CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2023-08-04

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)

$2.5bn reported value +3.6% vs Q1 2023

299positions

31.5%in top 10

8 new 46 added 131 reduced 3 sold out vs Q1 2023

Holdings, Q2 2023

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	APPLE INC COM AAPL	AAPL	790,581	$153.3m6.19%	6.19%	Reduced -18.3k	-18,339 -2.3%
2	UNITED PARCEL SERVICE INC CL B UPS	UPS	689,828	$123.7m4.99%	4.99%	Reduced -9.1k	-9,081 -1.3%
3	MICROSOFT CORP COM MSFT	MSFT	331,902	$113.0m4.56%	4.56%	Reduced -5.9k	-5,875 -1.7%
4	COSTCO WHSL CORP NEW COM COST	COST	126,440	$68.1m2.75%	2.75%	Reduced -1.6k	-1,573 -1.2%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	198,824	$67.8m2.74%	2.74%	Reduced -2.0k	-2,015 -1.0%
6	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	179,966	$55.5m2.24%	2.24%	Reduced -1.4k	-1,443 -0.8%
7	ALPHABET INC CAP STK CL A GOOGL	GOOGL	446,713	$53.5m2.16%	2.16%	Reduced -7.2k	-7,228 -1.6%
8	CHEVRON CORP NEW COM CVX	CVX	333,410	$52.5m2.12%	2.12%	Reduced -2.0k	-2,011 -0.6%
9	LOWES COS INC COM LOW	LOW	217,823	$49.2m1.98%	1.98%	Reduced -2.2k	-2,164 -1.0%
10	JOHNSON & JOHNSON COM JNJ	JNJ	257,778	$42.7m1.72%	1.72%	Reduced -561	-561 -0.2%
11	EXXON MOBIL CORP COM XOM	XOM	342,748	$36.8m1.48%	1.48%	Reduced -894	-894 -0.3%
12	ORACLE CORP COM ORCL	ORCL	302,426	$36.0m1.45%	1.45%	Reduced -8.1k	-8,104 -2.6%
13	ARISTA NETWORKS INC COM COM		206,553	$33.5m1.35%	1.35%	Reduced -3.0k	-2,980 -1.4%
14	TRACTOR SUPPLY CO COM TSCO	TSCO	143,949	$31.8m1.28%	1.28%	Reduced -2.2k	-2,160 -1.5%
15	JPMORGAN CHASE & CO COM JPM	JPM	218,200	$31.7m1.28%	1.28%	Reduced -337	-337 -0.1%
16	EMERSON ELEC CO COM EMR	EMR	318,075	$28.8m1.16%	1.16%	Reduced -2.5k	-2,466 -0.8%
17	STRYKER CORPORATION COM SYK	SYK	92,769	$28.3m1.14%	1.14%	Reduced -1.2k	-1,231 -1.3%
18	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	440,998	$28.2m1.14%	1.14%	Reduced -3.9k	-3,869 -0.9%
19	WELLS FARGO CO NEW COM WFC	WFC	653,501	$27.9m1.13%	1.13%	Reduced -12.4k	-12,366 -1.9%
20	FASTENAL CO COM FAST	FAST	472,762	$27.9m1.13%	1.13%	Reduced -3.7k	-3,707 -0.8%
21	INTEL CORP COM INTC	INTC	826,659	$27.6m1.12%	1.12%	Reduced -1.6k	-1,617 -0.2%
22	MCDONALDS CORP COM MCD	MCD	91,221	$27.2m1.10%	1.10%	Added +657	+657 0.7%
23	PROCTER AND GAMBLE CO COM PG	PG	170,072	$25.8m1.04%	1.04%	Reduced -517	-517 -0.3%
24	ABBOTT LABS COM ABT	ABT	234,993	$25.6m1.03%	1.03%	Reduced -1.6k	-1,631 -0.7%
25	QUALCOMM INC COM QCOM	QCOM	208,998	$24.9m1.00%	1.00%	Reduced -1.4k	-1,433 -0.7%
26	HP INC COM HPQ	HPQ	795,332	$24.4m0.99%	0.99%	Reduced -604	-604 -0.1%
27	EDWARDS LIFESCIENCES CORP COM EW	EW	255,540	$24.1m0.97%	0.97%	Reduced -262	-262 -0.1%
28	NIKE INC CL B NKE	NKE	217,400	$24.0m0.97%	0.97%	Reduced -1.2k	-1,225 -0.6%
29	ABBVIE INC COM ABBV	ABBV	177,189	$23.9m0.96%	0.96%	Reduced -1.5k	-1,527 -0.8%
30	AMAZON COM INC COM AMZN	AMZN	177,860	$23.2m0.94%	0.94%	Reduced -195	-195 -0.1%
31	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	403,426	$22.8m0.92%	0.92%	Reduced -5.4k	-5,354 -1.3%
