Willis Investment Counsel

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 24, 2024), Willis Investment Counsel reported 107 stock positions worth $1.5 billion. Its top holding was Johnson & Johnson (JNJ) at 3.2% of the portfolio, followed by Microsoft (MSFT, 3.1%) and Cisco Systems (CSCO, 3.0%). Compared with Q4 2023, it opened 4 new positions, sold out of 10, added to 58 and reduced 20. The biggest buy was a new position in Hershey (HSY) and the biggest sale an exit from US Bancorp (USB).

Most Recent 13F
Q2 2026
Location
GAINESVILLE, GA
CIK
0001310929
Portfolio Value
$1.5B (Q1 2024)
SEC Filing
0001310929-24-000007 ↗ filed Apr 24, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.5B $1.5B Q1 2024 Q2 2024: $1.4B Q2 2024 Q3 2024: $1.5B Q3 2024 Q4 2024: $1.5B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.7B Q2 2025 Q3 2025: $1.8B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.8B Q1 2026 Q2 2026: $2.1B Q2 2026

Holdings 107 stocks · $1.5B
JNJ Johnson & Johnson 3.22% 295,737 $46.8M Add +0.0%
MSFT Microsoft Corp. 3.09% 106,725 $44.9M Reduce -16.7%
CSCO Cisco Systems Inc. 3.04% 886,309 $44.2M Add +0.3%
TXN Texas Instruments Inc. 3.01% 250,957 $43.7M Add +0.3%
LMT Lockheed Martin Corp. 2.79% 89,150 $40.6M Add +0.7%
ACN Accenture PLC Class A 2.73% 114,471 $39.7M Reduce -14.3%
PAYX Paychex Inc. 2.63% 311,606 $38.3M Add +0.4%
CB Chubb Ltd. 2.58% 144,973 $37.6M Reduce -6.5%
HD Home Depot Inc. 2.54% 96,470 $37.0M Add +0.2%
INTC Intel Corp. 2.50% 824,046 $36.4M Add +0.1%
PFE Pfizer Inc. 2.33% 1,220,067 $33.9M Add +3.7%
MDT Medtronic PLC 2.10% 350,537 $30.5M Add +0.5%
MRK Merck & Co. Inc. 2.10% 231,045 $30.5M No change
AMAT Applied Materials Inc. 2.08% 146,572 $30.2M Add +0.2%
VZ Verizon Communications Inc. 1.95% 675,914 $28.4M Add +0.2%
CLX Clorox Company 1.94% 184,237 $28.2M Add +0.3%
COP Conocophillips 1.93% 220,849 $28.1M Add +0.1%
PEP Pepsico Inc. 1.91% 158,660 $27.8M Add +61.9%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.85% 220,249 $26.9M Add +5.5%
CAT Caterpillar Inc. 1.82% 72,361 $26.5M Reduce -23.0%
AFL Aflac Inc. 1.75% 296,624 $25.5M Reduce -21.2%
XOM Exxon Mobil Corp. 1.64% 205,482 $23.9M Add +0.6%
BHP BHP Group Ltd.-Spon ADR 1.63% 411,298 $23.7M Reduce -11.8%
WMT Walmart Inc. 1.60% 385,545 $23.2M No change
TSCO Tractor Supply Company 1.58% 87,996 $23.0M Reduce -12.9%
SHEL Shell PLC-ADR 1.54% 335,029 $22.5M Add +0.3%
UPS United Parcel Service Class B 1.33% 130,556 $19.4M Add +65.9%
AAPL Apple Inc. 1.31% 111,183 $19.1M Reduce -2.8%
FDS Factset Research Systems Inc. 1.31% 41,900 $19.0M No change
GPC Genuine Parts Co. 1.30% 121,743 $18.9M No change
AOS Smith (a.o.) Corp. 1.25% 203,309 $18.2M Add +0.2%
