Carnegie Investment Counsel
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 16, 2025), Carnegie Investment Counsel reported 551 stock positions worth $5.3 billion. Its top holding was Microsoft (MSFT) at 4.0% of the portfolio, followed by Apple (AAPL, 3.2%) and Alphabet Class A (GOOGL, 3.0%). Compared with Q2 2025, it opened 28 new positions, sold out of 18, added to 217 and reduced 217. The biggest buy was a new position in Synopsys (SNPS) and the biggest sale Adobe (ADBE, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- PEPPER PIKE, OH
- CIK
- 0001511506
- Portfolio Value
- $5.3B (Q3 2025)
- SEC Filing
- 0001511506-25-000005 ↗ filed Oct 16, 2025
Holdings Value
Holdings 551 stocks · $5.3B
| MSFT Microsoft Corp. | 3.97% | 406,136 | $210.4M | Reduce -0.1% |
| AAPL Apple Inc. | 3.21% | 668,997 | $170.3M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 3.03% | 660,620 | $160.6M | Reduce -1.1% |
| NVDA Nvidia Corp. | 2.48% | 705,402 | $131.6M | Reduce -1.8% |
| AVGO Broadcom Inc. | 2.42% | 388,893 | $128.3M | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 2.38% | 399,828 | $126.1M | Reduce -2.4% |
| META Meta Platforms Inc. Class A | 2.22% | 160,327 | $117.7M | Reduce -1.0% |
| AMZN Amazon.com Inc. | 1.94% | 468,800 | $102.9M | Add +1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.86% | 195,983 | $98.5M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 1.53% | 143,121 | $81.4M | Reduce -0.5% |
| SYK Stryker Corp. | 1.47% | 210,726 | $77.9M | Add +1.8% |
| SCHW Schwab (charles) Corp. | 1.46% | 813,935 | $77.7M | Reduce -1.5% |
| ETN Eaton Corp. PLC | 1.37% | 194,552 | $72.8M | Add +0.7% |
| PGR Progressive Corp. | 1.32% | 284,461 | $70.2M | Reduce -0.1% |
| V Visa Inc. Class A | 1.17% | 182,032 | $62.1M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 1.12% | 243,404 | $59.3M | Reduce -1.5% |
| QCOM Qualcomm Inc. | 1.09% | 347,092 | $57.7M | Add +2.9% |
| SHW The Sherwin-Williams Co. | 1.07% | 163,927 | $56.8M | Add +0.2% |
| ORLY O'reilly Automotive Inc. | 1.06% | 523,205 | $56.4M | Add +1.7% |
| XLK SS Technology Select Sector | 0.98% | 184,103 | $51.9M | Add +3.0% |
| SPTI SS SPDR P Int Term TSY ETF | 0.97% | 1,784,909 | $51.6M | Add +11.5% |
| UBER Uber Technologies Inc. | 0.95% | 514,301 | $50.4M | Add +19.9% |
| ZTS Zoetis Inc. | 0.94% | 340,532 | $49.8M | Add +6.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.92% | 73,230 | $48.8M | Reduce -0.8% |
| BLK BlackRock Inc. | 0.90% | 41,071 | $47.9M | Add +0.2% |
| CME Cme Group Inc. | 0.79% | 155,724 | $42.1M | Add +4.7% |
| LNT Alliant Energy Corp. | 0.79% | 622,821 | $42.0M | Add +4.1% |
| ABT Abbott Laboratories | 0.78% | 309,095 | $41.4M | Add +0.4% |
| AMAT Applied Materials Inc. | 0.77% | 200,723 | $41.1M | Add +17.8% |
