Clifford Swan Investment Counsel LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 5, 2025), Clifford Swan Investment Counsel LLC reported 304 stock positions worth $2.8 billion. Its top holding was Apple (AAPL) at 6.3% of the portfolio, followed by Microsoft (MSFT, 4.6%) and United Parcel Service Class B (UPS, 4.0%). Compared with Q3 2024, it opened 3 new positions, sold out of 10, added to 39 and reduced 167. The biggest buy was Amazon.com (AMZN, shares +0%) and the biggest sale Novo-Nordisk A/S-Spons ADR (NVO, shares −2%).

Most Recent 13F
Q2 2026
Location
PASADENA, CA
CIK
0001034642
Portfolio Value
$2.8B (Q4 2024)
SEC Filing
0001034642-25-000001 ↗ filed Feb 5, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.7B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $2.8B Q3 2024 Q4 2024: $2.8B $2.8B Q4 2024 Q1 2025: $2.7B Q1 2025 Q2 2025: $2.8B Q2 2025 Q3 2025: $3.0B Q3 2025 Q4 2025: $3.0B Q4 2025 Q1 2026: $2.9B Q1 2026 Q2 2026: $3.1B Q2 2026

Holdings 304 stocks · $2.8B
AAPL Apple Inc. 6.26% 694,957 $174.0M Reduce -1.2%
MSFT Microsoft Corp. 4.58% 301,958 $127.3M Reduce -1.7%
UPS United Parcel Service Class B 3.99% 879,539 $110.9M Add +1.3%
COST Costco Wholesale Corp. 3.56% 107,849 $98.8M Reduce -1.9%
GOOGL Alphabet Inc. Class A 2.89% 425,005 $80.5M Reduce -1.7%
BRK.B Berkshire Hathaway Inc. Class B 2.86% 175,267 $79.4M Reduce -2.0%
ANET Arista Networks Inc. 2.44% 613,781 $67.8M Reduce -2.7%
ACN Accenture PLC Class A 2.18% 172,001 $60.5M Add +0.1%
LOW Lowe's Cos Inc. 1.87% 210,087 $51.8M Reduce -0.4%
JPM JPMorgan Chase & Co. 1.70% 197,663 $47.4M Reduce -2.8%
CVX Chevron Corp. 1.70% 326,790 $47.3M Reduce -0.8%
ORCL Oracle Corp. 1.62% 269,533 $44.9M Reduce -0.5%
AMZN Amazon.com Inc. 1.42% 179,490 $39.4M Add +0.0%
ALSN Allison Transmission Holding 1.40% 360,447 $38.9M Reduce -5.1%
WFC Wells Fargo & Co. 1.33% 524,913 $36.9M Reduce -5.3%
TSCO Tractor Supply Company 1.29% 674,249 $35.8M Reduce -1.6%
JNJ Johnson & Johnson 1.25% 239,641 $34.7M Reduce -1.4%
AXP American Express Co. 1.23% 114,992 $34.1M Reduce -0.0%
XOM Exxon Mobil Corp. 1.22% 315,370 $33.9M Reduce -0.9%
EMR Emerson Electric Co. 1.17% 262,516 $32.5M Reduce -2.1%
FAST Fastenal Co. 1.14% 438,859 $31.6M Reduce -0.9%
GOOG Alphabet Inc. Class C 1.09% 159,662 $30.4M Reduce -0.5%
SYK Stryker Corp. 1.08% 83,351 $30.0M Reduce -0.7%
CTVA Corteva Inc. 1.05% 513,122 $29.2M Add +0.1%
ABBV Abbvie Inc. 1.00% 156,501 $27.8M Reduce -0.2%
INTU Intuit Inc. 0.99% 43,847 $27.6M Reduce -1.4%
QCOM Qualcomm Inc. 0.99% 178,400 $27.4M Reduce -1.3%
PG The Procter & Gamble Co. 0.92% 151,893 $25.5M Reduce -2.3%
RTX RTX Corp. 0.91% 219,195 $25.4M Reduce -0.3%
UNH Unitedhealth Group Inc. 0.91% 50,019 $25.3M Reduce -3.9%
HPQ HP Inc. 0.89% 755,148 $24.6M Reduce -1.6%
JCI Johnson Controls Internation 0.89% 311,799 $24.6M Add +0.0%
ABT Abbott Laboratories 0.87% 213,699 $24.2M Reduce -1.9%
BMY Bristol-Myers Squibb Co. 0.87% 427,038 $24.2M Reduce -6.6%
MCK McKesson Corp. 0.86% 41,732 $23.8M Reduce -2.5%
CSCO Cisco Systems Inc. 0.85% 398,229 $23.6M Reduce -1.4%
MCD McDonald's Corp. 0.85% 81,092 $23.5M Reduce -5.7%
LH Labcorp Holdings Inc. 0.81% 97,996 $22.5M Add +1.7%
BKNG Booking Holdings Inc. 0.80% 4,458 $22.2M Reduce -4.7%
GLD SPDR Gold Shares 0.76% 87,368 $21.2M Reduce -1.2%
DD Dupont DE Nemours Inc. 0.72% 263,091 $20.1M Reduce -2.8%
A Agilent Technologies Inc. 0.70% 144,480 $19.4M Reduce -0.8%
