Carnegie Investment Counsel
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 6, 2024), Carnegie Investment Counsel reported 492 stock positions worth $3.2 billion. Its top holding was Apple (AAPL) at 3.6% of the portfolio, followed by Microsoft (MSFT, 3.6%) and Nvidia (NVDA, 2.7%). Compared with Q4 2023, it opened 32 new positions, sold out of 21, added to 178 and reduced 236. The biggest buy was Kinsale Capital (KNSL, shares +65%) and the biggest sale Apple (AAPL, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- PEPPER PIKE, OH
- CIK
- 0001511506
- Portfolio Value
- $3.2B (Q1 2024)
- SEC Filing
- 0001085146-24-002228 ↗ filed May 6, 2024
Holdings Value
Holdings 492 stocks · $3.2B
| AAPL Apple Inc. | 3.62% | 677,783 | $116.2M | Reduce -1.5% |
| MSFT Microsoft Corp. | 3.59% | 273,895 | $115.2M | Reduce -0.7% |
| NVDA Nvidia Corp. | 2.69% | 95,440 | $86.2M | Reduce -2.2% |
| AMZN Amazon.com Inc. | 2.41% | 429,208 | $77.4M | Add +1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.29% | 174,683 | $73.5M | Reduce -0.9% |
| JPM JPMorgan Chase & Co. | 2.23% | 356,938 | $71.5M | Add +0.4% |
| GOOGL Alphabet Inc. Class A | 2.06% | 438,757 | $66.2M | Add +0.4% |
| PGR Progressive Corp. | 1.82% | 282,111 | $58.3M | Add +0.7% |
| ETN Eaton Corp. PLC | 1.82% | 186,521 | $58.3M | Reduce -2.0% |
| SHW The Sherwin-Williams Co. | 1.81% | 166,895 | $58.0M | Add +0.7% |
| MA Mastercard Inc. Class A | 1.72% | 114,706 | $55.2M | Add +0.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.46% | 89,497 | $46.8M | Reduce -3.0% |
| META Meta Platforms Inc. Class A | 1.29% | 85,135 | $41.3M | Reduce -3.8% |
| GOOG Alphabet Inc. Class C | 1.20% | 253,096 | $38.5M | Reduce -0.3% |
| LOW Lowe's Cos Inc. | 1.18% | 148,831 | $37.9M | Add +2.5% |
| SYK Stryker Corp. | 1.13% | 101,137 | $36.2M | Add +5.1% |
| XLK SS Technology Select Sector | 1.12% | 172,176 | $35.9M | Reduce -0.3% |
| ADBE Adobe Inc. | 1.05% | 66,699 | $33.7M | Add +4.7% |
| SCHW Schwab (charles) Corp. | 0.98% | 435,230 | $31.5M | Add +6.2% |
| ACN Accenture PLC Class A | 0.95% | 87,867 | $30.5M | Add +5.6% |
| ZTS Zoetis Inc. | 0.95% | 179,893 | $30.4M | Add +3.4% |
| PEP Pepsico Inc. | 0.94% | 171,921 | $30.1M | Add +12.2% |
| TMO Thermo Fisher Scientific Inc. | 0.92% | 51,025 | $29.7M | Add +3.2% |
| UNP Union Pacific Corp. | 0.86% | 112,371 | $27.6M | Add +14.4% |
| QCOM Qualcomm Inc. | 0.86% | 162,775 | $27.6M | Reduce -0.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.85% | 212,304 | $27.3M | Add +2.9% |
| V Visa Inc. Class A | 0.85% | 97,358 | $27.2M | Reduce -1.8% |
| ROK Rockwell Automation Inc. | 0.84% | 92,671 | $27.0M | Add +8.3% |
| AMGN Amgen Inc. | 0.83% | 93,731 | $26.6M | Add +7.7% |
| ECL Ecolab Inc. | 0.83% | 115,365 | $26.6M | Add +3.4% |
| COST Costco Wholesale Corp. | 0.81% | 35,490 | $26.0M | Reduce -1.8% |
| JNJ Johnson & Johnson | 0.79% | 160,654 | $25.4M | Reduce -4.8% |
| NEE Nextera Energy Inc. | 0.77% | 387,884 | $24.8M | Reduce -10.2% |
