Forbes J M & Co. LLP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), Forbes J M & Co. LLP reported 141 stock positions worth $1.1 billion. Its top holding was Microsoft (MSFT) at 7.1% of the portfolio, followed by iShares Gold Trust (IAU, 6.7%) and Nvidia (NVDA, 5.9%). Compared with Q1 2025, it opened 4 new positions, sold out of 2, added to 27 and reduced 65. The biggest buy was a new position in iShares Core Intl Stock ETF (IXUS) and the biggest sale iShares Gold Trust (IAU, shares −19%).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001067532
Portfolio Value
$1.1B (Q2 2025)
SEC Filing
0001140361-25-026328 ↗ filed Jul 18, 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 Q1 2025 Q2 2025: $1.1B $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 · $1.1B
MSFT Microsoft Corp. 7.11% 156,353 $77.8M Reduce -1.0%
IAU iShares Gold Trust 6.66% 1,167,641 $72.8M Reduce -19.3%
NVDA Nvidia Corp. 5.86% 405,757 $64.1M Reduce -12.5%
AAPL Apple Inc. 4.60% 245,286 $50.3M Reduce -2.6%
AMZN Amazon.com Inc. 3.77% 188,079 $41.3M Add +0.4%
GOOGL Alphabet Inc. Class A 3.65% 226,439 $39.9M Reduce -0.3%
AVGO Broadcom Inc. 2.94% 116,630 $32.1M Reduce -0.1%
XLE SS Energy Select Sector 2.92% 376,244 $31.9M Add +0.2%
JPM JPMorgan Chase & Co. 2.57% 96,792 $28.1M Reduce -0.2%
V Visa Inc. Class A 2.13% 65,739 $23.3M Reduce -0.1%
XLK SS Technology Select Sector 2.02% 87,399 $22.1M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.96% 453,261 $21.4M Reduce -0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.88% 69,696 $20.5M Add +0.1%
PG The Procter & Gamble Co. 1.72% 117,974 $18.8M Reduce -0.2%
ABT Abbott Laboratories 1.72% 138,076 $18.8M Reduce -1.3%
WMT Walmart Inc. 1.63% 182,657 $17.9M Add +0.0%
LIN Linde PLC 1.63% 37,970 $17.8M Add +0.2%
VIG Vanguard Dividend Apprec ETF 1.63% 87,001 $17.8M Add +1.0%
JNJ Johnson & Johnson 1.62% 115,908 $17.7M Reduce -1.0%
KO The Coca-Cola Co. 1.58% 244,149 $17.3M Add +0.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.40% 123,793 $15.3M Reduce -0.4%
NEE Nextera Energy Inc. 1.38% 216,604 $15.0M Reduce -1.0%
ICE Intercontinental Exchange Inc. 1.33% 79,489 $14.6M Add +0.1%
XLF SS Financial Select Sector 1.29% 268,854 $14.1M No change
ETN Eaton Corp. PLC 1.28% 39,327 $14.0M Reduce -0.5%
HON Honeywell International Inc. 1.22% 57,326 $13.4M Reduce -0.7%
MRK Merck & Co. Inc. 1.21% 167,789 $13.3M Reduce -0.1%
IJH iShares Core S&P Midcap ETF 1.20% 211,136 $13.1M Add +0.2%
PGR Progressive Corp. 1.18% 48,544 $13.0M Add +0.1%
UNP Union Pacific Corp. 1.16% 54,942 $12.6M Reduce -0.8%
DNA Ginkgo Bioworks Holdings Inc. 1.11% 1,077,241 $12.1M Reduce -1.6%
XLI SS Industrial Select Sector 1.11% 82,117 $12.1M No change
PEP Pepsico Inc. 1.09% 90,541 $12.0M Reduce -0.6%
SPEM State Street SP PTF Em ETF 1.09% 278,646 $11.9M Add +0.1%
