Carnegie Investment Counsel
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Carnegie Investment Counsel reported 482 stock positions worth $4.2 billion. Its top holding was Microsoft (MSFT) at 3.5% of the portfolio, followed by Apple (AAPL, 3.0%) and Berkshire Hathaway Class B (BRK.B, 2.4%). Compared with Q4 2024, it opened 63 new positions, sold out of 36, added to 243 and reduced 135. The biggest buy was a new position in O'reilly Automotive (ORLY) and the biggest sale Nvidia (NVDA, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- PEPPER PIKE, OH
- CIK
- 0001511506
- Portfolio Value
- $4.2B (Q1 2025)
- SEC Filing
- 0001085146-25-002648 ↗ filed May 6, 2025
Holdings Value
Holdings 482 stocks · $4.2B
| MSFT Microsoft Corp. | 3.46% | 401,364 | $145.8M | Add +41.1% |
| AAPL Apple Inc. | 3.04% | 694,300 | $127.9M | Add +4.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.42% | 204,620 | $102.0M | Add +25.6% |
| GOOGL Alphabet Inc. Class A | 2.31% | 651,792 | $97.3M | Add +55.5% |
| JPM JPMorgan Chase & Co. | 2.18% | 418,000 | $91.8M | Add +19.1% |
| META Meta Platforms Inc. Class A | 2.07% | 159,788 | $87.1M | Add +91.9% |
| AMZN Amazon.com Inc. | 1.89% | 454,057 | $79.6M | Add +3.5% |
| PGR Progressive Corp. | 1.74% | 287,218 | $73.3M | Add +2.4% |
| SYK Stryker Corp. | 1.73% | 204,544 | $73.0M | Add +79.1% |
| MA Mastercard Inc. Class A | 1.72% | 145,219 | $72.6M | Add +26.2% |
| NVDA Nvidia Corp. | 1.70% | 731,746 | $71.5M | Reduce -0.1% |
| AVGO Broadcom Inc. | 1.69% | 439,930 | $71.2M | Add +117.3% |
| SCHW Schwab (charles) Corp. | 1.43% | 819,853 | $60.4M | Add +79.9% |
| V Visa Inc. Class A | 1.34% | 172,468 | $56.6M | Add +70.9% |
| SHW The Sherwin-Williams Co. | 1.29% | 167,986 | $54.2M | Reduce -1.2% |
| UNH Unitedhealth Group Inc. | 1.18% | 94,831 | $49.7M | Add +256.4% |
| ORLY O'reilly Automotive Inc. | 1.17% | 34,461 | $49.4M | New |
| QCOM Qualcomm Inc. | 1.15% | 340,175 | $48.4M | Add +99.5% |
| ETN Eaton Corp. PLC | 1.15% | 191,565 | $48.4M | Add +8.1% |
| CB Chubb Ltd. | 0.99% | 142,860 | $41.7M | Add +204.8% |
| ABT Abbott Laboratories | 0.91% | 301,562 | $38.5M | Add +52.6% |
| SPTI SS SPDR P Int Term TSY ETF | 0.91% | 1,337,412 | $38.2M | New |
| ADBE Adobe Inc. | 0.91% | 104,925 | $38.2M | Add +81.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.89% | 74,452 | $37.6M | Reduce -1.9% |
| GOOG Alphabet Inc. Class C | 0.88% | 247,575 | $37.1M | Add +7.3% |
| BLK BlackRock Inc. | 0.86% | 41,934 | $36.1M | Add +48.3% |
| CME Cme Group Inc. | 0.86% | 136,435 | $36.0M | Add +1102.3% |
| ECL Ecolab Inc. | 0.85% | 153,938 | $35.9M | Add +19.8% |
| SPIB SS SPDR P Int C Corp. ETF | 0.84% | 1,060,348 | $35.2M | New |
| LOW Lowe's Cos Inc. | 0.82% | 158,559 | $34.5M | Add +2.8% |
