CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2024-02-06

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)

$2.6bn reported value +7.9% vs Q3 2023

299positions

32.0%in top 10

10 new 45 added 167 reduced 9 sold out vs Q3 2023

Holdings, Q4 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	761,045	$146.5m5.70%	5.70%	Reduced -10.5k	-10,490 -1.4%
2	UNITED PARCEL SERVICE INC CL B UPS	UPS	872,489	$137.2m5.34%	5.34%	Reduced -740	-740 -0.1%
3	MICROSOFT CORP COM MSFT	MSFT	326,514	$122.8m4.78%	4.78%	Reduced -1.6k	-1,636 -0.5%
4	COSTCO WHSL CORP NEW COM COST	COST	123,349	$81.4m3.17%	3.17%	Reduced -1.9k	-1,932 -1.5%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	195,209	$69.6m2.71%	2.71%	Reduced -1.7k	-1,679 -0.8%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	443,998	$62.0m2.41%	2.41%	Added +2.7k	+2,663 0.6%
7	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	176,052	$61.8m2.40%	2.40%	Reduced -1.9k	-1,863 -1.1%
8	CHEVRON CORP NEW COM CVX	CVX	334,151	$49.8m1.94%	1.94%	Added +303	+303 0.1%
9	LOWES COS INC COM LOW	LOW	215,442	$47.9m1.86%	1.86%	Added +541	+541 0.2%
10	ARISTA NETWORKS INC COM COM		189,979	$44.7m1.74%	1.74%	Reduced -3.2k	-3,219 -1.7%
11	JOHNSON & JOHNSON COM JNJ	JNJ	255,552	$40.1m1.56%	1.56%	Reduced -137	-137 -0.1%
12	JPMORGAN CHASE & CO COM JPM	JPM	217,938	$37.1m1.44%	1.44%	Reduced -1.3k	-1,339 -0.6%
13	INTEL CORP COM INTC	INTC	718,168	$36.1m1.40%	1.40%	Reduced -67.1k	-67,126 -8.6%
14	EXXON MOBIL CORP COM XOM	XOM	330,266	$33.0m1.28%	1.28%	Reduced -2.6k	-2,583 -0.8%
15	WELLS FARGO CO NEW COM WFC	WFC	625,094	$30.8m1.20%	1.20%	Reduced -19.9k	-19,932 -3.1%
16	ORACLE CORP COM ORCL	ORCL	291,288	$30.7m1.19%	1.19%	Reduced -7.0k	-7,020 -2.4%
17	EMERSON ELEC CO COM EMR	EMR	313,337	$30.5m1.19%	1.19%	Reduced -1.6k	-1,592 -0.5%
18	TRACTOR SUPPLY CO COM TSCO	TSCO	141,677	$30.5m1.18%	1.18%	Reduced -420	-420 -0.3%
19	FASTENAL CO COM FAST	FAST	466,505	$30.2m1.18%	1.18%	Reduced -3.5k	-3,550 -0.8%
20	QUALCOMM INC COM QCOM	QCOM	203,611	$29.4m1.15%	1.15%	Reduced -1.0k	-1,016 -0.5%
21	INTUIT COM INTU	INTU	46,000	$28.8m1.12%	1.12%	Reduced -589	-589 -1.3%
22	MCDONALDS CORP COM MCD	MCD	91,134	$27.0m1.05%	1.05%	Reduced -85	-85 -0.1%
23	STRYKER CORPORATION COM SYK	SYK	90,203	$27.0m1.05%	1.05%	Reduced -1.1k	-1,060 -1.2%
24	AMAZON COM INC COM AMZN	AMZN	177,319	$26.9m1.05%	1.05%	Added +583	+583 0.3%
