SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Ironwood Investment Counsel, LLC

CIK 0001330463 · THE SCOTTSDALE FORUM, 6263 N. SCOTTSDALE ROAD, SUITE 200, SCOTTSDALE, AZ, 85250 · 602-493-4042

Reported Value
$420M
Q1 2023
Positions
209
Filings on Record
32
2019–present window
Filed
May 11, 2023
original filing

Summary

Ironwood Investment Counsel, LLC reported $420M in U.S.-listed holdings across 209 positions for Q1 2023.

Its largest position, MSFT, represents 6.8% of the portfolio.

Compared with Q4 2022, the fund opened 16 new positions and exited 13.

Portfolio Metrics

Turnover
+9.5%
vs prior filed quarter
Top-10 Concentration
+27.6%
share of reported value
Largest Position
+6.8%
Microsoft
New / Exited
16 / 13
positions this quarter

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. 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
Q4 ’18: $228MQ4 ’18Q1 ’19: $254MQ2 ’19: $262MQ3 ’19: $271MQ4 ’19: $292MQ4 ’19Q1 ’20: $254MQ2 ’20: $328MQ3 ’20: $370MQ4 ’20: $440MQ4 ’20Q1 ’21: $348MQ2 ’21: $376MQ3 ’21: $390MQ4 ’21: $438MQ4 ’21Q1 ’22: $407MQ2 ’22: $356MQ3 ’22: $350MQ4 ’22: $412MQ4 ’22Q1 ’23: $420MQ2 ’23: $445MQ3 ’23: $475MQ4 ’23: $535MQ4 ’23Q1 ’24: $573MQ2 ’24: $560MQ3 ’24: $601MQ4 ’24: $584MQ4 ’24Q1 ’25: $579MQ2 ’25: $647MQ3 ’25: $686MQ4 ’25: $716MQ4 ’25Q1 ’26: $694Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 75.7%ETP: 13.2%Other: 9.0%ADR: 1.6%REIT: 0.4%Other: 0.1%
  • Common Stock · 75.7% · $318M
  • ETP · 13.2% · $55M
  • Other · 9.0% · $38M
  • ADR · 1.6% · $7M
  • REIT · 0.4% · $2M
  • Other · 0.1% · $592,133

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
3M CompanyNEW+37.6K37.6K+$4M$4M
PRVAPrivia Health Group IncNEW+35.2K35.2K+$971,181$971,181
TMOThermo Fisher Scientific IncNEW+823823+$474,352$474,352
Vanguard Emerging Markets ETFNEW+9.5K9.5K+$382,022$382,022
TSMTaiwan Semiconductr AdrfNEW+4.0K4.0K+$370,870$370,870
CRMSalesforce.com IncNEW+1.5K1.5K+$308,859$308,859
CSXCSX CorpNEW+9.3K9.3K+$279,244$279,244
NVDANVIDIA CorpNEW+937937+$260,545$260,545