| ECL Ecolab Inc. | 0.76% | 147,424 | $40.4M | Reduce -3.5% |
| LOW Lowe's Cos Inc. | 0.76% | 159,842 | $40.2M | Add +0.3% |
| CB Chubb Ltd. | 0.75% | 140,956 | $39.8M | Add +0.3% |
| RTX RTX Corp. | 0.72% | 229,134 | $38.3M | Add +0.0% |
| SPIB SS SPDR P Int C Corp. ETF | 0.71% | 1,115,407 | $37.8M | Add +2.6% |
| CRDO Credo Technology Group Holdi | 0.70% | 253,467 | $36.9M | Reduce -33.7% |
| UNH Unitedhealth Group Inc. | 0.69% | 105,621 | $36.5M | Add +2.2% |
| RDDT Reddit Inc. Class A | 0.69% | 158,497 | $36.5M | Add +9.6% |
| NSC Norfolk Southern Corp. | 0.67% | 118,761 | $35.7M | Add +0.7% |
| HD Home Depot Inc. | 0.66% | 86,761 | $35.2M | Add +1.2% |
| ULTA Ulta Beauty Inc. | 0.66% | 63,987 | $35.0M | Add +0.7% |
| IQLT iShares MSCI International Q | 0.63% | 761,475 | $33.6M | Add +14.5% |
| NET Cloudflare Inc. Class A | 0.62% | 153,033 | $32.8M | Reduce -14.2% |
| COST Costco Wholesale Corp. | 0.62% | 35,468 | $32.8M | Add +1.0% |
| PSA Public Storage | 0.61% | 112,769 | $32.6M | Add +23.0% |
| ABBV Abbvie Inc. | 0.61% | 139,194 | $32.2M | Add +22.1% |
| VGSH Vanguard Short-Term Treasury | 0.60% | 539,055 | $31.7M | Add +1.0% |
| NEE Nextera Energy Inc. | 0.60% | 418,891 | $31.6M | Reduce -3.3% |
| VZ Verizon Communications Inc. | 0.59% | 712,639 | $31.3M | Add +1.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.59% | 397,974 | $31.2M | Add +6.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.58% | 213,299 | $30.8M | Reduce -1.3% |
| AMGN Amgen Inc. | 0.57% | 107,260 | $30.3M | Add +5.2% |
| DCI Donaldson Co. Inc. | 0.55% | 354,320 | $29.0M | Add +2.3% |
| NOC Northrop Grumman Corp. | 0.55% | 47,503 | $28.9M | Reduce -1.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.52% | 529,934 | $27.3M | Add +9.3% |
| CASY Casey's General Stores Inc. | 0.51% | 47,659 | $26.9M | Add +4.5% |
| KNSL Kinsale Capital Group Inc. | 0.50% | 61,905 | $26.3M | Add +0.0% |
| JNJ Johnson & Johnson | 0.49% | 140,515 | $26.1M | Reduce -0.8% |
| TEL Te Connectivity PLC | 0.47% | 114,617 | $25.2M | Reduce -2.8% |
| ANET Arista Networks Inc. | 0.47% | 172,419 | $25.1M | Add +2.5% |
| AMT American Tower Corp. | 0.47% | 128,666 | $24.7M | Add +3.1% |
| TMO Thermo Fisher Scientific Inc. | 0.45% | 49,645 | $24.1M | Reduce -5.3% |
| MBB iShares MBS ETF | 0.45% | 249,475 | $23.7M | Add +3.4% |
| VIG Vanguard Dividend Apprec ETF | 0.44% | 108,888 | $23.5M | Add +4.0% |
| UNP Union Pacific Corp. | 0.43% | 95,572 | $22.6M | Reduce -14.8% |
| CVX Chevron Corp. | 0.42% | 142,009 | $22.1M | Add +4.8% |
| SOUN Soundhound AI Inc. Class A | 0.41% | 1,363,405 | $21.9M | Add +13.7% |
| PLTR Palantir Technologies Inc. Class A | 0.41% | 118,483 | $21.6M | Reduce -2.6% |
| OTIS Otis Worldwide Corp. | 0.40% | 234,368 | $21.4M | Add +19.9% |
| KMI Kinder Morgan Inc. | 0.40% | 755,295 | $21.4M | Add +9.8% |
