Nicollet Investment Management, Inc.
Long book
$292.0M
Q1 2026
Positions
76
Top-10 weight
47%
concentration
Last quarter
+12.8%
SPY +14.8%
Turnover
5%
of book per quarter
Strategy in plain words
auto-generated from filingsNicollet Investment Management, Inc. is a diversified fundamental manager, running a $292.0M US long book across 76 positions.
The portfolio is moderately concentrated (top 10 ≈ 47% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AMAZON.COM INC, APPLE INC, ALPHABET INC-CL C, MICROSOFT CORP, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+5.2%
Q2 2024
+5.9%
Q3 2024
+2.7%
Q4 2024
-6.1%
Q1 2025
+9.4%
Q2 2025
+6.8%
Q3 2025
+0.8%
Q4 2025
-5.6%
Q1 2026
+12.8%
Sector allocation
Technology 43%
Consumer discretionary 19%
Healthcare 10%
Services media 9%
Financials 5%
Industrials 4%
Energy 4%
Other 4%
Long book by quarter
What does Nicollet Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AMZN AMAZON.COM INC | Consumer discretionary | 95.7K | $19.9M | 6.8% | -3.3% |
| AAPL APPLE INC | Technology | 72.9K | $18.5M | 6.3% | -4.2% |
| GOOG ALPHABET INC-CL C | Technology | 62.6K | $18.0M | 6.2% | -2.5% |
| MSFT MICROSOFT CORP | Technology | 43.8K | $16.2M | 5.5% | -2.4% |
| GOOGL ALPHABET INC-CL A | Technology | 46.3K | $13.3M | 4.6% | -6.1% |
| META META PLATFORMS INC-CLASS A | Technology | 21.8K | $12.5M | 4.3% | -4.2% |
| NVDA NVIDIA CORP | Technology | 66.6K | $11.6M | 4.0% | -3.0% |
| V VISA INC-CLASS A SHARES | Services media | 34.2K | $10.3M | 3.5% | -3.3% |
| GWW WW GRAINGER INC | Consumer discretionary | 8.7K | $9.5M | 3.2% | -2.7% |
| SLB SLB LTD | Energy | 114.2K | $5.9M | 2.0% | -2.6% |
| RMD RESMED INC | Healthcare | 24.8K | $5.6M | 1.9% | -3.5% |
| MMM 3M CO | Healthcare | 37.9K | $5.5M | 1.9% | -3.5% |
| ORCL ORACLE CORP | Technology | 37.0K | $5.4M | 1.9% | -3.2% |
| ECL ECOLAB INC | Other | 19.6K | $5.2M | 1.8% | -3.0% |
| TJX TJX COMPANIES INC | Consumer discretionary | 31.1K | $5.0M | 1.7% | -3.5% |
| UBER UBER TECHNOLOGIES INC | Services media | 63.4K | $4.6M | 1.6% | -3.7% |
| UNP UNION PACIFIC CORP | Industrials | 18.6K | $4.5M | 1.5% | -4.1% |
| KO COCA-COLA CO/THE | Consumer staples | 58.8K | $4.5M | 1.5% | -3.4% |
| CB CHUBB LTD | Financials | 12.6K | $4.1M | 1.4% | -3.2% |
| GS GOLDMAN SACHS GROUP INC | Financials | 4.5K | $3.8M | 1.3% | New |
| FAST FASTENAL CO | Consumer discretionary | 73.9K | $3.4M | 1.2% | -3.8% |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 5.7K | $3.4M | 1.2% | -3.9% |
| EOG EOG RESOURCES INC | Energy | 22.0K | $3.2M | 1.1% | +2.3% |
| BSX BOSTON SCIENTIFIC CORP | Healthcare | 47.9K | $3.0M | 1.0% | -3.4% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 5.5K | $2.7M | 0.9% | -3.4% |
| CRM SALESFORCE INC | Technology | 14.0K | $2.6M | 0.9% | -2.6% |
| HD HOME DEPOT INC | Consumer discretionary | 7.9K | $2.6M | 0.9% | -2.9% |
| PANW PALO ALTO NETWORKS INC | Technology | 15.5K | $2.5M | 0.9% | -5.3% |
| ACN ACCENTURE PLC-CL A | Services media | 12.5K | $2.5M | 0.8% | +0.2% |
| LHX L3HARRIS TECHNOLOGIES INC | Technology | 6.6K | $2.3M | 0.8% | -3.9% |
| AKAM AKAMAI TECHNOLOGIES INC | Services media | 19.6K | $2.2M | 0.8% | -0.5% |
| SBUX STARBUCKS CORP | Consumer discretionary | 24.2K | $2.2M | 0.7% | +0.2% |
| NOW SERVICENOW INC | Technology | 20.2K | $2.1M | 0.7% | -3.8% |
| UNH UNITEDHEALTH GROUP INC | Financials | 7.5K | $2.0M | 0.7% | -4.4% |
| VMI VALMONT INDUSTRIES | Industrials | 5.0K | $2.0M | 0.7% | -3.8% |
| SYY SYSCO CORP | Consumer discretionary | 27.2K | $1.9M | 0.7% | +2.1% |
| ULTA ULTA BEAUTY INC | Consumer discretionary | 3.1K | $1.6M | 0.5% | -4.2% |
| EXPD EXPEDITORS INTL WASH INC | Industrials | 10.7K | $1.5M | 0.5% | -3.8% |
| ALKS ALKERMES PLC | Healthcare | 43.3K | $1.5M | 0.5% | -2.6% |
| MRNA MODERNA INC | Healthcare | 29.1K | $1.5M | 0.5% | -4.2% |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 19.6K | $1.5M | 0.5% | -4.3% |
| GNRC GENERAC HOLDINGS INC | Industrials | 7.4K | $1.4M | 0.5% | -4.2% |
| PYPL PAYPAL HOLDINGS INC | Services media | 27.5K | $1.2M | 0.4% | -3.5% |
| FFIV F5 INC | Technology | 4.2K | $1.2M | 0.4% | -3.9% |
| CTRA COTERRA ENERGY INC | — | 34.0K | $1.2M | 0.4% | -3.8% |
| ALGN ALIGN TECHNOLOGY INC | Healthcare | 6.0K | $1.0M | 0.4% | -4.0% |
| KNX KNIGHT-SWIFT TRANSPORTATION | Industrials | 17.2K | $992K | 0.3% | -4.2% |
| RDN RADIAN GROUP INC | Financials | 28.8K | $952K | 0.3% | -4.2% |
| FISV FISERV INC | Services media | 17.1K | $952K | 0.3% | -2.5% |
| FIS FIDELITY NATIONAL INFO SERV | Services media | 18.1K | $850K | 0.3% | -3.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 76 | $292.0M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 74 | $316.0M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 71 | $306.6M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 73 | $298.6M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 70 | $284.5M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 71 | $291.2M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 70 | $289.3M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 68 | $267.8M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 2, 2024 | 68 | $271.0M | $K fixed canonical | SEC ↗ |
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