SFE Investment Counsel

CIK 0001317784 · Q1 2026

13F Equity AUM

$631.8M

-2.9% QoQ

Positions

140

-3 QoQ

AUM Rank

#3,744

Top 30%

Skill Alpha (FF)

+0.4%/yr^ns

No Clear Edge

Rank #1,985 · Top 24%

vs S&P -2.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 16.4%Top 10: 28.6%Top 20: 46.0%

NVDA3.8%

AAPL3.5%

MSFT3.4%

OKE2.9%

AVGO2.8%

JPM2.8%

AMZN2.6%

NEE2.6%

PANW2.1%

GOOGL2.1%

Others (130)71.4%

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

Sector Allocation

Technology25.7%

Financial Services22.4%

Industrials14.2%

Healthcare9.7%

Energy7.2%

Consumer Cyclical6.9%

Utilities4.8%

Communication Services4.2%

Other4.9%

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

Position Sizing

Positions: 140Median: 0.43%Avg: 0.71%

0–0.5%

76(11.2%)

0.5–1%

23(17.6%)

1–3%

38(60.6%)

3–5%

3(10.6%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 139Unique: 1vs 20 funds

1.9%Low

140

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

2.6%

BANK OF AMERICA CORP /DE/

2.9%

2.5%

2.8%

3.2%

VANGUARD CAPITAL MANAGEMENT LLC

3.1%

GEODE CAPITAL MANAGEMENT, LLC

VANGUARD PORTFOLIO MANAGEMENT LLC

3.6%

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

New7Increased58Decreased60Exited10

New Positions

NOW0.5%

+27K

AZN0.3%

+8K

CRCL0.3%

+19K

WAT0.1%

+2K

MLB10.1%

+210

XOM0.0%

+1K

DVLT0.0%

+15K

Increased

WY0.8%

+51K(+32%)

TTEK0.7%

+45K(+44%)

BSCV0.3%

+36K(+40%)

BSCR1.0%

+28K(+10%)

MRVL0.9%

+27K(+89%)

BSCS1.1%

+24K(+8%)

UBER0.8%

+24K(+49%)

BSJV0.4%

+23K(+34%)

BSCU0.7%

+22K(+9%)

BSCT1.0%

+17K(+6%)

Decreased

BSJQ1.0%

-32,699(-11%)

FISV0.1%

-21,122(-69%)

BSCQ0.6%

-19,848(-10%)

EXPE0.5%

-12,244(-49%)

QUIK0.0%

-11,862(-40%)

CLF1.2%

-11,841(-1%)

NEE2.6%

-8,414(-5%)

USB1.8%

-8,108(-4%)

HASI0.9%

-7,320(-4%)

BDX0.4%

-6,800(-28%)

Exited

-7,997

-6,085

-8,748

-4,383

-2,720

-685

-4,993

MSB

-5,540

-627

BKNG

-40

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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