KEATING INVESTMENT COUNSELORS INC Diversified Active

CIK: 0001020580 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 30, 2026

Total Value ($000): $360,678 (100.0% shares, 0.0% debt)

Holdings (62)

New Positions (3)

MICC The Magnum Ice Cream Company N 0.1%

Value ($000) $332 Shares 20,936 Est. Cost $15.68 Unrealized 0.0%

GOOGL Alphabet Inc-CL A (Google-CL A 0.1%

Value ($000) $251 Shares 803 Est. Cost $285.60 Unrealized 0.0%

SWKS Skyworks Solutions Inc 0.1%

Value ($000) $230 Shares 3,625 Est. Cost $69.45 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MICC	The Magnum Ice Cream Company N	20,936	$332	0.1%	$15.68	0.0%	COM	N5505D105
GOOGL	Alphabet Inc-CL A (Google-CL A	803	$251	0.1%	$285.60	0.0%	COM	02079K305
SWKS	Skyworks Solutions Inc	3,625	$230	0.1%	$69.45	0.0%	COM	83088M102

Increased Positions (13)

STIP iShares 0-5 year TIPS Bond ETF 16.2%

Value ($000) $58,444 (+2.9%) Shares 570,802 (+3.8%) Est. Cost $98.34 Unrealized —

PAAS Pan American Silver Corp 1.7%

Value ($000) $5,973 (+35.3%) Shares 115,291 (+1.1%) Est. Cost $24.27 Unrealized +72.5%

RIG Transocean Ltd. 0.8%

Value ($000) $2,840 (+38.2%) Shares 687,604 (+4.4%) Est. Cost $3.53 Unrealized +9.8%

CRRFY Carrefour SA 2.2%

Value ($000) $7,804 (+10.3%) Shares 2,336,444 (+1.4%) Est. Cost $2.87 Unrealized —

— TotalEnergies SE 1.9%

Value ($000) $6,777 (+11.6%) Shares 103,594 (+1.8%) Est. Cost $48.75 Unrealized —

TALO Talos Energy Inc 1.4%

Value ($000) $4,890 (+16.4%) Shares 443,738 (+1.3%) Est. Cost $11.83 Unrealized -11.5%

LW Lamb Weston Holdings Inc 0.6%

Value ($000) $2,251 (-22.2%) Shares 53,734 (+7.8%) Est. Cost $51.15 Unrealized +14.8%

CALM Cal-Maine Foods Inc 0.7%

Value ($000) $2,694 (-14.1%) Shares 33,851 (+1.6%) Est. Cost $33.78 Unrealized +156.4%

BIL SPDR Bloomberg 1-3 Month T-Bil 6.4%

Value ($000) $22,994 (+1.4%) Shares 251,628 (+1.8%) Est. Cost $91.72 Unrealized —

TAP Molson Coors Beverage 1.1%

Value ($000) $3,811 (+7.6%) Shares 81,638 (+4.3%) Est. Cost $39.37 Unrealized +16.3%

VZ Verizon Communications Inc 1.7%

Value ($000) $6,065 (-2.6%) Shares 148,904 (+5.1%) Est. Cost $30.86 Unrealized +31.2%

