Carnegie Investment Counsel
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 31, 2025), Carnegie Investment Counsel reported 541 stock positions worth $5.0 billion. Its top holding was Microsoft (MSFT) at 4.1% of the portfolio, followed by Apple (AAPL, 2.8%) and Meta Platforms Class A (META, 2.4%). Compared with Q1 2025, it opened 68 new positions, sold out of 9, added to 226 and reduced 196. The biggest buy was Microsoft (MSFT, shares +1%) and the biggest sale Keysight Technologies (KEYS, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- PEPPER PIKE, OH
- CIK
- 0001511506
- Portfolio Value
- $5.0B (Q2 2025)
- SEC Filing
- 0001085146-25-004339 ↗ filed Jul 31, 2025
Holdings Value
Holdings 541 stocks · $5.0B
| MSFT Microsoft Corp. | 4.07% | 406,757 | $202.3M | Add +1.3% |
| AAPL Apple Inc. | 2.77% | 671,133 | $137.7M | Reduce -3.3% |
| META Meta Platforms Inc. Class A | 2.40% | 161,961 | $119.5M | Add +1.4% |
| JPM JPMorgan Chase & Co. | 2.39% | 409,708 | $118.8M | Reduce -2.0% |
| GOOGL Alphabet Inc. Class A | 2.37% | 668,214 | $117.8M | Add +2.5% |
| NVDA Nvidia Corp. | 2.28% | 718,046 | $113.4M | Reduce -1.9% |
| AVGO Broadcom Inc. | 2.16% | 389,669 | $107.4M | Reduce -11.4% |
| AMZN Amazon.com Inc. | 2.03% | 460,806 | $101.1M | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.92% | 197,040 | $95.7M | Reduce -3.7% |
| SYK Stryker Corp. | 1.65% | 206,974 | $81.9M | Add +1.2% |
| MA Mastercard Inc. Class A | 1.62% | 143,769 | $80.8M | Reduce -1.0% |
| PGR Progressive Corp. | 1.53% | 284,787 | $76.0M | Reduce -0.8% |
| SCHW Schwab (charles) Corp. | 1.52% | 826,339 | $75.4M | Add +0.8% |
| ETN Eaton Corp. PLC | 1.39% | 193,293 | $69.0M | Add +0.9% |
| V Visa Inc. Class A | 1.29% | 180,927 | $64.2M | Add +4.9% |
| SHW The Sherwin-Williams Co. | 1.13% | 163,529 | $56.1M | Reduce -2.6% |
| QCOM Qualcomm Inc. | 1.08% | 337,361 | $53.7M | Reduce -0.8% |
| ZTS Zoetis Inc. | 1.00% | 318,969 | $49.7M | Add +114.9% |
| ORLY O'reilly Automotive Inc. | 0.93% | 514,369 | $46.4M | Reduce -0.5% |
| SPTI SS SPDR P Int Term TSY ETF | 0.93% | 1,600,520 | $46.0M | Add +19.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.92% | 73,852 | $45.6M | Reduce -0.8% |
| XLK SS Technology Select Sector | 0.91% | 178,705 | $45.3M | Add +3.6% |
| GOOG Alphabet Inc. Class C | 0.88% | 247,182 | $43.8M | Reduce -0.2% |
| BLK BlackRock Inc. | 0.86% | 40,999 | $43.0M | Reduce -2.2% |
| ABT Abbott Laboratories | 0.84% | 307,890 | $41.9M | Add +2.1% |
| ECL Ecolab Inc. | 0.83% | 152,852 | $41.2M | Reduce -0.7% |
| CME Cme Group Inc. | 0.82% | 148,785 | $41.0M | Add +9.1% |
| CB Chubb Ltd. | 0.82% | 140,462 | $40.7M | Reduce -1.7% |
| UBER Uber Technologies Inc. | 0.80% | 428,751 | $40.0M | Add +25.5% |
| SPIB SS SPDR P Int C Corp. ETF | 0.73% | 1,086,586 | $36.5M | Add +2.5% |
