Clifford Swan Investment Counsel LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Clifford Swan Investment Counsel LLC reported 322 stock positions worth $3.0 billion. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by Microsoft (MSFT, 5.3%) and Alphabet Class A (GOOGL, 3.5%). Compared with Q2 2025, it opened 15 new positions, sold out of 5, added to 86 and reduced 150. The biggest buy was Corpay (CPAY, shares +695%) and the biggest sale Costco Wholesale (COST, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- PASADENA, CA
- CIK
- 0001034642
- Portfolio Value
- $3.0B (Q3 2025)
- SEC Filing
- 0001034642-25-000008 ↗ filed Nov 12, 2025
Holdings Value
Holdings 322 stocks · $3.0B
| AAPL Apple Inc. | 5.74% | 677,452 | $172.5M | Reduce -0.7% |
| MSFT Microsoft Corp. | 5.31% | 307,852 | $159.5M | Add +0.4% |
| GOOGL Alphabet Inc. Class A | 3.48% | 430,298 | $104.6M | Reduce -0.3% |
| COST Costco Wholesale Corp. | 3.13% | 101,615 | $94.1M | Reduce -2.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.82% | 168,585 | $84.8M | Reduce -1.4% |
| UPS United Parcel Service Class B | 2.71% | 976,357 | $81.6M | Add +2.3% |
| ANET Arista Networks Inc. | 2.67% | 551,229 | $80.3M | Reduce -4.3% |
| ORCL Oracle Corp. | 2.39% | 255,667 | $71.9M | Reduce -4.3% |
| JPM JPMorgan Chase & Co. | 1.94% | 185,008 | $58.4M | Reduce -1.4% |
| LOW Lowe's Cos Inc. | 1.67% | 199,594 | $50.2M | Reduce -2.0% |
| CVX Chevron Corp. | 1.65% | 319,298 | $49.6M | Reduce -0.2% |
| ACN Accenture PLC Class A | 1.53% | 186,540 | $46.0M | Add +6.8% |
| FAST Fastenal Co. | 1.38% | 845,066 | $41.4M | Reduce -3.0% |
| AXP American Express Co. | 1.37% | 123,586 | $41.1M | Add +3.0% |
| UNH Unitedhealth Group Inc. | 1.35% | 117,731 | $40.7M | Add +10.0% |
| JNJ Johnson & Johnson | 1.35% | 218,043 | $40.4M | Reduce -1.3% |
| AMZN Amazon.com Inc. | 1.32% | 180,389 | $39.6M | Reduce -0.8% |
| WFC Wells Fargo & Co. | 1.29% | 462,801 | $38.8M | Reduce -1.8% |
| GOOG Alphabet Inc. Class C | 1.28% | 158,403 | $38.6M | Reduce -0.9% |
| RTX RTX Corp. | 1.26% | 225,712 | $37.8M | Add +2.9% |
| TSCO Tractor Supply Company | 1.24% | 655,245 | $37.3M | Reduce -2.1% |
| ABBV Abbvie Inc. | 1.17% | 152,175 | $35.2M | Reduce -0.1% |
| CTVA Corteva Inc. | 1.17% | 517,759 | $35.0M | Add +0.5% |
| XOM Exxon Mobil Corp. | 1.13% | 301,894 | $34.0M | Reduce -0.4% |
| EMR Emerson Electric Co. | 1.12% | 256,416 | $33.6M | Reduce -1.7% |
| JCI Johnson Controls Internation | 1.09% | 297,419 | $32.7M | Reduce -2.5% |
| LH Labcorp Holdings Inc. | 1.01% | 106,223 | $30.5M | Add +2.1% |
| MCK McKesson Corp. | 0.99% | 38,586 | $29.8M | Reduce -0.9% |
| SYK Stryker Corp. | 0.99% | 80,319 | $29.7M | Reduce -1.4% |
| INTU Intuit Inc. | 0.98% | 43,244 | $29.5M | Reduce -0.9% |
