Bedell Frazier Investment Counselling, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Bedell Frazier Investment Counselling, LLC reported 129 stock positions worth $486.6 million. Its top holding was Apple (AAPL) at 8.1% of the portfolio, followed by SPDR Gold Shares (GLD, 4.9%) and Amazon.com (AMZN, 4.7%). Compared with Q2 2025, it opened 28 new positions, sold out of 9, added to 44 and reduced 50. The biggest buy was a new position in iShares Russell 2000 ETF (IWM) and the biggest sale Unilever (UL, shares −96%).

Most Recent 13F
Q1 2026
Location
Walnut Creek, CA
CIK
0001388142
Portfolio Value
$486.6M (Q3 2025)
SEC Filing
0001172661-25-004709 ↗ filed Nov 12, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $400.1M Q1 2024 Q2 2024: $414.7M Q2 2024 Q3 2024: $418.5M Q3 2024 Q4 2024: $403.6M Q4 2024 Q1 2025: $392.8M Q1 2025 Q2 2025: $397.2M Q2 2025 Q3 2025: $486.6M $486.6M Q3 2025 Q4 2025: $518.3M Q4 2025 Q1 2026: $495.0M Q1 2026

Holdings 129 stocks · $486.6M
AAPL Apple Inc. 8.11% 154,883 $39.4M Add +1.4%
GLD SPDR Gold Shares 4.94% 67,646 $24.0M Reduce -2.7%
AMZN Amazon.com Inc. 4.74% 105,045 $23.1M Reduce -1.5%
GOOGL Alphabet Inc. Class A 4.60% 91,982 $22.4M Add +23.3%
MSFT Microsoft Corp. 3.18% 29,834 $15.5M Add +6.9%
UBER Uber Technologies Inc. 2.77% 137,399 $13.5M Add +5.9%
IWM iShares Russell 2000 ETF 2.68% 53,888 $13.0M New
JNJ Johnson & Johnson 2.24% 58,802 $10.9M Reduce -2.3%
LMT Lockheed Martin Corp. 2.06% 20,108 $10.0M Reduce -12.9%
META Meta Platforms Inc. Class A 2.06% 13,646 $10.0M Add +488.4%
KO The Coca-Cola Co. 2.00% 146,621 $9.7M Reduce -7.7%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.93% 33,365 $9.4M Add +1.3%
XLU St Sr Utl SL SE SPDR ETF-Usd 1.90% 105,964 $9.2M Reduce -8.5%
VZ Verizon Communications Inc. 1.81% 200,345 $8.8M Reduce -11.2%
XOM Exxon Mobil Corp. 1.79% 77,153 $8.7M Reduce -1.3%
UTF Cohen & Steers Infrastructur 1.74% 341,758 $8.5M Reduce -30.2%
NVDA Nvidia Corp. 1.70% 44,339 $8.3M Reduce -1.6%
PDBC Invesco Optimum Yield Divers 1.69% 614,087 $8.2M Reduce -16.0%
QQQ Invesco QQQ Trust Series 1 1.67% 13,564 $8.1M New
ANET Arista Networks Inc. 1.66% 55,342 $8.1M New
TSLA Tesla Inc. 1.65% 18,072 $8.0M Add +935.0%
C Citigroup Inc. 1.59% 76,016 $7.7M Add +77.3%
LLY Eli Lilly & Co. 1.54% 9,839 $7.5M Add +2.0%
EQT Eqt Corp. 1.41% 126,156 $6.9M Add +130.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.38% 58,664 $6.7M Reduce -17.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.30% 122,393 $6.3M Add +3.5%
NKE Nike Inc. Class B 1.26% 88,034 $6.1M Add +0.7%
CRWD CrowdStrike Holdings Inc. Class A 1.23% 12,207 $6.0M Add +1479.2%
ETN Eaton Corp. PLC 1.21% 15,679 $5.9M Add +881.2%
