Clifford Swan Investment Counsel LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Clifford Swan Investment Counsel LLC reported 323 stock positions worth $3.0 billion. Its top holding was Apple (AAPL) at 6.1% of the portfolio, followed by Microsoft (MSFT, 4.9%) and Alphabet Class A (GOOGL, 4.3%). Compared with Q3 2025, it opened 10 new positions, sold out of 11, added to 45 and reduced 167. The biggest buy was Apple (AAPL, shares +0%) and the biggest sale Oracle (ORCL, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- PASADENA, CA
- CIK
- 0001034642
- Portfolio Value
- $3.0B (Q4 2025)
- SEC Filing
- 0001034642-26-000001 ↗ filed Feb 11, 2026
Holdings Value
Holdings 323 stocks · $3.0B
| AAPL Apple Inc. | 6.11% | 677,751 | $184.3M | Add +0.0% |
| MSFT Microsoft Corp. | 4.86% | 303,092 | $146.6M | Reduce -1.6% |
| GOOGL Alphabet Inc. Class A | 4.27% | 411,316 | $128.7M | Reduce -4.4% |
| UPS United Parcel Service Class B | 3.19% | 970,588 | $96.3M | Reduce -0.6% |
| COST Costco Wholesale Corp. | 2.85% | 99,514 | $85.8M | Reduce -2.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.77% | 166,011 | $83.4M | Reduce -1.5% |
| ANET Arista Networks Inc. | 2.32% | 532,738 | $69.8M | Reduce -3.4% |
| JPM JPMorgan Chase & Co. | 1.94% | 180,992 | $58.3M | Reduce -2.2% |
| ACN Accenture PLC Class A | 1.64% | 184,559 | $49.5M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 1.62% | 155,613 | $48.8M | Reduce -1.8% |
| ORCL Oracle Corp. | 1.61% | 248,445 | $48.4M | Reduce -2.8% |
| CVX Chevron Corp. | 1.59% | 313,643 | $47.8M | Reduce -1.8% |
| LOW Lowe's Cos Inc. | 1.57% | 196,068 | $47.3M | Reduce -1.8% |
| AXP American Express Co. | 1.52% | 123,770 | $45.8M | Add +0.1% |
| JNJ Johnson & Johnson | 1.47% | 214,749 | $44.4M | Reduce -1.5% |
| WFC Wells Fargo & Co. | 1.41% | 454,640 | $42.4M | Reduce -1.8% |
| AMZN Amazon.com Inc. | 1.39% | 181,840 | $42.0M | Add +0.8% |
| RTX RTX Corp. | 1.37% | 224,868 | $41.2M | Reduce -0.4% |
| UNH Unitedhealth Group Inc. | 1.19% | 108,884 | $35.9M | Reduce -7.5% |
| XOM Exxon Mobil Corp. | 1.18% | 295,389 | $35.5M | Reduce -2.1% |
| JCI Johnson Controls Internation | 1.15% | 288,770 | $34.6M | Reduce -2.9% |
| ABBV Abbvie Inc. | 1.13% | 148,643 | $34.0M | Reduce -2.3% |
| CTVA Corteva Inc. | 1.11% | 498,309 | $33.4M | Reduce -3.8% |
| EMR Emerson Electric Co. | 1.11% | 251,548 | $33.4M | Reduce -1.9% |
| ALSN Allison Transmission Holding | 1.09% | 334,527 | $32.8M | Reduce -3.3% |
| MCK McKesson Corp. | 1.05% | 38,754 | $31.8M | Add +0.4% |
| FAST Fastenal Co. | 1.05% | 791,820 | $31.8M | Reduce -6.3% |
| TSCO Tractor Supply Company | 1.04% | 629,681 | $31.5M | Reduce -3.9% |
| GLD SPDR Gold Shares | 0.98% | 74,227 | $29.4M | Reduce -4.5% |
