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

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 Q4 2024 Q1 2025: $500.5M $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 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
QUAL iShares MSCI USA Quality Fac 0.10% 2,951 $504K New
META Meta Platforms Inc. Class A 0.10% 866 $499K New
RSPT Invesco S&P 500 Equal Weight 0.10% 14,553 $498K Reduce -8.6%
SYY Sysco Corp. 0.10% 6,565 $493K Add +2.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.08% 750 $420K New
CMF iShares California Muni Bond 0.08% 7,385 $416K New
PI Impinj Inc. 0.08% 4,500 $408K Add +6.5%
NOC Northrop Grumman Corp. 0.08% 792 $406K Reduce -0.5%
PG The Procter & Gamble Co. 0.08% 2,365 $403K New
LRGF iShares US Equity Factor ETF 0.07% 5,761 $333K New
PM Philip Morris International 0.07% 2,060 $327K New
XLF SS Financial Select Sector 0.06% 6,504 $324K Reduce -13.1%
HD Home Depot Inc. 0.06% 877 $321K Add +62.4%
TXN Texas Instruments Inc. 0.06% 1,735 $312K New
SBUX Starbucks Corp. 0.06% 3,170 $311K Reduce -13.0%
XLB SS Materials Select Sector 0.06% 3,437 $295K Reduce -0.4%
BN Brookfield Corp. 0.06% 5,625 $295K New
IBB iShares Biotechnology ETF 0.06% 2,271 $291K Reduce -3.8%
MOAT Vaneck Morningstar Wide Moat 0.06% 3,287 $289K New
IYJ iShares U.S. Industrials ETF 0.06% 2,213 $288K Reduce -11.1%
UNH Unitedhealth Group Inc. 0.06% 549 $288K Add +15.6%
XOM Exxon Mobil Corp. 0.06% 2,418 $288K New
V Visa Inc. Class A 0.06% 810 $284K Add +20.7%
CME Cme Group Inc. 0.06% 1,059 $281K New
ISRG Intuitive Surgical Inc. 0.05% 552 $273K Reduce -5.2%
TSLA Tesla Inc. 0.05% 1,029 $267K Add +46.0%
SRLN SS Blackstone Sr Loan ETF 0.05% 6,329 $260K New
WFC Wells Fargo & Co. 0.05% 3,399 $244K No change
BA The Boeing Co. 0.05% 1,412 $241K Reduce -47.5%
GAL SS Global Allocation ETF 0.05% 5,287 $237K New
COR Cencora Inc. 0.05% 842 $234K New
VRT Vertiv Holdings Co. Class A 0.04% 3,085 $223K Add +65.0%
APH Amphenol Corp. Class A 0.04% 3,382 $222K New
CRSP Crispr Therapeutics AG 0.04% 6,507 $221K Add +5.8%
WAT Waters Corp. 0.04% 577 $213K Add +1.2%
AON Aon PLC Class A 0.04% 530 $212K New
MMM 3M Co. 0.04% 1,400 $206K New
SHOP Shopify Inc. Class A 0.04% 2,150 $205K No change
JPC Nuveen Prefered & Income Opp 0.02% 12,816 $102K No change
VRME Verifyme Inc. 0.02% 130,000 $88K Add +30.0%

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

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