Nicollet Investment Management, Inc.
Sector Allocation
- Technology42.4%$142.4M
- Consumer Discretionary13.1%$44.0M
- Healthcare10.0%$33.5M
- Financials9.6%$32.2M
- Other9.4%$31.4M
- Industrials5.1%$17.1M
- Energy3.2%$10.7M
- Real Estate2.4%$8.0M
- Materials1.7%$5.9M
- Utilities1.6%$5.6M
AUM History
13fpro.ai/research/fund/nicollet-investment-management-inc-1729048
Conviction and streaks
Concentrating · top 10 = 49.9%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q3 2026
AAPL
$23.4MAMZN
$23.4MMSFT
$22.6MGOOG
$20.3MMETA
$15.9MGOOGL
$15.8MNVDA
$14.9MV
$11.9MGWW
$10.5MIVZ
$9.0M- Schwab$8.8M
EQIX
$8.0M- Ishares$7.7M
PANW
$6.2MMMM
$6.1MMRNA
$5.6MRMD
$5.4MSLB
$5.4MECL
$5.3MUNP
$5.1M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/nicollet-investment-management-inc-1729048
Nicollet Investment Management, Inc. 13F holdings — Q3 2026
$336.1M portfolio (+3.8% QoQ) · 77 holdings · Q3 2026 13F · top 10 are 50% of the stock portfolio
$23.4M
7.0% of stocks
-4%This quarter+0.3%Since filed11+ qtrsHeld$23.4M
7.0% of stocks
-2%This quarter-2.0%Since filed11+ qtrsHeld$22.6M
6.7% of stocks
+0.2%This quarter-0.2%Since filed11+ qtrsHeld$20.3M
6.0% of stocks
-2%This quarter-8.6%Since filed11+ qtrsHeldAIQuality77.7#61Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 10 qtrs in a row$15.9M
4.7% of stocks
+0.7%This quarter-14.5%Since filed11+ qtrsHeld$15.8M
4.7% of stocks
-2%This quarter-8.6%Since filed11+ qtrsHeld$14.9M
4.4% of stocks
-2%This quarter-2.4%Since filed11+ qtrsHeld$11.9M
3.5% of stocks
-3%This quarter+3.3%Since filed11+ qtrsHeld$10.5M
3.1% of stocks
-4%This quarter+2.0%Since filed11+ qtrsHeld$9.0M
2.7% of stocks
-0.7%This quarter+2.1%Since filed4 qtrsHeld
All holdings — Nicollet Investment Management, Inc. (Q3 2026)
77 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | — | Schwab U.S. Large Cap ETF - ETFetf/fund | — | $8.8M | 2.6% | 293K | -0.1% | — | — | 13F |
| 12 | EQUINIX INC | Real Estate | $8.0M | 2.4% | 7,889 | +13% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | — | Ishares Russell Top 200 ETF - ETFetf/fund | — | $7.7M | 2.3% | 40K | -0.4% | — | — | 13F |
| 14 | Palo Alto Networks Inc | Technology | $6.2M | 1.8% | 16K | -2% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | 3M CO | Healthcare | $6.1M | 1.8% | 37K | -3% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Moderna, Inc. | Healthcare | $5.6M | 1.7% | 29K | -3% | 4 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | RESMED INC | Healthcare | $5.4M | 1.6% | 24K | -3% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | SLB LIMITED/NV | Energy | $5.4M | 1.6% | 110K | -4% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | ECOLAB INC. | Materials | $5.3M | 1.6% | 19K | -2% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | UNION PACIFIC CORP | Industrials | $5.1M | 1.5% | 19K | -1% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | NEXTERA ENERGY INC | Utilities | $5.1M | 1.5% | 67K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | SPDR S&P MIDCAP 400 ETF TRUSTetf/fund | — | $5.0M | 1.5% | 7,620 | -5% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | ORACLE CORP | Technology | $5.0M | 1.5% | 36K | -2% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | COCA COLA CO | Consumer Staples | $4.8M | 1.4% | 56K | -4% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Uber Technologies, Inc | Technology | $4.2M | 1.3% | 62K | -3% | 9 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $TJX | TJX COMPANIES INC /DE/ | Consumer Discretionary | $4.1M | 1.2% | 31K | -1% | |||
