Salem Investment Counselors Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 7, 2025), Salem Investment Counselors Inc. reported 1,209 stock positions worth $3.5 billion. Its top holding was Lowe's Cos (LOW) at 10.0% of the portfolio, followed by Nvidia (NVDA, 7.8%) and Apple (AAPL, 7.1%). Compared with Q2 2025, it opened 89 new positions, sold out of 48, added to 238 and reduced 206. The biggest buy was Apple (AAPL, shares +0%) and the biggest sale Meta Platforms Class A (META, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- WINSTON-SALEM, NC
- CIK
- 0000884423
- Portfolio Value
- $3.5B (Q3 2025)
- SEC Filing
- 0001420506-25-002824 ↗ filed Oct 7, 2025
Holdings Value
Holdings 1,209 stocks · $3.5B
| LOW Lowe's Cos Inc. | 10.02% | 1,392,826 | $350.0M | Reduce -0.3% |
| NVDA Nvidia Corp. | 7.79% | 1,458,628 | $272.2M | Reduce -1.0% |
| AAPL Apple Inc. | 7.11% | 975,635 | $248.4M | Add +0.0% |
| MSFT Microsoft Corp. | 5.91% | 398,460 | $206.4M | Add +0.0% |
| PLTR Palantir Technologies Inc. Class A | 3.74% | 715,870 | $130.6M | Reduce -12.3% |
| GOOG Alphabet Inc. Class C | 3.49% | 501,209 | $122.1M | Add +0.3% |
| META Meta Platforms Inc. Class A | 3.35% | 159,516 | $117.1M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 3.02% | 479,843 | $105.4M | Reduce -0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.49% | 172,813 | $86.9M | Reduce -0.4% |
| JPM JPMorgan Chase & Co. | 2.06% | 228,573 | $72.1M | Add +0.3% |
| GOOGL Alphabet Inc. Class A | 1.92% | 275,453 | $67.0M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 1.75% | 80,164 | $61.2M | Add +11.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.68% | 1,134,867 | $58.5M | Add +0.3% |
| GRBK Green Brick Partners Inc. | 1.37% | 648,637 | $47.9M | Reduce -0.2% |
| AMD Advanced Micro Devices | 1.23% | 265,783 | $43.0M | Add +1.2% |
| PEP Pepsico Inc. | 1.14% | 284,350 | $39.9M | Add +0.0% |
| RTX RTX Corp. | 1.07% | 222,614 | $37.2M | Add +0.2% |
| MU Micron Technology Inc. | 1.05% | 219,273 | $36.7M | Reduce -0.6% |
| ALAB Astera Labs Inc. | 1.03% | 183,728 | $36.0M | Add +4.5% |
| WMT Walmart Inc. | 0.99% | 336,773 | $34.7M | Reduce -0.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.98% | 2,139,452 | $34.3M | Reduce -6.3% |
| LEN Lennar Corp. Class A | 0.96% | 266,079 | $33.5M | Add +0.6% |
| JNJ Johnson & Johnson | 0.95% | 178,356 | $33.1M | Reduce -0.2% |
| ABBV Abbvie Inc. | 0.88% | 132,754 | $30.7M | Add +1.0% |
| ISRG Intuitive Surgical Inc. | 0.78% | 61,299 | $27.4M | Add +3.0% |
| V Visa Inc. Class A | 0.77% | 79,118 | $27.0M | Add +0.1% |
| SCHX Schwab US Large-Cap ETF | 0.71% | 941,315 | $24.8M | Add +1.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.71% | 88,201 | $24.6M | Reduce -1.9% |
