Boston Research & Management Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed August 27, 2026), Boston Research & Management Inc. reported 120 stock positions worth $433.7 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.4%) and Apple (AAPL, 3.4%). Compared with Q3 2025, it opened 5 new positions, sold out of 4, added to 9 and reduced 61. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +8%) and the biggest sale Fastenal (FAST, shares −3%).

Most Recent 13F
Q2 2026
Location
MANCHESTER, MA
CIK
0001259261
Portfolio Value
$433.7M (Q4 2025)
SEC Filing
0001259261-26-000012 ↗ filed Aug 27, 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 Q3 2025 Q4 2025: $433.7M $433.7M Q4 2025 Q1 2026: $421.0M Q1 2026 Q2 2026: $447.1M Q2 2026

Holdings 120 stocks · $433.7M
IVV iShares Core S&P 500 ETF 5.03% 31,827 $21.8M Add +8.1%
MSFT Microsoft Corp. 4.37% 39,185 $19.0M Reduce -5.7%
AAPL Apple Inc. 3.36% 53,583 $14.6M Reduce -7.8%
GOOGL Alphabet Inc. Class A 3.29% 45,649 $14.3M Reduce -10.2%
WMT Walmart Inc. 2.89% 112,494 $12.5M Reduce -12.7%
ABBV Abbvie Inc. 2.56% 48,688 $11.1M Reduce -4.8%
MA Mastercard Inc. Class A 2.52% 19,113 $10.9M Reduce -6.4%
JPM JPMorgan Chase & Co. 2.46% 33,056 $10.7M Reduce -4.3%
CSCO Cisco Systems Inc. 2.24% 126,315 $9.7M Reduce -12.7%
IJR iShares Core S&P Small-Cap E 2.11% 76,018 $9.1M Reduce -0.2%
BRK.B Berkshire Hathaway Inc. Class B 2.10% 18,105 $9.1M Reduce -4.7%
TSCO Tractor Supply Company 1.92% 166,680 $8.3M Reduce -4.8%
FAST Fastenal Co. 1.88% 202,870 $8.1M Reduce -3.3%
XYL Xylem Inc. 1.81% 57,645 $7.9M Reduce -10.9%
AMZN Amazon.com Inc. 1.78% 33,539 $7.7M Reduce -6.2%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 1.74% 64,824 $7.5M Reduce -23.1%
MCD McDonald's Corp. 1.70% 24,173 $7.4M Reduce -3.4%
NVDA Nvidia Corp. 1.69% 39,188 $7.3M Reduce -2.9%
ABT Abbott Laboratories 1.64% 56,722 $7.1M Reduce -4.4%
IEMG iShares Core MSCI Emerging 1.61% 103,882 $7.0M Reduce -2.9%
MRK Merck & Co. Inc. 1.60% 65,994 $6.9M Reduce -2.4%
XOM Exxon Mobil Corp. 1.58% 57,036 $6.9M Add +1.4%
PG The Procter & Gamble Co. 1.56% 47,170 $6.8M Reduce -4.6%
LIN Linde PLC 1.51% 15,330 $6.5M Reduce -3.8%
SNA Snap-on Inc. 1.44% 18,124 $6.2M Reduce -4.3%
IEFA iShares Core MSCI Eafe ETF 1.44% 69,782 $6.2M Reduce -1.1%
TMO Thermo Fisher Scientific Inc. 1.41% 10,579 $6.1M Reduce -3.6%
NEE Nextera Energy Inc. 1.38% 74,611 $6.0M Reduce -3.1%
LH Labcorp Holdings Inc. 1.36% 23,544 $5.9M Reduce -2.5%
DHI D.R. Horton Inc. 1.36% 40,817 $5.9M Reduce -3.7%
LMT Lockheed Martin Corp. 1.26% 11,299 $5.5M Reduce -3.4%