NOW ServiceNow Inc. 1.03% 10,922 $11.2M Add +96.1%
XYL Xylem Inc. 1.00% 84,446 $10.9M Reduce -0.1%
CRM Salesforce Inc. 0.93% 37,315 $10.2M Reduce -1.6%
XLY SS Consumer Disc Select Sect 0.85% 42,527 $9.2M No change
HD Home Depot Inc. 0.84% 25,089 $9.2M Add +0.0%
IXUS iShares Core Intl Stock ETF 0.84% 118,590 $9.2M New
ECL Ecolab Inc. 0.82% 33,231 $9.0M Add +0.1%
ZTS Zoetis Inc. 0.79% 55,254 $8.6M Reduce -1.8%
VZ Verizon Communications Inc. 0.79% 198,828 $8.6M Add +0.1%
META Meta Platforms Inc. Class A 0.76% 11,208 $8.3M Reduce -0.4%
ITOT iShares Core S&P Total U.S. 0.70% 56,957 $7.7M Reduce -1.9%
PANW Palo Alto Networks Inc. 0.70% 37,301 $7.6M Add +0.3%
XLV SS Health Care Select Sector 0.67% 54,169 $7.3M No change
ANET Arista Networks Inc. 0.66% 70,373 $7.2M Reduce -0.1%
XLC SS Comm Select Sector SPDR 0.63% 63,576 $6.9M No change
LLY Eli Lilly & Co. 0.61% 8,528 $6.6M Add +0.7%
ORLY O'reilly Automotive Inc. 0.60% 72,630 $6.5M Add +0.7%
BRK.B Berkshire Hathaway Inc. Class B 0.58% 13,030 $6.3M Add +2.9%
PLD Prologis Inc. 0.57% 59,476 $6.3M Reduce -0.0%
BDX Becton Dickinson and Co. 0.57% 35,913 $6.2M Add +0.2%
RIO Rio Tinto PLC-Spon ADR 0.50% 94,520 $5.5M Reduce -0.1%
IBB iShares Biotechnology ETF 0.49% 42,731 $5.4M Reduce -0.6%
XOM Exxon Mobil Corp. 0.44% 44,825 $4.8M Reduce -0.1%
TSLA Tesla Inc. 0.39% 13,486 $4.3M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.32% 42,689 $3.5M Reduce -0.2%
DSI iShares ESG MSCI KLD 400 ETF 0.29% 26,938 $3.1M Add +5.2%
XLRE SS Real Estate Select Sector 0.28% 74,904 $3.1M No change
ADP Automatic Data Processing 0.28% 9,773 $3.0M Reduce -3.2%
GOOG Alphabet Inc. Class C 0.27% 16,737 $3.0M Add +3.6%
ADBE Adobe Inc. 0.26% 7,383 $2.9M Reduce -76.2%
ABBV Abbvie Inc. 0.22% 13,218 $2.5M Reduce -6.0%
COST Costco Wholesale Corp. 0.22% 2,407 $2.4M Add +0.4%
CSCO Cisco Systems Inc. 0.21% 33,660 $2.3M No change
MCD McDonald's Corp. 0.20% 7,642 $2.2M Reduce -2.4%
IVV iShares Core S&P 500 ETF 0.18% 3,125 $1.9M No change
GLDM SPDR Gold Minishares Trust 0.17% 28,711 $1.9M No change
GLD SPDR Gold Shares 0.15% 5,393 $1.6M No change
EMR Emerson Electric Co. 0.15% 12,023 $1.6M No change
MA Mastercard Inc. Class A 0.14% 2,762 $1.6M Reduce -4.1%
INTU Intuit Inc. 0.14% 1,882 $1.5M Reduce -8.6%
SYK Stryker Corp. 0.12% 3,340 $1.3M Reduce -7.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.12% 10,174 $1.3M Reduce -3.6%
RTX RTX Corp. 0.11% 7,990 $1.2M Reduce -0.5%
ACN Accenture PLC Class A 0.10% 3,738 $1.1M Reduce -0.8%
SCHW Schwab (charles) Corp. 0.09% 11,300 $1.0M No change
XLB SS Materials Select Sector 0.09% 11,305 $993K No change
CVX Chevron Corp. 0.09% 6,919 $991K Reduce -2.6%
ADI Analog Devices Inc. 0.08% 3,900 $928K No change
APD Air Products & Chemicals Inc. 0.08% 3,120 $880K No change
FISV Fiserv Inc. 0.07% 4,483 $773K Reduce -11.5%
