Baldwin Investment Management, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Baldwin Investment Management, LLC reported 209 stock positions worth $737.3 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 48.3% of the portfolio, followed by Microsoft (MSFT, 2.3%) and Apple (AAPL, 1.7%). Compared with Q4 2023, it opened 16 new positions, sold out of 10, added to 104 and reduced 54. The biggest buy was a new position in Borgwarner (BWA) and the biggest sale Cisco Systems (CSCO, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- WEST CONSHOHOCKEN, PA
- CIK
- 0001346378
- Portfolio Value
- $737.3M (Q1 2024)
- SEC Filing
- 0001346378-24-000002 ↗ filed May 14, 2024
Holdings Value
Holdings 209 stocks · $737.3M
| BRK.A Berkshire Hathaway Inc. Class A | 48.27% | 561 | $355.9M | Reduce -0.9% |
| MSFT Microsoft Corp. | 2.25% | 39,493 | $16.6M | Reduce 0.0% |
| AAPL Apple Inc. | 1.74% | 74,790 | $12.8M | Add +6.0% |
| AVGO Broadcom Inc. | 1.49% | 8,279 | $11.0M | Reduce -3.0% |
| JPM JPMorgan Chase & Co. | 1.44% | 52,957 | $10.6M | Add +6.0% |
| NVDA Nvidia Corp. | 1.41% | 11,537 | $10.4M | Reduce -11.4% |
| LRCX Lam Research Corp. | 1.33% | 10,130 | $9.8M | Add +2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.13% | 19,863 | $8.4M | Reduce -3.5% |
| COST Costco Wholesale Corp. | 1.02% | 10,277 | $7.5M | Add +1.9% |
| AMZN Amazon.com Inc. | 0.89% | 36,537 | $6.6M | Add +2.3% |
| LIN Linde PLC | 0.88% | 14,018 | $6.5M | Add +3.0% |
| LLY Eli Lilly & Co. | 0.86% | 8,150 | $6.3M | Reduce -5.2% |
| EPD Enterprise Products Partners | 0.78% | 198,161 | $5.8M | Add +0.5% |
| ABBV Abbvie Inc. | 0.77% | 31,318 | $5.7M | Add +0.8% |
| GOOGL Alphabet Inc. Class A | 0.72% | 35,272 | $5.3M | Add +0.8% |
| V Visa Inc. Class A | 0.71% | 18,872 | $5.3M | Add +0.6% |
| ZTS Zoetis Inc. | 0.62% | 27,024 | $4.6M | Add +5.5% |
| HD Home Depot Inc. | 0.62% | 11,911 | $4.6M | Add +1.4% |
| TMO Thermo Fisher Scientific Inc. | 0.61% | 7,768 | $4.5M | Add +3.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.59% | 10,349 | $4.3M | Add +10.4% |
| BLK BlackRock Finance Inc. | 0.59% | 5,182 | $4.3M | Reduce -0.1% |
| DHR Danaher Corp. | 0.58% | 17,108 | $4.3M | Add +5.8% |
| ACN Accenture PLC Class A | 0.58% | 12,245 | $4.2M | Add +6.6% |
| SPGI S&P Global Inc. | 0.56% | 9,651 | $4.1M | Add +10.1% |
| UNP Union Pacific Corp. | 0.53% | 15,754 | $3.9M | Add +1.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.51% | 7,235 | $3.8M | No change |
| ABT Abbott Laboratories | 0.51% | 33,291 | $3.8M | Add +4.2% |
| ADBE Adobe Inc. | 0.50% | 7,378 | $3.7M | Add +2.4% |
| CAT Caterpillar Inc. | 0.50% | 10,053 | $3.7M | Add +0.6% |
| RTX RTX Corp. | 0.49% | 36,693 | $3.6M | Reduce -0.5% |
| ISRG Intuitive Surgical Inc. | 0.48% | 8,914 | $3.6M | Add +5.0% |
| FISV Fiserv Inc. | 0.48% | 21,970 | $3.5M | Reduce -0.9% |
