# Willis Investment Counsel

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1310929. Source: https://holderbook.com/funds/1310929-willis-investment-counsel/

- Reported value: $2.1B
- Positions: 125
- Weight of the ten largest: 28.2%
- Filed: 2026-08-03

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 |
|---|---|---|---|---|---|
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $103.9M | 884,202 | 5.0% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $78.6M | 309,486 | 3.7% | 31 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $70.6M | 237,001 | 3.4% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $58.1M | 54,570 | 2.8% | 31 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $55.5M | 162,875 | 2.6% | 31 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $49.0M | 96,275 | 2.3% | 26 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $46.0M | 467,688 | 2.2% | 28 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $45.2M | 121,147 | 2.2% | 31 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $43.8M | 1,818,508 | 2.1% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $40.2M | 312,767 | 1.9% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $39.8M | 112,868 | 1.9% | 23 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $38.1M | 324,544 | 1.8% | 31 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $35.5M | 230,869 | 1.7% | 21 |
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $33.8M | 246,874 | 1.6% | 1 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $33.5M | 190,740 | 1.6% | 10 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $33.4M | 113,995 | 1.6% | 26 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $33.3M | 95,062 | 1.6% | 13 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $33.2M | 148,056 | 1.6% | 22 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $33.1M | 265,973 | 1.6% | 26 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $32.8M | 76,973 | 1.6% | 18 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $32.4M | 239,514 | 1.5% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $32.4M | 414,539 | 1.5% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $32.2M | 111,285 | 1.5% | 22 |
| QUEST DIAGNOSTICS INC | [DGX](https://holderbook.com/stocks/DGX/) | $32.1M | 151,500 | 1.5% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $31.3M | 345,349 | 1.5% | 5 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $30.7M | 209,370 | 1.5% | 26 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $28.5M | 274,201 | 1.4% | 31 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $27.8M | 203,038 | 1.3% | 31 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $27.6M | 331,239 | 1.3% | 31 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $27.3M | 20,102 | 1.3% | 6 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $27.2M | 104,300 | 1.3% | 23 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $25.7M | 602,300 | 1.2% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $25.5M | 77,798 | 1.2% | 31 |
| DARDEN RESTAURANTS INC | [DRI](https://holderbook.com/stocks/DRI/) | $25.2M | 122,400 | 1.2% | 19 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $24.0M | 759,707 | 1.1% | 31 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $23.8M | 146,840 | 1.1% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $23.6M | 557,990 | 1.1% | 31 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $23.6M | 66,500 | 1.1% | 29 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $22.9M | 67,676 | 1.1% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $22.8M | 84,485 | 1.1% | 10 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $22.6M | 292,008 | 1.1% | 18 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $22.5M | 31,135 | 1.1% | 20 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $21.9M | 229,300 | 1.0% | 23 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $21.7M | 34,200 | 1.0% | 29 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $21.6M | 18,017 | 1.0% | 5 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $21.3M | 103,802 | 1.0% | 18 |
| LABCORP HOLDINGS INC | [LH](https://holderbook.com/stocks/LH/) | $21.1M | 75,319 | 1.0% | 9 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $21.0M | 1,014,010 | 1.0% | 31 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $20.3M | 160,137 | 1.0% | 31 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $19.9M | 139,200 | 0.9% | 31 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $19.8M | 92,880 | 0.9% | 7 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $18.3M | 83,218 | 0.9% | 22 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $17.8M | 49,797 | 0.8% | 26 |
