GAMBLE JONES INVESTMENT COUNSEL

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CIK 1083340

13F portfolio (2022-Q4)

$1.3B

Positions

202

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2022-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2022-Q4)

Holdings

202

Top 5

42.2%

Top 10

51.2%

Effective N

11.2

HHI

0.089

This quarter

2 new · 0 exit →

By sector

Materials29.0%

Information Technology15.9%

Unclassified15.4%

Financials8.8%

Health Care8.7%

Industrials6.2%

Consumer Discretionary5.3%

Communication Services5.1%

Other5.7%

By market cap

Mega (>$200B)62.2%

Large ($10–200B)20.2%

Unknown16.8%

Mid ($2–10B)0.9%

Micro (<$300M)0.0%

By region

North America83.2%

Other15.4%

Europe1.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Chemicals	28.86%	9
Unclassified	17.47%	58
Pharmaceuticals & Biotechnology	8.28%	13
Technology Hardware & Equipment	6.37%	5
Software	5.43%	3
Software & IT Services	4.87%	6
Commercial Services & Supplies	3.82%	9
Specialty Retail	3.78%	11
Semiconductors & Semiconductor Equipment	2.57%	3
Capital Markets	2.32%	5
Oil, Gas & Consumable Fuels	2.25%	4
Beverages	1.80%	3
Aerospace & Defense	1.72%	6
Machinery	1.35%	6
Road & Rail	1.26%	4
Hotels, Restaurants & Leisure	1.20%	2
Health Care Equipment & Supplies	0.95%	5
Banks	0.89%	7
Entertainment	0.79%	2
Insurance	0.78%	8
Equity Real Estate Investment Trusts (REITs)	0.64%	4
Food Products	0.58%	4
Electrical Equipment & Components	0.37%	2
Diversified Telecommunication Services	0.31%	2
Distributors	0.26%	2
Tobacco	0.24%	2
Media & Entertainment	0.23%	2
Utilities	0.21%	5
Paper & Forest Products	0.11%	1
Life Sciences Tools & Services	0.06%	2
Construction & Engineering	0.06%	1
Airlines	0.05%	1
Automobiles & Components	0.04%	1
Communications Equipment	0.03%	1
Transportation Infrastructure	0.03%	1
Professional Services	0.03%	1
Metals & Mining	0.02%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	PG	PROCTER & GAMBLE Co	Materials	27.98%
2	AAPL	Apple Inc.	Information Technology	4.99%
3	MSFT	MICROSOFT CORP	Information Technology	4.64%
4	TXN	TEXAS INSTRUMENTS INC	Information Technology	2.30%
5	GOOGL	Alphabet Inc.	Communication Services	2.25%
6	BRK.B	BERKSHIRE HATHAWAY INC	Financials	2.11%
7	AMZN	AMAZON COM INC	Consumer Discretionary	1.83%
8	ABT	ABBOTT LABORATORIES	Health Care	1.81%
9	JNJ	JOHNSON & JOHNSON	Health Care	1.80%
10	BND	VANGUARD BD INDEX FDS	Unclassified	1.49%

145/202 names classified · sector 84.6% of weight · industry 82.5% · mkt cap 83.2%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 39 quarters

MaterialsPG, CLX, NKE, KMB, LIN · other

Information TechnologyAAPL, MSFT, TXN, GE, IBM · other

Health CareJNJ, ABT, PFE, ABBV, NVS · other

FinancialsBRK.B, MA, V, WFC, KKR · other

IndustrialsMMM, BABA, CAT, FISV, RTX · other

Consumer DiscretionaryAMZN, MCD, COST, DLTR, SYY · other

Communication ServicesGOOGL, GOOG, DIS, VZ, ROKU · other

EnergyXOM, CVX, SLB, COP, CNQ · other

Consumer StaplesPEP, PM, KO, MO, SJM · other

Real EstateAMT, O, WY, RYN, WELL

UtilitiesKMI, SO, AEP, EIX, EPD · other

UnclassifiedBND, SHV, VYM, IAU, VALEANT PHARMACEUTICALS INTL · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 84.6% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2022-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (136 classified)GAMBLE JONES INVESTMENT COUNSEL centroid (Large Core)

