CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2023-11-13

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)

$2.4bn reported value -3.8% vs Q2 2023

298positions

32.1%in top 10

6 new 64 added 129 reduced 7 sold out vs Q2 2023

Holdings, Q3 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	UNITED PARCEL SERVICE INC CL B UPS	UPS	873,229	$136.1m5.71%	5.71%	Added +183.4k	+183,401 26.6%
2	APPLE INC COM AAPL	AAPL	771,535	$132.1m5.54%	5.54%	Reduced -19.0k	-19,046 -2.4%
3	MICROSOFT CORP COM MSFT	MSFT	328,150	$103.6m4.35%	4.35%	Reduced -3.8k	-3,752 -1.1%
4	COSTCO WHSL CORP NEW COM COST	COST	125,281	$70.8m2.97%	2.97%	Reduced -1.2k	-1,159 -0.9%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	196,888	$69.0m2.89%	2.89%	Reduced -1.9k	-1,936 -1.0%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	441,335	$57.8m2.42%	2.42%	Reduced -5.4k	-5,378 -1.2%
7	CHEVRON CORP NEW COM CVX	CVX	333,848	$56.3m2.36%	2.36%	Added +438	+438 0.1%
8	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	177,915	$54.6m2.29%	2.29%	Reduced -2.1k	-2,051 -1.1%
9	LOWES COS INC COM LOW	LOW	214,901	$44.7m1.87%	1.87%	Reduced -2.9k	-2,922 -1.3%
10	JOHNSON & JOHNSON COM JNJ	JNJ	255,689	$39.8m1.67%	1.67%	Reduced -2.1k	-2,089 -0.8%
11	EXXON MOBIL CORP COM XOM	XOM	332,849	$39.1m1.64%	1.64%	Reduced -9.9k	-9,899 -2.9%
12	ARISTA NETWORKS INC COM COM		193,198	$35.5m1.49%	1.49%	Reduced -13.4k	-13,355 -6.5%
13	JPMORGAN CHASE & CO COM JPM	JPM	219,277	$31.8m1.33%	1.33%	Added +1.1k	+1,077 0.5%
14	ORACLE CORP COM ORCL	ORCL	298,308	$31.6m1.33%	1.33%	Reduced -4.1k	-4,118 -1.4%
15	EMERSON ELEC CO COM EMR	EMR	314,929	$30.4m1.28%	1.28%	Reduced -3.1k	-3,146 -1.0%
16	TRACTOR SUPPLY CO COM TSCO	TSCO	142,097	$28.9m1.21%	1.21%	Reduced -1.9k	-1,852 -1.3%
17	INTEL CORP COM INTC	INTC	785,294	$27.9m1.17%	1.17%	Reduced -41.4k	-41,365 -5.0%
18	WELLS FARGO CO NEW COM WFC	WFC	645,026	$26.4m1.11%	1.11%	Reduced -8.5k	-8,475 -1.3%
19	ABBVIE INC COM ABBV	ABBV	173,596	$25.9m1.09%	1.09%	Reduced -3.6k	-3,593 -2.0%
20	FASTENAL CO COM FAST	FAST	470,055	$25.7m1.08%	1.08%	Reduced -2.7k	-2,707 -0.6%
21	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	438,747	$25.5m1.07%	1.07%	Reduced -2.3k	-2,251 -0.5%
22	STRYKER CORPORATION COM SYK	SYK	91,263	$24.9m1.05%	1.05%	Reduced -1.5k	-1,506 -1.6%
23	PROCTER AND GAMBLE CO COM PG	PG	166,769	$24.3m1.02%	1.02%	Reduced -3.3k	-3,303 -1.9%
24	MCDONALDS CORP COM MCD	MCD	91,219	$24.0m1.01%	1.01%	Reduced -2	-2 0.0%
25	INTUIT COM INTU	INTU	46,589	$23.8m1.00%	1.00%	Reduced -2.7k	-2,651 -5.4%
26	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	402,121	$23.7m1.00%	1.00%	Reduced -1.3k	-1,305 -0.3%
27	DUPONT DE NEMOURS INC COM DWDP	DWDP	312,080	$23.3m0.98%	0.98%	Added +1.1k	+1,149 0.4%
28	QUALCOMM INC COM QCOM	QCOM	204,627	$22.7m0.95%	0.95%	Reduced -4.4k	-4,371 -2.1%
29	SCHLUMBERGER LTD COM STK SLB	SLB	389,355	$22.7m0.95%	0.95%	Reduced -7.0k	-7,013 -1.8%
30	ABBOTT LABS COM ABT	ABT	232,450	$22.5m0.94%	0.94%	Reduced -2.5k	-2,543 -1.1%
31	AMAZON COM INC COM AMZN	AMZN	176,736	$22.5m0.94%	0.94%	Reduced -1.1k	-1,124 -0.6%
32	CISCO SYS INC COM CSCO	CSCO	415,507	$22.3m0.94%	0.94%	Added +7.0k	+7,047 1.7%
