CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2024-04-17

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)

$2.7bn reported value +4.7% vs Q4 2023

307positions

30.8%in top 10

12 new 43 added 158 reduced 4 sold out vs Q4 2023

Holdings, Q1 2024

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	MICROSOFT CORP COM MSFT	MSFT	312,178	$131.3m4.88%	4.88%	Reduced -14.3k	-14,336 -4.4%
2	UNITED PARCEL SERVICE INC CL B UPS	UPS	865,033	$128.6m4.78%	4.78%	Reduced -7.5k	-7,456 -0.8%
3	APPLE INC COM AAPL	AAPL	728,561	$125.0m4.64%	4.64%	Reduced -32.5k	-32,484 -4.3%
4	COSTCO WHSL CORP NEW COM COST	COST	116,506	$85.4m3.17%	3.17%	Reduced -6.8k	-6,843 -5.5%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	187,173	$78.7m2.92%	2.92%	Reduced -8.0k	-8,036 -4.1%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	430,395	$65.0m2.41%	2.41%	Reduced -13.6k	-13,603 -3.1%
7	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	170,378	$59.1m2.19%	2.19%	Reduced -5.7k	-5,674 -3.2%
8	LOWES COS INC COM LOW	LOW	212,467	$54.1m2.01%	2.01%	Reduced -3.0k	-2,975 -1.4%
9	CHEVRON CORP NEW COM CVX	CVX	329,304	$51.9m1.93%	1.93%	Reduced -4.8k	-4,847 -1.4%
10	ARISTA NETWORKS INC COM COM		175,365	$50.9m1.89%	1.89%	Reduced -14.6k	-14,614 -7.7%
11	JPMORGAN CHASE & CO COM JPM	JPM	210,579	$42.2m1.57%	1.57%	Reduced -7.4k	-7,359 -3.4%
12	JOHNSON & JOHNSON COM JNJ	JNJ	250,612	$39.6m1.47%	1.47%	Reduced -4.9k	-4,940 -1.9%
13	EXXON MOBIL CORP COM XOM	XOM	320,886	$37.3m1.39%	1.39%	Reduced -9.4k	-9,380 -2.8%
14	TRACTOR SUPPLY CO COM TSCO	TSCO	137,610	$36.0m1.34%	1.34%	Reduced -4.1k	-4,067 -2.9%
15	WELLS FARGO CO NEW COM WFC	WFC	609,053	$35.3m1.31%	1.31%	Reduced -16.0k	-16,041 -2.6%
16	ORACLE CORP COM ORCL	ORCL	275,123	$34.5m1.28%	1.28%	Reduced -16.2k	-16,165 -5.5%
17	EMERSON ELEC CO COM EMR	EMR	303,465	$34.4m1.28%	1.28%	Reduced -9.9k	-9,872 -3.1%
18	FASTENAL CO COM FAST	FAST	443,886	$34.2m1.27%	1.27%	Reduced -22.6k	-22,619 -4.8%
19	QUALCOMM INC COM QCOM	QCOM	194,577	$32.9m1.22%	1.22%	Reduced -9.0k	-9,034 -4.4%
20	AMAZON COM INC COM AMZN	AMZN	176,560	$31.8m1.18%	1.18%	Reduced -759	-759 -0.4%
21	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	384,132	$31.2m1.16%	1.16%	Reduced -16.2k	-16,205 -4.0%
22	STRYKER CORPORATION COM SYK	SYK	85,989	$30.8m1.14%	1.14%	Reduced -4.2k	-4,214 -4.7%
23	INTEL CORP COM INTC	INTC	684,108	$30.2m1.12%	1.12%	Reduced -34.1k	-34,060 -4.7%
24	ABBVIE INC COM ABBV	ABBV	163,461	$29.8m1.11%	1.11%	Reduced -8.6k	-8,581 -5.0%
25	INTUIT COM INTU	INTU	45,275	$29.4m1.09%	1.09%	Reduced -725	-725 -1.6%
26	AMERICAN EXPRESS CO COM AXP	AXP	117,577	$26.8m0.99%	0.99%	Reduced -3.6k	-3,556 -2.9%
27	CORTEVA INC COM CTVA	CTVA	459,773	$26.5m0.99%	0.99%	Added +6.5k	+6,502 1.4%
28	PROCTER AND GAMBLE CO COM PG	PG	157,936	$25.6m0.95%	0.95%	Reduced -8.2k	-8,182 -4.9%
29	NOVO-NORDISK A S ADR NVO	NVO	199,370	$25.6m0.95%	0.95%	Reduced -10.9k	-10,906 -5.2%
30	ABBOTT LABS COM ABT	ABT	223,195	$25.4m0.94%	0.94%	Reduced -8.5k	-8,456 -3.6%
31	MCDONALDS CORP COM MCD	MCD	89,844	$25.3m0.94%	0.94%	Reduced -1.3k	-1,290 -1.4%
