Willis Investment Counsel

Key Holdings

The largest individual holdings are established, large-cap names across healthcare, technology, industrials and financials. Highlights:

• Johnson & Johnson (JNJ): $75.62M, 3.91% — largest single-stock position.
• Cisco Systems (CSCO): $64.17M, 3.32% — sizable technology/communications exposure.
• Microsoft (MSFT): $54.68M, 2.83% — large-cap software exposure added this quarter as a new position.
• Accenture, Chubb, Texas Instruments, Caterpillar and Lockheed Martin each range from $45–$52M (2.36–2.69% each). Collectively the top 10 (JNJ through Medtronic) make up ~26.4% of assets, and no single holding exceeds ~4%—a structure consistent with a diversified large-cap equity approach and position sizing that controls single-name concentration risk.

Many of the top holdings are traditionally large-cap, dividend-paying, cash-generative companies (JNJ, PFE, PG, PEP, WMT, XOM, CAT, HD). There is also a meaningful allocation to technology infrastructure and industrials (CSCO, TXN, MSFT, NVDA, CAT, LMT), indicating exposure to both secular tech trends and economic/capital goods cycles.