Willis Investment Counsel

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 16, 2025), Willis Investment Counsel reported 117 stock positions worth $1.5 billion. Its top holding was Johnson & Johnson (JNJ) at 3.7% of the portfolio, followed by Cisco Systems (CSCO, 3.1%) and Chubb (CB, 3.0%). Compared with Q4 2024, it opened 2 new positions, sold out of 1, added to 48 and reduced 47. The biggest buy was Procter & Gamble (PG, shares +78%) and the biggest sale Factset Research Systems (FDS, shares −72%).

Most Recent 13F
Q2 2026
Location
GAINESVILLE, GA
CIK
0001310929
Portfolio Value
$1.5B (Q1 2025)
SEC Filing
0001310929-25-000003 ↗ filed Apr 16, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $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 $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 117 stocks · $1.5B
JNJ Johnson & Johnson 3.70% 332,091 $55.1M Add +0.0%
CSCO Cisco Systems Inc. 3.09% 743,860 $45.9M Reduce -16.5%
CB Chubb Ltd. 3.00% 147,945 $44.7M Add +0.4%
PAYX Paychex Inc. 2.96% 284,798 $43.9M Reduce -9.5%
TXN Texas Instruments Inc. 2.77% 229,534 $41.2M Reduce -9.2%
MSFT Microsoft Corp. 2.63% 104,258 $39.1M Reduce -5.5%
LMT Lockheed Martin Corp. 2.62% 87,255 $39.0M Add +0.2%
PFE Pfizer Inc. 2.59% 1,522,428 $38.6M Add +7.3%
ACN Accenture PLC Class A 2.42% 115,526 $36.0M Reduce -0.1%
HD Home Depot Inc. 2.39% 97,148 $35.6M Reduce -0.2%
MDT Medtronic PLC 2.13% 352,538 $31.7M Reduce -0.3%
VZ Verizon Communications Inc. 2.12% 693,673 $31.5M Reduce -4.4%
AFL Aflac Inc. 2.05% 274,330 $30.5M Add +0.3%
CLX Clorox Company 2.01% 202,678 $29.8M Add +9.1%
PEP Pepsico Inc. 1.98% 196,196 $29.4M Reduce -0.0%
HSY The Hershey Co. 1.87% 162,666 $27.8M Add +15.7%
T AT&T Inc. 1.85% 973,410 $27.5M Reduce -2.5%
PG The Procter & Gamble Co. 1.80% 157,290 $26.8M Add +77.7%
WMT Walmart Inc. 1.78% 302,195 $26.5M Reduce -21.6%
UPS United Parcel Service Class B 1.77% 239,731 $26.4M Add +39.8%
XOM Exxon Mobil Corp. 1.68% 210,543 $25.0M Add +0.6%
SHEL Shell PLC-ADR 1.67% 338,642 $24.8M Reduce -0.1%
TSCO Tractor Supply Company 1.65% 445,597 $24.6M Reduce -0.4%
CAT Caterpillar Inc. 1.64% 73,778 $24.3M Add +0.0%
COP Conocophillips 1.57% 222,705 $23.4M Reduce -0.4%
KMB Kimberly-Clark Corp. 1.57% 164,440 $23.4M No change
DRI Darden Restaurants Inc. 1.46% 104,700 $21.8M Add +12.8%
AAPL Apple Inc. 1.46% 97,411 $21.6M Reduce -11.9%
ADP Automatic Data Processing 1.43% 69,737 $21.3M Reduce -0.0%
KVUE Kenvue Inc. 1.43% 888,147 $21.3M Reduce -0.1%
DGX Quest Diagnostics Inc. 1.37% 120,100 $20.3M No change
MCD McDonald's Corp. 1.36% 64,800 $20.2M No change
BHP BHP Group Ltd.-Spon ADR 1.34% 411,130 $20.0M Add +1.9%
AEP American Electric Power 1.31% 178,900 $19.5M Add +15.0%
MMM 3M Co. 1.21% 122,127 $17.9M Add +0.1%
SNY Sanofi-ADR 1.20% 320,600 $17.8M Add +36.0%
MRK Merck & Co. Inc. 1.13% 187,682 $16.8M Reduce -0.1%
ETN Eaton Corp. PLC 1.13% 61,640 $16.8M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.11% 179,874 $16.5M Reduce -18.8%
DUK Duke Energy Corp. 1.08% 132,232 $16.1M Add +18.7%
