SFE Investment Counsel
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 30, 2025), SFE Investment Counsel reported 114 stock positions worth $470.9 million. Its top holding was Apple (AAPL) at 4.5% of the portfolio, followed by Nvidia (NVDA, 3.9%) and JPMorgan Chase (JPM, 3.3%). Compared with Q3 2024, it opened 7 new positions, sold out of 9, added to 36 and reduced 64. The biggest buy was Amazon.com (AMZN, shares +2%) and the biggest sale Cleveland-Cliffs (CLF, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $470.9M (Q4 2024)
- SEC Filing
- 0001085146-25-000626 ↗ filed Jan 30, 2025
Holdings Value
Holdings 114 stocks · $470.9M
| AAPL Apple Inc. | 4.52% | 84,931 | $21.3M | Reduce -1.2% |
| NVDA Nvidia Corp. | 3.93% | 137,742 | $18.5M | Reduce -6.0% |
| JPM JPMorgan Chase & Co. | 3.33% | 65,433 | $15.7M | Reduce -1.8% |
| AVGO Broadcom Inc. | 3.27% | 66,346 | $15.4M | Reduce -7.1% |
| AMZN Amazon.com Inc. | 3.05% | 65,425 | $14.4M | Add +2.3% |
| OKE Oneok Inc. | 2.99% | 140,369 | $14.1M | Reduce -5.3% |
| QCOM Qualcomm Inc. | 2.78% | 85,338 | $13.1M | Reduce -0.5% |
| PANW Palo Alto Networks Inc. | 2.70% | 69,966 | $12.7M | Reduce -3.5% |
| LOW Lowe's Cos Inc. | 2.58% | 49,198 | $12.1M | Add +0.4% |
| NEE Nextera Energy Inc. | 2.29% | 150,528 | $10.8M | Reduce -3.0% |
| COST Costco Wholesale Corp. | 2.17% | 11,150 | $10.2M | Reduce -2.8% |
| USB US Bancorp | 2.09% | 205,736 | $9.8M | Reduce -1.0% |
| FSLR First Solar Inc. | 1.94% | 51,856 | $9.1M | Add +6.7% |
| MSFT Microsoft Corp. | 1.93% | 21,559 | $9.1M | Add +4.3% |
| CMI Cummins Inc. | 1.91% | 25,736 | $9.0M | Reduce -4.3% |
| ABT Abbott Laboratories | 1.79% | 74,361 | $8.4M | Add +2.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.78% | 38,143 | $8.4M | Reduce -1.0% |
| GOOGL Alphabet Inc. Class A | 1.73% | 43,042 | $8.1M | Add +5.2% |
| CLF Cleveland-Cliffs Inc. | 1.67% | 836,254 | $7.9M | Reduce -3.7% |
| BSJQ Invesco Bulletshares 2026 HY | 1.63% | 329,816 | $7.7M | Add +6.8% |
| BSJR Invesco Bulletshares 2027 HY | 1.62% | 341,001 | $7.6M | Add +8.7% |
| BSJS Invesco Bulletshares 2028 HY | 1.60% | 346,464 | $7.5M | Add +10.7% |
| WSM Williams-Sonoma Inc. | 1.56% | 39,686 | $7.3M | Reduce -1.3% |
| FISV Fiserv Inc. | 1.40% | 32,151 | $6.6M | Reduce -4.0% |
| GOOG Alphabet Inc. Class C | 1.40% | 34,510 | $6.6M | Reduce -0.4% |
| BX Blackstone Inc. | 1.39% | 37,997 | $6.6M | Reduce -8.2% |
| LH Labcorp Holdings Inc. | 1.39% | 28,489 | $6.5M | Reduce -1.0% |
| BSJT Invesco Bulletshares 2029 HY | 1.35% | 296,536 | $6.3M | Add +20.4% |
| PRU Prudential Financial Inc. | 1.29% | 51,098 | $6.1M | Add +1.8% |
