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

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $441.4M $441.4M Q1 2024 Q2 2024: $450.9M Q2 2024 Q3 2024: $480.1M Q3 2024 Q4 2024: $470.9M Q4 2024 Q1 2025: $500.5M Q1 2025 Q2 2025: $567.9M Q2 2025 Q3 2025: $626.3M Q3 2025 Q4 2025: $641.3M Q4 2025 Q1 2026: $624.2M Q1 2026 Q2 2026: $726.4M Q2 2026

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
NOC Northrop Grumman Corp. 0.09% 843 $404K No change
XLF SS Financial Select Sector 0.09% 9,459 $398K Reduce -3.1%
LLY Eli Lilly & Co. 0.09% 510 $397K No change
SBUX Starbucks Corp. 0.09% 4,270 $390K No change
IYJ iShares U.S. Industrials ETF 0.09% 3,096 $389K Reduce -2.1%
XLB SS Materials Select Sector 0.09% 4,165 $387K Add +0.8%
CRSP Crispr Therapeutics AG 0.09% 5,643 $385K Add +15.2%
ECL Ecolab Inc. 0.08% 1,609 $372K No change
IBB iShares Biotechnology ETF 0.08% 2,681 $368K Add +0.9%
IGHG Proshares Ig Hedged 0.08% 4,600 $352K Reduce -1.1%
UNH Unitedhealth Group Inc. 0.08% 698 $345K New
ERII Energy Recovery Inc. 0.06% 17,290 $273K Reduce -3.5%
VREX Varex Imaging Corp. 0.06% 13,700 $248K Reduce -51.7%
TIP iShares Tips Bond ETF 0.06% 2,281 $245K Add +1.4%
V Visa Inc. Class A 0.06% 873 $244K New
VRME Verifyme Inc. 0.03% 100,000 $140K No change
THE REAL GOOD FOOD COMPANY I 0.00% 23,809 $9K 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 149$726.4MNVDA, PANW, AAPL, MSFT, AVGO
Q1 2026 140$624.2MNVDA, AAPL, MSFT, OKE, AVGO
Q4 2025 143$641.3MMSFT, NVDA, AAPL, JPM, AVGO
Q3 2025 147$626.3MMSFT, NVDA, AAPL, JPM, AVGO
Q2 2025 141$567.9MMSFT, NVDA, JPM, AAPL, AMZN
Q1 2025 140$500.5MAAPL, NVDA, JPM, QCOM, OKE
Q4 2024 114$470.9MAAPL, NVDA, JPM, AVGO, AMZN
Q3 2024 116$480.1MAAPL, NVDA, QCOM, JPM, OKE
Q2 2024 119$450.9MNVDA, AAPL, QCOM, JPM, AMZN
Q1 2024 117$441.4MCLF, QCOM, NVDA, AAPL, JPM