SFE Investment Counsel
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 1, 2026), SFE Investment Counsel reported 140 stock positions worth $624.2 million. Its top holding was Nvidia (NVDA) at 3.8% of the portfolio, followed by Apple (AAPL, 3.5%) and Microsoft (MSFT, 3.4%). Compared with Q4 2025, it opened 6 new positions, sold out of 9, added to 58 and reduced 61. The biggest buy was Quanta Services (PWR, shares +10%) and the biggest sale Cleveland-Cliffs (CLF, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317784
- Portfolio Value
- $624.2M (Q1 2026)
- SEC Filing
- 0001317784-26-000002 ↗ filed May 1, 2026
Holdings Value
Holdings 140 stocks · $624.2M
| NVDA Nvidia Corp. | 3.81% | 136,385 | $23.8M | Add +0.6% |
| AAPL Apple Inc. | 3.53% | 86,876 | $22.0M | Reduce -0.1% |
| MSFT Microsoft Corp. | 3.40% | 57,256 | $21.2M | Add +4.2% |
| OKE Oneok Inc. | 2.97% | 204,984 | $18.5M | Reduce -0.7% |
| AVGO Broadcom Inc. | 2.87% | 57,940 | $17.9M | Add +10.3% |
| JPM JPMorgan Chase & Co. | 2.81% | 59,557 | $17.5M | Reduce -2.0% |
| AMZN Amazon.com Inc. | 2.66% | 79,642 | $16.6M | Add +8.7% |
| NEE Nextera Energy Inc. | 2.60% | 174,906 | $16.2M | Reduce -4.6% |
| PANW Palo Alto Networks Inc. | 2.17% | 84,546 | $13.6M | Add +6.6% |
| GOOGL Alphabet Inc. Class A | 2.10% | 45,600 | $13.1M | Reduce -3.6% |
| QCOM Qualcomm Inc. | 2.08% | 100,982 | $13.0M | Add +5.1% |
| LOW Lowe's Cos Inc. | 2.06% | 54,553 | $12.9M | Reduce -0.7% |
| FSLR First Solar Inc. | 2.00% | 63,292 | $12.5M | Reduce -1.2% |
| USB US Bancorp | 1.86% | 223,650 | $11.6M | Reduce -3.5% |
| COST Costco Wholesale Corp. | 1.78% | 11,177 | $11.1M | Reduce -0.2% |
| PWR Quanta Services Inc. | 1.69% | 19,184 | $10.5M | Add +10.4% |
| CMI Cummins Inc. | 1.67% | 19,353 | $10.4M | Reduce -14.6% |
| GOOG Alphabet Inc. Class C | 1.54% | 33,492 | $9.6M | Reduce -12.5% |
| IQV Iqvia Holdings Inc. | 1.42% | 51,922 | $8.9M | Add +8.1% |
| LH Labcorp Holdings Inc. | 1.41% | 32,924 | $8.8M | Add +0.4% |
| J Jacobs Solutions Inc. | 1.38% | 67,647 | $8.6M | Add +22.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.35% | 34,693 | $8.4M | Add +1.7% |
| ABT Abbott Laboratories | 1.34% | 81,738 | $8.4M | Add +6.8% |
| PRU Prudential Financial Inc. | 1.34% | 85,685 | $8.4M | Add +6.7% |
| BSJS Invesco Bulletshares 2028 HY | 1.33% | 384,000 | $8.3M | Add +1.1% |
| LHX L3HARRIS Technologies Inc. | 1.31% | 23,672 | $8.2M | Reduce -8.6% |
| BSJR Invesco Bulletshares 2027 HY | 1.29% | 360,230 | $8.1M | Add +2.2% |
| URI United Rentals Inc. | 1.29% | 11,013 | $8.0M | Add +2.5% |