DGX Quest Diagnostics Inc. 1.25% 136,300 $18.1M No change
T AT&T Inc. 1.21% 998,410 $17.6M No change
LOW Lowe's Cos Inc. 1.20% 68,474 $17.4M Reduce -8.7%
ADP Automatic Data Processing 1.20% 69,782 $17.4M Add +0.7%
GOOGL Alphabet Inc. Class A 1.17% 112,351 $17.0M Add +0.5%
HSY The Hershey Co. 1.14% 85,286 $16.6M New
JPM JPMorgan Chase & Co. 1.10% 80,180 $16.1M Reduce -25.1%
TGT Target Corp. 1.08% 88,484 $15.7M No change
AXP American Express Co. 1.06% 67,416 $15.3M Add +0.7%
GD General Dynamics Corp. 1.05% 53,903 $15.2M No change
KMB Kimberly-Clark Corp. 1.00% 112,240 $14.5M Reduce -0.0%
PG The Procter & Gamble Co. 0.99% 88,592 $14.4M Add +0.0%
LH Laboratory CRP of Amer Hldgs 0.96% 63,991 $14.0M Add +0.2%
EMR Emerson Electric Co. 0.96% 123,100 $14.0M No change
DRI Darden Restaurants Inc. 0.95% 83,006 $13.9M Add +2.5%
ETN Eaton Corp. PLC 0.92% 42,941 $13.4M Reduce -21.8%
AEP American Electric Power 0.92% 155,613 $13.4M No change
DE Deere & Co. 0.85% 30,117 $12.4M No change
GL Globe Life Inc. 0.80% 100,384 $11.7M Add +0.5%
ADBE Adobe Inc. 0.80% 23,100 $11.7M Add +2.4%
SNY Sanofi-ADR 0.79% 235,700 $11.5M No change
CVX Chevron Corp. 0.78% 71,746 $11.3M No change
NVDA Nvidia Corp. 0.77% 12,378 $11.2M Add +0.4%
GNRC Generac Holdings Inc. 0.77% 88,283 $11.1M Add +272.3%
MUR Murphy Oil Corp. 0.77% 243,407 $11.1M Add +0.1%
DUK Duke Energy Corp. 0.74% 111,260 $10.8M No change
MMM 3M Co. 0.71% 97,906 $10.4M Add +11.1%
VLO Valero Energy Corp. 0.69% 59,117 $10.1M No change
KEYS Keysight Technologies Inc. 0.68% 63,503 $9.9M Add +56.8%
RGA Reinsurance Group of America 0.68% 50,894 $9.8M Reduce -42.2%
FTNT Fortinet Inc. 0.59% 125,658 $8.6M Add +1.5%
MSM MSC Industrial Direct Co. Class A 0.58% 86,701 $8.4M Add +42.0%
MCD McDonald's Corp. 0.58% 29,800 $8.4M New
MA Mastercard Inc. Class A 0.54% 16,241 $7.8M Add +1.1%
WAT Waters Corp. 0.51% 21,468 $7.4M Reduce -30.2%
FTRE Fortrea Holdings Inc. 0.50% 181,445 $7.3M Add +0.7%
ROST Ross Stores Inc. 0.50% 49,141 $7.2M Add +0.2%
TTE Totalenergies SE -Spon ADR 0.48% 102,443 $7.1M No change
KVUE Kenvue Inc. 0.45% 302,162 $6.5M Add +2.6%
AAP Advance Auto Parts Inc. 0.42% 70,976 $6.0M Add +62.2%
MOS The Mosaic Co. 0.32% 142,133 $4.6M Add +1.6%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.29% 22,354 $4.3M Add +6.6%
MEDP Medpace Holdings Inc. 0.21% 7,631 $3.1M Reduce -19.4%
MXCT Maxcyte Inc. 0.15% 525,000 $2.2M Reduce -4.5%
STRL Sterling Infrastructure Inc. 0.11% 14,430 $1.6M Add +2.5%
FTDR Frontdoor Inc. 0.10% 44,002 $1.4M Add +5.4%
EVTC Evertec Inc. 0.10% 35,541 $1.4M Add +3.1%
QLYS Qualys Inc. 0.09% 8,257 $1.4M Reduce -20.1%
LOGI Logitech International-Reg 0.09% 15,154 $1.4M Add +8.0%
DCI Donaldson Co. Inc. 0.09% 17,181 $1.3M Add +9.3%
