SFE Investment Counsel
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), SFE Investment Counsel reported 141 stock positions worth $567.9 million. Its top holding was Microsoft (MSFT) at 4.7% of the portfolio, followed by Nvidia (NVDA, 4.0%) and JPMorgan Chase (JPM, 3.3%). Compared with Q1 2025, it opened 12 new positions, sold out of 11, added to 70 and reduced 51. The biggest buy was Microsoft (MSFT, shares +97%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −56%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $567.9M (Q2 2025)
- SEC Filing
- 0001085146-25-004662 ↗ filed Aug 7, 2025
Holdings Value
Holdings 141 stocks · $567.9M
| MSFT Microsoft Corp. | 4.68% | 53,411 | $26.6M | Add +97.2% |
| NVDA Nvidia Corp. | 3.96% | 142,312 | $22.5M | Add +0.4% |
| JPM JPMorgan Chase & Co. | 3.27% | 64,092 | $18.6M | Add +4.9% |
| AAPL Apple Inc. | 3.23% | 89,398 | $18.3M | Add +1.8% |
| AMZN Amazon.com Inc. | 3.13% | 81,046 | $17.8M | Add +10.8% |
| AVGO Broadcom Inc. | 2.93% | 60,353 | $16.6M | Reduce -2.3% |
| PANW Palo Alto Networks Inc. | 2.72% | 75,623 | $15.5M | Add +3.7% |
| QCOM Qualcomm Inc. | 2.66% | 94,807 | $15.1M | Add +3.8% |
| OKE Oneok Inc. | 2.36% | 164,059 | $13.4M | Add +16.1% |
| NEE Nextera Energy Inc. | 2.18% | 178,189 | $12.4M | Add +6.9% |
| LOW Lowe's Cos Inc. | 2.09% | 53,602 | $11.9M | Add +1.5% |
| FSLR First Solar Inc. | 2.03% | 69,810 | $11.6M | Add +9.2% |
| ABT Abbott Laboratories | 1.92% | 80,063 | $10.9M | Add +6.0% |
| COST Costco Wholesale Corp. | 1.86% | 10,653 | $10.5M | Reduce -0.8% |
| USB US Bancorp | 1.85% | 232,077 | $10.5M | Add +4.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.81% | 34,894 | $10.3M | Reduce -4.0% |
| GOOGL Alphabet Inc. Class A | 1.73% | 55,653 | $9.8M | Add +24.8% |
| LH Labcorp Holdings Inc. | 1.48% | 32,089 | $8.4M | Add +1.3% |
| URI United Rentals Inc. | 1.47% | 11,044 | $8.3M | Add +20.9% |
| CMI Cummins Inc. | 1.41% | 24,530 | $8.0M | Add +0.8% |
| CLF Cleveland-Cliffs Inc. | 1.41% | 1,055,365 | $8.0M | Add +0.2% |
| PRU Prudential Financial Inc. | 1.39% | 73,719 | $7.9M | Add +13.7% |
| BSJS Invesco Bulletshares 2028 HY | 1.38% | 355,613 | $7.8M | Add +2.0% |
| BSJR Invesco Bulletshares 2027 HY | 1.34% | 334,525 | $7.6M | Add +1.0% |
| BSJQ Invesco Bulletshares 2026 HY | 1.30% | 316,978 | $7.4M | Reduce -2.6% |
| GOOG Alphabet Inc. Class C | 1.29% | 41,194 | $7.3M | Reduce -1.4% |
| BSJT Invesco Bulletshares 2029 HY | 1.28% | 337,617 | $7.3M | Add +6.0% |
| IQV Iqvia Holdings Inc. | 1.21% | 43,491 | $6.9M | Add +17.0% |
| LHX L3HARRIS Technologies Inc. | 1.18% | 26,692 | $6.7M | Add +4.6% |
| BX Blackstone Inc. | 1.16% | 44,140 | $6.6M | Add +11.8% |