EQNR Equinor ASA 1.6%

Value ($000) $5,883 (-1.8%) Shares 248,975 (+1.3%) Est. Cost $18.92 Unrealized —

JSAIY J Sainsbury PLC 1.7%

Value ($000) $6,121 (-0.8%) Shares 341,951 (+1.3%) Est. Cost $14.71 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STIP	iShares 0-5 year TIPS Bond ETF	570,802 (+3.8%)	$58,444 (+2.9%)	16.2%	$98.34	—	ETF	46429B747
PAAS	Pan American Silver Corp	115,291 (+1.1%)	$5,973 (+35.3%)	1.7%	$24.27	+72.5%	COM	697900108
RIG	Transocean Ltd.	687,604 (+4.4%)	$2,840 (+38.2%)	0.8%	$3.53	+9.8%	COM	H8817H100
CRRFY	Carrefour SA	2,336,444 (+1.4%)	$7,804 (+10.3%)	2.2%	$2.87	—	COM	144430204
—	TotalEnergies SE	103,594 (+1.8%)	$6,777 (+11.6%)	1.9%	$48.75	—	COM	89151E109
TALO	Talos Energy Inc	443,738 (+1.3%)	$4,890 (+16.4%)	1.4%	$11.83	-11.5%	COM	87484T108
LW	Lamb Weston Holdings Inc	53,734 (+7.8%)	$2,251 (-22.2%)	0.6%	$51.15	+14.8%	COM	513272104
CALM	Cal-Maine Foods Inc	33,851 (+1.6%)	$2,694 (-14.1%)	0.7%	$33.78	+156.4%	COM	128030202
BIL	SPDR Bloomberg 1-3 Month T-Bil	251,628 (+1.8%)	$22,994 (+1.4%)	6.4%	$91.72	—	ETF	78468R663
TAP	Molson Coors Beverage	81,638 (+4.3%)	$3,811 (+7.6%)	1.1%	$39.37	+16.3%	COM	60871R209
VZ	Verizon Communications Inc	148,904 (+5.1%)	$6,065 (-2.6%)	1.7%	$30.86	+31.2%	COM	92343V104
EQNR	Equinor ASA	248,975 (+1.3%)	$5,883 (-1.8%)	1.6%	$18.92	—	COM	29446M102
JSAIY	J Sainsbury PLC	341,951 (+1.3%)	$6,121 (-0.8%)	1.7%	$14.71	—	COM	466249208

Exited Positions (2)

— Sunrise Communications AG CL A 1.1%

Value ($000) $3,979 Shares 67,693 Est. Cost $43.08 Unrealized —

ORCL Oracle Corp 0.1%

Value ($000) $239 Shares 850 Est. Cost $254.17 Unrealized -6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Sunrise Communications AG CL A	67,693	$3,979	1.1%	$43.08	—	—	867975104
ORCL	Oracle Corp	850	$239	0.1%	$254.17	-6.3%	—	68389X105

Decreased Positions (22)

KEAT Keating Active ETF 26.9%

Value ($000) $96,871 (+2.0%) Shares 3,179,158 (-1.3%) Est. Cost $25.55 Unrealized —

HD Home Depot Inc 0.9%

Value ($000) $3,324 (-17.7%) Shares 9,660 (-3.1%) Est. Cost $73.63 Unrealized +395.2%

LBTYK Liberty Global PLC 1.6%

Value ($000) $5,916 (-7.1%) Shares 535,831 (-1.1%) Est. Cost $9.94 Unrealized +11.9%

OII Oceaneering International Inc 2.4%

Value ($000) $8,515 (-4.0%) Shares 354,356 (-1.0%) Est. Cost $13.05 Unrealized +85.1%

UPS United Parcel Service Inc 0.9%

Value ($000) $3,209 (+12.2%) Shares 32,357 (-5.5%) Est. Cost $85.18 Unrealized +8.9%

TMO Thermo Fisher Scientific Inc 0.4%

Value ($000) $1,618 (+16.0%) Shares 2,793 (-2.9%) Est. Cost $156.53 Unrealized +261.0%

WY Weyerhaeuser Co. 0.2%

Value ($000) $705 (-22.7%) Shares 29,762 (-19.1%) Est. Cost $19.95 Unrealized +15.2%

PM Philip Morris Intl Inc 1.0%

Value ($000) $3,728 (-4.7%) Shares 23,241 (-3.7%) Est. Cost $55.61 Unrealized +176.2%

SLB SLB 0.7%

Value ($000) $2,565 (+7.6%) Shares 66,829 (-3.6%) Est. Cost $35.93 Unrealized +0.4%

