Meridian Investment Counsel Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 20, 2026), Meridian Investment Counsel Inc. reported 239 stock positions worth $415.0 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 6.3% of the portfolio, followed by Apple (AAPL, 4.6%) and Microsoft (MSFT, 3.2%). Compared with Q3 2025, it opened 10 new positions, sold out of 4, added to 50 and reduced 94. The biggest buy was Gilead Sciences (GILD, shares +52%) and the biggest sale Oracle (ORCL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- LAFAYETTE, CA
- CIK
- 0001427351
- Portfolio Value
- $415.0M (Q4 2025)
- SEC Filing
- 0001427351-26-000002 ↗ filed Jan 20, 2026
Holdings Value
Holdings 239 stocks · $415.0M
| TSM Taiwan Semiconductor-SP ADR | 6.28% | 85,775 | $26.1M | Reduce -7.1% |
| AAPL Apple Inc. | 4.64% | 70,772 | $19.2M | Reduce -3.9% |
| MSFT Microsoft Corp. | 3.24% | 27,828 | $13.5M | No change |
| IAU iShares Gold Trust | 2.41% | 123,047 | $10.0M | Reduce -1.6% |
| PLTR Palantir Technologies Inc. Class A | 1.95% | 45,515 | $8.1M | Reduce -4.7% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.62% | 157,183 | $6.7M | Reduce -0.4% |
| CVX Chevron Corp. | 1.61% | 43,786 | $6.7M | Reduce -21.3% |
| ABBV Abbvie Inc. | 1.46% | 26,551 | $6.1M | Reduce -0.2% |
| WMT Walmart Inc. | 1.44% | 53,698 | $6.0M | Reduce -0.2% |
| NSC Norfolk Southern Corp. | 1.43% | 20,593 | $5.9M | Reduce -2.1% |
| ADBE Adobe Inc. | 1.42% | 16,890 | $5.9M | Reduce -1.7% |
| IWM iShares Russell 2000 ETF | 1.29% | 21,813 | $5.4M | Add +11.0% |
| TRV The Travelers Cos Inc. | 1.28% | 18,363 | $5.3M | No change |
| MDY State Street SPDR S&P Midcap | 1.25% | 8,565 | $5.2M | Reduce -1.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.24% | 10,203 | $5.1M | Add +0.2% |
| RSP Invesco S&P 500 Equal Weight | 1.22% | 26,535 | $5.1M | Reduce -3.7% |
| JNJ Johnson & Johnson | 1.18% | 23,720 | $4.9M | Reduce -1.8% |
| ORCL Oracle Corp. | 1.18% | 25,048 | $4.9M | Reduce -1.2% |
| QCOM Qualcomm Inc. | 1.11% | 27,044 | $4.6M | Reduce -0.7% |
| IGM iShares Expanded Tech Sector | 1.11% | 35,557 | $4.6M | Reduce -1.8% |
| META Meta Platforms Inc. Class A | 1.09% | 6,851 | $4.5M | Add +9.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.09% | 81,943 | $4.5M | Reduce -0.2% |
| CGXU Cap Group Intl Focus filed as CAPITAL GROUP INTL FOCUS EQT | 1.02% | 143,150 | $4.2M | Add +4.8% |
| CBRE CBRE Group Inc. Class A | 1.01% | 26,134 | $4.2M | No change |
| HD Home Depot Inc. | 1.01% | 12,131 | $4.2M | Reduce -0.4% |
| XLI SS Industrial Select Sector | 0.98% | 26,254 | $4.1M | Add +5.0% |
| GILD Gilead Sciences Inc. | 0.95% | 32,120 | $3.9M | Add +51.8% |
| MET Metlife Inc. | 0.94% | 49,360 | $3.9M | Reduce -1.8% |
| COF Capital One Financial Corp. | 0.89% | 15,161 | $3.7M | Add +23.0% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.88% | 7,594 | $3.6M | Reduce -1.6% |
