SFE Investment Counsel
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), SFE Investment Counsel reported 147 stock positions worth $626.3 million. Its top holding was Microsoft (MSFT) at 4.5% of the portfolio, followed by Nvidia (NVDA, 4.1%) and Apple (AAPL, 3.8%). Compared with Q2 2025, it opened 11 new positions, sold out of 5, added to 47 and reduced 74. The biggest buy was Apple (AAPL, shares +4%) and the biggest sale Amazon.com (AMZN, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $626.3M (Q3 2025)
- SEC Filing
- 0001317784-25-000003 ↗ filed Nov 14, 2025
Holdings Value
Holdings 147 stocks · $626.3M
| MSFT Microsoft Corp. | 4.47% | 54,076 | $28.0M | Add +1.3% |
| NVDA Nvidia Corp. | 4.11% | 138,026 | $25.8M | Reduce -3.0% |
| AAPL Apple Inc. | 3.79% | 93,299 | $23.8M | Add +4.4% |
| JPM JPMorgan Chase & Co. | 3.14% | 62,370 | $19.7M | Reduce -2.7% |
| AVGO Broadcom Inc. | 2.86% | 54,297 | $17.9M | Reduce -10.0% |
| AMZN Amazon.com Inc. | 2.68% | 76,586 | $16.8M | Reduce -5.5% |
| QCOM Qualcomm Inc. | 2.56% | 96,457 | $16.0M | Add +1.7% |
| PANW Palo Alto Networks Inc. | 2.50% | 76,960 | $15.7M | Add +1.8% |
| FSLR First Solar Inc. | 2.46% | 69,813 | $15.4M | Add +0.0% |
| OKE Oneok Inc. | 2.23% | 191,627 | $14.0M | Add +16.8% |
| NEE Nextera Energy Inc. | 2.20% | 182,855 | $13.8M | Add +2.6% |
| GOOGL Alphabet Inc. Class A | 2.19% | 56,353 | $13.7M | Add +1.3% |
| LOW Lowe's Cos Inc. | 2.16% | 53,837 | $13.5M | Add +0.4% |
| CLF Cleveland-Cliffs Inc. | 1.95% | 1,003,105 | $12.2M | Reduce -5.0% |
| USB US Bancorp | 1.79% | 232,185 | $11.2M | Add +0.1% |
| ABT Abbott Laboratories | 1.71% | 79,954 | $10.7M | Reduce -0.1% |
| CMI Cummins Inc. | 1.64% | 24,249 | $10.2M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 1.60% | 41,168 | $10.0M | Reduce -0.1% |
| URI United Rentals Inc. | 1.60% | 10,467 | $10.0M | Reduce -5.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.56% | 34,667 | $9.8M | Reduce -0.7% |
| COST Costco Wholesale Corp. | 1.56% | 10,567 | $9.8M | Reduce -0.8% |
| IQV Iqvia Holdings Inc. | 1.48% | 48,898 | $9.3M | Add +12.4% |
| LH Labcorp Holdings Inc. | 1.44% | 31,439 | $9.0M | Reduce -2.0% |
| FISV Fiserv Inc. | 1.33% | 64,401 | $8.3M | Add +71.6% |
| BSJS Invesco Bulletshares 2028 HY | 1.30% | 368,478 | $8.1M | Add +3.6% |
| LHX L3HARRIS Technologies Inc. | 1.28% | 26,236 | $8.0M | Reduce -1.7% |
| BSJR Invesco Bulletshares 2027 HY | 1.25% | 345,299 | $7.9M | Add +3.2% |
| PRU Prudential Financial Inc. | 1.24% | 74,983 | $7.8M | Add +1.7% |
| BSJT Invesco Bulletshares 2029 HY | 1.23% | 356,720 | $7.7M | Add +5.7% |
| BX Blackstone Inc. | 1.19% | 43,560 | $7.4M | Reduce -1.3% |