| JNJ Johnson & Johnson | 0.47% | 21,883 | $3.5M | Add +0.2% |
| GS Goldman Sachs Group Inc. | 0.46% | 8,190 | $3.4M | Add +2.2% |
| XOM Exxon Mobil Corp. | 0.44% | 27,746 | $3.2M | Add +8.2% |
| ETN Eaton Corp. PLC | 0.41% | 9,785 | $3.1M | Add +4.9% |
| TSCO Tractor Supply Company | 0.41% | 11,474 | $3.0M | Add +2.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.39% | 22,641 | $2.9M | Reduce -5.4% |
| STZ Constellation Brands Inc. Class A | 0.38% | 10,178 | $2.8M | Add +5.1% |
| ULTA Ulta Beauty Inc. | 0.37% | 5,194 | $2.7M | Add +4.5% |
| LOW Lowe's Cos Inc. | 0.37% | 10,581 | $2.7M | Reduce -2.1% |
| AMT American Tower Corp. | 0.36% | 13,600 | $2.7M | Add +0.4% |
| PEP Pepsico Inc. | 0.36% | 15,009 | $2.6M | Add +1.7% |
| WM Waste Management Inc. | 0.35% | 12,141 | $2.6M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 0.35% | 16,905 | $2.6M | Add +0.2% |
| PXD Pioneer Natural Resources Co. | 0.35% | 9,702 | $2.5M | Add +12.8% |
| PANW Palo Alto Networks Inc. | 0.32% | 8,412 | $2.4M | Add +10.8% |
| MS Morgan Stanley | 0.32% | 25,377 | $2.4M | Add +18.3% |
| NKE Nike Inc. Class B | 0.31% | 24,153 | $2.3M | Reduce -1.0% |
| BX Blackstone Inc. | 0.30% | 17,070 | $2.2M | Add +36.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.30% | 16,357 | $2.2M | Add +0.9% |
| PLD Prologis Inc. | 0.30% | 16,884 | $2.2M | Reduce -0.9% |
| NEE Nextera Energy Inc. | 0.30% | 34,340 | $2.2M | Reduce -2.9% |
| CBT Cabot Corp. | 0.30% | 23,614 | $2.2M | Add +0.2% |
| HON Honeywell International Inc. | 0.29% | 10,362 | $2.1M | Add +12.3% |
| ADSK Autodesk Inc. | 0.28% | 8,017 | $2.1M | Reduce -5.7% |
| IJR iShares Core S&P Small-Cap E | 0.27% | 18,340 | $2.0M | Reduce -0.5% |
| FTV Fortive Corp. | 0.27% | 23,299 | $2.0M | Add +39.7% |
| MCD McDonald's Corp. | 0.27% | 6,986 | $2.0M | No change |
| SBUX Starbucks Corp. | 0.26% | 21,025 | $1.9M | Reduce -19.4% |
| DE Deere & Co. | 0.25% | 4,557 | $1.9M | Add +23.6% |
| COF Capital One Financial Corp. | 0.25% | 12,558 | $1.9M | Reduce -0.7% |
| ICE Intercontinental Exchange Inc. | 0.25% | 13,427 | $1.8M | Add +2.8% |
| DRI Darden Restaurants Inc. | 0.24% | 10,734 | $1.8M | Add +7.5% |
| RSP Invesco S&P 500 Equal Weight | 0.24% | 10,298 | $1.7M | Add +40.6% |
| MTD Mettler-Toledo International | 0.23% | 1,293 | $1.7M | Reduce -22.1% |
| BSY Bentley Systems Inc. Class B | 0.23% | 32,900 | $1.7M | Add +38.5% |
| NXPI NXP Semiconductors NV | 0.23% | 6,900 | $1.7M | Add +9.0% |
| BWA Borgwarner Inc. | 0.23% | 48,440 | $1.7M | New |
| TMUS T-Mobile US Inc. | 0.23% | 10,274 | $1.7M | Add +4.2% |
| KMB Kimberly-Clark Corp. | 0.22% | 12,657 | $1.6M | Add +1.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.22% | 16,110 | $1.6M | Add +5.1% |
| VMC Vulcan Materials Co. | 0.22% | 5,864 | $1.6M | No change |
| MDLZ Mondelez International Inc. Class A | 0.22% | 22,845 | $1.6M | Add +5.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 8,349 | $1.6M | Reduce -0.7% |
| IBN Icici Bank Ltd.-Spon ADR | 0.21% | 59,722 | $1.6M | Reduce -1.0% |
| CVX Chevron Corp. | 0.21% | 9,986 | $1.6M | Reduce -18.0% |
| J Jacobs Solutions Inc. | 0.21% | 10,098 | $1.6M | Add +15.1% |
| VXUS Vanguard Total Intl Stock | 0.21% | 25,687 | $1.5M | Add +412.3% |
| LHX L3HARRIS Technologies Inc. | 0.20% | 6,857 | $1.5M | Add +18.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 5,495 | $1.4M | Add +275.3% |
| CB Chubb Ltd. | 0.19% | 5,451 | $1.4M | Add +0.2% |
| INFY Infosys Ltd.-SP ADR | 0.19% | 78,501 | $1.4M | No change |
| UNH Unitedhealth Group Inc. | 0.19% | 2,833 | $1.4M | Add +1.1% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.19% | 8,913 | $1.4M | Add +41.0% |
| SCHD Schwab US DVD Equity ETF | 0.19% | 17,158 | $1.4M | Add +45.5% |
| NUE Nucor Corp. | 0.19% | 6,932 | $1.4M | Add +7.8% |
| CTVA Corteva Inc. | 0.19% | 23,687 | $1.4M | Reduce -1.9% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.18% | 5,684 | $1.3M | No change |
| FANG Diamondback Energy Inc. | 0.18% | 6,685 | $1.3M | Add +8.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.17% | 8,808 | $1.3M | No change |
| FSLR First Solar Inc. | 0.17% | 7,504 | $1.3M | Add +9.7% |
| LMT Lockheed Martin Corp. | 0.17% | 2,761 | $1.3M | Add +8.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.17% | 6,512 | $1.2M | Add +116.1% |
| CME Cme Group Inc. | 0.17% | 5,735 | $1.2M | Add +26.5% |
| YUM Yum! Brands Inc. | 0.16% | 8,552 | $1.2M | No change |
| MRVL Marvell Technology Inc. | 0.16% | 16,695 | $1.2M | Add +3.7% |
| FCX Freeport-McMoran Inc. | 0.16% | 25,132 | $1.2M | Add +4.1% |
| CTRA Coterra Energy Inc. | 0.16% | 41,153 | $1.1M | Add +86.0% |
| INDA iShares MSCI India ETF | 0.15% | 22,030 | $1.1M | Add +61.9% |
Portfolio Sells Q4 2023 → Q1 2024
| CSCO Cisco Systems Inc. | Reduce -54.5% | 0.10% | −0.16 |
| SBUX Starbucks Corp. | Reduce -19.4% | 0.26% | −0.13 |
| GFS Globalfoundries Inc. | Sold out | 0.00% | −0.12 |
| NKE Nike Inc. Class B | Reduce -1.0% | 0.31% | −0.11 |
| BA The Boeing Co. | Sold out | 0.00% | −0.09 |
| MTD Mettler-Toledo International | Reduce -22.1% | 0.23% | −0.08 |
| BLK BlackRock Finance Inc. | Reduce -0.1% | 0.59% | −0.07 |
| CVX Chevron Corp. | Reduce -18.0% | 0.21% | −0.07 |
| MSFT Microsoft Corp. | Reduce 0.0% | 2.25% | −0.07 |
| FDX FedEx Corp. | Reduce -36.4% | 0.11% | −0.06 |
| PLD Prologis Inc. | Reduce -0.9% | 0.30% | −0.06 |
| RXO Rxo Inc. | Sold out | 0.00% | −0.06 |
| RGCO RGC Resources Inc. | Sold out | 0.00% | −0.05 |
| MKC McCormick & Co.-Non VTG SHRS | Sold out | 0.00% | −0.04 |
| ROK Rockwell Automation Inc. | Reduce -5.1% | 0.15% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -8.3% | 0.15% | −0.04 |
| ADSK Autodesk Inc. | Reduce -5.7% | 0.28% | −0.04 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -2.9% | 0.30% | −0.04 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.5% | 0.27% | −0.04 |
| WEC WEC Energy Group Inc. | Sold out | 0.00% | −0.04 |
| A Agilent Technologies Inc. | Sold out | 0.00% | −0.03 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.03 |
| INTC Intel Corp. | Sold out | 0.00% | −0.03 |
| BEP Brookfield Renewable Partner | Reduce -3.5% | 0.09% | −0.03 |
| PAYX Paychex Inc. | Reduce -18.2% | 0.06% | −0.02 |
| CARR Carrier Global Corp. | Reduce -0.4% | 0.12% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -3.6% | 0.13% | −0.02 |
| ORCL Oracle Corp. | Reduce -14.4% | 0.13% | −0.02 |
| PFE Pfizer Inc. | Reduce -7.3% | 0.05% | −0.02 |
| PNC PNC Financial Services Group | Reduce -5.3% | 0.09% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.5% | 1.13% | −0.01 |
| CVS CVS Health Corp. | Reduce -10.0% | 0.05% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -7.6% | 0.11% | −0.01 |
| KO The Coca-Cola Co. | Reduce -2.7% | 0.08% | −0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -1.0% | 0.21% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -2.1% | 0.37% | −0.01 |
| VLTO Veralto Corp. | Reduce -13.2% | 0.04% | −0.01 |
| SRAD Sportradar Group AG-A | Reduce -7.1% | 0.05% | −0.01 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -4.0% | 0.04% | −0.01 |
| RPM RPM International Inc. | Reduce -0.9% | 0.08% | −0.01 |
| PM Philip Morris International | Reduce -3.9% | 0.03% | −0.01 |
| COF Capital One Financial Corp. | Reduce -0.7% | 0.25% | −0.01 |
| OTIS Otis Worldwide Corp. | Reduce -0.5% | 0.10% | −0.00 |
| CSX CSX Corp. | Reduce -0.1% | 0.03% | −0.00 |
| TROW T Rowe Price Group Inc. | Reduce -1.0% | 0.08% | −0.00 |
| CP Canadian Pacific Kansas City | Reduce -0.1% | 0.05% | −0.00 |
| CL Colgate-Palmolive Co. | Reduce -1.3% | 0.05% | −0.00 |
| PH Parker Hannifin Corp. | Reduce -7.7% | 0.05% | −0.00 |
| VZ Verizon Communications Inc. | Reduce -0.3% | 0.04% | −0.00 |
Portfolio Buys Q4 2023 → Q1 2024
| BWA Borgwarner Inc. | New | 0.23% | +0.23 |
| VXUS Vanguard Total Intl Stock | Add +412.3% | 0.21% | +0.16 |
| VTI VG Morningstar TS MKT ETF-US | Add +275.3% | 0.19% | +0.14 |
| LRCX Lam Research Corp. | Add +2.7% | 1.33% | +0.13 |
| JPM JPMorgan Chase & Co. | Add +6.0% | 1.44% | +0.11 |
| VRT Vertiv Holdings Co. Class A | New | 0.11% | +0.11 |
| SCHA Schwab US Small-Cap ETF | New | 0.10% | +0.10 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +116.1% | 0.17% | +0.08 |
| FTV Fortive Corp. | Add +39.7% | 0.27% | +0.08 |
| CTRA Coterra Energy Inc. | Add +86.0% | 0.16% | +0.07 |
| ETN Eaton Corp. PLC | Add +4.9% | 0.41% | +0.06 |
| AVUV Avantis US Small Cap Value | New | 0.06% | +0.06 |
| WYNN WYNN Resorts Ltd. | New | 0.06% | +0.06 |
| RSP Invesco S&P 500 Equal Weight | Add +40.6% | 0.24% | +0.06 |
| DELL Dell Technologies -C | New | 0.05% | +0.05 |
| INDA iShares MSCI India ETF | Add +61.9% | 0.15% | +0.05 |
| BX Blackstone Inc. | Add +36.0% | 0.30% | +0.05 |
| SCHD Schwab US DVD Equity ETF | Add +45.5% | 0.19% | +0.05 |
| AMZN Amazon.com Inc. | Add +2.3% | 0.89% | +0.05 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +41.0% | 0.19% | +0.05 |
| PXD Pioneer Natural Resources Co. | Add +12.8% | 0.35% | +0.04 |
| WELL Welltower Inc. | New | 0.04% | +0.04 |
| BSY Bentley Systems Inc. Class B | Add +38.5% | 0.23% | +0.04 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.9% | 0.30% | +0.04 |
| CAT Caterpillar Inc. | Add +0.6% | 0.50% | +0.04 |
| XOM Exxon Mobil Corp. | Add +8.2% | 0.44% | +0.04 |
| DIS The Walt Disney Co. | Add +17.1% | 0.13% | +0.04 |
| ISRG Intuitive Surgical Inc. | Add +5.0% | 0.48% | +0.03 |
| TECK Teck Resources Ltd.-CLS B | New | 0.03% | +0.03 |
| J Jacobs Solutions Inc. | Add +15.1% | 0.21% | +0.03 |
| TSCO Tractor Supply Company | Add +2.8% | 0.41% | +0.03 |
| GEHC GE Healthcare Technology | Add +62.7% | 0.08% | +0.03 |
| FANG Diamondback Energy Inc. | Add +8.3% | 0.18% | +0.03 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.03% | +0.03 |
| META Meta Platforms Inc. Class A | Add +15.2% | 0.11% | +0.03 |
| VLO Valero Energy Corp. | New | 0.03% | +0.03 |
| SCHF Schwab Intl Equity ETF | Add +78.2% | 0.07% | +0.03 |
| VIG Vanguard Dividend Apprec ETF | Add +38.0% | 0.13% | +0.03 |
| SYLD Cambria Shareholder Yield Et | New | 0.03% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | Add +24.2% | 0.10% | +0.03 |
| CDW CDW Corp. | New | 0.03% | +0.03 |
| TGT Target Corp. | New | 0.03% | +0.03 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.03% | +0.03 |
| BSX Boston Scientific Corp. | Add +49.8% | 0.07% | +0.02 |
| DE Deere & Co. | Add +23.6% | 0.25% | +0.02 |
| EWJ iShares MSCI Japan ETF | Add +44.7% | 0.08% | +0.02 |
| EXP Eagle Materials Inc. | Add +13.4% | 0.09% | +0.02 |
| CCL Carnival Corp. | New | 0.02% | +0.02 |
| ABBV Abbvie Inc. | Add +0.8% | 0.77% | +0.02 |
| CME Cme Group Inc. | Add +26.5% | 0.17% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 231 | $1.0B | BRK.A, LRCX, AAPL, AVGO, NVDA |
| Q1 2026 | 210 | $855.7M | BRK.A, AVGO, NVDA, LRCX, AAPL |
| Q4 2025 | 207 | $885.8M | BRK.A, AVGO, NVDA, AAPL, LRCX |
| Q3 2025 | 207 | $873.4M | BRK.A, AVGO, NVDA, AAPL, MSFT |
| Q2 2025 | 209 | $828.4M | BRK.A, AVGO, NVDA, MSFT, AAPL |
| Q1 2025 | 200 | $831.9M | BRK.A, AAPL, NVDA, AVGO, MSFT |
| Q4 2024 | 199 | $767.9M | BRK.A, AVGO, AAPL, NVDA, MSFT |
| Q3 2024 | 213 | $797.9M | BRK.A, MSFT, AAPL, NVDA, AVGO |
| Q2 2024 | 205 | $730.2M | BRK.A, MSFT, AAPL, NVDA, AVGO |
| Q1 2024 | 209 | $737.3M | BRK.A, MSFT, AAPL, AVGO, JPM |