SFE Investment Counsel
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), SFE Investment Counsel reported 143 stock positions worth $641.3 million. Its top holding was Microsoft (MSFT) at 4.1% of the portfolio, followed by Nvidia (NVDA, 3.9%) and Apple (AAPL, 3.7%). Compared with Q3 2025, it opened 6 new positions, sold out of 10, added to 63 and reduced 58. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +167%) and the biggest sale Fiserv (FISV, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $641.3M (Q4 2025)
- SEC Filing
- 0001317784-26-000001 ↗ filed Feb 5, 2026
Holdings Value
Holdings 143 stocks · $641.3M
| MSFT Microsoft Corp. | 4.14% | 54,968 | $26.6M | Add +1.6% |
| NVDA Nvidia Corp. | 3.94% | 135,619 | $25.3M | Reduce -1.7% |
| AAPL Apple Inc. | 3.69% | 86,997 | $23.7M | Reduce -6.8% |
| JPM JPMorgan Chase & Co. | 3.05% | 60,778 | $19.6M | Reduce -2.5% |
| AVGO Broadcom Inc. | 2.83% | 52,509 | $18.2M | Reduce -3.3% |
| AMZN Amazon.com Inc. | 2.64% | 73,257 | $16.9M | Reduce -4.3% |
| FSLR First Solar Inc. | 2.61% | 64,059 | $16.7M | Reduce -8.2% |
| QCOM Qualcomm Inc. | 2.56% | 96,107 | $16.4M | Reduce -0.4% |
| OKE Oneok Inc. | 2.37% | 206,515 | $15.2M | Add +7.8% |
| GOOGL Alphabet Inc. Class A | 2.31% | 47,283 | $14.8M | Reduce -16.1% |
| NEE Nextera Energy Inc. | 2.29% | 183,320 | $14.7M | Add +0.3% |
| PANW Palo Alto Networks Inc. | 2.28% | 79,334 | $14.6M | Add +3.1% |
| LOW Lowe's Cos Inc. | 2.07% | 54,958 | $13.3M | Add +2.1% |
| USB US Bancorp | 1.93% | 231,758 | $12.4M | Reduce -0.2% |
| CLF Cleveland-Cliffs Inc. | 1.88% | 907,330 | $12.0M | Reduce -9.6% |
| GOOG Alphabet Inc. Class C | 1.87% | 38,286 | $12.0M | Reduce -7.0% |
| CMI Cummins Inc. | 1.80% | 22,664 | $11.6M | Reduce -6.5% |
| IQV Iqvia Holdings Inc. | 1.69% | 48,019 | $10.8M | Reduce -1.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.58% | 34,119 | $10.1M | Reduce -1.6% |
| COST Costco Wholesale Corp. | 1.51% | 11,200 | $9.7M | Add +6.0% |
| ABT Abbott Laboratories | 1.49% | 76,500 | $9.6M | Reduce -4.3% |
| PRU Prudential Financial Inc. | 1.41% | 80,330 | $9.1M | Add +7.1% |
| URI United Rentals Inc. | 1.36% | 10,749 | $8.7M | Add +2.7% |
| BSJS Invesco Bulletshares 2028 HY | 1.30% | 379,636 | $8.4M | Add +3.0% |
| LH Labcorp Holdings Inc. | 1.28% | 32,789 | $8.2M | Add +4.3% |
| BX Blackstone Inc. | 1.26% | 52,492 | $8.1M | Add +20.5% |
| BSJR Invesco Bulletshares 2027 HY | 1.24% | 352,387 | $8.0M | Add +2.0% |
| BSJT Invesco Bulletshares 2029 HY | 1.21% | 362,072 | $7.8M | Add +1.5% |
