Nicollet Investment Management, Inc.

CIK 1729048 · View on SEC EDGAR ↗

Portfolio value QoQ: +103665.8% 13F does not disclose cash

Top 10 holdings weight49.93%

Top 25 holdings weight75.98%

Positions above 1%31

Effective number of positions29.7

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q3 2026: 4.18% Est. buys $7,432,627 · sells $7,032,964

Median holding: 7.0 quarters Tracked Q1 2025–Q3 2026 · 89.5% still held

New positions4

Increased12

Decreased53

Closed4

Portfolio value $336.1M #4,950 of 9,339 by 13F value · top 53.0%

Positions 77

As of Sept. 30, 2026

Sector breakdown

Technology 24.8%

Communication Services 16.0%

Industrials 11.6%

Retail 9.4%

Healthcare 8.2%

Financials 6.7%

Energy 3.2%

Real Estate 2.4%

Materials 1.7%

Utilities 1.7%

Consumer Staples 1.4%

Consumer Discretionary 0.7%

Other/Unmapped 12.2%

Full portfolio 77 positions

					Streak
AAPL Apple Inc. - Common Stock	$23,434,000	6.97%	70,368	$23,412,795	Down ×1
AMZN Amazon.com, Inc. - Common Stock	$23,355,000	6.95%	93,740	$23,332,113	Down ×1
MSFT Microsoft Corporation - Common Stock	$22,600,000	6.73%	44,063	$22,583,598	Up ×2
GOOG Alphabet Inc. - Class C Capital Stock	$20,280,000	6.03%	59,517	$20,258,461	Down ×6
META Meta Platforms, Inc. - Class A Common Stock	$15,925,000	4.74%	21,960	$15,912,712	Up ×1
GOOGL Alphabet Inc. - Class A Common Stock	$15,816,000	4.71%	45,965	$15,799,282	Down ×1
NVDA NVIDIA Corporation - Common Stock	$14,929,000	4.44%	65,369	$14,915,672	Down ×1
V Visa Inc.	$11,918,000	3.55%	33,167	$11,906,241	Down ×1
GWW W.W. Grainger, Inc. Common Stock	$10,484,000	3.12%	8,416	$10,472,057	Down ×1
RSP Invesco Exchange-Traded Fund Trust	$9,047,000	2.69%	43,491	$9,037,684	Down ×1
SCHX SCHWAB STRATEGIC TRUST	$8,776,000	2.61%	292,534	$8,767,381	Down ×1
EQIX Equinix, Inc. - Common Stock	$7,980,000	2.37%	7,889	$7,972,743	Up ×1
IWL iShares Trust	$7,699,000	2.29%	40,486	$7,691,483	Down ×1
PANW Palo Alto Networks, Inc. - Common Stock	$6,173,000	1.84%	15,537	$6,167,614	Down ×1
MMM 3M Company Common Stock	$6,078,000	1.81%	37,026	$6,071,826	Down ×1
MRNA Moderna, Inc. - Common Stock	$5,576,000	1.66%	28,958	$5,573,916	Down ×1
RMD ResMed Inc. Common Stock	$5,368,000	1.60%	24,279	$5,363,108	Down ×1
SLB SLB Limited Common Shares	$5,361,000	1.60%	110,037	$5,355,683	Down ×1
ECL Ecolab Inc. Common Stock	$5,272,000	1.57%	19,199	$5,266,525	Down ×1
UNP Union Pacific Corporation Common Stock	$5,139,000	1.53%	18,885	$5,133,791	Down ×1
NEE NextEra Energy, Inc. Common Stock	$5,063,000	1.51%	66,849		Up ×1
MDY State Street SPDR S&P MIDCAP 400 ETF Trust	$5,004,000	1.49%	7,620	$4,998,332	Down ×1
ORCL Oracle Corporation Common Stock	$4,992,000	1.49%	36,361	$4,986,585	Down ×3
KO Coca-Cola Company (The) Common Stock	$4,829,000	1.44%	56,098	$4,824,255	Down ×6
UBER Uber Technologies, Inc. Common Stock	$4,230,000	1.26%	61,746	$4,225,424	Down ×3
TJX TJX Companies, Inc. (The) Common Stock	$4,126,000	1.23%	31,184	$4,121,224	Down ×1
GS Goldman Sachs Group, Inc. (The) Common Stock	$4,125,000	1.23%	4,582	$4,120,407	Up ×2
CB Chubb Limited Common Stock	$4,010,000	1.19%	12,328	$4,005,687	Down ×1
SCHM SCHWAB STRATEGIC TRUST	$3,926,000	1.17%	115,394	$3,921,740	Down ×4
FAST Fastenal Company - Common Stock	$3,728,000	1.11%	75,266	$3,724,354	Down ×1
TMO Thermo Fisher Scientific Inc Common Stock	$3,614,000	1.08%	5,353	$3,611,226	Down ×1
UTHR United Therapeutics Corporation - Common Stock	$3,071,000	0.91%	5,668	$3,067,863	Down ×1
CRM Salesforce, Inc. Common Stock	$2,978,000	0.89%	12,974	$2,975,853	Down ×6
EOG EOG Resources, Inc. Common Stock	$2,915,000	0.87%	21,162	$2,912,143	Down ×1
NOW ServiceNow, Inc. Common Stock	$2,755,000	0.82%	20,557	$2,752,917	Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE)	$2,639,000	0.79%	7,188	$2,635,898	Down ×6
