Forbes J M & Co. LLP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 28, 2025), Forbes J M & Co. LLP reported 141 stock positions worth $1.0 billion. Its top holding was iShares Gold Trust (IAU) at 6.7% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Apple (AAPL, 6.0%). Compared with Q3 2024, it opened 6 new positions, sold out of 3, added to 62 and reduced 23. The biggest buy was Broadcom (AVGO, shares +0%) and the biggest sale Walmart (WMT, shares −23%).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001067532
Portfolio Value
$1.0B (Q4 2024)
SEC Filing
0001140361-25-002162 ↗ filed Jan 28, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $922.6M Q1 2024 Q2 2024: $975.9M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.0B $1.0B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 141 stocks · $1.0B
IAU iShares Gold Trust 6.65% 1,395,586 $69.1M Add +0.8%
MSFT Microsoft Corp. 6.28% 154,812 $65.3M Add +0.2%
AAPL Apple Inc. 6.01% 249,186 $62.4M Add +1.9%
NVDA Nvidia Corp. 5.87% 453,824 $60.9M Reduce -7.2%
GOOGL Alphabet Inc. Class A 4.06% 222,615 $42.1M Add +1.3%
AMZN Amazon.com Inc. 3.86% 182,833 $40.1M Add +1.9%
XLE SS Energy Select Sector 3.00% 363,324 $31.1M Add +0.4%
AVGO Broadcom Inc. 2.54% 113,659 $26.4M Add +0.1%
JPM JPMorgan Chase & Co. 2.18% 94,535 $22.7M Reduce -16.9%
XLK SS Technology Select Sector 1.99% 88,753 $20.6M No change
V Visa Inc. Class A 1.98% 65,161 $20.6M Add +1.7%
PG The Procter & Gamble Co. 1.89% 117,233 $19.7M Reduce -0.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.85% 437,909 $19.2M Add +0.4%
MRK Merck & Co. Inc. 1.58% 165,357 $16.4M Add +1.6%
JNJ Johnson & Johnson 1.57% 112,867 $16.3M Add +0.2%
VIG Vanguard Dividend Apprec ETF 1.56% 83,025 $16.3M Add +0.5%
WMT Walmart Inc. 1.55% 178,138 $16.1M Reduce -22.7%
LIN Linde PLC 1.48% 36,712 $15.4M Add +0.1%
ABT Abbott Laboratories 1.48% 135,603 $15.3M Add +0.3%
NEE Nextera Energy Inc. 1.47% 212,700 $15.2M Add +0.2%
KO The Coca-Cola Co. 1.42% 236,691 $14.7M Add +0.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.42% 66,987 $14.7M Add +0.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.40% 120,556 $14.6M Add +0.1%
ADBE Adobe Inc. 1.30% 30,424 $13.5M Add +2.3%
PEP Pepsico Inc. 1.30% 88,850 $13.5M Add +0.3%
XLF SS Financial Select Sector 1.27% 272,965 $13.2M No change
ETN Eaton Corp. PLC 1.23% 38,428 $12.8M Add +0.3%
HON Honeywell International Inc. 1.21% 55,620 $12.6M Add +0.4%
IJH iShares Core S&P Midcap ETF 1.20% 200,726 $12.5M Add +0.6%
UNP Union Pacific Corp. 1.19% 54,127 $12.3M Add +0.4%
