SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Nicollet Investment Management, Inc.

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

Reported Value
$299M
Q2 2025
Positions
73
Filings on Record
29
2019–present window
Filed
Aug 7, 2025
original filing

Summary

Nicollet Investment Management, Inc. reported $299M in U.S.-listed holdings across 73 positions for Q2 2025.

Its largest position, MSFT, represents 8.6% of the portfolio.

Compared with Q1 2025, the fund opened 3 new positions and exited 0.

Portfolio Metrics

Turnover
+4.4%
vs prior filed quarter
Top-10 Concentration
+52.2%
share of reported value
Largest Position
+8.6%
Microsoft

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
Q1 ’19: $152MQ1 ’19Q2 ’19: $159MQ3 ’19: $158MQ4 ’19: $214MQ1 ’20: $135MQ1 ’20Q2 ’20: $180MQ3 ’20: $198MQ4 ’20: $223MQ1 ’21: $228MQ1 ’21Q2 ’21: $246MQ3 ’21: $238MQ4 ’21: $249MQ1 ’22: $225MQ1 ’22Q2 ’22: $186MQ3 ’22: $183MQ4 ’22: $173MQ1 ’23: $192MQ1 ’23Q2 ’23: $225MQ3 ’23: $223MQ4 ’23: $245MQ1 ’24: $271MQ1 ’24Q2 ’24: $268MQ3 ’24: $289MQ4 ’24: $291MQ1 ’25: $284MQ1 ’25Q2 ’25: $299MQ3 ’25: $307MQ4 ’25: $316MQ1 ’26: $292MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 89.6%ETP: 7.6%REIT: 1.9%ADR: 0.9%
  • Common Stock · 89.6% · $268M
  • ETP · 7.6% · $23M
  • REIT · 1.9% · $6M
  • ADR · 0.9% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DINOHF Sinclair CorpNEW+13.0K13.0K+$536,000$536,000
MDTMedtronic IncNEW+3.2K3.2K+$275,000$275,000
IJRIshares Core S&P Small Cap ETFNEW+1.9K1.9K+$206,000$206,000
FASTFastenal CompanyADDED+37.4K79.4K+$80,000$3M
LLYEli LillyTRIMMED−500264−$425,000$206,000
XELXCEL Energy IncTRIMMED−1.2K7.1K−$104,000$482,000
AVGOBroadcom IncTRIMMED−2251.9K+$169,000$527,000
HDHome Depot Inc.TRIMMED−7608.3K−$277,000$3M

