Salem Investment Counselors INC Quarterly 13F Holdings Update

CIK: 0000884423

Diversified strategyMomentum followerLong-term holder

Total reported value

$3.4B

Reporting period: 2026-03-31 · Number of holdings: 1238

SALEM INVESTMENT COUNSELORS INC disclosed 1238 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.4B and a quarterly turnover rate of 14.0%.

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Personality snowflake

Concentration: 12.13
Portfolio Stability: 13.97
Momentum/Contrarian: 100
Sector conviction: 65.27
Diversification: 100
Sizing Uniformity: 39.52

Salem Investment Counselors INC's disclosed holdings carry a Herfindahl concentration index of 0.030 — mathematically equivalent to about 33 equally-sized positions, well below its 1238 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 6.05), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim MSFT
+0.5%　-$43.5M
Trim PLTR
-9.2%　-$28.6M
Add MU
-0.5%　$10.5M
Trim NVDA
-2.1%　-$22.4M
Trim AAPL
-1.0%　-$19.9M
Trim LLY
-0.9%　-$12.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 1238 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LOW	Lowe's Cos INC	Stock-Consumer Disc	9.67%	+0.17%	-0.01%
2	NVDA	Nvidia CORP	Stock-Tech	7.12%	-0.36%	-2.10%
3	AAPL	Apple INC	Stock-Tech	7.11%	-0.29%	-1.01%
4	MSFT	Microsoft CORP	Stock-Tech	4.25%	-1.07%	+0.48%
5	GOOG	Alphabet Inc-cl C	Stock-Comm Services	4.17%	-0.25%	-0.76%
6	AMZN	Amazon.com INC	Stock-Consumer Disc	2.96%	-0.17%	+0.79%
7	META	Meta Platforms Inc-class A	Stock-Comm Services	2.63%	-0.28%	+0.47%
8	PLTR	Palantir Technologies Inc-a	Stock-Tech	2.49%	-0.71%	-9.16%
9	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	2.41%	-0.03%	-0.46%
10	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	2.27%	-0.10%	+0.40%
11	LLY	Eli Lilly & Co	Stock-Healthcare	2.12%	-0.29%	-0.89%
12	JPM	Jpmorgan Chase & Co	Stock-Financials	2.08%	-0.11%	+0.17%
13	MU	Micron Technology INC	Stock-Tech	2.04%	+0.38%	-0.51%
14	BAC	Bank Of America CORP	Stock-Financials	1.62%	-0.13%	+0.48%
15	AMD	Advanced Micro Devices	Stock-Tech	1.58%	-0.01%	+0.65%
16	PEP	Pepsico INC	Stock-Consumer Staples	1.30%	+0.14%	-0.04%
17	JNJ	Johnson & Johnson	Stock-Healthcare	1.27%	+0.23%	-0.62%
18	RTX	Rtx CORP	Stock-Industrials	1.25%	+0.11%	+0.19%
19	WMT	Walmart INC	Stock-Consumer Staples	1.22%	+0.17%	-0.47%
20	GRBK	Green Brick Partners INC	Stock-Other	1.21%	—	-0.45%
21	CAT	Caterpillar INC	Stock-Industrials	1.02%	+0.23%	-0.42%
22	NU	Nu Holdings Ltd.	Stock-Financials	0.89%	-0.10%	+1.24%
23	ISRG	Intuitive Surgical INC	Stock-Healthcare	0.85%	-0.14%	+1.36%
24	ABBV	Abbvie INC	Stock-Healthcare	0.84%	—	+0.22%
25	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	0.83%	+0.13%	+1.80%
26	V	Visa Inc-class A Shares	Stock-Financials	0.73%	-0.07%	+1.22%
27	COST	Costco Wholesale CORP	Stock-Consumer Staples	0.72%	+0.13%	+2.03%
28	SCHX	Schwab US Large-cap ETF	ETF-Other	0.71%	—	+0.31%
29	LEN	Lennar Corp-a	Stock-Consumer Disc	0.67%	-0.09%	+0.17%
30	SW	Smurfit Westrock Plc	Stock-Consumer Disc	0.67%	—	+2.98%
31	MRK	Merck & Co. INC.	Stock-Healthcare	0.63%	—	-6.43%
32	CSCO	Cisco Systems INC	Stock-Tech	0.61%	—	+0.08%
33	ALAB	Astera Labs INC	Stock-Tech	0.59%	-0.27%	+1.42%
34	VO	Vanguard Mid-cap ETF	ETF-Other	0.59%	—	-0.27%
35	SCHM	Schwab US Mid Cap ETF	ETF-Other	0.59%	—	+1.71%
36	MGK	Vanguard Mega Cap Growth ETF	ETF-Other	0.58%	-0.06%	-1.79%
37	VB	Vanguard Small-cap ETF	ETF-Other	0.58%	—	+0.21%
38	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.57%	—	-0.75%
39	MCD	Mcdonald's CORP	Stock-Consumer Disc	0.48%	—	-0.28%
40	XOM	Exxon Mobil CORP	Stock-Energy	0.45%	+0.14%	+0.13%
41	UI	Ubiquiti INC	Stock-Tech	0.44%	+0.13%	-4.37%
42	ACN	Accenture plc	Stock-Tech	0.44%	-0.15%	-2.79%
43	QCOM	Qualcomm INC	Stock-Tech	0.43%	-0.12%	+0.78%
44	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.43%	—	-1.73%
45	GEHC	GE Healthcare Technology	Stock-Healthcare	0.39%	—	+4.56%
46	BCPC	Balchem CORP	Stock-Materials	0.38%	—	—
47	BSX	Boston Scientific CORP	Stock-Healthcare	0.37%	-0.16%	+2.78%
48	TFC	Truist Financial CORP	Stock-Financials	0.37%	—	-0.65%
49	MRVL	Marvell Technology INC	Stock-Tech	0.35%	+0.08%	+8.97%
50	ETN	Eaton Corporation plc	Stock-Industrials	0.35%	—	+2.56%

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+6.3%

Performance Last 4 Quarters

+30.9%

Based on 72% of reported portfolio value with available pricing

Stdev: +15.7%
Beta: +1.17
Alpha: +2.3%
Max Drawdown: -8.2%
Annualized Perf: +25.2%
Batting Avg vs S&P: +69.4%
Sortino: +3.4
Stutzer: +0.45
Treynor: +0.2
Sterling: +1.43
Calmar: +3.08
Information Ratio: +1.28
Tracking Error: +4.2%
Stdev Down: +7%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +46.9%
Worst 12 Months: +12.2%
Efficiency Ratio: +0.67
Sharpe: +1.52
Stdev Sectors: +10.7%
Skewness: +0.21
Kurtosis: -0.28
Upside Potential: +5.14

