Johnson Investment Counsel Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 21, 2025), Johnson Investment Counsel Inc. reported 796 stock positions worth $10.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 7.2% of the portfolio, followed by Apple (AAPL, 4.1%) and iShares Russell 1000 ETF (IWB, 4.0%). Compared with Q4 2024, it opened 57 new positions, sold out of 49, added to 298 and reduced 326. The biggest buy was a new position in AB Internal Low Volat Eq ETF (ILOW) and the biggest sale Alphabet Class A (GOOGL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Cincinnati, OH
- CIK
- 0000821197
- Portfolio Value
- $10.4B (Q1 2025)
- SEC Filing
- 0001667731-25-000456 ↗ filed Apr 21, 2025
Holdings Value
Holdings 796 stocks · $10.4B
| IVV iShares Core S&P 500 ETF | 7.16% | 1,319,410 | $741.4M | Add +0.3% |
| AAPL Apple Inc. | 4.06% | 1,893,018 | $420.5M | Add +1.1% |
| IWB iShares Russell 1000 ETF | 4.03% | 1,360,302 | $417.3M | Add +2.3% |
| PG The Procter & Gamble Co. | 3.85% | 2,339,447 | $398.7M | Add +1.1% |
| MSFT Microsoft Corp. | 2.90% | 801,439 | $300.9M | Add +3.6% |
| IWR iShares Russell Mid-Cap ETF | 2.12% | 2,585,438 | $219.9M | Add +2.6% |
| CINF Cincinnati Financial Corp. | 1.98% | 1,388,176 | $205.1M | Add +4.2% |
| GOOGL Alphabet Inc. Class A | 1.84% | 1,232,498 | $190.6M | Reduce -0.9% |
| WMB Williams Cos Inc. | 1.80% | 3,116,861 | $186.3M | Reduce -3.0% |
| AMZN Amazon.com Inc. | 1.61% | 873,878 | $166.3M | Add +3.7% |
| MA Mastercard Inc. Class A | 1.48% | 280,340 | $153.7M | Reduce -3.4% |
| NDAQ Nasdaq Inc. | 1.37% | 1,873,820 | $142.1M | Reduce -3.2% |
| CVX Chevron Corp. | 1.31% | 809,506 | $135.4M | Add +2.1% |
| ILOW AB Internal Low Volat Eq ETF filed as AB ACTIVE ETFS INC | 1.28% | 3,590,667 | $132.6M | New |
| ABT Abbott Laboratories | 1.28% | 999,886 | $132.6M | Reduce -1.0% |
| VEU Vanguard Ftse All-World Ex-U | 1.28% | 2,181,104 | $132.3M | Add +8.4% |
| DHR Danaher Corp. | 1.28% | 644,548 | $132.1M | Add +7.8% |
| V Visa Inc. Class A | 1.23% | 364,624 | $127.8M | Reduce -5.8% |
| WM Waste Management Inc. | 1.22% | 543,610 | $125.9M | Reduce -0.3% |
| AEP American Electric Power | 1.20% | 1,134,038 | $123.9M | Add +2.2% |
| AXS Axis Capital Holdings Ltd. | 1.19% | 1,234,506 | $123.7M | Reduce -5.9% |
| LNT Alliant Energy Corp. | 1.16% | 1,872,409 | $120.5M | Add +3.1% |
| ACN Accenture PLC Class A | 1.16% | 383,436 | $119.6M | Add +0.5% |
| UNH Unitedhealth Group Inc. | 1.14% | 226,084 | $118.4M | Reduce -11.6% |
| USMV iShares MSCI USA Min Vol Fac | 1.11% | 1,224,229 | $114.7M | Add +3.6% |
| COR Cencora Inc. | 1.09% | 406,039 | $112.9M | Reduce -1.8% |
| MRSH Marsh & McLennan Cos | 1.09% | 461,278 | $112.6M | Add +0.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.06% | 905,342 | $110.3M | Reduce -0.5% |
