Clifford Swan Investment Counsel LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Clifford Swan Investment Counsel LLC reported 308 stock positions worth $2.7 billion. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by Microsoft (MSFT, 4.3%) and Costco Wholesale (COST, 3.7%). Compared with Q4 2024, it opened 11 new positions, sold out of 7, added to 80 and reduced 124. The biggest buy was Berkshire Hathaway Class A (BRK.A, shares +89%) and the biggest sale Arista Networks (ANET, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- PASADENA, CA
- CIK
- 0001034642
- Portfolio Value
- $2.7B (Q1 2025)
- SEC Filing
- 0001034642-25-000002 ↗ filed May 6, 2025
Holdings Value
Holdings 308 stocks · $2.7B
| AAPL Apple Inc. | 5.66% | 688,970 | $153.0M | Reduce -0.9% |
| MSFT Microsoft Corp. | 4.26% | 306,532 | $115.1M | Add +1.5% |
| COST Costco Wholesale Corp. | 3.69% | 105,540 | $99.8M | Reduce -2.1% |
| UPS United Parcel Service Class B | 3.67% | 903,094 | $99.3M | Add +2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.43% | 174,154 | $92.8M | Reduce -0.6% |
| GOOGL Alphabet Inc. Class A | 2.45% | 427,793 | $66.2M | Add +0.7% |
| CVX Chevron Corp. | 2.00% | 323,942 | $54.2M | Reduce -0.9% |
| ACN Accenture PLC Class A | 1.98% | 171,141 | $53.4M | Reduce -0.5% |
| LOW Lowe's Cos Inc. | 1.78% | 206,093 | $48.1M | Reduce -1.9% |
| JPM JPMorgan Chase & Co. | 1.75% | 192,450 | $47.2M | Reduce -2.6% |
| ANET Arista Networks Inc. | 1.67% | 581,546 | $45.1M | Reduce -5.3% |
| JNJ Johnson & Johnson | 1.40% | 228,134 | $37.8M | Reduce -4.8% |
| ORCL Oracle Corp. | 1.40% | 269,994 | $37.7M | Add +0.2% |
| XOM Exxon Mobil Corp. | 1.37% | 311,511 | $37.0M | Reduce -1.2% |
| TSCO Tractor Supply Company | 1.37% | 670,074 | $36.9M | Reduce -0.6% |
| FAST Fastenal Co. | 1.30% | 452,540 | $35.1M | Add +3.1% |
| WFC Wells Fargo & Co. | 1.29% | 487,312 | $35.0M | Reduce -7.2% |
| ALSN Allison Transmission Holding | 1.27% | 359,262 | $34.4M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 1.26% | 178,830 | $34.0M | Reduce -0.4% |
| CTVA Corteva Inc. | 1.20% | 514,494 | $32.4M | Add +0.3% |
| ABBV Abbvie Inc. | 1.19% | 153,920 | $32.2M | Reduce -1.6% |
| AXP American Express Co. | 1.15% | 115,524 | $31.1M | Add +0.5% |
| SYK Stryker Corp. | 1.13% | 82,008 | $30.5M | Reduce -1.6% |
| UNH Unitedhealth Group Inc. | 1.11% | 57,518 | $30.1M | Add +15.0% |
| RTX RTX Corp. | 1.07% | 218,688 | $29.0M | Reduce -0.2% |
| EMR Emerson Electric Co. | 1.05% | 260,088 | $28.5M | Reduce -0.9% |
| ABT Abbott Laboratories | 1.04% | 212,084 | $28.1M | Reduce -0.8% |
| MCK McKesson Corp. | 1.03% | 41,241 | $27.8M | Reduce -1.2% |
