Kensington Investment Counsel, LLC

CIK 1845536 · View on SEC EDGAR ↗

Portfolio value: $230.2M
Positions: 85
As of: June 30, 2026

Portfolio value QoQ: +10.8% 13F does not disclose cash

Top 10 holdings weight: 39.49%
Top 25 holdings weight: 71.68%
Positions above 1%: 30
Effective number of positions: 37.3

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 5.65% Est. buys $12,382,309 · sells $18,776,857

Median holding: 5.5 quarters Tracked Q4 2024–Q2 2026 · 62.5% still held

New positions: 12
Increased: 10
Decreased: 56
Closed: 10

On this page

Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
Sector breakdown How the portfolio splits across market sectors.
Portfolio Every stock this institution reports holding, from its latest 13F.
High-conviction bets The holdings this manager is most concentrated in.
Biggest new bets Brand-new positions opened in the latest quarter.
Top moves The biggest position increases and decreases this quarter.
Exited positions Positions the manager fully sold out of last quarter.

Performance vs S&P 500

Tracked Q4 2024–Q2 2026

+10.4%

S&P 500 total return (same window)

+28.1%

Excess return

-17.6%

Annualized: +6.9% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 98.7% · Options excluded: 0.0%

Sector breakdown

Technology

28.0%

Industrials

17.7%

Healthcare

16.0%

Retail

7.7%

Financials

4.4%

Communication Services

4.0%

Communications

3.6%

Consumer Staples

2.8%

Energy

2.7%

Financial Services

1.6%

Real Estate

1.1%

Materials

1.1%

Consumer products

0.8%

Consumer Discretionary

0.8%

Other/Unmapped

7.7%

Full portfolio 85 positions

					Streak
AAPL Apple Inc. - Common Stock	$18,097,153	7.86%	62,542	$2,539,826	Up ×1
MSFT Microsoft Corporation - Common Stock	$11,693,816	5.08%	31,349	$498,765	Up ×2
ABBV AbbVie Inc. Common Stock	$9,005,189	3.91%	35,786	$846,487	Down ×1
JPM JP Morgan Chase & Co. Common Stock	$8,591,758	3.73%	26,248	$475,001	Down ×1
CSCO Cisco Systems, Inc. - Common Stock	$8,224,902	3.57%	70,023	$2,685,985	Down ×1
SNA Snap-On Incorporated Common Stock	$7,747,005	3.36%	19,252	$427,629	Down ×2
DELL Dell Technologies Inc. Class C Common Stock	$7,599,772	3.30%	17,614	$4,797,241	Up ×2
NVDA NVIDIA Corporation - Common Stock	$6,819,467	2.96%	34,082	$1,214,774	Up ×5
TXN Texas Instruments Incorporated - Common Stock	$6,628,479	2.88%	22,238	$2,129,092	Down ×2
JNJ Johnson & Johnson Common Stock	$6,517,632	2.83%	25,663	$-182,224	Down ×1
GD General Dynamics Corporation Common Stock	$6,441,500	2.80%	18,184	$-119,494	Down ×1
AMGN Amgen Inc. - Common Stock	$5,958,322	2.59%	16,454	$-239,516	Down ×2
GOOGL Alphabet Inc. - Class A Common Stock	$5,842,644	2.54%	16,349	$1,046,718	Down ×3
