CLIFFORD SWAN INVESTMENT COUNSEL LLC

PASADENA, CA · CIK 1034642 · 13F filing filed 2026-08-20

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)

$3.1bn reported value +5.7% vs Q1 2026

335positions

30.5%in top 10

19 new 47 added 193 reduced 16 sold out vs Q1 2026

Options: 0 call positions (— notional), 5 put positions ($10.7m notional) – listed below, not included above.

Holdings, Q2 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	637,332	$184.4m5.94%	5.94%	Reduced -20.4k	-20,385 -3.1%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	379,220	$135.5m4.36%	4.36%	Reduced -10.5k	-10,475 -2.7%
3	MICROSOFT CORP COM MSFT	MSFT	298,885	$111.5m3.59%	3.59%	Reduced -1.4k	-1,407 -0.5%
4	UNITED PARCEL SERVICE INC CL B UPS	UPS	948,654	$102.0m3.28%	3.28%	Reduced -19.2k	-19,160 -2.0%
5	COSTCO WHSL CORP NEW COM COST	COST	95,154	$89.0m2.87%	2.87%	Reduced -2.6k	-2,642 -2.7%
6	ARISTA NETWORKS INC COM SHS ANET	ANET	486,391	$82.6m2.66%	2.66%	Reduced -28.1k	-28,078 -5.5%
7	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	161,414	$80.8m2.60%	2.60%	Reduced -3.1k	-3,091 -1.9%
8	JPMORGAN CHASE & CO COM JPM	JPM	174,259	$57.0m1.84%	1.84%	Reduced -3.7k	-3,686 -2.1%
9	JOHNSON & JOHNSON COM JNJ	JNJ	207,571	$52.7m1.70%	1.70%	Reduced -3.6k	-3,625 -1.7%
10	CHEVRON CORP NEW COM CVX	CVX	305,061	$50.6m1.63%	1.63%	Reduced -6.4k	-6,413 -2.1%
11	INTEL CORP COM INTC	INTC	351,293	$49.1m1.58%	1.58%	Reduced -47.2k	-47,228 -11.8%
12	ALPHABET INC CAP STK CL C GOOG	GOOG	130,249	$46.0m1.48%	1.48%	Reduced -3.3k	-3,299 -2.5%
13	UNITEDHEALTH GROUP INC COM UNH	UNH	102,523	$42.6m1.37%	1.37%	Reduced -8.8k	-8,829 -7.9%
14	LOWES COS INC COM LOW	LOW	192,076	$42.4m1.36%	1.36%	Reduced -1.1k	-1,146 -0.6%
15	AMAZON COM INC COM AMZN	AMZN	174,841	$41.7m1.34%	1.34%	Reduced -4.4k	-4,359 -2.4%
16	CORTEVA INC COM CTVA	CTVA	488,361	$41.4m1.33%	1.33%	Reduced -13.2k	-13,178 -2.6%
17	AMERICAN EXPRESS CO COM AXP	AXP	118,790	$40.2m1.29%	1.29%	Reduced -1.8k	-1,779 -1.5%
18	CISCO SYS INC COM CSCO	CSCO	341,705	$40.1m1.29%	1.29%	Reduced -16.6k	-16,650 -4.7%
19	CATERPILLAR INC COM CAT	CAT	37,571	$40.0m1.29%	1.29%	Reduced -229	-229 -0.6%
20	EXXON MOBIL CORP COM XOM	XOM	286,015	$39.1m1.26%	1.26%	Reduced -3.1k	-3,146 -1.1%
21	JOHNSON CTLS INTL PLC SHS JCI	JCI	262,208	$38.3m1.23%	1.23%	Reduced -18.1k	-18,064 -6.5%
22	RTX CORPORATION COM RTX	RTX	196,349	$37.3m1.20%	1.20%	Reduced -10.9k	-10,891 -5.3%
23	FASTENAL CO COM FAST	FAST	762,202	$36.6m1.18%	1.18%	Reduced -18.8k	-18,820 -2.4%
24	ABBVIE INC COM ABBV	ABBV	145,173	$36.5m1.18%	1.18%	Reduced -1.5k	-1,499 -1.0%
25	WELLS FARGO CO NEW COM WFC	WFC	433,686	$35.8m1.15%	1.15%	Reduced -3.9k	-3,907 -0.9%
