SFE Investment Counsel

Name: SFE Investment Counsel 13F holdings, Q2 2026
Creator: SFE Investment Counsel
Published: 2026-08-05

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

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 5, 2026), SFE Investment Counsel reported 149 stock positions worth $726.4 million. Its top holding was Nvidia (NVDA) at 3.8% of the portfolio, followed by Palo Alto Networks (PANW, 3.8%) and Apple (AAPL, 3.4%). Compared with Q1 2026, it opened 12 new positions, sold out of 5, added to 51 and reduced 68. The biggest buy was United Rentals (URI, shares +2%) and the biggest sale Oneok (OKE, shares −0%).

Most Recent 13F: Q2 2026
Location: LOS ANGELES, CA
CIK: 0001317784
Portfolio Value: $726.4M (Q2 2026)
SEC Filing: 0001317784-26-000003 ↗ filed Aug 5, 2026

Holdings Value

Holdings 149 stocks · $726.4M


NVDA Nvidia Corp.	3.83%	138,995	$27.8M	Add +1.9%
PANW Palo Alto Networks Inc.	3.78%	80,533	$27.5M	Reduce -4.8%
AAPL Apple Inc.	3.43%	86,015	$24.9M	Reduce -1.0%
MSFT Microsoft Corp.	2.99%	58,178	$21.7M	Add +1.6%
AVGO Broadcom Inc.	2.96%	56,951	$21.5M	Reduce -1.7%
JPM JPMorgan Chase & Co.	2.67%	59,236	$19.4M	Reduce -0.5%
AMZN Amazon.com Inc.	2.67%	81,327	$19.4M	Add +2.1%
OKE Oneok Inc.	2.45%	204,610	$17.8M	Reduce -0.2%
QCOM Qualcomm Inc.	2.35%	92,200	$17.0M	Reduce -8.7%
GOOGL Alphabet Inc. Class A	2.15%	43,607	$15.6M	Reduce -4.4%
NEE Nextera Energy Inc.	2.11%	174,989	$15.4M	Add +0.1%
FSLR First Solar Inc.	2.04%	62,790	$14.8M	Reduce -0.8%
MRVL Marvell Technology Inc.	2.00%	48,888	$14.6M	Reduce -14.0%
AMD Advanced Micro Devices	1.90%	23,759	$13.8M	Reduce -23.7%
USB US Bancorp	1.86%	223,299	$13.5M	Reduce -0.2%
CMI Cummins Inc.	1.79%	18,235	$13.0M	Reduce -5.8%
URI United Rentals Inc.	1.76%	11,268	$12.8M	Add +2.3%
AMAT Applied Materials Inc.	1.74%	17,438	$12.6M	Reduce -9.4%
PWR Quanta Services Inc.	1.71%	17,252	$12.4M	Reduce -10.1%
LOW Lowe's Cos Inc.	1.69%	55,726	$12.3M	Add +2.1%
IQV Iqvia Holdings Inc.	1.57%	59,043	$11.4M	Add +13.7%
GOOG Alphabet Inc. Class C	1.57%	32,233	$11.4M	Reduce -3.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	1.50%	38,650	$10.9M	Add +11.4%
COST Costco Wholesale Corp.	1.43%	11,067	$10.4M	Reduce -1.0%
LH Labcorp Holdings Inc.	1.41%	36,478	$10.2M	Add +10.8%
PRU Prudential Financial Inc.	1.34%	90,299	$9.7M	Add +5.4%
