SFE Investment Counsel
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 5, 2026), SFE Investment Counsel reported 149 stock positions worth $726.4 million. Its top holding was Nvidia (NVDA) at 3.8% of the portfolio, followed by Palo Alto Networks (PANW, 3.8%) and Apple (AAPL, 3.4%). Compared with Q1 2026, it opened 12 new positions, sold out of 5, added to 51 and reduced 68. The biggest buy was United Rentals (URI, shares +2%) and the biggest sale Oneok (OKE, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $726.4M (Q2 2026)
- SEC Filing
- 0001317784-26-000003 ↗ filed Aug 5, 2026
Holdings Value
Holdings 149 stocks · $726.4M
| NVDA Nvidia Corp. | 3.83% | 138,995 | $27.8M | Add +1.9% |
| PANW Palo Alto Networks Inc. | 3.78% | 80,533 | $27.5M | Reduce -4.8% |
| AAPL Apple Inc. | 3.43% | 86,015 | $24.9M | Reduce -1.0% |
| MSFT Microsoft Corp. | 2.99% | 58,178 | $21.7M | Add +1.6% |
| AVGO Broadcom Inc. | 2.96% | 56,951 | $21.5M | Reduce -1.7% |
| JPM JPMorgan Chase & Co. | 2.67% | 59,236 | $19.4M | Reduce -0.5% |
| AMZN Amazon.com Inc. | 2.67% | 81,327 | $19.4M | Add +2.1% |
| OKE Oneok Inc. | 2.45% | 204,610 | $17.8M | Reduce -0.2% |
| QCOM Qualcomm Inc. | 2.35% | 92,200 | $17.0M | Reduce -8.7% |
| GOOGL Alphabet Inc. Class A | 2.15% | 43,607 | $15.6M | Reduce -4.4% |
| NEE Nextera Energy Inc. | 2.11% | 174,989 | $15.4M | Add +0.1% |
| FSLR First Solar Inc. | 2.04% | 62,790 | $14.8M | Reduce -0.8% |
| MRVL Marvell Technology Inc. | 2.00% | 48,888 | $14.6M | Reduce -14.0% |
| AMD Advanced Micro Devices | 1.90% | 23,759 | $13.8M | Reduce -23.7% |
| USB US Bancorp | 1.86% | 223,299 | $13.5M | Reduce -0.2% |
| CMI Cummins Inc. | 1.79% | 18,235 | $13.0M | Reduce -5.8% |
| URI United Rentals Inc. | 1.76% | 11,268 | $12.8M | Add +2.3% |
| AMAT Applied Materials Inc. | 1.74% | 17,438 | $12.6M | Reduce -9.4% |
| PWR Quanta Services Inc. | 1.71% | 17,252 | $12.4M | Reduce -10.1% |
| LOW Lowe's Cos Inc. | 1.69% | 55,726 | $12.3M | Add +2.1% |
| IQV Iqvia Holdings Inc. | 1.57% | 59,043 | $11.4M | Add +13.7% |
| GOOG Alphabet Inc. Class C | 1.57% | 32,233 | $11.4M | Reduce -3.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.50% | 38,650 | $10.9M | Add +11.4% |
| COST Costco Wholesale Corp. | 1.43% | 11,067 | $10.4M | Reduce -1.0% |
| LH Labcorp Holdings Inc. | 1.41% | 36,478 | $10.2M | Add +10.8% |
| PRU Prudential Financial Inc. | 1.34% | 90,299 | $9.7M | Add +5.4% |
| WSM Williams-Sonoma Inc. | 1.33% | 41,393 | $9.6M | Add +1.4% |
| J Jacobs Solutions Inc. | 1.30% | 75,087 | $9.5M | Add +11.0% |
