Baldwin Investment Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Baldwin Investment Management, LLC reported 199 stock positions worth $767.9 million. Its top holding was 1/100 Berkshire HTWY A Class A (BRK.A) at 49.5% of the portfolio, followed by Broadcom (AVGO, 2.4%) and Apple (AAPL, 2.4%). Compared with Q3 2024, it opened 10 new positions, sold out of 24, added to 44 and reduced 130. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale Microsoft (MSFT, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- WEST CONSHOHOCKEN, PA
- CIK
- 0001346378
- Portfolio Value
- $767.9M (Q4 2024)
- SEC Filing
- 0001346378-25-000001 ↗ filed Feb 14, 2025
Holdings Value
Holdings 199 stocks · $767.9M
| BRK.A 1/100 Berkshire HTWY A Class A | 49.48% | 558 | $380.0M | Reduce -99.0% |
| AVGO Broadcom Inc. | 2.40% | 79,404 | $18.4M | Reduce -2.4% |
| AAPL Apple Inc. | 2.37% | 72,533 | $18.2M | Reduce -1.4% |
| NVDA Nvidia Corp. | 2.05% | 117,384 | $15.8M | Reduce -3.0% |
| MSFT Microsoft Corp. | 1.69% | 30,730 | $13.0M | Reduce -24.7% |
| JPM JPMorgan Chase & Co. | 1.47% | 47,182 | $11.3M | Reduce -9.1% |
| AMZN Amazon.com Inc. | 1.18% | 41,189 | $9.0M | Reduce -2.3% |
| COST Costco Wholesale Corp. | 1.14% | 9,540 | $8.7M | Reduce -3.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.11% | 18,855 | $8.5M | Reduce -5.3% |
| LRCX Lam Research Corp. | 0.97% | 103,042 | $7.4M | Add +0.5% |
| LLY Eli Lilly & Co. | 0.89% | 8,887 | $6.9M | Add +6.4% |
| GOOGL Alphabet Inc. Class A | 0.84% | 34,045 | $6.4M | Reduce -1.9% |
| EPD Enterprise Products Partners | 0.77% | 187,625 | $5.9M | Reduce -5.5% |
| V Visa Inc. Class A | 0.74% | 18,086 | $5.7M | Reduce -1.4% |
| XOM Exxon Mobil Corp. | 0.70% | 49,732 | $5.3M | Reduce -1.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.66% | 12,559 | $5.1M | Add +5.6% |
| ISRG Intuitive Surgical Inc. | 0.66% | 9,657 | $5.0M | Reduce -0.9% |
| LIN Linde PLC | 0.64% | 11,827 | $5.0M | Reduce -13.4% |
| ABBV Abbvie Inc. | 0.64% | 27,533 | $4.9M | Reduce -9.6% |
| BLK BlackRock Inc. | 0.63% | 4,724 | $4.8M | Reduce -4.7% |
| VOO Vanguard S&P 500 ETF | 0.62% | 8,799 | $4.7M | New |
| SPGI S&P Global Inc. | 0.62% | 9,492 | $4.7M | Reduce -1.1% |
| TMO Thermo Fisher Scientific Inc. | 0.60% | 8,879 | $4.6M | Add +14.4% |
| ACN Accenture PLC Class A | 0.60% | 13,106 | $4.6M | Add +1.2% |
| ZTS Zoetis Inc. | 0.59% | 27,945 | $4.6M | Reduce -6.7% |
| HD Home Depot Inc. | 0.57% | 11,322 | $4.4M | Reduce -1.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.55% | 7,147 | $4.2M | No change |
| ABT Abbott Laboratories | 0.53% | 35,744 | $4.0M | Add +4.6% |
| RTX RTX Corp. | 0.51% | 33,691 | $3.9M | Reduce -7.4% |
| VRT Vertiv Holdings Co. Class A | 0.48% | 32,538 | $3.7M | Add +66.8% |