| ALSN Allison Transmission Holding | 0.98% | 345,942 | $29.4M | Reduce -3.1% |
| ABT Abbott Laboratories | 0.93% | 208,164 | $27.9M | Reduce -0.6% |
| QCOM Qualcomm Inc. | 0.92% | 166,882 | $27.8M | Reduce -0.0% |
| GLD SPDR Gold Shares | 0.92% | 77,769 | $27.6M | Add +1.7% |
| CSCO Cisco Systems Inc. | 0.85% | 372,474 | $25.5M | Reduce -0.7% |
| BKNG Booking Holdings Inc. | 0.83% | 4,606 | $24.9M | Add +3.0% |
| MCD McDonald's Corp. | 0.80% | 78,895 | $24.0M | Reduce -2.2% |
| PG The Procter & Gamble Co. | 0.76% | 149,313 | $22.9M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 0.76% | 31,150 | $22.9M | Add +0.4% |
| SYY Sysco Corp. | 0.76% | 276,196 | $22.7M | Add +3.1% |
| PEP Pepsico Inc. | 0.72% | 153,652 | $21.6M | Reduce -1.3% |
| PH Parker Hannifin Corp. | 0.67% | 26,662 | $20.2M | No change |
| EW Edwards Lifesciences Corp. | 0.66% | 253,287 | $19.7M | Reduce -0.1% |
| HPQ HP Inc. | 0.65% | 715,605 | $19.5M | Reduce -3.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.63% | 550,398 | $18.9M | Add +1.2% |
| A Agilent Technologies Inc. | 0.61% | 143,870 | $18.5M | Reduce -0.1% |
| MDLZ Mondelez International Inc. Class A | 0.61% | 293,339 | $18.3M | Reduce -2.0% |
| ENTG Entegris Inc. | 0.61% | 196,641 | $18.2M | Add +9.3% |
| CAT Caterpillar Inc. | 0.59% | 37,256 | $17.8M | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.57% | 311,168 | $17.3M | Add +13.7% |
| FERG Ferguson Enterprises Inc. | 0.56% | 74,900 | $16.8M | Add +3.0% |
| PM Philip Morris International | 0.55% | 100,991 | $16.4M | Reduce -0.8% |
| DD Dupont DE Nemours Inc. | 0.55% | 210,217 | $16.4M | Reduce -3.5% |
| LMBS First Trust Low Duration Opp | 0.54% | 326,769 | $16.3M | Add +6.7% |
| HD Home Depot Inc. | 0.54% | 40,002 | $16.2M | Add +1.6% |
| WMT Walmart Inc. | 0.53% | 153,733 | $15.8M | Reduce -0.6% |
| UNP Union Pacific Corp. | 0.52% | 66,478 | $15.7M | Add +1.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.52% | 136,465 | $15.6M | Reduce -2.0% |
| EBAY eBay Inc. | 0.52% | 170,599 | $15.5M | Reduce -3.9% |
| INTC Intel Corp. | 0.52% | 461,309 | $15.5M | Reduce -20.1% |
| HPE Hewlett Packard Enterprise | 0.49% | 603,758 | $14.8M | Reduce -0.1% |
| BMY Bristol-Myers Squibb Co. | 0.49% | 326,028 | $14.7M | Reduce -6.3% |
| KEYS Keysight Technologies Inc. | 0.48% | 82,427 | $14.4M | Reduce -0.2% |
| SBUX Starbucks Corp. | 0.47% | 167,261 | $14.2M | Reduce -3.9% |
| ADP Automatic Data Processing | 0.45% | 46,243 | $13.6M | Reduce -0.6% |
| NKE Nike Inc. Class B | 0.43% | 186,071 | $13.0M | Reduce -3.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.43% | 17 | $12.8M | No change |
| PFE Pfizer Inc. | 0.43% | 502,714 | $12.8M | Reduce -11.7% |
| NVDA Nvidia Corp. | 0.43% | 68,457 | $12.8M | Add +0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.40% | 18,203 | $12.1M | Add +7.9% |