| INTU Intuit Inc. | 1.00% | 43,867 | $26.9M | Add +0.1% |
| QCOM Qualcomm Inc. | 0.99% | 173,778 | $26.7M | Reduce -2.6% |
| PG The Procter & Gamble Co. | 0.96% | 151,576 | $25.8M | Reduce -0.2% |
| MCD McDonald's Corp. | 0.94% | 81,022 | $25.3M | Reduce -0.1% |
| GOOG Alphabet Inc. Class C | 0.92% | 159,726 | $25.0M | Add +0.0% |
| JCI Johnson Controls Internation | 0.92% | 310,948 | $24.9M | Reduce -0.3% |
| BMY Bristol-Myers Squibb Co. | 0.90% | 400,795 | $24.4M | Reduce -6.2% |
| LH Labcorp Holdings Inc. | 0.88% | 101,708 | $23.7M | Add +3.8% |
| GLD SPDR Gold Shares | 0.87% | 81,904 | $23.6M | Reduce -6.3% |
| CSCO Cisco Systems Inc. | 0.87% | 381,787 | $23.6M | Reduce -4.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.82% | 531,616 | $22.2M | Add +16.7% |
| PEP Pepsico Inc. | 0.78% | 140,440 | $21.1M | Add +22.8% |
| HPQ HP Inc. | 0.77% | 751,411 | $20.8M | Reduce -0.5% |
| BKNG Booking Holdings Inc. | 0.76% | 4,476 | $20.6M | Add +0.4% |
| MDLZ Mondelez International Inc. Class A | 0.75% | 297,046 | $20.2M | Add +14.4% |
| DD Dupont DE Nemours Inc. | 0.70% | 255,069 | $19.0M | Reduce -3.0% |
| SYY Sysco Corp. | 0.70% | 250,439 | $18.8M | Add +16.3% |
| EW Edwards Lifesciences Corp. | 0.68% | 253,433 | $18.4M | Reduce -0.1% |
| META Meta Platforms Inc. Class A | 0.66% | 31,149 | $18.0M | Add +0.6% |
| SBUX Starbucks Corp. | 0.65% | 180,203 | $17.7M | Reduce -1.0% |
| KMX Carmax Inc. | 0.63% | 220,037 | $17.1M | Add +0.2% |
| A Agilent Technologies Inc. | 0.62% | 144,430 | $16.9M | Reduce -0.0% |
| PM Philip Morris International | 0.61% | 104,060 | $16.5M | Reduce -0.8% |
| PH Parker Hannifin Corp. | 0.60% | 26,662 | $16.2M | Reduce -0.1% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.57% | 199,713 | $15.5M | Reduce -0.5% |
| INTC Intel Corp. | 0.57% | 678,395 | $15.4M | Reduce -17.2% |
| LMBS First Trust Low Duration Opp | 0.56% | 308,919 | $15.2M | Reduce -2.4% |
| PFE Pfizer Inc. | 0.56% | 596,744 | $15.1M | Reduce -0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.54% | 148,231 | $14.6M | Reduce -1.6% |
| HD Home Depot Inc. | 0.54% | 39,705 | $14.6M | Add +1.2% |
| ADP Automatic Data Processing | 0.53% | 46,698 | $14.3M | Reduce -0.6% |
| CL Colgate-Palmolive Co. | 0.53% | 151,665 | $14.2M | Reduce -1.6% |
| WMT Walmart Inc. | 0.52% | 160,014 | $14.0M | Reduce -0.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.50% | 17 | $13.6M | Add +88.9% |
| UNP Union Pacific Corp. | 0.50% | 56,836 | $13.4M | Add +3.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.49% | 189,672 | $13.2M | Reduce -0.4% |