| DCI Donaldson Co. Inc. | 1.14% | 79,559 | $5.4M | Reduce -4.4% |
| BSJP Invesco Bulletshares 2025 HY | 1.12% | 228,979 | $5.3M | Reduce -14.4% |
| AWK American Water Works Co. Inc. | 1.11% | 42,153 | $5.2M | Reduce -2.0% |
| BDX Becton Dickinson and Co. | 1.10% | 22,820 | $5.2M | Add +2.7% |
| J Jacobs Solutions Inc. | 1.09% | 38,242 | $5.1M | Add +3.1% |
| URI United Rentals Inc. | 1.06% | 7,115 | $5.0M | Add +0.1% |
| ABBV Abbvie Inc. | 1.04% | 27,556 | $4.9M | Reduce -12.5% |
| ROP Roper Technologies Inc. | 1.03% | 9,303 | $4.8M | Add +4.8% |
| HON Honeywell International Inc. | 1.02% | 21,363 | $4.8M | Reduce -0.3% |
| LHX L3HARRIS Technologies Inc. | 1.02% | 22,901 | $4.8M | Add +0.5% |
| BSCS Invesco Bulletshares 2028 CB | 0.90% | 210,010 | $4.2M | Add +12.0% |
| HASI Ha Sustainable Infrastructur | 0.89% | 156,104 | $4.2M | Reduce -16.2% |
| ZTS Zoetis Inc. | 0.88% | 25,556 | $4.2M | Reduce -6.9% |
| JNJ Johnson & Johnson | 0.87% | 28,456 | $4.1M | Add +12.1% |
| F Ford Motor Co. filed as FORD MTR CO | 0.87% | 413,580 | $4.1M | Reduce -19.6% |
| DHR Danaher Corp. | 0.84% | 17,227 | $4.0M | Add +2.1% |
| BSCR Invesco Bulletshares 2027 CB | 0.81% | 196,869 | $3.8M | Add +13.8% |
| BSCQ Invesco Bulletshares 2026 CB | 0.80% | 192,758 | $3.7M | Add +10.5% |
| CSCO Cisco Systems Inc. | 0.79% | 62,767 | $3.7M | Reduce -0.9% |
| WY Weyerhaeuser Co. | 0.78% | 130,673 | $3.7M | Reduce -3.3% |
| IQV Iqvia Holdings Inc. | 0.74% | 17,629 | $3.5M | Add +4.1% |
| EIX Edison International | 0.73% | 43,175 | $3.4M | Add +1.0% |
| FDX FedEx Corp. | 0.71% | 11,961 | $3.4M | Reduce -3.4% |
| XYL Xylem Inc. | 0.68% | 27,760 | $3.2M | Add +48.0% |
| ETN Eaton Corp. PLC | 0.65% | 9,227 | $3.1M | Reduce -7.3% |
| ULTA Ulta Beauty Inc. | 0.65% | 7,006 | $3.0M | Add +36.8% |
| BSCT Invesco Bulletshares 2029 CB | 0.61% | 157,911 | $2.9M | Add +34.4% |
| DE Deere & Co. | 0.58% | 6,425 | $2.7M | Add +8.9% |
| GE General Electric filed as GE AEROSPACE | 0.57% | 16,190 | $2.7M | Add +2.1% |
| AMD Advanced Micro Devices | 0.57% | 22,253 | $2.7M | Add +17.0% |
| PWR Quanta Services Inc. | 0.56% | 8,352 | $2.6M | Reduce -9.1% |
| GEV GE Vernova Inc. | 0.55% | 7,914 | $2.6M | Reduce -8.4% |
| BSJU Invesco Bulletshares 2030 HY | 0.53% | 98,090 | $2.5M | Add +224.2% |
| LLY Eli Lilly & Co. | 0.53% | 3,241 | $2.5M | Add +620.2% |
| CVX Chevron Corp. | 0.52% | 16,980 | $2.5M | Reduce -3.0% |
| AMAT Applied Materials Inc. | 0.52% | 14,977 | $2.4M | Add +0.2% |
| BMY Bristol-Myers Squibb Co. | 0.49% | 40,956 | $2.3M | Reduce -10.3% |
| KMI Kinder Morgan Inc. | 0.46% | 79,805 | $2.2M | Reduce -6.1% |
