Carnegie Investment Counsel

CIK: 0001511506SEC EDGAR →

Portfolio Value

$5.4T

Holdings

564

As of

Q4 2025

New Positions

564

Closed Positions

Portfolio Value History

Top 10 Holdings

Rank	Stock	Shares	Value	% of Portfolio
1	MSFT MICROSOFT CORP	417,149	$201.7B	3.72%
2	GOOGL ALPHABET INC	628,482	$196.7B	3.63%
3	AAPL APPLE INC	685,642	$186.4B	3.44%
4	JPM JPMORGAN CHASE & CO.	419,147	$135.1B	2.49%
5	NVDA NVIDIA CORPORATION	699,594	$130.5B	2.41%
6	AVGO BROADCOM INC	351,598	$121.7B	2.24%
7	AMZN AMAZON COM INC	485,357	$112.0B	2.07%
8	META META PLATFORMS INC	161,029	$106.3B	1.96%
9	BRK/B BERKSHIRE HATHAWAY INC DEL	192,661	$96.8B	1.79%
10	MA MASTERCARD INCORPORATED	141,766	$80.9B	1.49%

Quarterly Changes

Top Buys

MSFTNEW

$201.7B

GOOGLNEW

$196.7B

AAPLNEW

$186.4B

JPMNEW

$135.1B

NVDANEW

$130.5B

Top Sells

No sells this quarter

New Positions (564)