| PWR Quanta Services Inc. | 1.14% | 17,142 | $6.5M | Add +7.6% |
| FISV Fiserv Inc. | 1.14% | 37,529 | $6.5M | Add +26.9% |
| J Jacobs Solutions Inc. | 1.13% | 48,824 | $6.4M | Add +11.5% |
| AWK American Water Works Co. Inc. | 1.12% | 45,655 | $6.4M | Reduce -2.4% |
| BSCS Invesco Bulletshares 2028 CB | 1.03% | 285,523 | $5.9M | Add +20.1% |
| ROP Roper Technologies Inc. | 1.01% | 10,080 | $5.7M | Reduce -1.9% |
| XYL Xylem Inc. | 0.98% | 42,950 | $5.6M | Reduce -0.0% |
| DCI Donaldson Co. Inc. | 0.96% | 78,248 | $5.4M | Add +7.4% |
| ZTS Zoetis Inc. | 0.93% | 34,012 | $5.3M | Add +6.4% |
| WSM Williams-Sonoma Inc. | 0.92% | 31,830 | $5.2M | Add +17.8% |
| WY Weyerhaeuser Co. | 0.88% | 194,853 | $5.0M | Add +23.9% |
| DHR Danaher Corp. | 0.87% | 25,145 | $5.0M | Add +5.9% |
| BSCT Invesco Bulletshares 2029 CB | 0.87% | 265,220 | $5.0M | Add +26.4% |
| ABBV Abbvie Inc. | 0.86% | 26,237 | $4.9M | Add +22.8% |
| BSCR Invesco Bulletshares 2027 CB | 0.85% | 245,436 | $4.8M | Add +14.0% |
| BDX Becton Dickinson and Co. | 0.85% | 27,970 | $4.8M | Add +10.3% |
| ETN Eaton Corp. PLC | 0.84% | 13,402 | $4.8M | Add +5.4% |
| HON Honeywell International Inc. | 0.83% | 20,350 | $4.7M | Reduce -4.7% |
| AMD Advanced Micro Devices | 0.81% | 32,247 | $4.6M | Add +9.5% |
| HASI Ha Sustainable Infrastructur | 0.78% | 164,840 | $4.4M | Add +1.0% |
| JNJ Johnson & Johnson | 0.75% | 28,045 | $4.3M | Reduce -11.6% |
| CSCO Cisco Systems Inc. | 0.73% | 60,078 | $4.2M | Reduce -3.9% |
| BSJU Invesco Bulletshares 2030 HY | 0.72% | 156,243 | $4.1M | Add +23.5% |
| BSCQ Invesco Bulletshares 2026 CB | 0.71% | 207,372 | $4.0M | Add +1.3% |
| EXPE Expedia Group Inc. | 0.69% | 23,377 | $3.9M | Add +114.1% |
| AMAT Applied Materials Inc. | 0.67% | 20,804 | $3.8M | Add +21.8% |
| LLY Eli Lilly & Co. | 0.67% | 4,849 | $3.8M | Add +13.2% |
| FDX FedEx Corp. | 0.64% | 16,027 | $3.6M | Add +9.1% |
| GE General Electric filed as GE AEROSPACE | 0.62% | 13,679 | $3.5M | Reduce -7.8% |
| KMI Kinder Morgan Inc. | 0.62% | 119,625 | $3.5M | Add +17.6% |
| GEV GE Vernova Inc. | 0.59% | 6,334 | $3.4M | Reduce -6.6% |
| BSCU Invesco Bulletshares 2030 CB | 0.55% | 185,362 | $3.1M | Add +40.1% |
| DE Deere & Co. | 0.52% | 5,815 | $3.0M | Reduce -2.1% |
| TTEK Tetra Tech Inc. | 0.52% | 81,856 | $2.9M | Reduce -3.1% |
| JEPI JPMorgan Equity Premium Inco | 0.49% | 49,150 | $2.8M | Reduce -31.3% |
| ULTA Ulta Beauty Inc. | 0.48% | 5,813 | $2.7M | Reduce -16.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.40% | 4,706 | $2.3M | Reduce -7.7% |
| CVX Chevron Corp. | 0.38% | 15,017 | $2.2M | Reduce -11.6% |
| PNW Pinnacle West Capital | 0.37% | 23,310 | $2.1M | Add +25.8% |
| NFLX Netflix Inc. | 0.34% | 1,461 | $2.0M | Add +0.4% |