| ETN Eaton Corp. PLC | 0.47% | 10,979 | $3.6M | Add +6.7% |
| GS Goldman Sachs Group Inc. | 0.46% | 6,178 | $3.5M | Reduce -21.4% |
| UNP Union Pacific Corp. | 0.46% | 15,494 | $3.5M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 0.41% | 16,617 | $3.2M | Add +0.1% |
| DHR Danaher Corp. | 0.40% | 13,388 | $3.1M | Reduce -15.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.40% | 15,478 | $3.1M | Reduce -4.5% |
| PANW Palo Alto Networks Inc. | 0.38% | 16,111 | $2.9M | Add +0.4% |
| BX Blackstone Inc. | 0.38% | 16,921 | $2.9M | Reduce -0.0% |
| FISV Fiserv Inc. | 0.38% | 14,200 | $2.9M | Reduce -33.5% |
| ADBE Adobe Inc. | 0.37% | 6,387 | $2.8M | Add +3.0% |
| CAT Caterpillar Inc. | 0.37% | 7,795 | $2.8M | Reduce -20.1% |
| MS Morgan Stanley | 0.34% | 20,803 | $2.6M | Reduce -6.9% |
| LOW Lowe's Cos Inc. | 0.34% | 10,456 | $2.6M | Add +4.8% |
| BWA Borgwarner Inc. | 0.33% | 80,348 | $2.6M | Reduce -1.4% |
| NEE Nextera Energy Inc. | 0.33% | 35,438 | $2.5M | Add +0.2% |
| SNPS Synopsys Inc. | 0.32% | 5,042 | $2.4M | Reduce -2.1% |
| AMT American Tower Corp. | 0.32% | 13,200 | $2.4M | Reduce -0.9% |
| WM Waste Management Inc. | 0.31% | 11,786 | $2.4M | Add +1.3% |
| TSCO Tractor Supply Company | 0.30% | 43,760 | $2.3M | Reduce -23.2% |
| COF Capital One Financial Corp. | 0.28% | 12,200 | $2.2M | Reduce -0.1% |
| KMB Kimberly-Clark Corp. | 0.28% | 16,335 | $2.1M | Reduce -0.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.28% | 7,373 | $2.1M | Add +0.7% |
| JNJ Johnson & Johnson | 0.28% | 14,698 | $2.1M | Reduce -24.6% |
| TMUS T-Mobile US Inc. | 0.27% | 9,517 | $2.1M | Reduce -9.9% |
| BKR Baker Hughes Co. | 0.26% | 49,532 | $2.0M | Add +111.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.24% | 21,740 | $1.9M | Reduce -2.0% |
| IJR iShares Core S&P Small-Cap E | 0.24% | 15,720 | $1.8M | Reduce -12.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.23% | 14,435 | $1.7M | Add +0.2% |
| PEP Pepsico Inc. | 0.23% | 11,448 | $1.7M | Reduce -15.2% |
| STZ Constellation Brands Inc. Class A | 0.22% | 7,727 | $1.7M | Reduce -12.9% |
| INFY Infosys Ltd.-SP ADR | 0.22% | 77,224 | $1.7M | Reduce -1.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.22% | 56,158 | $1.7M | Reduce -2.3% |
| ULTA Ulta Beauty Inc. | 0.22% | 3,803 | $1.7M | Reduce -37.8% |
| MCD McDonald's Corp. | 0.21% | 5,615 | $1.6M | Reduce -13.2% |
| NKE Nike Inc. Class B | 0.21% | 21,197 | $1.6M | Reduce -8.0% |
| VXUS Vanguard Total Intl Stock | 0.20% | 26,710 | $1.6M | Add +0.9% |
| HON Honeywell International Inc. | 0.20% | 6,663 | $1.5M | Add +3.3% |
| LMT Lockheed Martin Corp. | 0.20% | 3,094 | $1.5M | Add +11.2% |
| DRI Darden Restaurants Inc. | 0.20% | 8,028 | $1.5M | Reduce -0.9% |
| FTV Fortive Corp. | 0.19% | 19,510 | $1.5M | Reduce -20.3% |
| ICE Intercontinental Exchange Inc. | 0.18% | 9,490 | $1.4M | Reduce -29.8% |
| FANG Diamondback Energy Inc. | 0.18% | 8,532 | $1.4M | Add +9.1% |
| MTD Mettler-Toledo International | 0.18% | 1,133 | $1.4M | Reduce -12.2% |
| AXP American Express Co. | 0.18% | 4,637 | $1.4M | Add +10.1% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.18% | 5,399 | $1.4M | Reduce -5.0% |
| UNH Unitedhealth Group Inc. | 0.18% | 2,706 | $1.4M | Reduce -3.4% |
| CB Chubb Ltd. | 0.18% | 4,905 | $1.4M | Reduce -5.7% |
| NXPI NXP Semiconductors NV | 0.17% | 6,412 | $1.3M | Reduce -4.4% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.17% | 8,157 | $1.3M | Reduce -8.5% |
| INDA iShares MSCI India ETF | 0.17% | 24,655 | $1.3M | Add +6.3% |
| CVX Chevron Corp. | 0.17% | 8,831 | $1.3M | Reduce -9.4% |
| ORCL Oracle Corp. | 0.17% | 7,643 | $1.3M | Reduce -3.4% |
| FSLR First Solar Inc. | 0.17% | 7,217 | $1.3M | Reduce -25.9% |
| FCX Freeport-McMoran Inc. | 0.16% | 33,174 | $1.3M | Add +0.3% |
| MDLZ Mondelez International Inc. Class A | 0.16% | 20,806 | $1.2M | Add +0.6% |
| DE Deere & Co. | 0.16% | 2,866 | $1.2M | Add +5.3% |
| CME Cme Group Inc. | 0.16% | 5,170 | $1.2M | Reduce -4.1% |
| META Meta Platforms Inc. Class A | 0.16% | 2,050 | $1.2M | Add +6.4% |
| SBUX Starbucks Corp. | 0.16% | 13,078 | $1.2M | Reduce -1.1% |
| LHX L3HARRIS Technologies Inc. | 0.15% | 5,492 | $1.2M | Add +1.2% |
| MRVL Marvell Technology Inc. | 0.15% | 10,310 | $1.1M | Reduce -6.6% |
| PLD Prologis Inc. | 0.14% | 10,278 | $1.1M | Reduce -6.3% |
| ARCC Ares Capital Corp. | 0.14% | 49,621 | $1.1M | Reduce -2.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.14% | 4,836 | $1.1M | Reduce -43.4% |
| ADSK Autodesk Inc. | 0.14% | 3,579 | $1.1M | Reduce -4.1% |
| RSP Invesco S&P 500 Equal Weight | 0.14% | 5,936 | $1.0M | Reduce -9.4% |
| TT Trane Technologies PLC | 0.14% | 2,816 | $1.0M | Reduce -16.4% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.13% | 5,219 | $1.0M | Reduce -17.4% |
| SO The Southern Co. | 0.13% | 12,527 | $1.0M | Add +3.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.13% | 9,176 | $1.0M | Add +5.9% |
Portfolio Sells Q3 2024 → Q4 2024
| MSFT Microsoft Corp. | Reduce -24.7% | 1.69% | −0.52 |
| LIN Linde PLC | Reduce -13.4% | 0.64% | −0.17 |
| DHR Danaher Corp. | Reduce -15.9% | 0.40% | −0.15 |
| ZTS Zoetis Inc. | Reduce -6.7% | 0.59% | −0.14 |
| FSLR First Solar Inc. | Reduce -25.9% | 0.17% | −0.14 |
| JNJ Johnson & Johnson | Reduce -24.6% | 0.28% | −0.12 |
| ABBV Abbvie Inc. | Reduce -9.6% | 0.64% | −0.12 |
| TSCO Tractor Supply Company | Reduce -23.2% | 0.30% | −0.11 |
