CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2025-11-12

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)

$3.0bn reported value +6.0% vs Q2 2025

322positions

31.9%in top 10

15 new 86 added 150 reduced 6 sold out vs Q2 2025

Holdings, Q3 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	677,452	$172.5m5.74%	5.74%	Reduced -4.8k	-4,773 -0.7%
2	MICROSOFT CORP COM MSFT	MSFT	307,852	$159.5m5.31%	5.31%	Added +1.2k	+1,178 0.4%
3	ALPHABET INC CAP STK CL A GOOGL	GOOGL	430,298	$104.6m3.48%	3.48%	Reduced -1.1k	-1,079 -0.2%
4	COSTCO WHSL CORP NEW COM COST	COST	101,615	$94.1m3.13%	3.13%	Reduced -2.2k	-2,164 -2.1%
5	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	168,585	$84.8m2.82%	2.82%	Reduced -2.4k	-2,391 -1.4%
6	UNITED PARCEL SERVICE INC CL B UPS	UPS	976,357	$81.6m2.71%	2.71%	Added +21.9k	+21,931 2.3%
7	ARISTA NETWORKS INC COM SHS ANET	ANET	551,229	$80.3m2.67%	2.67%	Reduced -25.1k	-25,056 -4.3%
8	ORACLE CORP COM ORCL	ORCL	255,667	$71.9m2.39%	2.39%	Reduced -11.5k	-11,458 -4.3%
9	JPMORGAN CHASE & CO COM JPM	JPM	185,008	$58.4m1.94%	1.94%	Reduced -2.7k	-2,725 -1.4%
10	LOWES COS INC COM LOW	LOW	199,594	$50.2m1.67%	1.67%	Reduced -4.1k	-4,093 -2.0%
11	CHEVRON CORP NEW COM CVX	CVX	319,298	$49.6m1.65%	1.65%	Reduced -639	-639 -0.2%
12	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	186,540	$46.0m1.53%	1.53%	Added +11.9k	+11,892 6.8%
13	FASTENAL CO COM FAST	FAST	845,066	$41.4m1.38%	1.38%	Reduced -26.0k	-26,001 -3.0%
14	AMERICAN EXPRESS CO COM AXP	AXP	123,586	$41.1m1.37%	1.37%	Added +3.6k	+3,594 3.0%
15	UNITEDHEALTH GROUP INC COM UNH	UNH	117,731	$40.7m1.35%	1.35%	Added +10.7k	+10,719 10.0%
16	JOHNSON & JOHNSON COM JNJ	JNJ	218,043	$40.4m1.35%	1.35%	Reduced -2.8k	-2,817 -1.3%
17	AMAZON COM INC COM AMZN	AMZN	180,389	$39.6m1.32%	1.32%	Reduced -1.4k	-1,426 -0.8%
18	WELLS FARGO CO NEW COM WFC	WFC	462,801	$38.8m1.29%	1.29%	Reduced -8.3k	-8,272 -1.8%
19	ALPHABET INC CAP STK CL C GOOG	GOOG	158,403	$38.6m1.28%	1.28%	Reduced -1.5k	-1,461 -0.9%
20	RTX CORPORATION COM RTX	RTX	225,712	$37.8m1.26%	1.26%	Added +6.4k	+6,415 2.9%
21	TRACTOR SUPPLY CO COM TSCO	TSCO	655,245	$37.3m1.24%	1.24%	Reduced -14.1k	-14,145 -2.1%
22	ABBVIE INC COM ABBV	ABBV	152,175	$35.2m1.17%	1.17%	Reduced -161	-161 -0.1%
23	CORTEVA INC COM CTVA	CTVA	517,759	$35.0m1.17%	1.17%	Added +2.3k	+2,333 0.5%
24	EXXON MOBIL CORP COM XOM	XOM	301,894	$34.0m1.13%	1.13%	Reduced -1.2k	-1,221 -0.4%
25	EMERSON ELEC CO COM EMR	EMR	256,416	$33.6m1.12%	1.12%	Reduced -4.4k	-4,381 -1.7%
26	JOHNSON CTLS INTL PLC SHS JCI	JCI	297,419	$32.7m1.09%	1.09%	Reduced -7.7k	-7,741 -2.5%
27	LABCORP HOLDINGS INC COM SHS LH	LH	106,223	$30.5m1.01%	1.01%	Added +2.2k	+2,216 2.1%
28	MCKESSON CORP COM MCK	MCK	38,586	$29.8m0.99%	0.99%	Reduced -352	-352 -0.9%
29	STRYKER CORPORATION COM SYK	SYK	80,319	$29.7m0.99%	0.99%	Reduced -1.1k	-1,126 -1.4%
30	INTUIT COM INTU	INTU	43,244	$29.5m0.98%	0.98%	Reduced -392	-392 -0.9%
31	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	345,942	$29.4m0.98%	0.98%	Reduced -11.0k	-11,002 -3.1%
32	ABBOTT LABS COM ABT	ABT	208,164	$27.9m0.93%	0.93%	Reduced -1.2k	-1,159 -0.6%
