SFE Investment Counsel

Name: SFE Investment Counsel 13F holdings, Q1 2026
Creator: SFE Investment Counsel
Published: 2026-05-01

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

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%
WAT Waters Corp.	0.09%	1,913	$570K	New
FISV Fiserv Inc.	0.08%	9,285	$518K	Reduce -69.5%
TSLA Tesla Inc.	0.08%	1,355	$504K	Add +0.2%
SPY SS SPDR S&P 500 ETF Trust-US	0.08%	750	$488K	No change
DE Deere & Co.	0.08%	834	$470K	Reduce -79.7%
META Meta Platforms Inc. Class A	0.07%	791	$453K	Reduce -11.9%
SHOP Shopify Inc. Class A	0.07%	3,610	$428K	No change
TSM Taiwan Semiconductor-SP ADR	0.06%	1,185	$400K	Reduce -0.7%
GSIE Goldman Sachs Activebeta Int	0.06%	9,054	$390K	Reduce -4.1%
PG The Procter & Gamble Co.	0.06%	2,555	$369K	Reduce -11.0%
IBB iShares Biotechnology ETF	0.06%	2,168	$366K	Reduce -5.0%
MELI MercadoLibre Inc.	0.06%	210	$363K	New
PI Impinj Inc.	0.06%	3,525	$362K	Add +4.6%
XLB SS Materials Select Sector	0.06%	7,189	$359K	Add +3.7%
LRGF iShares US Equity Factor ETF	0.06%	5,375	$355K	No change
THO Thor Industries Inc.	0.05%	4,235	$338K	Reduce -26.8%
IYJ iShares U.S. Industrials ETF	0.05%	2,280	$336K	Add +1.4%
MA Mastercard Inc. Class A	0.05%	643	$321K	No change
XLF SS Financial Select Sector	0.05%	6,441	$318K	Reduce -2.3%
WDAY Workday Inc. Class A	0.05%	2,435	$316K	Reduce -47.2%
ULTA Ulta Beauty Inc.	0.05%	595	$311K	Reduce -83.7%
PM Philip Morris International	0.05%	1,765	$292K	Add +0.9%
WFC Wells Fargo & Co.	0.04%	3,468	$276K	No change
SBUX Starbucks Corp.	0.04%	3,015	$270K	Add +0.8%
QQQ Invesco QQQ Trust Series 1	0.04%	448	$258K	Add +12.3%
CME Cme Group Inc.	0.04%	872	$258K	No change
ISRG Intuitive Surgical Inc.	0.04%	549	$253K	Reduce -7.6%
GLD SPDR Gold Shares	0.04%	585	$252K	Add +4.5%
BA The Boeing Co.	0.04%	1,252	$249K	Add +5.9%
IEF iShares 7-10 Year Treasury B	0.04%	2,499	$238K	Reduce -25.6%
XOM Exxon Mobil Corp.	0.04%	1,370	$232K	New
APH Amphenol Corp. Class A	0.04%	1,837	$232K	Add +1.7%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE	0.03%	4,973	$212K	No change
IGHG Proshares Ig Hedged	0.03%	2,600	$202K	No change
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET	0.03%	5,207	$200K	No change
QUIK Quicklogic Corp.	0.03%	18,000	$169K	Reduce -39.7%
VRME Verifyme Inc.	0.02%	126,675	$103K	No change
JPC Nuveen Prefered & Income Opp	0.02%	12,816	$97K	No change
VUZI Vuzix Corp.	0.00%	10,000	$23K	No change
DVLT Datavault AI Inc.	0.00%	14,500	$9K	New

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