33	UNITEDHEALTH GROUP INC COM UNH	UNH	43,777	$22.1m0.93%	0.93%	Added +1.0k	+1,011 2.4%
34	CORTEVA INC COM CTVA	CTVA	426,432	$21.8m0.92%	0.92%	Added +64.2k	+64,239 17.7%
35	ALPHABET INC CAP STK CL C GOOG	GOOG	161,028	$21.2m0.89%	0.89%	Added +407	+407 0.2%
36	HP INC COM HPQ	HPQ	794,968	$20.4m0.86%	0.86%	Reduced -364	-364 -0.1%
37	NIKE INC CL B NKE	NKE	211,785	$20.3m0.85%	0.85%	Reduced -5.6k	-5,615 -2.6%
38	MCKESSON CORP COM MCK	MCK	45,644	$19.8m0.83%	0.83%	Reduced -978	-978 -2.1%
39	PEPSICO INC COM PEP	PEP	114,652	$19.4m0.82%	0.82%	Added +572	+572 0.5%
40	NOVO-NORDISK A S ADR NVO	NVO	212,067	$19.3m0.81%	0.81%	Reduced -1.7k	-1,683 -0.8%
41	AMERICAN EXPRESS CO COM AXP	AXP	118,948	$17.7m0.74%	0.74%	Added +272	+272 0.2%
42	EDWARDS LIFESCIENCES CORP COM EW	EW	254,319	$17.6m0.74%	0.74%	Reduced -1.2k	-1,221 -0.5%
43	ALBEMARLE CORP COM ALB	ALB	100,965	$17.2m0.72%	0.72%	Reduced -305	-305 -0.3%
44	AGILENT TECHNOLOGIES INC COM A	A	152,550	$17.1m0.72%	0.72%	Reduced -300	-300 -0.2%
45	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	980,647	$17.0m0.71%	0.71%	Added +19.5k	+19,529 2.0%
46	BOOKING HOLDINGS INC COM BKNG	BKNG	5,178	$16.0m0.67%	0.67%	Reduced -32	-32 -0.6%
47	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	232,871	$15.9m0.67%	0.67%	Added +66.0k	+66,039 39.6%
48	LABORATORY CORP AMER HLDGS COM NEW COM NEW		76,039	$15.3m0.64%	0.64%	Added +6.1k	+6,123 8.8%
49	CARMAX INC COM KMX	KMX	211,157	$14.9m0.63%	0.63%	Added +1.1k	+1,121 0.5%
50	PAYPAL HLDGS INC COM PYPL	PYPL	250,564	$14.6m0.61%	0.61%	Reduced -6.7k	-6,741 -2.6%
51	COLGATE PALMOLIVE CO COM CL	CL	205,353	$14.6m0.61%	0.61%	Reduced -3.1k	-3,068 -1.5%
52	STARBUCKS CORP COM SBUX	SBUX	156,915	$14.3m0.60%	0.60%	Added +2.4k	+2,368 1.5%
53	DISNEY WALT CO COM DIS	DIS	176,677	$14.3m0.60%	0.60%	Added +9.0k	+9,044 5.4%
54	MONDELEZ INTL INC CL A MDLZ	MDLZ	203,954	$14.2m0.59%	0.59%	Reduced -1.7k	-1,705 -0.8%
55	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	296,139	$14.0m0.59%	0.59%	Reduced -26.3k	-26,259 -8.1%
56	RTX CORPORATION COM RTX	RTX	183,773	$13.2m0.55%	0.55%	Added +16.9k	+16,906 10.1%
57	PFIZER INC COM PFE	PFE	398,459	$13.2m0.55%	0.55%	Added +982	+982 0.2%
58	SPDR GOLD TR GOLD SHS GLD	GLD	75,666	$13.0m0.54%	0.54%	Added +835	+835 1.1%
59	CONOCOPHILLIPS COM COP	COP	105,767	$12.7m0.53%	0.53%	Reduced -1.6k	-1,650 -1.5%
60	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	52,445	$12.6m0.53%	0.53%	Reduced -314	-314 -0.6%
61	UNION PAC CORP COM UNP	UNP	59,308	$12.1m0.51%	0.51%	Added +1.3k	+1,287 2.2%
62	META PLATFORMS INC CL A META	META	39,699	$11.9m0.50%	0.50%	Reduced -14.3k	-14,350 -26.6%
63	SYSCO CORP COM SYY	SYY	178,238	$11.8m0.49%	0.49%	Reduced -2.3k	-2,296 -1.3%
64	CATERPILLAR INC COM CAT	CAT	42,994	$11.7m0.49%	0.49%	Reduced -450	-450 -1.0%
65	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	86,222	$11.4m0.48%	0.48%	Reduced -42	-42 -0.1%
66	HOME DEPOT INC COM HD	HD	37,633	$11.4m0.48%	0.48%	Reduced -3	-3 -0.0%
67	AMGEN INC COM AMGN	AMGN	40,415	$10.9m0.46%	0.46%	Reduced -541	-541 -1.3%
68	PHILIP MORRIS INTL INC COM PM	PM	114,637	$10.6m0.45%	0.45%	Reduced -933	-933 -0.8%
