ZWJ Investment Counsel Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 15, 2025), ZWJ Investment Counsel Inc. reported 244 stock positions worth $2.8 billion. Its top holding was Alphabet Class C (GOOG) at 4.2% of the portfolio, followed by Oracle (ORCL, 3.9%) and Nvidia (NVDA, 3.7%). Compared with Q2 2025, it opened 15 new positions, sold out of 11, added to 111 and reduced 85. The biggest buy was Abbvie (ABBV, shares +1%) and the biggest sale Elevance Health (ELV, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- Atlanta, GA
- CIK
- 0000842782
- Portfolio Value
- $2.8B (Q3 2025)
- SEC Filing
- 0001580642-25-006589 ↗ filed Oct 15, 2025
Holdings Value
Holdings 244 stocks · $2.8B
| GOOG Alphabet Inc. Class C | 4.15% | 482,425 | $117.5M | Reduce -0.2% |
| ORCL Oracle Corp. | 3.92% | 394,449 | $110.9M | Reduce -17.6% |
| NVDA Nvidia Corp. | 3.75% | 568,887 | $106.1M | Reduce -6.8% |
| MSFT Microsoft Corp. | 3.71% | 202,790 | $105.0M | Add +0.1% |
| AVGO Broadcom Inc. | 3.71% | 318,188 | $105.0M | Reduce -11.1% |
| KO The Coca-Cola Co. | 3.09% | 1,320,539 | $87.6M | Reduce -1.0% |
| ABBV Abbvie Inc. | 2.76% | 337,792 | $78.2M | Add +1.1% |
| BWXT BWX Technologies Inc. | 2.74% | 420,077 | $77.4M | Reduce -17.4% |
| MU Micron Technology Inc. | 2.69% | 455,244 | $76.2M | Reduce -2.5% |
| JPM JPMorgan Chase & Co. | 2.54% | 227,521 | $71.8M | Reduce -2.2% |
| AAPL Apple Inc. | 2.34% | 259,899 | $66.2M | Reduce -0.6% |
| V Visa Inc. Class A | 2.27% | 188,621 | $64.4M | Add +0.6% |
| NOC Northrop Grumman Corp. | 2.16% | 100,533 | $61.3M | Reduce -1.1% |
| CSCO Cisco Systems Inc. | 2.12% | 878,240 | $60.1M | Reduce -0.6% |
| AZN Astrazeneca PLC-Spons ADR | 2.09% | 771,282 | $59.2M | Add +1.0% |
| BSX Boston Scientific Corp. | 1.95% | 565,014 | $55.2M | Reduce -0.1% |
| AXP American Express Co. | 1.94% | 165,043 | $54.8M | Reduce -1.7% |
| CB Chubb Ltd. | 1.88% | 188,712 | $53.3M | Add +1.0% |
| CTVA Corteva Inc. | 1.81% | 756,899 | $51.2M | Add +0.1% |
| PGR Progressive Corp. | 1.72% | 197,021 | $48.7M | Add +8.5% |
| INGR Ingredion Inc. | 1.62% | 375,146 | $45.8M | Add +0.8% |
| EFX Equifax Inc. | 1.61% | 178,203 | $45.7M | Add +18.4% |
| MDLZ Mondelez International Inc. Class A | 1.59% | 718,341 | $44.9M | Add +1.0% |
| BA The Boeing Co. | 1.58% | 207,712 | $44.8M | Reduce -0.5% |
| AEP American Electric Power | 1.55% | 389,180 | $43.8M | Reduce -2.7% |
| FISV Fiserv Inc. | 1.51% | 330,976 | $42.7M | Add +12.4% |
| TMO Thermo Fisher Scientific Inc. | 1.43% | 83,679 | $40.6M | Add +1.4% |
| CVX Chevron Corp. | 1.42% | 259,243 | $40.3M | Add +1.4% |
| JNJ Johnson & Johnson | 1.40% | 214,101 | $39.7M | Add +0.4% |
| PSX Phillips 66 | 1.39% | 288,859 | $39.3M | Add +1.1% |
| ROP Roper Technologies Inc. | 1.27% | 71,985 | $35.9M | Add +4.5% |
| SAIA Saia Inc. | 1.22% | 115,133 | $34.5M | Reduce -2.8% |
| UBER Uber Technologies Inc. | 1.19% | 344,634 | $33.8M | Add +0.3% |
| HD Home Depot Inc. | 1.17% | 81,485 | $33.0M | Reduce -2.8% |
| J Jacobs Solutions Inc. | 1.16% | 218,747 | $32.8M | Reduce -4.4% |
| SSNC Ss&c Technologies Holdings | 1.14% | 365,079 | $32.4M | Add +3.1% |
| T AT&T Inc. | 1.12% | 1,118,255 | $31.6M | Reduce -2.9% |
| IPG Interpublic Group of Cos Inc. | 1.10% | 1,117,674 | $31.2M | Reduce -0.8% |
| ELV Elevance Health Inc. | 1.08% | 94,986 | $30.7M | Reduce -23.5% |
| ACN Accenture PLC Class A | 1.03% | 118,295 | $29.2M | Add +13.6% |
| SRE Sempra | 0.97% | 305,469 | $27.5M | Add +6.0% |
| YUM Yum! Brands Inc. | 0.95% | 177,664 | $27.0M | Add +8.6% |
| OUT Outfront Media Inc. | 0.94% | 1,457,481 | $26.7M | Reduce -1.3% |
| EWBC East West Bancorp Inc. | 0.83% | 221,998 | $23.6M | Reduce -0.7% |
| TSN Tyson Foods Inc. Class A | 0.81% | 423,079 | $23.0M | Add +5.0% |
| GM General Motors Co. | 0.79% | 365,186 | $22.3M | Reduce -0.2% |
| PG The Procter & Gamble Co. | 0.78% | 143,954 | $22.1M | Add +0.3% |
| AME Ametek Inc. | 0.73% | 110,015 | $20.7M | Add +5.5% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.73% | 334,338 | $20.6M | Add +4.3% |
| VZ Verizon Communications Inc. | 0.61% | 391,878 | $17.2M | Add +16.0% |
| DV Doubleverify Holdings Inc. | 0.60% | 1,406,814 | $16.9M | Add +26.4% |
| APD Air Products & Chemicals Inc. | 0.59% | 60,831 | $16.6M | Add +2.9% |
| DG Dollar General Corp. | 0.53% | 145,700 | $15.1M | Add +0.1% |
| GE General Electric filed as GE AEROSPACE | 0.48% | 44,883 | $13.5M | Add +0.1% |
| ES Eversource Energy | 0.45% | 177,600 | $12.6M | Reduce -3.4% |
| MQ Marqeta Inc. | 0.36% | 1,939,819 | $10.2M | Reduce -1.3% |
| ZBRA Zebra Technologies Corp. Class A | 0.35% | 33,266 | $9.9M | Reduce -2.3% |
| XOM Exxon Mobil Corp. | 0.34% | 85,947 | $9.7M | Add +9.2% |
| RSP Invesco S&P 500 Equal Weight | 0.34% | 50,764 | $9.6M | Reduce -1.4% |
| FIS Fidelity National Info Serv | 0.34% | 144,441 | $9.5M | Add +0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.31% | 13,179 | $8.8M | Reduce -3.0% |
| GOOGL Alphabet Inc. Class A | 0.31% | 36,035 | $8.8M | Add +1.4% |
| ABT Abbott Laboratories | 0.23% | 48,695 | $6.5M | Add +2.5% |
| COLB Columbia Banking System Inc. | 0.22% | 246,906 | $6.4M | Add +11.9% |
| EOG EOG Resources Inc. | 0.22% | 56,233 | $6.3M | Add +3.0% |
| VOO Vanguard S&P 500 ETF | 0.21% | 9,502 | $5.8M | Reduce -4.2% |
| CFG Citizens Financial Group | 0.20% | 108,069 | $5.7M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 0.18% | 6,530 | $5.0M | Add +2.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.16% | 9,189 | $4.6M | Add +18.3% |
| AMZN Amazon.com Inc. | 0.16% | 20,990 | $4.6M | Reduce -3.3% |
| TTE Totalenergies SE -Spon ADR | 0.16% | 76,832 | $4.6M | Reduce -5.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 15,511 | $4.4M | Add +0.6% |
| IVV iShares Core S&P 500 ETF | 0.15% | 6,310 | $4.2M | Add +6.6% |
| META Meta Platforms Inc. Class A | 0.15% | 5,664 | $4.2M | Reduce -11.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.12% | 67,706 | $3.5M | Add +0.6% |
| IOSP Innospec Inc. | 0.12% | 44,830 | $3.5M | Add +13.7% |
| RTX RTX Corp. | 0.11% | 19,242 | $3.2M | No change |
| GPC Genuine Parts Co. | 0.11% | 23,029 | $3.2M | Reduce -0.2% |
| TSLA Tesla Inc. | 0.11% | 6,969 | $3.1M | Reduce -3.3% |
| SCHB Schwab US Broad Market ETF | 0.10% | 111,544 | $2.9M | Reduce -7.1% |
| TPR Tapestry Inc. | 0.10% | 24,010 | $2.7M | Reduce -75.5% |
| WMT Walmart Inc. | 0.09% | 25,428 | $2.6M | Add +0.6% |
| WFC Wells Fargo & Co. | 0.09% | 30,860 | $2.6M | Add +0.3% |
| IWB iShares Russell 1000 ETF | 0.09% | 6,982 | $2.6M | No change |
| IUSV iShares Core S&P U.S. Value | 0.09% | 25,438 | $2.5M | Add +0.8% |
| MRK Merck & Co. Inc. | 0.09% | 29,594 | $2.5M | Reduce -2.9% |
| ADP Automatic Data Processing | 0.09% | 8,335 | $2.4M | Reduce -1.1% |
| SO The Southern Co. | 0.08% | 24,000 | $2.3M | Reduce -1.8% |
| ITOT iShares Core S&P Total U.S. | 0.08% | 14,857 | $2.2M | Reduce -0.6% |
| MDY State Street SPDR S&P Midcap | 0.08% | 3,605 | $2.1M | Reduce -2.9% |
| LOW Lowe's Cos Inc. | 0.08% | 8,542 | $2.1M | Add +0.7% |
| COST Costco Wholesale Corp. | 0.07% | 2,226 | $2.1M | Reduce -0.6% |
| AMGN Amgen Inc. | 0.07% | 7,221 | $2.0M | Reduce -3.1% |
| NSC Norfolk Southern Corp. | 0.07% | 6,691 | $2.0M | Add +7.7% |
| TFC Truist Financial Corp. | 0.07% | 43,266 | $2.0M | Reduce -0.1% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.07% | 38,671 | $2.0M | Add +60.1% |
| CAT Caterpillar Inc. | 0.07% | 3,891 | $1.9M | Add +0.8% |
| O Realty Income Corp. | 0.06% | 30,127 | $1.8M | Add +3.7% |
| VYM Vanguard High DVD Yield ETF | 0.06% | 12,910 | $1.8M | Reduce -1.1% |
| GEV GE Vernova Inc. | 0.06% | 2,669 | $1.6M | Add +0.5% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $14K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 10,000 | $14K | No change |
Total filed on the 13F, all lines: $2.8B.
Portfolio Sells Q2 2025 → Q3 2025
| ELV Elevance Health Inc. | Reduce -23.5% | 1.08% | −0.71 |
| KO The Coca-Cola Co. | Reduce -1.0% | 3.09% | −0.42 |
| BSX Boston Scientific Corp. | Reduce -0.1% | 1.95% | −0.31 |
| TPR Tapestry Inc. | Reduce -75.5% | 0.10% | −0.22 |
| CSCO Cisco Systems Inc. | Reduce -0.6% | 2.12% | −0.16 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -83.3% | 0.03% | −0.14 |
| T AT&T Inc. | Reduce -2.9% | 1.12% | −0.12 |
| MQ Marqeta Inc. | Reduce -1.3% | 0.36% | −0.06 |
| AXP American Express Co. | Reduce -1.7% | 1.94% | −0.05 |
| BA The Boeing Co. | Reduce -0.5% | 1.58% | −0.04 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -2.3% | 0.35% | −0.04 |
| META Meta Platforms Inc. Class A | Reduce -11.9% | 0.15% | −0.03 |
| TTE Totalenergies SE -Spon ADR | Reduce -5.3% | 0.16% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -3.3% | 0.16% | −0.01 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.01 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.01 |
| ALGN Align Technology Inc. | Sold out | 0.00% | −0.01 |
| ADBE Adobe Inc. | Reduce -35.9% | 0.01% | −0.01 |
| ADP Automatic Data Processing | Reduce -1.1% | 0.09% | −0.01 |
| RMBS Rambus Inc. | Sold out | 0.00% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -0.6% | 0.07% | −0.01 |
| USB US Bancorp | Sold out | 0.00% | −0.01 |
| GMS GMS Inc. | Sold out | 0.00% | −0.01 |
| BWIN Baldwin Insurance Group Inc./ | Sold out | 0.00% | −0.01 |
| PLYM Plymouth Industrial REIT Inc. | Sold out | 0.00% | −0.01 |
| NOW ServiceNow Inc. | Reduce -39.0% | 0.01% | −0.01 |
| MO Altria Group Inc. | Sold out | 0.00% | −0.01 |
| RSP Invesco S&P 500 Equal Weight | Reduce -1.4% | 0.34% | −0.01 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.01 |
| ISRG Intuitive Surgical Inc. | Reduce -6.9% | 0.02% | −0.01 |
| AMGN Amgen Inc. | Reduce -3.1% | 0.07% | −0.01 |
| SCHB Schwab US Broad Market ETF | Reduce -7.1% | 0.10% | −0.01 |
| PM Philip Morris International | Reduce -10.3% | 0.02% | −0.00 |
| EWBC East West Bancorp Inc. | Reduce -0.7% | 0.83% | −0.00 |
| EMR Emerson Electric Co. | Reduce -7.2% | 0.03% | −0.00 |
| DIS The Walt Disney Co. | Reduce -2.6% | 0.03% | −0.00 |
| DUK Duke Energy Corp. | Reduce -6.9% | 0.05% | −0.00 |
| VOO Vanguard S&P 500 ETF | Reduce -4.2% | 0.21% | −0.00 |
| MCD McDonald's Corp. | Reduce -8.9% | 0.03% | −0.00 |
| SO The Southern Co. | Reduce -1.8% | 0.08% | −0.00 |
| ALG Alamo Group Inc. | Reduce -14.7% | 0.01% | −0.00 |
| HON Honeywell International Inc. | Reduce -11.0% | 0.01% | −0.00 |
| AKYA Akoya Biosciences Inc. | Sold out | 0.00% | −0.00 |
| MDY State Street SPDR S&P Midcap | Reduce -2.9% | 0.08% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.0% | 0.31% | −0.00 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -17.8% | 0.01% | −0.00 |
| MRK Merck & Co. Inc. | Reduce -2.9% | 0.09% | −0.00 |
| MMM 3M Co. | Reduce -0.1% | 0.06% | −0.00 |
| BX Blackstone Inc. | Reduce -24.4% | 0.01% | −0.00 |
| KMB Kimberly-Clark Corp. | Reduce -2.1% | 0.01% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| ABBV Abbvie Inc. | Add +1.1% | 2.76% | +0.46 |
| JNJ Johnson & Johnson | Add +0.4% | 1.40% | +0.19 |
| TMO Thermo Fisher Scientific Inc. | Add +1.4% | 1.43% | +0.19 |
| EFX Equifax Inc. | Add +18.4% | 1.61% | +0.16 |
| SRE Sempra | Add +6.0% | 0.97% | +0.16 |
| PSX Phillips 66 | Add +1.1% | 1.39% | +0.12 |
| AZN Astrazeneca PLC-Spons ADR | Add +1.0% | 2.09% | +0.11 |
| GOOGL Alphabet Inc. Class A | Add +1.4% | 0.31% | +0.08 |
| VZ Verizon Communications Inc. | Add +16.0% | 0.61% | +0.07 |
| CVX Chevron Corp. | Add +1.4% | 1.42% | +0.06 |
| SSNC Ss&c Technologies Holdings | Add +3.1% | 1.14% | +0.06 |
| YUM Yum! Brands Inc. | Add +8.6% | 0.95% | +0.05 |
| GE General Electric | Add +0.1% | 0.48% | +0.05 |
| COLB Columbia Banking System Inc. | Add +11.9% | 0.22% | +0.03 |
| IWF iShares Russell 1000 Growth | Add +197.2% | 0.04% | +0.03 |
| GPN Global Payments Inc. | Add +180.5% | 0.05% | +0.03 |
| AME Ametek Inc. | Add +5.5% | 0.73% | +0.03 |
| XOM Exxon Mobil Corp. | Add +9.2% | 0.34% | +0.03 |
| JMST JPM Ultra-Short Muni Income | Add +60.1% | 0.07% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +18.3% | 0.16% | +0.02 |
| WDC Western Digital Corp. | New | 0.01% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +6.6% | 0.15% | +0.01 |
| STX Seagate Technology Holdings | Add +0.5% | 0.03% | +0.01 |
| NSC Norfolk Southern Corp. | Add +7.7% | 0.07% | +0.01 |
| SHOP Shopify Inc. Class A | New | 0.01% | +0.01 |
| GLD SPDR Gold Shares | Add +21.9% | 0.04% | +0.01 |
| LRCX Lam Research Corp. | New | 0.01% | +0.01 |
| CAT Caterpillar Inc. | Add +0.8% | 0.07% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | New | 0.01% | +0.01 |
| IWR iShares Russell Mid-Cap ETF | New | 0.01% | +0.01 |
| GLW Corning Inc. | Add +1.2% | 0.03% | +0.01 |
| INTC Intel Corp. | New | 0.01% | +0.01 |
| VTWO Vanguard Russell 2000 ETF | New | 0.01% | +0.01 |
| ATMU Atmus Filtration Technologie | New | 0.01% | +0.01 |
| VECO Veeco Instruments Inc. | New | 0.01% | +0.01 |
| HAYW Hayward Holdings Inc. | New | 0.01% | +0.01 |
| PBH Prestige Consumer Healthcare | New | 0.01% | +0.01 |
| TMDX Transmedics Group Inc. | New | 0.01% | +0.01 |
| NFLX Netflix Inc. | New | 0.01% | +0.01 |
| SBUX Starbucks Corp. | New | 0.01% | +0.01 |
| HWKN Hawkins Inc. | New | 0.01% | +0.01 |
| LOW Lowe's Cos Inc. | Add +0.7% | 0.08% | +0.01 |
| GEV GE Vernova Inc. | Add +0.5% | 0.06% | +0.01 |
| MA Mastercard Inc. Class A | Add +36.0% | 0.02% | +0.01 |
| SGOV iShares 0-3 Month Treasury B | Add +22.1% | 0.04% | +0.01 |
| BAC Bank of America Corp. | Add +0.6% | 0.12% | +0.00 |
| TT Trane Technologies PLC | Add +42.4% | 0.02% | +0.00 |
| BKR Baker Hughes Co. | Add +1.2% | 0.02% | +0.00 |
| UNH Unitedhealth Group Inc. | Add +4.3% | 0.04% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +7.2% | 0.04% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 290 | $3.1B | MU, GOOG, AVGO, KO, NVDA |
| Q1 2026 | 241 | $2.8B | GOOG, KO, NVDA, AVGO, BWXT |
| Q4 2025 | 237 | $2.8B | GOOG, MU, AVGO, NVDA, MSFT |
| Q3 2025 | 244 | $2.8B | GOOG, ORCL, NVDA, MSFT, AVGO |
| Q2 2025 | 240 | $2.7B | ORCL, MSFT, AVGO, NVDA, KO |
| Q1 2025 | 210 | $2.5B | KO, MSFT, GOOG, ABBV, ORCL |
| Q4 2024 | 221 | $2.4B | AVGO, GOOG, MSFT, NVDA, ORCL |
| Q3 2024 | 235 | $2.4B | KO, ORCL, MSFT, AVGO, GOOG |
| Q2 2024 | 225 | $2.3B | MSFT, GOOG, KO, NVDA, AVGO |
| Q1 2024 | 226 | $2.2B | MSFT, KO, GOOG, AVGO, NVDA |