| J Jacobs Solutions Inc. | 1.17% | 49,007 | $7.3M | Add +0.4% |
| BSJQ Invesco Bulletshares 2026 HY | 1.16% | 311,239 | $7.3M | Reduce -1.8% |
| PWR Quanta Services Inc. | 1.12% | 16,865 | $7.0M | Reduce -1.6% |
| XYL Xylem Inc. | 1.02% | 43,332 | $6.4M | Add +0.9% |
| DCI Donaldson Co. Inc. | 1.00% | 76,672 | $6.3M | Reduce -2.0% |
| BSCS Invesco Bulletshares 2028 CB | 1.00% | 304,914 | $6.3M | Add +6.8% |
| AWK American Water Works Co. Inc. | 1.00% | 45,040 | $6.3M | Reduce -1.4% |
| WSM Williams-Sonoma Inc. | 0.99% | 31,740 | $6.2M | Reduce -0.3% |
| ABBV Abbvie Inc. | 0.96% | 26,029 | $6.0M | Reduce -0.8% |
| BSJU Invesco Bulletshares 2030 HY | 0.91% | 218,401 | $5.7M | Add +39.8% |
| EXPE Expedia Group Inc. | 0.90% | 26,249 | $5.6M | Add +12.3% |
| BSCT Invesco Bulletshares 2029 CB | 0.86% | 287,562 | $5.4M | Add +8.4% |
| ROP Roper Technologies Inc. | 0.84% | 10,545 | $5.3M | Add +4.6% |
| BDX Becton Dickinson and Co. | 0.83% | 27,767 | $5.2M | Reduce -0.7% |
| JNJ Johnson & Johnson | 0.83% | 27,999 | $5.2M | Reduce -0.2% |
| DHR Danaher Corp. | 0.81% | 25,742 | $5.1M | Add +2.4% |
| BSCR Invesco Bulletshares 2027 CB | 0.81% | 256,556 | $5.1M | Add +4.5% |
| AMD Advanced Micro Devices | 0.80% | 31,096 | $5.0M | Reduce -3.6% |
| HASI Ha Sustainable Infrastructur | 0.80% | 163,577 | $5.0M | Reduce -0.8% |
| ETN Eaton Corp. PLC | 0.77% | 12,950 | $4.8M | Reduce -3.4% |
| LLY Eli Lilly & Co. | 0.76% | 6,242 | $4.8M | Add +28.7% |
| WY Weyerhaeuser Co. | 0.70% | 176,108 | $4.4M | Reduce -9.6% |
| HON Honeywell International Inc. | 0.69% | 20,488 | $4.3M | Add +0.7% |
| AMAT Applied Materials Inc. | 0.69% | 21,004 | $4.3M | Add +1.0% |
| CSCO Cisco Systems Inc. | 0.65% | 59,523 | $4.1M | Reduce -0.9% |
| FDX FedEx Corp. | 0.65% | 17,187 | $4.1M | Add +7.2% |
| GE General Electric filed as GE AEROSPACE | 0.62% | 12,921 | $3.9M | Reduce -5.5% |
| BSCQ Invesco Bulletshares 2026 CB | 0.60% | 192,633 | $3.8M | Reduce -7.1% |
| KMI Kinder Morgan Inc. | 0.57% | 126,655 | $3.6M | Add +5.9% |
| BSCU Invesco Bulletshares 2030 CB | 0.55% | 204,342 | $3.5M | Add +10.2% |
| GEV GE Vernova Inc. | 0.55% | 5,605 | $3.4M | Reduce -11.5% |
| ZTS Zoetis Inc. | 0.54% | 23,253 | $3.4M | Reduce -31.6% |
| ULTA Ulta Beauty Inc. | 0.48% | 5,465 | $3.0M | Reduce -6.0% |
| TTEK Tetra Tech Inc. | 0.44% | 81,760 | $2.7M | Reduce -0.1% |
| UBER Uber Technologies Inc. | 0.43% | 27,518 | $2.7M | Add +31.4% |
| DE Deere & Co. | 0.43% | 5,860 | $2.7M | Add +0.8% |
| JEPI JPMorgan Equity Premium Inco | 0.38% | 42,157 | $2.4M | Reduce -14.2% |
| CRM Salesforce Inc. | 0.36% | 9,523 | $2.3M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.36% | 4,477 | $2.3M | Reduce -4.9% |