| INTU Intuit Inc. | 0.95% | 43,032 | $28.5M | Reduce -0.5% |
| CSCO Cisco Systems Inc. | 0.93% | 365,264 | $28.1M | Reduce -1.9% |
| QCOM Qualcomm Inc. | 0.93% | 164,040 | $28.1M | Reduce -1.7% |
| SYK Stryker Corp. | 0.92% | 79,208 | $27.8M | Reduce -1.4% |
| LH Labcorp Holdings Inc. | 0.87% | 104,353 | $26.2M | Reduce -1.8% |
| ABT Abbott Laboratories | 0.85% | 204,625 | $25.6M | Reduce -1.7% |
| BKNG Booking Holdings Inc. | 0.84% | 4,709 | $25.2M | Add +2.2% |
| MCD McDonald's Corp. | 0.80% | 78,495 | $24.0M | Reduce -0.5% |
| PH Parker Hannifin Corp. | 0.78% | 26,662 | $23.4M | No change |
| PEP Pepsico Inc. | 0.73% | 153,217 | $22.0M | Reduce -0.3% |
| META Meta Platforms Inc. Class A | 0.73% | 33,309 | $22.0M | Add +6.9% |
| CAT Caterpillar Inc. | 0.72% | 37,660 | $21.6M | Add +1.1% |
| EW Edwards Lifesciences Corp. | 0.71% | 251,555 | $21.4M | Reduce -0.7% |
| PG The Procter & Gamble Co. | 0.70% | 147,631 | $21.2M | Reduce -1.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.70% | 545,899 | $21.0M | Reduce -0.8% |
| SYY Sysco Corp. | 0.67% | 273,714 | $20.2M | Reduce -0.9% |
| A Agilent Technologies Inc. | 0.65% | 143,870 | $19.6M | No change |
| WMT Walmart Inc. | 0.56% | 152,547 | $17.0M | Reduce -0.8% |
| FERG Ferguson Enterprises Inc. | 0.56% | 75,352 | $16.8M | Add +0.6% |
| KEYS Keysight Technologies Inc. | 0.56% | 82,427 | $16.7M | No change |
| BMY Bristol-Myers Squibb Co. | 0.55% | 309,493 | $16.7M | Reduce -5.1% |
| ENTG Entegris Inc. | 0.55% | 197,307 | $16.6M | Add +0.3% |
| ALB Albemarle Corp. | 0.55% | 117,265 | $16.6M | Reduce -1.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.54% | 319,061 | $16.2M | Add +2.5% |
| PM Philip Morris International | 0.53% | 100,112 | $16.1M | Reduce -0.9% |
| INTC Intel Corp. | 0.53% | 434,115 | $16.0M | Reduce -5.9% |
| HPQ HP Inc. | 0.53% | 716,105 | $16.0M | Add +0.1% |
| MDLZ Mondelez International Inc. Class A | 0.53% | 294,333 | $15.8M | Add +0.3% |
| UNP Union Pacific Corp. | 0.51% | 66,604 | $15.4M | Add +0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.51% | 134,326 | $15.3M | Reduce -1.6% |
| LMBS First Trust Low Duration Opp | 0.50% | 303,153 | $15.2M | Reduce -7.2% |
| HPE Hewlett Packard Enterprise | 0.48% | 603,758 | $14.5M | No change |
| EBAY eBay Inc. | 0.47% | 163,675 | $14.3M | Reduce -4.1% |
| CPAY Corpay Inc. | 0.45% | 45,554 | $13.7M | Add +43.2% |
| SBUX Starbucks Corp. | 0.45% | 161,724 | $13.6M | Reduce -3.3% |
| HD Home Depot Inc. | 0.44% | 38,635 | $13.3M | Reduce -3.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.44% | 19,413 | $13.2M | Add +6.7% |
| NVDA Nvidia Corp. | 0.43% | 69,503 | $13.0M | Add +1.5% |
| GS Goldman Sachs Group Inc. | 0.43% | 14,693 | $12.9M | Add +5.2% |