| SUB iShares Short-Term National | 0.40% | 196,836 | $21.0M | Reduce -2.0% |
| VOO Vanguard S&P 500 ETF | 0.40% | 34,260 | $21.0M | Add +0.5% |
| WMT Walmart Inc. | 0.39% | 201,838 | $20.8M | Add +5.5% |
| ROK Rockwell Automation Inc. | 0.39% | 59,345 | $20.7M | Reduce -14.9% |
| CART Maplebear Inc. | 0.38% | 542,936 | $20.0M | Add +83.5% |
| SO The Southern Co. | 0.37% | 207,350 | $19.7M | Add +1.4% |
| MRSH Marsh & McLennan Cos | 0.37% | 97,020 | $19.6M | Reduce -6.2% |
| PAC Grupo Aeroportuario Pac-ADR | 0.37% | 82,037 | $19.5M | Add +0.5% |
| CSX CSX Corp. | 0.36% | 542,316 | $19.3M | Reduce -0.4% |
| GEV GE Vernova Inc. | 0.36% | 31,315 | $19.3M | Reduce -7.8% |
| SNPS Synopsys Inc. | 0.36% | 38,904 | $19.2M | New |
| CSCO Cisco Systems Inc. | 0.35% | 272,960 | $18.7M | Add +1.4% |
| TW Tradeweb Markets Inc. Class A | 0.35% | 166,505 | $18.5M | Add +1.5% |
| IBTG iShares Ibonds Dec 2026 Term | 0.34% | 793,149 | $18.2M | Add +8.0% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.34% | 361,706 | $18.1M | Add +3.3% |
| KRMN Karman Holdings Inc. | 0.34% | 249,307 | $18.0M | New |
| TMUS T-Mobile US Inc. | 0.34% | 74,723 | $17.9M | Reduce -4.3% |
| RELX Relx PLC - Spon ADR | 0.33% | 367,292 | $17.5M | Add +1.3% |
| SHOP Shopify Inc. Class A | 0.33% | 116,103 | $17.3M | Add +4.0% |
| HIMS Hims & Hers Health Inc. | 0.32% | 303,909 | $17.2M | Add +25.4% |
| POST Post Holdings Inc. filed as POST HLDGS INC | 0.32% | 158,701 | $17.1M | Add +4.5% |
| PM Philip Morris International | 0.32% | 104,470 | $16.9M | Add +2.8% |
| XLF SS Financial Select Sector | 0.31% | 309,460 | $16.7M | Reduce -1.5% |
| SCHP Schwab U.S. Tips ETF | 0.31% | 614,469 | $16.6M | Add +3.8% |
| IONQ Ionq Inc. | 0.31% | 268,704 | $16.5M | Reduce -36.7% |
| CTAS Cintas Corp. | 0.30% | 78,296 | $16.1M | Reduce -1.0% |
| XLI SS Industrial Select Sector | 0.30% | 103,135 | $15.9M | Add +82.5% |
| HOLX Hologic Inc. | 0.29% | 229,214 | $15.5M | Add +3.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.29% | 51,795 | $15.2M | Add +0.4% |
| RSG Republic Services Inc. | 0.29% | 66,142 | $15.2M | Add +12.2% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.29% | 272,869 | $15.1M | Reduce -5.8% |
Portfolio Sells Q2 2025 → Q3 2025
| ADBE Adobe Inc. | Reduce -85.5% | 0.09% | −0.64 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.58 |
| ACN Accenture PLC Class A | Reduce -41.2% | 0.28% | −0.34 |
| CRWV Coreweave Inc. Class A | Sold out | 0.00% | −0.30 |
| PGR Progressive Corp. | Reduce -0.1% | 1.32% | −0.20 |
| META Meta Platforms Inc. Class A | Reduce -1.0% | 2.22% | −0.18 |
| WING Wingstop Inc. | Reduce -24.7% | 0.18% | −0.16 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -34.6% | 0.21% | −0.15 |
| XLE SS Energy Select Sector | Reduce -79.0% | 0.03% | −0.13 |