WSM Williams-Sonoma Inc.	1.33%	41,393	$9.6M	Add +1.4%
J Jacobs Solutions Inc.	1.30%	75,087	$9.5M	Add +11.0%
BX Blackstone Inc.	1.22%	75,588	$8.9M	Add +13.3%
CLF Cleveland-Cliffs Inc.	1.18%	911,796	$8.6M	Add +1.8%
BSJS Invesco Bulletshares 2028 HY	1.17%	390,757	$8.5M	Add +1.8%
ETN Eaton Corp. PLC	1.15%	19,589	$8.3M	Reduce -2.1%
ABT Abbott Laboratories	1.13%	90,251	$8.2M	Add +10.4%
IVV iShares Core S&P 500 ETF	1.12%	10,876	$8.1M	Reduce -2.1%
BSJR Invesco Bulletshares 2027 HY	1.10%	358,973	$8.0M	Reduce -0.3%
BSJT Invesco Bulletshares 2029 HY	1.10%	378,154	$8.0M	Add +3.3%
BSCS Invesco Bulletshares 2028 CB	1.06%	378,645	$7.7M	Add +11.1%
DHR Danaher Corp.	1.02%	38,721	$7.4M	Add +7.2%
LLY Eli Lilly & Co.	0.99%	5,971	$7.2M	Add +2.5%
BSJU Invesco Bulletshares 2030 HY	0.98%	274,568	$7.1M	Add +9.6%
LHX L3HARRIS Technologies Inc.	0.95%	23,782	$6.9M	Add +0.5%
JNJ Johnson & Johnson	0.93%	26,617	$6.8M	Add +0.2%
BSCR Invesco Bulletshares 2027 CB	0.91%	337,330	$6.6M	Add +8.4%
BSCT Invesco Bulletshares 2029 CB	0.88%	344,227	$6.4M	Add +6.1%
CSCO Cisco Systems Inc.	0.87%	53,581	$6.3M	Reduce -9.0%
UBER Uber Technologies Inc.	0.87%	87,107	$6.3M	Add +18.7%
HASI Ha Sustainable Infrastructur	0.83%	154,759	$6.0M	Reduce -2.4%
KLAC KLA Corp.	0.83%	20,000	$6.0M	No change
DCI Donaldson Co. Inc.	0.80%	64,958	$5.8M	Reduce -1.3%
XYL Xylem Inc.	0.79%	48,837	$5.8M	Add +13.3%
GEV GE Vernova Inc.	0.76%	4,675	$5.5M	Reduce -6.6%
KMB Kimberly-Clark Corp.	0.73%	48,065	$5.3M	Add +31.2%
TTEK Tetra Tech Inc.	0.70%	176,857	$5.1M	Add +20.0%
BSCU Invesco Bulletshares 2030 CB	0.67%	293,165	$4.9M	Add +14.0%
KMI Kinder Morgan Inc.	0.67%	151,400	$4.8M	Reduce -0.3%
ABBV Abbvie Inc.	0.66%	19,074	$4.8M	Reduce -1.8%
GLW Corning Inc.	0.66%	18,709	$4.8M	Reduce -15.7%
WY Weyerhaeuser Co.	0.65%	198,239	$4.7M	Reduce -5.2%
GE General Electric filed as GE AEROSPACE	0.62%	12,002	$4.5M	Reduce -1.5%
AWK American Water Works Co. Inc.	0.61%	33,775	$4.4M	Add +5.3%
BSJQ Invesco Bulletshares 2026 HY	0.53%	166,621	$3.8M	Reduce -37.8%
FDX FedEx Corp.	0.45%	10,503	$3.3M	Reduce -6.3%
NOW ServiceNow Inc.	0.43%	31,595	$3.1M	Add +17.4%
BSJV Invesco Bulletshares 2031 HY	0.41%	114,822	$3.0M	Add +25.1%
HONA Honeywell Aerospace Inc.	0.41%	13,482	$3.0M	Add +11.3%
PFE Pfizer Inc.	0.41%	122,530	$3.0M	Add +33.8%
BSCQ Invesco Bulletshares 2026 CB	0.41%	150,867	$2.9M	Reduce -14.7%
