Baldwin Investment Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Baldwin Investment Management, LLC reported 200 stock positions worth $831.9 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 53.4% of the portfolio, followed by Apple (AAPL, 1.9%) and Nvidia (NVDA, 1.6%). Compared with Q4 2024, it opened 13 new positions, sold out of 12, added to 94 and reduced 77. The biggest buy was Berkshire Hathaway Class A (BRK.A, shares +9864%) and the biggest sale Broadcom (AVGO, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- WEST CONSHOHOCKEN, PA
- CIK
- 0001346378
- Portfolio Value
- $831.9M (Q1 2025)
- SEC Filing
- 0001346378-25-000002 ↗ filed May 7, 2025
Holdings Value
Holdings 200 stocks · $831.9M
| BRK.A Berkshire Hathaway Inc. Class A | 53.36% | 556 | $443.9M | Add +9864.2% |
| AAPL Apple Inc. | 1.92% | 72,062 | $16.0M | Reduce -0.7% |
| NVDA Nvidia Corp. | 1.64% | 126,131 | $13.7M | Add +7.5% |
| AVGO Broadcom Inc. | 1.59% | 78,825 | $13.2M | Reduce -0.7% |
| MSFT Microsoft Corp. | 1.49% | 32,970 | $12.4M | Add +7.3% |
| JPM JPMorgan Chase & Co. | 1.45% | 49,336 | $12.1M | Add +4.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.23% | 19,170 | $10.2M | Add +1.7% |
| COST Costco Wholesale Corp. | 1.13% | 9,929 | $9.4M | Add +4.1% |
| AMZN Amazon.com Inc. | 0.97% | 42,199 | $8.0M | Add +2.5% |
| LLY Eli Lilly & Co. | 0.93% | 9,398 | $7.8M | Add +5.8% |
| V Visa Inc. Class A | 0.93% | 22,006 | $7.7M | Add +21.7% |
| LRCX Lam Research Corp. | 0.89% | 101,407 | $7.4M | Reduce -1.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.81% | 13,830 | $6.7M | Add +10.1% |
| XOM Exxon Mobil Corp. | 0.80% | 55,648 | $6.6M | Add +11.9% |
| EPD Enterprise Products Partners | 0.79% | 192,615 | $6.6M | Add +2.7% |
| ABBV Abbvie Inc. | 0.70% | 27,905 | $5.8M | Add +1.4% |
| LIN Linde PLC | 0.69% | 12,346 | $5.7M | Add +4.4% |
| GOOGL Alphabet Inc. Class A | 0.65% | 35,234 | $5.4M | Add +3.5% |
| SPGI S&P Global Inc. | 0.60% | 9,849 | $5.0M | Add +3.8% |
| ABT Abbott Laboratories | 0.60% | 37,455 | $5.0M | Add +4.8% |
| ISRG Intuitive Surgical Inc. | 0.59% | 9,976 | $4.9M | Add +3.3% |
| VOO Vanguard S&P 500 ETF | 0.54% | 8,764 | $4.5M | Reduce -0.4% |
| RTX RTX Corp. | 0.54% | 33,701 | $4.5M | Add +0.0% |
| TMO Thermo Fisher Scientific Inc. | 0.53% | 8,934 | $4.4M | Add +0.6% |
| BLK BlackRock Inc. | 0.52% | 4,546 | $4.3M | Reduce -3.8% |
| ZTS Zoetis Inc. | 0.50% | 25,360 | $4.2M | Reduce -9.3% |
| ACN Accenture PLC Class A | 0.49% | 13,001 | $4.1M | Reduce -0.8% |
| HD Home Depot Inc. | 0.48% | 10,909 | $4.0M | Reduce -3.6% |
| UNP Union Pacific Corp. | 0.46% | 16,350 | $3.9M | Add +5.5% |
| GS Goldman Sachs Group Inc. | 0.41% | 6,243 | $3.4M | Add +1.1% |