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

Holdings — Q2 2025

72 positions (from 73 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMicrosoft Corphistory →COM8.61%$26M51.7K
2GOOGAlphabet Inc Cl CCOM7.67%$23M129.5K
3AMZNAmazon Com Inc.history →COM7.56%$23M102.9K
4METAMeta Platforms Inc Cl Ahistory →COM5.82%$17M23.6K
5AAPLApple Computerhistory →COM5.47%$16M79.6K
6VVisa Inchistory →COM4.28%$13M36.0K
7NVDANvidiahistory →COM4.12%$12M77.8K
8GWWGrainger W W Inchistory →COM3.19%$10M9.2K
9ORCLOracle Corphistory →COM2.88%$9M39.4K
10SCHXSchwab U.S. Large Cap ETFhistory →ETF2.56%$8M312.5K
11PANWPalo Alto Networks Inchistory →COM2.29%$7M33.4K
12RMDResmed Inchistory →COM2.29%$7M26.5K
13IWLIshares Russell Top 200 ETFhistory →ETF2.28%$7M44.6K
14UBERUber Technologieshistory →COM2.12%$6M68.0K
15MMM3M Companyhistory →COM2.05%$6M40.2K
16FISVFiserv Inchistory →COM2.02%$6M35.0K
17ECLEcolab Inc.history →COM1.87%$6M20.7K
18EQIXEquinix, Inchistory →COM1.86%$6M7.0K
19UNPUnion Pacific Corphistory →COM1.53%$5M19.9K
20KOCoca Cola Co.history →COM1.50%$4M63.3K
21NOWServicenow, Inchistory →COM1.46%$4M4.2K
22SLBSchlumberger LTDhistory →COM1.41%$4M124.4K
23CRMSalesforce.comhistory →COM1.40%$4M15.3K
24TJXTJX Cos Inc Newhistory →COM1.38%$4M33.4K
25ACNAccenture PLC CL Ahistory →COM1.34%$4M13.4K
26CBChubb Ltd Fhistory →COM1.29%$4M13.3K
27SCHMSchwab U.S. Mid Cap ETFhistory →ETF1.15%$3M122.1K
28FASTFastenal Companyhistory →COM1.12%$3M79.4K
29HDHome Depot Inc.history →COM1.02%$3M8.3K
30EOGE O G Resources Inc.COM0.96%$3M23.9K
31NVONovo-Nordisk ASCOM0.92%$3M39.8K
32UNHUnitedhealth Group IncCOM0.85%$3M8.1K
33SBUXStarbucks CorpCOM0.83%$2M27.1K
34TMOThermo Fisher ScientificCOM0.79%$2M5.8K
35SYYSysco Corp.COM0.74%$2M29.1K
36PYPLPaypal Holdings IncCOM0.73%$2M29.1K
37LHXL3 Harris Technologies IncCOM0.60%$2M7.1K
38UTHRUnited TherapeuticsCOM0.59%$2M6.1K
39VMIValmont Inds IncCOM0.59%$2M5.3K
40AKAMAkamai Technologies IncCOM0.56%$2M20.9K
41FISFISCOM0.53%$2M19.3K
42ULTAUlta Beauty IncCOM0.51%$2M3.2K
43ALKSAlkermes PlcCOM0.44%$1M46.2K
44EXPDExpeditors Int'l WACOM0.44%$1M11.4K
45FFIVF5 Networks, IncCOM0.43%$1M4.4K
46GNRCGenerac Holdings IncCOM0.38%$1M7.9K
47RDNRadian Group IncCOM0.37%$1M30.9K
48SCHASchwab US Small Cap ETFETF0.36%$1M43.0K
49SOSouthern CoCOM0.35%$1M11.5K
50CTRACoterra Energy IncCOM0.31%$921,00036.3K
51IVVIShares Core S&P 500 ETFETF0.30%$910,0001.5K
52SMGThe Scotts Miracle-Gro CompanyCOM0.29%$853,00012.9K
53SPYSPDR S&P 500 ETFETF0.28%$834,0001.4K
54IONSIonis Pharmaceuticals IncCOM0.27%$820,00020.7K
55KNXKnight Swift TransportationCOM0.27%$818,00018.5K
56SPSCSPS Commerce IncCOM0.25%$755,0005.5K
57CAVACava Group IncCOM0.25%$747,0008.9K
58MDYSpdr S&P Midcap 400 ETFETF0.24%$705,0001.2K
59SOLVSolventum CorpCOM0.23%$676,0008.9K
60LULULululemon Athletica IncCOM0.22%$650,0002.7K
61DINOHF Sinclair CorpCOM0.18%$536,00013.0K
62SWKSSkyworks Solutions IncCOM0.18%$534,0007.2K
63AVGOBroadcom IncCOM0.18%$527,0001.9K
64GLDSpdr Gold TR Gold ShsCOM0.17%$503,0001.6K
65COSTCostco Wholesale CorpCOM0.16%$484,000489
66XELXCEL Energy IncCOM0.16%$482,0007.1K
67BRK/BBerkshire Hathaway Cl BCOM0.12%$363,000748
68IWMIShares Tr Russell 2000 ETFETF0.12%$345,0001.6K
69MDTMedtronic IncCOM0.09%$275,0003.2K
70VTIVanguard Total Stock Market ETFETF0.09%$268,000881
71IJRIshares Core S&P Small Cap ETFETF0.07%$206,0001.9K
72LLYEli LillyCOM0.07%$206,000264

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$292M76May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$316M74Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$307M71Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$299M73Aug 7, 202513F-HRchanges · EDGAR ↗
Q1 2025$284M70May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$291M71Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$289M70Nov 6, 202413F-HRchanges · EDGAR ↗
Q2 2024$268M68Aug 7, 202413F-HRchanges · EDGAR ↗
Q1 2024$271M68May 2, 202413F-HRchanges · EDGAR ↗
Q4 2023$245M65Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$223M62Nov 9, 202313F-HRchanges · EDGAR ↗
Q2 2023$225M60Aug 8, 202313F-HRchanges · EDGAR ↗
Q1 2023$192M59May 9, 202313F-HRchanges · EDGAR ↗
Q4 2022$173M58Feb 6, 202313F-HRchanges · EDGAR ↗
Q3 2022$183M57Nov 8, 202213F-HRchanges · EDGAR ↗
Q2 2022$186M58Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$225M60May 4, 202213F-HRchanges · EDGAR ↗
Q4 2021$249M65Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$238M65Nov 5, 202113F-HRchanges · EDGAR ↗
Q2 2021$246M65Jul 28, 202113F-HRchanges · EDGAR ↗
Q1 2021$228M67May 10, 202113F-HRchanges · EDGAR ↗
Q4 2020$223M62Feb 9, 202113F-HRchanges · EDGAR ↗
Q3 2020$198M58Nov 10, 202013F-HRchanges · EDGAR ↗
Q2 2020$180M57Aug 4, 202013F-HRchanges · EDGAR ↗
Q1 2020$135M55May 4, 202013F-HRchanges · EDGAR ↗
Q4 2019$214M64Feb 7, 202013F-HRchanges · EDGAR ↗
Q3 2019$158M66Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$159M66Aug 9, 201913F-HRchanges · EDGAR ↗
Q1 2019$152M66May 2, 201913F-HRchanges · 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 ↗.