VMI Valmont Industries, Inc. Common Stock	$2,274,000	0.68%	4,911	$2,271,070	Down ×1
SBUX Starbucks Corporation - Common Stock	$2,232,000	0.66%	23,756	$2,229,513	Down ×1
ACN Accenture plc Class A Ordinary Shares (Ireland)	$2,139,000	0.64%	11,667	$2,137,438	Down ×1
SYY Sysco Corporation Common Stock	$2,115,000	0.63%	27,134	$2,112,672	Down ×1
AKAM Akamai Technologies, Inc. - Common Stock	$2,097,000	0.62%	19,714	$2,094,624	Down ×1
BSX Boston Scientific Corporation Common Stock	$2,065,000	0.61%	47,313	$2,062,948	Down ×1
EXPD Expeditors International of Washington, Inc. Common Stock	$1,973,000	0.59%	10,684	$1,971,214	Down ×1
FFIV F5, Inc. - Common Stock	$1,839,000	0.55%	4,132	$1,837,236	Down ×1
ALKS Alkermes plc - Ordinary Shares	$1,743,000	0.52%	43,012	$1,740,683	Down ×1
ULTA Ulta Beauty, Inc. - Common Stock	$1,713,000	0.51%	3,137	$1,711,571	Down ×1
LHX L3Harris Technologies, Inc. Common Stock	$1,630,000	0.49%	6,885	$1,628,011	Up ×2
GNRC Generac Holdlings Inc. Common Stock	$1,532,000	0.46%	7,404	$1,529,781	Down ×1
SCHA SCHWAB STRATEGIC TRUST	$1,402,000	0.42%	42,958	$1,400,462	Up ×1
NVO Novo Nordisk A/S Common Stock	$1,392,000	0.41%	36,721	$1,390,135	Down ×2
DINO HF Sinclair Corporation Common Stock	$1,374,000	0.41%	12,799	$1,373,079	Down ×1
IVV iShares Core S&P 500 ETF	$1,142,000	0.34%	1,491	$1,140,885	Up ×2
KNX Knight-Swift Transportation Holdings Inc.	$1,100,000	0.33%	17,291	$1,098,629	Down ×1
DVN Devon Energy Corporation Common Stock	$1,082,000	0.32%	23,500	$1,081,007	Down ×1
SPY SPY	$1,028,000	0.31%	1,348	$1,026,994	Down ×1
IONS Ionis Pharmaceuticals, Inc. - Common Stock	$904,000	0.27%	20,247	$902,395	Up ×2
RDN Radian Group Inc. Common Stock	$885,000	0.26%	28,904	$883,884	Down ×1
FISV Fiserv, Inc. - Common Stock	$778,000	0.23%	17,209	$777,136	Down ×1
LYFT Lyft, Inc. - Class A Common Stock	$758,000	0.23%	50,501	$757,277	Up ×2
AVGO Broadcom Inc. - Common Stock	$604,000	0.18%	1,720	$603,350
GLD SPDR Gold Shares	$600,000	0.18%	1,575	$599,420
SMG Scotts Miracle-Gro Company (The) Common Stock	$592,000	0.18%	11,823	$591,172	Down ×1
FIS Fidelity National Information Services, Inc. Common Stock	$584,000	0.17%	17,747	$583,271	Down ×1
SWKS Skyworks Solutions, Inc. - Common Stock	$573,000	0.17%	6,708	$572,535	Down ×1
SOLV Solventum Corporation Common Stock	$567,000	0.17%	6,437	$566,459	Down ×6
SPYM State Street SPDR Portfolio S&P 500 ETF	$494,000	0.15%	5,503	$493,798	Up ×1
XEL Xcel Energy Inc. - Common Stock	$494,000	0.15%	7,011	$493,437
IWM iShares Trust	$444,000	0.13%	1,599	$443,520
IVW iShares Trust	$417,000	0.12%	2,931	$416,692	Up ×1
COST Costco Wholesale Corporation - Common Stock	$366,000	0.11%	403	$365,623
VTI Vanguard Morningstar Total Stock Market ETF	$330,000	0.10%	881	$329,674
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B	$292,000	0.09%	587
IJR iShares Trust	$284,000	0.08%	2,085	$283,720	Up ×1
MDT Medtronic plc. Ordinary Shares	$258,000	0.08%	2,986	$257,766
DYNF BlackRock ETF Trust	$254,000	0.08%	3,661		Up ×1
LLY Eli Lilly and Company Common Stock	$248,000	0.07%	214	$247,743
IVE iShares Trust	$243,000	0.07%	1,066		Up ×1
No matches

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
NEE	$5,063,000	66,849	1.51%
BRK-B (filed as BRKB)	$292,000	587	0.09%
DYNF	$254,000	3,661	0.08%
IVE	$243,000	1,066	0.07%

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
HD	Sept. 30, 2026	7,881	$2,779	12.4%
CTRA	June 30, 2026	34,014	$1,195	No longer tracked
PYPL	Sept. 30, 2026	26,624	$1,150	8.5%
SO	Sept. 30, 2025	11,461	$1,052	-2.0%
ALGN	Sept. 30, 2026	6,200	$1,046	6.3%
SPSC	Dec. 31, 2025	5,428	$565	3.9%
CAVA	Dec. 31, 2025	8,624	$521	-8.9%
LULU	Dec. 31, 2025	2,629	$468	-52.4%
WPM	Sept. 30, 2026	2,685	$302	-9.6%
BRK-B (filed as BRKB)	June 30, 2026	587	$281	No longer tracked
LLY	March 31, 2026	214	$230	38.5%
LLY	Sept. 30, 2025	264	$206	66.9%