| FDX FedEx Corp. | 0.83% | 11,862 | $3.4M | Reduce -11.4% |
| BTI British American Tob-SP ADR | 0.81% | 59,262 | $3.4M | Reduce -0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.80% | 4,884 | $3.3M | Reduce -0.8% |
| MCK McKesson Corp. | 0.77% | 3,906 | $3.2M | Reduce -0.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.76% | 62,252 | $3.2M | Add +12.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.73% | 4 | $3.0M | No change |
| GE General Electric filed as GE AEROSPACE | 0.71% | 9,587 | $3.0M | Reduce -6.1% |
| B Barrick Mining Corp. | 0.71% | 67,509 | $2.9M | Reduce -2.0% |
| C Citigroup Inc. | 0.71% | 25,176 | $2.9M | Reduce -1.4% |
| JPM JPMorgan Chase & Co. | 0.68% | 8,793 | $2.8M | No change |
| XLV SS Health Care Select Sector | 0.68% | 18,255 | $2.8M | Reduce -1.4% |
| WGO Winnebago Industries | 0.66% | 68,074 | $2.8M | Reduce -4.5% |
| CP Canadian Pacific Kansas City | 0.66% | 37,360 | $2.8M | Add +15.5% |
| UBER Uber Technologies Inc. | 0.66% | 33,653 | $2.7M | Add +63.7% |
| LHX L3HARRIS Technologies Inc. | 0.66% | 9,357 | $2.7M | Reduce -0.5% |
| MDT Medtronic PLC | 0.65% | 28,125 | $2.7M | Reduce -0.5% |
| KMI Kinder Morgan Inc. | 0.65% | 97,808 | $2.7M | Reduce -0.9% |
| XLB SS Materials Select Sector | 0.64% | 58,600 | $2.7M | Add +3.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.63% | 8,858 | $2.6M | No change |
| CWI State Street SPDR MSCI Acwi | 0.62% | 71,239 | $2.6M | Reduce -1.1% |
| SCHF Schwab Intl Equity ETF | 0.61% | 105,196 | $2.5M | Add +0.2% |
| DOC Healthpeak Properties Inc. | 0.59% | 152,348 | $2.4M | Add +2.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.58% | 3,946 | $2.4M | Reduce -9.8% |
| GOOG Alphabet Inc. Class C | 0.57% | 7,505 | $2.4M | Reduce -2.1% |
| NVDA Nvidia Corp. | 0.56% | 12,518 | $2.3M | Reduce -4.0% |
| AMGN Amgen Inc. | 0.56% | 7,040 | $2.3M | No change |
| FLGB Franklin Ftse United Kingdom | 0.55% | 67,775 | $2.3M | Add +1.3% |
| WFC Wells Fargo & Co. | 0.54% | 24,183 | $2.3M | Reduce -0.5% |
| CMCSA Comcast Corp. Class A | 0.54% | 75,147 | $2.2M | Reduce -5.4% |
| CB Chubb Ltd. | 0.54% | 7,194 | $2.2M | No change |
| VGT Vanguard Info Tech ETF | 0.53% | 2,943 | $2.2M | Add +0.3% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.52% | 68,183 | $2.1M | Add +8.9% |
| GEV GE Vernova Inc. | 0.50% | 3,159 | $2.1M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.48% | 26,045 | $2.0M | No change |
| VOO Vanguard S&P 500 ETF | 0.48% | 3,182 | $2.0M | Reduce -4.3% |
| AEP American Electric Power | 0.48% | 17,190 | $2.0M | Reduce -2.3% |
| GOOGL Alphabet Inc. Class A | 0.47% | 6,189 | $1.9M | Add +6.0% |
| DOCU Docusign Inc. | 0.45% | 27,574 | $1.9M | Reduce -1.1% |
