CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2026-05-06

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)

$2.9bn reported value -2.5% vs Q4 2025

332positions

30.4%in top 10

17 new 56 added 165 reduced 8 sold out vs Q4 2025

Holdings, Q1 2026

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	657,717	$166.9m5.68%	5.68%	Reduced -20.0k	-20,034 -3.0%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	389,695	$112.1m3.81%	3.81%	Reduced -21.6k	-21,621 -5.3%
3	MICROSOFT CORP COM MSFT	MSFT	300,292	$111.2m3.78%	3.78%	Reduced -2.8k	-2,800 -0.9%
4	COSTCO WHSL CORP NEW COM COST	COST	97,796	$97.4m3.32%	3.32%	Reduced -1.7k	-1,718 -1.7%
5	UNITED PARCEL SERVICE INC CL B UPS	UPS	967,814	$95.2m3.24%	3.24%	Reduced -2.8k	-2,774 -0.3%
6	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	164,505	$78.8m2.68%	2.68%	Reduced -1.5k	-1,506 -0.9%
7	CHEVRON CORP NEW COM CVX	CVX	311,474	$64.4m2.19%	2.19%	Reduced -2.2k	-2,169 -0.7%
8	ARISTA NETWORKS INC COM SHS ANET	ANET	514,469	$63.2m2.15%	2.15%	Reduced -18.3k	-18,269 -3.4%
9	JPMORGAN CHASE & CO COM JPM	JPM	177,945	$52.3m1.78%	1.78%	Reduced -3.0k	-3,047 -1.7%
10	JOHNSON & JOHNSON COM JNJ	JNJ	211,196	$51.6m1.76%	1.76%	Reduced -3.6k	-3,553 -1.6%
11	EXXON MOBIL CORP COM XOM	XOM	289,161	$49.1m1.67%	1.67%	Reduced -6.2k	-6,228 -2.1%
12	LOWES COS INC COM LOW	LOW	193,222	$45.7m1.55%	1.55%	Reduced -2.8k	-2,846 -1.4%
13	CORTEVA INC COM CTVA	CTVA	501,539	$42.0m1.43%	1.43%	Added +3.2k	+3,230 0.7%
14	RTX CORPORATION COM RTX	RTX	207,240	$40.0m1.36%	1.36%	Reduced -17.6k	-17,628 -7.8%
15	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	329,022	$38.5m1.31%	1.31%	Reduced -5.5k	-5,505 -1.6%
16	ALPHABET INC CAP STK CL C GOOG	GOOG	133,548	$38.3m1.30%	1.30%	Reduced -22.1k	-22,065 -14.2%
17	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	191,422	$38.0m1.29%	1.29%	Added +6.9k	+6,863 3.7%
18	AMAZON COM INC COM AMZN	AMZN	179,200	$37.3m1.27%	1.27%	Reduced -2.6k	-2,640 -1.4%
19	JOHNSON CTLS INTL PLC SHS JCI	JCI	280,272	$36.7m1.25%	1.25%	Reduced -8.5k	-8,498 -2.9%
20	AMERICAN EXPRESS CO COM AXP	AXP	120,569	$36.5m1.24%	1.24%	Reduced -3.2k	-3,201 -2.6%
21	FASTENAL CO COM FAST	FAST	781,022	$36.2m1.23%	1.23%	Reduced -10.8k	-10,798 -1.4%
22	ORACLE CORP COM ORCL	ORCL	242,153	$35.6m1.21%	1.21%	Reduced -6.3k	-6,292 -2.5%
23	WELLS FARGO CO NEW COM WFC	WFC	437,593	$34.8m1.19%	1.19%	Reduced -17.0k	-17,047 -3.8%
