Meridian Investment Counsel Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Meridian Investment Counsel Inc. reported 232 stock positions worth $404.9 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 6.4% of the portfolio, followed by Apple (AAPL, 4.6%) and Microsoft (MSFT, 3.6%). Compared with Q2 2025, it opened 14 new positions, sold out of 6, added to 43 and reduced 77. The biggest buy was a new position in Capital One Financial (COF) and the biggest sale Janus Henderson Aaa Clo ETF (JAAA, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- LAFAYETTE, CA
- CIK
- 0001427351
- Portfolio Value
- $404.9M (Q3 2025)
- SEC Filing
- 0001427351-25-000012 ↗ filed Oct 23, 2025
Holdings Value
Holdings 232 stocks · $404.9M
| TSM Taiwan Semiconductor-SP ADR | 6.37% | 92,328 | $25.8M | Reduce -1.8% |
| AAPL Apple Inc. | 4.63% | 73,606 | $18.7M | Reduce -3.3% |
| MSFT Microsoft Corp. | 3.56% | 27,828 | $14.4M | Reduce -0.5% |
| IAU iShares Gold Trust | 2.25% | 124,983 | $9.1M | Reduce -0.8% |
| PLTR Palantir Technologies Inc. Class A | 2.15% | 47,754 | $8.7M | Reduce -3.8% |
| CVX Chevron Corp. | 2.13% | 55,642 | $8.6M | Reduce -0.2% |
| ORCL Oracle Corp. | 1.76% | 25,357 | $7.1M | Reduce -1.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.70% | 78,925 | $6.9M | Add +2.0% |
| NSC Norfolk Southern Corp. | 1.56% | 21,043 | $6.3M | No change |
| ABBV Abbvie Inc. | 1.52% | 26,601 | $6.2M | Reduce -0.9% |
| ADBE Adobe Inc. | 1.50% | 17,187 | $6.1M | Reduce -0.7% |
| WMT Walmart Inc. | 1.37% | 53,798 | $5.5M | No change |
| RSP Invesco S&P 500 Equal Weight | 1.29% | 27,561 | $5.2M | Add +0.0% |
| MDY State Street SPDR S&P Midcap | 1.28% | 8,671 | $5.2M | Reduce -0.9% |
| TRV The Travelers Cos Inc. | 1.27% | 18,363 | $5.1M | Add +2.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.26% | 10,179 | $5.1M | Reduce -1.0% |
| HD Home Depot Inc. | 1.22% | 12,181 | $4.9M | No change |
| IWM iShares Russell 2000 ETF | 1.17% | 19,647 | $4.8M | Add +9.5% |
| META Meta Platforms Inc. Class A | 1.14% | 6,261 | $4.6M | Add +1.1% |
| IGM iShares Expanded Tech Sector | 1.13% | 36,195 | $4.6M | Reduce -1.6% |
| QCOM Qualcomm Inc. | 1.12% | 27,239 | $4.5M | Add +0.1% |
| JNJ Johnson & Johnson | 1.11% | 24,149 | $4.5M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.05% | 82,143 | $4.2M | Add +0.0% |
| MET Metlife Inc. | 1.02% | 50,260 | $4.1M | Reduce -1.7% |
| CBRE CBRE Group Inc. Class A | 1.02% | 26,134 | $4.1M | Reduce -3.0% |
| CGXU Cap Group Intl Focus filed as CAPITAL GROUP INTL FOCUS EQT | 1.00% | 136,600 | $4.0M | Add +2.5% |