CRM Salesforce Inc. 1.18% 36,719 $12.3M Add +0.3%
ICE Intercontinental Exchange Inc. 1.09% 76,267 $11.4M Add +0.5%
PGR Progressive Corp. 1.09% 47,153 $11.3M Add +0.4%
XLI SS Industrial Select Sector 1.06% 83,373 $11.0M Reduce -0.1%
SPEM State Street SP PTF Em ETF 0.98% 265,153 $10.2M Add +0.7%
XLY SS Consumer Disc Select Sect 0.93% 43,177 $9.7M No change
HD Home Depot Inc. 0.91% 24,333 $9.5M Add +0.0%
XYL Xylem Inc. 0.91% 81,307 $9.4M Add +0.4%
UNH Unitedhealth Group Inc. 0.91% 18,595 $9.4M Add +0.2%
ZTS Zoetis Inc. 0.86% 54,710 $8.9M Add +0.2%
BDX Becton Dickinson and Co. 0.76% 34,875 $7.9M Add +0.0%
VZ Verizon Communications Inc. 0.74% 193,319 $7.7M Add +0.3%
XLV SS Health Care Select Sector 0.73% 54,998 $7.6M No change
ANET Arista Networks Inc. 0.73% 68,296 $7.5M Add +0.4%
ECL Ecolab Inc. 0.73% 32,166 $7.5M Add +0.4%
ITOT iShares Core S&P Total U.S. 0.71% 57,685 $7.4M Reduce -0.7%
DNA Ginkgo Bioworks Holdings Inc. 0.66% 701,732 $6.9M Add +461.4%
META Meta Platforms Inc. Class A 0.65% 11,463 $6.7M Add +2.1%
PANW Palo Alto Networks Inc. 0.62% 35,620 $6.5M Add +0.6%
XLC SS Comm Select Sector SPDR 0.60% 64,548 $6.2M No change
PLD Prologis Inc. 0.59% 58,080 $6.1M Add +0.4%
BRK.B Berkshire Hathaway Inc. Class B 0.56% 12,722 $5.8M Add +2.6%
NOW ServiceNow Inc. 0.55% 5,422 $5.7M Add +0.3%
TSLA Tesla Inc. 0.53% 13,684 $5.5M Add +0.4%
ORLY O'reilly Automotive Inc. 0.53% 4,652 $5.5M Add +0.3%
IBB iShares Biotechnology ETF 0.53% 41,262 $5.5M Add +0.9%
RIO Rio Tinto PLC-Spon ADR 0.51% 89,883 $5.3M Add +0.6%
NSRGY Nestle SA-Spons ADR 0.51% 64,558 $5.3M Add +0.2%
XOM Exxon Mobil Corp. 0.46% 43,989 $4.7M Reduce -0.5%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.32% 43,342 $3.3M No change
GOOG Alphabet Inc. Class C 0.31% 16,729 $3.2M Add +6.5%
XLRE SS Real Estate Select Sector 0.30% 76,050 $3.1M No change
ADP Automatic Data Processing 0.29% 10,123 $3.0M Reduce -0.0%
DSI iShares ESG MSCI KLD 400 ETF 0.27% 25,532 $2.8M Reduce -1.5%
ABBV Abbvie Inc. 0.24% 14,229 $2.5M Reduce -0.8%
MCD McDonald's Corp. 0.22% 7,879 $2.3M Reduce -0.3%
COST Costco Wholesale Corp. 0.22% 2,461 $2.3M Add +3.3%
CSCO Cisco Systems Inc. 0.19% 34,082 $2.0M Reduce -1.0%
IVV iShares Core S&P 500 ETF 0.18% 3,100 $1.8M No change
LLY Eli Lilly & Co. 0.15% 1,991 $1.5M Add +23.7%
MA Mastercard Inc. Class A 0.15% 2,880 $1.5M No change
GLDM SPDR Gold Minishares Trust 0.14% 28,711 $1.5M No change
INTU Intuit Inc. 0.14% 2,374 $1.5M Add +28.5%
EMR Emerson Electric Co. 0.14% 12,023 $1.5M No change
ACN Accenture PLC Class A 0.13% 3,770 $1.3M No change
SYK Stryker Corp. 0.13% 3,648 $1.3M No change
