CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2025-05-06

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)

$2.7bn reported value -2.7% vs Q4 2024

309positions

30.7%in top 10

11 new 80 added 125 reduced 7 sold out vs Q4 2024

Holdings, Q1 2025

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	688,970	$153.0m5.66%	5.66%	Reduced -6.0k	-5,987 -0.9%
2	MICROSOFT CORP COM MSFT	MSFT	306,532	$115.1m4.26%	4.26%	Added +4.6k	+4,574 1.5%
3	COSTCO WHSL CORP NEW COM COST	COST	105,540	$99.8m3.69%	3.69%	Reduced -2.3k	-2,309 -2.1%
4	UNITED PARCEL SERVICE INC CL B UPS	UPS	903,094	$99.3m3.67%	3.67%	Added +23.6k	+23,555 2.7%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	174,154	$92.8m3.43%	3.43%	Reduced -1.1k	-1,113 -0.6%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	427,793	$66.2m2.45%	2.45%	Added +2.8k	+2,788 0.7%
7	CHEVRON CORP NEW COM CVX	CVX	323,942	$54.2m2.00%	2.00%	Reduced -2.8k	-2,848 -0.9%
8	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	171,141	$53.4m1.97%	1.97%	Reduced -860	-860 -0.5%
9	LOWES COS INC COM LOW	LOW	206,093	$48.1m1.78%	1.78%	Reduced -4.0k	-3,994 -1.9%
10	JPMORGAN CHASE & CO COM JPM	JPM	192,450	$47.2m1.75%	1.75%	Reduced -5.2k	-5,213 -2.6%
11	ARISTA NETWORKS INC COM SHS ANET	ANET	581,546	$45.1m1.67%	1.67%	Reduced -32.2k	-32,235 -5.2%
12	JOHNSON & JOHNSON COM JNJ	JNJ	228,134	$37.8m1.40%	1.40%	Reduced -11.5k	-11,507 -4.8%
13	ORACLE CORP COM ORCL	ORCL	269,994	$37.7m1.40%	1.40%	Added +461	+461 0.2%
14	EXXON MOBIL CORP COM XOM	XOM	311,511	$37.0m1.37%	1.37%	Reduced -3.9k	-3,859 -1.2%
15	TRACTOR SUPPLY CO COM TSCO	TSCO	670,074	$36.9m1.37%	1.37%	Reduced -4.2k	-4,175 -0.6%
16	FASTENAL CO COM FAST	FAST	452,540	$35.1m1.30%	1.30%	Added +13.7k	+13,681 3.1%
17	WELLS FARGO CO NEW COM WFC	WFC	487,312	$35.0m1.29%	1.29%	Reduced -37.6k	-37,601 -7.2%
18	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	359,262	$34.4m1.27%	1.27%	Reduced -1.2k	-1,185 -0.3%
19	AMAZON COM INC COM AMZN	AMZN	178,830	$34.0m1.26%	1.26%	Reduced -660	-660 -0.4%
20	CORTEVA INC COM CTVA	CTVA	514,494	$32.4m1.20%	1.20%	Added +1.4k	+1,372 0.3%
21	ABBVIE INC COM ABBV	ABBV	153,920	$32.2m1.19%	1.19%	Reduced -2.6k	-2,581 -1.6%
22	AMERICAN EXPRESS CO COM AXP	AXP	115,524	$31.1m1.15%	1.15%	Added +532	+532 0.5%
23	STRYKER CORPORATION COM SYK	SYK	82,008	$30.5m1.13%	1.13%	Reduced -1.3k	-1,343 -1.6%
24	UNITEDHEALTH GROUP INC COM UNH	UNH	57,518	$30.1m1.11%	1.11%	Added +7.5k	+7,499 15.0%
25	RTX CORPORATION COM RTX	RTX	218,688	$29.0m1.07%	1.07%	Reduced -507	-507 -0.2%
26	EMERSON ELEC CO COM EMR	EMR	260,088	$28.5m1.05%	1.05%	Reduced -2.4k	-2,428 -0.9%
27	ABBOTT LABS COM ABT	ABT	212,084	$28.1m1.04%	1.04%	Reduced -1.6k	-1,615 -0.8%
28	MCKESSON CORP COM MCK	MCK	41,241	$27.8m1.03%	1.03%	Reduced -491	-491 -1.2%
29	INTUIT COM INTU	INTU	43,867	$26.9m1.00%	1.00%	Added +20	+20 0.1%
30	QUALCOMM INC COM QCOM	QCOM	173,778	$26.7m0.99%	0.99%	Reduced -4.6k	-4,622 -2.6%
31	PROCTER AND GAMBLE CO COM PG	PG	151,576	$25.8m0.96%	0.96%	Reduced -317	-317 -0.2%
32	MCDONALDS CORP COM MCD	MCD	81,022	$25.3m0.94%	0.94%	Reduced -70	-70 -0.1%
33	ALPHABET INC CAP STK CL C GOOG	GOOG	159,726	$25.0m0.92%	0.92%	Added +64	+64 0.0%