| XLI SS Industrial Select Sector | 0.95% | 25,001 | $3.9M | Reduce -0.4% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.88% | 7,714 | $3.6M | Reduce -0.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.81% | 4,926 | $3.3M | Reduce -7.0% |
| DD Dupont DE Nemours Inc. | 0.81% | 41,993 | $3.3M | Add +1.1% |
| BTI British American Tob-SP ADR | 0.78% | 59,537 | $3.2M | No change |
| FDX FedEx Corp. | 0.78% | 13,383 | $3.2M | Reduce -15.2% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.76% | 55,492 | $3.1M | Add +5.9% |
| GE General Electric filed as GE AEROSPACE | 0.76% | 10,213 | $3.1M | Reduce -0.2% |
| MCK McKesson Corp. | 0.75% | 3,916 | $3.0M | Add +0.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.75% | 4 | $3.0M | No change |
| LHX L3HARRIS Technologies Inc. | 0.71% | 9,400 | $2.9M | No change |
| DOC Healthpeak Properties Inc. | 0.70% | 148,710 | $2.8M | Add +21.5% |
| KMI Kinder Morgan Inc. | 0.69% | 98,720 | $2.8M | Add +0.6% |
| JPM JPMorgan Chase & Co. | 0.69% | 8,793 | $2.8M | Add +0.1% |
| MDT Medtronic PLC | 0.66% | 28,268 | $2.7M | Add +0.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.65% | 4,376 | $2.6M | Add +1.2% |
| COF Capital One Financial Corp. | 0.65% | 12,326 | $2.6M | New |
| C Citigroup Inc. | 0.64% | 25,526 | $2.6M | Reduce -3.9% |
| XLV SS Health Care Select Sector | 0.64% | 18,505 | $2.6M | No change |
| XLB SS Materials Select Sector | 0.63% | 28,350 | $2.5M | Add +5.1% |
| CWI State Street SPDR MSCI Acwi | 0.62% | 72,039 | $2.5M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.62% | 8,858 | $2.5M | No change |
| CMCSA Comcast Corp. Class A | 0.62% | 79,458 | $2.5M | Reduce -5.3% |
| SCHF Schwab Intl Equity ETF | 0.60% | 104,941 | $2.4M | Add +2.1% |
| NVDA Nvidia Corp. | 0.60% | 13,033 | $2.4M | Reduce -23.3% |
| CP Canadian Pacific Kansas City | 0.60% | 32,350 | $2.4M | New |
| WGO Winnebago Industries | 0.59% | 71,274 | $2.4M | Reduce -0.5% |
| GILD Gilead Sciences Inc. | 0.58% | 21,167 | $2.3M | No change |
| B Barrick Mining Corp. | 0.56% | 68,866 | $2.3M | No change |
| VGT Vanguard Info Tech ETF | 0.54% | 2,933 | $2.2M | No change |
| FLGB Franklin Ftse United Kingdom | 0.53% | 66,925 | $2.2M | Add +0.9% |
| WFC Wells Fargo & Co. | 0.50% | 24,303 | $2.0M | Add +0.0% |
| VOO Vanguard S&P 500 ETF | 0.50% | 3,324 | $2.0M | Reduce -0.6% |
| CB Chubb Ltd. | 0.50% | 7,194 | $2.0M | Add +2.3% |
| UBER Uber Technologies Inc. | 0.50% | 20,563 | $2.0M | Add +19.7% |
| DOCU Docusign Inc. | 0.50% | 27,874 | $2.0M | Reduce -2.1% |
| GPC Genuine Parts Co. | 0.49% | 14,416 | $2.0M | No change |
| AXON Axon Enterprise Inc. | 0.49% | 2,779 | $2.0M | No change |