| LHX L3HARRIS Technologies Inc. | 1.19% | 25,899 | $7.6M | Reduce -1.3% |
| PWR Quanta Services Inc. | 1.14% | 17,373 | $7.3M | Add +3.0% |
| J Jacobs Solutions Inc. | 1.14% | 55,203 | $7.3M | Add +12.6% |
| EXPE Expedia Group Inc. | 1.10% | 24,797 | $7.0M | Reduce -5.5% |
| BSJQ Invesco Bulletshares 2026 HY | 1.09% | 300,632 | $7.0M | Reduce -3.4% |
| LLY Eli Lilly & Co. | 1.02% | 6,086 | $6.5M | Reduce -2.5% |
| BSCS Invesco Bulletshares 2028 CB | 1.02% | 316,637 | $6.5M | Add +3.8% |
| AMD Advanced Micro Devices | 0.99% | 29,615 | $6.3M | Reduce -4.8% |
| BSJU Invesco Bulletshares 2030 HY | 0.99% | 242,794 | $6.3M | Add +11.2% |
| WSM Williams-Sonoma Inc. | 0.98% | 35,133 | $6.3M | Add +10.7% |
| DHR Danaher Corp. | 0.97% | 27,190 | $6.2M | Add +5.6% |
| DCI Donaldson Co. Inc. | 0.95% | 68,802 | $6.1M | Reduce -10.3% |
| XYL Xylem Inc. | 0.92% | 43,420 | $5.9M | Add +0.2% |
| BSCT Invesco Bulletshares 2029 CB | 0.90% | 307,038 | $5.8M | Add +6.8% |
| JNJ Johnson & Johnson | 0.89% | 27,564 | $5.7M | Reduce -1.6% |
| BSCR Invesco Bulletshares 2027 CB | 0.87% | 283,194 | $5.6M | Add +10.4% |
| IVV iShares Core S&P 500 ETF | 0.86% | 8,024 | $5.5M | Add +167.1% |
| AMAT Applied Materials Inc. | 0.83% | 20,593 | $5.3M | Reduce -2.0% |
| HASI Ha Sustainable Infrastructur | 0.81% | 165,957 | $5.2M | Add +1.4% |
| ETN Eaton Corp. PLC | 0.79% | 15,840 | $5.0M | Add +22.3% |
| FDX FedEx Corp. | 0.78% | 17,252 | $5.0M | Add +0.4% |
| AWK American Water Works Co. Inc. | 0.77% | 37,643 | $4.9M | Reduce -16.4% |
| HON Honeywell International Inc. | 0.74% | 24,298 | $4.7M | Add +18.6% |
| ROP Roper Technologies Inc. | 0.73% | 10,535 | $4.7M | Reduce -0.1% |
| BDX Becton Dickinson and Co. | 0.72% | 23,937 | $4.6M | Reduce -13.8% |
| CRM Salesforce Inc. | 0.72% | 17,394 | $4.6M | Add +82.7% |
| CSCO Cisco Systems Inc. | 0.71% | 59,443 | $4.6M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.69% | 19,507 | $4.5M | Reduce -25.1% |
| KMI Kinder Morgan Inc. | 0.64% | 150,285 | $4.1M | Add +18.7% |
| UBER Uber Technologies Inc. | 0.63% | 49,331 | $4.0M | Add +79.3% |
| BSCU Invesco Bulletshares 2030 CB | 0.62% | 234,944 | $4.0M | Add +15.0% |
| GE General Electric filed as GE AEROSPACE | 0.62% | 12,853 | $4.0M | Reduce -0.5% |
| BSCQ Invesco Bulletshares 2026 CB | 0.60% | 196,655 | $3.8M | Add +2.1% |
| WY Weyerhaeuser Co. | 0.58% | 158,161 | $3.7M | Reduce -10.2% |
| GEV GE Vernova Inc. | 0.58% | 5,672 | $3.7M | Add +1.2% |
| TTEK Tetra Tech Inc. | 0.54% | 102,422 | $3.4M | Add +25.3% |