| ETN Eaton Corp. PLC | 0.40% | 12,344 | $3.4M | Add +12.4% |
| PANW Palo Alto Networks Inc. | 0.39% | 19,030 | $3.2M | Add +18.1% |
| FISV Fiserv Inc. | 0.37% | 13,900 | $3.1M | Reduce -2.1% |
| CAT Caterpillar Inc. | 0.36% | 8,990 | $3.0M | Add +15.3% |
| JNJ Johnson & Johnson | 0.36% | 17,857 | $3.0M | Add +21.5% |
| AMT American Tower Corp. | 0.35% | 13,314 | $2.9M | Add +0.9% |
| BKR Baker Hughes Co. | 0.34% | 63,727 | $2.8M | Add +28.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.34% | 16,828 | $2.8M | Add +8.7% |
| VRT Vertiv Holdings Co. Class A | 0.33% | 38,431 | $2.8M | Add +18.1% |
| DHR Danaher Corp. | 0.33% | 13,438 | $2.8M | Add +0.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.32% | 4,818 | $2.7M | Reduce -32.6% |
| GOOG Alphabet Inc. Class C | 0.32% | 17,022 | $2.7M | Add +2.4% |
| LOW Lowe's Cos Inc. | 0.31% | 11,206 | $2.6M | Add +7.2% |
| TMUS T-Mobile US Inc. | 0.31% | 9,757 | $2.6M | Add +2.5% |
| NEE Nextera Energy Inc. | 0.31% | 36,226 | $2.6M | Add +2.2% |
| MCD McDonald's Corp. | 0.30% | 8,006 | $2.5M | Add +42.6% |
| ADBE Adobe Inc. | 0.30% | 6,405 | $2.5M | Add +0.3% |
| WM Waste Management Inc. | 0.29% | 10,486 | $2.4M | Reduce -11.0% |
| MS Morgan Stanley | 0.28% | 20,073 | $2.3M | Reduce -3.5% |
| TSCO Tractor Supply Company | 0.28% | 42,255 | $2.3M | Reduce -3.4% |
| MA Mastercard Inc. Class A | 0.28% | 4,238 | $2.3M | Add +144.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 18,346 | $2.2M | Add +27.1% |
| COF Capital One Financial Corp. | 0.26% | 12,125 | $2.2M | Reduce -0.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.26% | 68,258 | $2.2M | Add +21.6% |
| KMB Kimberly-Clark Corp. | 0.26% | 15,022 | $2.1M | Reduce -8.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.25% | 7,430 | $2.0M | Add +0.8% |
| SNPS Synopsys Inc. | 0.24% | 4,668 | $2.0M | Reduce -7.4% |
| CB Chubb Ltd. | 0.23% | 6,262 | $1.9M | Add +27.7% |
| AXP American Express Co. | 0.22% | 6,687 | $1.8M | Add +44.2% |
| BX Blackstone Inc. | 0.21% | 12,781 | $1.8M | Reduce -24.5% |
| PEP Pepsico Inc. | 0.21% | 11,412 | $1.7M | Reduce -0.3% |
| DRI Darden Restaurants Inc. | 0.20% | 8,048 | $1.7M | Add +0.3% |
| BWA Borgwarner Inc. | 0.20% | 58,310 | $1.7M | Reduce -27.4% |
| ICE Intercontinental Exchange Inc. | 0.20% | 9,584 | $1.7M | Add +1.0% |
| LMT Lockheed Martin Corp. | 0.19% | 3,538 | $1.6M | Add +14.3% |
| IJR iShares Core S&P Small-Cap E | 0.19% | 15,028 | $1.6M | Reduce -4.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.19% | 22,315 | $1.5M | Add +2.6% |
| VXUS Vanguard Total Intl Stock | 0.19% | 24,878 | $1.5M | Reduce -6.9% |
| SBUX Starbucks Corp. | 0.18% | 15,311 | $1.5M | Add +17.1% |