— Costco Whsl Corp New 0.3%

Value ($000) $979 (-15.4%) Shares 1,135 (-9.2%) Est. Cost $260.69 Unrealized —

JNJ Johnson & Johnson 0.6%

Value ($000) $2,119 (+7.5%) Shares 10,237 (-3.7%) Est. Cost $80.25 Unrealized +145.5%

ORLY O'Reilly Automotive New 0.1%

Value ($000) $470 (-18.6%) Shares 5,153 (-3.8%) Est. Cost $88.75 Unrealized +10.1%

— Unilever PLC 1.6%

Value ($000) $5,885 (-1.7%) Shares 89,984 (-10.9%) Est. Cost $46.38 Unrealized —

LOW Lowe's Companies Inc. 0.1%

Value ($000) $236 (-26.5%) Shares 980 (-23.4%) Est. Cost $192.20 Unrealized +24.8%

HON Honeywell Intl Inc 0.1%

Value ($000) $400 (-17.4%) Shares 2,050 (-10.9%) Est. Cost $97.72 Unrealized +99.6%

DOV Dover Corp 0.2%

Value ($000) $600 (+12.5%) Shares 3,075 (-3.9%) Est. Cost $41.88 Unrealized +334.2%

INTC Intel Corp 0.1%

Value ($000) $310 (-16.4%) Shares 8,405 (-24.0%) Est. Cost $20.36 Unrealized +85.4%

MSFT Microsoft Corp 0.1%

Value ($000) $415 (-10.8%) Shares 858 (-4.5%) Est. Cost $260.99 Unrealized +91.8%

ABBV AbbVie Inc 0.1%

Value ($000) $404 (-8.6%) Shares 1,770 (-7.3%) Est. Cost $139.81 Unrealized +62.8%

XOM Exxon Mobil Corp 0.6%

Value ($000) $2,203 (+1.7%) Shares 18,304 (-4.7%) Est. Cost $58.50 Unrealized +97.4%

AAPL Apple Inc 0.2%

Value ($000) $755 (+4.9%) Shares 2,776 (-1.8%) Est. Cost $137.71 Unrealized +94.9%

DIS Disney Walt Co 0.1%

Value ($000) $510 (-2.0%) Shares 4,480 (-1.3%) Est. Cost $63.49 Unrealized +72.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KEAT	Keating Active ETF	3,179,158 (-1.3%)	$96,871 (+2.0%)	26.9%	$25.55	—	ETF	02072L268
HD	Home Depot Inc	9,660 (-3.1%)	$3,324 (-17.7%)	0.9%	$73.63	+395.2%	COM	437076102
LBTYK	Liberty Global PLC	535,831 (-1.1%)	$5,916 (-7.1%)	1.6%	$9.94	+11.9%	COM	G61188127
OII	Oceaneering International Inc	354,356 (-1.0%)	$8,515 (-4.0%)	2.4%	$13.05	+85.1%	COM	675232102
UPS	United Parcel Service Inc	32,357 (-5.5%)	$3,209 (+12.2%)	0.9%	$85.18	+8.9%	COM	911312106
TMO	Thermo Fisher Scientific Inc	2,793 (-2.9%)	$1,618 (+16.0%)	0.4%	$156.53	+261.0%	COM	883556102
WY	Weyerhaeuser Co.	29,762 (-19.1%)	$705 (-22.7%)	0.2%	$19.95	+15.2%	COM	962166104
PM	Philip Morris Intl Inc	23,241 (-3.7%)	$3,728 (-4.7%)	1.0%	$55.61	+176.2%	COM	718172109
SLB	SLB	66,829 (-3.6%)	$2,565 (+7.6%)	0.7%	$35.93	+0.4%	COM	806857108
—	Costco Whsl Corp New	1,135 (-9.2%)	$979 (-15.4%)	0.3%	$260.69	—	COM	22160k105
JNJ	Johnson & Johnson	10,237 (-3.7%)	$2,119 (+7.5%)	0.6%	$80.25	+145.5%	COM	478160104
ORLY	O'Reilly Automotive New	5,153 (-3.8%)	$470 (-18.6%)	0.1%	$88.75	+10.1%	COM	67103H107
—	Unilever PLC	89,984 (-10.9%)	$5,885 (-1.7%)	1.6%	$46.38	—	COM	904767704
LOW	Lowe's Companies Inc.	980 (-23.4%)	$236 (-26.5%)	0.1%	$192.20	+24.8%	COM	548661107
HON	Honeywell Intl Inc	2,050 (-10.9%)	$400 (-17.4%)	0.1%	$97.72	+99.6%	COM	438516106
DOV	Dover Corp	3,075 (-3.9%)	$600 (+12.5%)	0.2%	$41.88	+334.2%	COM	260003108
INTC	Intel Corp	8,405 (-24.0%)	$310 (-16.4%)	0.1%	$20.36	+85.4%	COM	458140100
MSFT	Microsoft Corp	858 (-4.5%)	$415 (-10.8%)	0.1%	$260.99	+91.8%	COM	594918104
ABBV	AbbVie Inc	1,770 (-7.3%)	$404 (-8.6%)	0.1%	$139.81	+62.8%	COM	00287Y109
XOM	Exxon Mobil Corp	18,304 (-4.7%)	$2,203 (+1.7%)	0.6%	$58.50	+97.4%	COM	30231G102
AAPL	Apple Inc	2,776 (-1.8%)	$755 (+4.9%)	0.2%	$137.71	+94.9%	COM	037833100
DIS	Disney Walt Co	4,480 (-1.3%)	$510 (-2.0%)	0.1%	$63.49	+72.5%	COM	254687106