69	BOEING CO COM BA	BA	55,351	$10.6m0.45%	0.45%	Reduced -1.1k	-1,079 -1.9%
70	HONEYWELL INTL INC COM COM		56,738	$10.5m0.44%	0.44%	Added +22	+22 0.0%
71	PARKER-HANNIFIN CORP COM PH	PH	26,694	$10.4m0.44%	0.44%	Added +3	+3 0.0%
72	CARRIER GLOBAL CORPORATION COM CARR	CARR	182,673	$10.1m0.42%	0.42%	Reduced -3.5k	-3,450 -1.9%
73	NOVARTIS AG SPONSORED ADR NVS	NVS	97,064	$9.9m0.41%	0.41%	Reduced -724	-724 -0.7%
74	WALMART INC COM WMT	WMT	60,783	$9.7m0.41%	0.41%	Reduced -526	-526 -0.9%
75	JOHNSON CTLS INTL PLC SHS JCI	JCI	174,425	$9.3m0.39%	0.39%	Reduced -911	-911 -0.5%
76	BP PLC SPONSORED ADR BP	BP	236,055	$9.1m0.38%	0.38%	Reduced -800	-800 -0.3%
77	ENTEGRIS INC COM ENTG	ENTG	96,425	$9.1m0.38%	0.38%	Added +2.1k	+2,054 2.2%
78	CONAGRA BRANDS INC COM CAG	CAG	321,978	$8.8m0.37%	0.37%	Added +6.1k	+6,141 1.9%
79	JACOBS SOLUTIONS INC COM J	J	63,719	$8.7m0.36%	0.36%	Reduced -682	-682 -1.1%
80	NORTHROP GRUMMAN CORP COM NOC	NOC	19,722	$8.7m0.36%	0.36%	Added +1	+1 0.0%
81	MERCK & CO INC COM MRK	MRK	83,075	$8.6m0.36%	0.36%	Reduced -876	-876 -1.0%
82	ILLINOIS TOOL WKS INC COM ITW	ITW	36,922	$8.5m0.36%	0.36%	Reduced -727	-727 -1.9%
83	VERIZON COMMUNICATIONS INC COM VZ	VZ	253,428	$8.2m0.34%	0.34%	Added +47.1k	+47,083 22.8%
84	EBAY INC. COM EBAY	EBAY	178,790	$7.9m0.33%	0.33%	Reduced -6.0k	-6,006 -3.2%
85	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	16,758	$7.2m0.30%	0.30%	Added +820	+820 5.1%
86	PUBLIC STORAGE COM PSA	PSA	26,722	$7.0m0.30%	0.30%	Added +1	+1 0.0%
87	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	48,023	$6.7m0.28%	0.28%	Reduced -2.0k	-1,986 -4.0%
88	TEXAS INSTRS INC COM TXN	TXN	42,169	$6.7m0.28%	0.28%	Reduced -760	-760 -1.8%
89	ENERGIZER HLDGS INC NEW COM ENR	ENR	203,306	$6.5m0.27%	0.27%	Unchanged
90	3M CO COM MMM	MMM	69,577	$6.5m0.27%	0.27%	Reduced -1.0k	-1,031 -1.5%
91	BANK NEW YORK MELLON CORP COM BNY	BNY	149,466	$6.4m0.27%	0.27%	Added +243	+243 0.2%
92	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,202	$6.4m0.27%	0.27%	Reduced -63	-63 -0.4%
93	AKAMAI TECHNOLOGIES INC COM AKAM	AKAM	59,711	$6.4m0.27%	0.27%	Reduced -34	-34 -0.1%
94	ISHARES TR CORE S&P SCP ETF IJR	IJR	64,880	$6.1m0.26%	0.26%	Added +22	+22 0.0%
95	OCCIDENTAL PETE CORP COM OXY	OXY	92,617	$6.0m0.25%	0.25%	Reduced -216	-216 -0.2%
96	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	36,635	$6.0m0.25%	0.25%	Reduced -425	-425 -1.1%
97	GENERAL MLS INC COM GIS	GIS	91,452	$5.9m0.25%	0.25%	Added +13	+13 0.0%
98	GILEAD SCIENCES INC COM GILD	GILD	74,640	$5.6m0.23%	0.23%	Reduced -1.0k	-1,040 -1.4%
99	EDGEWELL PERS CARE CO COM EPC	EPC	147,137	$5.4m0.23%	0.23%	Unchanged
100	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	71,760	$5.4m0.23%	0.23%	Reduced -100	-100 -0.1%

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
MAGELLAN MIDSTREAM PRTNRS LP		26,744	$1.7m26.7k shares
LIFE STORAGE INC		2,600	$345.7k2.6k shares
FRANKLIN ELEC INC FELE	FELE	2,076	$213.6k2.1k shares
DIAGEO PLC DEO	DEO	1,224	$212.3k1.2k shares
ISHARES TR EFA	EFA	2,900	$210.2k2.9k shares
ISHARES SILVER TR SLV	SLV	9,688	$202.4k9.7k shares
MOTOROLA SOLUTIONS INC MSI	MSI	685	$200.9k685 shares