34	JOHNSON CTLS INTL PLC SHS JCI	JCI	310,948	$24.9m0.92%	0.92%	Reduced -851	-851 -0.3%
35	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	400,795	$24.4m0.90%	0.90%	Reduced -26.2k	-26,243 -6.2%
36	LABCORP HOLDINGS INC COM SHS LH	LH	101,708	$23.7m0.88%	0.88%	Added +3.7k	+3,712 3.8%
37	SPDR GOLD TR GOLD SHS GLD	GLD	81,904	$23.6m0.87%	0.87%	Reduced -5.5k	-5,464 -6.2%
38	CISCO SYS INC COM CSCO	CSCO	381,787	$23.6m0.87%	0.87%	Reduced -16.4k	-16,442 -4.1%
39	SCHLUMBERGER LTD COM STK SLB	SLB	531,616	$22.2m0.82%	0.82%	Added +76.0k	+75,952 16.7%
40	PEPSICO INC COM PEP	PEP	140,440	$21.1m0.78%	0.78%	Added +26.1k	+26,059 22.8%
41	HP INC COM HPQ	HPQ	751,411	$20.8m0.77%	0.77%	Reduced -3.7k	-3,737 -0.5%
42	BOOKING HOLDINGS INC COM BKNG	BKNG	4,476	$20.6m0.76%	0.76%	Added +18	+18 0.4%
43	MONDELEZ INTL INC CL A MDLZ	MDLZ	297,046	$20.2m0.75%	0.75%	Added +37.5k	+37,462 14.4%
44	DUPONT DE NEMOURS INC COM DWDP	DWDP	255,069	$19.0m0.70%	0.70%	Reduced -8.0k	-8,022 -3.0%
45	SYSCO CORP COM SYY	SYY	250,439	$18.8m0.69%	0.69%	Added +35.0k	+35,012 16.2%
46	EDWARDS LIFESCIENCES CORP COM EW	EW	253,433	$18.4m0.68%	0.68%	Reduced -160	-160 -0.1%
47	META PLATFORMS INC CL A META	META	31,149	$18.0m0.66%	0.66%	Added +177	+177 0.6%
48	STARBUCKS CORP COM SBUX	SBUX	180,203	$17.7m0.65%	0.65%	Reduced -1.9k	-1,883 -1.0%
49	CARMAX INC COM KMX	KMX	220,037	$17.1m0.63%	0.63%	Added +435	+435 0.2%
50	AGILENT TECHNOLOGIES INC COM A	A	144,430	$16.9m0.62%	0.62%	Reduced -50	-50 -0.0%
51	PHILIP MORRIS INTL INC COM PM	PM	104,060	$16.5m0.61%	0.61%	Reduced -821	-821 -0.8%
52	PARKER-HANNIFIN CORP COM PH	PH	26,662	$16.2m0.60%	0.60%	Reduced -34	-34 -0.1%
53	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	199,713	$15.5m0.57%	0.57%	Reduced -937	-937 -0.5%
54	INTEL CORP COM INTC	INTC	678,395	$15.4m0.57%	0.57%	Reduced -141.1k	-141,137 -17.2%
55	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	308,919	$15.2m0.56%	0.56%	Reduced -7.7k	-7,735 -2.4%
56	PFIZER INC COM PFE	PFE	596,744	$15.1m0.56%	0.56%	Reduced -4.9k	-4,880 -0.8%
57	DISNEY WALT CO COM DIS	DIS	148,231	$14.6m0.54%	0.54%	Reduced -2.5k	-2,484 -1.6%
58	HOME DEPOT INC COM HD	HD	39,705	$14.6m0.54%	0.54%	Added +488	+488 1.2%
59	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	46,698	$14.3m0.53%	0.53%	Reduced -256	-256 -0.6%
60	COLGATE PALMOLIVE CO COM CL	CL	151,665	$14.2m0.53%	0.53%	Reduced -2.5k	-2,546 -1.6%
61	WALMART INC COM WMT	WMT	160,014	$14.0m0.52%	0.52%	Reduced -871	-871 -0.5%
62	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	17	$13.6m0.50%	0.50%	Added +8	+8 88.9%
63	UNION PAC CORP COM UNP	UNP	56,836	$13.4m0.50%	0.50%	Added +1.8k	+1,817 3.3%
64	NOVO-NORDISK A S ADR NVO	NVO	189,672	$13.2m0.49%	0.49%	Reduced -828	-828 -0.4%
65	NIKE INC CL B NKE	NKE	198,976	$12.6m0.47%	0.47%	Added +4.0k	+3,971 2.0%
66	PAYPAL HLDGS INC COM PYPL	PYPL	192,294	$12.5m0.46%	0.46%	Reduced -23.2k	-23,165 -10.8%
67	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	82,807	$12.4m0.46%	0.46%	Added +100	+100 0.1%
68	EBAY INC. COM EBAY	EBAY	183,021	$12.4m0.46%	0.46%	Reduced -10.0k	-10,030 -5.2%
69	CATERPILLAR INC COM CAT	CAT	37,254	$12.3m0.45%	0.45%	Reduced -75	-75 -0.2%
