CIK: 0001310929
Total reported value
$1.8B
Reporting period: 2026-03-31 · Number of holdings: 123
Willis Investment Counsel disclosed 123 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.8B and a quarterly turnover rate of 23.4%.
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Willis Investment Counsel's disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 58 equally-sized positions, well below its 123 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.06), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add XOM
+0.2% $11.4M
Add LMT
-3.2% $9.6M
Add COP
+0.3% $9.9M
Trim UPS
-57.7% -$12.1M
Trim ACN
+0.5% -$13.4M
Trim MSFT
+0.3% -$12.7M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.86% | -0.05% | -20.79% | |
| 2 | CSCO | Cisco Systems INC | Stock-Tech | 3.53% | — | +0.12% | |
| 3 | LMT | Lockheed Martin CORP | Stock-Industrials | 3.01% | +0.65% | -3.20% | |
| 4 | TXN | Texas Instruments INC | Stock-Tech | 2.83% | +0.45% | +0.28% | |
| 5 | CB | Chubb Limited | Stock-Financials | 2.74% | — | +0.24% | |
| 6 | PFE | Pfizer INC | Stock-Healthcare | 2.63% | +0.43% | +0.26% | |
| 7 | MSFT | Microsoft CORP | Stock-Tech | 2.29% | -0.54% | +0.32% | |
| 8 | PAYX | Paychex INC | Stock-Tech | 2.20% | +0.31% | +33.78% | |
| 9 | XOM | Exxon Mobil CORP | Stock-Energy | 2.13% | +0.70% | +0.16% | |
| 10 | ACN | Accenture plc | Stock-Tech | 2.11% | -0.58% | +0.53% | |
| 11 | MRK | Merck & Co. INC. | Stock-Healthcare | 2.06% | +0.35% | — | |
| 12 | HSY | Hershey Co/the | Stock-Consumer Staples | 2.05% | +0.35% | +0.23% | |
| 13 | PEP | Pepsico INC | Stock-Consumer Staples | 1.94% | +0.24% | +0.18% | |
| 14 | HD | Home Depot INC | Stock-Consumer Disc | 1.93% | — | +0.22% | |
| 15 | CAT | Caterpillar INC | Stock-Industrials | 1.92% | -0.45% | -37.81% | |
| 16 | COP | Conocophillips | Stock-Energy | 1.86% | +0.62% | +0.26% | |
| 17 | MDT | Medtronic plc | Stock-Healthcare | 1.86% | -0.11% | -1.31% | |
| 18 | AFL | Aflac INC | Stock-Financials | 1.81% | — | +0.36% | |
| 19 | TSCO | Tractor Supply Company | Stock-Consumer Disc | 1.69% | -0.06% | +0.82% | |
| 20 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.65% | — | -0.12% | |
| 21 | ADP | Automatic Data Processing | Stock-Tech | 1.65% | +0.51% | +73.32% | |
| 22 | DGX | Quest Diagnostics INC | Stock-Healthcare | 1.62% | +0.26% | — | |
| 23 | T | At&t INC | Stock-Comm Services | 1.61% | +0.31% | — | |
| 24 | SNY | Sanofi-adr | Stock-Healthcare | 1.59% | — | — | |
| 25 | GNRC | Generac Holdings INC | Stock-Industrials | 1.55% | +0.54% | +1.60% | |
| 26 | VZ | Verizon Communications INC | Stock-Comm Services | 1.53% | +0.37% | +1.82% | |
| 27 | AAPL | Apple INC | Stock-Tech | 1.51% | — | -0.41% | |
| 28 | ETN | Eaton Corporation plc | Stock-Industrials | 1.51% | +0.24% | — | |
| 29 | AEP | American Electric Power | Stock-Utilities | 1.46% | +0.25% | — | |
| 30 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 1.44% | — | — | |
| 31 | VLO | Valero Energy CORP | Stock-Energy | 1.41% | +0.53% | — | |
| 32 | SHEL | Shell Plc-adr | Stock-Energy | 1.41% | +0.36% | +0.29% | |
| 33 | DRI | Darden Restaurants INC | Stock-Consumer Disc | 1.31% | — | — | |
| 34 | CLX | Clorox Company | Stock-Consumer Staples | 1.30% | +0.23% | +12.41% | |
| 35 | BHP | Bhp Group Ltd-spon Adr | Stock-Materials | 1.25% | -0.23% | -33.66% | |
| 36 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.25% | — | — | |
| 37 | GD | General Dynamics CORP | Stock-Industrials | 1.25% | — | — | |
| 38 | KEYS | Keysight Technologies In | Stock-Tech | 1.25% | +0.40% | +0.48% | |
| 39 | DUK | Duke Energy CORP | Stock-Utilities | 1.15% | — | — | |
