CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2025-07-30

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 +4.8% vs Q1 2025

313positions

30.9%in top 10

12 new 93 added 142 reduced 8 sold out vs Q1 2025

Holdings, Q2 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	MICROSOFT CORP COM MSFT	MSFT	306,674	$152.5m5.38%	5.38%	Added +142	+142 0.1%
2	APPLE INC COM AAPL	AAPL	682,225	$140.0m4.94%	4.94%	Reduced -6.7k	-6,745 -1.0%
3	COSTCO WHSL CORP NEW COM COST	COST	103,779	$102.7m3.63%	3.63%	Reduced -1.8k	-1,761 -1.7%
4	UNITED PARCEL SERVICE INC CL B UPS	UPS	954,426	$96.3m3.40%	3.40%	Added +51.3k	+51,332 5.7%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	170,976	$83.1m2.93%	2.93%	Reduced -3.2k	-3,178 -1.8%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	431,377	$76.0m2.68%	2.68%	Added +3.6k	+3,584 0.8%
7	ARISTA NETWORKS INC COM SHS ANET	ANET	576,285	$59.0m2.08%	2.08%	Reduced -5.3k	-5,261 -0.9%
8	ORACLE CORP COM ORCL	ORCL	267,125	$58.4m2.06%	2.06%	Reduced -2.9k	-2,869 -1.1%
9	JPMORGAN CHASE & CO COM JPM	JPM	187,733	$54.4m1.92%	1.92%	Reduced -4.7k	-4,717 -2.5%
10	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	174,648	$52.2m1.84%	1.84%	Added +3.5k	+3,507 2.0%
11	CHEVRON CORP NEW COM CVX	CVX	319,937	$45.8m1.62%	1.62%	Reduced -4.0k	-4,005 -1.2%
12	LOWES COS INC COM LOW	LOW	203,687	$45.2m1.60%	1.60%	Reduced -2.4k	-2,406 -1.2%
13	AMAZON COM INC COM AMZN	AMZN	181,815	$39.9m1.41%	1.41%	Added +3.0k	+2,985 1.7%
14	CORTEVA INC COM CTVA	CTVA	515,426	$38.4m1.36%	1.36%	Added +932	+932 0.2%
15	AMERICAN EXPRESS CO COM AXP	AXP	119,992	$38.3m1.35%	1.35%	Added +4.5k	+4,468 3.9%
16	WELLS FARGO CO NEW COM WFC	WFC	471,073	$37.7m1.33%	1.33%	Reduced -16.2k	-16,239 -3.3%
17	FASTENAL CO COM FAST	FAST	871,067	$36.6m1.29%	1.29%	Reduced -34.0k	-34,013 -3.8%
18	TRACTOR SUPPLY CO COM TSCO	TSCO	669,390	$35.3m1.25%	1.25%	Reduced -684	-684 -0.1%
19	EMERSON ELEC CO COM EMR	EMR	260,797	$34.8m1.23%	1.23%	Added +709	+709 0.3%
20	INTUIT COM INTU	INTU	43,636	$34.4m1.21%	1.21%	Reduced -231	-231 -0.5%
21	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	356,944	$33.9m1.20%	1.20%	Reduced -2.3k	-2,318 -0.7%
22	JOHNSON & JOHNSON COM JNJ	JNJ	220,860	$33.7m1.19%	1.19%	Reduced -7.3k	-7,274 -3.2%
23	UNITEDHEALTH GROUP INC COM UNH	UNH	107,012	$33.4m1.18%	1.18%	Added +49.5k	+49,494 86.0%
24	EXXON MOBIL CORP COM XOM	XOM	303,115	$32.7m1.15%	1.15%	Reduced -8.4k	-8,396 -2.7%
25	JOHNSON CTLS INTL PLC SHS JCI	JCI	305,160	$32.2m1.14%	1.14%	Reduced -5.8k	-5,788 -1.9%
26	STRYKER CORPORATION COM SYK	SYK	81,445	$32.2m1.14%	1.14%	Reduced -563	-563 -0.7%
27	RTX CORPORATION COM RTX	RTX	219,297	$32.0m1.13%	1.13%	Added +609	+609 0.3%
28	MCKESSON CORP COM MCK	MCK	38,938	$28.5m1.01%	1.01%	Reduced -2.3k	-2,303 -5.6%
29	ABBOTT LABS COM ABT	ABT	209,323	$28.5m1.00%	1.00%	Reduced -2.8k	-2,761 -1.3%
30	ALPHABET INC CAP STK CL C GOOG	GOOG	159,864	$28.4m1.00%	1.00%	Added +138	+138 0.1%
31	ABBVIE INC COM ABBV	ABBV	152,336	$28.3m1.00%	1.00%	Reduced -1.6k	-1,584 -1.0%
32	LABCORP HOLDINGS INC COM SHS LH	LH	104,007	$27.3m0.96%	0.96%	Added +2.3k	+2,299 2.3%
33	QUALCOMM INC COM QCOM	QCOM	166,909	$26.6m0.94%	0.94%	Reduced -6.9k	-6,869 -4.0%