| CVX Chevron Corp. | 0.18% | 8,735 | $1.5M | Reduce -1.1% |
| STZ Constellation Brands Inc. Class A | 0.17% | 7,802 | $1.4M | Add +1.0% |
| FANG Diamondback Energy Inc. | 0.17% | 8,738 | $1.4M | Add +2.4% |
| MDLZ Mondelez International Inc. Class A | 0.17% | 20,456 | $1.4M | Reduce -1.7% |
| INFY Infosys Ltd.-SP ADR | 0.17% | 75,974 | $1.4M | Reduce -1.6% |
| UNH Unitedhealth Group Inc. | 0.16% | 2,589 | $1.4M | Reduce -4.3% |
| NKE Nike Inc. Class B | 0.16% | 21,112 | $1.3M | Reduce -0.4% |
| ULTA Ulta Beauty Inc. | 0.16% | 3,653 | $1.3M | Reduce -3.9% |
| PG The Procter & Gamble Co. | 0.16% | 7,838 | $1.3M | Add +117.8% |
| HON Honeywell International Inc. | 0.16% | 6,269 | $1.3M | Reduce -5.9% |
| FCX Freeport-McMoran Inc. | 0.16% | 34,334 | $1.3M | Add +3.5% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.16% | 8,094 | $1.3M | Reduce -0.8% |
| MTD Mettler-Toledo International | 0.15% | 1,083 | $1.3M | Reduce -4.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.15% | 5,136 | $1.3M | Add +6.2% |
| CME Cme Group Inc. | 0.15% | 4,777 | $1.3M | Reduce -7.6% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.15% | 5,150 | $1.3M | Reduce -4.6% |
| SO The Southern Co. | 0.15% | 13,458 | $1.2M | Add +7.4% |
| DE Deere & Co. | 0.15% | 2,618 | $1.2M | Reduce -8.7% |
| ARCC Ares Capital Corp. | 0.15% | 54,964 | $1.2M | Add +10.8% |
| AXTA Axalta Coating Systems Ltd. | 0.14% | 36,301 | $1.2M | Add +76.8% |
| PFE Pfizer Inc. | 0.14% | 45,918 | $1.2M | Add +155.4% |
| META Meta Platforms Inc. Class A | 0.14% | 2,007 | $1.2M | Reduce -2.1% |
| PLD Prologis Inc. | 0.14% | 10,299 | $1.2M | Add +0.2% |
| ORCL Oracle Corp. | 0.13% | 8,011 | $1.1M | Add +4.8% |
| FTV Fortive Corp. | 0.13% | 15,185 | $1.1M | Reduce -22.2% |
| NXPI NXP Semiconductors NV | 0.13% | 5,722 | $1.1M | Reduce -10.8% |
| YUM Yum! Brands Inc. | 0.13% | 6,899 | $1.1M | No change |
| COR Cencora Inc. | 0.13% | 3,858 | $1.1M | New |
| BSX Boston Scientific Corp. | 0.13% | 10,600 | $1.1M | Add +21.3% |
| VIK Viking Holdings Ltd. | 0.13% | 26,455 | $1.1M | Add +19.6% |
| CTVA Corteva Inc. | 0.12% | 16,454 | $1.0M | Reduce -1.5% |
Portfolio Sells Q4 2024 → Q1 2025
| AVGO Broadcom Inc. | Reduce -0.7% | 1.59% | −0.81 |
| AAPL Apple Inc. | Reduce -0.7% | 1.92% | −0.44 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -32.6% | 0.32% | −0.22 |
| BX Blackstone Inc. | Reduce -24.5% | 0.21% | −0.17 |
| BWA Borgwarner Inc. | Reduce -27.4% | 0.20% | −0.13 |
| BLK BlackRock Inc. | Reduce -3.8% | 0.52% | −0.11 |
| ACN Accenture PLC Class A | Reduce -0.8% | 0.49% | −0.11 |
| BSY Bentley Systems Inc. Class B | Sold out | 0.00% | −0.10 |
| HD Home Depot Inc. | Reduce -3.6% | 0.48% | −0.09 |
| ZTS Zoetis Inc. | Reduce -9.3% | 0.50% | −0.09 |
| LRCX Lam Research Corp. | Reduce -1.6% | 0.89% | −0.08 |
| SCHA Schwab US Small-Cap ETF | Sold out | 0.00% | −0.08 |
| SNPS Synopsys Inc. | Reduce -7.4% | 0.24% | −0.08 |
| VOO Vanguard S&P 500 ETF | Reduce -0.4% | 0.54% | −0.08 |
| LHX L3HARRIS Technologies Inc. | Reduce -37.8% | 0.09% | −0.06 |
| MS Morgan Stanley | Reduce -3.5% | 0.28% | −0.06 |
| FTV Fortive Corp. | Reduce -22.2% | 0.13% | −0.06 |
| J Jacobs Solutions Inc. | Reduce -45.5% | 0.05% | −0.06 |
| ULTA Ulta Beauty Inc. | Reduce -3.9% | 0.16% | −0.05 |
| INFY Infosys Ltd.-SP ADR | Reduce -1.6% | 0.17% | −0.05 |
| INDA iShares MSCI India ETF | Reduce -22.9% | 0.12% | −0.05 |
| NKE Nike Inc. Class B | Reduce -0.4% | 0.16% | −0.05 |
| IJR iShares Core S&P Small-Cap E | Reduce -4.4% | 0.19% | −0.05 |
| ADSK Autodesk Inc. | Reduce -17.0% | 0.09% | −0.04 |
| NXPI NXP Semiconductors NV | Reduce -10.8% | 0.13% | −0.04 |
| CBT Cabot Corp. | Reduce -31.1% | 0.06% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -23.5% | 0.07% | −0.04 |
| HON Honeywell International Inc. | Reduce -5.9% | 0.16% | −0.04 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Sold out | 0.00% | −0.03 |
| PCAR Paccar Inc. | Sold out | 0.00% | −0.03 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.03 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.03 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.03 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.03 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.03 |
| RPM RPM International Inc. | Reduce -26.0% | 0.05% | −0.03 |
| GEHC GE Healthcare Technology | Reduce -41.8% | 0.04% | −0.03 |
| WYNN WYNN Resorts Ltd. | Sold out | 0.00% | −0.03 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Reduce -4.6% | 0.15% | −0.03 |
| MTD Mettler-Toledo International | Reduce -4.4% | 0.15% | −0.03 |
| CMI Cummins Inc. | Reduce -23.0% | 0.05% | −0.03 |
| TXN Texas Instruments Inc. | Reduce -22.1% | 0.06% | −0.03 |
| VEA Vanguard Ftse Developed ETF | Sold out | 0.00% | −0.03 |
| XLK SS Technology Select Sector | Reduce -10.8% | 0.07% | −0.03 |
| SYLD Cambria Shareholder Yield Et | Reduce -35.1% | 0.03% | −0.03 |
| TT Trane Technologies PLC | Reduce -3.5% | 0.11% | −0.03 |
| VMC Vulcan Materials Co. | Reduce -4.1% | 0.10% | −0.02 |
| IQV Iqvia Holdings Inc. | Reduce -17.9% | 0.05% | −0.02 |
| TSCO Tractor Supply Company | Reduce -3.4% | 0.28% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| BRK.A Berkshire Hathaway Inc. Class A | Add +9864.2% | 53.36% | +3.88 |
| V Visa Inc. Class A | Add +21.7% | 0.93% | +0.18 |
| MA Mastercard Inc. Class A | Add +144.8% | 0.28% | +0.16 |
| VRTX Vertex Pharmaceuticals Inc. | Add +10.1% | 0.81% | +0.15 |
| COR Cencora Inc. | New | 0.13% | +0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.7% | 1.23% | +0.11 |
| CI The Cigna Group | New | 0.10% | +0.10 |
| XOM Exxon Mobil Corp. | Add +11.9% | 0.80% | +0.10 |
| S Sentinelone Inc. Class A | New | 0.09% | +0.09 |
| MCD McDonald's Corp. | Add +42.6% | 0.30% | +0.09 |
| PG The Procter & Gamble Co. | Add +117.8% | 0.16% | +0.08 |
| JNJ Johnson & Johnson | Add +21.5% | 0.36% | +0.08 |
| PFE Pfizer Inc. | Add +155.4% | 0.14% | +0.08 |
| BKR Baker Hughes Co. | Add +28.7% | 0.34% | +0.07 |
| ABT Abbott Laboratories | Add +4.8% | 0.60% | +0.07 |
| ABBV Abbvie Inc. | Add +1.4% | 0.70% | +0.07 |
| AXTA Axalta Coating Systems Ltd. | Add +76.8% | 0.14% | +0.05 |
| CB Chubb Ltd. | Add +27.7% | 0.23% | +0.05 |
| SCHB Schwab US Broad Market ETF | New | 0.05% | +0.05 |
| LIN Linde PLC | Add +4.4% | 0.69% | +0.05 |
| CAVA Cava Group Inc. | New | 0.04% | +0.04 |
| TJX TJX Companies Inc. | Add +27.1% | 0.27% | +0.04 |
| IBN Icici Bank Ltd.-Spon ADR | Add +21.6% | 0.26% | +0.04 |
| LLY Eli Lilly & Co. | Add +5.8% | 0.93% | +0.04 |
| TMUS T-Mobile US Inc. | Add +2.5% | 0.31% | +0.04 |
| KO The Coca-Cola Co. | Add +44.8% | 0.11% | +0.04 |
| AXP American Express Co. | Add +44.2% | 0.22% | +0.04 |
| GLD SPDR Gold Shares | New | 0.03% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +50.4% | 0.10% | +0.03 |
| JCI Johnson Controls Internation | New | 0.03% | +0.03 |
| AMT American Tower Corp. | Add +0.9% | 0.35% | +0.03 |
| CSCO Cisco Systems Inc. | Add +55.5% | 0.10% | +0.03 |
| ADP Automatic Data Processing | Add +44.5% | 0.11% | +0.03 |
| RTX RTX Corp. | Add +0.0% | 0.54% | +0.03 |
| QCOM Qualcomm Inc. | New | 0.03% | +0.03 |
| BSX Boston Scientific Corp. | Add +21.3% | 0.13% | +0.03 |
| AMGN Amgen Inc. | New | 0.03% | +0.03 |
| TRV The Travelers Cos Inc. | New | 0.03% | +0.03 |
| IJH iShares Core S&P Midcap ETF | New | 0.03% | +0.03 |
| CL Colgate-Palmolive Co. | Add +71.0% | 0.07% | +0.03 |
| SBUX Starbucks Corp. | Add +17.1% | 0.18% | +0.03 |
| ADI Analog Devices Inc. | New | 0.02% | +0.02 |
| EPD Enterprise Products Partners | Add +2.7% | 0.79% | +0.02 |
| UBER Uber Technologies Inc. | Add +18.0% | 0.10% | +0.02 |
| SRAD Sportradar Group AG-A | Add +14.6% | 0.09% | +0.02 |
| MFG Mizuho Financial Group-ADR | New | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +30.5% | 0.11% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Add +36.5% | 0.09% | +0.02 |
| IBM Intl Business Machines Corp. | Add +6.2% | 0.15% | +0.02 |
| ICE Intercontinental Exchange Inc. | Add +1.0% | 0.20% | +0.01 |
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 |