| BSJT Invesco Bulletshares 2029 HY | 1.23% | 366,124 | $7.7M | Add +1.1% |
| BX Blackstone Inc. | 1.23% | 66,700 | $7.7M | Add +27.1% |
| CLF Cleveland-Cliffs Inc. | 1.21% | 895,489 | $7.6M | Reduce -1.3% |
| WSM Williams-Sonoma Inc. | 1.19% | 40,816 | $7.4M | Add +16.2% |
| IVV iShares Core S&P 500 ETF | 1.16% | 11,114 | $7.3M | Add +38.5% |
| ETN Eaton Corp. PLC | 1.15% | 20,009 | $7.2M | Add +26.3% |
| BSCS Invesco Bulletshares 2028 CB | 1.11% | 340,798 | $7.0M | Add +7.6% |
| DHR Danaher Corp. | 1.10% | 36,120 | $6.8M | Add +32.8% |
| AMAT Applied Materials Inc. | 1.05% | 19,257 | $6.6M | Reduce -6.5% |
| JNJ Johnson & Johnson | 1.04% | 26,557 | $6.5M | Reduce -3.6% |
| BSJU Invesco Bulletshares 2030 HY | 1.03% | 250,489 | $6.4M | Add +3.2% |
| AMD Advanced Micro Devices | 1.01% | 31,138 | $6.3M | Add +5.1% |
| BSJQ Invesco Bulletshares 2026 HY | 0.99% | 267,933 | $6.2M | Reduce -10.9% |
| BSCR Invesco Bulletshares 2027 CB | 0.98% | 311,240 | $6.1M | Add +9.9% |
| BSCT Invesco Bulletshares 2029 CB | 0.97% | 324,359 | $6.1M | Add +5.6% |
| HASI Ha Sustainable Infrastructur | 0.93% | 158,637 | $5.8M | Reduce -4.4% |
| MRVL Marvell Technology Inc. | 0.90% | 56,859 | $5.6M | Add +88.9% |
| DCI Donaldson Co. Inc. | 0.89% | 65,783 | $5.6M | Reduce -4.4% |
| HON Honeywell International Inc. | 0.88% | 24,235 | $5.5M | Reduce -0.3% |
| LLY Eli Lilly & Co. | 0.86% | 5,827 | $5.4M | Reduce -4.3% |
| UBER Uber Technologies Inc. | 0.85% | 73,388 | $5.3M | Add +48.8% |
| XYL Xylem Inc. | 0.83% | 43,111 | $5.2M | Reduce -0.7% |
| WY Weyerhaeuser Co. | 0.82% | 209,041 | $5.1M | Add +32.2% |
| KMI Kinder Morgan Inc. | 0.82% | 151,815 | $5.1M | Add +1.0% |
| CSCO Cisco Systems Inc. | 0.73% | 58,877 | $4.6M | Reduce -0.9% |
| TTEK Tetra Tech Inc. | 0.71% | 147,431 | $4.4M | Add +43.9% |
| GEV GE Vernova Inc. | 0.70% | 5,005 | $4.4M | Reduce -11.8% |
| AWK American Water Works Co. Inc. | 0.70% | 32,090 | $4.4M | Reduce -14.8% |
| BSCU Invesco Bulletshares 2030 CB | 0.69% | 257,115 | $4.3M | Add +9.4% |
| ABBV Abbvie Inc. | 0.68% | 19,432 | $4.2M | Reduce -0.4% |
| FDX FedEx Corp. | 0.64% | 11,203 | $4.0M | Reduce -35.1% |
| ROP Roper Technologies Inc. | 0.57% | 10,001 | $3.5M | Reduce -5.1% |
| KMB Kimberly-Clark Corp. | 0.57% | 36,630 | $3.5M | Add +124.7% |
| GE General Electric filed as GE AEROSPACE | 0.55% | 12,187 | $3.5M | Reduce -5.2% |
| BSCQ Invesco Bulletshares 2026 CB | 0.55% | 176,807 | $3.5M | Reduce -10.1% |
| CVX Chevron Corp. | 0.50% | 15,162 | $3.1M | Reduce -0.9% |