| ANSS Ansys Inc. | 0.77% | 71,359 | $24.8M | Add +15.9% |
| AMT American Tower Corp. | 0.75% | 121,614 | $24.0M | Add +6.2% |
| BLK BlackRock Finance Inc. | 0.74% | 28,611 | $23.9M | Reduce -7.3% |
| DKNG Draftkings Inc. Class A | 0.73% | 519,273 | $23.6M | Reduce -5.5% |
| NOC Northrop Grumman Corp. | 0.73% | 48,901 | $23.4M | Add +0.4% |
| ABT Abbott Laboratories | 0.72% | 202,561 | $23.0M | Add +2.4% |
| AVGO Broadcom Inc. | 0.71% | 17,109 | $22.7M | Reduce -6.1% |
| CVX Chevron Corp. | 0.67% | 137,118 | $21.6M | Add +12.8% |
| CSX CSX Corp. | 0.66% | 568,110 | $21.1M | Add +3.3% |
| IQLT iShares MSCI International Q | 0.65% | 529,302 | $21.0M | Add +9.6% |
| KNSL Kinsale Capital Group Inc. | 0.64% | 39,424 | $20.7M | Add +65.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.63% | 198,260 | $20.1M | Add +3.1% |
| VIG Vanguard Dividend Apprec ETF | 0.62% | 109,535 | $20.0M | Add +3.9% |
| CSCO Cisco Systems Inc. | 0.61% | 391,664 | $19.5M | Reduce -7.7% |
| DE Deere & Co. | 0.59% | 46,390 | $19.1M | Reduce -16.4% |
| HD Home Depot Inc. | 0.58% | 48,611 | $18.6M | Reduce -0.2% |
| MTD Mettler-Toledo International | 0.57% | 13,854 | $18.4M | Add +3.1% |
| MRSH Marsh & McLennan Cos | 0.55% | 86,358 | $17.8M | Add +5.5% |
| NKE Nike Inc. Class B | 0.55% | 187,207 | $17.6M | Reduce -2.6% |
| OTIS Otis Worldwide Corp. | 0.54% | 174,604 | $17.3M | Add +1.6% |
| GXO Gxo Logistics Inc. | 0.54% | 321,825 | $17.3M | Reduce -8.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.54% | 1,448,910 | $17.3M | Reduce -1.1% |
| AMAT Applied Materials Inc. | 0.53% | 82,983 | $17.1M | Add +3.9% |
| TEL Te Connectivity Ltd. | 0.52% | 114,730 | $16.7M | Add +3.8% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.51% | 263,598 | $16.2M | Add +2.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.48% | 210,165 | $15.4M | Reduce -1.9% |
| UNH Unitedhealth Group Inc. | 0.47% | 30,748 | $15.2M | Reduce -27.1% |
| NET Cloudflare Inc. Class A | 0.47% | 155,120 | $15.0M | Add +1.5% |
| CHD Church & Dwight Co. Inc. | 0.47% | 143,466 | $15.0M | Reduce -13.9% |
| WSO Watsco Inc. | 0.46% | 33,905 | $14.6M | Add +18.1% |
| VOO Vanguard S&P 500 ETF | 0.46% | 30,427 | $14.6M | Add +0.1% |
| RSG Republic Services Inc. | 0.45% | 75,215 | $14.4M | Reduce -10.1% |
| MDY State Street SPDR S&P Midcap | 0.43% | 25,086 | $14.0M | Reduce -4.0% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.43% | 323,815 | $13.9M | Add +3.4% |
| XLF SS Financial Select Sector | 0.42% | 317,798 | $13.4M | Reduce -1.5% |
| LMT Lockheed Martin Corp. | 0.41% | 29,171 | $13.3M | Reduce -0.1% |
| WMT Walmart Inc. | 0.41% | 218,691 | $13.2M | Add +9.6% |
| CTAS Cintas Corp. | 0.41% | 19,118 | $13.1M | Add +1.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.41% | 52,117 | $13.0M | Add +5.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.39% | 103,097 | $12.6M | Add +2.4% |
| PYPL PayPal Holdings Inc. | 0.39% | 188,131 | $12.6M | Add +48.2% |
| ZBRA Zebra Technologies Corp. Class A | 0.39% | 41,200 | $12.4M | Add +1.3% |
