# SFE Investment Counsel

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1317784. Source: https://holderbook.com/funds/1317784-sfe-investment-counsel/

- Reported value: $741.5M
- Positions: 149
- Weight of the ten largest: 28.7%
- Filed: 2026-08-05

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 |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $27.8M | 138,995 | 3.8% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $27.5M | 80,533 | 3.7% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $24.9M | 86,015 | 3.4% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $21.7M | 58,178 | 2.9% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $21.5M | 56,951 | 2.9% | 22 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $19.4M | 59,236 | 2.6% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $19.4M | 81,327 | 2.6% | 31 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $17.8M | 204,610 | 2.4% | 31 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $17.0M | 92,200 | 2.3% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $15.6M | 43,607 | 2.1% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $15.4M | 174,989 | 2.1% | 31 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $14.8M | 62,790 | 2.0% | 31 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $14.6M | 48,888 | 2.0% | 4 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $13.8M | 23,759 | 1.9% | 16 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $13.5M | 223,299 | 1.8% | 31 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $13.0M | 18,235 | 1.8% | 31 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $12.8M | 11,268 | 1.7% | 12 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $12.6M | 17,438 | 1.7% | 31 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $12.4M | 17,252 | 1.7% | 21 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $12.3M | 55,726 | 1.7% | 31 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $12.1M | 20,000 | 1.6% | 5 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $11.4M | 59,043 | 1.5% | 10 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $11.4M | 32,233 | 1.5% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $10.9M | 38,650 | 1.5% | 24 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $10.4M | 11,067 | 1.4% | 31 |
| LABCORP HOLDINGS INC | [LH](https://holderbook.com/stocks/LH/) | $10.2M | 36,478 | 1.4% | 9 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $9.7M | 90,299 | 1.3% | 20 |
| WILLIAMS SONOMA INC | [WSM](https://holderbook.com/stocks/WSM/) | $9.6M | 41,393 | 1.3% | 23 |
| JACOBS SOLUTIONS INC | [J](https://holderbook.com/stocks/J/) | $9.5M | 75,087 | 1.3% | 16 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $8.9M | 75,588 | 1.2% | 28 |
| CLEVELAND-CLIFFS INC NEW | [CLF](https://holderbook.com/stocks/CLF/) | $8.6M | 911,796 | 1.2% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSJS](https://holderbook.com/stocks/BSJS/) | $8.5M | 390,757 | 1.1% | 15 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $8.3M | 19,589 | 1.1% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $8.2M | 90,251 | 1.1% | 31 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $8.1M | 10,876 | 1.1% | 6 |
| INVESCO EXCH TRD SLF IDX FD | [BSJR](https://holderbook.com/stocks/BSJR/) | $8.0M | 358,973 | 1.1% | 12 |
| INVESCO EXCH TRD SLF IDX FD | [BSJT](https://holderbook.com/stocks/BSJT/) | $8.0M | 378,154 | 1.1% | 11 |
| INVESCO EXCH TRD SLF IDX FD | [BSCS](https://holderbook.com/stocks/BSCS/) | $7.7M | 378,645 | 1.0% | 15 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $7.4M | 38,721 | 1.0% | 20 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $7.2M | 5,971 | 1.0% | 14 |
| CRISPR THERAPEUTICS AG | [CRSP](https://holderbook.com/stocks/CRSP/) | $7.1M | 16,365 | 1.0% | 11 |
| INVESCO EXCH TRD SLF IDX FD | [BSJU](https://holderbook.com/stocks/BSJU/) | $7.1M | 274,568 | 1.0% | 10 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $6.9M | 23,782 | 0.9% | 27 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $6.8M | 26,617 | 0.9% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSCR](https://holderbook.com/stocks/BSCR/) | $6.6M | 337,330 | 0.9% | 15 |
| INVESCO EXCH TRD SLF IDX FD | [BSCT](https://holderbook.com/stocks/BSCT/) | $6.4M | 344,227 | 0.9% | 10 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $6.3M | 53,581 | 0.8% | 31 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $6.3M | 87,107 | 0.8% | 6 |
| HA SUSTAINABLE INFRA CAP INC | [HASI](https://holderbook.com/stocks/HASI/) | $6.0M | 154,759 | 0.8% | 31 |
| DONALDSON INC | [DCI](https://holderbook.com/stocks/DCI/) | $5.8M | 64,958 | 0.8% | 31 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $5.8M | 48,837 | 0.8% | 12 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $5.5M | 4,675 | 0.7% | 9 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $5.3M | 48,065 | 0.7% | 3 |
