SFE Investment Counsel
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), SFE Investment Counsel reported 140 stock positions worth $500.5 million. Its top holding was Apple (AAPL) at 3.9% of the portfolio, followed by Nvidia (NVDA, 3.1%) and JPMorgan Chase (JPM, 3.0%). Compared with Q4 2024, it opened 31 new positions, sold out of 5, added to 67 and reduced 36. The biggest buy was a new position in JPMorgan Equity Premium Inco (JEPI) and the biggest sale Broadcom (AVGO, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $500.5M (Q1 2025)
- SEC Filing
- 0001085146-25-002652 ↗ filed May 6, 2025
Holdings Value
Holdings 140 stocks · $500.5M
| AAPL Apple Inc. | 3.90% | 87,861 | $19.5M | Add +3.5% |
| NVDA Nvidia Corp. | 3.07% | 141,748 | $15.4M | Add +2.9% |
| JPM JPMorgan Chase & Co. | 2.99% | 61,077 | $15.0M | Reduce -6.7% |
| QCOM Qualcomm Inc. | 2.80% | 91,374 | $14.0M | Add +7.1% |
| OKE Oneok Inc. | 2.80% | 141,280 | $14.0M | Add +0.7% |
| AMZN Amazon.com Inc. | 2.78% | 73,177 | $13.9M | Add +11.8% |
| PANW Palo Alto Networks Inc. | 2.49% | 72,925 | $12.4M | Add +4.2% |
| LOW Lowe's Cos Inc. | 2.46% | 52,818 | $12.3M | Add +7.4% |
| NEE Nextera Energy Inc. | 2.36% | 166,734 | $11.8M | Add +10.8% |
| AVGO Broadcom Inc. | 2.07% | 61,764 | $10.3M | Reduce -6.9% |
| MSFT Microsoft Corp. | 2.03% | 27,090 | $10.2M | Add +25.7% |
| COST Costco Wholesale Corp. | 2.03% | 10,743 | $10.2M | Reduce -3.6% |
| ABT Abbott Laboratories | 2.00% | 75,502 | $10.0M | Add +1.5% |
| USB US Bancorp | 1.87% | 221,629 | $9.4M | Add +7.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.81% | 36,347 | $9.0M | Reduce -4.7% |
| CLF Cleveland-Cliffs Inc. | 1.73% | 1,053,677 | $8.7M | Add +26.0% |
| FSLR First Solar Inc. | 1.62% | 63,958 | $8.1M | Add +23.3% |
| CMI Cummins Inc. | 1.52% | 24,338 | $7.6M | Reduce -5.4% |
| BSJQ Invesco Bulletshares 2026 HY | 1.51% | 325,538 | $7.5M | Reduce -1.3% |
| BSJS Invesco Bulletshares 2028 HY | 1.51% | 348,461 | $7.5M | Add +0.6% |
| BSJR Invesco Bulletshares 2027 HY | 1.48% | 331,138 | $7.4M | Reduce -2.9% |
| LH Labcorp Holdings Inc. | 1.47% | 31,684 | $7.4M | Add +11.2% |
| PRU Prudential Financial Inc. | 1.45% | 64,823 | $7.2M | Add +26.9% |
| AWK American Water Works Co. Inc. | 1.38% | 46,780 | $6.9M | Add +11.0% |
| GOOGL Alphabet Inc. Class A | 1.38% | 44,605 | $6.9M | Add +3.6% |
| BSJT Invesco Bulletshares 2029 HY | 1.34% | 318,528 | $6.7M | Add +7.4% |
| IQV Iqvia Holdings Inc. | 1.31% | 37,177 | $6.6M | Add +110.9% |
| FISV Fiserv Inc. | 1.30% | 29,569 | $6.5M | Reduce -8.0% |
| GOOG Alphabet Inc. Class C | 1.30% | 41,756 | $6.5M | Add +21.0% |