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	1238	$3.4B	14	1LOW 2NVDA 3AAPL Top holdings2026-03-31 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.GOOG 6.AMZN 7.META 8.PLTR 9.BRK-B 10.GOOGL
2025-12-31	391	$3.5B	13	1LOW 2NVDA 3AAPL Top holdings2025-12-31 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.GOOG 6.PLTR 7.AMZN 8.META 9.BRK-B 10.LLY
2025-09-30	1214	$3.5B	25	1LOW 2NVDA 3AAPL Top holdings2025-09-30 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.PLTR 6.GOOG 7.META 8.AMZN 9.BRK-B 10.JPM
2025-06-30	1170	$3.2B	0	1LOW 2NVDA 3AAPL Top holdings2025-06-30 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.META 6.PLTR 7.AMZN 8.GOOG 9.BRK-B 10.JPM
2025-03-31	1220	$2.9B	100	1LOW 2AAPL 3NVDA Top holdings2025-03-31 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.META 6.BRK-B 7.AMZN 8.PLTR 9.GOOG 10.LLY
2024-12-31	1204	$3.0B	0	1LOW 2AAPL 3NVDA Top holdings2024-12-31 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.AMZN 6.META 7.GOOG 8.PLTR 9.BRK-B 10.JPM
2024-09-30	1187	$3.3B	0	1LOW 2AAPL 3NVDA Top holdings2024-09-30 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.META 6.AMZN 7.GOOG 8.BRK-B 9.PLTR 10.LLY
2024-06-30	1165	$3.1B	0	1LOW 2AAPL 3NVDA Top holdings2024-06-30 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.AMZN 6.GOOG 7.META 8.BRK-B 9.LLY 10.GOOGL
2024-03-31	1171	$3.0B	0	1LOW 2AAPL 3MSFT Top holdings2024-03-31 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.AMZN 6.META 7.GOOG 8.BRK-B 9.LLY 10.PEP
2023-12-31	1110	$2.9B	0	1LOW 2AAPL 3MSFT Top holdings2023-12-31 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.AMZN 6.GOOG 7.BRK-B 8.META 9.PEP 10.LLY
2023-09-30	1100	$2.6B	0	1LOW 2AAPL 3MSFT Top holdings2023-09-30 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.GOOG 6.AMZN 7.BRK-B 8.META 9.PEP 10.GOOGL
2023-06-30	1150	$2.8B	0	1LOW 2AAPL 3MSFT Top holdings2023-06-30 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.AMZN 6.GOOG 7.BRK-B 8.PEP 9.META 10.GRBK
2023-03-31	1119	$2.5B	0	1LOW 2AAPL 3MSFT Top holdings2023-03-31 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.PEP 6.BRK-B 7.GOOG 8.AMZN 9.BAC 10.META
2022-12-31	1099	$2.3B	0	1LOW 2AAPL 3MSFT Top holdings2022-12-31 1.LOW 2.AAPL 3.MSFT 4.BRK-B 5.PEP 6.GOOG 7.BAC 8.AMZN 9.JNJ 10.JPM
2022-09-30	1098	$2.2B	0	1LOW 2AAPL 3MSFT Top holdings2022-09-30 1.LOW 2.AAPL 3.MSFT 4.AMZN 5.GOOG 6.BRK-B 7.PEP 8.BAC 9.JNJ 10.QCOM
2022-06-30	1130	$2.2B	0	1LOW 2AAPL 3MSFT Top holdings2022-06-30 1.LOW 2.AAPL 3.MSFT 4.GOOG 5.AMZN 6.BRK-B 7.PEP 8.BAC 9.JNJ 10.QCOM
2022-03-31	1059	$2.5B	0	1LOW 2AAPL 3MSFT Top holdings2022-03-31 1.LOW 2.AAPL 3.MSFT 4.AMZN 5.GOOG 6.BRK-B 7.BAC 8.PEP 9.NVDA 10.GOOGL
2021-12-31	1105	$2.9B	0	1LOW 2AAPL 3MSFT Top holdings2021-12-31 1.LOW 2.AAPL 3.MSFT 4.AMZN 5.GOOG 6.BRK-B 7.BAC 8.NVDA 9.PEP 10.QCOM
2021-09-30	1003	$1.8B	0	1AAPL 2MSFT 3AMZN Top holdings2021-09-30 1.AAPL 2.MSFT 3.AMZN 4.GOOG 5.LOW 6.BRK-B 7.BAC 8.PEP 9.META 10.GOOGL
2021-06-30	947	$1.8B	13	1AAPL 2MSFT 3AMZN Top holdings2021-06-30 1.AAPL 2.MSFT 3.AMZN 4.GOOG 5.LOW 6.BRK-B 7.BAC 8.META 9.PEP 10.GOOGL
2021-03-31	885	$1.6B	15	1AAPL 2MSFT 3AMZN Top holdings2021-03-31 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.GOOG 6.BRK-B 7.BAC 8.PEP 9.META 10.MU
2020-12-31	826	$1.5B	17	1AAPL 2MSFT 3AMZN Top holdings2020-12-31 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.BRK-B 6.GOOG 7.PEP 8.BAC 9.QCOM 10.META
2020-09-30	708	$1.3B	17	1AAPL 2MSFT 3AMZN Top holdings2020-09-30 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.BRK-B 6.PEP 7.GOOG 8.META 9.BAC 10.QCOM
2020-06-30	717	$1.2B	25	1AAPL 2MSFT 3AMZN Top holdings2020-06-30 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.PEP 6.BRK-B 7.GOOG 8.BAC 9.META 10.INTC
2020-03-31	694	$966.6M	26	1AAPL 2MSFT 3AMZN Top holdings2020-03-31 1.AAPL 2.MSFT 3.AMZN 4.BRK-B 5.PEP 6.GOOG 7.LOW 8.BAC 9.JNJ 10.INTC
2019-12-31	707	$1.2B	17	1AAPL 2MSFT 3BRK-B Top holdings2019-12-31 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.BAC 6.PEP 7.LOW 8.GOOG 9.JPM 10.JNJ