EWZ iShares MSCI Brazil ETF 1.11% 173,953 $5.4M Add +1.6%
CELH Celsius Holdings Inc. 0.99% 84,125 $4.8M Add +50.7%
ROKU Roku Inc. 0.96% 46,799 $4.7M Add +1.3%
PHO Invesco Water Resources ETF 0.93% 63,075 $4.5M Reduce -0.1%
DKNG Draftkings Inc. Class A 0.92% 120,101 $4.5M New
JPM JPMorgan Chase & Co. 0.91% 14,092 $4.4M Reduce -1.5%
ROK Rockwell Automation Inc. 0.86% 11,929 $4.2M Reduce -25.6%
REGN Regeneron Pharmaceuticals 0.80% 6,893 $3.9M Reduce -7.0%
BLK BlackRock Inc. 0.78% 3,268 $3.8M Add +3.7%
XLF SS Financial Select Sector 0.78% 70,604 $3.8M New
FCX Freeport-McMoran Inc. 0.76% 93,876 $3.7M Reduce -3.3%
TSM Taiwan Semiconductor-SP ADR 0.75% 13,054 $3.6M New
AGG iShares Core U.S. Aggregate 0.73% 35,606 $3.6M Add +42.9%
PICK iShares MSCI Global Metals & 0.72% 79,233 $3.5M Add +4.0%
AMD Advanced Micro Devices 0.72% 21,637 $3.5M New
HD Home Depot Inc. 0.72% 8,598 $3.5M Add +76.2%
COST Costco Wholesale Corp. 0.71% 3,753 $3.5M Reduce -26.1%
SNOW Snowflake Inc. 0.70% 15,026 $3.4M Add +992.8%
XYL Xylem Inc. 0.67% 22,212 $3.3M New
XLI SS Industrial Select Sector 0.67% 21,117 $3.3M Add +141.1%
ALB Albemarle Corp. 0.66% 39,878 $3.2M New
BX Blackstone Inc. 0.66% 18,822 $3.2M Add +1130.2%
CVX Chevron Corp. 0.65% 20,275 $3.1M Add +4.1%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.59% 26,223 $2.9M New
LIN Linde PLC 0.58% 5,989 $2.8M New
EOG EOG Resources Inc. 0.58% 24,976 $2.8M Reduce -0.4%
SOFI Sofi Technologies Inc. 0.56% 102,236 $2.7M New
XYZ Block Inc. 0.53% 35,378 $2.6M New
NFLX Netflix Inc. 0.50% 2,028 $2.4M Reduce -28.3%
GOOG Alphabet Inc. Class C 0.50% 9,948 $2.4M Reduce -1.7%
CSCO Cisco Systems Inc. 0.46% 32,639 $2.2M Add +8.2%
GS Goldman Sachs Group Inc. 0.42% 2,561 $2.0M Reduce -0.6%
AVGO Broadcom Inc. 0.41% 6,031 $2.0M Reduce -47.7%
XLV SS Health Care Select Sector 0.40% 14,019 $2.0M Reduce -67.2%
MAR Marriott International Class A 0.40% 7,386 $1.9M Reduce -1.5%
ULTA Ulta Beauty Inc. 0.38% 3,404 $1.9M New
LRCX Lam Research Corp. 0.38% 13,870 $1.9M Add +11.4%
XLB SS Materials Select Sector 0.38% 20,361 $1.8M Add +1.3%
BA The Boeing Co. 0.36% 8,129 $1.8M Reduce -1.4%
MCD McDonald's Corp. 0.33% 5,357 $1.6M Reduce -3.8%
V Visa Inc. Class A 0.31% 4,411 $1.5M Reduce -2.6%
IBIT iShares Bitcoin Trust ETF 0.29% 21,606 $1.4M New
PANW Palo Alto Networks Inc. 0.24% 5,815 $1.2M Add +34.7%
BCAL California Bancorp 0.22% 65,442 $1.1M Reduce -5.2%
VOO Vanguard S&P 500 ETF 0.21% 1,702 $1.0M Reduce -6.0%
DVN Devon Energy Corp. 0.21% 29,635 $1.0M Add +0.6%
HACK Amplify Cybersecurity ETF 0.21% 11,854 $1.0M Add +2.1%
SO The Southern Co. 0.20% 10,375 $983K No change
WMB Williams Cos Inc. 0.17% 13,317 $844K Add +1.8%