MaterialsInformation TechnologyHealth CareIndustrialsFinancialsConsumer DiscretionaryCommunication ServicesEnergyConsumer StaplesReal EstateUtilities

Style box summary for GAMBLE JONES INVESTMENT COUNSEL: centroid Large Core. Heaviest cells: Large Value 40.8%, Large Growth 21.0%, Large Core 13.0%.

Classified: 80.2% of book weight (136/197 names) · unclassified 19.8%: BRK.B, BND, VYM, IAU, SHY, IEF, SHV, NVS, VXUS, VCSH +51 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 202 positions (2022-Q4) · largest first · Δ vs 2022-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	PGPROCTER AND GAMBLE CO	2,448,284	$371M	28.0%	HOLD
2	AAPLAPPLE INC	509,203	$66M	5.0%	HOLD
3	MSFTMICROSOFT CORP	256,396	$61M	4.6%	HOLD
4	TXNTEXAS INSTRS INC	184,893	$31M	2.3%	HOLD
5	GOOGLALPHABET INC	337,708	$30M	2.2%	HOLD
6	BRK.BBERKSHIRE HATHAWAY INC DEL	90,584	$28M	2.1%	TRIM −2%
7	AMZNAMAZON COM INC	289,085	$24M	1.8%	TRIM −3%
8	ABTABBOTT LABS	218,626	$24M	1.8%	HOLD
9	JNJJOHNSON & JOHNSON	134,934	$24M	1.8%	HOLD
10	BNDVANGUARD BD INDEX FDS	274,506	$20M	1.5%	TRIM −28%
11	VYMVANGUARD WHITEHALL FDS	178,219	$19M	1.5%	ADD 10%
12	IAUISHARES GOLD TR	533,097	$18M	1.4%	TRIM −3%
13	CVXCHEVRON CORP NEW	102,693	$18M	1.4%	HOLD
14	GOOGALPHABET INC	204,102	$18M	1.4%	HOLD
15	SHYISHARES TR	216,055	$18M	1.3%	ADD 70%
16	VVISA INC	82,350	$17M	1.3%	HOLD
17	MAMASTERCARD INCORPORATED	47,145	$16M	1.2%	HOLD
18	PEPPEPSICO INC	88,797	$16M	1.2%	TRIM −5%
19	ABBVABBVIE INC	96,205	$16M	1.2%	HOLD
20	MCDMCDONALDS CORP	57,494	$15M	1.1%	HOLD
21	CSCOCISCO SYS INC	305,686	$15M	1.1%	HOLD
22	IEFISHARES TR	151,569	$15M	1.1%	TRIM −6%
23	RTXRTX CORPORATION	134,105	$14M	1.0%	HOLD
24	SHVISHARES TR	122,841	$14M	1.0%	HOLD
25	NVSNOVARTIS AG	143,327	$13M	1.0%	HOLD
26	PFEPFIZER INC	239,082	$12M	0.9%	TRIM −2%
27	BLKBLACKROCK INC	15,980	$11M	0.9%	TRIM −3%
28	VXUSVANGUARD STAR FDS	210,953	$11M	0.8%	TRIM −4%
29	VCSHVANGUARD SCOTTSDALE FDS	143,168	$11M	0.8%	TRIM −6%
30	TOTLSSGA ACTIVE ETF TR	261,688	$10M	0.8%	TRIM −10%
31	VIGVANGUARD SPECIALIZED FUNDS	68,430	$10M	0.8%	ADD 22%
