Clifford Swan Investment Counsel LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Clifford Swan Investment Counsel LLC reported 311 stock positions worth $2.8 billion. Its top holding was Apple (AAPL) at 5.8% of the portfolio, followed by Microsoft (MSFT, 4.7%) and United Parcel Service Class B (UPS, 4.2%). Compared with Q2 2024, it opened 12 new positions, sold out of 4, added to 68 and reduced 133. The biggest buy was a new position in Labcorp (LH) and the biggest sale an exit from Laboratory CRP of Amer (LH).
- Most Recent 13F
- Q2 2026
- Location
- PASADENA, CA
- CIK
- 0001034642
- Portfolio Value
- $2.8B (Q3 2024)
- SEC Filing
- 0001034642-24-000012 ↗ filed Nov 14, 2024
Holdings Value
Holdings 311 stocks · $2.8B
| AAPL Apple Inc. | 5.81% | 703,672 | $164.0M | Reduce -2.4% |
| MSFT Microsoft Corp. | 4.69% | 307,183 | $132.2M | Reduce -0.9% |
| UPS United Parcel Service Class B | 4.20% | 868,335 | $118.4M | Add +0.5% |
| COST Costco Wholesale Corp. | 3.45% | 109,877 | $97.4M | Reduce -3.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.92% | 178,854 | $82.3M | Reduce -3.9% |
| GOOGL Alphabet Inc. Class A | 2.54% | 432,212 | $71.7M | Add +0.6% |
| ACN Accenture PLC Class A | 2.15% | 171,892 | $60.8M | Reduce -0.6% |
| ANET Arista Networks Inc. | 2.15% | 157,633 | $60.5M | Reduce -3.9% |
| LOW Lowe's Cos Inc. | 2.03% | 210,948 | $57.1M | Reduce -0.6% |
| CVX Chevron Corp. | 1.72% | 329,346 | $48.5M | Add +0.2% |
| ORCL Oracle Corp. | 1.64% | 270,919 | $46.2M | Reduce -1.3% |
| JPM JPMorgan Chase & Co. | 1.52% | 203,444 | $42.9M | Reduce -2.2% |
| TSCO Tractor Supply Company | 1.41% | 136,970 | $39.8M | Reduce -0.4% |
| JNJ Johnson & Johnson | 1.40% | 242,987 | $39.4M | Reduce -2.7% |
| XOM Exxon Mobil Corp. | 1.32% | 318,377 | $37.3M | Reduce -0.8% |
| ALSN Allison Transmission Holding | 1.29% | 379,687 | $36.5M | Reduce -0.9% |
| AMZN Amazon.com Inc. | 1.19% | 179,439 | $33.4M | Add +1.0% |
| FAST Fastenal Co. | 1.12% | 442,794 | $31.6M | Reduce -0.1% |
| WFC Wells Fargo & Co. | 1.11% | 553,999 | $31.3M | Reduce -7.8% |
| AXP American Express Co. | 1.11% | 115,019 | $31.2M | Reduce -0.8% |
| ABBV Abbvie Inc. | 1.10% | 156,872 | $31.0M | Reduce -3.8% |
| QCOM Qualcomm Inc. | 1.09% | 180,704 | $30.7M | Reduce -1.9% |
| UNH Unitedhealth Group Inc. | 1.08% | 52,062 | $30.4M | Add +3.6% |
| SYK Stryker Corp. | 1.08% | 83,959 | $30.3M | Reduce -1.4% |
| CTVA Corteva Inc. | 1.07% | 512,607 | $30.1M | Add +9.6% |
| EMR Emerson Electric Co. | 1.04% | 268,286 | $29.3M | Reduce -9.6% |
| INTU Intuit Inc. | 0.98% | 44,449 | $27.6M | Reduce -1.3% |
| HPQ HP Inc. | 0.98% | 767,498 | $27.5M | Reduce -2.6% |
| PG The Procter & Gamble Co. | 0.95% | 155,394 | $26.9M | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 0.95% | 160,482 | $26.8M | Reduce -0.3% |
| RTX RTX Corp. | 0.94% | 219,900 | $26.6M | Reduce -0.3% |