USFR Wisdomtree Floating Rate Tre 0.17% 16,239 $816K Add +53.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.16% 1,182 $787K Reduce -22.9%
VRT Vertiv Holdings Co. Class A 0.16% 5,035 $760K Reduce -0.2%
GBTC Grayscale Bitcoin Trust ETF 0.15% 8,372 $752K Reduce -5.1%
PFE Pfizer Inc. 0.15% 28,471 $725K Reduce -4.4%
TT Trane Technologies PLC 0.15% 1,709 $721K Reduce -0.3%
DLTR Dollar Tree Inc. 0.14% 7,382 $697K Reduce -2.7%
BHP BHP Group Ltd.-Spon ADR 0.14% 11,957 $667K New
INDA iShares MSCI India ETF 0.12% 11,400 $593K Add +4.3%
XLK SS Technology Select Sector 0.12% 2,090 $589K Add +93.7%
FBT First Trust Nyse Arca Biotec 0.12% 3,200 $574K Add +1.8%
ESLT Elbit Systems Ltd. 0.11% 1,050 $535K New
WFC Wells Fargo & Co. 0.09% 5,504 $461K No change
VIG Vanguard Dividend Apprec ETF 0.09% 2,050 $442K No change
ABBV Abbvie Inc. 0.09% 1,889 $437K Reduce -2.6%
MRK Merck & Co. Inc. 0.09% 5,012 $421K Reduce -87.3%
ABT Abbott Laboratories 0.09% 3,098 $415K Add +0.3%
NEE Nextera Energy Inc. 0.09% 5,476 $413K No change
WMT Walmart Inc. 0.08% 3,989 $411K Reduce -1.6%
VTI VG Morningstar TS MKT ETF-US 0.08% 1,200 $394K New
UL Unilever PLC 0.08% 6,606 $392K Reduce -95.9%
RTX RTX Corp. 0.08% 2,287 $383K Add +36.0%
GE General Electric filed as GE AEROSPACE 0.08% 1,235 $372K Add +0.3%
BE Bloom Energy Corp. Class A 0.07% 4,166 $352K Reduce -55.5%
PG The Procter & Gamble Co. 0.07% 2,198 $338K Reduce -2.2%
NOBL Proshares S&P 500 Dividend A 0.07% 3,227 $333K Add +1.1%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.07% 709 $329K Reduce -1.4%
INTC Intel Corp. 0.06% 9,388 $315K New
MDT Medtronic PLC 0.06% 3,297 $314K Add +43.5%
XLY SS Consumer Disc Select Sect 0.06% 1,280 $307K Add +33.6%
ACWX iShares MSCI Acwi Ex US ETF 0.06% 4,460 $290K Add +2.3%
GDX Vaneck Gold Miners ETF 0.06% 3,760 $287K New
MDY State Street SPDR S&P Midcap 0.06% 473 $282K No change
XLRE SS Real Estate Select Sector 0.06% 6,560 $276K Reduce -8.4%
APD Air Products & Chemicals Inc. 0.06% 1,000 $273K Reduce -2.4%
ADBE Adobe Inc. 0.06% 769 $271K Reduce -11.2%
CB Chubb Ltd. 0.06% 950 $268K Reduce -12.0%
AXP American Express Co. 0.05% 800 $266K No change
MA Mastercard Inc. Class A 0.05% 465 $264K Reduce -5.1%
ORCL Oracle Corp. 0.05% 928 $261K Reduce -2.3%
OKLO Oklo Inc. 0.05% 2,300 $257K New
CEG Constellation Energy 0.05% 732 $241K Add +4.9%
NET Cloudflare Inc. Class A 0.05% 1,084 $233K New
RKLB Rocket Lab Corp. 0.05% 4,850 $232K Reduce -16.9%
CHKP Check Point Software Tech 0.05% 1,075 $222K New
SPMO Invesco S&P 500 Momentum ETF 0.04% 1,807 $219K New
EPD Enterprise Products Partners 0.04% 6,980 $218K No change
WIX Wix.com Ltd. 0.04% 1,200 $213K New
AMX America Movil Sab DE CV 0.04% 10,000 $210K New