| GPC Genuine Parts Co. | 0.38% | 78,791 | $12.2M | Add +964.9% |
| TW Tradeweb Markets Inc. Class A | 0.37% | 115,021 | $12.0M | Add +32.9% |
| STE Steris PLC | 0.36% | 51,828 | $11.7M | Add +4.3% |
| XLV SS Health Care Select Sector | 0.36% | 78,853 | $11.6M | Reduce -2.6% |
| MAS Masco Corp. | 0.36% | 144,575 | $11.4M | Reduce -6.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.35% | 25,483 | $11.3M | Reduce -5.4% |
| TMUS T-Mobile US Inc. | 0.35% | 69,030 | $11.3M | Add +6.5% |
| PG The Procter & Gamble Co. | 0.35% | 69,383 | $11.3M | Reduce -5.7% |
| SHOP Shopify Inc. Class A | 0.35% | 144,551 | $11.2M | Add +16.4% |
| IBTF iShares Ibonds Dec 2025 Term | 0.35% | 480,078 | $11.2M | Add +27.7% |
| COIN Coinbase Global Inc. Class A | 0.35% | 41,838 | $11.1M | Reduce -42.8% |
| KMI Kinder Morgan Inc. | 0.34% | 589,594 | $10.8M | Add +4.9% |
| RTX RTX Corp. | 0.33% | 109,872 | $10.7M | Add +21.6% |
| MCD McDonald's Corp. | 0.33% | 37,459 | $10.6M | Add +19.9% |
| PGNY Progyny Inc. | 0.32% | 270,578 | $10.3M | Add +20.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.32% | 271,275 | $10.3M | Reduce -2.9% |
| WM Waste Management Inc. | 0.31% | 47,385 | $10.1M | Reduce -0.6% |
| WING Wingstop Inc. | 0.31% | 27,560 | $10.1M | Reduce -4.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.30% | 37,231 | $9.7M | Reduce -14.5% |
| RSP Invesco S&P 500 Equal Weight | 0.30% | 56,371 | $9.5M | Add +3.3% |
| PM Philip Morris International | 0.30% | 103,715 | $9.5M | Add +2.6% |
| HON Honeywell International Inc. | 0.29% | 45,184 | $9.3M | Reduce -21.0% |
| OEF iShares S&P 100 ETF | 0.28% | 36,371 | $9.0M | Add +17.3% |
| HBAN Huntington Bancshares Inc. | 0.28% | 643,368 | $9.0M | Add +2.4% |
| URI United Rentals Inc. | 0.27% | 12,180 | $8.8M | Reduce -6.5% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $2.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 37,725 | $1.8M | Add +7.4% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 226 | $275K | New |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 182 | $218K | No change |
Total filed on the 13F, all lines: $3.2B.
Portfolio Sells Q4 2023 → Q1 2024
| AAPL Apple Inc. | Reduce -1.5% | 3.62% | −0.93 |
| UNH Unitedhealth Group Inc. | Reduce -27.1% | 0.47% | −0.29 |
| UPST Upstart Holdings Inc. | Sold out | 0.00% | −0.24 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.22 |
| GXO Gxo Logistics Inc. | Reduce -8.9% | 0.54% | −0.20 |
| DT Dynatrace Inc. | Reduce -39.4% | 0.16% | −0.18 |
| IWN iShares Russell 2000 Value E | Reduce -69.8% | 0.07% | −0.18 |
| NKE Nike Inc. Class B | Reduce -2.6% | 0.55% | −0.17 |
| DE Deere & Co. | Reduce -16.4% | 0.59% | −0.17 |
| IONQ Ionq Inc. | Reduce -47.8% | 0.08% | −0.14 |
| NEE Nextera Energy Inc. | Reduce -10.2% | 0.77% | −0.13 |
| CSCO Cisco Systems Inc. | Reduce -7.7% | 0.61% | −0.13 |
| HON Honeywell International Inc. | Reduce -21.0% | 0.29% | −0.12 |
| BLK BlackRock Finance Inc. | Reduce -7.3% | 0.74% | −0.12 |
