SFE Investment Counsel
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 6, 2024), SFE Investment Counsel reported 117 stock positions worth $441.4 million. Its top holding was Cleveland-Cliffs (CLF) at 3.8% of the portfolio, followed by Qualcomm (QCOM, 3.6%) and Nvidia (NVDA, 3.5%). Compared with Q4 2023, it opened 8 new positions, sold out of 3, added to 54 and reduced 45. The biggest buy was Nextera Energy (NEE, shares +47%) and the biggest sale Palo Alto Networks (PANW, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $441.4M (Q1 2024)
- SEC Filing
- 0001085146-24-002253 ↗ filed May 6, 2024
Holdings Value
Holdings 117 stocks · $441.4M
| CLF Cleveland-Cliffs Inc. | 3.77% | 731,783 | $16.6M | Add +0.6% |
| QCOM Qualcomm Inc. | 3.58% | 93,408 | $15.8M | Reduce -0.6% |
| NVDA Nvidia Corp. | 3.45% | 16,861 | $15.2M | Reduce -24.2% |
| AAPL Apple Inc. | 3.34% | 85,993 | $14.7M | Add +2.2% |
| JPM JPMorgan Chase & Co. | 3.21% | 70,761 | $14.2M | Reduce -0.8% |
| OKE Oneok Inc. | 2.83% | 156,034 | $12.5M | Add +0.6% |
| LOW Lowe's Cos Inc. | 2.73% | 47,268 | $12.0M | Add +12.4% |
| AMZN Amazon.com Inc. | 2.69% | 65,865 | $11.9M | Add +9.8% |
| AVGO Broadcom Inc. | 2.51% | 8,354 | $11.1M | Reduce -15.2% |
| NEE Nextera Energy Inc. | 2.32% | 160,454 | $10.3M | Add +46.7% |
| PANW Palo Alto Networks Inc. | 2.23% | 34,714 | $9.9M | Reduce -12.2% |
| FSLR First Solar Inc. | 2.11% | 55,228 | $9.3M | Add +47.7% |
| USB US Bancorp | 2.06% | 203,353 | $9.1M | Add +12.6% |
| COST Costco Wholesale Corp. | 1.93% | 11,634 | $8.5M | Add +5.1% |
| CMI Cummins Inc. | 1.83% | 27,472 | $8.1M | Add +2.6% |
| WSM Williams-Sonoma Inc. | 1.69% | 23,426 | $7.4M | Reduce -24.3% |
| MSFT Microsoft Corp. | 1.66% | 17,465 | $7.3M | Add +26.8% |
| ABT Abbott Laboratories | 1.65% | 63,949 | $7.3M | Add +8.8% |
| BSJQ Invesco Bulletshares 2026 HY | 1.63% | 310,387 | $7.2M | Add +3.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.59% | 36,769 | $7.0M | Add +9.7% |
| BSJP Invesco Bulletshares 2025 HY | 1.45% | 278,945 | $6.4M | Reduce -0.8% |
| GOOGL Alphabet Inc. Class A | 1.45% | 42,294 | $6.4M | Add +6.2% |
| DCI Donaldson Co. Inc. | 1.42% | 83,856 | $6.3M | Reduce -0.7% |
| PRU Prudential Financial Inc. | 1.31% | 49,244 | $5.8M | Add +27.4% |
| ABBV Abbvie Inc. | 1.31% | 31,641 | $5.8M | Reduce -1.9% |
| GOOG Alphabet Inc. Class C | 1.30% | 37,716 | $5.7M | Reduce -1.5% |
| F Ford Motor Co. filed as FORD MTR CO DEL | 1.29% | 428,935 | $5.7M | Add +24.8% |
| CVS CVS Health Corp. | 1.25% | 69,444 | $5.5M | Add +7.0% |
| FISV Fiserv Inc. | 1.24% | 34,316 | $5.5M | Add +2.9% |
| BX Blackstone Inc. | 1.24% | 41,667 | $5.5M | Reduce -4.0% |