LOW Lowe's Cos Inc. 1.07% 68,471 $16.0M No change
LH Labcorp Holdings Inc. 1.03% 65,866 $15.3M Add +0.0%
AMAT Applied Materials Inc. 1.02% 104,712 $15.2M Reduce -29.4%
JPM JPMorgan Chase & Co. 0.98% 59,520 $14.6M Reduce -1.4%
GPC Genuine Parts Co. 0.98% 121,731 $14.5M Reduce -0.0%
AXP American Express Co. 0.97% 53,694 $14.4M Reduce -0.5%
DE Deere & Co. 0.95% 30,100 $14.1M No change
EMR Emerson Electric Co. 0.91% 123,100 $13.5M No change
GNRC Generac Holdings Inc. 0.91% 106,299 $13.5M Reduce -1.5%
FTNT Fortinet Inc. 0.84% 129,261 $12.4M Add +0.3%
VLO Valero Energy Corp. 0.82% 92,000 $12.2M Add +55.7%
TGT Target Corp. 0.81% 115,084 $12.0M Reduce -0.0%
CVX Chevron Corp. 0.80% 71,487 $12.0M Reduce -0.2%
WAT Waters Corp. 0.79% 31,854 $11.7M Add +0.4%
GD General Dynamics Corp. 0.78% 42,600 $11.6M No change
NVDA Nvidia Corp. 0.78% 106,885 $11.6M Reduce -28.9%
KEYS Keysight Technologies Inc. 0.77% 76,063 $11.4M Add +0.6%
RGA Reinsurance Group of America 0.71% 53,668 $10.6M Add +0.6%
ZTS Zoetis Inc. 0.68% 61,467 $10.1M Add +33.0%
MA Mastercard Inc. Class A 0.63% 17,220 $9.4M Add +0.4%
GOOGL Alphabet Inc. Class A 0.52% 50,259 $7.8M Reduce -58.4%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.51% 7,631 $7.5M New
FDS Factset Research Systems Inc. 0.50% 16,486 $7.5M Reduce -71.7%
MSM MSC Industrial Direct Co. Class A 0.48% 91,659 $7.1M Add +2.5%
MUR Murphy Oil Corp. 0.46% 240,164 $6.8M Reduce -2.7%
INTC Intel Corp. 0.46% 299,058 $6.8M Reduce -0.6%
TTE Totalenergies SE -Spon ADR 0.44% 102,137 $6.6M No change
ROST Ross Stores Inc. 0.44% 51,089 $6.5M Add +0.6%
ADBE Adobe Inc. 0.43% 16,598 $6.4M Add +0.2%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.36% 28,748 $5.4M Add +9.4%
MOS The Mosaic Co. 0.25% 135,138 $3.7M Add +5.8%
AAP Advance Auto Parts Inc. 0.19% 72,173 $2.8M Add +69.9%
RSP Invesco S&P 500 Equal Weight 0.16% 14,097 $2.4M Add +188.2%
MEDP Medpace Holdings Inc. 0.16% 7,848 $2.4M Reduce -3.6%
QLYS Qualys Inc. 0.12% 13,985 $1.8M Add +31.6%
LOGI Logitech International-Reg 0.10% 18,144 $1.5M Add +10.6%
EVTC Evertec Inc. 0.09% 38,022 $1.4M Add +9.9%
FTRE Fortrea Holdings Inc. 0.09% 184,307 $1.4M Reduce -0.6%
LQDT Liquidity Services Inc. 0.09% 43,268 $1.3M Reduce -17.3%
FTDR Frontdoor Inc. 0.08% 32,601 $1.3M Reduce -30.3%
GIL Gildan Activewear Inc. 0.08% 28,303 $1.3M Reduce -19.5%
DCI Donaldson Co. Inc. 0.08% 18,318 $1.2M Reduce -3.0%
VRSN Verisign Inc. 0.08% 4,783 $1.2M Add +116.0%
AOS Smith (a.o.) Corp. 0.08% 18,360 $1.2M Reduce -91.0%
CSGS CSG Systems Intl Inc. 0.08% 18,479 $1.1M Add +13.5%
PAYC Paycom Software Inc. 0.07% 4,987 $1.1M Add +13.4%
MXCT Maxcyte Inc. 0.07% 380,471 $1.0M Reduce -6.2%
HXL Hexcel Corp. 0.07% 17,730 $971K Add +5.2%
PAR Par Technology Corp. 0.06% 15,104 $926K Add +50.5%
JBTM JBT Marel Corp. 0.06% 7,447 $910K Reduce -2.7%
NRC NRC Health filed as NATIONAL RESH CORP 0.06% 65,778 $842K Add +19.1%
UI Ubiquiti Inc. 0.05% 2,602 $807K Reduce -22.6%
KO The Coca-Cola Co. 0.05% 11,007 $788K Reduce -0.3%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.05% 3,700 $676K Add +1.4%
