Ironwood Investment Counsel, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Ironwood Investment Counsel, LLC reported 262 stock positions worth $685.9 million. Its top holding was Microsoft (MSFT) at 6.5% of the portfolio, followed by Schwab Fndmntl US SM Co. ETF (FNDA, 4.7%) and Apple (AAPL, 4.6%). Compared with Q2 2025, it opened 17 new positions, sold out of 11, added to 78 and reduced 131. The biggest buy was a new position in Alphabet Class A (GOOGL) and the biggest sale S&P Global (SPGI, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- SCOTTSDALE, AZ
- CIK
- 0001330463
- Portfolio Value
- $685.9M (Q3 2025)
- SEC Filing
- 0001330463-25-000007 ↗ filed Nov 5, 2025
Holdings Value
Holdings 262 stocks · $685.9M
| MSFT Microsoft Corp. | 6.47% | 85,697 | $44.4M | Reduce -5.2% |
| FNDA Schwab Fndmntl US SM Co. ETF | 4.70% | 1,034,807 | $32.2M | Reduce -12.3% |
| AAPL Apple Inc. | 4.62% | 124,413 | $31.7M | Reduce -3.5% |
| GOOGL Alphabet Inc. Class A | 2.66% | 75,053 | $18.2M | New |
| AMZN Amazon.com Inc. | 2.28% | 71,096 | $15.6M | New |
| AXP American Express Co. | 1.87% | 38,571 | $12.8M | Reduce -1.0% |
| BERKSHIRE HATHAWAY INC | 1.86% | 25,340 | $12.7M | Add +1.7% |
| SCHW Schwab (charles) Corp. | 1.84% | 132,033 | $12.6M | Add +0.4% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 1.83% | 476,933 | $12.5M | Add +5.2% |
| JPST JPMorgan Ultra-Short Income | 1.79% | 241,476 | $12.3M | Add +445.4% |
| JNJ Johnson & Johnson | 1.75% | 64,672 | $12.0M | Add +1.7% |
| MA Mastercard Inc. Class A | 1.55% | 18,670 | $10.6M | Reduce -48.8% |
| SYY Sysco Corp. | 1.39% | 115,505 | $9.5M | Add +0.7% |
| IVV iShares Core S&P 500 ETF | 1.38% | 14,182 | $9.5M | Add +0.3% |
| KLAC KLA Corp. | 1.37% | 8,713 | $9.4M | Reduce -22.0% |
| JPM JPMorgan Chase & Co. | 1.35% | 29,401 | $9.3M | Reduce -2.0% |
| LMT Lockheed Martin Corp. | 1.22% | 16,765 | $8.4M | Add +3.0% |
| CMI Cummins Inc. | 1.22% | 19,757 | $8.3M | Reduce -18.3% |
| AVGO Broadcom Inc. | 1.21% | 25,101 | $8.3M | Reduce -8.3% |
| QCOM Qualcomm Inc. | 1.20% | 49,576 | $8.2M | Add +3.8% |
| MDT Medtronic Inc | 1.15% | 82,499 | $7.9M | Add +2.5% |
| ACN Accenture PLC Class A | 1.11% | 30,811 | $7.6M | Add +9.8% |
| USB US Bancorp | 1.06% | 151,003 | $7.3M | Reduce -0.5% |
| FISV Fiserv Inc. | 1.04% | 55,094 | $7.1M | Add +21.9% |
| HD Home Depot Inc. | 1.02% | 17,246 | $7.0M | Reduce -5.3% |
| META Meta Platforms Inc. Class A | 1.01% | 9,423 | $6.9M | Reduce -38.5% |
| LH Laboratory CRP of Amer Hldgs filed as LABCORP HLDGS INC | 0.99% | 23,658 | $6.8M | Add +3.4% |
| NVDA Nvidia Corp. | 0.98% | 35,892 | $6.7M | Reduce -2.7% |
| LOW Lowe's Cos Inc. | 0.97% | 26,513 | $6.7M | Add +3.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.97% | 23,587 | $6.7M | Reduce -7.1% |
