Boston Research & Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed September 1, 2026), Boston Research & Management Inc. reported 119 stock positions worth $453.4 million. Its top holding was Microsoft (MSFT) at 4.7% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 4.3%) and Apple (AAPL, 3.3%). Compared with Q2 2025, it opened 5 new positions, sold out of 2, added to 30 and reduced 35. The biggest buy was a new position in Equinix (EQIX) and the biggest sale Cisco Systems (CSCO, shares −0%).

Most Recent 13F
Q2 2026
Location
MANCHESTER, MA
CIK
0001259261
Portfolio Value
$453.4M (Q3 2025)
SEC Filing
0001259261-26-000014 ↗ filed Sep 1, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $404.6M Q1 2024 Q2 2024: $395.5M Q2 2024 Q3 2024: $428.2M Q3 2024 Q4 2024: $409.7M Q4 2024 Q1 2025: $405.1M Q1 2025 Q2 2025: $419.4M Q2 2025 Q3 2025: $453.4M $453.4M Q3 2025 Q4 2025: $433.7M Q4 2025 Q1 2026: $421.0M Q1 2026 Q2 2026: $447.1M Q2 2026

Holdings 119 stocks · $453.4M
MSFT Microsoft Corp. 4.75% 41,547 $21.5M Add +0.1%
IVV iShares Core S&P 500 ETF 4.34% 29,431 $19.7M Reduce -0.7%
AAPL Apple Inc. 3.26% 58,139 $14.8M Add +1.2%
WMT Walmart Inc. 2.93% 128,921 $13.3M Reduce -0.4%
GOOGL Alphabet Inc. Class A 2.73% 50,830 $12.4M Reduce -2.5%
ABBV Abbvie Inc. 2.61% 51,138 $11.8M Reduce -0.3%
MA Mastercard Inc. Class A 2.56% 20,427 $11.6M Reduce -0.4%
JPM JPMorgan Chase & Co. 2.40% 34,535 $10.9M Reduce -1.6%
FAST Fastenal Co. 2.27% 209,717 $10.3M Reduce -1.0%
TSCO Tractor Supply Company 2.19% 174,985 $10.0M Reduce -0.9%
CSCO Cisco Systems Inc. 2.18% 144,705 $9.9M Reduce -0.3%
BRK.B Berkshire Hathaway Inc. Class B 2.11% 19,006 $9.6M Add +0.1%
XYL Xylem Inc. 2.10% 64,674 $9.5M Reduce -0.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 2.02% 84,262 $9.2M Reduce -2.8%
IJR iShares Core S&P Small-Cap E 2.00% 76,138 $9.0M Reduce -0.2%
ABT Abbott Laboratories 1.75% 59,338 $7.9M Add +1.1%
AMZN Amazon.com Inc. 1.73% 35,772 $7.9M Add +2.6%
MCD McDonald's Corp. 1.68% 25,020 $7.6M Reduce -0.5%
PG The Procter & Gamble Co. 1.67% 49,426 $7.6M Add +9.9%
LIN Linde PLC 1.67% 15,942 $7.6M Add +0.1%
NVDA Nvidia Corp. 1.66% 40,349 $7.5M Add +2.5%
DHI D.R. Horton Inc. 1.58% 42,392 $7.2M Reduce -0.3%
IEMG iShares Core MSCI Emerging 1.56% 107,002 $7.1M Reduce -0.2%
LH Labcorp Holdings Inc. 1.53% 24,142 $6.9M Reduce -0.3%
SNA Snap-on Inc. 1.45% 18,942 $6.6M Reduce -0.1%
XOM Exxon Mobil Corp. 1.40% 56,221 $6.3M Add +2.6%
IEFA iShares Core MSCI Eafe ETF 1.36% 70,584 $6.2M Reduce -0.1%
LMT Lockheed Martin Corp. 1.29% 11,692 $5.8M Add +1.4%
GIS General Mills Inc. 1.28% 115,358 $5.8M Add +1.4%
NEE Nextera Energy Inc. 1.28% 77,021 $5.8M Add +0.1%
MRK Merck & Co. Inc. 1.25% 67,615 $5.7M Reduce -0.0%
SYY Sysco Corp. 1.25% 68,738 $5.7M Add +0.6%
DUK Duke Energy Corp. 1.24% 45,537 $5.6M Reduce -0.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.20% 47,361 $5.4M Add +1.9%
TMO Thermo Fisher Scientific Inc. 1.17% 10,971 $5.3M Reduce -0.1%
KO The Coca-Cola Co. 1.14% 77,743 $5.2M Add +2.3%
CL Colgate-Palmolive Co. 1.13% 63,926 $5.1M Add +1.1%
IWM iShares Russell 2000 ETF 1.12% 20,975 $5.1M No change
PEP Pepsico Inc. 1.11% 35,982 $5.1M Reduce -1.6%
ACN Accenture PLC Class A 1.08% 19,854 $4.9M Add +3.8%