STRL Sterling Infrastructure Inc. 0.04% 5,869 $664K Reduce -22.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.04% 2,567 $664K No change
TTC Toro Co. 0.04% 8,843 $643K Add +94.4%
DLB Dolby Laboratories Inc. Class A 0.04% 6,743 $542K Add +9.5%
SO The Southern Co. 0.03% 5,367 $493K Add +50.5%
OEF iShares S&P 100 ETF 0.03% 1,781 $482K No change
DTD Wisdomtree US Total Dividend 0.03% 5,241 $403K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.03% 1,526 $380K Reduce -0.3%
ATKR Atkore Inc. 0.03% 6,278 $377K Add +17.4%
LAMR Lamar Advertising Co. Class A 0.02% 2,985 $340K Reduce -1.4%
VENU Venu Holding Corp. filed as VENU HLDG CORP 0.02% 32,306 $299K New
SUN Sunoco LP 0.02% 4,883 $284K No change
FIZZ National Beverage Corp. 0.02% 6,595 $274K Add +2.3%
COF Capital One Financial Corp. 0.02% 1,500 $269K Reduce -50.7%
ABBV Abbvie Inc. 0.02% 1,141 $239K Reduce -1.1%
VTI VG Morningstar TS MKT ETF-US 0.02% 851 $234K Add +1.9%
IWN iShares Russell 2000 Value E 0.01% 1,400 $211K No change
QXO Qxo Inc. 0.01% 15,000 $203K No change
GOOG Alphabet Inc. Class C 0.01% 1,291 $202K No change
FLO Flowers Foods Inc. 0.01% 10,294 $196K No change
SMMT Summit Therapeutics Inc. 0.01% 10,000 $193K No change
MYCX Mycelx Technologies Corp.-Add 0.00% 10,360 $3K No change
PSWS Puresafe Water Systems Inc. 0.00% 14,000 $1 No change

Portfolio Sells Q4 2024 → Q1 2025
FDS Factset Research Systems Inc. Reduce -71.7% 0.50% −1.33
GOOGL Alphabet Inc. Class A Reduce -58.4% 0.52% −0.98
AOS Smith (a.o.) Corp. Reduce -91.0% 0.08% −0.83
AMAT Applied Materials Inc. Reduce -29.4% 1.02% −0.56
NVDA Nvidia Corp. Reduce -28.9% 0.78% −0.55
TROW T Rowe Price Group Inc. Reduce -18.8% 1.11% −0.53
WMT Walmart Inc. Reduce -21.6% 1.78% −0.50
MSFT Microsoft Corp. Reduce -5.5% 2.63% −0.42
CSCO Cisco Systems Inc. Reduce -16.5% 3.09% −0.37
AAPL Apple Inc. Reduce -11.9% 1.46% −0.36
TXN Texas Instruments Inc. Reduce -9.2% 2.77% −0.34
ACN Accenture PLC Class A Reduce -0.1% 2.42% −0.24
TGT Target Corp. Reduce -0.0% 0.81% −0.21
GNRC Generac Holdings Inc. Reduce -1.5% 0.91% −0.19
FTRE Fortrea Holdings Inc. Reduce -0.6% 0.09% −0.13
MRK Merck & Co. Inc. Reduce -0.1% 1.13% −0.09
HD Home Depot Inc. Reduce -0.2% 2.39% −0.09
FTDR Frontdoor Inc. Reduce -30.3% 0.08% −0.08
AXP American Express Co. Reduce -0.5% 0.97% −0.08
BRK.A Berkshire Hathaway Inc. Class A Sold out 0.00% −0.04
MXCT Maxcyte Inc. Reduce -6.2% 0.07% −0.04
STRL Sterling Infrastructure Inc. Reduce -22.1% 0.04% −0.04
MUR Murphy Oil Corp. Reduce -2.7% 0.46% −0.03
GIL Gildan Activewear Inc. Reduce -19.5% 0.08% −0.02
LQDT Liquidity Services Inc. Reduce -17.3% 0.09% −0.02
UI Ubiquiti Inc. Reduce -22.6% 0.05% −0.02
COF Capital One Financial Corp. Reduce -50.7% 0.02% −0.02
MEDP Medpace Holdings Inc. Reduce -3.6% 0.16% −0.02
JBTM JBT Marel Corp. Reduce -2.7% 0.06% −0.00
LAMR Lamar Advertising Co. Class A Reduce -1.4% 0.02% −0.00
DCI Donaldson Co. Inc. Reduce -3.0% 0.08% −0.00
ABBV Abbvie Inc. Reduce -1.1% 0.02% +0.00
IBM Intl Business Machines Corp. Reduce -0.3% 0.03% +0.00
KO The Coca-Cola Co. Reduce -0.3% 0.05% +0.01
PEP Pepsico Inc. Reduce -0.0% 1.98% +0.02
JPM JPMorgan Chase & Co. Reduce -1.4% 0.98% +0.03
GPC Genuine Parts Co. Reduce -0.0% 0.98% +0.04
INTC Intel Corp. Reduce -0.6% 0.46% +0.06
PAYX Paychex Inc. Reduce -9.5% 2.96% +0.06
ADP Automatic Data Processing Reduce -0.0% 1.43% +0.09
TSCO Tractor Supply Company Reduce -0.4% 1.65% +0.09
COP Conocophillips Reduce -0.4% 1.57% +0.12
CVX Chevron Corp. Reduce -0.2% 0.80% +0.12
KVUE Kenvue Inc. Reduce -0.1% 1.43% +0.19
VZ Verizon Communications Inc. Reduce -4.4% 2.12% +0.21
SHEL Shell PLC-ADR Reduce -0.1% 1.67% +0.28
MDT Medtronic PLC Reduce -0.3% 2.13% +0.28
T AT&T Inc. Reduce -2.5% 1.85% +0.36

Portfolio Buys Q4 2024 → Q1 2025
PG The Procter & Gamble Co. Add +77.7% 1.80% +0.83
JNJ Johnson & Johnson Add +0.0% 3.70% +0.56
GWW WW Grainger Inc. New 0.51% +0.51
SNY Sanofi-ADR Add +36.0% 1.20% +0.45
AEP American Electric Power Add +15.0% 1.31% +0.37
UPS United Parcel Service Class B Add +39.8% 1.77% +0.35
VLO Valero Energy Corp. Add +55.7% 0.82% +0.34
CB Chubb Ltd. Add +0.4% 3.00% +0.33
DRI Darden Restaurants Inc. Add +12.8% 1.46% +0.33
HSY The Hershey Co. Add +15.7% 1.87% +0.31
DUK Duke Energy Corp. Add +18.7% 1.08% +0.30
XOM Exxon Mobil Corp. Add +0.6% 1.68% +0.21
AFL Aflac Inc. Add +0.3% 2.05% +0.20
ZTS Zoetis Inc. Add +33.0% 0.68% +0.19
MMM 3M Co. Add +0.1% 1.21% +0.17
PFE Pfizer Inc. Add +7.3% 2.59% +0.13
RSP Invesco S&P 500 Equal Weight Add +188.2% 0.16% +0.11
AAP Advance Auto Parts Inc. Add +69.9% 0.19% +0.06
VRSN Verisign Inc. Add +116.0% 0.08% +0.05
BHP BHP Group Ltd.-Spon ADR Add +1.9% 1.34% +0.05
MA Mastercard Inc. Class A Add +0.4% 0.63% +0.04
LH Labcorp Holdings Inc. Add +0.0% 1.03% +0.04
MSM MSC Industrial Direct Co. Class A Add +2.5% 0.48% +0.04
MOS The Mosaic Co. Add +5.8% 0.25% +0.04
FTNT Fortinet Inc. Add +0.3% 0.84% +0.04
CLX Clorox Company Add +9.1% 2.01% +0.03
QLYS Qualys Inc. Add +31.6% 0.12% +0.02
CSGS CSG Systems Intl Inc. Add +13.5% 0.08% +0.02
VENU Venu Holding Corp. New 0.02% +0.02
TTC Toro Co. Add +94.4% 0.04% +0.02
VBR Vngrd Mrngst SL-CP Val ETF-U Add +9.4% 0.36% +0.02
WAT Waters Corp. Add +0.4% 0.79% +0.02
EVTC Evertec Inc. Add +9.9% 0.09% +0.02
PAR Par Technology Corp. Add +50.5% 0.06% +0.01
LOGI Logitech International-Reg Add +10.6% 0.10% +0.01
PAYC Paycom Software Inc. Add +13.4% 0.07% +0.01
SO The Southern Co. Add +50.5% 0.03% +0.01
DLB Dolby Laboratories Inc. Class A Add +9.5% 0.04% +0.00
JKHY Jack Henry & Associates Inc. Add +1.4% 0.05% +0.00
FIZZ National Beverage Corp. Add +2.3% 0.02% +0.00
VTI VG Morningstar TS MKT ETF-US Add +1.9% 0.02% −0.00
ATKR Atkore Inc. Add +17.4% 0.03% −0.00
HXL Hexcel Corp. Add +5.2% 0.07% −0.00
NRC NRC Health Add +19.1% 0.06% −0.01
KEYS Keysight Technologies Inc. Add +0.6% 0.77% −0.03
RGA Reinsurance Group of America Add +0.6% 0.71% −0.04
ADBE Adobe Inc. Add +0.2% 0.43% −0.05
ROST Ross Stores Inc. Add +0.6% 0.44% −0.06
CAT Caterpillar Inc. Add +0.0% 1.64% −0.12
LMT Lockheed Martin Corp. Add +0.2% 2.62% −0.15

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