Baldwin Investment Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Baldwin Investment Management, LLC reported 209 stock positions worth $828.4 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 48.9% of the portfolio, followed by Broadcom (AVGO, 2.5%) and Nvidia (NVDA, 2.3%). Compared with Q1 2025, it opened 12 new positions, sold out of 4, added to 42 and reduced 109. The biggest buy was Rockwell Automation (ROK, shares +345%) and the biggest sale Thermo Fisher Scientific (TMO, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- WEST CONSHOHOCKEN, PA
- CIK
- 0001346378
- Portfolio Value
- $828.4M (Q2 2025)
- SEC Filing
- 0001346378-25-000004 ↗ filed Aug 11, 2025
Holdings Value
Holdings 209 stocks · $828.4M
| BRK.A Berkshire Hathaway Inc. Class A | 48.92% | 556 | $405.2M | No change |
| AVGO Broadcom Inc. | 2.54% | 76,307 | $21.0M | Reduce -3.2% |
| NVDA Nvidia Corp. | 2.31% | 120,936 | $19.1M | Reduce -4.1% |
| MSFT Microsoft Corp. | 1.97% | 32,728 | $16.3M | Reduce -0.7% |
| AAPL Apple Inc. | 1.79% | 72,428 | $14.9M | Add +0.5% |
| JPM JPMorgan Chase & Co. | 1.71% | 48,966 | $14.2M | Reduce -0.8% |
| LRCX Lam Research Corp. | 1.20% | 101,768 | $9.9M | Add +0.4% |
| COST Costco Wholesale Corp. | 1.19% | 9,990 | $9.9M | Add +0.6% |
| AMZN Amazon.com Inc. | 1.11% | 41,864 | $9.2M | Reduce -0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.10% | 18,844 | $9.2M | Reduce -1.7% |
| V Visa Inc. Class A | 0.92% | 21,506 | $7.6M | Reduce -2.3% |
| LLY Eli Lilly & Co. | 0.90% | 9,574 | $7.5M | Add +1.9% |
| VRTX Vertex Pharmaceuticals Inc. | 0.78% | 14,541 | $6.5M | Add +5.1% |
| XOM Exxon Mobil Corp. | 0.73% | 56,300 | $6.1M | Add +1.2% |
| GOOGL Alphabet Inc. Class A | 0.73% | 34,334 | $6.1M | Reduce -2.5% |
| EPD Enterprise Products Partners | 0.72% | 192,615 | $6.0M | No change |
| LIN Linde PLC | 0.69% | 12,238 | $5.7M | Reduce -0.9% |
| ISRG Intuitive Surgical Inc. | 0.65% | 9,857 | $5.4M | Reduce -1.2% |
| SPGI S&P Global Inc. | 0.64% | 10,102 | $5.3M | Add +2.6% |
| ABBV Abbvie Inc. | 0.64% | 28,530 | $5.3M | Add +2.2% |
| ABT Abbott Laboratories | 0.62% | 37,963 | $5.2M | Add +1.4% |
| VOO Vanguard S&P 500 ETF | 0.60% | 8,759 | $5.0M | Reduce -0.1% |
| RTX RTX Corp. | 0.58% | 33,151 | $4.8M | Reduce -1.6% |
| BLK BlackRock Inc. | 0.58% | 4,576 | $4.8M | Add +0.7% |
| ETN Eaton Corp. PLC | 0.57% | 13,165 | $4.7M | Add +6.7% |
| GS Goldman Sachs Group Inc. | 0.53% | 6,242 | $4.4M | Reduce -0.0% |
| PANW Palo Alto Networks Inc. | 0.52% | 20,845 | $4.3M | Add +9.5% |
| HD Home Depot Inc. | 0.51% | 11,509 | $4.2M | Add +5.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.46% | 16,642 | $3.8M | Reduce -1.1% |
| ZTS Zoetis Inc. | 0.45% | 23,711 | $3.7M | Reduce -6.5% |
| UNP Union Pacific Corp. | 0.44% | 15,770 | $3.6M | Reduce -3.5% |
| ROK Rockwell Automation Inc. | 0.43% | 10,615 | $3.5M | Add +344.9% |
| CAT Caterpillar Inc. | 0.41% | 8,777 | $3.4M | Reduce -2.4% |
| ACN Accenture PLC Class A | 0.40% | 11,194 | $3.3M | Reduce -13.9% |
| TMO Thermo Fisher Scientific Inc. | 0.40% | 8,240 | $3.3M | Reduce -7.8% |
| VRT Vertiv Holdings Co. Class A | 0.38% | 24,301 | $3.1M | Reduce -36.8% |
| AMT American Tower Corp. | 0.36% | 13,314 | $2.9M | No change |
| BKR Baker Hughes Co. | 0.35% | 75,252 | $2.9M | Add +18.1% |
| MS Morgan Stanley | 0.34% | 19,867 | $2.8M | Reduce -1.0% |
