Sage Investment Counsel LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Sage Investment Counsel LLC reported 123 stock positions worth $90.3 million. Its top holding was Pinnacle Financial Partners (PNFP) at 7.8% of the portfolio, followed by Apple (AAPL, 5.5%) and Berkshire Hathaway Class A (BRK.A, 3.3%). Compared with Q2 2025, it opened 11 new positions, sold out of 10, added to 34 and reduced 32. The biggest buy was a new position in Constellation Brands Class A (STZ) and the biggest sale Enterprise Products Partners (EPD, shares −42%).

Most Recent 13F
Q2 2026
Location
Franklin, TN
CIK
0002055178
Portfolio Value
$90.3M (Q3 2025)
SEC Filing
0002055178-25-000002 ↗ filed Oct 21, 2025

Holdings Value

0$20.0M$40.0M$60.0M$80.0M$100.0M Q4 2024: $76.7M Q4 2024 Q1 2025: $78.9M Q1 2025 Q2 2025: $86.3M Q2 2025 Q3 2025: $90.3M $90.3M Q3 2025 Q4 2025: $90.9M Q4 2025 Q1 2026: $90.1M Q1 2026 Q2 2026: $99.9M Q2 2026

Holdings 123 stocks · $90.3M
PNFP Pinnacle Financial Partners 7.82% 75,294 $7.1M Add +0.0%
AAPL Apple Inc. 5.51% 19,543 $5.0M Reduce -4.8%
BRK.A Berkshire Hathaway Inc. Class A 3.34% 4 $3.0M No change
BN Brookfield Corp. 2.73% 35,949 $2.5M Reduce -0.4%
BRK.B Berkshire Hathaway Inc. Class B 2.71% 4,870 $2.4M Reduce -0.4%
ET Energy Transfer LP 2.57% 135,075 $2.3M No change
HHH Howard Hughes Holdings Inc. 2.31% 25,406 $2.1M Reduce -5.1%
UBER Uber Technologies Inc. 2.05% 18,927 $1.9M Add +0.3%
V Visa Inc. Class A 1.94% 5,133 $1.8M No change
JPM JPMorgan Chase & Co. 1.90% 5,442 $1.7M Reduce -0.2%
LEN Lennar Corp. Class A 1.90% 13,618 $1.7M Add +7.5%
MSFT Microsoft Corp. 1.88% 3,280 $1.7M Reduce -0.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.73% 30,280 $1.6M Reduce -1.3%
SNX TD Synnex Corp. 1.71% 9,451 $1.5M Reduce -3.6%
TFSL TFS Financial Corp. 1.70% 116,738 $1.5M Add +0.1%
SPHQ Invesco S&P 500 Quality ETF 1.68% 20,667 $1.5M Add +10.3%
CB Chubb Ltd. 1.64% 5,256 $1.5M Add +14.4%
RYAAY Ryanair Holdings PLC-SP ADR 1.59% 23,774 $1.4M Reduce -3.5%
VT Vanguard Tot World STK ETF 1.58% 10,358 $1.4M Add +0.0%
DG Dollar General Corp. 1.56% 13,640 $1.4M Add +2.6%
ENB Enbridge Inc. 1.50% 26,767 $1.4M No change
AMZN Amazon.com Inc. 1.38% 5,684 $1.2M Add +5.6%
BIP Brookfield Infrastructure Pa 1.38% 37,803 $1.2M No change
VTI VG Morningstar TS MKT ETF-US 1.34% 3,683 $1.2M Reduce -2.1%
EUSA iShares MSCI USA Equal Weigh 1.18% 10,362 $1.1M Add +6.3%
VOO Vanguard S&P 500 ETF 1.18% 1,736 $1.1M Reduce -0.5%
JHG Janus Henderson Group PLC 1.16% 23,493 $1.0M Reduce -2.7%
O Realty Income Corp. 1.11% 16,437 $999K Reduce -1.2%
CAT Caterpillar Inc. 1.09% 2,060 $983K Reduce -0.7%
XOM Exxon Mobil Corp. 1.00% 8,017 $904K No change
AZO AutoZone Inc. 0.97% 205 $879K No change
SIRI Sirius XM Holdings Inc. 0.92% 35,534 $827K Add +1.1%
EPD Enterprise Products Partners 0.91% 26,304 $823K Reduce -41.9%
STZ Constellation Brands Inc. Class A 0.87% 5,835 $786K New
FLG Flagstar Bank NA 0.85% 66,492 $768K Add +3.3%
HD Home Depot Inc. 0.83% 1,854 $751K Reduce -0.2%
OMAB Grupo Aeroportuario Cen-ADR 0.81% 7,000 $727K No change
VCLT Vanguard Long-Term Corp. Bond 0.80% 9,340 $725K Add +77.4%
OMF Onemain Holdings Inc. 0.77% 12,304 $695K Reduce -3.9%
PAC Grupo Aeroportuario Pac-ADR 0.72% 2,740 $650K No change
RTX RTX Corp. 0.70% 3,760 $629K Reduce -0.5%
BABA Alibaba Group Holding-SP ADR 0.70% 3,514 $628K Reduce -23.1%
