# Carnegie Investment Counsel

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1511506. Source: https://holderbook.com/funds/1511506-carnegie-investment-counsel/

- Reported value: $5.0B
- Positions: 547
- Weight of the ten largest: 24.6%
- Filed: 2026-07-30

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 |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $189.9M | 539,742 | 3.8% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $175.8M | 607,488 | 3.5% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $145.9M | 396,759 | 2.9% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $129.4M | 348,714 | 2.6% | 27 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $119.9M | 375,035 | 2.4% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $108.9M | 544,093 | 2.2% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $103.0M | 432,031 | 2.1% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $96.3M | 196,097 | 1.9% | 31 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $80.7M | 111,680 | 1.6% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $78.3M | 142,799 | 1.6% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $77.3M | 218,905 | 1.5% | 31 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $70.5M | 165,555 | 1.4% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $70.2M | 228,574 | 1.4% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $69.8M | 140,541 | 1.4% | 31 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $66.9M | 745,872 | 1.3% | 31 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $65.7M | 344,853 | 1.3% | 31 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $63.8M | 192,437 | 1.3% | 31 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $57.7M | 264,332 | 1.2% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $55.1M | 160,515 | 1.1% | 31 |
| SPDR SERIES TRUST | [SPTI](https://holderbook.com/stocks/SPTI/) | $52.3M | 1,843,779 | 1.0% | 6 |
| ISHARES TR | [IQLT](https://holderbook.com/stocks/IQLT/) | $50.3M | 1,014,957 | 1.0% | 15 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $48.2M | 142,423 | 1.0% | 31 |
| ALLIANT ENERGY CORP | [LNT](https://holderbook.com/stocks/LNT/) | $47.4M | 649,377 | 0.9% | 6 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $47.2M | 137,060 | 0.9% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $43.7M | 182,419 | 0.9% | 31 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $43.1M | 488,052 | 0.9% | 6 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $38.6M | 96,955 | 0.8% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $38.2M | 213,435 | 0.8% | 17 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $37.8M | 430,630 | 0.8% | 14 |
| SPDR SERIES TRUST | [SPIB](https://holderbook.com/stocks/SPIB/) | $37.7M | 1,126,579 | 0.8% | 6 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $37.5M | 103,528 | 0.8% | 31 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $37.3M | 133,818 | 0.7% | 31 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $36.9M | 123,694 | 0.7% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $35.6M | 406,002 | 0.7% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $35.6M | 252,406 | 0.7% | 31 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $34.3M | 37,385 | 0.7% | 7 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $33.8M | 45,278 | 0.7% | 31 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $33.8M | 111,466 | 0.7% | 30 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $33.6M | 132,112 | 0.7% | 31 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $33.5M | 159,681 | 0.7% | 10 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $33.5M | 73,641 | 0.7% | 10 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $32.9M | 819,386 | 0.7% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $32.6M | 599,944 | 0.7% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $31.4M | 33,613 | 0.6% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $31.2M | 266,044 | 0.6% | 31 |
| CASEYS GEN STORES INC | [CASY](https://holderbook.com/stocks/CASY/) | $31.0M | 39,023 | 0.6% | 10 |
| DONALDSON INC | [DCI](https://holderbook.com/stocks/DCI/) | $30.9M | 358,083 | 0.6% | 6 |
| DECKERS OUTDOOR CORP | [DECK](https://holderbook.com/stocks/DECK/) | $30.4M | 323,708 | 0.6% | 2 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $29.8M | 135,238 | 0.6% | 31 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $29.6M | 508,786 | 0.6% | 6 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $28.8M | 190,043 | 0.6% | 31 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $26.8M | 838,492 | 0.5% | 25 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $26.1M | 60,845 | 0.5% | 6 |
