CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2026-02-11

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 +0.3% vs Q3 2025

323positions

31.6%in top 10

13 new 44 added 166 reduced 12 sold out vs Q3 2025

Holdings, Q4 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	677,751	$184.3m6.11%	6.11%	Added +299	+299 0.0%
2	MICROSOFT CORP COM MSFT	MSFT	303,092	$146.6m4.86%	4.86%	Reduced -4.8k	-4,760 -1.6%
3	ALPHABET INC CAP STK CL A GOOGL	GOOGL	411,316	$128.7m4.27%	4.27%	Reduced -19.0k	-18,982 -4.4%
4	UNITED PARCEL SERVICE INC CL B UPS	UPS	970,588	$96.3m3.19%	3.19%	Reduced -5.8k	-5,769 -0.6%
5	COSTCO WHSL CORP NEW COM COST	COST	99,514	$85.8m2.85%	2.85%	Reduced -2.1k	-2,101 -2.1%
6	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	166,011	$83.4m2.77%	2.77%	Reduced -2.6k	-2,574 -1.5%
7	ARISTA NETWORKS INC COM SHS ANET	ANET	532,738	$69.8m2.32%	2.32%	Reduced -18.5k	-18,491 -3.4%
8	JPMORGAN CHASE & CO COM JPM	JPM	180,992	$58.3m1.94%	1.94%	Reduced -4.0k	-4,016 -2.2%
9	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	184,559	$49.5m1.64%	1.64%	Reduced -2.0k	-1,981 -1.1%
10	ALPHABET INC CAP STK CL C GOOG	GOOG	155,613	$48.8m1.62%	1.62%	Reduced -2.8k	-2,790 -1.8%
11	ORACLE CORP COM ORCL	ORCL	248,445	$48.4m1.61%	1.61%	Reduced -7.2k	-7,222 -2.8%
12	CHEVRON CORP NEW COM CVX	CVX	313,643	$47.8m1.59%	1.59%	Reduced -5.7k	-5,655 -1.8%
13	LOWES COS INC COM LOW	LOW	196,068	$47.3m1.57%	1.57%	Reduced -3.5k	-3,526 -1.8%
14	AMERICAN EXPRESS CO COM AXP	AXP	123,770	$45.8m1.52%	1.52%	Added +184	+184 0.1%
15	JOHNSON & JOHNSON COM JNJ	JNJ	214,749	$44.4m1.47%	1.47%	Reduced -3.3k	-3,294 -1.5%
16	WELLS FARGO CO NEW COM WFC	WFC	454,640	$42.4m1.41%	1.41%	Reduced -8.2k	-8,161 -1.8%
17	AMAZON COM INC COM AMZN	AMZN	181,840	$42.0m1.39%	1.39%	Added +1.5k	+1,451 0.8%
18	RTX CORPORATION COM RTX	RTX	224,868	$41.2m1.37%	1.37%	Reduced -844	-844 -0.4%
19	UNITEDHEALTH GROUP INC COM UNH	UNH	108,884	$35.9m1.19%	1.19%	Reduced -8.8k	-8,847 -7.5%
20	EXXON MOBIL CORP COM XOM	XOM	295,389	$35.5m1.18%	1.18%	Reduced -6.5k	-6,505 -2.1%
21	JOHNSON CTLS INTL PLC SHS JCI	JCI	288,770	$34.6m1.15%	1.15%	Reduced -8.6k	-8,649 -2.9%
22	ABBVIE INC COM ABBV	ABBV	148,643	$34.0m1.13%	1.13%	Reduced -3.5k	-3,532 -2.3%
23	CORTEVA INC COM CTVA	CTVA	498,309	$33.4m1.11%	1.11%	Reduced -19.4k	-19,450 -3.8%
24	EMERSON ELEC CO COM EMR	EMR	251,548	$33.4m1.11%	1.11%	Reduced -4.9k	-4,868 -1.9%
