Kensington Investment Counsel, LLC — Q4 2025 13F Holdings

Name: Kensington Investment Counsel, LLC — 13F Holdings, Q4 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001845536

Total reported value

$207.7M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AAPL	Apple INC	Stock-Tech	6.92%	+0.57%	+2.28%
2	MSFT	Microsoft CORP	Stock-Tech	5.84%	-0.45%	-0.71%
3	JPM	Jpmorgan Chase & Co	Stock-Financials	3.52%	+0.39%	+0.65%
4	ABBV	Abbvie INC	Stock-Healthcare	3.44%	—	+2.37%
5	WSM	Williams-sonoma INC	Stock-Consumer Disc	3.11%	-0.90%	-4.66%
6	SNA	Snap-on INC	Stock-Industrials	2.99%	—	+0.13%
7	GD	General Dynamics CORP	Stock-Industrials	2.58%	—	+3.87%
8	AMGN	Amgen INC	Stock-Healthcare	2.40%	—	+5.80%
9	NVDA	Nvidia CORP	Stock-Tech	2.37%	—	+10.11%
10	RSG	Republic Services INC	Stock-Industrials	2.36%	—	+3.83%
11	JNJ	Johnson & Johnson	Stock-Healthcare	2.24%	+0.99%	+4.29%
12	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	2.22%	+0.09%	-1.15%
13	PEP	Pepsico INC	Stock-Consumer Staples	2.21%	—	+6.05%
14	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	2.21%	—	+8.05%
15	WSO	Watsco INC	Stock-Industrials	2.19%	+0.15%	-16.82%
16	HD	Home Depot INC	Stock-Consumer Disc	2.06%	—	-0.05%
17	MKC	Mccormick & Co-non Vtg Shrs	Stock-Consumer Staples	1.94%	-1.94%	EXIT
18	QCOM	Qualcomm INC	Stock-Tech	1.90%	-0.20%	+3.95%
19	BR	Broadridge Financial Solutio	Stock-Tech	1.90%	-0.32%	+4.20%
20	PG	Procter & Gamble Co/the	Stock-Consumer Staples	1.82%	-1.82%	EXIT
21	TXN	Texas Instruments INC	Stock-Tech	1.65%	—	+5.86%
22	MRK	Merck & Co. INC.	Stock-Healthcare	1.64%	+0.63%	+7.11%
23	ACN	Accenture plc	Stock-Tech	1.40%	-1.40%	EXIT
24	CNI	Canadian Natl Railway Co	Stock-Industrials	1.36%	—	+3.64%
25	MA	Mastercard INC - A	Stock-Financials	1.24%	—	-1.42%
26	AMZN	Amazon.com INC	Stock-Consumer Disc	1.15%	-0.17%	+31.28%
27	UNH	Unitedhealth Group INC	Stock-Healthcare	1.15%	-0.06%	+2.34%
28	UNP	Union Pacific CORP	Stock-Industrials	1.12%	—	+4.12%
29	AVB	Avalonbay Communities INC	Stock-Real Estate	1.06%	—	+6.20%
30	CRWD	Crowdstrike Holdings INC - A	Stock-Tech	1.03%	-0.71%	-11.72%
31	ROP	Roper Technologies INC	Stock-Tech	1.02%	-0.57%	+6.93%
32	AME	Ametek INC	Stock-Industrials	0.99%	—	-8.12%
33	AVGO	Broadcom INC	Stock-Tech	0.95%	—	+16.54%
34	CPRT	Copart INC	Stock-Industrials	0.94%	-0.66%	+10.05%
35	META	Meta Platforms Inc-class A	Stock-Comm Services	0.92%	-0.10%	+86.11%
36	LLY	Eli Lilly & Co	Stock-Healthcare	0.89%	—	+1.49%
37	CHD	Church & Dwight Co INC	Stock-Consumer Staples	0.86%	—	-10.37%
38	MKL	Markel Group INC	Stock-Financials	0.79%	-0.15%	-14.16%
39	TMDX	Transmedics Group INC	Stock-Healthcare	0.77%	-0.37%	-9.21%
40	CSW	Csw Industrials INC	Stock-Industrials	0.75%	-0.44%	-16.74%
41	DELL	Dell Technologies -c	Stock-Tech	0.74%	+0.61%	-1.69%
42	ROL	Rollins INC	Stock-Consumer Disc	0.71%	-0.25%	-13.43%
43	EPAC	Enerpac Tool Group CORP	Stock-Other	0.67%	-0.35%	-12.97%
44	H	Hyatt Hotels CORP - Cl A	Stock-Consumer Disc	0.65%	-0.24%	-13.76%
45	MORN	Morningstar INC	Stock-Financials	0.63%	-0.63%	EXIT
46	MNST	Monster Beverage CORP	Stock-Consumer Staples	0.63%	—	-9.22%
47	SHW	Sherwin-williams Co/the	Stock-Materials	0.62%	—	-2.38%
48	RMD	Resmed INC	Stock-Healthcare	0.59%	-0.13%	-10.34%
49	GOOG	Alphabet Inc-cl C	Stock-Comm Services	0.58%	-0.29%	+27.77%
50	NDAQ	Nasdaq INC	Stock-Financials	0.57%	-0.39%	+7.96%

