Kensington Investment Counsel, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 20, 2025), Kensington Investment Counsel, LLC reported 104 stock positions worth $245.5 million. Its top holding was Apple (AAPL) at 6.4% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Williams-Sonoma (WSM, 3.6%). Compared with Q2 2025, it opened 7 new positions, sold out of 4, added to 31 and reduced 47. The biggest buy was a new position in Canadian Natl Railway (CNI) and the biggest sale an exit from LKQ (LKQ).

Most Recent 13F
Q2 2026
Location
LONG BEACH, CA
CIK
0001845536
Portfolio Value
$245.5M (Q3 2025)
SEC Filing
0001845536-25-000005 ↗ filed Nov 20, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $218.9M Q1 2024 Q2 2024: $226.1M Q2 2024 Q3 2024: $239.4M Q3 2024 Q4 2024: $239.7M Q4 2024 Q1 2025: $225.1M Q1 2025 Q2 2025: $233.2M Q2 2025 Q3 2025: $245.5M $245.5M Q3 2025 Q4 2025: $246.2M Q4 2025 Q1 2026: $207.7M Q1 2026 Q2 2026: $230.2M Q2 2026

Holdings 104 stocks · $245.5M
AAPL Apple Inc. 6.35% 61,250 $15.6M Add +2.7%
MSFT Microsoft Corp. 6.32% 29,956 $15.5M Add +2.6%
WSM Williams-Sonoma Inc. 3.58% 44,952 $8.8M Reduce -2.7%
JPM JPMorgan Chase & Co. 3.43% 26,690 $8.4M Add +1.8%
ABBV Abbvie Inc. 3.41% 36,163 $8.4M Add +1.5%
WSO Watsco Inc. 3.16% 19,200 $7.8M Reduce -1.5%
SNA Snap-on Inc. 3.01% 21,331 $7.4M Reduce -1.0%
GD General Dynamics Corp. 2.53% 18,189 $6.2M Add +2.1%
RSG Republic Services Inc. 2.47% 26,405 $6.1M Add +1.5%
HD Home Depot Inc. 2.44% 14,767 $6.0M Add +1.1%
MKC McCormick & Co.-Non VTG SHRS 2.25% 82,639 $5.5M Reduce -2.4%
NVDA Nvidia Corp. 2.16% 28,461 $5.3M Add +7.6%
PG The Procter & Gamble Co. 2.14% 34,262 $5.3M Add +0.7%
PEP Pepsico Inc. 2.05% 35,796 $5.0M Add +2.0%
QQQ Invesco QQQ Trust Series 1 2.00% 8,190 $4.9M Add +8.8%
AMGN Amgen Inc. 1.96% 17,081 $4.8M Add +3.1%
BR Broadridge Financial Solutio 1.95% 20,091 $4.8M Add +1.5%
JNJ Johnson & Johnson 1.93% 25,566 $4.7M Add +1.9%
QCOM Qualcomm Inc. 1.78% 26,321 $4.4M Add +3.6%
GOOGL Alphabet Inc. Class A 1.75% 17,632 $4.3M No change
TXN Texas Instruments Inc. 1.66% 22,153 $4.1M Add +3.6%
ACN Accenture PLC Class A 1.49% 14,792 $3.6M Reduce -1.6%
CNI Canadian Natl Railway Co. 1.25% 32,650 $3.1M New
MA Mastercard Inc. Class A 1.25% 5,404 $3.1M No change
CRWD CrowdStrike Holdings Inc. Class A 1.23% 6,151 $3.0M Reduce -7.8%
MRK Merck & Co. Inc. 1.22% 35,799 $3.0M Reduce -17.7%
UNH Unitedhealth Group Inc. 1.18% 8,365 $2.9M New
UNP Union Pacific Corp. 1.10% 11,406 $2.7M New
ROP Roper Technologies Inc. 1.07% 5,270 $2.6M Reduce -7.4%
AVB Avalonbay Communities Inc. 1.06% 13,494 $2.6M Reduce -20.6%
CHD Church & Dwight Co. Inc. 1.00% 28,084 $2.5M Reduce -6.7%
AME Ametek Inc. 0.99% 12,944 $2.4M Reduce -5.8%
CPRT Copart Inc. 0.98% 53,716 $2.4M Reduce -8.4%
MORN Morningstar Inc. 0.90% 9,574 $2.2M Reduce -7.4%
DELL Dell Technologies -C 0.85% 14,730 $2.1M Add +3.6%