| NKE Nike Inc. Class B | 0.47% | 198,976 | $12.6M | Add +2.0% |
| PYPL PayPal Holdings Inc. | 0.46% | 192,294 | $12.5M | Reduce -10.8% |
| KEYS Keysight Technologies Inc. | 0.46% | 82,807 | $12.4M | Add +0.1% |
| EBAY eBay Inc. | 0.46% | 183,021 | $12.4M | Reduce -5.2% |
| CAT Caterpillar Inc. | 0.45% | 37,254 | $12.3M | Reduce -0.2% |
| AMGN Amgen Inc. | 0.44% | 38,572 | $12.0M | Reduce -0.7% |
| HON Honeywell International Inc. | 0.43% | 55,182 | $11.7M | Reduce -0.2% |
| ENTG Entegris Inc. | 0.37% | 114,958 | $10.1M | Add +6.6% |
| NOC Northrop Grumman Corp. | 0.37% | 19,336 | $9.9M | Add +0.0% |
| VZ Verizon Communications Inc. | 0.36% | 212,101 | $9.6M | Reduce -8.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.35% | 16,871 | $9.4M | Reduce -13.6% |
| FERG Ferguson Enterprises Inc. | 0.35% | 58,589 | $9.4M | Add +74.5% |
| HPE Hewlett Packard Enterprise | 0.34% | 604,258 | $9.3M | Reduce -16.3% |
| COP Conocophillips | 0.34% | 88,412 | $9.3M | Reduce -9.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.34% | 37,275 | $9.3M | Reduce -7.8% |
| VOO Vanguard S&P 500 ETF | 0.34% | 17,820 | $9.2M | Add +6.5% |
| ALB Albemarle Corp. | 0.34% | 127,093 | $9.2M | Add +1.2% |
| IJR iShares Core S&P Small-Cap E | 0.33% | 85,893 | $9.0M | Add +3.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.32% | 104,736 | $8.8M | Reduce -3.3% |
| NVS Novartis AG-Sponsored ADR | 0.32% | 78,529 | $8.8M | Reduce -3.7% |
| BA The Boeing Co. | 0.30% | 47,952 | $8.2M | Add +3.1% |
| ITW Illinois Tool Works | 0.30% | 32,669 | $8.1M | Reduce -3.4% |
| PSA Public Storage | 0.29% | 26,306 | $7.9M | No change |
| T AT&T Inc. | 0.28% | 272,473 | $7.7M | Reduce -1.0% |
| GS Goldman Sachs Group Inc. | 0.28% | 13,909 | $7.6M | Reduce -0.6% |
| XLK SS Technology Select Sector | 0.28% | 36,163 | $7.5M | Add +0.1% |
| MRK Merck & Co. Inc. | 0.27% | 81,666 | $7.3M | Reduce -0.8% |
| EXPD Expeditors Intl Wash Inc. | 0.27% | 60,355 | $7.3M | Add +58.3% |
| NVDA Nvidia Corp. | 0.26% | 65,769 | $7.1M | Add +2.6% |
| MMM 3M Co. | 0.26% | 48,359 | $7.1M | Reduce -15.1% |
| BP BP PLC-Spons ADR | 0.25% | 201,714 | $6.8M | Reduce -1.8% |
| J Jacobs Solutions Inc. | 0.25% | 56,132 | $6.8M | Reduce -0.7% |
| TXN Texas Instruments Inc. | 0.23% | 35,301 | $6.3M | Reduce -0.8% |
| CAG Conagra Brands Inc. | 0.23% | 232,968 | $6.2M | Add +8.3% |
| KO The Coca-Cola Co. | 0.23% | 85,586 | $6.1M | Add +0.5% |
| ENR Energizer Holdings Inc. | 0.22% | 203,006 | $6.1M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $496K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 17,924 | $496K | Reduce -3.7% |
Total filed on the 13F, all lines: $2.7B.