| 40 | CVX | Chevron CORP | Stock-Energy | 1.13% | +0.34% | — | |
| 41 | ABT | Abbott Laboratories | Stock-Healthcare | 1.12% | -0.17% | — | |
| 42 | MMM | 3m Co | Stock-Industrials | 1.08% | — | +0.32% | |
| 43 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 1.08% | — | — | |
| 44 | DE | Deere & Co | Stock-Industrials | 1.06% | +0.23% | — | |
| 45 | EMR | Emerson Electric Co | Stock-Industrials | 1.00% | — | — | |
| 46 | GWW | Ww Grainger INC | Stock-Industrials | 0.99% | — | +1.15% | |
| 47 | VBR | Vanguard Small-cap Value ETF | ETF-Other | 0.99% | — | +6.39% | |
| 48 | AXP | American Express Co | Stock-Financials | 0.95% | -0.13% | +0.98% | |
| 49 | LH | Labcorp Holdings INC | Stock-Healthcare | 0.94% | — | -0.78% | |
| 50 | ZTS | Zoetis INC | Stock-Healthcare | 0.90% | +0.22% | +34.30% |
Performance for Q3 2026
+4%
Performance Last 4 Quarters
+22.9%
Based on 70% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 123 | $1.8B | 23 | |
| 2025-12-31 | 130 | $1.9B | 13 | |
| 2025-09-30 | 127 | $1.8B | 27 | |
| 2025-06-30 | 118 | $1.7B | 0 | |
| 2025-03-31 | 117 | $1.5B | 100 | |
| 2024-12-31 | 116 | $1.5B | 0 | |
| 2024-09-30 | 113 | $1.5B | 0 | |
| 2024-06-30 | 107 | $1.4B | 0 | |
| 2024-03-31 | 107 | $1.5B | 0 | |
| 2023-12-31 | 113 | $1.4B | 0 | |
| 2023-09-30 | 109 | $1.3B | 0 | |
| 2023-06-30 | 110 | $1.5B | — | |
| 2023-03-31 | 110 | $1.5B | — | |
| 2022-12-31 | 113 | $1.6B | 0 | |
| 2022-09-30 | 111 | $1.4B | 0 | |
| 2022-06-30 | 115 | $1.6B | 0 | |
| 2022-03-31 | 116 | $1.9B | 0 | |
| 2021-12-31 | 109 | $1.9B | 0 | |
| 2021-09-30 | 110 | $1.8B | 0 | |
| 2021-06-30 | 114 | $1.7B | 100 | |
| 2021-03-31 | 116 | $1.6B | 24 | |
| 2020-12-31 | 106 | $1.5B | 41 | |
| 2020-09-30 | 106 | $1.1B | 25 | |
| 2020-06-30 | 108 | $1.3B | 53 | |
| 2020-03-31 | 109 | $1.2B | 40 | |
| 2019-12-31 | 96 | $1.5B | 16 | |
| 2019-09-30 | 101 | $1.5B | 21 | |
| 2019-06-30 | 106 | $1.5B | 91 | |
| 2019-03-31 | 117 | $1.5B | 63 | |
| 2018-12-31 | 120 | $1.3B | 18 | |
| 2018-09-30 | 112 | $1.5B | 21 | |
| 2018-06-30 | 115 | $1.4B | 18 | |
| 2018-03-31 | 112 | $1.3B | 28 | |
| 2017-12-31 | 120 | $1.4B | 11 | |
| 2017-09-30 | 122 | $1.4B | 14 | |
| 2017-06-30 | 119 | $1.3B | 32 | |
| 2017-03-31 | 124 | $1.3B | 66 | |
| 2016-12-31 | 128 | $1.3B | 15 | |
| 2016-09-30 | 125 | $1.2B | 20 | |
| 2016-06-30 | 125 | $1.2B | 16 | |
| 2016-03-31 | 126 | $1.1B | 16 | |
| 2015-12-31 | 131 | $1.1B | 21 | |
| 2015-09-30 | 131 | $1.0B | 20 | |
| 2015-06-30 | 129 | $1.1B | 18 | |
| 2015-03-31 | 124 | $1.1B | 17 | |
| 2014-12-31 | 128 | $1.1B | 33 | |
| 2014-09-30 | 120 | $950.7M | 19 | |
| 2014-06-30 | 111 | $1.0B | 19 | |
| 2014-03-31 | 110 | $986.8M | 83 | |
| 2013-12-31 | 115 | $2.2B | 97 | |
| 2013-09-30 | 114 | $875.8M | 0 | |
| 2013-06-30 | 114 | $875.8M | — |
Willis Investment Counsel's most significant position changes for 2026-03-31: Sold out: Walmart INC (WMT); Sold out: Kimberly-clark CORP (KMB); Sold out: Genuine Parts Co (GPC); Sold out: T Rowe Price Group INC (TROW); Sold out: Reinsurance Group Of America (RGA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.7% | +0.16% | Add |
| 2 | LMT | Lockheed Martin CORP | +0.7% | -3.20% | Trim |
| 3 | COP | Conocophillips | +0.6% | +0.26% | Add |
| 4 | GNRC | Generac Holdings INC | +0.5% | +1.60% | Add |
| 5 | VLO | Valero Energy CORP | +0.5% | — | Unchanged |
| 6 | ADP | Automatic Data Processing | +0.5% | +73.32% | Add |
| 7 | TXN | Texas Instruments INC | +0.5% | +0.28% | Add |
| 8 | PFE | Pfizer INC | +0.4% | +0.26% | Add |
| 9 | KEYS | Keysight Technologies In | +0.4% | +0.48% | Add |