DUK Duke Energy Corp. 1.23% 45,407 $5.3M Reduce -0.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.22% 46,553 $5.3M Reduce -1.7%
KO The Coca-Cola Co. 1.20% 74,630 $5.2M Reduce -4.0%
USB US Bancorp 1.17% 95,058 $5.1M Reduce -3.8%
SYY Sysco Corp. 1.15% 67,561 $5.0M Reduce -1.7%
IWM iShares Russell 2000 ETF 1.13% 19,992 $4.9M Reduce -4.7%
ACN Accenture PLC Class A 1.13% 18,308 $4.9M Reduce -7.8%
PEP Pepsico Inc. 1.12% 33,960 $4.9M Reduce -5.6%
SPY SS SPDR S&P 500 ETF Trust-US 1.11% 7,046 $4.8M No change
CL Colgate-Palmolive Co. 1.09% 60,074 $4.7M Reduce -6.0%
MDT Medtronic PLC 1.09% 49,039 $4.7M Reduce -3.4%
GIS General Mills Inc. 1.07% 100,079 $4.7M Reduce -13.2%
LLY Eli Lilly & Co. 1.03% 4,148 $4.5M Reduce -1.0%
VZ Verizon Communications Inc. 1.02% 108,476 $4.4M Reduce -0.2%
VTI VG Morningstar TS MKT ETF-US 0.96% 12,380 $4.2M No change
UPS United Parcel Service Class B 0.90% 39,265 $3.9M Reduce -12.6%
COP Conocophillips 0.89% 41,178 $3.9M Add +2.5%
CTAS Cintas Corp. 0.88% 20,270 $3.8M No change
OMC Omnicom Group 0.88% 47,203 $3.8M Reduce -5.0%
IAU iShares Gold Trust 0.88% 46,955 $3.8M Reduce -5.9%
ADBE Adobe Inc. 0.83% 10,290 $3.6M Reduce -18.8%
IJH iShares Core S&P Midcap ETF 0.80% 52,316 $3.5M Add +2.5%
XLE SS Energy Select Sector 0.78% 75,678 $3.4M Reduce -11.4%
HD Home Depot Inc. 0.70% 8,805 $3.0M No change
EQIX Equinix Inc. 0.69% 3,913 $3.0M Add +15.0%
CMCSA Comcast Corp. Class A 0.67% 96,971 $2.9M Reduce -30.7%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.59% 31,992 $2.6M Add +0.7%
VB Vanguard Most SM-Cap ETF-Usd 0.50% 8,405 $2.2M Reduce -15.9%
GOOG Alphabet Inc. Class C 0.47% 6,457 $2.0M Reduce -32.8%
CAT Caterpillar Inc. 0.46% 3,502 $2.0M Reduce -1.1%
JNJ Johnson & Johnson 0.46% 9,613 $2.0M No change
ORCL Oracle Corp. 0.44% 9,814 $1.9M No change
SYK Stryker Corp. 0.35% 4,354 $1.5M No change
VEA Vanguard Ftse Developed ETF 0.29% 20,068 $1.3M Reduce -0.7%
INDB Independent Bank Corp. 0.29% 17,011 $1.2M No change
RSP Invesco S&P 500 Equal Weight 0.28% 6,312 $1.2M Add +97.9%
CVX Chevron Corp. 0.28% 7,920 $1.2M Reduce -7.0%
VEU Vanguard Ftse All-World Ex-U 0.27% 15,681 $1.2M Reduce -7.7%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.23% 2,052 $986K Reduce -14.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.22% 3,260 $966K No change
PFF iShares Preferred & Income S 0.22% 31,159 $965K Add +123.4%
PAYX Paychex Inc. 0.20% 7,555 $848K No change
VWO Vanguard Ftse Emerging Marke 0.17% 13,964 $751K Reduce -1.1%
GE General Electric filed as GE AEROSPACE 0.17% 2,373 $731K No change