| VXUS Vanguard Total Intl Stock | 0.44% | 24,232 | $1.8M | Add +23.1% |
| EG Everest Group Ltd. | 0.43% | 5,305 | $1.8M | Add +16.1% |
| HON Honeywell International Inc. | 0.43% | 9,175 | $1.8M | Add +0.6% |
| BP BP PLC-Spons ADR | 0.43% | 51,202 | $1.8M | Reduce -4.0% |
| GPC Genuine Parts Co. | 0.43% | 14,416 | $1.8M | No change |
| XBI SS SPDR S&P Biotech ETF | 0.42% | 14,266 | $1.7M | Add +2.1% |
| Q Qnity Electronics Inc. | 0.42% | 21,117 | $1.7M | Add +0.6% |
| DGT SS SPDR Global Dow ETF | 0.41% | 10,321 | $1.7M | Reduce -3.1% |
| DD Dupont DE Nemours Inc. | 0.41% | 42,052 | $1.7M | Add +0.1% |
| VZ Verizon Communications Inc. | 0.40% | 40,518 | $1.7M | Add +0.5% |
| LIN Linde PLC | 0.40% | 3,870 | $1.7M | Add +165.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.40% | 6,397 | $1.7M | Add +12.8% |
| NUE Nucor Corp. | 0.38% | 9,752 | $1.6M | Reduce -0.4% |
| PFE Pfizer Inc. | 0.38% | 63,503 | $1.6M | Reduce -6.7% |
| AXON Axon Enterprise Inc. | 0.38% | 2,779 | $1.6M | No change |
| VEA Vanguard Ftse Developed ETF | 0.38% | 24,945 | $1.6M | Add +0.6% |
| MTG Mgic Investment Corp. | 0.37% | 52,900 | $1.5M | No change |
| MGM MGM Resorts International | 0.36% | 40,650 | $1.5M | No change |
| IJR iShares Core S&P Small-Cap E | 0.36% | 12,268 | $1.5M | No change |
| IHI iShares U.S. Medical Devices | 0.34% | 22,732 | $1.4M | Add +1.8% |
| XES SS SPDR S&P Og Eqp & Serv | 0.33% | 16,920 | $1.4M | Reduce -4.5% |
| MU Micron Technology Inc. | 0.33% | 4,856 | $1.4M | Add +30.5% |
| AMZN Amazon.com Inc. | 0.33% | 5,961 | $1.4M | Reduce -1.9% |
| XOM Exxon Mobil Corp. | 0.33% | 11,388 | $1.4M | No change |
| XLE SS Energy Select Sector | 0.31% | 29,070 | $1.3M | Reduce -4.4% |
| WY Weyerhaeuser Co. | 0.31% | 54,489 | $1.3M | Reduce -12.0% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.31% | 28,054 | $1.3M | Add +6.0% |
| QUAL iShares MSCI USA Quality Fac | 0.30% | 6,234 | $1.2M | No change |
| TM Toyota Motor Corp. -Spon ADR | 0.29% | 5,713 | $1.2M | No change |
| NEE Nextera Energy Inc. | 0.29% | 15,053 | $1.2M | Reduce -1.4% |
| FCX Freeport-McMoran Inc. | 0.29% | 23,715 | $1.2M | Reduce -1.7% |
| RTX RTX Corp. | 0.29% | 6,544 | $1.2M | Add +1.8% |
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Reduce -1.2% | 1.18% | −0.58 |
| CVX Chevron Corp. | Reduce -21.3% | 1.61% | −0.53 |
| HD Home Depot Inc. | Reduce -0.4% | 1.01% | −0.21 |
| PLTR Palantir Technologies Inc. Class A | Reduce -4.7% | 1.95% | −0.20 |
| NSC Norfolk Southern Corp. | Reduce -2.1% | 1.43% | −0.13 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.12 |
| TGNA Tegna Inc. | Reduce -24.6% | 0.21% | −0.09 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.1% | 6.28% | −0.09 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -24.2% | 0.20% | −0.08 |
