# SALEM CAPITAL MANAGEMENT INC

> Institutional holdings reported to the SEC as of Q3 2022 on Form 13F. CIK 1049648. Source: https://holderbook.com/funds/1049648-salem-capital-management-inc/

- Reported value: $126.3M
- Positions: 55
- Weight of the ten largest: 46.1%
- Filed: 2022-11-29

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $8.9M | 38,061 | 7.0% | 16 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $7.0M | 81,739 | 5.6% | 16 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $6.1M | 138,274 | 4.8% | 16 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $6.0M | 197,540 | 4.7% | 16 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $5.6M | 33,483 | 4.4% | 16 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $5.3M | 186,317 | 4.2% | 16 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $5.3M | 131,290 | 4.2% | 16 |
| PIONEER NAT RES CO | [PXD](https://holderbook.com/stocks/PXD/) | $4.8M | 22,350 | 3.8% | 6 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $4.8M | 79,887 | 3.8% | 16 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $4.5M | 154,499 | 3.5% | 16 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $4.2M | 22,524 | 3.3% | 16 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $4.0M | 27,902 | 3.2% | 16 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $3.6M | 42,690 | 2.8% | 16 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.4M | 20,826 | 2.7% | 16 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $3.4M | 107,258 | 2.7% | 16 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $3.3M | 119,599 | 2.6% | 7 |
| BORGWARNER INC | [BWA](https://holderbook.com/stocks/BWA/) | $3.2M | 102,899 | 2.6% | 15 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $3.0M | 79,415 | 2.4% | 16 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.9M | 28,153 | 2.3% | 16 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $2.9M | 65,708 | 2.3% | 11 |
| WESTROCK CO | [WRK](https://holderbook.com/stocks/WRK/) | $2.8M | 91,267 | 2.2% | 16 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $2.6M | 73,049 | 2.1% | 8 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.4M | 5,111 | 1.9% | 16 |
| Eaton Corp. PLC | - | $2.4M | 17,768 | 1.9% | 15 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $2.3M | 28,542 | 1.8% | 10 |
| NOKIA CORP | [NOK](https://holderbook.com/stocks/NOK/) | $2.3M | 531,484 | 1.8% | 7 |
| APTIV PLC | [APTVXXXX](https://holderbook.com/stocks/APTVXXXX/) | $2.2M | 27,698 | 1.7% | 15 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $1.6M | 16,096 | 1.2% | 16 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $1.4M | 12,845 | 1.1% | 16 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $1.3M | 11,450 | 1.0% | 16 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $1.2M | 16,377 | 1.0% | 16 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $1.1M | 3,825 | 0.8% | 16 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.0M | 7,260 | 0.8% | 16 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $937.0K | 2,897 | 0.7% | 16 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $790.0K | 1,780 | 0.6% | 9 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $742.0K | 8,625 | 0.6% | 16 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $644.0K | 4,619 | 0.5% | 16 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $559.0K | 4,430 | 0.4% | 16 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $541.0K | 2,393 | 0.4% | 16 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $508.0K | 7,233 | 0.4% | 16 |
| NATIONAL FUEL GAS CO | [NFG](https://holderbook.com/stocks/NFG/) | $479.0K | 7,778 | 0.4% | 16 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $458.0K | 4,805 | 0.4% | 16 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $456.0K | 3,050 | 0.4% | 16 |
| NESTLE SA ADR | [NSRGY](https://holderbook.com/stocks/NSRGY/) | $417.0K | 3,875 | 0.3% | 16 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $409.0K | 4,000 | 0.3% | 7 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $353.0K | 1,914 | 0.3% | 16 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $343.0K | 3,049 | 0.3% | 16 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $314.0K | 4,000 | 0.2% | 16 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $267.0K | 1,800 | 0.2% | 16 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $255.0K | 1,900 | 0.2% | 16 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $246.0K | 1,217 | 0.2% | 16 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $244.0K | 4,359 | 0.2% | 9 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $220.0K | 5,700 | 0.2% | 6 |
| GENERAL MILLS INC | [GIS](https://holderbook.com/stocks/GIS/) | $215.0K | 2,800 | 0.2% | 15 |
| CINTAS CORP | [CTAS](https://holderbook.com/stocks/CTAS/) | $214.0K | 550 | 0.2% | 9 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2022 | -7.9% | -5.3% | -2.6% | 98% |
| Q2 2022 | -12.8% | -16.5% | +3.6% | 98% |
| Q1 2022 | -3.2% | -4.9% | +1.7% | 98% |
| Q4 2021 | +8.3% | +10.7% | -2.3% | 98% |
| Q3 2021 | -0.9% | +0.3% | -1.1% | 98% |
| Q2 2021 | +4.9% | +8.0% | -3.1% | 98% |
| Q1 2021 | +9.4% | +6.0% | +3.4% | 99% |
| Q4 2020 | +12.6% | +11.6% | +1.0% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2022 | $126.3M | 55 |
| Q2 2022 | $137.2M | 57 |
| Q1 2022 | $178.3M | 69 |
| Q4 2021 | $192.8M | 71 |
| Q3 2021 | $182.5M | 71 |
| Q2 2021 | $182.5M | 75 |
| Q1 2021 | $167.9M | 74 |
| Q4 2020 | $157.4M | 67 |
| Q3 2020 | $138.2M | 61 |
| Q2 2020 | $139.7M | 61 |
| Q1 2020 | $121.0M | 61 |
| Q4 2019 | $184.0M | 69 |