CIK: 0001729048
Total reported value
$292.0M
Reporting period: 2026-03-31 · Number of holdings: 76
Nicollet Investment Management, Inc. disclosed 76 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $292.0M and a quarterly turnover rate of 16.6%.
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Nicollet Investment Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.031 — mathematically equivalent to about 32 equally-sized positions, well below its 76 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.18), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-2.4% -$5.5M
Add EQIX
-2.6% $1.5M
Add SLB
-2.6% $1.4M
Trim ORCL
-3.2% -$2.0M
Trim META
-4.2% -$2.6M
Trim BSX
-3.4% -$1.7M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com INC | Stock-Consumer Disc | 6.83% | -0.40% | -3.31% | |
| 2 | AAPL | Apple INC | Stock-Tech | 6.33% | -0.22% | -4.23% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 6.15% | -0.23% | -2.45% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 5.55% | -1.31% | -2.37% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.56% | -0.32% | -6.09% | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 4.28% | -0.48% | -4.23% | |
| 7 | NVDA | Nvidia CORP | Stock-Tech | 3.98% | -0.07% | -2.98% | |
| 8 | V | Visa Inc-class A Shares | Stock-Financials | 3.54% | -0.38% | -3.31% | |
| 9 | GWW | Ww Grainger INC | Stock-Industrials | 3.25% | +0.40% | -2.67% | |
| 10 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 2.81% | +0.15% | -2.84% | |
| 11 | EQIX | Equinix INC | Stock-Real Estate | 2.64% | +0.68% | -2.61% | |
| 12 | SCHX | Schwab US Large-cap ETF | ETF-Other | 2.57% | +0.07% | -0.22% | |
| 13 | IWL | Ishares Russell Top 200 ETF | ETF-Other | 2.22% | -0.35% | -15.40% | |
| 14 | SLB | Slb LTD | Stock-Energy | 2.01% | +0.59% | -2.56% | |
| 15 | RMD | Resmed INC | Stock-Healthcare | 1.91% | -0.05% | -3.48% | |
| 16 | MMM | 3m Co | Stock-Industrials | 1.89% | -0.10% | -3.52% | |
| 17 | ORCL | Oracle CORP | Stock-Tech | 1.86% | -0.50% | -3.16% | |
| 18 | ECL | Ecolab INC | Stock-Materials | 1.78% | — | -3.01% | |
| 19 | TJX | Tjx Companies INC | Stock-Consumer Disc | 1.70% | — | -3.50% | |
| 20 | MDY | State Street Spdr S&p Midcap | ETF-Other | 1.65% | +0.04% | -7.33% | |
| 21 | UBER | Uber Technologies INC | Stock-Industrials | 1.56% | -0.14% | -3.71% | |
| 22 | UNP | Union Pacific CORP | Stock-Industrials | 1.54% | — | -4.13% | |
| 23 | KO | Coca-cola Co/the | Stock-Consumer Staples | 1.53% | +0.18% | -3.38% | |
| 24 | CB | Chubb Limited | Stock-Financials | 1.41% | — | -3.19% | |
| 25 | GS | Goldman Sachs Group INC | Stock-Financials | 1.30% | +1.30% | NEW | |
| 26 | SCHM | Schwab US Mid Cap ETF | ETF-Other | 1.23% | — | -4.77% | |
| 27 | FAST | Fastenal Co | Stock-Industrials | 1.17% | +0.19% | -3.85% | |
| 28 | UTHR | United Therapeutics CORP | Stock-Healthcare | 1.16% | +0.25% | -3.91% | |
| 29 | EOG | Eog Resources INC | Stock-Energy | 1.09% | +0.38% | +2.29% | |
| 30 | BSX | Boston Scientific CORP | Stock-Healthcare | 1.03% | -0.46% | -3.37% | |
| 31 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.93% | -0.12% | -3.44% | |
| 32 | CRM | Salesforce INC | Stock-Tech | 0.90% | -0.31% | -2.59% | |
| 33 | HD | Home Depot INC | Stock-Consumer Disc | 0.89% | +0.01% | -2.87% | |
| 34 | PANW | Palo Alto Networks INC | Stock-Tech | 0.85% | -0.11% | -5.34% | |