| CVX Chevron Corp. | 0.36% | 14,479 | $2.2M | Reduce -3.6% |
| GLW Corning Inc. | 0.36% | 27,124 | $2.2M | Add +4.0% |
| KLAC KLA Corp. | 0.34% | 2,000 | $2.2M | No change |
| PNW Pinnacle West Capital | 0.34% | 23,535 | $2.1M | Add +1.0% |
| IVV iShares Core S&P 500 ETF | 0.32% | 3,004 | $2.0M | Reduce -2.4% |
| MRVL Marvell Technology Inc. | 0.31% | 23,050 | $1.9M | New |
| PFE Pfizer Inc. | 0.29% | 70,300 | $1.8M | Reduce -6.5% |
| NFLX Netflix Inc. | 0.28% | 1,461 | $1.8M | No change |
| BEP Brookfield Renewable Partner | 0.26% | 63,537 | $1.6M | Add +7.6% |
| TNC Tennant Co. | 0.25% | 19,470 | $1.6M | Reduce -9.9% |
| BSJP Invesco Bulletshares 2025 HY | 0.22% | 59,596 | $1.4M | Reduce -28.1% |
| EQAL Invesco Russell 1000 Equal W | 0.22% | 26,409 | $1.4M | Reduce -2.5% |
| T AT&T Inc. | 0.20% | 44,979 | $1.3M | Reduce -6.7% |
| EWBC East West Bancorp Inc. | 0.19% | 11,075 | $1.2M | Reduce -1.1% |
| F Ford Motor Co. filed as FORD MTR CO | 0.16% | 82,545 | $987K | Reduce -8.5% |
| BSCV Invesco Bulletshares 2031 CB | 0.15% | 58,047 | $968K | Add +74.9% |
| CLH Clean Harbors Inc. | 0.15% | 3,970 | $922K | Reduce -9.6% |
| LMNR Limoneira Co. | 0.14% | 60,010 | $891K | No change |
| BMY Bristol-Myers Squibb Co. | 0.14% | 19,109 | $862K | Reduce -26.1% |
| EMR Emerson Electric Co. | 0.14% | 6,467 | $848K | Add +0.1% |
| DRI Darden Restaurants Inc. | 0.13% | 4,280 | $815K | Add +9.5% |
| XEL Xcel Energy Inc. | 0.13% | 9,920 | $800K | Reduce -8.7% |
| SHOP Shopify Inc. Class A | 0.12% | 5,085 | $756K | Add +139.9% |
| CRSP Crispr Therapeutics AG | 0.12% | 11,560 | $749K | Add +59.9% |
| IAU iShares Gold Trust | 0.11% | 9,717 | $707K | No change |
| WDAY Workday Inc. Class A | 0.11% | 2,910 | $701K | Add +0.5% |
| SHW The Sherwin-Williams Co. | 0.10% | 1,895 | $656K | Add +1.1% |
| BSJV Invesco Bulletshares 2031 HY | 0.10% | 24,325 | $652K | New |
| THO Thor Industries Inc. | 0.10% | 6,259 | $649K | Reduce -26.4% |
| PI Impinj Inc. | 0.10% | 3,585 | $648K | Reduce -25.3% |
| RSPT Invesco S&P 500 Equal Weight | 0.10% | 14,469 | $645K | Reduce -2.3% |
Portfolio Sells Q2 2025 → Q3 2025
| AMZN Amazon.com Inc. | Reduce -5.5% | 2.68% | −0.45 |
| ZTS Zoetis Inc. | Reduce -31.6% | 0.54% | −0.39 |
| COST Costco Wholesale Corp. | Reduce -0.8% | 1.56% | −0.30 |
| IBM Intl Business Machines Corp. | Reduce -0.7% | 1.56% | −0.25 |
| ABT Abbott Laboratories | Reduce -0.1% | 1.71% | −0.21 |
| WY Weyerhaeuser Co. | Reduce -9.6% | 0.70% | −0.18 |
| BSJQ Invesco Bulletshares 2026 HY | Reduce -1.8% | 1.16% | −0.14 |
| JPM JPMorgan Chase & Co. | Reduce -2.7% | 3.14% | −0.13 |
| AWK American Water Works Co. Inc. | Reduce -1.4% | 1.00% | −0.12 |
