Crawford Investment 13F (2026 Q1): An Income-and-Quality Book

Income and quality, spread wide

Crawford Investment Counsel, an Atlanta firm with a long heritage in dividend-oriented investing, builds portfolios around a simple premise: high-quality companies that pay and grow reliable dividends tend to reward patient owners while cushioning the ride. Its 2026Q1 13F reflects that approach, about $5.85 billion spread across roughly 300 positions, with a sector mix tilted toward the dependable income payers, healthcare, utilities, consumer staples, and financials. The book is deliberately diffuse: the largest holding, AbbVie, is just 3.29% of reported value, and the rest of the top names sit between 2% and 3%.

The roster pairs quality with yield. Microsoft and Johnson Controls sit near the top alongside AstraZeneca, regulated utilities American Electric Power and WEC Energy, consumer-staples stalwart Philip Morris, regional bank PNC Financial, Coca-Cola, and defense contractor RTX. These are the kinds of stable, cash-generative businesses that can sustain and raise dividends through a cycle, the raw material of an income-and-quality strategy.

A utility-and-staples backbone

What distinguishes an income-focused book from a pure growth or deep-value one is its sector skeleton. Crawford's lean toward regulated utilities (American Electric Power, WEC Energy), consumer staples (Philip Morris, Coca-Cola), and large healthcare (AbbVie, AstraZeneca) is characteristic: these sectors offer the predictable cash flows and dividend reliability that income investors prize, even if they rarely produce explosive growth. The breadth, 300 names with nothing above 3.3%, reinforces the conservative posture, spreading income across many payers rather than concentrating in a few.

Measured activity, including a new AstraZeneca stake

The quarter's moves were incremental, fitting a steady income strategy. Crawford established a new position in AstraZeneca that immediately ranked among its top holdings, adding a major pharmaceutical name to the healthcare sleeve. It trimmed Coca-Cola and RTX by about 10% and 7% of shares respectively, and pared Johnson Controls modestly, while holding the bulk of the utility and staples core flat. The pattern, adding a quality pharma payer while taking a little off two names that had run, is the gentle rebalancing typical of a dividend-and-quality manager rather than a decisive shift in strategy.

How to read an income-and-quality book

With 300 positions and no dominant bet, Crawford's filing is about the aggregate posture, not any single name. The signal lives in the sector composition, heavy in utilities, staples, healthcare, and financials, the natural home of dependable dividends, and in the measured direction of the changes, such as the new AstraZeneca stake. For investors who value income and downside resilience over maximum growth, a book like this serves as a vetted map of where a dividend-focused manager currently finds quality and yield together. You can explore the full holdings, the position changes, and the longer history on the Crawford Investment Counsel filer page.