1–50 of 104

Holding changes this quarter

Position changes disclosed by Kensington Investment Counsel, LLC for the quarter ending Q4 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AAPL	Apple INC	+0.6%	+2.28%	Add
2	GOOGL	Alphabet Inc-cl A	+0.5%	-1.15%	Trim
3	AMGN	Amgen INC	+0.4%	+5.80%	Add
4	MRK	Merck & Co. INC.	+0.4%	+7.11%	Add
5	META	Meta Platforms Inc-class A	+0.4%	+86.11%	Add
6	AMZN	Amazon.com INC	+0.3%	+31.28%	Add
7	JNJ	Johnson & Johnson	+0.3%	+4.29%	Add
8	LLY	Eli Lilly & Co	+0.3%	+1.49%	Add
9	PYPL	Paypal Holdings INC	+0.2%	+102.54%	Add
10	GOOG	Alphabet Inc-cl C	+0.2%	+27.77%	Add
11	NVDA	Nvidia CORP	+0.2%	+10.11%	Add
12	QQQ	Invesco Qqq Trust Series 1	+0.2%	+8.05%	Add
13	COST	Costco Wholesale CORP	+0.2%	+62.20%	Add
14	AVGO	Broadcom INC	+0.2%	+16.54%	Add
15	PEP	Pepsico INC	+0.2%	+6.05%	Add
16	QCOM	Qualcomm INC	+0.1%	+3.95%	Add
17	COO	Cooper Cos Inc/the	+0.1%	+21.60%	Add
18	PLTR	Palantir Technologies Inc-a	+0.1%	+128.96%	Add
19	CNI	Canadian Natl Railway Co	+0.1%	+3.64%	Add
20	AMD	Advanced Micro Devices	+0.1%	+8.30%	Add
21	EXLS	Exlservice Holdings INC	-0.1%	-12.83%	Trim
22	DELL	Dell Technologies -c	-0.1%	-1.69%	Trim
23	RSG	Republic Services INC	-0.1%	+3.83%	Add
24	TYL	Tyler Technologies INC	-0.1%	-13.45%	Trim
25	CHD	Church & Dwight Co INC	-0.1%	-10.37%	Trim
26	EPAC	Enerpac Tool Group CORP	-0.2%	-12.97%	Trim
27	RMD	Resmed INC	-0.2%	-10.34%	Trim
28	TECH	Bio-techne CORP	-0.2%	-50.05%	Trim
29	CRWD	Crowdstrike Holdings INC - A	-0.2%	-11.72%	Trim
30	ZS	Zscaler INC	-0.2%	-13.98%	Trim
31	FDS	Factset Research Systems INC	-0.2%	-33.51%	Trim
32	MORN	Morningstar INC	-0.3%	-25.84%	Trim
33	TTD	Trade Desk Inc/the -class A	-0.3%	-24.98%	Trim
34	MKC	Mccormick & Co-non Vtg Shrs	-0.3%	-15.20%	Trim
35	PG	Procter & Gamble Co/the	-0.3%	-8.57%	Trim
36	HD	Home Depot INC	-0.4%	-0.05%	Trim
37	WSM	Williams-sonoma INC	-0.5%	-4.66%	Trim
38	MSFT	Microsoft CORP	-0.5%	-0.71%	Trim
39	WSO	Watsco INC	-1%	-16.82%	Trim
40	DUOL	Duolingo	—	EXIT	Sold out
41	CBZ	Cbiz INC	—	EXIT	Sold out
42	CARG	Cargurus INC	—	NEW	New buy
43	XLY	Ss Consumer Disc Select Sect	—	NEW	New buy
44	XLK	Ss Technology Select Sector	—	NEW	New buy
45	ZTS	Zoetis INC	—	NEW	New buy
46	LIN	Linde plc	—	NEW	New buy
47	HON	Honeywell International INC	—	NEW	New buy
48	FTNT	Fortinet INC	—	NEW	New buy
49	XLI	Ss Industrial Select Sector	—	NEW	New buy
50	COIN	Coinbase Global INC -class A	—	EXIT	Sold out