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

Holdings — Q1 2023

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMicrosofthistory →COM6.76%$28M98.5K
2AAPLApplehistory →COM5.32%$22M135.6K
3JNJJohnson & Johnsonhistory →COM2.21%$9M59.7K
4CSCOCisco Systems Inchistory →COM2.08%$9M167.2K
5PEPPepsico Incorporatedhistory →COM2.00%$8M46.1K
6SYYSyscohistory →COM2.00%$8M108.5K
7UPSUnited Parcel Service Bhistory →COM1.86%$8M40.3K
8Merck & Co IncCOM1.84%$8M72.6K
9Accenture PLCSH CL A1.83%$8M26.9K
10GOOGLAlphabet Inc Class Ahistory →CAP STK CL A1.68%$7M67.9K
11AXPAmerican Expresshistory →COM1.67%$7M42.6K
12Berkshire Hathaway Inc Class BCL B NEW1.61%$7M21.8K
13LMTLockheed Martin Corphistory →COM1.59%$7M14.1K
14CVSCVS Health Corphistory →COM1.50%$6M85.0K
15IBMIBMhistory →COM1.48%$6M47.3K
16Schwab Fundemental US Small Company ETFSCHWAB FDT US SC1.44%$6M124.2K
17SBUXStarbucks Corphistory →COM1.43%$6M57.5K
18AMZNAmazon.com Inc.history →COM1.38%$6M56.3K
19BUDAnheuser-Busch Inbev SA ADRhistory →Sponsored ADR1.35%$6M84.9K
20HDHome Depothistory →COM1.33%$6M18.9K
21PGProcter & Gamblehistory →COM1.31%$5M37.0K
22First Trust Preferred Sec & Inc ETFPFD SECS INC ETF1.26%$5M332.1K
23MAMastercardhistory →COM1.26%$5M14.6K
24USBUS Bancorphistory →COM1.22%$5M141.6K
25iShares S&P 500 IndexS&P 500 Index1.19%$5M12.1K
26SCHWCharles Schwab Corphistory →COM1.12%$5M90.1K
27CMICummins Inchistory →COM1.08%$5M18.9K
28DISWalt Disney Cohistory →COM1.06%$4M44.6K
29KLACKLA Corporationhistory →COM NEW1.05%$4M11.1K
30COFCapital One Financialhistory →COM1.05%$4M45.9K
31CMCSAComcast Corp New Cl ACL A0.98%$4M108.5K
32TERTeradyne, Inc.COM0.97%$4M38.1K
33LOWLowes CompaniesCOM0.97%$4M20.4K
34FISVFiserv IncCOM0.97%$4M36.1K
35EXMOCExxon MobilCOM0.95%$4M36.4K
363M CompanyCOM0.94%$4M37.6K
37MedtronicCOM0.93%$4M48.5K
38OGEOGE Energy Corp.COM0.91%$4M101.3K
39Schwab Fundamental US Large Company ETFSCHWAB FDT US LG0.88%$4M67.2K
40TROWT. Rowe Price Group IncCOM0.88%$4M32.6K
41ADBEAdobe Systems IncCOM0.88%$4M9.5K
42MCKMcKesson CorpCOM0.87%$4M10.2K
43Laboratory Corp of America HoldingsCOM NEW0.84%$4M15.3K
44CAHCardinal HealthCOM0.75%$3M42.0K
45MCDMcDonaldsCOM0.75%$3M11.2K
46iShares Core 1-5 Year USD Bond ETFCORE 1 5 YR USD0.74%$3M65.6K
47JPMorgan Ultra-Short Income ETFULTRA SHRT INC0.72%$3M60.3K
48JPMJP Morgan Chase & CoCOM0.72%$3M23.3K
49METAMeta Platforms Inc Class ACL A0.70%$3M13.9K
50OMCOmnicom Group IncCOM0.63%$3M28.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$694M264May 7, 202613F-HRchanges · EDGAR ↗
Q4 2025$716M267Feb 6, 202613F-HRchanges · EDGAR ↗
Q3 2025$686M263Nov 5, 202513F-HRchanges · EDGAR ↗
Q2 2025$647M267Aug 8, 202513F-HRchanges · EDGAR ↗
Q1 2025$579M240May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$584M246Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$601M256Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$560M257Aug 5, 202413F-HRchanges · EDGAR ↗
Q1 2024$573M257May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$535M253Feb 8, 202413F-HRchanges · EDGAR ↗
Q3 2023$475M244Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$445M217Aug 8, 202313F-HRchanges · EDGAR ↗
Q1 2023$420M209May 11, 202313F-HRchanges · EDGAR ↗
Q4 2022$412M206Feb 2, 202313F-HRchanges · EDGAR ↗
Q3 2022$350M182Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$356M190Aug 4, 202213F-HRchanges · EDGAR ↗
Q1 2022$407M212May 9, 202213F-HRchanges · EDGAR ↗
Q4 2021$438M214Feb 4, 202213F-HRchanges · EDGAR ↗
Q3 2021$390M199Nov 4, 202113F-HRchanges · EDGAR ↗
Q2 2021$376M201Aug 6, 202113F-HRchanges · EDGAR ↗
Q1 2021$348M200May 3, 202113F-HRchanges · EDGAR ↗
Q4 2020$440M213Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$370M192Nov 16, 2020RESTATEMENTchanges · EDGAR ↗
Q2 2020$328M190Aug 11, 202013F-HRchanges · EDGAR ↗
Q1 2020$254M168Apr 29, 202013F-HRchanges · EDGAR ↗
Q4 2019$292M172Feb 10, 202013F-HRchanges · EDGAR ↗
Q3 2019$271M168Nov 7, 201913F-HRchanges · EDGAR ↗
Q2 2019$262M161Jul 30, 2019RESTATEMENTchanges · EDGAR ↗
Q1 2019$254M154May 1, 201913F-HRchanges · EDGAR ↗
Q4 2018$228M150Jan 25, 201913F-HRchanges · 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 ↗.