| MCD McDonald's Corp. | 0.93% | 85,978 | $26.2M | Reduce -4.1% |
| ABT Abbott Laboratories | 0.88% | 217,768 | $24.8M | Reduce -1.7% |
| JCI Johnson Controls Internation | 0.86% | 311,738 | $24.2M | Add +0.5% |
| DD Dupont DE Nemours Inc. | 0.86% | 270,641 | $24.1M | Reduce -5.6% |
| BMY Bristol-Myers Squibb Co. | 0.84% | 457,116 | $23.7M | Add +12.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.82% | 193,763 | $23.1M | Reduce -0.7% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.78% | 210,672 | $22.1M | Reduce -1.0% |
| A Agilent Technologies Inc. | 0.77% | 145,653 | $21.6M | Reduce -0.5% |
| LH Labcorp Holdings Inc. | 0.76% | 96,382 | $21.5M | New |
| GLD SPDR Gold Shares | 0.76% | 88,467 | $21.5M | Add +1.1% |
| CSCO Cisco Systems Inc. | 0.76% | 403,798 | $21.5M | Reduce -1.2% |
| MCK McKesson Corp. | 0.75% | 42,798 | $21.2M | Reduce -0.5% |
| BKNG Booking Holdings Inc. | 0.70% | 4,680 | $19.7M | Reduce -0.4% |
| INTC Intel Corp. | 0.67% | 804,318 | $18.9M | Add +18.5% |
| PEP Pepsico Inc. | 0.66% | 109,103 | $18.6M | Reduce -0.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.65% | 439,390 | $18.4M | Add +13.8% |
| SBUX Starbucks Corp. | 0.64% | 186,084 | $18.1M | Reduce -3.6% |
| MDLZ Mondelez International Inc. Class A | 0.64% | 243,516 | $17.9M | Add +20.1% |
| META Meta Platforms Inc. Class A | 0.63% | 30,960 | $17.7M | Reduce -14.2% |
| PYPL PayPal Holdings Inc. | 0.62% | 223,640 | $17.5M | Add +7.8% |
| NKE Nike Inc. Class B | 0.62% | 196,291 | $17.4M | Reduce -2.0% |
| PH Parker Hannifin Corp. | 0.60% | 26,696 | $16.9M | Add +0.0% |
| EW Edwards Lifesciences Corp. | 0.60% | 254,425 | $16.8M | Add +6.3% |
| KMX Carmax Inc. | 0.59% | 213,564 | $16.5M | Add +5.4% |
| CL Colgate-Palmolive Co. | 0.58% | 158,179 | $16.4M | Reduce -15.4% |
| PFE Pfizer Inc. | 0.57% | 554,345 | $16.0M | Add +6.7% |
| LMBS First Trust Low Duration Opp | 0.57% | 323,782 | $16.0M | Add +38.9% |
| HD Home Depot Inc. | 0.56% | 38,762 | $15.7M | Add +6.5% |
| CAT Caterpillar Inc. | 0.55% | 39,814 | $15.6M | Reduce -0.8% |
| HPE Hewlett Packard Enterprise | 0.55% | 756,658 | $15.5M | Reduce -10.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.54% | 156,883 | $15.1M | Reduce -4.5% |
| SYY Sysco Corp. | 0.53% | 192,380 | $15.0M | Add +13.2% |
| UNP Union Pacific Corp. | 0.48% | 55,336 | $13.6M | Reduce -2.3% |
| WMT Walmart Inc. | 0.48% | 168,277 | $13.6M | Reduce -0.6% |
| ADP Automatic Data Processing | 0.47% | 47,771 | $13.2M | Reduce -1.6% |
| KEYS Keysight Technologies Inc. | 0.47% | 82,707 | $13.1M | Reduce -0.1% |
| PM Philip Morris International | 0.47% | 108,057 | $13.1M | Reduce -1.0% |
| EBAY eBay Inc. | 0.45% | 195,745 | $12.7M | Reduce -0.5% |
| AMGN Amgen Inc. | 0.45% | 39,150 | $12.6M | Reduce -1.3% |
| ALB Albemarle Corp. | 0.42% | 124,418 | $11.8M | Add +0.8% |
| HON Honeywell International Inc. | 0.41% | 55,347 | $11.4M | Add +0.7% |