| BSCP Invesco Bulletshares 2025 CB | 0.42% | 95,018 | $2.0M | Reduce -22.5% |
| THO Thor Industries Inc. | 0.37% | 18,340 | $1.8M | Reduce -2.1% |
| PFE Pfizer Inc. | 0.34% | 60,330 | $1.6M | Reduce -32.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.34% | 3,492 | $1.6M | Reduce -0.1% |
| PNW Pinnacle West Capital | 0.33% | 18,345 | $1.6M | Reduce -0.3% |
| LMNR Limoneira Co. | 0.31% | 60,010 | $1.5M | No change |
| EQAL Invesco Russell 1000 Equal W | 0.30% | 29,632 | $1.4M | Reduce -8.9% |
| BSCU Invesco Bulletshares 2030 CB | 0.30% | 85,370 | $1.4M | Add +134.8% |
| TNC Tennant Co. | 0.30% | 17,077 | $1.4M | Reduce -9.3% |
| T AT&T Inc. | 0.28% | 57,921 | $1.3M | Reduce -6.1% |
| GLW Corning Inc. | 0.25% | 24,826 | $1.2M | Add +1.9% |
| BEP Brookfield Renewable Partner | 0.25% | 50,878 | $1.2M | Reduce -5.3% |
| TTEK Tetra Tech Inc. | 0.25% | 29,048 | $1.2M | Reduce -20.0% |
| NFLX Netflix Inc. | 0.23% | 1,235 | $1.1M | Reduce -7.5% |
| EWBC East West Bancorp Inc. | 0.22% | 10,755 | $1.0M | No change |
| CLH Clean Harbors Inc. | 0.22% | 4,425 | $1.0M | Reduce -29.7% |
| DLR Digital Realty Trust Inc. | 0.21% | 5,624 | $997K | Reduce -7.1% |
| WDAY Workday Inc. Class A | 0.16% | 2,895 | $747K | No change |
| EMR Emerson Electric Co. | 0.16% | 6,005 | $744K | Add +4.0% |
| DRI Darden Restaurants Inc. | 0.14% | 3,575 | $667K | New |
| SHW The Sherwin-Williams Co. | 0.14% | 1,875 | $637K | No change |
| PI Impinj Inc. | 0.13% | 4,227 | $614K | Reduce -40.8% |
| RSPT Invesco S&P 500 Equal Weight | 0.13% | 15,927 | $596K | Reduce -6.7% |
| SYY Sysco Corp. | 0.10% | 6,394 | $489K | Reduce -54.6% |
| BA The Boeing Co. | 0.10% | 2,687 | $476K | Reduce -46.1% |
| NOC Northrop Grumman Corp. | 0.08% | 796 | $374K | Add +2.3% |
| XLF SS Financial Select Sector | 0.08% | 7,480 | $362K | Reduce -10.4% |
| SBUX Starbucks Corp. | 0.07% | 3,645 | $333K | Reduce -3.2% |
| IYJ iShares U.S. Industrials ETF | 0.07% | 2,488 | $332K | Reduce -8.7% |
| IBB iShares Biotechnology ETF | 0.07% | 2,361 | $312K | Reduce -9.2% |
| ISRG Intuitive Surgical Inc. | 0.06% | 582 | $304K | Reduce -57.0% |
| XLB SS Materials Select Sector | 0.06% | 3,452 | $290K | Reduce -7.6% |
| TSLA Tesla Inc. | 0.06% | 705 | $285K | Reduce -10.2% |
Portfolio Sells Q3 2024 → Q4 2024
| CLF Cleveland-Cliffs Inc. | Reduce -3.7% | 1.67% | −0.64 |
| CWH Camping World Holdings Inc. Class A | Sold out | 0.00% | −0.45 |
| HASI Ha Sustainable Infrastructur | Reduce -16.2% | 0.89% | −0.45 |
| NEE Nextera Energy Inc. | Reduce -3.0% | 2.29% | −0.44 |
| F Ford Motor Co. | Reduce -19.6% | 0.87% | −0.26 |
| ABBV Abbvie Inc. | Reduce -12.5% | 1.04% | −0.26 |