VNQ Vanguard Real Estate ETF 0.69% 6,834 $625K Reduce -2.7%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.67% 2,882 $602K Reduce -25.2%
COF Capital One Financial Corp. 0.66% 2,822 $600K Reduce -1.2%
USB US Bancorp 0.64% 12,045 $582K No change
RITM Rithm Capital Corp. 0.64% 50,700 $577K No change
OXY Occidental Petroleum Corp. 0.63% 12,022 $568K Add +10.8%
TSLX Sixth Street Specialty Lendi 0.63% 24,777 $566K Reduce -5.7%
BEP Brookfield Renewable Partner 0.63% 21,925 $565K No change
DVA Davita Inc. 0.61% 4,152 $552K Reduce -11.6%
META Meta Platforms Inc. Class A 0.61% 746 $548K Add +0.1%
HTZ Hertz Global Hldgs Inc. 0.60% 79,410 $540K Add +105.1%
VXUS Vanguard Total Intl Stock 0.59% 7,192 $528K Reduce -0.8%
LOW Lowe's Cos Inc. 0.52% 1,880 $473K No change
HR Healthcare Realty Trust Inc. 0.51% 25,695 $463K Add +0.3%
VCIT Vanguard Int-Term Corporate 0.50% 5,395 $454K Add +7.8%
VWO Vanguard Ftse Emerging Marke 0.50% 8,323 $451K Reduce -4.2%
BXSL Blackstone Secured Lending F 0.49% 16,996 $443K Add +51.8%
CNQ Canadian Natural Resources 0.49% 13,800 $441K No change
RIET Hoya Capital Hi DVD YLD ETF 0.45% 42,032 $405K Add +2.4%
CSCO Cisco Systems Inc. 0.45% 5,893 $403K Reduce -1.3%
APO Apollo Global Management Inc. 0.43% 2,944 $392K Add +13.7%
BUR Burford Capital Ltd. 0.42% 32,000 $383K No change
ABEV Ambev SA-ADR 0.41% 165,500 $369K No change
FDX FedEx Corp. 0.40% 1,550 $366K No change
ADC Agree Realty Corp. 0.40% 5,121 $364K Add +1.9%
MTB M & T Bank Corp. filed as M & T BK CORP 0.40% 1,837 $363K No change
MA Mastercard Inc. Class A 0.40% 635 $361K No change
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.39% 10,847 $354K No change
SU Suncor Energy Inc. 0.39% 8,400 $351K No change
WTM White Mountains Insurance GP 0.37% 200 $334K No change
DEO Diageo PLC-Sponsored ADR 0.37% 3,500 $334K No change
SCHD Schwab US DVD Equity ETF 0.37% 12,081 $330K Reduce -0.5%
VTV Vanguard Mrngstr Val ETF-Aui 0.36% 1,765 $329K Add +21.3%
RF Regions Financial Corp. 0.36% 12,446 $328K No change
AVGO Broadcom Inc. 0.36% 990 $327K No change
FCX Freeport-McMoran Inc. 0.36% 8,300 $326K No change
TFC Truist Financial Corp. 0.35% 7,004 $320K Add +0.2%
NVDA Nvidia Corp. 0.35% 1,684 $314K No change
UNP Union Pacific Corp. 0.35% 1,318 $312K No change
ARE Alexandria Real Estate Equit 0.34% 3,727 $311K Add +9.3%
WMT Walmart Inc. 0.34% 2,998 $309K Reduce -2.6%
VTEL Vanguard LT Tax-Ex Bond 0.34% 3,000 $309K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.34% 2,681 $307K No change
KOF Coca-Cola Femsa Sab-SP ADR 0.32% 3,500 $291K No change
LMT Lockheed Martin Corp. 0.32% 575 $287K No change
GOOGL Alphabet Inc. Class A 0.32% 1,181 $287K Reduce -8.1%
LADR Ladder Capital Corp.-REIT 0.31% 25,948 $283K Add +18.2%
VZ Verizon Communications Inc. 0.31% 6,375 $280K No change
SCHG Schwab US Large-Cap Growth 0.30% 8,593 $274K Add +15.1%
LE Lands' End Inc. 0.30% 19,140 $270K Add +19.6%
JOE The St Joe Co. 0.28% 5,200 $257K Add +4.0%
FDUS Fidus Investment Corp. 0.27% 12,070 $245K No change
ARCC Ares Capital Corp. 0.26% 11,420 $233K No change
HCA HCA Healthcare Inc. 0.25% 532 $227K No change
GOOG Alphabet Inc. Class C 0.25% 931 $227K New
CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 0.25% 12,400 $225K Add +21.6%
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 0.25% 13,700 $223K No change
SAFE Safehold Inc. 0.25% 14,300 $222K Reduce -12.8%

