Nicollet Investment Management, Inc.
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| APPLE INC | AAPL | $23.4M | 70,368 | +0.43pp | 32q | -4.0%-$971.1K | |
| AMAZON COM INC | AMZN | $23.4M | 93,740 | -0.12pp | 32q | -2.4%-$569.8K | |
| MICROSOFT CORP | MSFT | $22.6M | 44,063 | +1.66pp | 32q | HELD | |
| ALPHABET INC | GOOG | $20.3M | 59,517 | -0.62pp | 32q | -2.4%-$491.4K | |
| META PLATFORMS INC | META | $15.9M | 21,960 | +0.94pp | 32q | +0.7%+$105.9K | |
| ALPHABET INC | GOOGL | $15.8M | 45,965 | -0.46pp | 32q | -1.7%-$281.1K | |
| NVIDIA CORPORATION | NVDA | $14.9M | 65,369 | +0.33pp | 13q | -1.9%-$283.9K | |
| VISA INC | V | $11.9M | 33,167 | -0.08pp | 32q | -3.2%-$397.4K | |
| WW GRAINGER INC | GWW | $10.5M | 8,416 | -0.57pp | 32q | -4.1%-$452.2K | |
| INVESCO EXCHANGE TRADED FD T | RSP | $9.0M | 43,491 | -0.18pp | 4q | -0.7%-$61.4K | |
| SCHWAB STRATEGIC TR | SCHX | $8.8M | 292,534 | -0.05pp | 32q | HELD | |
| EQUINIX INC | EQIX | $8.0M | 7,889 | +0.13pp | 32q | +13.3%+$937.7K | |
| ISHARES TR | IWL | $7.7M | 40,486 | -0.03pp | 24q | HELD | |
| PALO ALTO NETWORKS INC | PANW | $6.2M | 15,537 | +0.17pp | 32q | -1.6%-$102.5K | |
| 3M CO | MMM | $6.1M | 37,026 | -0.10pp | 16q | -2.9%-$181.2K | |
| MODERNA INC | MRNA | $5.6M | 28,958 | +1.02pp | 4q | -2.7%-$153.7K | |
| RESMED INC | RMD | $5.4M | 24,279 | +0.09pp | 11q | -3.3%-$182.2K | |
| SLB LIMITED | SLB | $5.4M | 110,037 | -0.05pp | 18q | -3.8%-$211.2K | |
| ECOLAB INC | ECL | $5.3M | 19,199 | -0.12pp | 32q | -2.3%-$124.1K | |
| UNION PAC CORP | UNP | $5.1M | 18,885 | -0.08pp | 32q | -1.4%-$72.7K | |
| NEXTERA ENERGY INC | NEE | $5.1M | 66,849 | - | new | NEW | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $5.0M | 7,620 | -0.26pp | 32q | -5.4%-$288.3K | |
| ORACLE CORP | ORCL | $5.0M | 36,361 | -0.19pp | 17q | -1.6%-$80.9K | |
| COCA COLA CO | KO | $4.8M | 56,098 | -0.03pp | 32q | -3.9%-$196.4K | |
| UBER TECHNOLOGIES INC | UBER | $4.2M | 61,746 | -0.15pp | 9q | -2.6%-$114.0K | |
| TJX COS INC NEW | TJX | $4.1M | 31,184 | -0.25pp | 24q | -1.1%-$45.4K | |
| GOLDMAN SACHS GROUP INC | GS | $4.1M | 4,582 | -0.19pp | 3q | +0.9%+$36.9K | |
| CHUBB LIMITED | CB | $4.0M | 12,328 | -0.14pp | 32q | -2.6%-$107.3K | |
| SCHWAB STRATEGIC TR | SCHM | $3.9M | 115,394 | -0.15pp | 25q | HELD | |
| FASTENAL CO | FAST | $3.7M | 75,266 | -0.02pp | 32q | -0.8%-$31.5K | |
| THERMO FISHER SCIENTIFIC INC | TMO | $3.6M | 5,353 | +0.22pp | 14q | -3.2%-$120.8K | |
| UNITED THERAPEUTICS CORP DEL | UTHR | $3.1M | 5,668 | -0.05pp | 32q | -2.1%-$65.6K | |
| SALESFORCE INC | CRM | $3.0M | 12,974 | +0.22pp | 10q | -5.3%-$167.3K | |
| EOG RES INC | EOG | $2.9M | 21,162 | -0.01pp | 19q | -3.9%-$118.7K | |
| SERVICENOW INC | NOW | $2.8M | 20,557 | +0.18pp | 32q | -2.0%-$57.2K | |
| UNITEDHEALTH GROUP INC | UNH | $2.6M | 7,188 | -0.17pp | 32q | -3.7%-$101.3K | |
| VALMONT INDS INC | VMI | $2.3M | 4,911 | -0.23pp | 32q | -3.2%-$74.5K | |