2019-09-30	658	$1.1B	10	1AAPL 2MSFT 3BRK-B Top holdings2019-09-30 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.AMZN 6.BAC 7.LOW 8.GOOG 9.JPM 10.UTXZ
2019-06-30	680	$1.1B	37	1AAPL 2MSFT 3BRK-B Top holdings2019-06-30 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.PEP 6.BAC 7.LOW 8.GOOG 9.JNJ 10.META
2019-03-31	448	$979.1M	24	1AAPL 2MSFT 3BRK-B Top holdings2019-03-31 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.PEP 6.LOW 7.BAC 8.GOOG 9.JNJ 10.UTXZ
2018-12-31	184	$793.8M	24	1AAPL 2MSFT 3BRK-B Top holdings2018-12-31 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.AMZN 6.BAC 7.LOW 8.GOOG 9.JNJ 10.MMM
2018-09-30	448	$979.1M	32	1AAPL 2MSFT 3BRK-B Top holdings2018-09-30 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.PEP 6.LOW 7.BAC 8.GOOG 9.JNJ 10.UTXZ
2018-06-30	548	$1.1B	29	1GOOG 2AAPL 3MSFT Top holdings2018-06-30 1.GOOG 2.AAPL 3.MSFT 4.BRK-B 5.AMZN 6.PEP 7.BAC 8.LOW 9.META 10.JNJ
2018-03-31	507	$884.7M	19	1AAPL 2MSFT 3BRK-B Top holdings2018-03-31 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.BAC 6.AMZN 7.GOOG 8.LOW 9.JNJ 10.MMM
2017-12-31	582	$922.9M	14	1AAPL 2MSFT 3BRK-B Top holdings2017-12-31 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.BAC 6.LOW 7.GOOG 8.JNJ 9.MMM 10.META
2017-09-30	560	$856.3M	17	1AAPL 2MSFT 3BRK-B Top holdings2017-09-30 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.GOOG 6.BAC 7.JNJ 8.LOW 9.META 10.MMM
2017-06-30	703	$862.9M	30	1AAPL 2PEP 3MSFT Top holdings2017-06-30 1.AAPL 2.PEP 3.MSFT 4.BRK-B 5.BAC 6.JNJ 7.MMM 8.LOW 9.GOOG 10.META
2017-03-31	542	$935.8M	20	1AAPL 2PEP 3MSFT Top holdings2017-03-31 1.AAPL 2.PEP 3.MSFT 4.BRK-B 5.LOW 6.BAC 7.JNJ 8.MMM 9.META 10.WBA
2016-12-31	704	$872.2M	100	1AAPL 2PEP 3BRK-B Top holdings2016-12-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.BAC 6.JNJ 7.LOW 8.MMM 9.WBA 10.AEP
2016-09-30	534	$766.3M	100	1AAPL 2PEP 3MSFT Top holdings2016-09-30 1.AAPL 2.PEP 3.MSFT 4.JNJ 5.LOW 6.MMM 7.WBA 8.BAC 9.AEP 10.GOOG
2016-06-30	255	$833.2M	11	1AAPL 2PEP 3BRK-B Top holdings2016-06-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.MMM 8.872375 9.WBA 10.AEP
2016-03-31	252	$809.0M	15	1AAPL 2PEP 3BRK-B Top holdings2016-03-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.872375 8.MMM 9.WBA 10.AEP
2015-12-31	258	$791.0M	25	1AAPL 2PEP 3MSFT Top holdings2015-12-31 1.AAPL 2.PEP 3.MSFT 4.BRK-B 5.LOW 6.JNJ 7.WBA 8.AEP 9.MMM 10.BBTUSD
2015-09-30	262	$765.0M	21	1AAPL 2PEP 3VB Top holdings2015-09-30 1.AAPL 2.PEP 3.VB 4.BRK-B 5.MSFT 6.LOW 7.JNJ 8.WMT 9.MMM 10.AEP
2015-06-30	268	$822.7M	12	1AAPL 2PEP 3BRK-B Top holdings2015-06-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.WBA 8.MMM 9.BBTUSD 10.UTXZ
2015-03-31	269	$838.0M	12	1AAPL 2PEP 3BRK-B Top holdings2015-03-31 1.AAPL 2.PEP 3.BRK-B 4.LOW 5.MSFT 6.JNJ 7.MMM 8.WBA 9.WMT 10.UTXZ
2014-12-31	271	$839.2M	20	1AAPL 2PEP 3BRK-B Top holdings2014-12-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.MMM 8.WMT 9.WBA 10.QCOM
2014-09-30	280	$833.0M	15	1AAPL 2PEP 3BRK-B Top holdings2014-09-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.JNJ 6.LOW 7.MMM 8.WMT 9.QCOM 10.AEP
2014-06-30	287	$824.0M	17	1AAPL 2PEP 3BRK-B Top holdings2014-06-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.JNJ 6.QCOM 7.BBTUSD 8.WMT 9.LOW 10.AEP
2014-03-31	291	$808.4M	44	1AAPL 2PEP 3BRK-B Top holdings2014-03-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.JNJ 6.GOOG 7.MMM 8.BBTUSD 9.LOW 10.QCOM
2013-12-31	269	$767.9M	15	1AAPL 2PEP 3BRK-B Top holdings2013-12-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.GOOG 6.MMM 7.JNJ 8.LOW 9.AEP 10.WMT
2013-09-30	276	$719.8M	33	1PEP 2AAPL 3BRK-B Top holdings2013-09-30 1.PEP 2.AAPL 3.BRK-B 4.MSFT 5.JNJ 6.LOW 7.MMM 8.WMT 9.GOOG 10.549371
2013-06-30	266	$691.1M	0	1PEP 2AAPL 3BRK-B Top holdings2013-06-30 1.PEP 2.AAPL 3.BRK-B 4.MSFT 5.JNJ 6.GOOG 7.WMT 8.MMM 9.549371 10.LOW

