Carnegie Investment Counsel

PEPPER PIKE, OH · CIK 1511506 · 13F filing filed 2025-07-31

SEC-registered investment adviser since 2009 · limited liability company

Assets managed$7.5bn
Staff69 · 39 in investment roles
Main clients (by assets)High net worth individuals 70%, Individuals 12%, Companies 9%
Websitecarroll-financial.com
Form ADV · 2026-07-09SEC adviser record

$5.0bn reported value +18.1% vs Q1 2025

541positions

24.0%in top 10

68 new 226 added 197 reduced 9 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	406,757	$202.3m4.07%	4.07%	Added +5.4k	+5,393 1.3%
2	APPLE INC COM AAPL	AAPL	671,133	$137.7m2.77%	2.77%	Reduced -23.2k	-23,167 -3.3%
3	META PLATFORMS INC CL A META	META	161,961	$119.5m2.40%	2.40%	Added +2.2k	+2,173 1.4%
4	JPMORGAN CHASE & CO COM JPM	JPM	409,708	$118.8m2.39%	2.39%	Reduced -8.3k	-8,292 -2.0%
5	ALPHABET INC CAP STK CL A GOOGL	GOOGL	668,214	$117.8m2.37%	2.37%	Added +16.4k	+16,422 2.5%
6	NVIDIA CORPORATION COM NVDA	NVDA	718,046	$113.4m2.28%	2.28%	Reduced -13.7k	-13,700 -1.9%
7	BROADCOM INC COM AVGO	AVGO	389,669	$107.4m2.16%	2.16%	Reduced -50.3k	-50,261 -11.4%
8	AMAZON COM INC COM AMZN	AMZN	460,806	$101.1m2.03%	2.03%	Added +6.7k	+6,749 1.5%
9	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	197,040	$95.7m1.92%	1.92%	Reduced -7.6k	-7,580 -3.7%
10	STRYKER CORPORATION COM SYK	SYK	206,974	$81.9m1.65%	1.65%	Added +2.4k	+2,430 1.2%
11	MASTERCARD INCORPORATED CL A MA	MA	143,769	$80.8m1.62%	1.62%	Reduced -1.4k	-1,450 -1.0%
12	PROGRESSIVE CORP COM PGR	PGR	284,787	$76.0m1.53%	1.53%	Reduced -2.4k	-2,431 -0.8%
13	SCHWAB CHARLES CORP COM SCHW	SCHW	826,339	$75.4m1.52%	1.52%	Added +6.5k	+6,486 0.8%
14	EATON CORP PLC SHS ETN	ETN	193,293	$69.0m1.39%	1.39%	Added +1.7k	+1,728 0.9%
15	VISA INC COM CL A V	V	180,927	$64.2m1.29%	1.29%	Added +8.5k	+8,459 4.9%
16	SHERWIN WILLIAMS CO COM SHW	SHW	163,529	$56.1m1.13%	1.13%	Reduced -4.5k	-4,457 -2.6%
17	QUALCOMM INC COM QCOM	QCOM	337,361	$53.7m1.08%	1.08%	Reduced -2.8k	-2,814 -0.8%
18	ZOETIS INC CL A ZTS	ZTS	318,969	$49.7m1.00%	1.00%	Added +170.5k	+170,549 114.9%
19	OREILLY AUTOMOTIVE INC COM ORLY	ORLY	514,369	$46.4m0.93%	0.93%	Reduced -2.5k	-2,546 -0.5%
20	SPDR SER TR PORTFLI INTRMDIT SPTI	SPTI	1,600,520	$46.0m0.93%	0.93%	Added +263.1k	+263,108 19.7%
21	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	73,852	$45.6m0.92%	0.92%	Reduced -600	-600 -0.8%
22	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	178,705	$45.3m0.91%	0.91%	Added +6.2k	+6,211 3.6%
