KEATING INVESTMENT COUNSELORS INC

CIK 0001020580 · Q2 2026

13F Equity AUM

$364.1M

-9.8% QoQ

Positions

0 QoQ

AUM Rank

#5,911

Top 47%

Skill Alpha (FF)

+1.9%/yr^ns

No Clear Edge

Rank #1,431 · Top 17%

vs S&P -2.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 59.2%Top 10: 72.4%Top 20: 88.5%

KEAT27.8%

STIP17.5%

BIL5.8%

B4.4%

AEM3.8%

OII3.7%

VOD2.5%

GSK2.4%

CRRFY2.3%

SU2.3%

Others (49)27.6%

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

Sector Allocation

Financial Services52.6%

Energy15.4%

Basic Materials10.1%

Consumer Defensive8.8%

Communication Services5.9%

Healthcare3.1%

Industrials2.8%

Other1.3%

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

Position Sizing

Positions: 59Median: 0.47%Avg: 1.69%

0–0.5%

30(4.8%)

0.5–1%

8(5.6%)

1–3%

15(26.8%)

3–5%

3(11.8%)

5%+

3(51.0%)

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

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Portfolio Overlap

Shared: 0Unique: 59vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New4Increased6Decreased41Exited4

New Positions

SEA1.1%

+156K

URI0.1%

+250

Valor Gold Corp0.1%

+78K

Honeywell Aerospace …0.1%

+1K

Increased

RIG1.2%

+207K(+30%)

FLO0.5%

+33K(+18%)

HBRIY0.7%

+9K(+1%)

TAP0.9%

+6K(+8%)

LW0.7%

+2K(+4%)

PAAS1.4%

+850(+1%)

Decreased

B4.4%

-47,323(-10%)

CRRFY2.3%

-24,900(-1%)

BIL5.8%

-23,139(-9%)

VOD2.5%

-20,000(-3%)

SLB0.5%

-19,228(-32%)

TALO1.5%

-18,725(-4%)

SU2.3%

-16,710(-10%)

LBTYK1.6%

-14,460(-3%)

STIP17.5%

-13,582(-2%)

AEM3.8%

-11,626(-12%)

Exited

-5,153

-2,575

-608

-7,010

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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