Johnson Investment Counsel Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), Johnson Investment Counsel Inc. reported 806 stock positions worth $11.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 7.5% of the portfolio, followed by iShares Russell 1000 ETF (IWB, 4.3%) and Microsoft (MSFT, 3.7%). Compared with Q1 2025, it opened 56 new positions, sold out of 46, added to 351 and reduced 293. The biggest buy was Microsoft (MSFT, shares +3%) and the biggest sale Unitedhealth (UNH, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- Cincinnati, OH
- CIK
- 0000821197
- Portfolio Value
- $11.1B (Q2 2025)
- SEC Filing
- 0001667731-25-000959 ↗ filed Jul 25, 2025
Holdings Value
Holdings 806 stocks · $11.1B
| IVV iShares Core S&P 500 ETF | 7.49% | 1,342,450 | $833.5M | Add +1.8% |
| IWB iShares Russell 1000 ETF | 4.29% | 1,405,034 | $477.1M | Add +3.3% |
| MSFT Microsoft Corp. | 3.68% | 823,603 | $409.7M | Add +2.8% |
| AAPL Apple Inc. | 3.51% | 1,905,789 | $391.0M | Add +0.7% |
| PG The Procter & Gamble Co. | 3.32% | 2,317,146 | $369.2M | Reduce -0.9% |
| IWR iShares Russell Mid-Cap ETF | 2.16% | 2,614,856 | $240.5M | Add +1.1% |
| GOOGL Alphabet Inc. Class A | 1.96% | 1,240,320 | $218.6M | Add +0.6% |
| CINF Cincinnati Financial Corp. | 1.83% | 1,367,767 | $203.7M | Reduce -1.5% |
| AMZN Amazon.com Inc. | 1.81% | 920,257 | $201.9M | Add +5.3% |
| WMB Williams Cos Inc. | 1.75% | 3,093,148 | $194.3M | Reduce -0.8% |
| ILOW AB Internal Low Volat Eq ETF filed as AB ACTIVE ETFS INC | 1.55% | 4,152,063 | $172.9M | Add +15.6% |
| NDAQ Nasdaq Inc. | 1.50% | 1,868,135 | $167.0M | Reduce -0.3% |
| MA Mastercard Inc. Class A | 1.42% | 280,445 | $157.6M | Add +0.0% |
| VEU Vanguard Ftse All-World Ex-U | 1.40% | 2,310,042 | $155.3M | Add +5.9% |
| ABT Abbott Laboratories | 1.21% | 988,641 | $134.5M | Reduce -1.1% |
| NVT Nvent Electric PLC | 1.15% | 1,747,061 | $128.0M | Add +2.5% |
| DHR Danaher Corp. | 1.15% | 645,961 | $127.6M | Add +0.2% |
| V Visa Inc. Class A | 1.14% | 357,020 | $126.8M | Reduce -2.1% |
| AXS Axis Capital Holdings Ltd. | 1.13% | 1,216,361 | $126.3M | Reduce -1.5% |
| WM Waste Management Inc. | 1.13% | 549,636 | $125.8M | Add +1.1% |
| AEP American Electric Power | 1.09% | 1,169,737 | $121.4M | Add +3.1% |
| ACN Accenture PLC Class A | 1.09% | 405,667 | $121.2M | Add +5.8% |
| CVX Chevron Corp. | 1.08% | 837,953 | $120.0M | Add +3.5% |
| COR Cencora Inc. | 1.08% | 399,623 | $119.8M | Reduce -1.6% |
| SCHX Schwab US Large-Cap ETF | 1.07% | 4,887,034 | $119.4M | Add +0.9% |
| USMV iShares MSCI USA Min Vol Fac | 1.07% | 1,263,596 | $118.6M | Add +3.2% |
| LNT Alliant Energy Corp. | 1.05% | 1,924,229 | $116.4M | Add +2.8% |
| APH Amphenol Corp. Class A | 1.00% | 1,129,510 | $111.5M | Reduce -3.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.99% | 891,249 | $110.1M | Reduce -1.6% |
| KO The Coca-Cola Co. | 0.94% | 1,482,349 | $104.9M | Reduce -0.4% |
| ADI Analog Devices Inc. | 0.91% | 427,561 | $101.8M | Add +0.8% |