32	ALPHABET INC CAP STK CL C GOOG	GOOG	160,569	$24.4m0.91%	0.91%	Reduced -441	-441 -0.3%
33	HP INC COM HPQ	HPQ	789,101	$23.8m0.89%	0.89%	Reduced -5.1k	-5,120 -0.6%
34	UNITEDHEALTH GROUP INC COM UNH	UNH	47,940	$23.7m0.88%	0.88%	Added +3.5k	+3,542 8.0%
35	MCKESSON CORP COM MCK	MCK	43,621	$23.4m0.87%	0.87%	Reduced -1.5k	-1,468 -3.3%
36	EDWARDS LIFESCIENCES CORP COM EW	EW	240,002	$22.9m0.85%	0.85%	Reduced -13.3k	-13,260 -5.2%
37	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	421,128	$22.8m0.85%	0.85%	Reduced -2.7k	-2,696 -0.6%
38	DUPONT DE NEMOURS INC COM DWDP	DWDP	292,064	$22.4m0.83%	0.83%	Reduced -18.5k	-18,514 -6.0%
39	AGILENT TECHNOLOGIES INC COM A	A	151,918	$22.1m0.82%	0.82%	Reduced -500	-500 -0.3%
40	RTX CORPORATION COM RTX	RTX	224,456	$21.9m0.81%	0.81%	Added +1.4k	+1,440 0.7%
41	DISNEY WALT CO COM DIS	DIS	165,556	$20.3m0.75%	0.75%	Reduced -4.8k	-4,819 -2.8%
42	SCHLUMBERGER LTD COM STK SLB	SLB	366,933	$20.1m0.75%	0.75%	Reduced -4.8k	-4,750 -1.3%
43	JOHNSON CTLS INTL PLC SHS JCI	JCI	307,360	$20.1m0.75%	0.75%	Added +14.0k	+14,044 4.8%
44	CISCO SYS INC COM CSCO	CSCO	401,327	$20.0m0.74%	0.74%	Reduced -8.9k	-8,911 -2.2%
45	NIKE INC CL B NKE	NKE	207,677	$19.5m0.73%	0.73%	Reduced -4.4k	-4,443 -2.1%
46	PEPSICO INC COM PEP	PEP	110,164	$19.3m0.72%	0.72%	Reduced -3.8k	-3,781 -3.3%
47	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	215,958	$18.6m0.69%	0.69%	Added +248	+248 0.1%
48	CARMAX INC COM KMX	KMX	207,898	$18.1m0.67%	0.67%	Added +7	+7 0.0%
49	LABORATORY CORP AMER HLDGS COM NEW COM NEW		82,435	$18.0m0.67%	0.67%	Added +1.1k	+1,087 1.3%
50	SPDR GOLD TR GOLD SHS GLD	GLD	87,214	$17.9m0.67%	0.67%	Added +10.5k	+10,547 13.8%
51	META PLATFORMS INC CL A META	META	35,877	$17.4m0.65%	0.65%	Reduced -2.8k	-2,783 -7.2%
52	BOOKING HOLDINGS INC COM BKNG	BKNG	4,795	$17.4m0.65%	0.65%	Reduced -208	-208 -4.2%
53	COLGATE PALMOLIVE CO COM CL	CL	191,751	$17.3m0.64%	0.64%	Reduced -8.5k	-8,539 -4.3%
54	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	958,473	$17.0m0.63%	0.63%	Reduced -4.0k	-4,020 -0.4%
55	PAYPAL HLDGS INC COM PYPL	PYPL	233,749	$15.7m0.58%	0.58%	Reduced -8.1k	-8,124 -3.4%
56	ALBEMARLE CORP COM ALB	ALB	114,254	$15.1m0.56%	0.56%	Added +13.0k	+12,996 12.8%
57	PARKER-HANNIFIN CORP COM PH	PH	26,691	$14.8m0.55%	0.55%	Unchanged
58	STARBUCKS CORP COM SBUX	SBUX	161,579	$14.8m0.55%	0.55%	Added +7.8k	+7,778 5.1%
59	CATERPILLAR INC COM CAT	CAT	40,166	$14.7m0.55%	0.55%	Reduced -2.1k	-2,107 -5.0%
60	PFIZER INC COM PFE	PFE	516,855	$14.3m0.53%	0.53%	Added +99.8k	+99,785 23.9%
61	MONDELEZ INTL INC CL A MDLZ	MDLZ	202,356	$14.2m0.53%	0.53%	Reduced -3.0k	-3,026 -1.5%
62	HOME DEPOT INC COM HD	HD	36,442	$14.0m0.52%	0.52%	Reduced -1.2k	-1,164 -3.1%
63	UNION PAC CORP COM UNP	UNP	56,447	$13.9m0.52%	0.52%	Reduced -2.9k	-2,883 -4.9%
64	SYSCO CORP COM SYY	SYY	170,355	$13.8m0.51%	0.51%	Reduced -7.4k	-7,361 -4.1%
65	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	86,057	$13.5m0.50%	0.50%	Reduced -200	-200 -0.2%
66	ENTEGRIS INC COM ENTG	ENTG	94,105	$13.2m0.49%	0.49%	Reduced -2.7k	-2,719 -2.8%
67	CONOCOPHILLIPS COM COP	COP	99,720	$12.7m0.47%	0.47%	Reduced -4.6k	-4,610 -4.4%
