CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2025-02-05

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)

$2.8bn reported value -1.4% vs Q3 2024

305positions

32.3%in top 10

5 new 38 added 167 reduced 12 sold out vs Q3 2024

Holdings, Q4 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	APPLE INC COM AAPL	AAPL	694,957	$174.0m6.26%	6.26%	Reduced -8.7k	-8,715 -1.2%
2	MICROSOFT CORP COM MSFT	MSFT	301,958	$127.3m4.58%	4.58%	Reduced -5.2k	-5,225 -1.7%
3	UNITED PARCEL SERVICE INC CL B UPS	UPS	879,539	$110.9m3.99%	3.99%	Added +11.2k	+11,204 1.3%
4	COSTCO WHSL CORP NEW COM COST	COST	107,849	$98.8m3.55%	3.55%	Reduced -2.0k	-2,028 -1.9%
5	ALPHABET INC CAP STK CL A GOOGL	GOOGL	425,005	$80.5m2.89%	2.89%	Reduced -7.2k	-7,207 -1.7%
6	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	175,267	$79.4m2.86%	2.86%	Reduced -3.6k	-3,587 -2.0%
7	ARISTA NETWORKS INC COM SHS ANET	ANET	613,781	$67.8m2.44%	2.44%	New
8	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	172,001	$60.5m2.18%	2.18%	Added +109	+109 0.1%
9	LOWES COS INC COM LOW	LOW	210,087	$51.8m1.87%	1.87%	Reduced -861	-861 -0.4%
10	JPMORGAN CHASE & CO COM JPM	JPM	197,663	$47.4m1.70%	1.70%	Reduced -5.8k	-5,781 -2.8%
11	CHEVRON CORP NEW COM CVX	CVX	326,790	$47.3m1.70%	1.70%	Reduced -2.6k	-2,556 -0.8%
12	ORACLE CORP COM ORCL	ORCL	269,533	$44.9m1.62%	1.62%	Reduced -1.4k	-1,386 -0.5%
13	AMAZON COM INC COM AMZN	AMZN	179,490	$39.4m1.42%	1.42%	Added +51	+51 0.0%
14	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	360,447	$38.9m1.40%	1.40%	Reduced -19.2k	-19,240 -5.1%
15	WELLS FARGO CO NEW COM WFC	WFC	524,913	$36.9m1.33%	1.33%	Reduced -29.1k	-29,086 -5.2%
16	TRACTOR SUPPLY CO COM TSCO	TSCO	674,249	$35.8m1.29%	1.29%	Reduced -10.6k	-10,601 -1.6%
17	JOHNSON & JOHNSON COM JNJ	JNJ	239,641	$34.7m1.25%	1.25%	Reduced -3.3k	-3,346 -1.4%
18	AMERICAN EXPRESS CO COM AXP	AXP	114,992	$34.1m1.23%	1.23%	Reduced -27	-27 -0.0%
19	EXXON MOBIL CORP COM XOM	XOM	315,370	$33.9m1.22%	1.22%	Reduced -3.0k	-3,007 -0.9%
20	EMERSON ELEC CO COM EMR	EMR	262,516	$32.5m1.17%	1.17%	Reduced -5.8k	-5,770 -2.1%
21	FASTENAL CO COM FAST	FAST	438,859	$31.6m1.14%	1.14%	Reduced -3.9k	-3,935 -0.9%
22	ALPHABET INC CAP STK CL C GOOG	GOOG	159,662	$30.4m1.09%	1.09%	Reduced -820	-820 -0.5%
23	STRYKER CORPORATION COM SYK	SYK	83,351	$30.0m1.08%	1.08%	Reduced -608	-608 -0.7%
24	CORTEVA INC COM CTVA	CTVA	513,122	$29.2m1.05%	1.05%	Added +515	+515 0.1%