| BSJP Invesco Bulletshares 2025 HY | Reduce -28.1% | 0.22% | −0.12 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -7.1% | 0.60% | −0.11 |
| JEPI JPMorgan Equity Premium Inco | Reduce -14.2% | 0.38% | −0.11 |
| IEF iShares 7-10 Year Treasury B | Reduce -60.0% | 0.05% | −0.09 |
| CSCO Cisco Systems Inc. | Reduce -0.9% | 0.65% | −0.08 |
| TTEK Tetra Tech Inc. | Reduce -0.1% | 0.44% | −0.08 |
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -26.1% | 0.14% | −0.07 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -36.0% | 0.10% | −0.07 |
| AVGO Broadcom Inc. | Reduce -10.0% | 2.86% | −0.07 |
| ETN Eaton Corp. PLC | Reduce -3.4% | 0.77% | −0.07 |
| EIX Edison International | Reduce -36.4% | 0.10% | −0.06 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.06 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.05 |
| AGGY Wisdomtree Yield Enhanced US | Reduce -36.1% | 0.07% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.9% | 0.36% | −0.04 |
| TNC Tennant Co. | Reduce -9.9% | 0.25% | −0.04 |
| T AT&T Inc. | Reduce -6.7% | 0.20% | −0.04 |
| LH Labcorp Holdings Inc. | Reduce -2.0% | 1.44% | −0.04 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.04 |
| GEV GE Vernova Inc. | Reduce -11.5% | 0.55% | −0.04 |
| WAT Waters Corp. | Sold out | 0.00% | −0.04 |
| PFE Pfizer Inc. | Reduce -6.5% | 0.29% | −0.04 |
| CLH Clean Harbors Inc. | Reduce -9.6% | 0.15% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -27.8% | 0.06% | −0.03 |
| THO Thor Industries Inc. | Reduce -26.4% | 0.10% | −0.03 |
| JPST JPMorgan Ultra-Short Income | Reduce -25.1% | 0.06% | −0.03 |
| PWR Quanta Services Inc. | Reduce -1.6% | 1.12% | −0.03 |
| CMF iShares California Muni Bond | Reduce -34.5% | 0.04% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -10.4% | 0.09% | −0.02 |
| CVX Chevron Corp. | Reduce -3.6% | 0.36% | −0.02 |
| BDX Becton Dickinson and Co. | Reduce -0.7% | 0.83% | −0.02 |
| EQAL Invesco Russell 1000 Equal W | Reduce -2.5% | 0.22% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -2.4% | 0.32% | −0.02 |
| F Ford Motor Co. | Reduce -8.5% | 0.16% | −0.01 |
| PM Philip Morris International | Reduce -1.5% | 0.05% | −0.01 |
| HD Home Depot Inc. | Reduce -22.2% | 0.04% | −0.01 |
| EWBC East West Bancorp Inc. | Reduce -1.1% | 0.19% | −0.01 |
| BA The Boeing Co. | Reduce -4.2% | 0.09% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -2.5% | 0.05% | −0.01 |
| SBUX Starbucks Corp. | Reduce -0.3% | 0.04% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +4.4% | 3.79% | +0.56 |
| GOOGL Alphabet Inc. Class A | Add +1.3% | 2.19% | +0.46 |
| FSLR First Solar Inc. | Add +0.0% | 2.46% | +0.42 |
| CRM Salesforce Inc. | New | 0.36% | +0.36 |