| BX Blackstone Inc. | 1.22% | 75,588 | $8.9M | Add +13.3% |
| CLF Cleveland-Cliffs Inc. | 1.18% | 911,796 | $8.6M | Add +1.8% |
| BSJS Invesco Bulletshares 2028 HY | 1.17% | 390,757 | $8.5M | Add +1.8% |
| ETN Eaton Corp. PLC | 1.15% | 19,589 | $8.3M | Reduce -2.1% |
| ABT Abbott Laboratories | 1.13% | 90,251 | $8.2M | Add +10.4% |
| IVV iShares Core S&P 500 ETF | 1.12% | 10,876 | $8.1M | Reduce -2.1% |
| BSJR Invesco Bulletshares 2027 HY | 1.10% | 358,973 | $8.0M | Reduce -0.3% |
| BSJT Invesco Bulletshares 2029 HY | 1.10% | 378,154 | $8.0M | Add +3.3% |
| BSCS Invesco Bulletshares 2028 CB | 1.06% | 378,645 | $7.7M | Add +11.1% |
| DHR Danaher Corp. | 1.02% | 38,721 | $7.4M | Add +7.2% |
| LLY Eli Lilly & Co. | 0.99% | 5,971 | $7.2M | Add +2.5% |
| BSJU Invesco Bulletshares 2030 HY | 0.98% | 274,568 | $7.1M | Add +9.6% |
| LHX L3HARRIS Technologies Inc. | 0.95% | 23,782 | $6.9M | Add +0.5% |
| JNJ Johnson & Johnson | 0.93% | 26,617 | $6.8M | Add +0.2% |
| BSCR Invesco Bulletshares 2027 CB | 0.91% | 337,330 | $6.6M | Add +8.4% |
| BSCT Invesco Bulletshares 2029 CB | 0.88% | 344,227 | $6.4M | Add +6.1% |
| CSCO Cisco Systems Inc. | 0.87% | 53,581 | $6.3M | Reduce -9.0% |
| UBER Uber Technologies Inc. | 0.87% | 87,107 | $6.3M | Add +18.7% |
| HASI Ha Sustainable Infrastructur | 0.83% | 154,759 | $6.0M | Reduce -2.4% |
| KLAC KLA Corp. | 0.83% | 20,000 | $6.0M | No change |
| DCI Donaldson Co. Inc. | 0.80% | 64,958 | $5.8M | Reduce -1.3% |
| XYL Xylem Inc. | 0.79% | 48,837 | $5.8M | Add +13.3% |
| GEV GE Vernova Inc. | 0.76% | 4,675 | $5.5M | Reduce -6.6% |
| KMB Kimberly-Clark Corp. | 0.73% | 48,065 | $5.3M | Add +31.2% |
| TTEK Tetra Tech Inc. | 0.70% | 176,857 | $5.1M | Add +20.0% |
| BSCU Invesco Bulletshares 2030 CB | 0.67% | 293,165 | $4.9M | Add +14.0% |
| KMI Kinder Morgan Inc. | 0.67% | 151,400 | $4.8M | Reduce -0.3% |
| ABBV Abbvie Inc. | 0.66% | 19,074 | $4.8M | Reduce -1.8% |
| GLW Corning Inc. | 0.66% | 18,709 | $4.8M | Reduce -15.7% |
| WY Weyerhaeuser Co. | 0.65% | 198,239 | $4.7M | Reduce -5.2% |
| GE General Electric filed as GE AEROSPACE | 0.62% | 12,002 | $4.5M | Reduce -1.5% |
| AWK American Water Works Co. Inc. | 0.61% | 33,775 | $4.4M | Add +5.3% |
| BSJQ Invesco Bulletshares 2026 HY | 0.53% | 166,621 | $3.8M | Reduce -37.8% |
| FDX FedEx Corp. | 0.45% | 10,503 | $3.3M | Reduce -6.3% |
| NOW ServiceNow Inc. | 0.43% | 31,595 | $3.1M | Add +17.4% |
| BSJV Invesco Bulletshares 2031 HY | 0.41% | 114,822 | $3.0M | Add +25.1% |
| HONA Honeywell Aerospace Inc. | 0.41% | 13,482 | $3.0M | Add +11.3% |
