Clifford Swan Investment Counsel LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Clifford Swan Investment Counsel LLC reported 312 stock positions worth $2.8 billion. Its top holding was Microsoft (MSFT) at 5.4% of the portfolio, followed by Apple (AAPL, 4.9%) and Costco Wholesale (COST, 3.6%). Compared with Q1 2025, it opened 12 new positions, sold out of 8, added to 93 and reduced 141. The biggest buy was Microsoft (MSFT, shares +0%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- PASADENA, CA
- CIK
- 0001034642
- Portfolio Value
- $2.8B (Q2 2025)
- SEC Filing
- 0001034642-25-000003 ↗ filed Jul 30, 2025
Holdings Value
Holdings 312 stocks · $2.8B
| MSFT Microsoft Corp. | 5.38% | 306,674 | $152.5M | Add +0.1% |
| AAPL Apple Inc. | 4.94% | 682,225 | $140.0M | Reduce -1.0% |
| COST Costco Wholesale Corp. | 3.63% | 103,779 | $102.7M | Reduce -1.7% |
| UPS United Parcel Service Class B | 3.40% | 954,426 | $96.3M | Add +5.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.93% | 170,976 | $83.1M | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 2.68% | 431,377 | $76.0M | Add +0.8% |
| ANET Arista Networks Inc. | 2.08% | 576,285 | $59.0M | Reduce -0.9% |
| ORCL Oracle Corp. | 2.06% | 267,125 | $58.4M | Reduce -1.1% |
| JPM JPMorgan Chase & Co. | 1.92% | 187,733 | $54.4M | Reduce -2.5% |
| ACN Accenture PLC Class A | 1.84% | 174,648 | $52.2M | Add +2.0% |
| CVX Chevron Corp. | 1.62% | 319,937 | $45.8M | Reduce -1.2% |
| LOW Lowe's Cos Inc. | 1.60% | 203,687 | $45.2M | Reduce -1.2% |
| AMZN Amazon.com Inc. | 1.41% | 181,815 | $39.9M | Add +1.7% |
| CTVA Corteva Inc. | 1.36% | 515,426 | $38.4M | Add +0.2% |
| AXP American Express Co. | 1.35% | 119,992 | $38.3M | Add +3.9% |
| WFC Wells Fargo & Co. | 1.33% | 471,073 | $37.7M | Reduce -3.3% |
| FAST Fastenal Co. | 1.29% | 871,067 | $36.6M | Reduce -3.8% |
| TSCO Tractor Supply Company | 1.25% | 669,390 | $35.3M | Reduce -0.1% |
| EMR Emerson Electric Co. | 1.23% | 260,797 | $34.8M | Add +0.3% |
| INTU Intuit Inc. | 1.21% | 43,636 | $34.4M | Reduce -0.5% |
| ALSN Allison Transmission Holding | 1.20% | 356,944 | $33.9M | Reduce -0.7% |
| JNJ Johnson & Johnson | 1.19% | 220,860 | $33.7M | Reduce -3.2% |
| UNH Unitedhealth Group Inc. | 1.18% | 107,012 | $33.4M | Add +86.0% |
| XOM Exxon Mobil Corp. | 1.15% | 303,115 | $32.7M | Reduce -2.7% |
| JCI Johnson Controls Internation | 1.14% | 305,160 | $32.2M | Reduce -1.9% |
| SYK Stryker Corp. | 1.14% | 81,445 | $32.2M | Reduce -0.7% |
| RTX RTX Corp. | 1.13% | 219,297 | $32.0M | Add +0.3% |
| MCK McKesson Corp. | 1.01% | 38,938 | $28.5M | Reduce -5.6% |