25	ABBVIE INC COM ABBV	ABBV	156,501	$27.8m1.00%	1.00%	Reduced -371	-371 -0.2%
26	INTUIT COM INTU	INTU	43,847	$27.6m0.99%	0.99%	Reduced -602	-602 -1.4%
27	QUALCOMM INC COM QCOM	QCOM	178,400	$27.4m0.99%	0.99%	Reduced -2.3k	-2,304 -1.3%
28	PROCTER AND GAMBLE CO COM PG	PG	151,893	$25.5m0.92%	0.92%	Reduced -3.5k	-3,501 -2.2%
29	RTX CORPORATION COM RTX	RTX	219,195	$25.4m0.91%	0.91%	Reduced -705	-705 -0.3%
30	UNITEDHEALTH GROUP INC COM UNH	UNH	50,019	$25.3m0.91%	0.91%	Reduced -2.0k	-2,043 -3.9%
31	HP INC COM HPQ	HPQ	755,148	$24.6m0.89%	0.89%	Reduced -12.3k	-12,350 -1.6%
32	JOHNSON CTLS INTL PLC SHS JCI	JCI	311,799	$24.6m0.89%	0.89%	Added +61	+61 0.0%
33	ABBOTT LABS COM ABT	ABT	213,699	$24.2m0.87%	0.87%	Reduced -4.1k	-4,069 -1.9%
34	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	427,038	$24.2m0.87%	0.87%	Reduced -30.1k	-30,078 -6.6%
35	MCKESSON CORP COM MCK	MCK	41,732	$23.8m0.86%	0.86%	Reduced -1.1k	-1,066 -2.5%
36	CISCO SYS INC COM CSCO	CSCO	398,229	$23.6m0.85%	0.85%	Reduced -5.6k	-5,569 -1.4%
37	MCDONALDS CORP COM MCD	MCD	81,092	$23.5m0.85%	0.85%	Reduced -4.9k	-4,886 -5.7%
38	LABCORP HOLDINGS INC COM SHS LH	LH	97,996	$22.5m0.81%	0.81%	Added +1.6k	+1,614 1.7%
39	BOOKING HOLDINGS INC COM BKNG	BKNG	4,458	$22.2m0.80%	0.80%	Reduced -222	-222 -4.7%
40	SPDR GOLD TR GOLD SHS GLD	GLD	87,368	$21.2m0.76%	0.76%	Reduced -1.1k	-1,099 -1.2%
41	DUPONT DE NEMOURS INC COM DWDP	DWDP	263,091	$20.1m0.72%	0.72%	Reduced -7.5k	-7,550 -2.8%
42	AGILENT TECHNOLOGIES INC COM A	A	144,480	$19.4m0.70%	0.70%	Reduced -1.2k	-1,173 -0.8%
43	EDWARDS LIFESCIENCES CORP COM EW	EW	253,593	$18.8m0.68%	0.68%	Reduced -832	-832 -0.3%
44	PAYPAL HLDGS INC COM PYPL	PYPL	215,459	$18.4m0.66%	0.66%	Reduced -8.2k	-8,181 -3.7%
45	META PLATFORMS INC CL A META	META	30,972	$18.1m0.65%	0.65%	Added +12	+12 0.0%
46	CARMAX INC COM KMX	KMX	219,602	$18.0m0.65%	0.65%	Added +6.0k	+6,038 2.8%
47	SCHLUMBERGER LTD COM STK SLB	SLB	455,664	$17.5m0.63%	0.63%	Added +16.3k	+16,274 3.7%
48	PEPSICO INC COM PEP	PEP	114,381	$17.4m0.63%	0.63%	Added +5.3k	+5,278 4.8%
49	PARKER-HANNIFIN CORP COM PH	PH	26,696	$17.0m0.61%	0.61%	Unchanged
50	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	200,650	$17.0m0.61%	0.61%	Reduced -10.0k	-10,022 -4.8%
51	DISNEY WALT CO COM DIS	DIS	150,715	$16.8m0.60%	0.60%	Reduced -6.2k	-6,168 -3.9%
52	STARBUCKS CORP COM SBUX	SBUX	182,086	$16.6m0.60%	0.60%	Reduced -4.0k	-3,998 -2.1%