AMZN Amazon.com Inc. 0.84% 9,357 $2.1M Add +4.4%
MKL Markel Group Inc. 0.82% 1,059 $2.0M Reduce -9.7%
EPAC Enerpac Tool Group Corp. 0.82% 49,284 $2.0M Reduce -12.6%
ROL Rollins Inc. 0.80% 33,596 $2.0M Reduce -8.6%
TMDX Transmedics Group Inc. 0.78% 17,165 $1.9M New
AVGO Broadcom Inc. 0.78% 5,815 $1.9M Add +9.7%
RMD Resmed Inc. 0.75% 6,713 $1.8M Reduce -5.4%
CSW CSW Industrials Inc. 0.74% 7,511 $1.8M Reduce -12.6%
SHW The Sherwin-Williams Co. 0.68% 4,822 $1.7M Reduce -1.9%
FDS Factset Research Systems Inc. 0.67% 5,766 $1.7M Reduce -7.6%
DUOL Duolingo 0.67% 5,131 $1.7M Reduce -7.0%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.67% 33,566 $1.6M Reduce -7.8%
H Hyatt Hotels Corp. Class A 0.67% 11,553 $1.6M Reduce -10.6%
LLY Eli Lilly & Co. 0.63% 2,011 $1.5M No change
EXLS Exlservice Holdings Inc. 0.61% 34,187 $1.5M Reduce -9.3%
MNST Monster Beverage Corp. 0.61% 22,120 $1.5M Reduce -3.0%
ZS Zscaler Inc. 0.58% 4,749 $1.4M Reduce -8.4%
CBZ Cbiz Inc. 0.58% 26,671 $1.4M Add +38.3%
META Meta Platforms Inc. Class A 0.55% 1,836 $1.3M Add +8.8%
BRK.B Berkshire Hathaway Inc. Class B 0.52% 2,550 $1.3M No change
ITW Illinois Tool Works 0.51% 4,783 $1.2M Reduce -10.3%
WAT Waters Corp. 0.50% 4,109 $1.2M Reduce -8.0%
INTU Intuit Inc. 0.49% 1,768 $1.2M Add +0.7%
SSNC Ss&c Technologies Holdings 0.48% 13,366 $1.2M Reduce -10.9%
NDAQ Nasdaq Inc. 0.48% 13,350 $1.2M Reduce -8.2%
ROST Ross Stores Inc. 0.47% 7,632 $1.2M Add +1.0%
FIVE Five Below 0.47% 7,416 $1.1M Reduce -5.9%
TYL Tyler Technologies Inc. 0.47% 2,186 $1.1M Reduce -9.3%
NVS Novartis AG-Sponsored ADR 0.46% 8,747 $1.1M Reduce -3.9%
DKS Dick's Sporting Goods Inc. 0.44% 4,868 $1.1M Reduce -28.1%
RGEN Repligen Corp. 0.44% 8,092 $1.1M Reduce -11.2%
DHR Danaher Corp. 0.41% 5,117 $1.0M Reduce -2.3%
BX Blackstone Inc. 0.40% 5,753 $983K No change
PANW Palo Alto Networks Inc. 0.38% 4,565 $930K Add +2.6%
COST Costco Wholesale Corp. 0.36% 963 $891K Add +8.8%
GOOG Alphabet Inc. Class C 0.35% 3,543 $863K Add +25.3%
TECH Bio-Techne Corp. 0.33% 14,602 $812K Reduce -7.7%
PYPL PayPal Holdings Inc. 0.31% 11,317 $759K Reduce -0.2%
ADBE Adobe Inc. 0.27% 1,904 $672K Add +2.4%
COO The Cooper Cos Inc. 0.25% 8,996 $617K Reduce -3.0%
XOM Exxon Mobil Corp. 0.25% 5,441 $613K No change
LFUS Littelfuse Inc. 0.25% 2,346 $608K Reduce -24.1%
VRTX Vertex Pharmaceuticals Inc. 0.24% 1,526 $598K Add +1.5%
TMO Thermo Fisher Scientific Inc. 0.24% 1,219 $591K Reduce -2.5%
AMD Advanced Micro Devices 0.24% 3,567 $577K Add +9.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.20% 747 $498K Reduce -25.1%
CSCO Cisco Systems Inc. 0.20% 7,054 $483K Reduce -6.5%
NOC Northrop Grumman Corp. 0.19% 783 $477K No change
CRM Salesforce Inc. 0.19% 1,917 $454K Reduce -2.8%
NKE Nike Inc. Class B 0.15% 5,209 $363K No change
WST West Pharmaceutical Services 0.15% 1,362 $357K Reduce -19.7%