26	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	316,379	$35.7m1.15%	1.15%	Reduced -12.6k	-12,643 -3.8%
27	EMERSON ELEC CO COM EMR	EMR	243,559	$34.9m1.12%	1.12%	Reduced -2.8k	-2,751 -1.1%
28	ORACLE CORP COM ORCL	ORCL	234,843	$34.4m1.11%	1.11%	Reduced -7.3k	-7,310 -3.0%
29	ENTEGRIS INC COM ENTG	ENTG	163,566	$29.4m0.95%	0.95%	Reduced -27.6k	-27,646 -14.5%
30	BOOKING HOLDINGS INC COM BKNG	BKNG	162,831	$29.0m0.93%	0.93%	Added +31.1k	+31,131 23.6%
31	LABCORP HOLDINGS INC COM SHS LH	LH	100,293	$28.1m0.90%	0.90%	Reduced -2.9k	-2,924 -2.8%
32	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	222,512	$27.7m0.89%	0.89%	Added +31.1k	+31,090 16.2%
33	QUALCOMM INC COM QCOM	QCOM	147,414	$27.2m0.88%	0.88%	Reduced -7.3k	-7,256 -4.7%
34	MCKESSON CORP COM MCK	MCK	35,779	$27.0m0.87%	0.87%	Reduced -864	-864 -2.4%
35	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	76,527	$26.8m0.86%	0.86%	Reduced -3.8k	-3,775 -4.7%
36	PARKER-HANNIFIN CORP COM PH	PH	26,557	$26.0m0.84%	0.84%	Reduced -5	-5 -0.0%
37	SCHLUMBERGER LTD COM STK SLB	SLB	541,677	$25.2m0.81%	0.81%	Reduced -14.5k	-14,482 -2.6%
38	SPDR GOLD TR GOLD SHS GLD	GLD	67,082	$24.7m0.80%	0.80%	Reduced -1.4k	-1,429 -2.1%
39	STRYKER CORPORATION COM SYK	SYK	78,447	$24.7m0.80%	0.80%	Reduced -307	-307 -0.4%
40	SYSCO CORP COM SYY	SYY	267,709	$22.4m0.72%	0.72%	Reduced -5.5k	-5,531 -2.0%
41	EDWARDS LIFESCIENCES CORP COM EW	EW	245,113	$22.2m0.71%	0.71%	Reduced -5.3k	-5,339 -2.1%
42	HEWLETT PACKARD ENTERPRISE C COM HPE	HPE	474,893	$21.4m0.69%	0.69%	Reduced -118.9k	-118,865 -20.0%
43	PROCTER AND GAMBLE CO COM PG	PG	143,239	$21.0m0.68%	0.68%	Reduced -2.2k	-2,214 -1.5%
44	MCDONALDS CORP COM MCD	MCD	76,533	$20.7m0.67%	0.67%	Reduced -1.2k	-1,250 -1.6%
45	PEPSICO INC COM PEP	PEP	152,112	$20.6m0.66%	0.66%	Reduced -1.4k	-1,428 -0.9%
46	TRACTOR SUPPLY CO COM TSCO	TSCO	641,378	$20.3m0.65%	0.65%	Added +16.5k	+16,521 2.6%
47	MONDELEZ INTL INC CL A MDLZ	MDLZ	340,466	$19.7m0.63%	0.63%	Reduced -5.2k	-5,206 -1.5%
48	INTUIT COM INTU	INTU	75,319	$19.7m0.63%	0.63%	Added +18.6k	+18,568 32.7%
49	UNION PAC CORP COM UNP	UNP	70,323	$19.1m0.62%	0.62%	Added +1.2k	+1,230 1.8%
50	AGILENT TECHNOLOGIES INC COM A	A	143,133	$19.0m0.61%	0.61%	Reduced -400	-400 -0.3%
51	ABBOTT LABS COM ABT	ABT	199,707	$18.1m0.58%	0.58%	Reduced -1.6k	-1,592 -0.8%
52	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	23,929	$17.9m0.58%	0.58%	Reduced -455	-455 -1.9%
53	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	74,101	$17.6m0.57%	0.57%	Reduced -1.0k	-1,035 -1.4%
54	META PLATFORMS INC CL A META	META	30,430	$17.1m0.55%	0.55%	Reduced -854	-854 -2.7%
