SFE Investment Counsel

CIK 0001317784 · Q2 2026

13F Equity AUM

$735.5M

+16.4% QoQ

Positions

149

+9 QoQ

AUM Rank

#4,012

Top 32%

Skill Alpha (FF)

+0.9%/yr^ns

No Clear Edge

Rank #1,993 · Top 24%

vs S&P +0.6%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 16.8%Top 10: 28.9%Top 20: 47.3%

NVDA3.8%

PANW3.7%

AAPL3.4%

MSFT3.0%

AVGO2.9%

JPM2.6%

AMZN2.6%

OKE2.4%

QCOM2.3%

GOOGL2.1%

Others (139)71.1%

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

Sector Allocation

Technology30.3%

Financial Services20.6%

Industrials13.0%

Healthcare10.1%

Consumer Cyclical6.8%

Energy5.4%

Utilities4.2%

Communication Services4.0%

Other5.4%

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

Position Sizing

Positions: 149Median: 0.32%Avg: 0.67%

0–0.5%

87(11.7%)

0.5–1%

24(18.6%)

1–3%

35(58.8%)

3–5%

3(10.9%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 0Unique: 149vs 20 funds

0%Low

149

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

New15Increased49Decreased68Exited6

New Positions

HONEYWELL AEROSPACE …0.4%

+13K

HONEYWELL INTL INC0.4%

+13K

CHWY0.3%

+125K

FEDEX FGHT HLDG CO I…0.1%

+5K

FERVO ENERGY CO0.1%

+22K

BSJW0.1%

+16K

TXN0.0%

+922

BSCW0.0%

+15K

SPACE EXPLORATION TE…0.0%

+2K

BAC0.0%

+4K

Increased

BSCS1.1%

+38K(+11%)

BSCU0.7%

+36K(+14%)

PFE0.4%

+31K(+34%)

TTEK0.7%

+29K(+20%)

BSCR0.9%

+26K(+8%)

BSJU1.0%

+24K(+10%)

BSJV0.4%

+23K(+25%)

BSCT0.9%

+20K(+6%)

CRSP1.0%

+19K(+134%)

KLAC0.8%

+18K(+900%)

Decreased

BSJQ0.5%

-101,312(-38%)

BSCQ0.4%

-25,940(-15%)

ZTS0.1%

-19,266(-81%)

CHV0.3%

-16,265(-51%)

WY0.7%

-10,802(-5%)

QCOM2.3%

-8,782(-9%)

MRVL2.0%

-7,971(-14%)

T0.1%

-7,780(-18%)

AMD1.9%

-7,379(-24%)

CSCO0.9%

-5,296(-9%)

Exited

-24,235

-9,285

-2,435

-1,370

-2,499

-872

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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