KEATING INVESTMENT COUNSELORS INC

CIK 0001020580 · Q1 2026

13F Equity AUM

$403.8M

+11.9% QoQ

Positions

-3 QoQ

AUM Rank

#4,928

Top 40%

Skill Alpha (FF)

+0.6%/yr^ns

No Clear Edge

Rank #1,846 · Top 22%

vs S&P -5.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 59.3%Top 10: 72.7%Top 20: 89.3%

KEAT27.4%

STIP16.3%

BIL5.7%

AEM5.0%

B4.9%

OII3.0%

SU2.8%

VOD2.6%

EQNR2.6%

GSK2.4%

Others (49)27.3%

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

Sector Allocation

Financial Services50.0%

Energy16.6%

Basic Materials12.1%

Consumer Defensive8.0%

Communication Services6.2%

Healthcare3.1%

Industrials2.7%

Other1.4%

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

Position Sizing

Positions: 59Median: 0.46%Avg: 1.69%

0–0.5%

31(5.0%)

0.5–1%

8(5.7%)

1–3%

15(30.0%)

3–5%

1(4.9%)

5%+

4(54.5%)

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

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Portfolio Overlap

Shared: 53Unique: 6vs 20 funds

0.7%Low

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

JPMORGAN CHASE & CO

1.1%

BANK OF AMERICA CORP /DE/

1.1%

BlackRock, Inc.

1.3%

FMR LLC

1.7%

VANGUARD CAPITAL MANAGEMENT LLC

1.3%

STATE STREET CORP

1.3%

GEODE CAPITAL MANAGEMENT, LLC

1.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.4%

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

New4Increased12Decreased39Exited7

New Positions

HBRIY0.8%

+805K

FLO0.4%

+184K

COST0.2%

+850

SHEL0.1%

+3K

Increased

STIP16.3%

+67K(+12%)

KEAT27.4%

+63K(+2%)

NG0.2%

+4K(+6%)

LW0.6%

+1K(+3%)

PAAS1.6%

+628(+1%)

BIL5.7%

+276(+0%)

JSAIY1.6%

+233(+0%)

PSX0.1%

+200(+11%)

CALM0.7%

+150(+0%)

COP0.2%

+100(+2%)

Decreased

4I10.3%

-16,518(-71%)

OII3.0%

-15,918(-4%)

CRRFY2.1%

-11,584(-1%)

LBTYK1.5%

-7,408(-1%)

JNJ0.2%

-7,338(-72%)

SLB0.8%

-6,450(-10%)

SU2.8%

-5,929(-3%)

GSK2.4%

-4,941(-3%)

VOD2.6%

-4,750(-1%)

RIG1.1%

-4,706(-1%)

Exited

Costco Whsl Corp New

-1,135

-29,762

-8,405

-980

-1,057

-3,625

-250

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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