Salem Investment Counselors Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), Salem Investment Counselors Inc. reported 391 stock positions worth $3.5 billion. Its top holding was Lowe's Cos (LOW) at 9.5% of the portfolio, followed by Nvidia (NVDA, 7.5%) and Apple (AAPL, 7.4%). Compared with Q3 2025, it opened 6 new positions, sold out of 826, added to 122 and reduced 164. The biggest buy was a new position in 3M (MMM) and the biggest sale Microsoft (MSFT, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- WINSTON-SALEM, NC
- CIK
- 0000884423
- Portfolio Value
- $3.5B (Q4 2025)
- SEC Filing
- 0001420506-26-000027 ↗ filed Jan 12, 2026
Holdings Value
Holdings 391 stocks · $3.5B
| LOW Lowe's Cos Inc. | 9.50% | 1,394,593 | $336.3M | Add +0.1% |
| NVDA Nvidia Corp. | 7.48% | 1,420,358 | $264.9M | Reduce -2.6% |
| AAPL Apple Inc. | 7.40% | 964,223 | $262.1M | Reduce -1.2% |
| MSFT Microsoft Corp. | 5.32% | 389,632 | $188.4M | Reduce -2.2% |
| GOOG Alphabet Inc. Class C | 4.42% | 499,301 | $156.7M | Reduce -0.4% |
| PLTR Palantir Technologies Inc. Class A | 3.20% | 638,251 | $113.4M | Reduce -10.8% |
| AMZN Amazon.com Inc. | 3.13% | 480,474 | $110.9M | Add +0.1% |
| META Meta Platforms Inc. Class A | 2.91% | 156,059 | $103.0M | Reduce -2.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.44% | 172,058 | $86.5M | Reduce -0.4% |
| LLY Eli Lilly & Co. | 2.41% | 79,255 | $85.2M | Reduce -1.1% |
| GOOGL Alphabet Inc. Class A | 2.37% | 268,004 | $83.9M | Reduce -2.7% |
| JPM JPMorgan Chase & Co. | 2.19% | 240,983 | $77.6M | Add +5.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.75% | 1,126,924 | $62.0M | Reduce -0.7% |
| MU Micron Technology Inc. | 1.67% | 206,483 | $59.0M | Reduce -5.8% |
| AMD Advanced Micro Devices | 1.59% | 263,263 | $56.4M | Reduce -0.9% |
| PEP Pepsico Inc. | 1.16% | 284,874 | $41.2M | Add +0.2% |
| GRBK Green Brick Partners Inc. | 1.14% | 644,772 | $40.4M | Reduce -0.6% |
| RTX RTX Corp. | 1.14% | 219,927 | $40.3M | Reduce -1.2% |
| WMT Walmart Inc. | 1.05% | 334,890 | $37.3M | Reduce -0.6% |
| JNJ Johnson & Johnson | 1.04% | 177,770 | $36.8M | Reduce -0.3% |
| ISRG Intuitive Surgical Inc. | 0.99% | 61,958 | $35.1M | Add +1.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.99% | 2,087,012 | $34.9M | Reduce -2.5% |
| ALAB Astera Labs Inc. | 0.86% | 182,325 | $30.3M | Reduce -0.8% |
| ABBV Abbvie Inc. | 0.85% | 131,607 | $30.1M | Reduce -0.9% |
| V Visa Inc. Class A | 0.80% | 80,813 | $28.3M | Add +2.1% |
| CAT Caterpillar Inc. | 0.79% | 49,130 | $28.1M | Reduce -4.1% |
| LEN Lennar Corp. Class A | 0.76% | 261,972 | $26.9M | Reduce -1.5% |
| SCHX Schwab US Large-Cap ETF | 0.71% | 937,188 | $25.2M | Reduce -0.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.70% | 81,844 | $24.9M | Reduce -7.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.64% | 54,891 | $22.7M | Reduce -0.4% |