MO Altria Group Inc. 0.14% 5,174 $342K Reduce -0.3%
AMAT Applied Materials Inc. 0.12% 1,465 $300K Add +12.3%
APH Amphenol Corp. Class A 0.12% 2,400 $297K No change
CTSH Cognizant Tech Solutions-A 0.12% 4,397 $295K No change
CVX Chevron Corp. 0.11% 1,809 $281K Reduce -0.7%
COIN Coinbase Global Inc. Class A 0.11% 808 $273K Add +7.0%
BA The Boeing Co. 0.11% 1,255 $271K No change
APPF Appfolio Inc. Class A 0.10% 900 $248K No change
BKE The Buckle Inc. 0.10% 4,173 $245K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.09% 825 $233K No change
PLTR Palantir Technologies Inc. Class A 0.09% 1,219 $222K New
TSLA Tesla Inc. 0.09% 473 $210K New
NOW ServiceNow Inc. 0.08% 226 $208K No change
MOV Movado Group Inc. 0.08% 10,621 $201K No change
GBDC Golub Capital BDC Inc. 0.07% 11,966 $164K No change
ABR Arbor Realty Trust Inc. 0.06% 12,951 $158K No change
OBDC Blue Owl Capital Corp. 0.06% 11,971 $153K No change
OCSL Oaktree Specialty Lending Co. 0.06% 11,547 $151K No change

Portfolio Sells Q2 2025 → Q3 2025
LKQ LKQ Corp. Sold out 0.00% −0.79
WSO Watsco Inc. Reduce -1.5% 3.16% −0.53
FDS Factset Research Systems Inc. Reduce -7.6% 0.67% −0.52
MKC McCormick & Co.-Non VTG SHRS Reduce -2.4% 2.25% −0.50
MORN Morningstar Inc. Reduce -7.4% 0.90% −0.49
TTD Trade Desk Inc./the Class A Reduce -7.8% 0.67% −0.45
ACN Accenture PLC Class A Reduce -1.6% 1.49% −0.44
AVB Avalonbay Communities Inc. Reduce -20.6% 1.06% −0.42
CSW CSW Industrials Inc. Reduce -12.6% 0.74% −0.31
ROP Roper Technologies Inc. Reduce -7.4% 1.07% −0.31
DUOL Duolingo Reduce -7.0% 0.67% −0.30
MRK Merck & Co. Inc. Reduce -17.7% 1.22% −0.25
CPRT Copart Inc. Reduce -8.4% 0.98% −0.25
CHD Church & Dwight Co. Inc. Reduce -6.7% 1.00% −0.24
CRWD CrowdStrike Holdings Inc. Class A Reduce -7.8% 1.23% −0.23
MKL Markel Group Inc. Reduce -9.7% 0.82% −0.18
WAT Waters Corp. Reduce -8.0% 0.50% −0.17
EPAC Enerpac Tool Group Corp. Reduce -12.6% 0.82% −0.16
TYL Tyler Technologies Inc. Reduce -9.3% 0.47% −0.15
DKS Dick's Sporting Goods Inc. Reduce -28.1% 0.44% −0.13
ZS Zscaler Inc. Reduce -8.4% 0.58% −0.12
CB Chubb Ltd. Sold out 0.00% −0.11
H Hyatt Hotels Corp. Class A Reduce -10.6% 0.67% −0.11
EXLS Exlservice Holdings Inc. Reduce -9.3% 0.61% −0.09
DIS The Walt Disney Co. Sold out 0.00% −0.09
FIS Fidelity National Info Serv Sold out 0.00% −0.09
ROL Rollins Inc. Reduce -8.6% 0.80% −0.09
NDAQ Nasdaq Inc. Reduce -8.2% 0.48% −0.08
AME Ametek Inc. Reduce -5.8% 0.99% −0.08
SPY SS SPDR S&P 500 ETF Trust-US Reduce -25.1% 0.20% −0.06
ITW Illinois Tool Works Reduce -10.3% 0.51% −0.06
LFUS Littelfuse Inc. Reduce -24.1% 0.25% −0.05
PYPL PayPal Holdings Inc. Reduce -0.2% 0.31% −0.05
SSNC Ss&c Technologies Holdings Reduce -10.9% 0.48% −0.05
RGEN Repligen Corp. Reduce -11.2% 0.44% −0.05
CRM Salesforce Inc. Reduce -2.8% 0.19% −0.05
SHW The Sherwin-Williams Co. Reduce -1.9% 0.68% −0.04