| ADBE Adobe Inc. | 0.96% | 18,606 | $6.6M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.94% | 56,403 | $6.5M | Reduce -0.0% |
| PEP Pepsico Inc. | 0.91% | 44,356 | $6.2M | Add +3.4% |
| WDAY Workday Inc. Class A | 0.89% | 25,269 | $6.1M | Add +16.9% |
| TER Teradyne Inc. | 0.86% | 42,697 | $5.9M | Add +7.6% |
| TSLA Tesla Inc. | 0.78% | 12,058 | $5.4M | Add +11.3% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.77% | 104,135 | $5.3M | Add +245.3% |
| CTVA Corteva Inc. | 0.77% | 77,599 | $5.2M | Add +3.7% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.76% | 87,058 | $5.2M | Add +3.0% |
| CMCSA Comcast Corp. Class A | 0.74% | 161,974 | $5.1M | Add +3.4% |
| MCK McKesson Corp. | 0.74% | 6,575 | $5.1M | Reduce -43.4% |
| UPS United Parcel Service Class B | 0.71% | 58,604 | $4.9M | Add +5.8% |
| OGE Oge Energy Corp. | 0.68% | 100,289 | $4.6M | No change |
| MRK Merck & Co Inc | 0.67% | 54,867 | $4.6M | Reduce -16.8% |
| AMGN Amgen Inc. | 0.66% | 15,934 | $4.5M | Add +15.2% |
| FPE FT-Preferred Secur & Inc. ETF | 0.63% | 236,910 | $4.3M | Add +24.1% |
| PG The Procter & Gamble Co. | 0.62% | 27,839 | $4.3M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 0.61% | 17,234 | $4.2M | New |
| DG Dollar General Corp. | 0.60% | 39,727 | $4.1M | Add +2.7% |
| HSY The Hershey Co. | 0.60% | 21,900 | $4.1M | Add +0.6% |
| VOO Vanguard S&P 500 ETF | 0.60% | 6,678 | $4.1M | Reduce -31.5% |
| COST Costco Wholesale Corp. | 0.58% | 4,297 | $4.0M | Reduce -2.0% |
| CAH Cardinal Health Inc. | 0.58% | 25,218 | $4.0M | Reduce -20.4% |
| IWD iShares Russell 1000 Value E | 0.55% | 18,542 | $3.8M | Add +38.9% |
| XOM Exxon Mobil Corp. | 0.54% | 32,898 | $3.7M | Reduce -71.8% |
| HYD Vaneck High Yield Muni ETF | 0.52% | 70,255 | $3.6M | Reduce -17.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.52% | 5,312 | $3.5M | Reduce -6.1% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.52% | 13,909 | $3.5M | Reduce -1.8% |
| WMT Walmart Inc. | 0.50% | 33,586 | $3.5M | Reduce -2.3% |
| CSCO Cisco Systems Inc. | 0.45% | 45,016 | $3.1M | Reduce -6.5% |
| EFV iShares MSCI Eafe Value ETF | 0.43% | 40,825 | $3.0M | Reduce -4.0% |
| T AT&T Inc. | 0.42% | 101,055 | $2.9M | Reduce -15.4% |
| MCD McDonald's Corp. | 0.41% | 9,209 | $2.8M | Reduce -6.1% |
| V Visa Inc. Class A | 0.40% | 8,007 | $2.7M | Reduce -0.2% |
| MS Morgan Stanley | 0.40% | 17,171 | $2.7M | Reduce -0.1% |
| VZ Verizon Communications Inc. | 0.39% | 61,259 | $2.7M | Reduce -3.8% |
| ABBV Abbvie Inc. | 0.39% | 11,498 | $2.7M | Reduce -3.9% |
| DOX Amdocs Ltd. | 0.39% | 32,186 | $2.6M | New |
| LLY Eli Lilly & Co. | 0.38% | 3,457 | $2.6M | Reduce -2.4% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.38% | 52,987 | $2.6M | Add +153.5% |
| ELV Elevance Health Inc. | 0.37% | 7,891 | $2.6M | New |
| CCI Crown Castle Inc. | 0.37% | 26,356 | $2.5M | Add +9.6% |