| SW Smurfit Westrock PLC | 0.61% | 554,057 | $21.4M | Reduce -1.3% |
| ACN Accenture PLC Class A | 0.59% | 78,202 | $21.0M | Reduce -0.3% |
| COST Costco Wholesale Corp. | 0.59% | 24,132 | $20.8M | Add +3.0% |
| CSCO Cisco Systems Inc. | 0.59% | 269,373 | $20.7M | Reduce -0.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.58% | 29,945 | $20.5M | Add +1.2% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.57% | 70,071 | $20.3M | Add +0.2% |
| MRK Merck & Co. Inc. | 0.56% | 188,483 | $20.0M | Reduce -0.6% |
| QCOM Qualcomm Inc. | 0.55% | 113,462 | $19.4M | Reduce -0.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.54% | 74,674 | $19.3M | Add +0.2% |
| SCHM Schwab US Mid Cap ETF | 0.54% | 634,996 | $19.1M | Add +0.1% |
| BSX Boston Scientific Corp. | 0.53% | 196,072 | $18.7M | Add +0.1% |
| MCD McDonald's Corp. | 0.46% | 52,827 | $16.1M | Add +0.4% |
| PG The Procter & Gamble Co. | 0.42% | 103,608 | $14.8M | Reduce -0.7% |
| GEHC GE Healthcare Technology | 0.41% | 176,452 | $14.5M | Add +9.2% |
| TFC Truist Financial Corp. | 0.38% | 274,601 | $13.5M | Add +0.7% |
| BCPC Balchem Corp. | 0.33% | 76,345 | $11.7M | No change |
| AVGO Broadcom Inc. | 0.32% | 32,718 | $11.3M | Add +1.4% |
| UI Ubiquiti Inc. | 0.31% | 20,021 | $11.1M | Reduce -0.1% |
| MMM 3M Co. | 0.31% | 68,459 | $11.0M | New |
| XOM Exxon Mobil Corp. | 0.31% | 90,501 | $10.9M | Add +3.9% |
| COF Capital One Financial Corp. | 0.30% | 44,417 | $10.8M | Add +0.0% |
| ETN Eaton Corp. PLC | 0.29% | 32,471 | $10.3M | Add +1.9% |
| AMGN Amgen Inc. | 0.28% | 29,934 | $9.8M | Add +3.5% |
| ABT Abbott Laboratories | 0.27% | 77,246 | $9.7M | Reduce -3.8% |
| KMI Kinder Morgan Inc. | 0.27% | 348,156 | $9.6M | Add +0.6% |
| TMO Thermo Fisher Scientific Inc. | 0.27% | 16,460 | $9.5M | Reduce -9.1% |
| AEP American Electric Power | 0.27% | 82,429 | $9.5M | Add +7.5% |
| MRVL Marvell Technology Inc. | 0.27% | 111,010 | $9.4M | Add +33.2% |
| HIMS Hims & Hers Health Inc. | 0.25% | 267,633 | $8.7M | Add +1.9% |
| SCHA Schwab US Small-Cap ETF | 0.24% | 304,128 | $8.7M | Add +2.6% |
| HON Honeywell International Inc. | 0.24% | 43,496 | $8.5M | Reduce -3.0% |
| EPD Enterprise Products Partners | 0.23% | 254,426 | $8.2M | Add +2.3% |
| HD Home Depot Inc. | 0.23% | 23,299 | $8.0M | Add +0.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.22% | 99,483 | $8.0M | Add +4.8% |
| ASML ASML Holding NV-NY Reg SHS | 0.22% | 7,435 | $8.0M | Add +0.3% |
| KBH KB Home | 0.22% | 138,720 | $7.8M | Reduce -0.5% |
| ENB Enbridge Inc. | 0.21% | 159,200 | $7.6M | Reduce -0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.21% | 10 | $7.5M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.21% | 16,033 | $7.5M | Reduce -2.9% |
| IVV iShares Core S&P 500 ETF | 0.21% | 10,937 | $7.5M | Reduce -1.1% |
