Marble Harbor Investment Counsel, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Marble Harbor Investment Counsel, LLC reported 189 stock positions worth $954.7 million. Its top holding was Microsoft (MSFT) at 8.0% of the portfolio, followed by Apple (AAPL, 6.7%) and Abbvie (ABBV, 4.5%). Compared with Q2 2025, it opened 6 new positions, sold out of 20, added to 31 and reduced 62. The biggest buy was Vanguard Ftse Emerging Marke (VWO, shares +6%) and the biggest sale Fiserv (FISV, shares −2%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001387130
Portfolio Value
$954.7M (Q3 2025)
SEC Filing
0001420506-25-003045 ↗ filed Nov 7, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $867.5M Q1 2024 Q2 2024: $849.9M Q2 2024 Q3 2024: $914.1M Q3 2024 Q4 2024: $907.2M Q4 2024 Q1 2025: $888.2M Q1 2025 Q2 2025: $918.1M Q2 2025 Q3 2025: $954.7M $954.7M Q3 2025 Q4 2025: $935.5M Q4 2025 Q1 2026: $922.9M Q1 2026 Q2 2026: $984.0M Q2 2026

Holdings 189 stocks · $954.7M
MSFT Microsoft Corp. 8.02% 147,845 $76.6M Reduce -1.2%
AAPL Apple Inc. 6.65% 249,515 $63.5M Reduce -1.4%
ABBV Abbvie Inc. 4.47% 184,197 $42.6M Reduce -0.5%
ADP Automatic Data Processing 3.91% 127,251 $37.3M Reduce -0.4%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 3.47% 325,260 $33.2M Reduce -1.1%
ORLY O'reilly Automotive Inc. 3.27% 289,260 $31.2M Reduce -1.1%
CSCO Cisco Systems Inc. 3.26% 454,959 $31.1M Add +0.1%
EBAY eBay Inc. 2.99% 313,813 $28.5M Reduce -0.1%
ABT Abbott Laboratories 2.72% 194,097 $26.0M Reduce -0.0%
PG The Procter & Gamble Co. 2.56% 158,823 $24.4M Reduce -0.5%
IDXX Idexx Laboratories Inc. 2.45% 36,655 $23.4M Reduce -5.8%
PH Parker Hannifin Corp. 2.30% 29,021 $22.0M Reduce -0.1%
FISV Fiserv Inc. 2.28% 168,870 $21.8M Reduce -2.0%
VWO Vanguard Ftse Emerging Marke 2.24% 394,949 $21.4M Add +5.8%
GE General Electric filed as GE AEROSPACE 1.92% 60,823 $18.3M Reduce -0.0%
PGR Progressive Corp. 1.77% 68,587 $16.9M Reduce -1.1%
HR Healthcare Realty Trust Inc. 1.70% 901,432 $16.3M Reduce -0.9%
NTRS Northern Trust Corp. 1.68% 119,451 $16.1M Reduce -0.3%
XOM Exxon Mobil Corp. 1.65% 139,408 $15.7M Reduce -0.4%
WMT Walmart Inc. 1.61% 149,215 $15.4M Reduce -0.3%
PYPL PayPal Holdings Inc. 1.28% 182,368 $12.2M Add +3.5%
EOG EOG Resources Inc. 1.27% 108,444 $12.2M Add +2.1%
ECL Ecolab Inc. 1.25% 43,401 $11.9M Add +0.1%
KO The Coca-Cola Co. 1.22% 175,569 $11.6M Reduce -0.1%
PEP Pepsico Inc. 1.21% 82,523 $11.6M Reduce -5.5%
DXCM Dexcom Inc. 1.15% 162,948 $11.0M Add +2.7%
WFC Wells Fargo & Co. 1.14% 130,004 $10.9M Add +0.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.14% 94,888 $10.9M Add +1.0%
SYK Stryker Corp. 1.09% 28,036 $10.4M Reduce -0.4%
VOO Vanguard S&P 500 ETF 1.08% 16,846 $10.3M No change
JNJ Johnson & Johnson 1.06% 54,830 $10.2M Reduce -0.7%
PFE Pfizer Inc. 1.05% 393,121 $10.0M Add +7.1%
BRK.B Berkshire Hathaway Inc. Class B 1.01% 19,169 $9.6M Reduce -0.1%