| GLW Corning Inc. | 0.48% | 22,186 | $3.0M | Reduce -8.2% |
| KLAC KLA Corp. | 0.47% | 2,000 | $2.9M | No change |
| EXPE Expedia Group Inc. | 0.46% | 12,553 | $2.9M | Reduce -49.4% |
| ZTS Zoetis Inc. | 0.45% | 23,881 | $2.8M | Add +7.4% |
| NOW ServiceNow Inc. | 0.45% | 26,901 | $2.8M | New |
| CRM Salesforce Inc. | 0.44% | 14,593 | $2.7M | Reduce -16.1% |
| BDX Becton Dickinson and Co. | 0.43% | 17,137 | $2.7M | Reduce -28.4% |
| PFE Pfizer Inc. | 0.41% | 91,555 | $2.6M | Add +5.8% |
| BSJV Invesco Bulletshares 2031 HY | 0.38% | 91,804 | $2.4M | Add +34.3% |
| PNW Pinnacle West Capital | 0.37% | 22,885 | $2.3M | Reduce -1.1% |
| BEP Brookfield Renewable Partner | 0.34% | 65,845 | $2.1M | Reduce -0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.34% | 4,431 | $2.1M | Reduce -1.8% |
| BSCV Invesco Bulletshares 2031 CB | 0.34% | 127,603 | $2.1M | Add +39.7% |
| JEPI JPMorgan Equity Premium Inco | 0.32% | 35,302 | $2.0M | Reduce -9.7% |
| CRCL Circle Internet Group Inc. | 0.29% | 18,986 | $1.8M | New |
| NFLX Netflix Inc. | 0.29% | 18,539 | $1.8M | Add +8.0% |
| EQAL Invesco Russell 1000 Equal W | 0.24% | 27,265 | $1.5M | Add +1.8% |
| T AT&T Inc. | 0.20% | 44,129 | $1.3M | Reduce -3.5% |
| DRI Darden Restaurants Inc. | 0.18% | 5,785 | $1.1M | Add +12.9% |
| EWBC East West Bancorp Inc. | 0.18% | 10,335 | $1.1M | Reduce -3.3% |
| EIX Edison International | 0.17% | 14,810 | $1.1M | Add +8.1% |
| CLH Clean Harbors Inc. | 0.17% | 3,750 | $1.1M | Reduce -1.6% |
| SHW The Sherwin-Williams Co. | 0.17% | 3,278 | $1.1M | Add +17.6% |
| F Ford Motor Co. filed as FORD MTR CO | 0.15% | 80,525 | $929K | Reduce -2.1% |
| EMR Emerson Electric Co. | 0.15% | 7,024 | $920K | Add +4.2% |
| TNC Tennant Co. | 0.14% | 13,170 | $874K | Reduce -7.9% |
| LMNR Limoneira Co. | 0.13% | 60,010 | $805K | No change |
| IAU iShares Gold Trust | 0.13% | 9,124 | $804K | Reduce -4.3% |
| VRT Vertiv Holdings Co. Class A | 0.12% | 3,052 | $765K | Add +1.1% |
| AZN Astrazeneca PLC | 0.12% | 3,826 | $755K | Add +25.8% |
| BMY Bristol-Myers Squibb Co. | 0.12% | 12,212 | $741K | Reduce -13.5% |
| VEU Vanguard Ftse All-World Ex-U | 0.11% | 9,147 | $687K | Add +57.3% |
| CRSP Crispr Therapeutics AG | 0.11% | 14,120 | $672K | Add +12.1% |
| RSPT Invesco S&P 500 Equal Weight | 0.10% | 14,271 | $646K | Reduce -2.7% |
| NOC Northrop Grumman Corp. | 0.10% | 892 | $609K | No change |
| GSLC Goldman Activebeta US LC ETF | 0.10% | 4,784 | $599K | Reduce -4.6% |
Options reported separately and not counted above: CVX puts ($6.2M), KLAC puts ($2.9M), AZN puts ($1.4M).