| STARBUCKS CORP | SBUX | $2.2M | 23,756 | -0.10pp | 12q | -2.4%-$55.0K | |
| ACCENTURE PLC IRELAND | ACN | $2.1M | 11,667 | +0.15pp | 19q | -7.1%-$162.4K | |
| SYSCO CORP | SYY | $2.1M | 27,134 | -0.09pp | 16q | -2.6%-$56.0K | |
| AKAMAI TECHNOLOGIES INC | AKAM | $2.1M | 19,714 | -0.11pp | 32q | -1.9%-$41.5K | |
| BOSTON SCIENTIFIC CORP | BSX | $2.1M | 47,313 | -0.02pp | 4q | -1.6%-$33.0K | |
| EXPEDITORS INTL WASH INC | EXPD | $2.0M | 10,684 | +0.04pp | 32q | -2.5%-$50.6K | |
| F5 INC | FFIV | $1.8M | 4,132 | flat | 9q | -2.6%-$48.5K | |
| ALKERMES PLC | ALKS | $1.7M | 43,012 | -0.20pp | 32q | -2.7%-$48.9K | |
| ULTA BEAUTY INC | ULTA | $1.7M | 3,137 | +0.07pp | 7q | -1.0%-$16.9K | |
| L3HARRIS TECHNOLOGIES INC | LHX | $1.6M | 6,885 | -0.13pp | 29q | +0.6%+$9.5K | |
| GENERAC HLDGS INC | GNRC | $1.5M | 7,404 | -0.23pp | 11q | -2.3%-$35.8K | |
| SCHWAB STRATEGIC TR | SCHA | $1.4M | 42,958 | -0.06pp | 32q | +0.9%+$13.1K | |
| NOVO-NORDISK A S | NVO | $1.4M | 36,721 | -0.16pp | 14q | -5.6%-$82.4K | |
| HF SINCLAIR CORP | DINO | $1.4M | 12,799 | +0.12pp | 6q | -3.2%-$45.3K | |
| ISHARES TR | IVV | $1.1M | 1,491 | flat | 15q | HELD | |
| KNIGHT-SWIFT TRANSN HLDGS IN | KNX | $1.1M | 17,291 | -0.10pp | 32q | -1.8%-$20.0K | |
| DEVON ENERGY CORP NEW | DVN | $1.1M | 23,500 | +0.02pp | 2q | -2.3%-$25.0K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $1.0M | 1,348 | flat | 32q | HELD | |
| IONIS PHARMACEUTICALS INC | IONS | $904.0K | 20,247 | -0.23pp | 32q | HELD | |
| RADIAN GROUP INC | RDN | $885.0K | 28,904 | -0.08pp | 32q | -2.4%-$22.2K | |
| FISERV INC | FISV | $778.0K | 17,209 | -0.04pp | 32q | -2.3%-$18.4K | |
| LYFT INC | LYFT | $758.0K | 50,501 | flat | 4q | +2.0%+$15.0K | |
| BROADCOM INC | AVGO | $604.0K | 1,720 | -0.02pp | 12q | HELD | |
| SPDR GOLD TR | GLD | $600.0K | 1,575 | flat | 26q | HELD | |
| SCOTTS MIRACLE GRO CO | SMG | $592.0K | 11,823 | -0.08pp | 11q | -2.7%-$16.5K | |
| FIDELITY NATL INFORMATION SV | FIS | $584.0K | 17,747 | -0.05pp | 32q | -5.4%-$33.4K | |
| SKYWORKS SOLUTIONS INC | SWKS | $573.0K | 6,708 | +0.03pp | 32q | -2.3%-$13.3K | |
| SOLVENTUM CORP | SOLV | $567.0K | 6,437 | flat | 10q | -8.3%-$51.0K | |
| SPDR SERIES TRUST | SPYM | $494.0K | 5,503 | +0.08pp | 2q | +139.3%+$287.5K | |
| XCEL ENERGY INC | XEL | $494.0K | 7,011 | -0.03pp | 21q | HELD | |
| ISHARES TR | IWM | $444.0K | 1,599 | -0.02pp | 32q | HELD | |
| ISHARES TR | IVW | $417.0K | 2,931 | +0.03pp | 3q | +30.8%+$98.3K | |
| COSTCO WHOLESALE CORPORATION | COST | $366.0K | 403 | -0.01pp | 13q | HELD | |
| VANGUARD INDEX FDS | VTI | $330.0K | 881 | flat | 12q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $292.0K | 587 | - | new | NEW | |
| ISHARES TR | IJR | $284.0K | 2,085 | flat | 6q | +10.6%+$27.2K | |
| MEDTRONIC PLC | MDT | $258.0K | 2,986 | flat | 6q | HELD | |
| BLACKROCK ETF TRUST | DYNF | $254.0K | 3,661 | - | new | NEW | |
| ELI LILLY & CO | LLY | $248.0K | 214 | -0.01pp | 2q | HELD | |
