Kensington Investment Counsel, LLC

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CIK 1845536

13F portfolio (2026-Q1)

$208M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. 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 →

Open in PORT →

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 (2026-Q1)

Holdings

Top 5

24.2%

Top 10

39.3%

Effective N

37.6

HHI

0.027

This quarter

5 new · 0 exit →

By sector

Information Technology27.8%

Industrials17.8%

Health Care15.5%

Consumer Discretionary12.1%

Financials7.9%

Energy5.1%

Unclassified4.0%

Consumer Staples3.5%

Other6.3%

By market cap

Mega (>$200B)53.5%

Large ($10–200B)40.7%

Unknown4.7%

Mid ($2–10B)0.8%

Small ($300M–2B)0.3%

By region

North America95.3%

Other4.0%

Europe0.6%

By industry group GICS — finer than sector

Industry group	Weight	Names
Pharmaceuticals & Biotechnology	14.39%	8
Technology Hardware & Equipment	13.94%	8
Specialty Retail	9.05%	9
Commercial Services & Supplies	6.23%	4
Semiconductors & Semiconductor Equipment	6.16%	5
Software	5.86%	3
Aerospace & Defense	5.40%	4
Oil, Gas & Consumable Fuels	5.14%	4
Unclassified	4.59%	8
Machinery	4.40%	3
Banks	3.91%	1
Software & IT Services	3.54%	4
Beverages	3.32%	2
Road & Rail	3.02%	2
Distributors	2.34%	1
Insurance	1.73%	2
Communications Equipment	1.70%	1
Chemicals	1.58%	4
Equity Real Estate Investment Trusts (REITs)	1.12%	1
Health Care Equipment & Supplies	0.86%	2
Capital Markets	0.46%	2
Hotels, Restaurants & Leisure	0.41%	1
Automobiles & Components	0.32%	1
Life Sciences Tools & Services	0.21%	1
Metals & Mining	0.17%	1
Tobacco	0.15%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	AAPL	Apple Inc.	Information Technology	7.49%
2	MSFT	MICROSOFT CORP	Information Technology	5.39%
3	ABBV	AbbVie Inc.	Health Care	3.93%
4	JPM	JPMORGAN CHASE & CO	Financials	3.91%
5	SNA	Snap-on Inc	Industrials	3.52%
6	JNJ	JOHNSON & JOHNSON	Health Care	3.23%
7	GD	GENERAL DYNAMICS CORP	Industrials	3.16%
8	AMGN	AMGEN INC	Health Care	2.98%
9	RSG	REPUBLIC SERVICES, INC.	Industrials	2.91%
10	PEP	PEPSICO INC	Consumer Staples	2.80%

76/83 names classified · sector 96.0% of weight · industry 95.4% · mkt cap 95.3%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 21 quarters

Information TechnologyAAPL, MSFT, QCOM, BL, NVDA · other

Consumer DiscretionaryWSO, HD, WSM, WMT, SBUX · other

Health CareABBV, JNJ, AMGN, MRK, EW · other

IndustrialsSNA, RSG, ACN, GD, LMT · other

FinancialsJPM, MA, PYPL, RF, KEY · other

MaterialsCHD, PG, BCPC, CSW, CLX · other

Consumer StaplesMKC, MNST, PEP, KHC, KO · other

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

Real EstateAVB, UMH, ABR, ARE

EnergyXOM, SLB, HAL, CVX, COP

UnclassifiedQQQ, IJJ, IWN, CONFLUENT INC, AXONICS INC · 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: 96.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (71 classified)Kensington Investment Counsel, LLC centroid (Large Core)

Information TechnologyIndustrialsHealth CareConsumer DiscretionaryFinancialsEnergyCommunication ServicesConsumer StaplesMaterialsReal Estate

Style box summary for Kensington Investment Counsel, LLC: centroid Large Core. Heaviest cells: Large Growth 26.8%, Large Core 24.8%, Large Value 16.2%.