| UBER Uber Technologies Inc. | 0.34% | 20,949 | $2.0M | Add +98.8% |
| BSJP Invesco Bulletshares 2025 HY | 0.34% | 82,883 | $1.9M | Reduce -49.1% |
| IVV iShares Core S&P 500 ETF | 0.34% | 3,079 | $1.9M | Reduce -56.1% |
| PFE Pfizer Inc. | 0.32% | 75,230 | $1.8M | Add +5.3% |
| KLAC KLA Corp. | 0.32% | 2,000 | $1.8M | New |
| TNC Tennant Co. | 0.29% | 21,620 | $1.7M | Add +24.3% |
| BEP Brookfield Renewable Partner | 0.27% | 59,062 | $1.5M | Add +11.3% |
| T AT&T Inc. | 0.25% | 48,184 | $1.4M | Reduce -14.9% |
| GLW Corning Inc. | 0.24% | 26,089 | $1.4M | Add +5.7% |
| EQAL Invesco Russell 1000 Equal W | 0.23% | 27,096 | $1.3M | Add +0.3% |
| BMY Bristol-Myers Squibb Co. | 0.21% | 25,840 | $1.2M | Reduce -31.6% |
| EWBC East West Bancorp Inc. | 0.20% | 11,195 | $1.1M | Add +3.6% |
| CLH Clean Harbors Inc. | 0.18% | 4,392 | $1.0M | Reduce -0.8% |
| F Ford Motor Co. filed as FORD MTR CO | 0.17% | 90,185 | $979K | Reduce -69.6% |
| BSCP Invesco Bulletshares 2025 CB | 0.17% | 47,116 | $974K | Reduce -19.4% |
| LMNR Limoneira Co. | 0.17% | 60,010 | $939K | No change |
| EIX Edison International | 0.16% | 17,515 | $904K | Reduce -17.4% |
| EMR Emerson Electric Co. | 0.15% | 6,460 | $861K | Add +3.4% |
| DRI Darden Restaurants Inc. | 0.15% | 3,910 | $852K | Reduce -0.9% |
| IEF iShares 7-10 Year Treasury B | 0.14% | 8,600 | $824K | Reduce -60.6% |
| THO Thor Industries Inc. | 0.13% | 8,502 | $755K | Reduce -47.7% |
| XEL Xcel Energy Inc. | 0.13% | 10,870 | $740K | New |
| WDAY Workday Inc. Class A | 0.12% | 2,895 | $695K | No change |
| AGGY Wisdomtree Yield Enhanced US | 0.12% | 15,091 | $658K | Reduce -46.0% |
| META Meta Platforms Inc. Class A | 0.12% | 891 | $658K | Add +2.9% |
| SHW The Sherwin-Williams Co. | 0.11% | 1,875 | $644K | No change |
| IAU iShares Gold Trust | 0.11% | 9,717 | $606K | Reduce -9.9% |
| RSPT Invesco S&P 500 Equal Weight | 0.11% | 14,809 | $604K | Add +1.8% |
| BSCV Invesco Bulletshares 2031 CB | 0.10% | 33,195 | $549K | New |
| BA The Boeing Co. | 0.10% | 2,612 | $547K | Add +85.0% |
Portfolio Sells Q1 2025 → Q2 2025
| IVV iShares Core S&P 500 ETF | Reduce -56.1% | 0.34% | −0.45 |
| F Ford Motor Co. | Reduce -69.6% | 0.17% | −0.42 |
| BSJP Invesco Bulletshares 2025 HY | Reduce -49.1% | 0.34% | −0.41 |
| GSLC Goldman Activebeta US LC ETF | Reduce -80.8% | 0.08% | −0.37 |
| JEPI JPMorgan Equity Premium Inco | Reduce -31.3% | 0.49% | −0.33 |
| JNJ Johnson & Johnson | Reduce -11.6% | 0.75% | −0.30 |
| IEF iShares 7-10 Year Treasury B | Reduce -60.6% | 0.14% | −0.27 |
| AWK American Water Works Co. Inc. | Reduce -2.4% | 1.12% | −0.26 |
| BMY Bristol-Myers Squibb Co. | Reduce -31.6% | 0.21% | −0.25 |
