Forbes J M & Co. LLP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Forbes J M & Co. LLP reported 139 stock positions worth $1.0 billion. Its top holding was iShares Gold Trust (IAU) at 8.3% of the portfolio, followed by Microsoft (MSFT, 5.7%) and Apple (AAPL, 5.4%). Compared with Q4 2024, it opened 5 new positions, sold out of 7, added to 57 and reduced 40. The biggest buy was iShares Gold Trust (IAU, shares +4%) and the biggest sale Nestle SA-Spons ADR (NSRGY, shares −89%).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001067532
Portfolio Value
$1.0B (Q1 2025)
SEC Filing
0001140361-25-017471 ↗ filed May 6, 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 Q4 2024 Q1 2025: $1.0B $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 139 stocks · $1.0B
IAU iShares Gold Trust 8.27% 1,447,400 $85.3M Add +3.7%
MSFT Microsoft Corp. 5.74% 157,939 $59.3M Add +2.0%
AAPL Apple Inc. 5.42% 251,774 $55.9M Add +1.0%
NVDA Nvidia Corp. 4.87% 463,750 $50.3M Add +2.2%
AMZN Amazon.com Inc. 3.45% 187,255 $35.6M Add +2.4%
GOOGL Alphabet Inc. Class A 3.40% 227,188 $35.1M Add +2.0%
XLE SS Energy Select Sector 3.40% 375,606 $35.1M Add +3.4%
JPM JPMorgan Chase & Co. 2.30% 96,994 $23.8M Add +2.6%
V Visa Inc. Class A 2.23% 65,835 $23.1M Add +1.0%
PG The Procter & Gamble Co. 1.95% 118,231 $20.1M Add +0.8%
AVGO Broadcom Inc. 1.89% 116,758 $19.5M Add +2.7%
JNJ Johnson & Johnson 1.88% 117,068 $19.4M Add +3.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.83% 453,488 $18.9M Add +3.6%
ABT Abbott Laboratories 1.80% 139,884 $18.6M Add +3.2%
XLK SS Technology Select Sector 1.75% 87,399 $18.0M Reduce -1.5%
LIN Linde PLC 1.71% 37,905 $17.7M Add +3.3%
KO The Coca-Cola Co. 1.69% 243,909 $17.5M Add +3.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.68% 69,610 $17.3M Add +3.9%
VIG Vanguard Dividend Apprec ETF 1.62% 86,153 $16.7M Add +3.8%
WMT Walmart Inc. 1.55% 182,630 $16.0M Add +2.5%
NEE Nextera Energy Inc. 1.50% 218,737 $15.5M Add +2.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.47% 124,271 $15.1M Add +3.1%
MRK Merck & Co. Inc. 1.46% 167,924 $15.1M Add +1.6%
PGR Progressive Corp. 1.33% 48,490 $13.7M Add +2.8%
ICE Intercontinental Exchange Inc. 1.33% 79,404 $13.7M Add +4.1%
PEP Pepsico Inc. 1.32% 91,069 $13.7M Add +2.5%
XLF SS Financial Select Sector 1.30% 268,854 $13.4M Reduce -1.5%
UNP Union Pacific Corp. 1.27% 55,398 $13.1M Add +2.4%
IJH iShares Core S&P Midcap ETF 1.19% 210,797 $12.3M Add +5.0%
HON Honeywell International Inc. 1.18% 57,722 $12.2M Add +3.8%
ADBE Adobe Inc. 1.15% 31,055 $11.9M Add +2.1%
SPEM State Street SP PTF Em ETF 1.06% 278,382 $11.0M Add +5.0%
XLI SS Industrial Select Sector 1.04% 82,117 $10.8M Reduce -1.5%