25	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	334,527	$32.8m1.09%	1.09%	Reduced -11.4k	-11,415 -3.3%
26	MCKESSON CORP COM MCK	MCK	38,754	$31.8m1.05%	1.05%	Added +168	+168 0.4%
27	FASTENAL CO COM FAST	FAST	791,820	$31.8m1.05%	1.05%	Reduced -53.2k	-53,246 -6.3%
28	TRACTOR SUPPLY CO COM TSCO	TSCO	629,681	$31.5m1.04%	1.04%	Reduced -25.6k	-25,564 -3.9%
29	SPDR GOLD TR GOLD SHS GLD	GLD	74,227	$29.4m0.98%	0.98%	Reduced -3.5k	-3,542 -4.5%
30	INTUIT COM INTU	INTU	43,032	$28.5m0.95%	0.95%	Reduced -212	-212 -0.5%
31	CISCO SYS INC COM CSCO	CSCO	365,264	$28.1m0.93%	0.93%	Reduced -7.2k	-7,210 -1.9%
32	QUALCOMM INC COM QCOM	QCOM	164,040	$28.1m0.93%	0.93%	Reduced -2.8k	-2,842 -1.7%
33	STRYKER CORPORATION COM SYK	SYK	79,208	$27.8m0.92%	0.92%	Reduced -1.1k	-1,111 -1.4%
34	LABCORP HOLDINGS INC COM SHS LH	LH	104,353	$26.2m0.87%	0.87%	Reduced -1.9k	-1,870 -1.8%
35	ABBOTT LABS COM ABT	ABT	204,625	$25.6m0.85%	0.85%	Reduced -3.5k	-3,539 -1.7%
36	BOOKING HOLDINGS INC COM BKNG	BKNG	4,709	$25.2m0.84%	0.84%	Added +103	+103 2.2%
37	MCDONALDS CORP COM MCD	MCD	78,495	$24.0m0.80%	0.80%	Reduced -400	-400 -0.5%
38	PARKER-HANNIFIN CORP COM PH	PH	26,662	$23.4m0.78%	0.78%	Unchanged
39	PEPSICO INC COM PEP	PEP	153,217	$22.0m0.73%	0.73%	Reduced -435	-435 -0.3%
40	META PLATFORMS INC CL A META	META	33,309	$22.0m0.73%	0.73%	Added +2.2k	+2,159 6.9%
41	CATERPILLAR INC COM CAT	CAT	37,660	$21.6m0.72%	0.72%	Added +404	+404 1.1%
42	EDWARDS LIFESCIENCES CORP COM EW	EW	251,555	$21.4m0.71%	0.71%	Reduced -1.7k	-1,732 -0.7%
43	PROCTER AND GAMBLE CO COM PG	PG	147,631	$21.2m0.70%	0.70%	Reduced -1.7k	-1,682 -1.1%
44	SCHLUMBERGER LTD COM STK SLB	SLB	545,899	$21.0m0.70%	0.70%	Reduced -4.5k	-4,499 -0.8%
45	SYSCO CORP COM SYY	SYY	273,714	$20.2m0.67%	0.67%	Reduced -2.5k	-2,482 -0.9%
46	AGILENT TECHNOLOGIES INC COM A	A	143,870	$19.6m0.65%	0.65%	Unchanged
47	WALMART INC COM WMT	WMT	152,547	$17.0m0.56%	0.56%	Reduced -1.2k	-1,186 -0.8%
48	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	75,352	$16.8m0.56%	0.56%	Added +452	+452 0.6%
49	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	82,427	$16.7m0.56%	0.56%	Unchanged
50	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	309,493	$16.7m0.55%	0.55%	Reduced -16.5k	-16,535 -5.1%
51	ENTEGRIS INC COM ENTG	ENTG	197,307	$16.6m0.55%	0.55%	Added +666	+666 0.3%
52	ALBEMARLE CORP COM ALB	ALB	117,265	$16.6m0.55%	0.55%	Reduced -1.8k	-1,774 -1.5%