GLD SPDR Gold Shares 0.13% 5,364 $1.3M Add +0.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.12% 10,765 $1.2M Reduce -0.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.11% 1,919 $1.1M Add +127.9%
FISV Fiserv Inc. 0.11% 5,321 $1.1M No change
ISRG Intuitive Surgical Inc. 0.10% 1,953 $1.0M Add +211.5%
XLB SS Materials Select Sector 0.09% 11,478 $966K No change
RTX RTX Corp. 0.09% 8,076 $935K Reduce -0.8%
APD Air Products & Chemicals Inc. 0.09% 3,120 $905K No change
CHD Church & Dwight Co. Inc. 0.09% 8,520 $892K No change
CVX Chevron Corp. 0.09% 6,152 $891K Reduce -0.0%
ADI Analog Devices Inc. 0.08% 3,900 $829K Reduce -2.5%
BRK.A Berkshire Hathaway Inc. Class A 0.07% 1 $681K No change
RY Royal Bank of Canada 0.07% 5,600 $675K No change
PNC PNC Financial Services Group 0.06% 3,317 $640K No change
CMCSA Comcast Corp. Class A 0.06% 16,964 $637K Reduce -0.1%
CAT Caterpillar Inc. 0.06% 1,701 $617K Add +30.1%
BMY Bristol-Myers Squibb Co. 0.06% 10,810 $611K Add +34.7%
ITW Illinois Tool Works 0.06% 2,399 $608K No change
USB US Bancorp 0.06% 12,677 $606K No change
NKE Nike Inc. Class B 0.06% 7,883 $597K No change
DHR Danaher Corp. 0.06% 2,517 $578K No change
PFE Pfizer Inc. 0.05% 20,478 $543K Reduce -1.3%
INTC Intel Corp. 0.05% 26,981 $541K Reduce -0.3%
RWJ Invesco S&P Smallcap 600 0.05% 11,389 $521K New
ORCL Oracle Corp. 0.05% 3,102 $517K Add +43.7%
PRGS Progress Software Corp. 0.04% 7,120 $464K No change
WY Weyerhaeuser Co. 0.04% 16,101 $453K No change
LMT Lockheed Martin Corp. 0.04% 910 $442K Add +114.1%
YUM Yum! Brands Inc. 0.04% 3,235 $434K No change
BA The Boeing Co. 0.04% 2,436 $431K No change
CNI Canadian Natl Railway Co. 0.04% 4,210 $427K No change
STT State Street Corp. 0.04% 4,269 $419K Reduce -16.5%
EW Edwards Lifesciences Corp. 0.04% 5,610 $415K No change
CARR Carrier Global Corp. 0.04% 6,083 $415K Reduce -1.5%
PAYX Paychex Inc. 0.04% 2,884 $404K No change
MMM 3M Co. 0.04% 3,067 $396K Add +0.9%
UNM Unum Group 0.04% 5,320 $389K New
DD Dupont DE Nemours Inc. 0.04% 4,991 $381K No change
SBUX Starbucks Corp. 0.04% 4,058 $370K No change
REGN Regeneron Pharmaceuticals 0.04% 519 $370K Add +150.7%
NFLX Netflix Inc. 0.04% 413 $368K New
GPC Genuine Parts Co. 0.03% 2,865 $335K No change
TGT Target Corp. 0.03% 2,472 $334K No change
AXSM Axsome Therapeutics Inc. 0.03% 3,840 $325K No change
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.03% 6,000 $322K No change
ROP Roper Technologies Inc. 0.03% 617 $321K No change
NVCT Nuvectis Pharma Inc. 0.03% 59,000 $319K Add +21.9%
