Managers / Q2 2023 · view latest →

DILLON & ASSOCIATES INC

CIK 0001054425 · PO BOX 1347, JACKSON, MI, 49204 · 5177967090

Reported Value

$544M

Q2 2023

Positions

Filings on Record

2019–present window

Filed

Aug 8, 2023

original filing

Summary

Dillon & Associates Inc reported $544M in U.S.-listed holdings across 81 positions for Q2 2023.

Its largest position, AAPL, represents 10.9% of the portfolio.

Compared with Q1 2023, the fund opened 3 new positions and exited 0.

Portfolio Metrics

Turnover

+2.0%

vs prior filed quarter

Top-10 Concentration

+53.4%

share of reported value

Largest Position

+10.9%

Apple

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value

Portfolio Composition

By security type

Common Stock · 95.1% · $517M
ADR · 4.8% · $26M
REIT · 0.1% · $658,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
LLY Lilly (Eli)	NEW	+451	451	+$212,000	$212,000
ADC Agree Realty Corp REIT	NEW	+3.2K	3.2K	+$210,000	$210,000
Triton International	NEW	+2.5K	2.5K	+$208,000	$208,000
COST Costco Wholesale Corp	ADDED	+3.9K	5.5K	+$2M	$3M
ADI Analog Devices	ADDED	+2.1K	4.6K	+$413,000	$889,000
AMT American Tower Corp	TRIMMED	−5.4K	2.3K	−$1M	$448,000
PCRX Pacira Biosciences Inc.	TRIMMED	−26.7K	15.0K	−$1M	$598,000
ASML ASML Hldgs	ADDED	+232	859	+$196,000	$623,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2023

80 positions (from 81 filing rows — )

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	AAPL Apple, Inc.history →	COMM	10.88%	$59M	304.8K
2	NVDA NVIDIA Corp history →	COMM	9.10%	$49M	117.0K
3	GOOGL Alphabet, Inc. Cl A	COMM	5.98%	$33M	270.3K
4	V Visa Inc.history →	COMM	5.11%	$28M	117.3K
5	SYK Stryker history →	COMM	4.87%	$26M	86.8K
6	NVO Novo-Nordisk ADR history →	COMM	4.08%	$22M	136.7K
7	ABT Abbott Labs history →	COMM	3.94%	$21M	196.5K
8	LOW Lowe's history →	COMM	3.42%	$19M	82.4K
9	PAYC Paycom Software history →	COMM	3.05%	$17M	51.6K
10	APD Air Products history →	COMM	2.93%	$16M	53.2K
11	ADP Automatic Data Processing history →	COMM	2.87%	$16M	71.0K
12	PEP PepsiCo history →	COMM	2.58%	$14M	75.7K
13	ORLY O'Reilly Automotive Inc.history →	COMM	2.31%	$13M	13.2K
14	SBUX Starbucks history →	COMM	2.24%	$12M	123.0K
15	DHR Danaher Corporation history →	COMM	2.03%	$11M	46.1K
16	NSC Norfolk Southern Corp.history →	COMM	1.92%	$10M	45.9K
17	CNI Canadian Natl. Railway history →	COMM	1.84%	$10M	82.6K
18	AMZN Amazon.com Inc history →	COMM	1.70%	$9M	71.0K
19	STZ Constellation Brands Inc.history →	COMM	1.69%	$9M	37.3K
20	PYPL PayPal Holdings history →	COMM	1.65%	$9M	133.8K
21	PANW Palo Alto Networks history →	COMM	1.61%	$9M	34.1K
22	RTX Raytheon Technologies history →	COMM	1.58%	$9M	87.8K
23	ECL Ecolab history →	COMM	1.58%	$9M	46.0K
24	REGN Regeneron Pharmaceuticals history →	COMM	1.56%	$8M	11.8K
25	ISRG Intuitive Surgical history →	COMM	1.50%	$8M	23.8K
26	PAYX Paychex history →	COMM	1.24%	$7M	60.3K
27	CMG Chipotle Mexican Grill history →	COMM	1.11%	$6M	2.8K
28	MSFT Microsoft	COMM	0.99%	$5M	15.8K
29	CMCSA Comcast Corp Cl A	COMM	0.93%	$5M	120.5K
30	JNJ Johnson and Johnson	COMM	0.85%	$5M	28.0K
31	CRM Salesforce Com	COMM	0.81%	$4M	20.9K
32	FISV Fiserv Inc	COMM	0.76%	$4M	32.8K
33	GNRC Generac Holdings Inc	COMM	0.75%	$4M	27.3K
34	META Meta Platforms Inc	COMM	0.68%	$4M	12.9K
35	HD Home Depot	COMM	0.67%	$4M	11.8K
36	CL Colgate-Palmolive	COMM	0.65%	$4M	45.6K
37	MCD McDonald's	COMM	0.62%	$3M	11.3K
38	PG Procter and Gamble	COMM	0.62%	$3M	22.0K
39	DIS Disney Walt Co	COMM	0.60%	$3M	36.5K
40	EEFT Euronet Worldwide Inc	COMM	0.57%	$3M	26.3K
41	COST Costco Wholesale Corp	COMM	0.55%	$3M	5.5K
42	HON Honeywell Int'l	COMM	0.45%	$2M	11.6K
43	JPM JP Morgan Chase & Co.	COMM	0.43%	$2M	16.1K
44	MDLZ Mondelez Int'l	COMM	0.40%	$2M	29.6K
45	MNST Monster Beverage Corp	COMM	0.36%	$2M	34.5K
46	SYY Sysco Corp.	COMM	0.35%	$2M	26.1K
47	NEE NextEra Energy Inc.	COMM	0.30%	$2M	22.4K
48	ADBE Adobe Inc	COMM	0.29%	$2M	3.2K
49	DEO Diageo PLC	COMM	0.29%	$2M	9.0K
50	AZNN AstraZeneca PLC	COMM	0.28%	$2M	20.9K
51	WMT Wal-Mart Stores	COMM	0.17%	$928,000	5.9K
52	QCOM QUALCOMM	COMM	0.17%	$913,000	7.7K
53	ADI Analog Devices	COMM	0.16%	$889,000	4.6K
54	ABBV AbbVie	COMM	0.16%	$870,000	6.4K
55	ETN Eaton Corp. PLC	COMM	0.14%	$755,000	3.8K
56	NVS Novartis AG ADS	COMM	0.12%	$649,000	6.4K
57	ASML ASML Hldgs	COMM	0.11%	$623,000	859
58	PCRX Pacira Biosciences Inc.	COMM	0.11%	$598,000	15.0K
59	AMGN Amgen	COMM	0.11%	$583,000	2.6K
60	UNH UnitedHealth Group Inc.	COMM	0.11%	$571,000	1.2K
61	KEL Kellogg	COMM	0.10%	$537,000	8.0K
62	AMT American Tower Corp	COMM	0.08%	$448,000	2.3K
63	MRK Merck & Co. Inc. New	COMM	0.07%	$405,000	3.5K
64	KO Coca-Cola	COMM	0.07%	$403,000	6.7K
65	HSY Hershey Company	COMM	0.07%	$373,000	1.5K
66	TGT Target Corp.	COMM	0.06%	$353,000	2.7K
67	CSCO Cisco Systems	COMM	0.06%	$349,000	6.7K
68	EOG EOG Resources Inc	COMM	0.05%	$292,000	2.6K
69	MRSH Marsh & McLennan	COMM	0.05%	$285,000	1.5K
70	EMR Emerson Electric	COMM	0.05%	$284,000	3.2K
71	BDX Becton, Dickinson and Company	COMM	0.05%	$260,000	986
72	TTC Toro Co	COMM	0.05%	$251,000	2.5K
73	BMY Bristol-Myers Squibb	COMM	0.04%	$243,000	3.8K
74	UPS United Parcel Cl B	COMM	0.04%	$235,000	1.3K
75	AFL AFLAC Inc	COMM	0.04%	$231,000	3.3K
76	LLY Lilly (Eli)	COMM	0.04%	$212,000	451
77	ADC Agree Realty Corp REIT	COMM	0.04%	$210,000	3.2K
78	Triton International	COMM	0.04%	$208,000	2.5K
79	INTC Intel Corp	COMM	0.04%	$201,000	6.1K
80	HBAN Huntington Bancshares	COMM	0.03%	$178,000	16.1K