| SCHX Schwab US Large-Cap ETF | 1.03% | 4,841,305 | $106.9M | Add +2.7% |
| KO The Coca-Cola Co. | 1.03% | 1,487,846 | $106.6M | Add +2.0% |
| MCD McDonald's Corp. | 0.97% | 321,535 | $100.4M | Add +1.3% |
| WTW Willis Towers Watson PLC | 0.92% | 283,248 | $95.7M | Add +0.3% |
| ROP Roper Technologies Inc. | 0.88% | 154,858 | $91.3M | Add +0.3% |
| NVT Nvent Electric PLC | 0.86% | 1,704,025 | $89.3M | Add +8.1% |
| HON Honeywell International Inc. | 0.85% | 413,480 | $87.6M | Add +4.5% |
| ADI Analog Devices Inc. | 0.83% | 424,367 | $85.6M | Reduce -0.6% |
| QUAL iShares MSCI USA Quality Fac | 0.81% | 491,753 | $84.0M | Add +3.0% |
| COST Costco Wholesale Corp. | 0.78% | 85,581 | $80.9M | Reduce -0.1% |
| ZTS Zoetis Inc. | 0.78% | 491,188 | $80.9M | Reduce -5.2% |
| ITW Illinois Tool Works | 0.76% | 318,204 | $78.9M | Add +11.3% |
| PEP Pepsico Inc. | 0.75% | 518,317 | $77.7M | Add +4.7% |
| APH Amphenol Corp. Class A | 0.74% | 1,167,496 | $76.6M | Reduce -2.8% |
| AFG American Financial Group Inc. | 0.72% | 567,682 | $74.6M | Reduce -0.5% |
| VEA Vanguard Ftse Developed ETF | 0.70% | 1,434,920 | $72.9M | Add +3.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.70% | 130,115 | $72.8M | Reduce -2.0% |
| SYK Stryker Corp. | 0.70% | 195,259 | $72.7M | Add +10.3% |
| LOW Lowe's Cos Inc. | 0.67% | 297,982 | $69.5M | Add +1.4% |
| EG Everest Group Ltd. | 0.67% | 190,646 | $69.3M | Add +2.3% |
| WMT Walmart Inc. | 0.66% | 784,093 | $68.8M | Reduce -2.9% |
| NDSN Nordson Corp. | 0.64% | 331,047 | $66.8M | Add +7.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.61% | 381,322 | $63.3M | Add +3.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.60% | 93,831 | $62.2M | Add +13.5% |
| ADBE Adobe Inc. | 0.58% | 156,164 | $59.9M | Add +7.6% |
| SPGI S&P Global Inc. | 0.56% | 114,481 | $58.2M | Reduce -10.0% |
| JPM JPMorgan Chase & Co. | 0.53% | 225,104 | $55.2M | Reduce -2.9% |
| FHN First Horizon Corp. | 0.52% | 2,785,777 | $54.1M | Add +4.7% |
| IEX Idex Corp. | 0.51% | 290,262 | $52.5M | Add +13.9% |
| MDT Medtronic PLC | 0.50% | 574,950 | $51.7M | Reduce -1.5% |
| INTU Intuit Inc. | 0.49% | 82,732 | $50.8M | Add +2.2% |
| IWP iShares Russell Mid-Cap Grow | 0.48% | 420,320 | $49.4M | Reduce -1.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.46% | 102,703 | $48.2M | Add +8.9% |
| AVY Avery Dennison Corp. | 0.45% | 264,452 | $47.1M | Add +1305.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.45% | 88,328 | $47.0M | Add +1.7% |
| CSL Carlisle Cos Inc. | 0.45% | 136,671 | $46.5M | Reduce -1.7% |
| IWM iShares Russell 2000 ETF | 0.43% | 221,311 | $44.1M | Add +0.9% |
| AXP American Express Co. | 0.42% | 163,483 | $44.0M | Reduce -0.7% |