| 27 | $GS | GOLDMAN SACHS GROUP INC | Financials | $4.1M | 1.2% | 4,582 | +0.9% | |||
| 28 | $CB | Chubb Ltd | Financials | $4.0M | 1.2% | 12K | -3% | |||
| 29 | — | Schwab U.S. Mid Cap ETF - ETF | — | $3.9M | 1.2% | 115K | -0.1% | |||
| 30 | $FAST | FASTENAL CO | Industrials | $3.7M | 1.1% | 75K | -0.8% | |||
| 31 | $TMO | THERMO FISHER SCIENTIFIC INC. | Healthcare | $3.6M | 1.1% | 5,353 | -3% | |||
| 32 | $UTHR | UNITED THERAPEUTICS Corp | Healthcare | $3.1M | 0.9% | 5,668 | -2% | |||
| 33 | $CRM | Salesforce, Inc. | Technology | $3.0M | 0.9% | 13K | -5% | |||
| 34 | $EOG | EOG RESOURCES INC | Energy | $2.9M | 0.9% | 21K | -4% | |||
| 35 | $NOW | ServiceNow, Inc. | Technology | $2.8M | 0.8% | 21K | -2% | |||
| 36 | $UNH | UNITEDHEALTH GROUP INC | Healthcare | $2.6M | 0.8% | 7,188 | -4% | |||
| 37 | $VMI | VALMONT INDUSTRIES INC | Industrials | $2.3M | 0.7% | 4,911 | -3% | |||
| 38 | $SBUX | STARBUCKS CORP | Consumer Discretionary | $2.2M | 0.7% | 24K | -2% | |||
| 39 | $ACN | Accenture plc | Technology | $2.1M | 0.6% | 12K | -7% | |||
| 40 | $SYY | SYSCO CORP | Consumer Discretionary | $2.1M | 0.6% | 27K | -3% | |||
| 41 | $AKAM | AKAMAI TECHNOLOGIES INC | Industrials | $2.1M | 0.6% | 20K | -2% | |||
| 42 | $BSX | BOSTON SCIENTIFIC CORP | Healthcare | $2.1M | 0.6% | 47K | -2% | |||
| 43 | $EXPD | EXPEDITORS INTERNATIONAL OF WASHINGTON INC | Industrials | $2.0M | 0.6% | 11K | -3% | |||
| 44 | $FFIV | F5, INC. | Technology | $1.8M | 0.6% | 4,132 | -3% | |||
| 45 | $ALKS | Alkermes plc. | Healthcare | $1.7M | 0.5% | 43K | -3% | |||
| 46 | $ULTA | Ulta Beauty, Inc. | Consumer Discretionary | $1.7M | 0.5% | 3,137 | -1.0% | |||
| 47 | $LHX | L3HARRIS TECHNOLOGIES, INC. /DE/ | Technology | $1.6M | 0.5% | 6,885 | +0.6% | |||
| 48 | $GNRC | GENERAC HOLDINGS INC. | Technology | $1.5M | 0.5% | 7,404 | -2% | |||
| 49 | — | Schwab US Small Cap ETF - ETF | — | $1.4M | 0.4% | 43K | +0.9% | |||
| 50 | $NVO | NOVO NORDISK A S | Healthcare | $1.4M | 0.4% | 37K | -6% | |||
| 51 | $DINO | HF Sinclair Corp | Energy | $1.4M | 0.4% | 13K | -3% | |||
| 52 | — | IShares Core S&P 500 ETF - ETF | — | $1.1M | 0.3% | 1,491 | +0.1% | |||
| 53 | $KNX | Knight-Swift Transportation Holdings Inc. | Industrials | $1.1M | 0.3% | 17K | -2% | |||
| 54 | $DVN | DEVON ENERGY CORP/DE | Energy | $1.1M | 0.3% | 24K | -2% | |||
| 55 | $SPY | SPDR S&P 500 ETF TRUST | — | $1.0M | 0.3% | 1,348 | -0.1% | |||
| 56 | $IONS | IONIS PHARMACEUTICALS INC | Healthcare | $904K | 0.3% | 20K | +0.0% | |||
| 57 | $RDN | RADIAN GROUP INC | Financials | $885K | 0.3% | 29K | -2% | |||
| 58 | $FISV | FISERV INC | Financials | $778K | 0.2% | 17K | -2% | |||
| 59 | $LYFT | Lyft, Inc. | Industrials | $758K | 0.2% | 51K | +2% | |||
| 60 | $AVGO | Broadcom Inc. | Technology | $604K | 0.2% | 1,720 | — | |||
| 61 | $GLD | SPDR GOLD TRUST | Financials | $600K | 0.2% | 1,575 | — | |||
| 62 | $SMG | SCOTTS MIRACLE-GRO CO | Materials | $592K | 0.2% | 12K | -3% | |||
| 63 | $FIS | Fidelity National Information Services, Inc. | Financials | $584K | 0.2% | 18K | -5% | |||
