M | Add +0.1% |
| XOM Exxon Mobil Corp. | 0.30% | 87,961 | $9.5M | Reduce -2.3% |
| COF Capital One Financial Corp. | 0.30% | 44,437 | $9.5M | Add +238.9% |
| GEHC GE Healthcare Technology | 0.29% | 123,216 | $9.1M | Add +5.7% |
| ROP Roper Technologies Inc. | 0.29% | 15,985 | $9.1M | Add +0.4% |
| AVGO Broadcom Inc. | 0.28% | 32,074 | $8.8M | Add +7.0% |
| KMB Kimberly-Clark Corp. | 0.28% | 67,219 | $8.7M | Add +3.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.27% | 16,748 | $8.5M | Reduce -0.6% |
| UI Ubiquiti Inc. | 0.27% | 20,473 | $8.4M | Reduce -0.0% |
| HD Home Depot Inc. | 0.26% | 22,452 | $8.2M | Reduce -3.5% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.25% | 77,234 | $7.9M | Reduce -0.0% |
| EPD Enterprise Products Partners | 0.24% | 247,791 | $7.7M | No change |
| KO The Coca-Cola Co. | 0.24% | 107,623 | $7.7M | Add +0.0% |
| AMGN Amgen Inc. | 0.24% | 27,360 | $7.6M | Add +3.9% |
| ORCL Oracle Corp. | 0.24% | 34,933 | $7.6M | Add +0.7% |
| AEP American Electric Power | 0.24% | 73,102 | $7.6M | Reduce -0.8% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.24% | 77,548 | $7.5M | Add +60.4% |
| KBH KB Home | 0.23% | 139,495 | $7.4M | Reduce -3.2% |
| SCHA Schwab US Small-Cap ETF | 0.23% | 290,580 | $7.4M | Reduce -8.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.23% | 10 | $7.3M | No change |
| ENB Enbridge Inc. | 0.23% | 160,116 | $7.3M | Reduce -0.3% |
| PBR Petroleo Brasileiro-Spon ADR | 0.22% | 564,661 | $7.1M | Add +8.4% |
| CL Colgate-Palmolive Co. | 0.22% | 76,981 | $7.0M | Reduce -1.9% |
| IWR iShares Russell Mid-Cap ETF | 0.22% | 76,027 | $7.0M | Reduce -0.4% |
| ET Energy Transfer LP | 0.22% | 384,671 | $7.0M | Add +0.0% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 17,074 | $6.9M | Reduce -9.3% |
| WM Waste Management Inc. | 0.22% | 30,087 | $6.9M | Reduce -1.5% |
| VOO Vanguard S&P 500 ETF | 0.22% | 12,077 | $6.9M | Reduce -0.5% |
| TT Trane Technologies PLC | 0.21% | 15,187 | $6.6M | Reduce -0.1% |
| MDLZ Mondelez International Inc. Class A | 0.21% | 97,745 | $6.6M | Add +4.2% |
| IVV iShares Core S&P 500 ETF | 0.21% | 10,588 | $6.6M | Add +0.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.19% | 7,308 | $5.9M | Add +8.2% |
| PSX Phillips 66 | 0.17% | 45,681 | $5.4M | Reduce -0.4% |
| OBDC Blue Owl Capital Corp. | 0.17% | 372,915 | $5.4M | Reduce -0.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.17% | 90,133 | $5.3M | Reduce -4.8% |
| ARCC Ares Capital Corp. | 0.16% | 235,415 | $5.2M | Add +1.5% |
| VIG Vanguard Dividend Apprec ETF | 0.16% | 25,103 | $5.2M | Add +2.7% |
| FDX FedEx Corp. | 0.16% | 22,457 | $5.1M | Add +7.8% |
| UNH Unitedhealth Group Inc. | 0.16% | 16,233 | $5.1M | Reduce -55.1% |
| GS Goldman Sachs Group Inc. | 0.16% | 7,054 | $5.0M | No change |
| MELI MercadoLibre Inc. | 0.16% | 1,874 | $4.9M | Add +1.2% |
| NEE Nextera Energy Inc. | 0.15% | 67,624 | $4.7M | Reduce -0.3% |
| MLM Martin Marietta Materials | 0.15% | 8,348 | $4.6M | Reduce -0.1% |
| PM Philip Morris International | 0.14% | 24,455 | $4.5M | Add +1.0% |
| CVX Chevron Corp. | 0.14% | 30,887 | $4.4M | Add +0.3% |
| SON Sonoco Products Co. | 0.14% | 98,641 | $4.3M | Add +4.3% |
| MS Morgan Stanley | 0.14% | 30,284 | $4.3M | Reduce -0.1% |
| NOW ServiceNow Inc. | 0.13% | 4,131 | $4.2M | Reduce -0.7% |
| NFLX Netflix Inc. | 0.13% | 3,033 | $4.1M | Add +2.0% |
| VUSB Vanguard Ultra Short Bond Et | 0.13% | 80,941 | $4.0M | Add +4.8% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $4K (not counted above)
Total filed on the 13F, all lines: $3.2B.
