KEATING INVESTMENT COUNSELORS INC

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CIK 1020580

13F portfolio (2026-Q1)

$404M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

59.3%

Top 10

72.7%

Effective N

8.6

HHI

0.117

This quarter

3 new · 0 exit →

By sector

Unclassified58.1%

Energy13.5%

Materials12.1%

Communication Services6.2%

Consumer Staples3.1%

Health Care2.9%

Industrials2.7%

Consumer Discretionary0.9%

Other0.7%

By market cap

Unknown80.0%

Mid ($2–10B)9.6%

Large ($10–200B)6.9%

Mega (>$200B)3.1%

Small ($300M–2B)0.4%

By region

Other58.1%

North America39.3%

Europe2.6%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	58.09%	11
Oil, Gas & Consumable Fuels	13.48%	11
Metals & Mining	12.07%	5
Diversified Telecommunication Services	4.43%	2
Pharmaceuticals & Biotechnology	2.73%	4
Aerospace & Defense	1.72%	2
Media & Entertainment	1.54%	1
Beverages	1.12%	2
Food Products	0.95%	2
Specialty Retail	0.82%	3
Road & Rail	0.79%	1
Agricultural Products	0.67%	1
Technology Hardware & Equipment	0.40%	2
Tobacco	0.33%	2
Health Care Equipment & Supplies	0.21%	2
Machinery	0.15%	1
Semiconductors & Semiconductor Equipment	0.13%	1
Software & IT Services	0.11%	2
Banks	0.09%	1
Hotels, Restaurants & Leisure	0.07%	1
Entertainment	0.07%	1
Software	0.06%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	KEAT	EA SERIES TRUST	Unclassified	27.39%
2	STIP	ISHARES TR	Unclassified	16.33%
3	BIL	SPDR SERIES TRUST	Unclassified	5.72%
4	AEM	AGNICO EAGLE MINES LTD	Materials	5.03%
5	B	BARRICK MINING CORP	Materials	4.86%
6	OII	OCEANEERING INTERNATIONAL INC	Energy	2.97%
7	SU	SUNCOR ENERGY INC	Energy	2.79%
8	VOD	VODAFONE GROUP PUBLIC LTD CO	Communication Services	2.61%
9	EQNR	Equinor ASA	Energy	2.59%
10	GSK	GSK plc	Health Care	2.39%

48/59 names classified · sector 41.9% of weight · industry 41.9% · mkt cap 20.0%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

Consumer StaplesPM, CVS, LW, GIS, CALM · other

IndustrialsLMT, MMM, HON, UPS, DOV · other

Health CareJNJ, MRK, MDT, AZN, GSK · other

Information TechnologyINTC, TMO, GE, KLAC, IBM · other

EnergyXOM, EQNR, SU, CVX, OII · other

Consumer DiscretionaryHD, SYY, COST, WMT, KN · other

Communication ServicesVZ, DIS, VOD, T, LBTYK · other

MaterialsKMB, AEM, PG, B, PAAS · other

FinancialsTFC, AFL, JPM, BRK.B, HBAN · other

Real EstateWY, OUT

UtilitiesDUK, D, NEE, XEL, FE · other

UnclassifiedSTIP, KEAT, BARRICK GOLD CORP, BIL, LIBERTY GLOBAL PLC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 41.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 15% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (36 classified)KEATING INVESTMENT COUNSELORS INC centroid (Mid Core)

EnergyConsumer StaplesIndustrialsCommunication ServicesConsumer DiscretionaryInformation TechnologyHealth CareMaterialsFinancials

Style box summary for KEATING INVESTMENT COUNSELORS INC: centroid Mid Core. Heaviest cells: Large Value 6.3%, Small Growth 4.2%, Large Core 2.3%.

