Baldwin Investment Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Baldwin Investment Management, LLC reported 207 stock positions worth $873.4 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 48.0% of the portfolio, followed by Broadcom (AVGO, 2.7%) and Nvidia (NVDA, 2.5%). Compared with Q2 2025, it opened 6 new positions, sold out of 8, added to 59 and reduced 74. The biggest buy was Apple (AAPL, shares +0%) and the biggest sale Fiserv (FISV, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- WEST CONSHOHOCKEN, PA
- CIK
- 0001346378
- Portfolio Value
- $873.4M (Q3 2025)
- SEC Filing
- 0001346378-25-000009 ↗ filed Nov 10, 2025
Holdings Value
Holdings 207 stocks · $873.4M
| BRK.A Berkshire Hathaway Inc. Class A | 48.01% | 556 | $419.3M | No change |
| AVGO Broadcom Inc. | 2.73% | 72,212 | $23.8M | Reduce -5.4% |
| NVDA Nvidia Corp. | 2.52% | 118,189 | $22.1M | Reduce -2.3% |
| AAPL Apple Inc. | 2.11% | 72,486 | $18.5M | Add +0.1% |
| MSFT Microsoft Corp. | 1.94% | 32,688 | $16.9M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 1.76% | 48,789 | $15.4M | Reduce -0.4% |
| LRCX Lam Research Corp. | 1.53% | 100,028 | $13.4M | Reduce -1.7% |
| COST Costco Wholesale Corp. | 1.17% | 11,048 | $10.2M | Add +10.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.09% | 18,978 | $9.5M | Add +0.7% |
| AMZN Amazon.com Inc. | 1.04% | 41,364 | $9.1M | Reduce -1.2% |
| LLY Eli Lilly & Co. | 0.97% | 11,079 | $8.5M | Add +15.7% |
| GOOGL Alphabet Inc. Class A | 0.94% | 33,819 | $8.2M | Reduce -1.5% |
| V Visa Inc. Class A | 0.84% | 21,536 | $7.4M | Add +0.1% |
| RTX RTX Corp. | 0.83% | 43,252 | $7.2M | Add +30.5% |
| ABBV Abbvie Inc. | 0.77% | 28,980 | $6.7M | Add +1.6% |
| XOM Exxon Mobil Corp. | 0.73% | 56,873 | $6.4M | Add +1.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.71% | 15,748 | $6.2M | Add +8.3% |
| EPD Enterprise Products Partners | 0.69% | 192,440 | $6.0M | Reduce -0.1% |
| LIN Linde PLC | 0.65% | 12,012 | $5.7M | Reduce -1.9% |
| BLK BlackRock Inc. | 0.62% | 4,651 | $5.4M | Add +1.6% |
| VOO Vanguard S&P 500 ETF | 0.62% | 8,811 | $5.4M | Add +0.6% |
| ABT Abbott Laboratories | 0.61% | 39,465 | $5.3M | Add +4.0% |
| GS Goldman Sachs Group Inc. | 0.59% | 6,417 | $5.1M | Add +2.8% |
| SPGI S&P Global Inc. | 0.57% | 10,242 | $5.0M | Add +1.4% |
| PANW Palo Alto Networks Inc. | 0.57% | 24,255 | $4.9M | Add +16.4% |
| ETN Eaton Corp. PLC | 0.54% | 12,710 | $4.8M | Reduce -3.5% |
| ISRG Intuitive Surgical Inc. | 0.54% | 10,562 | $4.7M | Add +7.2% |
| HD Home Depot Inc. | 0.54% | 11,614 | $4.7M | Add +0.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.53% | 16,592 | $4.6M | Reduce -0.3% |
| CAT Caterpillar Inc. | 0.47% | 8,582 | $4.1M | Reduce -2.2% |
| TMO Thermo Fisher Scientific Inc. | 0.46% | 8,250 | $4.0M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 0.44% | 15,772 | $3.8M | Add +0.3% |
| ROK Rockwell Automation Inc. | 0.42% | 10,540 | $3.7M | Reduce -0.7% |
| VRT Vertiv Holdings Co. Class A | 0.42% | 24,301 | $3.7M | No change |
| BKR Baker Hughes Co. | 0.41% | 73,452 | $3.6M | Reduce -2.4% |
| ZTS Zoetis Inc. | 0.38% | 22,966 | $3.4M | Reduce -3.1% |
| JNJ Johnson & Johnson | 0.38% | 17,940 | $3.3M | Add +1.4% |
| MS Morgan Stanley | 0.36% | 19,672 | $3.1M | Reduce -1.0% |
| UNP Union Pacific Corp. | 0.35% | 13,082 | $3.1M | Reduce -17.1% |
| COF Capital One Financial Corp. | 0.34% | 13,925 | $3.0M | Add +6.4% |
| NEE Nextera Energy Inc. | 0.33% | 38,166 | $2.9M | Add +4.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.31% | 4,122 | $2.7M | Reduce -4.5% |
| LOW Lowe's Cos Inc. | 0.31% | 10,822 | $2.7M | Reduce -3.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.30% | 18,396 | $2.7M | Add +0.8% |
| ACN Accenture PLC Class A | 0.30% | 10,629 | $2.6M | Reduce -5.0% |
| TSCO Tractor Supply Company | 0.29% | 45,280 | $2.6M | Reduce -4.7% |
| AMT American Tower Corp. | 0.29% | 13,315 | $2.6M | Add +0.0% |
| DHR Danaher Corp. | 0.28% | 12,438 | $2.5M | Reduce -2.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.28% | 7,473 | $2.5M | Add +0.5% |
| MA Mastercard Inc. Class A | 0.28% | 4,238 | $2.4M | No change |
| WM Waste Management Inc. | 0.27% | 10,786 | $2.4M | Add +2.9% |
| TMUS T-Mobile US Inc. | 0.27% | 9,777 | $2.3M | Reduce -0.1% |
| AXP American Express Co. | 0.26% | 6,937 | $2.3M | Add +2.2% |
| MCD McDonald's Corp. | 0.26% | 7,568 | $2.3M | Reduce -4.4% |
| ORCL Oracle Corp. | 0.26% | 8,030 | $2.3M | Reduce -3.8% |
| BX Blackstone Inc. | 0.24% | 12,511 | $2.1M | No change |
| DRI Darden Restaurants Inc. | 0.23% | 10,723 | $2.0M | Add +32.5% |
| IBN Icici Bank Ltd.-Spon ADR | 0.23% | 67,438 | $2.0M | No change |
| ADBE Adobe Inc. | 0.23% | 5,723 | $2.0M | Reduce -6.2% |
| AXTA Axalta Coating Systems Ltd. | 0.22% | 65,676 | $1.9M | Add +3.9% |
| VXUS Vanguard Total Intl Stock | 0.21% | 25,264 | $1.9M | Add +0.5% |
| DE Deere & Co. | 0.21% | 3,999 | $1.8M | Add +10.7% |
| ULTA Ulta Beauty Inc. | 0.21% | 3,293 | $1.8M | Add +4.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.20% | 6,304 | $1.8M | Add +25.4% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 14,928 | $1.8M | No change |
| CB Chubb Ltd. | 0.20% | 6,237 | $1.8M | No change |
| SNPS Synopsys Inc. | 0.20% | 3,556 | $1.8M | Reduce -1.8% |
| UBER Uber Technologies Inc. | 0.20% | 17,637 | $1.7M | Add +3.1% |
| ZS Zscaler Inc. | 0.19% | 5,608 | $1.7M | Add +55.1% |
| ICE Intercontinental Exchange Inc. | 0.18% | 9,559 | $1.6M | No change |
| FISV Fiserv Inc. | 0.18% | 12,325 | $1.6M | Reduce -10.5% |
| PEP Pepsico Inc. | 0.18% | 11,024 | $1.5M | Add +1.4% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.17% | 5,150 | $1.5M | No change |
| FCX Freeport-McMoran Inc. | 0.17% | 37,934 | $1.5M | Add +14.1% |
| VIK Viking Holdings Ltd. | 0.17% | 23,785 | $1.5M | Reduce -10.3% |
| NKE Nike Inc. Class B | 0.17% | 21,098 | $1.5M | No change |
| META Meta Platforms Inc. Class A | 0.17% | 1,962 | $1.4M | Reduce -1.3% |
| KMB Kimberly-Clark Corp. | 0.16% | 11,482 | $1.4M | Reduce -11.1% |
| PFE Pfizer Inc. | 0.16% | 53,638 | $1.4M | Add +0.8% |
| FSLR First Solar Inc. | 0.15% | 6,127 | $1.4M | Reduce -0.6% |
| SHOP Shopify Inc. Class A | 0.15% | 8,978 | $1.3M | Reduce -2.5% |
| CVX Chevron Corp. | 0.15% | 8,550 | $1.3M | Reduce -0.7% |
| SO The Southern Co. | 0.15% | 13,878 | $1.3M | Add +4.1% |
| MTD Mettler-Toledo International | 0.15% | 1,061 | $1.3M | No change |
| HON Honeywell International Inc. | 0.15% | 6,163 | $1.3M | Add +1.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.15% | 1,334 | $1.3M | Add +16.6% |
| BSX Boston Scientific Corp. | 0.15% | 13,145 | $1.3M | Add +5.4% |
| SBUX Starbucks Corp. | 0.14% | 14,892 | $1.3M | Reduce -0.7% |
| MDLZ Mondelez International Inc. Class A | 0.14% | 20,158 | $1.3M | Reduce -0.4% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.14% | 20,689 | $1.2M | No change |
| ARCC Ares Capital Corp. | 0.14% | 60,770 | $1.2M | Add +11.2% |
| CME Cme Group Inc. | 0.14% | 4,571 | $1.2M | No change |
| INFY Infosys Ltd.-SP ADR | 0.14% | 74,840 | $1.2M | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.14% | 21,874 | $1.2M | No change |
| FANG Diamondback Energy Inc. | 0.14% | 8,479 | $1.2M | Reduce -0.3% |
| LHX L3HARRIS Technologies Inc. | 0.14% | 3,892 | $1.2M | Add +6.9% |
| DDOG Datadog Inc. Class A | 0.14% | 8,310 | $1.2M | Add +25.1% |
| EW Edwards Lifesciences Corp. | 0.13% | 15,085 | $1.2M | Add +193.2% |
| NXPI NXP Semiconductors NV | 0.13% | 5,047 | $1.1M | No change |
| TT Trane Technologies PLC | 0.13% | 2,716 | $1.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| FISV Fiserv Inc. | Reduce -10.5% | 0.18% | −0.10 |
| ACN Accenture PLC Class A | Reduce -5.0% | 0.30% | −0.10 |
| STZ Constellation Brands Inc. Class A | Reduce -51.6% | 0.06% | −0.10 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.09 |
| UNP Union Pacific Corp. | Reduce -17.1% | 0.35% | −0.08 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.08 |
| LMT Lockheed Martin Corp. | Reduce -49.9% | 0.08% | −0.07 |
| AMZN Amazon.com Inc. | Reduce -1.2% | 1.04% | −0.07 |
| ZTS Zoetis Inc. | Reduce -3.1% | 0.38% | −0.06 |
| CAVA Cava Group Inc. | Sold out | 0.00% | −0.06 |
| ADBE Adobe Inc. | Reduce -6.2% | 0.23% | −0.05 |
| LIN Linde PLC | Reduce -1.9% | 0.65% | −0.04 |
| KMB Kimberly-Clark Corp. | Reduce -11.1% | 0.16% | −0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -40.8% | 0.04% | −0.04 |
| EPD Enterprise Products Partners | Reduce -0.1% | 0.69% | −0.03 |
| RAL Ralliant Corp. | Sold out | 0.00% | −0.03 |
| MRVL Marvell Technology Inc. | Reduce -26.8% | 0.09% | −0.03 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.03 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.03 |
| NUE Nucor Corp. | Reduce -51.1% | 0.03% | −0.03 |
| MSFT Microsoft Corp. | Reduce -0.1% | 1.94% | −0.03 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −0.03 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.02 |
| SNPS Synopsys Inc. | Reduce -1.8% | 0.20% | −0.02 |
| ETN Eaton Corp. PLC | Reduce -3.5% | 0.54% | −0.02 |
| SBUX Starbucks Corp. | Reduce -0.7% | 0.14% | −0.02 |
| DHR Danaher Corp. | Reduce -2.4% | 0.28% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -6.6% | 0.12% | −0.02 |
| CTVA Corteva Inc. | Reduce -0.6% | 0.12% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.4% | 0.14% | −0.02 |
| DIS The Walt Disney Co. | Reduce -2.1% | 0.12% | −0.02 |
| COR Cencora Inc. | Reduce -11.7% | 0.12% | −0.02 |
| MCD McDonald's Corp. | Reduce -4.4% | 0.26% | −0.02 |
| UNH Unitedhealth Group Inc. | Reduce -14.3% | 0.13% | −0.01 |
| TMUS T-Mobile US Inc. | Reduce -0.1% | 0.27% | −0.01 |
| FTV Fortive Corp. | Reduce -4.1% | 0.08% | −0.01 |
| PLD Prologis Inc. | Reduce -12.6% | 0.11% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -1.3% | 0.17% | −0.01 |
| DELL Dell Technologies -C | Reduce -31.5% | 0.04% | −0.01 |
| PGR Progressive Corp. | Reduce -22.0% | 0.03% | −0.01 |
| FDX FedEx Corp. | Reduce -28.5% | 0.03% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -4.0% | 0.04% | −0.01 |
| TSCO Tractor Supply Company | Reduce -4.7% | 0.29% | −0.01 |
| RSP Invesco S&P 500 Equal Weight | Reduce -5.0% | 0.12% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -4.5% | 0.31% | −0.01 |
| WMT Walmart Inc. | Reduce -5.7% | 0.12% | −0.01 |
| MCK McKesson Corp. | Reduce -5.6% | 0.11% | −0.01 |
| EFA iShares MSCI Eafe ETF | Reduce -9.5% | 0.04% | −0.00 |
| ROK Rockwell Automation Inc. | Reduce -0.7% | 0.42% | −0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -4.2% | 0.11% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +0.1% | 2.11% | +0.32 |
| RTX RTX Corp. | Add +30.5% | 0.83% | +0.24 |
| ABBV Abbvie Inc. | Add +1.6% | 0.77% | +0.13 |
| GOOG Alphabet Inc. Class C | Add +0.3% | 0.44% | +0.10 |
| EW Edwards Lifesciences Corp. | Add +193.2% | 0.13% | +0.09 |
| ADI Analog Devices Inc. | Add +246.3% | 0.10% | +0.07 |
| LLY Eli Lilly & Co. | Add +15.7% | 0.97% | +0.07 |
| ZS Zscaler Inc. | Add +55.1% | 0.19% | +0.06 |
| JNJ Johnson & Johnson | Add +1.4% | 0.38% | +0.05 |
| TMO Thermo Fisher Scientific Inc. | Add +0.1% | 0.46% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +2.8% | 0.59% | +0.05 |
| PANW Palo Alto Networks Inc. | Add +16.4% | 0.57% | +0.05 |
| AMRZ Amrize Ltd. | New | 0.05% | +0.05 |
| BLK BlackRock Inc. | Add +1.6% | 0.62% | +0.04 |
| BROS Dutch Bros Inc. Class A | New | 0.04% | +0.04 |
| ASML ASML Holding NV-NY Reg SHS | Add +16.6% | 0.15% | +0.04 |
| EXC Exelon Corp. | New | 0.03% | +0.03 |
| HUBS HubSpot Inc. | New | 0.03% | +0.03 |
| TJX TJX Companies Inc. | Add +0.8% | 0.30% | +0.03 |
| EXE Expand Energy Corp. | Add +81.7% | 0.09% | +0.03 |
| HD Home Depot Inc. | Add +0.9% | 0.54% | +0.03 |
| KD Kyndryl Holdings Inc. | New | 0.03% | +0.03 |
| ULTA Ulta Beauty Inc. | Add +4.4% | 0.21% | +0.03 |
| DDOG Datadog Inc. Class A | Add +25.1% | 0.14% | +0.03 |
| LHX L3HARRIS Technologies Inc. | Add +6.9% | 0.14% | +0.03 |
| MU Micron Technology Inc. | New | 0.02% | +0.02 |
| IBM Intl Business Machines Corp. | Add +25.4% | 0.20% | +0.02 |
| NEE Nextera Energy Inc. | Add +4.2% | 0.33% | +0.02 |
| DRI Darden Restaurants Inc. | Add +32.5% | 0.23% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +0.6% | 0.62% | +0.02 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.5% | 0.28% | +0.01 |
| DUK Duke Energy Corp. | Add +6.1% | 0.11% | +0.01 |
| UBER Uber Technologies Inc. | Add +3.1% | 0.20% | +0.01 |
| GXO Gxo Logistics Inc. | Add +2.3% | 0.09% | +0.00 |
| RPM RPM International Inc. | Add +7.4% | 0.05% | +0.00 |
| BAC Bank of America Corp. | Add +0.5% | 0.12% | +0.00 |
| PEP Pepsico Inc. | Add +1.4% | 0.18% | +0.00 |
| SO The Southern Co. | Add +4.1% | 0.15% | +0.00 |
| VXUS Vanguard Total Intl Stock | Add +0.5% | 0.21% | +0.00 |
| COF Capital One Financial Corp. | Add +6.4% | 0.34% | +0.00 |
| AXP American Express Co. | Add +2.2% | 0.26% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +0.1% | 0.05% | +0.00 |
| XOM Exxon Mobil Corp. | Add +1.0% | 0.73% | +0.00 |
| SCHB Schwab US Broad Market ETF | Add +0.0% | 0.06% | +0.00 |
| SCHA Schwab US Small-Cap ETF | Add +0.1% | 0.03% | +0.00 |
| PFE Pfizer Inc. | Add +0.8% | 0.16% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | Add +0.2% | 0.07% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +0.4% | 0.03% | 0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +3.4% | 0.04% | −0.00 |
| ARCC Ares Capital Corp. | Add +11.2% | 0.14% | −0.00 |
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 |