53	SYSCO CORP COM SYY	SYY	215,427	$16.5m0.59%	0.59%	Added +23.0k	+23,047 12.0%
54	INTEL CORP COM INTC	INTC	819,532	$16.4m0.59%	0.59%	Added +15.2k	+15,214 1.9%
55	NOVO-NORDISK A S ADR NVO	NVO	190,500	$16.4m0.59%	0.59%	Reduced -3.3k	-3,263 -1.7%
56	PFIZER INC COM PFE	PFE	601,624	$16.0m0.57%	0.57%	Added +47.3k	+47,279 8.5%
57	MONDELEZ INTL INC CL A MDLZ	MDLZ	259,584	$15.5m0.56%	0.56%	Added +16.1k	+16,068 6.6%
58	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	316,654	$15.4m0.55%	0.55%	Reduced -7.1k	-7,128 -2.2%
59	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	721,558	$15.4m0.55%	0.55%	Reduced -35.1k	-35,100 -4.6%
60	HOME DEPOT INC COM HD	HD	39,217	$15.3m0.55%	0.55%	Added +455	+455 1.2%
61	NIKE INC CL B NKE	NKE	195,005	$14.8m0.53%	0.53%	Reduced -1.3k	-1,286 -0.7%
62	WALMART INC COM WMT	WMT	160,885	$14.5m0.52%	0.52%	Reduced -7.4k	-7,392 -4.4%
63	COLGATE PALMOLIVE CO COM CL	CL	154,211	$14.0m0.50%	0.50%	Reduced -4.0k	-3,968 -2.5%
64	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	46,954	$13.7m0.49%	0.49%	Reduced -817	-817 -1.7%
65	CATERPILLAR INC COM CAT	CAT	37,329	$13.5m0.49%	0.49%	Reduced -2.5k	-2,485 -6.2%
66	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	82,707	$13.3m0.48%	0.48%	Unchanged
67	PHILIP MORRIS INTL INC COM PM	PM	104,881	$12.6m0.45%	0.45%	Reduced -3.2k	-3,176 -2.9%
68	UNION PAC CORP COM UNP	UNP	55,019	$12.5m0.45%	0.45%	Reduced -317	-317 -0.6%
69	HONEYWELL INTL INC COM COM		55,282	$12.5m0.45%	0.45%	Reduced -65	-65 -0.1%
70	EBAY INC. COM EBAY	EBAY	193,051	$12.0m0.43%	0.43%	Reduced -2.7k	-2,694 -1.4%
71	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	19,529	$11.4m0.41%	0.41%	Added +2.9k	+2,872 17.2%
72	ALBEMARLE CORP COM ALB	ALB	125,640	$10.8m0.39%	0.39%	Added +1.2k	+1,222 1.0%
73	ENTEGRIS INC COM ENTG	ENTG	107,838	$10.7m0.38%	0.38%	Added +21.0k	+21,027 24.2%
74	AMGEN INC COM AMGN	AMGN	38,825	$10.1m0.36%	0.36%	Reduced -325	-325 -0.8%
75	CONOCOPHILLIPS COM COP	COP	97,794	$9.7m0.35%	0.35%	Reduced -1.0k	-1,035 -1.1%
76	ISHARES TR CORE S&P SCP ETF IJR	IJR	83,273	$9.6m0.35%	0.35%	Added +2.3k	+2,298 2.8%
77	VERIZON COMMUNICATIONS INC COM VZ	VZ	230,865	$9.2m0.33%	0.33%	Reduced -3.6k	-3,615 -1.5%
78	NORTHROP GRUMMAN CORP COM NOC	NOC	19,331	$9.1m0.33%	0.33%	Reduced -10	-10 -0.1%
79	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,741	$9.0m0.32%	0.32%	Reduced -80	-80 -0.5%