| CAT Caterpillar Inc. | 0.70% | 51,250 | $24.5M | Add +1.3% |
| SW Smurfit Westrock PLC | 0.68% | 561,092 | $23.9M | Reduce -0.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.64% | 55,115 | $22.2M | Reduce -0.8% |
| COST Costco Wholesale Corp. | 0.62% | 23,439 | $21.7M | Add +2.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.59% | 69,929 | $20.6M | Reduce -0.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 29,589 | $19.8M | Add +1.2% |
| ACN Accenture PLC Class A | 0.55% | 78,406 | $19.3M | Add +0.1% |
| BSX Boston Scientific Corp. | 0.55% | 195,836 | $19.1M | Add +1.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.54% | 74,509 | $19.0M | Add +0.4% |
| QCOM Qualcomm Inc. | 0.54% | 114,041 | $19.0M | Add +1.0% |
| SCHM Schwab US Mid Cap ETF | 0.54% | 634,553 | $18.8M | Add +1.0% |
| CSCO Cisco Systems Inc. | 0.53% | 271,475 | $18.6M | Reduce -0.6% |
| MRK Merck & Co. Inc. | 0.46% | 189,648 | $16.1M | Reduce -1.6% |
| PG The Procter & Gamble Co. | 0.46% | 104,344 | $16.0M | Reduce -6.1% |
| MCD McDonald's Corp. | 0.46% | 52,623 | $16.0M | Add +0.3% |
| HIMS Hims & Hers Health Inc. | 0.43% | 262,783 | $14.9M | Add +0.2% |
| UI Ubiquiti Inc. | 0.38% | 20,046 | $13.2M | Reduce -2.1% |
| TFC Truist Financial Corp. | 0.36% | 272,697 | $12.5M | Reduce -1.8% |
| GEHC GE Healthcare Technology | 0.35% | 161,585 | $12.1M | Add +31.1% |
| ETN Eaton Corp. PLC | 0.34% | 31,863 | $11.9M | Add +3.8% |
| BCPC Balchem Corp. | 0.33% | 76,345 | $11.5M | No change |
| ABT Abbott Laboratories | 0.31% | 80,330 | $10.8M | Reduce -1.8% |
| AVGO Broadcom Inc. | 0.30% | 32,269 | $10.6M | Add +0.6% |
| ORCL Oracle Corp. | 0.28% | 34,926 | $9.8M | Reduce -0.0% |
| XOM Exxon Mobil Corp. | 0.28% | 87,104 | $9.8M | Reduce -1.0% |
| KMI Kinder Morgan Inc. | 0.28% | 346,256 | $9.8M | Add +1.6% |
| COF Capital One Financial Corp. | 0.27% | 44,416 | $9.4M | Reduce -0.1% |
| HON Honeywell International Inc. | 0.27% | 44,836 | $9.4M | Add +0.5% |
| HD Home Depot Inc. | 0.27% | 23,233 | $9.4M | Add +3.5% |
| KBH KB Home | 0.25% | 139,345 | $8.9M | Reduce -0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.25% | 18,108 | $8.8M | Add +6.1% |
| AEP American Electric Power | 0.25% | 76,654 | $8.6M | Add +4.9% |
| KMB Kimberly-Clark Corp. | 0.24% | 68,009 | $8.5M | Add +1.2% |
| SCHA Schwab US Small-Cap ETF | 0.24% | 296,286 | $8.3M | Add +2.0% |
| ROP Roper Technologies Inc. | 0.23% | 16,375 | $8.2M | Add +2.4% |
| AMGN Amgen Inc. | 0.23% | 28,918 | $8.2M | Add +5.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.23% | 16,517 | $8.1M | Reduce -1.4% |
| ENB Enbridge Inc. | 0.23% | 159,445 | $8.0M | Reduce -0.4% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.23% | 77,884 | $8.0M | Add +0.4% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.23% | 77,236 | $7.9M | Add +0.0% |