| ROP Roper Technologies Inc. | 1.21% | 10,278 | $6.1M | Add +10.5% |
| BDX Becton Dickinson and Co. | 1.16% | 25,351 | $5.8M | Add +11.1% |
| URI United Rentals Inc. | 1.14% | 9,131 | $5.7M | Add +28.3% |
| BX Blackstone Inc. | 1.10% | 39,462 | $5.5M | Add +3.9% |
| LHX L3HARRIS Technologies Inc. | 1.07% | 25,510 | $5.3M | Add +11.4% |
| J Jacobs Solutions Inc. | 1.06% | 43,782 | $5.3M | Add +14.5% |
| ZTS Zoetis Inc. | 1.05% | 31,975 | $5.3M | Add +25.1% |
| JNJ Johnson & Johnson | 1.05% | 31,727 | $5.3M | Add +11.5% |
| XYL Xylem Inc. | 1.03% | 42,959 | $5.1M | Add +54.8% |
| DCI Donaldson Co. Inc. | 0.98% | 72,850 | $4.9M | Reduce -8.4% |
| DHR Danaher Corp. | 0.97% | 23,744 | $4.9M | Add +37.8% |
| BSCS Invesco Bulletshares 2028 CB | 0.97% | 237,646 | $4.8M | Add +13.2% |
| HASI Ha Sustainable Infrastructur | 0.95% | 163,186 | $4.8M | Add +4.5% |
| WY Weyerhaeuser Co. | 0.92% | 157,308 | $4.6M | Add +20.4% |
| HON Honeywell International Inc. | 0.90% | 21,353 | $4.5M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.89% | 21,374 | $4.5M | Reduce -22.4% |
| WSM Williams-Sonoma Inc. | 0.85% | 27,018 | $4.3M | Reduce -31.9% |
| BSCR Invesco Bulletshares 2027 CB | 0.84% | 215,271 | $4.2M | Add +9.3% |
| JEPI JPMorgan Equity Premium Inco | 0.82% | 71,564 | $4.1M | New |
| PWR Quanta Services Inc. | 0.81% | 15,934 | $4.1M | Add +90.8% |
| BSCQ Invesco Bulletshares 2026 CB | 0.80% | 204,715 | $4.0M | Add +6.2% |
| IVV iShares Core S&P 500 ETF | 0.79% | 7,014 | $3.9M | New |
| BSCT Invesco Bulletshares 2029 CB | 0.78% | 209,818 | $3.9M | Add +32.9% |
| CSCO Cisco Systems Inc. | 0.77% | 62,501 | $3.9M | Reduce -0.4% |
| BSJP Invesco Bulletshares 2025 HY | 0.75% | 162,996 | $3.8M | Reduce -28.8% |
| FDX FedEx Corp. | 0.72% | 14,696 | $3.6M | Add +22.9% |
| LLY Eli Lilly & Co. | 0.71% | 4,283 | $3.5M | Add +32.1% |
| ETN Eaton Corp. PLC | 0.69% | 12,717 | $3.5M | Add +37.8% |
| BSJU Invesco Bulletshares 2030 HY | 0.64% | 126,513 | $3.2M | Add +29.0% |
| AMD Advanced Micro Devices | 0.60% | 29,456 | $3.0M | Add +32.4% |
| F Ford Motor Co. filed as FORD MTR CO | 0.59% | 296,815 | $3.0M | Reduce -28.2% |
| GE General Electric filed as GE AEROSPACE | 0.59% | 14,835 | $3.0M | Reduce -8.4% |
| KMI Kinder Morgan Inc. | 0.58% | 101,720 | $2.9M | Add +27.5% |
| CVX Chevron Corp. | 0.57% | 16,977 | $2.8M | Reduce -0.0% |
| DE Deere & Co. | 0.56% | 5,942 | $2.8M | Reduce -7.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.54% | 5,096 | $2.7M | Add +45.9% |
| ULTA Ulta Beauty Inc. | 0.51% | 6,959 | $2.6M | Reduce -0.7% |