MSFT

$201.7B · 417K shares

GOOGL

$196.7B · 628K shares

AAPL

$186.4B · 686K shares

JPM

$135.1B · 419K shares

NVDA

$130.5B · 700K shares

AVGO

$121.7B · 352K shares

AMZN

$112.0B · 485K shares

META

$106.3B · 161K shares

BRK/B

$96.8B · 193K shares

$80.9B · 142K shares

$80.3B · 804K shares

$78.0B · 222K shares

$73.3B · 234K shares

$65.7B · 289K shares

$64.1B · 183K shares

$62.8B · 367K shares

$61.3B · 192K shares

$53.4B · 371K shares

$52.2B · 1.8M shares

$51.3B · 158K shares

$50.0B · 194K shares

$48.6B · 156K shares

$48.6B · 71K shares

$47.6B · 582K shares

$43.7B · 41K shares

$42.9B · 157K shares

$42.9B · 234K shares

$42.6B · 467K shares

$39.9B · 319K shares

$39.9B · 614K shares

$38.6B · 64K shares

$38.3B · 304K shares

$38.3B · 159K shares

$38.0B · 1.1M shares

$37.9B · 834K shares

$37.9B · 165K shares

$37.4B · 164K shares

$37.3B · 108K shares

$36.8B · 458K shares

$36.4B · 139K shares

$35.6B · 108K shares

$34.9B · 242K shares

$34.8B · 106K shares

$34.3B · 119K shares

$33.1B · 160K shares

$33.1B · 413K shares

$33.0B · 810K shares

$31.7B · 540K shares

$31.6B · 37K shares

$31.4B · 204K shares

$31.4B · 55K shares

$31.4B · 354K shares

$30.2B · 550K shares

$28.2B · 51K shares

$27.5B · 47K shares

$27.5B · 106K shares

$26.6B · 135K shares

$25.2B · 345K shares

$25.1B · 557K shares

$24.6B · 161K shares

$24.2B · 217K shares

$24.1B · 62K shares

$24.1B · 253K shares

$23.9B · 105K shares

$23.4B · 304K shares

$22.9B · 175K shares

$22.9B · 104K shares

$22.3B · 812K shares

$22.1B · 35K shares

$21.7B · 82K shares

$21.6B · 56K shares

$21.1B · 91K shares

$21.0B · 240K shares

$20.9B · 196K shares

$20.5B · 117K shares

$20.1B · 877K shares

$20.0B · 112K shares

$19.9B · 30K shares

$19.4B · 535K shares

$19.2B · 80K shares

$18.8B · 117K shares

$18.5B · 212K shares

$18.4B · 171K shares

$18.2B · 213K shares

$18.1B · 359K shares

$17.5B · 51K shares

$17.3B · 233K shares

$16.9B · 127K shares

$16.9B · 308K shares

$16.6B · 632K shares

$16.5B · 12K shares

$16.5B · 103K shares

$16.0B · 230K shares

XLI

$15.8B · 102K shares

MCD

$15.4B · 50K shares

CIT

$15.3B · 81K shares

$15.2B · 52K shares

$15.2B · 375K shares

$15.0B · 152K shares

$15.0B · 31K shares

$14.4B · 291K shares

$13.9B · 41K shares

$13.7B · 609K shares

$13.6B · 64K shares

$13.6B · 54K shares

$13.4B · 299K shares

$13.4B · 208K shares

$13.1B · 1.3M shares

$13.0B · 41K shares

$12.9B · 471K shares

$12.9B · 121K shares

$12.8B · 273K shares

$12.8B · 145K shares

$12.6B · 81K shares

$12.5B · 37K shares

$12.5B · 245K shares

$12.4B · 12K shares

$12.4B · 27K shares

$12.3B · 52K shares

$12.1B · 20K shares

$11.9B · 64K shares

$11.8B · 58K shares

$11.7B · 19K shares

$11.6B · 60K shares

$11.5B · 231K shares

$11.4B · 136K shares

$11.3B · 15 shares

$11.2B · 24K shares

$11.0B · 16K shares

$10.9B · 91K shares

$10.8B · 75K shares

$10.7B · 21K shares

$10.7B · 13K shares

$10.5B · 36K shares

$10.4B · 238K shares

$10.1B · 71K shares

$10.1B · 606K shares

ALAB

$10.0B · 60K shares

XLC

$10.0B · 85K shares

$9.7B · 44K shares

$9.6B · 80K shares

$9.5B · 548K shares

$9.4B · 28K shares

$9.1B · 87K shares

$8.6B · 327K shares

$8.4B · 34K shares

$8.3B · 39K shares

$8.3B · 410K shares

$8.3B · 82K shares

$7.8B · 31K shares

$7.8B · 40K shares

$7.7B · 16K shares

$7.6B · 132K shares

$7.5B · 395K shares

$7.3B · 16K shares

$7.1B · 27K shares

$7.0B · 23K shares

$6.5B · 42K shares

$6.5B · 329K shares

$6.4B · 74K shares

$6.3B · 308K shares

$6.3B · 13K shares

$6.2B · 50K shares

$6.0B · 93K shares

$5.8B · 126K shares

$5.7B · 29K shares

$5.6B · 45K shares

$5.6B · 64K shares

$5.6B · 99K shares

$5.5B · 46K shares

$5.5B · 15K shares

$5.5B · 34K shares

$5.3B · 67K shares

$5.3B · 5K shares

$5.2B · 25K shares

$5.2B · 106K shares

$5.1B · 21K shares

$5.1B · 50K shares

$5.0B · 60K shares

$4.9B · 20K shares

$4.9B · 6K shares

$4.8B · 15K shares

$4.7B · 251K shares

$4.7B · 9K shares

$4.6B · 1K shares

$4.6B · 86K shares

$4.5B · 21K shares

$4.3B · 35K shares

$4.3B · 223K shares