CRDO Credo Technology Group Holdi 0.04% 1,395 $203K New
GEV GE Vernova Inc. 0.04% 326 $200K New

Portfolio Sells Q2 2025 → Q3 2025
UL Unilever PLC Reduce -95.9% 0.08% −2.38
FEZ State Street SPDR Euro Stoxx Sold out 0.00% −1.98
UTF Cohen & Steers Infrastructur Reduce -30.2% 1.74% −1.58
TGT Target Corp. Sold out 0.00% −1.45
PROSHARES TR Sold out 0.00% −1.33
AMZN Amazon.com Inc. Reduce -1.5% 4.74% −1.15
XLV SS Health Care Select Sector Reduce -67.2% 0.40% −1.05
DIS The Walt Disney Co. Reduce -17.4% 1.38% −0.84
KO The Coca-Cola Co. Reduce -7.7% 2.00% −0.83
CMCSA Comcast Corp. Class A Sold out 0.00% −0.82
PDBC Invesco Optimum Yield Divers Reduce -16.0% 1.69% −0.71
MRK Merck & Co. Inc. Reduce -87.3% 0.09% −0.70
VZ Verizon Communications Inc. Reduce -11.2% 1.81% −0.65
UNH Unitedhealth Group Inc. Sold out 0.00% −0.64
LMT Lockheed Martin Corp. Reduce -12.9% 2.06% −0.63
COST Costco Wholesale Corp. Reduce -26.1% 0.71% −0.55
ROK Rockwell Automation Inc. Reduce -25.6% 0.86% −0.48
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -8.5% 1.90% −0.48
NFLX Netflix Inc. Reduce -28.3% 0.50% −0.45
AVGO Broadcom Inc. Reduce -47.7% 0.41% −0.39
GLD SPDR Gold Shares Reduce -2.7% 4.94% −0.39
XOM Exxon Mobil Corp. Reduce -1.3% 1.79% −0.33
FCX Freeport-McMoran Inc. Reduce -3.3% 0.76% −0.30
CPT Camden Property Trust Sold out 0.00% −0.23
REGN Regeneron Pharmaceuticals Reduce -7.0% 0.80% −0.18
EOG EOG Resources Inc. Reduce -0.4% 0.58% −0.18
PHO Invesco Water Resources ETF Reduce -0.1% 0.93% −0.18
JPM JPMorgan Chase & Co. Reduce -1.5% 0.91% −0.13
IEF iShares 7-10 Year Treasury B Sold out 0.00% −0.13
MAR Marriott International Class A Reduce -1.5% 0.40% −0.12
V Visa Inc. Class A Reduce -2.6% 0.31% −0.10
CRSP Crispr Therapeutics AG Sold out 0.00% −0.09
NVDA Nvidia Corp. Reduce -1.6% 1.70% −0.09
SPY SS SPDR S&P 500 ETF Trust-US Reduce -22.9% 0.16% −0.08
MCD McDonald's Corp. Reduce -3.8% 0.33% −0.08
BA The Boeing Co. Reduce -1.4% 0.36% −0.07
JNJ Johnson & Johnson Reduce -2.3% 2.24% −0.07
UPS United Parcel Service Class B Sold out 0.00% −0.05
BCAL California Bancorp Reduce -5.2% 0.22% −0.05
DLTR Dollar Tree Inc. Reduce -2.7% 0.14% −0.05
VOO Vanguard S&P 500 ETF Reduce -6.0% 0.21% −0.04
TT Trane Technologies PLC Reduce -0.3% 0.15% −0.04
GS Goldman Sachs Group Inc. Reduce -0.6% 0.42% −0.04
GBTC Grayscale Bitcoin Trust ETF Reduce -5.1% 0.15% −0.03
PFE Pfizer Inc. Reduce -4.4% 0.15% −0.03
ADBE Adobe Inc. Reduce -11.2% 0.06% −0.03
CB Chubb Ltd. Reduce -12.0% 0.06% −0.02
PG The Procter & Gamble Co. Reduce -2.2% 0.07% −0.02
XLRE SS Real Estate Select Sector Reduce -8.4% 0.06% −0.02
APD Air Products & Chemicals Inc. Reduce -2.4% 0.06% −0.02

Portfolio Buys Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF New 2.68% +2.68