| AMAT Applied Materials Inc. | 0.50% | 17,085 | $2.5M | Add +14.1% |
| TTEK Tetra Tech Inc. | 0.49% | 84,441 | $2.5M | Add +190.7% |
| BMY Bristol-Myers Squibb Co. | 0.46% | 37,806 | $2.3M | Reduce -7.7% |
| GSLC Goldman Activebeta US LC ETF | 0.45% | 20,678 | $2.3M | New |
| BSCU Invesco Bulletshares 2030 CB | 0.44% | 132,326 | $2.2M | Add +55.0% |
| IEF iShares 7-10 Year Treasury B | 0.42% | 21,824 | $2.1M | New |
| GEV GE Vernova Inc. | 0.41% | 6,779 | $2.1M | Reduce -14.3% |
| EXPE Expedia Group Inc. | 0.37% | 10,921 | $1.8M | New |
| PFE Pfizer Inc. | 0.36% | 71,418 | $1.8M | Add +18.4% |
| PNW Pinnacle West Capital | 0.35% | 18,535 | $1.8M | Add +1.0% |
| T AT&T Inc. | 0.32% | 56,611 | $1.6M | Reduce -2.3% |
| TNC Tennant Co. | 0.28% | 17,400 | $1.4M | Add +1.9% |
| NFLX Netflix Inc. | 0.27% | 1,455 | $1.4M | Add +17.8% |
| EQAL Invesco Russell 1000 Equal W | 0.26% | 27,006 | $1.3M | Reduce -8.9% |
| EIX Edison International | 0.25% | 21,200 | $1.2M | Reduce -50.9% |
| THO Thor Industries Inc. | 0.25% | 16,245 | $1.2M | Reduce -11.4% |
| AGGY Wisdomtree Yield Enhanced US | 0.24% | 27,934 | $1.2M | New |
| BSCP Invesco Bulletshares 2025 CB | 0.24% | 58,479 | $1.2M | Reduce -38.5% |
| BEP Brookfield Renewable Partner | 0.24% | 53,091 | $1.2M | Add +4.3% |
| GLW Corning Inc. | 0.23% | 24,676 | $1.1M | Reduce -0.6% |
| LMNR Limoneira Co. | 0.21% | 60,010 | $1.1M | No change |
| EWBC East West Bancorp Inc. | 0.19% | 10,805 | $970K | Add +0.5% |
| CLH Clean Harbors Inc. | 0.17% | 4,427 | $873K | Add +0.1% |
| DRI Darden Restaurants Inc. | 0.16% | 3,945 | $820K | Add +10.3% |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | 0.16% | 20,948 | $793K | New |
| UBER Uber Technologies Inc. | 0.15% | 10,536 | $768K | New |
| GSIE Goldman Sachs Activebeta Int | 0.14% | 19,979 | $712K | New |
| EMR Emerson Electric Co. | 0.14% | 6,250 | $685K | Add +4.1% |
| WDAY Workday Inc. Class A | 0.14% | 2,895 | $676K | No change |
| SHW The Sherwin-Williams Co. | 0.13% | 1,875 | $655K | No change |
| IAU iShares Gold Trust | 0.13% | 10,787 | $636K | New |
| GSSC Goldman Sachs Activebeta US | 0.11% | 8,756 | $555K | New |
| MA Mastercard Inc. Class A | 0.10% | 956 | $524K | New |
| AZN Astrazeneca PLC-Spons ADR | 0.10% | 7,121 | $523K | New |
Portfolio Sells Q4 2024 → Q1 2025
| AVGO Broadcom Inc. | Reduce -6.9% | 2.07% | −1.20 |
| WSM Williams-Sonoma Inc. | Reduce -31.9% | 0.85% | −0.71 |
| EIX Edison International | Reduce -50.9% | 0.25% | −0.48 |
| CMI Cummins Inc. | Reduce -5.4% | 1.52% | −0.38 |
| BSJP Invesco Bulletshares 2025 HY | Reduce -28.8% | 0.75% | −0.37 |