33	QUALCOMM INC COM QCOM	QCOM	166,882	$27.8m0.92%	0.92%	Reduced -27	-27 -0.0%
34	SPDR GOLD TR GOLD SHS GLD	GLD	77,769	$27.6m0.92%	0.92%	Added +1.3k	+1,317 1.7%
35	CISCO SYS INC COM CSCO	CSCO	372,474	$25.5m0.85%	0.85%	Reduced -2.4k	-2,444 -0.7%
36	BOOKING HOLDINGS INC COM BKNG	BKNG	4,606	$24.9m0.83%	0.83%	Added +132	+132 3.0%
37	MCDONALDS CORP COM MCD	MCD	78,895	$24.0m0.80%	0.80%	Reduced -1.8k	-1,789 -2.2%
38	PROCTER AND GAMBLE CO COM PG	PG	149,313	$22.9m0.76%	0.76%	Reduced -331	-331 -0.2%
39	META PLATFORMS INC CL A META	META	31,150	$22.9m0.76%	0.76%	Added +134	+134 0.4%
40	SYSCO CORP COM SYY	SYY	276,196	$22.7m0.76%	0.76%	Added +8.4k	+8,374 3.1%
41	PEPSICO INC COM PEP	PEP	153,652	$21.6m0.72%	0.72%	Reduced -2.0k	-1,960 -1.3%
42	PARKER-HANNIFIN CORP COM PH	PH	26,662	$20.2m0.67%	0.67%	Unchanged
43	EDWARDS LIFESCIENCES CORP COM EW	EW	253,287	$19.7m0.66%	0.66%	Reduced -130	-130 -0.1%
44	HP INC COM HPQ	HPQ	715,605	$19.5m0.65%	0.65%	Reduced -27.0k	-27,042 -3.6%
45	SCHLUMBERGER LTD COM STK SLB	SLB	550,398	$18.9m0.63%	0.63%	Added +6.3k	+6,294 1.2%
46	AGILENT TECHNOLOGIES INC COM A	A	143,870	$18.5m0.61%	0.61%	Reduced -93	-93 -0.1%
47	MONDELEZ INTL INC CL A MDLZ	MDLZ	293,339	$18.3m0.61%	0.61%	Reduced -6.0k	-6,013 -2.0%
48	ENTEGRIS INC COM ENTG	ENTG	196,641	$18.2m0.61%	0.61%	Added +16.8k	+16,780 9.3%
49	CATERPILLAR INC COM CAT	CAT	37,256	$17.8m0.59%	0.59%	Unchanged
50	NOVO-NORDISK A S ADR NVO	NVO	311,168	$17.3m0.57%	0.57%	Added +37.5k	+37,453 13.7%
51	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	74,900	$16.8m0.56%	0.56%	Added +2.2k	+2,208 3.0%
52	PHILIP MORRIS INTL INC COM PM	PM	100,991	$16.4m0.55%	0.55%	Reduced -798	-798 -0.8%
53	DUPONT DE NEMOURS INC COM DWDP	DWDP	210,217	$16.4m0.55%	0.55%	Reduced -7.5k	-7,531 -3.5%
54	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	326,769	$16.3m0.54%	0.54%	Added +20.6k	+20,642 6.7%
55	HOME DEPOT INC COM HD	HD	40,002	$16.2m0.54%	0.54%	Added +639	+639 1.6%
56	WALMART INC COM WMT	WMT	153,733	$15.8m0.53%	0.53%	Reduced -977	-977 -0.6%
57	UNION PAC CORP COM UNP	UNP	66,478	$15.7m0.52%	0.52%	Added +1.3k	+1,269 1.9%
58	DISNEY WALT CO COM DIS	DIS	136,465	$15.6m0.52%	0.52%	Reduced -2.8k	-2,833 -2.0%
59	EBAY INC. COM EBAY	EBAY	170,599	$15.5m0.52%	0.52%	Reduced -6.9k	-6,945 -3.9%
60	INTEL CORP COM INTC	INTC	461,309	$15.5m0.52%	0.52%	Reduced -116.2k	-116,174 -20.1%
61	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	603,758	$14.8m0.49%	0.49%	Reduced -500	-500 -0.1%
62	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	326,028	$14.7m0.49%	0.49%	Reduced -22.0k	-21,972 -6.3%
63	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	82,427	$14.4m0.48%	0.48%	Reduced -146	-146 -0.2%
64	STARBUCKS CORP COM SBUX	SBUX	167,261	$14.2m0.47%	0.47%	Reduced -6.7k	-6,747 -3.9%
65	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	46,243	$13.6m0.45%	0.45%	Reduced -275	-275 -0.6%
66	NIKE INC CL B NKE	NKE	186,071	$13.0m0.43%	0.43%	Reduced -5.7k	-5,682 -3.0%
67	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	17	$12.8m0.43%	0.43%	Unchanged
68	PFIZER INC COM PFE	PFE	502,714	$12.8m0.43%	0.43%	Reduced -66.5k	-66,458 -11.7%