| FISV Fiserv Inc. | Reduce -39.9% | 0.09% | −0.13 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -5.8% | 0.29% | −0.12 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -26.0% | 0.13% | −0.11 |
| MSFT Microsoft Corp. | Reduce -0.1% | 3.97% | −0.10 |
| UNP Union Pacific Corp. | Reduce -14.8% | 0.43% | −0.09 |
| MA Mastercard Inc. Class A | Reduce -0.5% | 1.53% | −0.09 |
| HON Honeywell International Inc. | Reduce -38.3% | 0.10% | −0.09 |
| MRSH Marsh & McLennan Cos | Reduce -6.2% | 0.37% | −0.09 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -38.0% | 0.18% | −0.09 |
| CMG Chipotle Mexican Grill Inc. | Reduce -68.9% | 0.02% | −0.08 |
| NET Cloudflare Inc. Class A | Reduce -14.2% | 0.62% | −0.08 |
| DEO Diageo PLC-Sponsored ADR | Reduce -94.4% | 0.00% | −0.08 |
| ROK Rockwell Automation Inc. | Reduce -14.9% | 0.39% | −0.07 |
| ECL Ecolab Inc. | Reduce -3.5% | 0.76% | −0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 1.86% | −0.07 |
| IONQ Ionq Inc. | Reduce -36.7% | 0.31% | −0.06 |
| CTAS Cintas Corp. | Reduce -1.0% | 0.30% | −0.05 |
| PYPL PayPal Holdings Inc. | Reduce -22.6% | 0.10% | −0.05 |
| SCHW Schwab (charles) Corp. | Reduce -1.5% | 1.46% | −0.05 |
| CHD Church & Dwight Co. Inc. | Reduce -2.4% | 0.23% | −0.05 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -17.0% | 0.25% | −0.05 |
| MCD McDonald's Corp. | Reduce -11.8% | 0.27% | −0.04 |
| WSO Watsco Inc. | Reduce -0.5% | 0.26% | −0.04 |
| EMR Emerson Electric Co. | Reduce -6.4% | 0.27% | −0.04 |
| DE Deere & Co. | Reduce -1.4% | 0.21% | −0.04 |
| IBTF iShares Ibonds Dec 2025 Term | Reduce -8.3% | 0.25% | −0.04 |
| CBU Community Financial System I | Reduce -56.6% | 0.03% | −0.04 |
| IOT Samsara Inc. Class A | Reduce -56.5% | 0.02% | −0.04 |
| WDAY Workday Inc. Class A | Reduce -19.7% | 0.11% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -4.3% | 0.34% | −0.04 |
| SUB iShares Short-Term National | Reduce -2.0% | 0.40% | −0.03 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -7.0% | 0.11% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -2.6% | 0.21% | −0.03 |
| STE Steris PLC | Reduce -6.2% | 0.25% | −0.03 |
| WM Waste Management Inc. | Reduce -0.6% | 0.19% | −0.02 |
| PEP Pepsico Inc. | Reduce -9.6% | 0.19% | −0.02 |
| XLV SS Health Care Select Sector | Reduce -4.8% | 0.22% | −0.02 |
| LLY Eli Lilly & Co. | Reduce -1.1% | 0.18% | −0.02 |
| XLF SS Financial Select Sector | Reduce -1.5% | 0.31% | −0.02 |
| CRDO Credo Technology Group Holdi | Reduce -33.7% | 0.70% | −0.02 |
| AKAM Akamai Technologies Inc. | Reduce -2.0% | 0.10% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| SNPS Synopsys Inc. | New | 0.36% | +0.36 |
| KRMN Karman Holdings Inc. | New | 0.34% | +0.34 |
| RDDT Reddit Inc. Class A | Add +9.6% | 0.69% | +0.25 |