| PFE Pfizer Inc. | 0.41% | 122,530 | $3.0M | Add +33.8% |
| BSCQ Invesco Bulletshares 2026 CB | 0.41% | 150,867 | $2.9M | Reduce -14.7% |
| HON Honeywell International Inc. | 0.39% | 12,704 | $2.8M | Add +4.8% |
| BDX Becton Dickinson and Co. | 0.37% | 17,614 | $2.7M | Add +2.8% |
| CVX Chevron Corp. | 0.36% | 15,597 | $2.6M | Add +2.9% |
| CHWY Chewy Inc. Class A | 0.34% | 124,588 | $2.4M | New |
| PNW Pinnacle West Capital | 0.33% | 22,585 | $2.4M | Reduce -1.3% |
| BSCV Invesco Bulletshares 2031 CB | 0.33% | 145,019 | $2.4M | Add +13.7% |
| EXPE Expedia Group Inc. | 0.31% | 8,861 | $2.3M | Reduce -29.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.31% | 4,463 | $2.2M | Add +0.7% |
| BEP Brookfield Renewable Partner | 0.31% | 64,135 | $2.2M | Reduce -2.6% |
| CRM Salesforce Inc. | 0.29% | 13,353 | $2.1M | Reduce -8.5% |
| ROP Roper Technologies Inc. | 0.27% | 5,748 | $1.9M | Reduce -42.5% |
| JEPI JPMorgan Equity Premium Inco | 0.26% | 33,076 | $1.9M | Reduce -6.3% |
| EQAL Invesco Russell 1000 Equal W | 0.22% | 26,829 | $1.6M | Reduce -1.6% |
| CRCL Circle Internet Group Inc. | 0.20% | 22,635 | $1.4M | Add +19.2% |
| NFLX Netflix Inc. | 0.19% | 19,646 | $1.4M | Add +6.0% |
| EWBC East West Bancorp Inc. | 0.19% | 10,610 | $1.4M | Add +2.7% |
| DRI Darden Restaurants Inc. | 0.16% | 5,665 | $1.2M | Reduce -2.1% |
| SHW The Sherwin-Williams Co. | 0.16% | 3,378 | $1.2M | Add +3.0% |
| CLH Clean Harbors Inc. | 0.15% | 3,675 | $1.1M | Reduce -2.0% |
| TNC Tennant Co. | 0.15% | 12,175 | $1.1M | Reduce -7.6% |
| F Ford Motor Co. filed as FORD MTR CO | 0.15% | 76,210 | $1.1M | Reduce -5.4% |
| EIX Edison International | 0.14% | 14,120 | $1.1M | Reduce -4.7% |
| EMR Emerson Electric Co. | 0.14% | 7,324 | $1.0M | Add +4.3% |
| VRT Vertiv Holdings Co. Class A | 0.14% | 3,039 | $1.0M | Reduce -0.4% |
| ISRG Intuitive Surgical Inc. | 0.13% | 2,409 | $958K | Add +338.8% |
| RSPT Invesco S&P 500 Equal Weight | 0.12% | 13,852 | $893K | Reduce -2.9% |
| CRSP Crispr Therapeutics AG | 0.12% | 16,365 | $893K | Add +15.9% |
| LMNR Limoneira Co. | 0.11% | 60,010 | $788K | No change |
| FDXF FedEx Freight Holding Co. | 0.11% | 5,208 | $786K | Reduce -7.0% |
| T AT&T Inc. | 0.10% | 36,349 | $752K | Reduce -17.6% |
| AZN Astrazeneca PLC | 0.10% | 3,826 | $725K | No change |
| BMY Bristol-Myers Squibb Co. | 0.10% | 12,212 | $704K | No change |
| IAU iShares Gold Trust | 0.09% | 9,124 | $689K | No change |
Options reported separately and not counted above: CRSP puts ($6.2M), KLAC puts ($6.0M), AZN puts ($2.9M).