WSM Williams-Sonoma, Inc. Common Stock (DE)	$5,799,295	2.52%	24,879	$1,200,385	Down ×4
QQQ Invesco QQQ Trust, Series 1	$5,737,924	2.49%	7,792	$482,206	Down ×1
RSG Republic Services, Inc. Common Stock	$5,557,339	2.41%	26,081	$-481,042	Down ×1
WSO Watsco, Inc. Common Stock	$5,465,414	2.37%	13,115	$600,814	Down ×4
HD Home Depot, Inc. (The) Common Stock	$5,100,458	2.22%	14,462	$-196,973	Down ×1
QCOM QUALCOMM Incorporated - Common Stock	$4,845,379	2.10%	26,221	$1,310,497	Down ×1
PEP PepsiCo, Inc. - Common Stock	$4,798,779	2.08%	35,442	$-1,020,150	Down ×2
MRK Merck & Company, Inc. Common Stock (new)	$4,796,263	2.08%	37,325	$77,888	Down ×1
CNI Canadian National Railway Company Common Stock	$3,795,171	1.65%	31,828	$379,507	Down ×2
SLB SLB Limited Common Shares	$3,582,101	1.56%	77,051	$-624,479	Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE)	$3,332,937	1.45%	8,019	$1,060,522	Down ×2
UNP Union Pacific Corporation Common Stock	$3,067,072	1.33%	11,276	$211,677	Down ×2
MA Mastercard Incorporated Common Stock	$2,715,403	1.18%	5,287	$53,714	Down ×1
HAL Halliburton Company Common Stock	$2,642,600	1.15%	77,838	$-571,736	Down ×1
AVB AvalonBay Communities, Inc. Common Stock	$2,479,953	1.08%	13,143	$160,873	Down ×2
LLY Eli Lilly and Company Common Stock	$2,448,037	1.06%	2,041	$570,786
AVGO Broadcom Inc. - Common Stock	$2,390,024	1.04%	6,327	$431,754
Unknown issuer (CUSIP: 30233Q108)	$2,279,122	0.99%	16,670		Up ×1
AMZN Amazon.com, Inc. - Common Stock	$2,272,095	0.99%	9,533	$245,003	Down ×2
BR Broadridge Financial Solutions, Inc. Common Stock	$2,251,732	0.98%	16,442	$-1,039,788	Down ×2
AME AMETEK, Inc.	$2,202,380	0.96%	9,103	$244,630	Down ×6
META Meta Platforms, Inc. - Class A Common Stock	$2,068,401	0.90%	3,672	$358,877	Up ×1
CHD Church & Dwight Company, Inc. Common Stock	$1,860,096	0.81%	19,200	$63,779	Down ×6
Unknown issuer (CUSIP: 438516205)	$1,815,157	0.79%	8,107		Up ×1
Unknown issuer (CUSIP: 43849R105)	$1,792,296	0.78%	8,107		Up ×1
PANW Palo Alto Networks, Inc. - Common Stock	$1,603,817	0.70%	4,703	$849,832
SHW Sherwin-Williams Company (The) Common Stock	$1,594,546	0.69%	4,631	$85,717	Down ×1
ROST Ross Stores, Inc. - Common Stock	$1,585,094	0.69%	7,447	$-28,150
MNST Monster Beverage Corporation - Common Stock	$1,428,247	0.62%	14,859	$348,521	Down ×6
AMD Advanced Micro Devices, Inc. - Common Stock	$1,326,798	0.58%	2,284	$872,946	Up ×1
MKL Markel Group Inc. Common Stock	$1,326,094	0.58%	679	$-2,271	Down ×6
NVS Novartis AG Common Stock	$1,325,224	0.58%	8,456	$31,431	Down ×2
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock	$1,289,707	0.56%	1,690	$622,887	Down ×6
BRKB	$1,249,974	0.54%	2,498	$99,415	Up ×1