GOOGL Alphabet Inc. Class A 1.00% 39,308 $9.6M Reduce -2.1%
GEV GE Vernova Inc. 0.97% 15,019 $9.2M Reduce -0.0%
VIOO Vanguard S&P Small-Cap 600 E 0.90% 78,152 $8.6M Add +4.0%
PCOR Procore Technologies Inc. 0.80% 104,081 $7.6M Add +13.9%
MCD McDonald's Corp. 0.78% 24,552 $7.5M No change
TPR Tapestry Inc. 0.71% 59,950 $6.8M Reduce -0.9%
NVDA Nvidia Corp. 0.70% 35,747 $6.7M Reduce 0.0%
BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP 0.67% 98,124 $6.4M Add +6.5%
MRK Merck & Co. Inc. 0.60% 68,763 $5.8M Add +0.1%
CVX Chevron Corp. 0.54% 32,957 $5.1M Reduce -0.3%
GOOG Alphabet Inc. Class C 0.52% 20,417 $5.0M Reduce -1.2%
EMR Emerson Electric Co. 0.52% 37,598 $4.9M Reduce -1.0%
GLDM SPDR Gold Minishares Trust 0.51% 64,050 $4.9M Reduce -3.5%
DHR Danaher Corp. 0.50% 23,902 $4.7M Reduce -0.8%
EW Edwards Lifesciences Corp. 0.49% 59,741 $4.6M No change
RTX RTX Corp. 0.47% 26,806 $4.5M Reduce -0.3%
EXPD Expeditors Intl Wash Inc. 0.45% 34,732 $4.3M No change
SHW The Sherwin-Williams Co. 0.43% 11,923 $4.1M Add +0.6%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.42% 19,140 $4.0M Add +10.1%
CB Chubb Ltd. 0.38% 12,711 $3.6M Add +0.8%
JPM JPMorgan Chase & Co. 0.36% 10,974 $3.5M Reduce -0.9%
APD Air Products & Chemicals Inc. 0.36% 12,450 $3.4M Reduce -5.8%
LRCX Lam Research Corp. 0.33% 23,650 $3.2M Add +1.1%
HD Home Depot Inc. 0.33% 7,669 $3.1M Reduce -0.3%
VB Vanguard Most SM-Cap ETF-Usd 0.32% 11,954 $3.0M Add +0.4%
LLY Eli Lilly & Co. 0.31% 3,864 $2.9M Reduce -12.5%
SHEL Shell PLC-ADR 0.30% 40,400 $2.9M Reduce -4.8%
AXP American Express Co. 0.29% 8,371 $2.8M No change
SIVR Abrdn Physical Silver Shares 0.28% 60,700 $2.7M Reduce -1.6%
UNP Union Pacific Corp. 0.28% 11,382 $2.7M Reduce -1.3%
TEL Te Connectivity PLC 0.25% 11,046 $2.4M No change
DEO Diageo PLC-Sponsored ADR 0.24% 24,038 $2.3M Add +0.3%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.23% 19,830 $2.2M No change
SGOL Abrdn Physical Gold Shares 0.21% 54,600 $2.0M No change
VNQ Vanguard Real Estate ETF 0.21% 21,900 $2.0M No change
AMZN Amazon.com Inc. 0.20% 8,900 $2.0M Reduce -4.8%
COST Costco Wholesale Corp. 0.20% 2,105 $1.9M Add +7.7%
NSC Norfolk Southern Corp. 0.20% 6,412 $1.9M Reduce -2.4%
NKE Nike Inc. Class B 0.20% 27,430 $1.9M Add +8.5%
MDY State Street SPDR S&P Midcap 0.17% 2,700 $1.6M No change
CAT Caterpillar Inc. 0.17% 3,347 $1.6M Reduce -1.0%
DUK Duke Energy Corp. 0.15% 11,958 $1.5M No change
QQQM Invesco Nasdaq 100 ETF 0.15% 5,801 $1.4M No change
VTWO Vanguard Russell 2000 ETF 0.15% 14,165 $1.4M No change
IVV iShares Core S&P 500 ETF 0.14% 2,054 $1.4M Add +28.7%
GEHC GE Healthcare Technology 0.14% 17,295 $1.3M Reduce -2.1%
EEM iShares MSCI Emerging Market 0.13% 23,800 $1.3M Reduce -1.2%
NEE Nextera Energy Inc. 0.13% 16,049 $1.2M Reduce -3.6%
VIG Vanguard Dividend Apprec ETF 0.13% 5,538 $1.2M Add +1.9%