| BDX Becton Dickinson and Co. | 1.21% | 21,526 | $5.3M | Reduce -18.4% |
| BSJS Invesco Bulletshares 2028 HY | 1.21% | 245,765 | $5.3M | Add +20.3% |
| J Jacobs Solutions Inc. | 1.19% | 34,101 | $5.2M | Add +7.3% |
| BSJR Invesco Bulletshares 2027 HY | 1.18% | 233,881 | $5.2M | Add +3.5% |
| HASI Ha Sustainable Infrastructur filed as HANNON ARMSTRONG SUST INFR C | 1.17% | 181,412 | $5.2M | Add +34.0% |
| WY Weyerhaeuser Co. | 1.13% | 138,348 | $5.0M | Reduce -1.2% |
| URI United Rentals Inc. | 1.09% | 6,666 | $4.8M | Add +49.8% |
| ROP Roper Technologies Inc. | 1.09% | 8,565 | $4.8M | Reduce -1.1% |
| LHX L3HARRIS Technologies Inc. | 1.08% | 22,349 | $4.8M | Add +7.8% |
| BSJO Invesco Bulletshares 2024 HY | 1.06% | 205,911 | $4.7M | Reduce -12.5% |
| AWK American Water Works Co. Inc. | 0.96% | 34,526 | $4.2M | Add +38.2% |
| HON Honeywell International Inc. | 0.94% | 20,126 | $4.1M | Add +6.5% |
| ZTS Zoetis Inc. | 0.89% | 23,267 | $3.9M | Add +55.0% |
| CWH Camping World Holdings Inc. Class A | 0.88% | 138,764 | $3.9M | Add +49.6% |
| DHR Danaher Corp. | 0.83% | 14,635 | $3.7M | Add +15.5% |
| JNJ Johnson & Johnson | 0.79% | 22,141 | $3.5M | Add +12.8% |
| FDX FedEx Corp. | 0.79% | 12,008 | $3.5M | Reduce -23.7% |
| AMAT Applied Materials Inc. | 0.77% | 16,570 | $3.4M | Reduce -8.8% |
| BMY Bristol-Myers Squibb Co. | 0.74% | 60,091 | $3.3M | Add +11.5% |
| BSCS Invesco Bulletshares 2028 CB | 0.70% | 155,030 | $3.1M | Add +23.0% |
| BSCQ Invesco Bulletshares 2026 CB | 0.69% | 159,660 | $3.1M | Add +1.8% |
| CSCO Cisco Systems Inc. | 0.69% | 60,653 | $3.0M | Add +14.6% |
| GE General Electric | 0.67% | 16,848 | $3.0M | Reduce -2.5% |
| EIX Edison International | 0.66% | 41,320 | $2.9M | Add +24.0% |
| CVX Chevron Corp. | 0.65% | 18,085 | $2.9M | Add +27.4% |
| ETN Eaton Corp. PLC | 0.64% | 9,092 | $2.8M | Reduce -11.8% |
| PFE Pfizer Inc. | 0.64% | 101,874 | $2.8M | Add +28.8% |
| BSCP Invesco Bulletshares 2025 CB | 0.62% | 133,408 | $2.7M | Reduce -2.0% |
| BSCR Invesco Bulletshares 2027 CB | 0.61% | 138,604 | $2.7M | Add +1.7% |
| AMD Advanced Micro Devices | 0.60% | 14,635 | $2.6M | Reduce -13.5% |
| THO Thor Industries Inc. | 0.54% | 20,305 | $2.4M | Reduce -25.3% |
| DE Deere & Co. | 0.54% | 5,795 | $2.4M | Add +102.8% |
| TNC Tennant Co. | 0.53% | 19,332 | $2.4M | Reduce -7.3% |
| PWR Quanta Services Inc. | 0.52% | 8,785 | $2.3M | Reduce -3.5% |
| BSJT Invesco Bulletshares 2029 HY | 0.50% | 103,243 | $2.2M | Add +97.5% |
| SYY Sysco Corp. | 0.50% | 26,916 | $2.2M | Add +15.8% |
| XYL Xylem Inc. | 0.45% | 15,490 | $2.0M | Add +0.8% |
| LH Laboratory CRP of Amer Hldgs | 0.42% | 8,447 | $1.8M | Reduce -19.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 3,949 | $1.7M | Add +8.3% |
