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

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $441.4M Q1 2024 Q2 2024: $450.9M Q2 2024 Q3 2024: $480.1M Q3 2024 Q4 2024: $470.9M $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 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%
AMTM Amentum Holdings Inc. 0.06% 12,830 $270K Reduce -65.4%
CRSP Crispr Therapeutics AG 0.05% 6,152 $242K Reduce -2.5%
UNH Unitedhealth Group Inc. 0.05% 475 $240K Reduce -15.9%
WFC Wells Fargo & Co. 0.05% 3,399 $239K New
SHOP Shopify Inc. Class A 0.05% 2,150 $229K New
TTWO Take-Two Interactive Softwre 0.05% 1,226 $226K Reduce -20.4%
VRT Vertiv Holdings Co. Class A 0.05% 1,870 $212K New
V Visa Inc. Class A 0.04% 671 $212K New
WAT Waters Corp. 0.04% 570 $211K Reduce -55.4%
HD Home Depot Inc. 0.04% 540 $210K New
IGHG Proshares Ig Hedged 0.04% 2,600 $203K No change
VRME Verifyme Inc. 0.03% 100,000 $136K No change
JPC Nuveen Prefered & Income Opp 0.02% 12,816 $101K New
THE REAL GOOD FOOD COMPANY I 0.00% 23,809 $9K No change

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

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