SCHW Schwab (charles) Corp. 0.03% 4,200 $311K New
CINF Cincinnati Financial Corp. 0.03% 2,156 $310K No change
PCAR Paccar Inc. 0.03% 2,821 $293K No change
CTVA Corteva Inc. 0.03% 5,110 $291K No change
BIIB Biogen Inc. 0.03% 1,869 $286K No change
SPGI S&P Global Inc. 0.03% 569 $283K No change
GE General Electric filed as GE AEROSPACE 0.03% 1,631 $272K Add +0.1%
CHKP Check Point Software Tech 0.03% 1,420 $265K No change
OTIS Otis Worldwide Corp. 0.03% 2,804 $260K Reduce -1.8%
IEF iShares 7-10 Year Treasury B 0.02% 2,792 $258K Reduce -5.1%
QCOM Qualcomm Inc. 0.02% 1,680 $258K No change
JPST JPMorgan Ultra-Short Income 0.02% 4,842 $244K No change
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.02% 4,801 $243K No change
TSCO Tractor Supply Company 0.02% 4,500 $239K New
URI United Rentals Inc. 0.02% 290 $204K No change
SO The Southern Co. 0.02% 2,472 $203K No change
MPT Medical Properties Trust Inc. 0.01% 14,444 $57K New
XAIR Beyond Air Inc. 0.00% 35,020 $13K No change

Portfolio Sells Q3 2024 → Q4 2024
WMT Walmart Inc. Reduce -22.7% 1.55% −0.27
JPM JPMorgan Chase & Co. Reduce -16.9% 2.18% −0.16
PG The Procter & Gamble Co. Reduce -0.3% 1.89% −0.10
XOM Exxon Mobil Corp. Reduce -0.5% 0.46% −0.05
XLI SS Industrial Select Sector Reduce -0.1% 1.06% −0.05
ABBV Abbvie Inc. Reduce -0.8% 0.24% −0.03
DOW Dow Inc. Sold out 0.00% −0.03
AMT American Tower Corp. Sold out 0.00% −0.02
PWCDF Power Corp. of Canada Sold out 0.00% −0.02
MCD McDonald's Corp. Reduce -0.3% 0.22% −0.02
ADI Analog Devices Inc. Reduce -2.5% 0.08% −0.01
INTC Intel Corp. Reduce -0.3% 0.05% −0.01
CARR Carrier Global Corp. Reduce -1.5% 0.04% −0.01
CMCSA Comcast Corp. Class A Reduce -0.1% 0.06% −0.01
RTX RTX Corp. Reduce -0.8% 0.09% −0.01
PFE Pfizer Inc. Reduce -1.3% 0.05% −0.01
DSI iShares ESG MSCI KLD 400 ETF Reduce -1.5% 0.27% −0.00
OTIS Otis Worldwide Corp. Reduce -1.8% 0.03% −0.00
STT State Street Corp. Reduce -16.5% 0.04% −0.00
IEF iShares 7-10 Year Treasury B Reduce -5.1% 0.02% −0.00
CVX Chevron Corp. Reduce -0.0% 0.09% −0.00
ITOT iShares Core S&P Total U.S. Reduce -0.7% 0.71% +0.00
ADP Automatic Data Processing Reduce -0.0% 0.29% +0.01
DIS The Walt Disney Co. Reduce -0.9% 0.12% +0.01
CSCO Cisco Systems Inc. Reduce -1.0% 0.19% +0.02
NVDA Nvidia Corp. Reduce -7.2% 5.87% +0.07

Portfolio Buys Q3 2024 → Q4 2024
AVGO Broadcom Inc. Add +0.1% 2.54% +0.62
AMZN Amazon.com Inc. Add +1.9% 3.86% +0.60
DNA Ginkgo Bioworks Holdings Inc. Add +461.4% 0.66% +0.56
GOOGL Alphabet Inc. Class A Add +1.3% 4.06% +0.50
AAPL Apple Inc. Add +1.9% 6.01% +0.44
V Visa Inc. Class A Add +1.7% 1.98% +0.26
