Willis Investment Counsel portfolio

What changed this quarter

104 positions with a change (7 new, 57 added to, 36 trimmed, 4 sold). 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Valero Energy−53%fewer sharesReduced
  1.3% → 1.0%
• BHP Group−73%fewer sharesReduced
  1.3% → 0.4%
• Caterpillar−44%fewer sharesReduced
  2.8% → 1.3%
• Cisco Systems−17%fewer sharesReduced
  5.0% → 4.0%
• Johnson & Johnson−16%fewer sharesReduced
  3.7% → 3.5%
• Clorox−63%fewer sharesReduced
  1.0% → 0.4%
• Deere−49%fewer sharesReduced
  1.0% → 0.6%
• Merck−24%fewer sharesReduced
  1.9% → 1.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Cisco SystemsCSCO4.0%
• Johnson & JohnsonJNJ3.5%
• MicrosoftMSFT3.2%
• Texas InstrumentsTXN2.9%
• PaychexPAYX2.4%
• ChubbCB2.4%
• AccentureACN2.4%
• PfizerPFE2.3%
• FortinetFTNT2.3%
• Exxon MobilXOM2.1%
• Lockheed MartinLMT2.1%
• Keysight TechnologiesKEYS1.9%
• MedtronicMDT1.9%
• Automatic Data ProcessingADP1.8%
• MerckMRK1.8%
• AflacAFL1.7%
• Abbott LaboratoriesABT1.7%
• Home DepotHD1.7%
• ConocoPhillipsCOP1.6%
• AppleAAPL1.5%
• EatonETN1.5%
• ShellSHEL1.4%
• AdobeADBE1.4%
• Quest DiagnosticsDGX1.4%
• W.W. GraingerGWW1.4%
• HersheyHSY1.3%
• Verizon CommunicationsVZ1.3%
• PepsicoPEP1.3%
• SanofiSNY1.3%
• 3mMMM1.3%
• Generac HoldingsGNRC1.3%
• Labcorp HoldingsLH1.3%
• CaterpillarCAT1.3%
• American Electric PowerAEP1.2%
• Procter & GamblePG1.2%
• Tractor SupplyTSCO1.2%
• Eli LillyLLY1.1%
• American ExpressAXP1.1%
• NVIDIANVDA1.0%
• Invesco Exchange Traded Fund TRSP1.0%
• JPMorgan ChaseJPM1.0%
• At&tT1.0%
• Valero EnergyVLO1.0%
• Darden RestaurantsDRI1.0%
• WatersWAT0.9%
• AlphabetGOOGL0.9%
• MastercardMA0.9%
• Applied MaterialsAMAT0.9%
• General DynamicsGD0.9%
• Duke EnergyDUK0.8%
• Emerson ElectricEMR0.8%
• HubbellHUBB0.8%
• ChevronCVX0.8%
• Factset Research SystemsFDS0.8%
• Meta PlatformsMETA0.8%
• Motorola SolutionsMSI0.7%
• McDONALD’SMCD0.7%
• Waste ManagementWM0.7%
• ZoetisZTS0.7%
• Lowe'sLOW0.7%
• IntuitINTU0.6%
• QualysQLYS0.6%
• Ross StoresROST0.6%
• DeereDE0.6%
• United Parcel ServiceUPS0.5%
• Medpace HoldingsMEDP0.5%
• Sherwin-williamsSHW0.5%
• Zebra TechnologiesZBRA0.5%
• FrontdoorFTDR0.5%
• Paycom SoftwarePAYC0.5%
• NRC HealthNRC0.5%
• Liquidity ServicesLQDT0.5%
• Logitech InternationalLOGI0.4%
• DonaldsonDCI0.4%
• Jack Henry & AssociatesJKHY0.4%
• BHP GroupBHP0.4%
• S&P GlobalSPGI0.4%
• CloroxCLX0.4%
• Avery DennisonAVY0.3%
• Gildan ActivewearGIL0.3%
• Lamar AdvertisingLAMR0.3%
• ToroTTC0.3%
• VerisignVRSN0.2%
• A. O. SmithAOS0.2%
• Sterling InfrastructureSTRL0.2%
• Align TechnologyALGN0.2%
• MSC Industrial DirectMSM0.2%
• EvertecEVTC0.2%
• UbiquitiUI0.2%
• Badger MeterBMI0.2%
• HexcelHXL0.2%
• JBT MarelJBTM0.2%
• Bio-techneTECH0.1%
• Dolby LaboratoriesDLB0.1%
• Gaztransport & TechnigazGZPZF0.1%
• Installed Building ProductsIBP0.1%
• iShares Core S&P Midcap ETFIJH0.1%
• Coca-ColaKO0.1%
• MaxCyteMXCTunder 0.1%
• Vanguard S&P 500 ETFVOOunder 0.1%