Unchanged Positions (24)

B Barrick Mining Corporation 5.8%

Value ($000) $21,086 Shares 484,179 Est. Cost $19.29 Unrealized +94.0%

VOD Vodafone Group PLC New-SP ADR 2.6%

Value ($000) $9,344 Shares 707,326 Est. Cost $9.36 Unrealized —

GSK GSK PLC 2.4%

Value ($000) $8,833 Shares 180,109 Est. Cost $34.48 Unrealized —

SU Suncor Energy Inc 2.2%

Value ($000) $7,824 Shares 176,383 Est. Cost $13.75 Unrealized +207.4%

NEM Newmont Corporation 0.5%

Value ($000) $1,693 Shares 16,954 Est. Cost $38.70 Unrealized +133.1%

GDX VanEck Gold Miners ETF 0.5%

Value ($000) $1,831 Shares 21,350 Est. Cost $27.34 Unrealized —

LMT Lockheed Martin Corp 1.4%

Value ($000) $5,175 Shares 10,700 Est. Cost $90.43 Unrealized +426.5%

BMY Bristol Myers Squibb Co 0.1%

Value ($000) $369 Shares 6,837 Est. Cost $36.47 Unrealized +30.3%

SYK Stryker Corp 0.3%

Value ($000) $1,012 Shares 2,880 Est. Cost $74.28 Unrealized +389.3%

APH Amphenol Corporation 0.1%

Value ($000) $541 Shares 4,000 Est. Cost $62.23 Unrealized +114.6%

CVX Chevron Corp 0.4%

Value ($000) $1,598 Shares 10,488 Est. Cost $106.82 Unrealized +41.7%

META Meta Platforms Inc 0.1%

Value ($000) $332 Shares 503 Est. Cost $443.21 Unrealized +50.6%

URI United Rentals, Inc. 0.1%

Value ($000) $202 Shares 250 Est. Cost $888.48 Unrealized -2.4%

NG NovaGold Resources Inc 0.2%

Value ($000) $629 Shares 67,475 Est. Cost $3.74 Unrealized +148.0%

MO Altria Group Inc 0.1%

Value ($000) $219 Shares 3,797 Est. Cost $45.53 Unrealized +30.4%

PHYS Sprott Physical Gold Trust 0.1%

Value ($000) $231 Shares 7,010 Est. Cost $29.62 Unrealized —

PEP PepsiCo Inc 0.3%

Value ($000) $980 Shares 6,830 Est. Cost $93.52 Unrealized +56.0%

MMM 3M Co 0.2%

Value ($000) $647 Shares 4,040 Est. Cost $64.31 Unrealized +153.7%

AEM Agnico Eagle Mines Limited 4.7%

Value ($000) $17,028 Shares 100,443 Est. Cost $45.29 Unrealized +270.6%

PSX Phillips 66 0.1%

Value ($000) $237 Shares 1,837 Est. Cost $126.39 Unrealized +6.0%

JPM JPMorgan Chase & Co 0.2%