| BSJQ Invesco Bulletshares 2026 HY | Reduce -2.6% | 1.30% | −0.21 |
| ROP Roper Technologies Inc. | Reduce -1.9% | 1.01% | −0.20 |
| CVX Chevron Corp. | Reduce -11.6% | 0.38% | −0.19 |
| COST Costco Wholesale Corp. | Reduce -0.8% | 1.86% | −0.17 |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | Sold out | 0.00% | −0.16 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -7.7% | 0.40% | −0.14 |
| AGGY Wisdomtree Yield Enhanced US | Reduce -46.0% | 0.12% | −0.13 |
| THO Thor Industries Inc. | Reduce -47.7% | 0.13% | −0.11 |
| GSSC Goldman Sachs Activebeta US | Sold out | 0.00% | −0.11 |
| QUAL iShares MSCI USA Quality Fac | Sold out | 0.00% | −0.10 |
| EIX Edison International | Reduce -17.4% | 0.16% | −0.09 |
| GSIE Goldman Sachs Activebeta Int | Reduce -60.4% | 0.06% | −0.09 |
| T AT&T Inc. | Reduce -14.9% | 0.25% | −0.07 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -19.4% | 0.17% | −0.07 |
| HON Honeywell International Inc. | Reduce -4.7% | 0.83% | −0.07 |
| MOAT Vaneck Morningstar Wide Moat | Sold out | 0.00% | −0.06 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.06 |
| SRLN SS Blackstone Sr Loan ETF | Sold out | 0.00% | −0.05 |
| GAL SS Global Allocation ETF | Sold out | 0.00% | −0.05 |
| XYL Xylem Inc. | Reduce -0.0% | 0.98% | −0.05 |
| COR Cencora Inc. | Sold out | 0.00% | −0.05 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.04 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.04 |
| MMM 3M Co. | Sold out | 0.00% | −0.04 |
| CSCO Cisco Systems Inc. | Reduce -3.9% | 0.73% | −0.04 |
| DE Deere & Co. | Reduce -2.1% | 0.52% | −0.04 |
| ULTA Ulta Beauty Inc. | Reduce -16.5% | 0.48% | −0.03 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -14.6% | 0.07% | −0.03 |
| SYY Sysco Corp. | Reduce -20.8% | 0.07% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -14.8% | 0.06% | −0.02 |
| CMF iShares California Muni Bond | Reduce -17.4% | 0.06% | −0.02 |
| IAU iShares Gold Trust | Reduce -9.9% | 0.11% | −0.02 |
| BN Brookfield Corp. | Reduce -32.7% | 0.04% | −0.02 |
| GOOG Alphabet Inc. Class C | Reduce -1.4% | 1.29% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -8.9% | 0.04% | −0.02 |
| V Visa Inc. Class A | Reduce -15.6% | 0.04% | −0.01 |
| DRI Darden Restaurants Inc. | Reduce -0.9% | 0.15% | −0.01 |
| SBUX Starbucks Corp. | Reduce -5.4% | 0.05% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -1.7% | 0.09% | −0.01 |
| CME Cme Group Inc. | Reduce -11.4% | 0.05% | −0.01 |
| HD Home Depot Inc. | Reduce -5.1% | 0.05% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +97.2% | 4.68% | +2.65 |
| NVDA Nvidia Corp. | Add +0.4% | 3.96% | +0.89 |
| FSLR First Solar Inc. | Add +9.2% | 2.03% | +0.42 |
| AMZN Amazon.com Inc. | Add +10.8% | 3.13% | +0.35 |