| QCOM Qualcomm Inc. | Reduce -0.5% | 2.78% | −0.25 |
| ZTS Zoetis Inc. | Reduce -6.9% | 0.88% | −0.23 |
| PFE Pfizer Inc. | Reduce -32.3% | 0.34% | −0.20 |
| AWK American Water Works Co. Inc. | Reduce -2.0% | 1.11% | −0.20 |
| AMTM Amentum Holdings Inc. | Reduce -65.4% | 0.06% | −0.19 |
| PI Impinj Inc. | Reduce -40.8% | 0.13% | −0.19 |
| WY Weyerhaeuser Co. | Reduce -3.3% | 0.78% | −0.17 |
| BSJP Invesco Bulletshares 2025 HY | Reduce -14.4% | 1.12% | −0.17 |
| BSJO Invesco Bulletshares 2024 HY | Sold out | 0.00% | −0.15 |
| DCI Donaldson Co. Inc. | Reduce -4.4% | 1.14% | −0.14 |
| SYY Sysco Corp. | Reduce -54.6% | 0.10% | −0.13 |
| BSCO Invesco Bulletshares 2024 CB | Sold out | 0.00% | −0.12 |
| TTEK Tetra Tech Inc. | Reduce -20.0% | 0.25% | −0.11 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -22.5% | 0.42% | −0.11 |
| CLH Clean Harbors Inc. | Reduce -29.7% | 0.22% | −0.10 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.09 |
| TNC Tennant Co. | Reduce -9.3% | 0.30% | −0.08 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.08 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.07 |
| ISRG Intuitive Surgical Inc. | Reduce -57.0% | 0.06% | −0.07 |
| BEP Brookfield Renewable Partner | Reduce -5.3% | 0.25% | −0.07 |
| ERII Energy Recovery Inc. | Sold out | 0.00% | −0.06 |
| STM Stmicroelectronics NV-NY SHS | Sold out | 0.00% | −0.06 |
| BA The Boeing Co. | Reduce -46.1% | 0.10% | −0.06 |
| THO Thor Industries Inc. | Reduce -2.1% | 0.37% | −0.06 |
| WAT Waters Corp. | Reduce -55.4% | 0.04% | −0.05 |
| ALB Albemarle Corp. | Sold out | 0.00% | −0.05 |
| ETN Eaton Corp. PLC | Reduce -7.3% | 0.65% | −0.04 |
| EQAL Invesco Russell 1000 Equal W | Reduce -8.9% | 0.30% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -15.9% | 0.05% | −0.02 |
| CVX Chevron Corp. | Reduce -3.0% | 0.52% | −0.02 |
| XLB SS Materials Select Sector | Reduce -7.6% | 0.06% | −0.01 |
| IBB iShares Biotechnology ETF | Reduce -9.2% | 0.07% | −0.01 |
| CRSP Crispr Therapeutics AG | Reduce -2.5% | 0.05% | −0.01 |
| PWR Quanta Services Inc. | Reduce -9.1% | 0.56% | −0.01 |
| PNW Pinnacle West Capital | Reduce -0.3% | 0.33% | −0.01 |
| RSPT Invesco S&P 500 Equal Weight | Reduce -6.7% | 0.13% | −0.01 |
| SBUX Starbucks Corp. | Reduce -3.2% | 0.07% | −0.01 |
| IYJ iShares U.S. Industrials ETF | Reduce -8.7% | 0.07% | −0.01 |
| T AT&T Inc. | Reduce -6.1% | 0.28% | −0.00 |
| XLF SS Financial Select Sector | Reduce -10.4% | 0.08% | −0.00 |
| TTWO Take-Two Interactive Softwre | Reduce -20.4% | 0.05% | −0.00 |