Value ($000) $749 Shares 2,325 Est. Cost $79.38 Unrealized +289.9%

AMZN Amazon Com Inc 0.1%

Value ($000) $244 Shares 1,057 Est. Cost $197.89 Unrealized +15.6%

COP ConocoPhillips 0.1%

Value ($000) $459 Shares 4,901 Est. Cost $55.00 Unrealized +63.7%

MCD McDonalds Corp 0.1%

Value ($000) $318 Shares 1,040 Est. Cost $217.89 Unrealized +40.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
B	Barrick Mining Corporation	484,179	$21,086	5.8%	$19.29	+94.0%	COM	06849F108
VOD	Vodafone Group PLC New-SP ADR	707,326	$9,344	2.6%	$9.36	—	COM	92857W308
GSK	GSK PLC	180,109	$8,833	2.4%	$34.48	—	COM	37733W204
SU	Suncor Energy Inc	176,383	$7,824	2.2%	$13.75	+207.4%	COM	867224107
NEM	Newmont Corporation	16,954	$1,693	0.5%	$38.70	+133.1%	COM	651639106
GDX	VanEck Gold Miners ETF	21,350	$1,831	0.5%	$27.34	—	COM	92189F106
LMT	Lockheed Martin Corp	10,700	$5,175	1.4%	$90.43	+426.5%	COM	539830109
BMY	Bristol Myers Squibb Co	6,837	$369	0.1%	$36.47	+30.3%	COM	110122108
SYK	Stryker Corp	2,880	$1,012	0.3%	$74.28	+389.3%	COM	863667101
APH	Amphenol Corporation	4,000	$541	0.1%	$62.23	+114.6%	COM	032095101
CVX	Chevron Corp	10,488	$1,598	0.4%	$106.82	+41.7%	COM	166764100
META	Meta Platforms Inc	503	$332	0.1%	$443.21	+50.6%	COM	30303M102
URI	United Rentals, Inc.	250	$202	0.1%	$888.48	-2.4%	COM	911363109
NG	NovaGold Resources Inc	67,475	$629	0.2%	$3.74	+148.0%	COM	66987E206
MO	Altria Group Inc	3,797	$219	0.1%	$45.53	+30.4%	COM	02209S103
PHYS	Sprott Physical Gold Trust	7,010	$231	0.1%	$29.62	—	COM	85207H104
PEP	PepsiCo Inc	6,830	$980	0.3%	$93.52	+56.0%	COM	713448108
MMM	3M Co	4,040	$647	0.2%	$64.31	+153.7%	COM	88579Y101
AEM	Agnico Eagle Mines Limited	100,443	$17,028	4.7%	$45.29	+270.6%	COM	008474108
PSX	Phillips 66	1,837	$237	0.1%	$126.39	+6.0%	COM	718546104
JPM	JPMorgan Chase & Co	2,325	$749	0.2%	$79.38	+289.9%	COM	46625H100
AMZN	Amazon Com Inc	1,057	$244	0.1%	$197.89	+15.6%	COM	023135106
COP	ConocoPhillips	4,901	$459	0.1%	$55.00	+63.7%	COM	20825C104
MCD	McDonalds Corp	1,040	$318	0.1%	$217.89	+40.0%	COM	580135101