32	KKRKKR & CO INC	223,560	$10M	0.8%	TRIM −2%
33	DISDISNEY WALT CO	118,353	$10M	0.8%	HOLD
34	XOMEXXON MOBIL CORP	90,720	$10M	0.8%	HOLD
35	AMGNAMGEN INC	37,776	$10M	0.7%	TRIM −6%
36	WDAYWORKDAY INC	56,269	$9M	0.7%	TRIM −17%
37	UNPUNION PAC CORP	45,425	$9M	0.7%	HOLD
38	ADSKAUTODESK INC	47,390	$9M	0.7%	TRIM −3%
39	DEDEERE & CO	19,057	$8M	0.6%	HOLD
40	VPUVANGUARD WORLD FD	51,040	$8M	0.6%	HOLD
41	MMM3M CO	64,392	$8M	0.6%	HOLD
42	SCHWSCHWAB CHARLES CORP	91,227	$8M	0.6%	ADD 332%
43	AMTAMERICAN TOWER CORP	32,874	$7M	0.5%	TRIM −4%
44	CMICUMMINS INC	27,465	$7M	0.5%	HOLD
45	COSTCOSTCO WHSL CORP NEW	14,313	$7M	0.5%	HOLD
46	JPMJPMORGAN CHASE & CO	46,291	$6M	0.5%	HOLD
47	MCOMOODYS CORP	21,492	$6M	0.5%	TRIM −4%
48	CYBERARK SOFTWARE LTD	43,590	$6M	0.4%	TRIM −3%
49	DEODIAGEO PLC	31,423	$6M	0.4%	HOLD
50	ETSYETSY INC	46,668	$6M	0.4%	TRIM −3%
51	VTIVANGUARD INDEX FDS	28,267	$5M	0.4%	HOLD
52	UNHUNITEDHEALTH GROUP INC	10,009	$5M	0.4%	TRIM −7%
53	HDHOME DEPOT INC	16,196	$5M	0.4%	TRIM −3%
54	HONHONEYWELL INTL INC	23,073	$5M	0.4%	HOLD
55	BMYBRISTOL-MYERS SQUIBB CO	68,103	$5M	0.4%	HOLD
56	NSCNORFOLK SOUTHN CORP	19,193	$5M	0.4%	TRIM −3%
57	EMREMERSON ELEC CO	47,271	$5M	0.3%	HOLD
58	QQQINVESCO QQQ TR	16,628	$4M	0.3%	TRIM −5%
59	LLYELI LILLY & CO	12,050	$4M	0.3%	HOLD
60	NKENIKE INC	33,141	$4M	0.3%	HOLD
61	SJMSMUCKER J M CO	24,462	$4M	0.3%	HOLD
62	VZVERIZON COMMUNICATIONS INC	96,846	$4M	0.3%	TRIM −60%
63	WMTWALMART INC	26,832	$4M	0.3%	HOLD
64	VOVANGUARD INDEX FDS	18,288	$4M	0.3%	TRIM −3%
65	SPYSTATE STR SPDR S&P 500 ETF T	9,645	$4M	0.3%	ADD 3%
66	EPAMEPAM SYS INC	11,001	$4M	0.3%	TRIM −3%
67	LINLINDE PLC	10,400	$3M	0.3%	HOLD
68	BDXBECTON DICKINSON & CO	12,977	$3M	0.2%	HOLD
69	LOWLOWES COS INC	14,276	$3M	0.2%	TRIM −9%
70	INTCINTEL CORP	104,690	$3M	0.2%	TRIM −2%
71	VNQVANGUARD INDEX FDS	33,228	$3M	0.2%	TRIM −3%
72	PYPLPAYPAL HLDGS INC	34,508	$2M	0.2%	TRIM −4%
73	SYYSYSCO CORP	31,089	$2M	0.2%	HOLD
74	IVVISHARES TR	6,144	$2M	0.2%	HOLD
75	ROSTROSS STORES INC	20,106	$2M	0.2%	TRIM −3%
76	IBMINTERNATIONAL BUSINESS MACHS	16,204	$2M	0.2%	HOLD
77	METAMETA PLATFORMS INC	18,521	$2M	0.2%	TRIM −8%