| GOOG Alphabet Inc. Class C | 0.39% | 261,359 | $40.8M | Add +0.8% |
| EFA iShares MSCI Eafe ETF | 0.38% | 483,011 | $39.5M | Add +0.3% |
| HD Home Depot Inc. | 0.38% | 107,116 | $39.3M | Reduce -1.4% |
| NVDA Nvidia Corp. | 0.37% | 355,567 | $38.5M | Add +9.1% |
| IJR iShares Core S&P Small-Cap E | 0.35% | 342,669 | $35.8M | Add +4.1% |
| IWF iShares Russell 1000 Growth | 0.34% | 98,162 | $35.4M | Reduce -0.3% |
| IJH iShares Core S&P Midcap ETF | 0.34% | 606,371 | $35.4M | Reduce -0.9% |
| TSLA Tesla Inc. | 0.34% | 136,404 | $35.4M | Reduce -1.2% |
| ABBV Abbvie Inc. | 0.33% | 161,824 | $33.9M | Add +3.4% |
| JNJ Johnson & Johnson | 0.32% | 201,581 | $33.4M | Add +3.5% |
| HUBB Hubbell Inc. | 0.30% | 93,779 | $31.0M | Reduce -0.9% |
| GPC Genuine Parts Co. | 0.30% | 258,866 | $30.8M | Add +2.8% |
| CTAS Cintas Corp. | 0.29% | 146,053 | $30.0M | Add +2.6% |
| ADP Automatic Data Processing | 0.28% | 96,427 | $29.5M | Add +0.3% |
| USB US Bancorp | 0.28% | 690,987 | $29.2M | Reduce -1.8% |
| LLY Eli Lilly & Co. | 0.27% | 34,297 | $28.3M | Reduce -0.9% |
| XOM Exxon Mobil Corp. | 0.26% | 229,059 | $27.2M | Add +4.8% |
| VOO Vanguard S&P 500 ETF | 0.26% | 51,555 | $26.5M | Add +11.3% |
| NEE Nextera Energy Inc. | 0.25% | 370,855 | $26.3M | Reduce -1.2% |
| SCHG Schwab US Large-Cap Growth | 0.24% | 1,007,664 | $25.2M | Add +8.0% |
| NOC Northrop Grumman Corp. | 0.23% | 47,143 | $24.1M | Reduce -57.8% |
| AVGO Broadcom Inc. | 0.23% | 143,457 | $24.0M | Add +2.4% |
| IWN iShares Russell 2000 Value E | 0.21% | 145,407 | $22.0M | Add +0.8% |
| APO Apollo Global Management Inc. | 0.20% | 154,561 | $21.2M | New |
| SCHF Schwab Intl Equity ETF | 0.19% | 1,018,700 | $20.1M | Add +4.5% |
| IWV iShares Russell 3000 ETF | 0.19% | 63,421 | $20.1M | Add +1.2% |
| ORCL Oracle Corp. | 0.19% | 140,902 | $19.7M | Add +1.2% |
| MDY State Street SPDR S&P Midcap | 0.19% | 36,316 | $19.4M | Add +0.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 69,913 | $19.2M | Add +3.5% |
| MSI Motorola Solutions Inc. | 0.18% | 42,531 | $18.6M | Add +10.9% |
| PNC PNC Financial Services Group | 0.18% | 105,145 | $18.5M | Add +18.6% |
| META Meta Platforms Inc. Class A | 0.17% | 30,070 | $17.3M | Add +6.5% |
| DOV Dover Corp. | 0.17% | 97,694 | $17.2M | Reduce -2.2% |
| SCHM Schwab US Mid Cap ETF | 0.15% | 594,465 | $15.6M | Add +5.6% |
Options reported separately and not counted above: SPY calls ($6.3M), AXON puts ($3.9M), LLY puts ($2.5M), SPY puts ($895K), AXP calls ($269K), AAPL calls ($133K), AAPL puts ($111K), IBO calls ($16K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $425 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MLECW Moolec Science SA | *W EXP 12/30/202 | 50,000 | $425 | No change |
Total filed on the 13F, all lines: $10.4B.