| MRSH Marsh & McLennan Cos | 0.89% | 452,427 | $98.9M | Reduce -1.9% |
| VEA Vanguard Ftse Developed ETF | 0.89% | 1,728,951 | $98.6M | Add +20.5% |
| HON Honeywell International Inc. | 0.87% | 413,578 | $96.3M | Add +0.0% |
| MCD McDonald's Corp. | 0.83% | 317,780 | $92.8M | Reduce -1.2% |
| ROP Roper Technologies Inc. | 0.80% | 157,812 | $89.5M | Add +1.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.80% | 392,504 | $88.9M | Add +2.9% |
| WTW Willis Towers Watson PLC | 0.80% | 289,084 | $88.6M | Add +2.1% |
| QUAL iShares MSCI USA Quality Fac | 0.78% | 474,242 | $86.7M | Reduce -3.6% |
| COST Costco Wholesale Corp. | 0.76% | 85,210 | $84.4M | Reduce -0.4% |
| SYK Stryker Corp. | 0.73% | 204,486 | $80.9M | Add +4.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.73% | 100,866 | $80.8M | Add +7.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.73% | 130,724 | $80.8M | Add +0.5% |
| ITW Illinois Tool Works | 0.71% | 320,292 | $79.2M | Add +0.7% |
| ZTS Zoetis Inc. | 0.69% | 489,773 | $76.4M | Reduce -0.3% |
| AFG American Financial Group Inc. | 0.68% | 602,558 | $76.0M | Add +6.1% |
| WMT Walmart Inc. | 0.67% | 763,829 | $74.7M | Reduce -2.6% |
| NDSN Nordson Corp. | 0.65% | 338,366 | $72.5M | Add +2.2% |
| PEP Pepsico Inc. | 0.65% | 547,679 | $72.3M | Add +5.7% |
| LOW Lowe's Cos Inc. | 0.62% | 311,406 | $69.1M | Add +4.5% |
| FHN First Horizon Corp. | 0.60% | 3,152,122 | $66.8M | Add +13.2% |
| JPM JPMorgan Chase & Co. | 0.60% | 230,250 | $66.8M | Add +2.3% |
| INTU Intuit Inc. | 0.59% | 83,041 | $65.4M | Add +0.4% |
| EG Everest Group Ltd. | 0.58% | 189,702 | $64.5M | Reduce -0.5% |
| NVDA Nvidia Corp. | 0.55% | 387,953 | $61.3M | Add +9.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.54% | 109,486 | $60.4M | Add +6.6% |
| ADBE Adobe Inc. | 0.53% | 153,875 | $59.5M | Reduce -1.5% |
| IWP iShares Russell Mid-Cap Grow | 0.50% | 404,889 | $56.1M | Reduce -3.7% |
| AVY Avery Dennison Corp. | 0.50% | 314,937 | $55.3M | Add +19.1% |
| SPGI S&P Global Inc. | 0.49% | 104,004 | $54.8M | Reduce -9.2% |
| IEX Idex Corp. | 0.49% | 310,743 | $54.6M | Add +7.1% |
| MDT Medtronic PLC | 0.47% | 596,196 | $52.0M | Add +3.7% |
| AXP American Express Co. | 0.47% | 162,474 | $51.8M | Reduce -0.6% |
| CSL Carlisle Cos Inc. | 0.45% | 134,194 | $50.1M | Reduce -1.8% |
| IWF iShares Russell 1000 Growth | 0.43% | 112,779 | $47.9M | Add +14.9% |
| IWM iShares Russell 2000 ETF | 0.43% | 219,750 | $47.4M | Reduce -0.7% |
| APO Apollo Global Management Inc. | 0.42% | 330,506 | $46.9M | Add +113.8% |
| GOOG Alphabet Inc. Class C | 0.42% | 261,800 | $46.4M | Add +0.2% |
| EFA iShares MSCI Eafe ETF | 0.40% | 502,632 | $44.9M | Add +4.1% |
| TSLA Tesla Inc. | 0.40% | 139,691 | $44.4M | Add +2.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 90,407 | $43.9M | Add +2.4% |
| IJR iShares Core S&P Small-Cap E | 0.37% | 378,398 | $41.4M | Add +10.4% |
| AVGO Broadcom Inc. | 0.37% | 149,336 | $41.2M | Add +4.1% |
| IJH iShares Core S&P Midcap ETF | 0.35% | 629,522 | $39.0M | Add +3.8% |