Portfolio Sells Q4 2024 → Q1 2025
| ANET Arista Networks Inc. | Reduce -5.3% | 1.67% | −0.77 |
| AAPL Apple Inc. | Reduce -0.9% | 5.66% | −0.60 |
| HPE Hewlett Packard Enterprise | Reduce -16.3% | 0.34% | −0.21 |
| ACN Accenture PLC Class A | Reduce -0.5% | 1.98% | −0.20 |
| PYPL PayPal Holdings Inc. | Reduce -10.8% | 0.46% | −0.20 |
| AMZN Amazon.com Inc. | Reduce -0.4% | 1.26% | −0.16 |
| ALSN Allison Transmission Holding | Reduce -0.3% | 1.27% | −0.13 |
| HPQ HP Inc. | Reduce -0.5% | 0.77% | −0.12 |
| EMR Emerson Electric Co. | Reduce -0.9% | 1.05% | −0.12 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -0.4% | 0.49% | −0.10 |
| LOW Lowe's Cos Inc. | Reduce -1.9% | 1.78% | −0.09 |
| KD Kyndryl Holdings Inc. | Reduce -57.5% | 0.05% | −0.08 |
| A Agilent Technologies Inc. | Reduce -0.0% | 0.62% | −0.07 |
| AVGO Broadcom Inc. | Reduce -1.8% | 0.18% | −0.07 |
| DIS The Walt Disney Co. | Reduce -1.6% | 0.54% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -13.6% | 0.35% | −0.06 |
| TGT Target Corp. | Reduce -0.8% | 0.16% | −0.04 |
| IFF Intl Flavors & Fragrances | Reduce -0.5% | 0.57% | −0.04 |
| CAT Caterpillar Inc. | Reduce -0.2% | 0.45% | −0.03 |
| WFC Wells Fargo & Co. | Reduce -7.2% | 1.29% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -0.8% | 0.27% | −0.02 |
| INTC Intel Corp. | Reduce -17.2% | 0.57% | −0.02 |
| J Jacobs Solutions Inc. | Reduce -0.7% | 0.25% | −0.02 |
| APA Apa Corp. | Reduce -58.1% | 0.01% | −0.02 |
| TPR Tapestry Inc. | Reduce -18.2% | 0.19% | −0.02 |
| DD Dupont DE Nemours Inc. | Reduce -3.0% | 0.70% | −0.02 |
| HON Honeywell International Inc. | Reduce -0.2% | 0.43% | −0.02 |
| PFE Pfizer Inc. | Reduce -0.8% | 0.56% | −0.01 |
| VTRS Viatris Inc. | Sold out | 0.00% | −0.01 |
| NBR Nabors Industries Ltd. | Sold out | 0.00% | −0.01 |
| SRE Sempra | Reduce -9.8% | 0.04% | −0.01 |
| PH Parker Hannifin Corp. | Reduce -0.1% | 0.60% | −0.01 |
| BSV Vanguard Short-Term Bond ETF | Sold out | 0.00% | −0.01 |
| TT Trane Technologies PLC | Reduce -0.5% | 0.14% | −0.01 |
| WBD Warner Bros Discovery Inc. | Reduce -9.6% | 0.15% | −0.01 |
| ITW Illinois Tool Works | Reduce -3.4% | 0.30% | −0.01 |
| VCIT Vanguard Int-Term Corporate | Sold out | 0.00% | −0.01 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.01 |
| GIS General Mills Inc. | Reduce -0.3% | 0.20% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -38.5% | 0.01% | −0.01 |
| VOOG Vanguard S&P 500 Growth ETF | Sold out | 0.00% | −0.01 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -0.6% | 0.28% | −0.01 |
| VOD Vodafone Group PLC-SP ADR | Reduce -27.2% | 0.03% | −0.01 |
| ROK Rockwell Automation Inc. | Reduce -29.6% | 0.01% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -2.7% | 0.13% | −0.01 |
| PAI Western Asset Investment Gra | Reduce -26.8% | 0.02% | −0.01 |
| COP Conocophillips | Reduce -9.6% | 0.34% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -0.8% | 0.23% | −0.01 |
| BX Blackstone Inc. | Reduce -0.8% | 0.03% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BRK.A Berkshire Hathaway Inc. Class A | Add +88.9% | 0.50% | +0.28 |