| HUBBELL INC | [HUBB](https://holderbook.com/stocks/HUBB/) | $17.1M | 32,723 | 0.8% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $16.7M | 83,643 | 0.8% | 17 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $16.6M | 99,877 | 0.8% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $15.5M | 30,118 | 0.7% | 26 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $15.3M | 68,626 | 0.7% | 3 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $14.8M | 39,360 | 0.7% | 13 |
| MOTOROLA SOLUTIONS INC | [MSI](https://holderbook.com/stocks/MSI/) | $13.5M | 32,600 | 0.6% | 1 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $12.3M | 171,746 | 0.6% | 7 |
| FACTSET RESH SYS INC | [FDS](https://holderbook.com/stocks/FDS/) | $11.7M | 51,021 | 0.6% | 22 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $11.7M | 109,094 | 0.6% | 26 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $10.9M | 19,367 | 0.5% | 5 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $9.8M | 46,244 | 0.5% | 25 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $9.8M | 28,553 | 0.5% | 4 |
| NRC HEALTH | [NRC](https://holderbook.com/stocks/NRC/) | $9.4M | 434,785 | 0.4% | 31 |
| FRONTDOOR INC | [FTDR](https://holderbook.com/stocks/FTDR/) | $9.3M | 119,899 | 0.4% | 29 |
| MEDPACE HLDGS INC | [MEDP](https://holderbook.com/stocks/MEDP/) | $7.9M | 14,855 | 0.4% | 22 |
| QUALYS INC | [QLYS](https://holderbook.com/stocks/QLYS/) | $7.9M | 57,156 | 0.4% | 21 |
| LIQUIDITY SVCS INC | [LQDT](https://holderbook.com/stocks/LQDT/) | $7.6M | 193,441 | 0.4% | 14 |
| DONALDSON INC | [DCI](https://holderbook.com/stocks/DCI/) | $7.3M | 81,745 | 0.3% | 22 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $6.9M | 133,186 | 0.3% | 17 |
| STERLING INFRASTRUCTURE INC | [STRL](https://holderbook.com/stocks/STRL/) | $6.8M | 8,160 | 0.3% | 31 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $6.8M | 16,757 | 0.3% | 2 |
| LOGITECH INTL S A | [LOGI](https://holderbook.com/stocks/LOGI/) | $6.8M | 72,038 | 0.3% | 17 |
| HENRY JACK & ASSOC INC | [JKHY](https://holderbook.com/stocks/JKHY/) | $6.7M | 48,588 | 0.3% | 13 |
| AVERY DENNISON CORP | [AVY](https://holderbook.com/stocks/AVY/) | $5.6M | 34,558 | 0.3% | 5 |
| LAMAR ADVERTISING CO | [LAMR](https://holderbook.com/stocks/LAMR/) | $5.3M | 33,811 | 0.3% | 7 |
| PAYCOM SOFTWARE INC | [PAYC](https://holderbook.com/stocks/PAYC/) | $5.0M | 39,620 | 0.2% | 8 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $4.8M | 76,226 | 0.2% | 17 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $4.7M | 28,035 | 0.2% | 3 |
| TORO CO | [TTC](https://holderbook.com/stocks/TTC/) | $4.6M | 47,415 | 0.2% | 12 |
| ZEBRA TECHNOLOGIES CORPORATI | [ZBRA](https://holderbook.com/stocks/ZBRA/) | $4.5M | 17,175 | 0.2% | 5 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $4.2M | 16,168 | 0.2% | 2 |
| EVERTEC INC | [EVTC](https://holderbook.com/stocks/EVTC/) | $4.2M | 150,575 | 0.2% | 21 |
| JBT MAREL CORPORATION | [JBTM](https://holderbook.com/stocks/JBTM/) | $4.0M | 27,401 | 0.2% | 18 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $3.8M | 15,294 | 0.2% | 15 |
| HEXCEL CORP NEW | [HXL](https://holderbook.com/stocks/HXL/) | $3.8M | 38,150 | 0.2% | 29 |
| UBIQUITI INC | [UI](https://holderbook.com/stocks/UI/) | $3.7M | 6,989 | 0.2% | 9 |
| MSC INDL DIRECT INC | [MSM](https://holderbook.com/stocks/MSM/) | $3.7M | 31,258 | 0.2% | 31 |
| BADGER METER INC | [BMI](https://holderbook.com/stocks/BMI/) | $2.7M | 18,383 | 0.1% | 1 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $2.7M | 37,659 | 0.1% | 4 |
| DOLBY LABORATORIES INC | [DLB](https://holderbook.com/stocks/DLB/) | $2.1M | 39,854 | 0.1% | 31 |
|  | - | $1.7M | 8,105 | 0.1% | 1 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $1.2M | 16,164 | 0.1% | 4 |
| MAXCYTE INC | [MXCT](https://holderbook.com/stocks/MXCT/) | $1.1M | 862,758 | 0.1% | 11 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.0M | 12,664 | 0.0% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $831.7K | 1,211 | 0.0% | 5 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $827.3K | 10,268 | 0.0% | 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 |
|---|---|---|---|---|
| Q2 2026 | +5.4% | +14.8% | -9.4% | 100% |
| Q1 2026 | +4.2% | -4.6% | +8.8% | 100% |
| Q4 2025 | +0.6% | +2.4% | -1.8% | 100% |
| Q3 2025 | +3.4% | +7.8% | -4.4% | 100% |
| Q2 2025 | +1.3% | +10.5% | -9.2% | 100% |
| Q1 2025 | -0.5% | -4.6% | +4.1% | 100% |
| Q4 2024 | -4.0% | +2.1% | -6.2% | 100% |
| Q3 2024 | +7.3% | +5.4% | +1.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.1B | 125 |
| Q1 2026 | $1.8B | 123 |
| Q4 2025 | $1.9B | 130 |
| Q3 2025 | $1.8B | 127 |
| Q2 2025 | $1.7B | 118 |
| Q1 2025 | $1.5B | 117 |
| Q4 2024 | $1.5B | 116 |
| Q3 2024 | $1.5B | 113 |
| Q2 2024 | $1.4B | 107 |
| Q1 2024 | $1.5B | 107 |
| Q4 2023 | $1.4B | 113 |
| Q3 2023 | $1.3B | 109 |