AON Aon PLC Class A 0.12% 3,110 $1.1M Reduce -0.5%
VLTO Veralto Corp. 0.09% 8,494 $906K Reduce -1.3%
QQQ Invesco QQQ Trust Series 1 0.09% 1,506 $904K Reduce -0.1%
VFH Vanguard Financials ETF 0.09% 6,850 $899K No change
CARR Carrier Global Corp. 0.09% 14,930 $891K No change
FTV Fortive Corp. 0.09% 17,738 $869K Add +38.4%
NOC Northrop Grumman Corp. 0.09% 1,411 $860K No change
VNQI Vanguard GLBL Ex-US Real Est 0.09% 17,950 $857K No change
SBUX Starbucks Corp. 0.08% 9,580 $810K Reduce -2.0%
DVYE iShares Emerging Markets Div 0.08% 25,300 $751K No change
RY Royal Bank of Canada 0.08% 5,006 $737K No change
INTC Intel Corp. 0.08% 21,363 $717K Add +0.6%
ITW Illinois Tool Works 0.07% 2,675 $698K No change
VGT Vanguard Info Tech ETF 0.07% 925 $691K Add +2.8%
RSMC Rockefeller US Small-Mid Cap 0.07% 26,039 $686K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.07% 13,100 $676K Reduce -1.5%
ORCL Oracle Corp. 0.07% 2,400 $675K No change
TDG Transdigm Group Inc. 0.07% 500 $659K No change

Show all 189 holdings

Portfolio Sells Q2 2025 → Q3 2025
FISV Fiserv Inc. Reduce -2.0% 2.28% −0.95
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.78
ADP Automatic Data Processing Reduce -0.4% 3.91% −0.38
PGR Progressive Corp. Reduce -1.1% 1.77% −0.24
PG The Procter & Gamble Co. Reduce -0.5% 2.56% −0.21
IRM Iron Mountain Inc. Reduce -1.1% 3.47% −0.20
ABT Abbott Laboratories Reduce -0.0% 2.72% −0.15
KO The Coca-Cola Co. Reduce -0.1% 1.22% −0.14
SYK Stryker Corp. Reduce -0.4% 1.09% −0.13
MSFT Microsoft Corp. Reduce -1.2% 8.02% −0.09
EFT Eaton Vance Fltng RT Inc. TR Sold out 0.00% −0.08
LLY Eli Lilly & Co. Reduce -12.5% 0.31% −0.07
LKQ LKQ Corp. Sold out 0.00% −0.06
XEFRX Eaton Vance Sr FLTG Rate TR Sold out 0.00% −0.05
APD Air Products & Chemicals Inc. Reduce -5.8% 0.36% −0.05
AMLP Alerian MLP ETF Sold out 0.00% −0.05
IBHF iShares Ibond 2026 HY & Inc. Sold out 0.00% −0.05
IBHG iShares Ibonds 2027 HY Inc. Sold out 0.00% −0.04
PEP Pepsico Inc. Reduce -5.5% 1.21% −0.04
EMR Emerson Electric Co. Reduce -1.0% 0.52% −0.03
HYT BlackRock Corp. Hi YLD Sold out 0.00% −0.03
IBHH iShares Ibonds 2028 TM HY Inc. Sold out 0.00% −0.03
UPS United Parcel Service Class B Sold out 0.00% −0.03
IBHI iShares Ibonds 2029 TM HY Inc. Sold out 0.00% −0.03
ESGR Enstar Group Ltd. Sold out 0.00% −0.03
PSBD Palmer Square Capital BDC Inc. Sold out 0.00% −0.03
OCSL Oaktree Specialty Lending Co. Sold out 0.00% −0.03
TSLX Sixth Street Specialty Lendi Sold out 0.00% −0.03
KMX Carmax Inc. Sold out 0.00% −0.03
FBRT Franklin BSP Realty Trust Inc. Sold out 0.00% −0.02
SHEL Shell PLC-ADR Reduce -4.8% 0.30% −0.02
ARCC Ares Capital Corp. Sold out 0.00% −0.02
RAL Ralliant Corp. Sold out 0.00% −0.02
DHR Danaher Corp. Reduce -0.8% 0.50% −0.02
OGN Organon & Co. Sold out 0.00% −0.02
AMZN Amazon.com Inc. Reduce -4.8% 0.20% −0.02
OTIS Otis Worldwide Corp. Reduce -9.7% 0.07% −0.02