69	NVIDIA CORPORATION COM NVDA	NVDA	68,457	$12.8m0.43%	0.43%	Added +100	+100 0.1%
70	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	18,203	$12.1m0.40%	0.40%	Added +1.3k	+1,333 7.9%
71	NORTHROP GRUMMAN CORP COM NOC	NOC	19,331	$11.8m0.39%	0.39%	Unchanged
72	COLGATE PALMOLIVE CO COM CL	CL	144,863	$11.6m0.39%	0.39%	Reduced -2.7k	-2,694 -1.8%
73	PAYPAL HLDGS INC COM PYPL	PYPL	169,711	$11.4m0.38%	0.38%	Reduced -18.0k	-18,027 -9.6%
74	GOLDMAN SACHS GROUP INC COM GS	GS	13,970	$11.1m0.37%	0.37%	Added +61	+61 0.4%
75	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	179,711	$11.1m0.37%	0.37%	Reduced -3.4k	-3,415 -1.9%
76	HONEYWELL INTL INC COM COM		52,082	$11.0m0.36%	0.36%	Reduced -3.1k	-3,101 -5.6%
77	AMGEN INC COM AMGN	AMGN	38,393	$10.8m0.36%	0.36%	Added +212	+212 0.6%
78	ISHARES TR CORE S&P SCP ETF IJR	IJR	89,636	$10.7m0.35%	0.35%	Added +5.5k	+5,496 6.5%
79	CARMAX INC COM KMX	KMX	230,962	$10.4m0.34%	0.34%	Added +12.3k	+12,267 5.6%
80	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	16,763	$10.3m0.34%	0.34%	Added +46	+46 0.3%
81	EXPEDITORS INTL WASH INC COM EXPD	EXPD	80,232	$9.8m0.33%	0.33%	Added +9.0k	+9,019 12.7%
82	NOVARTIS AG SPONSORED ADR NVS	NVS	75,602	$9.7m0.32%	0.32%	Reduced -818	-818 -1.1%
83	ALBEMARLE CORP COM ALB	ALB	119,039	$9.7m0.32%	0.32%	Reduced -427	-427 -0.4%
84	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	33,602	$9.5m0.32%	0.32%	Added +475	+475 1.4%
85	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	33,412	$9.4m0.31%	0.31%	Reduced -3.2k	-3,173 -8.7%
86	CORPAY INC COM SHS CPAY	CPAY	31,805	$9.2m0.30%	0.30%	Added +27.8k	+27,802 694.5%
87	BOEING CO COM BA	BA	40,616	$8.8m0.29%	0.29%	Reduced -4.3k	-4,257 -9.5%
88	BROADCOM INC COM AVGO	AVGO	26,484	$8.7m0.29%	0.29%	Reduced -2.3k	-2,309 -8.0%
89	GE AEROSPACE COM NEW GE	GE	28,937	$8.7m0.29%	0.29%	Added +948	+948 3.4%
90	CONOCOPHILLIPS COM COP	COP	91,884	$8.7m0.29%	0.29%	Reduced -1.4k	-1,434 -1.5%
91	AON PLC SHS CL A AON	AON	23,896	$8.5m0.28%	0.28%	Added +5.9k	+5,944 33.1%
92	ALLEGION PLC ORD SHS ALLE	ALLE	47,309	$8.4m0.28%	0.28%	Unchanged
93	ILLINOIS TOOL WKS INC COM ITW	ITW	31,967	$8.3m0.28%	0.28%	Reduced -541	-541 -1.7%
94	BANK NEW YORK MELLON CORP COM BNY	BNY	75,285	$8.2m0.27%	0.27%	Reduced -25.3k	-25,303 -25.2%
95	JACOBS SOLUTIONS INC COM J	J	54,161	$8.1m0.27%	0.27%	Reduced -349	-349 -0.6%
96	CUMMINS INC COM CMI	CMI	18,443	$7.8m0.26%	0.26%	Reduced -105	-105 -0.6%
97	COCA COLA CO COM KO	KO	115,095	$7.6m0.25%	0.25%	Added +19.4k	+19,436 20.3%
98	PUBLIC STORAGE COM PSA	PSA	26,305	$7.6m0.25%	0.25%	Unchanged
99	3M CO COM MMM	MMM	42,334	$6.6m0.22%	0.22%	Reduced -620	-620 -1.4%
100	MERCK & CO INC COM MRK	MRK	76,671	$6.4m0.21%	0.21%	Reduced -2.1k	-2,123 -2.7%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
ISHARES TR IWB	IWB	2,566	$871.3k2.6k shares
WALGREENS BOOTS ALLIANCE INC WBA	WBA	73,039	$838.5k73.0k shares
ANSYS INC ANSS	ANSS	1,221	$428.8k1.2k shares
OCCIDENTAL PETE CORP OXY.WS	OXY.WS	10,924	$226.2k10.9k shares
THE CIGNA GROUP CI	CI	648	$214.2k648 shares
CARDINAL HEALTH INC CAH	CAH	1,225	$205.8k1.2k shares