| ADBE Adobe Inc. | 0.73% | 94,080 | $36.4M | Reduce -10.3% |
| LNT Alliant Energy Corp. | 0.73% | 598,339 | $36.2M | Add +12.5% |
| CRDO Credo Technology Group Holdi | 0.71% | 382,491 | $35.4M | Reduce -0.8% |
| LOW Lowe's Cos Inc. | 0.71% | 159,375 | $35.4M | Add +0.5% |
| NET Cloudflare Inc. Class A | 0.70% | 178,318 | $34.9M | Reduce -4.8% |
| COST Costco Wholesale Corp. | 0.70% | 35,114 | $34.8M | Reduce -0.2% |
| RTX RTX Corp. | 0.67% | 229,048 | $33.4M | Reduce -3.0% |
| UNH Unitedhealth Group Inc. | 0.65% | 103,305 | $32.2M | Add +8.9% |
| HD Home Depot Inc. | 0.63% | 85,714 | $31.4M | Reduce -8.7% |
| VGSH Vanguard Short-Term Treasury | 0.63% | 533,659 | $31.4M | Add +2.8% |
| AMAT Applied Materials Inc. | 0.63% | 170,343 | $31.2M | Add +13.0% |
| ACN Accenture PLC Class A | 0.62% | 103,467 | $30.9M | Add +4.8% |
| VZ Verizon Communications Inc. | 0.61% | 703,116 | $30.4M | Add +4.2% |
| NSC Norfolk Southern Corp. | 0.61% | 117,923 | $30.2M | Add +3.0% |
| NEE Nextera Energy Inc. | 0.60% | 433,359 | $30.1M | Add +0.9% |
| KNSL Kinsale Capital Group Inc. | 0.60% | 61,888 | $29.9M | Add +2.4% |
| ULTA Ulta Beauty Inc. | 0.60% | 63,559 | $29.7M | Add +2.6% |
| ANSS Ansys Inc. | 0.58% | 82,396 | $28.9M | Add +1.7% |
| IQLT iShares MSCI International Q | 0.58% | 664,874 | $28.7M | Add +5.3% |
| AMGN Amgen Inc. | 0.57% | 101,926 | $28.5M | Add +0.1% |
| AMT American Tower Corp. | 0.55% | 124,831 | $27.6M | Add +0.0% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.55% | 373,635 | $27.2M | Add +13.9% |
| PSA Public Storage | 0.54% | 91,696 | $26.9M | Add +8.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.54% | 216,117 | $26.7M | Add +0.3% |
| UNP Union Pacific Corp. | 0.52% | 112,209 | $25.8M | Reduce -4.4% |
| NOC Northrop Grumman Corp. | 0.49% | 48,357 | $24.2M | Reduce -9.2% |
| TW Tradeweb Markets Inc. Class A | 0.48% | 164,033 | $24.0M | Add +7.2% |
| DCI Donaldson Co. Inc. | 0.48% | 346,255 | $24.0M | Add +0.2% |
| CASY Casey's General Stores Inc. | 0.47% | 45,617 | $23.3M | Add +2.2% |
| ROK Rockwell Automation Inc. | 0.47% | 69,766 | $23.2M | Reduce -0.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.46% | 484,766 | $22.9M | Add +0.9% |
| MBB iShares MBS ETF | 0.46% | 241,333 | $22.7M | Add +4.3% |
| MRSH Marsh & McLennan Cos | 0.45% | 103,395 | $22.6M | Add +9.4% |
| RDDT Reddit Inc. Class A | 0.44% | 144,686 | $21.8M | Reduce -20.0% |
| JNJ Johnson & Johnson | 0.43% | 141,574 | $21.6M | Reduce -2.1% |
| VIG Vanguard Dividend Apprec ETF | 0.43% | 104,650 | $21.4M | Add +3.3% |
| SUB iShares Short-Term National | 0.43% | 200,825 | $21.4M | Add +11.3% |
| TMO Thermo Fisher Scientific Inc. | 0.43% | 52,413 | $21.3M | Reduce -6.6% |
| ABBV Abbvie Inc. | 0.43% | 114,048 | $21.2M | Reduce -1.9% |