Portfolio Sells Q1 2025 → Q2 2025
| LOW Lowe's Cos Inc. | Reduce -0.0% | 9.83% | −1.53 |
| AAPL Apple Inc. | Reduce -0.2% | 6.34% | −1.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.3% | 2.67% | −0.59 |
| UNH Unitedhealth Group Inc. | Reduce -55.1% | 0.16% | −0.50 |
| MRK Merck & Co. Inc. | Reduce -24.9% | 0.49% | −0.32 |
| PEP Pepsico Inc. | Reduce -1.4% | 1.19% | −0.32 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.18 |
| JNJ Johnson & Johnson | Reduce -0.4% | 0.86% | −0.17 |
| SW Smurfit Westrock PLC | Reduce -4.2% | 0.77% | −0.15 |
| LEN Lennar Corp. Class A | Reduce -1.4% | 0.93% | −0.14 |
| ACN Accenture PLC Class A | Reduce -0.0% | 0.74% | −0.11 |
| TMO Thermo Fisher Scientific Inc. | Reduce -9.3% | 0.22% | −0.11 |
| ALSN Allison Transmission Holding | Reduce -40.1% | 0.10% | −0.09 |
| XOM Exxon Mobil Corp. | Reduce -2.3% | 0.30% | −0.07 |
| GRBK Green Brick Partners Inc. | Reduce -3.0% | 1.29% | −0.06 |
| KBH KB Home | Reduce -3.2% | 0.23% | −0.06 |
| SCHM Schwab US Mid Cap ETF | Reduce -5.8% | 0.56% | −0.05 |
| IT Gartner Inc. | Reduce -58.2% | 0.03% | −0.05 |
| KLG WK Kellogg Co. | Reduce -15.1% | 0.07% | −0.04 |
| CVS CVS Health Corp. | Reduce -22.5% | 0.11% | −0.04 |
| AEP American Electric Power | Reduce -0.8% | 0.24% | −0.04 |
| HD Home Depot Inc. | Reduce -3.5% | 0.26% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -0.3% | 0.57% | −0.04 |
| CL Colgate-Palmolive Co. | Reduce -1.9% | 0.22% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -26.7% | 0.03% | −0.03 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -4.8% | 0.17% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.8% | 0.35% | −0.03 |
| WM Waste Management Inc. | Reduce -1.5% | 0.22% | −0.03 |
| SCHA Schwab US Small-Cap ETF | Reduce -8.8% | 0.23% | −0.03 |
| PSX Phillips 66 | Reduce -0.4% | 0.17% | −0.02 |
| AMLP Alerian MLP ETF | Reduce -0.3% | 0.13% | −0.02 |
| OBDC Blue Owl Capital Corp. | Reduce -0.1% | 0.17% | −0.02 |
| TXT Textron Inc. | Reduce -15.2% | 0.13% | −0.02 |
| CPRT Copart Inc. | Reduce -1.6% | 0.07% | −0.02 |
| AVTR Avantor Inc. | Reduce -16.4% | 0.03% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -0.3% | 0.15% | −0.02 |
| ENB Enbridge Inc. | Reduce -0.3% | 0.23% | −0.02 |
| DUK Duke Energy Corp. | Reduce -0.8% | 0.12% | −0.02 |
| EVH Evolent Health Inc. Class A | Reduce -19.3% | 0.12% | −0.02 |
| PFE Pfizer Inc. | Reduce -3.4% | 0.09% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -18.7% | 0.04% | −0.02 |
| ECHO Echostar Corp. Class A | Sold out | 0.00% | −0.02 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -90.0% | 0.00% | −0.01 |
| SCHD Schwab US DVD Equity ETF | Reduce -5.5% | 0.06% | −0.01 |
| TAP Molson Coors Beverage Co. Class B | Reduce -99.9% | 0.00% | −0.01 |
| SLB SLB Ltd. | Reduce -54.8% | 0.01% | −0.01 |
| BLDR Builders Firstsource Inc. | Reduce -84.6% | 0.00% | −0.01 |
| VDE Vanguard Energy ETF | Reduce -8.3% | 0.04% | −0.01 |
| SYY Sysco Corp. | Reduce -0.9% | 0.11% | −0.01 |
| MRP Millrose Properties | Reduce -12.3% | 0.06% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| ALAB Astera Labs Inc. | New | 0.50% | +0.50 |
| ETN Eaton Corp. PLC | Add +254.3% | 0.35% | +0.27 |