GIL Gildan Activewear Inc. 0.08% 32,747 $1.2M Add +1.4%
NRC NRC Health filed as NATIONAL RESH CORP 0.08% 30,639 $1.2M Add +9.8%
HXL Hexcel Corp. 0.08% 15,724 $1.1M Add +2.6%
CSGS CSG Systems Intl Inc. 0.07% 20,274 $1.0M Add +65.8%
ATKR Atkore Inc. 0.07% 5,039 $959K Add +11.3%
LQDT Liquidity Services Inc. 0.06% 47,953 $892K Add +80.0%
JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP 0.05% 7,381 $774K Add +19.2%
KO The Coca-Cola Co. 0.04% 10,397 $636K Add +2.6%
BRK.A Berkshire Hathaway Inc. Class A 0.04% 1 $634K No change
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.04% 3,411 $593K Add +20.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.04% 2,276 $569K No change
DLB Dolby Laboratories Inc. Class A 0.03% 5,521 $462K Reduce -93.6%
OEF iShares S&P 100 ETF 0.03% 1,841 $455K No change
PAR Par Technology Corp. 0.03% 10,000 $454K New
DTD Wisdomtree US Total Dividend 0.03% 5,566 $394K No change
TTC Toro Co. 0.02% 3,760 $345K Add +2.7%
SUN Sunoco LP 0.02% 4,883 $294K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.02% 1,520 $290K Reduce -6.0%
FIZZ National Beverage Corp. 0.02% 5,882 $279K Add +4.7%

Show all 107 holdings

Portfolio Sells Q4 2023 → Q1 2024
USB US Bancorp Sold out 0.00% −1.29
ALL Allstate Corp. Sold out 0.00% −0.61
BHP BHP Group Ltd.-Spon ADR Reduce -11.8% 1.63% −0.61
ACN Accenture PLC Class A Reduce -14.3% 2.73% −0.57
TFC Truist Financial Corp. Sold out 0.00% −0.57
RL Ralph Lauren Corp. Sold out 0.00% −0.56
WM Waste Management Inc. Sold out 0.00% −0.55
DLB Dolby Laboratories Inc. Class A Reduce -93.6% 0.03% −0.49
AFL Aflac Inc. Reduce -21.2% 1.75% −0.44
RGA Reinsurance Group of America Reduce -42.2% 0.68% −0.33
MSFT Microsoft Corp. Reduce -16.7% 3.09% −0.30
AAPL Apple Inc. Reduce -2.8% 1.31% −0.24
WAT Waters Corp. Reduce -30.2% 0.51% −0.20
JPM JPMorgan Chase & Co. Reduce -25.1% 1.10% −0.18
CAT Caterpillar Inc. Reduce -23.0% 1.82% −0.13
QLYS Qualys Inc. Reduce -20.1% 0.09% −0.05
MXCT Maxcyte Inc. Reduce -4.5% 0.15% −0.03
QTEC First Trust Nasdq 100 Tech I Sold out 0.00% −0.03
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.02
FXH First Trust Health Care Alph Sold out 0.00% −0.02
VYM Vanguard High DVD Yield ETF Sold out 0.00% −0.01
OGN Organon & Co. Sold out 0.00% −0.01
ETN Eaton Corp. PLC Reduce -21.8% 0.92% −0.01
SO The Southern Co. Reduce -1.1% 0.02% −0.00
IBM Intl Business Machines Corp. Reduce -6.0% 0.02% +0.00
MEDP Medpace Holdings Inc. Reduce -19.4% 0.21% +0.01
LOW Lowe's Cos Inc. Reduce -8.7% 1.20% +0.03
KMB Kimberly-Clark Corp. Reduce -0.0% 1.00% +0.04
TSCO Tractor Supply Company Reduce -12.9% 1.58% +0.06
CB Chubb Ltd. Reduce -6.5% 2.58% +0.12

Portfolio Buys Q4 2023 → Q1 2024
HSY The Hershey Co. New 1.14% +1.14