QQQ Invesco QQQ Trust Series 1 New 1.67% +1.67
ANET Arista Networks Inc. New 1.66% +1.66
META Meta Platforms Inc. Class A Add +488.4% 2.06% +1.63
TSLA Tesla Inc. Add +935.0% 1.65% +1.51
GOOGL Alphabet Inc. Class A Add +23.3% 4.60% +1.29
CRWD CrowdStrike Holdings Inc. Class A Add +1479.2% 1.23% +1.13
ETN Eaton Corp. PLC Add +881.2% 1.21% +1.06
DKNG Draftkings Inc. Class A New 0.92% +0.92
XLF SS Financial Select Sector New 0.78% +0.78
TSM Taiwan Semiconductor-SP ADR New 0.75% +0.75
AMD Advanced Micro Devices New 0.72% +0.72
XYL Xylem Inc. New 0.67% +0.67
C Citigroup Inc. Add +77.3% 1.59% +0.67
ALB Albemarle Corp. New 0.66% +0.66
SNOW Snowflake Inc. Add +992.8% 0.70% +0.62
EQT Eqt Corp. Add +130.4% 1.41% +0.61
BX Blackstone Inc. Add +1130.2% 0.66% +0.60
IVOO Vanguard S&P Mid-Cap 400 ETF New 0.59% +0.59
LIN Linde PLC New 0.58% +0.58
SOFI Sofi Technologies Inc. New 0.56% +0.56
XYZ Block Inc. New 0.53% +0.53
ULTA Ulta Beauty Inc. New 0.38% +0.38
XLI SS Industrial Select Sector Add +141.1% 0.67% +0.34
CELH Celsius Holdings Inc. Add +50.7% 0.99% +0.34
IBIT iShares Bitcoin Trust ETF New 0.29% +0.29
HD Home Depot Inc. Add +76.2% 0.72% +0.27
AAPL Apple Inc. Add +1.4% 8.11% +0.21
BHP BHP Group Ltd.-Spon ADR New 0.14% +0.14
AGG iShares Core U.S. Aggregate Add +42.9% 0.73% +0.11
ESLT Elbit Systems Ltd. New 0.11% +0.11
VTI VG Morningstar TS MKT ETF-US New 0.08% +0.08
LRCX Lam Research Corp. Add +11.4% 0.38% +0.08
INTC Intel Corp. New 0.06% +0.06
GDX Vaneck Gold Miners ETF New 0.06% +0.06
OKLO Oklo Inc. New 0.05% +0.05
XLK SS Technology Select Sector Add +93.7% 0.12% +0.05
NET Cloudflare Inc. Class A New 0.05% +0.05
CHKP Check Point Software Tech New 0.05% +0.05
SPMO Invesco S&P 500 Momentum ETF New 0.04% +0.04
WIX Wix.com Ltd. New 0.04% +0.04
AMX America Movil Sab DE CV New 0.04% +0.04
CRDO Credo Technology Group Holdi New 0.04% +0.04
GEV GE Vernova Inc. New 0.04% +0.04
USFR Wisdomtree Floating Rate Tre Add +53.6% 0.17% +0.03
PANW Palo Alto Networks Inc. Add +34.7% 0.24% +0.02
RTX RTX Corp. Add +36.0% 0.08% +0.02
MDT Medtronic PLC Add +43.5% 0.06% +0.01
XLY SS Consumer Disc Select Sect Add +33.6% 0.06% +0.01
PICK iShares MSCI Global Metals & Add +4.0% 0.72% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2026 128$495.0MAAPL, GLD, GOOGL, AMZN, JNJ
Q4 2025 133$518.3MAAPL, GOOGL, AMZN, GLD, MSFT
Q3 2025 129$486.6MAAPL, GLD, AMZN, GOOGL, MSFT
Q2 2025 110$397.2MAAPL, AMZN, GLD, MSFT, UTF
Q1 2025 102$392.8MGLD, AAPL, AMZN, UTF, KO
Q4 2024 107$403.6MAAPL, GLD, AMZN, GOOGL, MSFT
Q3 2024 101$418.5MGLD, AAPL, LMT, AMZN, XLV
Q2 2024 96$414.7MAAPL, GLD, AMZN, MSFT, XLV
Q1 2024 96$400.1MGLD, AAPL, AMZN, XLV, LMT