| NOC Northrop Grumman Corp. | 0.39% | 19,331 | $11.8M | No change |
| CL Colgate-Palmolive Co. | 0.39% | 144,863 | $11.6M | Reduce -1.8% |
| PYPL PayPal Holdings Inc. | 0.38% | 169,711 | $11.4M | Reduce -9.6% |
| GS Goldman Sachs Group Inc. | 0.37% | 13,970 | $11.1M | Add +0.4% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.37% | 179,711 | $11.1M | Reduce -1.9% |
| HON Honeywell International Inc. | 0.36% | 52,082 | $11.0M | Reduce -5.6% |
| AMGN Amgen Inc. | 0.36% | 38,393 | $10.8M | Add +0.6% |
| IJR iShares Core S&P Small-Cap E | 0.35% | 89,636 | $10.7M | Add +6.5% |
| KMX Carmax Inc. | 0.34% | 230,962 | $10.4M | Add +5.6% |
| VOO Vanguard S&P 500 ETF | 0.34% | 16,763 | $10.3M | Add +0.3% |
| EXPD Expeditors Intl Wash Inc. | 0.33% | 80,232 | $9.8M | Add +12.7% |
| NVS Novartis AG-Sponsored ADR | 0.32% | 75,602 | $9.7M | Reduce -1.1% |
| ALB Albemarle Corp. | 0.32% | 119,039 | $9.7M | Reduce -0.4% |
| XLK SS Technology Select Sector | 0.32% | 33,602 | $9.5M | Add +1.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.31% | 33,412 | $9.4M | Reduce -8.7% |
| CPAY Corpay Inc. | 0.30% | 31,805 | $9.2M | Add +694.5% |
| BA The Boeing Co. | 0.29% | 40,616 | $8.8M | Reduce -9.5% |
| AVGO Broadcom Inc. | 0.29% | 26,484 | $8.7M | Reduce -8.0% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 28,937 | $8.7M | Add +3.4% |
| COP Conocophillips | 0.29% | 91,884 | $8.7M | Reduce -1.5% |
| AON Aon PLC Class A | 0.28% | 23,896 | $8.5M | Add +33.1% |
| ALLE Allegion PLC | 0.28% | 47,309 | $8.4M | No change |
| ITW Illinois Tool Works | 0.28% | 31,967 | $8.3M | Reduce -1.7% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.27% | 75,285 | $8.2M | Reduce -25.2% |
| J Jacobs Solutions Inc. | 0.27% | 54,161 | $8.1M | Reduce -0.6% |
| CMI Cummins Inc. | 0.26% | 18,443 | $7.8M | Reduce -0.6% |
| KO The Coca-Cola Co. | 0.25% | 115,095 | $7.6M | Add +20.3% |
| PSA Public Storage | 0.25% | 26,305 | $7.6M | No change |
| MMM 3M Co. | 0.22% | 42,334 | $6.6M | Reduce -1.4% |
| MRK Merck & Co. Inc. | 0.21% | 76,671 | $6.4M | Reduce -2.7% |
Portfolio Sells Q2 2025 → Q3 2025
| COST Costco Wholesale Corp. | Reduce -2.1% | 3.13% | −0.50 |
| INTU Intuit Inc. | Reduce -0.9% | 0.98% | −0.23 |
| ALSN Allison Transmission Holding | Reduce -3.1% | 0.98% | −0.22 |
| SYK Stryker Corp. | Reduce -1.4% | 0.99% | −0.15 |
| PYPL PayPal Holdings Inc. | Reduce -9.6% | 0.38% | −0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.4% | 2.82% | −0.11 |
| PM Philip Morris International | Reduce -0.8% | 0.55% | −0.11 |
| EMR Emerson Electric Co. | Reduce -1.7% | 1.12% | −0.11 |
| IFF Intl Flavors & Fragrances | Reduce -1.9% | 0.37% | −0.11 |
| MDLZ Mondelez International Inc. Class A | Reduce -2.0% | 0.61% | −0.10 |