| KMI Kinder Morgan Inc. | 0.36% | 87,025 | $1.6M | Add +6.6% |
| EQAL Invesco Russell 1000 Equal W | 0.36% | 34,492 | $1.6M | Reduce -1.3% |
| TTEK Tetra Tech Inc. | 0.32% | 7,666 | $1.4M | No change |
| BA The Boeing Co. | 0.32% | 7,337 | $1.4M | Add +44.9% |
| CLH Clean Harbors Inc. | 0.31% | 6,837 | $1.4M | Add +0.2% |
| PNW Pinnacle West Capital | 0.31% | 18,185 | $1.4M | Add +32.6% |
| BSCO Invesco Bulletshares 2024 CB | 0.30% | 64,093 | $1.3M | Reduce -43.7% |
| PI Impinj Inc. | 0.27% | 9,242 | $1.2M | Reduce -1.4% |
| LMNR Limoneira Co. | 0.27% | 60,010 | $1.2M | No change |
| T AT&T Inc. | 0.27% | 66,454 | $1.2M | Reduce -1.7% |
| BEP Brookfield Renewable Partner | 0.27% | 50,347 | $1.2M | Add +4.3% |
| DLR Digital Realty Trust Inc. | 0.23% | 7,114 | $1.0M | Reduce -20.3% |
| IQV Iqvia Holdings Inc. | 0.18% | 3,190 | $807K | New |
| GLW Corning Inc. | 0.18% | 24,356 | $803K | Reduce -0.5% |
| CTVA Corteva Inc. | 0.18% | 13,455 | $776K | Reduce -1.6% |
| WDAY Workday Inc. Class A | 0.18% | 2,840 | $775K | Reduce -2.1% |
| NFLX Netflix Inc. | 0.17% | 1,235 | $750K | Reduce -0.1% |
| EWBC East West Bancorp Inc. | 0.15% | 8,625 | $682K | Reduce -16.6% |
| RSPT Invesco S&P 500 Equal Weight | 0.15% | 18,727 | $659K | Reduce -2.1% |
| SHW The Sherwin-Williams Co. | 0.14% | 1,795 | $623K | Reduce -0.8% |
| BSCT Invesco Bulletshares 2029 CB | 0.14% | 33,848 | $619K | New |
| EMR Emerson Electric Co. | 0.13% | 5,068 | $575K | New |
| ISRG Intuitive Surgical Inc. | 0.13% | 1,410 | $563K | Reduce -0.1% |
| ALB Albemarle Corp. | 0.12% | 4,095 | $539K | New |
| BSJU Invesco Bulletshares 2030 HY | 0.11% | 19,332 | $495K | New |
| INTC Intel Corp. | 0.11% | 11,168 | $493K | Add +1.2% |
| BSCU Invesco Bulletshares 2030 CB | 0.11% | 29,988 | $492K | New |
| MCHP Microchip Technology Inc. | 0.11% | 5,383 | $483K | Reduce -9.0% |
| TTWO Take-Two Interactive Softwre | 0.10% | 3,115 | $463K | Reduce -60.6% |
| WAT Waters Corp. | 0.10% | 1,334 | $459K | No change |
| STM Stmicroelectronics NV-NY SHS | 0.09% | 9,551 | $413K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| PANW Palo Alto Networks Inc. | Reduce -12.2% | 2.23% | −0.80 |
| BDX Becton Dickinson and Co. | Reduce -18.4% | 1.21% | −0.47 |
| AVGO Broadcom Inc. | Reduce -15.2% | 2.51% | −0.36 |
| BSJO Invesco Bulletshares 2024 HY | Reduce -12.5% | 1.06% | −0.33 |
| BSCO Invesco Bulletshares 2024 CB | Reduce -43.7% | 0.30% | −0.31 |
| THO Thor Industries Inc. | Reduce -25.3% | 0.54% | −0.30 |
| FDX FedEx Corp. | Reduce -23.7% | 0.79% | −0.25 |
| BX Blackstone Inc. | Reduce -4.0% | 1.24% | −0.24 |
| TTWO Take-Two Interactive Softwre | Reduce -60.6% | 0.10% | −0.23 |
| BSJP Invesco Bulletshares 2025 HY | Reduce -0.8% | 1.45% | −0.21 |
| LH Laboratory CRP of Amer Hldgs | Reduce -19.8% | 0.42% | −0.20 |
| WY Weyerhaeuser Co. | Reduce -1.2% | 1.13% | −0.14 |
| ROP Roper Technologies Inc. | Reduce -1.1% | 1.09% | −0.14 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -2.0% | 0.62% | −0.11 |
| GOOG Alphabet Inc. Class C | Reduce -1.5% | 1.30% | −0.10 |
| VREX Varex Imaging Corp. | Reduce -51.7% | 0.06% | −0.10 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −0.08 |
| DLR Digital Realty Trust Inc. | Reduce -20.3% | 0.23% | −0.08 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.06 |
| DOW Dow Inc. | Sold out | 0.00% | −0.06 |
| AMD Advanced Micro Devices | Reduce -13.5% | 0.60% | −0.05 |
| EQAL Invesco Russell 1000 Equal W | Reduce -1.3% | 0.36% | −0.04 |
| EWBC East West Bancorp Inc. | Reduce -16.6% | 0.15% | −0.04 |
| WDAY Workday Inc. Class A | Reduce -2.1% | 0.18% | −0.03 |
| T AT&T Inc. | Reduce -1.7% | 0.27% | −0.03 |
| MCHP Microchip Technology Inc. | Reduce -9.0% | 0.11% | −0.03 |
| ERII Energy Recovery Inc. | Reduce -3.5% | 0.06% | −0.03 |
| DCI Donaldson Co. Inc. | Reduce -0.7% | 1.42% | −0.02 |
| RSPT Invesco S&P 500 Equal Weight | Reduce -2.1% | 0.15% | −0.01 |
| GLW Corning Inc. | Reduce -0.5% | 0.18% | −0.01 |
| IGHG Proshares Ig Hedged | Reduce -1.1% | 0.08% | −0.01 |
| IYJ iShares U.S. Industrials ETF | Reduce -2.1% | 0.09% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -0.8% | 0.14% | −0.01 |
| XLF SS Financial Select Sector | Reduce -3.1% | 0.09% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -11.8% | 0.64% | −0.00 |
| ISRG Intuitive Surgical Inc. | Reduce -0.1% | 0.13% | +0.00 |
| ABBV Abbvie Inc. | Reduce -1.9% | 1.31% | +0.00 |
| CTVA Corteva Inc. | Reduce -1.6% | 0.18% | +0.01 |
| PWR Quanta Services Inc. | Reduce -3.5% | 0.52% | +0.01 |
| AMAT Applied Materials Inc. | Reduce -8.8% | 0.77% | +0.01 |
| NFLX Netflix Inc. | Reduce -0.1% | 0.17% | +0.01 |
| TNC Tennant Co. | Reduce -7.3% | 0.53% | +0.03 |
| QCOM Qualcomm Inc. | Reduce -0.6% | 3.58% | +0.05 |
| PI Impinj Inc. | Reduce -1.4% | 0.27% | +0.05 |
| JPM JPMorgan Chase & Co. | Reduce -0.8% | 3.21% | +0.05 |
| WSM Williams-Sonoma Inc. | Reduce -24.3% | 1.69% | +0.06 |
| GE General Electric | Reduce -2.5% | 0.67% | +0.10 |
| NVDA Nvidia Corp. | Reduce -24.2% | 3.45% | +0.58 |
Portfolio Buys Q4 2023 → Q1 2024
| NEE Nextera Energy Inc. | Add +46.7% | 2.32% | +0.59 |
| FSLR First Solar Inc. | Add +47.7% | 2.11% | +0.43 |
| URI United Rentals Inc. | Add +49.8% | 1.09% | +0.42 |
| AMZN Amazon.com Inc. | Add +9.8% | 2.69% | +0.32 |