| AMGN Amgen Inc. | 0.41% | 38,202 | $12.5M | Reduce -0.5% |
| PFE Pfizer Inc. | 0.40% | 485,550 | $12.1M | Reduce -3.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.40% | 16 | $12.1M | Reduce -5.9% |
| EXPD Expeditors Intl Wash Inc. | 0.39% | 79,832 | $11.9M | Reduce -0.5% |
| ADP Automatic Data Processing | 0.39% | 46,123 | $11.9M | Reduce -0.3% |
| KMX Carmax Inc. | 0.39% | 300,598 | $11.6M | Add +30.1% |
| CL Colgate-Palmolive Co. | 0.37% | 140,932 | $11.1M | Reduce -2.7% |
| NKE Nike Inc. Class B | 0.37% | 174,022 | $11.1M | Reduce -6.5% |
| NOC Northrop Grumman Corp. | 0.37% | 19,302 | $11.0M | Reduce -0.1% |
| VOO Vanguard S&P 500 ETF | 0.36% | 17,444 | $10.9M | Add +4.1% |
| IJR iShares Core S&P Small-Cap E | 0.35% | 87,988 | $10.6M | Reduce -1.8% |
| HON Honeywell International Inc. | 0.34% | 52,080 | $10.2M | Reduce 0.0% |
| NVS Novartis AG-Sponsored ADR | 0.34% | 73,549 | $10.1M | Reduce -2.7% |
| PYPL PayPal Holdings Inc. | 0.33% | 169,919 | $9.9M | Add +0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.33% | 33,194 | $9.8M | Reduce -0.7% |
| XLK SS Technology Select Sector | 0.32% | 66,254 | $9.5M | Reduce -1.4% |
| CMI Cummins Inc. | 0.31% | 18,443 | $9.4M | No change |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.31% | 139,418 | $9.4M | Reduce -22.4% |
| AVGO Broadcom Inc. | 0.30% | 26,191 | $9.1M | Reduce -1.1% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 28,607 | $8.8M | Reduce -1.1% |
| BA The Boeing Co. | 0.29% | 39,855 | $8.7M | Reduce -1.9% |
| ZTS Zoetis Inc. | 0.29% | 68,688 | $8.6M | Add +190.5% |
| AON Aon PLC Class A | 0.28% | 24,291 | $8.6M | Add +1.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.28% | 72,385 | $8.4M | Reduce -3.9% |
| DD Dupont DE Nemours Inc. | 0.28% | 208,543 | $8.4M | Reduce -0.8% |
| COP Conocophillips | 0.28% | 89,317 | $8.4M | Reduce -2.8% |
| Q Qnity Electronics Inc. | 0.27% | 101,144 | $8.3M | Reduce -3.8% |
| KO The Coca-Cola Co. | 0.27% | 117,778 | $8.2M | Add +2.3% |
| MRK Merck & Co. Inc. | 0.26% | 75,720 | $8.0M | Reduce -1.2% |
| ITW Illinois Tool Works | 0.26% | 31,667 | $7.8M | Reduce -0.9% |
| ALLE Allegion PLC | 0.25% | 47,309 | $7.5M | No change |
| J Jacobs Solutions Inc. | 0.24% | 53,794 | $7.1M | Reduce -0.7% |
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Reduce -2.8% | 1.61% | −0.79 |
| MSFT Microsoft Corp. | Reduce -1.6% | 4.86% | −0.44 |
| ANET Arista Networks Inc. | Reduce -3.4% | 2.32% | −0.36 |
| FAST Fastenal Co. | Reduce -6.3% | 1.05% | −0.33 |
| COST Costco Wholesale Corp. | Reduce -2.1% | 2.85% | −0.28 |
| DD Dupont DE Nemours Inc. | Reduce -0.8% | 0.28% | −0.27 |
| TSCO Tractor Supply Company | Reduce -3.9% | 1.04% | −0.20 |
