Carnegie Investment Counsel

CIK 0001511506 · Q2 2026

13F Equity AUM

$5.0B

-2.7% QoQ

Positions

547

-12 QoQ

AUM Rank

#1,520

Top 12%

Skill Alpha (FF)

-0.1%/yr^ns

No Clear Edge

Rank #2,933 · Top 35%

vs S&P -0.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 15.2%Top 10: 24.6%Top 20: 37.6%

GOOGL3.8%

AAPL3.5%

MSFT2.9%

AVGO2.6%

JPM2.4%

NVDA2.2%

AMZN2.1%

BRK/B1.9%

AMAT1.6%

META1.6%

Others (537)75.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services35.2%

Technology19.4%

Industrials10.4%

Communication Services8.2%

Consumer Cyclical7.5%

Healthcare7.0%

Utilities3.1%

Consumer Defensive3.0%

Other6.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 547Median: 0.03%Avg: 0.18%

0–0.5%

493(38.3%)

0.5–1%

33(23.1%)

1–3%

19(31.3%)

3–5%

2(7.3%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 547vs 20 funds

0%Low

547

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New33Increased121Decreased317Exited45

New Positions

EWY0.1%

+18K

TAP0.1%

+80K

PKE0.1%

+82K

HONEYWELL AEROSPACE …0.0%

+9K

HONEYWELL INTL INC0.0%

+9K

BILS0.0%

+14K

AKRE0.0%

+19K

OHI0.0%

+17K

L1S0.0%

+7K

DMXF0.0%

+5K

Increased

VO0.4%

+195K(+303%)

PG0.7%

+188K(+289%)

IBTH0.4%

+106K(+14%)

KDP0.1%

+80K(+761%)

BSCW0.1%

+71K(+88%)

SCHD0.3%

+68K(+15%)

IQLT1.0%

+67K(+7%)

T0.1%

+66K(+142%)

QXO0.1%

+64K(+21%)

VUG0.1%

+63K(+498%)

Decreased

NU0.0%

-617,877(-95%)

KRMN0.0%

-325,265(-98%)

UBER0.5%

-272,142(-46%)

ZTS0.1%

-256,419(-77%)

QCOM0.5%

-241,726(-65%)

HBAN0.1%

-237,169(-41%)

IGV0.0%

-218,150(-96%)

PYPL0.0%

-163,519(-93%)

IONQ0.0%

-160,846(-96%)

RDDT0.1%

-155,668(-85%)

Exited

-217,100

-72,670

-18,602

-5,777

-18,820

-19,451

-44,900

-3,501

-3,555

COLB

-15,800

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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