MDT Medtronic PLC 1.07% 50,779 $4.8M Add +0.3%
USB US Bancorp 1.05% 98,833 $4.8M Add +0.8%
VZ Verizon Communications Inc. 1.05% 108,651 $4.8M Add +0.6%
SPY SS SPDR S&P 500 ETF Trust-US 1.04% 7,046 $4.7M Reduce -0.7%
ADBE Adobe Inc. 0.99% 12,669 $4.5M Add +6.1%
CMCSA Comcast Corp. Class A 0.97% 139,867 $4.4M Add +1.6%
CTAS Cintas Corp. 0.92% 20,270 $4.2M No change
VTI VG Morningstar TS MKT ETF-US 0.90% 12,380 $4.1M No change
OMC Omnicom Group 0.89% 49,661 $4.0M Reduce -1.2%
XLE SS Energy Select Sector 0.84% 42,696 $3.8M Reduce -4.2%
COP Conocophillips 0.84% 40,173 $3.8M Add +1.6%
UPS United Parcel Service Class B 0.83% 44,936 $3.8M Add +5.1%
IAU iShares Gold Trust 0.80% 49,895 $3.6M Add +0.1%
HD Home Depot Inc. 0.79% 8,805 $3.6M No change
IJH iShares Core S&P Midcap ETF 0.73% 51,051 $3.3M Add +1.6%
LLY Eli Lilly & Co. 0.70% 4,188 $3.2M No change
ORCL Oracle Corp. 0.61% 9,814 $2.8M Reduce -0.9%
EQIX Equinix Inc. 0.59% 3,402 $2.7M New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.57% 31,777 $2.6M Reduce -0.0%
VB Vanguard Most SM-Cap ETF-Usd 0.56% 9,993 $2.5M No change
GOOG Alphabet Inc. Class C 0.52% 9,615 $2.3M Reduce -0.4%
JNJ Johnson & Johnson 0.39% 9,613 $1.8M Reduce -0.5%
BBH Vaneck Biotech ETF 0.38% 10,446 $1.7M Reduce -4.3%
CAT Caterpillar Inc. 0.37% 3,542 $1.7M No change
SYK Stryker Corp. 0.35% 4,354 $1.6M No change
IBB iShares Biotechnology ETF 0.35% 10,978 $1.6M Reduce -4.6%
CVX Chevron Corp. 0.29% 8,520 $1.3M No change
VEU Vanguard Ftse All-World Ex-U 0.27% 16,981 $1.2M Reduce -8.3%
VEA Vanguard Ftse Developed ETF 0.27% 20,216 $1.2M No change
INDB Independent Bank Corp. 0.26% 17,011 $1.2M New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.25% 2,412 $1.1M No change
PAYX Paychex Inc. 0.21% 7,555 $958K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.20% 3,260 $920K Add +1.5%
VWO Vanguard Ftse Emerging Marke 0.17% 14,126 $765K No change
GE General Electric filed as GE AEROSPACE 0.16% 2,373 $714K No change
HYD Vaneck High Yield Muni ETF 0.15% 13,518 $688K Reduce -20.5%
WM Waste Management Inc. 0.15% 3,090 $682K No change
MMM 3M Co. 0.15% 4,394 $682K No change
ITW Illinois Tool Works 0.15% 2,580 $673K No change
EMR Emerson Electric Co. 0.15% 5,100 $669K No change
YUM Yum! Brands Inc. 0.14% 4,320 $657K No change
RSP Invesco S&P 500 Equal Weight 0.13% 3,189 $605K Add +3.2%
TSLA Tesla Inc. 0.12% 1,265 $563K No change
MRSH Marsh & McLennan Cos 0.12% 2,620 $528K No change
QQQ Invesco QQQ Trust Series 1 0.11% 845 $507K No change
QCOM Qualcomm Inc. 0.11% 3,020 $502K No change
ADP Automatic Data Processing 0.11% 1,630 $478K No change
AGG iShares Core U.S. Aggregate 0.11% 4,755 $477K Add +1.0%
SO The Southern Co. 0.10% 4,710 $446K No change
AOR iShares Core 60/40 Balanced 0.10% 6,926 $446K Reduce -5.0%
PFF iShares Preferred & Income S 0.10% 13,946 $441K Reduce -7.4%
PPG PPG Industries Inc. 0.09% 3,700 $389K No change
PFE Pfizer Inc. 0.08% 15,027 $383K No change
DHR Danaher Corp. 0.08% 1,918 $380K No change
KMB Kimberly-Clark Corp. 0.08% 3,030 $377K No change
IXN iShares Global Tech ETF 0.08% 3,600 $372K No change
GEV GE Vernova Inc. 0.08% 600 $369K No change
COST Costco Wholesale Corp. 0.08% 390 $361K Add +34.5%
BXP BXP Inc. 0.08% 4,850 $361K No change
AMGN Amgen Inc. 0.08% 1,237 $349K No change

