Willis Investment Counsel — 13F Holdings & Portfolio
CIK 1310929 · latest 13F-HR filed 2026-10-20
Willis Investment Counsel manages $1.97B in 13F-reported U.S. long-equity assets across 128 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are CSCO (3.99%), JNJ (3.51%), MSFT (3.23%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 7 new positions and exited 4; 43 existing positions rose in reported value and 48 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.
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AUM
$1.97B
Long-equity book
Holdings
128
Distinct positions
Period
2026-09-30
Filed 2026-10-20
Q/Q Activity
+7 / −4 / ↑43 / ↓48
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26CSCO4.0% · -17%JNJ3.5% · -16%MSFT3.2% · +2%TXN2.9% · -14%PAYX2.4% · +4%CB2.4% · -10%ACN2.4% · -3%PFE2.3% · -13%FTNT2.3% · +8%XOM2.1% · +3%LMT2.1% · -16%KEYS1.9% · +7%MDT1.9% · +2%ADP1.8% · -8%MRK1.8% · -24%AFL1.7% · -6%ABT1.7% · 0%HD1.7% · +2%COP1.6% · -7%AAPL1.5% · -21%ETN1.5% · -12%SHEL1.4% · +3%ADBE1.4% · +11%DGX1.4% · -23%GWW1.4% · +9%HSY1.3% · -14%VZ1.3% · 0%PEP1.3% · -17%SNY1.3% · 0%MMM1.3% · +3%GNRC1.3% · +5%LH1.3% · +6%CAT1.3% · -44%AEP1.2% · 0%PG1.2% · -22%TSCO1.2% · -4%LLY1.1% · +7%AXP1.1% · +6%NVDA1.0% · +7%RSP1.0% · +2%JPM1.0% · -24%T1.0% · -22%VLO1.0% · -53%DRI1.0% · -20%WAT0.9% · +6%GOOGL0.9% · +7%MA0.9% · +6%AMAT0.9% · +8%GD0.9% · -23%DUK0.8% · -9%EMR0.8% · -24%HUBB0.8% · +8%CVX0.8% · -22%FDS0.8% · +9%META0.8% · +6%MSI0.7% · 0%MCD0.7% · -28%WM0.7% · 0%ZTS0.7% · +10%LOW0.7% · -14%
Box 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
Q2 26 → Q3 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
4 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 = 27.5%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Apr 30, 2026.
Assets Under Management
$4.23B
Discretionary
$4.23B
Employees
13
Accounts
568
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| KILROY, JAMES, JOSEPH Control | PRINCIPAL, AND PRESIDENT since Jan 2011 | 10–25% | Individual |
| WILLIS, ROBERT, THOMAS Control | PRINCIPAL, CEO AND CIO since Jan 2012 | 50–75% | Individual |
| WRIGHT, KELLI, M Control | PRINCIPAL, VP OF OPERATIONS AND TRADING AND CHIEF COMPLIANCE OFFICER since Oct 2012 | 5–10% | Individual |
| Challen, Natalie, Rose | PRINCIPAL, AND DIRECTOR OF RELATIONSHIP MANAGEMENT since Sep 2020 | Less than 5% | Individual |
| LEWIS, JOHN, MICHAEL | PRINCIPAL, AND PORTFOLIO MANAGER since Oct 2020 | Less than 5% | Individual |
| Patton, Tracey, Anna | PRINCIPAL, AND SENIOR ANALYST since Dec 2021 | Less than 5% | Individual |
| Whitehead, Richard, Kramer | PRINCIPAL AND CHIEF FINANCIAL OFFICER since Dec 2025 | 5–10% | Individual |
Ownership & leadership changes · 16 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.
Apr 30, 2026 filing
- No longer listedSLATTERY, BRETT, MICHAEL · PRINCIPAL, AND CHIEF INVESTMENT OFFICER · Less than 5% · control person · listed since Jan 2018
Mar 31, 2026 filing
- AddedWhitehead, Richard, Kramer · PRINCIPAL AND CHIEF FINANCIAL OFFICER · 5–10%
- ChangedKILROY, JAMES, JOSEPH · ownership 25–50% → 10–25%
- ChangedWILLIS, ROBERT, THOMAS · title PRINCIPAL, AND CEO → PRINCIPAL, CEO AND CIO
Mar 18, 2025 filing
- ChangedSLATTERY, BRETT, MICHAEL · title PRINCIPAL, DIRECTOR OF RESEARCH, AND CO-CHIEF INVESTMENT OFFICER → PRINCIPAL, AND CHIEF INVESTMENT OFFICER
- ChangedWILLIS, ROBERT, THOMAS · title PRINCIPAL, CEO, AND CO CHIEF INVESTMENT OFFICER → PRINCIPAL, AND CEO
Mar 20, 2024 filing
- ChangedChallen, Natalie, Rose · title PRINCIPAL, AND DIRECTOR OF INFORMATION SYSTEMS → PRINCIPAL, AND DIRECTOR OF RELATIONSHIP MANAGEMENT
- ChangedLEWIS, JOHN, MICHAEL · title PRINCIPAL, AND SENIOR ANALYST → PRINCIPAL, AND PORTFOLIO MANAGER
- ChangedSLATTERY, BRETT, MICHAEL · title PRINCIPAL, AND DIRECTOR OF RESEARCH → PRINCIPAL, DIRECTOR OF RESEARCH, AND CO-CHIEF INVESTMENT OFFICER
- ChangedWILLIS, ROBERT, THOMAS · title PRINCIPAL, CEO, AND CHIEF INVESTMENT OFFICER → PRINCIPAL, CEO, AND CO CHIEF INVESTMENT OFFICER
Mar 30, 2022 filing
- AddedPatton, Tracey, Anna · PRINCIPAL, AND SENIOR ANALYST · Less than 5%
- ChangedKILROY, JAMES, JOSEPH · ownership 10–25% → 25–50%
Mar 30, 2021 filing
- AddedLEWIS, JOHN, MICHAEL · PRINCIPAL, AND SENIOR ANALYST · Less than 5%
- ChangedChallen, Natalie, Rose · title DIRECTOR OF INFORMATION SYSTEMS → PRINCIPAL, AND DIRECTOR OF INFORMATION SYSTEMS
- ChangedSLATTERY, BRETT, MICHAEL · title PRINCIPAL, DIRECTOR OF RESEARCH → PRINCIPAL, AND DIRECTOR OF RESEARCH
Oct 22, 2020 filing
- No longer listedMILLER, PETER, D · PRINCIPAL, PORTFOLIO MANAGER · Less than 5% · control person · listed since Jan 2018
- AddedChallen, Natalie, Rose · DIRECTOR OF INFORMATION SYSTEMS · Less than 5%
Mar 27, 2020 filing
- ChangedKILROY, JAMES, JOSEPH · title PRINCIPAL, AND VICE PRESIDENT OF PORTFOLIO MANAGEMENT → PRINCIPAL, AND PRESIDENT
- ChangedSLATTERY, BRETT, MICHAEL · title PRINCIPAL, VICE PRESIDENT OF RESEARCH → PRINCIPAL, DIRECTOR OF RESEARCH
- ChangedWILLIS, ROBERT, THOMAS · title PRINCIPAL, PRESIDENT, CEO, AND CHIEF INVESTMENT OFFICER → PRINCIPAL, CEO, AND CHIEF INVESTMENT OFFICER
Mar 29, 2018 filing
- AddedMILLER, PETER, D · PRINCIPAL, PORTFOLIO MANAGER · Less than 5% · control person
- AddedSLATTERY, BRETT, MICHAEL · PRINCIPAL, VICE PRESIDENT OF RESEARCH · Less than 5% · control person
- ChangedWILLIS, ROBERT, THOMAS · ownership 75% or more → 50–75%
Mar 30, 2016 filing
- ChangedKILROY, JAMES, JOSEPH · now a control person
- ChangedWRIGHT, KELLI, M · now a control person
Older changes (7 more filings)
Mar 27, 2015 filing
- ChangedKILROY, JAMES, JOSEPH · title PRINCIPAL, AND PORTFOLIO MANAGER → PRINCIPAL, AND VICE PRESIDENT OF PORTFOLIO MANAGEMENT
- ChangedWRIGHT, KELLI, M · title CHIEF COMPLIANCE OFFICER → PRINCIPAL, VP OF OPERATIONS AND TRADING AND CHIEF COMPLIANCE OFFICER
Aug 8, 2014 filing
- ChangedWILLIS, ROBERT, THOMAS · ownership 50–75% → 75% or more
Mar 21, 2014 filing
- ChangedWILLIS, ROBERT, THOMAS · ownership 75% or more → 50–75%
- ChangedWRIGHT, KELLI, M · ownership Less than 5% → 5–10%
Sep 18, 2013 filing
- No longer listedSTARKE, WENDELL, MOORE · PRINCIPAL · 5–10% · listed since Jan 2008
Mar 28, 2013 filing
- ChangedKILROY, JAMES, JOSEPH · title PRINCIPAL, MANAGING DIRECTOR, AND PORTFOLIO MANAGER → PRINCIPAL, AND PORTFOLIO MANAGER
- ChangedSTARKE, WENDELL, MOORE · title PRINCIPAL AND CHAIRMAN, INVESTMENT COMMITTEE → PRINCIPAL
- ChangedWILLIS, ROBERT, THOMAS · title PRINCIPAL, MANAGING DIRECTOR, PRESIDENT, CEO, AND CHIEF INVESTMENT OFFICER → PRINCIPAL, PRESIDENT, CEO, AND CHIEF INVESTMENT OFFICER
Oct 11, 2012 filing
- No longer listedPENNINGTON, ROBERT, GLENN · PRINCIPAL, MANAGING DIRECTOR, AND CHIEF COMPLIANCE OFFICER · 25–50% · control person · listed since Jan 2011
- AddedWRIGHT, KELLI, M · CHIEF COMPLIANCE OFFICER · Less than 5%
- ChangedWILLIS, ROBERT, THOMAS · ownership 50–75% → 75% or more
Mar 30, 2012 filing (earliest on record)
- ListedKILROY, JAMES, JOSEPH · PRINCIPAL, MANAGING DIRECTOR, AND PORTFOLIO MANAGER · 10–25%
- ListedPENNINGTON, ROBERT, GLENN · PRINCIPAL, MANAGING DIRECTOR, AND CHIEF COMPLIANCE OFFICER · 25–50% · control person
- ListedSTARKE, WENDELL, MOORE · PRINCIPAL AND CHAIRMAN, INVESTMENT COMMITTEE · 5–10%
- ListedWILLIS, ROBERT, THOMAS · PRINCIPAL, MANAGING DIRECTOR, PRESIDENT, CEO, AND CHIEF INVESTMENT OFFICER · 50–75% · 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)
- Microsoft Corp$18.5M +41.0%
- Accenture PLC$14.1M +42.6%
- Fortinet, Inc$9.1M +25.6%
- Intuit Inc$8.0M +190.6%
- Exxon Mobil Corp$7.7M +22.9%
Top Trims
- Caterpillar Inc Del-$33.5M -57.6%
- Cisco Systems Inc-$25.2M -24.3%
- BHP Billiton Ltd-$20.1M -73.0%
- Clorox Co Del Com-$15.0M -68.4%
- Texas Instruments Inc-$13.4M -19.0%
New Positions
- Installed Building Products, I$1.8M
- United Commnty Banks Ga$398.7K
- First Carolina Finl Svcs Inc$334.7K
- Vanguard Bd Index Fds$299.3K
- Mckesson Corp$224.4K
Exited Positions
- QXO, Inc$431.7K
- Xponential Fitness Inc$207.6K
- Wal-Mart Stores Inc$206.8K
- Summit Therapeutics$145.7K
Willis Investment Counsel Holdings (2026-09-30)
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 | Cisco Systems Inc | CSCO | 17275R102 | $78.6M | 3.99% | 730,663 | SH |
| 2 | Johnson And Johnson | JNJ | 478160104 | $69.0M | 3.51% | 260,759 | SH |
| 3 | Microsoft Corp | MSFT | 594918104 | $63.7M | 3.23% | 124,219 | SH |
| 4 | Texas Instruments Inc | TXN | 882508104 | $57.2M | 2.91% | 204,331 | SH |
| 5 | Paychex Inc | PAYX | 704326107 | $47.7M | 2.42% | 484,114 | SH |
| 6 | Chubb Ltd | CB | H1467J104 | $47.6M | 2.42% | 146,436 | SH |
| 7 | Accenture PLC | ACN | G1151C101 | $47.2M | 2.40% | 257,325 | SH |
| 8 | Pfizer Inc | PFE | 717081103 | $45.3M | 2.30% | 1,586,648 | SH |
| 9 | Fortinet, Inc | FTNT | 34959E109 | $44.5M | 2.26% | 249,169 | SH |
| 10 | Exxon Mobil Corp | XOM | 30233Q108 | $41.5M | 2.11% | 254,964 | SH |
| 11 | Lockheed Martin Corp | LMT | 539830109 | $41.2M | 2.09% | 80,941 | SH |
| 12 | Keysight Technologies | KEYS | 49338L103 | $37.0M | 1.88% | 101,523 | SH |
| 13 | Medtronic Inc | MDT | G5960L103 | $36.6M | 1.86% | 423,859 | SH |
| 14 | Automatic Data Proc | ADP | 053015103 | $35.3M | 1.79% | 136,756 | SH |
| 15 | Merck & Company, Inc | MRK | 58933Y105 | $34.6M | 1.76% | 238,067 | SH |
| 16 | Aflac Inc | AFL | 001055102 | $34.2M | 1.74% | 305,797 | SH |
| 17 | Abbott Laboratories | ABT | 002824100 | $34.1M | 1.73% | 345,349 | SH |
| 18 | Home Depot Inc | HD | 437076102 | $32.8M | 1.67% | 115,428 | SH |
| 19 | Conocophillips | COP | 20825C104 | $32.0M | 1.62% | 255,371 | SH |
| 20 | Apple Computer | AAPL | 037833100 | $29.4M | 1.49% | 88,286 | SH |
| 21 | Eaton Corp | ETN | G29183103 | $29.2M | 1.48% | 67,873 | SH |
| 22 | Shell | SHEL | 780259305 | $28.5M | 1.45% | 300,089 | SH |
| 23 | Adobe Systems Inc | ADBE | 00724F101 | $27.6M | 1.40% | 114,918 | SH |
| 24 | Quest Diagnostics, Inc. | DGX | 74834L100 | $27.3M | 1.39% | 117,200 | SH |
| 25 | W. W. Grainger, Inc. | GWW | 384802104 | $27.2M | 1.38% | 21,827 | SH |
| 26 | Hershey Co | HSY | 427866108 | $25.8M | 1.31% | 163,492 | SH |
| 27 | Verizon Communications Com | VZ | 92343V104 | $25.6M | 1.30% | 557,990 | SH |
| 28 | Pepsico Inc | PEP | 713448108 | $25.1M | 1.28% | 198,361 | SH |
| 29 | Sanofi-Aventis | SNY | 80105N105 | $24.8M | 1.26% | 602,300 | SH |
| 30 | 3m Company | MMM | 88579Y101 | $24.8M | 1.26% | 151,052 | SH |
| 31 | Generac | GNRC | 368736104 | $24.7M | 1.26% | 119,502 | SH |
| 32 | Lab Corp Of Amer | LH | 504922105 | $24.7M | 1.25% | 80,041 | SH |
| 33 | Caterpillar Inc Del | CAT | 149123101 | $24.7M | 1.25% | 30,414 | SH |
| 34 | American Electric Power Co | AEP | 025537101 | $24.1M | 1.22% | 203,038 | SH |
| 35 | Procter & Gamble Co | PG | 742718109 | $23.9M | 1.21% | 164,370 | SH |
| 36 | Tractor Supply Co | TSCO | 892356106 | $22.8M | 1.16% | 728,357 | SH |
| 37 | Eli Lilly & Co | LLY | 532457108 | $22.3M | 1.13% | 19,272 | SH |
| 38 | American Express | AXP | 025816109 | $21.9M | 1.11% | 72,065 | SH |
| 39 | Nvidia Corp | NVDA | 67066G104 | $20.5M | 1.04% | 89,633 | SH |
| 40 | Invesco Exchange Traded Fd Tr | RSP | 46137V357 | $19.7M | 1.00% | 94,872 | SH |
| 41 | JP Morgan Chase & Co | JPM | 46625H100 | $19.5M | 0.99% | 58,998 | SH |
| 42 | AT&T Corp | T | 00206R102 | $19.4M | 0.98% | 794,010 | SH |
| 43 | Valero Energy Corp | VLO | 91913Y100 | $19.0M | 0.96% | 49,000 | SH |
| 44 | Darden Restaurants Inc | DRI | 237194105 | $18.8M | 0.96% | 97,400 | SH |
| 45 | Waters Corp | WAT | 941848103 | $18.3M | 0.93% | 41,642 | SH |
| 46 | Google Inc Class A | GOOGL | 02079K305 | $18.3M | 0.93% | 53,139 | SH |
| 47 | Mastercard | MA | 57636Q104 | $17.6M | 0.90% | 31,995 | SH |
| 48 | Applied Material Inc | AMAT | 038222105 | $17.2M | 0.87% | 33,560 | SH |
| 49 | General Dynamics Corp | GD | 369550108 | $17.1M | 0.87% | 51,500 | SH |
| 50 | Duke Energy Corp New | DUK | 26441C204 | $16.5M | 0.84% | 145,137 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-20 | $1.97B | 128 | 0001310929-26-000005 |
| 2026-06-30 | 2026-08-03 | $2.10B | 125 | 0001310929-26-000004 |
| 2026-03-31 | 2026-05-05 | $1.83B | 123 | 0001310929-26-000003 |
| 2025-12-31 | 2026-01-22 | $1.94B | 130 | 0001310929-26-000001 |
Filer Information
Address
710 GREEN STREETGAINESVILLE, GA 30501
Phone
(770) 718-0706
Filing Manager
Willis Investment Counsel
GAINESVILLE, GA
Signatory
Kelli M. Wright
Chief Compliance Officer