| 10 | VZ | Verizon Communications INC | +0.4% | +1.82% | Add |
| 11 | SHEL | Shell Plc-adr | +0.4% | +0.29% | Add |
| 12 | HSY | Hershey Co/the | +0.4% | +0.23% | Add |
| 13 | MRK | Merck & Co. INC. | +0.4% | — | Unchanged |
| 14 | CVX | Chevron CORP | +0.3% | — | Unchanged |
| 15 | T | At&t INC | +0.3% | — | Unchanged |
| 16 | PAYX | Paychex INC | +0.3% | +33.78% | Add |
| 17 | DGX | Quest Diagnostics INC | +0.3% | — | Unchanged |
| 18 | AEP | American Electric Power | +0.3% | — | Unchanged |
| 19 | ETN | Eaton Corporation plc | +0.2% | — | Unchanged |
| 20 | PEP | Pepsico INC | +0.2% | +0.18% | Add |
| 21 | DE | Deere & Co | +0.2% | — | Unchanged |
| 22 | CLX | Clorox Company | +0.2% | +12.41% | Add |
| 23 | ZTS | Zoetis INC | +0.2% | +34.30% | Add |
| 24 | RSP | Invesco S&p 500 Equal Weight | +0.2% | +23.19% | Add |
| 25 | JNJ | Johnson & Johnson | -0.1% | -20.79% | Trim |
| 26 | TSCO | Tractor Supply Company | -0.1% | +0.82% | Add |
| 27 | MDT | Medtronic plc | -0.1% | -1.31% | Trim |
| 28 | AXP | American Express Co | -0.1% | +0.98% | Add |
| 29 | ABT | Abbott Laboratories | -0.2% | — | Unchanged |
| 30 | GOOGL | Alphabet Inc-cl A | -0.2% | -22.31% | Trim |
| 31 | ROST | Ross Stores INC | -0.2% | -47.21% | Trim |
| 32 | BHP | Bhp Group Ltd-spon Adr | -0.2% | -33.66% | Trim |
| 33 | AMAT | Applied Materials INC | -0.3% | -57.29% | Trim |
| 34 | NVDA | Nvidia CORP | -0.4% | -36.67% | Trim |
| 35 | LLY | Eli Lilly & Co | -0.4% | -29.38% | Trim |
| 36 | CAT | Caterpillar INC | -0.5% | -37.81% | Trim |
| 37 | MSFT | Microsoft CORP | -0.5% | +0.32% | Add |
| 38 | ACN | Accenture plc | -0.6% | +0.53% | Add |
| 39 | UPS | United Parcel Service-cl B | -0.6% | -57.71% | Trim |
| 40 | WMT | Walmart INC | — | EXIT | Sold out |
| 41 | KMB | Kimberly-clark CORP | — | EXIT | Sold out |
| 42 | GPC | Genuine Parts Co | — | EXIT | Sold out |
| 43 | TROW | T Rowe Price Group INC | — | EXIT | Sold out |
| 44 | RGA | Reinsurance Group Of America | — | EXIT | Sold out |
| 45 | KVUE | Kenvue INC | — | EXIT | Sold out |
| 46 | INTC | Intel CORP | — | EXIT | Sold out |
| 47 | TGT | Target CORP | — | EXIT | Sold out |
| 48 | SPGI | S&p Global INC | — | NEW | New buy |
| 49 | INTU | Intuit INC | — | NEW | New buy |
| 50 | ✓ | Csg Systems International In | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-05 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-22 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-05 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-16 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-24 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-11 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-24 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-24 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-11 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-03-07 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-10-17 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-03-07 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-07-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2024-03-07 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-04-18 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-18 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-12 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-17 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-15 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-16 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-18 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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