| SBUX Starbucks Corp. | Reduce -3.9% | 0.47% | −0.09 |
| AMZN Amazon.com Inc. | Reduce -0.8% | 1.32% | −0.09 |
| DIS The Walt Disney Co. | Reduce -2.0% | 0.52% | −0.09 |
| HON Honeywell International Inc. | Reduce -5.6% | 0.36% | −0.09 |
| CL Colgate-Palmolive Co. | Reduce -1.8% | 0.39% | −0.09 |
| CAG Conagra Brands Inc. | Reduce -52.4% | 0.05% | −0.08 |
| BMY Bristol-Myers Squibb Co. | Reduce -6.3% | 0.49% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -0.2% | 0.76% | −0.08 |
| ABT Abbott Laboratories | Reduce -0.6% | 0.93% | −0.08 |
| GILD Gilead Sciences Inc. | Reduce -52.8% | 0.06% | −0.08 |
| VZ Verizon Communications Inc. | Reduce -23.9% | 0.19% | −0.07 |
| CSCO Cisco Systems Inc. | Reduce -0.7% | 0.85% | −0.07 |
| IBM Intl Business Machines Corp. | Reduce -8.7% | 0.31% | −0.07 |
| WBD Warner Bros Discovery Inc. | Reduce -75.3% | 0.04% | −0.07 |
| PFE Pfizer Inc. | Reduce -11.7% | 0.43% | −0.06 |
| CARR Carrier Global Corp. | Reduce -1.6% | 0.18% | −0.06 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -30.6% | 0.11% | −0.06 |
| ADP Automatic Data Processing | Reduce -0.6% | 0.45% | −0.05 |
| BNY Bank of New York Mellon Corp. | Reduce -25.2% | 0.27% | −0.05 |
| JCI Johnson Controls Internation | Reduce -2.5% | 1.09% | −0.05 |
| NKE Nike Inc. Class B | Reduce -3.0% | 0.43% | −0.05 |
| EW Edwards Lifesciences Corp. | Reduce -0.1% | 0.66% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -0.5% | 0.21% | −0.04 |
| WFC Wells Fargo & Co. | Reduce -1.8% | 1.29% | −0.04 |
| BA The Boeing Co. | Reduce -9.5% | 0.29% | −0.04 |
| TOTL SS Doubleline TR Tact ETF | Reduce -75.8% | 0.01% | −0.03 |
| KD Kyndryl Holdings Inc. | Reduce -38.4% | 0.02% | −0.03 |
| T AT&T Inc. | Reduce -9.5% | 0.17% | −0.03 |
| MCD McDonald's Corp. | Reduce -2.2% | 0.80% | −0.03 |
| IWB iShares Russell 1000 ETF | Sold out | 0.00% | −0.03 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.03 |
| TGT Target Corp. | Reduce -1.9% | 0.12% | −0.02 |
| OTIS Otis Worldwide Corp. | Reduce -1.4% | 0.13% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.4% | 1.13% | −0.02 |
| OKE Oneok Inc. | Reduce -0.0% | 0.11% | −0.02 |
| AKAM Akamai Technologies Inc. | Reduce -0.3% | 0.16% | −0.02 |
| TT Trane Technologies PLC | Reduce -0.1% | 0.16% | −0.02 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.02 |
| MCK McKesson Corp. | Reduce -0.9% | 0.99% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -0.0% | 0.92% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| CPAY Corpay Inc. | Add +694.5% | 0.30% | +0.26 |
| UNH Unitedhealth Group Inc. | Add +10.0% | 1.35% | +0.17 |
| RTX RTX Corp. | Add +2.9% | 1.26% | +0.13 |
| ZTS Zoetis Inc. | New | 0.12% | +0.12 |
| GLD SPDR Gold Shares | Add +1.7% | 0.92% | +0.10 |