PEP Pepsico Inc. Add +61.9% 1.91% +0.74
MCD McDonald's Corp. New 0.58% +0.58
GNRC Generac Holdings Inc. Add +272.3% 0.77% +0.55
UPS United Parcel Service Class B Add +65.9% 1.33% +0.46
AMAT Applied Materials Inc. Add +0.2% 2.08% +0.41
NVDA Nvidia Corp. Add +0.4% 0.77% +0.34
TROW T Rowe Price Group Inc. Add +5.5% 1.85% +0.26
KEYS Keysight Technologies Inc. Add +56.8% 0.68% +0.23
AAP Advance Auto Parts Inc. Add +62.2% 0.42% +0.23
XOM Exxon Mobil Corp. Add +0.6% 1.64% +0.20
HD Home Depot Inc. Add +0.2% 2.54% +0.20
AXP American Express Co. Add +0.7% 1.06% +0.17
VZ Verizon Communications Inc. Add +0.2% 1.95% +0.16
MSM MSC Industrial Direct Co. Class A Add +42.0% 0.58% +0.14
COP Conocophillips Add +0.1% 1.93% +0.13
CLX Clorox Company Add +0.3% 1.94% +0.10
FTNT Fortinet Inc. Add +1.5% 0.59% +0.08
MDT Medtronic PLC Add +0.5% 2.10% +0.08
PG The Procter & Gamble Co. Add +0.0% 0.99% +0.08
AOS Smith (a.o.) Corp. Add +0.2% 1.25% +0.07
GOOGL Alphabet Inc. Class A Add +0.5% 1.17% +0.07
ADP Automatic Data Processing Add +0.7% 1.20% +0.06
FTRE Fortrea Holdings Inc. Add +0.7% 0.50% +0.06
MA Mastercard Inc. Class A Add +1.1% 0.54% +0.06
MMM 3M Co. Add +11.1% 0.71% +0.04
MUR Murphy Oil Corp. Add +0.1% 0.77% +0.03
PAR Par Technology Corp. New 0.03% +0.03
VBR Vngrd Mrngst SL-CP Val ETF-U Add +6.6% 0.29% +0.03
LQDT Liquidity Services Inc. Add +80.0% 0.06% +0.03
PAYX Paychex Inc. Add +0.4% 2.63% +0.03
CSGS CSG Systems Intl Inc. Add +65.8% 0.07% +0.03
STRL Sterling Infrastructure Inc. Add +2.5% 0.11% +0.02
ROST Ross Stores Inc. Add +0.2% 0.50% +0.02
DRI Darden Restaurants Inc. Add +2.5% 0.95% +0.02
DCI Donaldson Co. Inc. Add +9.3% 0.09% +0.02
ATKR Atkore Inc. Add +11.3% 0.07% +0.01
ABBV Abbvie Inc. New 0.01% +0.01
JBTM JBT Marel Corp. Add +19.2% 0.05% +0.01
GIL Gildan Activewear Inc. Add +1.4% 0.08% +0.01
JKHY Jack Henry & Associates Inc. Add +20.4% 0.04% +0.01
NRC NRC Health Add +9.8% 0.08% +0.01
TXN Texas Instruments Inc. Add +0.3% 3.01% +0.00
KO The Coca-Cola Co. Add +2.6% 0.04% +0.00
KVUE Kenvue Inc. Add +2.6% 0.45% −0.00
FIZZ National Beverage Corp. Add +4.7% 0.02% −0.00
HXL Hexcel Corp. Add +2.6% 0.08% −0.00
LOGI Logitech International-Reg Add +8.0% 0.09% −0.00
TTC Toro Co. Add +2.7% 0.02% −0.00
VRSN Verisign Inc. Add +2.8% 0.01% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 125$2.1BCSCO, JNJ, TXN, CAT, CB
Q1 2026 123$1.8BJNJ, CSCO, LMT, TXN, CB
Q4 2025 130$1.9BJNJ, CSCO, MSFT, ACN, CB
Q3 2025 127$1.8BJNJ, MSFT, CSCO, LMT, TXN
Q2 2025 118$1.7BCSCO, MSFT, JNJ, TXN, PAYX
Q1 2025 117$1.5BJNJ, CSCO, CB, PAYX, TXN
Q4 2024 116$1.5BCSCO, JNJ, TXN, MSFT, PAYX
Q3 2024 113$1.5BTXN, JNJ, LMT, CSCO, MSFT
Q2 2024 107$1.4BTXN, MSFT, JNJ, CSCO, LMT
Q1 2024 107$1.5BJNJ, MSFT, CSCO, TXN, LMT