SEC 13F Intelligence

Managers / Q1 2025 · 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
$579M
Q1 2025
Positions
240
Filings on Record
32
2019–present window
Filed
May 12, 2025
original filing

Summary

Ironwood Investment Counsel, LLC reported $579M in U.S.-listed holdings across 240 positions for Q1 2025.

Its largest position, MSFT, represents 5.9% of the portfolio.

Compared with Q4 2024, the fund opened 9 new positions and exited 15.

Portfolio Metrics

Turnover
+6.4%
vs prior filed quarter
Top-10 Concentration
+30.2%
share of reported value
Largest Position
+5.9%
Microsoft
New / Exited
9 / 15
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: 70.7%ETP: 19.9%Other: 8.0%ADR: 1.0%REIT: 0.4%Other: 0.1%
  • Common Stock · 70.7% · $409M
  • ETP · 19.9% · $115M
  • Other · 8.0% · $46M
  • ADR · 1.0% · $6M
  • REIT · 0.4% · $2M
  • Other · 0.1% · $505,412

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
WisdomTree MidCap DivNEW+11.6K11.6K+$573,353$573,353
Guggenheim EtfNEW+7.1K7.1K+$312,727$312,727
ZBHZimmer Biomet Holdings Inc.NEW+2.2K2.2K+$246,575$246,575
iShares Core Dividend Growth ETFNEW+3.8K3.8K+$233,096$233,096
AJGGallagher Arthur J & CoNEW+632632+$218,191$218,191
MKLMarkel CorporationNEW+115115+$215,005$215,005
NFLXNetflix IncNEW+230230+$214,602$214,602
ESSEssex Property TRUST IncNEW+700700+$214,599$214,599

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

Holdings — Q1 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMicrosofthistory →COM5.90%$34M90.9K
2Schwab Fundemental US Small Company ETFSCHWAB FDT US SC5.89%$34M1.25M
3AAPLApplehistory →COM4.84%$28M126.2K
4Berkshire Hathaway Inc Class BCL B NEW2.26%$13M24.6K
5AMZNAmazon.com Inc.history →COM2.22%$13M67.7K
6GOOGLAlphabet Inc Class Ahistory →CAP STK CL A2.04%$12M76.5K
7SCHWCharles Schwab Corphistory →COM1.80%$10M133.4K
8AXPAmerican Expresshistory →COM1.79%$10M38.6K
9JNJJohnson & Johnsonhistory →COM1.78%$10M62.1K
10MAMastercardhistory →COM1.70%$10M17.9K
11Schwab Fundamental US Large Company ETFSCHWAB FDT US LG1.54%$9M376.9K
12Accenture PLCSH CL A1.51%$9M28.1K
13FISVFiserv Inchistory →COM1.51%$9M39.6K
14SYYSyscohistory →COM1.48%$9M114.4K
15METAMeta Platforms Inc Class Ahistory →CL A1.41%$8M14.2K
16KLACKLA Corporationhistory →COM NEW1.32%$8M11.2K
17CMICummins Inchistory →COM1.24%$7M23.0K
18MedtronicCOM1.21%$7M77.8K
19LMTLockheed Martin Corphistory →COM1.18%$7M15.3K
20Merck & Co IncCOM1.16%$7M74.7K
21QCOMQualcommhistory →COM1.14%$7M42.9K
22JPMJP Morgan Chase & Cohistory →COM1.14%$7M26.9K
23IBMIBMhistory →COM1.12%$6M26.1K
24iShares S&P 500 IndexS&P 500 Index1.09%$6M11.3K
25PEPPepsico Incorporatedhistory →COM1.09%$6M42.0K
26USBUS Bancorphistory →COM1.08%$6M147.5K
27HDHome Depothistory →COM1.06%$6M16.7K
28ADBEAdobe Systems Inchistory →COM1.05%$6M15.9K
29LOWLowes CompaniesCOM0.95%$6M23.7K
30DISWalt Disney CoCOM0.91%$5M53.6K
31UPSUnited Parcel Service BCOM0.89%$5M46.8K
32BUDAnheuser-Busch Inbev SA ADRSPONSORED ADR0.89%$5M83.5K
33MCKMcKesson CorpCOM0.89%$5M7.6K
34Laboratory Corp of America HoldingsCOM NEW0.86%$5M21.5K
35CMCSAComcast Corp New Cl ACL A0.85%$5M133.5K
36PGProcter & GambleCOM0.83%$5M28.4K
37CAHCardinal HealthCOM0.83%$5M34.7K
38OGEOGE Energy Corp.COM0.80%$5M100.3K
39WDAYWorkday Inc Class ACL A0.78%$5M19.3K
40Market Vectors High-Yield Muni ETFHIGH YLD MUNIETF0.78%$4M87.8K
41CTVACorteva IncCOM0.74%$4M67.8K
42AVGOBroadcom LtdCOM0.72%$4M24.8K
43COSTCostcoCOM0.71%$4M4.4K
44NVDANVIDIA CorpCOM0.70%$4M37.6K
45Vanguard S&P 500 ETFS&P 500 ETF SHS0.70%$4M7.9K
46EXMOCExxon MobilCOM0.68%$4M33.0K
47JPMorgan Ultra-Short Income ETFULTRA SHRT INC0.67%$4M76.4K
48HSYHershey CompanyCOM0.62%$4M21.0K
49BROBrown & Brown IncCOM0.58%$3M27.1K
50Vanguard Small Cap ETFSMALL CP ETF0.55%$3M14.3K

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 ↗.