| GOOG Alphabet Inc. Class C | 0.34% | 15,722 | $2.8M | Reduce -7.6% |
| COF Capital One Financial Corp. | 0.34% | 13,090 | $2.8M | Add +8.0% |
| JNJ Johnson & Johnson | 0.33% | 17,684 | $2.7M | Reduce -1.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.32% | 4,318 | $2.7M | Reduce -10.4% |
| NEE Nextera Energy Inc. | 0.31% | 36,626 | $2.5M | Add +1.1% |
| DHR Danaher Corp. | 0.30% | 12,738 | $2.5M | Reduce -5.2% |
| TSCO Tractor Supply Company | 0.30% | 47,530 | $2.5M | Add +12.5% |
| LOW Lowe's Cos Inc. | 0.30% | 11,156 | $2.5M | Reduce -0.5% |
| WM Waste Management Inc. | 0.29% | 10,486 | $2.4M | No change |
| MA Mastercard Inc. Class A | 0.29% | 4,238 | $2.4M | No change |
| FISV Fiserv Inc. | 0.29% | 13,775 | $2.4M | Reduce -0.9% |
| ADBE Adobe Inc. | 0.28% | 6,098 | $2.4M | Reduce -4.8% |
| TMUS T-Mobile US Inc. | 0.28% | 9,789 | $2.3M | Add +0.3% |
| MCD McDonald's Corp. | 0.28% | 7,918 | $2.3M | Reduce -1.1% |
| IBN Icici Bank Ltd.-Spon ADR | 0.27% | 67,438 | $2.3M | Reduce -1.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 7,435 | $2.3M | Add +0.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 18,246 | $2.3M | Reduce -0.6% |
| AXP American Express Co. | 0.26% | 6,787 | $2.2M | Add +1.5% |
| AXTA Axalta Coating Systems Ltd. | 0.23% | 63,226 | $1.9M | Add +74.2% |
| BX Blackstone Inc. | 0.23% | 12,511 | $1.9M | Reduce -2.1% |
| SNPS Synopsys Inc. | 0.22% | 3,620 | $1.9M | Reduce -22.4% |
| DE Deere & Co. | 0.22% | 3,614 | $1.8M | Add +38.0% |
| ORCL Oracle Corp. | 0.22% | 8,345 | $1.8M | Add +4.2% |
| CB Chubb Ltd. | 0.22% | 6,237 | $1.8M | Reduce -0.4% |
| DRI Darden Restaurants Inc. | 0.21% | 8,093 | $1.8M | Add +0.6% |
| ICE Intercontinental Exchange Inc. | 0.21% | 9,559 | $1.8M | Reduce -0.3% |
| VXUS Vanguard Total Intl Stock | 0.21% | 25,136 | $1.7M | Add +1.0% |
| KMB Kimberly-Clark Corp. | 0.20% | 12,922 | $1.7M | Reduce -14.0% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 14,928 | $1.6M | Reduce -0.7% |
| UBER Uber Technologies Inc. | 0.19% | 17,105 | $1.6M | Add +53.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.18% | 21,874 | $1.5M | Reduce -2.0% |
| NKE Nike Inc. Class B | 0.18% | 21,098 | $1.5M | Reduce -0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 5,029 | $1.5M | Reduce -2.1% |
| ULTA Ulta Beauty Inc. | 0.18% | 3,153 | $1.5M | Reduce -13.7% |
| META Meta Platforms Inc. Class A | 0.18% | 1,987 | $1.5M | Reduce -1.0% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.18% | 5,150 | $1.5M | No change |
| FCX Freeport-McMoran Inc. | 0.17% | 33,234 | $1.4M | Reduce -3.2% |
| PEP Pepsico Inc. | 0.17% | 10,874 | $1.4M | Reduce -4.7% |
| HON Honeywell International Inc. | 0.17% | 6,071 | $1.4M | Reduce -3.2% |
| VIK Viking Holdings Ltd. | 0.17% | 26,505 | $1.4M | Add +0.2% |
| INFY Infosys Ltd.-SP ADR | 0.17% | 74,840 | $1.4M | Reduce -1.5% |
| STZ Constellation Brands Inc. Class A | 0.17% | 8,482 | $1.4M | Add +8.7% |
| SBUX Starbucks Corp. | 0.17% | 14,992 | $1.4M | Reduce -2.1% |
| MDLZ Mondelez International Inc. Class A | 0.16% | 20,232 | $1.4M | Reduce -1.1% |
| BSX Boston Scientific Corp. | 0.16% | 12,470 | $1.3M | Add +17.6% |
| PFE Pfizer Inc. | 0.16% | 53,238 | $1.3M | Add +15.9% |
| CME Cme Group Inc. | 0.15% | 4,571 | $1.3M | Reduce -4.3% |
| LMT Lockheed Martin Corp. | 0.15% | 2,693 | $1.2M | Reduce -23.9% |
| MTD Mettler-Toledo International | 0.15% | 1,061 | $1.2M | Reduce -2.0% |
| CVX Chevron Corp. | 0.15% | 8,610 | $1.2M | Reduce -1.4% |
| SO The Southern Co. | 0.15% | 13,328 | $1.2M | Reduce -1.0% |
| CTVA Corteva Inc. | 0.15% | 16,229 | $1.2M | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.14% | 7,540 | $1.2M | Reduce -3.8% |
| ARCC Ares Capital Corp. | 0.14% | 54,667 | $1.2M | Reduce -0.5% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.14% | 20,689 | $1.2M | Reduce -1.7% |
| TT Trane Technologies PLC | 0.14% | 2,716 | $1.2M | No change |
| UNH Unitedhealth Group Inc. | 0.14% | 3,789 | $1.2M | Add +46.4% |
| FANG Diamondback Energy Inc. | 0.14% | 8,503 | $1.2M | Reduce -2.7% |
| COR Cencora Inc. | 0.14% | 3,858 | $1.2M | No change |
| ZS Zscaler Inc. | 0.14% | 3,616 | $1.1M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.14% | 9,091 | $1.1M | Reduce -3.5% |
Portfolio Sells Q1 2025 → Q2 2025
| TMO Thermo Fisher Scientific Inc. | Reduce -7.8% | 0.40% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.7% | 1.10% | −0.12 |
| BWA Borgwarner Inc. | Reduce -56.7% | 0.10% | −0.10 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -63.6% | 0.06% | −0.10 |
| ACN Accenture PLC Class A | Reduce -13.9% | 0.40% | −0.08 |
| FISV Fiserv Inc. | Reduce -0.9% | 0.29% | −0.08 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.07 |
| KMB Kimberly-Clark Corp. | Reduce -14.0% | 0.20% | −0.06 |
| ZTS Zoetis Inc. | Reduce -6.5% | 0.45% | −0.06 |
| J Jacobs Solutions Inc. | Sold out | 0.00% | −0.05 |
| FTV Fortive Corp. | Reduce -6.2% | 0.09% | −0.04 |
| LMT Lockheed Martin Corp. | Reduce -23.9% | 0.15% | −0.04 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.04 |
| PEP Pepsico Inc. | Reduce -4.7% | 0.17% | −0.03 |
| JNJ Johnson & Johnson | Reduce -1.0% | 0.33% | −0.03 |
| DHR Danaher Corp. | Reduce -5.2% | 0.30% | −0.03 |
| FANG Diamondback Energy Inc. | Reduce -2.7% | 0.14% | −0.03 |
| CVX Chevron Corp. | Reduce -1.4% | 0.15% | −0.03 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.03 |
| UNP Union Pacific Corp. | Reduce -3.5% | 0.44% | −0.03 |
| FDX FedEx Corp. | Reduce -33.1% | 0.04% | −0.02 |
| MCD McDonald's Corp. | Reduce -1.1% | 0.28% | −0.02 |
| DELL Dell Technologies -C | Reduce -47.0% | 0.05% | −0.02 |
| SNPS Synopsys Inc. | Reduce -22.4% | 0.22% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -3.8% | 0.14% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -0.5% | 0.30% | −0.02 |
| SBUX Starbucks Corp. | Reduce -2.1% | 0.17% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -10.4% | 0.05% | −0.01 |
| PLD Prologis Inc. | Reduce -4.0% | 0.13% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -31.5% | 0.05% | −0.01 |
| ADBE Adobe Inc. | Reduce -4.8% | 0.28% | −0.01 |
| GLD SPDR Gold Shares | Reduce -32.5% | 0.02% | −0.01 |
| CB Chubb Ltd. | Reduce -0.4% | 0.22% | −0.01 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -4.0% | 0.07% | −0.01 |
| IWM iShares Russell 2000 ETF | Reduce -17.8% | 0.06% | −0.01 |
| EXP Eagle Materials Inc. | Reduce -5.3% | 0.04% | −0.01 |
| CHKP Check Point Software Tech | Reduce -6.2% | 0.07% | −0.01 |
| S Sentinelone Inc. Class A | Reduce -6.8% | 0.08% | −0.01 |
| V Visa Inc. Class A | Reduce -2.3% | 0.92% | −0.01 |
| SHEL Shell PLC-ADR | Reduce -4.6% | 0.06% | −0.00 |
| TECK Teck Resources Ltd.-CLS B | Reduce -23.4% | 0.03% | −0.00 |
| APD Air Products & Chemicals Inc. | Reduce -0.1% | 0.11% | −0.00 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -2.0% | 0.18% | −0.00 |
| DUK Duke Energy Corp. | Reduce -0.6% | 0.11% | −0.00 |
| BIDU Baidu Inc. - Spon ADR | Reduce -3.8% | 0.03% | −0.00 |
| MTD Mettler-Toledo International | Reduce -2.0% | 0.15% | −0.00 |
| SYY Sysco Corp. | Reduce -10.4% | 0.03% | −0.00 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.1% | 0.16% | −0.00 |
| RAL Ralliant Corp. | Reduce -6.2% | 0.03% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -10.4% | 0.32% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| ROK Rockwell Automation Inc. | Add +344.9% | 0.43% | +0.35 |
| LRCX Lam Research Corp. | Add +0.4% | 1.20% | +0.31 |
| ETN Eaton Corp. PLC | Add +6.7% | 0.57% | +0.16 |
| ZS Zscaler Inc. | New | 0.14% | +0.14 |
| PANW Palo Alto Networks Inc. | Add +9.5% | 0.52% | +0.12 |
| DDOG Datadog Inc. Class A | New | 0.11% | +0.11 |
| UBER Uber Technologies Inc. | Add +53.8% | 0.19% | +0.10 |
| ORCL Oracle Corp. | Add +4.2% | 0.22% | +0.09 |
| AXTA Axalta Coating Systems Ltd. | Add +74.2% | 0.23% | +0.08 |
| COF Capital One Financial Corp. | Add +8.0% | 0.34% | +0.07 |
| DE Deere & Co. | Add +38.0% | 0.22% | +0.07 |
| COST Costco Wholesale Corp. | Add +0.6% | 1.19% | +0.07 |
| BLK BlackRock Inc. | Add +0.7% | 0.58% | +0.06 |
| EW Edwards Lifesciences Corp. | New | 0.05% | +0.05 |
| AXP American Express Co. | Add +1.5% | 0.26% | +0.05 |
| VIK Viking Holdings Ltd. | Add +0.2% | 0.17% | +0.04 |
| CCL Carnival Corp. | Add +68.0% | 0.07% | +0.04 |
| SPGI S&P Global Inc. | Add +2.6% | 0.64% | +0.04 |
| GXO Gxo Logistics Inc. | Add +42.1% | 0.09% | +0.04 |
| BSX Boston Scientific Corp. | Add +17.6% | 0.16% | +0.03 |
| GEV GE Vernova Inc. | New | 0.03% | +0.03 |
| HD Home Depot Inc. | Add +5.5% | 0.51% | +0.03 |
| TSLA Tesla Inc. | New | 0.03% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.1% | 0.27% | +0.03 |
| ABT Abbott Laboratories | Add +1.4% | 0.62% | +0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.03% | +0.03 |
| VEA Vanguard Ftse Developed ETF | New | 0.03% | +0.03 |
| EMR Emerson Electric Co. | New | 0.03% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.03% | +0.03 |
| SCHA Schwab US Small-Cap ETF | New | 0.02% | +0.02 |
| KLAC KLA Corp. | New | 0.02% | +0.02 |
| LHX L3HARRIS Technologies Inc. | Add +6.6% | 0.11% | +0.02 |
| VXUS Vanguard Total Intl Stock | Add +1.0% | 0.21% | +0.02 |
| TSCO Tractor Supply Company | Add +12.5% | 0.30% | +0.02 |
| GLW Corning Inc. | Add +34.6% | 0.05% | +0.02 |
| CAVA Cava Group Inc. | Add +42.3% | 0.06% | +0.02 |
| PFE Pfizer Inc. | Add +15.9% | 0.16% | +0.02 |
| CSCO Cisco Systems Inc. | Add +2.3% | 0.11% | +0.01 |
| DRI Darden Restaurants Inc. | Add +0.6% | 0.21% | +0.01 |
| BKR Baker Hughes Co. | Add +18.1% | 0.35% | +0.01 |
| IQV Iqvia Holdings Inc. | Add +18.3% | 0.05% | +0.00 |
| OCGN Ocugen Inc. | New | 0.00% | +0.00 |
| SYLD Cambria Shareholder Yield Et | Add +0.5% | 0.03% | +0.00 |
| NEE Nextera Energy Inc. | Add +1.1% | 0.31% | −0.00 |
| SCHD Schwab US DVD Equity ETF | Add +1.0% | 0.07% | −0.00 |
| STZ Constellation Brands Inc. Class A | Add +8.7% | 0.17% | −0.01 |
| UNH Unitedhealth Group Inc. | Add +46.4% | 0.14% | −0.02 |
| VRTX Vertex Pharmaceuticals Inc. | Add +5.1% | 0.78% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Add +0.1% | 0.08% | −0.02 |
| TMUS T-Mobile US Inc. | Add +0.3% | 0.28% | −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 |