| ZTS Zoetis Inc. | 0.44% | 22,239 | $2.8M | Reduce -4.4% |
| MRVL Marvell Technology Inc. | 0.40% | 30,106 | $2.6M | Add +30.6% |
| KLAC KLA Corp. | 0.38% | 2,000 | $2.4M | No change |
| CVX Chevron Corp. | 0.36% | 15,302 | $2.3M | Add +5.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 4,510 | $2.3M | Add +0.7% |
| JEPI JPMorgan Equity Premium Inco | 0.35% | 39,101 | $2.2M | Reduce -7.3% |
| ULTA Ulta Beauty Inc. | 0.34% | 3,644 | $2.2M | Reduce -33.3% |
| PFE Pfizer Inc. | 0.34% | 86,545 | $2.2M | Add +23.1% |
| GLW Corning Inc. | 0.33% | 24,161 | $2.1M | Reduce -10.9% |
| PNW Pinnacle West Capital | 0.32% | 23,135 | $2.1M | Reduce -1.7% |
| FISV Fiserv Inc. | 0.32% | 30,407 | $2.0M | Reduce -52.8% |
| DE Deere & Co. | 0.30% | 4,099 | $1.9M | Reduce -30.1% |
| BSJV Invesco Bulletshares 2031 HY | 0.28% | 68,348 | $1.8M | Add +181.0% |
| BEP Brookfield Renewable Partner | 0.28% | 66,045 | $1.8M | Add +4.0% |
| KMB Kimberly-Clark Corp. | 0.26% | 16,305 | $1.6M | New |
| NFLX Netflix Inc. | 0.25% | 17,160 | $1.6M | Add +17.4% |
| BSCV Invesco Bulletshares 2031 CB | 0.24% | 91,362 | $1.5M | Add +57.4% |
| EQAL Invesco Russell 1000 Equal W | 0.22% | 26,785 | $1.4M | Add +1.4% |
| EWBC East West Bancorp Inc. | 0.19% | 10,685 | $1.2M | Reduce -3.5% |
| T AT&T Inc. | 0.18% | 45,729 | $1.1M | Add +1.7% |
| F Ford Motor Co. filed as FORD MTR CO | 0.17% | 82,295 | $1.1M | Reduce -0.3% |
| TNC Tennant Co. | 0.16% | 14,300 | $1.1M | Reduce -26.6% |
| WDAY Workday Inc. Class A | 0.15% | 4,615 | $991K | Add +58.6% |
| DRI Darden Restaurants Inc. | 0.15% | 5,125 | $943K | Add +19.7% |
| SHW The Sherwin-Williams Co. | 0.14% | 2,788 | $903K | Add +47.1% |
| EMR Emerson Electric Co. | 0.14% | 6,742 | $895K | Add +4.3% |
| CLH Clean Harbors Inc. | 0.14% | 3,810 | $893K | Reduce -4.0% |
| EIX Edison International | 0.13% | 13,700 | $822K | Add +23.0% |
| IAU iShares Gold Trust | 0.12% | 9,532 | $774K | Reduce -1.9% |
| BMY Bristol-Myers Squibb Co. | 0.12% | 14,122 | $762K | Reduce -26.1% |
| LMNR Limoneira Co. | 0.12% | 60,010 | $758K | No change |
| RSPT Invesco S&P 500 Equal Weight | 0.10% | 14,667 | $667K | Add +1.4% |
| GSLC Goldman Activebeta US LC ETF | 0.10% | 5,017 | $664K | Add +33.4% |
| CRSP Crispr Therapeutics AG | 0.10% | 12,600 | $661K | Add +9.0% |
| TSLA Tesla Inc. | 0.09% | 1,352 | $608K | Reduce -3.7% |
| THO Thor Industries Inc. | 0.09% | 5,785 | $594K | Reduce -7.6% |
Options reported separately and not counted above: KMB puts ($8.1M), KLAC puts ($2.4M), CMF puts ($1.0M).