Filing History

Quarter	Reported Value	Positions	Filed	Type	Links
Q1 2026	$726M	75	May 7, 2026	13F-HR	changes · EDGAR ↗
Q4 2025	$774M	77	Feb 9, 2026	13F-HR	changes · EDGAR ↗
Q3 2025	$778M	76	Oct 28, 2025	13F-HR	changes · EDGAR ↗
Q2 2025	$737M	77	Aug 5, 2025	13F-HR	changes · EDGAR ↗
Q1 2025	$673M	78	May 12, 2025	13F-HR	changes · EDGAR ↗
Q4 2024	$721M	81	Feb 11, 2025	13F-HR	changes · EDGAR ↗
Q3 2024	$711M	81	Nov 5, 2024	13F-HR	changes · EDGAR ↗
Q2 2024	$688M	80	Aug 6, 2024	13F-HR	changes · EDGAR ↗
Q1 2024	$637M	82	Apr 30, 2024	13F-HR	changes · EDGAR ↗
Q4 2023	$551M	78	Feb 8, 2024	13F-HR	changes · EDGAR ↗
Q3 2023	$520M	77	Nov 13, 2023	13F-HR	changes · EDGAR ↗
Q2 2023	$544M	81	Aug 8, 2023	13F-HR	changes · EDGAR ↗
Q1 2023	$504M	78	May 2, 2023	RESTATEMENT	changes · EDGAR ↗
Q4 2022	$462M	77	Feb 6, 2023	13F-HR	changes · EDGAR ↗
Q3 2022	$431M	74	Nov 8, 2022	13F-HR	changes · EDGAR ↗
Q2 2022	$444M	73	Jul 26, 2022	13F-HR	changes · EDGAR ↗
Q1 2022	$527M	78	May 6, 2022	13F-HR	changes · EDGAR ↗
Q4 2021	$574M	78	Feb 14, 2022	13F-HR	changes · EDGAR ↗
Q3 2021	$522M	72	Oct 28, 2021	13F-HR	changes · EDGAR ↗
Q2 2021	$511M	71	Aug 2, 2021	13F-HR	changes · EDGAR ↗
Q1 2021	$468M	72	May 10, 2021	13F-HR	changes · EDGAR ↗
Q4 2020	$461M	66	Feb 12, 2021	13F-HR	changes · EDGAR ↗
Q3 2020	$415M	67	Nov 6, 2020	13F-HR	changes · EDGAR ↗
Q2 2020	$369M	68	Jul 28, 2020	13F-HR	changes · EDGAR ↗
Q1 2020	$297M	64	May 7, 2020	13F-HR	changes · EDGAR ↗
Q4 2019	$357M	68	Feb 3, 2020	13F-HR	changes · EDGAR ↗
Q3 2019	$329M	67	Oct 25, 2019	13F-HR	changes · EDGAR ↗
Q2 2019	$323M	66	Jul 22, 2019	13F-HR	changes · EDGAR ↗
Q1 2019	$308M	66	May 7, 2019	13F-HR	changes · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.