55	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	293,833	$16.9m0.55%	0.55%	Reduced -7.6k	-7,632 -2.5%
56	PHILIP MORRIS INTL INC COM PM	PM	93,457	$16.9m0.54%	0.54%	Reduced -1.2k	-1,185 -1.2%
57	CORPAY INC COM SHS CPAY	CPAY	49,596	$16.5m0.53%	0.53%	Added +1.4k	+1,438 3.0%
58	CARMAX INC COM KMX	KMX	308,133	$16.3m0.52%	0.52%	Reduced -16.0k	-15,951 -4.9%
59	WALMART INC COM WMT	WMT	140,660	$15.9m0.51%	0.51%	Reduced -4.8k	-4,794 -3.3%
60	HP INC COM HPQ	HPQ	714,859	$15.7m0.50%	0.50%	Reduced -746	-746 -0.1%
61	NOVO-NORDISK A S ADR NVO	NVO	318,484	$15.3m0.49%	0.49%	Reduced -6.3k	-6,257 -1.9%
62	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT LMBS	LMBS	303,619	$15.1m0.49%	0.49%	Added +11.8k	+11,798 4.0%
63	STARBUCKS CORP COM SBUX	SBUX	142,911	$14.6m0.47%	0.47%	Reduced -3.6k	-3,584 -2.5%
64	ZOETIS INC CL A ZTS	ZTS	189,326	$13.6m0.44%	0.44%	Added +41.2k	+41,175 27.8%
65	HOME DEPOT INC COM HD	HD	37,776	$13.3m0.43%	0.43%	Reduced -816	-816 -2.1%
66	CUMMINS INC COM CMI	CMI	18,353	$13.1m0.42%	0.42%	Reduced -90	-90 -0.5%
67	AMGEN INC COM AMGN	AMGN	36,058	$13.1m0.42%	0.42%	Reduced -1.1k	-1,131 -3.0%
68	GOLDMAN SACHS GROUP INC COM GS	GS	12,878	$13.0m0.42%	0.42%	Reduced -354	-354 -2.7%
69	DISNEY WALT CO COM DIS	DIS	131,951	$12.7m0.41%	0.41%	Added +1.6k	+1,587 1.2%
70	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	66,256	$12.6m0.41%	0.41%	Unchanged
71	COLGATE PALMOLIVE CO COM CL	CL	135,938	$12.5m0.40%	0.40%	Reduced -3.2k	-3,157 -2.3%
72	EBAY INC. COM EBAY	EBAY	111,476	$12.5m0.40%	0.40%	Reduced -40.8k	-40,759 -26.8%
73	NVIDIA CORPORATION COM NVDA	NVDA	62,142	$12.4m0.40%	0.40%	Reduced -2.9k	-2,855 -4.4%
74	ALBEMARLE CORP COM ALB	ALB	92,054	$12.4m0.40%	0.40%	Reduced -22.3k	-22,311 -19.5%
75	EXPEDITORS INTL WASH INC COM EXPD	EXPD	74,841	$12.2m0.39%	0.39%	Reduced -4.1k	-4,111 -5.2%
76	QNITY ELECTRONICS INC COMMON STOCK Q	Q	72,226	$11.8m0.38%	0.38%	Reduced -8.4k	-8,357 -10.4%
77	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	17,014	$11.7m0.38%	0.38%	Reduced -230	-230 -1.3%
78	ISHARES TR CORE S&P SCP ETF IJR	IJR	77,729	$11.5m0.37%	0.37%	Reduced -7.9k	-7,886 -9.2%
79	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	15	$11.2m0.36%	0.36%	Unchanged
80	PFIZER INC COM PFE	PFE	458,641	$11.0m0.36%	0.36%	Reduced -30.7k	-30,654 -6.3%
81	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	47,827	$10.7m0.34%	0.34%	Added +1.0k	+1,031 2.2%
82	GE AEROSPACE COM NEW GE	GE	27,302	$10.2m0.33%	0.33%	Reduced -297	-297 -1.1%
83	COCA COLA CO COM KO	KO	122,380	$9.9m0.32%	0.32%	Added +3.7k	+3,718 3.1%
84	BROADCOM INC COM AVGO	AVGO	26,229	$9.9m0.32%	0.32%	Reduced -960	-960 -3.5%