78	KOCOCA COLA CO	34,597	$2M	0.2%	HOLD
79	UPSUNITED PARCEL SERVICE INC	12,427	$2M	0.2%	HOLD
80	FASTFASTENAL CO	42,430	$2M	0.2%	HOLD
81	DIASPDR DOW JONES INDL AVERAGE	5,950	$2M	0.1%	HOLD
82	FISVFISERV INC	19,502	$2M	0.1%	HOLD
83	SPOTSPOTIFY TECHNOLOGY S A	24,692	$2M	0.1%	TRIM −7%
84	NOCNORTHROP GRUMMAN CORP	3,388	$2M	0.1%	HOLD
85	PMPHILIP MORRIS INTL INC	17,335	$2M	0.1%	HOLD
86	MDLZMONDELEZ INTL INC	25,419	$2M	0.1%	HOLD
87	MKLMARKEL GROUP INC	1,283	$2M	0.1%	ADD 3%
88	ORCLORACLE CORP	19,985	$2M	0.1%	HOLD
89	TJXTJX COS INC NEW	19,972	$2M	0.1%	HOLD
90	IHIISHARES TR	30,107	$2M	0.1%	HOLD
91	KMBKIMBERLY-CLARK CORP	11,067	$2M	0.1%	HOLD
92	AXPAMERICAN EXPRESS CO	10,053	$1M	0.1%	HOLD
93	ADPAUTOMATIC DATA PROCESSING IN	6,155	$1M	0.1%	HOLD
94	CLXCLOROX CO DEL	9,934	$1M	0.1%	TRIM −12%
95	MOALTRIA GROUP INC	30,457	$1M	0.1%	HOLD
96	CVBFCVB FINL CORP	51,371	$1M	0.1%	HOLD
97	HSYHERSHEY CO	5,600	$1M	0.1%	HOLD
98	BABOEING CO	6,642	$1M	0.1%	HOLD
99	BSVVANGUARD BD INDEX FDS	16,365	$1M	0.1%	TRIM −7%
100	CLCOLGATE PALMOLIVE CO	15,531	$1M	0.1%	HOLD
101	TIPISHARES TR	11,399	$1M	0.1%	HOLD
102	WFCWELLS FARGO CO NEW	29,268	$1M	0.1%	HOLD
103	CATCATERPILLAR INC	5,018	$1M	0.1%	HOLD
104	TROWPRICE T ROWE GROUP INC	10,870	$1M	0.1%	HOLD
105	ITWILLINOIS TOOL WKS INC	5,378	$1M	0.1%	HOLD
106	VBVANGUARD INDEX FDS	6,361	$1M	0.1%	HOLD
107	ROKUROKU INC	28,275	$1M	0.1%	TRIM −6%
108	GPCGENUINE PARTS CO	6,369	$1M	0.1%	HOLD
109	MRKMERCK & CO INC	9,683	$1M	0.1%	HOLD
110	ECLECOLAB INC	7,070	$1M	0.1%	HOLD
111	HUMHUMANA INC	2,000	$1M	0.1%	HOLD
112	COPCONOCOPHILLIPS	8,451	$997,218	0.1%	TRIM −11%
113	UNILEVER PLC	19,548	$984,233	0.1%	TRIM −11%
114	AEPAMERICAN ELEC PWR CO INC	10,175	$966,116	0.1%	HOLD
115	PGRPROGRESSIVE CORP	7,315	$948,829	0.1%	ADD 21%
116	BRK.ABERKSHIRE HATHAWAY INC DEL	2	$937,422	0.1%	HOLD
117	BBHVANECK ETF TRUST	5,700	$910,518	0.1%	HOLD
118	DHRDANAHER CORP DEL	3,370	$894,465	0.1%	HOLD
119	IJHISHARES TR	3,445	$833,323	0.1%	HOLD
120	NEENEXTERA ENERGY INC	9,826	$821,460	0.1%	TRIM −14%
121	CANADIAN PAC RY LTD	10,850	$809,302	0.1%	HOLD