| EPD Enterprise Products Partners | 0.22% | 248,744 | $7.8M | Add +0.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 10 | $7.5M | No change |
| VOO Vanguard S&P 500 ETF | 0.21% | 12,121 | $7.4M | Add +0.4% |
| IVV iShares Core S&P 500 ETF | 0.21% | 11,057 | $7.4M | Add +4.4% |
| IWR iShares Russell Mid-Cap ETF | 0.21% | 75,849 | $7.3M | Reduce -0.2% |
| ASML ASML Holding NV-NY Reg SHS | 0.21% | 7,410 | $7.2M | Add +1.4% |
| KO The Coca-Cola Co. | 0.20% | 107,301 | $7.2M | Reduce -0.3% |
| MRVL Marvell Technology Inc. | 0.20% | 83,314 | $7.0M | Add +167.6% |
| TT Trane Technologies PLC | 0.20% | 16,178 | $6.8M | Add +6.5% |
| PBR Petroleo Brasileiro-Spon ADR | 0.19% | 537,546 | $6.8M | Reduce -4.8% |
| ET Energy Transfer LP | 0.19% | 384,649 | $6.6M | Reduce -0.0% |
| WM Waste Management Inc. | 0.19% | 29,861 | $6.6M | Reduce -0.8% |
| MDLZ Mondelez International Inc. Class A | 0.18% | 99,630 | $6.3M | Add +1.9% |
| RIO Rio Tinto PLC-Spon ADR | 0.18% | 94,913 | $6.3M | Add +5.3% |
| PSX Phillips 66 | 0.18% | 46,041 | $6.3M | Add +0.8% |
| CL Colgate-Palmolive Co. | 0.18% | 77,658 | $6.2M | Add +0.9% |
| VIG Vanguard Dividend Apprec ETF | 0.17% | 28,023 | $6.1M | Add +11.6% |
| GS Goldman Sachs Group Inc. | 0.16% | 7,054 | $5.6M | No change |
| FDX FedEx Corp. | 0.16% | 23,147 | $5.5M | Add +3.1% |
| MLM Martin Marietta Materials | 0.15% | 8,343 | $5.3M | Reduce -0.1% |
| NEE Nextera Energy Inc. | 0.15% | 67,217 | $5.1M | Reduce -0.6% |
| CVX Chevron Corp. | 0.14% | 32,085 | $5.0M | Add +3.9% |
| ARCC Ares Capital Corp. | 0.14% | 243,325 | $5.0M | Add +3.4% |
| OBDC Blue Owl Capital Corp. | 0.14% | 382,525 | $4.9M | Add +2.6% |
| MELI MercadoLibre Inc. | 0.14% | 2,088 | $4.9M | Add +11.4% |
| MS Morgan Stanley | 0.14% | 30,591 | $4.9M | Add +1.0% |
| VUSB Vanguard Ultra Short Bond Et | 0.14% | 94,906 | $4.7M | Add +17.3% |
| SON Sonoco Products Co. | 0.13% | 102,578 | $4.4M | Add +4.0% |
| TSLA Tesla Inc. | 0.12% | 9,742 | $4.3M | Add +6.9% |
| AGG iShares Core U.S. Aggregate | 0.12% | 42,670 | $4.3M | Add +16.1% |
| PNC PNC Financial Services Group | 0.12% | 20,569 | $4.1M | Add +2.5% |
| NOW ServiceNow Inc. | 0.12% | 4,483 | $4.1M | Add +8.5% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $5K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 186 | $5K | No change |
| OUSTZ Ouster Inc. -CW25 | *W EXP 03/11/202 | 250 | $13 | No change |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | 24 | $2 | No change |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | 36 | $1 | No change |
Lines left out (1) · $63 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| PPL PPL Corp. | COM | 0 | $63 |
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: $3.5B.
