counsel

Joel R Mogy Investment Counsel (JMIC) disclosed in an October 16, 2025, SEC filing that it sold 20,929 Adobe shares during Q3 2025.

This was an estimated $7.51 million trade based on the average price for Q3 2025.

What happened

Joel R Mogy Investment Counsel reported a reduction in its position in Adobe (ADBE 1.30%), selling 20,929 shares during Q3 2025.

The estimated value of the sale, based on the average closing price for Q3 2025, was approximately $7.51 million.

The position now stands at 50,664 shares as of Q3 2025, according to the firm’s SEC Form 13-F filed on October 16, 2025.

What else to know

The fund’s post-sale Adobe stake represents 0.98% of its $1.83 billion reportable U.S. equity AUM as of September 30, 2025, down from 1.60% in the previous period

JMIC’s top holdings after the filing:

1. Nvidia: $257.28 million (14.1% of AUM) as of September 30, 2025
2. Alphabet: $158.37 million (8.68% of AUM) as of September 30, 2025
3. Apple: $155.49 million (8.52% of AUM) as of September 30, 2025
4. Microsoft: $148.56 million (8.14% of AUM) as of September 30, 2025
5. Costco Wholesale: $91.43 million (5.0% of AUM)

As of October 15, 2025, Adobe shares were priced at $330.63, marking a one-year decline of 34.9% and underperforming the S&P 500 by 49 percentage points.

Company Overview

Company Snapshot

Adobe offers software solutions, including Creative Cloud, Document Cloud, and a suite of digital experience and publishing tools; primary revenue is generated through recurring subscription services.

It operates a cloud-based, subscription-driven business model, selling directly to enterprises and end users as well as through a global partner network.

The company serves content creators, marketers, enterprises, and creative professionals across industries worldwide.

Adobe Inc. is a leading global software company specializing in creative, document, and digital experience solutions.

Foolish take

Joel R Mogy Investment Counsel (JMIC) had been steadily accumulating shares over the last few years, with the firm having a 2.5% portfolio allocation in Adobe just two years ago.

However, the company has sold shares of Adobe in the last two quarters — and heavily in its latest quarter.

With Adobe’s stock down 52% from its all-time high, it certainly seems as though JMIC is worried about the long-term future of the company.

Adobe has become an artificial intelligence (AI) battleground stock lately. The market seems torn as to whether the AI revolution will empower — or completely disrupt — the company’s creative operations.

For instance, OpenAI recently launched its Sora 2 model that lets users create short video clips from text. It doesn’t take a wild leap to imagine how this could directly hinder Adobe’s video editing and software businesses.

That said, Adobe has grown sales by 11% over the last year and is seeing the professional use cases for its video capabilities remain as robust as ever. Furthermore, the company has its Adobe Firefly unit, which is its own generative AI offering for creators — so it’s not exactly being blindsided by peers like OpenAI.

Trading at just 15 times free cash flow, Adobe could be a tremendous value investment at today’s price, but it looks like JMIC doesn’t want to risk waiting to find out if the company gets disrupted or not.

Glossary

AUM (Assets Under Management): The total market value of all investments managed by a fund or investment firm.
Form 13-F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.
Q3: The third quarter of a company’s fiscal year, typically covering July through September.
Reportable U.S. equity assets: U.S. stocks and related securities that must be disclosed in regulatory filings.
Top holdings: The largest individual investments in a fund’s portfolio, usually ranked by market value.
Stake: The ownership interest or number of shares a fund or investor holds in a company.
Subscription-driven business model: A model where customers pay recurring fees for ongoing access to products or services.
Global partner network: A group of companies or organizations worldwide that help distribute or sell a firm’s products.
TTM: The 12-month period ending with the most recent quarterly report.

Josh Kohn-Lindquist has positions in Adobe, Alphabet, Costco Wholesale, and Nvidia. The Motley Fool has positions in and recommends Adobe, Alphabet, Apple, Costco Wholesale, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

BRIDGEWATER, N.J. — Federal officials have opened an investigation into Jack Smith, the former special counsel who indicted then-candidate Donald Trump on felony charges before his election to a second term.

The current Office of Special Counsel, traditionally an independent federal agency, on Saturday confirmed the investigation after reporting by other news organizations. Smith was named special counsel by then-Atty. Gen. Merrick Garland to investigate Trump in November 2022 for his actions related to trying to overturn his 2020 election loss to Joe Biden and his hoarding of classified documents at his home in Florida.

Trump and his Republican allies, including Sen. Tom Cotton, have — without offering evidence of wrongdoing — accused Smith of violating the Hatch Act, a federal law that bans certain public officials from engaging in political activity.

Smith prosecuted two federal cases against Trump and indicted him on multiple felony charges in both. He dropped both cases after Trump won the election in November, as a sitting president is shielded from prosecution according to long-standing Justice Department practice. Smith then subsequently resigned as special counsel.

Cotton (R-Ark.) on Wednesday asked the Office of Special Counsel to investigate Smith, alleging that his conduct was designed to help then-President Biden and then-Vice Presiedent Kamala Harris, who became the Democratic nominee in last year’s race against Trump.

Trump is the only felon to ever occupy the White House, having been convicted in May 2024 on 34 criminal counts for fraud related to a hush-money payment to a porn star before the 2016 election, which he also won.

The White House had no immediate comment on the investigation.

The New York Post was first to report on the investigation into Smith.

Superville writes for the Associated Press.

1 of 4 | Officials with the Office of Special Counsel are launching an investigation into Jack Smith, who oversaw criminal probes into President Donald Trump related to the Jan. 6, 2021, insurrection at the U.S. Capitol. File Photo by Bonnie Cash/UPI | License Photo

Aug. 2 (UPI) — Officials with the Office of Special Counsel are launching an investigation into Jack Smith, who oversaw criminal probes into President Donald Trump related to the Jan. 6, 2021 insurrection at the U.S. Capitol.

The investigation into Smith is related to alleged violations of the Hatch Act, NBC News reported, citing sources within the agency.

Investigators have not yet disclosed any specific evidence against Smith, who headed two criminal investigations, one into Trump’s role in the Jan. 6 insurrection and a second into his handling of classified documents following his first term in the White House.

“I appreciate the Office of Special Counsel taking this seriously and launching an investigation into Jack Smith’s conduct. No one is above the law.

“Jack Smith’s actions were clearly driven to hurt President Trump’s election, and Smith should be held fully accountable,” said Senate Intelligence Committee chair Sen. Tom Cotton, R-Ark., told the New York Post in a statement.

The U.S. Office of Special Counsel is an independent federal investigative and prosecutorial agency, which also operates as a secure channel for federal whistleblowers.

The Hatch Act was passed in 1939 and “limits certain political activities of federal employees,” while ensuring “that federal programs are administered in a nonpartisan fashion.”

Smith’s role as special prosecutor is not related to the Office of Special Counsel.

Smith in January resigned from the Justice Department, days before Trump took office for his second term as president.

He initially announced his intention to resign following Trump’s victory in the November 2024 election.

Last month, Attorney General Pam Bondi fired nine former members of Smith’s former team of federal prosecutors and assistance.

That brought the number of firings of employees involved in prosecutorial efforts of Trump to 20.

July 24 (UPI) — U.S. Republican Sens. Lindsey Graham, R-S.C., and John Cornyn, R-Texas, are calling for a special counsel to investigate allegations against former President Barack Obama.

The senators said they want the truth about Obama’s alleged “manipulation” before the 2016 election.

“For the good of the country, Senator @JohnCornyn and I urge Attorney General (Pam) Bondi to appoint a special counsel to investigate the extent to which former President Obama, his staff and administration officials manipulated the U.S. national security apparatus for a political outcome,” Graham posted on X.

A special counsel is someone brought from outside to investigate independently.

“As we have supported in the past, appointing an independent special counsel would do the country a tremendous service in this case,” Fox News reported Graham and Cornyn said.

This call comes one day after Director of Homeland Security Tulsi Gabbard released a second formerly classified document alleging wrongdoing by Obama. The Department of Justice created a “strike force” to investigate the evidence.

The document cast doubts on Russian President Vladimir Putin’s desire to help Trump beat Secretary of State Hilary Clinton. It backed up the argument that Russia wanted to interfere in the election.

It was part of a House Intelligence Committee report from Sept. 18, 2020, when Republicans controlled the House. Though it doesn’t dispute that Moscow interfered in the election, it shows the Obama administration’s handling of Russian activity.

Last week, Gabbard released a document that accused Obama and his Cabinet of manufacturing an intelligence report to falsely accuse Russia of acting to ensure Trump defeated Clinton during the 2016 election.

Obama’s team responded to last week’s report.

“Nothing in that document issued last week undercuts the widely accepted conclusion that Russia worked to influence the 2016 presidential election but did not successfully manipulate any votes,” Obama spokesman Patrick Rodenbush said in a prepared statement on Tuesday.

“These findings were affirmed in a 2020 report by the bipartisan Senate Intelligence Committee, led by then-Chairman Marco Rubio.”

“With every piece of information that gets released, it becomes more evident that the entire Russia collusion hoax was created by the Obama administration to subvert the will of the American people,” Graham and Cornyn said.

Trump earlier in the day accused Obama of “trying to lead a coup” with Hillary Clinton.