70	AMGEN INC COM AMGN	AMGN	38,572	$12.0m0.44%	0.44%	Reduced -253	-253 -0.7%
71	HONEYWELL INTL INC COM COM		55,182	$11.7m0.43%	0.43%	Reduced -100	-100 -0.2%
72	ENTEGRIS INC COM ENTG	ENTG	114,958	$10.1m0.37%	0.37%	Added +7.1k	+7,120 6.6%
73	NORTHROP GRUMMAN CORP COM NOC	NOC	19,336	$9.9m0.37%	0.37%	Added +5	+5 0.0%
74	VERIZON COMMUNICATIONS INC COM VZ	VZ	212,101	$9.6m0.36%	0.36%	Reduced -18.8k	-18,764 -8.1%
75	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	16,871	$9.4m0.35%	0.35%	Reduced -2.7k	-2,658 -13.6%
76	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	58,589	$9.4m0.35%	0.35%	Added +25.0k	+25,021 74.5%
77	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	604,258	$9.3m0.34%	0.34%	Reduced -117.3k	-117,300 -16.3%
78	CONOCOPHILLIPS COM COP	COP	88,412	$9.3m0.34%	0.34%	Reduced -9.4k	-9,382 -9.6%
79	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	37,275	$9.3m0.34%	0.34%	Reduced -3.2k	-3,157 -7.8%
80	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	17,820	$9.2m0.34%	0.34%	Added +1.1k	+1,079 6.5%
81	ALBEMARLE CORP COM ALB	ALB	127,093	$9.2m0.34%	0.34%	Added +1.5k	+1,453 1.2%
82	ISHARES TR CORE S&P SCP ETF IJR	IJR	85,893	$9.0m0.33%	0.33%	Added +2.6k	+2,620 3.1%
83	BANK NEW YORK MELLON CORP COM BNY	BNY	104,736	$8.8m0.32%	0.32%	Reduced -3.5k	-3,548 -3.3%
84	NOVARTIS AG SPONSORED ADR NVS	NVS	78,529	$8.8m0.32%	0.32%	Reduced -3.0k	-3,025 -3.7%
85	BOEING CO COM BA	BA	47,952	$8.2m0.30%	0.30%	Added +1.4k	+1,443 3.1%
86	ILLINOIS TOOL WKS INC COM ITW	ITW	32,669	$8.1m0.30%	0.30%	Reduced -1.2k	-1,158 -3.4%
87	PUBLIC STORAGE COM PSA	PSA	26,306	$7.9m0.29%	0.29%	Unchanged
88	AT&T INC COM T	T	272,473	$7.7m0.28%	0.28%	Reduced -2.8k	-2,846 -1.0%
89	GOLDMAN SACHS GROUP INC COM GS	GS	13,909	$7.6m0.28%	0.28%	Reduced -87	-87 -0.6%
90	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	36,163	$7.5m0.28%	0.28%	Added +36	+36 0.1%
91	MERCK & CO INC COM MRK	MRK	81,666	$7.3m0.27%	0.27%	Reduced -650	-650 -0.8%
92	EXPEDITORS INTL WASH INC COM EXPD	EXPD	60,355	$7.3m0.27%	0.27%	Added +22.2k	+22,226 58.3%
93	NVIDIA CORPORATION COM NVDA	NVDA	65,769	$7.1m0.26%	0.26%	Added +1.7k	+1,668 2.6%
94	3M CO COM MMM	MMM	48,359	$7.1m0.26%	0.26%	Reduced -8.6k	-8,587 -15.1%
95	BP PLC SPONSORED ADR BP	BP	201,714	$6.8m0.25%	0.25%	Reduced -3.6k	-3,592 -1.8%
96	JACOBS SOLUTIONS INC COM J	J	56,132	$6.8m0.25%	0.25%	Reduced -398	-398 -0.7%
97	TEXAS INSTRS INC COM TXN	TXN	35,301	$6.3m0.23%	0.23%	Reduced -299	-299 -0.8%
98	CONAGRA BRANDS INC COM CAG	CAG	232,968	$6.2m0.23%	0.23%	Added +17.9k	+17,875 8.3%
99	COCA COLA CO COM KO	KO	85,586	$6.1m0.23%	0.23%	Added +421	+421 0.5%
100	ENERGIZER HLDGS INC NEW COM ENR	ENR	203,006	$6.1m0.22%	0.22%	Unchanged

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
VIATRIS INC VTRS	VTRS	32,067	$399.2k32.1k shares
NABORS INDUSTRIES LTD NBR	NBR	6,000	$343.0k6.0k shares
VANGUARD BD INDEX FDS BSV	BSV	3,835	$296.3k3.8k shares
VANGUARD SCOTTSDALE FDS VCIT	VCIT	3,042	$244.2k3.0k shares
TOLL BROTHERS INC TOL	TOL	1,839	$231.6k1.8k shares
VANGUARD ADMIRAL FDS INC VOOG	VOOG	569	$208.3k569 shares
DANAHER CORPORATION DHR	DHR	894	$205.3k894 shares