| AMGN Amgen Inc. | 0.49% | 7,040 | $2.0M | No change |
| AEP American Electric Power | 0.49% | 17,590 | $2.0M | Reduce -0.7% |
| GEV GE Vernova Inc. | 0.48% | 3,189 | $2.0M | No change |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.48% | 62,608 | $2.0M | New |
| HON Honeywell International Inc. | 0.47% | 9,125 | $1.9M | No change |
| GOOG Alphabet Inc. Class C | 0.46% | 7,666 | $1.9M | Reduce -1.3% |
| BP BP PLC-Spons ADR | 0.45% | 53,322 | $1.8M | No change |
| CSCO Cisco Systems Inc. | 0.44% | 26,045 | $1.8M | No change |
| VZ Verizon Communications Inc. | 0.44% | 40,318 | $1.8M | Reduce -1.4% |
| PFE Pfizer Inc. | 0.43% | 68,075 | $1.7M | Reduce -1.9% |
| DGT SS SPDR Global Dow ETF | 0.43% | 10,651 | $1.7M | Reduce -0.6% |
| EG Everest Group Ltd. | 0.40% | 4,570 | $1.6M | New |
| WY Weyerhaeuser Co. | 0.38% | 61,939 | $1.5M | Reduce -18.6% |
| MTG Mgic Investment Corp. | 0.37% | 52,900 | $1.5M | No change |
| VEA Vanguard Ftse Developed ETF | 0.37% | 24,803 | $1.5M | Add +2.5% |
| IJR iShares Core S&P Small-Cap E | 0.36% | 12,268 | $1.5M | No change |
| VXUS Vanguard Total Intl Stock | 0.36% | 19,680 | $1.4M | Add +8.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.36% | 5,673 | $1.4M | Add +24.2% |
| GOOGL Alphabet Inc. Class A | 0.35% | 5,838 | $1.4M | Add +0.0% |
| MGM MGM Resorts International | 0.35% | 40,650 | $1.4M | Reduce -5.2% |
| XBI SS SPDR S&P Biotech ETF | 0.35% | 13,966 | $1.4M | Add +5.8% |
| XLE SS Energy Select Sector | 0.34% | 15,210 | $1.4M | Add +2.0% |
| IHI iShares U.S. Medical Devices | 0.33% | 22,337 | $1.3M | Add +8.1% |
| AMZN Amazon.com Inc. | 0.33% | 6,079 | $1.3M | Add +34.9% |
| NUE Nucor Corp. | 0.33% | 9,792 | $1.3M | No change |
| XOM Exxon Mobil Corp. | 0.32% | 11,388 | $1.3M | No change |
| XES SS SPDR S&P Og Eqp & Serv | 0.32% | 17,720 | $1.3M | Reduce -1.1% |
| TGNA Tegna Inc. | 0.30% | 59,833 | $1.2M | Reduce -33.7% |
| QUAL iShares MSCI USA Quality Fac | 0.30% | 6,234 | $1.2M | No change |
| VWO Vanguard Ftse Emerging Marke | 0.29% | 21,740 | $1.2M | Add +2.0% |
| NEE Nextera Energy Inc. | 0.28% | 15,268 | $1.2M | Add +1.7% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.28% | 26,454 | $1.1M | New |
| WH Wyndham Hotels & Resorts Inc. | 0.28% | 14,169 | $1.1M | No change |
| INTC Intel Corp. | 0.28% | 33,730 | $1.1M | Reduce -22.8% |
| TM Toyota Motor Corp. -Spon ADR | 0.27% | 5,713 | $1.1M | Reduce -3.0% |
| T AT&T Inc. | 0.27% | 38,392 | $1.1M | Reduce -8.6% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | 23,181 | $2K | No change |
Total filed on the 13F, all lines: $404.9M.
