SFE Investment Counsel

Name: SFE Investment Counsel 13F holdings, Q4 2025
Creator: SFE Investment Counsel
Published: 2026-02-05

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

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%
META Meta Platforms Inc. Class A	0.09%	898	$593K	Add +12.5%
PI Impinj Inc.	0.09%	3,370	$586K	Reduce -6.0%
SHOP Shopify Inc. Class A	0.09%	3,610	$581K	Reduce -29.0%
AZN Astrazeneca PLC-Spons ADR	0.09%	6,085	$559K	No change
SPY SS SPDR S&P 500 ETF Trust-US	0.08%	750	$511K	No change
NOC Northrop Grumman Corp.	0.08%	892	$509K	Add +12.6%
VRT Vertiv Holdings Co. Class A	0.08%	3,020	$489K	Reduce -1.1%
VEU Vanguard Ftse All-World Ex-U	0.07%	5,816	$428K	New
PG The Procter & Gamble Co.	0.06%	2,870	$411K	Add +46.1%
GSIE Goldman Sachs Activebeta Int	0.06%	9,443	$405K	Add +19.5%
AGGY Wisdomtree Yield Enhanced US	0.06%	8,748	$385K	Reduce -9.2%
IBB iShares Biotechnology ETF	0.06%	2,283	$385K	Add +1.6%
LRGF iShares US Equity Factor ETF	0.06%	5,375	$373K	No change
MA Mastercard Inc. Class A	0.06%	643	$367K	Reduce -5.3%
TSM Taiwan Semiconductor-SP ADR	0.06%	1,193	$363K	Add +11.7%
XLF SS Financial Select Sector	0.06%	6,595	$361K	Add +3.7%
ISRG Intuitive Surgical Inc.	0.05%	594	$336K	New
IYJ iShares U.S. Industrials ETF	0.05%	2,248	$333K	Add +2.8%
BND Vanguard Total Bond Market	0.05%	4,383	$325K	New
WFC Wells Fargo & Co.	0.05%	3,468	$323K	No change
IEF iShares 7-10 Year Treasury B	0.05%	3,359	$323K	Reduce -2.5%
XLB SS Materials Select Sector	0.05%	6,935	$314K	Add +3.4%
PM Philip Morris International	0.04%	1,749	$281K	Reduce -5.2%
BA The Boeing Co.	0.04%	1,182	$257K	Reduce -52.8%
SBUX Starbucks Corp.	0.04%	2,990	$252K	No change
QQQ Invesco QQQ Trust Series 1	0.04%	399	$245K	Add +10.8%
APH Amphenol Corp. Class A	0.04%	1,807	$244K	No change
IEFA iShares Core MSCI Eafe ETF	0.04%	2,720	$243K	New
V Visa Inc. Class A	0.04%	685	$240K	Add +0.1%
CME Cme Group Inc.	0.04%	872	$238K	Reduce -7.0%
CMF iShares California Muni Bond	0.04%	3,997	$230K	No change
BN Brookfield Corp.	0.04%	4,993	$229K	Reduce -6.9%
GLD SPDR Gold Shares	0.03%	560	$222K	Reduce -18.4%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE	0.03%	4,973	$217K	No change
HD Home Depot Inc.	0.03%	627	$216K	Reduce -3.1%
BKNG Booking Holdings Inc.	0.03%	40	$214K	No change
MSB Mesabi Trust	0.03%	5,540	$213K	New
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET	0.03%	5,207	$209K	No change
IGHG Proshares Ig Hedged	0.03%	2,600	$204K	No change
QUIK Quicklogic Corp.	0.03%	29,862	$179K	Reduce -26.9%
JPC Nuveen Prefered & Income Opp	0.02%	12,816	$104K	No change
VRME Verifyme Inc.	0.01%	126,675	$76K	No change
VUZI Vuzix Corp.	0.01%	10,000	$38K	No change

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