| UNH Unitedhealth Group Inc. | Add +15.0% | 1.11% | +0.20 |
| SLB SLB Ltd. | Add +16.7% | 0.82% | +0.19 |
| MDLZ Mondelez International Inc. Class A | Add +14.4% | 0.75% | +0.19 |
| FAST Fastenal Co. | Add +3.1% | 1.30% | +0.16 |
| PEP Pepsico Inc. | Add +22.8% | 0.78% | +0.15 |
| CTVA Corteva Inc. | Add +0.3% | 1.20% | +0.15 |
| FERG Ferguson Enterprises Inc. | Add +74.5% | 0.35% | +0.14 |
| EXPD Expeditors Intl Wash Inc. | Add +58.3% | 0.27% | +0.12 |
| SYY Sysco Corp. | Add +16.3% | 0.70% | +0.10 |
| LH Labcorp Holdings Inc. | Add +3.8% | 0.88% | +0.07 |
| UNP Union Pacific Corp. | Add +3.3% | 0.50% | +0.05 |
| NOC Northrop Grumman Corp. | Add +0.0% | 0.37% | +0.04 |
| AON Aon PLC Class A | Add +6.0% | 0.21% | +0.04 |
| KO The Coca-Cola Co. | Add +0.5% | 0.23% | +0.04 |
| VGSH Vanguard Short-Term Treasury | New | 0.02% | +0.02 |
| OTIS Otis Worldwide Corp. | Add +0.4% | 0.17% | +0.02 |
| FCAL First Trust California Munic | New | 0.02% | +0.02 |
| CAG Conagra Brands Inc. | Add +8.3% | 0.23% | +0.02 |
| LLY Eli Lilly & Co. | Add +0.2% | 0.16% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +6.5% | 0.34% | +0.01 |
| ALLE Allegion PLC | Add +13.8% | 0.09% | +0.01 |
| DE Deere & Co. | Add +0.3% | 0.10% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | New | 0.01% | +0.01 |
| META Meta Platforms Inc. Class A | Add +0.6% | 0.66% | +0.01 |
| MRSH Marsh & McLennan Cos | Add +0.1% | 0.07% | +0.01 |
| PWZ Invesco California Amt-Free | New | 0.01% | +0.01 |
| CVS CVS Health Corp. | New | 0.01% | +0.01 |
| EXC Exelon Corp. | New | 0.01% | +0.01 |
| SCHD Schwab US DVD Equity ETF | New | 0.01% | +0.01 |
| CI The Cigna Group | New | 0.01% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | Add +0.1% | 0.02% | +0.01 |
| AJG Arthur J Gallagher & Co. | Add +0.2% | 0.04% | +0.01 |
| UBER Uber Technologies Inc. | New | 0.01% | +0.01 |
| BAX Baxter International Inc. | New | 0.01% | +0.01 |
| VLO Valero Energy Corp. | New | 0.01% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +3.4% | 0.06% | +0.01 |
| SO The Southern Co. | Add +0.1% | 0.05% | +0.01 |
| BA The Boeing Co. | Add +3.1% | 0.30% | +0.01 |
| HDV iShares Core High Dividend E | Add +2.9% | 0.05% | +0.01 |
| SPGI S&P Global Inc. | Add +0.1% | 0.11% | +0.01 |
| CMF iShares California Muni Bond | Add +32.1% | 0.02% | +0.00 |
| INTU Intuit Inc. | Add +0.1% | 1.00% | +0.00 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +59.1% | 0.01% | +0.00 |
| PAYX Paychex Inc. | Add +0.1% | 0.04% | +0.00 |
| EFA iShares MSCI Eafe ETF | Add +2.5% | 0.02% | +0.00 |
| CTAS Cintas Corp. | Add +0.4% | 0.02% | +0.00 |
| IWB iShares Russell 1000 ETF | Add +10.1% | 0.03% | +0.00 |
| TSLA Tesla Inc. | Add +56.8% | 0.06% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +4.2% | 0.10% | +0.00 |
Notes & Other Activity Q4 2024 → Q1 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -3.7% | 17,924 | $496K |
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 |