25	ABBVIE INC COM ABBV	ABBV	172,042	$26.7m1.04%	1.04%	Reduced -1.6k	-1,554 -0.9%
26	ABBOTT LABS COM ABT	ABT	231,651	$25.5m0.99%	0.99%	Reduced -799	-799 -0.3%
27	PROCTER AND GAMBLE CO COM PG	PG	166,118	$24.3m0.95%	0.95%	Reduced -651	-651 -0.4%
28	HP INC COM HPQ	HPQ	794,221	$23.9m0.93%	0.93%	Reduced -747	-747 -0.1%
29	DUPONT DE NEMOURS INC COM DWDP	DWDP	310,578	$23.9m0.93%	0.93%	Reduced -1.5k	-1,502 -0.5%
30	UNITEDHEALTH GROUP INC COM UNH	UNH	44,398	$23.4m0.91%	0.91%	Added +621	+621 1.4%
31	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	400,337	$23.3m0.91%	0.91%	Reduced -1.8k	-1,784 -0.4%
32	NIKE INC CL B NKE	NKE	212,120	$23.0m0.90%	0.90%	Added +335	+335 0.2%
33	AMERICAN EXPRESS CO COM AXP	AXP	121,133	$22.7m0.88%	0.88%	Added +2.2k	+2,185 1.8%
34	ALPHABET INC CAP STK CL C GOOG	GOOG	161,010	$22.7m0.88%	0.88%	Reduced -18	-18 -0.0%
35	NOVO-NORDISK A S ADR NVO	NVO	210,276	$21.8m0.85%	0.85%	Reduced -1.8k	-1,791 -0.8%
36	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	423,824	$21.7m0.85%	0.85%	Reduced -14.9k	-14,923 -3.4%
37	CORTEVA INC COM CTVA	CTVA	453,271	$21.7m0.84%	0.84%	Added +26.8k	+26,839 6.3%
38	AGILENT TECHNOLOGIES INC COM A	A	152,418	$21.2m0.82%	0.82%	Reduced -132	-132 -0.1%
39	MCKESSON CORP COM MCK	MCK	45,089	$20.9m0.81%	0.81%	Reduced -555	-555 -1.2%
40	CISCO SYS INC COM CSCO	CSCO	410,238	$20.7m0.81%	0.81%	Reduced -5.3k	-5,269 -1.3%
41	PEPSICO INC COM PEP	PEP	113,945	$19.4m0.75%	0.75%	Reduced -707	-707 -0.6%
42	SCHLUMBERGER LTD COM STK SLB	SLB	371,683	$19.3m0.75%	0.75%	Reduced -17.7k	-17,672 -4.5%
43	EDWARDS LIFESCIENCES CORP COM EW	EW	253,262	$19.3m0.75%	0.75%	Reduced -1.1k	-1,057 -0.4%
44	RTX CORPORATION COM RTX	RTX	223,016	$18.8m0.73%	0.73%	Added +39.2k	+39,243 21.4%
45	LABORATORY CORP AMER HLDGS COM NEW COM NEW		81,348	$18.5m0.72%	0.72%	Added +5.3k	+5,309 7.0%
46	BOOKING HOLDINGS INC COM BKNG	BKNG	5,003	$17.7m0.69%	0.69%	Reduced -175	-175 -3.4%
47	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	215,710	$17.5m0.68%	0.68%	Reduced -17.2k	-17,161 -7.4%
48	JOHNSON CTLS INTL PLC SHS JCI	JCI	293,316	$16.9m0.66%	0.66%	Added +118.9k	+118,891 68.2%
49	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	962,493	$16.3m0.64%	0.64%	Reduced -18.2k	-18,154 -1.9%
50	COLGATE PALMOLIVE CO COM CL	CL	200,290	$16.0m0.62%	0.62%	Reduced -5.1k	-5,063 -2.5%
51	CARMAX INC COM KMX	KMX	207,891	$16.0m0.62%	0.62%	Reduced -3.3k	-3,266 -1.6%