CRM Salesforce Inc. Add +0.3% 1.18% +0.20
TSLA Tesla Inc. Add +0.4% 0.53% +0.18
BAC Bank of America Corp. Add +0.4% 1.85% +0.16
HON Honeywell International Inc. Add +0.4% 1.21% +0.09
ANET Arista Networks Inc. Add +0.4% 0.73% +0.09
NOW ServiceNow Inc. Add +0.3% 0.55% +0.08
ISRG Intuitive Surgical Inc. Add +211.5% 0.10% +0.07
SPY SS SPDR S&P 500 ETF Trust-US Add +127.9% 0.11% +0.06
RWJ Invesco S&P Smallcap 600 New 0.05% +0.05
GOOG Alphabet Inc. Class C Add +6.5% 0.31% +0.05
UNM Unum Group New 0.04% +0.04
NFLX Netflix Inc. New 0.04% +0.04
PANW Palo Alto Networks Inc. Add +0.6% 0.62% +0.03
INTU Intuit Inc. Add +28.5% 0.14% +0.03
SCHW Schwab (charles) Corp. New 0.03% +0.03
TSCO Tractor Supply Company New 0.02% +0.02
TJX TJX Companies Inc. Add +0.1% 1.40% +0.02
BMY Bristol-Myers Squibb Co. Add +34.7% 0.06% +0.02
LMT Lockheed Martin Corp. Add +114.1% 0.04% +0.02
META Meta Platforms Inc. Class A Add +2.1% 0.65% +0.02
REGN Regeneron Pharmaceuticals Add +150.7% 0.04% +0.01
ORCL Oracle Corp. Add +43.7% 0.05% +0.01
COST Costco Wholesale Corp. Add +3.3% 0.22% +0.01
CAT Caterpillar Inc. Add +30.1% 0.06% +0.01
ORLY O'reilly Automotive Inc. Add +0.3% 0.53% +0.01
LLY Eli Lilly & Co. Add +23.7% 0.15% +0.01
MPT Medical Properties Trust Inc. New 0.01% +0.01
NVCT Nuvectis Pharma Inc. Add +21.9% 0.03% +0.00
GLD SPDR Gold Shares Add +0.9% 0.13% −0.00
BRK.B Berkshire Hathaway Inc. Class B Add +2.6% 0.56% −0.00
MMM 3M Co. Add +0.9% 0.04% −0.00
GE General Electric Add +0.1% 0.03% −0.00
IJH iShares Core S&P Midcap ETF Add +0.6% 1.20% −0.01
ETN Eaton Corp. PLC Add +0.3% 1.23% −0.01
IBM Intl Business Machines Corp. Add +0.5% 1.42% −0.02
ABT Abbott Laboratories Add +0.3% 1.48% −0.03
VIG Vanguard Dividend Apprec ETF Add +0.5% 1.56% −0.03
HD Home Depot Inc. Add +0.0% 0.91% −0.05
IBB iShares Biotechnology ETF Add +0.9% 0.53% −0.06
BDX Becton Dickinson and Co. Add +0.0% 0.76% −0.06
IAU iShares Gold Trust Add +0.8% 6.65% −0.07
ECL Ecolab Inc. Add +0.4% 0.73% −0.07
PGR Progressive Corp. Add +0.4% 1.09% −0.08
SPEM State Street SP PTF Em ETF Add +0.7% 0.98% −0.08

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 159$1.3BNVDA, GOOGL, AAPL, IAU, MSFT
Q1 2026 150$1.2BIAU, NVDA, GOOGL, AAPL, MSFT
Q4 2025 141$1.2BIAU, NVDA, MSFT, GOOGL, AAPL
Q3 2025 140$1.2BIAU, MSFT, NVDA, AAPL, GOOGL
Q2 2025 141$1.1BMSFT, IAU, NVDA, AAPL, AMZN
Q1 2025 139$1.0BIAU, MSFT, AAPL, NVDA, AMZN
Q4 2024 141$1.0BIAU, MSFT, AAPL, NVDA, GOOGL
Q3 2024 138$1.0BIAU, MSFT, NVDA, AAPL, GOOGL
Q2 2024 133$975.9MMSFT, IAU, NVDA, AAPL, GOOGL
Q1 2024 131$922.6MMSFT, IAU, NVDA, AAPL, XLE