| LNT Alliant Energy Corp. | 0.81% | 531,683 | $34.2M | New |
| HD Home Depot Inc. | 0.79% | 93,913 | $33.2M | Add +88.1% |
| COST Costco Wholesale Corp. | 0.76% | 35,183 | $32.0M | Reduce -1.6% |
| XLK SS Technology Select Sector | 0.75% | 172,494 | $31.7M | Add +2.4% |
| VZ Verizon Communications Inc. | 0.73% | 674,849 | $30.6M | Add +1992.9% |
| VGSH Vanguard Short-Term Treasury | 0.72% | 519,309 | $30.5M | New |
| RTX RTX Corp. | 0.70% | 236,140 | $29.5M | Add +106.2% |
| AMGN Amgen Inc. | 0.70% | 101,823 | $29.5M | Reduce -2.9% |
| ACN Accenture PLC Class A | 0.67% | 98,733 | $28.2M | Add +7.9% |
| NEE Nextera Energy Inc. | 0.66% | 429,655 | $28.0M | Add +1.2% |
| NSC Norfolk Southern Corp. | 0.64% | 114,543 | $26.9M | Add +1192.8% |
| AMT American Tower Corp. | 0.63% | 124,788 | $26.6M | Reduce -0.0% |
| KNSL Kinsale Capital Group Inc. | 0.63% | 60,427 | $26.6M | Add +12.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.61% | 215,429 | $25.7M | Add +3.3% |
| NOC Northrop Grumman Corp. | 0.61% | 53,278 | $25.7M | Reduce -9.3% |
| PSA Public Storage | 0.59% | 84,174 | $25.0M | Add +4979.9% |
| UNP Union Pacific Corp. | 0.59% | 117,428 | $24.8M | Add +7.5% |
| TMO Thermo Fisher Scientific Inc. | 0.59% | 56,116 | $24.7M | Reduce -4.8% |
| ABBV Abbvie Inc. | 0.55% | 116,216 | $23.3M | Add +164.0% |
| KEYS Keysight Technologies Inc. | 0.55% | 155,169 | $23.2M | New |
| DCI Donaldson Co. Inc. | 0.55% | 345,453 | $23.1M | New |
| ANSS Ansys Inc. | 0.55% | 81,022 | $23.0M | Reduce -13.1% |
| IQLT iShares MSCI International Q | 0.54% | 631,352 | $22.7M | Add +5.7% |
| ULTA Ulta Beauty Inc. | 0.54% | 61,958 | $22.7M | New |
| UBER Uber Technologies Inc. | 0.53% | 341,643 | $22.4M | Add +68.3% |
| JNJ Johnson & Johnson | 0.53% | 144,611 | $22.3M | Add +12.4% |
| ZTS Zoetis Inc. | 0.53% | 148,420 | $22.1M | Reduce -4.2% |
| MBB iShares MBS ETF | 0.51% | 231,277 | $21.7M | New |
| MRSH Marsh & McLennan Cos | 0.50% | 94,545 | $21.2M | Add +0.2% |
| TW Tradeweb Markets Inc. Class A | 0.48% | 153,093 | $20.0M | Add +17.2% |
| AMAT Applied Materials Inc. | 0.48% | 150,727 | $20.0M | Add +18.5% |
| PEP Pepsico Inc. | 0.47% | 138,196 | $19.8M | Reduce -19.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.46% | 327,939 | $19.6M | Add +10.9% |
| SUB iShares Short-Term National | 0.45% | 180,391 | $19.0M | New |
| TMUS T-Mobile US Inc. | 0.45% | 77,028 | $19.0M | Reduce -4.2% |
| CASY Casey's General Stores Inc. | 0.44% | 44,625 | $18.7M | Add +12.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.44% | 480,466 | $18.5M | Add +103.8% |
| NET Cloudflare Inc. Class A | 0.44% | 187,373 | $18.4M | Add +3.5% |
| CVX Chevron Corp. | 0.44% | 131,307 | $18.4M | Add +1.7% |
| OTIS Otis Worldwide Corp. | 0.42% | 193,473 | $17.8M | Add +0.4% |