| HUBB Hubbell Inc. | 0.21% | 16,690 | $7.4M | Add +82.5% |
| KO The Coca-Cola Co. | 0.21% | 105,661 | $7.4M | Reduce -1.5% |
| VOO Vanguard S&P 500 ETF | 0.21% | 11,764 | $7.4M | Reduce -3.0% |
| IWR iShares Russell Mid-Cap ETF | 0.21% | 75,824 | $7.3M | Reduce -0.0% |
| ORCL Oracle Corp. | 0.19% | 34,766 | $6.8M | Reduce -0.5% |
| FDX FedEx Corp. | 0.19% | 23,292 | $6.8M | Add +0.6% |
| WM Waste Management Inc. | 0.19% | 29,888 | $6.6M | Add +0.1% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.18% | 77,478 | $6.4M | Add +0.3% |
| ET Energy Transfer LP | 0.18% | 383,301 | $6.3M | Reduce -0.3% |
| TT Trane Technologies PLC | 0.18% | 16,178 | $6.3M | No change |
| GS Goldman Sachs Group Inc. | 0.18% | 7,054 | $6.2M | No change |
| VIG Vanguard Dividend Apprec ETF | 0.17% | 27,371 | $6.0M | Reduce -2.3% |
| PBR Petroleo Brasileiro-Spon ADR | 0.17% | 502,831 | $6.0M | Reduce -6.5% |
| CL Colgate-Palmolive Co. | 0.17% | 75,442 | $6.0M | Reduce -2.9% |
| PSX Phillips 66 | 0.17% | 46,041 | $5.9M | No change |
| TSLA Tesla Inc. | 0.16% | 12,473 | $5.6M | Add +28.0% |
| MDLZ Mondelez International Inc. Class A | 0.16% | 101,728 | $5.5M | Add +2.1% |
| MS Morgan Stanley | 0.15% | 30,905 | $5.5M | Add +1.0% |
| NEE Nextera Energy Inc. | 0.15% | 66,839 | $5.4M | Reduce -0.6% |
| ARCC Ares Capital Corp. | 0.15% | 257,855 | $5.2M | Add +6.0% |
| VUSB Vanguard Ultra Short Bond Et | 0.14% | 102,239 | $5.1M | Add +7.7% |
| SOLS Solstice Adv Materials Inc. | 0.14% | 104,283 | $5.1M | Add +830.4% |
| CVX Chevron Corp. | 0.14% | 32,424 | $4.9M | Add +1.1% |
| MELI MercadoLibre Inc. | 0.14% | 2,399 | $4.8M | Add +14.9% |
| MLM Martin Marietta Materials | 0.13% | 7,438 | $4.6M | Reduce -10.8% |
| SON Sonoco Products Co. | 0.13% | 105,765 | $4.6M | Add +3.1% |
| MTD Mettler-Toledo International | 0.13% | 3,300 | $4.6M | No change |
| DY Dycom Industries Inc. | 0.13% | 13,332 | $4.5M | Reduce -1.1% |
| VBIL Vanguard 0-3M T-Bill ETF | 0.12% | 57,672 | $4.4M | Add +81.5% |
| PNC PNC Financial Services Group | 0.12% | 20,465 | $4.3M | Reduce -0.5% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -2.2% | 5.32% | −0.59 |
| PLTR Palantir Technologies Inc. Class A | Reduce -10.8% | 3.20% | −0.53 |
| META Meta Platforms Inc. Class A | Reduce -2.2% | 2.91% | −0.44 |
| NVDA Nvidia Corp. | Reduce -2.6% | 7.48% | −0.31 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.23 |
| GRBK Green Brick Partners Inc. | Reduce -0.6% | 1.14% | −0.23 |
| LEN Lennar Corp. Class A | Reduce -1.5% | 0.76% | −0.20 |
| ALAB Astera Labs Inc. | Reduce -0.8% | 0.86% | −0.17 |
| KMB Kimberly-Clark Corp. | Reduce -47.7% | 0.10% | −0.14 |
| TROW T Rowe Price Group Inc. | Reduce -47.0% | 0.12% | −0.11 |
| EVH Evolent Health Inc. Class A | Sold out | 0.00% | −0.10 |
| ORCL Oracle Corp. | Reduce -0.5% | 0.19% | −0.09 |