68	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	256,309	$12.4m0.46%	0.46%	Added +13.3k	+13,290 5.5%
69	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	49,136	$12.3m0.46%	0.46%	Reduced -3.1k	-3,100 -5.9%
70	HONEYWELL INTL INC COM COM		56,543	$11.6m0.43%	0.43%	Reduced -115	-115 -0.2%
71	AMGEN INC COM AMGN	AMGN	39,722	$11.3m0.42%	0.42%	Reduced -386	-386 -1.0%
72	MERCK & CO INC COM MRK	MRK	79,499	$10.5m0.39%	0.39%	Reduced -3.7k	-3,712 -4.5%
73	EBAY INC. COM EBAY	EBAY	197,181	$10.4m0.39%	0.39%	Added +10.8k	+10,843 5.8%
74	WALMART INC COM WMT	WMT	170,428	$10.3m0.38%	0.38%	Reduced -9.8k	-9,803 -5.4%
75	PHILIP MORRIS INTL INC COM PM	PM	110,550	$10.1m0.38%	0.38%	Reduced -3.5k	-3,505 -3.1%
76	VERIZON COMMUNICATIONS INC COM VZ	VZ	233,442	$9.8m0.36%	0.36%	Reduced -10.5k	-10,524 -4.3%
77	NORTHROP GRUMMAN CORP COM NOC	NOC	19,821	$9.5m0.35%	0.35%	Added +100	+100 0.5%
78	ILLINOIS TOOL WKS INC COM ITW	ITW	35,184	$9.4m0.35%	0.35%	Reduced -1.7k	-1,725 -4.7%
79	BOEING CO COM BA	BA	48,575	$9.4m0.35%	0.35%	Reduced -4.4k	-4,435 -8.4%
80	JACOBS SOLUTIONS INC COM J	J	59,427	$9.1m0.34%	0.34%	Reduced -3.6k	-3,645 -5.8%
81	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	16,806	$8.8m0.33%	0.33%	Added +1.4k	+1,350 8.7%
82	BP PLC SPONSORED ADR BP	BP	230,509	$8.7m0.32%	0.32%	Reduced -6.0k	-6,020 -2.5%
83	NOVARTIS AG SPONSORED ADR NVS	NVS	88,402	$8.6m0.32%	0.32%	Reduced -3.9k	-3,860 -4.2%
84	CONAGRA BRANDS INC COM CAG	CAG	285,592	$8.5m0.31%	0.31%	Reduced -14.0k	-14,040 -4.7%
85	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	43,766	$8.4m0.31%	0.31%	Reduced -2.3k	-2,333 -5.1%
86	TARGET CORP COM TGT	TGT	46,123	$8.2m0.30%	0.30%	Reduced -2.1k	-2,072 -4.3%
87	3M CO COM MMM	MMM	76,049	$8.1m0.30%	0.30%	Added +7.5k	+7,483 10.9%
88	ISHARES TR CORE S&P SCP ETF IJR	IJR	72,699	$8.0m0.30%	0.30%	Added +3.0k	+3,020 4.3%
89	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,684	$8.0m0.30%	0.30%	Added +277	+277 1.7%
90	PUBLIC STORAGE COM PSA	PSA	26,666	$7.7m0.29%	0.29%	Unchanged
91	BANK NEW YORK MELLON CORP COM BNY	BNY	133,239	$7.7m0.29%	0.29%	Reduced -8.7k	-8,680 -6.1%
92	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	36,635	$7.6m0.28%	0.28%	Unchanged
93	TEXAS INSTRS INC COM TXN	TXN	37,526	$6.5m0.24%	0.24%	Reduced -5.6k	-5,611 -13.0%
94	GENERAL MLS INC COM GIS	GIS	91,439	$6.4m0.24%	0.24%	Unchanged
95	GE AEROSPACE COM NEW GE	GE	35,592	$6.2m0.23%	0.23%	Reduced -1.9k	-1,948 -5.2%
96	AKAMAI TECHNOLOGIES INC COM AKAM	AKAM	57,431	$6.2m0.23%	0.23%	Reduced -2.0k	-2,000 -3.4%
97	LOCKHEED MARTIN CORP COM LMT	LMT	13,252	$6.0m0.22%	0.22%	Added +198	+198 1.5%
98	OCCIDENTAL PETE CORP COM OXY	OXY	92,520	$6.0m0.22%	0.22%	Reduced -1.7k	-1,687 -1.8%
99	ENERGIZER HLDGS INC NEW COM ENR	ENR	203,006	$6.0m0.22%	0.22%	Unchanged
100	GOLDMAN SACHS GROUP INC COM GS	GS	14,164	$5.9m0.22%	0.22%	Reduced -1.2k	-1,235 -8.0%

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
SIMPSON MFG INC SSD	SSD	21,716	$4.3m21.7k shares
APPLIED MATLS INC AMAT	AMAT	1,705	$276.3k1.7k shares
AMERICA MOVIL SAB DE CV AMX	AMX	13,608	$252.0k13.6k shares
GLOBE LIFE INC GL	GL	1,697	$206.6k1.7k shares