| ABT Abbott Laboratories | 1.00% | 209,323 | $28.5M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 1.00% | 159,864 | $28.4M | Add +0.1% |
| ABBV Abbvie Inc. | 1.00% | 152,336 | $28.3M | Reduce -1.0% |
| LH Labcorp Holdings Inc. | 0.96% | 104,007 | $27.3M | Add +2.3% |
| QCOM Qualcomm Inc. | 0.94% | 166,909 | $26.6M | Reduce -4.0% |
| CSCO Cisco Systems Inc. | 0.92% | 374,918 | $26.0M | Reduce -1.8% |
| BKNG Booking Holdings Inc. | 0.91% | 4,474 | $25.9M | Reduce -0.0% |
| PG The Procter & Gamble Co. | 0.84% | 149,644 | $23.8M | Reduce -1.3% |
| MCD McDonald's Corp. | 0.83% | 80,684 | $23.6M | Reduce -0.4% |
| GLD SPDR Gold Shares | 0.82% | 76,452 | $23.3M | Reduce -6.7% |
| META Meta Platforms Inc. Class A | 0.81% | 31,016 | $22.9M | Reduce -0.4% |
| PEP Pepsico Inc. | 0.73% | 155,612 | $20.5M | Add +10.8% |
| SYY Sysco Corp. | 0.72% | 267,822 | $20.3M | Add +6.9% |
| MDLZ Mondelez International Inc. Class A | 0.71% | 299,352 | $20.2M | Add +0.8% |
| EW Edwards Lifesciences Corp. | 0.70% | 253,417 | $19.8M | Reduce -0.0% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.67% | 273,715 | $18.9M | Add +44.3% |
| PH Parker Hannifin Corp. | 0.66% | 26,662 | $18.6M | No change |
| PM Philip Morris International | 0.65% | 101,789 | $18.5M | Reduce -2.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.65% | 544,104 | $18.4M | Add +2.4% |
| HPQ HP Inc. | 0.64% | 742,647 | $18.2M | Reduce -1.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.61% | 139,298 | $17.3M | Reduce -6.0% |
| A Agilent Technologies Inc. | 0.60% | 143,963 | $17.0M | Reduce -0.3% |
| BMY Bristol-Myers Squibb Co. | 0.57% | 348,000 | $16.1M | Reduce -13.2% |
| SBUX Starbucks Corp. | 0.56% | 174,008 | $15.9M | Reduce -3.4% |
| FERG Ferguson Enterprises Inc. | 0.56% | 72,692 | $15.8M | Add +24.1% |
| WMT Walmart Inc. | 0.53% | 154,710 | $15.1M | Reduce -3.3% |
| LMBS First Trust Low Duration Opp | 0.53% | 306,127 | $15.1M | Reduce -0.9% |
| UNP Union Pacific Corp. | 0.53% | 65,209 | $15.0M | Add +14.7% |
| DD Dupont DE Nemours Inc. | 0.53% | 217,748 | $14.9M | Reduce -14.6% |
| KMX Carmax Inc. | 0.52% | 218,695 | $14.7M | Reduce -0.6% |
| ENTG Entegris Inc. | 0.51% | 179,861 | $14.5M | Add +56.5% |
| CAT Caterpillar Inc. | 0.51% | 37,256 | $14.5M | Add +0.0% |
| HD Home Depot Inc. | 0.51% | 39,363 | $14.4M | Reduce -0.9% |
| ADP Automatic Data Processing | 0.51% | 46,518 | $14.3M | Reduce -0.4% |
| PYPL PayPal Holdings Inc. | 0.49% | 187,738 | $14.0M | Reduce -2.4% |
| PFE Pfizer Inc. | 0.49% | 569,172 | $13.8M | Reduce -4.6% |
| NKE Nike Inc. Class B | 0.48% | 191,753 | $13.6M | Reduce -3.6% |