HON Honeywell International Inc.	0.39%	12,704	$2.8M	Add +4.8%
BDX Becton Dickinson and Co.	0.37%	17,614	$2.7M	Add +2.8%
CVX Chevron Corp.	0.36%	15,597	$2.6M	Add +2.9%
CHWY Chewy Inc. Class A	0.34%	124,588	$2.4M	New
PNW Pinnacle West Capital	0.33%	22,585	$2.4M	Reduce -1.3%
BSCV Invesco Bulletshares 2031 CB	0.33%	145,019	$2.4M	Add +13.7%
EXPE Expedia Group Inc.	0.31%	8,861	$2.3M	Reduce -29.4%
BRK.B Berkshire Hathaway Inc. Class B	0.31%	4,463	$2.2M	Add +0.7%
BEP Brookfield Renewable Partner	0.31%	64,135	$2.2M	Reduce -2.6%
CRM Salesforce Inc.	0.29%	13,353	$2.1M	Reduce -8.5%
ROP Roper Technologies Inc.	0.27%	5,748	$1.9M	Reduce -42.5%
JEPI JPMorgan Equity Premium Inco	0.26%	33,076	$1.9M	Reduce -6.3%
EQAL Invesco Russell 1000 Equal W	0.22%	26,829	$1.6M	Reduce -1.6%
CRCL Circle Internet Group Inc.	0.20%	22,635	$1.4M	Add +19.2%
NFLX Netflix Inc.	0.19%	19,646	$1.4M	Add +6.0%
EWBC East West Bancorp Inc.	0.19%	10,610	$1.4M	Add +2.7%
DRI Darden Restaurants Inc.	0.16%	5,665	$1.2M	Reduce -2.1%
SHW The Sherwin-Williams Co.	0.16%	3,378	$1.2M	Add +3.0%
CLH Clean Harbors Inc.	0.15%	3,675	$1.1M	Reduce -2.0%
TNC Tennant Co.	0.15%	12,175	$1.1M	Reduce -7.6%
F Ford Motor Co. filed as FORD MTR CO	0.15%	76,210	$1.1M	Reduce -5.4%
EIX Edison International	0.14%	14,120	$1.1M	Reduce -4.7%
EMR Emerson Electric Co.	0.14%	7,324	$1.0M	Add +4.3%
VRT Vertiv Holdings Co. Class A	0.14%	3,039	$1.0M	Reduce -0.4%
ISRG Intuitive Surgical Inc.	0.13%	2,409	$958K	Add +338.8%
RSPT Invesco S&P 500 Equal Weight	0.12%	13,852	$893K	Reduce -2.9%
CRSP Crispr Therapeutics AG	0.12%	16,365	$893K	Add +15.9%
LMNR Limoneira Co.	0.11%	60,010	$788K	No change
FDXF FedEx Freight Holding Co.	0.11%	5,208	$786K	Reduce -7.0%
T AT&T Inc.	0.10%	36,349	$752K	Reduce -17.6%
AZN Astrazeneca PLC	0.10%	3,826	$725K	No change
BMY Bristol-Myers Squibb Co.	0.10%	12,212	$704K	No change
IAU iShares Gold Trust	0.09%	9,124	$689K	No change
GSLC Goldman Activebeta US LC ETF	0.09%	4,784	$679K	No change
FRVO Fervo Energy Co. Class A	0.09%	22,460	$657K	New
VEU Vanguard Ftse All-World Ex-U	0.09%	7,647	$640K	Reduce -16.4%
SPY SS SPDR S&P 500 ETF Trust-US	0.08%	750	$560K	No change
TSLA Tesla Inc.	0.08%	1,303	$548K	Reduce -3.8%
DE Deere & Co.	0.07%	834	$529K	No change
TSM Taiwan Semiconductor-SP ADR	0.07%	1,103	$527K	Reduce -6.9%