| JPM JPMorgan Chase & Co. | Reduce -6.7% | 2.99% | −0.34 |
| F Ford Motor Co. | Reduce -28.2% | 0.59% | −0.27 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.21 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -38.5% | 0.24% | −0.17 |
| DCI Donaldson Co. Inc. | Reduce -8.4% | 0.98% | −0.16 |
| ABBV Abbvie Inc. | Reduce -22.4% | 0.89% | −0.15 |
| BSJR Invesco Bulletshares 2027 HY | Reduce -2.9% | 1.48% | −0.14 |
| COST Costco Wholesale Corp. | Reduce -3.6% | 2.03% | −0.14 |
| GEV GE Vernova Inc. | Reduce -14.3% | 0.41% | −0.14 |
| ULTA Ulta Beauty Inc. | Reduce -0.7% | 0.51% | −0.14 |
| THO Thor Industries Inc. | Reduce -11.4% | 0.25% | −0.13 |
| BSJQ Invesco Bulletshares 2026 HY | Reduce -1.3% | 1.51% | −0.12 |
| HON Honeywell International Inc. | Reduce -0.1% | 0.90% | −0.12 |
| FISV Fiserv Inc. | Reduce -8.0% | 1.30% | −0.10 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.06 |
| BA The Boeing Co. | Reduce -47.5% | 0.05% | −0.05 |
| EQAL Invesco Russell 1000 Equal W | Reduce -8.9% | 0.26% | −0.05 |
| TTWO Take-Two Interactive Softwre | Sold out | 0.00% | −0.05 |
| IGHG Proshares Ig Hedged | Sold out | 0.00% | −0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -7.7% | 0.46% | −0.03 |
| RSPT Invesco S&P 500 Equal Weight | Reduce -8.6% | 0.10% | −0.03 |
| GLW Corning Inc. | Reduce -0.6% | 0.23% | −0.02 |
| DE Deere & Co. | Reduce -7.5% | 0.56% | −0.02 |
| CSCO Cisco Systems Inc. | Reduce -0.4% | 0.77% | −0.02 |
| IYJ iShares U.S. Industrials ETF | Reduce -11.1% | 0.06% | −0.01 |
| XLF SS Financial Select Sector | Reduce -13.1% | 0.06% | −0.01 |
| ISRG Intuitive Surgical Inc. | Reduce -5.2% | 0.05% | −0.01 |
| SBUX Starbucks Corp. | Reduce -13.0% | 0.06% | −0.01 |
| IBB iShares Biotechnology ETF | Reduce -3.8% | 0.06% | −0.01 |
| XLB SS Materials Select Sector | Reduce -0.4% | 0.06% | −0.00 |
| THE REAL GOOD FOOD COMPANY I | Sold out | 0.00% | −0.00 |
| NOC Northrop Grumman Corp. | Reduce -0.5% | 0.08% | +0.00 |
| GE General Electric | Reduce -8.4% | 0.59% | +0.02 |
| IBM Intl Business Machines Corp. | Reduce -4.7% | 1.81% | +0.03 |
| T AT&T Inc. | Reduce -2.3% | 0.32% | +0.04 |
| CVX Chevron Corp. | Reduce -0.0% | 0.57% | +0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| JEPI JPMorgan Equity Premium Inco | New | 0.82% | +0.82 |
| IVV iShares Core S&P 500 ETF | New | 0.79% | +0.79 |
| IQV Iqvia Holdings Inc. | Add +110.9% | 1.31% | +0.57 |
| GSLC Goldman Activebeta US LC ETF | New | 0.45% | +0.45 |
| IEF iShares 7-10 Year Treasury B | New | 0.42% | +0.42 |
| EXPE Expedia Group Inc. | New | 0.37% | +0.37 |
| XYL Xylem Inc. | Add +54.8% | 1.03% | +0.34 |
