SALEM CAPITAL MANAGEMENT INC

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CIK 1049648

13F portfolio (2022-Q3)

$126M

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 2022-Q2. 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 (2022-Q3)

Holdings

Top 5

26.5%

Top 10

46.1%

Effective N

30.3

HHI

0.033

This quarter

0 new · 0 exit →

By sector

Health Care16.4%

Information Technology15.3%

Consumer Discretionary13.4%

Financials10.4%

Energy10.4%

Materials9.9%

Industrials9.5%

Unclassified6.4%

Other8.2%

By market cap

Large ($10–200B)53.2%

Mega (>$200B)37.3%

Unknown9.2%

Mid ($2–10B)0.4%

By region

North America90.8%

Other6.4%

Europe2.8%

By industry group GICS — finer than sector

Industry group	Weight	Names
Pharmaceuticals & Biotechnology	16.22%	7
Oil, Gas & Consumable Fuels	10.39%	5
Banks	9.85%	5
Automobiles & Components	7.10%	3
Software	7.02%	1
Unclassified	6.39%	3
Aerospace & Defense	6.27%	2
Metals & Mining	6.14%	2
Specialty Retail	6.09%	3
Technology Hardware & Equipment	4.95%	2
Equity Real Estate Investment Trusts (REITs)	4.49%	2
Paper & Forest Products	2.96%	2
Diversified Telecommunication Services	2.39%	1
Machinery	1.88%	1
Communications Equipment	1.80%	1
Professional Services	1.14%	1
Semiconductors & Semiconductor Equipment	1.14%	2
Chemicals	0.84%	2
Utilities	0.63%	2
Commercial Services & Supplies	0.59%	1
Software & IT Services	0.43%	1
Food & Staples Retailing	0.36%	1
Airlines	0.21%	1
Health Care Equipment & Supplies	0.19%	1
Beverages	0.19%	1
Food Products	0.17%	1
Textiles, Apparel & Luxury Goods	0.17%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MSFT	MICROSOFT CORP	Information Technology	7.02%
2	MRK	Merck & Co., Inc.	Health Care	5.57%
3	PFE	PFIZER INC	Health Care	4.79%
4	BAC	BANK OF AMERICA CORP /DE/	Financials	4.72%
5	HON	HONEYWELL INTERNATIONAL INC	Industrials	4.43%
6	WY	WEYERHAEUSER CO	Real Estate	4.21%
7	CSCO	CISCO SYSTEMS, INC.	Information Technology	4.16%
8		PIONEER NAT RES CO	Unclassified	3.83%
9	DVN	DEVON ENERGY CORP/DE	Energy	3.80%
10	GLW	CORNING INC /NY	Materials	3.55%

52/55 names classified · sector 93.6% of weight · industry 93.6% · mkt cap 90.8%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 38 quarters

Information TechnologyMSFT, CSCO, INTC, GE, ABBNY · other

Health CareMRK, JNJ, PFE, NVS, PHG · other

MaterialsIP, GLW, PG, FCX, DOW · other

EnergyDVN, SLB, HAL, OXY, CVX · other

IndustrialsHON, PAYX, MMM, ETN, RTX · other

Consumer DiscretionaryLOW, PCAR, BWA, APTV, WSM · other

FinancialsBAC, JPM, PYPL, TFC, WFC · other

Communication ServicesVZ, T, VOD, CMCSA

Real EstateWY, AVB

Consumer StaplesCVS, GIS, KO, CTVA

UtilitiesNFG, SO, DUK, NEE

UnclassifiedUNILEVER PLC, DOW CHEM CO, DU PONT E I DE NEMOURS & CO, DOWDUPONT INC, PIONEER NAT RES CO · 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: 93.6% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2022-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (50 classified)SALEM CAPITAL MANAGEMENT INC centroid (Large Core)

Health CareInformation TechnologyConsumer DiscretionaryFinancialsEnergyMaterialsIndustrialsReal EstateCommunication ServicesConsumer StaplesUtilities

Style box summary for SALEM CAPITAL MANAGEMENT INC: centroid Large Core. Heaviest cells: Large Value 30.8%, Large Core 20.2%, Large Growth 16.7%.