| MET Metlife Inc. | Reduce -1.8% | 0.94% | −0.08 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -0.4% | 1.62% | −0.08 |
| KDP Keurig Dr Pepper Inc. | Reduce -53.4% | 0.08% | −0.08 |
| TAP Molson Coors Beverage Co. Class B | Reduce -31.7% | 0.18% | −0.08 |
| CMCSA Comcast Corp. Class A | Reduce -5.4% | 0.54% | −0.08 |
| ADBE Adobe Inc. | Reduce -1.7% | 1.42% | −0.07 |
| WY Weyerhaeuser Co. | Reduce -12.0% | 0.31% | −0.07 |
| RSP Invesco S&P 500 Equal Weight | Reduce -3.7% | 1.22% | −0.07 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -9.8% | 0.58% | −0.06 |
| ABBV Abbvie Inc. | Reduce -0.2% | 1.46% | −0.06 |
| KMB Kimberly-Clark Corp. | Reduce -15.1% | 0.12% | −0.06 |
| XYZ Block Inc. | Sold out | 0.00% | −0.05 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.05 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -11.9% | 0.20% | −0.05 |
| PFE Pfizer Inc. | Reduce -6.7% | 0.38% | −0.05 |
| GE General Electric | Reduce -6.1% | 0.71% | −0.05 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.5% | 0.66% | −0.05 |
| ADP Automatic Data Processing | Reduce -4.6% | 0.20% | −0.05 |
| KMI Kinder Morgan Inc. | Reduce -0.9% | 0.65% | −0.04 |
| DOCU Docusign Inc. | Reduce -1.1% | 0.45% | −0.04 |
| NVDA Nvidia Corp. | Reduce -4.0% | 0.56% | −0.04 |
| OXY Occidental Petroleum Corp. | Reduce -6.1% | 0.14% | −0.04 |
| MDY State Street SPDR S&P Midcap | Reduce -1.2% | 1.25% | −0.03 |
| XOP SS SPDR S&P Og Exp & Prod | Reduce -8.5% | 0.16% | −0.03 |
| BP BP PLC-Spons ADR | Reduce -4.0% | 0.43% | −0.03 |
| XLE SS Energy Select Sector | Reduce -4.4% | 0.31% | −0.02 |
| VOO Vanguard S&P 500 ETF | Reduce -4.3% | 0.48% | −0.02 |
| VDC Vanguard Consumer Staple ETF | Reduce -5.7% | 0.21% | −0.02 |
| UTF Cohen & Steers Infrastructur | Reduce -9.5% | 0.12% | −0.02 |
| EWT iShares MSCI Taiwan ETF | Reduce -9.1% | 0.15% | −0.02 |
| PEP Pepsico Inc. | Reduce -12.8% | 0.13% | −0.02 |
| IGM iShares Expanded Tech Sector | Reduce -1.8% | 1.11% | −0.02 |
| XBFZX BlackRock Ca Muni Inc. TR | Reduce -20.9% | 0.05% | −0.02 |
| HPQ HP Inc. | Reduce -2.8% | 0.06% | −0.02 |
| IXP iShares Global Comm Services | Reduce -3.0% | 0.19% | −0.01 |
| MDT Medtronic PLC | Reduce -0.5% | 0.65% | −0.01 |
| BBN BlackRock Taxable Muni BND | Reduce -18.3% | 0.04% | −0.01 |
| XLC SS Comm Select Sector SPDR | Reduce -2.9% | 0.20% | −0.01 |
| AEP American Electric Power | Reduce -2.3% | 0.48% | −0.01 |
| DGT SS SPDR Global Dow ETF | Reduce -3.1% | 0.41% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| GILD Gilead Sciences Inc. | Add +51.8% | 0.95% | +0.37 |
| COF Capital One Financial Corp. | Add +23.0% | 0.89% | +0.24 |
| LIN Linde PLC | Add +165.3% | 0.40% | +0.23 |
| MU Micron Technology Inc. | Add +30.5% | 0.33% | +0.18 |
| GBDC Golub Capital BDC Inc. | Add +530.3% | 0.21% | +0.18 |
| UBER Uber Technologies Inc. | Add +63.7% | 0.66% | +0.17 |