| KEYS Keysight Technologies Inc. | 0.48% | 82,573 | $13.5M | Reduce -0.3% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.48% | 183,126 | $13.5M | Reduce -8.3% |
| CL Colgate-Palmolive Co. | 0.47% | 147,557 | $13.4M | Reduce -2.7% |
| EBAY eBay Inc. | 0.47% | 177,544 | $13.2M | Reduce -3.0% |
| INTC Intel Corp. | 0.46% | 577,483 | $12.9M | Reduce -14.9% |
| HON Honeywell International Inc. | 0.45% | 55,183 | $12.9M | Add +0.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.44% | 17 | $12.4M | No change |
| HPE Hewlett Packard Enterprise | 0.44% | 604,258 | $12.4M | No change |
| NVDA Nvidia Corp. | 0.38% | 68,357 | $10.8M | Add +3.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.38% | 36,585 | $10.8M | Reduce -1.9% |
| AMGN Amgen Inc. | 0.38% | 38,181 | $10.7M | Reduce -1.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.37% | 16,870 | $10.4M | Reduce -0.0% |
| GS Goldman Sachs Group Inc. | 0.35% | 13,909 | $9.8M | No change |
| NOC Northrop Grumman Corp. | 0.34% | 19,331 | $9.7M | Reduce -0.0% |
| VOO Vanguard S&P 500 ETF | 0.34% | 16,717 | $9.5M | Reduce -6.2% |
| BA The Boeing Co. | 0.33% | 44,873 | $9.4M | Reduce -6.4% |
| NVS Novartis AG-Sponsored ADR | 0.33% | 76,420 | $9.2M | Reduce -2.7% |
| IJR iShares Core S&P Small-Cap E | 0.32% | 84,140 | $9.2M | Reduce -2.0% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.32% | 100,588 | $9.2M | Reduce -4.0% |
| XLK SS Technology Select Sector | 0.30% | 33,127 | $8.4M | Reduce -8.4% |
| COP Conocophillips | 0.30% | 93,318 | $8.4M | Add +5.5% |
| EXPD Expeditors Intl Wash Inc. | 0.29% | 71,213 | $8.1M | Add +18.0% |
| ITW Illinois Tool Works | 0.28% | 32,508 | $8.0M | Reduce -0.5% |
| AVGO Broadcom Inc. | 0.28% | 28,793 | $7.9M | Add +0.8% |
| PSA Public Storage | 0.27% | 26,305 | $7.7M | Reduce 0.0% |
| ALB Albemarle Corp. | 0.26% | 119,466 | $7.5M | Reduce -6.0% |
| VZ Verizon Communications Inc. | 0.26% | 172,296 | $7.5M | Reduce -18.8% |
| TXN Texas Instruments Inc. | 0.26% | 35,115 | $7.3M | Reduce -0.5% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 27,989 | $7.2M | Add +0.1% |
| J Jacobs Solutions Inc. | 0.25% | 54,510 | $7.2M | Reduce -2.9% |
| ALLE Allegion PLC | 0.24% | 47,309 | $6.8M | Add +149.9% |
| KO The Coca-Cola Co. | 0.24% | 95,659 | $6.8M | Add +11.8% |
| CARR Carrier Global Corp. | 0.24% | 91,479 | $6.7M | Reduce -0.5% |
| MMM 3M Co. | 0.23% | 42,954 | $6.5M | Reduce -11.2% |
| AON Aon PLC Class A | 0.23% | 17,952 | $6.4M | Add +24.6% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $226K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 10,924 | $226K | Reduce -39.0% |
Total filed on the 13F, all lines: $2.8B.