| MSFT Microsoft Corp. | Add +26.8% | 1.66% | +0.32 |
| LOW Lowe's Cos Inc. | Add +12.4% | 2.73% | +0.29 |
| PRU Prudential Financial Inc. | Add +27.4% | 1.31% | +0.27 |
| DE Deere & Co. | Add +102.8% | 0.54% | +0.24 |
| CWH Camping World Holdings Inc. Class A | Add +49.6% | 0.88% | +0.24 |
| BSJT Invesco Bulletshares 2029 HY | Add +97.5% | 0.50% | +0.21 |
| F Ford Motor Co. | Add +24.8% | 1.29% | +0.20 |
| HASI Ha Sustainable Infrastructur | Add +34.0% | 1.17% | +0.20 |
| IQV Iqvia Holdings Inc. | New | 0.18% | +0.18 |
| CMI Cummins Inc. | Add +2.6% | 1.83% | +0.16 |
| IBM Intl Business Machines Corp. | Add +9.7% | 1.59% | +0.16 |
| BSCT Invesco Bulletshares 2029 CB | New | 0.14% | +0.14 |
| EMR Emerson Electric Co. | New | 0.13% | +0.13 |
| ALB Albemarle Corp. | New | 0.12% | +0.12 |
| ZTS Zoetis Inc. | Add +55.0% | 0.89% | +0.12 |
| J Jacobs Solutions Inc. | Add +7.3% | 1.19% | +0.11 |
| BSJU Invesco Bulletshares 2030 HY | New | 0.11% | +0.11 |
| BSCU Invesco Bulletshares 2030 CB | New | 0.11% | +0.11 |
| AWK American Water Works Co. Inc. | Add +38.2% | 0.96% | +0.10 |
| CVX Chevron Corp. | Add +27.4% | 0.65% | +0.10 |
| FISV Fiserv Inc. | Add +2.9% | 1.24% | +0.09 |
| UNH Unitedhealth Group Inc. | New | 0.08% | +0.08 |
| DHR Danaher Corp. | Add +15.5% | 0.83% | +0.07 |
| V Visa Inc. Class A | New | 0.06% | +0.06 |
| BSJS Invesco Bulletshares 2028 HY | Add +20.3% | 1.21% | +0.05 |
| SYY Sysco Corp. | Add +15.8% | 0.50% | +0.05 |
| PNW Pinnacle West Capital | Add +32.6% | 0.31% | +0.05 |
| PFE Pfizer Inc. | Add +28.8% | 0.64% | +0.05 |
| EIX Edison International | Add +24.0% | 0.66% | +0.04 |
| BSCS Invesco Bulletshares 2028 CB | Add +23.0% | 0.70% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +8.3% | 0.38% | +0.04 |
| COST Costco Wholesale Corp. | Add +5.1% | 1.93% | +0.03 |
| USB US Bancorp | Add +12.6% | 2.06% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +11.5% | 0.74% | +0.02 |
| CRSP Crispr Therapeutics AG | Add +15.2% | 0.09% | +0.01 |
| CLH Clean Harbors Inc. | Add +0.2% | 0.31% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +6.2% | 1.45% | −0.00 |
| OKE Oneok Inc. | Add +0.6% | 2.83% | −0.00 |
| XYL Xylem Inc. | Add +0.8% | 0.45% | −0.00 |
| XLB SS Materials Select Sector | Add +0.8% | 0.09% | −0.00 |
| TIP iShares Tips Bond ETF | Add +1.4% | 0.06% | −0.01 |
| JNJ Johnson & Johnson | Add +12.8% | 0.79% | −0.01 |
| CSCO Cisco Systems Inc. | Add +14.6% | 0.69% | −0.01 |
| IBB iShares Biotechnology ETF | Add +0.9% | 0.08% | −0.01 |
| KMI Kinder Morgan Inc. | Add +6.6% | 0.36% | −0.01 |
| BA The Boeing Co. | Add +44.9% | 0.32% | −0.02 |
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 |