| SW Smurfit Westrock PLC | Reduce -1.3% | 0.61% | −0.08 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −0.07 |
| UI Ubiquiti Inc. | Reduce -0.1% | 0.31% | −0.07 |
| SRDX Surmodics Inc. | Sold out | 0.00% | −0.05 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.05 |
| IDR Idaho Strategic Resources Inc. | Sold out | 0.00% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.4% | 2.44% | −0.04 |
| CPNG Coupang Inc. | Reduce -30.9% | 0.04% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 0.42% | −0.04 |
| ABT Abbott Laboratories | Reduce -3.8% | 0.27% | −0.03 |
| KBH KB Home | Reduce -0.5% | 0.22% | −0.03 |
| ABBV Abbvie Inc. | Reduce -0.9% | 0.85% | −0.03 |
| HON Honeywell International Inc. | Reduce -3.0% | 0.24% | −0.03 |
| NFLX Netflix Inc. | Reduce -4.5% | 0.07% | −0.03 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -6.5% | 0.17% | −0.03 |
| ZS Zscaler Inc. | Reduce -1.7% | 0.06% | −0.02 |
| PINS Pinterest Inc. Class A | Reduce -6.3% | 0.06% | −0.02 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -75.3% | 0.01% | −0.02 |
| ENVX Enovix Corp. | Reduce -82.4% | 0.00% | −0.02 |
| OBDC Blue Owl Capital Corp. | Reduce -10.6% | 0.12% | −0.02 |
| MLM Martin Marietta Materials | Reduce -10.8% | 0.13% | −0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -2.9% | 0.21% | −0.02 |
| SGOV iShares 0-3 Month Treasury B | Reduce -39.5% | 0.03% | −0.02 |
| SCHD Schwab US DVD Equity ETF | Reduce -39.0% | 0.03% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -49.1% | 0.01% | −0.02 |
| OXY Occidental Petroleum Corp. | Reduce -49.3% | 0.01% | −0.02 |
| ENB Enbridge Inc. | Reduce -0.1% | 0.21% | −0.02 |
| MO Altria Group Inc. | Reduce -12.8% | 0.04% | −0.01 |
| SYY Sysco Corp. | Reduce -1.6% | 0.09% | −0.01 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −0.01 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.01 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -17.3% | 0.05% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -5.6% | 0.09% | −0.01 |
| ET Energy Transfer LP | Reduce -0.3% | 0.18% | −0.01 |
| CYBR Cyberark Software Ltd./Israel | Reduce -0.9% | 0.09% | −0.01 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.01 |
| DHI D.R. Horton Inc. | Reduce -1.2% | 0.05% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -2.9% | 0.17% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| MMM 3M Co. | New | 0.31% | +0.31 |
| ISRG Intuitive Surgical Inc. | Add +1.1% | 0.99% | +0.21 |
| JPM JPMorgan Chase & Co. | Add +5.4% | 2.19% | +0.13 |
| SOLS Solstice Adv Materials Inc. | Add +830.4% | 0.14% | +0.13 |
| AMZN Amazon.com Inc. | Add +0.1% | 3.13% | +0.12 |
| HUBB Hubbell Inc. | Add +82.5% | 0.21% | +0.10 |
| HBAN Huntington Bancshares Inc. | Add +279.0% | 0.10% | +0.07 |
| AKRE Akre Focus ETF | New | 0.07% | +0.07 |
| MRVL Marvell Technology Inc. | Add +33.2% | 0.27% | +0.07 |