80	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	40,432	$8.9m0.32%	0.32%	Reduced -2.1k	-2,069 -4.9%
81	NVIDIA CORPORATION COM NVDA	NVDA	64,101	$8.6m0.31%	0.31%	Reduced -747	-747 -1.1%
82	ILLINOIS TOOL WKS INC COM ITW	ITW	33,827	$8.6m0.31%	0.31%	Reduced -164	-164 -0.5%
83	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	36,127	$8.4m0.30%	0.30%	Unchanged
84	BANK NEW YORK MELLON CORP COM BNY	BNY	108,284	$8.3m0.30%	0.30%	Reduced -4.1k	-4,099 -3.6%
85	BOEING CO COM BA	BA	46,509	$8.2m0.30%	0.30%	Reduced -1.4k	-1,396 -2.9%
86	MERCK & CO INC COM MRK	MRK	82,316	$8.2m0.29%	0.29%	Reduced -1.7k	-1,671 -2.0%
87	GOLDMAN SACHS GROUP INC COM GS	GS	13,996	$8.0m0.29%	0.29%	Added +10	+10 0.1%
88	NOVARTIS AG SPONSORED ADR NVS	NVS	81,554	$7.9m0.29%	0.29%	Reduced -487	-487 -0.6%
89	PUBLIC STORAGE COM PSA	PSA	26,306	$7.9m0.28%	0.28%	Reduced -360	-360 -1.4%
90	JACOBS SOLUTIONS INC COM J	J	56,530	$7.6m0.27%	0.27%	Reduced -1.5k	-1,545 -2.7%
91	3M CO COM MMM	MMM	56,946	$7.4m0.26%	0.26%	Reduced -10.3k	-10,298 -15.3%
92	ENERGIZER HLDGS INC NEW COM ENR	ENR	203,006	$7.1m0.25%	0.25%	Unchanged
93	BROADCOM INC COM AVGO	AVGO	29,080	$6.7m0.24%	0.24%	Unchanged
94	TEXAS INSTRS INC COM TXN	TXN	35,600	$6.7m0.24%	0.24%	Reduced -277	-277 -0.8%
95	CUMMINS INC COM CMI	CMI	18,817	$6.6m0.24%	0.24%	Unchanged
96	AT&T INC COM T	T	275,319	$6.3m0.23%	0.23%	Reduced -4.6k	-4,621 -1.6%
97	CARRIER GLOBAL CORPORATION COM CARR	CARR	91,145	$6.2m0.22%	0.22%	Reduced -262	-262 -0.3%
98	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	9	$6.1m0.22%	0.22%	Unchanged
99	BP PLC SPONSORED ADR BP	BP	205,306	$6.1m0.22%	0.22%	Reduced -19.3k	-19,284 -8.6%
100	LOCKHEED MARTIN CORP COM LMT	LMT	12,487	$6.1m0.22%	0.22%	Reduced -21	-21 -0.2%

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
ARISTA NETWORKS INC		630,532	$60.5m630.5k shares
LAM RESEARCH CORP		17,250	$1.4m17.2k shares
STERICYCLE INC SRCL	SRCL	10,836	$661.0k10.8k shares
CVS HEALTH CORP CVS	CVS	4,078	$256.4k4.1k shares
BAXTER INTL INC BAX	BAX	6,652	$252.6k6.7k shares
THE CIGNA GROUP CI	CI	679	$235.2k679 shares
EXELON CORP EXC	EXC	5,723	$232.1k5.7k shares
ISHARES TR IEFA	IEFA	2,889	$225.5k2.9k shares
RIO TINTO PLC RIO	RIO	3,150	$224.2k3.1k shares
CARDINAL HEALTH INC CAH	CAH	2,004	$221.5k2.0k shares
FRANKLIN ELEC INC FELE	FELE	2,019	$211.6k2.0k shares
VALERO ENERGY CORP VLO	VLO	1,538	$207.7k1.5k shares