MELI MercadoLibre Inc.	0.07%	285	$484K	Add +35.7%
PI Impinj Inc.	0.06%	3,220	$461K	Reduce -8.7%
META Meta Platforms Inc. Class A	0.06%	743	$419K	Reduce -6.1%
SHOP Shopify Inc. Class A	0.06%	3,630	$414K	Add +0.6%
IBB iShares Biotechnology ETF	0.06%	2,131	$405K	Reduce -1.7%
BSJW Invesco Bulletshares 2032 HY	0.06%	15,880	$402K	New
NOC Northrop Grumman Corp.	0.06%	788	$401K	Reduce -11.7%
GSIE Goldman Sachs Activebeta Int	0.05%	8,654	$395K	Reduce -4.4%
IYJ iShares U.S. Industrials ETF	0.05%	2,249	$375K	Reduce -1.4%
LRGF iShares US Equity Factor ETF	0.05%	4,889	$370K	Reduce -9.0%
XLB SS Materials Select Sector	0.05%	7,068	$359K	Reduce -1.7%
XLF SS Financial Select Sector	0.05%	6,484	$348K	Add +0.7%
PG The Procter & Gamble Co.	0.05%	2,305	$338K	Reduce -9.8%
ZTS Zoetis Inc.	0.05%	4,615	$332K	Reduce -80.7%
MA Mastercard Inc. Class A	0.05%	643	$330K	No change
PM Philip Morris International	0.04%	1,765	$319K	No change
BSCW Invesco Bulletshares 2032 CB	0.04%	15,000	$308K	New
SBUX Starbucks Corp.	0.04%	2,937	$300K	Reduce -2.6%
APH Amphenol Corp. Class A	0.04%	1,625	$287K	Reduce -11.5%
THO Thor Industries Inc.	0.04%	3,810	$286K	Reduce -10.0%
QUIK Quicklogic Corp.	0.04%	14,000	$280K	Reduce -22.2%
QQQ Invesco QQQ Trust Series 1	0.04%	379	$279K	Reduce -15.4%
WAT Waters Corp.	0.04%	743	$279K	Reduce -61.2%
TXN Texas Instruments Inc.	0.04%	922	$275K	New
BA The Boeing Co.	0.04%	1,267	$274K	Add +1.2%
ULTA Ulta Beauty Inc.	0.04%	595	$268K	No change
WFC Wells Fargo & Co.	0.04%	3,195	$264K	Reduce -7.9%
SPCX Space Exploration Techn Class A	0.04%	1,535	$262K	New
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE	0.03%	4,973	$245K	No change
CGGO Cap Group Global Growth filed as CAPITAL GROUP GBL GROWTH EQT	0.03%	5,709	$242K	New
HXL Hexcel Corp.	0.03%	2,357	$236K	New
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET	0.03%	5,207	$232K	No change
CAT Caterpillar Inc.	0.03%	208	$221K	New
BAC Bank of America Corp.	0.03%	3,656	$208K	New
BN Brookfield Corp.	0.03%	4,851	$207K	New
GLD SPDR Gold Shares	0.03%	560	$206K	Reduce -4.3%
IGHG Proshares Ig Hedged	0.03%	2,600	$204K	No change
HD Home Depot Inc.	0.03%	570	$201K	New
JPC Nuveen Prefered & Income Opp	0.01%	12,816	$101K	No change
VRME Verifyme Inc.	0.01%	126,675	$78K	No change
VUZI Vuzix Corp.	0.00%	10,000	$29K	No change
DVLT Datavault AI Inc.	0.00%	14,500	$5K	No change