ITW Illinois Tool Works Inc. Common Stock	$1,200,887	0.52%	4,440	$42,336	Down ×2
DKS Dick's Sporting Goods Inc Common Stock	$1,187,350	0.52%	5,235	$162,984	Up ×2
COST Costco Wholesale Corporation - Common Stock	$1,177,757	0.51%	1,259	$-86,713	Down ×2
XLK XLK	$1,159,314	0.50%	6,085	$276,725	Down ×1
H Hyatt Hotels Corporation Class A Common Stock	$1,151,991	0.50%	5,943	$291,120	Down ×6
VUG	$1,140,494	0.50%	13,240	$794,120	Up ×1
DHR Danaher Corporation Common Stock	$919,637	0.40%	4,828	$-4,284	Down ×4
QQQM Invesco NASDAQ 100 ETF	$904,365	0.39%	2,985		Up ×1
ROP Roper Technologies, Inc. - Common Stock	$870,001	0.38%	2,571	$-60,297	Down ×2
RMD ResMed Inc. Common Stock	$813,039	0.35%	4,172	$-147,286	Down ×6
GOOG Alphabet Inc. - Class C Capital Stock	$757,893	0.33%	2,145	$150,324	Up ×1
VRTX Vertex Pharmaceuticals Incorporated - Common Stock	$745,095	0.32%	1,500	$51,618	Down ×2
ROL Rollins, Inc. Common Stock	$729,407	0.32%	17,475	$-223,801	Down ×6
CSW CSW Industrials, Inc. Common Stock	$690,184	0.30%	2,480	$36,649	Down ×6
FIVE Five Below, Inc. - Common Stock	$686,798	0.30%	3,820	$-193,535	Down ×6
IVV	$653,032	0.28%	872		Up ×1
LIN Linde plc - Ordinary Shares	$584,326	0.25%	1,126	$26,100
TSLA Tesla, Inc. - Common Stock	$578,746	0.25%	1,376	$-91,519	Down ×1
BX Blackstone Inc. Common Stock	$570,582	0.25%	4,849	$-10,003	Down ×2
AMAT Applied Materials, Inc. - Common Stock	$545,142	0.24%	754	$270,685	Down ×2
EPAC Enerpac Tool Group Corp. Common Stock	$537,436	0.23%	14,987	$-118,516	Down ×6
WAT Waters Corporation Common Stock	$535,932	0.23%	1,429	$106,207	Down ×6
SPY SPY	$490,361	0.21%	657	$-267,623	Down ×1
CPRT Copart, Inc. - Common Stock	$486,785	0.21%	17,268	$-97,402	Down ×2
NFLX Netflix, Inc. - Common Stock	$426,115	0.19%	5,968		Up ×1
NOC Northrop Grumman Corporation Common Stock	$398,790	0.17%	783	$-135,404
FCX Freeport-McMoRan, Inc. Common Stock	$370,422	0.16%	5,890	$10,159	Down ×1
MU Micron Technology, Inc. - Common Stock	$368,219	0.16%	319		Up ×1
NDAQ Nasdaq, Inc. - Common Stock	$341,448	0.15%	4,332	$-30,455	Down ×2
TMO Thermo Fisher Scientific Inc Common Stock	$316,860	0.14%	632	$-178,602	Down ×5
NTSX	$281,432	0.12%	4,766		Up ×1
BA Boeing Company (The) Common Stock	$271,670	0.12%	1,255	$21,887
INTC Intel Corporation - Common Stock	$263,342	0.11%	1,886		Up ×1
RGEN Repligen Corporation - Common Stock	$238,361	0.10%	1,747	$-9,886	Down ×6
IBM International Business Machines Corporation Common Stock	$231,998	0.10%	825
MO Altria Group, Inc.	$212,468	0.09%	2,953	$-97,949	Down ×1
Unknown issuer (CUSIP: 97717Y220)	$208,139	0.09%	7,951		Up ×1
CB Chubb Limited Common Stock	$203,422	0.09%	597
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
NVDA	$6,819,467	2.96%	up ×5