52	DISNEY WALT CO COM DIS	DIS	170,375	$15.4m0.60%	0.60%	Reduced -6.3k	-6,302 -3.6%
53	MONDELEZ INTL INC CL A MDLZ	MDLZ	205,382	$14.9m0.58%	0.58%	Added +1.4k	+1,428 0.7%
54	PAYPAL HLDGS INC COM PYPL	PYPL	241,873	$14.9m0.58%	0.58%	Reduced -8.7k	-8,691 -3.5%
55	STARBUCKS CORP COM SBUX	SBUX	153,801	$14.8m0.57%	0.57%	Reduced -3.1k	-3,114 -2.0%
56	SPDR GOLD TR GOLD SHS GLD	GLD	76,667	$14.7m0.57%	0.57%	Added +1.0k	+1,001 1.3%
57	ALBEMARLE CORP COM ALB	ALB	101,258	$14.6m0.57%	0.57%	Added +293	+293 0.3%
58	UNION PAC CORP COM UNP	UNP	59,330	$14.6m0.57%	0.57%	Added +22	+22 0.0%
59	BOEING CO COM BA	BA	53,010	$13.8m0.54%	0.54%	Reduced -2.3k	-2,341 -4.2%
60	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	86,257	$13.7m0.53%	0.53%	Added +35	+35 0.0%
61	META PLATFORMS INC CL A META	META	38,660	$13.7m0.53%	0.53%	Reduced -1.0k	-1,039 -2.6%
62	HOME DEPOT INC COM HD	HD	37,606	$13.0m0.51%	0.51%	Reduced -27	-27 -0.1%
63	SYSCO CORP COM SYY	SYY	177,716	$13.0m0.51%	0.51%	Reduced -522	-522 -0.3%
64	CATERPILLAR INC COM CAT	CAT	42,273	$12.5m0.49%	0.49%	Reduced -721	-721 -1.7%
65	PARKER-HANNIFIN CORP COM PH	PH	26,691	$12.3m0.48%	0.48%	Reduced -3	-3 -0.0%
66	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	52,236	$12.2m0.47%	0.47%	Reduced -209	-209 -0.4%
67	CONOCOPHILLIPS COM COP	COP	104,330	$12.1m0.47%	0.47%	Reduced -1.4k	-1,437 -1.4%
68	PFIZER INC COM PFE	PFE	417,070	$12.0m0.47%	0.47%	Added +18.6k	+18,611 4.7%
69	HONEYWELL INTL INC COM COM		56,658	$11.9m0.46%	0.46%	Reduced -80	-80 -0.1%
70	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	243,019	$11.7m0.46%	0.46%	Reduced -53.1k	-53,120 -17.9%
71	ENTEGRIS INC COM ENTG	ENTG	96,824	$11.6m0.45%	0.45%	Added +399	+399 0.4%
72	AMGEN INC COM AMGN	AMGN	40,108	$11.6m0.45%	0.45%	Reduced -307	-307 -0.8%
73	PHILIP MORRIS INTL INC COM PM	PM	114,055	$10.7m0.42%	0.42%	Reduced -582	-582 -0.5%
74	ILLINOIS TOOL WKS INC COM ITW	ITW	36,909	$9.7m0.38%	0.38%	Reduced -13	-13 -0.0%
75	WALMART INC COM WMT	WMT	60,077	$9.5m0.37%	0.37%	Reduced -706	-706 -1.2%
76	NOVARTIS AG SPONSORED ADR NVS	NVS	92,262	$9.3m0.36%	0.36%	Reduced -4.8k	-4,802 -5.0%
77	NORTHROP GRUMMAN CORP COM NOC	NOC	19,721	$9.2m0.36%	0.36%	Reduced -1	-1 -0.0%
78	VERIZON COMMUNICATIONS INC COM VZ	VZ	243,966	$9.2m0.36%	0.36%	Reduced -9.5k	-9,462 -3.7%
79	MERCK & CO INC COM MRK	MRK	83,211	$9.1m0.35%	0.35%	Added +136	+136 0.2%