Holding changes this quarter

Salem Investment Counselors INC's most significant position changes for 2026-03-31: New buy: Cintas CORP (CTAS); Sold out: Cyberark Software LTD; New buy: Palo Alto Networks INC (PANW); New buy: Global X Copper Miners ETF (COPX); Add: Microsoft CORP (MSFT) — shares +0.48%.

Position changes disclosed by Salem Investment Counselors INC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MU	Micron Technology INC	+0.4%	-0.51%	Trim
2	NVS	Novartis Ag-sponsored Adr	+0.3%	+1187.76%	Add
3	CAT	Caterpillar INC	+0.2%	-0.42%	Trim
4	JNJ	Johnson & Johnson	+0.2%	-0.62%	Trim
5	LOW	Lowe's Cos INC	+0.2%	-0.01%	Trim
6	WMT	Walmart INC	+0.2%	-0.47%	Trim
7	XOM	Exxon Mobil CORP	+0.1%	+0.13%	Add
8	PEP	Pepsico INC	+0.1%	-0.04%	Trim
9	UI	Ubiquiti INC	+0.1%	-4.37%	Trim
10	COST	Costco Wholesale CORP	+0.1%	+2.03%	Add
11	TSM	Taiwan Semiconductor-sp Adr	+0.1%	+1.80%	Add
12	PBR	Petroleo Brasileiro-spon Adr	+0.1%	-9.25%	Trim
13	SOLS	Solstice Adv Materials INC	+0.1%	+5.96%	Add
14	RTX	Rtx CORP	+0.1%	+0.19%	Add
15	ADBE	Adobe INC	+0.1%	+1507.75%	Add
16	MRVL	Marvell Technology INC	+0.1%	+8.97%	Add
17	ASML	ASML Holding N.V.	+0.1%	+2.73%	Add
18	PSX	Phillips 66	+0.1%	-1.38%	Trim
19	KMI	Kinder Morgan INC	+0.1%	-0.34%	Trim
20	RIO	Rio Tinto Plc-spon Adr	+0.1%	+5.68%	Add
21	AMD	Advanced Micro Devices	0%	+0.65%	Add
22	BRK-B	Berkshire Hathaway Inc-cl B	0%	-0.46%	Trim
23	MGK	Vanguard Mega Cap Growth ETF	-0.1%	-1.79%	Trim
24	COF	Capital One Financial CORP	-0.1%	+0.69%	Add
25	ABT	Abbott Laboratories	-0.1%	-9.06%	Trim
26	V	Visa Inc-class A Shares	-0.1%	+1.22%	Add
27	LEN	Lennar Corp-a	-0.1%	+0.17%	Add
28	GOOGL	Alphabet Inc-cl A	-0.1%	+0.40%	Add
29	NU	Nu Holdings Ltd.	-0.1%	+1.24%	Add
30	JPM	Jpmorgan Chase & Co	-0.1%	+0.17%	Add
31	OBDC	Blue Owl Capital CORP	-0.1%	-91.97%	Trim
32	QCOM	Qualcomm INC	-0.1%	+0.78%	Add
33	BAC	Bank Of America CORP	-0.1%	+0.48%	Add
34	ISRG	Intuitive Surgical INC	-0.1%	+1.36%	Add
35	ACN	Accenture plc	-0.2%	-2.79%	Trim
36	BSX	Boston Scientific CORP	-0.2%	+2.78%	Add
37	AMZN	Amazon.com INC	-0.2%	+0.79%	Add
38	GOOG	Alphabet Inc-cl C	-0.3%	-0.76%	Trim
39	HIMS	Hims & Hers Health INC	-0.3%	-99.62%	Trim
40	ALAB	Astera Labs INC	-0.3%	+1.42%	Add
41	META	Meta Platforms Inc-class A	-0.3%	+0.47%	Add
42	AAPL	Apple INC	-0.3%	-1.01%	Trim
43	LLY	Eli Lilly & Co	-0.3%	-0.89%	Trim
44	NVDA	Nvidia CORP	-0.4%	-2.10%	Trim
45	PLTR	Palantir Technologies Inc-a	-0.7%	-9.16%	Trim
46	MSFT	Microsoft CORP	-1.1%	+0.48%	Add
47	CTAS	Cintas CORP	—	NEW	New buy
48	✓	Cyberark Software LTD	—	EXIT	Sold out
49	PANW	Palo Alto Networks INC	—	NEW	New buy
50	COPX	Global X Copper Miners ETF	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-04-29	Amendment	View on EDGAR
2026-03-31	2026-04-13	13F-HR	View on EDGAR
2025-12-31	2026-01-12	13F-HR	View on EDGAR
2025-09-30	2025-10-07	13F-HR	View on EDGAR
2025-06-30	2025-07-08	Amendment	View on EDGAR
2025-06-30	2025-07-07	13F-HR	View on EDGAR
2025-03-31	2025-04-16	13F-HR	View on EDGAR
2024-12-31	2025-01-13	13F-HR	View on EDGAR
2024-09-30	2024-10-15	13F-HR	View on EDGAR
2024-06-30	2024-07-11	13F-HR	View on EDGAR
2024-03-31	2024-04-11	13F-HR	View on EDGAR
2023-12-31	2024-01-16	13F-HR	View on EDGAR
2023-09-30	2023-10-04	13F-HR	View on EDGAR
2023-06-30	2023-07-19	13F-HR	View on EDGAR
2023-03-31	2023-05-11	13F-HR	View on EDGAR
2022-12-31	2023-02-15	13F-HR	View on EDGAR
2022-09-30	2022-11-09	13F-HR	View on EDGAR
2022-06-30	2022-08-17	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-15	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-17	13F-HR	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-02-17	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-13	13F-HR	View on EDGAR
2020-03-31	2020-05-14	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-13	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-15	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-15	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-16	13F-HR	View on EDGAR
2017-09-30	2017-11-16	13F-HR	View on EDGAR
2017-06-30	2017-08-14	13F-HR	View on EDGAR
2017-03-31	2017-05-16	13F-HR	View on EDGAR
2016-12-31	2017-02-16	13F-HR	View on EDGAR
2016-09-30	2016-11-15	13F-HR	View on EDGAR
2016-06-30	2016-08-12	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-02-16	13F-HR	View on EDGAR
2015-09-30	2015-11-17	Amendment	View on EDGAR
2015-09-30	2015-11-17	Amendment	View on EDGAR
2015-09-30	2015-11-16	13F-HR	View on EDGAR
2015-06-30	2015-08-14	13F-HR	View on EDGAR
2015-03-31	2015-05-14	13F-HR	View on EDGAR
2014-12-31	2015-02-17	13F-HR	View on EDGAR
2014-09-30	2014-11-17	13F-HR	View on EDGAR
2014-06-30	2014-08-14	13F-HR	View on EDGAR
2014-03-31	2014-05-15	13F-HR	View on EDGAR
2013-12-31	2014-02-18	13F-HR	View on EDGAR
2013-09-30	2013-11-14	13F-HR	View on EDGAR
2013-06-30	2013-08-15	13F-HR	View on EDGAR

FAQ

What is Salem Investment Counselors INC and what type of investor is it?

Salem Investment Counselors INC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $3.4B, spread across 1238 disclosed positions.

What are Salem Investment Counselors INC's largest equity positions?

Based on the latest 13F filing, Salem Investment Counselors INC's top holdings by market value are: 1. Lowe's Cos INC (LOW) — $329.5M (9.7%) 2. Nvidia CORP (NVDA) — $242.5M (7.1%) 3. Apple INC (AAPL) — $242.2M (7.1%) 4. Microsoft CORP (MSFT) — $144.9M (4.3%) 5. Alphabet Inc-cl C (GOOG) — $142.1M (4.2%)

What changes did Salem Investment Counselors INC make in its most recent portfolio filing?

In the latest reported quarter, Salem Investment Counselors INC made 50 notable position adjustments: 3 new positions were initiated, 25 existing holdings were added to, 21 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Cintas CORP (CTAS); Sold out: Cyberark Software LTD; New buy: Palo Alto Networks INC (PANW); New buy: Global X Copper Miners ETF (COPX); Add: Microsoft CORP (MSFT) — shares +0.48%

What sectors does Salem Investment Counselors INC focus on?

