SALEM INVESTMENT COUNSELORS INC

CIK 0000884423 · Q1 2026

13F Equity AUM

$3.4B

-3.8% QoQ

Positions

1,093

+702 QoQ

AUM Rank

#1,283

Top 10%

Skill Alpha (FF)

-0.4%/yr^ns

No Clear Edge

Rank #2,874 · Top 35%

vs S&P -1.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 32.3%Top 10: 45.1%Top 20: 60.8%

LOW9.7%

NVDA7.1%

AAPL7.1%

MSFT4.3%

GOOG4.2%

AMZN3.0%

META2.6%

PLTR2.5%

BRK/B2.4%

GOOGL2.3%

Others (1083)54.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology30.2%

Financial Services18.6%

Consumer Cyclical17.2%

Communication Services9.5%

Healthcare8.7%

Industrials5.4%

Consumer Defensive4.6%

Energy2.7%

Other3.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1093Median: 0.00%Avg: 0.09%

0–0.5%

1055(26.6%)

0.5–1%

17(11.6%)

1–3%

16(29.5%)

3–5%

2(8.4%)

5%+

3(23.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 1,068Unique: 25vs 20 funds

14.6%Low

1,093

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

19.9%

BANK OF AMERICA CORP /DE/

21.7%

19.9%

21.4%

28.6%

20.1%

VANGUARD CAPITAL MANAGEMENT LLC

19%

GEODE CAPITAL MANAGEMENT, LLC

18.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

20.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New848Increased141Decreased138Exited3

New Positions

CIT0.2%

+47K

PANW0.1%

+16K

COPX0.1%

+29K

MTZ0.0%

+4K

SNDK0.0%

+1K

KLAC0.0%

+385

AZN0.0%

+1K

PAYC0.0%

+2K

VLO0.0%

+1K

SUN0.0%

+3K

Increased

NVSN0.3%

+63K(+1188%)

NVO0.1%

+42K(+428%)

KLAR0.0%

+33K(+148%)

CPNG0.1%

+33K(+53%)

NU0.9%

+26K(+1%)

FNDF0.1%

+22K(+51%)

IBIT0.1%

+19K(+32%)

QXO0.1%

+18K(+19%)

SW0.7%

+17K(+3%)

IEMG0.1%

+14K(+167%)

Decreased

OBDC0.0%

-314,665(-92%)

HIMS0.0%

-266,608(-100%)

PLTR2.5%

-58,454(-9%)

DWSN0.0%

-51,575(-66%)

PBR0.3%

-46,500(-9%)

ARCC0.1%

-34,774(-13%)

NVDA7.1%

-29,829(-2%)

AVTR0.0%

-19,840(-36%)

VMD0.0%

-19,600(-31%)

MRK0.6%

-12,111(-6%)

Exited

CYBR

-7,042

XONE

-6,100

MEI

-18,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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