Show all 119 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $4.1M (not counted above)
SecurityClassShares / PrincipalValueChange
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 108,420$4.1MReduce -11.1%

Total filed on the 13F, all lines: $457.5M.

Portfolio Sells Q2 2025 → Q3 2025
CSCO Cisco Systems Inc. Reduce -0.3% 2.18% −0.22
MA Mastercard Inc. Class A Reduce -0.4% 2.56% −0.19
WMT Walmart Inc. Reduce -0.4% 2.93% −0.09
MCD McDonald's Corp. Reduce -0.5% 1.68% −0.08
XLE SS Energy Select Sector Reduce -4.2% 0.84% −0.06
WOR Worthington Enterprises Inc. Sold out 0.00% −0.05
TXN Texas Instruments Inc. Sold out 0.00% −0.05
HYD Vaneck High Yield Muni ETF Reduce -20.5% 0.15% −0.05
IEFA iShares Core MSCI Eafe ETF Reduce -0.1% 1.36% −0.05
DUK Duke Energy Corp. Reduce -0.5% 1.24% −0.04
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -0.0% 0.57% −0.04
IVV iShares Core S&P 500 ETF Reduce -0.7% 4.34% −0.04
PEP Pepsico Inc. Reduce -1.6% 1.11% −0.04
VEU Vanguard Ftse All-World Ex-U Reduce -8.3% 0.27% −0.03
TSCO Tractor Supply Company Reduce -0.9% 2.19% −0.03
MRK Merck & Co. Inc. Reduce -0.0% 1.25% −0.02
JPM JPMorgan Chase & Co. Reduce -1.6% 2.40% −0.02
BBH Vaneck Biotech ETF Reduce -4.3% 0.38% −0.02
PFF iShares Preferred & Income S Reduce -7.4% 0.10% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.7% 1.04% −0.01
AOR iShares Core 60/40 Balanced Reduce -5.0% 0.10% −0.01
IBB iShares Biotechnology ETF Reduce -4.6% 0.35% +0.00
IJR iShares Core S&P Small-Cap E Reduce -0.2% 2.00% +0.01
LH Labcorp Holdings Inc. Reduce -0.3% 1.53% +0.01
IEMG iShares Core MSCI Emerging Reduce -0.2% 1.56% +0.02
OMC Omnicom Group Reduce -1.2% 0.89% +0.03
SNA Snap-on Inc. Reduce -0.1% 1.45% +0.04
JNJ Johnson & Johnson Reduce -0.5% 0.39% +0.04
ORCL Oracle Corp. Reduce -0.9% 0.61% +0.09
XYL Xylem Inc. Reduce -0.4% 2.10% +0.10
GOOG Alphabet Inc. Class C Reduce -0.4% 0.52% +0.11
TMO Thermo Fisher Scientific Inc. Reduce -0.1% 1.17% +0.11
BNY Bank of New York Mellon Corp. Reduce -2.8% 2.02% +0.14
FAST Fastenal Co. Reduce -1.0% 2.27% +0.15
DHI D.R. Horton Inc. Reduce -0.3% 1.58% +0.28
ABBV Abbvie Inc. Reduce -0.3% 2.61% +0.34
GOOGL Alphabet Inc. Class A Reduce -2.5% 2.73% +0.54