| GOOGL Alphabet Inc. Class A | Add +24.8% | 1.73% | +0.35 |
| PWR Quanta Services Inc. | Add +7.6% | 1.14% | +0.33 |
| EXPE Expedia Group Inc. | Add +114.1% | 0.69% | +0.33 |
| URI United Rentals Inc. | Add +20.9% | 1.47% | +0.32 |
| KLAC KLA Corp. | New | 0.32% | +0.32 |
| JPM JPMorgan Chase & Co. | Add +4.9% | 3.27% | +0.28 |
| PANW Palo Alto Networks Inc. | Add +3.7% | 2.72% | +0.24 |
| AMD Advanced Micro Devices | Add +9.5% | 0.81% | +0.20 |
| UBER Uber Technologies Inc. | Add +98.8% | 0.34% | +0.19 |
| AMAT Applied Materials Inc. | Add +21.8% | 0.67% | +0.18 |
| ETN Eaton Corp. PLC | Add +5.4% | 0.84% | +0.15 |
| XEL Xcel Energy Inc. | New | 0.13% | +0.13 |
| LHX L3HARRIS Technologies Inc. | Add +4.6% | 1.18% | +0.11 |
| BSCU Invesco Bulletshares 2030 CB | Add +40.1% | 0.55% | +0.11 |
| BSCV Invesco Bulletshares 2031 CB | New | 0.10% | +0.10 |
| BSCT Invesco Bulletshares 2029 CB | Add +26.4% | 0.87% | +0.10 |
| JPST JPMorgan Ultra-Short Income | New | 0.09% | +0.09 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.07% | +0.07 |
| NFLX Netflix Inc. | Add +0.4% | 0.34% | +0.07 |
| J Jacobs Solutions Inc. | Add +11.5% | 1.13% | +0.07 |
| BSJU Invesco Bulletshares 2030 HY | Add +23.5% | 0.72% | +0.07 |
| BSCS Invesco Bulletshares 2028 CB | Add +20.1% | 1.03% | +0.06 |
| WSM Williams-Sonoma Inc. | Add +17.8% | 0.92% | +0.06 |
| BX Blackstone Inc. | Add +11.8% | 1.16% | +0.06 |
| BA The Boeing Co. | Add +85.0% | 0.10% | +0.05 |
| IBIT iShares Bitcoin Trust ETF | New | 0.04% | +0.04 |
| BKNG Booking Holdings Inc. | New | 0.04% | +0.04 |
| VEEV Veeva Systems Inc. Class A | New | 0.04% | +0.04 |
| KMI Kinder Morgan Inc. | Add +17.6% | 0.62% | +0.04 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.04% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.04% | +0.04 |
| GLD SPDR Gold Shares | New | 0.04% | +0.04 |
| IGHG Proshares Ig Hedged | New | 0.04% | +0.04 |
| BEP Brookfield Renewable Partner | Add +11.3% | 0.27% | +0.03 |
| TNC Tennant Co. | Add +24.3% | 0.29% | +0.02 |
| CRSP Crispr Therapeutics AG | Add +11.1% | 0.06% | +0.02 |
| META Meta Platforms Inc. Class A | Add +2.9% | 0.12% | +0.02 |
| GLW Corning Inc. | Add +5.7% | 0.24% | +0.02 |
| EMR Emerson Electric Co. | Add +3.4% | 0.15% | +0.01 |
| PNW Pinnacle West Capital | Add +25.8% | 0.37% | +0.01 |
| PI Impinj Inc. | Add +6.7% | 0.09% | +0.01 |
| LH Labcorp Holdings Inc. | Add +1.3% | 1.48% | +0.01 |
| RSPT Invesco S&P 500 Equal Weight | Add +1.8% | 0.11% | +0.01 |
| BSCR Invesco Bulletshares 2027 CB | Add +14.0% | 0.85% | +0.01 |
| EWBC East West Bancorp Inc. | Add +3.6% | 0.20% | +0.01 |
| TSLA Tesla Inc. | Add +0.3% | 0.06% | +0.00 |
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 |