Salem Investment Counselors INC is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 37.7% • Consumer Discretionary: 18.5% • Communication Services: 12.6% • Financials: 10.4% • Health Care: 9.8% • Consumer Staples: 5.4%

Peer Institutions

Institutions with a similar AUM

Fisher Funds Management LTD

CIK 0001435028

Total reported value

$3.4B

169 stks

2026-03-31

Concentration6.6

Portfolio Stability30.6

Sector conviction58.2

AUM within 0.1% of this institution

View detail

Marsico Capital Management LLC

CIK 0001055966

Total reported value

$3.4B

65 stks

2026-03-31

Concentration14.9

Portfolio Stability40.8

Sector conviction58.5

AUM within 0.1% of this institution

View detail

Becker Capital Management INC

CIK 0000799004

Total reported value

$3.4B

298 stks

2026-03-31

Concentration6.2

Portfolio Stability15.9

Sector conviction44.0

AUM within 0.2% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

Fred Alger Management, LLC

CIK 0000003520

Total reported value

$22.8B

525 stks

2026-03-31

Concentration16.8

Portfolio Stability32.2

Sector conviction81.0

4 of the top 5 holdings overlap, including Nvidia CORP

View detail

Jpmorgan Chase & Co

CIK 0000019617

Total reported value

$1.6T

33,063 stks

2026-03-31

Concentration3.5

Portfolio Stability25.6

Sector conviction47.2

4 of the top 5 holdings overlap, including Nvidia CORP

View detail

Welch & Forbes LLC

CIK 0000105495

Total reported value

$7.7B

368 stks

2026-03-31

Concentration8.6

Portfolio Stability12.4

Sector conviction44.1

4 of the top 5 holdings overlap, including Nvidia CORP

View detail

Salem Investment Counselors INC Quarterly 13F Holdings Update

CIK: 0000884423

Diversified strategyMomentum followerLong-term holder

Total reported value

$3.4B

Reporting period: 2026-03-31 · Number of holdings: 1238

SALEM INVESTMENT COUNSELORS INC disclosed 1238 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.4B and a quarterly turnover rate of 14.0%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "S"

Personality snowflake

Concentration: 12.13
Portfolio Stability: 13.97
Momentum/Contrarian: 100
Sector conviction: 65.27
Diversification: 100
Sizing Uniformity: 39.52

Position sizes vary widely across the portfolio (a coefficient of variation of 6.05), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim MSFT
+0.5%　-$43.5M
Trim PLTR
-9.2%　-$28.6M
Add MU
-0.5%　$10.5M
Trim NVDA
-2.1%　-$22.4M
Trim AAPL
-1.0%　-$19.9M
Trim LLY
-0.9%　-$12.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 1238 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LOW	Lowe's Cos INC	Stock-Consumer Disc	9.67%	+0.17%	-0.01%
2	NVDA	Nvidia CORP	Stock-Tech	7.12%	-0.36%	-2.10%
3	AAPL	Apple INC	Stock-Tech	7.11%	-0.29%	-1.01%
4	MSFT	Microsoft CORP	Stock-Tech	4.25%	-1.07%	+0.48%
5	GOOG	Alphabet Inc-cl C	Stock-Comm Services	4.17%	-0.25%	-0.76%
6	AMZN	Amazon.com INC	Stock-Consumer Disc	2.96%	-0.17%	+0.79%
7	META	Meta Platforms Inc-class A	Stock-Comm Services	2.63%	-0.28%	+0.47%
8	PLTR	Palantir Technologies Inc-a	Stock-Tech	2.49%	-0.71%	-9.16%
9	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	2.41%	-0.03%	-0.46%
10	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	2.27%	-0.10%	+0.40%
11	LLY	Eli Lilly & Co	Stock-Healthcare	2.12%	-0.29%	-0.89%
12	JPM	Jpmorgan Chase & Co	Stock-Financials	2.08%	-0.11%	+0.17%
13	MU	Micron Technology INC	Stock-Tech	2.04%	+0.38%	-0.51%
14	BAC	Bank Of America CORP	Stock-Financials	1.62%	-0.13%	+0.48%
15	AMD	Advanced Micro Devices	Stock-Tech	1.58%	-0.01%	+0.65%
16	PEP	Pepsico INC	Stock-Consumer Staples	1.30%	+0.14%	-0.04%
17	JNJ	Johnson & Johnson	Stock-Healthcare	1.27%	+0.23%	-0.62%
18	RTX	Rtx CORP	Stock-Industrials	1.25%	+0.11%	+0.19%
19	WMT	Walmart INC	Stock-Consumer Staples	1.22%	+0.17%	-0.47%
20	GRBK	Green Brick Partners INC	Stock-Other	1.21%	—	-0.45%
21	CAT	Caterpillar INC	Stock-Industrials	1.02%	+0.23%	-0.42%
22	NU	Nu Holdings Ltd.	Stock-Financials	0.89%	-0.10%	+1.24%
23	ISRG	Intuitive Surgical INC	Stock-Healthcare	0.85%	-0.14%	+1.36%
24	ABBV	Abbvie INC	Stock-Healthcare	0.84%	—	+0.22%
25	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	0.83%	+0.13%	+1.80%
26	V	Visa Inc-class A Shares	Stock-Financials	0.73%	-0.07%	+1.22%
27	COST	Costco Wholesale CORP	Stock-Consumer Staples	0.72%	+0.13%	+2.03%
28	SCHX	Schwab US Large-cap ETF	ETF-Other	0.71%	—	+0.31%
29	LEN	Lennar Corp-a	Stock-Consumer Disc	0.67%	-0.09%	+0.17%
30	SW	Smurfit Westrock Plc	Stock-Consumer Disc	0.67%	—	+2.98%
31	MRK	Merck & Co. INC.	Stock-Healthcare	0.63%	—	-6.43%
32	CSCO	Cisco Systems INC	Stock-Tech	0.61%	—	+0.08%
33	ALAB	Astera Labs INC	Stock-Tech	0.59%	-0.27%	+1.42%
34	VO	Vanguard Mid-cap ETF	ETF-Other	0.59%	—	-0.27%
35	SCHM	Schwab US Mid Cap ETF	ETF-Other	0.59%	—	+1.71%
36	MGK	Vanguard Mega Cap Growth ETF	ETF-Other	0.58%	-0.06%	-1.79%
37	VB	Vanguard Small-cap ETF	ETF-Other	0.58%	—	+0.21%
38	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.57%	—	-0.75%
39	MCD	Mcdonald's CORP	Stock-Consumer Disc	0.48%	—	-0.28%
40	XOM	Exxon Mobil CORP	Stock-Energy	0.45%	+0.14%	+0.13%
41	UI	Ubiquiti INC	Stock-Tech	0.44%	+0.13%	-4.37%
42	ACN	Accenture plc	Stock-Tech	0.44%	-0.15%	-2.79%
43	QCOM	Qualcomm INC	Stock-Tech	0.43%	-0.12%	+0.78%
44	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.43%	—	-1.73%
45	GEHC	GE Healthcare Technology	Stock-Healthcare	0.39%	—	+4.56%
46	BCPC	Balchem CORP	Stock-Materials	0.38%	—	—
47	BSX	Boston Scientific CORP	Stock-Healthcare	0.37%	-0.16%	+2.78%
48	TFC	Truist Financial CORP	Stock-Financials	0.37%	—	-0.65%
49	MRVL	Marvell Technology INC	Stock-Tech	0.35%	+0.08%	+8.97%
50	ETN	Eaton Corporation plc	Stock-Industrials	0.35%	—	+2.56%