| AMD Advanced Micro Devices | Add +0.1% | 1.18% | +0.24 |
| COF Capital One Financial Corp. | Add +238.9% | 0.30% | +0.22 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +0.0% | 0.99% | +0.18 |
| AMZN Amazon.com Inc. | Add +0.0% | 3.34% | +0.16 |
| CAT Caterpillar Inc. | Add +18.9% | 0.62% | +0.13 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.5% | 0.65% | +0.13 |
| IBIT iShares Bitcoin Trust ETF | Add +2785.4% | 0.11% | +0.11 |
| AVGO Broadcom Inc. | Add +7.0% | 0.28% | +0.11 |
| GOOG Alphabet Inc. Class C | Add +0.2% | 2.81% | +0.10 |
| CYBR Cyberark Software Ltd./Israel | Add +49106.7% | 0.10% | +0.10 |
| CRI Carter's Inc. | Add +46222.5% | 0.09% | +0.09 |
| TROW T Rowe Price Group Inc. | Add +60.4% | 0.24% | +0.08 |
| CPNG Coupang Inc. | Add +170340.0% | 0.08% | +0.08 |
| ORCL Oracle Corp. | Add +0.7% | 0.24% | +0.07 |
| MRVL Marvell Technology Inc. | Add +415.9% | 0.08% | +0.06 |
| MSTR Strategy Inc. | Add +1219.3% | 0.07% | +0.06 |
| TEM Tempus AI Inc. Class A | Add +8020.0% | 0.06% | +0.06 |
| BAC Bank of America Corp. | Add +0.4% | 1.70% | +0.06 |
| GOOGL Alphabet Inc. Class A | Add +0.2% | 1.55% | +0.06 |
| NFLX Netflix Inc. | Add +2.0% | 0.13% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | Add +8.2% | 0.19% | +0.03 |
| MELI MercadoLibre Inc. | Add +1.2% | 0.16% | +0.03 |
| USMV iShares MSCI USA Min Vol Fac | Add +121.3% | 0.05% | +0.03 |
| VGT Vanguard Info Tech ETF | Add +236.6% | 0.03% | +0.02 |
| WST West Pharmaceutical Services | New | 0.02% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +9.9% | 0.11% | +0.02 |
| TSLA Tesla Inc. | Add +6.4% | 0.09% | +0.01 |
| FLOT iShares Floating Rate Bond E | Add +165.6% | 0.02% | +0.01 |
| EMR Emerson Electric Co. | Add +9.9% | 0.06% | +0.01 |
| GLD SPDR Gold Shares | Add +154.4% | 0.02% | +0.01 |
| TDW Tidewater Inc. | Add +124.3% | 0.02% | +0.01 |
| KTOS Kratos Defense & Security | Add +47.9% | 0.02% | +0.01 |
| DELL Dell Technologies -C | Add +3.4% | 0.05% | +0.01 |
| FN Fabrinet | Add +7.8% | 0.03% | +0.01 |
| RTX RTX Corp. | Add +0.6% | 1.03% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +0.6% | 0.72% | +0.01 |
| RDDT Reddit Inc. Class A | Add +11.6% | 0.03% | +0.01 |
| HBAN Huntington Bancshares Inc. | Add +50.9% | 0.02% | +0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +2.5% | 0.63% | +0.01 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | New | 0.01% | +0.01 |
| PM Philip Morris International | Add +1.0% | 0.14% | +0.01 |
| XLK SS Technology Select Sector | Add +0.2% | 0.06% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +0.2% | 0.08% | +0.01 |
| MCO Moody's Corp. | Add +114.0% | 0.01% | +0.01 |
| GPK Graphic Packaging Holding Co. | Add +130.3% | 0.01% | +0.01 |
| SLV iShares Silver Trust | Add +1000.0% | 0.00% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +6.6% | 0.06% | +0.00 |
| SCHW Schwab (charles) Corp. | Add +0.0% | 0.07% | +0.00 |
Options Activity Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | call | Sold out | 2,000 | $217Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Add +129.6% | 186 | $4K |
| WBXWF Wallbox BV Class A -CW26 | *W EXP 10/01/202 | Sold out | 1,874 | $222before exit |
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 |