| TETRA TECH INC NEW | [TTEK](https://holderbook.com/stocks/TTEK/) | $5.1M | 176,857 | 0.7% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSCU](https://holderbook.com/stocks/BSCU/) | $4.9M | 293,165 | 0.7% | 10 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $4.8M | 151,400 | 0.7% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $4.8M | 19,074 | 0.6% | 31 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $4.8M | 18,709 | 0.6% | 31 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $4.7M | 198,239 | 0.6% | 31 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $4.5M | 12,002 | 0.6% | 20 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $4.4M | 33,775 | 0.6% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSJQ](https://holderbook.com/stocks/BSJQ/) | $3.8M | 166,621 | 0.5% | 21 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $3.6M | 3,826 | 0.5% | 2 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $3.3M | 10,503 | 0.4% | 31 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $3.1M | 31,595 | 0.4% | 2 |
| INVESCO EXCH TRD SLF IDX FD | [BSJV](https://holderbook.com/stocks/BSJV/) | $3.0M | 114,822 | 0.4% | 4 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $3.0M | 13,482 | 0.4% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $3.0M | 122,530 | 0.4% | 31 |
| INVESCO EXCH TRD SLF IDX FD | [BSCQ](https://holderbook.com/stocks/BSCQ/) | $2.9M | 150,867 | 0.4% | 19 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $2.8M | 12,704 | 0.4% | 1 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $2.7M | 17,614 | 0.4% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $2.6M | 15,597 | 0.3% | 31 |
| CHEWY INC | [CHWY](https://holderbook.com/stocks/CHWY/) | $2.4M | 124,588 | 0.3% | 1 |
| PINNACLE WEST CAP CORP | [PNW](https://holderbook.com/stocks/PNW/) | $2.4M | 22,585 | 0.3% | 24 |
| INVESCO EXCH TRD SLF IDX FD | [BSCV](https://holderbook.com/stocks/BSCV/) | $2.4M | 145,019 | 0.3% | 5 |
| EXPEDIA GROUP INC | [EXPE](https://holderbook.com/stocks/EXPE/) | $2.3M | 8,861 | 0.3% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.2M | 4,463 | 0.3% | 31 |
| BROOKFIELD RENEWABLE ENERGY | [BEP](https://holderbook.com/stocks/BEP/) | $2.2M | 64,135 | 0.3% | 31 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $2.1M | 13,353 | 0.3% | 4 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $1.9M | 5,748 | 0.3% | 23 |
| J P MORGAN EXCHANGE TRADED F | [JEPI](https://holderbook.com/stocks/JEPI/) | $1.9M | 33,076 | 0.3% | 6 |
| INVESCO EXCH TRADED FD TR II | [EQAL](https://holderbook.com/stocks/EQAL/) | $1.6M | 26,829 | 0.2% | 30 |
| CIRCLE INTERNET GROUP INC | [CRCL](https://holderbook.com/stocks/CRCL/) | $1.4M | 22,635 | 0.2% | 2 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $1.4M | 19,646 | 0.2% | 31 |
| EAST WEST BANCORP INC | [EWBC](https://holderbook.com/stocks/EWBC/) | $1.4M | 10,610 | 0.2% | 28 |
| DARDEN RESTAURANTS INC | [DRI](https://holderbook.com/stocks/DRI/) | $1.2M | 5,665 | 0.2% | 7 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $1.2M | 3,378 | 0.2% | 31 |
| CLEAN HARBORS INC | [CLH](https://holderbook.com/stocks/CLH/) | $1.1M | 3,675 | 0.1% | 31 |
| TENNANT CO | [TNC](https://holderbook.com/stocks/TNC/) | $1.1M | 12,175 | 0.1% | 31 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $1.1M | 76,210 | 0.1% | 19 |
| EDISON INTL | [EIX](https://holderbook.com/stocks/EIX/) | $1.1M | 14,120 | 0.1% | 24 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $1.0M | 7,324 | 0.1% | 10 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $1.0M | 3,039 | 0.1% | 7 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $958.0K | 2,409 | 0.1% | 3 |
| INVESCO EXCHANGE TRADED FD T | [RSPT](https://holderbook.com/stocks/RSPT/) | $893.5K | 13,852 | 0.1% | 31 |
| LIMONEIRA CO | [LMNR](https://holderbook.com/stocks/LMNR/) | $787.9K | 60,010 | 0.1% | 27 |
| FEDEX FGHT HLDG CO INC | - | $786.4K | 5,208 | 0.1% | 1 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $752.4K | 36,349 | 0.1% | 17 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $703.7K | 12,212 | 0.1% | 31 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $689.0K | 9,124 | 0.1% | 6 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +16.5% | +14.8% | +1.7% | 98% |
| Q1 2026 | -4.5% | -4.6% | +0.1% | 98% |
| Q4 2025 | +2.4% | +2.4% | +0.0% | 100% |
| Q3 2025 | +8.9% | +7.8% | +1.1% | 100% |
| Q2 2025 | +7.5% | +10.5% | -3.0% | 100% |
| Q1 2025 | -5.0% | -4.6% | -0.5% | 100% |
| Q4 2024 | -0.8% | +2.1% | -2.9% | 100% |
| Q3 2024 | +5.9% | +5.4% | +0.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $741.5M | 149 |
| Q1 2026 | $634.7M | 140 |
| Q4 2025 | $652.9M | 143 |
| Q3 2025 | $626.3M | 147 |
| Q2 2025 | $567.9M | 141 |
| Q1 2025 | $500.5M | 140 |
| Q4 2024 | $470.9M | 114 |
| Q3 2024 | $480.1M | 116 |
| Q2 2024 | $450.9M | 119 |
| Q1 2024 | $441.4M | 117 |
| Q4 2023 | $384.1M | 112 |
| Q3 2023 | $343.7M | 117 |