23	ALPHABET INC CAP STK CL C GOOG	GOOG	247,182	$43.8m0.88%	0.88%	Reduced -393	-393 -0.2%
24	BLACKROCK INC COM BLK	BLK	40,999	$43.0m0.86%	0.86%	Reduced -935	-935 -2.2%
25	ABBOTT LABS COM ABT	ABT	307,890	$41.9m0.84%	0.84%	Added +6.3k	+6,328 2.1%
26	ECOLAB INC COM ECL	ECL	152,852	$41.2m0.83%	0.83%	Reduced -1.1k	-1,086 -0.7%
27	CME GROUP INC COM CME	CME	148,785	$41.0m0.82%	0.82%	Added +12.3k	+12,350 9.1%
28	CHUBB LIMITED COM CB	CB	140,462	$40.7m0.82%	0.82%	Reduced -2.4k	-2,398 -1.7%
29	UBER TECHNOLOGIES INC COM UBER	UBER	428,751	$40.0m0.80%	0.80%	Added +87.1k	+87,108 25.5%
30	SPDR SER TR PORTFOLIO INTRMD SPIB	SPIB	1,086,586	$36.5m0.73%	0.73%	Added +26.2k	+26,238 2.5%
31	ADOBE INC COM ADBE	ADBE	94,080	$36.4m0.73%	0.73%	Reduced -10.8k	-10,845 -10.3%
32	ALLIANT ENERGY CORP COM LNT	LNT	598,339	$36.2m0.73%	0.73%	Added +66.7k	+66,656 12.5%
33	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	382,491	$35.4m0.71%	0.71%	Reduced -3.2k	-3,205 -0.8%
34	LOWES COS INC COM LOW	LOW	159,375	$35.4m0.71%	0.71%	Added +816	+816 0.5%
35	CLOUDFLARE INC CL A COM NET	NET	178,318	$34.9m0.70%	0.70%	Reduced -9.1k	-9,055 -4.8%
36	COSTCO WHSL CORP NEW COM COST	COST	35,114	$34.8m0.70%	0.70%	Reduced -69	-69 -0.2%
37	RTX CORPORATION COM RTX	RTX	229,048	$33.4m0.67%	0.67%	Reduced -7.1k	-7,092 -3.0%
38	UNITEDHEALTH GROUP INC COM UNH	UNH	103,305	$32.2m0.65%	0.65%	Added +8.5k	+8,474 8.9%
39	HOME DEPOT INC COM HD	HD	85,714	$31.4m0.63%	0.63%	Reduced -8.2k	-8,199 -8.7%
40	VANGUARD SCOTTSDALE FDS SHORT TERM TREAS VGSH	VGSH	533,659	$31.4m0.63%	0.63%	Added +14.3k	+14,350 2.8%
41	APPLIED MATLS INC COM AMAT	AMAT	170,343	$31.2m0.63%	0.63%	Added +19.6k	+19,616 13.0%
42	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	103,467	$30.9m0.62%	0.62%	Added +4.7k	+4,734 4.8%
43	VERIZON COMMUNICATIONS INC COM VZ	VZ	703,116	$30.4m0.61%	0.61%	Added +28.3k	+28,267 4.2%
44	NORFOLK SOUTHN CORP COM NSC	NSC	117,923	$30.2m0.61%	0.61%	Added +3.4k	+3,380 3.0%
45	NEXTERA ENERGY INC COM NEE	NEE	433,359	$30.1m0.60%	0.60%	Added +3.7k	+3,704 0.9%
46	KINSALE CAP GROUP INC COM KNSL	KNSL	61,888	$29.9m0.60%	0.60%	Added +1.5k	+1,461 2.4%
47	ULTA BEAUTY INC COM ULTA	ULTA	63,559	$29.7m0.60%	0.60%	Added +1.6k	+1,601 2.6%
48	ANSYS INC COM ANSS	ANSS	82,396	$28.9m0.58%	0.58%	Added +1.4k	+1,374 1.7%
49	ISHARES TR MSCI INTL QUALTY IQLT	IQLT	664,874	$28.7m0.58%	0.58%	Added +33.5k	+33,522 5.3%
50	AMGEN INC COM AMGN	AMGN	101,926	$28.5m0.57%	0.57%	Added +103	+103 0.1%