| 35 | ACN | Accenture plc | Stock-Tech | 0.85% | -0.21% | +0.20% | |
| 36 | LHX | L3harris Technologies INC | Stock-Industrials | 0.78% | +0.14% | -3.92% | |
| 37 | AKAM | Akamai Technologies INC | Stock-Tech | 0.77% | +0.23% | -0.51% | |
| 38 | SBUX | Starbucks CORP | Stock-Consumer Disc | 0.74% | — | +0.16% | |
| 39 | NOW | Servicenow INC | Stock-Tech | 0.73% | -0.29% | -3.79% | |
| 40 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.69% | -0.13% | -4.41% | |
| 41 | VMI | Valmont Industries | Stock-Industrials | 0.68% | — | -3.75% | |
| 42 | SYY | Sysco CORP | Stock-Consumer Staples | 0.66% | — | +2.06% | |
| 43 | ULTA | Ulta Beauty INC | Stock-Consumer Disc | 0.55% | -0.06% | -4.24% | |
| 44 | EXPD | Expeditors Intl Wash INC | Stock-Industrials | 0.52% | — | -3.75% | |
| 45 | ALKS | Alkermes plc | Stock-Healthcare | 0.52% | +0.13% | -2.65% | |
| 46 | MRNA | Moderna INC | Stock-Healthcare | 0.51% | +0.23% | -4.24% | |
| 47 | IONS | Ionis Pharmaceuticals INC | Stock-Healthcare | 0.51% | — | -4.27% | |
| 48 | GNRC | Generac Holdings INC | Stock-Industrials | 0.50% | +0.17% | -4.19% | |
| 49 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 0.49% | +0.16% | +90.57% | |
| 50 | PYPL | Paypal Holdings INC | Stock-Financials | 0.43% | -0.10% | -3.49% |
Performance for Q3 2026
+1.9%
Performance Last 4 Quarters
+15.7%
Based on 85% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 76 | $292.0M | 17 | |
| 2025-12-31 | 74 | $316.0M | 19 | |
| 2025-09-30 | 71 | $306.6M | 20 | |
| 2025-06-30 | 73 | $298.6M | 0 | |
| 2025-03-31 | 70 | $284.5M | 100 | |
| 2024-12-31 | 71 | $291.2M | 0 | |
| 2024-09-30 | 70 | $289.3M | 0 | |
| 2024-06-30 | 68 | $267.8M | 0 | |
| 2024-03-31 | 68 | $271.0M | 0 | |
| 2023-12-31 | 65 | $245.2M | 0 | |
| 2023-09-30 | 62 | $223.4M | 0 | |
| 2023-06-30 | 60 | $224.5M | 0 | |
| 2023-03-31 | 59 | $192.3M | 0 | |
| 2022-12-31 | 58 | $173.3M | 0 | |
| 2022-09-30 | 57 | $182.9M | 0 | |
| 2022-06-30 | 58 | $185.6M | 0 | |
| 2022-03-31 | 60 | $225.2M | 0 | |
| 2021-12-31 | 65 | $248.7M | 0 | |
| 2021-09-30 | 65 | $237.6M | 0 | |
| 2021-06-30 | 65 | $245.6M | 100 | |
| 2021-03-31 | 67 | $228.2M | 9 | |
| 2020-12-31 | 62 | $222.7M | 22 | |
| 2020-09-30 | 58 | $197.5M | 11 | |
| 2020-06-30 | 57 | $179.6M | 29 | |
| 2020-03-31 | 55 | $134.9M | 47 | |
| 2019-12-31 | 64 | $213.8M | 32 | |
| 2019-09-30 | 66 | $157.8M | 11 | |
| 2019-06-30 | 66 | $159.5M | 11 | |
| 2019-03-31 | 66 | $152.0M | 23 | |
| 2018-12-31 | 68 | $126.6M | 25 | |
| 2018-09-30 | 67 | $153.5M | 12 | |
| 2018-06-30 | 69 | $138.8M | 16 | |
| 2018-03-31 | 68 | $129.0M | 13 | |
| 2017-12-31 | 66 | $121.7M | — |
Nicollet Investment Management, Inc.'s most significant position changes for 2026-03-31: New buy: Goldman Sachs Group INC (GS); New buy: Wheaton Precious Metals CORP (WPM); New buy: Ishares S&p 500 Growth ETF (IVW); Sold out: Eli Lilly & Co (LLY); Trim: Microsoft CORP (MSFT) — shares -2.37%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EQIX | Equinix INC | +0.7% | -2.61% | Trim |
| 2 | SLB | Slb LTD | +0.6% | -2.56% | Trim |
| 3 | GWW | Ww Grainger INC | +0.4% | -2.67% | Trim |
| 4 | EOG | Eog Resources INC | +0.4% | +2.29% | Add |
| 5 | UTHR | United Therapeutics CORP | +0.3% | -3.91% | Trim |
| 6 | MRNA | Moderna INC | +0.2% | -4.24% | Trim |
| 7 | AKAM | Akamai Technologies INC | +0.2% | -0.51% | Trim |
| 8 | FAST | Fastenal Co | +0.2% | -3.85% | Trim |