| VZ Verizon Communications Inc. | 0.37% | 234,480 | $10.5M | Add +2.3% |
| COP Conocophillips | 0.37% | 98,829 | $10.4M | Reduce -0.6% |
| NOC Northrop Grumman Corp. | 0.36% | 19,341 | $10.2M | Add +0.1% |
| ENTG Entegris Inc. | 0.35% | 86,811 | $9.8M | Add +0.7% |
| PSA Public Storage | 0.34% | 26,666 | $9.7M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.34% | 16,657 | $9.6M | Reduce -1.2% |
| MRK Merck & Co. Inc. | 0.34% | 83,987 | $9.5M | Add +5.1% |
| IJR iShares Core S&P Small-Cap E | 0.34% | 80,975 | $9.5M | Add +4.9% |
| NVS Novartis AG-Sponsored ADR | 0.33% | 82,041 | $9.4M | Reduce -6.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.33% | 42,501 | $9.4M | Reduce -2.3% |
| MMM 3M Co. | 0.33% | 67,244 | $9.2M | Reduce -5.5% |
| ITW Illinois Tool Works | 0.32% | 33,991 | $8.9M | Reduce -0.1% |
| VOO Vanguard S&P 500 ETF | 0.31% | 16,821 | $8.9M | Reduce -0.3% |
| XLK SS Technology Select Sector | 0.29% | 36,127 | $8.2M | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.29% | 112,383 | $8.1M | Reduce -12.4% |
| NVDA Nvidia Corp. | 0.28% | 64,848 | $7.9M | Add +5.4% |
| J Jacobs Solutions Inc. | 0.27% | 58,075 | $7.6M | Reduce -1.3% |
| TXN Texas Instruments Inc. | 0.26% | 35,877 | $7.4M | Reduce -1.9% |
| CARR Carrier Global Corp. | 0.26% | 91,407 | $7.4M | Reduce -4.8% |
| LMT Lockheed Martin Corp. | 0.26% | 12,508 | $7.3M | Reduce -1.9% |
| BA The Boeing Co. | 0.26% | 47,905 | $7.3M | Reduce -0.6% |
| BP BP PLC-Spons ADR | 0.25% | 224,590 | $7.0M | Reduce -1.6% |
| GS Goldman Sachs Group Inc. | 0.25% | 13,986 | $6.9M | Reduce -1.1% |
| GIS General Mills Inc. | 0.24% | 91,939 | $6.8M | Add +0.3% |
| TGT Target Corp. | 0.23% | 41,601 | $6.5M | Reduce -9.5% |
| CAG Conagra Brands Inc. | 0.23% | 199,092 | $6.5M | Reduce -19.1% |
| ENR Energizer Holdings Inc. | 0.23% | 203,006 | $6.4M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 9 | $6.2M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $565K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 18,995 | $565K | Reduce -1.3% |
Total filed on the 13F, all lines: $2.8B.
Portfolio Sells Q2 2024 → Q3 2024
| LH Laboratory CRP of Amer Hldgs | Sold out | 0.00% | −0.65 |
| MSFT Microsoft Corp. | Reduce -0.9% | 4.69% | −0.50 |
| QCOM Qualcomm Inc. | Reduce -1.9% | 1.09% | −0.28 |
| WFC Wells Fargo & Co. | Reduce -7.8% | 1.11% | −0.22 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -0.7% | 0.82% | −0.22 |
| MCK McKesson Corp. | Reduce -0.5% | 0.75% | −0.19 |
| EMR Emerson Electric Co. | Reduce -9.6% | 1.04% | −0.18 |
| GOOG Alphabet Inc. Class C | Reduce -0.3% | 0.95% | −0.15 |
| COST Costco Wholesale Corp. | Reduce -3.1% | 3.45% | −0.15 |
| INTU Intuit Inc. | Reduce -1.3% | 0.98% | −0.13 |
| HPE Hewlett Packard Enterprise | Reduce -10.7% | 0.55% | −0.12 |
| CL Colgate-Palmolive Co. | Reduce -15.4% | 0.58% | −0.10 |
| KD Kyndryl Holdings Inc. | Reduce -27.6% | 0.12% | −0.08 |