122	IWMISHARES TR	4,628	$806,936	0.1%	HOLD
123	BACBANK AMERICA CORP	24,338	$806,083	0.1%	HOLD
124	AMATAPPLIED MATLS INC	8,250	$803,385	0.1%	ADD 3%
125	MDTMEDTRONIC PLC	10,053	$781,321	0.1%	TRIM −3%
126	GISGENERAL MILLS INC	9,225	$773,481	0.1%	HOLD
127	NVRNVR INC	165	$761,076	0.1%	HOLD
128	WYWEYERHAEUSER CO	23,653	$733,243	0.1%	HOLD
129	IUSVISHARES TR	10,339	$730,244	0.1%	HOLD
130	SBUXSTARBUCKS CORP	7,310	$725,196	0.1%	HOLD
131	CITHE CIGNA GROUP	2,180	$722,321	0.1%	TRIM −4%
132	URIUNITED RENTALS INC	2,000	$710,840	0.1%	HOLD
133	CPRTCOPART INC	11,400	$694,146	0.1%	ADD 100%
134	TGTTARGET CORP	4,654	$693,632	0.1%	HOLD
135	LMTLOCKHEED MARTIN CORP	1,406	$683,844	0.1%	HOLD
136	VBRVANGUARD INDEX FDS	4,258	$676,166	0.1%	TRIM −14%
137	SCHPSCHWAB STRATEGIC TR	12,325	$638,312	0.0%	HOLD
138	FDXFEDEX CORP	3,582	$620,402	0.0%	ADD 6%
139	MDYSPDR S&P MIDCAP 400 ETF TR	1,388	$614,593	0.0%	HOLD
140	VBKVANGUARD INDEX FDS	2,778	$557,100	0.0%	TRIM −4%
141	NACNUVEEN CA QUALTY MUN INCOME	48,541	$537,349	0.0%	HOLD
142	ETNEATON CORP PLC	3,384	$531,119	0.0%	HOLD
143	TDYTELEDYNE TECHNOLOGIES INC	1,328	$531,080	0.0%	HOLD
144	OREALTY INCOME CORP	8,346	$529,364	0.0%	TRIM −3%
145	TSLATESLA INC	4,285	$527,826	0.0%	ADD 2%
146	MDYGSPDR SERIES TRUST	7,971	$520,825	0.0%	TRIM −5%
147	ZBHZIMMER BIOMET HOLDINGS INC	4,040	$515,100	0.0%	HOLD
148	TTTRANE TECHNOLOGIES PLC	3,045	$511,834	0.0%	HOLD
149	ILMNILLUMINA INC	2,500	$505,500	0.0%	HOLD
150	BIVVANGUARD BD INDEX FDS	6,217	$462,056	0.0%	HOLD
151	VWOVANGUARD INTL EQUITY INDEX F	11,766	$458,639	0.0%	TRIM −4%
152	VEAVANGUARD TAX-MANAGED FDS	10,848	$455,303	0.0%	HOLD
153	VOEVANGUARD INDEX FDS	3,193	$431,821	0.0%	HOLD
154	CCITIGROUP INC	9,010	$407,522	0.0%	HOLD
155	WTRGESSENTIAL UTILS INC	8,168	$389,859	0.0%	HOLD
156	CSXCSX CORP	12,475	$386,484	0.0%	HOLD
157	STTSTATE STR CORP	4,900	$380,093	0.0%	HOLD
158	XPCQXPIMCO CALIF MUN INCOME FD	25,000	$376,750	0.0%	HOLD
159	GSKGSK PLC	10,693	$375,752	0.0%	HOLD
160	QCOMQUALCOMM INC	3,363	$369,728	0.0%	TRIM −27%
161	GEGE AEROSPACE	4,409	$369,430	0.0%	HOLD