Portfolio Sells Q4 2025 → Q1 2026
| CLF Cleveland-Cliffs Inc. | Reduce -1.3% | 1.21% | −0.67 |
| EXPE Expedia Group Inc. | Reduce -49.4% | 0.46% | −0.63 |
| FSLR First Solar Inc. | Reduce -1.2% | 2.00% | −0.61 |
| GOOG Alphabet Inc. Class C | Reduce -12.5% | 1.54% | −0.33 |
| ULTA Ulta Beauty Inc. | Reduce -83.7% | 0.05% | −0.29 |
| BDX Becton Dickinson and Co. | Reduce -28.4% | 0.43% | −0.29 |
| CRM Salesforce Inc. | Reduce -16.1% | 0.44% | −0.28 |
| JPM JPMorgan Chase & Co. | Reduce -2.0% | 2.81% | −0.25 |
| FISV Fiserv Inc. | Reduce -69.5% | 0.08% | −0.24 |
| DE Deere & Co. | Reduce -79.7% | 0.08% | −0.22 |
| GOOGL Alphabet Inc. Class A | Reduce -3.6% | 2.10% | −0.21 |
| ROP Roper Technologies Inc. | Reduce -5.1% | 0.57% | −0.16 |
| LLY Eli Lilly & Co. | Reduce -4.3% | 0.86% | −0.16 |
| AAPL Apple Inc. | Reduce -0.1% | 3.53% | −0.16 |
| FDX FedEx Corp. | Reduce -35.1% | 0.64% | −0.14 |
| CMI Cummins Inc. | Reduce -14.6% | 1.67% | −0.14 |
| WDAY Workday Inc. Class A | Reduce -47.2% | 0.05% | −0.10 |
| BSJQ Invesco Bulletshares 2026 HY | Reduce -10.9% | 0.99% | −0.10 |
| XYL Xylem Inc. | Reduce -0.7% | 0.83% | −0.10 |
| AWK American Water Works Co. Inc. | Reduce -14.8% | 0.70% | −0.07 |
| USB US Bancorp | Reduce -3.5% | 1.86% | −0.06 |
| GE General Electric | Reduce -5.2% | 0.55% | −0.06 |
| AGGY Wisdomtree Yield Enhanced US | Sold out | 0.00% | −0.06 |
| DCI Donaldson Co. Inc. | Reduce -4.4% | 0.89% | −0.06 |
| BND Vanguard Total Bond Market | Sold out | 0.00% | −0.05 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -10.1% | 0.55% | −0.05 |
| THO Thor Industries Inc. | Reduce -26.8% | 0.05% | −0.04 |
| IEFA iShares Core MSCI Eafe ETF | Sold out | 0.00% | −0.04 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.04 |
| CMF iShares California Muni Bond | Sold out | 0.00% | −0.04 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.04 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.03 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.03 |
| MSB Mesabi Trust | Sold out | 0.00% | −0.03 |
| JEPI JPMorgan Equity Premium Inco | Reduce -9.7% | 0.32% | −0.03 |
| TNC Tennant Co. | Reduce -7.9% | 0.14% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -11.9% | 0.07% | −0.02 |
| F Ford Motor Co. | Reduce -2.1% | 0.15% | −0.02 |
| ABBV Abbvie Inc. | Reduce -0.4% | 0.68% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.8% | 0.34% | −0.01 |
| IEF iShares 7-10 Year Treasury B | Reduce -25.6% | 0.04% | −0.01 |
| ISRG Intuitive Surgical Inc. | Reduce -7.6% | 0.04% | −0.01 |
| EWBC East West Bancorp Inc. | Reduce -3.3% | 0.18% | −0.01 |
| GSLC Goldman Activebeta US LC ETF | Reduce -4.6% | 0.10% | −0.01 |
| XLF SS Financial Select Sector | Reduce -2.3% | 0.05% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -11.0% | 0.06% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -0.7% | 2.06% | −0.00 |
| IBB iShares Biotechnology ETF | Reduce -5.0% | 0.06% | −0.00 |
| QUIK Quicklogic Corp. | Reduce -39.7% | 0.03% | −0.00 |
| GSIE Goldman Sachs Activebeta Int | Reduce -4.1% | 0.06% | −0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| PWR Quanta Services Inc. | Add +10.4% | 1.69% | +0.54 |