Show all 123 holdings

Portfolio Sells Q2 2025 → Q3 2025
EPD Enterprise Products Partners Reduce -41.9% 0.91% −0.72
ELV Elevance Health Inc. Sold out 0.00% −0.38
BUI Blckrck Util Infra & PWR Opp Sold out 0.00% −0.29
BSV Vanguard Short-Term Bond ETF Sold out 0.00% −0.25
LAD Lithia Motors Inc. Sold out 0.00% −0.24
C Citigroup Inc. Sold out 0.00% −0.24
PG The Procter & Gamble Co. Sold out 0.00% −0.24
GD General Dynamics Corp. Sold out 0.00% −0.24
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -25.2% 0.67% −0.21
DVA Davita Inc. Reduce -11.6% 0.61% −0.16
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.11
TSLX Sixth Street Specialty Lendi Reduce -5.7% 0.63% −0.10
OMF Onemain Holdings Inc. Reduce -3.9% 0.77% −0.08
RYAAY Ryanair Holdings PLC-SP ADR Reduce -3.5% 1.59% −0.06
MPT Medical Properties Trust Inc. Sold out 0.00% −0.05
SAFE Safehold Inc. Reduce -12.8% 0.25% −0.05
EMX Emx Royalty Corp. Sold out 0.00% −0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.4% 2.71% −0.04
COF Capital One Financial Corp. Reduce -1.2% 0.66% −0.04
CSCO Cisco Systems Inc. Reduce -1.3% 0.45% −0.03
VNQ Vanguard Real Estate ETF Reduce -2.7% 0.69% −0.03
MSFT Microsoft Corp. Reduce -0.6% 1.88% −0.02
SCHD Schwab US DVD Equity ETF Reduce -0.5% 0.37% −0.01
WMT Walmart Inc. Reduce -2.6% 0.34% −0.01
O Realty Income Corp. Reduce -1.2% 1.11% −0.00
VWO Vanguard Ftse Emerging Marke Reduce -4.2% 0.50% +0.00
VXUS Vanguard Total Intl Stock Reduce -0.8% 0.59% +0.00
VTI VG Morningstar TS MKT ETF-US Reduce -2.1% 1.34% +0.01
VOO Vanguard S&P 500 ETF Reduce -0.5% 1.18% +0.03
HD Home Depot Inc. Reduce -0.2% 0.83% +0.04
UROY Uranium Royalty Corp. Reduce -0.4% 0.12% +0.05
BAC Bank of America Corp. Reduce -1.3% 1.73% +0.05
GOOGL Alphabet Inc. Class A Reduce -8.1% 0.32% +0.06
RTX RTX Corp. Reduce -0.5% 0.70% +0.06
JPM JPMorgan Chase & Co. Reduce -0.2% 1.90% +0.07
JHG Janus Henderson Group PLC Reduce -2.7% 1.16% +0.07
BABA Alibaba Group Holding-SP ADR Reduce -23.1% 0.70% +0.10
BN Brookfield Corp. Reduce -0.4% 2.73% +0.14
CAT Caterpillar Inc. Reduce -0.7% 1.09% +0.16
SNX TD Synnex Corp. Reduce -3.6% 1.71% +0.17
HHH Howard Hughes Holdings Inc. Reduce -5.1% 2.31% +0.22
AAPL Apple Inc. Reduce -4.8% 5.51% +0.63