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -1.0% | 4.94% | −0.72 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.8% | 2.93% | −0.50 |
| CVX Chevron Corp. | Reduce -1.2% | 1.62% | −0.39 |
| BMY Bristol-Myers Squibb Co. | Reduce -13.2% | 0.57% | −0.34 |
| XOM Exxon Mobil Corp. | Reduce -2.7% | 1.15% | −0.22 |
| JNJ Johnson & Johnson | Reduce -3.2% | 1.19% | −0.21 |
| ABBV Abbvie Inc. | Reduce -1.0% | 1.00% | −0.19 |
| LOW Lowe's Cos Inc. | Reduce -1.2% | 1.60% | −0.18 |
| DD Dupont DE Nemours Inc. | Reduce -14.6% | 0.53% | −0.18 |
| HPQ HP Inc. | Reduce -1.2% | 0.64% | −0.13 |
| TSCO Tractor Supply Company | Reduce -0.1% | 1.25% | −0.12 |
| KMX Carmax Inc. | Reduce -0.6% | 0.52% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -1.3% | 0.84% | −0.11 |
| INTC Intel Corp. | Reduce -14.9% | 0.46% | −0.11 |
| MCD McDonald's Corp. | Reduce -0.4% | 0.83% | −0.10 |
| IFF Intl Flavors & Fragrances | Reduce -8.3% | 0.48% | −0.10 |
| CAG Conagra Brands Inc. | Reduce -20.8% | 0.13% | −0.10 |
| VZ Verizon Communications Inc. | Reduce -18.8% | 0.26% | −0.09 |
| SBUX Starbucks Corp. | Reduce -3.4% | 0.56% | −0.09 |
| GILD Gilead Sciences Inc. | Reduce -34.0% | 0.14% | −0.08 |
| T AT&T Inc. | Reduce -26.6% | 0.20% | −0.08 |
| ALSN Allison Transmission Holding | Reduce -0.7% | 1.20% | −0.07 |
| ALB Albemarle Corp. | Reduce -6.0% | 0.26% | −0.07 |
| BP BP PLC-Spons ADR | Reduce -15.6% | 0.18% | −0.07 |
| PFE Pfizer Inc. | Reduce -4.6% | 0.49% | −0.07 |
| AMGN Amgen Inc. | Reduce -1.0% | 0.38% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -1.7% | 3.63% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -28.9% | 0.10% | −0.06 |
| CL Colgate-Palmolive Co. | Reduce -2.7% | 0.47% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -3.5% | 0.22% | −0.05 |
| GLD SPDR Gold Shares | Reduce -6.7% | 0.82% | −0.05 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −0.05 |
| QCOM Qualcomm Inc. | Reduce -4.0% | 0.94% | −0.05 |
| WBD Warner Bros Discovery Inc. | Reduce -30.4% | 0.11% | −0.04 |
| ABT Abbott Laboratories | Reduce -1.3% | 1.00% | −0.04 |
| WBA Walgreens Boots Alliance Inc. | Reduce -53.5% | 0.03% | −0.04 |
| DOW Dow Inc. | Reduce -20.1% | 0.05% | −0.03 |
| BDX Becton Dickinson and Co. | Reduce -24.5% | 0.04% | −0.03 |
| MMM 3M Co. | Reduce -11.2% | 0.23% | −0.03 |
| TPR Tapestry Inc. | Reduce -30.1% | 0.16% | −0.03 |
| LMBS First Trust Low Duration Opp | Reduce -0.9% | 0.53% | −0.03 |
| HD Home Depot Inc. | Reduce -0.9% | 0.51% | −0.03 |
| A Agilent Technologies Inc. | Reduce -0.3% | 0.60% | −0.03 |
| NOC Northrop Grumman Corp. | Reduce -0.0% | 0.34% | −0.03 |
| ADP Automatic Data Processing | Reduce -0.4% | 0.51% | −0.02 |
| VOD Vodafone Group PLC-SP ADR | Reduce -60.4% | 0.01% | −0.02 |
| MCK McKesson Corp. | Reduce -5.6% | 1.01% | −0.02 |
| PSA Public Storage | Reduce 0.0% | 0.27% | −0.02 |
| ITW Illinois Tool Works | Reduce -0.5% | 0.28% | −0.02 |
| OTIS Otis Worldwide Corp. | Reduce -0.6% | 0.15% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +0.1% | 5.38% | +1.13 |