Portfolio Sells Q4 2024 → Q1 2025
| GOOGL Alphabet Inc. Class A | Reduce -0.9% | 1.84% | −0.46 |
| NOC Northrop Grumman Corp. | Reduce -57.8% | 0.23% | −0.28 |
| TSLA Tesla Inc. | Reduce -1.2% | 0.34% | −0.20 |
| UNH Unitedhealth Group Inc. | Reduce -11.6% | 1.14% | −0.12 |
| HUBB Hubbell Inc. | Reduce -0.9% | 0.30% | −0.09 |
| NDAQ Nasdaq Inc. | Reduce -3.2% | 1.37% | −0.09 |
| APH Amphenol Corp. Class A | Reduce -2.8% | 0.74% | −0.07 |
| ADI Analog Devices Inc. | Reduce -0.6% | 0.83% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.0% | 0.70% | −0.06 |
| SPGI S&P Global Inc. | Reduce -10.0% | 0.56% | −0.06 |
| AXP American Express Co. | Reduce -0.7% | 0.42% | −0.05 |
| CSL Carlisle Cos Inc. | Reduce -1.7% | 0.45% | −0.05 |
| HSY The Hershey Co. | Reduce -43.8% | 0.06% | −0.05 |
| IWP iShares Russell Mid-Cap Grow | Reduce -1.4% | 0.48% | −0.05 |
| WMT Walmart Inc. | Reduce -2.9% | 0.66% | −0.05 |
| USB US Bancorp | Reduce -1.8% | 0.28% | −0.05 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -41.1% | 0.08% | −0.05 |
| IWF iShares Russell 1000 Growth | Reduce -0.3% | 0.34% | −0.04 |
| ZTS Zoetis Inc. | Reduce -5.2% | 0.78% | −0.04 |
| AFG American Financial Group Inc. | Reduce -0.5% | 0.72% | −0.04 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.03 |
| HD Home Depot Inc. | Reduce -1.4% | 0.38% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -0.9% | 0.34% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -24.5% | 0.08% | −0.03 |
| VGT Vanguard Info Tech ETF | Reduce -4.1% | 0.14% | −0.03 |
| NOW ServiceNow Inc. | Reduce -0.5% | 0.06% | −0.02 |
| NKE Nike Inc. Class B | Reduce -6.1% | 0.07% | −0.02 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −0.02 |
| DOV Dover Corp. | Reduce -2.2% | 0.17% | −0.02 |
| DT Dynatrace Inc. | Reduce -18.0% | 0.04% | −0.02 |
| IWO iShares Russell 2000 Growth | Reduce -7.5% | 0.07% | −0.02 |
| DHI D.R. Horton Inc. | Reduce -56.3% | 0.01% | −0.02 |
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −0.01 |
| XLG Invesco S&P 500 Top 50 ETF | Reduce -5.5% | 0.07% | −0.01 |
| WTFC Wintrust Financial Corp. | Reduce -28.2% | 0.02% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -0.6% | 0.09% | −0.01 |
| DIS The Walt Disney Co. | Reduce -3.6% | 0.05% | −0.01 |
| SCHB Schwab US Broad Market ETF | Reduce -7.2% | 0.07% | −0.01 |
| VTWV Vanguard Russell 2000 Value | Sold out | 0.00% | −0.01 |
| RL Ralph Lauren Corp. | Reduce -28.4% | 0.02% | −0.01 |
| VDE Vanguard Energy ETF | Reduce -30.9% | 0.02% | −0.01 |
| HWKN Hawkins Inc. | Reduce -19.2% | 0.02% | −0.01 |
| BAC Bank of America Corp. | Reduce -2.7% | 0.09% | −0.01 |
| FBTC Fidelity Wise Origin Bitcoin | Sold out | 0.00% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -1.2% | 0.09% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -2.9% | 0.53% | −0.01 |
| NEE Nextera Energy Inc. | Reduce -1.2% | 0.25% | −0.01 |
| EWBC East West Bancorp Inc. | Reduce -23.0% | 0.02% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Reduce -12.3% | 0.04% | −0.01 |
| WSM Williams-Sonoma Inc. | Reduce -8.7% | 0.03% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| ILOW AB Internal Low Volat Eq ETF | New | 1.28% | +1.28 |
| AVY Avery Dennison Corp. | Add +1305.6% | 0.45% | +0.42 |
| APO Apollo Global Management Inc. | New | 0.20% | +0.20 |
| AEP American Electric Power | Add +2.2% | 1.20% | +0.20 |
| CVX Chevron Corp. | Add +2.1% | 1.31% | +0.19 |
| VEU Vanguard Ftse All-World Ex-U | Add +8.4% | 1.28% | +0.15 |
| KO The Coca-Cola Co. | Add +2.0% | 1.03% | +0.14 |