| KMI Kinder Morgan Inc. | 0.41% | 688,021 | $20.2M | Add +2.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.40% | 289,509 | $20.0M | Add +6.3% |
| TEL Te Connectivity PLC | 0.40% | 117,930 | $19.9M | Add +0.8% |
| RELX Relx PLC - Spon ADR | 0.40% | 362,560 | $19.7M | Add +14.0% |
| CVX Chevron Corp. | 0.39% | 135,459 | $19.4M | Add +3.2% |
| VOO Vanguard S&P 500 ETF | 0.39% | 34,088 | $19.4M | Add +1.0% |
| OTIS Otis Worldwide Corp. | 0.39% | 195,437 | $19.4M | Add +1.0% |
| SO The Southern Co. | 0.38% | 204,567 | $18.8M | Add +6.4% |
| PAC Grupo Aeroportuario Pac-ADR | 0.38% | 81,625 | $18.7M | Add +10.1% |
| WMT Walmart Inc. | 0.38% | 191,241 | $18.7M | Add +0.5% |
| CSCO Cisco Systems Inc. | 0.38% | 269,276 | $18.7M | Reduce -0.1% |
| TMUS T-Mobile US Inc. | 0.37% | 78,070 | $18.6M | Add +1.4% |
| PM Philip Morris International | 0.37% | 101,647 | $18.5M | Reduce -1.0% |
| IONQ Ionq Inc. | 0.37% | 424,582 | $18.2M | Reduce -4.7% |
| GEV GE Vernova Inc. | 0.36% | 33,958 | $18.0M | Reduce -0.3% |
| ZBRA Zebra Technologies Corp. Class A | 0.36% | 58,264 | $18.0M | Add +6.5% |
| CSX CSX Corp. | 0.36% | 544,476 | $17.8M | Reduce -2.5% |
| CTAS Cintas Corp. | 0.35% | 79,110 | $17.6M | Reduce -1.3% |
| WING Wingstop Inc. | 0.35% | 51,436 | $17.3M | Add +9.0% |
| ANET Arista Networks Inc. | 0.35% | 168,192 | $17.2M | Add +8.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.35% | 350,253 | $17.2M | Add +2.5% |
| IBTG iShares Ibonds Dec 2026 Term | 0.34% | 734,491 | $16.8M | Add +9.1% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 121,674 | $16.6M | Add +2.2% |
| POST Post Holdings Inc. filed as POST HLDGS INC | 0.33% | 151,840 | $16.6M | Add +15.3% |
| XLF SS Financial Select Sector | 0.33% | 314,292 | $16.5M | Add +0.4% |
| MCD McDonald's Corp. | 0.32% | 54,365 | $15.9M | Add +1.4% |
| SCHP Schwab U.S. Tips ETF | 0.32% | 592,128 | $15.8M | Add +9.7% |
| EMR Emerson Electric Co. | 0.31% | 115,762 | $15.4M | Add +3.0% |
| CRWV Coreweave Inc. Class A | 0.30% | 92,436 | $15.1M | New |
| WSO Watsco Inc. | 0.30% | 33,933 | $15.0M | Add +0.5% |
| IBTF iShares Ibonds Dec 2025 Term | 0.30% | 631,320 | $14.7M | Reduce -5.5% |
Portfolio Sells Q1 2025 → Q2 2025
| KEYS Keysight Technologies Inc. | Reduce -98.5% | 0.01% | −0.54 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.7% | 1.92% | −0.50 |
| AAPL Apple Inc. | Reduce -3.3% | 2.77% | −0.27 |
| PEP Pepsico Inc. | Reduce -43.0% | 0.21% | −0.26 |
| ORLY O'reilly Automotive Inc. | Reduce -0.5% | 0.93% | −0.24 |
| PGR Progressive Corp. | Reduce -0.8% | 1.53% | −0.21 |
| ADBE Adobe Inc. | Reduce -10.3% | 0.73% | −0.18 |
| CB Chubb Ltd. | Reduce -1.7% | 0.82% | −0.17 |
| THO Thor Industries Inc. | Reduce -84.4% | 0.03% | −0.17 |
