SFE Investment Counsel

Name: SFE Investment Counsel 13F holdings, Q3 2025
Creator: SFE Investment Counsel
Published: 2025-11-14

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

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%
TSLA Tesla Inc.	0.10%	1,404	$624K	Add +36.0%
BSCP Invesco Bulletshares 2025 CB	0.10%	30,170	$624K	Reduce -36.0%
EIX Edison International	0.10%	11,135	$616K	Reduce -36.4%
META Meta Platforms Inc. Class A	0.09%	798	$586K	Reduce -10.4%
BA The Boeing Co.	0.09%	2,502	$540K	Reduce -4.2%
SPY SS SPDR S&P 500 ETF Trust-US	0.08%	750	$500K	No change
GSLC Goldman Activebeta US LC ETF	0.08%	3,760	$490K	Reduce -5.0%
NOC Northrop Grumman Corp.	0.08%	792	$483K	No change
AZN Astrazeneca PLC-Spons ADR	0.07%	6,085	$467K	No change
VRT Vertiv Holdings Co. Class A	0.07%	3,055	$461K	Reduce -1.0%
AGGY Wisdomtree Yield Enhanced US	0.07%	9,639	$427K	Reduce -36.1%
SYY Sysco Corp.	0.07%	4,941	$407K	Reduce -5.0%
MA Mastercard Inc. Class A	0.06%	679	$386K	Reduce -27.8%
JPST JPMorgan Ultra-Short Income	0.06%	7,417	$376K	Reduce -25.1%
LRGF iShares US Equity Factor ETF	0.06%	5,375	$371K	Reduce -1.8%
XLF SS Financial Select Sector	0.05%	6,357	$342K	Reduce -3.3%
IEF iShares 7-10 Year Treasury B	0.05%	3,444	$332K	Reduce -60.0%
GSIE Goldman Sachs Activebeta Int	0.05%	7,904	$325K	No change
IBB iShares Biotechnology ETF	0.05%	2,246	$324K	Reduce -1.7%
IYJ iShares U.S. Industrials ETF	0.05%	2,187	$319K	Reduce -2.2%
PG The Procter & Gamble Co.	0.05%	1,965	$302K	Reduce -2.5%
XLB SS Materials Select Sector	0.05%	3,353	$301K	Reduce -3.0%
PM Philip Morris International	0.05%	1,844	$299K	Reduce -1.5%
TSM Taiwan Semiconductor-SP ADR	0.05%	1,068	$298K	Add +12.7%
WFC Wells Fargo & Co.	0.05%	3,468	$291K	Add +0.0%
HD Home Depot Inc.	0.04%	647	$262K	Reduce -22.2%
IBIT iShares Bitcoin Trust ETF	0.04%	3,913	$254K	Add +2.6%
CME Cme Group Inc.	0.04%	938	$253K	No change
SBUX Starbucks Corp.	0.04%	2,990	$253K	Reduce -0.3%
QUIK Quicklogic Corp.	0.04%	40,862	$248K	New
BN Brookfield Corp.	0.04%	3,574	$245K	Reduce -5.6%
GLD SPDR Gold Shares	0.04%	686	$244K	No change
V Visa Inc. Class A	0.04%	684	$234K	No change
CMF iShares California Muni Bond	0.04%	3,997	$228K	Reduce -34.5%
APH Amphenol Corp. Class A	0.04%	1,807	$224K	New
VEEV Veeva Systems Inc. Class A	0.03%	728	$217K	Reduce -8.8%
QQQ Invesco QQQ Trust Series 1	0.03%	360	$216K	Reduce -5.3%
BKNG Booking Holdings Inc.	0.03%	40	$216K	No change
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE	0.03%	4,973	$209K	New
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET	0.03%	5,207	$206K	New
IGHG Proshares Ig Hedged	0.03%	2,600	$205K	No change
ORCL Oracle Corp.	0.03%	727	$204K	New
PLTR Palantir Technologies Inc. Class A	0.03%	1,120	$204K	New
VRME Verifyme Inc.	0.02%	126,675	$112K	No change
JPC Nuveen Prefered & Income Opp	0.02%	12,816	$105K	No change
INVZ Innoviz Technologies Ltd.	0.01%	26,000	$53K	New
VUZI Vuzix Corp.	0.01%	10,000	$31K	New

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