MMM 3M Co. 0.16% 4,394 $703K No change
IYK iShares US Consumer Staples 0.16% 10,500 $703K New
WM Waste Management Inc. 0.16% 3,090 $679K No change
EMR Emerson Electric Co. 0.16% 5,100 $677K No change
YUM Yum! Brands Inc. 0.15% 4,320 $654K No change
ITW Illinois Tool Works 0.15% 2,580 $635K No change
HYD Vaneck High Yield Muni ETF 0.14% 12,240 $626K Reduce -9.4%
TSLA Tesla Inc. 0.13% 1,265 $569K No change
QQQ Invesco QQQ Trust Series 1 0.12% 845 $519K No change
QCOM Qualcomm Inc. 0.12% 3,020 $517K No change
MRSH Marsh & McLennan Cos 0.11% 2,620 $486K No change
AGG iShares Core U.S. Aggregate 0.11% 4,722 $472K Reduce -0.7%
AOR iShares Core 60/40 Balanced 0.10% 6,956 $452K Add +0.4%
DHR Danaher Corp. 0.10% 1,918 $439K No change
ADP Automatic Data Processing 0.10% 1,630 $419K No change
SO The Southern Co. 0.09% 4,710 $411K No change
AMGN Amgen Inc. 0.09% 1,237 $405K No change
GEV GE Vernova Inc. 0.09% 600 $392K No change
PPG PPG Industries Inc. 0.09% 3,700 $379K No change
IXN iShares Global Tech ETF 0.09% 3,600 $378K No change
BMY Bristol-Myers Squibb Co. 0.08% 6,660 $359K No change
BXP BXP Inc. 0.08% 4,850 $327K No change
PFE Pfizer Inc. 0.07% 12,797 $319K Reduce -14.8%
NUE Nucor Corp. 0.07% 1,936 $316K No change
IWF iShares Russell 1000 Growth 0.07% 643 $304K No change
RTX RTX Corp. 0.07% 1,635 $300K No change
KMB Kimberly-Clark Corp. 0.07% 2,955 $298K Reduce -2.5%
AXP American Express Co. 0.07% 800 $296K No change
GPC Genuine Parts Co. 0.07% 2,390 $294K No change
IWB iShares Russell 1000 ETF 0.07% 768 $287K No change
BA The Boeing Co. 0.07% 1,300 $282K No change
GS Goldman Sachs Group Inc. 0.06% 300 $264K No change
GD General Dynamics Corp. 0.06% 770 $259K No change
MAS Masco Corp. 0.06% 4,000 $254K No change
AMAT Applied Materials Inc. 0.06% 975 $251K New
COST Costco Wholesale Corp. 0.06% 290 $250K Reduce -25.6%
UNH Unitedhealth Group Inc. 0.06% 740 $244K No change
A Agilent Technologies Inc. 0.05% 1,737 $236K No change
LOW Lowe's Cos Inc. 0.05% 980 $236K No change
CHRW C.H. Robinson Worldwide Inc. 0.05% 1,390 $223K New
YUMC Yum China Holdings Inc. 0.05% 4,389 $210K New
AFL Aflac Inc. 0.05% 1,880 $207K No change
CVS CVS Health Corp. 0.05% 2,539 $201K New
WEC WEC Energy Group Inc. 0.05% 1,902 $201K No change
ESBA Empire State Realty Op LP-Es 0.02% 10,754 $68K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.2M (not counted above)
SecurityClassShares / PrincipalValueChange
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 104,020$6.2MReduce -4.1%