| PYPL PayPal Holdings Inc. | Reduce -55.5% | 0.15% | −0.16 |
| SHW The Sherwin-Williams Co. | Reduce -2.6% | 1.13% | −0.16 |
| TMO Thermo Fisher Scientific Inc. | Reduce -6.6% | 0.43% | −0.16 |
| HD Home Depot Inc. | Reduce -8.7% | 0.63% | −0.16 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -28.6% | 0.22% | −0.16 |
| ABBV Abbvie Inc. | Reduce -1.9% | 0.43% | −0.13 |
| NOC Northrop Grumman Corp. | Reduce -9.2% | 0.49% | −0.12 |
| XOM Exxon Mobil Corp. | Reduce -45.8% | 0.10% | −0.11 |
| MA Mastercard Inc. Class A | Reduce -1.0% | 1.62% | −0.10 |
| JNJ Johnson & Johnson | Reduce -2.1% | 0.43% | −0.10 |
| SPHR Sphere Entertainment Co. | Sold out | 0.00% | −0.09 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -35.4% | 0.27% | −0.08 |
| IBTF iShares Ibonds Dec 2025 Term | Reduce -5.5% | 0.30% | −0.07 |
| TSCO Tractor Supply Company | Reduce -4.6% | 0.25% | −0.07 |
| QCOM Qualcomm Inc. | Reduce -0.8% | 1.08% | −0.07 |
| UNP Union Pacific Corp. | Reduce -4.4% | 0.52% | −0.07 |
| MAS Masco Corp. | Reduce -89.4% | 0.01% | −0.07 |
| HIMS Hims & Hers Health Inc. | Reduce -47.4% | 0.24% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -0.2% | 0.70% | −0.06 |
| LECO Lincoln Electric Holdings | Reduce -39.6% | 0.08% | −0.05 |
| TOST Toast Inc. Class A | Reduce -35.0% | 0.18% | −0.05 |
| GXO Gxo Logistics Inc. | Reduce -76.8% | 0.02% | −0.05 |
| XLV SS Health Care Select Sector | Reduce -0.3% | 0.24% | −0.05 |
| ARHS Arhaus Inc. | Reduce -95.8% | 0.00% | −0.04 |
| SGOV iShares 0-3 Month Treasury B | Reduce -8.4% | 0.12% | −0.04 |
| RSG Republic Services Inc. | Reduce -0.8% | 0.29% | −0.03 |
| WM Waste Management Inc. | Reduce -0.6% | 0.21% | −0.03 |
| SRE Sempra | Reduce -2.1% | 0.22% | −0.03 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -4.6% | 0.14% | −0.03 |
| RTX RTX Corp. | Reduce -3.0% | 0.67% | −0.03 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.03 |
| MTD Mettler-Toledo International | Reduce -5.3% | 0.28% | −0.03 |
| LMT Lockheed Martin Corp. | Reduce -0.8% | 0.25% | −0.03 |
| PH Parker Hannifin Corp. | Reduce -39.2% | 0.05% | −0.03 |
| ECL Ecolab Inc. | Reduce -0.7% | 0.83% | −0.02 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -3.2% | 0.10% | −0.02 |
| KRE SS SPDR S&P Regional Bank | Reduce -17.1% | 0.12% | −0.02 |
| NVT Nvent Electric PLC | Reduce -40.6% | 0.08% | −0.02 |
| BSMP Invesco Bulletshares 2025 MB | Reduce -51.9% | 0.01% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -16.3% | 0.03% | −0.02 |
| OXY Occidental Petroleum Corp. | Reduce -27.0% | 0.03% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +1.3% | 4.07% | +0.61 |
| ZTS Zoetis Inc. | Add +114.9% | 1.00% | +0.47 |
| META Meta Platforms Inc. Class A | Add +1.4% | 2.40% | +0.33 |
| CRWV Coreweave Inc. Class A | New | 0.30% | +0.30 |