| UNH Unitedhealth Group Inc. | Reduce -7.5% | 1.19% | −0.16 |
| LH Labcorp Holdings Inc. | Reduce -1.8% | 0.87% | −0.15 |
| LOW Lowe's Cos Inc. | Reduce -1.8% | 1.57% | −0.10 |
| CATH Global X S&P 500 Ca Val ETF | Reduce -51.5% | 0.10% | −0.10 |
| HD Home Depot Inc. | Reduce -3.4% | 0.44% | −0.10 |
| SYY Sysco Corp. | Reduce -0.9% | 0.67% | −0.09 |
| ABT Abbott Laboratories | Reduce -1.7% | 0.85% | −0.08 |
| SYK Stryker Corp. | Reduce -1.4% | 0.92% | −0.06 |
| CVX Chevron Corp. | Reduce -1.8% | 1.59% | −0.06 |
| NKE Nike Inc. Class B | Reduce -6.5% | 0.37% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 0.70% | −0.06 |
| ADP Automatic Data Processing | Reduce -0.3% | 0.39% | −0.06 |
| CTVA Corteva Inc. | Reduce -3.8% | 1.11% | −0.06 |
| IFF Intl Flavors & Fragrances | Reduce -22.4% | 0.31% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.5% | 2.77% | −0.05 |
| ABBV Abbvie Inc. | Reduce -2.3% | 1.13% | −0.05 |
| EBAY eBay Inc. | Reduce -4.1% | 0.47% | −0.04 |
| LMBS First Trust Low Duration Opp | Reduce -7.2% | 0.50% | −0.04 |
| INTU Intuit Inc. | Reduce -0.5% | 0.95% | −0.04 |
| TPR Tapestry Inc. | Reduce -29.2% | 0.13% | −0.03 |
| J Jacobs Solutions Inc. | Reduce -0.7% | 0.24% | −0.03 |
| PSA Public Storage | Reduce -1.5% | 0.22% | −0.03 |
| WBD Warner Bros Discovery Inc. | Reduce -77.5% | 0.01% | −0.03 |
| HON Honeywell International Inc. | Reduce 0.0% | 0.34% | −0.03 |
| OXY Occidental Petroleum Corp. | Reduce -5.7% | 0.12% | −0.03 |
| NOC Northrop Grumman Corp. | Reduce -0.1% | 0.37% | −0.03 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -5.9% | 0.40% | −0.03 |
| PFE Pfizer Inc. | Reduce -3.4% | 0.40% | −0.03 |
| CARR Carrier Global Corp. | Reduce -2.0% | 0.15% | −0.02 |
| IAU iShares Gold Trust | Sold out | 0.00% | −0.02 |
| DFUS Dimensional US Eq MKT ETF | Reduce -69.6% | 0.01% | −0.02 |
| T AT&T Inc. | Reduce -0.6% | 0.15% | −0.02 |
| MO Altria Group Inc. | Reduce -0.5% | 0.14% | −0.02 |
| SBUX Starbucks Corp. | Reduce -3.3% | 0.45% | −0.02 |
| K Kellanova | Sold out | 0.00% | −0.02 |
| ITW Illinois Tool Works | Reduce -0.9% | 0.26% | −0.02 |
| CAG Conagra Brands Inc. | Reduce -28.0% | 0.04% | −0.02 |
| ETN Eaton Corp. PLC | Reduce -1.2% | 0.08% | −0.02 |
| CL Colgate-Palmolive Co. | Reduce -2.7% | 0.37% | −0.02 |
| TT Trane Technologies PLC | Reduce -2.2% | 0.14% | −0.02 |
| BRBR Bellring Brands Inc. | Reduce -9.4% | 0.03% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -0.3% | 0.18% | −0.02 |
| CLX Clorox Company | Reduce -12.1% | 0.04% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| AAPL Apple Inc. | Add +0.0% | 6.11% | +0.37 |
| ZTS Zoetis Inc. | Add +190.5% | 0.29% | +0.17 |
| AXP American Express Co. | Add +0.1% | 1.52% | +0.15 |
| CPAY Corpay Inc. | Add +43.2% | 0.45% | +0.15 |