| GEHC GE Healthcare Technology | Add +9.2% | 0.41% | +0.06 |
| VBIL Vanguard 0-3M T-Bill ETF | Add +81.5% | 0.12% | +0.05 |
| RIO Rio Tinto PLC-Spon ADR | Add +4.8% | 0.22% | +0.05 |
| AMGN Amgen Inc. | Add +3.5% | 0.28% | +0.04 |
| CRI Carter's Inc. | Add +37.1% | 0.11% | +0.04 |
| TSLA Tesla Inc. | Add +28.0% | 0.16% | +0.03 |
| FDX FedEx Corp. | Add +0.6% | 0.19% | +0.03 |
| COF Capital One Financial Corp. | Add +0.0% | 0.30% | +0.03 |
| BBUS JPMorgan Betabuilders US Equ | Add +68950.0% | 0.03% | +0.03 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +7706.9% | 0.03% | +0.03 |
| V Visa Inc. Class A | Add +2.1% | 0.80% | +0.03 |
| XOM Exxon Mobil Corp. | Add +3.9% | 0.31% | +0.03 |
| TFC Truist Financial Corp. | Add +0.7% | 0.38% | +0.02 |
| CGUS Cap Group Core Equity | New | 0.02% | +0.02 |
| WST West Pharmaceutical Services | Add +76.5% | 0.05% | +0.02 |
| XHLF Bondbloxx BBG 6 MTH US Treas | New | 0.02% | +0.02 |
| AEP American Electric Power | Add +7.5% | 0.27% | +0.02 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | New | 0.02% | +0.02 |
| PEP Pepsico Inc. | Add +0.2% | 1.16% | +0.02 |
| HRI Herc Holdings Inc. | Add +1.8% | 0.09% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +155.6% | 0.03% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.3% | 0.22% | +0.02 |
| MKL Markel Group Inc. | Add +7.2% | 0.12% | +0.02 |
| KLAR Klarna Group PLC | Add +5475.0% | 0.02% | +0.02 |
| JPST JPMorgan Ultra-Short Income | Add +20.2% | 0.11% | +0.02 |
| MS Morgan Stanley | Add +1.0% | 0.15% | +0.02 |
| NEM Newmont Corp. | Add +10.9% | 0.07% | +0.02 |
| AVGO Broadcom Inc. | Add +1.4% | 0.32% | +0.02 |
| ALSN Allison Transmission Holding | Add +2.3% | 0.09% | +0.01 |
| SGI Somnigroup International Inc. | Add +29.7% | 0.05% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.2% | 0.58% | +0.01 |
| XONE Bondbloxx BBG 1 Dur US Treas | New | 0.01% | +0.01 |
| VUSB Vanguard Ultra Short Bond Et | Add +7.7% | 0.14% | +0.01 |
| SCHA Schwab US Small-Cap ETF | Add +2.6% | 0.24% | +0.01 |
| EPD Enterprise Products Partners | Add +2.3% | 0.23% | +0.01 |
| QXO Qxo Inc. | Add +17.7% | 0.05% | +0.01 |
| TJX TJX Companies Inc. | Add +35.6% | 0.02% | +0.01 |
| USB US Bancorp | Add +146.3% | 0.01% | +0.01 |
| IQV Iqvia Holdings Inc. | Add +199.4% | 0.01% | +0.01 |
| XLV SS Health Care Select Sector | Add +0.6% | 0.07% | +0.01 |
| JQUA JPMorgan US Quality Factor | Add +15.0% | 0.05% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 186 | $5Kbefore exit |
| PPL PPL Corp. | COM | Sold out | 0 | $63before exit |
| OUSTZ Ouster Inc. -CW25 | *W EXP 03/11/202 | Sold out | 250 | $13before exit |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | Sold out | 24 | $2before exit |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | Sold out | 36 | $1before 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 |