Classified: 92.3% of book weight (71/83 names) · unclassified 7.7%: QQQ, CNI, NVS, BRK.B, MNST, XLK, SPY, CRWD, XLY, VUG +2 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· 83 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	AAPLAPPLE INC	61,300	$16M	7.5%	TRIM −2%
2	MSFTMICROSOFT CORP	30,243	$11M	5.4%	HOLD
3	ABBVABBVIE INC	37,513	$8M	3.9%	HOLD
4	JPMJPMORGAN CHASE & CO	27,593	$8M	3.9%	ADD 3%
5	SNASNAP ON INC	20,151	$7M	3.5%	TRIM −6%
6	JNJJOHNSON & JOHNSON	27,409	$7M	3.2%	ADD 3%
7	GDGENERAL DYNAMICS CORP	19,116	$7M	3.2%	HOLD
8	AMGNAMGEN INC	17,615	$6M	3.0%	TRIM −3%
9	RSGREPUBLIC SVCS INC	27,570	$6M	2.9%	HOLD
10	PEPPEPSICO INC	37,471	$6M	2.8%	HOLD
11	NVDANVIDIA CORPORATION	32,137	$6M	2.7%	ADD 3%
12	CSCOCISCO SYS INC	71,387	$6M	2.7%	ADD 775%
13	HDHOME DEPOT INC	16,107	$5M	2.6%	ADD 9%
14	QQQINVESCO QQQ TR	9,106	$5M	2.5%	ADD 3%
15	WSOWATSCO INC	13,372	$5M	2.3%	TRIM −16%
16	GOOGLALPHABET INC	16,678	$5M	2.3%	TRIM −4%
17	MRKMERCK & CO INC	39,225	$5M	2.3%	ADD 2%
18	WSMWILLIAMS SONOMA INC	25,223	$5M	2.2%	TRIM −41%
19	TXNTEXAS INSTRS INC	23,176	$4M	2.2%	HOLD
20	SLBSCHLUMBERGER LTD	81,856	$4M	2.0%	NEW
21	HONHONEYWELL INTL INC	17,097	$4M	1.9%	ADD 575%
22	QCOMQUALCOMM INC	27,449	$4M	1.7%	HOLD
23	CNICANADIAN NATL RY CO	33,236	$3M	1.6%	HOLD
24	BRBROADRIDGE FINL SOLUTIONS IN	20,258	$3M	1.6%	TRIM −3%
25	HALHALLIBURTON CO	82,440	$3M	1.5%	NEW
26	XOMEXXON MOBIL CORP	17,548	$3M	1.4%	ADD 223%
27	UNPUNION PAC CORP	11,769	$3M	1.4%	HOLD
28	DELLDELL TECHNOLOGIES INC	17,075	$3M	1.3%	ADD 18%
29	MAMASTERCARD INCORPORATED	5,327	$3M	1.3%	HOLD
30	AVBAVALONBAY CMNTYS INC	14,197	$2M	1.1%	HOLD
31	UNHUNITEDHEALTH GROUP INC	8,398	$2M	1.1%	HOLD
32	AMZNAMAZON COM INC	9,733	$2M	1.0%	TRIM −21%
33	AVGOBROADCOM INC	6,327	$2M	0.9%	TRIM −7%
34	AMEAMETEK INC	9,133	$2M	0.9%	TRIM −23%
35	LLYELI LILLY & CO	2,041	$2M	0.9%	HOLD
36	CHDCHURCH & DWIGHT CO INC	19,249	$2M	0.9%	TRIM −24%
37	METAMETA PLATFORMS INC	2,988	$2M	0.8%	TRIM −13%
38	ROSTROSS STORES INC	7,447	$2M	0.8%	HOLD
39	SHWSHERWIN WILLIAMS CO	4,707	$2M	0.7%	HOLD
40	MKLMARKEL GROUP INC	694	$1M	0.6%	TRIM −24%
41	NVSNOVARTIS AG	8,470	$1M	0.6%	TRIM −3%
42	COSTCOSTCO WHSL CORP NEW	1,269	$1M	0.6%	TRIM −19%
43	ITWILLINOIS TOOL WKS INC	4,451	$1M	0.6%	TRIM −7%
44	BRK.BBERKSHIRE HATHAWAY INC DEL	2,401	$1M	0.6%	TRIM −13%
45	MNSTMONSTER BEVERAGE CORP NEW	14,901	$1M	0.5%	TRIM −26%
46	DKSDICKS SPORTING GOODS INC	5,166	$1M	0.5%	ADD 9%
47	RMDRESMED INC	4,278	$960,325	0.5%	TRIM −29%
48	ROLROLLINS INC	17,847	$953,208	0.5%	TRIM −39%
49	ROPROPER TECHNOLOGIES INC	2,629	$930,298	0.4%	TRIM −53%
50	DHRDANAHER CORP DEL	4,873	$923,921	0.4%	TRIM −3%
51	XLKSELECT SECTOR SPDR TR	6,641	$882,589	0.4%	ADD 68%
52	FIVEFIVE BELOW INC	3,853	$880,333	0.4%	TRIM −37%
53	HHYATT HOTELS CORP	5,987	$860,871	0.4%	TRIM −40%
54	TMDXTRANSMEDICS GROUP INC	8,291	$824,208	0.4%	TRIM −47%
55	SPYSTATE STR SPDR S&P 500 ETF T	1,166	$757,984	0.4%	ADD 56%
56	PANWPALO ALTO NETWORKS INC	4,703	$753,985	0.4%	HOLD
57	VRTXVERTEX PHARMACEUTICALS INC	1,553	$693,477	0.3%	HOLD
58	TSLATESLA INC	1,803	$670,265	0.3%	ADD 96%
59	CRWDCROWDSTRIKE HLDGS INC	1,708	$666,820	0.3%	TRIM −69%
60	EPACENERPAC TOOL GROUP CORP	17,986	$655,952	0.3%	TRIM −58%
61	CSWCSW INDUSTRIALS INC	2,508	$653,535	0.3%	TRIM −60%
62	GOOGALPHABET INC	2,118	$607,569	0.3%	TRIM −53%
63	CPRTCOPART INC	17,596	$584,187	0.3%	TRIM −70%
64	BXBLACKSTONE INC	5,049	$580,585	0.3%	TRIM −13%
65	LINLINDE PLC	1,126	$558,226	0.3%	TRIM −4%
66	NOCNORTHROP GRUMMAN CORP	783	$534,194	0.3%	HOLD
67	XLYSELECT SECTOR SPDR TR	4,865	$530,188	0.3%	HOLD
68	TMOTHERMO FISHER SCIENTIFIC INC	1,008	$495,462	0.2%	TRIM −17%
69	AMDADVANCED MICRO DEVICES INC	2,231	$453,852	0.2%	TRIM −42%
70	WATWATERS CORP	1,443	$429,725	0.2%	TRIM −60%
71	NDAQNASDAQ INC	4,381	$371,903	0.2%	TRIM −70%
72	FCXFREEPORT MCMORAN INC	6,129	$360,263	0.2%	NEW
73	VUGVANGUARD INDEX FDS	793	$346,374	0.2%	NEW
74	VOOVANGUARD INDEX FDS	537	$320,909	0.2%	NEW
75	CRMSALESFORCE INC	1,686	$314,726	0.2%	TRIM −12%
76	MOALTRIA GROUP INC	4,704	$310,417	0.1%	HOLD
77	XLISELECT SECTOR SPDR TR	1,758	$284,321	0.1%	HOLD
78	CVXCHEVRON CORP NEW	1,369	$283,246	0.1%	HOLD
79	NKENIKE INC	5,209	$275,139	0.1%	HOLD
80	AMATAPPLIED MATLS INC	803	$274,457	0.1%	TRIM −52%
81	BABOEING CO	1,255	$249,783	0.1%	HOLD
82	RGENREPLIGEN CORP	2,107	$248,247	0.1%	TRIM −60%
83	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	4,008	$245,891	0.1%	TRIM −9%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

AAPLAPPLE INC

57K

58K

60K

61K

63K

61K

$16M

MSFTMICROSOFT CORP

28K

29K

30K

$11M

ABBVABBVIE INC

32K

34K

36K

37K

38K

$8M

JPMJPMORGAN CHASE & CO

25K

26K

27K

28K

$8M

SNASNAP ON INC

20K

21K

22K

21K

20K

$7M

JNJJOHNSON & JOHNSON

24K

25K

26K

27K

$7M

GDGENERAL DYNAMICS CORP

16K

17K

18K

19K

$7M

AMGNAMGEN INC

15K

16K

17K

18K

$6M

RSGREPUBLIC SVCS INC

29K

25K

26K

27K

28K

$6M

PEPPEPSICO INC

—

34K

35K

36K

38K

37K

$6M

NVDANVIDIA CORPORATION

27K

25K

26K

28K

31K

32K

$6M

CSCOCISCO SYS INC

71K

$6M

HDHOME DEPOT INC

14K

15K

16K

$5M

QQQINVESCO QQQ TR

$5M

WSOWATSCO INC

18K

19K

16K

13K

$5M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Kensington Investment Counsel, LLC