24	EMERSON ELEC CO COM EMR	EMR	246,310	$32.3m1.10%	1.10%	Reduced -5.2k	-5,238 -2.1%
25	ABBVIE INC COM ABBV	ABBV	146,672	$31.9m1.09%	1.09%	Reduced -2.0k	-1,971 -1.3%
26	MCKESSON CORP COM MCK	MCK	36,643	$31.7m1.08%	1.08%	Reduced -2.1k	-2,111 -5.5%
27	UNITEDHEALTH GROUP INC COM UNH	UNH	111,352	$30.1m1.03%	1.03%	Added +2.5k	+2,468 2.3%
28	SPDR GOLD TR GOLD SHS GLD	GLD	68,511	$29.5m1.00%	1.00%	Reduced -5.7k	-5,716 -7.7%
29	SCHLUMBERGER LTD COM STK SLB	SLB	556,159	$28.6m0.97%	0.97%	Added +10.3k	+10,260 1.9%
30	TRACTOR SUPPLY CO COM TSCO	TSCO	624,857	$28.3m0.96%	0.96%	Reduced -4.8k	-4,824 -0.8%
31	CISCO SYS INC COM CSCO	CSCO	358,355	$27.8m0.95%	0.95%	Reduced -6.9k	-6,909 -1.9%
32	LABCORP HOLDINGS INC COM SHS LH	LH	103,217	$27.5m0.94%	0.94%	Reduced -1.1k	-1,136 -1.1%
33	CATERPILLAR INC COM CAT	CAT	37,800	$26.8m0.91%	0.91%	Added +140	+140 0.4%
34	STRYKER CORPORATION COM SYK	SYK	78,754	$25.9m0.88%	0.88%	Reduced -454	-454 -0.6%
35	INTUIT COM INTU	INTU	56,751	$24.5m0.84%	0.84%	Added +13.7k	+13,719 31.9%
36	MCDONALDS CORP COM MCD	MCD	77,783	$24.2m0.82%	0.82%	Reduced -712	-712 -0.9%
37	PEPSICO INC COM PEP	PEP	153,540	$23.8m0.81%	0.81%	Added +323	+323 0.2%
38	PARKER-HANNIFIN CORP COM PH	PH	26,562	$23.8m0.81%	0.81%	Reduced -100	-100 -0.4%
39	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	80,302	$22.7m0.77%	0.77%	Reduced -2.1k	-2,125 -2.6%
40	ENTEGRIS INC COM ENTG	ENTG	191,212	$22.4m0.76%	0.76%	Reduced -6.1k	-6,095 -3.1%
41	BOOKING HOLDINGS INC COM BKNG	BKNG	5,268	$22.2m0.75%	0.75%	Added +559	+559 11.9%
42	PROCTER AND GAMBLE CO COM PG	PG	145,453	$21.0m0.72%	0.72%	Reduced -2.2k	-2,178 -1.5%
43	ABBOTT LABS COM ABT	ABT	201,299	$20.7m0.70%	0.70%	Reduced -3.3k	-3,326 -1.6%
44	ALBEMARLE CORP COM ALB	ALB	114,365	$20.5m0.70%	0.70%	Reduced -2.9k	-2,900 -2.5%
45	EDWARDS LIFESCIENCES CORP COM EW	EW	250,452	$20.1m0.68%	0.68%	Reduced -1.1k	-1,103 -0.4%
46	MONDELEZ INTL INC CL A MDLZ	MDLZ	345,672	$19.9m0.68%	0.68%	Added +51.3k	+51,339 17.4%
47	QUALCOMM INC COM QCOM	QCOM	154,670	$19.9m0.68%	0.68%	Reduced -9.4k	-9,370 -5.7%
48	SYSCO CORP COM SYY	SYY	273,240	$19.5m0.66%	0.66%	Reduced -474	-474 -0.2%
49	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	301,465	$18.3m0.62%	0.62%	Reduced -8.0k	-8,028 -2.6%
50	WALMART INC COM WMT	WMT	145,454	$18.1m0.62%	0.62%	Reduced -7.1k	-7,093 -4.7%
51	META PLATFORMS INC CL A META	META	31,284	$17.9m0.61%	0.61%	Reduced -2.0k	-2,025 -6.1%