RMD Resmed Inc. Reduce -5.4% 0.75% −0.04
COO The Cooper Cos Inc. Reduce -3.0% 0.25% −0.03
DHR Danaher Corp. Reduce -2.3% 0.41% −0.03
CSCO Cisco Systems Inc. Reduce -6.5% 0.20% −0.03
TECH Bio-Techne Corp. Reduce -7.7% 0.33% −0.02
NVS Novartis AG-Sponsored ADR Reduce -3.9% 0.46% −0.02
WST West Pharmaceutical Services Reduce -19.7% 0.15% −0.01
MNST Monster Beverage Corp. Reduce -3.0% 0.61% −0.01
CVX Chevron Corp. Reduce -0.7% 0.11% +0.00
MO Altria Group Inc. Reduce -0.3% 0.14% +0.01
TMO Thermo Fisher Scientific Inc. Reduce -2.5% 0.24% +0.02
FIVE Five Below Reduce -5.9% 0.47% +0.02
SNA Snap-on Inc. Reduce -1.0% 3.01% +0.14

Portfolio Buys Q2 2025 → Q3 2025
CNI Canadian Natl Railway Co. New 1.25% +1.25
UNH Unitedhealth Group Inc. New 1.18% +1.18
AAPL Apple Inc. Add +2.7% 6.35% +1.10
UNP Union Pacific Corp. New 1.10% +1.10
TMDX Transmedics Group Inc. New 0.78% +0.78
ABBV Abbvie Inc. Add +1.5% 3.41% +0.58
NVDA Nvidia Corp. Add +7.6% 2.16% +0.37
GD General Dynamics Corp. Add +2.1% 2.53% +0.30
JNJ Johnson & Johnson Add +1.9% 1.93% +0.29
QQQ Invesco QQQ Trust Series 1 Add +8.8% 2.00% +0.22
JPM JPMorgan Chase & Co. Add +1.8% 3.43% +0.17
AVGO Broadcom Inc. Add +9.7% 0.78% +0.15
HD Home Depot Inc. Add +1.1% 2.44% +0.14
GOOG Alphabet Inc. Class C Add +25.3% 0.35% +0.14
DELL Dell Technologies -C Add +3.6% 0.85% +0.10
BKE The Buckle Inc. New 0.10% +0.10
MSFT Microsoft Corp. Add +2.6% 6.32% +0.09
PLTR Palantir Technologies Inc. Class A New 0.09% +0.09
TSLA Tesla Inc. New 0.09% +0.09
ROST Ross Stores Inc. Add +1.0% 0.47% +0.06
PEP Pepsico Inc. Add +2.0% 2.05% +0.06
QCOM Qualcomm Inc. Add +3.6% 1.78% +0.05
AMD Advanced Micro Devices Add +9.1% 0.24% +0.04
AMAT Applied Materials Inc. Add +12.3% 0.12% +0.02
META Meta Platforms Inc. Class A Add +8.8% 0.55% +0.02
COIN Coinbase Global Inc. Class A Add +7.0% 0.11% −0.00
AMZN Amazon.com Inc. Add +4.4% 0.84% −0.01
PANW Palo Alto Networks Inc. Add +2.6% 0.38% −0.01
COST Costco Wholesale Corp. Add +8.8% 0.36% −0.01
CBZ Cbiz Inc. Add +38.3% 0.58% −0.02
AMGN Amgen Inc. Add +3.1% 1.96% −0.02
ADBE Adobe Inc. Add +2.4% 0.27% −0.04
VRTX Vertex Pharmaceuticals Inc. Add +1.5% 0.24% −0.04
INTU Intuit Inc. Add +0.7% 0.49% −0.10
BR Broadridge Financial Solutio Add +1.5% 1.95% −0.11
PG The Procter & Gamble Co. Add +0.7% 2.14% −0.18
TXN Texas Instruments Inc. Add +3.6% 1.66% −0.25
RSG Republic Services Inc. Add +1.5% 2.47% −0.28

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 85$230.2MAAPL, MSFT, ABBV, JPM, CSCO
Q1 2026 83$207.7MAAPL, MSFT, ABBV, JPM, SNA
Q4 2025 104$246.2MAAPL, MSFT, JPM, ABBV, WSM
Q3 2025 104$245.5MAAPL, MSFT, WSM, JPM, ABBV
Q2 2025 101$233.2MMSFT, AAPL, WSO, JPM, WSM
Q1 2025 94$225.1MAAPL, MSFT, WSO, ABBV, WSM
Q4 2024 94$239.7MAAPL, MSFT, WSM, WSO, SNA
Q3 2024 112$239.4MAAPL, MSFT, WSO, WSM, MKC
Q2 2024 108$226.1MMSFT, AAPL, WSM, WSO, QCOM
Q1 2024 97$218.9MMSFT, WSM, AAPL, WSO, MKC