Portfolio Buys Q2 2025 → Q3 2025
EQIX Equinix Inc. New 0.59% +0.59
AAPL Apple Inc. Add +1.2% 3.26% +0.45
INDB Independent Bank Corp. New 0.26% +0.26
NVDA Nvidia Corp. Add +2.5% 1.66% +0.18
IAU iShares Gold Trust Add +0.1% 0.80% +0.06
ANET Arista Networks Inc. New 0.05% +0.05
WEC WEC Energy Group Inc. New 0.05% +0.05
AFL Aflac Inc. New 0.05% +0.05
SYY Sysco Corp. Add +0.6% 1.25% +0.01
MDT Medtronic PLC Add +0.3% 1.07% +0.01
LMT Lockheed Martin Corp. Add +1.4% 1.29% +0.01
COST Costco Wholesale Corp. Add +34.5% 0.08% +0.01
NEE Nextera Energy Inc. Add +0.1% 1.28% +0.01
RSP Invesco S&P 500 Equal Weight Add +3.2% 0.13% −0.00
USB US Bancorp Add +0.8% 1.05% −0.00
AGG iShares Core U.S. Aggregate Add +1.0% 0.11% −0.01
IJH iShares Core S&P Midcap ETF Add +1.6% 0.73% −0.01
COP Conocophillips Add +1.6% 0.84% −0.01
XOM Exxon Mobil Corp. Add +2.6% 1.40% −0.01
IBM Intl Business Machines Corp. Add +1.5% 0.20% −0.02
PG The Procter & Gamble Co. Add +9.9% 1.67% −0.03
VZ Verizon Communications Inc. Add +0.6% 1.05% −0.06
AMZN Amazon.com Inc. Add +2.6% 1.73% −0.09
BRK.B Berkshire Hathaway Inc. Class B Add +0.1% 2.11% −0.09
LIN Linde PLC Add +0.1% 1.67% −0.11
ADBE Adobe Inc. Add +6.1% 0.99% −0.12
GIS General Mills Inc. Add +1.4% 1.28% −0.12
KO The Coca-Cola Co. Add +2.3% 1.14% −0.14
ABT Abbott Laboratories Add +1.1% 1.75% −0.15
MSFT Microsoft Corp. Add +0.1% 4.75% −0.18
DIS The Walt Disney Co. Add +1.9% 1.20% −0.18
UPS United Parcel Service Class B Add +5.1% 0.83% −0.20
CMCSA Comcast Corp. Class A Add +1.6% 0.97% −0.20
CL Colgate-Palmolive Co. Add +1.1% 1.13% −0.24
ACN Accenture PLC Class A Add +3.8% 1.08% −0.28

Notes & Other Activity Q2 2025 → Q3 2025
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -11.1% 108,420 $4.1M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 120$447.1MIVV, GOOGL, CSCO, AAPL, MSFT
Q1 2026Amended 114$421.0MIVV, WMT, MSFT, GOOGL, AAPL
Q4 2025Amended 120$433.7MIVV, MSFT, AAPL, GOOGL, WMT
Q3 2025Amended 119$453.4MMSFT, IVV, AAPL, WMT, GOOGL
Q2 2025Amended 116$419.4MMSFT, IVV, WMT, AAPL, MA
Q1 2025Amended 116$405.1MIVV, MSFT, AAPL, MA, WMT
Q4 2024Amended 115$409.7MIVV, MSFT, AAPL, WMT, MA
Q3 2024Amended 115$428.2MIVV, MSFT, AAPL, WMT, MA
Q2 2024 114$395.5MMSFT, IVV, AAPL, TSCO, MA
Q1 2024 116$404.6MMSFT, IVV, MA, AAPL, TSCO