Portfolio Sells Q2 2025 → Q3 2025
| JAAA Janus Henderson Aaa Clo ETF | Reduce -85.3% | 0.06% | −0.40 |
| ADBE Adobe Inc. | Reduce -0.7% | 1.50% | −0.32 |
| KVUE Kenvue Inc. | Reduce -76.8% | 0.06% | −0.28 |
| TAP Molson Coors Beverage Co. Class B | Reduce -39.0% | 0.26% | −0.24 |
| KDP Keurig Dr Pepper Inc. | Reduce -40.4% | 0.16% | −0.23 |
| MSFT Microsoft Corp. | Reduce -0.5% | 3.56% | −0.22 |
| CMCSA Comcast Corp. Class A | Reduce -5.3% | 0.62% | −0.20 |
| FDX FedEx Corp. | Reduce -15.2% | 0.78% | −0.20 |
| WY Weyerhaeuser Co. | Reduce -18.6% | 0.38% | −0.15 |
| NVDA Nvidia Corp. | Reduce -23.3% | 0.60% | −0.13 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.12 |
| TGNA Tegna Inc. | Reduce -33.7% | 0.30% | −0.11 |
| DOCU Docusign Inc. | Reduce -2.1% | 0.50% | −0.11 |
| MET Metlife Inc. | Reduce -1.7% | 1.02% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.0% | 1.26% | −0.10 |
| CX Cemex Sab-Spons ADR Part Cer | Sold out | 0.00% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -7.0% | 0.81% | −0.08 |
| MDY State Street SPDR S&P Midcap | Reduce -0.9% | 1.28% | −0.07 |
| OI O-I Glass Inc. | Reduce -15.7% | 0.14% | −0.07 |
| T AT&T Inc. | Reduce -8.6% | 0.27% | −0.06 |
| PNNT Pennantpark Investment Corp. | Reduce -68.6% | 0.02% | −0.06 |
| CAR Avis Budget Group Inc. | Sold out | 0.00% | −0.06 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.06 |
| XLI SS Industrial Select Sector | Reduce -0.4% | 0.95% | −0.06 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.05 |
| MGM MGM Resorts International | Reduce -5.2% | 0.35% | −0.05 |
| ADP Automatic Data Processing | Reduce -4.2% | 0.25% | −0.05 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -0.7% | 0.88% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -1.4% | 0.44% | −0.04 |
| CVS CVS Health Corp. | Reduce -19.2% | 0.17% | −0.04 |
| KO The Coca-Cola Co. | Reduce -0.7% | 0.21% | −0.04 |
| CVX Chevron Corp. | Reduce -0.2% | 2.13% | −0.04 |
| MFIC Midcap Financial Investment | Reduce -14.3% | 0.11% | −0.04 |
| SYF Synchrony Financial | Reduce -17.2% | 0.15% | −0.04 |
| VDC Vanguard Consumer Staple ETF | Reduce -0.0% | 0.23% | −0.03 |
| PFE Pfizer Inc. | Reduce -1.9% | 0.43% | −0.03 |
| LRCX Lam Research Corp. | Reduce -34.2% | 0.13% | −0.03 |
| BBN BlackRock Taxable Muni BND | Reduce -27.9% | 0.06% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -0.9% | 0.17% | −0.03 |
| DB Deutsche Bank AG-Registered | Reduce -33.3% | 0.07% | −0.03 |
| UNP Union Pacific Corp. | Reduce -25.4% | 0.06% | −0.03 |
| SCHX Schwab US Large-Cap ETF | Reduce -27.4% | 0.05% | −0.02 |
| SBUX Starbucks Corp. | Reduce -5.8% | 0.08% | −0.02 |
| DKNG Draftkings Inc. Class A | Reduce -0.8% | 0.07% | −0.02 |
| DIS The Walt Disney Co. | Reduce -2.3% | 0.08% | −0.02 |
| XLC SS Comm Select Sector SPDR | Reduce -6.5% | 0.21% | −0.02 |
| GEHC GE Healthcare Technology | Reduce -5.2% | 0.11% | −0.02 |
| XBFZX BlackRock Ca Muni Inc. TR | Reduce -11.1% | 0.07% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -11.7% | 0.06% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -0.6% | 0.50% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| COF Capital One Financial Corp. | New | 0.65% | +0.65 |
| CP Canadian Pacific Kansas City | New | 0.60% | +0.60 |
| FNDA Schwab Fndmntl US SM Co. ETF | New | 0.48% | +0.48 |