| VIG Vanguard Dividend Apprec ETF | 0.42% | 101,324 | $17.8M | Add +1.9% |
| SO The Southern Co. | 0.42% | 192,253 | $17.6M | Add +2089.2% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.41% | 272,475 | $17.4M | Add +37.2% |
| KMI Kinder Morgan Inc. | 0.40% | 671,749 | $17.0M | Add +0.9% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.40% | 341,787 | $17.0M | New |
| RDDT Reddit Inc. Class A | 0.40% | 180,794 | $16.8M | Add +12.2% |
| MCD McDonald's Corp. | 0.38% | 53,640 | $16.1M | Add +13.9% |
| RELX Relx PLC - Spon ADR | 0.38% | 317,914 | $16.0M | New |
| WMT Walmart Inc. | 0.38% | 190,210 | $16.0M | Reduce -11.6% |
| WSO Watsco Inc. | 0.38% | 33,771 | $16.0M | Reduce -0.8% |
| ROK Rockwell Automation Inc. | 0.38% | 70,069 | $15.9M | Reduce -12.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.38% | 21 | $15.8M | Add +110.0% |
| VOO Vanguard S&P 500 ETF | 0.37% | 33,750 | $15.7M | Add +4.8% |
| IBTF iShares Ibonds Dec 2025 Term | 0.37% | 667,835 | $15.6M | Reduce -1.0% |
| PM Philip Morris International | 0.37% | 102,689 | $15.5M | Add +0.5% |
| IBTG iShares Ibonds Dec 2026 Term | 0.37% | 673,027 | $15.4M | Add +46.1% |
| CTAS Cintas Corp. | 0.36% | 80,147 | $15.3M | Add +3.3% |
| CSX CSX Corp. | 0.36% | 558,550 | $15.1M | Reduce -8.7% |
| POST Post Holdings Inc. filed as POST HLDGS INC | 0.36% | 131,654 | $15.0M | Add +49.3% |
| CSCO Cisco Systems Inc. | 0.35% | 269,667 | $14.8M | Add +4.8% |
| SCHP Schwab U.S. Tips ETF | 0.34% | 539,820 | $14.5M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.34% | 1,488,960 | $14.5M | Add +10.5% |
| TEL Te Connectivity PLC | 0.34% | 117,022 | $14.5M | Reduce -1.7% |
| CHD Church & Dwight Co. Inc. | 0.34% | 139,776 | $14.3M | Reduce -0.1% |
| CRDO Credo Technology Group Holdi | 0.33% | 385,696 | $13.9M | Add +24.8% |
| XLF SS Financial Select Sector | 0.33% | 313,079 | $13.8M | Add +1.7% |
| PAC Grupo Aeroportuario Pac-ADR | 0.33% | 74,155 | $13.8M | New |
| RSG Republic Services Inc. | 0.33% | 59,419 | $13.7M | Reduce -22.7% |
| TSCO Tractor Supply Company | 0.32% | 242,965 | $13.4M | New |
| MTD Mettler-Toledo International | 0.31% | 12,741 | $13.2M | Reduce -10.6% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -0.1% | 1.70% | −1.13 |
| PYPL PayPal Holdings Inc. | Reduce -22.3% | 0.31% | −0.39 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.9% | 0.89% | −0.39 |
| IONQ Ionq Inc. | Reduce -13.4% | 0.24% | −0.38 |
| SHW The Sherwin-Williams Co. | Reduce -1.2% | 1.29% | −0.37 |
| ANSS Ansys Inc. | Reduce -13.1% | 0.55% | −0.36 |
| TMO Thermo Fisher Scientific Inc. | Reduce -4.8% | 0.59% | −0.30 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -37.4% | 0.21% | −0.28 |
| ROK Rockwell Automation Inc. | Reduce -12.1% | 0.38% | −0.28 |
