Capital Counsel LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Capital Counsel LLC reported 60 stock positions worth $2.6 billion. Its top holding was Arista Networks (ANET) at 11.8% of the portfolio, followed by Alphabet Class C (GOOG, 11.4%) and Idexx Laboratories (IDXX, 10.6%). Compared with Q2 2025, it opened 3 new positions, added to 2 and reduced 26. The biggest buy was a new position in Bio-Techne (TECH) and the biggest sale Costco Wholesale (COST, shares −5%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001114928
Portfolio Value
$2.6B (Q3 2025)
SEC Filing
0001114928-25-000008 ↗ filed Nov 13, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.2B Q1 2024 Q2 2024: $2.2B Q2 2024 Q3 2024: $2.3B Q3 2024 Q4 2024: $2.3B Q4 2024 Q1 2025: $2.3B Q1 2025 Q2 2025: $2.5B Q2 2025 Q3 2025: $2.6B $2.6B Q3 2025 Q4 2025: $2.6B Q4 2025 Q1 2026: $2.4B Q1 2026 Q2 2026: $2.6B Q2 2026

Holdings 60 stocks · $2.6B
ANET Arista Networks Inc. 11.78% 2,108,841 $307.3M Reduce -4.8%
GOOG Alphabet Inc. Class C 11.44% 1,225,694 $298.5M Reduce -6.2%
IDXX Idexx Laboratories Inc. 10.60% 432,690 $276.4M Reduce -6.1%
V Visa Inc. Class A 9.64% 736,803 $251.5M Reduce -3.3%
MSFT Microsoft Corp. 9.63% 485,260 $251.3M Reduce -4.5%
COST Costco Wholesale Corp. 8.57% 241,632 $223.7M Reduce -4.7%
CME Cme Group Inc. 8.20% 791,737 $213.9M Reduce -2.6%
ADP Automatic Data Processing 7.40% 657,489 $193.0M Reduce -3.3%
MTD Mettler-Toledo International 6.70% 142,285 $174.7M Reduce -4.0%
HD Home Depot Inc. 4.51% 290,490 $117.7M Reduce -4.4%
QCOM Qualcomm Inc. 3.52% 551,650 $91.8M Reduce -4.3%
DCI Donaldson Co. Inc. 2.99% 952,601 $78.0M Reduce -3.6%
INTC Intel Corp. 0.80% 624,098 $20.9M Reduce -2.7%
AAPL Apple Inc. 0.70% 71,492 $18.2M Reduce -0.5%
AMD Advanced Micro Devices 0.51% 82,797 $13.4M No change
KGC Kinross Gold Corp. 0.37% 385,892 $9.6M Reduce -0.3%
DHR Danaher Corp. 0.35% 45,732 $9.1M No change
GILD Gilead Sciences Inc. 0.29% 69,210 $7.7M No change
XOM Exxon Mobil Corp. 0.21% 49,687 $5.6M No change
MRK Merck & Co. Inc. 0.20% 63,213 $5.3M Reduce -0.0%
TECH Bio-Techne Corp. 0.16% 74,000 $4.1M New
FISV Fiserv Inc. 0.15% 29,500 $3.8M New
GOOGL Alphabet Inc. Class A 0.13% 14,102 $3.4M Add +0.6%
IONS Ionis Pharmaceuticals Inc. 0.12% 49,605 $3.2M Reduce -1.2%
ADI Analog Devices Inc. 0.12% 12,349 $3.0M No change
HUBB Hubbell Inc. 0.11% 6,587 $2.8M No change
PEP Pepsico Inc. 0.07% 13,470 $1.9M No change
MA Mastercard Inc. Class A 0.07% 3,138 $1.8M Reduce -0.8%
WAB Wabtec Corp. 0.06% 8,000 $1.6M No change
VLTO Veralto Corp. 0.06% 15,010 $1.6M No change
SHY iShares 1-3 Year Treasury Bo 0.04% 13,175 $1.1M No change
WMT Walmart Inc. 0.04% 10,197 $1.1M No change
KKR KKR & Co. Inc. 0.04% 7,936 $1.0M Reduce -5.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 1,468 $978K No change
FTV Fortive Corp. 0.03% 15,231 $746K No change
NVDA Nvidia Corp. 0.03% 3,950 $737K Add +4.9%
BRK.B Berkshire Hathaway Inc. Class B 0.03% 1,337 $672K Reduce -74.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.02% 2,168 $612K No change
AMZN Amazon.com Inc. 0.02% 2,573 $565K Reduce -5.7%
INTU Intuit Inc. 0.02% 810 $553K New
CHRW C.H. Robinson Worldwide Inc. 0.02% 4,000 $530K No change
JPM JPMorgan Chase & Co. 0.02% 1,481 $467K Reduce -3.0%
FIS Fidelity National Info Serv 0.02% 6,475 $427K No change
EME Emcor Group Inc. 0.02% 654 $425K No change
GLW Corning Inc. 0.02% 5,000 $410K No change
TMO Thermo Fisher Scientific Inc. 0.01% 797 $387K Reduce -0.9%
NSC Norfolk Southern Corp. 0.01% 1,140 $342K Reduce -6.2%
SM SM Energy Co. 0.01% 11,905 $297K No change
VOO Vanguard S&P 500 ETF 0.01% 478 $293K Reduce -2.0%
CAT Caterpillar Inc. 0.01% 611 $292K No change
AVGO Broadcom Inc. 0.01% 800 $264K No change
ADBE Adobe Inc. 0.01% 734 $259K No change
VNT Vontier Corp. 0.01% 6,090 $256K No change
QQQ Invesco QQQ Trust Series 1 0.01% 404 $243K Reduce -2.4%
RSG Republic Services Inc. 0.01% 1,013 $232K No change
RAL Ralliant Corp. 0.01% 5,076 $222K No change
CTVA Corteva Inc. 0.01% 3,179 $215K No change
NRGV Energy Vault Holdings Inc. 0.01% 65,625 $195K No change
FLO Flowers Foods Inc. 0.01% 11,610 $152K No change
VUZI Vuzix Corp. 0.00% 20,000 $63K No change

Portfolio Sells Q2 2025 → Q3 2025
COST Costco Wholesale Corp. Reduce -4.7% 8.57% −1.61
V Visa Inc. Class A Reduce -3.3% 9.64% −1.34
ADP Automatic Data Processing Reduce -3.3% 7.40% −1.11
CME Cme Group Inc. Reduce -2.6% 8.20% −0.89
MSFT Microsoft Corp. Reduce -4.5% 9.63% −0.62
MTD Mettler-Toledo International Reduce -4.0% 6.70% −0.37
QCOM Qualcomm Inc. Reduce -4.3% 3.52% −0.21
BRK.B Berkshire Hathaway Inc. Class B Reduce -74.6% 0.03% −0.08
HD Home Depot Inc. Reduce -4.4% 4.51% −0.01
KKR KKR & Co. Inc. Reduce -5.0% 0.04% −0.01
MA Mastercard Inc. Class A Reduce -0.8% 0.07% −0.00
AMZN Amazon.com Inc. Reduce -5.7% 0.02% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -2.4% 0.01% 0.00
JPM JPMorgan Chase & Co. Reduce -3.0% 0.02% 0.00
VOO Vanguard S&P 500 ETF Reduce -2.0% 0.01% 0.00
MRK Merck & Co. Inc. Reduce -0.0% 0.20% +0.00
NSC Norfolk Southern Corp. Reduce -6.2% 0.01% +0.00
TMO Thermo Fisher Scientific Inc. Reduce -0.9% 0.01% +0.00
IONS Ionis Pharmaceuticals Inc. Reduce -1.2% 0.12% +0.04
AAPL Apple Inc. Reduce -0.5% 0.70% +0.10
KGC Kinross Gold Corp. Reduce -0.3% 0.37% +0.12
DCI Donaldson Co. Inc. Reduce -3.6% 2.99% +0.21
INTC Intel Corp. Reduce -2.7% 0.80% +0.22
IDXX Idexx Laboratories Inc. Reduce -6.1% 10.60% +0.57
GOOG Alphabet Inc. Class C Reduce -6.2% 11.44% +2.04
ANET Arista Networks Inc. Reduce -4.8% 11.78% +2.59

Portfolio Buys Q2 2025 → Q3 2025
TECH Bio-Techne Corp. New 0.16% +0.16
FISV Fiserv Inc. New 0.15% +0.15
GOOGL Alphabet Inc. Class A Add +0.6% 0.13% +0.03
INTU Intuit Inc. New 0.02% +0.02
NVDA Nvidia Corp. Add +4.9% 0.03% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 58$2.6BANET, GOOG, V, IDXX, COST
Q1 2026 62$2.4BGOOG, ANET, COST, IDXX, CME
Q4 2025 61$2.6BGOOG, IDXX, ANET, V, MSFT
Q3 2025 60$2.6BANET, GOOG, IDXX, V, MSFT
Q2 2025 57$2.5BV, MSFT, COST, IDXX, GOOG
Q1 2025 56$2.3BV, COST, CME, ADP, GOOG
Q4 2024Amended 55$2.3BGOOG, V, COST, ANET, MSFT
Q3 2024 55$2.3BCOST, IDXX, MTD, GOOG, V
Q2 2024 55$2.2BGOOG, COST, MSFT, IDXX, MTD
Q1 2024 56$2.2BIDXX, V, MSFT, COST, GOOG