52	INTEL CORP COM INTC	INTC	398,521	$17.6m0.60%	0.60%	Reduced -35.6k	-35,594 -8.2%
53	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	75,136	$17.5m0.60%	0.60%	Reduced -216	-216 -0.3%
54	ZOETIS INC CL A ZTS	ZTS	148,151	$17.5m0.60%	0.60%	Added +79.5k	+79,463 115.7%
55	UNION PAC CORP COM UNP	UNP	69,093	$16.8m0.57%	0.57%	Added +2.5k	+2,489 3.7%
56	AGILENT TECHNOLOGIES INC COM A	A	143,533	$16.4m0.56%	0.56%	Reduced -337	-337 -0.2%
57	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	24,384	$15.9m0.54%	0.54%	Added +5.0k	+4,971 25.6%
58	PHILIP MORRIS INTL INC COM PM	PM	94,642	$15.6m0.53%	0.53%	Reduced -5.5k	-5,470 -5.5%
59	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	291,821	$14.5m0.49%	0.49%	Reduced -11.3k	-11,332 -3.7%
60	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	593,758	$14.1m0.48%	0.48%	Reduced -10.0k	-10,000 -1.7%
61	CORPAY INC COM SHS CPAY	CPAY	48,158	$14.0m0.48%	0.48%	Added +2.6k	+2,604 5.7%
62	EBAY INC. COM EBAY	EBAY	152,235	$13.9m0.47%	0.47%	Reduced -11.4k	-11,440 -7.0%
63	HP INC COM HPQ	HPQ	715,605	$13.7m0.47%	0.47%	Reduced -500	-500 -0.1%
64	PFIZER INC COM PFE	PFE	489,295	$13.7m0.47%	0.47%	Added +3.7k	+3,745 0.8%
65	CARMAX INC COM KMX	KMX	324,084	$13.5m0.46%	0.46%	Added +23.5k	+23,486 7.8%
66	STARBUCKS CORP COM SBUX	SBUX	146,495	$13.1m0.45%	0.45%	Reduced -15.2k	-15,229 -9.4%
67	AMGEN INC COM AMGN	AMGN	37,189	$13.1m0.45%	0.45%	Reduced -1.0k	-1,013 -2.6%
68	NORTHROP GRUMMAN CORP COM NOC	NOC	18,802	$12.8m0.44%	0.44%	Reduced -500	-500 -2.6%
69	HOME DEPOT INC COM HD	HD	38,592	$12.7m0.43%	0.43%	Reduced -43	-43 -0.1%
70	DISNEY WALT CO COM DIS	DIS	130,364	$12.6m0.43%	0.43%	Reduced -4.0k	-3,962 -3.0%
71	NOVO-NORDISK A S ADR NVO	NVO	324,741	$11.9m0.41%	0.41%	Added +5.7k	+5,680 1.8%
72	COLGATE PALMOLIVE CO COM CL	CL	139,095	$11.9m0.40%	0.40%	Reduced -1.8k	-1,837 -1.3%
73	CONOCOPHILLIPS COM COP	COP	89,572	$11.8m0.40%	0.40%	Added +255	+255 0.3%
74	HONEYWELL INTL INC COM COM		51,080	$11.5m0.39%	0.39%	Reduced -1.0k	-1,000 -1.9%
75	NVIDIA CORPORATION COM NVDA	NVDA	64,997	$11.3m0.39%	0.39%	Reduced -4.5k	-4,506 -6.5%
76	EXPEDITORS INTL WASH INC COM EXPD	EXPD	78,952	$11.3m0.38%	0.38%	Reduced -880	-880 -1.1%
77	GOLDMAN SACHS GROUP INC COM GS	GS	13,232	$11.2m0.38%	0.38%	Reduced -1.5k	-1,461 -9.9%
78	NOVARTIS AG SPONSORED ADR NVS	NVS	72,551	$11.1m0.38%	0.38%	Reduced -998	-998 -1.4%