| CVX Chevron Corp. | 0.36% | 16,008 | $2.5M | Reduce -1.5% |
| BRO Brown & Brown Inc. | 0.36% | 26,463 | $2.5M | Reduce -2.2% |
| VEA Vanguard Ftse Developed ETF | 0.36% | 41,266 | $2.5M | Reduce -18.6% |
| VCIT Vanguard Int-Term Corporate | 0.35% | 28,840 | $2.4M | Reduce -2.3% |
| GLW Corning Inc. | 0.34% | 28,175 | $2.3M | Reduce -31.3% |
| OMC Omnicom Group | 0.33% | 27,343 | $2.2M | Reduce -1.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.32% | 3,675 | $2.2M | Add +43.7% |
| PAYX Paychex Inc. | 0.30% | 16,101 | $2.0M | Add +0.9% |
| MDLZ Mondelez International Inc. Class A | 0.29% | 31,526 | $2.0M | Add +1.4% |
| SCHD Schwab US DVD Equity ETF | 0.28% | 69,659 | $1.9M | Add +88.1% |
| HUBB Hubbell Inc. | 0.27% | 4,343 | $1.9M | No change |
| ADP Automatic Data Processing | 0.27% | 6,269 | $1.8M | Reduce -0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 11,900 | $1.7M | Add +0.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.25% | 5,851 | $1.7M | Reduce -6.6% |
| APD Air Products & Chemicals Inc. | 0.25% | 6,192 | $1.7M | New |
| Abbott Laboratories | 0.25% | 12,596 | $1.7M | Reduce -14.4% |
| EFG iShares MSCI Eafe Growth ETF | 0.24% | 14,629 | $1.7M | Reduce -0.2% |
| VIG Vanguard Dividend Apprec ETF | 0.24% | 7,601 | $1.6M | Add +0.2% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.24% | 20,161 | $1.6M | Add +0.6% |
| INTU Intuit Inc. | 0.24% | 2,392 | $1.6M | Reduce -0.1% |
| AGG iShares Core U.S. Aggregate | 0.24% | 16,250 | $1.6M | Reduce -12.6% |
| WM Waste Management Inc. | 0.24% | 7,363 | $1.6M | Reduce -0.3% |
| BLK BlackRock Finance Inc. | 0.24% | 1,394 | $1.6M | Reduce -0.7% |
| EMR Emerson Electric Co. | 0.23% | 11,906 | $1.6M | Reduce -1.6% |
| ETN Eaton Corp. PLC | 0.23% | 4,164 | $1.6M | Add +0.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.22% | 18,955 | $1.5M | Reduce -0.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 2 | $1.5M | No change |
| MCO Moody's Corp. | 0.22% | 3,108 | $1.5M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SPGI S&P Global Inc. | Reduce -97.1% | 0.15% | −2.47 |
| XOM Exxon Mobil Corp. | Reduce -71.8% | 0.54% | −2.27 |
| T AT&T Inc. | Reduce -15.4% | 0.42% | −1.06 |
| META Meta Platforms Inc. Class A | Reduce -38.5% | 1.01% | −0.74 |
| MA Mastercard Inc. Class A | Reduce -48.8% | 1.55% | −0.55 |
| FNDA Schwab Fndmntl US SM Co. ETF | Reduce -12.3% | 4.70% | −0.52 |
| MSFT Microsoft Corp. | Reduce -5.2% | 6.47% | −0.47 |
| CAH Cardinal Health Inc. | Reduce -20.4% | 0.58% | −0.24 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -63.5% | 0.07% | −0.24 |
| IBM Intl Business Machines Corp. | Reduce -7.1% | 0.97% | −0.19 |
| KLAC KLA Corp. | Reduce -22.0% | 1.37% | −0.18 |
| WTW Willis Towers Watson PLC | Reduce -84.0% | 0.11% | −0.16 |
| HYD Vaneck High Yield Muni ETF | Reduce -17.6% | 0.52% | −0.14 |
| DIS The Walt Disney Co. | Reduce -0.0% | 0.94% | −0.14 |
| MRK Merck & Co Inc | Reduce -16.8% | 0.67% | −0.13 |
| VOO Vanguard S&P 500 ETF | Reduce -31.5% | 0.60% | −0.13 |
| BRO Brown & Brown Inc. | Reduce -2.2% | 0.36% | −0.10 |
| CSCO Cisco Systems Inc. | Reduce -6.5% | 0.45% | −0.10 |
| COF Capital One Financial Corp. | Reduce -50.0% | 0.13% | −0.10 |
| SBUX Starbucks Corp. | Reduce -21.6% | 0.20% | −0.09 |
| COST Costco Wholesale Corp. | Reduce -2.0% | 0.58% | −0.09 |
| VEA Vanguard Ftse Developed ETF | Reduce -18.6% | 0.36% | −0.09 |
| MCK McKesson Corp. | Reduce -43.4% | 0.74% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -0.8% | 0.62% | −0.07 |
| Abbott Laboratories | Reduce -14.4% | 0.25% | −0.06 |
| FXE Invesco Currencyshares Euro | Sold out | 0.00% | −0.06 |
| ISRG Intuitive Surgical Inc. | Reduce -2.0% | 0.17% | −0.05 |
| INTU Intuit Inc. | Reduce -0.1% | 0.24% | −0.05 |
| TGT Target Corp. | Sold out | 0.00% | −0.05 |
| AXP American Express Co. | Reduce -1.0% | 1.87% | −0.05 |
| KO The Coca-Cola Co. | Reduce -8.9% | 0.21% | −0.05 |
| AGG iShares Core U.S. Aggregate | Reduce -12.6% | 0.24% | −0.05 |
| CRM Salesforce Inc. | Reduce -3.2% | 0.17% | −0.04 |
| LLY Eli Lilly & Co. | Reduce -2.4% | 0.38% | −0.04 |
| V Visa Inc. Class A | Reduce -0.2% | 0.40% | −0.04 |
| WMB Williams Cos Inc. | Reduce -34.7% | 0.06% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -6.8% | 0.16% | −0.04 |
| OKE Oneok Inc. | Reduce -33.4% | 0.04% | −0.03 |
| MCD McDonald's Corp. | Reduce -6.1% | 0.41% | −0.03 |
| MKL Markel Group Inc. | Sold out | 0.00% | −0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -3.8% | 0.39% | −0.03 |
| VGIT Vanguard Intermediate-Term T | Sold out | 0.00% | −0.03 |
| ADP Automatic Data Processing | Reduce -0.6% | 0.27% | −0.03 |
| MBB iShares MBS ETF | Sold out | 0.00% | −0.03 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.03 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.03 |
| COR Cencora Inc. | Sold out | 0.00% | −0.03 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.03 |
| HON Honeywell International Inc. | Reduce -0.3% | 0.17% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | New | 2.66% | +2.66 |
| AMZN Amazon.com Inc. | New | 2.28% | +2.28 |
| JPST JPMorgan Ultra-Short Income | Add +445.4% | 1.79% | +1.44 |
| ADBE Adobe Inc. | New | 0.96% | +0.96 |
| GOOG Alphabet Inc. Class C | New | 0.61% | +0.61 |
| JMST JPM Ultra-Short Muni Income | Add +245.3% | 0.77% | +0.54 |
| DOX Amdocs Ltd. | New | 0.39% | +0.39 |
| ELV Elevance Health Inc. | New | 0.37% | +0.37 |
| TER Teradyne Inc. | Add +7.6% | 0.86% | +0.31 |
| TSLA Tesla Inc. | Add +11.3% | 0.78% | +0.25 |
| JNJ Johnson & Johnson | Add +1.7% | 1.75% | +0.25 |
| APD Air Products & Chemicals Inc. | New | 0.25% | +0.25 |