| UBER Uber Technologies Inc. | Add +25.5% | 0.80% | +0.27 |
| ETN Eaton Corp. PLC | Add +0.9% | 1.39% | +0.24 |
| FOUR SHIFT4 Payments Inc. Class A | New | 0.23% | +0.23 |
| FISV Fiserv Inc. | Add +1229.6% | 0.22% | +0.19 |
| GRAL Grail Inc. | New | 0.17% | +0.17 |
| XLK SS Technology Select Sector | Add +3.6% | 0.91% | +0.16 |
| AMAT Applied Materials Inc. | Add +13.0% | 0.63% | +0.15 |
| AMZN Amazon.com Inc. | Add +1.5% | 2.03% | +0.14 |
| CART Maplebear Inc. | Add +100.6% | 0.27% | +0.14 |
| PLTR Palantir Technologies Inc. Class A | Add +2.2% | 0.33% | +0.11 |
| WING Wingstop Inc. | Add +9.0% | 0.35% | +0.10 |
| ANET Arista Networks Inc. | Add +8.2% | 0.35% | +0.09 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +13.9% | 0.55% | +0.08 |
| SCHW Schwab (charles) Corp. | Add +0.8% | 1.52% | +0.08 |
| ZBRA Zebra Technologies Corp. Class A | Add +6.5% | 0.36% | +0.07 |
| SOUN Soundhound AI Inc. Class A | Add +12.0% | 0.26% | +0.07 |
| ORCL Oracle Corp. | Add +11.1% | 0.17% | +0.06 |
| ULTA Ulta Beauty Inc. | Add +2.6% | 0.60% | +0.06 |
| TEL Te Connectivity PLC | Add +0.8% | 0.40% | +0.06 |
| GOOGL Alphabet Inc. Class A | Add +2.5% | 2.37% | +0.06 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +1.1% | 0.22% | +0.06 |
| SHOP Shopify Inc. Class A | Add +0.8% | 0.26% | +0.05 |
| PAC Grupo Aeroportuario Pac-ADR | Add +10.1% | 0.38% | +0.05 |
| TGT Target Corp. | New | 0.05% | +0.05 |
| EMR Emerson Electric Co. | Add +3.0% | 0.31% | +0.05 |
| NBIS Nebius Group NV | New | 0.05% | +0.05 |
| POWL Powell Industries Inc. | Add +59.6% | 0.11% | +0.05 |
| AMD Advanced Micro Devices | Add +3.4% | 0.13% | +0.04 |
| IQLT iShares MSCI International Q | Add +5.3% | 0.58% | +0.04 |
| NFLX Netflix Inc. | Add +64.5% | 0.07% | +0.04 |
| ANSS Ansys Inc. | Add +1.7% | 0.58% | +0.04 |
| COF Capital One Financial Corp. | New | 0.03% | +0.03 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +4.4% | 0.24% | +0.03 |
| LLY Eli Lilly & Co. | Add +34.0% | 0.20% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +63.2% | 0.05% | +0.03 |
| TSPA T Rowe Price US Eqy Research | New | 0.03% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.0% | 0.11% | +0.03 |
| ARCC Ares Capital Corp. | Add +22.6% | 0.17% | +0.03 |
| BX Blackstone Inc. | Add +28.5% | 0.11% | +0.03 |
| SMH Vaneck Semiconductor ETF | Add +134.4% | 0.04% | +0.03 |
| CASY Casey's General Stores Inc. | Add +2.2% | 0.47% | +0.03 |
| GEHC GE Healthcare Technology | Add +155.6% | 0.04% | +0.02 |
| SCHG Schwab US Large-Cap Growth | Add +241.1% | 0.03% | +0.02 |
| IXUS iShares Core Intl Stock ETF | Add +48.3% | 0.07% | +0.02 |
| BAC Bank of America Corp. | Add +0.9% | 0.46% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +8.1% | 0.08% | +0.02 |
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 |