| CAT Caterpillar Inc. | Reduce -20.1% | 0.37% | −0.11 |
| BSY Bentley Systems Inc. Class B | Reduce -47.6% | 0.10% | −0.10 |
| FISV Fiserv Inc. | Reduce -33.5% | 0.38% | −0.10 |
| IBM Intl Business Machines Corp. | Reduce -43.4% | 0.14% | −0.10 |
| ICE Intercontinental Exchange Inc. | Reduce -29.8% | 0.18% | −0.09 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -2.0% | 0.24% | −0.09 |
| CTRA Coterra Energy Inc. | Reduce -76.1% | 0.03% | −0.09 |
| ULTA Ulta Beauty Inc. | Reduce -37.8% | 0.22% | −0.08 |
| CBT Cabot Corp. | Reduce -32.7% | 0.10% | −0.08 |
| AMT American Tower Corp. | Reduce -0.9% | 0.32% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -47.9% | 0.08% | −0.07 |
| NUE Nucor Corp. | Reduce -40.6% | 0.07% | −0.07 |
| TROW T Rowe Price Group Inc. | Sold out | 0.00% | −0.07 |
| STZ Constellation Brands Inc. Class A | Reduce -12.9% | 0.22% | −0.06 |
| CARR Carrier Global Corp. | Reduce -31.2% | 0.10% | −0.06 |
| SCHD Schwab US DVD Equity ETF | Reduce -39.7% | 0.10% | −0.06 |
| MTD Mettler-Toledo International | Reduce -12.2% | 0.18% | −0.06 |
| PEP Pepsico Inc. | Reduce -15.2% | 0.23% | −0.06 |
| VMC Vulcan Materials Co. | Reduce -36.5% | 0.12% | −0.06 |
| NSP Insperity Inc. | Sold out | 0.00% | −0.06 |
| FTV Fortive Corp. | Reduce -20.3% | 0.19% | −0.05 |
| J Jacobs Solutions Inc. | Reduce -35.8% | 0.10% | −0.05 |
| UBER Uber Technologies Inc. | Reduce -27.3% | 0.07% | −0.05 |
| IBB iShares Biotechnology ETF | Sold out | 0.00% | −0.05 |
| NKE Nike Inc. Class B | Reduce -8.0% | 0.21% | −0.05 |
| RL Ralph Lauren Corp. | Sold out | 0.00% | −0.05 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.05 |
| KKR KKR & Co. Inc. | Reduce -66.7% | 0.03% | −0.04 |
| RTX RTX Corp. | Reduce -7.4% | 0.51% | −0.04 |
| ITW Illinois Tool Works | Sold out | 0.00% | −0.04 |
| VIG Vanguard Dividend Apprec ETF | Reduce -34.8% | 0.09% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -1.1% | 0.70% | −0.04 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.04 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −0.04 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.04 |
| BWA Borgwarner Inc. | Reduce -1.4% | 0.33% | −0.04 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.04 |
| APD Air Products & Chemicals Inc. | Reduce -24.1% | 0.12% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.3% | 1.11% | −0.04 |
| PM Philip Morris International | Sold out | 0.00% | −0.04 |
| MCD McDonald's Corp. | Reduce -13.2% | 0.21% | −0.03 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q3 2024 → Q4 2024
| VOO Vanguard S&P 500 ETF | New | 0.62% | +0.62 |
| VRT Vertiv Holdings Co. Class A | Add +66.8% | 0.48% | +0.24 |
| BKR Baker Hughes Co. | Add +111.3% | 0.26% | +0.16 |
| VIK Viking Holdings Ltd. | New | 0.13% | +0.13 |
| IWR iShares Russell Mid-Cap ETF | New | 0.10% | +0.10 |
| AXTA Axalta Coating Systems Ltd. | New | 0.09% | +0.09 |
| IWM iShares Russell 2000 ETF | New | 0.08% | +0.08 |
| GOOG Alphabet Inc. Class C | Add +0.1% | 0.41% | +0.06 |
| ETN Eaton Corp. PLC | Add +6.7% | 0.47% | +0.05 |
| EFA iShares MSCI Eafe ETF | New | 0.04% | +0.04 |
| PSX Phillips 66 | New | 0.04% | +0.04 |
| ABT Abbott Laboratories | Add +4.6% | 0.53% | +0.04 |
| PANW Palo Alto Networks Inc. | Add +0.4% | 0.38% | +0.04 |
| AXP American Express Co. | Add +10.1% | 0.18% | +0.04 |
| DDOG Datadog Inc. Class A | New | 0.03% | +0.03 |
| EQIX Equinix Inc. | New | 0.03% | +0.03 |
| HON Honeywell International Inc. | Add +3.3% | 0.20% | +0.03 |
| WFC Wells Fargo & Co. | New | 0.03% | +0.03 |
| DIS The Walt Disney Co. | Add +5.9% | 0.13% | +0.03 |
| ACN Accenture PLC Class A | Add +1.2% | 0.60% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.7% | 0.28% | +0.02 |
| META Meta Platforms Inc. Class A | Add +6.4% | 0.16% | +0.02 |
| MA Mastercard Inc. Class A | Add +5.7% | 0.12% | +0.02 |
| CSCO Cisco Systems Inc. | Add +14.7% | 0.06% | +0.02 |
| DE Deere & Co. | Add +5.3% | 0.16% | +0.02 |
| SKX Skechers USA Inc. Class A | Add +12.7% | 0.10% | +0.02 |
| TJX TJX Companies Inc. | Add +0.2% | 0.23% | +0.01 |
| ALL Allstate Corp. | Add +29.8% | 0.05% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +35.4% | 0.06% | +0.01 |
| FANG Diamondback Energy Inc. | Add +9.1% | 0.18% | +0.01 |
| GXO Gxo Logistics Inc. | Add +56.8% | 0.05% | +0.01 |
| BSX Boston Scientific Corp. | Add +1.2% | 0.10% | +0.01 |
| WM Waste Management Inc. | Add +1.3% | 0.31% | +0.01 |
| TXN Texas Instruments Inc. | Add +14.0% | 0.08% | +0.01 |
| WELL Welltower Inc. | Add +7.1% | 0.07% | +0.01 |
| SHW The Sherwin-Williams Co. | Add +16.6% | 0.08% | +0.01 |
| DELL Dell Technologies -C | Add +9.9% | 0.05% | +0.01 |
| MRK Merck & Co. Inc. | Add +12.7% | 0.11% | +0.00 |
| PEG Public Service Enterprise GP | Add +5.6% | 0.03% | +0.00 |
| SYLD Cambria Shareholder Yield Et | Add +2.3% | 0.06% | +0.00 |
| TMO Thermo Fisher Scientific Inc. | Add +14.4% | 0.60% | −0.00 |
| INDA iShares MSCI India ETF | Add +6.3% | 0.17% | −0.00 |
| SO The Southern Co. | Add +3.8% | 0.13% | −0.00 |
| LOW Lowe's Cos Inc. | Add +4.8% | 0.34% | −0.00 |
| LMT Lockheed Martin Corp. | Add +11.2% | 0.20% | −0.01 |
| VXUS Vanguard Total Intl Stock | Add +0.9% | 0.20% | −0.01 |
| LHX L3HARRIS Technologies Inc. | Add +1.2% | 0.15% | −0.01 |
| MDLZ Mondelez International Inc. Class A | Add +0.6% | 0.16% | −0.03 |
| ADBE Adobe Inc. | Add +3.0% | 0.37% | −0.03 |
| LLY Eli Lilly & Co. | Add +6.4% | 0.89% | −0.03 |
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 |