ETN Eaton Corp. PLC 1.04% 39,513 $10.7M Add +2.8%
CRM Salesforce Inc. 0.99% 37,941 $10.2M Add +3.3%
XYL Xylem Inc. 0.98% 84,538 $10.1M Add +4.0%
UNH Unitedhealth Group Inc. 0.97% 19,097 $10.0M Add +2.7%
ZTS Zoetis Inc. 0.90% 56,275 $9.3M Add +2.9%
HD Home Depot Inc. 0.89% 25,083 $9.2M Add +3.1%
VZ Verizon Communications Inc. 0.87% 198,551 $9.0M Add +2.7%
ECL Ecolab Inc. 0.81% 33,191 $8.4M Add +3.2%
XLY SS Consumer Disc Select Sect 0.81% 42,527 $8.4M Reduce -1.5%
BDX Becton Dickinson and Co. 0.80% 35,834 $8.2M Add +2.8%
XLV SS Health Care Select Sector 0.77% 54,169 $7.9M Reduce -1.5%
ITOT iShares Core S&P Total U.S. 0.69% 58,058 $7.1M Add +0.7%
LLY Eli Lilly & Co. 0.68% 8,472 $7.0M Add +325.5%
ORLY O'reilly Automotive Inc. 0.67% 4,810 $6.9M Add +3.4%
BRK.B Berkshire Hathaway Inc. Class B 0.65% 12,665 $6.7M Reduce -0.5%
PLD Prologis Inc. 0.64% 59,488 $6.7M Add +2.4%
META Meta Platforms Inc. Class A 0.63% 11,254 $6.5M Reduce -1.8%
PANW Palo Alto Networks Inc. 0.61% 37,203 $6.3M Add +4.4%
DNA Ginkgo Bioworks Holdings Inc. 0.60% 1,094,564 $6.2M Add +56.0%
XLC SS Comm Select Sector SPDR 0.59% 63,576 $6.1M Reduce -1.5%
RIO Rio Tinto PLC-Spon ADR 0.55% 94,606 $5.7M Add +5.3%
IBB iShares Biotechnology ETF 0.53% 42,987 $5.5M Add +4.2%
ANET Arista Networks Inc. 0.53% 70,444 $5.5M Add +3.1%
XOM Exxon Mobil Corp. 0.52% 44,855 $5.3M Add +2.0%
NOW ServiceNow Inc. 0.43% 5,569 $4.4M Add +2.7%
TSLA Tesla Inc. 0.34% 13,486 $3.5M Reduce -1.4%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.33% 42,773 $3.4M Reduce -1.3%
XLRE SS Real Estate Select Sector 0.30% 74,904 $3.1M Reduce -1.5%
ADP Automatic Data Processing 0.30% 10,096 $3.1M Reduce -0.3%
ABBV Abbvie Inc. 0.29% 14,056 $2.9M Reduce -1.2%
DSI iShares ESG MSCI KLD 400 ETF 0.25% 25,605 $2.6M Add +0.3%
GOOG Alphabet Inc. Class C 0.24% 16,156 $2.5M Reduce -3.4%
MCD McDonald's Corp. 0.24% 7,832 $2.4M Reduce -0.6%
COST Costco Wholesale Corp. 0.22% 2,397 $2.3M Reduce -2.6%
CSCO Cisco Systems Inc. 0.20% 33,660 $2.1M Reduce -1.2%
GLDM SPDR Gold Minishares Trust 0.17% 28,711 $1.8M No change
IVV iShares Core S&P 500 ETF 0.17% 3,125 $1.8M Add +0.8%
MA Mastercard Inc. Class A 0.15% 2,880 $1.6M No change
GLD SPDR Gold Shares 0.15% 5,393 $1.6M Add +0.5%
SYK Stryker Corp. 0.13% 3,603 $1.3M Reduce -1.2%
EMR Emerson Electric Co. 0.13% 12,023 $1.3M No change
INTU Intuit Inc. 0.12% 2,060 $1.3M Reduce -13.2%
CVX Chevron Corp. 0.12% 7,102 $1.2M Add +15.4%
ACN Accenture PLC Class A 0.11% 3,770 $1.2M No change
FISV Fiserv Inc. 0.11% 5,066 $1.1M Reduce -4.8%
RTX RTX Corp. 0.10% 8,026 $1.1M Reduce -0.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.10% 10,553 $1.0M Reduce -2.0%