EW Edwards Lifesciences Corp. 0.68% 253,593 $18.8M Reduce -0.3%
PYPL PayPal Holdings Inc. 0.66% 215,459 $18.4M Reduce -3.7%
META Meta Platforms Inc. Class A 0.65% 30,972 $18.1M Add +0.0%
KMX Carmax Inc. 0.65% 219,602 $18.0M Add +2.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.63% 455,664 $17.5M Add +3.7%
PEP Pepsico Inc. 0.63% 114,381 $17.4M Add +4.8%
PH Parker Hannifin Corp. 0.61% 26,696 $17.0M No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.61% 200,650 $17.0M Reduce -4.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.60% 150,715 $16.8M Reduce -3.9%
SBUX Starbucks Corp. 0.60% 182,086 $16.6M Reduce -2.1%
SYY Sysco Corp. 0.59% 215,427 $16.5M Add +12.0%
INTC Intel Corp. 0.59% 819,532 $16.4M Add +1.9%
NVO Novo-Nordisk A/S-Spons ADR 0.59% 190,500 $16.4M Reduce -1.7%
PFE Pfizer Inc. 0.57% 601,624 $16.0M Add +8.5%
MDLZ Mondelez International Inc. Class A 0.56% 259,584 $15.5M Add +6.6%
LMBS First Trust Low Duration Opp 0.55% 316,654 $15.4M Reduce -2.2%
HPE Hewlett Packard Enterprise 0.55% 721,558 $15.4M Reduce -4.6%
HD Home Depot Inc. 0.55% 39,217 $15.3M Add +1.2%
NKE Nike Inc. Class B 0.53% 195,005 $14.8M Reduce -0.7%
WMT Walmart Inc. 0.52% 160,885 $14.5M Reduce -4.4%
CL Colgate-Palmolive Co. 0.50% 154,211 $14.0M Reduce -2.5%
ADP Automatic Data Processing 0.49% 46,954 $13.7M Reduce -1.7%
CAT Caterpillar Inc. 0.49% 37,329 $13.5M Reduce -6.2%
KEYS Keysight Technologies Inc. 0.48% 82,707 $13.3M No change
PM Philip Morris International 0.45% 104,881 $12.6M Reduce -2.9%
UNP Union Pacific Corp. 0.45% 55,019 $12.5M Reduce -0.6%
HON Honeywell International Inc. 0.45% 55,282 $12.5M Reduce -0.1%
EBAY eBay Inc. 0.43% 193,051 $12.0M Reduce -1.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.41% 19,529 $11.4M Add +17.2%
ALB Albemarle Corp. 0.39% 125,640 $10.8M Add +1.0%
ENTG Entegris Inc. 0.38% 107,838 $10.7M Add +24.2%
AMGN Amgen Inc. 0.36% 38,825 $10.1M Reduce -0.8%
COP Conocophillips 0.35% 97,794 $9.7M Reduce -1.1%
IJR iShares Core S&P Small-Cap E 0.35% 83,273 $9.6M Add +2.8%
VZ Verizon Communications Inc. 0.33% 230,865 $9.2M Reduce -1.5%
NOC Northrop Grumman Corp. 0.33% 19,331 $9.1M Reduce -0.1%
VOO Vanguard S&P 500 ETF 0.32% 16,741 $9.0M Reduce -0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.32% 40,432 $8.9M Reduce -4.9%
NVDA Nvidia Corp. 0.31% 64,101 $8.6M Reduce -1.1%
ITW Illinois Tool Works 0.31% 33,827 $8.6M Reduce -0.5%
XLK SS Technology Select Sector 0.30% 36,127 $8.4M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.30% 108,284 $8.3M Reduce -3.6%
BA The Boeing Co. 0.30% 46,509 $8.2M Reduce -2.9%
MRK Merck & Co. Inc. 0.29% 82,316 $8.2M Reduce -2.0%
GS Goldman Sachs Group Inc. 0.29% 13,996 $8.0M Add +0.1%
NVS Novartis AG-Sponsored ADR 0.29% 81,554 $7.9M Reduce -0.6%
PSA Public Storage 0.28% 26,306 $7.9M Reduce -1.4%
J Jacobs Solutions Inc. 0.27% 56,530 $7.6M Reduce -2.7%
MMM 3M Co. 0.26% 56,946 $7.4M Reduce -15.3%
ENR Energizer Holdings Inc. 0.25% 203,006 $7.1M No change
AVGO Broadcom Inc. 0.24% 29,080 $6.7M No change
TXN Texas Instruments Inc. 0.24% 35,600 $6.7M Reduce -0.8%
CMI Cummins Inc. 0.24% 18,817 $6.6M No change
T AT&T Inc. 0.23% 275,319 $6.3M Reduce -1.6%
CARR Carrier Global Corp. 0.22% 91,145 $6.2M Reduce -0.3%
BRK.A Berkshire Hathaway Inc. Class A 0.22% 9 $6.1M No change
BP BP PLC-Spons ADR 0.22% 205,306 $6.1M Reduce -8.6%
LMT Lockheed Martin Corp. 0.22% 12,487 $6.1M Reduce -0.2%