| MRVL Marvell Technology Inc. | Add +88.9% | 0.90% | +0.50 |
| NOW ServiceNow Inc. | New | 0.45% | +0.45 |
| ETN Eaton Corp. PLC | Add +26.3% | 1.15% | +0.36 |
| KMB Kimberly-Clark Corp. | Add +124.7% | 0.57% | +0.31 |
| IVV iShares Core S&P 500 ETF | Add +38.5% | 1.16% | +0.31 |
| CRCL Circle Internet Group Inc. | New | 0.29% | +0.29 |
| J Jacobs Solutions Inc. | Add +22.5% | 1.38% | +0.24 |
| WY Weyerhaeuser Co. | Add +32.2% | 0.82% | +0.23 |
| UBER Uber Technologies Inc. | Add +48.8% | 0.85% | +0.22 |
| WSM Williams-Sonoma Inc. | Add +16.2% | 1.19% | +0.21 |
| TTEK Tetra Tech Inc. | Add +43.9% | 0.71% | +0.18 |
| KMI Kinder Morgan Inc. | Add +1.0% | 0.82% | +0.17 |
| DHR Danaher Corp. | Add +32.8% | 1.10% | +0.13 |
| LH Labcorp Holdings Inc. | Add +0.4% | 1.41% | +0.12 |
| BSCR Invesco Bulletshares 2027 CB | Add +9.9% | 0.98% | +0.11 |
| BSCV Invesco Bulletshares 2031 CB | Add +39.7% | 0.34% | +0.10 |
| BSCS Invesco Bulletshares 2028 CB | Add +7.6% | 1.11% | +0.10 |
| BSJV Invesco Bulletshares 2031 HY | Add +34.3% | 0.38% | +0.10 |
| WAT Waters Corp. | New | 0.09% | +0.09 |
| PFE Pfizer Inc. | Add +5.8% | 0.41% | +0.08 |
| BSCU Invesco Bulletshares 2030 CB | Add +9.4% | 0.69% | +0.07 |
| BSCT Invesco Bulletshares 2029 CB | Add +5.6% | 0.97% | +0.07 |
| MELI MercadoLibre Inc. | New | 0.06% | +0.06 |
| BSJR Invesco Bulletshares 2027 HY | Add +2.2% | 1.29% | +0.05 |
| VRT Vertiv Holdings Co. Class A | Add +1.1% | 0.12% | +0.05 |
| EIX Edison International | Add +8.1% | 0.17% | +0.05 |
| VEU Vanguard Ftse All-World Ex-U | Add +57.3% | 0.11% | +0.04 |
| AVGO Broadcom Inc. | Add +10.3% | 2.87% | +0.04 |
| BSJU Invesco Bulletshares 2030 HY | Add +3.2% | 1.03% | +0.04 |
| XOM Exxon Mobil Corp. | New | 0.04% | +0.04 |
| NFLX Netflix Inc. | Add +8.0% | 0.29% | +0.03 |
| DRI Darden Restaurants Inc. | Add +12.9% | 0.18% | +0.03 |
| AZN Astrazeneca PLC | Add +25.8% | 0.12% | +0.03 |
| BSJS Invesco Bulletshares 2028 HY | Add +1.1% | 1.33% | +0.03 |
| SHW The Sherwin-Williams Co. | Add +17.6% | 0.17% | +0.03 |
| AMD Advanced Micro Devices | Add +5.1% | 1.01% | +0.03 |
| EQAL Invesco Russell 1000 Equal W | Add +1.8% | 0.24% | +0.02 |
| AMZN Amazon.com Inc. | Add +8.7% | 2.66% | +0.02 |
| BSJT Invesco Bulletshares 2029 HY | Add +1.1% | 1.23% | +0.02 |
| ZTS Zoetis Inc. | Add +7.4% | 0.45% | +0.02 |
| XLB SS Materials Select Sector | Add +3.7% | 0.06% | +0.01 |
| EMR Emerson Electric Co. | Add +4.2% | 0.15% | +0.01 |
| GLD SPDR Gold Shares | Add +4.5% | 0.04% | +0.01 |
| CRSP Crispr Therapeutics AG | Add +12.1% | 0.11% | +0.00 |
| SBUX Starbucks Corp. | Add +0.8% | 0.04% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +12.3% | 0.04% | +0.00 |
| PM Philip Morris International | Add +0.9% | 0.05% | +0.00 |
| IYJ iShares U.S. Industrials ETF | Add +1.4% | 0.05% | +0.00 |
| DVLT Datavault AI Inc. | New | 0.00% | +0.00 |
Options Activity Q4 2025 → Q1 2026
| KMB Kimberly-Clark Corp. | put | Sold out | 16,700 | $8.1Mbefore exit |
| CVX Chevron Corp. | put | New | 16,700 | $6.2M |
| AZN Astrazeneca PLC | put | New | 4,000 | $1.4M |
| CMF iShares California Muni Bond | put | Sold out | 4,000 | $1.0Mbefore exit |
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 |