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
Unknown issuer (CUSIP: 30233Q108)	$2,279,122	16,670	0.99%
Unknown issuer (CUSIP: 438516205)	$1,815,157	8,107	0.79%
Unknown issuer (CUSIP: 43849R105)	$1,792,296	8,107	0.78%
QQQM	$904,365	2,985	0.39%
IVV	$653,032	872	0.28%
NFLX	$426,115	5,968	0.19%
MU	$368,219	319	0.16%
NTSX	$281,432	4,766	0.12%
INTC	$263,342	1,886	0.11%
IBM	$231,998	825	0.10%
Unknown issuer (CUSIP: 97717Y220)	$208,139	7,951	0.09%
CB	$203,422	597	0.09%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
DELL	Bought more	+539	+$4.8M
CSCO	Trimmed	-1K	+$2.7M
AAPL	Bought more	+1K	+$2.5M
TXN	Trimmed	-938	+$2.1M
QCOM	Trimmed	-1K	+$1.3M
NVDA	Bought more	+2K	+$1.2M
WSM	Trimmed	-344	+$1.2M
UNH	Trimmed	-379	+$1.1M
GOOGL	Trimmed	-329	+$1.0M
BR	Trimmed	-4K	-$1.0M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
WMT	March 31, 2025	58,929	$5,324,235	17.5%
MKC	March 31, 2026	70,074	$4,772,740	9.7%
LMT	March 31, 2025	9,682	$4,704,871	27.3%
PG	March 31, 2026	31,327	$4,489,472	-0.8%
HON	June 30, 2026	17,097	$3,864,435	-1.9%
ACN	March 31, 2026	12,881	$3,455,972	-7.9%
XOM	June 30, 2026	17,548	$2,977,194	21.7%
EMR	June 30, 2025	22,050	$2,417,562	17.0%
LKQ	Sept. 30, 2025	49,689	$1,838,990	-14.8%
DUOL	Dec. 31, 2025	5,131	$1,651,361	-17.4%
MORN	March 31, 2026	7,100	$1,542,901	29.1%
STVN	March 31, 2025	65,816	$1,434,131	8.8%
CBZ	Dec. 31, 2025	26,671	$1,412,496	8.8%
BL	March 31, 2025	22,942	$1,393,956	-35.4%
UNH	March 31, 2025	2,661	$1,346,093	-26.0%
PYPL	March 31, 2026	22,921	$1,338,136	37.6%
EXLS	March 31, 2026	29,802	$1,264,797	22.0%
INTU	March 31, 2026	1,822	$1,206,929	-16.6%
CARG	March 31, 2026	30,819	$1,181,909	8.1%
FDS	March 31, 2026	3,834	$1,112,588	37.5%
SSNC	March 31, 2026	11,125	$972,548	21.7%
TTD	March 31, 2026	25,182	$955,909	-41.7%
ZS	March 31, 2026	4,085	$918,798	23.3%
COO	March 31, 2026	10,939	$896,560	6.0%
TYL	March 31, 2026	1,892	$858,873	0.4%
TMDX	June 30, 2026	8,291	$824,208	38.8%
ADBE	March 31, 2026	2,171	$759,828	12.3%
ZTS	March 31, 2026	4,325	$544,172	-35.2%
XLY	June 30, 2026	4,865	$530,188	No longer tracked
PLTR	March 31, 2026	2,791	$496,100	18.3%
LFUS	March 31, 2026	1,831	$463,097	22.6%
FTNT	March 31, 2026	5,637	$447,634	82.9%
TECH	March 31, 2026	7,293	$428,901	38.3%
APH	March 31, 2026	2,400	$324,336	23.4%
VOO	June 30, 2026	537	$320,909	No longer tracked
DIS	March 31, 2025	2,844	$316,679	8.5%
CRM	June 30, 2026	1,686	$314,726	31.2%
WST	March 31, 2026	1,097	$301,829	40.7%
XLI	June 30, 2026	1,758	$284,321	No longer tracked
CVX	June 30, 2026	1,369	$283,246	24.6%
NKE	June 30, 2026	5,209	$275,139	-1.2%
COIN	Dec. 31, 2025	808	$272,692	-17.2%
CB	Sept. 30, 2025	880	$254,954	21.7%
CTSH	June 30, 2026	4,008	$245,891	57.2%
IBM	March 31, 2026	825	$244,373	-3.6%
NOW	March 31, 2025	226	$239,587	-18.6%
APPF	March 31, 2025	900	$222,048	-2.2%
BKE	March 31, 2026	4,095	$218,755	-12.5%
DIS	Sept. 30, 2025	1,756	$217,762	-6.4%
MOV	March 31, 2026	10,428	$215,025	45.2%
APPF	March 31, 2026	900	$209,385	36.3%
NOW	Dec. 31, 2025	226	$207,983	-15.4%
FIS	Sept. 30, 2025	2,525	$205,560	-38.2%
FIS	March 31, 2025	2,525	$203,944	-45.4%
GBDC	Dec. 31, 2025	11,966	$163,815	-2.7%
ABR	Dec. 31, 2025	12,951	$158,132	-33.4%
OBDC	Dec. 31, 2025	11,971	$152,870	-9.2%
OCSL	Dec. 31, 2025	11,547	$150,688	2.6%