$4.3B · 15K shares

$4.3B · 178K shares

$4.2B · 5K shares

$4.1B · 25K shares

$4.0B · 43K shares

$4.0B · 206K shares

$4.0B · 17K shares

$4.0B · 20K shares

$4.0B · 21K shares

$3.9B · 30K shares

$3.9B · 91K shares

$3.9B · 49K shares

$3.8B · 155K shares

$3.8B · 12K shares

$3.8B · 31K shares

$3.7B · 19K shares

$3.7B · 13K shares

$3.7B · 40K shares

$3.6B · 71K shares

$3.6B · 31K shares

$3.6B · 61K shares

$3.5B · 45K shares

$3.5B · 42K shares

$3.5B · 42K shares

$3.4B · 46K shares

$3.3B · 16K shares

$3.3B · 8K shares

$3.3B · 54K shares

$3.2B · 131K shares

$3.2B · 33K shares

$3.2B · 9K shares

$3.2B · 30K shares

$3.2B · 22K shares

$3.1B · 19K shares

$3.1B · 24K shares

$3.1B · 54K shares

IJH

$3.1B · 46K shares

$3.0B · 11K shares

$3.0B · 93K shares

$3.0B · 178K shares

$2.9B · 21K shares

$2.9B · 54K shares

$2.9B · 7K shares

$2.8B · 31K shares

$2.8B · 171K shares

$2.8B · 8K shares

$2.7B · 24K shares

$2.7B · 63K shares

$2.7B · 34K shares

$2.6B · 31K shares

$2.6B · 73K shares

$2.6B · 27K shares

$2.5B · 24K shares

$2.5B · 35K shares

$2.5B · 7K shares

$2.4B · 53K shares

$2.4B · 9K shares

$2.3B · 69K shares

$2.3B · 96K shares

$2.3B · 22K shares

$2.3B · 4K shares

$2.3B · 79K shares

$2.3B · 3K shares

$2.3B · 50K shares

$2.2B · 18K shares

$2.2B · 96K shares

$2.2B · 7K shares

$2.2B · 25K shares

$2.1B · 25K shares

$2.1B · 27K shares

$2.0B · 15K shares

$2.0B · 62K shares

$2.0B · 18K shares

$2.0B · 9K shares

$2.0B · 9K shares

$1.9B · 18K shares

$1.9B · 12K shares

$1.9B · 73K shares

$1.9B · 23K shares

$1.8B · 13K shares

$1.8B · 2K shares

$1.7B · 64K shares

$1.7B · 104K shares

$1.7B · 12K shares

$1.7B · 25K shares

$1.7B · 23K shares

$1.7B · 9K shares

$1.7B · 29K shares

$1.6B · 79K shares

$1.6B · 38K shares

$1.6B · 17K shares

$1.6B · 14K shares

$1.6B · 76K shares

$1.6B · 140K shares

$1.5B · 12K shares

$1.5B · 9K shares

$1.5B · 59K shares

$1.5B · 14K shares

$1.5B · 27K shares

$1.5B · 3K shares

$1.4B · 16K shares

$1.4B · 7K shares

$1.4B · 4K shares

$1.4B · 5K shares

$1.4B · 12K shares

$1.4B · 43K shares

$1.4B · 7K shares

$1.4B · 26K shares

$1.3B · 2K shares

$1.3B · 13K shares

$1.3B · 48K shares

$1.3B · 12K shares

$1.3B · 16K shares

$1.2B · 7K shares

$1.2B · 2K shares

$1.2B · 4K shares

$1.2B · 13K shares

$1.2B · 12K shares

$1.2B · 34K shares

$1.2B · 14K shares

$1.2B · 81K shares

$1.2B · 12K shares

$1.2B · 5K shares

$1.1B · 46K shares

$1.1B · 13K shares

$1.1B · 3K shares

$1.1B · 4K shares

$1.1B · 9K shares

$1.0B · 11K shares

$1.0B · 3K shares

$1.0B · 6K shares

$1.0B · 14K shares

$1.0B · 6K shares

$1.0B · 189 shares

$1.0B · 14K shares

EQWL

$1.0B · 8K shares

XLB

$983.0M · 22K shares

BMY

$979.0M · 18K shares

$971.0M · 4K shares

$969.0M · 13K shares

$956.0M · 2K shares

$945.0M · 7K shares

$933.0M · 4K shares

$918.0M · 18K shares

$911.0M · 2K shares

$907.0M · 40K shares

$896.0M · 6K shares

$893.0M · 2K shares

$889.0M · 5K shares

$863.0M · 7K shares

$858.0M · 10K shares

$856.0M · 29K shares

$853.0M · 9K shares

$845.0M · 8K shares

$844.0M · 14K shares

$840.0M · 8K shares

$838.0M · 3K shares

$830.0M · 3K shares

$828.0M · 3K shares

$826.0M · 4K shares

$823.0M · 1K shares

$823.0M · 4K shares

$815.0M · 8K shares

$810.0M · 28K shares

$808.0M · 2K shares

$802.0M · 3K shares

$792.0M · 39K shares

$791.0M · 4K shares

$783.0M · 4K shares

$748.0M · 4K shares

$721.0M · 24K shares

$715.0M · 2K shares

$711.0M · 10K shares

$698.0M · 4K shares

$684.0M · 11K shares

$673.0M · 314 shares

$665.0M · 23K shares

$661.0M · 19K shares

$657.0M · 1K shares

$657.0M · 18K shares

$648.0M · 10K shares

$647.0M · 1K shares

$645.0M · 7K shares

$645.0M · 24K shares

$639.0M · 11K shares

$626.0M · 29K shares

$625.0M · 13K shares

$623.0M · 5K shares

$610.0M · 6K shares

$601.0M · 4K shares

$599.0M · 2K shares

$597.0M · 3K shares

$595.0M · 27K shares

$590.0M · 9K shares

$587.0M · 4K shares

$582.0M · 6K shares

$577.0M · 1K shares

$575.0M · 2K shares

$574.0M · 7K shares

$573.0M · 9K shares

$564.0M · 4K shares

$562.0M · 4K shares