32	ALBEMARLE CORP COM ALB	ALB	101,270	$22.6m0.91%	0.91%	Added +4.7k	+4,745 4.9%
33	INTUIT COM INTU	INTU	49,240	$22.6m0.91%	0.91%	Added +31	+31 0.1%
34	DUPONT DE NEMOURS INC COM DWDP	DWDP	310,931	$22.2m0.90%	0.90%	Added +1.4k	+1,390 0.5%
35	CISCO SYS INC COM CSCO	CSCO	408,460	$21.1m0.85%	0.85%	Reduced -5.6k	-5,561 -1.3%
36	PEPSICO INC COM PEP	PEP	114,080	$21.1m0.85%	0.85%	Reduced -2.5k	-2,470 -2.1%
37	CORTEVA INC COM CTVA	CTVA	362,193	$20.8m0.84%	0.84%	Reduced -1.4k	-1,393 -0.4%
38	AMERICAN EXPRESS CO COM AXP	AXP	118,676	$20.7m0.83%	0.83%	Added +1.6k	+1,605 1.4%
39	UNITEDHEALTH GROUP INC COM UNH	UNH	42,766	$20.6m0.83%	0.83%	Added +1.8k	+1,821 4.5%
40	MCKESSON CORP COM MCK	MCK	46,622	$19.9m0.80%	0.80%	Reduced -1.1k	-1,105 -2.3%
41	SCHLUMBERGER LTD COM STK SLB	SLB	396,368	$19.5m0.79%	0.79%	Added +8.3k	+8,252 2.1%
42	ALPHABET INC CAP STK CL C GOOG	GOOG	160,621	$19.4m0.78%	0.78%	Reduced -4.5k	-4,480 -2.7%
43	AGILENT TECHNOLOGIES INC COM A	A	152,850	$18.4m0.74%	0.74%	Reduced -10.9k	-10,873 -6.6%
44	CARMAX INC COM KMX	KMX	210,036	$17.6m0.71%	0.71%	Added +18.8k	+18,823 9.8%
45	NOVO-NORDISK A S ADR NVO	NVO	106,875	$17.3m0.70%	0.70%	Reduced -1.6k	-1,595 -1.5%
46	PAYPAL HLDGS INC COM PYPL	PYPL	257,305	$17.2m0.69%	0.69%	Added +17.2k	+17,226 7.2%
47	LABORATORY CORP AMER HLDGS COM NEW COM NEW		69,916	$16.9m0.68%	0.68%	Added +4.3k	+4,288 6.5%
48	RTX CORPORATION COM RTX	RTX	166,867	$16.3m0.66%	0.66%	Added +35	+35 0.0%
49	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	961,118	$16.1m0.65%	0.65%	Reduced -1.3k	-1,304 -0.1%
50	COLGATE PALMOLIVE CO COM CL	CL	208,421	$16.1m0.65%	0.65%	Reduced -4.9k	-4,920 -2.3%
51	META PLATFORMS INC CL A META	META	54,049	$15.5m0.63%	0.63%	Reduced -4.7k	-4,658 -7.9%
52	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	322,398	$15.4m0.62%	0.62%	Reduced -10.7k	-10,667 -3.2%
53	STARBUCKS CORP COM SBUX	SBUX	154,547	$15.3m0.62%	0.62%	Reduced -4.7k	-4,713 -3.0%
54	MONDELEZ INTL INC CL A MDLZ	MDLZ	205,659	$15.0m0.61%	0.61%	Reduced -1.3k	-1,284 -0.6%
55	DISNEY WALT CO COM DIS	DIS	167,633	$15.0m0.60%	0.60%	Added +1.3k	+1,273 0.8%
56	PFIZER INC COM PFE	PFE	397,477	$14.6m0.59%	0.59%	Reduced -2.0k	-2,018 -0.5%
57	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	86,264	$14.4m0.58%	0.58%	Reduced -4.0k	-4,000 -4.4%
58	BOOKING HOLDINGS INC COM BKNG	BKNG	5,210	$14.1m0.57%	0.57%	Reduced -16	-16 -0.3%
59	SYSCO CORP COM SYY	SYY	180,534	$13.4m0.54%	0.54%	Reduced -952	-952 -0.5%
60	SPDR GOLD TR GOLD SHS GLD	GLD	74,831	$13.3m0.54%	0.54%	Added +721	+721 1.0%
61	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	166,832	$13.3m0.54%	0.54%	Added +29.7k	+29,664 21.6%
62	JOHNSON CTLS INTL PLC SHS JCI	JCI	175,336	$11.9m0.48%	0.48%	Reduced -316	-316 -0.2%
63	BOEING CO COM BA	BA	56,430	$11.9m0.48%	0.48%	Reduced -644	-644 -1.1%
64	UNION PAC CORP COM UNP	UNP	58,021	$11.9m0.48%	0.48%	Reduced -1.7k	-1,675 -2.8%
65	HONEYWELL INTL INC COM COM		56,716	$11.8m0.48%	0.48%	Reduced -4.0k	-4,020 -6.6%
66	HOME DEPOT INC COM HD	HD	37,636	$11.7m0.47%	0.47%	Reduced -75	-75 -0.2%