| JNJ Johnson & Johnson | Reduce -4.8% | 0.79% | −0.12 |
| PXD Pioneer Natural Resources Co. | Reduce -79.3% | 0.03% | −0.11 |
| SBUX Starbucks Corp. | Reduce -69.8% | 0.04% | −0.11 |
| TROW T Rowe Price Group Inc. | Reduce -68.6% | 0.05% | −0.10 |
| TAN Invesco Solar ETF | Reduce -12.7% | 0.20% | −0.10 |
| COIN Coinbase Global Inc. Class A | Reduce -42.8% | 0.35% | −0.09 |
| CHD Church & Dwight Co. Inc. | Reduce -13.9% | 0.47% | −0.08 |
| SPLK Splunk Inc. | Sold out | 0.00% | −0.07 |
| BSCO Invesco Bulletshares 2024 CB | Reduce -24.7% | 0.16% | −0.07 |
| NEOG Neogen Corp. | Reduce -48.0% | 0.04% | −0.07 |
| BALL Ball Corp. | Sold out | 0.00% | −0.07 |
| SGOV iShares 0-3 Month Treasury B | Reduce -30.1% | 0.10% | −0.06 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -14.5% | 0.30% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Reduce -32.9% | 0.09% | −0.05 |
| CVS CVS Health Corp. | Reduce -63.7% | 0.02% | −0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.0% | 1.46% | −0.05 |
| LMT Lockheed Martin Corp. | Reduce -0.1% | 0.41% | −0.04 |
| V Visa Inc. Class A | Reduce -1.8% | 0.85% | −0.04 |
| USB US Bancorp | Reduce -10.0% | 0.21% | −0.04 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -37.4% | 0.04% | −0.03 |
| DMXF iShares ESG Advanc MSCI Eafe | Sold out | 0.00% | −0.03 |
| NSIT Insight Enterprises Inc. | Reduce -34.9% | 0.05% | −0.03 |
| IBTE iShares Ibonds Dec 2024 Term | Reduce -3.2% | 0.21% | −0.03 |
| GOOG Alphabet Inc. Class C | Reduce -0.3% | 1.20% | −0.03 |
| INTC Intel Corp. | Reduce -4.9% | 0.09% | −0.03 |
| TSLA Tesla Inc. | Reduce -12.1% | 0.04% | −0.03 |
| STT State Street Corp. | Reduce -79.1% | 0.01% | −0.03 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -5.4% | 0.35% | −0.03 |
| RSG Republic Services Inc. | Reduce -10.1% | 0.45% | −0.03 |
| EPD Enterprise Products Partners | Reduce -58.9% | 0.02% | −0.03 |
| VONE Vanguard Russell 1000 | Sold out | 0.00% | −0.02 |
| OCSL Oaktree Specialty Lending Co. | Reduce -3.4% | 0.13% | −0.02 |
| XLK SS Technology Select Sector | Reduce -0.3% | 1.12% | −0.02 |
| IEMG iShares Core MSCI Emerging | Sold out | 0.00% | −0.02 |
| MDT Medtronic PLC | Reduce -34.4% | 0.04% | −0.02 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -1.7% | 0.19% | −0.02 |
Portfolio Buys Q4 2023 → Q1 2024
| KNSL Kinsale Capital Group Inc. | Add +65.0% | 0.64% | +0.37 |
| GPC Genuine Parts Co. | Add +964.9% | 0.38% | +0.34 |
| PGR Progressive Corp. | Add +0.7% | 1.82% | +0.28 |
| AMZN Amazon.com Inc. | Add +1.6% | 2.41% | +0.21 |
| PATH Uipath Inc. Class A | New | 0.20% | +0.20 |
| JPM JPMorgan Chase & Co. | Add +0.4% | 2.23% | +0.15 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.14% | +0.14 |
| ORCL Oracle Corp. | Add +502.0% | 0.17% | +0.14 |
| QS Quantumscape Corp. | New | 0.14% | +0.14 |
| SYK Stryker Corp. | Add +5.1% | 1.13% | +0.14 |
| NVT Nvent Electric PLC | New | 0.12% | +0.12 |
| PYPL PayPal Holdings Inc. | Add +48.2% | 0.39% | +0.12 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +2.9% | 0.85% | +0.12 |
| CNQ Canadian Natural Resources | New | 0.10% | +0.10 |
| TW Tradeweb Markets Inc. Class A | Add +32.9% | 0.37% | +0.10 |
| XLE SS Energy Select Sector | Add +61.0% | 0.23% | +0.09 |
| AMAT Applied Materials Inc. | Add +3.9% | 0.53% | +0.09 |
| AI C3.AI Inc. Class A | New | 0.09% | +0.09 |
| DIS The Walt Disney Co. | Add +2.4% | 0.39% | +0.08 |
| RTX RTX Corp. | Add +21.6% | 0.33% | +0.07 |
| LOW Lowe's Cos Inc. | Add +2.5% | 1.18% | +0.07 |
| ECL Ecolab Inc. | Add +3.4% | 0.83% | +0.07 |
| SPT Sprout Social Inc. Class A | Add +61.6% | 0.23% | +0.07 |
| CME Cme Group Inc. | New | 0.06% | +0.06 |
| CASY Casey's General Stores Inc. | New | 0.06% | +0.06 |
| MA Mastercard Inc. Class A | Add +0.9% | 1.72% | +0.06 |
| XBI SS SPDR S&P Biotech ETF | Add +32.1% | 0.25% | +0.05 |
| CVX Chevron Corp. | Add +12.8% | 0.67% | +0.05 |
| WMT Walmart Inc. | Add +9.6% | 0.41% | +0.05 |
| IBTF iShares Ibonds Dec 2025 Term | Add +27.7% | 0.35% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +108.8% | 0.08% | +0.04 |
| PEP Pepsico Inc. | Add +12.2% | 0.94% | +0.04 |
| OEF iShares S&P 100 ETF | Add +17.3% | 0.28% | +0.04 |
| PGNY Progyny Inc. | Add +20.2% | 0.32% | +0.03 |
| WSO Watsco Inc. | Add +18.1% | 0.46% | +0.03 |
| HSY The Hershey Co. | Add +125.4% | 0.06% | +0.03 |
| EPOL iShares MSCI Poland ETF | New | 0.03% | +0.03 |
| UNP Union Pacific Corp. | Add +14.4% | 0.86% | +0.03 |
| NET Cloudflare Inc. Class A | Add +1.5% | 0.47% | +0.03 |
| IQLT iShares MSCI International Q | Add +9.6% | 0.65% | +0.03 |
| EMR Emerson Electric Co. | Add +7.5% | 0.25% | +0.03 |
| SHW The Sherwin-Williams Co. | Add +0.7% | 1.81% | +0.03 |
| POST Post Holdings Inc. | Add +4.1% | 0.24% | +0.03 |
| LLY Eli Lilly & Co. | Add +0.3% | 0.16% | +0.03 |
| AME Ametek Inc. | New | 0.03% | +0.03 |
| POOL Pool Corp. | Add +24.3% | 0.20% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | Add +3.2% | 0.92% | +0.02 |
| AMD Advanced Micro Devices | Add +4.8% | 0.16% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +39.1% | 0.08% | +0.02 |
| MRSH Marsh & McLennan Cos | Add +5.5% | 0.55% | +0.02 |
Notes & Other Activity Q4 2023 → Q1 2024
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | Add +7.4% | 37,725 | $1.8M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Sold out | 14,398 | $598Kbefore exit |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | New | 226 | $275K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 547 | $5.0B | GOOGL, AAPL, MSFT, AVGO, JPM |
| Q1 2026 | 559 | $5.1B | GOOGL, AAPL, MSFT, JPM, NVDA |
| Q4 2025 | 564 | $5.4B | MSFT, GOOGL, AAPL, JPM, NVDA |
| Q3 2025 | 551 | $5.3B | MSFT, AAPL, GOOGL, NVDA, AVGO |
| Q2 2025 | 541 | $5.0B | MSFT, AAPL, META, JPM, GOOGL |
| Q1 2025 | 482 | $4.2B | MSFT, AAPL, BRK.B, GOOGL, JPM |
| Q4 2024 | 455 | $3.5B | AAPL, MSFT, NVDA, AMZN, JPM |
| Q3 2024 | 463 | $3.4B | AAPL, MSFT, NVDA, AMZN, BRK.B |
| Q2 2024 | 466 | $3.2B | AAPL, MSFT, NVDA, AMZN, GOOGL |
| Q1 2024 | 492 | $3.2B | AAPL, MSFT, NVDA, AMZN, BRK.B |