| HD Home Depot Inc. | 0.35% | 106,002 | $38.9M | Reduce -1.0% |
| HUBB Hubbell Inc. | 0.35% | 94,945 | $38.8M | Add +1.2% |
| VOO Vanguard S&P 500 ETF | 0.31% | 60,495 | $34.4M | Add +17.3% |
| CTAS Cintas Corp. | 0.30% | 147,412 | $32.9M | Add +0.9% |
| GPC Genuine Parts Co. | 0.28% | 259,377 | $31.5M | Add +0.2% |
| SCHG Schwab US Large-Cap Growth | 0.28% | 1,058,434 | $30.9M | Add +5.0% |
| ORCL Oracle Corp. | 0.27% | 139,391 | $30.5M | Reduce -1.1% |
| META Meta Platforms Inc. Class A | 0.27% | 40,377 | $29.8M | Add +34.3% |
| ADP Automatic Data Processing | 0.26% | 95,239 | $29.4M | Reduce -1.2% |
| USB US Bancorp | 0.26% | 644,250 | $29.2M | Reduce -6.8% |
| ABBV Abbvie Inc. | 0.26% | 156,526 | $29.1M | Reduce -3.3% |
| JNJ Johnson & Johnson | 0.26% | 189,105 | $28.9M | Reduce -6.2% |
| LLY Eli Lilly & Co. | 0.24% | 34,778 | $27.1M | Add +1.4% |
| SHW The Sherwin-Williams Co. | 0.24% | 78,144 | $26.8M | Add +95.8% |
| NEE Nextera Energy Inc. | 0.23% | 364,841 | $25.3M | Reduce -1.6% |
| XOM Exxon Mobil Corp. | 0.21% | 218,867 | $23.6M | Reduce -4.5% |
| SCHF Schwab Intl Equity ETF | 0.21% | 1,062,250 | $23.5M | Add +4.3% |
| IWN iShares Russell 2000 Value E | 0.20% | 144,227 | $22.8M | Reduce -0.8% |
| IWV iShares Russell 3000 ETF | 0.20% | 63,818 | $22.4M | Add +0.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 71,383 | $21.7M | Add +2.1% |
| MDY State Street SPDR S&P Midcap | 0.19% | 36,411 | $20.6M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 0.19% | 66,102 | $20.6M | Reduce -70.8% |
| GE General Electric filed as GE AEROSPACE | 0.18% | 76,232 | $19.6M | Add +3.3% |
| NOC Northrop Grumman Corp. | 0.17% | 37,989 | $19.0M | Reduce -19.4% |
| VGT Vanguard Info Tech ETF | 0.17% | 28,293 | $18.8M | Add +9.2% |
| MSI Motorola Solutions Inc. | 0.17% | 44,578 | $18.7M | Add +4.8% |
Options reported separately and not counted above: SPY calls ($9.8M), AXON puts ($6.1M), SPY puts ($5.4M), AAPL puts ($2.1M), LLY puts ($1.2M), AMZN puts ($329K), NFLX puts ($134K), MSTR puts ($40K), MO puts ($29K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $815 (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MLECW Moolec Science SA | *W EXP 12/30/202 | 50,000 | $815 | No change |
Total filed on the 13F, all lines: $11.1B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -70.8% | 0.19% | −0.96 |
| PG The Procter & Gamble Co. | Reduce -0.9% | 3.32% | −0.53 |
| MRSH Marsh & McLennan Cos | Reduce -1.9% | 0.89% | −0.20 |
| CINF Cincinnati Financial Corp. | Reduce -1.5% | 1.83% | −0.15 |
| MCD McDonald's Corp. | Reduce -1.2% | 0.83% | −0.14 |
| V Visa Inc. Class A | Reduce -2.1% | 1.14% | −0.09 |
| ZTS Zoetis Inc. | Reduce -0.3% | 0.69% | −0.09 |
| EG Everest Group Ltd. | Reduce -0.5% | 0.58% | −0.09 |
| KO The Coca-Cola Co. | Reduce -0.4% | 0.94% | −0.09 |
| TJX TJX Companies Inc. | Reduce -1.6% | 0.99% | −0.08 |
| ABT Abbott Laboratories | Reduce -1.1% | 1.21% | −0.07 |
| SPGI S&P Global Inc. | Reduce -9.2% | 0.49% | −0.07 |