| TE CONNECTIVITY PLC | [TEL](https://holderbook.com/stocks/TEL/) | $25.2M | 124,863 | 0.5% | 8 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $24.3M | 510,907 | 0.5% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $24.3M | 146,341 | 0.5% | 31 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $24.2M | 47,515 | 0.5% | 31 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $23.8M | 251,825 | 0.5% | 6 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $23.7M | 87,248 | 0.5% | 31 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $23.6M | 127,477 | 0.5% | 28 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $22.7M | 315,131 | 0.5% | 8 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $22.7M | 19,345 | 0.5% | 9 |
| ROCKWELL AUTOMATION INC | [ROK](https://holderbook.com/stocks/ROK/) | $22.6M | 45,592 | 0.5% | 31 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $22.4M | 29,400 | 0.4% | 20 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $22.4M | 198,076 | 0.4% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $22.4M | 32,596 | 0.4% | 31 |
| KINSALE CAP GROUP INC | [KNSL](https://holderbook.com/stocks/KNSL/) | $21.9M | 66,354 | 0.4% | 11 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $21.6M | 251,518 | 0.4% | 31 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $20.9M | 259,117 | 0.4% | 31 |
| GRUPO AEROPORTUNARIO DEL PAC | [PAC](https://holderbook.com/stocks/PAC/) | $20.5M | 81,091 | 0.4% | 6 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $20.2M | 85,341 | 0.4% | 31 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $19.9M | 207,587 | 0.4% | 31 |
| LINCOLN ELEC HLDGS INC | [LECO](https://holderbook.com/stocks/LECO/) | $19.5M | 73,610 | 0.4% | 31 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $19.5M | 183,174 | 0.4% | 6 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $19.0M | 105,172 | 0.4% | 31 |
| ISHARES TR | [IBTH](https://holderbook.com/stocks/IBTH/) | $18.8M | 840,789 | 0.4% | 4 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $18.5M | 100,116 | 0.4% | 31 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $18.0M | 35,925 | 0.4% | 31 |
| ISHARES TR | [IBTG](https://holderbook.com/stocks/IBTG/) | $17.7M | 775,246 | 0.4% | 8 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $17.6M | 217,150 | 0.4% | 31 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $17.0M | 335,119 | 0.3% | 6 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $16.8M | 530,769 | 0.3% | 18 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $16.5M | 623,683 | 0.3% | 6 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $16.2M | 76,004 | 0.3% | 31 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $16.2M | 301,516 | 0.3% | 31 |
| WP CAREY INC | [WPC](https://holderbook.com/stocks/WPC/) | $16.0M | 224,344 | 0.3% | 31 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $15.9M | 93,547 | 0.3% | 7 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $15.9M | 110,931 | 0.3% | 31 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $15.7M | 132,225 | 0.3% | 31 |
| SPDR SERIES TRUST | [SPSM](https://holderbook.com/stocks/SPSM/) | $15.7M | 272,291 | 0.3% | 13 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $15.3M | 41,778 | 0.3% | 31 |
| POWELL INDS INC | [POWL](https://holderbook.com/stocks/POWL/) | $14.8M | 51,852 | 0.3% | 11 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $14.8M | 13,051 | 0.3% | 29 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $14.4M | 287,233 | 0.3% | 6 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $14.4M | 32,263 | 0.3% | 4 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $14.2M | 19,949 | 0.3% | 31 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $13.9M | 139,442 | 0.3% | 25 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $13.9M | 54,324 | 0.3% | 16 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $13.8M | 21,702 | 0.3% | 31 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $13.8M | 18,692 | 0.3% | 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 | +10.8% | +14.8% | -4.0% | 101% |
| Q1 2026 | -3.8% | -4.6% | +0.8% | 100% |
| Q4 2025 | +0.4% | +2.4% | -2.0% | 100% |
| Q3 2025 | +6.8% | +7.8% | -1.0% | 100% |
| Q2 2025 | +9.1% | +10.5% | -1.4% | 107% |
| Q1 2025 | -3.5% | -4.6% | +1.0% | 100% |
| Q4 2024 | +1.5% | +2.1% | -0.6% | 100% |
| Q3 2024 | +6.2% | +5.4% | +0.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $5.0B | 547 |
| Q1 2026 | $5.1B | 559 |
| Q4 2025 | $5.4B | 564 |
| Q3 2025 | $5.3B | 551 |
| Q2 2025 | $5.0B | 541 |
| Q1 2025 | $4.2B | 482 |
| Q4 2024 | $3.5B | 455 |
| Q3 2024 | $3.4B | 463 |
| Q2 2024 | $3.2B | 466 |
| Q1 2024 | $3.2B | 495 |
| Q4 2023 | $2.9B | 483 |
| Q3 2023 | $2.6B | 483 |