Portfolio Buys Q2 2025 → Q3 2025
STZ Constellation Brands Inc. Class A New 0.87% +0.87
VTEL Vanguard LT Tax-Ex Bond New 0.34% +0.34
VCLT Vanguard Long-Term Corp. Bond Add +77.4% 0.80% +0.34
HTZ Hertz Global Hldgs Inc. Add +105.1% 0.60% +0.29
LEN Lennar Corp. Class A Add +7.5% 1.90% +0.28
GOOG Alphabet Inc. Class C New 0.25% +0.25
CW Curtiss-Wright Corp. New 0.24% +0.24
BTI British American Tob-SP ADR New 0.24% +0.24
BX Blackstone Inc. New 0.23% +0.23
XBMEX BlackRock Health Sciences New 0.22% +0.22
NU Nu Holdings Ltd./Cayman Isl-A New 0.20% +0.20
SPHQ Invesco S&P 500 Quality ETF Add +10.3% 1.68% +0.13
OXY Occidental Petroleum Corp. Add +10.8% 0.63% +0.10
LE Lands' End Inc. Add +19.6% 0.30% +0.10
CB Chubb Ltd. Add +14.4% 1.64% +0.10
BXSL Blackstone Secured Lending F Add +51.8% 0.49% +0.09
AUNA Auna SA Class A New 0.07% +0.07
FIP Ftai Infrastructure Inc. New 0.07% +0.07
VTV Vanguard Mrngstr Val ETF-Aui Add +21.3% 0.36% +0.07
EUSA iShares MSCI USA Equal Weigh Add +6.3% 1.18% +0.06
FLG Flagstar Bank NA Add +3.3% 0.85% +0.06
ARE Alexandria Real Estate Equit Add +9.3% 0.34% +0.06
SCHG Schwab US Large-Cap Growth Add +15.1% 0.30% +0.05
LAR Lithium Argentina AG New 0.04% +0.04
HR Healthcare Realty Trust Inc. Add +0.3% 0.51% +0.04
LADR Ladder Capital Corp.-REIT Add +18.2% 0.31% +0.04
VT Vanguard Tot World STK ETF Add +0.0% 1.58% +0.04
AVAL Grupo Aval Acciones Y Valore Add +17.2% 0.12% +0.03
VCIT Vanguard Int-Term Corporate Add +7.8% 0.50% +0.02
AMZN Amazon.com Inc. Add +5.6% 1.38% +0.01
UBER Uber Technologies Inc. Add +0.3% 2.05% +0.01
OBDC Blue Owl Capital Corp. Add +22.5% 0.23% +0.01
CAAP Corp. America Airports SA Add +21.6% 0.25% +0.01
APO Apollo Global Management Inc. Add +13.7% 0.43% +0.01
CVX Chevron Corp. Add +0.1% 0.24% +0.01
JOE The St Joe Co. Add +4.0% 0.28% +0.01
TFC Truist Financial Corp. Add +0.2% 0.35% +0.01
RIET Hoya Capital Hi DVD YLD ETF Add +2.4% 0.45% −0.00
SCHY Schwab International DVD ETF Add +0.3% 0.23% −0.01
SIRI Sirius XM Holdings Inc. Add +1.1% 0.92% −0.02
ADC Agree Realty Corp. Add +1.9% 0.40% −0.02
META Meta Platforms Inc. Class A Add +0.1% 0.61% −0.03
TFSL TFS Financial Corp. Add +0.1% 1.70% −0.05
DG Dollar General Corp. Add +2.6% 1.56% −0.20
PNFP Pinnacle Financial Partners Add +0.0% 7.82% −1.81

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 126$99.9MPNFP, AAPL, BRK.A, V, ET
Q1 2026 127$90.1MPNFP, AAPL, BRK.A, ET, BN
Q4 2025 123$90.9MPNFP, AAPL, BRK.A, BN, ET
Q3 2025 123$90.3MPNFP, AAPL, BRK.A, BN, BRK.B
Q2 2025 122$86.3MPNFP, AAPL, BRK.A, ET, BRK.B
Q1 2025 119$78.9MPNFP, AAPL, BRK.A, BRK.B, ET
Q4 2024 120$76.7MPNFP, AAPL, BRK.A, ET, BRK.B