| PEP Pepsico Inc. | Reduce -19.1% | 0.47% | −0.28 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.27 |
| CSX CSX Corp. | Reduce -8.7% | 0.36% | −0.21 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.21 |
| ZTS Zoetis Inc. | Reduce -4.2% | 0.53% | −0.20 |
| MTD Mettler-Toledo International | Reduce -10.6% | 0.31% | −0.19 |
| NOC Northrop Grumman Corp. | Reduce -9.3% | 0.61% | −0.18 |
| COST Costco Wholesale Corp. | Reduce -1.6% | 0.76% | −0.18 |
| WMT Walmart Inc. | Reduce -11.6% | 0.38% | −0.18 |
| ADSK Autodesk Inc. | Reduce -80.0% | 0.03% | −0.18 |
| SPHR Sphere Entertainment Co. | Reduce -39.5% | 0.09% | −0.17 |
| XBI SS SPDR S&P Biotech ETF | Reduce -49.1% | 0.09% | −0.17 |
| MAS Masco Corp. | Reduce -55.4% | 0.07% | −0.16 |
| TEL Te Connectivity PLC | Reduce -1.7% | 0.34% | −0.15 |
| MDY State Street SPDR S&P Midcap | Reduce -10.2% | 0.24% | −0.14 |
| LMT Lockheed Martin Corp. | Reduce -9.6% | 0.27% | −0.14 |
| CMG Chipotle Mexican Grill Inc. | Reduce -34.1% | 0.10% | −0.14 |
| CVNA Carvana Co. | Reduce -71.2% | 0.03% | −0.13 |
| NKE Nike Inc. Class B | Reduce -81.5% | 0.02% | −0.12 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.12 |
| RSG Republic Services Inc. | Reduce -22.7% | 0.33% | −0.12 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -2.5% | 0.28% | −0.11 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -3.5% | 0.22% | −0.11 |
| URI United Rentals Inc. | Reduce -5.1% | 0.19% | −0.11 |
| OEF iShares S&P 100 ETF | Reduce -2.0% | 0.22% | −0.10 |
| SGOV iShares 0-3 Month Treasury B | Reduce -26.2% | 0.16% | −0.10 |
| NVT Nvent Electric PLC | Reduce -10.3% | 0.10% | −0.10 |
| CMCSA Comcast Corp. Class A | Reduce -61.4% | 0.04% | −0.10 |
| RSP Invesco S&P 500 Equal Weight | Reduce -4.4% | 0.22% | −0.09 |
| HON Honeywell International Inc. | Reduce -0.1% | 0.19% | −0.09 |
| ORCL Oracle Corp. | Reduce -12.9% | 0.11% | −0.09 |
| AMGN Amgen Inc. | Reduce -2.9% | 0.70% | −0.08 |
| WSO Watsco Inc. | Reduce -0.8% | 0.38% | −0.08 |
| IBTF iShares Ibonds Dec 2025 Term | Reduce -1.0% | 0.37% | −0.08 |
| CHD Church & Dwight Co. Inc. | Reduce -0.1% | 0.34% | −0.08 |
| FLMX Franklin Ftse Mexico ETF | Sold out | 0.00% | −0.08 |
| GXO Gxo Logistics Inc. | Reduce -29.5% | 0.06% | −0.08 |
| USB US Bancorp | Reduce -11.6% | 0.08% | −0.07 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -6.3% | 0.11% | −0.06 |
| IYW iShares Ustechnology ETF | Reduce -9.8% | 0.09% | −0.06 |
| XLE SS Energy Select Sector | Reduce -2.1% | 0.17% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| ORLY O'reilly Automotive Inc. | New | 1.17% | +1.17 |
| SPTI SS SPDR P Int Term TSY ETF | New | 0.91% | +0.91 |
| SPIB SS SPDR P Int C Corp. ETF | New | 0.84% | +0.84 |
| LNT Alliant Energy Corp. | New | 0.81% | +0.81 |
| UNH Unitedhealth Group Inc. | Add +256.4% | 1.18% | +0.79 |
| CME Cme Group Inc. | Add +1102.3% | 0.86% | +0.78 |
| VGSH Vanguard Short-Term Treasury | New | 0.72% | +0.72 |
| VZ Verizon Communications Inc. | Add +1992.9% | 0.73% | +0.69 |
| META Meta Platforms Inc. Class A | Add +91.9% | 2.07% | +0.67 |
| CB Chubb Ltd. | Add +204.8% | 0.99% | +0.62 |
| PSA Public Storage | Add +4979.9% | 0.59% | +0.58 |
| NSC Norfolk Southern Corp. | Add +1192.8% | 0.64% | +0.58 |
| KEYS Keysight Technologies Inc. | New | 0.55% | +0.55 |
| SYK Stryker Corp. | Add +79.1% | 1.73% | +0.55 |
| DCI Donaldson Co. Inc. | New | 0.55% | +0.55 |
| ULTA Ulta Beauty Inc. | New | 0.54% | +0.54 |
| MBB iShares MBS ETF | New | 0.51% | +0.51 |
| SCHW Schwab (charles) Corp. | Add +79.9% | 1.43% | +0.47 |
| SUB iShares Short-Term National | New | 0.45% | +0.45 |
| V Visa Inc. Class A | Add +70.9% | 1.34% | +0.43 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.40% | +0.40 |
| SO The Southern Co. | Add +2089.2% | 0.42% | +0.40 |
| QCOM Qualcomm Inc. | Add +99.5% | 1.15% | +0.40 |
| RELX Relx PLC - Spon ADR | New | 0.38% | +0.38 |
| SCHP Schwab U.S. Tips ETF | New | 0.34% | +0.34 |
| AVGO Broadcom Inc. | Add +117.3% | 1.69% | +0.34 |
| ABBV Abbvie Inc. | Add +164.0% | 0.55% | +0.33 |
| PAC Grupo Aeroportuario Pac-ADR | New | 0.33% | +0.33 |
| RTX RTX Corp. | Add +106.2% | 0.70% | +0.32 |
| TSCO Tractor Supply Company | New | 0.32% | +0.32 |
| VTIP Vanguard Short-Term Tips | New | 0.30% | +0.30 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +25.6% | 2.42% | +0.30 |
| HOLX Hologic Inc. | New | 0.29% | +0.29 |
| ABT Abbott Laboratories | Add +52.6% | 0.91% | +0.27 |
| SRE Sempra | New | 0.25% | +0.25 |
| HII Huntington Ingalls Industrie | Add +1266.3% | 0.26% | +0.24 |
| HD Home Depot Inc. | Add +88.1% | 0.79% | +0.23 |
| TOST Toast Inc. Class A | Add +4744.2% | 0.23% | +0.22 |
| THO Thor Industries Inc. | New | 0.20% | +0.20 |
| UBER Uber Technologies Inc. | Add +68.3% | 0.53% | +0.18 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +110.0% | 0.38% | +0.18 |
| ADBE Adobe Inc. | Add +81.3% | 0.91% | +0.17 |
| BAC Bank of America Corp. | Add +103.8% | 0.44% | +0.14 |
| CART Maplebear Inc. | New | 0.13% | +0.13 |
| ANET Arista Networks Inc. | Add +281.8% | 0.25% | +0.12 |
| DEO Diageo PLC-Sponsored ADR | Add +2331.0% | 0.10% | +0.09 |
| BX Blackstone Inc. | Add +1784.4% | 0.09% | +0.08 |
| POST Post Holdings Inc. | Add +49.3% | 0.36% | +0.07 |
| IBTG iShares Ibonds Dec 2026 Term | Add +46.1% | 0.37% | +0.06 |
| NYF iShares New York Muni Bond E | New | 0.06% | +0.06 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 3,500 | $2.1Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |