CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2023-02-03

SEC-registered investment adviser since 1999 · limited liability company

Assets managed$4.5bn
Staff40 · 17 in investment roles
Main clients (by assets)High net worth individuals 82%, Charities 12%, Companies 4%
Form ADV · 2026-02-10SEC adviser record

Legal entityCLIFFORD SWAN INVESTMENT COUNSEL LLC (US)

$2.3bn reported value +7.9% vs Q3 2022

303positions

29.3%in top 10

13 new 57 added 170 reduced 17 sold out vs Q3 2022

Holdings, Q4 2022

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	UNITED PARCEL SERVICE INC CL B UPS	UPS	714,198	$124.2m5.40%	5.40%	Reduced -415	-415 -0.1%
2	APPLE INC COM AAPL	AAPL	828,989	$107.7m4.69%	4.69%	Reduced -26.4k	-26,438 -3.1%
3	MICROSOFT CORP COM MSFT	MSFT	326,668	$78.3m3.41%	3.41%	Reduced -11.1k	-11,149 -3.3%
4	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	204,167	$63.1m2.74%	2.74%	Reduced -947	-947 -0.5%
5	CHEVRON CORP NEW COM CVX	CVX	337,682	$60.6m2.64%	2.64%	Reduced -12.5k	-12,540 -3.6%
6	COSTCO WHSL CORP NEW COM COST	COST	131,626	$60.1m2.61%	2.61%	Reduced -2.1k	-2,126 -1.6%
7	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	184,036	$49.1m2.14%	2.14%	Reduced -293	-293 -0.2%
8	JOHNSON & JOHNSON COM JNJ	JNJ	259,967	$45.9m2.00%	2.00%	Reduced -7.4k	-7,363 -2.8%
9	LOWES COS INC COM LOW	LOW	225,794	$45.0m1.96%	1.96%	Reduced -1.8k	-1,808 -0.8%
10	ALPHABET INC CAP STK CL A GOOGL	GOOGL	452,718	$39.9m1.74%	1.74%	Added +1.7k	+1,663 0.4%
11	EXXON MOBIL CORP COM XOM	XOM	350,880	$38.7m1.68%	1.68%	Reduced -20.3k	-20,273 -5.5%
12	TRACTOR SUPPLY CO COM TSCO	TSCO	150,194	$33.8m1.47%	1.47%	Reduced -9.2k	-9,185 -5.8%
13	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	447,482	$32.2m1.40%	1.40%	Reduced -22.2k	-22,166 -4.7%
14	EMERSON ELEC CO COM EMR	EMR	323,827	$31.1m1.35%	1.35%	Reduced -559	-559 -0.2%
15	ABBVIE INC COM ABBV	ABBV	182,888	$29.6m1.29%	1.29%	Reduced -6.2k	-6,197 -3.3%
16	JPMORGAN CHASE & CO COM JPM	JPM	219,967	$29.5m1.28%	1.28%	Added +468	+468 0.2%
17	WELLS FARGO CO NEW COM WFC	WFC	679,425	$28.1m1.22%	1.22%	Reduced -4.9k	-4,949 -0.7%
18	ORACLE CORP COM ORCL	ORCL	324,989	$26.6m1.16%	1.16%	Reduced -5.8k	-5,803 -1.8%
19	ABBOTT LABS COM ABT	ABT	240,081	$26.4m1.15%	1.15%	Reduced -957	-957 -0.4%
20	ARISTA NETWORKS INC COM COM		216,494	$26.3m1.14%	1.14%	Reduced -1.0k	-1,038 -0.5%
21	PROCTER AND GAMBLE CO COM PG	PG	172,588	$26.2m1.14%	1.14%	Reduced -4.0k	-4,046 -2.3%
22	NIKE INC CL B NKE	NKE	219,778	$25.7m1.12%	1.12%	Reduced -9.4k	-9,371 -4.1%
23	AGILENT TECHNOLOGIES INC COM A	A	163,755	$24.5m1.07%	1.07%	Reduced -2.1k	-2,121 -1.3%
24	MCDONALDS CORP COM MCD	MCD	91,631	$24.1m1.05%	1.05%	Reduced -185	-185 -0.2%
25	STRYKER CORPORATION COM SYK	SYK	97,599	$23.9m1.04%	1.04%	Reduced -2.1k	-2,084 -2.1%
26	QUALCOMM INC COM QCOM	QCOM	211,718	$23.3m1.01%	1.01%	Added +2.9k	+2,866 1.4%
27	FASTENAL CO COM FAST	FAST	485,949	$23.0m1.00%	1.00%	Reduced -4.1k	-4,133 -0.8%
28	SCHLUMBERGER LTD COM STK SLB	SLB	410,152	$21.9m0.95%	0.95%	Reduced -4.9k	-4,885 -1.2%
29	CORTEVA INC COM CTVA	CTVA	369,099	$21.7m0.94%	0.94%	Reduced -27.2k	-27,193 -6.9%
30	PEPSICO INC COM PEP	PEP	119,166	$21.5m0.94%	0.94%	Reduced -285	-285 -0.2%
31	HP INC COM HPQ	HPQ	796,340	$21.4m0.93%	0.93%	Reduced -279	-279 -0.0%
32	DUPONT DE NEMOURS INC COM DWDP	DWDP	311,281	$21.4m0.93%	0.93%	Reduced -2.8k	-2,833 -0.9%
33	ALBEMARLE CORP COM ALB	ALB	96,868	$21.0m0.91%	0.91%	Reduced -480	-480 -0.5%
34	PFIZER INC COM PFE	PFE	405,990	$20.8m0.91%	0.91%	Reduced -646	-646 -0.2%
35	INTEL CORP COM INTC	INTC	786,333	$20.8m0.90%	0.90%	Reduced -12.5k	-12,533 -1.6%
36	UNITEDHEALTH GROUP INC COM UNH	UNH	37,436	$19.8m0.86%	0.86%	Added +373	+373 1.0%
37	CISCO SYS INC COM CSCO	CSCO	416,517	$19.8m0.86%	0.86%	Reduced -261	-261 -0.1%
38	INTUIT COM INTU	INTU	49,451	$19.2m0.84%	0.84%	Added +3.2k	+3,181 6.9%
39	EDWARDS LIFESCIENCES CORP COM EW	EW	256,307	$19.1m0.83%	0.83%	Reduced -5.5k	-5,451 -2.1%
40	MCKESSON CORP COM MCK	MCK	48,413	$18.2m0.79%	0.79%	Reduced -2.7k	-2,736 -5.3%
41	RTX CORPORATION COM RTX	RTX	171,331	$17.3m0.75%	0.75%	Added +78	+78 0.1%
42	COLGATE PALMOLIVE CO COM CL	CL	219,111	$17.3m0.75%	0.75%	Reduced -2.7k	-2,703 -1.2%
43	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	411,397	$17.1m0.74%	0.74%	Added +2.0k	+1,967 0.5%
44	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	351,255	$16.7m0.72%	0.72%	Reduced -96.4k	-96,400 -21.5%
45	PAYPAL HLDGS INC COM PYPL	PYPL	232,998	$16.6m0.72%	0.72%	Reduced -10.0k	-10,019 -4.1%
46	STARBUCKS CORP COM SBUX	SBUX	161,155	$16.0m0.70%	0.70%	Added +61	+61 0.0%
47	AMERICAN EXPRESS CO COM AXP	AXP	107,155	$15.8m0.69%	0.69%	Added +2.1k	+2,098 2.0%
48	LABORATORY CORP AMER HLDGS COM NEW COM NEW		66,111	$15.6m0.68%	0.68%	Added +2.0k	+1,955 3.0%
49	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	970,972	$15.5m0.67%	0.67%	Reduced -47.7k	-47,700 -4.7%
50	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	90,262	$15.4m0.67%	0.67%	Reduced -24	-24 -0.0%
51	NOVO-NORDISK A S ADR NVO	NVO	110,551	$15.0m0.65%	0.65%	Reduced -1.6k	-1,635 -1.5%
52	ALPHABET INC CAP STK CL C GOOG	GOOG	166,761	$14.8m0.64%	0.64%	Added +620	+620 0.4%
53	AMAZON COM INC COM AMZN	AMZN	175,420	$14.7m0.64%	0.64%	Reduced -2.4k	-2,414 -1.4%
54	DISNEY WALT CO COM DIS	DIS	169,602	$14.7m0.64%	0.64%	Reduced -3.1k	-3,104 -1.8%
55	MONDELEZ INTL INC CL A MDLZ	MDLZ	208,770	$13.9m0.61%	0.61%	Added +2.4k	+2,406 1.2%
56	SYSCO CORP COM SYY	SYY	181,638	$13.9m0.60%	0.60%	Reduced -332	-332 -0.2%
57	CONOCOPHILLIPS COM COP	COP	112,269	$13.2m0.58%	0.58%	Reduced -20.5k	-20,475 -15.4%
58	HONEYWELL INTL INC COM COM		60,961	$13.1m0.57%	0.57%	Reduced -3.9k	-3,948 -6.1%
59	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	53,992	$12.9m0.56%	0.56%	Reduced -1.5k	-1,461 -2.6%
60	SPDR GOLD TR GOLD SHS GLD	GLD	73,529	$12.5m0.54%	0.54%	Reduced -180	-180 -0.2%
61	UNION PAC CORP COM UNP	UNP	59,613	$12.3m0.54%	0.54%	Reduced -299	-299 -0.5%
62	CONAGRA BRANDS INC COM CAG	CAG	318,815	$12.3m0.54%	0.54%	Reduced -19.1k	-19,093 -5.7%
63	PHILIP MORRIS INTL INC COM PM	PM	119,036	$12.0m0.52%	0.52%	Reduced -324	-324 -0.3%
64	HOME DEPOT INC COM HD	HD	38,011	$12.0m0.52%	0.52%	Added +87	+87 0.2%
65	NORTHROP GRUMMAN CORP COM NOC	NOC	21,223	$11.6m0.50%	0.50%	Reduced -1.5k	-1,498 -6.6%
66	JOHNSON CTLS INTL PLC SHS JCI	JCI	180,096	$11.5m0.50%	0.50%	Reduced -12.7k	-12,692 -6.6%
67	BOEING CO COM BA	BA	59,380	$11.3m0.49%	0.49%	Reduced -3.0k	-3,047 -4.9%
68	AMGEN INC COM AMGN	AMGN	41,364	$10.9m0.47%	0.47%	Reduced -4	-4 -0.0%
69	CARMAX INC COM KMX	KMX	177,793	$10.8m0.47%	0.47%	Added +59.4k	+59,353 50.1%
70	CATERPILLAR INC COM CAT	CAT	44,816	$10.7m0.47%	0.47%	Reduced -74	-74 -0.2%
71	BOOKING HOLDINGS INC COM BKNG	BKNG	5,240	$10.6m0.46%	0.46%	Added +1.2k	+1,187 29.3%
72	BANK NEW YORK MELLON CORP COM BNY	BNY	217,812	$9.9m0.43%	0.43%	Added +9.9k	+9,942 4.8%
73	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	92,633	$9.7m0.42%	0.42%	Added +22.0k	+21,999 31.1%
74	MERCK & CO INC COM MRK	MRK	84,522	$9.4m0.41%	0.41%	Reduced -731	-731 -0.9%
75	NOVARTIS AG SPONSORED ADR NVS	NVS	101,871	$9.2m0.40%	0.40%	Reduced -1.8k	-1,767 -1.7%
76	WALMART INC COM WMT	WMT	63,157	$9.0m0.39%	0.39%	Reduced -1.9k	-1,908 -2.9%
77	VMWARE INC CL A COM VMW	VMW	72,442	$8.9m0.39%	0.39%	Reduced -6.6k	-6,568 -8.3%
78	WALGREENS BOOTS ALLIANCE INC COM WBA	WBA	237,422	$8.9m0.39%	0.39%	Reduced -4.7k	-4,686 -1.9%
79	BP PLC SPONSORED ADR BP	BP	241,933	$8.5m0.37%	0.37%	Reduced -1.6k	-1,557 -0.6%
80	3M CO COM MMM	MMM	70,437	$8.4m0.37%	0.37%	Reduced -2.0k	-2,029 -2.8%
81	ILLINOIS TOOL WKS INC COM ITW	ITW	38,269	$8.4m0.37%	0.37%	Added +5	+5 0.0%
82	JACOBS SOLUTIONS INC COM J	J	69,118	$8.3m0.36%	0.36%	Reduced -557	-557 -0.8%
83	EBAY INC. COM EBAY	EBAY	190,748	$7.9m0.34%	0.34%	Reduced -5.1k	-5,149 -2.6%
84	PARKER-HANNIFIN CORP COM PH	PH	26,691	$7.8m0.34%	0.34%	Unchanged
85	CARRIER GLOBAL CORPORATION COM CARR	CARR	186,460	$7.7m0.33%	0.33%	Added +10.6k	+10,595 6.0%
86	GENERAL MLS INC COM GIS	GIS	91,451	$7.7m0.33%	0.33%	Added +12	+12 0.0%
87	META PLATFORMS INC CL A META	META	62,665	$7.5m0.33%	0.33%	Added +2.1k	+2,085 3.4%
88	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	53,273	$7.5m0.33%	0.33%	Reduced -2.1k	-2,081 -3.8%
89	AT&T INC COM T	T	407,267	$7.5m0.33%	0.33%	Reduced -31.7k	-31,721 -7.2%
90	PUBLIC STORAGE COM PSA	PSA	26,721	$7.5m0.33%	0.33%	Reduced -2.0k	-2,005 -7.0%
91	GILEAD SCIENCES INC COM GILD	GILD	85,441	$7.3m0.32%	0.32%	Reduced -31.2k	-31,193 -26.7%
92	TEXAS INSTRS INC COM TXN	TXN	44,059	$7.3m0.32%	0.32%	Added +10	+10 0.0%
93	LOCKHEED MARTIN CORP COM LMT	LMT	14,624	$7.1m0.31%	0.31%	Reduced -1.1k	-1,099 -7.0%
94	ENERGIZER HLDGS INC NEW COM ENR	ENR	208,906	$7.0m0.30%	0.30%	Unchanged
95	TARGET CORP COM TGT	TGT	44,986	$6.7m0.29%	0.29%	Added +260	+260 0.6%
96	VERIZON COMMUNICATIONS INC COM VZ	VZ	166,779	$6.6m0.29%	0.29%	Reduced -5.8k	-5,775 -3.4%
97	TAPESTRY INC COM TPR	TPR	164,742	$6.3m0.27%	0.27%	Reduced -1.4k	-1,353 -0.8%
98	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	81,732	$6.1m0.27%	0.27%	Reduced -18.9k	-18,910 -18.8%
99	ISHARES TR CORE S&P SCP ETF IJR	IJR	64,176	$6.1m0.26%	0.26%	Added +476	+476 0.8%
100	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	15,793	$6.0m0.26%	0.26%	Added +96	+96 0.6%

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
QUANTA SVCS INC PWR	PWR	17,015	$2.2m17.0k shares
AMERICAN WTR WKS CO INC NEW AWK	AWK	9,186	$1.2m9.2k shares
TORO CO TTC	TTC	10,255	$887.0k10.3k shares
APOLLO GLOBAL MGMT INC APO	APO	18,354	$853.0k18.4k shares
BROOKFIELD ASSET MGMT INC		15,556	$636.0k15.6k shares
ISHARES TR PFF	PFF	14,802	$469.0k14.8k shares
DCP MIDSTREAM LP DCP	DCP	8,400	$316.0k8.4k shares
BRITISH AMERN TOB PLC BTI	BTI	8,805	$313.0k8.8k shares
FORD MTR CO F	F	25,188	$282.0k25.2k shares
OLD REP INTL CORP ORI	ORI	12,781	$268.0k12.8k shares
STARWOOD PPTY TR INC STWD	STWD	13,425	$245.0k13.4k shares
VANGUARD BD INDEX FDS BIV	BIV	3,222	$237.0k3.2k shares
L3HARRIS TECHNOLOGIES INC LHX	LHX	1,120	$233.0k1.1k shares
LINCOLN NATL CORP IND LNC	LNC	5,238	$230.0k5.2k shares
SPDR SER TR PSK	PSK	5,913	$206.0k5.9k shares
REPUBLIC SVCS INC RSG	RSG	1,499	$204.0k1.5k shares
BLACKROCK CAP INVT CORP BKCC	BKCC	56,663	$192.0k56.7k shares