| ISHARES TR | IVE | $243.0K | 1,066 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $85.3M | 25.4% |
| Retail & Consumer | $35.5M | 10.6% |
| Computer Hardware | $31.4M | 9.4% |
| Business Services | $22.5M | 6.7% |
| Semiconductors & Electronics | $17.6M | 5.2% |
| Medical Devices | $14.3M | 4.3% |
| Biotech & Pharma | $12.9M | 3.8% |
| Wholesale & Distribution | $12.6M | 3.7% |
| Transport & Logistics | $9.6M | 2.9% |
| Energy | $9.4M | 2.8% |
| Real Estate | $8.0M | 2.4% |
| Insurance | $7.8M | 2.3% |
| Other sectors | $34.5M | 10.3% |
| Not classified | $34.5M | 10.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | +5.2% | +2.1% | +3.0% | 100% |
| Q2 2026 | +10.6% | +14.8% | -4.2% | 100% |
| Q1 2026 | -5.8% | -4.6% | -1.2% | 100% |
| Q4 2025 | +0.6% | +2.4% | -1.8% | 100% |
| Q3 2025 | +6.5% | +7.8% | -1.3% | 100% |
| Q2 2025 | +9.1% | +10.5% | -1.3% | 100% |
| Q1 2025 | -6.4% | -4.6% | -1.9% | 100% |
| Q4 2024 | +2.4% | +2.1% | +0.3% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $336.1M | 77 | 4 | 9 | 49 | 4 | 49.9% | 14 |
| Q2 2026 | $323.9M | 77 | 3 | 38 | 9 | 2 | 48.6% | 36 |
| Q1 2026 | $292.0M | 76 | 3 | 3 | 57 | 1 | 47.3% | 43 |
| Q4 2025 | $316.0M | 74 | 6 | 17 | 22 | 3 | 50.1% | 42 |
| Q3 2025 | $306.6M | 71 | 0 | 5 | 62 | 2 | 51.8% | 41 |
| Q2 2025 | $298.6M | 73 | 3 | 0 | 62 | 0 | 49.6% | 38 |
| Q1 2025 | $284.5M | 70 | 4 | 45 | 8 | 5 | 47.1% | 42 |
| Q4 2024 | $291.2M | 71 | 2 | 4 | 41 | 1 | 49.2% | 43 |
| Q3 2024 | $289.3M | 70 | 2 | 26 | 13 | 0 | 46.5% | 37 |
| Q2 2024 | $267.8M | 68 | 2 | 3 | 47 | 2 | 49.8% | 38 |
| Q1 2024 | $271.0M | 68 | 5 | 24 | 14 | 2 | 48.6% | 32 |
| Q4 2023 | $245.2M | 65 | 4 | 18 | 31 | 1 | 50.6% | 43 |
| Q3 2023 | $223.4M | 62 | 2 | 31 | 11 | 0 | 50.8% | 40 |
| Q2 2023 | $224.5M | 60 | 2 | 33 | 9 | 1 | 52.5% | 39 |
| Q1 2023 | $192.3M | 59 | 1 | 8 | 39 | 0 | 53.3% | 39 |
| Q4 2022 | $173.3M | 58 | 3 | 5 | 43 | 2 | 51.7% | 37 |
| Q3 2022 | $182.9M | 57 | 1 | 31 | 12 | 2 | 56.0% | 39 |
| Q2 2022 | $185.6M | 58 | 3 | 37 | 9 | 5 | 56.2% | 42 |
| Q1 2022 | $225.2M | 60 | 3 | 5 | 45 | 8 | 59.8% | 34 |
| Q4 2021 | $248.7M | 65 | 3 | 4 | 47 | 3 | 59.7% | 40 |
| Q3 2021 | $237.6M | 65 | 3 | 13 | 16 | 3 | 57.7% | 36 |
| Q2 2021 | $245.6M | 65 | 3 | 9 | 21 | 5 | 55.7% | 28 |
| Q1 2021 | $228.2M | 67 | 5 | 12 | 27 | 0 | 53.4% | 40 |
| Q4 2020 | $222.7M | 62 | 7 | 29 | 15 | 3 | 55.4% | 40 |
| Q3 2020 | $197.5M | 58 | 1 | 6 | 37 | 0 | 55.8% | 41 |
| Q2 2020 | $179.6M | 57 | 2 | 45 | 2 | 0 | 54.0% | 35 |
| Q1 2020 | $134.9M | 55 | 0 | 12 | 36 | 9 | 52.0% | 34 |
| Q4 2019 | $213.8M | 64 | 0 | 25 | 14 | 2 | 55.7% | 38 |
| Q3 2019 | $157.8M | 66 | 4 | 25 | 30 | 4 | 45.9% | 43 |
| Q2 2019 | $159.5M | 66 | 2 | 9 | 31 | 2 | 45.9% | 40 |
| Q1 2019 | $152.0M | 66 | 1 | 39 | 2 | 3 | 45.1% | 32 |
| Q4 2018 | $126.6M | 68 | 0 | 0 | 0 | 0 | 44.6% | 42 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.