Show all 304 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $513K (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 18,620$513KReduce -2.0%

Total filed on the 13F, all lines: $2.8B.

Portfolio Sells Q3 2024 → Q4 2024
NVO Novo-Nordisk A/S-Spons ADR Reduce -1.7% 0.59% −0.23
IFF Intl Flavors & Fragrances Reduce -4.8% 0.61% −0.17
UNH Unitedhealth Group Inc. Reduce -3.9% 0.91% −0.17
LOW Lowe's Cos Inc. Reduce -0.4% 1.87% −0.16
JNJ Johnson & Johnson Reduce -1.4% 1.25% −0.15
DD Dupont DE Nemours Inc. Reduce -2.8% 0.72% −0.13
TSCO Tractor Supply Company Reduce -1.6% 1.29% −0.13
MSFT Microsoft Corp. Reduce -1.7% 4.58% −0.11
QCOM Qualcomm Inc. Reduce -1.3% 0.99% −0.10
XOM Exxon Mobil Corp. Reduce -0.9% 1.22% −0.10
ABBV Abbvie Inc. Reduce -0.2% 1.00% −0.10
HPQ HP Inc. Reduce -1.6% 0.89% −0.09
NKE Nike Inc. Class B Reduce -0.7% 0.53% −0.08
AMGN Amgen Inc. Reduce -0.8% 0.36% −0.08
MCD McDonald's Corp. Reduce -5.7% 0.85% −0.08
CL Colgate-Palmolive Co. Reduce -2.5% 0.50% −0.08
A Agilent Technologies Inc. Reduce -0.8% 0.70% −0.07
CAT Caterpillar Inc. Reduce -6.2% 0.49% −0.06
MMM 3M Co. Reduce -15.3% 0.26% −0.06
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.0% 2.86% −0.06
PSA Public Storage Reduce -1.4% 0.28% −0.06
NVS Novartis AG-Sponsored ADR Reduce -0.6% 0.29% −0.05
SBUX Starbucks Corp. Reduce -2.1% 0.60% −0.05
MRK Merck & Co. Inc. Reduce -2.0% 0.29% −0.04
AMTM Amentum Holdings Inc. Reduce -47.0% 0.02% −0.04
VZ Verizon Communications Inc. Reduce -1.5% 0.33% −0.04
LMT Lockheed Martin Corp. Reduce -0.2% 0.22% −0.04
PG The Procter & Gamble Co. Reduce -2.3% 0.92% −0.04
CARR Carrier Global Corp. Reduce -0.3% 0.22% −0.04
NOC Northrop Grumman Corp. Reduce -0.1% 0.33% −0.04
ALLE Allegion PLC Reduce -23.1% 0.08% −0.03
TGT Target Corp. Reduce -2.6% 0.20% −0.03
UNP Union Pacific Corp. Reduce -0.6% 0.45% −0.03
RTX RTX Corp. Reduce -0.3% 0.91% −0.03
BP BP PLC-Spons ADR Reduce -8.6% 0.22% −0.03
GIS General Mills Inc. Reduce -0.8% 0.21% −0.03
GEHC GE Healthcare Technology Reduce -55.3% 0.01% −0.02
NUE Nucor Corp. Reduce -0.9% 0.09% −0.02
LLY Eli Lilly & Co. Reduce -3.2% 0.14% −0.02
SRCL Stericycle Inc. Sold out 0.00% −0.02
GE General Electric Reduce -1.8% 0.17% −0.02
TXN Texas Instruments Inc. Reduce -0.8% 0.24% −0.02
EBAY eBay Inc. Reduce -1.4% 0.43% −0.02
ORCL Oracle Corp. Reduce -0.5% 1.62% −0.02
COP Conocophillips Reduce -1.1% 0.35% −0.02
PHYS Sprott Physical Gold Trust Reduce -29.2% 0.05% −0.02
NEE Nextera Energy Inc. Reduce -1.4% 0.10% −0.02
OTIS Otis Worldwide Corp. Reduce -1.4% 0.15% −0.02
CVX Chevron Corp. Reduce -0.8% 1.70% −0.02
EPC Edgewell Personal Care Co. Reduce -1.1% 0.18% −0.01