| IWD iShares Russell 1000 Value E | Add +38.9% | 0.55% | +0.15 |
| TTD Trade Desk Inc./the Class A | Add +153.5% | 0.38% | +0.15 |
| SCHD Schwab US DVD Equity ETF | Add +88.1% | 0.28% | +0.13 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +5.2% | 1.83% | +0.11 |
| FPE FT-Preferred Secur & Inc. ETF | Add +24.1% | 0.63% | +0.10 |
| QQQ Invesco QQQ Trust Series 1 | Add +43.7% | 0.32% | +0.10 |
| AMD Advanced Micro Devices | New | 0.10% | +0.10 |
| PNW Pinnacle West Capital | Add +107.2% | 0.20% | +0.10 |
| LOW Lowe's Cos Inc. | Add +3.5% | 0.97% | +0.09 |
| WDAY Workday Inc. Class A | Add +16.9% | 0.89% | +0.09 |
| XLC SS Comm Select Sector SPDR | Add +71.1% | 0.16% | +0.07 |
| LH Laboratory CRP of Amer Hldgs | Add +3.4% | 0.99% | +0.06 |
| MDT Medtronic Inc | Add +2.5% | 1.15% | +0.06 |
| AMGN Amgen Inc. | Add +15.2% | 0.66% | +0.06 |
| LMT Lockheed Martin Corp. | Add +3.0% | 1.22% | +0.06 |
| ALL Allstate Corp. | New | 0.05% | +0.05 |
| SYY Sysco Corp. | Add +0.7% | 1.39% | +0.04 |
| IWS iShares Russell Mid-Cap Valu | Add +74.3% | 0.10% | +0.04 |
| HSY The Hershey Co. | Add +0.6% | 0.60% | +0.04 |
| XBI SS SPDR S&P Biotech ETF | New | 0.04% | +0.04 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.03% | +0.03 |
| PEP Pepsico Inc. | Add +3.4% | 0.91% | +0.03 |
| BMO Bank of Montreal | New | 0.03% | +0.03 |
| HASI Ha Sustainable Infrastructur | New | 0.03% | +0.03 |
| AZO AutoZone Inc. | New | 0.03% | +0.03 |
| KBWB Invesco KBW Bank ETF | New | 0.03% | +0.03 |
| IJT iShares S&P Small-Cap 600 GR | New | 0.03% | +0.03 |
| AFG American Financial Group Inc. | New | 0.03% | +0.03 |
| LRCX Lam Research Corp. | Add +2.6% | 0.11% | +0.03 |
| QCOM Qualcomm Inc. | Add +3.8% | 1.20% | +0.03 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 1.38% | +0.03 |
| EFA iShares MSCI Eafe ETF | Add +18.0% | 0.19% | +0.03 |
| TJX TJX Companies Inc. | Add +0.1% | 0.25% | +0.02 |
| ES Eversource Energy | Add +7.0% | 0.20% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.7% | 0.15% | +0.02 |
| INTC Intel Corp. | Add +4.6% | 0.07% | +0.02 |
| PSLV Sprott Physical Silver Trust | Add +0.9% | 0.10% | +0.02 |
| RTX RTX Corp. | Add +3.0% | 0.12% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 267 | $762.2M | AAPL, FNDA, MSFT, GOOGL, AKRE |
| Q1 2026 | 263 | $694.2M | AAPL, FNDA, MSFT, GOOGL, AKRE |
| Q4 2025 | 266 | $716.1M | MSFT, AAPL, FNDA, AKRE, GOOGL |
| Q3 2025 | 262 | $685.9M | MSFT, FNDA, AAPL, GOOGL, AMZN |
| Q2 2025 | 256 | $647.2M | MSFT, FNDA, AAPL, XOM, SPGI |
| Q1 2025 | 240 | $578.9M | MSFT, FNDA, AAPL, BERKSHIRE HATHAWAY INC, AMZN |
| Q4 2024 | 246 | $584.4M | MSFT, AAPL, FNDA, GOOGL, AMZN |
| Q3 2024 | 256 | $600.6M | MSFT, AAPL, FNDA, GOOGL, AMZN |
| Q2 2024 | 257 | $559.9M | MSFT, AAPL, FNDA, GOOGL, AMZN |
| Q1 2024 | 257 | $573.3M | MSFT, AAPL, FNDA, AMZN, GOOGL |