# Investment Counsel Inc.

> Institutional holdings reported to the SEC as of Q1 2021 on Form 13F. CIK 1670053. Source: https://holderbook.com/funds/1670053-investment-counsel-inc/

- Reported value: $142.1M
- Positions: 51
- Weight of the ten largest: 53.4%
- Filed: 2021-04-12

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 |
|---|---|---|---|---|---|
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $31.9M | 386,189 | 22.4% | 10 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $6.8M | 55,578 | 4.8% | 10 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.8M | 24,523 | 4.1% | 10 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $5.6M | 42,476 | 4.0% | 10 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $4.5M | 70,572 | 3.2% | 10 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $4.4M | 26,953 | 3.1% | 10 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $4.4M | 23,501 | 3.1% | 10 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.2M | 2,017 | 2.9% | 10 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $4.2M | 18,765 | 2.9% | 10 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $4.1M | 27,194 | 2.9% | 10 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $4.0M | 29,787 | 2.8% | 10 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $3.8M | 17,159 | 2.7% | 10 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $3.8M | 31,549 | 2.7% | 10 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $3.6M | 11,693 | 2.5% | 10 |
| BLACKROCK INC | [BLKXXXX](https://holderbook.com/stocks/BLKXXXX/) | $3.6M | 4,718 | 2.5% | 10 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $3.2M | 23,397 | 2.2% | 10 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $2.7M | 19,047 | 1.9% | 10 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $2.6M | 9,272 | 1.8% | 10 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $2.4M | 31,206 | 1.7% | 10 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $2.3M | 8,155 | 1.6% | 10 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $2.3M | 5,807 | 1.6% | 10 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $2.3M | 11,782 | 1.6% | 10 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $2.2M | 42,516 | 1.6% | 10 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $2.2M | 15,458 | 1.5% | 10 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.8M | 7,151 | 1.3% | 10 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $1.6M | 13,590 | 1.1% | 10 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $1.6M | 11,462 | 1.1% | 10 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $1.5M | 20,200 | 1.1% | 4 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $1.4M | 22,157 | 1.0% | 10 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.4M | 10,450 | 1.0% | 4 |
| STANLEY BLACK & DECKER INC | [SWK](https://holderbook.com/stocks/SWK/) | $1.3M | 6,625 | 0.9% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.3M | 410 | 0.9% | 9 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $1.3M | 15,901 | 0.9% | 10 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $1.1M | 18,175 | 0.8% | 10 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $1.1M | 5,397 | 0.8% | 7 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $958.0K | 3,932 | 0.7% | 10 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $958.0K | 2,575 | 0.7% | 10 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $955.0K | 3,740 | 0.7% | 10 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $860.0K | 7,225 | 0.6% | 4 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $849.0K | 5,305 | 0.6% | 10 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $847.0K | 15,175 | 0.6% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $740.0K | 359 | 0.5% | 10 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $591.0K | 19,537 | 0.4% | 10 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $484.0K | 19,885 | 0.3% | 10 |
| SPDR SERIES TRUST | [JNK](https://holderbook.com/stocks/JNK/) | $482.0K | 4,433 | 0.3% | 8 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $455.0K | 2,467 | 0.3% | 10 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $430.0K | 2,082 | 0.3% | 10 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $375.0K | 6,450 | 0.3% | 10 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $323.0K | 2,483 | 0.2% | 10 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $299.0K | 2,247 | 0.2% | 10 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $251.0K | 630 | 0.2% | 3 |

## 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 |
|---|---|---|---|---|
| Q1 2021 | +4.0% | +6.0% | -2.0% | 100% |
| Q4 2020 | +6.9% | +11.6% | -4.8% | 100% |
| Q3 2020 | +6.2% | +8.6% | -2.4% | 100% |
| Q2 2020 | +11.7% | +19.6% | -7.9% | 100% |
| Q1 2020 | -14.9% | -19.9% | +5.0% | 100% |
| Q4 2019 | +5.6% | +8.5% | -2.8% | 100% |
| Q3 2019 | +2.8% | +1.3% | +1.5% | 99% |
| Q2 2019 | +2.2% | +3.7% | -1.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2021 | $142.1M | 51 |
| Q4 2020 | $145.1M | 54 |
| Q3 2020 | $136.8M | 54 |
| Q2 2020 | $133.8M | 55 |
| Q1 2020 | $115.4M | 51 |
| Q4 2019 | $139.7M | 55 |
| Q3 2019 | $137.5M | 54 |
| Q2 2019 | $136.7M | 57 |
| Q1 2019 | $131.3M | 55 |
| Q4 2018 | $119.9M | 53 |