53	NOVO-NORDISK A S ADR NVO	NVO	319,061	$16.2m0.54%	0.54%	Added +7.9k	+7,893 2.5%
54	PHILIP MORRIS INTL INC COM PM	PM	100,112	$16.1m0.53%	0.53%	Reduced -879	-879 -0.9%
55	INTEL CORP COM INTC	INTC	434,115	$16.0m0.53%	0.53%	Reduced -27.2k	-27,194 -5.9%
56	HP INC COM HPQ	HPQ	716,105	$16.0m0.53%	0.53%	Added +500	+500 0.1%
57	MONDELEZ INTL INC CL A MDLZ	MDLZ	294,333	$15.8m0.53%	0.53%	Added +994	+994 0.3%
58	UNION PAC CORP COM UNP	UNP	66,604	$15.4m0.51%	0.51%	Added +126	+126 0.2%
59	DISNEY WALT CO COM DIS	DIS	134,326	$15.3m0.51%	0.51%	Reduced -2.1k	-2,139 -1.6%
60	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	303,153	$15.2m0.50%	0.50%	Reduced -23.6k	-23,616 -7.2%
61	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	603,758	$14.5m0.48%	0.48%	Unchanged
62	EBAY INC. COM EBAY	EBAY	163,675	$14.3m0.47%	0.47%	Reduced -6.9k	-6,924 -4.1%
63	CORPAY INC COM SHS CPAY	CPAY	45,554	$13.7m0.45%	0.45%	Added +13.7k	+13,749 43.2%
64	STARBUCKS CORP COM SBUX	SBUX	161,724	$13.6m0.45%	0.45%	Reduced -5.5k	-5,537 -3.3%
65	HOME DEPOT INC COM HD	HD	38,635	$13.3m0.44%	0.44%	Reduced -1.4k	-1,367 -3.4%
66	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	19,413	$13.2m0.44%	0.44%	Added +1.2k	+1,210 6.7%
67	NVIDIA CORPORATION COM NVDA	NVDA	69,503	$13.0m0.43%	0.43%	Added +1.0k	+1,046 1.5%
68	GOLDMAN SACHS GROUP INC COM GS	GS	14,693	$12.9m0.43%	0.43%	Added +723	+723 5.2%
69	AMGEN INC COM AMGN	AMGN	38,202	$12.5m0.41%	0.41%	Reduced -191	-191 -0.5%
70	PFIZER INC COM PFE	PFE	485,550	$12.1m0.40%	0.40%	Reduced -17.2k	-17,164 -3.4%
71	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	16	$12.1m0.40%	0.40%	Reduced -1	-1 -5.9%
72	EXPEDITORS INTL WASH INC COM EXPD	EXPD	79,832	$11.9m0.39%	0.39%	Reduced -400	-400 -0.5%
73	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	46,123	$11.9m0.39%	0.39%	Reduced -120	-120 -0.3%
74	CARMAX INC COM KMX	KMX	300,598	$11.6m0.39%	0.39%	Added +69.6k	+69,636 30.1%
75	COLGATE PALMOLIVE CO COM CL	CL	140,932	$11.1m0.37%	0.37%	Reduced -3.9k	-3,931 -2.7%
76	NIKE INC CL B NKE	NKE	174,022	$11.1m0.37%	0.37%	Reduced -12.0k	-12,049 -6.5%
77	NORTHROP GRUMMAN CORP COM NOC	NOC	19,302	$11.0m0.37%	0.37%	Reduced -29	-29 -0.1%
78	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	17,444	$10.9m0.36%	0.36%	Added +681	+681 4.1%
79	ISHARES TR CORE S&P SCP ETF IJR	IJR	87,988	$10.6m0.35%	0.35%	Reduced -1.6k	-1,648 -1.8%