Options reported separately and not counted above: CRSP puts ($6.2M), KLAC puts ($6.0M), AZN puts ($2.9M).

Portfolio Sells Q1 2026 → Q2 2026


OKE Oneok Inc.	Reduce -0.2%	2.45%	−0.52
BSJQ Invesco Bulletshares 2026 HY	Reduce -37.8%	0.53%	−0.47
ZTS Zoetis Inc.	Reduce -80.7%	0.05%	−0.41
COST Costco Wholesale Corp.	Reduce -1.0%	1.43%	−0.36
ROP Roper Technologies Inc.	Reduce -42.5%	0.27%	−0.30
FDX FedEx Corp.	Reduce -6.3%	0.45%	−0.19
BSJR Invesco Bulletshares 2027 HY	Reduce -0.3%	1.10%	−0.19
WY Weyerhaeuser Co.	Reduce -5.2%	0.65%	−0.16
EXPE Expedia Group Inc.	Reduce -29.4%	0.31%	−0.15
KMI Kinder Morgan Inc.	Reduce -0.3%	0.67%	−0.15
CRM Salesforce Inc.	Reduce -8.5%	0.29%	−0.15
BSCQ Invesco Bulletshares 2026 CB	Reduce -14.7%	0.41%	−0.15
JPM JPMorgan Chase & Co.	Reduce -0.5%	2.67%	−0.14
AAPL Apple Inc.	Reduce -1.0%	3.43%	−0.11
HASI Ha Sustainable Infrastructur	Reduce -2.4%	0.83%	−0.10
T AT&T Inc.	Reduce -17.6%	0.10%	−0.10
DCI Donaldson Co. Inc.	Reduce -1.3%	0.80%	−0.09
FISV Fiserv Inc.	Sold out	0.00%	−0.08
JEPI JPMorgan Equity Premium Inco	Reduce -6.3%	0.26%	−0.06
WAT Waters Corp.	Reduce -61.2%	0.04%	−0.05
WDAY Workday Inc. Class A	Sold out	0.00%	−0.05
NOC Northrop Grumman Corp.	Reduce -11.7%	0.06%	−0.04
IVV iShares Core S&P 500 ETF	Reduce -2.1%	1.12%	−0.04
CME Cme Group Inc.	Sold out	0.00%	−0.04
IEF iShares 7-10 Year Treasury B	Sold out	0.00%	−0.04
BEP Brookfield Renewable Partner	Reduce -2.6%	0.31%	−0.04
XOM Exxon Mobil Corp.	Sold out	0.00%	−0.04
PNW Pinnacle West Capital	Reduce -1.3%	0.33%	−0.04
EIX Edison International	Reduce -4.7%	0.14%	−0.03
FDXF FedEx Freight Holding Co.	Reduce -7.0%	0.11%	−0.03
VEU Vanguard Ftse All-World Ex-U	Reduce -16.4%	0.09%	−0.02
EQAL Invesco Russell 1000 Equal W	Reduce -1.6%	0.22%	−0.02
CLH Clean Harbors Inc.	Reduce -2.0%	0.15%	−0.02
DRI Darden Restaurants Inc.	Reduce -2.1%	0.16%	−0.02
ABBV Abbvie Inc.	Reduce -1.8%	0.66%	−0.02
META Meta Platforms Inc. Class A	Reduce -6.1%	0.06%	−0.01
THO Thor Industries Inc.	Reduce -10.0%	0.04%	−0.01
PG The Procter & Gamble Co.	Reduce -9.8%	0.05%	−0.01
GLD SPDR Gold Shares	Reduce -4.3%	0.03%	−0.01
GSIE Goldman Sachs Activebeta Int	Reduce -4.4%	0.05%	−0.01
XLB SS Materials Select Sector	Reduce -1.7%	0.05%	−0.01
WFC Wells Fargo & Co.	Reduce -7.9%	0.04%	−0.01
USB US Bancorp	Reduce -0.2%	1.86%	−0.01
LRGF iShares US Equity Factor ETF	Reduce -9.0%	0.05%	−0.01
TSLA Tesla Inc.	Reduce -3.8%	0.08%	−0.01
F Ford Motor Co.	Reduce -5.4%	0.15%	−0.00
QQQ Invesco QQQ Trust Series 1	Reduce -15.4%	0.04%	−0.00
IBB iShares Biotechnology ETF	Reduce -1.7%	0.06%	−0.00
IYJ iShares U.S. Industrials ETF	Reduce -1.4%	0.05%	−0.00
SBUX Starbucks Corp.	Reduce -2.6%	0.04%	−0.00