XLB SS Materials Select Sector 0.09% 11,305 $972K Reduce -1.5%
CHD Church & Dwight Co. Inc. 0.09% 8,520 $938K No change
APD Air Products & Chemicals Inc. 0.09% 3,120 $920K No change
SCHW Schwab (charles) Corp. 0.09% 11,300 $885K Add +169.1%
BRK.A Berkshire Hathaway Inc. Class A 0.08% 1 $798K No change
ADI Analog Devices Inc. 0.08% 3,900 $787K No change
NSRGY Nestle SA-Spons ADR 0.07% 7,154 $724K Reduce -88.9%
RY Royal Bank of Canada 0.06% 5,600 $631K No change
CMCSA Comcast Corp. Class A 0.06% 16,721 $617K Reduce -1.4%
INTC Intel Corp. 0.06% 26,981 $613K No change
ITW Illinois Tool Works 0.06% 2,399 $595K No change
PNC PNC Financial Services Group 0.06% 3,342 $587K Add +0.8%
BMY Bristol-Myers Squibb Co. 0.06% 9,484 $578K Reduce -12.3%
NVCT Nuvectis Pharma Inc. 0.06% 59,000 $576K No change
BX Blackstone Inc. 0.06% 4,083 $571K New
ISRG Intuitive Surgical Inc. 0.05% 1,121 $555K Reduce -42.6%
USB US Bancorp 0.05% 12,677 $535K No change
CAT Caterpillar Inc. 0.05% 1,591 $525K Reduce -6.5%
YUM Yum! Brands Inc. 0.05% 3,235 $509K No change
PFE Pfizer Inc. 0.05% 20,052 $508K Reduce -2.1%
NKE Nike Inc. Class B 0.05% 7,805 $495K Reduce -1.0%
DHR Danaher Corp. 0.05% 2,390 $490K Reduce -5.0%
WY Weyerhaeuser Co. 0.05% 16,101 $471K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 816 $456K Reduce -57.5%
AXSM Axsome Therapeutics Inc. 0.04% 3,840 $448K No change
MMM 3M Co. 0.04% 3,038 $446K Reduce -0.9%
PAYX Paychex Inc. 0.04% 2,884 $445K No change
ORCL Oracle Corp. 0.04% 3,102 $434K No change
BA The Boeing Co. 0.04% 2,436 $415K No change
CNI Canadian Natl Railway Co. 0.04% 4,210 $410K No change
SBUX Starbucks Corp. 0.04% 3,971 $390K Reduce -2.1%
CARR Carrier Global Corp. 0.04% 6,083 $386K No change
EW Edwards Lifesciences Corp. 0.04% 5,285 $383K Reduce -5.8%
STT State Street Corp. 0.04% 4,269 $382K No change
DD Dupont DE Nemours Inc. 0.04% 4,991 $373K No change
PRGS Progress Software Corp. 0.04% 7,120 $367K No change
ROP Roper Technologies Inc. 0.04% 617 $364K No change
GPC Genuine Parts Co. 0.03% 2,865 $341K No change
CHKP Check Point Software Tech 0.03% 1,420 $324K No change
CTVA Corteva Inc. 0.03% 5,110 $322K No change
GE General Electric filed as GE AEROSPACE 0.03% 1,595 $319K Reduce -2.2%
CINF Cincinnati Financial Corp. 0.03% 2,156 $318K No change
NFLX Netflix Inc. 0.03% 319 $297K Reduce -22.8%
EPD Enterprise Products Partners 0.03% 8,500 $290K New
OTIS Otis Worldwide Corp. 0.03% 2,804 $289K No change
SPGI S&P Global Inc. 0.03% 569 $289K No change
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.03% 6,000 $285K No change
IEF iShares 7-10 Year Treasury B 0.03% 2,862 $273K Add +2.5%
QCOM Qualcomm Inc. 0.03% 1,680 $258K No change
TGT Target Corp. 0.03% 2,472 $258K No change