CHD Church & Dwight Co. Inc. 0.07% 7,850 $754K Reduce -7.9%
RY Royal Bank of Canada 0.07% 5,600 $737K No change
BRK.A Berkshire Hathaway Inc. Class A 0.07% 1 $729K No change
ORCL Oracle Corp. 0.06% 3,102 $678K No change
NSRGY Nestle SA-Spons ADR 0.06% 6,621 $658K Reduce -7.5%
BX Blackstone Inc. 0.06% 4,108 $614K Add +0.6%
ISRG Intuitive Surgical Inc. 0.06% 1,121 $609K No change
JPST JPMorgan Ultra-Short Income 0.06% 12,003 $608K Add +148.5%
INTC Intel Corp. 0.06% 26,936 $603K Reduce -0.2%
CMCSA Comcast Corp. Class A 0.05% 16,721 $597K No change
NKE Nike Inc. Class B 0.05% 7,755 $551K Reduce -0.6%
ITW Illinois Tool Works 0.05% 2,223 $550K Reduce -7.3%
PNC PNC Financial Services Group 0.05% 2,907 $542K Reduce -13.0%
USB US Bancorp 0.05% 11,330 $513K Reduce -10.6%
BA The Boeing Co. 0.05% 2,436 $510K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 816 $504K No change
CAT Caterpillar Inc. 0.05% 1,277 $496K Reduce -19.7%
YUM Yum! Brands Inc. 0.04% 3,235 $479K No change
MMM 3M Co. 0.04% 3,038 $463K No change
PRGS Progress Software Corp. 0.04% 7,120 $455K No change
STT State Street Corp. 0.04% 4,269 $454K No change
CARR Carrier Global Corp. 0.04% 6,053 $443K Reduce -0.5%
NVCT Nuvectis Pharma Inc. 0.04% 59,000 $441K No change
BMY Bristol-Myers Squibb Co. 0.04% 9,484 $439K No change
DHR Danaher Corp. 0.04% 2,222 $439K Reduce -7.0%
PFE Pfizer Inc. 0.04% 17,843 $433K Reduce -11.0%
NFLX Netflix Inc. 0.04% 314 $420K Reduce -1.6%
PAYX Paychex Inc. 0.04% 2,884 $420K No change
WY Weyerhaeuser Co. 0.04% 16,101 $414K No change
GE General Electric filed as GE AEROSPACE 0.04% 1,595 $411K No change
CNI Canadian Natl Railway Co. 0.04% 3,810 $396K Reduce -9.5%
AXSM Axsome Therapeutics Inc. 0.04% 3,704 $387K Reduce -3.5%
CTVA Corteva Inc. 0.03% 5,110 $381K No change
SBUX Starbucks Corp. 0.03% 3,886 $356K Reduce -2.1%
EW Edwards Lifesciences Corp. 0.03% 4,469 $350K Reduce -15.4%
GPC Genuine Parts Co. 0.03% 2,865 $348K No change
DD Dupont DE Nemours Inc. 0.03% 4,991 $342K No change
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.03% 6,000 $332K No change
SPGI S&P Global Inc. 0.03% 606 $320K Add +6.5%
ROP Roper Technologies Inc. 0.03% 542 $307K Reduce -12.2%
CINF Cincinnati Financial Corp. 0.03% 1,996 $297K Reduce -7.4%
OTIS Otis Worldwide Corp. 0.03% 2,781 $275K Reduce -0.8%
QCOM Qualcomm Inc. 0.02% 1,680 $268K No change
EPD Enterprise Products Partners 0.02% 8,500 $264K No change
IEF iShares 7-10 Year Treasury B 0.02% 2,732 $262K Reduce -4.5%
PWCDF Power Corp. of Canada 0.02% 6,400 $250K No change
AMT American Tower Corp. 0.02% 1,128 $249K Add +6.9%
TGT Target Corp. 0.02% 2,472 $244K No change
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.02% 4,786 $244K No change
PCAR Paccar Inc. 0.02% 2,553 $243K Reduce -2.6%
BIIB Biogen Inc. 0.02% 1,869 $235K No change