162	CHRWC H ROBINSON WORLDWIDE INC	4,000	$366,240	0.0%	HOLD
163	PAYXPAYCHEX INC	3,153	$364,372	0.0%	HOLD
164	DDDUPONT DE NEMOURS INC	5,245	$359,964	0.0%	TRIM −45%
165	PFFISHARES TR	11,675	$356,428	0.0%	HOLD
166	PSXPHILLIPS 66	3,334	$347,035	0.0%	HOLD
167	MUBISHARES TR	3,003	$316,910	0.0%	HOLD
168	ISRGINTUITIVE SURGICAL INC	1,190	$315,766	0.0%	HOLD
169	LNTALLIANT ENERGY CORP	5,600	$309,176	0.0%	HOLD
170	IJJISHARES TR	3,000	$302,400	0.0%	HOLD
171	IWRISHARES TR	4,409	$297,409	0.0%	HOLD
172	MTDMETTLER TOLEDO INTERNATIONAL	200	$289,090	0.0%	HOLD
173	XNCMXNUVEEN CALIFORNIA AMT QLT MU	22,046	$271,166	0.0%	HOLD
174	RYNRAYONIER INC	7,682	$253,199	0.0%	HOLD
175	HIGHARTFORD INSURANCE GROUP INC	3,170	$240,381	0.0%	HOLD
176	GILDGILEAD SCIENCES INC	2,737	$234,971	0.0%	HOLD
177	NEMNEWMONT CORP	4,972	$234,665	0.0%	TRIM −4%
178	EEMISHARES TR	6,135	$232,516	0.0%	TRIM −14%
179	IVWISHARES TR	3,972	$232,362	0.0%	HOLD
180	SOSOUTHERN CO	3,248	$231,974	0.0%	HOLD
181	TAT&T INC	12,533	$230,732	0.0%	ADD 3%
182	DOWDOW HLDGS INC	4,561	$229,829	0.0%	TRIM −10%
183	WMWASTE MGMT INC DEL	1,430	$224,338	0.0%	HOLD
184	VCITVANGUARD SCOTTSDALE FDS	2,890	$224,041	0.0%	HOLD
185	CBCHUBB LIMITED	1,006	$221,924	0.0%	NEW
186	MSGSMADISON SQUARE GRDN SPRT COR	1,201	$220,179	0.0%	NEW
187	RSGREPUBLIC SVCS INC	1,700	$219,283	0.0%	HOLD
188	AFLAFLAC INC	2,990	$215,091	0.0%	HOLD
189	HASIHA SUSTAINABLE INFRA CAP INC	7,406	$214,626	0.0%	HOLD
190	IOOIShares S&P Global 100 Index ETF	3,340	$213,927	0.0%	HOLD
191	KMXCARMAX INC	3,500	$213,115	0.0%	HOLD
192	DCIDONALDSON INC	3,500	$206,045	0.0%	HOLD
193	MAGELLAN MIDSTREAM PARTNERS LP	4,050	$203,350	0.0%	HOLD
194	XPZCXPIMCO CALIF MUN INCOME FD II	20,000	$167,000	0.0%	HOLD
195	VTRSVIATRIS INC	12,570	$139,904	0.0%	TRIM −41%
196	XPCKXPIMCO CALIF MUN INCOME FD II	20,000	$135,800	0.0%	HOLD
197	NCANUVEEN CALIFORNIA MUNI VLU F	13,818	$116,764	0.0%	HOLD
198	PIMCO MUN INCOME FD	10,000	$104,300	0.0%	HOLD
199	HLNHALEON PLC	12,368	$98,944	0.0%	HOLD
200	XPMQXPIMCO MUN INCOME FD III	10,000	$87,100	0.0%	HOLD

showing the top 200 by weight

☆GAMBLE JONES INVESTMENT COUNSEL