BIIB Biogen Inc. 0.02% 1,869 $256K No change
PCAR Paccar Inc. 0.02% 2,621 $255K Reduce -7.1%
JPST JPMorgan Ultra-Short Income 0.02% 4,831 $245K Reduce -0.2%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.02% 4,786 $243K Reduce -0.3%
AMT American Tower Corp. 0.02% 1,055 $230K New
SO The Southern Co. 0.02% 2,472 $227K No change
PWCDF Power Corp. of Canada 0.02% 6,400 $227K New
LOW Lowe's Cos Inc. 0.00% 200 $47K New
XAIR Beyond Air Inc. 0.00% 35,020 $10K No change

Portfolio Sells Q4 2024 → Q1 2025
NSRGY Nestle SA-Spons ADR Reduce -88.9% 0.07% −0.44
XLK SS Technology Select Sector Reduce -1.5% 1.75% −0.24
TSLA Tesla Inc. Reduce -1.4% 0.34% −0.19
XLY SS Consumer Disc Select Sect Reduce -1.5% 0.81% −0.12
SPY SS SPDR S&P 500 ETF Trust-US Reduce -57.5% 0.04% −0.06
GOOG Alphabet Inc. Class C Reduce -3.4% 0.24% −0.06
RWJ Invesco S&P Smallcap 600 Sold out 0.00% −0.05
ISRG Intuitive Surgical Inc. Reduce -42.6% 0.05% −0.04
LMT Lockheed Martin Corp. Sold out 0.00% −0.04
UNM Unum Group Sold out 0.00% −0.04
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.04
TSCO Tractor Supply Company Sold out 0.00% −0.02
INTU Intuit Inc. Reduce -13.2% 0.12% −0.02
URI United Rentals Inc. Sold out 0.00% −0.02
META Meta Platforms Inc. Class A Reduce -1.8% 0.63% −0.02
XLI SS Industrial Select Sector Reduce -1.5% 1.04% −0.01
DIS The Walt Disney Co. Reduce -2.0% 0.10% −0.01
NKE Nike Inc. Class B Reduce -1.0% 0.05% −0.01
CAT Caterpillar Inc. Reduce -6.5% 0.05% −0.01
DHR Danaher Corp. Reduce -5.0% 0.05% −0.01
XLC SS Comm Select Sector SPDR Reduce -1.5% 0.59% −0.01
NFLX Netflix Inc. Reduce -22.8% 0.03% −0.01
MPT Medical Properties Trust Inc. Sold out 0.00% −0.01
PCAR Paccar Inc. Reduce -7.1% 0.02% −0.00
PFE Pfizer Inc. Reduce -2.1% 0.05% −0.00
EW Edwards Lifesciences Corp. Reduce -5.8% 0.04% −0.00
BMY Bristol-Myers Squibb Co. Reduce -12.3% 0.06% −0.00
CMCSA Comcast Corp. Class A Reduce -1.4% 0.06% −0.00
JMST JPM Ultra-Short Muni Income Reduce -0.3% 0.02% +0.00
JPST JPMorgan Ultra-Short Income Reduce -0.2% 0.02% +0.00
XLB SS Materials Select Sector Reduce -1.5% 0.09% +0.00
SBUX Starbucks Corp. Reduce -2.1% 0.04% +0.00
COST Costco Wholesale Corp. Reduce -2.6% 0.22% +0.00
FISV Fiserv Inc. Reduce -4.8% 0.11% +0.00
SYK Stryker Corp. Reduce -1.2% 0.13% +0.00
GE General Electric Reduce -2.2% 0.03% +0.00
MMM 3M Co. Reduce -0.9% 0.04% +0.01
XLRE SS Real Estate Select Sector Reduce -1.5% 0.30% +0.01
CSCO Cisco Systems Inc. Reduce -1.2% 0.20% +0.01
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -1.3% 0.33% +0.01
RTX RTX Corp. Reduce -0.6% 0.10% +0.01
ADP Automatic Data Processing Reduce -0.3% 0.30% +0.01
MCD McDonald's Corp. Reduce -0.6% 0.24% +0.02