34	CISCO SYS INC COM CSCO	CSCO	374,918	$26.0m0.92%	0.92%	Reduced -6.9k	-6,869 -1.8%
35	BOOKING HOLDINGS INC COM BKNG	BKNG	4,474	$25.9m0.91%	0.91%	Reduced -2	-2 -0.0%
36	PROCTER AND GAMBLE CO COM PG	PG	149,644	$23.8m0.84%	0.84%	Reduced -1.9k	-1,932 -1.3%
37	MCDONALDS CORP COM MCD	MCD	80,684	$23.6m0.83%	0.83%	Reduced -338	-338 -0.4%
38	SPDR GOLD TR GOLD SHS GLD	GLD	76,452	$23.3m0.82%	0.82%	Reduced -5.5k	-5,452 -6.7%
39	META PLATFORMS INC CL A META	META	31,016	$22.9m0.81%	0.81%	Reduced -133	-133 -0.4%
40	PEPSICO INC COM PEP	PEP	155,612	$20.5m0.73%	0.73%	Added +15.2k	+15,172 10.8%
41	SYSCO CORP COM SYY	SYY	267,822	$20.3m0.72%	0.72%	Added +17.4k	+17,383 6.9%
42	MONDELEZ INTL INC CL A MDLZ	MDLZ	299,352	$20.2m0.71%	0.71%	Added +2.3k	+2,306 0.8%
43	EDWARDS LIFESCIENCES CORP COM EW	EW	253,417	$19.8m0.70%	0.70%	Reduced -16	-16 -0.0%
44	NOVO-NORDISK A S ADR NVO	NVO	273,715	$18.9m0.67%	0.67%	Added +84.0k	+84,043 44.3%
45	PARKER-HANNIFIN CORP COM PH	PH	26,662	$18.6m0.66%	0.66%	Unchanged
46	PHILIP MORRIS INTL INC COM PM	PM	101,789	$18.5m0.65%	0.65%	Reduced -2.3k	-2,271 -2.2%
47	SCHLUMBERGER LTD COM STK SLB	SLB	544,104	$18.4m0.65%	0.65%	Added +12.5k	+12,488 2.4%
48	HP INC COM HPQ	HPQ	742,647	$18.2m0.64%	0.64%	Reduced -8.8k	-8,764 -1.2%
49	DISNEY WALT CO COM DIS	DIS	139,298	$17.3m0.61%	0.61%	Reduced -8.9k	-8,933 -6.0%
50	AGILENT TECHNOLOGIES INC COM A	A	143,963	$17.0m0.60%	0.60%	Reduced -467	-467 -0.3%
51	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	348,000	$16.1m0.57%	0.57%	Reduced -52.8k	-52,795 -13.2%
52	STARBUCKS CORP COM SBUX	SBUX	174,008	$15.9m0.56%	0.56%	Reduced -6.2k	-6,195 -3.4%
53	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	72,692	$15.8m0.56%	0.56%	Added +14.1k	+14,103 24.1%
54	WALMART INC COM WMT	WMT	154,710	$15.1m0.53%	0.53%	Reduced -5.3k	-5,304 -3.3%
55	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	306,127	$15.1m0.53%	0.53%	Reduced -2.8k	-2,792 -0.9%
56	UNION PAC CORP COM UNP	UNP	65,209	$15.0m0.53%	0.53%	Added +8.4k	+8,373 14.7%
57	DUPONT DE NEMOURS INC COM DWDP	DWDP	217,748	$14.9m0.53%	0.53%	Reduced -37.3k	-37,321 -14.6%
58	CARMAX INC COM KMX	KMX	218,695	$14.7m0.52%	0.52%	Reduced -1.3k	-1,342 -0.6%
59	ENTEGRIS INC COM ENTG	ENTG	179,861	$14.5m0.51%	0.51%	Added +64.9k	+64,903 56.5%
60	CATERPILLAR INC COM CAT	CAT	37,256	$14.5m0.51%	0.51%	Added +2	+2 0.0%
61	HOME DEPOT INC COM HD	HD	39,363	$14.4m0.51%	0.51%	Reduced -342	-342 -0.9%
62	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	46,518	$14.3m0.51%	0.51%	Reduced -180	-180 -0.4%
63	PAYPAL HLDGS INC COM PYPL	PYPL	187,738	$14.0m0.49%	0.49%	Reduced -4.6k	-4,556 -2.4%
64	PFIZER INC COM PFE	PFE	569,172	$13.8m0.49%	0.49%	Reduced -27.6k	-27,572 -4.6%
65	NIKE INC CL B NKE	NKE	191,753	$13.6m0.48%	0.48%	Reduced -7.2k	-7,223 -3.6%
66	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	82,573	$13.5m0.48%	0.48%	Reduced -234	-234 -0.3%
67	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	183,126	$13.5m0.48%	0.48%	Reduced -16.6k	-16,587 -8.3%
68	COLGATE PALMOLIVE CO COM CL	CL	147,557	$13.4m0.47%	0.47%	Reduced -4.1k	-4,108 -2.7%
69	EBAY INC. COM EBAY	EBAY	177,544	$13.2m0.47%	0.47%	Reduced -5.5k	-5,477 -3.0%