| ENTG Entegris Inc. | Add +9.3% | 0.61% | +0.09 |
| CATH Global X S&P 500 Ca Val ETF | Add +77.3% | 0.19% | +0.09 |
| AON Aon PLC Class A | Add +33.1% | 0.28% | +0.06 |
| LH Labcorp Holdings Inc. | Add +2.1% | 1.01% | +0.05 |
| NVDA Nvidia Corp. | Add +0.1% | 0.43% | +0.04 |
| SYY Sysco Corp. | Add +3.1% | 0.76% | +0.04 |
| EXPD Expeditors Intl Wash Inc. | Add +12.7% | 0.33% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +7.9% | 0.40% | +0.04 |
| GE General Electric | Add +3.4% | 0.29% | +0.04 |
| SIL Global X Silver Miners ETF | New | 0.04% | +0.04 |
| SLV iShares Silver Trust | Add +114.5% | 0.05% | +0.03 |
| HD Home Depot Inc. | Add +1.6% | 0.54% | +0.03 |
| IJR iShares Core S&P Small-Cap E | Add +6.5% | 0.35% | +0.03 |
| RSP Invesco S&P 500 Equal Weight | Add +114.0% | 0.05% | +0.03 |
| VBIL Vanguard 0-3M T-Bill ETF | New | 0.03% | +0.03 |
| GDX Vaneck Gold Miners ETF | Add +4.7% | 0.08% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +0.4% | 0.37% | +0.02 |
| SGDM Sprott Gold Miners ETF | New | 0.02% | +0.02 |
| XLK SS Technology Select Sector | Add +1.4% | 0.32% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +53.6% | 0.05% | +0.02 |
| LRCX Lam Research Corp. | Add +1.0% | 0.07% | +0.02 |
| BP BP PLC-Spons ADR | Add +0.5% | 0.20% | +0.02 |
| AXP American Express Co. | Add +3.0% | 1.37% | +0.02 |
| KO The Coca-Cola Co. | Add +20.3% | 0.25% | +0.02 |
| IBIT iShares Bitcoin Trust ETF | Add +82.1% | 0.03% | +0.01 |
| ETHA iShares Ethereum Trust ETF | New | 0.01% | +0.01 |
| GEV GE Vernova Inc. | Add +0.0% | 0.12% | +0.01 |
| MO Altria Group Inc. | Add +0.0% | 0.16% | +0.01 |
| LMBS First Trust Low Duration Opp | Add +6.7% | 0.54% | +0.01 |
| RDVY First Trust Rising Dividend | New | 0.01% | +0.01 |
| OXY Occidental Petroleum Corp. | Add +0.0% | 0.15% | +0.01 |
| IYW iShares Ustechnology ETF | Add +0.2% | 0.13% | +0.01 |
| SCHF Schwab Intl Equity ETF | New | 0.01% | +0.01 |
| ICLR Icon PLC | New | 0.01% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.4% | 0.05% | +0.01 |
| GLW Corning Inc. | New | 0.01% | +0.01 |
| XEL Xcel Energy Inc. | New | 0.01% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.01% | +0.01 |
| ITOT iShares Core S&P Total U.S. | Add +16.5% | 0.04% | +0.01 |
| LNC Lincoln National Corp. | New | 0.01% | +0.01 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.01% | +0.01 |
| ORLY O'reilly Automotive Inc. | New | 0.01% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +0.3% | 0.34% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.5% | 0.15% | +0.01 |
| PFO Flaherty & Crumrine P&I Opp | Add +96.7% | 0.01% | +0.00 |
Notes & Other Activity Q2 2025 → Q3 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 10,924 | $226Kbefore exit |
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 |