51	AMERICAN TOWER CORP NEW COM AMT	AMT	124,831	$27.6m0.55%	0.55%	Added +43	+43 0.0%
52	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	373,635	$27.2m0.55%	0.55%	Added +45.7k	+45,696 13.9%
53	PUBLIC STORAGE COM PSA	PSA	91,696	$26.9m0.54%	0.54%	Added +7.5k	+7,522 8.9%
54	TJX COS INC NEW COM TJX	TJX	216,117	$26.7m0.54%	0.54%	Added +688	+688 0.3%
55	UNION PAC CORP COM UNP	UNP	112,209	$25.8m0.52%	0.52%	Reduced -5.2k	-5,219 -4.4%
56	NORTHROP GRUMMAN CORP COM NOC	NOC	48,357	$24.2m0.49%	0.49%	Reduced -4.9k	-4,921 -9.2%
57	TRADEWEB MKTS INC CL A TW	TW	164,033	$24.0m0.48%	0.48%	Added +10.9k	+10,940 7.2%
58	DONALDSON INC COM DCI	DCI	346,255	$24.0m0.48%	0.48%	Added +802	+802 0.2%
59	CASEYS GEN STORES INC COM CASY	CASY	45,617	$23.3m0.47%	0.47%	Added +992	+992 2.2%
60	ROCKWELL AUTOMATION INC COM ROK	ROK	69,766	$23.2m0.47%	0.47%	Reduced -303	-303 -0.4%
61	BANK AMERICA CORP COM BAC	BAC	484,766	$22.9m0.46%	0.46%	Added +4.3k	+4,300 0.9%
62	ISHARES TR MBS ETF MBB	MBB	241,333	$22.7m0.46%	0.46%	Added +10.1k	+10,056 4.3%
63	MARSH & MCLENNAN COS INC COM MRSH	MRSH	103,395	$22.6m0.45%	0.45%	Added +8.8k	+8,850 9.4%
64	REDDIT INC CL A RDDT	RDDT	144,686	$21.8m0.44%	0.44%	Reduced -36.1k	-36,108 -20.0%
65	JOHNSON & JOHNSON COM JNJ	JNJ	141,574	$21.6m0.43%	0.43%	Reduced -3.0k	-3,037 -2.1%
66	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	104,650	$21.4m0.43%	0.43%	Added +3.3k	+3,326 3.3%
67	ISHARES TR SHRT NAT MUN ETF SUB	SUB	200,825	$21.4m0.43%	0.43%	Added +20.4k	+20,434 11.3%
68	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	52,413	$21.3m0.43%	0.43%	Reduced -3.7k	-3,703 -6.6%
69	ABBVIE INC COM ABBV	ABBV	114,048	$21.2m0.43%	0.43%	Reduced -2.2k	-2,168 -1.9%
70	KINDER MORGAN INC DEL COM KMI	KMI	688,021	$20.2m0.41%	0.41%	Added +16.3k	+16,272 2.4%
71	NOVO-NORDISK A S ADR NVO	NVO	289,509	$20.0m0.40%	0.40%	Added +17.0k	+17,034 6.2%
72	TE CONNECTIVITY PLC ORD SHS TEL	TEL	117,930	$19.9m0.40%	0.40%	Added +908	+908 0.8%
73	RELX PLC SPONSORED ADR RELX	RELX	362,560	$19.7m0.40%	0.40%	Added +44.6k	+44,646 14.0%
74	CHEVRON CORP NEW COM CVX	CVX	135,459	$19.4m0.39%	0.39%	Added +4.2k	+4,152 3.2%
75	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	34,088	$19.4m0.39%	0.39%	Added +338	+338 1.0%
76	OTIS WORLDWIDE CORP COM OTIS	OTIS	195,437	$19.4m0.39%	0.39%	Added +2.0k	+1,964 1.0%
77	SOUTHERN CO COM SO	SO	204,567	$18.8m0.38%	0.38%	Added +12.3k	+12,314 6.4%
78	GRUPO AEROPUERTO DEL PACIFIC SPON ADS B PAC	PAC	81,625	$18.7m0.38%	0.38%	Added +7.5k	+7,470 10.1%