$552.0M · 1K shares

$550.0M · 14K shares

$549.0M · 42K shares

$544.0M · 3K shares

$543.0M · 12K shares

$539.0M · 11K shares

$539.0M · 28K shares

$535.0M · 14K shares

$533.0M · 9K shares

$532.0M · 3K shares

$530.0M · 20K shares

$523.0M · 10K shares

$521.0M · 2K shares

$520.0M · 6K shares

$520.0M · 1K shares

$518.0M · 14K shares

$509.0M · 4K shares

$501.0M · 4K shares

$500.0M · 22K shares

$500.0M · 7K shares

$496.0M · 2K shares

$496.0M · 14K shares

$479.0M · 9K shares

$475.0M · 2K shares

$468.0M · 17K shares

$466.0M · 2K shares

$459.0M · 792 shares

$451.0M · 17K shares

$450.0M · 6K shares

$443.0M · 3K shares

$437.0M · 2K shares

$437.0M · 2K shares

$434.0M · 5K shares

$433.0M · 10K shares

$433.0M · 12K shares

$425.0M · 18K shares

$424.0M · 2K shares

$423.0M · 3K shares

$416.0M · 2K shares

$416.0M · 11K shares

$411.0M · 136K shares

$402.0M · 6K shares

$401.0M · 10K shares

$396.0M · 4K shares

$394.0M · 5K shares

$391.0M · 878 shares

$390.0M · 9K shares

$388.0M · 3K shares

$382.0M · 5K shares

$379.0M · 30K shares

$377.0M · 10K shares

$375.0M · 4K shares

$371.0M · 9K shares

$369.0M · 4K shares

$368.0M · 6K shares

$364.0M · 4K shares

$364.0M · 300 shares

$362.0M · 10K shares

$357.0M · 2K shares

$355.0M · 22K shares

$354.0M · 2K shares

$354.0M · 5K shares

$345.0M · 3K shares

$345.0M · 6K shares

$344.0M · 3K shares

$343.0M · 1K shares

$342.0M · 4K shares

$340.0M · 10K shares

$339.0M · 9K shares

$335.0M · 4K shares

$335.0M · 5K shares

$332.0M · 3K shares

$325.0M · 6K shares

$324.0M · 14K shares

$324.0M · 5K shares

$323.0M · 5K shares

$322.0M · 2K shares

$322.0M · 4K shares

$322.0M · 7K shares

$321.0M · 2K shares

$320.0M · 14K shares

$320.0M · 5K shares

$311.0M · 3K shares

$311.0M · 3K shares

$310.0M · 1K shares

$309.0M · 801 shares

$307.0M · 2K shares

$306.0M · 7K shares

$303.0M · 2K shares

$303.0M · 1K shares

$302.0M · 3K shares

$290.0M · 4K shares

$286.0M · 2K shares

$285.0M · 3K shares

$282.0M · 5K shares

$281.0M · 2K shares

$280.0M · 3K shares

$278.0M · 2K shares

$278.0M · 2K shares

$276.0M · 3K shares

MOAT

$275.0M · 3K shares

RGA

$272.0M · 1K shares

$272.0M · 3K shares

SPLV

$269.0M · 4K shares

SCHV

$267.0M · 9K shares

$266.0M · 3K shares

$265.0M · 200 shares

$263.0M · 2K shares

$262.0M · 8K shares

$262.0M · 4K shares

$258.0M · 28K shares

$257.0M · 7K shares

$257.0M · 120 shares

$256.0M · 6K shares

$256.0M · 2K shares

$255.0M · 3K shares

$255.0M · 11K shares

$254.0M · 2K shares

$254.0M · 1K shares

$252.0M · 3K shares

$251.0M · 2K shares

$251.0M · 5K shares

$249.0M · 9K shares

$246.0M · 8K shares

$245.0M · 6K shares

$245.0M · 10K shares

$244.0M · 18K shares

$243.0M · 3K shares

$240.0M · 68K shares

$238.0M · 2K shares

$237.0M · 4K shares

$236.0M · 7K shares

$235.0M · 25K shares

$234.0M · 2K shares

$234.0M · 2K shares

$234.0M · 55K shares

$233.0M · 4K shares

$232.0M · 6K shares

$231.0M · 3K shares

$228.0M · 12K shares

$225.0M · 1K shares

$224.0M · 12K shares

$222.0M · 4K shares

$222.0M · 917 shares

$221.0M · 3K shares

$221.0M · 5K shares

$219.0M · 6K shares

$219.0M · 7K shares

$215.0M · 745 shares

$214.0M · 2K shares

$213.0M · 11K shares

$212.0M · 2K shares

$210.0M · 939 shares

$210.0M · 4K shares

$209.0M · 2K shares

$209.0M · 15K shares

$208.0M · 7K shares

$208.0M · 3K shares

$207.0M · 5K shares

$207.0M · 15K shares

$206.0M · 2K shares

$205.0M · 1K shares

$204.0M · 7K shares

$200.0M · 8K shares

$200.0M · 2K shares

$174.0M · 15K shares

$155.0M · 22K shares

$98.0M · 36K shares

$92.0M · 10K shares

$41.0M · 14K shares

$35.0M · 14K shares

$27.0M · 100K shares

$5.0M · 15K shares

Sector Breakdown

Sector	# Holdings	Value	%
Financial Services	241	$1.7T	31.4%
Technology	63	$1.1T	20.9%
Industrials	57	$520.9B	9.6%
Communication Services	16	$456.0B	8.4%
Healthcare	38	$453.8B	8.4%
Consumer Cyclical	32	$427.0B	7.9%
Unknown	28	$205.4B	3.8%
Utilities	20	$140.6B	2.6%
Consumer Defensive	20	$131.2B	2.4%
Basic Materials	13	$98.7B	1.8%
Energy	24	$80.1B	1.5%
Real Estate	12	$71.6B	1.3%