| 9 | KO | Coca-cola Co/the | +0.2% | -3.38% | Trim |
| 10 | GNRC | Generac Holdings INC | +0.2% | -4.19% | Trim |
| 11 | NVO | Novo-nordisk A/s-spons Adr | +0.2% | +90.57% | Add |
| 12 | RSP | Invesco S&p 500 Equal Weight | +0.2% | -2.84% | Trim |
| 13 | LHX | L3harris Technologies INC | +0.1% | -3.92% | Trim |
| 14 | ALKS | Alkermes plc | +0.1% | -2.65% | Trim |
| 15 | CTRA | Coterra Energy INC | +0.1% | -3.84% | Trim |
| 16 | DINO | Hf Sinclair CORP | +0.1% | -4.24% | Trim |
| 17 | SCHX | Schwab US Large-cap ETF | +0.1% | -0.22% | Trim |
| 18 | MDY | State Street Spdr S&p Midcap | 0% | -7.33% | Trim |
| 19 | HD | Home Depot INC | 0% | -2.87% | Trim |
| 20 | IONS | Ionis Pharmaceuticals INC | — | -4.27% | Trim |
| 21 | SOLV | Solventum CORP | 0% | -5.83% | Trim |
| 22 | FISV | Fiserv INC | 0% | -2.51% | Trim |
| 23 | RMD | Resmed INC | -0.1% | -3.48% | Trim |
| 24 | ULTA | Ulta Beauty INC | -0.1% | -4.24% | Trim |
| 25 | NVDA | Nvidia CORP | -0.1% | -2.98% | Trim |
| 26 | LYFT | Lyft Inc-a | -0.1% | -1.92% | Trim |
| 27 | MMM | 3m Co | -0.1% | -3.52% | Trim |
| 28 | PYPL | Paypal Holdings INC | -0.1% | -3.49% | Trim |
| 29 | FIS | Fidelity National Info Serv | -0.1% | -2.97% | Trim |
| 30 | PANW | Palo Alto Networks INC | -0.1% | -5.34% | Trim |
| 31 | TMO | Thermo Fisher Scientific INC | -0.1% | -3.44% | Trim |
| 32 | UNH | Unitedhealth Group INC | -0.1% | -4.41% | Trim |
| 33 | UBER | Uber Technologies INC | -0.1% | -3.71% | Trim |
| 34 | ACN | Accenture plc | -0.2% | +0.20% | Add |
| 35 | AAPL | Apple INC | -0.2% | -4.23% | Trim |
| 36 | GOOG | Alphabet Inc-cl C | -0.2% | -2.45% | Trim |
| 37 | NOW | Servicenow INC | -0.3% | -3.79% | Trim |
| 38 | CRM | Salesforce INC | -0.3% | -2.59% | Trim |
| 39 | GOOGL | Alphabet Inc-cl A | -0.3% | -6.09% | Trim |
| 40 | IWL | Ishares Russell Top 200 ETF | -0.4% | -15.40% | Trim |
| 41 | V | Visa Inc-class A Shares | -0.4% | -3.31% | Trim |
| 42 | AMZN | Amazon.com INC | -0.4% | -3.31% | Trim |
| 43 | BSX | Boston Scientific CORP | -0.5% | -3.37% | Trim |
| 44 | META | Meta Platforms Inc-class A | -0.5% | -4.23% | Trim |
| 45 | ORCL | Oracle CORP | -0.5% | -3.16% | Trim |
| 46 | MSFT | Microsoft CORP | -1.3% | -2.37% | Trim |
| 47 | GS | Goldman Sachs Group INC | — | NEW | New buy |
| 48 | WPM | Wheaton Precious Metals CORP | — | NEW | New buy |
| 49 | IVW | Ishares S&p 500 Growth ETF | — | NEW | New buy |
| 50 | LLY | Eli Lilly & Co | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-06 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-07 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-06 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-08 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-04 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-05 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-28 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-10 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-10 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-04 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-04 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-07 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-02 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-09 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-06 | 13F-HR | View on EDGAR |
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