79	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	15	$10.8m0.37%	0.37%	Reduced -1	-1 -6.2%
80	ISHARES TR CORE S&P SCP ETF IJR	IJR	85,615	$10.6m0.36%	0.36%	Reduced -2.4k	-2,373 -2.7%
81	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	17,244	$10.3m0.35%	0.35%	Reduced -200	-200 -1.1%
82	CUMMINS INC COM CMI	CMI	18,443	$9.9m0.34%	0.34%	Unchanged
83	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	46,796	$9.5m0.32%	0.32%	Added +673	+673 1.5%
84	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	130,109	$9.4m0.32%	0.32%	Reduced -9.3k	-9,309 -6.7%
85	QNITY ELECTRONICS INC COMMON STOCK Q	Q	80,583	$9.3m0.32%	0.32%	Reduced -20.6k	-20,561 -20.3%
86	DUPONT DE NEMOURS INC COM DWDP	DWDP	202,334	$9.3m0.32%	0.32%	Reduced -6.2k	-6,209 -3.0%
87	MERCK & CO INC COM MRK	MRK	76,120	$9.2m0.31%	0.31%	Added +400	+400 0.5%
88	COCA COLA CO COM KO	KO	118,662	$9.0m0.31%	0.31%	Added +884	+884 0.8%
89	NIKE INC CL B NKE	NKE	170,653	$9.0m0.31%	0.31%	Reduced -3.4k	-3,369 -1.9%
90	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	66,256	$8.8m0.30%	0.30%	Added +2	+2 0.0%
91	AON PLC SHS CL A AON	AON	27,076	$8.7m0.30%	0.30%	Added +2.8k	+2,785 11.5%
92	BROADCOM INC COM AVGO	AVGO	27,189	$8.4m0.29%	0.29%	Added +998	+998 3.8%
93	BANK NEW YORK MELLON CORP COM BNY	BNY	70,611	$8.4m0.29%	0.29%	Reduced -1.8k	-1,774 -2.5%
94	ILLINOIS TOOL WKS INC COM ITW	ITW	31,515	$8.2m0.28%	0.28%	Reduced -152	-152 -0.5%
95	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	33,026	$8.0m0.27%	0.27%	Reduced -168	-168 -0.5%
96	BOEING CO COM BA	BA	39,665	$7.9m0.27%	0.27%	Reduced -190	-190 -0.5%
97	GE AEROSPACE COM NEW GE	GE	27,599	$7.8m0.27%	0.27%	Reduced -1.0k	-1,008 -3.5%
98	BP PLC SPONSORED ADR BP	BP	161,400	$7.6m0.26%	0.26%	Reduced -6.2k	-6,150 -3.7%
99	PAYPAL HLDGS INC COM PYPL	PYPL	166,573	$7.5m0.26%	0.26%	Reduced -3.3k	-3,346 -2.0%
100	LOCKHEED MARTIN CORP COM LMT	LMT	11,874	$7.2m0.24%	0.24%	Reduced -297	-297 -2.4%

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
ISHARES TR AOA	AOA	28,503	$2.6m28.5k shares
ISHARES TR AOR	AOR	36,440	$2.4m36.4k shares
ADOBE INC ADBE	ADBE	780	$273.0k780 shares
ICON PLC ICLR	ICLR	1,360	$247.8k1.4k shares
SALESFORCE INC CRM	CRM	929	$246.1k929 shares
LINCOLN NATL CORP IND LNC	LNC	5,123	$228.1k5.1k shares
CAMPBELL SOUP CO CPB	CPB	8,140	$226.9k8.1k shares
AEROVIRONMENT INC AVAV	AVAV	900	$217.7k900 shares