XLF SS Financial Select Sector Reduce -1.5% 1.30% +0.03
XLV SS Health Care Select Sector Reduce -1.5% 0.77% +0.04
ABBV Abbvie Inc. Reduce -1.2% 0.29% +0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.5% 0.65% +0.10

Portfolio Buys Q4 2024 → Q1 2025
IAU iShares Gold Trust Add +3.7% 8.27% +1.61
LLY Eli Lilly & Co. Add +325.5% 0.68% +0.53
XLE SS Energy Select Sector Add +3.4% 3.40% +0.40
ABT Abbott Laboratories Add +3.2% 1.80% +0.32
JNJ Johnson & Johnson Add +3.7% 1.88% +0.31
KO The Coca-Cola Co. Add +3.0% 1.69% +0.27
IBM Intl Business Machines Corp. Add +3.9% 1.68% +0.26
V Visa Inc. Class A Add +1.0% 2.23% +0.25
PGR Progressive Corp. Add +2.8% 1.33% +0.24
ICE Intercontinental Exchange Inc. Add +4.1% 1.33% +0.23
LIN Linde PLC Add +3.3% 1.71% +0.23
ORLY O'reilly Automotive Inc. Add +3.4% 0.67% +0.14
VZ Verizon Communications Inc. Add +2.7% 0.87% +0.13
JPM JPMorgan Chase & Co. Add +2.6% 2.30% +0.12
ECL Ecolab Inc. Add +3.2% 0.81% +0.09
SPEM State Street SP PTF Em ETF Add +5.0% 1.06% +0.08
UNP Union Pacific Corp. Add +2.4% 1.27% +0.08
XYL Xylem Inc. Add +4.0% 0.98% +0.07
TJX TJX Companies Inc. Add +3.1% 1.47% +0.06
UNH Unitedhealth Group Inc. Add +2.7% 0.97% +0.06
XOM Exxon Mobil Corp. Add +2.0% 0.52% +0.06
PG The Procter & Gamble Co. Add +0.8% 1.95% +0.06
SCHW Schwab (charles) Corp. Add +169.1% 0.09% +0.06
BX Blackstone Inc. New 0.06% +0.06
VIG Vanguard Dividend Apprec ETF Add +3.8% 1.62% +0.05
PLD Prologis Inc. Add +2.4% 0.64% +0.05
RIO Rio Tinto PLC-Spon ADR Add +5.3% 0.55% +0.04
ZTS Zoetis Inc. Add +2.9% 0.90% +0.04
NEE Nextera Energy Inc. Add +2.8% 1.50% +0.03
BDX Becton Dickinson and Co. Add +2.8% 0.80% +0.03
CVX Chevron Corp. Add +15.4% 0.12% +0.03
EPD Enterprise Products Partners New 0.03% +0.03
GLD SPDR Gold Shares Add +0.5% 0.15% +0.03
AMT American Tower Corp. New 0.02% +0.02
PEP Pepsico Inc. Add +2.5% 1.32% +0.02
PWCDF Power Corp. of Canada New 0.02% +0.02
IBB iShares Biotechnology ETF Add +4.2% 0.53% +0.01
LOW Lowe's Cos Inc. New 0.00% +0.00
WMT Walmart Inc. Add +2.5% 1.55% +0.00
IEF iShares 7-10 Year Treasury B Add +2.5% 0.03% +0.00
PNC PNC Financial Services Group Add +0.8% 0.06% −0.00
IVV iShares Core S&P 500 ETF Add +0.8% 0.17% −0.01
PANW Palo Alto Networks Inc. Add +4.4% 0.61% −0.01
IJH iShares Core S&P Midcap ETF Add +5.0% 1.19% −0.01
DSI iShares ESG MSCI KLD 400 ETF Add +0.3% 0.25% −0.02
BAC Bank of America Corp. Add +3.6% 1.83% −0.02
HD Home Depot Inc. Add +3.1% 0.89% −0.02
HON Honeywell International Inc. Add +3.8% 1.18% −0.03
ITOT iShares Core S&P Total U.S. Add +0.7% 0.69% −0.03
DNA Ginkgo Bioworks Holdings Inc. Add +56.0% 0.60% −0.06

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