79	WALMART INC COM WMT	WMT	191,241	$18.7m0.38%	0.38%	Added +1.0k	+1,031 0.5%
80	CISCO SYS INC COM CSCO	CSCO	269,276	$18.7m0.38%	0.38%	Reduced -391	-391 -0.1%
81	T-MOBILE US INC COM TMUS	TMUS	78,070	$18.6m0.37%	0.37%	Added +1.0k	+1,042 1.4%
82	PHILIP MORRIS INTL INC COM PM	PM	101,647	$18.5m0.37%	0.37%	Reduced -1.0k	-1,042 -1.0%
83	IONQ INC COM IONQ	IONQ	424,582	$18.2m0.37%	0.37%	Reduced -21.0k	-21,003 -4.7%
84	GE VERNOVA INC COM GEV	GEV	33,958	$18.0m0.36%	0.36%	Reduced -102	-102 -0.3%
85	ZEBRA TECHNOLOGIES CORPORATI CL A ZBRA	ZBRA	58,264	$18.0m0.36%	0.36%	Added +3.5k	+3,543 6.5%
86	CSX CORP COM CSX	CSX	544,476	$17.8m0.36%	0.36%	Reduced -14.1k	-14,074 -2.5%
87	CINTAS CORP COM CTAS	CTAS	79,110	$17.6m0.35%	0.35%	Reduced -1.0k	-1,037 -1.3%
88	WINGSTOP INC COM WING	WING	51,436	$17.3m0.35%	0.35%	Added +4.2k	+4,236 9.0%
89	ARISTA NETWORKS INC COM SHS ANET	ANET	168,192	$17.2m0.35%	0.35%	Added +12.7k	+12,736 8.2%
90	VANGUARD MUN BD FDS TAX EXEMPT BD VTEB	VTEB	350,253	$17.2m0.35%	0.35%	Added +8.5k	+8,466 2.5%
91	ISHARES TR IBONDS 26 TRM TS IBTG	IBTG	734,491	$16.8m0.34%	0.34%	Added +61.5k	+61,464 9.1%
92	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	121,674	$16.6m0.33%	0.33%	Added +2.6k	+2,630 2.2%
93	POST HLDGS INC COM POST	POST	151,840	$16.6m0.33%	0.33%	Added +20.2k	+20,186 15.3%
94	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	314,292	$16.5m0.33%	0.33%	Added +1.2k	+1,213 0.4%
95	MCDONALDS CORP COM MCD	MCD	54,365	$15.9m0.32%	0.32%	Added +725	+725 1.4%
96	SCHWAB STRATEGIC TR US TIPS ETF SCHP	SCHP	592,128	$15.8m0.32%	0.32%	Added +52.3k	+52,308 9.7%
97	EMERSON ELEC CO COM EMR	EMR	115,762	$15.4m0.31%	0.31%	Added +3.3k	+3,346 3.0%
98	COREWEAVE INC COM CL A CRWV	CRWV	92,436	$15.1m0.30%	0.30%	New
99	WATSCO INC COM WSO	WSO	33,933	$15.0m0.30%	0.30%	Added +162	+162 0.5%
100	ISHARES TR IBONDS 25 TRM TS IBONDS 25 TRM TS		631,320	$14.7m0.30%	0.30%	Reduced -36.5k	-36,515 -5.5%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
SPHERE ENTERTAINMENT CO SPHR	SPHR	136,700	$3.7m136.7k shares
AUTODESK INC ADSK	ADSK	4,860	$1.2m4.9k shares
NORTHWEST BANCSHARES INC MD NWBI	NWBI	50,191	$557.1k50.2k shares
VANECK ETF TRUST NLR	NLR	7,454	$499.4k7.5k shares
ROYAL BK CDA RY	RY	4,158	$453.9k4.2k shares
STANLEY BLACK & DECKER INC SWK	SWK	4,652	$356.5k4.7k shares
INVESCO EXCH TRD SLF IDX FD BSMS	BSMS	11,410	$261.3k11.4k shares
DOW INC DOW	DOW	7,678	$239.2k7.7k shares
LIQUIDITY SVCS INC LQDT	LQDT	7,258	$225.1k7.3k shares