SFE Investment Counsel

Name: SFE Investment Counsel 13F holdings, Q2 2025
Creator: SFE Investment Counsel
Published: 2025-08-07

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
PI Impinj Inc.	0.09%	4,800	$533K	Add +6.7%
MA Mastercard Inc. Class A	0.09%	940	$528K	Reduce -1.7%
JPST JPMorgan Ultra-Short Income	0.09%	9,907	$502K	New
GSLC Goldman Activebeta US LC ETF	0.08%	3,960	$481K	Reduce -80.8%
SPY SS SPDR S&P 500 ETF Trust-US	0.08%	750	$463K	No change
VTV Vanguard Mrngstr Val ETF-Aui	0.07%	2,406	$425K	New
AZN Astrazeneca PLC-Spons ADR	0.07%	6,085	$425K	Reduce -14.6%
VRT Vertiv Holdings Co. Class A	0.07%	3,085	$396K	No change
NOC Northrop Grumman Corp.	0.07%	792	$396K	No change
SYY Sysco Corp.	0.07%	5,202	$394K	Reduce -20.8%
CRSP Crispr Therapeutics AG	0.06%	7,232	$352K	Add +11.1%
LRGF iShares US Equity Factor ETF	0.06%	5,475	$351K	Reduce -5.0%
XLF SS Financial Select Sector	0.06%	6,576	$344K	Add +1.1%
PM Philip Morris International	0.06%	1,872	$341K	Reduce -9.1%
CMF iShares California Muni Bond	0.06%	6,098	$340K	Reduce -17.4%
TXN Texas Instruments Inc.	0.06%	1,612	$335K	Reduce -7.1%
TSLA Tesla Inc.	0.06%	1,032	$328K	Add +0.3%
PG The Procter & Gamble Co.	0.06%	2,015	$321K	Reduce -14.8%
IYJ iShares U.S. Industrials ETF	0.06%	2,237	$318K	Add +1.1%
GSIE Goldman Sachs Activebeta Int	0.06%	7,904	$313K	Reduce -60.4%
HD Home Depot Inc.	0.05%	832	$305K	Reduce -5.1%
XLB SS Materials Select Sector	0.05%	3,456	$303K	Add +0.6%
IBB iShares Biotechnology ETF	0.05%	2,284	$289K	Add +0.6%
ISRG Intuitive Surgical Inc.	0.05%	527	$286K	Reduce -4.5%
WFC Wells Fargo & Co.	0.05%	3,467	$278K	Add +2.0%
SBUX Starbucks Corp.	0.05%	3,000	$275K	Reduce -5.4%
CME Cme Group Inc.	0.05%	938	$259K	Reduce -11.4%
SHOP Shopify Inc. Class A	0.04%	2,120	$245K	Reduce -1.4%
V Visa Inc. Class A	0.04%	684	$243K	Reduce -15.6%
XOM Exxon Mobil Corp.	0.04%	2,203	$237K	Reduce -8.9%
BN Brookfield Corp.	0.04%	3,787	$234K	Reduce -32.7%
IBIT iShares Bitcoin Trust ETF	0.04%	3,813	$233K	New
BKNG Booking Holdings Inc.	0.04%	40	$232K	New
VEEV Veeva Systems Inc. Class A	0.04%	798	$230K	New
TSM Taiwan Semiconductor-SP ADR	0.04%	948	$215K	New
QQQ Invesco QQQ Trust Series 1	0.04%	380	$209K	New
GLD SPDR Gold Shares	0.04%	686	$209K	New
IGHG Proshares Ig Hedged	0.04%	2,600	$204K	New
WAT Waters Corp.	0.04%	577	$201K	No change
JPC Nuveen Prefered & Income Opp	0.02%	12,816	$103K	No change
VRME Verifyme Inc.	0.02%	126,675	$95K	Reduce -2.6%

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