| ABBV Abbvie Inc. | Add +22.1% | 0.61% | +0.18 |
| SOUN Soundhound AI Inc. Class A | Add +13.7% | 0.41% | +0.15 |
| AMAT Applied Materials Inc. | Add +17.8% | 0.77% | +0.15 |
| UBER Uber Technologies Inc. | Add +19.9% | 0.95% | +0.15 |
| XLI SS Industrial Select Sector | Add +82.5% | 0.30% | +0.13 |
| ORLY O'reilly Automotive Inc. | Add +1.7% | 1.06% | +0.13 |
| ANET Arista Networks Inc. | Add +2.5% | 0.47% | +0.13 |
| POWL Powell Industries Inc. | Add +53.5% | 0.23% | +0.12 |
| CART Maplebear Inc. | Add +83.5% | 0.38% | +0.11 |
| GRAL Grail Inc. | Add +48.1% | 0.27% | +0.10 |
| HIMS Hims & Hers Health Inc. | Add +25.4% | 0.32% | +0.08 |
| IMCB iShares Morningstar Mid-Cap | Add +702.8% | 0.09% | +0.08 |
| PSA Public Storage | Add +23.0% | 0.61% | +0.07 |
| XAIX Xtrackers AI & Big Data ETF | New | 0.07% | +0.07 |
| XLK SS Technology Select Sector | Add +3.0% | 0.98% | +0.07 |
| SHOP Shopify Inc. Class A | Add +4.0% | 0.33% | +0.07 |
| NSC Norfolk Southern Corp. | Add +0.7% | 0.67% | +0.07 |
| LEN.B Lennar Corp. Class B | Add +150.0% | 0.10% | +0.06 |
| LNT Alliant Energy Corp. | Add +4.1% | 0.79% | +0.06 |
| DCI Donaldson Co. Inc. | Add +2.3% | 0.55% | +0.06 |
| ULTA Ulta Beauty Inc. | Add +0.7% | 0.66% | +0.06 |
| IQLT iShares MSCI International Q | Add +14.5% | 0.63% | +0.06 |
| BAC Bank of America Corp. | Add +9.3% | 0.52% | +0.05 |
| RTX RTX Corp. | Add +0.0% | 0.72% | +0.05 |
| TSLA Tesla Inc. | Add +17.2% | 0.13% | +0.05 |
| SPTI SS SPDR P Int Term TSY ETF | Add +11.5% | 0.97% | +0.05 |
| LOW Lowe's Cos Inc. | Add +0.3% | 0.76% | +0.05 |
| NBIS Nebius Group NV | Add +5.3% | 0.09% | +0.05 |
| DELL Dell Technologies -C | Add +904.0% | 0.05% | +0.04 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +6.5% | 0.59% | +0.04 |
| CASY Casey's General Stores Inc. | Add +4.5% | 0.51% | +0.04 |
| ASML ASML Holding NV-NY Reg SHS | Add +60.1% | 0.09% | +0.04 |
| UNH Unitedhealth Group Inc. | Add +2.2% | 0.69% | +0.04 |
| BLK BlackRock Inc. | Add +0.2% | 0.90% | +0.04 |
| LMT Lockheed Martin Corp. | Add +11.4% | 0.28% | +0.03 |
| HD Home Depot Inc. | Add +1.2% | 0.66% | +0.03 |
| BF.B Brown-Forman Corp. Class B | Add +738.8% | 0.03% | +0.03 |
| SGOV iShares 0-3 Month Treasury B | Add +30.9% | 0.15% | +0.03 |
| WPC WP Carey Inc. | Add +9.3% | 0.27% | +0.03 |
| SRE Sempra | Add +0.6% | 0.24% | +0.03 |
| CVX Chevron Corp. | Add +4.8% | 0.42% | +0.03 |
| MCK McKesson Corp. | Add +179.6% | 0.04% | +0.03 |
| MU Micron Technology Inc. | Add +286.5% | 0.03% | +0.03 |
| AEP American Electric Power | Add +51.2% | 0.06% | +0.02 |
| DTE DTE Energy Company | Add +175.8% | 0.03% | +0.02 |
| NFLX Netflix Inc. | Add +55.0% | 0.09% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.2% | 0.13% | +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 |