| AWK American Water Works Co. Inc. | Add +11.0% | 1.38% | +0.26 |
| PWR Quanta Services Inc. | Add +90.8% | 0.81% | +0.25 |
| TTEK Tetra Tech Inc. | Add +190.7% | 0.49% | +0.25 |
| AGGY Wisdomtree Yield Enhanced US | New | 0.24% | +0.24 |
| ABT Abbott Laboratories | Add +1.5% | 2.00% | +0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +45.9% | 0.54% | +0.21 |
| ROP Roper Technologies Inc. | Add +10.5% | 1.21% | +0.18 |
| JNJ Johnson & Johnson | Add +11.5% | 1.05% | +0.18 |
| LLY Eli Lilly & Co. | Add +32.1% | 0.71% | +0.18 |
| ZTS Zoetis Inc. | Add +25.1% | 1.05% | +0.17 |
| BSCT Invesco Bulletshares 2029 CB | Add +32.9% | 0.78% | +0.16 |
| PRU Prudential Financial Inc. | Add +26.9% | 1.45% | +0.16 |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | New | 0.16% | +0.16 |
| UBER Uber Technologies Inc. | New | 0.15% | +0.15 |
| GSIE Goldman Sachs Activebeta Int | New | 0.14% | +0.14 |
| BSCU Invesco Bulletshares 2030 CB | Add +55.0% | 0.44% | +0.14 |
| WY Weyerhaeuser Co. | Add +20.4% | 0.92% | +0.14 |
| DHR Danaher Corp. | Add +37.8% | 0.97% | +0.13 |
| IAU iShares Gold Trust | New | 0.13% | +0.13 |
| KMI Kinder Morgan Inc. | Add +27.5% | 0.58% | +0.12 |
| GSSC Goldman Sachs Activebeta US | New | 0.11% | +0.11 |
| BSJU Invesco Bulletshares 2030 HY | Add +29.0% | 0.64% | +0.11 |
| MA Mastercard Inc. Class A | New | 0.10% | +0.10 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.10% | +0.10 |
| MSFT Microsoft Corp. | Add +25.7% | 2.03% | +0.10 |
| QUAL iShares MSCI USA Quality Fac | New | 0.10% | +0.10 |
| META Meta Platforms Inc. Class A | New | 0.10% | +0.10 |
| LH Labcorp Holdings Inc. | Add +11.2% | 1.47% | +0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.08% | +0.08 |
| CMF iShares California Muni Bond | New | 0.08% | +0.08 |
| PG The Procter & Gamble Co. | New | 0.08% | +0.08 |
| URI United Rentals Inc. | Add +28.3% | 1.14% | +0.08 |
| NEE Nextera Energy Inc. | Add +10.8% | 2.36% | +0.07 |
| BSCS Invesco Bulletshares 2028 CB | Add +13.2% | 0.97% | +0.07 |
| LRGF iShares US Equity Factor ETF | New | 0.07% | +0.07 |
| PM Philip Morris International | New | 0.07% | +0.07 |
| HASI Ha Sustainable Infrastructur | Add +4.5% | 0.95% | +0.06 |
| TXN Texas Instruments Inc. | New | 0.06% | +0.06 |
| CLF Cleveland-Cliffs Inc. | Add +26.0% | 1.73% | +0.06 |
| BDX Becton Dickinson and Co. | Add +11.1% | 1.16% | +0.06 |
| BN Brookfield Corp. | New | 0.06% | +0.06 |
| MOAT Vaneck Morningstar Wide Moat | New | 0.06% | +0.06 |
| XOM Exxon Mobil Corp. | New | 0.06% | +0.06 |
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 |