Portfolio Sells Q2 2025 → Q3 2025
| META Meta Platforms Inc. Class A | Reduce -1.9% | 3.35% | −0.45 |
| AMZN Amazon.com Inc. | Reduce -0.2% | 3.02% | −0.33 |
| MMM 3M Co. | Sold out | 0.00% | −0.33 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.4% | 2.49% | −0.19 |
| PG The Procter & Gamble Co. | Reduce -6.1% | 0.46% | −0.10 |
| FLO Flowers Foods Inc. | Reduce -61.4% | 0.03% | −0.09 |
| SW Smurfit Westrock PLC | Reduce -0.2% | 0.68% | −0.08 |
| CSCO Cisco Systems Inc. | Reduce -0.6% | 0.53% | −0.07 |
| KLG WK Kellogg Co. | Sold out | 0.00% | −0.07 |
| UNH Unitedhealth Group Inc. | Reduce -40.1% | 0.10% | −0.06 |
| SRDX Surmodics Inc. | Reduce -45.9% | 0.05% | −0.06 |
| WMT Walmart Inc. | Reduce -0.4% | 0.99% | −0.05 |
| ABT Abbott Laboratories | Reduce -1.8% | 0.31% | −0.04 |
| GAM General American Investors | Reduce -96.3% | 0.00% | −0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -1.4% | 0.23% | −0.04 |
| KO The Coca-Cola Co. | Reduce -0.3% | 0.20% | −0.04 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.6% | 0.59% | −0.04 |
| ADX Adams Diversified Equity | Sold out | 0.00% | −0.03 |
| ET Energy Transfer LP | Reduce -0.0% | 0.19% | −0.03 |
| COF Capital One Financial Corp. | Reduce -0.1% | 0.27% | −0.03 |
| WM Waste Management Inc. | Reduce -0.8% | 0.19% | −0.03 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -4.8% | 0.19% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -1.6% | 0.46% | −0.03 |
| IT Gartner Inc. | Sold out | 0.00% | −0.03 |
| NFLX Netflix Inc. | Reduce -2.5% | 0.10% | −0.03 |
| TFC Truist Financial Corp. | Reduce -1.8% | 0.36% | −0.02 |
| ALSN Allison Transmission Holding | Reduce -1.7% | 0.08% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -1.0% | 0.28% | −0.02 |
| MSTR Strategy Inc. | Reduce -0.3% | 0.05% | −0.02 |
| CRI Carter's Inc. | Reduce -1.5% | 0.07% | −0.01 |
| HSIC Henry Schein Inc. | Reduce -0.5% | 0.06% | −0.01 |
| SGOV iShares 0-3 Month Treasury B | Reduce -12.1% | 0.05% | −0.01 |
| TXT Textron Inc. | Reduce -4.8% | 0.11% | −0.01 |
| IWR iShares Russell Mid-Cap ETF | Reduce -0.2% | 0.21% | −0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -6.3% | 0.98% | −0.01 |
| CPRT Copart Inc. | Reduce -0.2% | 0.06% | −0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -0.3% | 0.03% | −0.01 |
| DIS The Walt Disney Co. | Reduce -9.1% | 0.04% | −0.01 |
| AVTR Avantor Inc. | Reduce -21.0% | 0.02% | −0.01 |
| CARR Carrier Global Corp. | Reduce -0.6% | 0.03% | −0.01 |
| CVS CVS Health Corp. | Reduce -8.5% | 0.10% | −0.01 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Reduce -0.8% | 0.64% | −0.01 |
| AI C3.AI Inc. Class A | Reduce -90.7% | 0.00% | −0.01 |
| SCHD Schwab US DVD Equity ETF | Reduce -10.4% | 0.05% | −0.01 |
| IBM Intl Business Machines Corp. | Reduce -2.7% | 0.05% | −0.01 |
| OKE Oneok Inc. | Reduce -1.3% | 0.04% | −0.01 |
| CRM Salesforce Inc. | Reduce -4.4% | 0.03% | −0.01 |
| DUK Duke Energy Corp. | Reduce -2.5% | 0.11% | −0.01 |
| SCHF Schwab Intl Equity ETF | Reduce -3.5% | 0.09% | −0.01 |
| SCHR Schwab Intermediate-Term US | Reduce -0.0% | 0.08% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +0.0% | 7.11% | +0.77 |