Portfolio Buys Q1 2026 → Q2 2026


URI United Rentals Inc.	Add +2.3%	1.76%	+0.47
CHWY Chewy Inc. Class A	New	0.34%	+0.34
KMB Kimberly-Clark Corp.	Add +31.2%	0.73%	+0.16
IQV Iqvia Holdings Inc.	Add +13.7%	1.57%	+0.15
IBM Intl Business Machines Corp.	Add +11.4%	1.50%	+0.15
WSM Williams-Sonoma Inc.	Add +1.4%	1.33%	+0.14
LLY Eli Lilly & Co.	Add +2.5%	0.99%	+0.13
ISRG Intuitive Surgical Inc.	Add +338.8%	0.13%	+0.09
FRVO Fervo Energy Co. Class A	New	0.09%	+0.09
BSJW Invesco Bulletshares 2032 HY	New	0.06%	+0.06
BSCW Invesco Bulletshares 2032 CB	New	0.04%	+0.04
TXN Texas Instruments Inc.	New	0.04%	+0.04
SPCX Space Exploration Techn Class A	New	0.04%	+0.04
CGGO Cap Group Global Growth	New	0.03%	+0.03
BSJV Invesco Bulletshares 2031 HY	Add +25.1%	0.41%	+0.03
HXL Hexcel Corp.	New	0.03%	+0.03
CAT Caterpillar Inc.	New	0.03%	+0.03
BAC Bank of America Corp.	New	0.03%	+0.03
BN Brookfield Corp.	New	0.03%	+0.03
HD Home Depot Inc.	New	0.03%	+0.03
UBER Uber Technologies Inc.	Add +18.7%	0.87%	+0.02
NVDA Nvidia Corp.	Add +1.9%	3.83%	+0.02
CRSP Crispr Therapeutics AG	Add +15.9%	0.12%	+0.02
EWBC East West Bancorp Inc.	Add +2.7%	0.19%	+0.01
AMZN Amazon.com Inc.	Add +2.1%	2.67%	+0.01
MELI MercadoLibre Inc.	Add +35.7%	0.07%	+0.01
PRU Prudential Financial Inc.	Add +5.4%	1.34%	+0.00
LH Labcorp Holdings Inc.	Add +10.8%	1.41%	−0.00
BA The Boeing Co.	Add +1.2%	0.04%	−0.00
EMR Emerson Electric Co.	Add +4.3%	0.14%	−0.00
XLF SS Financial Select Sector	Add +0.7%	0.05%	−0.00
BX Blackstone Inc.	Add +13.3%	1.22%	−0.00
PFE Pfizer Inc.	Add +33.8%	0.41%	−0.01
TTEK Tetra Tech Inc.	Add +20.0%	0.70%	−0.01
SHW The Sherwin-Williams Co.	Add +3.0%	0.16%	−0.01
BSCV Invesco Bulletshares 2031 CB	Add +13.7%	0.33%	−0.01
SHOP Shopify Inc. Class A	Add +0.6%	0.06%	−0.01
BSCU Invesco Bulletshares 2030 CB	Add +14.0%	0.67%	−0.02
NOW ServiceNow Inc.	Add +17.4%	0.43%	−0.02
HONA Honeywell Aerospace Inc.	Add +11.3%	0.41%	−0.02
XYL Xylem Inc.	Add +13.3%	0.79%	−0.03
BRK.B Berkshire Hathaway Inc. Class B	Add +0.7%	0.31%	−0.03
CLF Cleveland-Cliffs Inc.	Add +1.8%	1.18%	−0.03
BSJU Invesco Bulletshares 2030 HY	Add +9.6%	0.98%	−0.05
BSCS Invesco Bulletshares 2028 CB	Add +11.1%	1.06%	−0.05
BDX Becton Dickinson and Co.	Add +2.8%	0.37%	−0.06
BSCR Invesco Bulletshares 2027 CB	Add +8.4%	0.91%	−0.07
J Jacobs Solutions Inc.	Add +11.0%	1.30%	−0.08
DHR Danaher Corp.	Add +7.2%	1.02%	−0.08
AWK American Water Works Co. Inc.	Add +5.3%	0.61%	−0.09

Options Activity Q1 2026 → Q2 2026


CRSP Crispr Therapeutics AG	put	New	16,700	$6.2M
CVX Chevron Corp.	put	Sold out	16,700	$6.2Mbefore 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