Total filed on the 13F, all lines: $439.9M.

Portfolio Sells Q3 2025 → Q4 2025
FAST Fastenal Co. Reduce -3.3% 1.88% −0.39
BBH Vaneck Biotech ETF Sold out 0.00% −0.38
MSFT Microsoft Corp. Reduce -5.7% 4.37% −0.38
IBB iShares Biotechnology ETF Sold out 0.00% −0.35
CMCSA Comcast Corp. Class A Reduce -30.7% 0.67% −0.30
XYL Xylem Inc. Reduce -10.9% 1.81% −0.29
BNY Bank of New York Mellon Corp. Reduce -23.1% 1.74% −0.29
TSCO Tractor Supply Company Reduce -4.8% 1.92% −0.27
DHI D.R. Horton Inc. Reduce -3.7% 1.36% −0.23
GIS General Mills Inc. Reduce -13.2% 1.07% −0.21
LH Labcorp Holdings Inc. Reduce -2.5% 1.36% −0.17
LIN Linde PLC Reduce -3.8% 1.51% −0.16
ADBE Adobe Inc. Reduce -18.8% 0.83% −0.16
PG The Procter & Gamble Co. Reduce -4.6% 1.56% −0.12
ABT Abbott Laboratories Reduce -4.4% 1.64% −0.11
SYY Sysco Corp. Reduce -1.7% 1.15% −0.10
XLE SS Energy Select Sector Reduce -11.4% 0.78% −0.06
VB Vanguard Most SM-Cap ETF-Usd Reduce -15.9% 0.50% −0.06
HPQ HP Inc. Sold out 0.00% −0.05
ANET Arista Networks Inc. Sold out 0.00% −0.05
GOOG Alphabet Inc. Class C Reduce -32.8% 0.47% −0.05
MA Mastercard Inc. Class A Reduce -6.4% 2.52% −0.05
ABBV Abbvie Inc. Reduce -4.8% 2.56% −0.05
WMT Walmart Inc. Reduce -12.7% 2.89% −0.04
VZ Verizon Communications Inc. Reduce -0.2% 1.02% −0.03
CL Colgate-Palmolive Co. Reduce -6.0% 1.09% −0.03
LMT Lockheed Martin Corp. Reduce -3.4% 1.26% −0.03
COST Costco Wholesale Corp. Reduce -25.6% 0.06% −0.02
DIA SS SPDR Dow Jones Indus Avg Reduce -14.9% 0.23% −0.02
DUK Duke Energy Corp. Reduce -0.3% 1.23% −0.02
KMB Kimberly-Clark Corp. Reduce -2.5% 0.07% −0.01
OMC Omnicom Group Reduce -5.0% 0.88% −0.01
CVX Chevron Corp. Reduce -7.0% 0.28% −0.01
PFE Pfizer Inc. Reduce -14.8% 0.07% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.7% 2.10% −0.01
SNA Snap-on Inc. Reduce -4.3% 1.44% −0.01
HYD Vaneck High Yield Muni ETF Reduce -9.4% 0.14% −0.01
VEU Vanguard Ftse All-World Ex-U Reduce -7.7% 0.27% −0.00
AGG iShares Core U.S. Aggregate Reduce -0.7% 0.11% +0.00
VWO Vanguard Ftse Emerging Marke Reduce -1.1% 0.17% +0.00
PEP Pepsico Inc. Reduce -5.6% 1.12% +0.01
IWM iShares Russell 2000 ETF Reduce -4.7% 1.13% +0.02
MDT Medtronic PLC Reduce -3.4% 1.09% +0.02
VEA Vanguard Ftse Developed ETF Reduce -0.7% 0.29% +0.02
NVDA Nvidia Corp. Reduce -2.9% 1.69% +0.02
DIS The Walt Disney Co. Reduce -1.7% 1.22% +0.03
MCD McDonald's Corp. Reduce -3.4% 1.70% +0.03
AMZN Amazon.com Inc. Reduce -6.2% 1.78% +0.05
ACN Accenture PLC Class A Reduce -7.8% 1.13% +0.05
JPM JPMorgan Chase & Co. Reduce -4.3% 2.46% +0.05

Portfolio Buys Q3 2025 → Q4 2025
IVV iShares Core S&P 500 ETF Add +8.1% 5.03% +0.68
XOM Exxon Mobil Corp. Add +1.4% 1.58% +0.18
IYK iShares US Consumer Staples New 0.16% +0.16
RSP Invesco S&P 500 Equal Weight Add +97.9% 0.28% +0.15
PFF iShares Preferred & Income S Add +123.4% 0.22% +0.13
EQIX Equinix Inc. Add +15.0% 0.69% +0.10
IJH iShares Core S&P Midcap ETF Add +2.5% 0.80% +0.06
AMAT Applied Materials Inc. New 0.06% +0.06
CHRW C.H. Robinson Worldwide Inc. New 0.05% +0.05
COP Conocophillips Add +2.5% 0.89% +0.05
YUMC Yum China Holdings Inc. New 0.05% +0.05
CVS CVS Health Corp. New 0.05% +0.05
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +0.7% 0.59% +0.03
AOR iShares Core 60/40 Balanced Add +0.4% 0.10% +0.01

Notes & Other Activity Q3 2025 → Q4 2025
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -4.1% 104,020 $6.2M

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