# GAMBLE JONES INVESTMENT COUNSEL

> Institutional holdings reported to the SEC as of Q4 2022 on Form 13F. CIK 1083340. Source: https://holderbook.com/funds/1083340-gamble-jones-investment-counsel/

- Reported value: $1.3B
- Positions: 202
- Weight of the ten largest: 51.2%
- Filed: 2023-02-08

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $371.1M | 2,448,284 | 28.0% | 17 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $66.2M | 509,203 | 5.0% | 17 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $61.5M | 256,396 | 4.6% | 17 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $30.5M | 184,893 | 2.3% | 17 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $29.8M | 337,708 | 2.2% | 17 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $28.0M | 90,584 | 2.1% | 17 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $24.3M | 289,085 | 1.8% | 17 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $24.0M | 218,626 | 1.8% | 17 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $23.8M | 134,934 | 1.8% | 17 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $19.7M | 274,506 | 1.5% | 17 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $19.3M | 178,219 | 1.5% | 17 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $18.4M | 533,097 | 1.4% | 7 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $18.4M | 102,693 | 1.4% | 17 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $18.1M | 204,102 | 1.4% | 17 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $17.5M | 216,055 | 1.3% | 17 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $17.1M | 82,350 | 1.3% | 17 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $16.4M | 47,145 | 1.2% | 17 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $16.0M | 88,797 | 1.2% | 17 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $15.5M | 96,205 | 1.2% | 17 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $15.2M | 57,494 | 1.1% | 17 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $14.6M | 305,686 | 1.1% | 17 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $14.5M | 151,569 | 1.1% | 17 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $13.5M | 134,105 | 1.0% | 11 |
| ISHARES TR | [SHV](https://holderbook.com/stocks/SHV/) | $13.5M | 122,841 | 1.0% | 17 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $13.0M | 143,327 | 1.0% | 17 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $12.3M | 239,082 | 0.9% | 17 |
| BLACKROCK INC | [BLKXXXX](https://holderbook.com/stocks/BLKXXXX/) | $11.3M | 15,980 | 0.9% | 8 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $10.9M | 210,953 | 0.8% | 17 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $10.8M | 143,168 | 0.8% | 17 |
| SSGA ACTIVE ETF TR | [TOTL](https://holderbook.com/stocks/TOTL/) | $10.5M | 261,688 | 0.8% | 17 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $10.4M | 68,430 | 0.8% | 17 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $10.4M | 223,560 | 0.8% | 14 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $10.3M | 118,353 | 0.8% | 17 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $10.0M | 90,720 | 0.8% | 17 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $9.9M | 37,776 | 0.7% | 17 |
| WORKDAY INC | [WDAY](https://holderbook.com/stocks/WDAY/) | $9.4M | 56,269 | 0.7% | 17 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $9.4M | 45,425 | 0.7% | 17 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $8.9M | 47,390 | 0.7% | 17 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $8.2M | 19,057 | 0.6% | 17 |
| VANGUARD WORLD FD | [VPU](https://holderbook.com/stocks/VPU/) | $7.8M | 51,040 | 0.6% | 17 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $7.7M | 64,392 | 0.6% | 17 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $7.6M | 91,227 | 0.6% | 17 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $7.0M | 32,874 | 0.5% | 17 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $6.7M | 27,465 | 0.5% | 17 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $6.5M | 14,313 | 0.5% | 17 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $6.2M | 46,291 | 0.5% | 17 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $6.0M | 21,492 | 0.5% | 17 |
| CYBERARK SOFTWARE LTD | [CYBR](https://holderbook.com/stocks/CYBR/) | $5.7M | 43,590 | 0.4% | 17 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $5.6M | 31,423 | 0.4% | 17 |