Portfolio Sells Q1 2026 → Q2 2026
| OKE Oneok Inc. | Reduce -0.2% | 2.45% | −0.52 |
| BSJQ Invesco Bulletshares 2026 HY | Reduce -37.8% | 0.53% | −0.47 |
| ZTS Zoetis Inc. | Reduce -80.7% | 0.05% | −0.41 |
| COST Costco Wholesale Corp. | Reduce -1.0% | 1.43% | −0.36 |
| ROP Roper Technologies Inc. | Reduce -42.5% | 0.27% | −0.30 |
| FDX FedEx Corp. | Reduce -6.3% | 0.45% | −0.19 |
| BSJR Invesco Bulletshares 2027 HY | Reduce -0.3% | 1.10% | −0.19 |
| WY Weyerhaeuser Co. | Reduce -5.2% | 0.65% | −0.16 |
| EXPE Expedia Group Inc. | Reduce -29.4% | 0.31% | −0.15 |
| KMI Kinder Morgan Inc. | Reduce -0.3% | 0.67% | −0.15 |
| CRM Salesforce Inc. | Reduce -8.5% | 0.29% | −0.15 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -14.7% | 0.41% | −0.15 |
| JPM JPMorgan Chase & Co. | Reduce -0.5% | 2.67% | −0.14 |
| AAPL Apple Inc. | Reduce -1.0% | 3.43% | −0.11 |
| HASI Ha Sustainable Infrastructur | Reduce -2.4% | 0.83% | −0.10 |
| T AT&T Inc. | Reduce -17.6% | 0.10% | −0.10 |
| DCI Donaldson Co. Inc. | Reduce -1.3% | 0.80% | −0.09 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.08 |
| JEPI JPMorgan Equity Premium Inco | Reduce -6.3% | 0.26% | −0.06 |
| WAT Waters Corp. | Reduce -61.2% | 0.04% | −0.05 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.05 |
| NOC Northrop Grumman Corp. | Reduce -11.7% | 0.06% | −0.04 |
| IVV iShares Core S&P 500 ETF | Reduce -2.1% | 1.12% | −0.04 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.04 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −0.04 |
| BEP Brookfield Renewable Partner | Reduce -2.6% | 0.31% | −0.04 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.04 |
| PNW Pinnacle West Capital | Reduce -1.3% | 0.33% | −0.04 |
| EIX Edison International | Reduce -4.7% | 0.14% | −0.03 |
| FDXF FedEx Freight Holding Co. | Reduce -7.0% | 0.11% | −0.03 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -16.4% | 0.09% | −0.02 |
| EQAL Invesco Russell 1000 Equal W | Reduce -1.6% | 0.22% | −0.02 |
| CLH Clean Harbors Inc. | Reduce -2.0% | 0.15% | −0.02 |
| DRI Darden Restaurants Inc. | Reduce -2.1% | 0.16% | −0.02 |
| ABBV Abbvie Inc. | Reduce -1.8% | 0.66% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -6.1% | 0.06% | −0.01 |
| THO Thor Industries Inc. | Reduce -10.0% | 0.04% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -9.8% | 0.05% | −0.01 |
| GLD SPDR Gold Shares | Reduce -4.3% | 0.03% | −0.01 |
| GSIE Goldman Sachs Activebeta Int | Reduce -4.4% | 0.05% | −0.01 |
| XLB SS Materials Select Sector | Reduce -1.7% | 0.05% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -7.9% | 0.04% | −0.01 |
| USB US Bancorp | Reduce -0.2% | 1.86% | −0.01 |
| LRGF iShares US Equity Factor ETF | Reduce -9.0% | 0.05% | −0.01 |
| TSLA Tesla Inc. | Reduce -3.8% | 0.08% | −0.01 |
| F Ford Motor Co. | Reduce -5.4% | 0.15% | −0.00 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -15.4% | 0.04% | −0.00 |
| IBB iShares Biotechnology ETF | Reduce -1.7% | 0.06% | −0.00 |
| IYJ iShares U.S. Industrials ETF | Reduce -1.4% | 0.05% | −0.00 |
| SBUX Starbucks Corp. | Reduce -2.6% | 0.04% | −0.00 |
Portfolio Buys Q1 2026 → Q2 2026
| URI United Rentals Inc. | Add +2.3% | 1.76% | +0.47 |
| CHWY Chewy Inc. Class A | New | 0.34% | +0.34 |
| KMB Kimberly-Clark Corp. | Add +31.2% | 0.73% | +0.16 |
| IQV Iqvia Holdings Inc. | Add +13.7% | 1.57% | +0.15 |
| IBM Intl Business Machines Corp. | Add +11.4% | 1.50% | +0.15 |