| ABBV Abbvie Inc. | Reduce -3.3% | 0.26% | −0.07 |
| JNJ Johnson & Johnson | Reduce -6.2% | 0.26% | −0.06 |
| NOC Northrop Grumman Corp. | Reduce -19.4% | 0.17% | −0.06 |
| AXS Axis Capital Holdings Ltd. | Reduce -1.5% | 1.13% | −0.06 |
| POOL Pool Corp. | Sold out | 0.00% | −0.05 |
| WMB Williams Cos Inc. | Reduce -0.8% | 1.75% | −0.05 |
| XOM Exxon Mobil Corp. | Reduce -4.5% | 0.21% | −0.05 |
| ADBE Adobe Inc. | Reduce -1.5% | 0.53% | −0.04 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -32.6% | 0.04% | −0.04 |
| QUAL iShares MSCI USA Quality Fac | Reduce -3.6% | 0.78% | −0.03 |
| HD Home Depot Inc. | Reduce -1.0% | 0.35% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -9.7% | 0.08% | −0.03 |
| HSY The Hershey Co. | Reduce -34.6% | 0.04% | −0.03 |
| PPG PPG Industries Inc. | Reduce -46.2% | 0.03% | −0.03 |
| NEE Nextera Energy Inc. | Reduce -1.6% | 0.23% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -0.4% | 0.76% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -17.6% | 0.06% | −0.02 |
| ADP Automatic Data Processing | Reduce -1.2% | 0.26% | −0.02 |
| USB US Bancorp | Reduce -6.8% | 0.26% | −0.02 |
| PNC PNC Financial Services Group | Reduce -9.0% | 0.16% | −0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -23.9% | 0.09% | −0.02 |
| SKX Skechers USA Inc. Class A | Reduce -80.6% | 0.00% | −0.02 |
| AMT American Tower Corp. | Reduce -18.5% | 0.05% | −0.01 |
| BLKB Blackbaud Inc. | Sold out | 0.00% | −0.01 |
| COR Cencora Inc. | Reduce -1.6% | 1.08% | −0.01 |
| DUK Duke Energy Corp. | Reduce -13.2% | 0.05% | −0.01 |
| BDX Becton Dickinson and Co. | Reduce -6.0% | 0.03% | −0.01 |
| IVE iShares S&P 500 Value ETF | Reduce -53.2% | 0.01% | −0.01 |
| SHOO Steven Madden Ltd. | Sold out | 0.00% | −0.01 |
| DHIL Diamond Hill Investment Grp | Sold out | 0.00% | −0.01 |
| UNP Union Pacific Corp. | Reduce -1.6% | 0.09% | −0.01 |
| NKE Nike Inc. Class B | Reduce -19.7% | 0.06% | −0.01 |
| ELS Equity Lifestyle Properties | Reduce -63.8% | 0.00% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -6.2% | 0.11% | −0.01 |
| IWD iShares Russell 1000 Value E | Reduce -6.3% | 0.08% | −0.01 |
| DV Doubleverify Holdings Inc. | Sold out | 0.00% | −0.01 |
| UTL Unitil Corp. | Reduce -9.1% | 0.03% | −0.01 |
| DOV Dover Corp. | Reduce -2.3% | 0.16% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +2.8% | 3.68% | +0.78 |
| IVV iShares Core S&P 500 ETF | Add +1.8% | 7.49% | +0.33 |
| NVT Nvent Electric PLC | Add +2.5% | 1.15% | +0.29 |
| ILOW AB Internal Low Volat Eq ETF | Add +15.6% | 1.55% | +0.27 |
| IWB iShares Russell 1000 ETF | Add +3.3% | 4.29% | +0.26 |
| APO Apollo Global Management Inc. | Add +113.8% | 0.42% | +0.22 |
| AMZN Amazon.com Inc. | Add +5.3% | 1.81% | +0.21 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.9% | 0.80% | +0.19 |
| VEA Vanguard Ftse Developed ETF | Add +20.5% | 0.89% | +0.18 |
| NVDA Nvidia Corp. | Add +9.1% | 0.55% | +0.18 |
| AVGO Broadcom Inc. | Add +4.1% | 0.37% | +0.14 |