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+6.3%

Performance Last 4 Quarters

+30.9%

Based on 72% of reported portfolio value with available pricing

Stdev: +15.7%
Beta: +1.17
Alpha: +2.3%
Max Drawdown: -8.2%
Annualized Perf: +25.2%
Batting Avg vs S&P: +69.4%
Sortino: +3.4
Stutzer: +0.45
Treynor: +0.2
Sterling: +1.43
Calmar: +3.08
Information Ratio: +1.28
Tracking Error: +4.2%
Stdev Down: +7%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +46.9%
Worst 12 Months: +12.2%
Efficiency Ratio: +0.67
Sharpe: +1.52
Stdev Sectors: +10.7%
Skewness: +0.21
Kurtosis: -0.28
Upside Potential: +5.14

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	1238	$3.4B	14	1LOW 2NVDA 3AAPL Top holdings2026-03-31 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.GOOG 6.AMZN 7.META 8.PLTR 9.BRK-B 10.GOOGL
2025-12-31	391	$3.5B	13	1LOW 2NVDA 3AAPL Top holdings2025-12-31 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.GOOG 6.PLTR 7.AMZN 8.META 9.BRK-B 10.LLY
2025-09-30	1214	$3.5B	25	1LOW 2NVDA 3AAPL Top holdings2025-09-30 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.PLTR 6.GOOG 7.META 8.AMZN 9.BRK-B 10.JPM
2025-06-30	1170	$3.2B	0	1LOW 2NVDA 3AAPL Top holdings2025-06-30 1.LOW 2.NVDA 3.AAPL 4.MSFT 5.META 6.PLTR 7.AMZN 8.GOOG 9.BRK-B 10.JPM
2025-03-31	1220	$2.9B	100	1LOW 2AAPL 3NVDA Top holdings2025-03-31 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.META 6.BRK-B 7.AMZN 8.PLTR 9.GOOG 10.LLY
2024-12-31	1204	$3.0B	0	1LOW 2AAPL 3NVDA Top holdings2024-12-31 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.AMZN 6.META 7.GOOG 8.PLTR 9.BRK-B 10.JPM
2024-09-30	1187	$3.3B	0	1LOW 2AAPL 3NVDA Top holdings2024-09-30 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.META 6.AMZN 7.GOOG 8.BRK-B 9.PLTR 10.LLY
2024-06-30	1165	$3.1B	0	1LOW 2AAPL 3NVDA Top holdings2024-06-30 1.LOW 2.AAPL 3.NVDA 4.MSFT 5.AMZN 6.GOOG 7.META 8.BRK-B 9.LLY 10.GOOGL
2024-03-31	1171	$3.0B	0	1LOW 2AAPL 3MSFT Top holdings2024-03-31 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.AMZN 6.META 7.GOOG 8.BRK-B 9.LLY 10.PEP
2023-12-31	1110	$2.9B	0	1LOW 2AAPL 3MSFT Top holdings2023-12-31 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.AMZN 6.GOOG 7.BRK-B 8.META 9.PEP 10.LLY
2023-09-30	1100	$2.6B	0	1LOW 2AAPL 3MSFT Top holdings2023-09-30 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.GOOG 6.AMZN 7.BRK-B 8.META 9.PEP 10.GOOGL
2023-06-30	1150	$2.8B	0	1LOW 2AAPL 3MSFT Top holdings2023-06-30 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.AMZN 6.GOOG 7.BRK-B 8.PEP 9.META 10.GRBK
2023-03-31	1119	$2.5B	0	1LOW 2AAPL 3MSFT Top holdings2023-03-31 1.LOW 2.AAPL 3.MSFT 4.NVDA 5.PEP 6.BRK-B 7.GOOG 8.AMZN 9.BAC 10.META
2022-12-31	1099	$2.3B	0	1LOW 2AAPL 3MSFT Top holdings2022-12-31 1.LOW 2.AAPL 3.MSFT 4.BRK-B 5.PEP 6.GOOG 7.BAC 8.AMZN 9.JNJ 10.JPM
2022-09-30	1098	$2.2B	0	1LOW 2AAPL 3MSFT Top holdings2022-09-30 1.LOW 2.AAPL 3.MSFT 4.AMZN 5.GOOG 6.BRK-B 7.PEP 8.BAC 9.JNJ 10.QCOM
2022-06-30	1130	$2.2B	0	1LOW 2AAPL 3MSFT Top holdings2022-06-30 1.LOW 2.AAPL 3.MSFT 4.GOOG 5.AMZN 6.BRK-B 7.PEP 8.BAC 9.JNJ 10.QCOM
2022-03-31	1059	$2.5B	0	1LOW 2AAPL 3MSFT Top holdings2022-03-31 1.LOW 2.AAPL 3.MSFT 4.AMZN 5.GOOG 6.BRK-B 7.BAC 8.PEP 9.NVDA 10.GOOGL
2021-12-31	1105	$2.9B	0	1LOW 2AAPL 3MSFT Top holdings2021-12-31 1.LOW 2.AAPL 3.MSFT 4.AMZN 5.GOOG 6.BRK-B 7.BAC 8.NVDA 9.PEP 10.QCOM
2021-09-30	1003	$1.8B	0	1AAPL 2MSFT 3AMZN Top holdings2021-09-30 1.AAPL 2.MSFT 3.AMZN 4.GOOG 5.LOW 6.BRK-B 7.BAC 8.PEP 9.META 10.GOOGL
2021-06-30	947	$1.8B	13	1AAPL 2MSFT 3AMZN Top holdings2021-06-30 1.AAPL 2.MSFT 3.AMZN 4.GOOG 5.LOW 6.BRK-B 7.BAC 8.META 9.PEP 10.GOOGL
2021-03-31	885	$1.6B	15	1AAPL 2MSFT 3AMZN Top holdings2021-03-31 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.GOOG 6.BRK-B 7.BAC 8.PEP 9.META 10.MU
2020-12-31	826	$1.5B	17	1AAPL 2MSFT 3AMZN Top holdings2020-12-31 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.BRK-B 6.GOOG 7.PEP 8.BAC 9.QCOM 10.META
2020-09-30	708	$1.3B	17	1AAPL 2MSFT 3AMZN Top holdings2020-09-30 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.BRK-B 6.PEP 7.GOOG 8.META 9.BAC 10.QCOM