| MRVL Marvell Technology Inc. | New | 0.31% | +0.31 |
| IQV Iqvia Holdings Inc. | Add +12.4% | 1.48% | +0.28 |
| EXPE Expedia Group Inc. | Add +12.3% | 0.90% | +0.20 |
| BSJU Invesco Bulletshares 2030 HY | Add +39.8% | 0.91% | +0.20 |
| FISV Fiserv Inc. | Add +71.6% | 1.33% | +0.19 |
| GLW Corning Inc. | Add +4.0% | 0.36% | +0.11 |
| BSJV Invesco Bulletshares 2031 HY | New | 0.10% | +0.10 |
| LLY Eli Lilly & Co. | Add +28.7% | 0.76% | +0.09 |
| UBER Uber Technologies Inc. | Add +31.4% | 0.43% | +0.09 |
| SHOP Shopify Inc. Class A | Add +139.9% | 0.12% | +0.08 |
| LOW Lowe's Cos Inc. | Add +0.4% | 2.16% | +0.07 |
| BSCV Invesco Bulletshares 2031 CB | Add +74.9% | 0.15% | +0.06 |
| CRSP Crispr Therapeutics AG | Add +59.9% | 0.12% | +0.06 |
| J Jacobs Solutions Inc. | Add +0.4% | 1.17% | +0.04 |
| XYL Xylem Inc. | Add +0.9% | 1.02% | +0.04 |
| TSLA Tesla Inc. | Add +36.0% | 0.10% | +0.04 |
| QUIK Quicklogic Corp. | New | 0.04% | +0.04 |
| APH Amphenol Corp. Class A | New | 0.04% | +0.04 |
| CGDV Cap Group Dividend Value | New | 0.03% | +0.03 |
| CGUS Cap Group Core Equity | New | 0.03% | +0.03 |
| ORCL Oracle Corp. | New | 0.03% | +0.03 |
| PLTR Palantir Technologies Inc. Class A | New | 0.03% | +0.03 |
| NEE Nextera Energy Inc. | Add +2.6% | 2.20% | +0.03 |
| AMAT Applied Materials Inc. | Add +1.0% | 0.69% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +12.7% | 0.05% | +0.01 |
| INVZ Innoviz Technologies Ltd. | New | 0.01% | +0.01 |
| FDX FedEx Corp. | Add +7.2% | 0.65% | +0.01 |
| VUZI Vuzix Corp. | New | 0.01% | +0.01 |
| BSCU Invesco Bulletshares 2030 CB | Add +10.2% | 0.55% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | Add +2.6% | 0.04% | −0.00 |
| WFC Wells Fargo & Co. | Add +0.0% | 0.05% | −0.00 |
| BEP Brookfield Renewable Partner | Add +7.6% | 0.26% | −0.00 |
| SHW The Sherwin-Williams Co. | Add +1.1% | 0.10% | −0.01 |
| BSCT Invesco Bulletshares 2029 CB | Add +8.4% | 0.86% | −0.01 |
| WDAY Workday Inc. Class A | Add +0.5% | 0.11% | −0.01 |
| EMR Emerson Electric Co. | Add +0.1% | 0.14% | −0.02 |
| DRI Darden Restaurants Inc. | Add +9.5% | 0.13% | −0.02 |
| BSCS Invesco Bulletshares 2028 CB | Add +6.8% | 1.00% | −0.03 |
| PNW Pinnacle West Capital | Add +1.0% | 0.34% | −0.03 |
| BSCR Invesco Bulletshares 2027 CB | Add +4.5% | 0.81% | −0.04 |
| KMI Kinder Morgan Inc. | Add +5.9% | 0.57% | −0.05 |
| BSJT Invesco Bulletshares 2029 HY | Add +5.7% | 1.23% | −0.05 |
| USB US Bancorp | Add +0.1% | 1.79% | −0.06 |
| DHR Danaher Corp. | Add +2.4% | 0.81% | −0.06 |
| BSJS Invesco Bulletshares 2028 HY | Add +3.6% | 1.30% | −0.08 |
| BSJR Invesco Bulletshares 2027 HY | Add +3.2% | 1.25% | −0.08 |
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 |