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Reduce -52.8% | 0.32% | −1.01 |
| ABBV Abbvie Inc. | Reduce -25.1% | 0.69% | −0.27 |
| AWK American Water Works Co. Inc. | Reduce -16.4% | 0.77% | −0.23 |
| BSJP Invesco Bulletshares 2025 HY | Sold out | 0.00% | −0.22 |
| ABT Abbott Laboratories | Reduce -4.3% | 1.49% | −0.22 |
| NVDA Nvidia Corp. | Reduce -1.7% | 3.94% | −0.17 |
| ULTA Ulta Beauty Inc. | Reduce -33.3% | 0.34% | −0.13 |
| DE Deere & Co. | Reduce -30.1% | 0.30% | −0.13 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −0.13 |
| WY Weyerhaeuser Co. | Reduce -10.2% | 0.58% | −0.11 |
| ROP Roper Technologies Inc. | Reduce -0.1% | 0.73% | −0.11 |
| ZTS Zoetis Inc. | Reduce -4.4% | 0.44% | −0.11 |
| BDX Becton Dickinson and Co. | Reduce -13.8% | 0.72% | −0.11 |
| AAPL Apple Inc. | Reduce -6.8% | 3.69% | −0.11 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.10 |
| LHX L3HARRIS Technologies Inc. | Reduce -1.3% | 1.19% | −0.09 |
| TNC Tennant Co. | Reduce -26.6% | 0.16% | −0.09 |
| JPM JPMorgan Chase & Co. | Reduce -2.5% | 3.05% | −0.09 |
| CLF Cleveland-Cliffs Inc. | Reduce -9.6% | 1.88% | −0.08 |
| BSJQ Invesco Bulletshares 2026 HY | Reduce -3.4% | 1.09% | −0.07 |
| SYY Sysco Corp. | Sold out | 0.00% | −0.07 |
| JPST JPMorgan Ultra-Short Income | Sold out | 0.00% | −0.06 |
| DCI Donaldson Co. Inc. | Reduce -10.3% | 0.95% | −0.05 |
| AMZN Amazon.com Inc. | Reduce -4.3% | 2.64% | −0.05 |
| BA The Boeing Co. | Reduce -52.8% | 0.04% | −0.05 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.04 |
| JEPI JPMorgan Equity Premium Inco | Reduce -7.3% | 0.35% | −0.04 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −0.03 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.03 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.03 |
| SHOP Shopify Inc. Class A | Reduce -29.0% | 0.09% | −0.03 |
| AVGO Broadcom Inc. | Reduce -3.3% | 2.83% | −0.03 |
| GLW Corning Inc. | Reduce -10.9% | 0.33% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -26.1% | 0.12% | −0.02 |
| PNW Pinnacle West Capital | Reduce -1.7% | 0.32% | −0.02 |
| PI Impinj Inc. | Reduce -6.0% | 0.09% | −0.01 |
| QUIK Quicklogic Corp. | Reduce -26.9% | 0.03% | −0.01 |
| THO Thor Industries Inc. | Reduce -7.6% | 0.09% | −0.01 |
| INVZ Innoviz Technologies Ltd. | Sold out | 0.00% | −0.01 |
| HD Home Depot Inc. | Reduce -3.1% | 0.03% | −0.01 |
| AGGY Wisdomtree Yield Enhanced US | Reduce -9.2% | 0.06% | −0.01 |
| CLH Clean Harbors Inc. | Reduce -4.0% | 0.14% | −0.01 |
| TSLA Tesla Inc. | Reduce -3.7% | 0.09% | −0.00 |
| MA Mastercard Inc. Class A | Reduce -5.3% | 0.06% | −0.00 |
| GLD SPDR Gold Shares | Reduce -18.4% | 0.03% | −0.00 |
| PM Philip Morris International | Reduce -5.2% | 0.04% | −0.00 |
| BN Brookfield Corp. | Reduce -6.9% | 0.04% | −0.00 |
| CME Cme Group Inc. | Reduce -7.0% | 0.04% | −0.00 |
| GE General Electric | Reduce -0.5% | 0.62% | −0.00 |
| IEF iShares 7-10 Year Treasury B | Reduce -2.5% | 0.05% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| IVV iShares Core S&P 500 ETF | Add +167.1% | 0.86% | +0.54 |
| CRM Salesforce Inc. | Add +82.7% | 0.72% | +0.36 |