2020-06-30	717	$1.2B	25	1AAPL 2MSFT 3AMZN Top holdings2020-06-30 1.AAPL 2.MSFT 3.AMZN 4.LOW 5.PEP 6.BRK-B 7.GOOG 8.BAC 9.META 10.INTC
2020-03-31	694	$966.6M	26	1AAPL 2MSFT 3AMZN Top holdings2020-03-31 1.AAPL 2.MSFT 3.AMZN 4.BRK-B 5.PEP 6.GOOG 7.LOW 8.BAC 9.JNJ 10.INTC
2019-12-31	707	$1.2B	17	1AAPL 2MSFT 3BRK-B Top holdings2019-12-31 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.BAC 6.PEP 7.LOW 8.GOOG 9.JPM 10.JNJ
2019-09-30	658	$1.1B	10	1AAPL 2MSFT 3BRK-B Top holdings2019-09-30 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.AMZN 6.BAC 7.LOW 8.GOOG 9.JPM 10.UTXZ
2019-06-30	680	$1.1B	37	1AAPL 2MSFT 3BRK-B Top holdings2019-06-30 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.PEP 6.BAC 7.LOW 8.GOOG 9.JNJ 10.META
2019-03-31	448	$979.1M	24	1AAPL 2MSFT 3BRK-B Top holdings2019-03-31 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.PEP 6.LOW 7.BAC 8.GOOG 9.JNJ 10.UTXZ
2018-12-31	184	$793.8M	24	1AAPL 2MSFT 3BRK-B Top holdings2018-12-31 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.AMZN 6.BAC 7.LOW 8.GOOG 9.JNJ 10.MMM
2018-09-30	448	$979.1M	32	1AAPL 2MSFT 3BRK-B Top holdings2018-09-30 1.AAPL 2.MSFT 3.BRK-B 4.AMZN 5.PEP 6.LOW 7.BAC 8.GOOG 9.JNJ 10.UTXZ
2018-06-30	548	$1.1B	29	1GOOG 2AAPL 3MSFT Top holdings2018-06-30 1.GOOG 2.AAPL 3.MSFT 4.BRK-B 5.AMZN 6.PEP 7.BAC 8.LOW 9.META 10.JNJ
2018-03-31	507	$884.7M	19	1AAPL 2MSFT 3BRK-B Top holdings2018-03-31 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.BAC 6.AMZN 7.GOOG 8.LOW 9.JNJ 10.MMM
2017-12-31	582	$922.9M	14	1AAPL 2MSFT 3BRK-B Top holdings2017-12-31 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.BAC 6.LOW 7.GOOG 8.JNJ 9.MMM 10.META
2017-09-30	560	$856.3M	17	1AAPL 2MSFT 3BRK-B Top holdings2017-09-30 1.AAPL 2.MSFT 3.BRK-B 4.PEP 5.GOOG 6.BAC 7.JNJ 8.LOW 9.META 10.MMM
2017-06-30	703	$862.9M	30	1AAPL 2PEP 3MSFT Top holdings2017-06-30 1.AAPL 2.PEP 3.MSFT 4.BRK-B 5.BAC 6.JNJ 7.MMM 8.LOW 9.GOOG 10.META
2017-03-31	542	$935.8M	20	1AAPL 2PEP 3MSFT Top holdings2017-03-31 1.AAPL 2.PEP 3.MSFT 4.BRK-B 5.LOW 6.BAC 7.JNJ 8.MMM 9.META 10.WBA
2016-12-31	704	$872.2M	100	1AAPL 2PEP 3BRK-B Top holdings2016-12-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.BAC 6.JNJ 7.LOW 8.MMM 9.WBA 10.AEP
2016-09-30	534	$766.3M	100	1AAPL 2PEP 3MSFT Top holdings2016-09-30 1.AAPL 2.PEP 3.MSFT 4.JNJ 5.LOW 6.MMM 7.WBA 8.BAC 9.AEP 10.GOOG
2016-06-30	255	$833.2M	11	1AAPL 2PEP 3BRK-B Top holdings2016-06-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.MMM 8.872375 9.WBA 10.AEP
2016-03-31	252	$809.0M	15	1AAPL 2PEP 3BRK-B Top holdings2016-03-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.872375 8.MMM 9.WBA 10.AEP
2015-12-31	258	$791.0M	25	1AAPL 2PEP 3MSFT Top holdings2015-12-31 1.AAPL 2.PEP 3.MSFT 4.BRK-B 5.LOW 6.JNJ 7.WBA 8.AEP 9.MMM 10.BBTUSD
2015-09-30	262	$765.0M	21	1AAPL 2PEP 3VB Top holdings2015-09-30 1.AAPL 2.PEP 3.VB 4.BRK-B 5.MSFT 6.LOW 7.JNJ 8.WMT 9.MMM 10.AEP
2015-06-30	268	$822.7M	12	1AAPL 2PEP 3BRK-B Top holdings2015-06-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.WBA 8.MMM 9.BBTUSD 10.UTXZ
2015-03-31	269	$838.0M	12	1AAPL 2PEP 3BRK-B Top holdings2015-03-31 1.AAPL 2.PEP 3.BRK-B 4.LOW 5.MSFT 6.JNJ 7.MMM 8.WBA 9.WMT 10.UTXZ
2014-12-31	271	$839.2M	20	1AAPL 2PEP 3BRK-B Top holdings2014-12-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.LOW 6.JNJ 7.MMM 8.WMT 9.WBA 10.QCOM
2014-09-30	280	$833.0M	15	1AAPL 2PEP 3BRK-B Top holdings2014-09-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.JNJ 6.LOW 7.MMM 8.WMT 9.QCOM 10.AEP
2014-06-30	287	$824.0M	17	1AAPL 2PEP 3BRK-B Top holdings2014-06-30 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.JNJ 6.QCOM 7.BBTUSD 8.WMT 9.LOW 10.AEP
2014-03-31	291	$808.4M	44	1AAPL 2PEP 3BRK-B Top holdings2014-03-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.JNJ 6.GOOG 7.MMM 8.BBTUSD 9.LOW 10.QCOM
2013-12-31	269	$767.9M	15	1AAPL 2PEP 3BRK-B Top holdings2013-12-31 1.AAPL 2.PEP 3.BRK-B 4.MSFT 5.GOOG 6.MMM 7.JNJ 8.LOW 9.AEP 10.WMT
2013-09-30	276	$719.8M	33	1PEP 2AAPL 3BRK-B Top holdings2013-09-30 1.PEP 2.AAPL 3.BRK-B 4.MSFT 5.JNJ 6.LOW 7.MMM 8.WMT 9.GOOG 10.549371
2013-06-30	266	$691.1M	0	1PEP 2AAPL 3BRK-B Top holdings2013-06-30 1.PEP 2.AAPL 3.BRK-B 4.MSFT 5.JNJ 6.GOOG 7.WMT 8.MMM 9.549371 10.LOW