Portfolio Buys Q3 2024 → Q4 2024
AMZN Amazon.com Inc. Add +0.0% 1.42% +0.23
FERG Ferguson Enterprises Inc. Add +111.1% 0.21% +0.10
SPY SS SPDR S&P 500 ETF Trust-US Add +17.2% 0.41% +0.07
SYY Sysco Corp. Add +12.0% 0.59% +0.06
KMX Carmax Inc. Add +2.8% 0.65% +0.06
LH Labcorp Holdings Inc. Add +1.7% 0.81% +0.04
GS Goldman Sachs Group Inc. Add +0.1% 0.29% +0.04
ENTG Entegris Inc. Add +24.2% 0.38% +0.04
AON Aon PLC Class A Add +19.0% 0.18% +0.04
JCI Johnson Controls Internation Add +0.0% 0.89% +0.03
META Meta Platforms Inc. Class A Add +0.0% 0.65% +0.02
ACN Accenture PLC Class A Add +0.1% 2.18% +0.02
IJR iShares Core S&P Small-Cap E Add +2.8% 0.35% +0.01
TRMB Trimble Inc. New 0.01% +0.01
WMB Williams Cos Inc. New 0.01% +0.01
BIL SS SPDR BB 1-3M T-Bill ETF New 0.01% +0.01
PFE Pfizer Inc. Add +8.5% 0.57% +0.01
ISRG Intuitive Surgical Inc. Add +13.1% 0.02% +0.00
ITOT iShares Core S&P Total U.S. Add +2.3% 0.04% +0.00
VB Vanguard Most SM-Cap ETF-Usd Add +0.0% 0.05% +0.00
SCHM Schwab US Mid Cap ETF Add +1.3% 0.01% +0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +0.3% 0.01% +0.00
SPSM SS SPDR P S&P 600 Small Cap Add +0.6% 0.01% +0.00
RSP Invesco S&P 500 Equal Weight Add +0.1% 0.02% −0.00
VCIT Vanguard Int-Term Corporate Add +0.9% 0.01% −0.00
LHX L3HARRIS Technologies Inc. Add +0.2% 0.01% −0.00
ADBE Adobe Inc. Add +3.6% 0.02% −0.00
OXY Occidental Petroleum Corp. Add +0.5% 0.17% −0.00
LRCX Lam Research Corp. Add +1.2% 0.05% −0.00
AKAM Akamai Technologies Inc. Add +0.3% 0.21% −0.01
HD Home Depot Inc. Add +1.2% 0.55% −0.01
EXPD Expeditors Intl Wash Inc. Add +8.4% 0.15% −0.01
DOW Dow Inc. Add +16.0% 0.09% −0.01
CAG Conagra Brands Inc. Add +8.0% 0.21% −0.01
CTVA Corteva Inc. Add +0.1% 1.05% −0.02
KO The Coca-Cola Co. Add +1.9% 0.19% −0.02
SLB SLB Ltd. Add +3.7% 0.63% −0.03
ALB Albemarle Corp. Add +1.0% 0.39% −0.03
PEP Pepsico Inc. Add +4.8% 0.63% −0.03
INTC Intel Corp. Add +1.9% 0.59% −0.08
MDLZ Mondelez International Inc. Class A Add +6.6% 0.56% −0.08
UPS United Parcel Service Class B Add +1.3% 3.99% −0.21

Notes & Other Activity Q3 2024 → Q4 2024
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -2.0% 18,620 $513K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 335$3.1BAAPL, GOOGL, MSFT, UPS, COST
Q1 2026 332$2.9BAAPL, GOOGL, MSFT, COST, UPS
Q4 2025 323$3.0BAAPL, MSFT, GOOGL, UPS, COST
Q3 2025 322$3.0BAAPL, MSFT, GOOGL, COST, BRK.B
Q2 2025 312$2.8BMSFT, AAPL, COST, UPS, BRK.B
Q1 2025 308$2.7BAAPL, MSFT, COST, UPS, BRK.B
Q4 2024 304$2.8BAAPL, MSFT, UPS, COST, GOOGL
Q3 2024 311$2.8BAAPL, MSFT, UPS, COST, BRK.B
Q2 2024 302$2.7BAAPL, MSFT, UPS, COST, GOOGL
Q1 2024 306$2.7BMSFT, UPS, AAPL, COST, BRK.B