| KMB Kimberly-Clark Corp. | New | 0.26% | +0.26 |
| UBER Uber Technologies Inc. | Add +79.3% | 0.63% | +0.20 |
| BSJV Invesco Bulletshares 2031 HY | Add +181.0% | 0.28% | +0.18 |
| PRU Prudential Financial Inc. | Add +7.1% | 1.41% | +0.17 |
| DHR Danaher Corp. | Add +5.6% | 0.97% | +0.16 |
| OKE Oneok Inc. | Add +7.8% | 2.37% | +0.13 |
| FDX FedEx Corp. | Add +0.4% | 0.78% | +0.13 |
| TTEK Tetra Tech Inc. | Add +25.3% | 0.54% | +0.10 |
| NEE Nextera Energy Inc. | Add +0.3% | 2.29% | +0.09 |
| MRVL Marvell Technology Inc. | Add +30.6% | 0.40% | +0.09 |
| BSCV Invesco Bulletshares 2031 CB | Add +57.4% | 0.24% | +0.08 |
| BSJU Invesco Bulletshares 2030 HY | Add +11.2% | 0.99% | +0.08 |
| BX Blackstone Inc. | Add +20.5% | 1.26% | +0.07 |
| KMI Kinder Morgan Inc. | Add +18.7% | 0.64% | +0.07 |
| BSCU Invesco Bulletshares 2030 CB | Add +15.0% | 0.62% | +0.07 |
| VEU Vanguard Ftse All-World Ex-U | New | 0.07% | +0.07 |
| BSCR Invesco Bulletshares 2027 CB | Add +10.4% | 0.87% | +0.06 |
| ISRG Intuitive Surgical Inc. | New | 0.05% | +0.05 |
| BND Vanguard Total Bond Market | New | 0.05% | +0.05 |
| HON Honeywell International Inc. | Add +18.6% | 0.74% | +0.05 |
| PFE Pfizer Inc. | Add +23.1% | 0.34% | +0.05 |
| WDAY Workday Inc. Class A | Add +58.6% | 0.15% | +0.04 |
| BSCT Invesco Bulletshares 2029 CB | Add +6.8% | 0.90% | +0.04 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.04% | +0.04 |
| SHW The Sherwin-Williams Co. | Add +47.1% | 0.14% | +0.04 |
| MSB Mesabi Trust | New | 0.03% | +0.03 |
| EIX Edison International | Add +23.0% | 0.13% | +0.03 |
| GEV GE Vernova Inc. | Add +1.2% | 0.58% | +0.03 |
| PWR Quanta Services Inc. | Add +3.0% | 1.14% | +0.03 |
| GSLC Goldman Activebeta US LC ETF | Add +33.4% | 0.10% | +0.03 |
| DRI Darden Restaurants Inc. | Add +19.7% | 0.15% | +0.02 |
| BEP Brookfield Renewable Partner | Add +4.0% | 0.28% | +0.02 |
| PG The Procter & Gamble Co. | Add +46.1% | 0.06% | +0.02 |
| BSCS Invesco Bulletshares 2028 CB | Add +3.8% | 1.02% | +0.02 |
| ETN Eaton Corp. PLC | Add +22.3% | 0.79% | +0.01 |
| HASI Ha Sustainable Infrastructur | Add +1.4% | 0.81% | +0.01 |
| GSIE Goldman Sachs Activebeta Int | Add +19.5% | 0.06% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +11.7% | 0.06% | +0.01 |
| IBB iShares Biotechnology ETF | Add +1.6% | 0.06% | +0.01 |
| CVX Chevron Corp. | Add +5.7% | 0.36% | +0.00 |
| EMR Emerson Electric Co. | Add +4.3% | 0.14% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +10.8% | 0.04% | +0.00 |
| BSJS Invesco Bulletshares 2028 HY | Add +3.0% | 1.30% | +0.00 |
| NOC Northrop Grumman Corp. | Add +12.6% | 0.08% | +0.00 |
| XLF SS Financial Select Sector | Add +3.7% | 0.06% | +0.00 |
| RSPT Invesco S&P 500 Equal Weight | Add +1.4% | 0.10% | +0.00 |
| XLB SS Materials Select Sector | Add +3.4% | 0.05% | +0.00 |
| IYJ iShares U.S. Industrials ETF | Add +2.8% | 0.05% | +0.00 |
Options Activity Q3 2025 → Q4 2025
| KMB Kimberly-Clark Corp. | put | New | 16,700 | $8.1M |
| KLAC KLA Corp. | put | New | 2,000 | $2.4M |
| CMF iShares California Muni Bond | put | New | 4,000 | $1.0M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |