LEDERER & ASSOCIATES INVESTMENT COUNSEL/CA
Long book
$141.2M
Q1 2026
Positions
83
Top-10 weight
39%
concentration
Last quarter
+11.6%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsLEDERER & ASSOCIATES INVESTMENT COUNSEL/CA is a diversified fundamental manager, running a $141.2M US long book across 83 positions.
The portfolio is moderately concentrated (top 10 ≈ 39% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: APPLE INC, MICROSOFT CORP, NVIDIA CORP, ALPHABET INC-CL A, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.4%
Q2 2024
+6.9%
Q3 2024
+1.6%
Q4 2024
-1.5%
Q1 2025
+8.2%
Q2 2025
+7.0%
Q3 2025
+1.7%
Q4 2025
-3.7%
Q1 2026
+11.6%
Sector allocation
Technology 40%
Financials 12%
Healthcare 10%
Services media 8%
Industrials 8%
Consumer discretionary 8%
Utilities 5%
Materials 3%
Long book by quarter
What does LEDERER & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 48.2K | $12.2M | 8.7% | -0.5% |
| MSFT MICROSOFT CORP | Technology | 22.6K | $8.4M | 5.9% | +0.1% |
| NVDA NVIDIA CORP | Technology | 46.4K | $8.1M | 5.7% | -0.6% |
| GOOGL ALPHABET INC-CL A | Technology | 21.1K | $6.1M | 4.3% | -0.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 21.5K | $4.5M | 3.2% | -1.1% |
| AVGO BROADCOM INC | Technology | 11.5K | $3.6M | 2.5% | +0.4% |
| META META PLATFORMS INC-CLASS A | Technology | 6.0K | $3.4M | 2.4% | -0.3% |
| V VISA INC-CLASS A SHARES | Services media | 9.5K | $2.9M | 2.0% | -0.4% |
| JNJ JOHNSON & JOHNSON | Healthcare | 11.4K | $2.8M | 2.0% | -14.3% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 5.7K | $2.7M | 1.9% | -3.2% |
| JPM JPMORGAN CHASE & CO | Financials | 9.1K | $2.7M | 1.9% | +0.3% |
| BLK BLACKROCK INC | Financials | 2.7K | $2.6M | 1.8% | Held |
| GLW CORNING INC | Industrials | 18.9K | $2.6M | 1.8% | +0.8% |
| XOM EXXON MOBIL CORP | Energy | 15.1K | $2.6M | 1.8% | -0.9% |
| NEE NEXTERA ENERGY INC | Utilities | 27.3K | $2.5M | 1.8% | -1.3% |
| CB CHUBB LTD | Financials | 7.5K | $2.4M | 1.7% | 0.0% |
| ABBV ABBVIE INC | Healthcare | 10.8K | $2.4M | 1.7% | +0.5% |
| LIN LINDE PLC | Materials | 4.3K | $2.2M | 1.5% | +0.4% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 10.6K | $2.2M | 1.5% | +1.8% |
| WM WASTE MANAGEMENT INC | Utilities | 9.2K | $2.1M | 1.5% | +0.1% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 2.1K | $2.1M | 1.5% | -0.5% |
| AMGN AMGEN INC | Healthcare | 5.9K | $2.1M | 1.5% | -11.2% |
| CSCO CISCO SYSTEMS INC | Technology | 26.2K | $2.0M | 1.4% | +11.9% |
| NFLX NETFLIX INC | Services media | 18.8K | $1.8M | 1.3% | +9.9% |
| SPGI S&P GLOBAL INC | Services media | 4.2K | $1.8M | 1.3% | -0.5% |
| MLM MARTIN MARIETTA MATERIALS | Materials | 2.9K | $1.7M | 1.2% | -0.7% |
| UNP UNION PACIFIC CORP | Industrials | 6.9K | $1.7M | 1.2% | -11.9% |
| SYK STRYKER CORP | Healthcare | 5.0K | $1.6M | 1.2% | -0.2% |
| DAL DELTA AIR LINES INC | Industrials | 22.7K | $1.5M | 1.1% | Held |
| CME CME GROUP INC | Financials | 4.8K | $1.4M | 1.0% | -1.1% |
| PG PROCTER & GAMBLE CO/THE | Other | 9.2K | $1.3M | 0.9% | +29.6% |
| BA BOEING CO/THE | Industrials | 6.6K | $1.3M | 0.9% | -2.1% |
| UBER UBER TECHNOLOGIES INC | Services media | 17.2K | $1.2M | 0.9% | -0.1% |
| AWK AMERICAN WATER WORKS CO INC | Utilities | 9.1K | $1.2M | 0.9% | +0.2% |
| MDT MEDTRONIC PLC | Healthcare | 14.1K | $1.2M | 0.9% | +0.5% |
| SBUX STARBUCKS CORP | Consumer discretionary | 13.0K | $1.2M | 0.8% | +0.3% |
| ITW ILLINOIS TOOL WORKS | Industrials | 4.5K | $1.2M | 0.8% | -0.3% |
| VRT VERTIV HOLDINGS CO-A | Technology | 4.6K | $1.2M | 0.8% | -3.2% |
| ABNB AIRBNB INC-CLASS A | Services media | 9.2K | $1.2M | 0.8% | Held |
| MRK MERCK & CO. INC. | Healthcare | 9.5K | $1.1M | 0.8% | -1.5% |
| HD HOME DEPOT INC | Consumer discretionary | 3.4K | $1.1M | 0.8% | -0.9% |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 2.7K | $1.1M | 0.8% | +16.8% |
| GS GOLDMAN SACHS GROUP INC | Financials | 1.1K | $954K | 0.7% | -17.6% |
| BX BLACKSTONE INC | Financials | 8.1K | $935K | 0.7% | Held |
| SYY SYSCO CORP | Consumer discretionary | 13.0K | $930K | 0.7% | -3.6% |
| CVX CHEVRON CORP | Energy | 4.3K | $880K | 0.6% | +2.4% |
| PEP PEPSICO INC | Consumer staples | 5.7K | $880K | 0.6% | -9.2% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 3.9K | $874K | 0.6% | -1.4% |
| TRV TRAVELERS COS INC/THE | Financials | 3.0K | $873K | 0.6% | -6.7% |
| GOOG ALPHABET INC-CL C | Technology | 2.9K | $838K | 0.6% | -2.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 83 | $141.2M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 26, 2026 | 83 | $149.0M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 24, 2025 | 85 | $154.0M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 14, 2025 | 83 | $151.2M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 2, 2025 | 81 | $136.6M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 24, 2025 | 85 | $143.2M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 84 | $142.1M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 2, 2024 | 84 | $138.2M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 29, 2024 | 89 | $143.9M | $K fixed canonical | SEC ↗ |
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