Managers / Q1 2025 · view latest →

Nicollet Investment Management, Inc.

CIK 0001729048 · 800 NORTH WASHINGTON AVENUE, SUITE 150, MINNEAPOLIS, MN, 55401 · 6129153033

Reported Value

$284M

Q1 2025

Positions

Filings on Record

2019–present window

Filed

May 12, 2025

original filing

Summary

Nicollet Investment Management, Inc. reported $284M in U.S.-listed holdings across 70 positions for Q1 2025.

Its largest position, GOOG, represents 7.4% of the portfolio.

Compared with Q4 2024, the fund opened 4 new positions and exited 5.

Portfolio Metrics

Turnover

+5.8%

vs prior filed quarter

Top-10 Concentration

+49.6%

share of reported value

Largest Position

+7.4%

Alphabet

New / Exited

4 / 5

positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value

Portfolio Composition

By security type

Common Stock · 89.6% · $255M
ETP · 7.3% · $21M
REIT · 2.0% · $6M
ADR · 1.0% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
ULTA Ulta Beauty Inc	NEW	+3.4K	3.4K	+$1M	$1M
CAVA Cava Group Inc	NEW	+9.3K	9.3K	+$802,000	$802,000
SPSC SPS Commerce Inc	NEW	+5.7K	5.7K	+$762,000	$762,000
BRK/B Berkshire Hathaway Cl B	NEW	+748	748	+$398,000	$398,000
DINO HF Sinclair Corp	SOLD OUT	−12.4K	0	−$434,000	$0
Mural Oncology Plc	SOLD OUT	−94.7K	0	−$305,000	$0
IEFA Ishares Cr MSCI EAFE ETF	SOLD OUT	−3.5K	0	−$245,000	$0
AGG Ishares Core US Aggregate Bond ETF	SOLD OUT	−2.4K	0	−$231,000	$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

69 positions (from 70 filing rows — )

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	GOOG Alphabet Inc Cl C	COM	7.43%	$21M	135.9K
2	AMZN Amazon Com Inc.history →	COM	7.27%	$21M	108.7K
3	MSFT Microsoft Corp history →	COM	7.16%	$20M	54.3K
4	AAPL Apple Computer history →	COM	6.45%	$18M	82.6K
5	META Meta Platforms Inc Cl A history →	COM	4.96%	$14M	24.5K
6	V Visa Inc history →	COM	4.62%	$13M	37.5K
7	GWW Grainger W W Inc history →	COM	3.31%	$9M	9.5K
8	NVDA Nvidia history →	COM	3.04%	$9M	79.7K
9	FISV Fiserv Inc history →	COM	2.88%	$8M	37.0K
10	SCHX Schwab U.S. Large Cap ETF history →	ETF	2.45%	$7M	315.1K
11	IWL Ishares Russell Top 200 ETF history →	ETF	2.24%	$6M	46.3K
12	RMD Resmed Inc history →	COM	2.20%	$6M	27.9K
13	MMM 3M Company history →	COM	2.15%	$6M	41.7K
14	PANW Palo Alto Networks Inc history →	COM	2.06%	$6M	34.3K
15	EQIX Equinix, Inc history →	COM	2.03%	$6M	7.1K
16	ORCL Oracle Corp history →	COM	2.01%	$6M	40.9K
17	ECL Ecolab Inc.history →	COM	1.96%	$6M	22.0K
18	SLB Schlumberger LTD history →	COM	1.93%	$5M	131.6K
19	UBER Uber Technologies history →	COM	1.84%	$5M	71.9K
20	UNP Union Pacific Corp history →	COM	1.71%	$5M	20.6K
21	KO Coca Cola Co.history →	COM	1.66%	$5M	65.9K
22	UNH Unitedhealth Group Inc history →	COM	1.57%	$4M	8.5K
23	ACN Accenture PLC CL A history →	COM	1.52%	$4M	13.9K
24	CRM Salesforce.com history →	COM	1.52%	$4M	16.1K
25	TJX TJX Cos Inc New history →	COM	1.51%	$4M	35.4K
26	CB Chubb Ltd F history →	COM	1.46%	$4M	13.8K
27	NOW Servicenow, Inc history →	COM	1.21%	$3M	4.3K
28	HD Home Depot Inc.history →	COM	1.16%	$3M	9.0K
29	FAST Fastenal Company history →	COM	1.14%	$3M	42.0K
30	SCHM Schwab U.S. Mid Cap ETF history →	ETF	1.13%	$3M	123.1K
31	EOG E O G Resources Inc.history →	COM	1.13%	$3M	25.0K
32	TMO Thermo Fisher Scientific history →	COM	1.06%	$3M	6.0K
33	NVO Novo-Nordisk AS history →	COM	1.02%	$3M	42.0K
34	SBUX Starbucks Corp	COM	0.99%	$3M	28.7K
35	SYY Sysco Corp.	COM	0.80%	$2M	30.5K
36	PYPL Paypal Holdings Inc	COM	0.69%	$2M	30.3K
37	UTHR United Therapeutics	COM	0.69%	$2M	6.3K
38	AKAM Akamai Technologies Inc	COM	0.61%	$2M	21.5K
39	VMI Valmont Inds Inc	COM	0.55%	$2M	5.5K
40	ALKS Alkermes Plc	COM	0.55%	$2M	47.2K
41	LHX L3 Harris Technologies Inc	COM	0.54%	$2M	7.3K
42	FIS FIS	COM	0.52%	$1M	19.9K
43	EXPD Expeditors Int'l WA	COM	0.50%	$1M	11.7K
44	ULTA Ulta Beauty Inc	COM	0.44%	$1M	3.4K
45	FFIV F5 Networks, Inc	COM	0.42%	$1M	4.5K
46	CTRA Coterra Energy Inc	COM	0.38%	$1M	37.2K
47	SO Southern Co	COM	0.37%	$1M	11.5K
48	GNRC Generac Holdings Inc	COM	0.37%	$1M	8.3K
49	SCHA Schwab US Small Cap ETF	ETF	0.37%	$1M	44.5K
50	RDN Radian Group Inc	COM	0.36%	$1M	31.3K
51	KNX Knight Swift Transportation	COM	0.29%	$826,000	19.0K
52	IVV IShares Core S&P 500 ETF	ETF	0.29%	$823,000	1.5K
53	LULU Lululemon Athletica Inc	COM	0.28%	$803,000	2.8K
54	CAVA Cava Group Inc	COM	0.28%	$802,000	9.3K
55	SPSC SPS Commerce Inc	COM	0.27%	$762,000	5.7K
56	SPY SPDR S&P 500 ETF	ETF	0.26%	$753,000	1.3K
57	SMG The Scotts Miracle-Gro Company	COM	0.26%	$742,000	13.5K
58	SOLV Solventum Corp	COM	0.25%	$714,000	9.4K
59	MDY Spdr S&P Midcap 400 ETF	ETF	0.23%	$664,000	1.2K
60	IONS Ionis Pharmaceuticals Inc	COM	0.23%	$647,000	21.5K
61	LLY Eli Lilly	COM	0.22%	$631,000	764
62	XEL XCEL Energy Inc	COM	0.21%	$586,000	8.3K
63	COST Costco Wholesale Corp	COM	0.17%	$495,000	524
64	SWKS Skyworks Solutions Inc	COM	0.17%	$478,000	7.4K
65	GLD Spdr Gold TR Gold Shs	COM	0.17%	$475,000	1.6K
66	BRK/B Berkshire Hathaway Cl B	COM	0.14%	$398,000	748
67	AVGO Broadcom Inc	COM	0.13%	$358,000	2.1K
68	IWM IShares Tr Russell 2000 ETF	ETF	0.11%	$319,000	1.6K
69	VTI Vanguard Total Stock Market ETF	ETF	0.09%	$242,000	881

Filing History

Quarter	Reported Value	Positions	Filed	Type	Links
Q1 2026	$292M	76	May 13, 2026	13F-HR	changes · EDGAR ↗
Q4 2025	$316M	74	Feb 11, 2026	13F-HR	changes · EDGAR ↗
Q3 2025	$307M	71	Nov 10, 2025	13F-HR	changes · EDGAR ↗
Q2 2025	$299M	73	Aug 7, 2025	13F-HR	changes · EDGAR ↗
Q1 2025	$284M	70	May 12, 2025	13F-HR	changes · EDGAR ↗
Q4 2024	$291M	71	Feb 12, 2025	13F-HR	changes · EDGAR ↗
Q3 2024	$289M	70	Nov 6, 2024	13F-HR	changes · EDGAR ↗
Q2 2024	$268M	68	Aug 7, 2024	13F-HR	changes · EDGAR ↗
Q1 2024	$271M	68	May 2, 2024	13F-HR	changes · EDGAR ↗
Q4 2023	$245M	65	Feb 12, 2024	13F-HR	changes · EDGAR ↗
Q3 2023	$223M	62	Nov 9, 2023	13F-HR	changes · EDGAR ↗
Q2 2023	$225M	60	Aug 8, 2023	13F-HR	changes · EDGAR ↗
Q1 2023	$192M	59	May 9, 2023	13F-HR	changes · EDGAR ↗
Q4 2022	$173M	58	Feb 6, 2023	13F-HR	changes · EDGAR ↗
Q3 2022	$183M	57	Nov 8, 2022	13F-HR	changes · EDGAR ↗
Q2 2022	$186M	58	Aug 11, 2022	13F-HR	changes · EDGAR ↗
Q1 2022	$225M	60	May 4, 2022	13F-HR	changes · EDGAR ↗
Q4 2021	$249M	65	Feb 9, 2022	13F-HR	changes · EDGAR ↗
Q3 2021	$238M	65	Nov 5, 2021	13F-HR	changes · EDGAR ↗
Q2 2021	$246M	65	Jul 28, 2021	13F-HR	changes · EDGAR ↗
Q1 2021	$228M	67	May 10, 2021	13F-HR	changes · EDGAR ↗
Q4 2020	$223M	62	Feb 9, 2021	13F-HR	changes · EDGAR ↗
Q3 2020	$198M	58	Nov 10, 2020	13F-HR	changes · EDGAR ↗
Q2 2020	$180M	57	Aug 4, 2020	13F-HR	changes · EDGAR ↗
Q1 2020	$135M	55	May 4, 2020	13F-HR	changes · EDGAR ↗
Q4 2019	$214M	64	Feb 7, 2020	13F-HR	changes · EDGAR ↗
Q3 2019	$158M	66	Nov 12, 2019	13F-HR	changes · EDGAR ↗
Q2 2019	$159M	66	Aug 9, 2019	13F-HR	changes · EDGAR ↗
Q1 2019	$152M	66	May 2, 2019	13F-HR	changes · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.