| DIS The Walt Disney Co. | Reduce -4.5% | 0.54% | −0.07 |
| BA The Boeing Co. | Reduce -0.6% | 0.26% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -0.8% | 1.32% | −0.06 |
| BP BP PLC-Spons ADR | Reduce -1.6% | 0.25% | −0.06 |
| HPQ HP Inc. | Reduce -2.6% | 0.98% | −0.06 |
| COP Conocophillips | Reduce -0.6% | 0.37% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -2.2% | 1.52% | −0.05 |
| META Meta Platforms Inc. Class A | Reduce -14.2% | 0.63% | −0.05 |
| OXY Occidental Petroleum Corp. | Reduce -0.7% | 0.17% | −0.05 |
| J Jacobs Solutions Inc. | Reduce -1.3% | 0.27% | −0.04 |
| CAG Conagra Brands Inc. | Reduce -19.1% | 0.23% | −0.03 |
| TGT Target Corp. | Reduce -9.5% | 0.23% | −0.02 |
| PEP Pepsico Inc. | Reduce -0.6% | 0.66% | −0.02 |
| AMGN Amgen Inc. | Reduce -1.3% | 0.45% | −0.02 |
| NVS Novartis AG-Sponsored ADR | Reduce -6.8% | 0.33% | −0.02 |
| NUE Nucor Corp. | Reduce -2.0% | 0.11% | −0.01 |
| GE General Electric | Reduce -17.0% | 0.19% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -0.6% | 0.95% | −0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Sold out | 0.00% | −0.01 |
| FTRE Fortrea Holdings Inc. | Sold out | 0.00% | −0.01 |
| SHEL Shell PLC-ADR | Reduce -8.7% | 0.03% | −0.01 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.01 |
| SYK Stryker Corp. | Reduce -1.4% | 1.08% | −0.01 |
| DD Dupont DE Nemours Inc. | Reduce -5.6% | 0.86% | −0.01 |
| AMTM Amentum Holdings Inc. | Reduce -5.6% | 0.06% | −0.01 |
| SOLV Solventum Corp. | Reduce -40.8% | 0.02% | −0.01 |
| CASY Casey's General Stores Inc. | Reduce -0.6% | 0.09% | −0.01 |
| ANET Arista Networks Inc. | Reduce -3.9% | 2.15% | −0.01 |
| BAC Bank of America Corp. | Reduce -2.1% | 0.07% | −0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -0.4% | 0.18% | −0.01 |
| BDX Becton Dickinson and Co. | Reduce -4.0% | 0.07% | −0.00 |
| CSX CSX Corp. | Reduce -6.6% | 0.05% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.2% | 0.34% | −0.00 |
| BEN Franklin Templeton Inc. | Reduce -7.7% | 0.01% | −0.00 |
| TXN Texas Instruments Inc. | Reduce -1.9% | 0.26% | −0.00 |
| EPD Enterprise Products Partners | Reduce -9.4% | 0.02% | −0.00 |
| NTAP Netapp Inc. | Reduce -2.0% | 0.02% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| LH Labcorp Holdings Inc. | New | 0.76% | +0.76 |
| BMY Bristol-Myers Squibb Co. | Add +12.7% | 0.84% | +0.21 |
| PYPL PayPal Holdings Inc. | Add +7.8% | 0.62% | +0.17 |
| LMBS First Trust Low Duration Opp | Add +38.9% | 0.57% | +0.15 |
| AON Aon PLC Class A | New | 0.14% | +0.14 |
| MDLZ Mondelez International Inc. Class A | Add +20.1% | 0.64% | +0.14 |
| CTVA Corteva Inc. | Add +9.6% | 1.07% | +0.12 |
| UNH Unitedhealth Group Inc. | Add +3.6% | 1.08% | +0.12 |
| FERG Ferguson Enterprises Inc. | New | 0.11% | +0.11 |
| PH Parker Hannifin Corp. | Add +0.0% | 0.60% | +0.09 |
| HD Home Depot Inc. | Add +6.5% | 0.56% | +0.09 |
| JCI Johnson Controls Internation | Add +0.5% | 0.86% | +0.09 |
| SYY Sysco Corp. | Add +13.2% | 0.53% | +0.08 |
| GLD SPDR Gold Shares | Add +1.1% | 0.76% | +0.06 |
| NOC Northrop Grumman Corp. | Add +0.1% | 0.36% | +0.05 |
| DOW Dow Inc. | Add +54.2% | 0.10% | +0.03 |
| KMX Carmax Inc. | Add +5.4% | 0.59% | +0.03 |
| IJR iShares Core S&P Small-Cap E | Add +4.9% | 0.34% | +0.03 |
| PFE Pfizer Inc. | Add +6.7% | 0.57% | +0.02 |
| GIS General Mills Inc. | Add +0.3% | 0.24% | +0.02 |
| WBD Warner Bros Discovery Inc. | Add +14.3% | 0.14% | +0.02 |
| VZ Verizon Communications Inc. | Add +2.3% | 0.37% | +0.02 |
| KO The Coca-Cola Co. | Add +2.5% | 0.21% | +0.02 |
| NEE Nextera Energy Inc. | Add +0.1% | 0.12% | +0.01 |
| CLX Clorox Company | Add +1.5% | 0.07% | +0.01 |
| EXPD Expeditors Intl Wash Inc. | Add +6.1% | 0.16% | +0.01 |
| AEE Ameren Corporation | New | 0.01% | +0.01 |
| LPX Louisiana-Pacific Corp. | New | 0.01% | +0.01 |
| DTE DTE Energy Company | New | 0.01% | +0.01 |
| EXC Exelon Corp. | New | 0.01% | +0.01 |
| DFS Discover Financial Services | New | 0.01% | +0.01 |
| CAH Cardinal Health Inc. | New | 0.01% | +0.01 |
| PNC PNC Financial Services Group | New | 0.01% | +0.01 |
| FELE Franklin Electric Co. Inc. | New | 0.01% | +0.01 |
| KR Kroger Co. | New | 0.01% | +0.01 |
| ITB iShares U.S. Home Constructi | Add +2.4% | 0.04% | +0.01 |
| AVGO Broadcom Inc. | Add +1.8% | 0.18% | +0.01 |
| WEC WEC Energy Group Inc. | Add +5.8% | 0.03% | +0.00 |
| DUK Duke Energy Corp. | Add +1.7% | 0.02% | +0.00 |
| ETN Eaton Corp. PLC | Add +1.4% | 0.10% | +0.00 |
| CMCSA Comcast Corp. Class A | Add +3.8% | 0.03% | +0.00 |
| MET Metlife Inc. | Add +0.8% | 0.01% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +0.9% | 0.13% | +0.00 |
| TMO Thermo Fisher Scientific Inc. | Add +6.6% | 0.01% | +0.00 |
| CME Cme Group Inc. | Add +0.8% | 0.01% | +0.00 |
| AJG Arthur J Gallagher & Co. | Add +0.3% | 0.03% | +0.00 |
| SLV iShares Silver Trust | Add +6.5% | 0.01% | +0.00 |
| CVS CVS Health Corp. | Add +7.2% | 0.01% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +0.1% | 0.02% | +0.00 |
| CPB The Campbell's Company | Add +0.6% | 0.02% | +0.00 |
Notes & Other Activity Q2 2024 → Q3 2024
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -1.3% | 18,995 | $565K |
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 | 335 | $3.1B | AAPL, GOOGL, MSFT, UPS, COST |
| Q1 2026 | 332 | $2.9B | AAPL, GOOGL, MSFT, COST, UPS |
| Q4 2025 | 323 | $3.0B | AAPL, MSFT, GOOGL, UPS, COST |
| Q3 2025 | 322 | $3.0B | AAPL, MSFT, GOOGL, COST, BRK.B |
| Q2 2025 | 312 | $2.8B | MSFT, AAPL, COST, UPS, BRK.B |
| Q1 2025 | 308 | $2.7B | AAPL, MSFT, COST, UPS, BRK.B |
| Q4 2024 | 304 | $2.8B | AAPL, MSFT, UPS, COST, GOOGL |
| Q3 2024 | 311 | $2.8B | AAPL, MSFT, UPS, COST, BRK.B |
| Q2 2024 | 302 | $2.7B | AAPL, MSFT, UPS, COST, GOOGL |
| Q1 2024 | 306 | $2.7B | MSFT, UPS, AAPL, COST, BRK.B |