| GOOGL Alphabet Inc. Class A | Add +0.8% | 2.68% | +0.24 |
| FERG Ferguson Enterprises Inc. | Add +24.1% | 0.56% | +0.21 |
| AXP American Express Co. | Add +3.9% | 1.35% | +0.20 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +44.3% | 0.67% | +0.18 |
| EMR Emerson Electric Co. | Add +0.3% | 1.23% | +0.17 |
| CTVA Corteva Inc. | Add +0.2% | 1.36% | +0.16 |
| AMZN Amazon.com Inc. | Add +1.7% | 1.41% | +0.15 |
| ALLE Allegion PLC | Add +149.9% | 0.24% | +0.15 |
| ENTG Entegris Inc. | Add +56.5% | 0.51% | +0.14 |
| NVDA Nvidia Corp. | Add +3.9% | 0.38% | +0.12 |
| AVGO Broadcom Inc. | Add +0.8% | 0.28% | +0.10 |
| LH Labcorp Holdings Inc. | Add +2.3% | 0.96% | +0.09 |
| GOOG Alphabet Inc. Class C | Add +0.1% | 1.00% | +0.08 |
| GNRC Generac Holdings Inc. | New | 0.07% | +0.07 |
| UNH Unitedhealth Group Inc. | Add +86.0% | 1.18% | +0.06 |
| RTX RTX Corp. | Add +0.3% | 1.13% | +0.06 |
| TSLA Tesla Inc. | Add +65.2% | 0.12% | +0.06 |
| CAT Caterpillar Inc. | Add +0.0% | 0.51% | +0.06 |
| GE General Electric | Add +0.1% | 0.25% | +0.05 |
| VTI VG Morningstar TS MKT ETF-US | Add +40.6% | 0.14% | +0.05 |
| CPAY Corpay Inc. | New | 0.05% | +0.05 |
| GEV GE Vernova Inc. | Add +0.0% | 0.11% | +0.04 |
| UNP Union Pacific Corp. | Add +14.7% | 0.53% | +0.03 |
| HON Honeywell International Inc. | Add +0.0% | 0.45% | +0.02 |
| SYY Sysco Corp. | Add +6.9% | 0.72% | +0.02 |
| EXPD Expeditors Intl Wash Inc. | Add +18.0% | 0.29% | +0.02 |
| COF Capital One Financial Corp. | New | 0.02% | +0.02 |
| AON Aon PLC Class A | Add +24.6% | 0.23% | +0.01 |
| MUB iShares National Muni Bond E | New | 0.01% | +0.01 |
| KO The Coca-Cola Co. | Add +11.8% | 0.24% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.9% | 0.04% | +0.01 |
| GDX Vaneck Gold Miners ETF | Add +13.1% | 0.05% | +0.01 |
| AVAV Aerovironment Inc. | New | 0.01% | +0.01 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.01% | +0.01 |
| BAC Bank of America Corp. | Add +3.2% | 0.08% | +0.01 |
| SLV iShares Silver Trust | Add +76.8% | 0.02% | +0.01 |
| VYM Vanguard High DVD Yield ETF | New | 0.01% | +0.01 |
| VOOG Vanguard S&P 500 Growth ETF | New | 0.01% | +0.01 |
| IXN iShares Global Tech ETF | New | 0.01% | +0.01 |
| AMD Advanced Micro Devices | Add +0.0% | 0.03% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.01% | +0.01 |
| TOL Toll Brothers Inc. | New | 0.01% | +0.01 |
| CAH Cardinal Health Inc. | New | 0.01% | +0.01 |
| TRMB Trimble Inc. | Add +69.0% | 0.01% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | Add +24.5% | 0.02% | +0.01 |
| CEG Constellation Energy | Add +0.1% | 0.02% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +1.1% | 0.07% | +0.01 |
| DE Deere & Co. | Add +0.0% | 0.11% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +12.9% | 0.03% | +0.00 |
Notes & Other Activity Q1 2025 → Q2 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -39.0% | 10,924 | $226K |
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 |