| 64 | $SWKS | SKYWORKS SOLUTIONS, INC. | Technology | $573K | 0.2% | 6,708 | -2% | |||
| 65 | $SOLV | Solventum Corp | Healthcare | $567K | 0.2% | 6,437 | -8% | |||
| 66 | $XEL | XCEL ENERGY INC | Utilities | $494K | 0.1% | 7,011 | — | |||
| 67 | — | Spdr Port S&P 500 ETF - ETF | — | $494K | 0.1% | 5,503 | +139% | |||
| 68 | — | IShares Tr Russell 2000 ETF - ETF | — | $444K | 0.1% | 1,599 | — | |||
| 69 | — | IShares S&P 500 Growth ETF - ETF | — | $417K | 0.1% | 2,931 | +31% | |||
| 70 | $COST | COSTCO WHOLESALE CORP /NEW | Consumer Staples | $366K | 0.1% | 403 | — | |||
| 71 | — | Vanguard Total Stock Market ETF - ETF | — | $330K | 0.1% | 881 | — | |||
| 72 | $BRK.B | BERKSHIRE HATHAWAY INC | Financials | $292K | 0.1% | 587 | New | |||
| 73 | — | Ishares Core S&P Small Cap ETF - ETF | — | $284K | 0.1% | 2,085 | +11% | |||
| 74 | $MDT | Medtronic plc | Healthcare | $258K | 0.1% | 2,986 | — | |||
| 75 | — | Ishares U.S. Equity Factor Rotation EFT - ETF | — | $254K | 0.1% | 3,661 | New | |||
| 76 | $LLY | ELI LILLY & Co | Healthcare | $248K | 0.1% | 214 | — | |||
| 77 | — | IShares S&P 500 Value ETF - ETF | — | $243K | 0.1% | 1,066 | New |
What changed in Q3 2026
Against the previous quarter's 13F: 4 new, 12 added to, 53 trimmed, 4 sold out. Share-count changes; largest moves by dollar size first.
New positions (4)
Added to (12)
now $8.0M · held 11+ qtrs
- Spdr Port S&P 500 ETF - ETF+139%
now $494K
now $15.9M · held 11+ qtrs
- IShares S&P 500 Growth ETF - ETF+31%
now $417K
now $22.6M · held 11+ qtrs
$GSGOLDMAN SACHS GROUP INC+0.9%
now $4.1M · held 3 qtrs
+6 more in the Excel export
Trimmed (53)
now $23.4M · held 11+ qtrs
now $23.4M · held 11+ qtrs
now $20.3M · held 11+ qtrs, 10 trims in a row
now $10.5M · held 11+ qtrs
now $11.9M · held 11+ qtrs
$MDYSPDR S&P MIDCAP 400 ETF TRUST-5%
now $5.0M · held 11+ qtrs
+47 more in the Excel export
Holdings by quarter
Every 13F Nicollet Investment Management, Inc. has filed, 35 earlier quarters. Pick one to see what it held then.
Is it too late to follow Nicollet Investment Management?
Q3 2026 13F filed with the SEC on Oct 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Nicollet Investment Management's top 20 holdings: 72/100 (our AI quality score, weighted by position size; 18 of the 20 are scored)
Top 10 since filing
-3.2%
Value-weighted move of the 10 largest stock positions
Turnover
2%
Last quarter; 10% over the last 4
Top 10 weight
50%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
97%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Nicollet Investment Management, Inc. disclosed 77 positions worth $336.1M in its Form 13F-HR for Q3 2026, led by $AAPL (Apple Inc.) at 7.0% of the equity portfolio, followed by $AMZN and $MSFT. During the quarter the fund opened 4 new positions and exited 4 — including a new stake in $NEE and a full exit from $HD. The portfolio is most concentrated in Technology (42.4% of disclosed assets). All figures are sourced directly from Nicollet Investment Management, Inc.’s Form 13F-HR filing with the SEC under CIK 1729048.
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AI-Powered Hedge Fund Analysis: Nicollet Investment Management, Inc.
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Every holding in Nicollet Investment Management, Inc.'s portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.