| EG Everest Group Ltd. | New | 0.40% | +0.40 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | New | 0.28% | +0.28 |
| RDDT Reddit Inc. Class A | New | 0.16% | +0.16 |
| MU Micron Technology Inc. | New | 0.15% | +0.15 |
| IWM iShares Russell 2000 ETF | Add +9.5% | 1.17% | +0.12 |
| DOC Healthpeak Properties Inc. | Add +21.5% | 0.70% | +0.12 |
| IBB iShares Biotechnology ETF | New | 0.09% | +0.09 |
| WBD Warner Bros Discovery Inc. | Add +14.7% | 0.18% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +0.0% | 0.35% | +0.07 |
| ARCC Ares Capital Corp. | Add +87.0% | 0.18% | +0.07 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +24.2% | 0.36% | +0.06 |
| UBER Uber Technologies Inc. | Add +19.7% | 0.50% | +0.06 |
| AMZN Amazon.com Inc. | Add +34.9% | 0.33% | +0.06 |
| NVT Nvent Electric PLC | New | 0.06% | +0.06 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.06% | +0.06 |
| OHI Omega Healthcare Investors | New | 0.05% | +0.05 |
| USB US Bancorp | New | 0.05% | +0.05 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.05% | +0.05 |
| XBI SS SPDR S&P Biotech ETF | Add +5.8% | 0.35% | +0.05 |
| GBDC Golub Capital BDC Inc. | New | 0.03% | +0.03 |
| DD Dupont DE Nemours Inc. | Add +1.1% | 0.81% | +0.03 |
| COP Conocophillips | Add +44.0% | 0.11% | +0.03 |
| LIN Linde PLC | Add +23.3% | 0.17% | +0.02 |
| BLK BlackRock Inc. | Add +10.2% | 0.20% | +0.02 |
| CGXU Cap Group Intl Focus | Add +2.5% | 1.00% | +0.02 |
| VXUS Vanguard Total Intl Stock | Add +8.2% | 0.36% | +0.01 |
| RTX RTX Corp. | Add +0.1% | 0.27% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +5.3% | 0.20% | +0.01 |
| AMD Advanced Micro Devices | Add +2.1% | 0.08% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +2.0% | 0.29% | +0.00 |
| NEE Nextera Energy Inc. | Add +1.7% | 0.28% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.2% | 0.65% | −0.00 |
| MDT Medtronic PLC | Add +0.4% | 0.66% | −0.00 |
| JPM JPMorgan Chase & Co. | Add +0.1% | 0.69% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Add +2.5% | 0.37% | −0.01 |
| XLE SS Energy Select Sector | Add +2.0% | 0.34% | −0.01 |
| BAC Bank of America Corp. | Add +0.0% | 1.05% | −0.01 |
| NFLX Netflix Inc. | Add +0.6% | 0.05% | −0.01 |
| SCHF Schwab Intl Equity ETF | Add +2.1% | 0.60% | −0.01 |
| XLB SS Materials Select Sector | Add +5.1% | 0.63% | −0.02 |
| ACHR Archer Aviation Inc. Class A | Add +5.8% | 0.10% | −0.02 |
| FLGB Franklin Ftse United Kingdom | Add +0.9% | 0.53% | −0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +2.0% | 1.70% | −0.02 |
| IHI iShares U.S. Medical Devices | Add +8.1% | 0.33% | −0.02 |
| WFC Wells Fargo & Co. | Add +0.0% | 0.50% | −0.03 |
| MCK McKesson Corp. | Add +0.5% | 0.75% | −0.03 |
| TRV The Travelers Cos Inc. | Add +2.1% | 1.27% | −0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 250 | $465.9M | TSM, AAPL, MSFT, MU, IAU |
| Q1 2026 | 237 | $419.9M | TSM, AAPL, IAU, MSFT, CVX |
| Q4 2025 | 239 | $415.0M | TSM, AAPL, MSFT, IAU, PLTR |
| Q3 2025 | 232 | $404.9M | TSM, AAPL, MSFT, IAU, PLTR |
| Q2 2025 | 224 | $367.5M | TSM, AAPL, MSFT, CVX, IAU |
| Q1 2025 | 211 | $339.7M | AAPL, TSM, MSFT, CVX, IAU |
| Q4 2024 | 213 | $335.0M | AAPL, TSM, MSFT, ADBE, CVX |
| Q3 2024 | 212 | $330.9M | TSM, AAPL, MSFT, ADBE, CVX |
| Q2 2024 | 213 | $316.2M | TSM, AAPL, MSFT, ADBE, CVX |
| Q1 2024 | 206 | $300.7M | TSM, MSFT, ADBE, CVX, AAPL |