| MRSH Marsh & McLennan Cos | Add +0.1% | 1.09% | +0.13 |
| LNT Alliant Energy Corp. | Add +3.1% | 1.16% | +0.12 |
| CINF Cincinnati Financial Corp. | Add +4.2% | 1.98% | +0.11 |
| ROP Roper Technologies Inc. | Add +0.3% | 0.88% | +0.10 |
| RSP Invesco S&P 500 Equal Weight | Add +435.6% | 0.11% | +0.09 |
| USMV iShares MSCI USA Min Vol Fac | Add +3.6% | 1.11% | +0.08 |
| SYK Stryker Corp. | Add +10.3% | 0.70% | +0.08 |
| MCD McDonald's Corp. | Add +1.3% | 0.97% | +0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.7% | 0.45% | +0.07 |
| PG The Procter & Gamble Co. | Add +1.1% | 3.85% | +0.07 |
| WTW Willis Towers Watson PLC | Add +0.3% | 0.92% | +0.06 |
| ABBV Abbvie Inc. | Add +3.4% | 0.33% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +3.1% | 0.70% | +0.06 |
| ITW Illinois Tool Works | Add +11.3% | 0.76% | +0.06 |
| JNJ Johnson & Johnson | Add +3.5% | 0.32% | +0.05 |
| ASML ASML Holding NV-NY Reg SHS | Add +13.5% | 0.60% | +0.04 |
| AXON Axon Enterprise Inc. | New | 0.04% | +0.04 |
| CTAS Cintas Corp. | Add +2.6% | 0.29% | +0.04 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +133.3% | 0.05% | +0.03 |
| XOM Exxon Mobil Corp. | Add +4.8% | 0.26% | +0.03 |
| EFA iShares MSCI Eafe ETF | Add +0.3% | 0.38% | +0.03 |
| BLK BlackRock Inc. | New | 0.03% | +0.03 |
| GE General Electric | Add +0.9% | 0.14% | +0.02 |
| APPF Appfolio Inc. Class A | New | 0.02% | +0.02 |
| HBT HBT Financial Inc. | New | 0.02% | +0.02 |
| PM Philip Morris International | Add +1.2% | 0.09% | +0.02 |
| SCHF Schwab Intl Equity ETF | Add +4.5% | 0.19% | +0.02 |
| SPSC SPS Commerce Inc. | New | 0.02% | +0.02 |
| NDSN Nordson Corp. | Add +7.6% | 0.64% | +0.02 |
| EFV iShares MSCI Eafe Value ETF | Add +5.4% | 0.12% | +0.02 |
| PEP Pepsico Inc. | Add +4.7% | 0.75% | +0.02 |
| DUK Duke Energy Corp. | Add +17.5% | 0.06% | +0.01 |
| GDX Vaneck Gold Miners ETF | Add +2.5% | 0.05% | +0.01 |
| KR Kroger Co. | Add +3.1% | 0.12% | +0.01 |
| LRCX Lam Research Corp. | New | 0.01% | +0.01 |
| AMGN Amgen Inc. | Add +0.8% | 0.08% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +11.3% | 0.26% | +0.01 |
| PNC PNC Financial Services Group | Add +18.6% | 0.18% | +0.01 |
| IBM Intl Business Machines Corp. | Add +1.5% | 0.10% | +0.01 |
| T AT&T Inc. | Add +15.9% | 0.04% | +0.01 |
| GPC Genuine Parts Co. | Add +2.8% | 0.30% | +0.01 |
| WEX Wex Inc. | Add +145.1% | 0.02% | +0.01 |
| OPCH Option Care Health Inc. | Add +3.7% | 0.03% | +0.01 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 11,200 | $6.3M |
| AXON Axon Enterprise Inc. | put | New | 7,400 | $3.9M |
| LLY Eli Lilly & Co. | put | New | 3,000 | $2.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 1,600 | $895K |
| AXP American Express Co. | call | New | 1,000 | $269K |
| AAPL Apple Inc. | call | New | 600 | $133K |
| AAPL Apple Inc. | put | New | 500 | $111K |
| IBO Impact Biomedical Inc. | call | New | 18,200 | $16K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 838 | $13.7B | IVV, IWB, AAPL, GOOGL, IWR |
| Q1 2026 | 808 | $12.4B | IVV, IWB, AAPL, GOOGL, PG |
| Q4 2025 | 788 | $12.2B | IVV, IWB, AAPL, MSFT, GOOGL |
| Q3 2025 | 817 | $11.9B | IVV, IWB, AAPL, MSFT, PG |
| Q2 2025 | 806 | $11.1B | IVV, IWB, MSFT, AAPL, PG |
| Q1 2025 | 796 | $10.4B | IVV, AAPL, IWB, PG, MSFT |
| Q4 2024 | 788 | $10.3B | IVV, AAPL, IWB, PG, MSFT |
| Q3 2024 | 807 | $10.2B | IVV, AAPL, IWB, PG, MSFT |
| Q2 2024 | 764 | $9.5B | IVV, AAPL, IWB, PG, MSFT |
| Q1 2024 | 761 | $9.2B | IVV, PG, IWB, AAPL, MSFT |