FIDUCIARY COUNSELLING INC — 13F Holdings & Portfolio
CIK 1270764 · latest 13F-HR filed 2026-08-03
FIDUCIARY COUNSELLING INC manages $40.6M in 13F-reported U.S. long-equity assets across 11 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are IWB (32.76%), BRK.A (27.70%), WY (15.09%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 4 new positions and exited 0; 3 existing positions rose in reported value and 1 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-03
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 99.6%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 17, 2026.
ST PAUL, MN 55101-4930
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BURNS, ANN, BARRY Control | DIRECTOR since Aug 2008 | Less than 5% | Individual |
| CASSIOPEIA HOLDINGS COMPANY Control | SHAREHOLDER since Apr 2023 | 75% or more | Domestic Entity |
| CASTELLANO, JAMES, GUY Control | DIRECTOR since Mar 2012 | Less than 5% | Individual |
| CLIFFORD, SHARI, LYNN Control | CHIEF FINANCIAL OFFICER since Feb 2014 | Less than 5% | Individual |
| FIELDS, AMY, G Control | DIRECTOR since Dec 2023 | Less than 5% | Individual |
| ISABEL, SARAH, G Control | PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR since Jul 2025 | Less than 5% | Individual |
| LANG, ANDREW, EDWARD Control | CHIEF INVESTMENT OFFICER since Apr 2022 | Less than 5% | Individual |
| MITCHELL, JASON, KEITH Control | CHIEF COMPLIANCE OFFICER AND CHIEF OPERATIONS OFFICER since Mar 2021 | Less than 5% | Individual |
| SOMMERS, JOEL, ALAN Control | DIRECTOR - ESTATE, TRUST & LEGAL since Sep 2025 | Less than 5% | Individual |
| WEINSTEIN, STEVEN, BARRY Control | DIRECTOR since Dec 2011 | Less than 5% | Individual |
| FIDUCIARY SERVICES COMPANY, LLC Control Indirect owner via TIES THAT BIND PURPOSE TRUST | TRUSTEE since Apr 2023 | General partner, trustee or manager | Domestic Entity |
| TIES THAT BIND PURPOSE TRUST Control Indirect owner via CASSIOPEIA HOLDINGS COMPANY | SHAREHOLDER since Apr 2023 | 75% or more | Domestic Entity |
Ownership & leadership changes · 20 filings with changes since Mar 30, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- ChangedMITCHELL, JASON, KEITH · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER AND CHIEF OPERATIONS OFFICER
- No longer listedGREINER-QUIETT, ELIZABETH, ANN · CHIEF OPERATIONS OFFICER · Less than 5% · control person · listed since Oct 2014
- No longer listedMCKINLEY, MARY, JULIE · CO-PRESIDENT, CO-CHIEF EXECUTIVE OFFICER AND DIRECTOR · Less than 5% · control person · listed since Feb 2011
- AddedSOMMERS, JOEL, ALAN · DIRECTOR - ESTATE, TRUST & LEGAL · Less than 5% · control person
- ChangedISABEL, SARAH, G · title CO-PRESIDENT, CO-CHIEF EXECUTIVE OFFICER AND DIRECTOR → PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR
- No longer listedLINEBERRY, DOUGLAS, JAY · CHIEF TRUST OFFICER · Less than 5% · control person · listed since Apr 2022
- AddedISABEL, SARAH, G · CO-PRESIDENT, CO-CHIEF EXECUTIVE OFFICER AND DIRECTOR · Less than 5% · control person
- ChangedMCKINLEY, MARY, JULIE · title PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR → CO-PRESIDENT, CO-CHIEF EXECUTIVE OFFICER AND DIRECTOR
- ChangedMITCHELL, JASON, KEITH · now a control person
- No longer listedGRABOW, KAREN, MINDA · DIRECTOR · Less than 5% · control person · listed since May 2016
- AddedFIELDS, AMY, G · DIRECTOR · Less than 5% · control person
- ChangedCASSIOPEIA HOLDINGS COMPANY · ownership 10–25% → 75% or more; now a control person
- ChangedLINEBERRY, DOUGLAS, JAY · ownership 10–25% → Less than 5%
- ChangedMCKINLEY, MARY, JULIE · ownership 50–75% → Less than 5%
- AddedCASSIOPEIA HOLDINGS COMPANY · SHAREHOLDER · 10–25%
- AddedFIDUCIARY SERVICES COMPANY, LLC · TRUSTEE · General partner, trustee or manager · indirect via TIES THAT BIND PURPOSE TRUST · control person
- AddedTIES THAT BIND PURPOSE TRUST · SHAREHOLDER · 75% or more · indirect via CASSIOPEIA HOLDINGS COMPANY · control person
- ChangedMCKINLEY, MARY, JULIE · ownership 75% or more → 50–75%
- ChangedLANG, ANDREW, EDWARD · title INTERIM CHIEF INVESTMENT OFFICER → CHIEF INVESTMENT OFFICER
- No longer listedORR, NANCY, CHAPMAN · CHIEF INVESTMENT OFFICER · 10–25% · control person · listed since Sep 2016
- AddedLANG, ANDREW, EDWARD · INTERIM CHIEF INVESTMENT OFFICER · Less than 5% · control person
- AddedLINEBERRY, DOUGLAS, JAY · CHIEF TRUST OFFICER · 10–25% · control person
- No longer listedRAU, KAREN, PETERSEN · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Feb 2020
- AddedMITCHELL, JASON, KEITH · CHIEF COMPLIANCE OFFICER · Less than 5%
Older changes (11 more filings)
- ChangedGREINER-QUIETT, ELIZABETH, ANN · title CHIEF CLIENT SERVICES AND OPERATIONS OFFICER → CHIEF OPERATIONS OFFICER
- No longer listedSIMON, STEPHEN, GERARD · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2014
- AddedRAU, KAREN, PETERSEN · CHIEF COMPLIANCE OFFICER · Less than 5%
- ChangedORR, NANCY, CHAPMAN · ownership Less than 5% → 10–25%
- No longer listedPROVO, JOHN, WINFIELD · GENERAL COUNSEL · Less than 5% · control person · listed since Feb 2013
- No longer listedLIND, ERIC, ROGER · CHIEF INVESTMENT OFFICER · 10–25% · control person · listed since Dec 2000
- AddedCLIFFORD, SHARI, LYNN · CHIEF FINANCIAL OFFICER · Less than 5% · control person
- AddedGREINER-QUIETT, ELIZABETH, ANN · CHIEF CLIENT SERVICES AND OPERATIONS OFFICER · Less than 5% · control person
- Listed againPROVO, JOHN, WINFIELD · GENERAL COUNSEL · Less than 5% · control person
- ChangedMCKINLEY, MARY, JULIE · ownership 50–75% → 75% or more
- ChangedORR, NANCY, CHAPMAN · title INVESTMENT OFFICER → CHIEF INVESTMENT OFFICER
- ChangedSIMON, STEPHEN, GERARD · now a control person
- No longer listedMARSH, CYNTHIA, ELAINE · DIRECTOR · Less than 5% · control person · listed since Oct 1998
- AddedGRABOW, KAREN, MINDA · DIRECTOR · Less than 5% · control person
- AddedORR, NANCY, CHAPMAN · INVESTMENT OFFICER · Less than 5% · control person
- No longer listedPROVO, JOHN, WINFIELD · GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Feb 2013
- AddedSIMON, STEPHEN, GERARD · CHIEF COMPLIANCE OFFICER · Less than 5%
- No longer listedJORDAN, JOHN, RAYMOND · DIRECTOR · Less than 5% · control person · listed since Dec 2003
- No longer listedLAMMERS, JENNIFER, DAVIS · CHIEF COMPLIANCE OFFICER AND CHIEF FINANCIAL OFFICER · Less than 5% · listed since Sep 2009
- No longer listedSPIKA, NICHOLAS, CHARLES · CHIEF LEGAL OFFICER · Less than 5% · control person · listed since Dec 2006
- ChangedMCKINLEY, MARY, JULIE · title PRESIDENT AND CHIEF EXECUTIVE OFFICER → PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR
- ChangedPROVO, JOHN, WINFIELD · title GENERAL COUNSEL → GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER
- No longer listedMARTIN, REBECCA, G · VP OF ADMINISTRATION AND SECRETARY · 10–25% · control person · listed since Dec 2007
- AddedPROVO, JOHN, WINFIELD · GENERAL COUNSEL · Less than 5%
- No longer listedBRUNEL, JEAN, LOUISPIERRE · DIRECTOR · Less than 5% · control person · listed since Nov 2000
- No longer listedCOGAN, JOHN, FRANCIS · DIRECTOR · Less than 5% · control person · listed since Jan 1973
- AddedCASTELLANO, JAMES, GUY · DIRECTOR · Less than 5% · control person
- AddedWEINSTEIN, STEVEN, BARRY · DIRECTOR · Less than 5% · control person
- ListedBRUNEL, JEAN, LOUISPIERRE · DIRECTOR · Less than 5% · control person
- ListedBURNS, ANN, BARRY · DIRECTOR · Less than 5% · control person
- ListedCOGAN, JOHN, FRANCIS · DIRECTOR · Less than 5% · control person
- ListedJORDAN, JOHN, RAYMOND · DIRECTOR · Less than 5% · control person
- ListedLAMMERS, JENNIFER, DAVIS · CHIEF COMPLIANCE OFFICER AND CHIEF FINANCIAL OFFICER · Less than 5%
- ListedLIND, ERIC, ROGER · CHIEF INVESTMENT OFFICER · 10–25% · control person
- ListedMARSH, CYNTHIA, ELAINE · DIRECTOR · Less than 5% · control person
- ListedMARTIN, REBECCA, G · VP OF ADMINISTRATION AND SECRETARY · 10–25% · control person
- ListedMCKINLEY, MARY, JULIE · PRESIDENT AND CHIEF EXECUTIVE OFFICER · 50–75% · control person
- ListedSPIKA, NICHOLAS, CHARLES · CHIEF LEGAL OFFICER · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- ISHARES TR$1.7M +14.8%
- VANGUARD INDEX FDS$401.2K +15.3%
- ISHARES INC$120.8K +128.2%
New Positions
- ISHARES TR$1.1M
- ISHARES TR$473.1K
- COLUMBIA BKG SYS INC$202.3K
- ISHARES TR$182.0K
FIDUCIARY COUNSELLING INC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | ISHARES TR | IWB | 464287622 | $13.3M | 32.76% | 32,448 | SH |
| 2 | BERKSHIRE HATHAWAY INC | BRK.A | 084670108 | $11.2M | 27.70% | 15 | SH |
| 3 | WEYERHAEUSER CO | WY | 962166104 | $6.1M | 15.09% | 255,681 | SH |
| 4 | RAYONIER INC | RYN | 754907103 | $4.4M | 10.92% | 208,118 | SH |
| 5 | VANGUARD INDEX FDS | VTI | 922908769 | $3.0M | 7.44% | 8,149 | SH |
| 6 | ISHARES TR | ESGU | 46435G425 | $1.1M | 2.68% | 6,645 | SH |
| 7 | ISHARES TR | ESGD | 46435G516 | $473.1K | 1.17% | 4,602 | SH |
| 8 | SPDR SER TR | XOP | 78468R556 | $311.9K | 0.77% | 2,022 | SH |
| 9 | ISHARES INC | ESGE | 46434G863 | $215.0K | 0.53% | 3,930 | SH |
| 10 | COLUMBIA BKG SYS INC | COLB | 197236102 | $202.3K | 0.50% | 6,312 | SH |
| 11 | ISHARES TR | ESML | 46435U663 | $182.0K | 0.45% | 3,253 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-03 | $40.6M | 11 | 0001140361-26-030948 |
| 2026-03-31 | 2026-05-05 | $35.9M | 7 | 0001140361-26-019017 |
| 2025-12-31 | 2026-02-03 | $37.7M | 10 | 0001140361-26-003498 |
30 EAST 7TH STREET
SAINT PAUL, MN 55101-4390