Classified: 90.8% of book weight (50/54 names) · unclassified 9.2%: , NOK, NVS, NSRGY. 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· 55 positions (2022-Q3) · largest first · Δ vs 2022-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	MSFTMICROSOFT CORP	38,061	$9M	7.0%	HOLD
2	MRKMERCK & CO INC	81,739	$7M	5.6%	HOLD
3	PFEPFIZER INC	138,274	$6M	4.8%	HOLD
4	BACBANK AMERICA CORP	197,540	$6M	4.7%	HOLD
5	HONHONEYWELL INTL INC	33,483	$6M	4.4%	HOLD
6	WYWEYERHAEUSER CO	186,317	$5M	4.2%	HOLD
7	CSCOCISCO SYS INC	131,290	$5M	4.2%	HOLD
8	PIONEER NAT RES CO	22,350	$5M	3.8%	HOLD
9	DVNDEVON ENERGY CORP NEW	79,887	$5M	3.8%	HOLD
10	GLWCORNING INC	154,499	$4M	3.5%	HOLD
11	LOWLOWES COS INC	22,524	$4M	3.3%	HOLD
12	CVXCHEVRON CORP NEW	27,902	$4M	3.2%	HOLD
13	PCARPACCAR INC	42,690	$4M	2.8%	HOLD
14	JNJJOHNSON & JOHNSON	20,826	$3M	2.7%	HOLD
15	IPINTERNATIONAL PAPER CO	107,258	$3M	2.7%	HOLD
16	FCXFREEPORT MCMORAN INC	119,599	$3M	2.6%	ADD 2%
17	BWABORGWARNER INC	102,899	$3M	2.6%	HOLD
18	VZVERIZON COMMUNICATIONS INC	79,415	$3M	2.4%	HOLD
19	JPMJPMORGAN CHASE & CO	28,153	$3M	2.3%	HOLD
20	TFCTRUIST FINL CORP	65,708	$3M	2.3%	HOLD
21	WRKCO INC	91,267	$3M	2.2%	HOLD
22	SLBSCHLUMBERGER LTD	73,049	$3M	2.1%	ADD 944%
23	COSTCOSTCO WHSL CORP NEW	5,111	$2M	1.9%	HOLD
24	ETNEaton Corp. PLC	17,768	$2M	1.9%	HOLD
25	RTXRTX CORPORATION	28,542	$2M	1.8%	HOLD
26	NOKNOKIA CORP	531,484	$2M	1.8%	ADD 9%
27	APTVAPTIV PLC	27,698	$2M	1.7%	HOLD
28	ABTABBOTT LABS	16,096	$2M	1.2%	HOLD
29	PAYXPAYCHEX INC	12,845	$1M	1.1%	HOLD
30	EOGEOG RES INC	11,450	$1M	1.0%	HOLD
31	NVSNOVARTIS AG	16,377	$1M	1.0%	HOLD
32	HDHOME DEPOT INC	3,825	$1M	0.8%	HOLD
33	AAPLAPPLE INC	7,260	$1M	0.8%	TRIM −3%
34	LLYELI LILLY & CO	2,897	$937,000	0.7%	HOLD
35	AVGOBROADCOM INC	1,780	$790,000	0.6%	HOLD
36	PYPLPAYPAL HLDGS INC	8,625	$742,000	0.6%	ADD 4%
37	ADIANALOG DEVICES INC	4,619	$644,000	0.5%	HOLD
38	PGPROCTER AND GAMBLE CO	4,430	$559,000	0.4%	HOLD
39	ADPAUTOMATIC DATA PROCESSING IN	2,393	$541,000	0.4%	ADD 4%
40	CLCOLGATE PALMOLIVE CO	7,233	$508,000	0.4%	HOLD
41	NFGNATIONAL FUEL GAS CO	7,778	$479,000	0.4%	HOLD
42	CVSCVS HEALTH CORP	4,805	$458,000	0.4%	HOLD
43	PNCPNC FINL SVCS GROUP INC	3,050	$456,000	0.4%	HOLD
44	NSRGYNESTLE S A SPONSORED ADR	3,875	$417,000	0.3%	HOLD
45	COPCONOCOPHILLIPS	4,000	$409,000	0.3%	HOLD
46	AVBAVALONBAY CMNTYS INC	1,914	$353,000	0.3%	HOLD
47	KMBKIMBERLY-CLARK CORP	3,049	$343,000	0.3%	HOLD
48	NEENEXTERA ENERGY INC	4,000	$314,000	0.2%	HOLD
49	FDXFEDEX CORP	1,800	$267,000	0.2%	HOLD
50	ABBVABBVIE INC	1,900	$255,000	0.2%	HOLD
51	SYKSTRYKER CORPORATION	1,217	$246,000	0.2%	HOLD
52	KOCOCA COLA CO	4,359	$244,000	0.2%	ADD 4%
53	BNYBANK NEW YORK MELLON CORP	5,700	$220,000	0.2%	HOLD
54	GISGENERAL MILLS INC	2,800	$215,000	0.2%	HOLD
55	CTASCINTAS CORP	550	$214,000	0.2%	HOLD

☆SALEM CAPITAL MANAGEMENT INC