SBUX Starbucks Corp. Reduce -2.0% 0.08% −0.01
CL Colgate-Palmolive Co. Reduce -3.3% 0.05% −0.01
MA Mastercard Inc. Class A Reduce -19.6% 0.03% −0.01
UNP Union Pacific Corp. Reduce -1.3% 0.28% −0.01
GEHC GE Healthcare Technology Reduce -2.1% 0.14% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.1% 1.01% −0.01
V Visa Inc. Class A Reduce -7.4% 0.04% −0.01
T AT&T Inc. Reduce -3.6% 0.06% −0.01
AON Aon PLC Class A Reduce -0.5% 0.12% −0.01
KMB Kimberly-Clark Corp. Reduce -8.4% 0.03% −0.01
SLB SLB Ltd. Reduce -11.4% 0.03% −0.00
VLTO Veralto Corp. Reduce -1.3% 0.09% +0.00
NEE Nextera Energy Inc. Reduce -3.6% 0.13% +0.00

Portfolio Buys Q2 2025 → Q3 2025
VWO Vanguard Ftse Emerging Marke Add +5.8% 2.24% +0.23
PCOR Procore Technologies Inc. Add +13.9% 0.80% +0.11
LRCX Lam Research Corp. Add +1.1% 0.33% +0.08
PFE Pfizer Inc. Add +7.1% 1.05% +0.08
VIOO Vanguard S&P Small-Cap 600 E Add +4.0% 0.90% +0.08
VBR Vngrd Mrngst SL-CP Val ETF-U Add +10.1% 0.42% +0.05
IVV iShares Core S&P 500 ETF Add +28.7% 0.14% +0.04
DFUV Dimensional US Marketwide Va New 0.03% +0.03
SHY iShares 1-3 Year Treasury Bo New 0.03% +0.03
AEM Agnico Eagle Mines Ltd. New 0.03% +0.03
INTC Intel Corp. Add +0.6% 0.08% +0.02
DGX Quest Diagnostics Inc. New 0.02% +0.02
AMAT Applied Materials Inc. New 0.02% +0.02
AEP American Electric Power New 0.02% +0.02
FTV Fortive Corp. Add +38.4% 0.09% +0.02
TR Tootsie Roll Inds Add +11.4% 0.07% +0.02
ACN Accenture PLC Class A Add +69.8% 0.06% +0.02
MRK Merck & Co. Inc. Add +0.1% 0.60% +0.01
VB Vanguard Most SM-Cap ETF-Usd Add +0.4% 0.32% +0.01
WFC Wells Fargo & Co. Add +0.3% 1.14% +0.01
VGT Vanguard Info Tech ETF Add +2.8% 0.07% +0.01
NKE Nike Inc. Class B Add +8.5% 0.20% +0.00
SNA Snap-on Inc. Add +8.7% 0.03% +0.00
VIG Vanguard Dividend Apprec ETF Add +1.9% 0.13% +0.00
MOS The Mosaic Co. Add +16.4% 0.05% +0.00
AMGN Amgen Inc. Add +1.9% 0.07% −0.00
BOH Bank of Hawaii Corp. Add +6.5% 0.67% −0.00
COST Costco Wholesale Corp. Add +7.7% 0.20% −0.01
SHW The Sherwin-Williams Co. Add +0.6% 0.43% −0.01
CB Chubb Ltd. Add +0.8% 0.38% −0.02
DEO Diageo PLC-Sponsored ADR Add +0.3% 0.24% −0.02
ECL Ecolab Inc. Add +0.1% 1.25% −0.03
EOG EOG Resources Inc. Add +2.1% 1.27% −0.11
DIS The Walt Disney Co. Add +1.0% 1.14% −0.13
PYPL PayPal Holdings Inc. Add +3.5% 1.28% −0.14
CSCO Cisco Systems Inc. Add +0.1% 3.26% −0.18
DXCM Dexcom Inc. Add +2.7% 1.15% −0.36

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 200$984.0MAAPL, CSCO, MSFT, ABBV, IRM
Q1 2026 192$922.9MAAPL, MSFT, ABBV, CSCO, IRM
Q4 2025 185$935.5MMSFT, AAPL, ABBV, CSCO, ADP
Q3 2025 189$954.7MMSFT, AAPL, ABBV, ADP, IRM
Q2 2025 203$918.1MMSFT, AAPL, ADP, ABBV, IRM
Q1 2025 206$888.2MAAPL, MSFT, ADP, ABBV, FISV
Q4 2024 206$907.2MAAPL, MSFT, ADP, FISV, IRM
Q3 2024 210$914.1MMSFT, AAPL, IRM, ABBV, ADP
Q2 2024 204$849.9MMSFT, AAPL, IRM, ABBV, ADP
Q1 2024 204$867.5MMSFT, AAPL, IRM, ABBV, ADP