| SLRC SLR Investment Corp. | New | 0.15% | +0.15 |
| SLB SLB Ltd. | Add +101.9% | 0.24% | +0.13 |
| IWM iShares Russell 2000 ETF | Add +11.0% | 1.29% | +0.12 |
| GOOGL Alphabet Inc. Class A | Add +6.0% | 0.47% | +0.12 |
| JAAA Janus Henderson Aaa Clo ETF | Add +145.4% | 0.15% | +0.09 |
| VXUS Vanguard Total Intl Stock | Add +23.1% | 0.44% | +0.08 |
| VGK Vanguard Ftse Europe ETF | New | 0.08% | +0.08 |
| TY Tri-Continental Corp. | New | 0.08% | +0.08 |
| XBI SS SPDR S&P Biotech ETF | Add +2.1% | 0.42% | +0.07 |
| RDDT Reddit Inc. Class A | Add +46.8% | 0.23% | +0.07 |
| CP Canadian Pacific Kansas City | Add +15.5% | 0.66% | +0.07 |
| RNR Renaissancere Holdings Ltd. | New | 0.07% | +0.07 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.06% | +0.06 |
| CAH Cardinal Health Inc. | New | 0.06% | +0.06 |
| CAT Caterpillar Inc. | New | 0.05% | +0.05 |
| MSIF MSC Income Fund Inc. | New | 0.05% | +0.05 |
| ISRG Intuitive Surgical Inc. | New | 0.05% | +0.05 |
| TJX TJX Companies Inc. | New | 0.05% | +0.05 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +12.8% | 0.40% | +0.04 |
| EG Everest Group Ltd. | Add +16.1% | 0.43% | +0.04 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +8.9% | 0.52% | +0.04 |
| XLI SS Industrial Select Sector | Add +5.0% | 0.98% | +0.03 |
| ARCC Ares Capital Corp. | Add +19.1% | 0.21% | +0.03 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +6.0% | 0.31% | +0.02 |
| IBB iShares Biotechnology ETF | Add +12.2% | 0.11% | +0.02 |
| RTX RTX Corp. | Add +1.8% | 0.29% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +42.8% | 0.07% | +0.02 |
| CGXU Cap Group Intl Focus | Add +4.8% | 1.02% | +0.02 |
| FLGB Franklin Ftse United Kingdom | Add +1.3% | 0.55% | +0.02 |
| EMR Emerson Electric Co. | Add +8.7% | 0.20% | +0.01 |
| XLB SS Materials Select Sector | Add +3.4% | 0.64% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | Add +2.9% | 0.11% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +18.9% | 0.07% | +0.01 |
| IHI iShares U.S. Medical Devices | Add +1.8% | 0.34% | +0.01 |
| IJH iShares Core S&P Midcap ETF | Add +7.0% | 0.16% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +0.6% | 0.38% | +0.01 |
| SCHF Schwab Intl Equity ETF | Add +0.2% | 0.61% | +0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +12.2% | 0.76% | +0.00 |
| BCSF Bain Capital Specialty Finan | Add +7.7% | 0.06% | +0.00 |
| CTVA Corteva Inc. | Add +4.3% | 0.12% | +0.00 |
| SCHX Schwab US Large-Cap ETF | Add +0.1% | 0.05% | −0.00 |
| MFIC Midcap Financial Investment | Add +4.7% | 0.10% | −0.00 |
| CET Central Securities Corp. | Add +0.9% | 0.12% | −0.00 |
| VGT Vanguard Info Tech ETF | Add +0.3% | 0.53% | −0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | Sold out | 23,181 | $2Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |