Baldwin Investment Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Baldwin Investment Management, LLC reported 207 stock positions worth $885.8 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 47.4% of the portfolio, followed by Broadcom (AVGO, 2.9%) and Nvidia (NVDA, 2.4%). Compared with Q3 2025, it opened 5 new positions, sold out of 5, added to 47 and reduced 106. The biggest buy was Broadcom (AVGO, shares +2%) and the biggest sale an exit from Fiserv (FISV).
- Most Recent 13F
- Q2 2026
- Location
- WEST CONSHOHOCKEN, PA
- CIK
- 0001346378
- Portfolio Value
- $885.8M (Q4 2025)
- SEC Filing
- 0001346378-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 207 stocks · $885.8M
| BRK.A Berkshire Hathaway Inc. Class A | 47.38% | 556 | $419.7M | No change |
| AVGO Broadcom Inc. | 2.87% | 73,420 | $25.4M | Add +1.7% |
| NVDA Nvidia Corp. | 2.43% | 115,629 | $21.6M | Reduce -2.2% |
| AAPL Apple Inc. | 2.15% | 69,950 | $19.0M | Reduce -3.5% |
| LRCX Lam Research Corp. | 1.90% | 98,134 | $16.8M | Reduce -1.9% |
| MSFT Microsoft Corp. | 1.77% | 32,411 | $15.7M | Reduce -0.8% |
| JPM JPMorgan Chase & Co. | 1.75% | 48,114 | $15.5M | Reduce -1.4% |
| LLY Eli Lilly & Co. | 1.33% | 10,976 | $11.8M | Reduce -0.9% |
| GOOGL Alphabet Inc. Class A | 1.19% | 33,629 | $10.5M | Reduce -0.6% |
| COST Costco Wholesale Corp. | 1.11% | 11,356 | $9.8M | Add +2.8% |
| AMZN Amazon.com Inc. | 1.07% | 41,192 | $9.5M | Reduce -0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.03% | 18,174 | $9.1M | Reduce -4.2% |
| RTX RTX Corp. | 0.93% | 44,853 | $8.2M | Add +3.7% |
| V Visa Inc. Class A | 0.84% | 21,322 | $7.5M | Reduce -1.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.80% | 15,554 | $7.1M | Reduce -1.2% |
| XOM Exxon Mobil Corp. | 0.77% | 56,311 | $6.8M | Reduce -1.0% |
| ABBV Abbvie Inc. | 0.74% | 28,549 | $6.5M | Reduce -1.5% |
| EPD Enterprise Products Partners | 0.69% | 191,988 | $6.2M | Reduce -0.2% |
| ISRG Intuitive Surgical Inc. | 0.68% | 10,566 | $6.0M | Add +0.0% |
| VOO Vanguard S&P 500 ETF | 0.63% | 8,884 | $5.6M | Add +0.8% |
| GS Goldman Sachs Group Inc. | 0.63% | 6,308 | $5.5M | Reduce -1.7% |
| SPGI S&P Global Inc. | 0.62% | 10,471 | $5.5M | Add +2.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.57% | 16,507 | $5.0M | Reduce -0.5% |
| ABT Abbott Laboratories | 0.56% | 39,556 | $5.0M | Add +0.2% |
| BLK BlackRock Inc. | 0.56% | 4,617 | $4.9M | Reduce -0.7% |
| GOOG Alphabet Inc. Class C | 0.55% | 15,441 | $4.8M | Reduce -2.1% |
| LIN Linde PLC | 0.54% | 11,292 | $4.8M | Reduce -6.0% |
| TMO Thermo Fisher Scientific Inc. | 0.53% | 8,112 | $4.7M | Reduce -1.7% |
| CAT Caterpillar Inc. | 0.53% | 8,199 | $4.7M | Reduce -4.5% |
| PANW Palo Alto Networks Inc. | 0.51% | 24,648 | $4.5M | Add +1.6% |
| ETN Eaton Corp. PLC | 0.47% | 12,935 | $4.1M | Add +1.8% |
| ROK Rockwell Automation Inc. | 0.46% | 10,382 | $4.0M | Reduce -1.5% |
| VRT Vertiv Holdings Co. Class A | 0.44% | 24,032 | $3.9M | Reduce -1.1% |
| HD Home Depot Inc. | 0.43% | 11,043 | $3.8M | Reduce -4.9% |
| JNJ Johnson & Johnson | 0.41% | 17,710 | $3.7M | Reduce -1.3% |
| COF Capital One Financial Corp. | 0.40% | 14,790 | $3.6M | Add +6.2% |
| MS Morgan Stanley | 0.39% | 19,673 | $3.5M | Add +0.0% |
| BKR Baker Hughes Co. | 0.38% | 74,146 | $3.4M | Add +0.9% |
| NEE Nextera Energy Inc. | 0.34% | 37,707 | $3.0M | Reduce -1.2% |
| UNP Union Pacific Corp. | 0.33% | 12,793 | $3.0M | Reduce -2.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 18,196 | $2.8M | Reduce -1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.32% | 4,097 | $2.8M | Reduce -0.6% |
| DHR Danaher Corp. | 0.31% | 12,100 | $2.8M | Reduce -2.7% |
| ZTS Zoetis Inc. | 0.31% | 21,817 | $2.7M | Reduce -5.0% |
| ACN Accenture PLC Class A | 0.30% | 9,899 | $2.7M | Reduce -6.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.29% | 7,637 | $2.6M | Add +2.2% |
| AXP American Express Co. | 0.29% | 6,860 | $2.5M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.28% | 10,232 | $2.5M | Reduce -5.5% |
| MA Mastercard Inc. Class A | 0.27% | 4,238 | $2.4M | No change |
| WM Waste Management Inc. | 0.27% | 10,786 | $2.4M | No change |
| MCD McDonald's Corp. | 0.26% | 7,563 | $2.3M | Reduce -0.1% |
| DRI Darden Restaurants Inc. | 0.25% | 12,046 | $2.2M | Add +12.3% |
| TSCO Tractor Supply Company | 0.25% | 44,200 | $2.2M | Reduce -2.4% |
| ULTA Ulta Beauty Inc. | 0.23% | 3,389 | $2.1M | Add +2.9% |
| IBN Icici Bank Ltd.-Spon ADR | 0.23% | 67,438 | $2.0M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 6,709 | $2.0M | Add +6.4% |
| CB Chubb Ltd. | 0.22% | 6,293 | $2.0M | Add +0.9% |
| TMUS T-Mobile US Inc. | 0.22% | 9,605 | $2.0M | Reduce -1.8% |
| VXUS Vanguard Total Intl Stock | 0.22% | 25,743 | $1.9M | Add +1.9% |
| FCX Freeport-McMoran Inc. | 0.21% | 37,312 | $1.9M | Reduce -1.6% |
| AXTA Axalta Coating Systems Ltd. | 0.21% | 58,304 | $1.9M | Reduce -11.2% |
| ADBE Adobe Inc. | 0.21% | 5,366 | $1.9M | Reduce -6.2% |
| BX Blackstone Inc. | 0.21% | 12,009 | $1.9M | Reduce -4.0% |
| AMT American Tower Corp. | 0.20% | 10,301 | $1.8M | Reduce -22.6% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 14,778 | $1.8M | Reduce -1.0% |
| PEP Pepsico Inc. | 0.19% | 11,669 | $1.7M | Add +5.8% |
| VIK Viking Holdings Ltd. | 0.19% | 23,005 | $1.6M | Reduce -3.3% |
| FSLR First Solar Inc. | 0.18% | 6,013 | $1.6M | Reduce -1.9% |
| ZS Zscaler Inc. | 0.17% | 6,887 | $1.5M | Add +22.8% |
| DE Deere & Co. | 0.17% | 3,295 | $1.5M | Reduce -17.6% |
| META Meta Platforms Inc. Class A | 0.17% | 2,322 | $1.5M | Add +18.4% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.17% | 20,689 | $1.5M | No change |
| SO The Southern Co. | 0.17% | 17,037 | $1.5M | Add +22.8% |
| MTD Mettler-Toledo International | 0.17% | 1,061 | $1.5M | No change |
| SNPS Synopsys Inc. | 0.16% | 3,099 | $1.5M | Reduce -12.8% |
| ICE Intercontinental Exchange Inc. | 0.16% | 8,964 | $1.5M | Reduce -6.2% |
| ADSK Autodesk Inc. | 0.16% | 4,832 | $1.4M | Add +65.1% |
| ASML ASML Holding NV-NY Reg SHS | 0.16% | 1,334 | $1.4M | No change |
| ORCL Oracle Corp. | 0.16% | 7,320 | $1.4M | Reduce -8.8% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.16% | 5,000 | $1.4M | Reduce -2.9% |
| NKE Nike Inc. Class B | 0.16% | 21,601 | $1.4M | Add +2.4% |
| SHOP Shopify Inc. Class A | 0.15% | 8,423 | $1.4M | Reduce -6.2% |
| INFY Infosys Ltd.-SP ADR | 0.15% | 74,840 | $1.3M | No change |
| CVX Chevron Corp. | 0.15% | 8,550 | $1.3M | No change |
| UBER Uber Technologies Inc. | 0.15% | 15,775 | $1.3M | Reduce -10.6% |
| EW Edwards Lifesciences Corp. | 0.15% | 15,095 | $1.3M | Add +0.1% |
| FANG Diamondback Energy Inc. | 0.14% | 8,363 | $1.3M | Reduce -1.4% |
| ARCC Ares Capital Corp. | 0.14% | 61,575 | $1.2M | Add +1.3% |
| SBUX Starbucks Corp. | 0.14% | 14,700 | $1.2M | Reduce -1.3% |
| CME Cme Group Inc. | 0.14% | 4,469 | $1.2M | Reduce -2.2% |
| BSX Boston Scientific Corp. | 0.14% | 12,785 | $1.2M | Reduce -2.7% |
| HON Honeywell International Inc. | 0.13% | 5,975 | $1.2M | Reduce -3.0% |
| DDOG Datadog Inc. Class A | 0.13% | 8,530 | $1.2M | Add +2.6% |
| COR Cencora Inc. | 0.13% | 3,408 | $1.2M | No change |
| KMB Kimberly-Clark Corp. | 0.13% | 11,332 | $1.1M | Reduce -1.3% |
| LHX L3HARRIS Technologies Inc. | 0.13% | 3,892 | $1.1M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.13% | 10,042 | $1.1M | Add +12.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.12% | 21,549 | $1.1M | Reduce -1.5% |
| WMT Walmart Inc. | 0.12% | 9,787 | $1.1M | Reduce -1.0% |
| BWA Borgwarner Inc. | 0.12% | 24,007 | $1.1M | Reduce -2.1% |
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Sold out | 0.00% | −0.18 |
| MSFT Microsoft Corp. | Reduce -0.8% | 1.77% | −0.17 |
| HD Home Depot Inc. | Reduce -4.9% | 0.43% | −0.11 |
| LIN Linde PLC | Reduce -6.0% | 0.54% | −0.11 |
| ORCL Oracle Corp. | Reduce -8.8% | 0.16% | −0.10 |
| NVDA Nvidia Corp. | Reduce -2.2% | 2.43% | −0.09 |
| AMT American Tower Corp. | Reduce -22.6% | 0.20% | −0.09 |
| ZTS Zoetis Inc. | Reduce -5.0% | 0.31% | −0.07 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.06 |
| BLK BlackRock Inc. | Reduce -0.7% | 0.56% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.2% | 1.03% | −0.06 |
| UBER Uber Technologies Inc. | Reduce -10.6% | 0.15% | −0.05 |
| PFE Pfizer Inc. | Reduce -28.3% | 0.11% | −0.05 |
| TMUS T-Mobile US Inc. | Reduce -1.8% | 0.22% | −0.05 |
| TSCO Tractor Supply Company | Reduce -2.4% | 0.25% | −0.05 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.04 |
| SNPS Synopsys Inc. | Reduce -12.8% | 0.16% | −0.04 |
| DE Deere & Co. | Reduce -17.6% | 0.17% | −0.04 |
| BX Blackstone Inc. | Reduce -4.0% | 0.21% | −0.04 |
| KMB Kimberly-Clark Corp. | Reduce -1.3% | 0.13% | −0.03 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -5.5% | 0.28% | −0.03 |
| ABBV Abbvie Inc. | Reduce -1.5% | 0.74% | −0.03 |
| KD Kyndryl Holdings Inc. | Sold out | 0.00% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -16.0% | 0.10% | −0.03 |
| NXPI NXP Semiconductors NV | Reduce -16.1% | 0.10% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -2.4% | 0.12% | −0.02 |
| SHEL Shell PLC-ADR | Reduce -45.6% | 0.03% | −0.02 |
| UNH Unitedhealth Group Inc. | Reduce -11.5% | 0.11% | −0.02 |
| ICE Intercontinental Exchange Inc. | Reduce -6.2% | 0.16% | −0.02 |
| UNP Union Pacific Corp. | Reduce -2.2% | 0.33% | −0.02 |
| VMC Vulcan Materials Co. | Reduce -7.8% | 0.10% | −0.02 |
| ADBE Adobe Inc. | Reduce -6.2% | 0.21% | −0.02 |
| HON Honeywell International Inc. | Reduce -3.0% | 0.13% | −0.02 |
| RPM RPM International Inc. | Reduce -20.8% | 0.04% | −0.02 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Reduce -2.9% | 0.16% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -1.5% | 0.12% | −0.02 |
| TT Trane Technologies PLC | Reduce -1.7% | 0.12% | −0.01 |
| BEP Brookfield Renewable Partner | Reduce -19.5% | 0.07% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -16.0% | 0.05% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -1.4% | 1.75% | −0.01 |
| CARR Carrier Global Corp. | Reduce -1.8% | 0.07% | −0.01 |
| VLTO Veralto Corp. | Reduce -24.7% | 0.03% | −0.01 |
| BSX Boston Scientific Corp. | Reduce -2.7% | 0.14% | −0.01 |
| DUK Duke Energy Corp. | Reduce -1.5% | 0.10% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -12.0% | 0.04% | −0.01 |
| CBT Cabot Corp. | Reduce -3.5% | 0.04% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -5.6% | 0.07% | −0.01 |
| ADI Analog Devices Inc. | Reduce -14.4% | 0.09% | −0.01 |
| YUM Yum! Brands Inc. | Reduce -3.3% | 0.11% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| AVGO Broadcom Inc. | Add +1.7% | 2.87% | +0.14 |
| ISRG Intuitive Surgical Inc. | Add +0.0% | 0.68% | +0.13 |
| RTX RTX Corp. | Add +3.7% | 0.93% | +0.10 |
| BROS Dutch Bros Inc. Class A | Add +157.1% | 0.12% | +0.08 |
| IMNM Immunome Inc. | Add +85.7% | 0.11% | +0.08 |
| COF Capital One Financial Corp. | Add +6.2% | 0.40% | +0.07 |
| BA The Boeing Co. | New | 0.06% | +0.06 |
| ADSK Autodesk Inc. | Add +65.1% | 0.16% | +0.06 |
| DELL Dell Technologies -C | Add +190.0% | 0.09% | +0.05 |
| NVR NVR Inc. | New | 0.05% | +0.05 |
| SPGI S&P Global Inc. | Add +2.2% | 0.62% | +0.05 |
| MS Morgan Stanley | Add +0.0% | 0.39% | +0.04 |
| NFLX Netflix Inc. | New | 0.04% | +0.04 |
| ULTA Ulta Beauty Inc. | Add +2.9% | 0.23% | +0.03 |
| WFC Wells Fargo & Co. | New | 0.03% | +0.03 |
| INCY Incyte Corp. | New | 0.02% | +0.02 |
| IBM Intl Business Machines Corp. | Add +6.4% | 0.22% | +0.02 |
| CB Chubb Ltd. | Add +0.9% | 0.22% | +0.02 |
| SO The Southern Co. | Add +22.8% | 0.17% | +0.02 |
| DRI Darden Restaurants Inc. | Add +12.3% | 0.25% | +0.02 |
| DIS The Walt Disney Co. | Add +12.8% | 0.13% | +0.01 |
| PEP Pepsico Inc. | Add +5.8% | 0.19% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +0.8% | 0.63% | +0.01 |
| EW Edwards Lifesciences Corp. | Add +0.1% | 0.15% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.2% | 0.29% | +0.01 |
| META Meta Platforms Inc. Class A | Add +18.4% | 0.17% | +0.01 |
| EXE Expand Energy Corp. | Add +6.5% | 0.09% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Add +0.1% | 0.05% | +0.01 |
| AMRZ Amrize Ltd. | Add +4.4% | 0.05% | +0.01 |
| VXUS Vanguard Total Intl Stock | Add +1.9% | 0.22% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +22.0% | 0.03% | +0.01 |
| MRVL Marvell Technology Inc. | Add +6.3% | 0.10% | +0.01 |
| AVUV Avantis US Small Cap Value | Add +4.8% | 0.03% | +0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +9.8% | 0.04% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | Add +0.5% | 0.07% | +0.00 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +0.9% | 0.06% | +0.00 |
| SCHB Schwab US Broad Market ETF | Add +0.1% | 0.06% | +0.00 |
| SCHA Schwab US Small-Cap ETF | Add +0.1% | 0.03% | +0.00 |
| SYLD Cambria Shareholder Yield Et | Add +0.2% | 0.03% | 0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +0.7% | 0.03% | −0.00 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +3.0% | 0.06% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +0.2% | 0.05% | −0.00 |
| ARCC Ares Capital Corp. | Add +1.3% | 0.14% | −0.00 |
| DDOG Datadog Inc. Class A | Add +2.6% | 0.13% | −0.00 |
| ADP Automatic Data Processing | Add +4.9% | 0.09% | −0.01 |
| NKE Nike Inc. Class B | Add +2.4% | 0.16% | −0.01 |
| ZS Zscaler Inc. | Add +22.8% | 0.17% | −0.02 |
| BKR Baker Hughes Co. | Add +0.9% | 0.38% | −0.03 |
| ABT Abbott Laboratories | Add +0.2% | 0.56% | −0.05 |
| PANW Palo Alto Networks Inc. | Add +1.6% | 0.51% | −0.05 |
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 |