80	HONEYWELL INTL INC COM COM		52,080	$10.2m0.34%	0.34%	Reduced -2	-2 0.0%
81	NOVARTIS AG SPONSORED ADR NVS	NVS	73,549	$10.1m0.34%	0.34%	Reduced -2.1k	-2,053 -2.7%
82	PAYPAL HLDGS INC COM PYPL	PYPL	169,919	$9.9m0.33%	0.33%	Added +208	+208 0.1%
83	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	33,194	$9.8m0.33%	0.33%	Reduced -218	-218 -0.7%
84	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	66,254	$9.5m0.32%	0.32%	Reduced -950	-950 -1.4%
85	CUMMINS INC COM CMI	CMI	18,443	$9.4m0.31%	0.31%	Unchanged
86	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	139,418	$9.4m0.31%	0.31%	Reduced -40.3k	-40,293 -22.4%
87	BROADCOM INC COM AVGO	AVGO	26,191	$9.1m0.30%	0.30%	Reduced -293	-293 -1.1%
88	GE AEROSPACE COM NEW GE	GE	28,607	$8.8m0.29%	0.29%	Reduced -330	-330 -1.1%
89	BOEING CO COM BA	BA	39,855	$8.7m0.29%	0.29%	Reduced -761	-761 -1.9%
90	ZOETIS INC CL A ZTS	ZTS	68,688	$8.6m0.29%	0.29%	Added +45.0k	+45,040 190.5%
91	AON PLC SHS CL A AON	AON	24,291	$8.6m0.28%	0.28%	Added +395	+395 1.6%
92	BANK NEW YORK MELLON CORP COM BNY	BNY	72,385	$8.4m0.28%	0.28%	Reduced -2.9k	-2,900 -3.9%
93	DUPONT DE NEMOURS INC COM DWDP	DWDP	208,543	$8.4m0.28%	0.28%	Reduced -1.7k	-1,674 -0.8%
94	CONOCOPHILLIPS COM COP	COP	89,317	$8.4m0.28%	0.28%	Reduced -2.6k	-2,567 -2.8%
95	QNITY ELECTRONICS INC COMMON STOCK Q	Q	101,144	$8.3m0.27%	0.27%	New
96	COCA COLA CO COM KO	KO	117,778	$8.2m0.27%	0.27%	Added +2.7k	+2,683 2.3%
97	MERCK & CO INC COM MRK	MRK	75,720	$8.0m0.26%	0.26%	Reduced -951	-951 -1.2%
98	ILLINOIS TOOL WKS INC COM ITW	ITW	31,667	$7.8m0.26%	0.26%	Reduced -300	-300 -0.9%
99	ALLEGION PLC ORD SHS ALLE	ALLE	47,309	$7.5m0.25%	0.25%	Unchanged
100	JACOBS SOLUTIONS INC COM J	J	53,794	$7.1m0.24%	0.24%	Reduced -367	-367 -0.7%

Sold out since Q3 2025

Security	Ticker	Shares held before	Value then
ISHARES GOLD TR IAU	IAU	9,773	$711.2k9.8k shares
KELLANOVA K	K	6,950	$570.0k7.0k shares
UNILEVER PLC		7,649	$453.4k7.6k shares
SPDR SER TR BIL	BIL	4,250	$389.9k4.2k shares
DIMENSIONAL ETF TRUST DFUV	DFUV	8,538	$381.6k8.5k shares
ISHARES ETHEREUM TR ETHA	ETHA	11,766	$370.7k11.8k shares
FIRSTENERGY CORP FE	FE	6,037	$276.6k6.0k shares
PNC FINL SVCS GROUP INC PNC	PNC	1,238	$248.8k1.2k shares
DIMENSIONAL ETF TRUST DFAT	DFAT	4,204	$244.7k4.2k shares
SOLVENTUM CORP SOLV	SOLV	3,006	$219.4k3.0k shares
EXTRA SPACE STORAGE INC EXR	EXR	1,527	$215.2k1.5k shares
OREILLY AUTOMOTIVE INC ORLY	ORLY	1,860	$200.5k1.9k shares