| BMY Bristol-Myers Squibb Co. | Reduce -10.3% | 0.49% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 0.34% | +0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| AMZN Amazon.com Inc. | Add +2.3% | 3.05% | +0.56 |
| LLY Eli Lilly & Co. | Add +620.2% | 0.53% | +0.45 |
| BSJU Invesco Bulletshares 2030 HY | Add +224.2% | 0.53% | +0.37 |
| GOOGL Alphabet Inc. Class A | Add +5.2% | 1.73% | +0.32 |
| ULTA Ulta Beauty Inc. | Add +36.8% | 0.65% | +0.23 |
| BSJT Invesco Bulletshares 2029 HY | Add +20.4% | 1.35% | +0.23 |
| BSCU Invesco Bulletshares 2030 CB | Add +134.8% | 0.30% | +0.17 |
| XYL Xylem Inc. | Add +48.0% | 0.68% | +0.16 |
| BSCT Invesco Bulletshares 2029 CB | Add +34.4% | 0.61% | +0.15 |
| BSJS Invesco Bulletshares 2028 HY | Add +10.7% | 1.60% | +0.15 |
| DRI Darden Restaurants Inc. | New | 0.14% | +0.14 |
| BSJR Invesco Bulletshares 2027 HY | Add +8.7% | 1.62% | +0.14 |
| BSJQ Invesco Bulletshares 2026 HY | Add +6.8% | 1.63% | +0.12 |
| BSCR Invesco Bulletshares 2027 CB | Add +13.8% | 0.81% | +0.10 |
| BSCS Invesco Bulletshares 2028 CB | Add +12.0% | 0.90% | +0.09 |
| BSCQ Invesco Bulletshares 2026 CB | Add +10.5% | 0.80% | +0.08 |
| MSFT Microsoft Corp. | Add +4.3% | 1.93% | +0.08 |
| J Jacobs Solutions Inc. | Add +3.1% | 1.09% | +0.07 |
| ABT Abbott Laboratories | Add +2.8% | 1.79% | +0.07 |
| DE Deere & Co. | Add +8.9% | 0.58% | +0.07 |
| WFC Wells Fargo & Co. | New | 0.05% | +0.05 |
| SHOP Shopify Inc. Class A | New | 0.05% | +0.05 |
| VRT Vertiv Holdings Co. Class A | New | 0.05% | +0.05 |
| V Visa Inc. Class A | New | 0.04% | +0.04 |
| HD Home Depot Inc. | New | 0.04% | +0.04 |
| EMR Emerson Electric Co. | Add +4.0% | 0.16% | +0.03 |
| GLW Corning Inc. | Add +1.9% | 0.25% | +0.02 |
| JPC Nuveen Prefered & Income Opp | New | 0.02% | +0.02 |
| PRU Prudential Financial Inc. | Add +1.8% | 1.29% | +0.02 |
| JNJ Johnson & Johnson | Add +12.1% | 0.87% | +0.02 |
| ROP Roper Technologies Inc. | Add +4.8% | 1.03% | −0.00 |
| NOC Northrop Grumman Corp. | Add +2.3% | 0.08% | −0.01 |
| BDX Becton Dickinson and Co. | Add +2.7% | 1.10% | −0.02 |
| EIX Edison International | Add +1.0% | 0.73% | −0.04 |
| GE General Electric | Add +2.1% | 0.57% | −0.05 |
| AMD Advanced Micro Devices | Add +17.0% | 0.57% | −0.08 |
| IQV Iqvia Holdings Inc. | Add +4.1% | 0.74% | −0.10 |
| LHX L3HARRIS Technologies Inc. | Add +0.5% | 1.02% | −0.11 |
| AMAT Applied Materials Inc. | Add +0.2% | 0.52% | −0.11 |
| URI United Rentals Inc. | Add +0.1% | 1.06% | −0.13 |
| DHR Danaher Corp. | Add +2.1% | 0.84% | −0.14 |
| LOW Lowe's Cos Inc. | Add +0.4% | 2.58% | −0.19 |
| FSLR First Solar Inc. | Add +6.7% | 1.94% | −0.58 |
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 |