70	INTEL CORP COM INTC	INTC	577,483	$12.9m0.46%	0.46%	Reduced -100.9k	-100,912 -14.9%
71	HONEYWELL INTL INC COM COM		55,183	$12.9m0.45%	0.45%	Added +1	+1 0.0%
72	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	17	$12.4m0.44%	0.44%	Unchanged
73	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	604,258	$12.4m0.44%	0.44%	Unchanged
74	NVIDIA CORPORATION COM NVDA	NVDA	68,357	$10.8m0.38%	0.38%	Added +2.6k	+2,588 3.9%
75	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	36,585	$10.8m0.38%	0.38%	Reduced -690	-690 -1.9%
76	AMGEN INC COM AMGN	AMGN	38,181	$10.7m0.38%	0.38%	Reduced -391	-391 -1.0%
77	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	16,870	$10.4m0.37%	0.37%	Reduced -1	-1 -0.0%
78	GOLDMAN SACHS GROUP INC COM GS	GS	13,909	$9.8m0.35%	0.35%	Unchanged
79	NORTHROP GRUMMAN CORP COM NOC	NOC	19,331	$9.7m0.34%	0.34%	Reduced -5	-5 -0.0%
80	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,717	$9.5m0.34%	0.34%	Reduced -1.1k	-1,103 -6.2%
81	BOEING CO COM BA	BA	44,873	$9.4m0.33%	0.33%	Reduced -3.1k	-3,079 -6.4%
82	NOVARTIS AG SPONSORED ADR NVS	NVS	76,420	$9.2m0.33%	0.33%	Reduced -2.1k	-2,109 -2.7%
83	ISHARES TR CORE S&P SCP ETF IJR	IJR	84,140	$9.2m0.32%	0.32%	Reduced -1.8k	-1,753 -2.0%
84	BANK NEW YORK MELLON CORP COM BNY	BNY	100,588	$9.2m0.32%	0.32%	Reduced -4.1k	-4,148 -4.0%
85	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	33,127	$8.4m0.30%	0.30%	Reduced -3.0k	-3,036 -8.4%
86	CONOCOPHILLIPS COM COP	COP	93,318	$8.4m0.30%	0.30%	Added +4.9k	+4,906 5.5%
87	EXPEDITORS INTL WASH INC COM EXPD	EXPD	71,213	$8.1m0.29%	0.29%	Added +10.9k	+10,858 18.0%
88	ILLINOIS TOOL WKS INC COM ITW	ITW	32,508	$8.0m0.28%	0.28%	Reduced -161	-161 -0.5%
89	BROADCOM INC COM AVGO	AVGO	28,793	$7.9m0.28%	0.28%	Added +233	+233 0.8%
90	PUBLIC STORAGE COM PSA	PSA	26,305	$7.7m0.27%	0.27%	Reduced -1	-1 0.0%
91	ALBEMARLE CORP COM ALB	ALB	119,466	$7.5m0.26%	0.26%	Reduced -7.6k	-7,627 -6.0%
92	VERIZON COMMUNICATIONS INC COM VZ	VZ	172,296	$7.5m0.26%	0.26%	Reduced -39.8k	-39,805 -18.8%
93	TEXAS INSTRS INC COM TXN	TXN	35,115	$7.3m0.26%	0.26%	Reduced -186	-186 -0.5%
94	GE AEROSPACE COM NEW GE	GE	27,989	$7.2m0.25%	0.25%	Added +15	+15 0.1%
95	JACOBS SOLUTIONS INC COM J	J	54,510	$7.2m0.25%	0.25%	Reduced -1.6k	-1,622 -2.9%
96	ALLEGION PLC ORD SHS ALLE	ALLE	47,309	$6.8m0.24%	0.24%	Added +28.4k	+28,375 149.9%
97	COCA COLA CO COM KO	KO	95,659	$6.8m0.24%	0.24%	Added +10.1k	+10,073 11.8%
98	CARRIER GLOBAL CORPORATION COM CARR	CARR	91,479	$6.7m0.24%	0.24%	Reduced -411	-411 -0.5%
99	3M CO COM MMM	MMM	42,954	$6.5m0.23%	0.23%	Reduced -5.4k	-5,405 -11.2%
100	AON PLC SHS CL A AON	AON	17,952	$6.4m0.23%	0.23%	Added +3.5k	+3,547 24.6%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
NORDSTROM INC JWN	JWN	55,192	$1.3m55.2k shares
GAP INC GAP	GAP	16,200	$333.9k16.2k shares
DISCOVER FINL SVCS DFS	DFS	1,615	$275.7k1.6k shares
ICON PLC ICLR	ICLR	1,520	$266.0k1.5k shares
FRANKLIN RESOURCES INC BEN	BEN	13,321	$256.4k13.3k shares
SCHWAB STRATEGIC TR SCHD	SCHD	7,823	$218.7k7.8k shares
BAXTER INTL INC BAX	BAX	5,980	$204.7k6.0k shares
LOUISIANA PAC CORP LPX	LPX	2,184	$200.9k2.2k shares