| GOOG Alphabet Inc. Class C | Add +0.3% | 3.49% | +0.68 |
| ALAB Astera Labs Inc. | Add +4.5% | 1.03% | +0.53 |
| MRVL Marvell Technology Inc. | Add +167.6% | 0.20% | +0.12 |
| ABBV Abbvie Inc. | Add +1.0% | 0.88% | +0.11 |
| NBIS Nebius Group NV | Add +2272.7% | 0.09% | +0.08 |
| CAT Caterpillar Inc. | Add +1.3% | 0.70% | +0.08 |
| VBIL Vanguard 0-3M T-Bill ETF | New | 0.07% | +0.07 |
| GEHC GE Healthcare Technology | Add +31.1% | 0.35% | +0.06 |
| AMD Advanced Micro Devices | Add +1.2% | 1.23% | +0.05 |
| QXO Qxo Inc. | New | 0.04% | +0.04 |
| RTX RTX Corp. | Add +0.2% | 1.07% | +0.04 |
| LEN Lennar Corp. Class A | Add +0.6% | 0.96% | +0.03 |
| TSLA Tesla Inc. | Add +6.9% | 0.12% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +6.1% | 0.25% | +0.03 |
| IDR Idaho Strategic Resources Inc. | Add +6.5% | 0.05% | +0.03 |
| AVGO Broadcom Inc. | Add +0.6% | 0.30% | +0.02 |
| VVX V2X Inc. | Add +161111.1% | 0.02% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Add +1.4% | 0.21% | +0.02 |
| SCHB Schwab US Broad Market ETF | Add +24.0% | 0.10% | +0.02 |
| NEM Newmont Corp. | Add +6.8% | 0.05% | +0.01 |
| JPST JPMorgan Ultra-Short Income | Add +31.3% | 0.09% | +0.01 |
| RIO Rio Tinto PLC-Spon ADR | Add +5.3% | 0.18% | +0.01 |
| HIMS Hims & Hers Health Inc. | Add +0.2% | 0.43% | +0.01 |
| COIN Coinbase Global Inc. Class A | Add +1408.2% | 0.01% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +11.6% | 0.17% | +0.01 |
| WST West Pharmaceutical Services | Add +45.8% | 0.03% | +0.01 |
| ARE Alexandria Real Estate Equit | New | 0.01% | +0.01 |
| LBRT Liberty Energy Inc. | Add +57.9% | 0.03% | +0.01 |
| HD Home Depot Inc. | Add +3.5% | 0.27% | +0.01 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +22.2% | 0.06% | +0.01 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +38.0% | 0.04% | +0.01 |
| VUSB Vanguard Ultra Short Bond Et | Add +17.3% | 0.14% | +0.01 |
| JQUA JPMorgan US Quality Factor | Add +28.7% | 0.04% | +0.01 |
| AGG iShares Core U.S. Aggregate | Add +16.1% | 0.12% | +0.01 |
| PSX Phillips 66 | Add +0.8% | 0.18% | +0.01 |
| AEP American Electric Power | Add +4.9% | 0.25% | +0.01 |
| GE General Electric | Add +1.4% | 0.09% | +0.01 |
| LHX L3HARRIS Technologies Inc. | Add +41.9% | 0.02% | +0.01 |
| USMV iShares MSCI USA Min Vol Fac | Add +20.0% | 0.06% | +0.01 |
| GPK Graphic Packaging Holding Co. | Add +59.9% | 0.02% | +0.00 |
| XYZ Block Inc. | Add +58.9% | 0.01% | +0.00 |
| MS Morgan Stanley | Add +1.0% | 0.14% | +0.00 |
| USB US Bancorp | Add +2975.3% | 0.00% | +0.00 |
| LRCX Lam Research Corp. | Add +1.3% | 0.02% | +0.00 |
| ESGU iShares ESG Aware MSCI USA | Add +496.6% | 0.00% | +0.00 |
| SCHA Schwab US Small-Cap ETF | Add +2.0% | 0.24% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +4.4% | 0.21% | +0.00 |
| XYLD Global X S&P 500 Cove Call E | New | 0.00% | +0.00 |
| SVV Savers Value Village Inc. | New | 0.00% | +0.00 |
Notes & Other Activity Q2 2025 → Q3 2025
| PPL PPL Corp. | COM | New | 0 | $63 |
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 |