Classified: 15.5% of book weight (36/58 names) · unclassified 84.5%: KEAT, STIP, BIL, AEM, B, , SU, VOD, EQNR, GSK +12 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 59 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	KEATEA SERIES TRUST	3,242,455	$111M	27.4%	HOLD
2	STIPISHARES TR	637,361	$66M	16.3%	ADD 12%
3	BILSPDR SERIES TRUST	251,904	$23M	5.7%	HOLD
4	AEMAGNICO EAGLE MINES LTD	100,002	$20M	5.0%	HOLD
5	BBARRICK MNG CORP	480,959	$20M	4.9%	HOLD
6	OIIOCEANEERING INTL INC	338,438	$12M	3.0%	TRIM −4%
7	SUSUNCOR ENERGY INC NEW	170,454	$11M	2.8%	TRIM −3%
8	VODVODAFONE GROUP PLC	702,576	$11M	2.6%	HOLD
9	EQNREQUINOR ASA	247,463	$10M	2.6%	HOLD
10	GSKGSK PLC	175,168	$10M	2.4%	TRIM −3%
11	TOTALENERGIES SE	103,271	$9M	2.3%	HOLD
12	CRRFYCARREFOUR SA SP ADR	2,324,860	$9M	2.1%	HOLD
13	VZVERIZON COMMUNICATIONS INC	146,376	$7M	1.8%	HOLD
14	TALOTALOS ENERGY INC	443,638	$7M	1.7%	HOLD
15	LMTLOCKHEED MARTIN CORP	10,720	$6M	1.6%	HOLD
16	PAASPAN AMERN SILVER CORP	115,919	$6M	1.6%	HOLD
17	JSAIYJ. SAINSBURY PLC-SPONS ADR	342,184	$6M	1.5%	HOLD
18	LBTYKLIBERTY GLOBAL LTD	528,423	$6M	1.5%	HOLD
19	UNILEVER PLC	89,022	$5M	1.3%	HOLD
20	RIGTRANSOCEAN LTD	682,898	$5M	1.1%	HOLD
21	TAPMOLSON COORS BEVERAGE CO	80,369	$3M	0.9%	HOLD
22	HBRIYHarbour Energy PLC	804,612	$3M	0.8%	NEW
23	UPSUNITED PARCEL SERVICE INC	32,232	$3M	0.8%	HOLD
24	SLBSCHLUMBERGER LTD	60,379	$3M	0.8%	TRIM −10%
25	CALMCal-Maine Foods, Inc.	34,001	$3M	0.7%	HOLD
26	XOMEXXON MOBIL CORP	15,744	$3M	0.7%	TRIM −14%
27	LWLAMB WESTON HLDGS INC	55,159	$2M	0.6%	ADD 3%
28	CVXCHEVRON CORP NEW	10,438	$2M	0.5%	HOLD
29	HDHOME DEPOT INC	6,106	$2M	0.5%	TRIM −37%
30	NEMNEWMONT CORP	16,994	$2M	0.5%	HOLD
31	GDXVANECK ETF TRUST GOLD MINERS ETF	19,733	$2M	0.4%	TRIM −8%
32	FLOFLOWERS FOODS INC	183,930	$1M	0.4%	NEW
33	PMPHILIP MORRIS INTL INC	6,723	$1M	0.3%	TRIM −71%
34	PEPPEPSICO INC	6,745	$1M	0.3%	HOLD
35	TMOTHERMO FISHER SCIENTIFIC INC	1,968	$967,331	0.2%	TRIM −30%
36	COSTCOSTCO WHSL CORP NEW	850	$846,966	0.2%	TRIM −25%
37	JNJJOHNSON & JOHNSON	2,899	$708,632	0.2%	TRIM −72%
38	COPCONOCOPHILLIPS	5,001	$660,178	0.2%	ADD 2%
39	NGNOVAGOLD RES INC	71,475	$641,846	0.2%	ADD 6%
40	AAPLAPPLE INC	2,506	$635,998	0.2%	TRIM −10%
41	DOVDOVER CORP	2,875	$599,294	0.1%	TRIM −7%
42	SYKSTRYKER CORPORATION	1,815	$596,391	0.1%	TRIM −37%
43	APHAMPHENOL CORP	4,000	$505,400	0.1%	HOLD
44	ORLYOREILLY AUTOMOTIVE INC	5,153	$475,673	0.1%	HOLD
45	HONHONEYWELL INTL INC	2,015	$455,450	0.1%	HOLD
46	BMYBRISTOL-MYERS SQUIBB CO	6,182	$374,938	0.1%	TRIM −10%
47	PSXPHILLIPS 66	2,037	$371,101	0.1%	ADD 11%
48	JPMJPMORGAN CHASE & CO	1,175	$345,638	0.1%	TRIM −49%
49	MICCMAGNUM ICE CREAM CO NV	20,750	$310,213	0.1%	HOLD
50	MCDMCDONALDS CORP	940	$292,143	0.1%	TRIM −10%
51	DISDISNEY WALT CO	2,844	$274,143	0.1%	TRIM −37%
52	ABBVABBVIE INC	1,235	$268,600	0.1%	TRIM −30%
53	PHYSSprott Physical Gold Trust	7,010	$248,434	0.1%	HOLD
54	MMM3M CO	1,655	$240,356	0.1%	TRIM −59%
55	SHELSHELL PLC	2,575	$239,475	0.1%	NEW
56	METAMETA PLATFORMS INC	404	$231,067	0.1%	TRIM −20%
57	GOOGLALPHABET INC	803	$230,911	0.1%	HOLD
58	MSFTMICROSOFT CORP	608	$225,063	0.1%	TRIM −29%
59	MOALTRIA GROUP INC	3,297	$217,569	0.1%	TRIM −13%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

KEATEA SERIES TRUST

3.1M

3.2M

$111M

STIPISHARES TR

523K

505K

560K

550K

571K

637K

$66M

BILSPDR SERIES TRUST

328K

271K

281K

247K

252K

$23M

AEMAGNICO EAGLE MINES LTD

135K

112K

109K

101K

100K

$20M

BBARRICK MNG CORP

—

519K

488K

484K

481K

$20M

OIIOCEANEERING INTL INC

393K

387K

385K

358K

354K

338K

$12M

SUSUNCOR ENERGY INC NEW

199K

174K

175K

176K

170K

$11M

VODVODAFONE GROUP PLC

763K

761K

754K

705K

707K

703K

$11M

EQNREQUINOR ASA

259K

261K

266K

246K

249K

247K

$10M

GSKGSK PLC

164K

189K

187K

180K

175K

$10M

TOTALENERGIES SE

114K

111K

102K

104K

103K

$9M

CRRFYCARREFOUR SA SP ADR

—

2.3M

$9M

VZVERIZON COMMUNICATIONS INC

157K

152K

150K

142K

149K

146K

$7M

TALOTALOS ENERGY INC

241K

403K

437K

438K

444K

$7M

LMTLOCKHEED MARTIN CORP

12K

11K

$6M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆KEATING INVESTMENT COUNSELORS INC