Holding changes this quarter

Position changes disclosed by Salem Investment Counselors INC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MU	Micron Technology INC	+0.4%	-0.51%	Trim
2	NVS	Novartis Ag-sponsored Adr	+0.3%	+1187.76%	Add
3	CAT	Caterpillar INC	+0.2%	-0.42%	Trim
4	JNJ	Johnson & Johnson	+0.2%	-0.62%	Trim
5	LOW	Lowe's Cos INC	+0.2%	-0.01%	Trim
6	WMT	Walmart INC	+0.2%	-0.47%	Trim
7	XOM	Exxon Mobil CORP	+0.1%	+0.13%	Add
8	PEP	Pepsico INC	+0.1%	-0.04%	Trim
9	UI	Ubiquiti INC	+0.1%	-4.37%	Trim
10	COST	Costco Wholesale CORP	+0.1%	+2.03%	Add
11	TSM	Taiwan Semiconductor-sp Adr	+0.1%	+1.80%	Add
12	PBR	Petroleo Brasileiro-spon Adr	+0.1%	-9.25%	Trim
13	SOLS	Solstice Adv Materials INC	+0.1%	+5.96%	Add
14	RTX	Rtx CORP	+0.1%	+0.19%	Add
15	ADBE	Adobe INC	+0.1%	+1507.75%	Add
16	MRVL	Marvell Technology INC	+0.1%	+8.97%	Add
17	ASML	ASML Holding N.V.	+0.1%	+2.73%	Add
18	PSX	Phillips 66	+0.1%	-1.38%	Trim
19	KMI	Kinder Morgan INC	+0.1%	-0.34%	Trim
20	RIO	Rio Tinto Plc-spon Adr	+0.1%	+5.68%	Add
21	AMD	Advanced Micro Devices	0%	+0.65%	Add
22	BRK-B	Berkshire Hathaway Inc-cl B	0%	-0.46%	Trim
23	MGK	Vanguard Mega Cap Growth ETF	-0.1%	-1.79%	Trim
24	COF	Capital One Financial CORP	-0.1%	+0.69%	Add
25	ABT	Abbott Laboratories	-0.1%	-9.06%	Trim
26	V	Visa Inc-class A Shares	-0.1%	+1.22%	Add
27	LEN	Lennar Corp-a	-0.1%	+0.17%	Add
28	GOOGL	Alphabet Inc-cl A	-0.1%	+0.40%	Add
29	NU	Nu Holdings Ltd.	-0.1%	+1.24%	Add
30	JPM	Jpmorgan Chase & Co	-0.1%	+0.17%	Add
31	OBDC	Blue Owl Capital CORP	-0.1%	-91.97%	Trim
32	QCOM	Qualcomm INC	-0.1%	+0.78%	Add
33	BAC	Bank Of America CORP	-0.1%	+0.48%	Add
34	ISRG	Intuitive Surgical INC	-0.1%	+1.36%	Add
35	ACN	Accenture plc	-0.2%	-2.79%	Trim
36	BSX	Boston Scientific CORP	-0.2%	+2.78%	Add
37	AMZN	Amazon.com INC	-0.2%	+0.79%	Add
38	GOOG	Alphabet Inc-cl C	-0.3%	-0.76%	Trim
39	HIMS	Hims & Hers Health INC	-0.3%	-99.62%	Trim
40	ALAB	Astera Labs INC	-0.3%	+1.42%	Add
41	META	Meta Platforms Inc-class A	-0.3%	+0.47%	Add
42	AAPL	Apple INC	-0.3%	-1.01%	Trim
43	LLY	Eli Lilly & Co	-0.3%	-0.89%	Trim
44	NVDA	Nvidia CORP	-0.4%	-2.10%	Trim
45	PLTR	Palantir Technologies Inc-a	-0.7%	-9.16%	Trim
46	MSFT	Microsoft CORP	-1.1%	+0.48%	Add
47	CTAS	Cintas CORP	—	NEW	New buy
48	✓	Cyberark Software LTD	—	EXIT	Sold out
49	PANW	Palo Alto Networks INC	—	NEW	New buy
50	COPX	Global X Copper Miners ETF	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-04-29	Amendment	View on EDGAR
2026-03-31	2026-04-13	13F-HR	View on EDGAR
2025-12-31	2026-01-12	13F-HR	View on EDGAR
2025-09-30	2025-10-07	13F-HR	View on EDGAR
2025-06-30	2025-07-08	Amendment	View on EDGAR
2025-06-30	2025-07-07	13F-HR	View on EDGAR
2025-03-31	2025-04-16	13F-HR	View on EDGAR
2024-12-31	2025-01-13	13F-HR	View on EDGAR
2024-09-30	2024-10-15	13F-HR	View on EDGAR
2024-06-30	2024-07-11	13F-HR	View on EDGAR
2024-03-31	2024-04-11	13F-HR	View on EDGAR
2023-12-31	2024-01-16	13F-HR	View on EDGAR
2023-09-30	2023-10-04	13F-HR	View on EDGAR
2023-06-30	2023-07-19	13F-HR	View on EDGAR
2023-03-31	2023-05-11	13F-HR	View on EDGAR
2022-12-31	2023-02-15	13F-HR	View on EDGAR
2022-09-30	2022-11-09	13F-HR	View on EDGAR
2022-06-30	2022-08-17	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-15	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-08-17	13F-HR	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-02-17	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-13	13F-HR	View on EDGAR
2020-03-31	2020-05-14	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-13	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-15	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-15	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-16	13F-HR	View on EDGAR
2017-09-30	2017-11-16	13F-HR	View on EDGAR
2017-06-30	2017-08-14	13F-HR	View on EDGAR
2017-03-31	2017-05-16	13F-HR	View on EDGAR
2016-12-31	2017-02-16	13F-HR	View on EDGAR
2016-09-30	2016-11-15	13F-HR	View on EDGAR
2016-06-30	2016-08-12	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-02-16	13F-HR	View on EDGAR
2015-09-30	2015-11-17	Amendment	View on EDGAR
2015-09-30	2015-11-17	Amendment	View on EDGAR
2015-09-30	2015-11-16	13F-HR	View on EDGAR
2015-06-30	2015-08-14	13F-HR	View on EDGAR
2015-03-31	2015-05-14	13F-HR	View on EDGAR
2014-12-31	2015-02-17	13F-HR	View on EDGAR
2014-09-30	2014-11-17	13F-HR	View on EDGAR
2014-06-30	2014-08-14	13F-HR	View on EDGAR
2014-03-31	2014-05-15	13F-HR	View on EDGAR
2013-12-31	2014-02-18	13F-HR	View on EDGAR
2013-09-30	2013-11-14	13F-HR	View on EDGAR
2013-06-30	2013-08-15	13F-HR	View on EDGAR