| CAT Caterpillar Inc. | Add +1.1% | 0.72% | +0.12 |
| AOA iShares Core 80/20 Aggressiv | New | 0.08% | +0.08 |
| AOR iShares Core 60/40 Balanced | New | 0.08% | +0.08 |
| AMZN Amazon.com Inc. | Add +0.8% | 1.39% | +0.07 |
| MCK McKesson Corp. | Add +0.4% | 1.05% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +5.2% | 0.43% | +0.06 |
| KMX Carmax Inc. | Add +30.1% | 0.39% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +6.7% | 0.44% | +0.04 |
| SLV iShares Silver Trust | Add +5.6% | 0.08% | +0.03 |
| TSLA Tesla Inc. | Add +18.6% | 0.18% | +0.03 |
| VOO Vanguard S&P 500 ETF | Add +4.1% | 0.36% | +0.02 |
| GDX Vaneck Gold Miners ETF | Add +14.0% | 0.10% | +0.02 |
| KO The Coca-Cola Co. | Add +2.3% | 0.27% | +0.02 |
| AMD Advanced Micro Devices | Add +3.3% | 0.05% | +0.01 |
| SIL Global X Silver Miners ETF | Add +13.1% | 0.05% | +0.01 |
| MU Micron Technology Inc. | New | 0.01% | +0.01 |
| GEV GE Vernova Inc. | Add +2.3% | 0.13% | +0.01 |
| GM General Motors Co. | New | 0.01% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +8.6% | 0.08% | +0.01 |
| BKNG Booking Holdings Inc. | Add +2.2% | 0.84% | +0.01 |
| TJX TJX Companies Inc. | Add +0.0% | 0.15% | +0.01 |
| CAH Cardinal Health Inc. | New | 0.01% | +0.01 |
| FCX Freeport-McMoran Inc. | New | 0.01% | +0.01 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.01% | +0.01 |
| PSLV Sprott Physical Silver Trust | New | 0.01% | +0.01 |
| BIV Vanguard Intermediate-Term B | New | 0.01% | +0.01 |
| ROST Ross Stores Inc. | New | 0.01% | +0.01 |
| LUV Southwest Airlines Co. | Add +4.4% | 0.02% | +0.01 |
| NVDA Nvidia Corp. | Add +1.5% | 0.43% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.2% | 0.05% | +0.00 |
| DE Deere & Co. | Add +0.3% | 0.09% | +0.00 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.8% | 0.05% | +0.00 |
| ASML ASML Holding NV-NY Reg SHS | Add +3.1% | 0.01% | +0.00 |
| AON Aon PLC Class A | Add +1.6% | 0.28% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +0.7% | 0.02% | +0.00 |
| SCHF Schwab Intl Equity ETF | Add +1.6% | 0.01% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +4.1% | 0.01% | +0.00 |
| SCHM Schwab US Mid Cap ETF | Add +0.1% | 0.01% | +0.00 |
| SOLS Solstice Adv Materials Inc. | Add +0.6% | 0.02% | +0.00 |
| PAYX Paychex Inc. | Add +8.6% | 0.03% | −0.00 |
| FERG Ferguson Enterprises Inc. | Add +0.6% | 0.56% | −0.00 |
| NFLX Netflix Inc. | Add +12.1% | 0.02% | −0.00 |
| IBIT iShares Bitcoin Trust ETF | Add +10.4% | 0.03% | −0.01 |
| UNP Union Pacific Corp. | Add +0.2% | 0.51% | −0.01 |
| GNRC Generac Holdings Inc. | Add +3.2% | 0.07% | −0.01 |
| META Meta Platforms Inc. Class A | Add +6.9% | 0.73% | −0.03 |
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 |