SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Nicollet Investment Management, Inc.

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

Reported Value
$307M
Q3 2025
Positions
71
Filings on Record
29
2019–present window
Filed
Nov 10, 2025
original filing

Summary

Nicollet Investment Management, Inc. reported $307M in U.S.-listed holdings across 71 positions for Q3 2025.

Its largest position, GOOG, represents 9.9% of the portfolio.

Compared with Q2 2025, the fund opened 0 new positions and exited 2.

Portfolio Metrics

Turnover
+4.3%
vs prior filed quarter
Top-10 Concentration
+54.4%
share of reported value
Largest Position
+9.9%
Alphabet

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: 89.5%ETP: 8.0%REIT: 1.7%ADR: 0.7%
  • Common Stock · 89.5% · $275M
  • ETP · 8.0% · $25M
  • REIT · 1.7% · $5M
  • ADR · 0.7% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SOSouthern CoSOLD OUT−11.5K0−$1M$0
LLYEli LillySOLD OUT−2640−$206,000$0
BRK/BBerkshire Hathaway Cl BTRIMMED−146602−$60,000$303,000
COSTCostco Wholesale CorpTRIMMED−76413−$102,000$382,000
AVGOBroadcom IncTRIMMED−1911.7K+$40,000$567,000
SOLVSolventum CorpTRIMMED−7438.2K−$79,000$597,000
IWLIshares Russell Top 200 ETFADDED+3.0K47.6K+$1M$8M
GOOGAlphabet Inc Cl CTRIMMED−4.6K71.0K+$4M$17M

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

Holdings — Q3 2025

70 positions (from 71 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GOOGAlphabet Inc Cl CCOM9.88%$30M124.5K
2MSFTMicrosoft Corphistory →COM8.39%$26M49.7K
3AMZNAmazon Com Inc.history →COM7.09%$22M99.0K
4AAPLApple Computerhistory →COM6.36%$19M76.5K
5METAMeta Platforms Inc Cl Ahistory →COM5.44%$17M22.7K
6NVDANvidiahistory →COM4.53%$14M74.4K
7VVisa Inchistory →COM3.90%$12M35.0K
8ORCLOracle Corphistory →COM3.50%$11M38.2K
9GWWGrainger W W Inchistory →COM2.75%$8M8.9K
10IWLIshares Russell Top 200 ETFhistory →ETF2.58%$8M47.6K
11SCHXSchwab U.S. Large Cap ETFhistory →ETF2.52%$8M293.5K
12RMDResmed Inchistory →COM2.28%$7M25.6K
13PANWPalo Alto Networks Inchistory →COM2.12%$7M31.9K
14UBERUber Technologieshistory →COM2.10%$6M65.6K
15MMM3M Companyhistory →COM1.98%$6M39.1K
16ECLEcolab Inc.history →COM1.80%$6M20.1K
17EQIXEquinix, Inchistory →COM1.74%$5M6.8K
18TJXTJX Cos Inc Newhistory →COM1.51%$5M32.1K
19UNPUnion Pacific Corphistory →COM1.48%$5M19.2K
20FISVFiserv Inchistory →COM1.43%$4M34.0K
21SLBSchlumberger LTDhistory →COM1.35%$4M120.5K
22KOCoca Cola Co.history →COM1.32%$4M60.9K
23NOWServicenow, Inchistory →COM1.25%$4M4.2K
24FASTFastenal Companyhistory →COM1.23%$4M76.6K
25CBChubb Ltd Fhistory →COM1.20%$4M13.0K
26SCHMSchwab U.S. Mid Cap ETFhistory →ETF1.19%$4M123.1K
27CRMSalesforce.comhistory →COM1.15%$4M14.9K
28HDHome Depot Inc.history →COM1.08%$3M8.1K
29ACNAccenture PLC CL Ahistory →COM1.05%$3M13.1K
30TMOThermo Fisher ScientificCOM0.90%$3M5.7K
31UNHUnitedhealth Group IncCOM0.88%$3M7.8K
32EOGE O G Resources Inc.COM0.84%$3M23.0K
33UTHRUnited TherapeuticsCOM0.80%$2M5.9K
34SYYSysco Corp.COM0.76%$2M28.2K
35SBUXStarbucks CorpCOM0.72%$2M25.9K
36NVONovo-Nordisk ASCOM0.70%$2M38.7K
37LHXL3 Harris Technologies IncCOM0.69%$2M6.9K
38VMIValmont Inds IncCOM0.65%$2M5.1K
39PYPLPaypal Holdings IncCOM0.62%$2M28.5K
40ULTAUlta Beauty IncCOM0.56%$2M3.2K
41AKAMAkamai Technologies IncCOM0.50%$2M20.2K
42FFIVF5 Networks, IncCOM0.45%$1M4.3K
43EXPDExpeditors Int'l WACOM0.44%$1M11.0K
44ALKSAlkermes PlcCOM0.44%$1M45.0K
45IONSIonis Pharmaceuticals IncCOM0.44%$1M20.4K
46GNRCGenerac Holdings IncCOM0.42%$1M7.7K
47FISFISCOM0.40%$1M18.7K
48SCHASchwab US Small Cap ETFETF0.39%$1M43.0K
49RDNRadian Group IncCOM0.35%$1M29.8K
50IVVIShares Core S&P 500 ETFETF0.32%$991,0001.5K
51SPYSPDR S&P 500 ETFETF0.30%$907,0001.4K
52CTRACoterra Energy IncCOM0.27%$829,00035.1K
53MDYSpdr S&P Midcap 400 ETFETF0.24%$736,0001.2K
54SMGThe Scotts Miracle-Gro CompanyCOM0.23%$716,00012.6K
55KNXKnight Swift TransportationCOM0.23%$704,00017.8K
56DINOHF Sinclair CorpCOM0.23%$696,00013.3K
57SOLVSolventum CorpCOM0.19%$597,0008.2K
58AVGOBroadcom IncCOM0.18%$567,0001.7K
59SPSCSPS Commerce IncCOM0.18%$565,0005.4K
60XELXCEL Energy IncCOM0.18%$565,0007.0K
61GLDSpdr Gold TR Gold ShsCOM0.18%$560,0001.6K
62SWKSSkyworks Solutions IncCOM0.17%$531,0006.9K
63CAVACava Group IncCOM0.17%$521,0008.6K
64LULULululemon Athletica IncCOM0.15%$468,0002.6K
65IWMIShares Tr Russell 2000 ETFETF0.13%$387,0001.6K
66COSTCostco Wholesale CorpCOM0.12%$382,000413
67BRK/BBerkshire Hathaway Cl BCOM0.10%$303,000602
68MDTMedtronic IncCOM0.10%$296,0003.1K
69VTIVanguard Total Stock Market ETFETF0.09%$289,000881
70IJRIshares Core S&P Small Cap ETFETF0.07%$224,0001.9K

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 ↗.