67	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	52,759	$11.6m0.47%	0.47%	Reduced -380	-380 -0.7%
68	PHILIP MORRIS INTL INC COM PM	PM	115,570	$11.3m0.46%	0.46%	Reduced -2.6k	-2,600 -2.2%
69	CONOCOPHILLIPS COM COP	COP	107,417	$11.1m0.45%	0.45%	Reduced -3.8k	-3,754 -3.4%
70	CATERPILLAR INC COM CAT	CAT	43,444	$10.7m0.43%	0.43%	Reduced -542	-542 -1.2%
71	CONAGRA BRANDS INC COM CAG	CAG	315,837	$10.7m0.43%	0.43%	Reduced -1.7k	-1,720 -0.5%
72	ENTEGRIS INC COM ENTG	ENTG	94,371	$10.5m0.42%	0.42%	Added +16.4k	+16,407 21.0%
73	PARKER-HANNIFIN CORP COM PH	PH	26,691	$10.4m0.42%	0.42%	Unchanged
74	VMWARE INC CL A COM VMW	VMW	70,197	$10.1m0.41%	0.41%	Reduced -1.1k	-1,050 -1.5%
75	NOVARTIS AG SPONSORED ADR NVS	NVS	97,788	$9.9m0.40%	0.40%	Reduced -304	-304 -0.3%
76	MERCK & CO INC COM MRK	MRK	83,951	$9.7m0.39%	0.39%	Reduced -550	-550 -0.7%
77	WALMART INC COM WMT	WMT	61,309	$9.6m0.39%	0.39%	Reduced -1.9k	-1,855 -2.9%
78	ILLINOIS TOOL WKS INC COM ITW	ITW	37,649	$9.4m0.38%	0.38%	Reduced -615	-615 -1.6%
79	CARRIER GLOBAL CORPORATION COM CARR	CARR	186,123	$9.3m0.37%	0.37%	Reduced -669	-669 -0.4%
80	AMGEN INC COM AMGN	AMGN	40,956	$9.1m0.37%	0.37%	Reduced -193	-193 -0.5%
81	NORTHROP GRUMMAN CORP COM NOC	NOC	19,721	$9.0m0.36%	0.36%	Reduced -1.5k	-1,500 -7.1%
82	BP PLC SPONSORED ADR BP	BP	236,855	$8.4m0.34%	0.34%	Added +1.0k	+1,000 0.4%
83	EBAY INC. COM EBAY	EBAY	184,796	$8.3m0.33%	0.33%	Reduced -2.1k	-2,074 -1.1%
84	PUBLIC STORAGE COM PSA	PSA	26,721	$7.8m0.31%	0.31%	Unchanged
85	TEXAS INSTRS INC COM TXN	TXN	42,929	$7.7m0.31%	0.31%	Reduced -785	-785 -1.8%
86	VERIZON COMMUNICATIONS INC COM VZ	VZ	206,345	$7.7m0.31%	0.31%	Added +39.7k	+39,685 23.8%
87	JACOBS SOLUTIONS INC COM J	J	64,401	$7.7m0.31%	0.31%	Reduced -1.9k	-1,926 -2.9%
88	WALGREENS BOOTS ALLIANCE INC COM WBA	WBA	248,564	$7.1m0.29%	0.29%	Reduced -5.1k	-5,129 -2.0%
89	3M CO COM MMM	MMM	70,608	$7.1m0.29%	0.29%	Reduced -4.6k	-4,646 -6.2%
90	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	15,938	$7.1m0.29%	0.29%	Added +265	+265 1.7%
91	GENERAL MLS INC COM GIS	GIS	91,439	$7.0m0.28%	0.28%	Unchanged
92	ENERGIZER HLDGS INC NEW COM ENR	ENR	203,306	$6.8m0.28%	0.28%	Unchanged
93	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	50,009	$6.7m0.27%	0.27%	Reduced -1.9k	-1,887 -3.6%
94	BANK NEW YORK MELLON CORP COM BNY	BNY	149,223	$6.6m0.27%	0.27%	Reduced -6.4k	-6,399 -4.1%
95	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,265	$6.6m0.27%	0.27%	Reduced -400	-400 -2.4%
96	ISHARES TR CORE S&P SCP ETF IJR	IJR	64,858	$6.5m0.26%	0.26%	Added +1.2k	+1,216 1.9%
97	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	37,060	$6.4m0.26%	0.26%	Unchanged
98	EDGEWELL PERS CARE CO COM EPC	EPC	147,137	$6.1m0.25%	0.25%	Unchanged
99	LOCKHEED MARTIN CORP COM LMT	LMT	13,024	$6.0m0.24%	0.24%	Reduced -1.6k	-1,600 -10.9%
100	GILEAD SCIENCES INC COM GILD	GILD	75,680	$5.8m0.24%	0.24%	Reduced -1.8k	-1,784 -2.3%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
DOMINION ENERGY INC D	D	5,259	$294.0k5.3k shares
SPDR SER TR		3,000	$252.1k3.0k shares
CROWN CASTLE INC CCI	CCI	1,826	$244.4k1.8k shares