| WSM Williams-Sonoma Inc. | Add +1.4% | 1.33% | +0.14 |
| LLY Eli Lilly & Co. | Add +2.5% | 0.99% | +0.13 |
| ISRG Intuitive Surgical Inc. | Add +338.8% | 0.13% | +0.09 |
| FRVO Fervo Energy Co. Class A | New | 0.09% | +0.09 |
| BSJW Invesco Bulletshares 2032 HY | New | 0.06% | +0.06 |
| BSCW Invesco Bulletshares 2032 CB | New | 0.04% | +0.04 |
| TXN Texas Instruments Inc. | New | 0.04% | +0.04 |
| SPCX Space Exploration Techn Class A | New | 0.04% | +0.04 |
| CGGO Cap Group Global Growth | New | 0.03% | +0.03 |
| BSJV Invesco Bulletshares 2031 HY | Add +25.1% | 0.41% | +0.03 |
| HXL Hexcel Corp. | New | 0.03% | +0.03 |
| CAT Caterpillar Inc. | New | 0.03% | +0.03 |
| BAC Bank of America Corp. | New | 0.03% | +0.03 |
| BN Brookfield Corp. | New | 0.03% | +0.03 |
| HD Home Depot Inc. | New | 0.03% | +0.03 |
| UBER Uber Technologies Inc. | Add +18.7% | 0.87% | +0.02 |
| NVDA Nvidia Corp. | Add +1.9% | 3.83% | +0.02 |
| CRSP Crispr Therapeutics AG | Add +15.9% | 0.12% | +0.02 |
| EWBC East West Bancorp Inc. | Add +2.7% | 0.19% | +0.01 |
| AMZN Amazon.com Inc. | Add +2.1% | 2.67% | +0.01 |
| MELI MercadoLibre Inc. | Add +35.7% | 0.07% | +0.01 |
| PRU Prudential Financial Inc. | Add +5.4% | 1.34% | +0.00 |
| LH Labcorp Holdings Inc. | Add +10.8% | 1.41% | −0.00 |
| BA The Boeing Co. | Add +1.2% | 0.04% | −0.00 |
| EMR Emerson Electric Co. | Add +4.3% | 0.14% | −0.00 |
| XLF SS Financial Select Sector | Add +0.7% | 0.05% | −0.00 |
| BX Blackstone Inc. | Add +13.3% | 1.22% | −0.00 |
| PFE Pfizer Inc. | Add +33.8% | 0.41% | −0.01 |
| TTEK Tetra Tech Inc. | Add +20.0% | 0.70% | −0.01 |
| SHW The Sherwin-Williams Co. | Add +3.0% | 0.16% | −0.01 |
| BSCV Invesco Bulletshares 2031 CB | Add +13.7% | 0.33% | −0.01 |
| SHOP Shopify Inc. Class A | Add +0.6% | 0.06% | −0.01 |
| BSCU Invesco Bulletshares 2030 CB | Add +14.0% | 0.67% | −0.02 |
| NOW ServiceNow Inc. | Add +17.4% | 0.43% | −0.02 |
| HONA Honeywell Aerospace Inc. | Add +11.3% | 0.41% | −0.02 |
| XYL Xylem Inc. | Add +13.3% | 0.79% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.7% | 0.31% | −0.03 |
| CLF Cleveland-Cliffs Inc. | Add +1.8% | 1.18% | −0.03 |
| BSJU Invesco Bulletshares 2030 HY | Add +9.6% | 0.98% | −0.05 |
| BSCS Invesco Bulletshares 2028 CB | Add +11.1% | 1.06% | −0.05 |
| BDX Becton Dickinson and Co. | Add +2.8% | 0.37% | −0.06 |
| BSCR Invesco Bulletshares 2027 CB | Add +8.4% | 0.91% | −0.07 |
| J Jacobs Solutions Inc. | Add +11.0% | 1.30% | −0.08 |
| DHR Danaher Corp. | Add +7.2% | 1.02% | −0.08 |
| AWK American Water Works Co. Inc. | Add +5.3% | 0.61% | −0.09 |
Options Activity Q1 2026 → Q2 2026
| CRSP Crispr Therapeutics AG | put | New | 16,700 | $6.2M |
| CVX Chevron Corp. | put | Sold out | 16,700 | $6.2Mbefore exit |
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 | 149 | $726.4M | NVDA, PANW, AAPL, MSFT, AVGO |
| Q1 2026 | 140 | $624.2M | NVDA, AAPL, MSFT, OKE, AVGO |
| Q4 2025 | 143 | $641.3M | MSFT, NVDA, AAPL, JPM, AVGO |
| Q3 2025 | 147 | $626.3M | MSFT, NVDA, AAPL, JPM, AVGO |
| Q2 2025 | 141 | $567.9M | MSFT, NVDA, JPM, AAPL, AMZN |
| Q1 2025 | 140 | $500.5M | AAPL, NVDA, JPM, QCOM, OKE |
| Q4 2024 | 114 | $470.9M | AAPL, NVDA, JPM, AVGO, AMZN |
| Q3 2024 | 116 | $480.1M | AAPL, NVDA, QCOM, JPM, OKE |
| Q2 2024 | 119 | $450.9M | NVDA, AAPL, QCOM, JPM, AMZN |
| Q1 2024 | 117 | $441.4M | CLF, QCOM, NVDA, AAPL, JPM |