| ASML ASML Holding NV-NY Reg SHS | Add +7.5% | 0.73% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +0.6% | 1.96% | +0.12 |
| VEU Vanguard Ftse All-World Ex-U | Add +5.9% | 1.40% | +0.12 |
| SHW The Sherwin-Williams Co. | Add +95.8% | 0.24% | +0.11 |
| META Meta Platforms Inc. Class A | Add +34.3% | 0.27% | +0.10 |
| INTU Intuit Inc. | Add +0.4% | 0.59% | +0.10 |
| ADI Analog Devices Inc. | Add +0.8% | 0.91% | +0.09 |
| IWF iShares Russell 1000 Growth | Add +14.9% | 0.43% | +0.09 |
| FHN First Horizon Corp. | Add +13.2% | 0.60% | +0.08 |
| QQQ Invesco QQQ Trust Series 1 | Add +6.6% | 0.54% | +0.08 |
| JPM JPMorgan Chase & Co. | Add +2.3% | 0.60% | +0.07 |
| TSLA Tesla Inc. | Add +2.4% | 0.40% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +17.3% | 0.31% | +0.05 |
| HUBB Hubbell Inc. | Add +1.2% | 0.35% | +0.05 |
| AVY Avery Dennison Corp. | Add +19.1% | 0.50% | +0.04 |
| SCHX Schwab US Large-Cap ETF | Add +0.9% | 1.07% | +0.04 |
| IWR iShares Russell Mid-Cap ETF | Add +1.1% | 2.16% | +0.04 |
| GEV GE Vernova Inc. | Add +3.1% | 0.09% | +0.04 |
| SCHG Schwab US Large-Cap Growth | Add +5.0% | 0.28% | +0.03 |
| GE General Electric | Add +3.3% | 0.18% | +0.03 |
| VGT Vanguard Info Tech ETF | Add +9.2% | 0.17% | +0.03 |
| VHT Vanguard Health Care ETF | Add +75.1% | 0.09% | +0.03 |
| EFG iShares MSCI Eafe Growth ETF | Add +23.0% | 0.13% | +0.03 |
| ON On Semiconductor | New | 0.03% | +0.03 |
| IJR iShares Core S&P Small-Cap E | Add +10.4% | 0.37% | +0.03 |
| SYK Stryker Corp. | Add +4.7% | 0.73% | +0.03 |
| AM Antero Midstream Corp. | New | 0.02% | +0.02 |
| XLK SS Technology Select Sector | Add +22.1% | 0.08% | +0.02 |
| ESI Element Solutions Inc. | Add +1245.7% | 0.03% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +0.2% | 0.42% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.5% | 0.73% | +0.02 |
| IVW iShares S&P 500 Growth ETF | Add +5.4% | 0.16% | +0.02 |
| EFA iShares MSCI Eafe ETF | Add +4.1% | 0.40% | +0.02 |
| UFPT Ufp Technologies Inc. | New | 0.02% | +0.02 |
| GDX Vaneck Gold Miners ETF | Add +32.2% | 0.07% | +0.02 |
| HON Honeywell International Inc. | Add +0.0% | 0.87% | +0.02 |
| IYW iShares Ustechnology ETF | Add +10.6% | 0.09% | +0.02 |
| AXON Axon Enterprise Inc. | Add +1.4% | 0.06% | +0.02 |
| CCC CCC Intelligent Solutions Ho | New | 0.02% | +0.02 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Add +42.0% | 15,900 | $9.8M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +450.0% | 8,800 | $5.4M |
| AAPL Apple Inc. | put | Add +1980.0% | 10,400 | $2.1M |
| LLY Eli Lilly & Co. | put | Reduce -50.0% | 1,500 | $1.2M |
| AMZN Amazon.com Inc. | put | New | 1,500 | $329K |
| AXP American Express Co. | call | Sold out | 1,000 | $269Kbefore exit |
| NFLX Netflix Inc. | put | New | 100 | $134K |
| AAPL Apple Inc. | call | Sold out | 600 | $133Kbefore exit |
| MSTR Strategy Inc. | put | New | 100 | $40K |
| MO Altria Group Inc. | put | New | 500 | $29K |
| IBO Impact Biomedical Inc. | call | Sold out | 18,200 | $16Kbefore exit |
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 |