80	CONAGRA BRANDS INC COM CAG	CAG	299,632	$8.6m0.33%	0.33%	Reduced -22.3k	-22,346 -6.9%
81	BP PLC SPONSORED ADR BP	BP	236,529	$8.4m0.33%	0.33%	Added +474	+474 0.2%
82	JACOBS SOLUTIONS INC COM J	J	63,072	$8.2m0.32%	0.32%	Reduced -647	-647 -1.0%
83	PUBLIC STORAGE COM PSA	PSA	26,666	$8.1m0.32%	0.32%	Reduced -56	-56 -0.2%
84	EBAY INC. COM EBAY	EBAY	186,338	$8.1m0.32%	0.32%	Added +7.5k	+7,548 4.2%
85	ISHARES TR CORE S&P SCP ETF IJR	IJR	69,679	$7.5m0.29%	0.29%	Added +4.8k	+4,799 7.4%
86	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	46,099	$7.5m0.29%	0.29%	Reduced -1.9k	-1,924 -4.0%
87	3M CO COM MMM	MMM	68,566	$7.5m0.29%	0.29%	Reduced -1.0k	-1,011 -1.4%
88	BANK NEW YORK MELLON CORP COM BNY	BNY	141,919	$7.4m0.29%	0.29%	Reduced -7.5k	-7,547 -5.0%
89	TEXAS INSTRS INC COM TXN	TXN	43,137	$7.4m0.29%	0.29%	Added +968	+968 2.3%
90	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	15,456	$7.3m0.29%	0.29%	Reduced -1.3k	-1,302 -7.8%
91	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,407	$7.2m0.28%	0.28%	Added +205	+205 1.3%
92	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	36,635	$7.1m0.27%	0.27%	Unchanged
93	AKAMAI TECHNOLOGIES INC COM AKAM	AKAM	59,431	$7.0m0.27%	0.27%	Reduced -280	-280 -0.5%
94	TARGET CORP COM TGT	TGT	48,195	$6.9m0.27%	0.27%	Reduced -510	-510 -1.1%
95	ENERGIZER HLDGS INC NEW COM ENR	ENR	203,006	$6.4m0.25%	0.25%	Reduced -300	-300 -0.1%
96	GENERAL MLS INC COM GIS	GIS	91,439	$6.0m0.23%	0.23%	Reduced -13	-13 -0.0%
97	GOLDMAN SACHS GROUP INC COM GS	GS	15,399	$5.9m0.23%	0.23%	Reduced -9	-9 -0.1%
98	LOCKHEED MARTIN CORP COM LMT	LMT	13,054	$5.9m0.23%	0.23%	Reduced -18	-18 -0.1%
99	CARRIER GLOBAL CORPORATION COM CARR	CARR	101,024	$5.8m0.23%	0.23%	Reduced -81.6k	-81,649 -44.7%
100	GILEAD SCIENCES INC COM GILD	GILD	71,042	$5.8m0.22%	0.22%	Reduced -3.6k	-3,598 -4.8%

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
VMWARE INC VMW	VMW	9,600	$1.6m9.6k shares
DTE ENERGY CO DTE	DTE	2,504	$248.6k2.5k shares
STANLEY BLACK & DECKER INC SWK	SWK	2,850	$238.2k2.9k shares
SPDR SER TR SHM	SHM	5,152	$238.2k5.2k shares
VALERO ENERGY CORP VLO	VLO	1,538	$217.9k1.5k shares
SELECT SECTOR SPDR TR XLE	XLE	2,347	$212.1k2.3k shares
FOX CORP FOXA	FOXA	6,666	$208.0k6.7k shares
AMEREN CORP AEE	AEE	2,756	$206.2k2.8k shares
NUVEEN PFD & INCOME SECS FD		19,166	$118.3k19.2k shares