| ETSY INC | [ETSY](https://holderbook.com/stocks/ETSY/) | $5.6M | 46,668 | 0.4% | 13 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $5.4M | 28,267 | 0.4% | 17 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $5.3M | 10,009 | 0.4% | 17 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $5.1M | 16,196 | 0.4% | 17 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $4.9M | 23,073 | 0.4% | 17 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $4.9M | 68,103 | 0.4% | 17 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $4.7M | 19,193 | 0.4% | 17 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $4.5M | 47,271 | 0.3% | 17 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $4.4M | 16,628 | 0.3% | 17 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $4.4M | 12,050 | 0.3% | 17 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $3.9M | 33,141 | 0.3% | 17 |
| SMUCKER J M CO | [SJM](https://holderbook.com/stocks/SJM/) | $3.9M | 24,462 | 0.3% | 17 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $3.8M | 96,846 | 0.3% | 17 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $3.8M | 26,832 | 0.3% | 17 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $3.7M | 18,288 | 0.3% | 17 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $3.7M | 9,645 | 0.3% | 17 |
| EPAM SYS INC | [EPAM](https://holderbook.com/stocks/EPAM/) | $3.6M | 11,001 | 0.3% | 17 |
| LINDE PLC | [LINXXXX](https://holderbook.com/stocks/LINXXXX/) | $3.4M | 10,400 | 0.3% | 17 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $3.3M | 12,977 | 0.2% | 17 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $2.8M | 14,276 | 0.2% | 17 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $2.8M | 104,690 | 0.2% | 17 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $2.7M | 33,228 | 0.2% | 17 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $2.5M | 34,508 | 0.2% | 17 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $2.4M | 31,089 | 0.2% | 17 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $2.4M | 6,144 | 0.2% | 17 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $2.3M | 20,106 | 0.2% | 17 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $2.3M | 16,204 | 0.2% | 17 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $2.2M | 18,521 | 0.2% | 17 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $2.2M | 34,597 | 0.2% | 17 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $2.2M | 12,427 | 0.2% | 17 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $2.0M | 42,430 | 0.2% | 17 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $2.0M | 5,950 | 0.1% | 17 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $2.0M | 19,502 | 0.1% | 17 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $1.9M | 24,692 | 0.1% | 10 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $1.8M | 3,388 | 0.1% | 17 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $1.8M | 17,335 | 0.1% | 17 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $1.7M | 25,419 | 0.1% | 17 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $1.7M | 1,283 | 0.1% | 17 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $1.6M | 19,985 | 0.1% | 17 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $1.6M | 19,972 | 0.1% | 17 |
| ISHARES TR | [IHI](https://holderbook.com/stocks/IHI/) | $1.6M | 30,107 | 0.1% | 12 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $1.5M | 11,067 | 0.1% | 17 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $1.5M | 10,053 | 0.1% | 17 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $1.5M | 6,155 | 0.1% | 17 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $1.4M | 9,934 | 0.1% | 17 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $1.4M | 30,457 | 0.1% | 17 |
| CVB FINL CORP | [CVBF](https://holderbook.com/stocks/CVBF/) | $1.3M | 51,371 | 0.1% | 17 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $1.3M | 5,600 | 0.1% | 17 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $1.3M | 6,642 | 0.1% | 17 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $1.2M | 16,365 | 0.1% | 17 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $1.2M | 15,531 | 0.1% | 17 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2022 | +9.8% | +7.1% | +2.7% | 100% |
| Q3 2022 | -7.1% | -5.3% | -1.8% | 100% |
| Q2 2022 | -12.6% | -16.5% | +3.9% | 100% |
| Q1 2022 | -5.4% | -4.9% | -0.5% | 100% |
| Q4 2021 | +10.5% | +10.7% | -0.2% | 100% |
| Q3 2021 | +0.2% | +0.3% | -0.1% | 100% |
| Q2 2021 | +4.8% | +8.0% | -3.2% | 100% |
| Q1 2021 | +1.9% | +6.0% | -4.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2022 | $1.3B | 202 |
| Q3 2022 | $1.2B | 219 |
| Q2 2022 | $1.4B | 203 |
| Q1 2022 | $1.6B | 209 |
| Q4 2021 | $1.7B | 214 |
| Q3 2021 | $1.5B | 213 |
| Q2 2021 | $1.5B | 217 |
| Q1 2021 | $1.5B | 213 |
| Q4 2020 | $1.5B | 207 |
| Q3 2020 | $1.4B | 203 |
| Q2 2020 | $1.2B | 199 |
| Q1 2020 | $1.1B | 187 |