85	TEXAS INSTRS INC COM TXN	TXN	32,961	$9.8m0.32%	0.32%	Reduced -1.1k	-1,140 -3.3%
86	BANK NEW YORK MELLON CORP COM BNY	BNY	67,612	$9.8m0.31%	0.31%	Reduced -3.0k	-2,999 -4.2%
87	MERCK & CO INC COM MRK	MRK	75,680	$9.7m0.31%	0.31%	Reduced -440	-440 -0.6%
88	NORTHROP GRUMMAN CORP COM NOC	NOC	18,808	$9.6m0.31%	0.31%	Added +6	+6 0.0%
89	AON PLC SHS CL A AON	AON	28,607	$9.5m0.31%	0.31%	Added +1.5k	+1,531 5.7%
90	NOVARTIS AG SPONSORED ADR NVS	NVS	60,118	$9.4m0.30%	0.30%	Reduced -12.4k	-12,433 -17.1%
91	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	33,047	$9.3m0.30%	0.30%	Added +21	+21 0.1%
92	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	117,105	$9.3m0.30%	0.30%	Reduced -13.0k	-13,004 -10.0%
93	DUPONT DE NEMOURS INC COMMON STOCK DD	DD	64,143	$8.7m0.28%	0.28%	New
94	CONOCOPHILLIPS COM COP	COP	83,565	$8.7m0.28%	0.28%	Reduced -6.0k	-6,007 -6.7%
95	BOEING CO COM BA	BA	39,396	$8.5m0.27%	0.27%	Reduced -269	-269 -0.7%
96	ILLINOIS TOOL WKS INC COM ITW	ITW	31,469	$8.5m0.27%	0.27%	Reduced -46	-46 -0.1%
97	PUBLIC STORAGE COM PSA	PSA	25,918	$8.2m0.27%	0.27%	Unchanged
98	VERISK ANALYTICS INC COM VRSK	VRSK	45,042	$8.1m0.26%	0.26%	Added +42.4k	+42,438 1629.7%
99	OTIS WORLDWIDE CORP COM OTIS	OTIS	105,779	$7.6m0.24%	0.24%	Added +14.8k	+14,787 16.2%
100	LAM RESEARCH CORP COM NEW LRCX	LRCX	16,530	$7.2m0.23%	0.23%	Reduced -10	-10 -0.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HONEYWELL INTL INC		25,540	$11.5m25.5k shares
DUPONT DE NEMOURS INC DWDP	DWDP	67,445	$9.3m67.4k shares
VANGUARD SCOTTSDALE FDS VGSH	VGSH	11,036	$646.0k11.0k shares
FIRST TR EXCH TRADED FD III FCAL	FCAL	11,345	$554.7k11.3k shares
ISHARES TR CMF	CMF	9,260	$526.5k9.3k shares
DOUBLELINE ETF TRUST DBND	DBND	8,600	$394.0k8.6k shares
TRIMBLE INC TRMB	TRMB	4,298	$280.4k4.3k shares
INVESCO EXCH TRADED FD TR II PWZ	PWZ	11,050	$263.8k11.1k shares
KROGER CO KR	KR	3,543	$256.4k3.5k shares
ROSS STORES INC ROST	ROST	1,168	$253.0k1.2k shares
GLOBAL X FDS SIL	SIL	2,507	$225.9k2.5k shares
SPROTT ETF TRUST SGDM	SGDM	2,933	$221.4k2.9k shares
ATMUS FILTRATION TECHNOLOGIE ATMU	ATMU	3,835	$217.7k3.8k shares
SPROTT PHYSICAL SILVER TR PSLV	PSLV	8,725	$212.8k8.7k shares
GE HEALTHCARE TECHNOLOGIES I GEHC	GEHC	2,989	$212.8k3.0k shares
ASTRAZENECA PLC AZN	AZN	1,034	$203.9k1.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
LAM RESEARCH CORP LRCX · Put	LRCX	Put	14,700	$6.4m14.7k shares	New
NVIDIA CORPORATION NVDA · Put	NVDA	Put	15,000	$3.0m15.0k shares	New
ARISTA NETWORKS INC ANET · Put	ANET	Put	3,500	$594.6k3.5k shares	New
APPLE INC AAPL · Put	AAPL	Put	1,400	$405.1k1.4k shares	New
COSTCO WHSL CORP NEW COST · Put	COST	Put	300	$280.6k300 shares	New