SEC 13F Intelligence

Managers / Q1 2026

Nicollet Investment Management, Inc.

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

Reported Value
$292M
Q1 2026
Positions
76
Filings on Record
29
2019–present window
Filed
May 13, 2026
original filing

Summary

Nicollet Investment Management, Inc. reported $292M in U.S.-listed holdings across 76 positions for Q1 2026.

Its largest position, GOOG, represents 10.7% of the portfolio.

Compared with Q4 2025, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+4.4%
vs prior filed quarter
Top-10 Concentration
+49.9%
share of reported value
Largest Position
+10.7%
Alphabet
New / Exited
3 / 1
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
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: 84.7%ETP: 12.2%REIT: 2.6%ADR: 0.5%
  • Common Stock · 84.7% · $247M
  • ETP · 12.2% · $36M
  • REIT · 2.6% · $8M
  • ADR · 0.5% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GSGoldman Sachs Group IncNEW+4.5K4.5K+$4M$4M
WPMWheaton Precious Metal Cl FNEW+2.7K2.7K+$352,000$352,000
IVWIShares S&P 500 Growth ETFNEW+2.3K2.3K+$263,000$263,000
LLYEli LillySOLD OUT−2140−$230,000$0
NVONovo-Nordisk ASADDED+18.6K39.2K+$394,000$1M
IWLIshares Russell Top 200 ETFTRIMMED−7.3K40.3K−$2M$6M
MDYSpdr S&P Midcap 400 ETFTRIMMED−6197.8K−$268,000$5M
GOOGLAlphabet Inc Cl ATRIMMED−3.0K46.3K−$2M$13M

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

Holdings — Q1 2026

75 positions (from 76 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GOOGAlphabet Inc Cl CCOM10.71%$31M108.9K
2AMZNAmazon Com Inc.history →COM6.83%$20M95.7K
3AAPLApple Computerhistory →COM6.33%$18M72.9K
4MSFTMicrosoft Corphistory →COM5.55%$16M43.8K
5METAMeta Platforms Inc Cl Ahistory →COM4.28%$12M21.8K
6NVDANvidiahistory →COM3.98%$12M66.6K
7VVisa Inchistory →COM3.54%$10M34.2K
8GWWGrainger W W Inchistory →COM3.25%$9M8.7K
9RSPInvsc SP 500 Equal ETFhistory →ETF2.81%$8M42.7K
10EQIXEquinix, Inchistory →COM2.64%$8M7.9K
11SCHXSchwab U.S. Large Cap ETFhistory →ETF2.57%$8M292.9K
12IWLIshares Russell Top 200 ETFhistory →ETF2.22%$6M40.3K
13SLBSchlumberger LTDhistory →COM2.01%$6M114.2K
14RMDResmed Inchistory →COM1.91%$6M24.8K
15MMM3M Companyhistory →COM1.89%$6M37.9K
16ORCLOracle Corphistory →COM1.86%$5M37.0K
17ECLEcolab Inc.history →COM1.78%$5M19.6K
18TJXTJX Cos Inc Newhistory →COM1.70%$5M31.1K
19MDYSpdr S&P Midcap 400 ETFhistory →ETF1.65%$5M7.8K
20UBERUber Technologieshistory →COM1.56%$5M63.4K
21UNPUnion Pacific Corphistory →COM1.54%$5M18.6K
22KOCoca Cola Co.history →COM1.53%$4M58.8K
23CBChubb Ltd Fhistory →COM1.41%$4M12.6K
24GSGoldman Sachs Group Inchistory →COM1.30%$4M4.5K
25SCHMSchwab U.S. Mid Cap ETFhistory →ETF1.23%$4M116.4K
26FASTFastenal Companyhistory →COM1.17%$3M73.9K
27UTHRUnited Therapeuticshistory →COM1.16%$3M5.7K
28EOGE O G Resources Inc.history →COM1.09%$3M22.0K
29BSXBoston Scientific Cohistory →COM1.03%$3M47.9K
30TMOThermo Fisher ScientificCOM0.93%$3M5.5K
31CRMSalesforce.comCOM0.90%$3M14.0K
32HDHome Depot Inc.COM0.89%$3M7.9K
33PANWPalo Alto Networks IncCOM0.85%$2M15.5K
34ACNAccenture PLC CL ACOM0.85%$2M12.5K
35LHXL3 Harris Technologies IncCOM0.78%$2M6.6K
36AKAMAkamai Technologies IncCOM0.77%$2M19.6K
37SBUXStarbucks CorpCOM0.74%$2M24.2K
38NOWServicenow, IncCOM0.73%$2M20.2K
39UNHUnitedhealth Group IncCOM0.69%$2M7.5K
40VMIValmont Inds IncCOM0.68%$2M5.0K
41SYYSysco Corp.COM0.66%$2M27.2K
42ULTAUlta Beauty IncCOM0.55%$2M3.1K
43EXPDExpeditors Int'l WACOM0.52%$2M10.7K
44ALKSAlkermes PlcCOM0.52%$2M43.3K
45MRNAModerna IncCOM0.51%$1M29.1K
46IONSIonis Pharmaceuticals IncCOM0.51%$1M19.6K
47GNRCGenerac Holdings IncCOM0.50%$1M7.4K
48NVONovo-Nordisk ASCOM0.49%$1M39.2K
49PYPLPaypal Holdings IncCOM0.43%$1M27.5K
50SCHASchwab US Small Cap ETFETF0.42%$1M42.6K
51FFIVF5 Networks, IncCOM0.41%$1M4.2K
52CTRACoterra Energy IncCOM0.41%$1M34.0K
53ALGNAlign Technology IncCOM0.35%$1M6.0K
54KNXKnight Swift TransportationCOM0.34%$992,00017.2K
55IVVIShares Core S&P 500 ETFETF0.33%$970,0001.5K
56FISVFiserv IncCOM0.33%$952,00017.1K
57RDNRadian Group IncCOM0.33%$952,00028.8K
58SPYSPDR S&P 500 ETFETF0.30%$877,0001.3K
59FISFISCOM0.29%$850,00018.1K
60DINOHF Sinclair CorpCOM0.28%$803,00012.9K
61SMGThe Scotts Miracle-Gro CompanyCOM0.24%$715,00011.8K
62GLDSpdr Gold TR Gold ShsCOM0.23%$678,0001.6K
63LYFTLyft Inc Cl ACOM0.21%$624,00046.9K
64XELXCEL Energy IncCOM0.19%$557,0007.0K
65AVGOBroadcom IncCOM0.18%$532,0001.7K
66SOLVSolventum CorpCOM0.16%$469,0007.2K
67COSTCostco Wholesale CorpCOM0.14%$401,000403
68IWMIShares Tr Russell 2000 ETFETF0.14%$397,0001.6K
69SWKSSkyworks Solutions IncCOM0.12%$358,0006.7K
70WPMWheaton Precious Metal Cl FCOM0.12%$352,0002.7K
71VTIVanguard Total Stock Market ETFETF0.10%$283,000881
72BRK/BBerkshire Hathaway Cl BCOM0.10%$281,000587
73IVWIShares S&P 500 Growth ETFETF0.09%$263,0002.3K
74MDTMedtronic IncCOM0.09%$259,0003.0K
75IJRIshares Core S&P Small Cap ETFETF0.08%$234,0001.9K

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 ↗.