SO The Southern Co. 0.02% 2,472 $227K No change
CHKP Check Point Software Tech 0.02% 1,005 $222K Reduce -29.2%
URI United Rentals Inc. 0.02% 290 $218K New
QQQ Invesco QQQ Trust Series 1 0.02% 374 $206K New
GLW Corning Inc. 0.02% 3,867 $203K New
XAIR Beyond Air Inc. 0.00% 35,020 $6K No change

Portfolio Sells Q1 2025 → Q2 2025
IAU iShares Gold Trust Reduce -19.3% 6.66% −1.60
UNH Unitedhealth Group Inc. Sold out 0.00% −0.97
ADBE Adobe Inc. Reduce -76.2% 0.26% −0.89
AAPL Apple Inc. Reduce -2.6% 4.60% −0.81
JNJ Johnson & Johnson Reduce -1.0% 1.62% −0.26
MRK Merck & Co. Inc. Reduce -0.1% 1.21% −0.24
PG The Procter & Gamble Co. Reduce -0.2% 1.72% −0.23
PEP Pepsico Inc. Reduce -0.6% 1.09% −0.23
NEE Nextera Energy Inc. Reduce -1.0% 1.38% −0.13
UNP Union Pacific Corp. Reduce -0.8% 1.16% −0.11
ZTS Zoetis Inc. Reduce -1.8% 0.79% −0.11
V Visa Inc. Class A Reduce -0.1% 2.13% −0.10
ABT Abbott Laboratories Reduce -1.3% 1.72% −0.08
XOM Exxon Mobil Corp. Reduce -0.1% 0.44% −0.07
PLD Prologis Inc. Reduce -0.0% 0.57% −0.07
TJX TJX Companies Inc. Reduce -0.4% 1.40% −0.07
ABBV Abbvie Inc. Reduce -6.0% 0.22% −0.06
CRM Salesforce Inc. Reduce -1.6% 0.93% −0.06
RIO Rio Tinto PLC-Spon ADR Reduce -0.1% 0.50% −0.05
IBB iShares Biotechnology ETF Reduce -0.6% 0.49% −0.04
FISV Fiserv Inc. Reduce -11.5% 0.07% −0.04
MCD McDonald's Corp. Reduce -2.4% 0.20% −0.03
CVX Chevron Corp. Reduce -2.6% 0.09% −0.02
ADP Automatic Data Processing Reduce -3.2% 0.28% −0.02
CHD Church & Dwight Co. Inc. Reduce -7.9% 0.07% −0.02
ACN Accenture PLC Class A Reduce -0.8% 0.10% −0.01
CHKP Check Point Software Tech Reduce -29.2% 0.02% −0.01
MA Mastercard Inc. Class A Reduce -4.1% 0.14% −0.01
NSRGY Nestle SA-Spons ADR Reduce -7.5% 0.06% −0.01
PFE Pfizer Inc. Reduce -11.0% 0.04% −0.01
SYK Stryker Corp. Reduce -7.3% 0.12% −0.01
AXSM Axsome Therapeutics Inc. Reduce -3.5% 0.04% −0.01
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -0.2% 0.32% −0.01
ITW Illinois Tool Works Reduce -7.3% 0.05% −0.01
DHR Danaher Corp. Reduce -7.0% 0.04% −0.01
PNC PNC Financial Services Group Reduce -13.0% 0.05% −0.01
ROP Roper Technologies Inc. Reduce -12.2% 0.03% −0.01
CAT Caterpillar Inc. Reduce -19.7% 0.05% −0.01
SBUX Starbucks Corp. Reduce -2.1% 0.03% −0.01
EW Edwards Lifesciences Corp. Reduce -15.4% 0.03% −0.01
USB US Bancorp Reduce -10.6% 0.05% −0.00
LOW Lowe's Cos Inc. Sold out 0.00% −0.00
INTC Intel Corp. Reduce -0.2% 0.06% −0.00
CINF Cincinnati Financial Corp. Reduce -7.4% 0.03% −0.00
CNI Canadian Natl Railway Co. Reduce -9.5% 0.04% −0.00
OTIS Otis Worldwide Corp. Reduce -0.8% 0.03% −0.00
IEF iShares 7-10 Year Treasury B Reduce -4.5% 0.02% −0.00
PCAR Paccar Inc. Reduce -2.6% 0.02% −0.00
NKE Nike Inc. Class B Reduce -0.6% 0.05% +0.00
CARR Carrier Global Corp. Reduce -0.5% 0.04% +0.00

Portfolio Buys Q1 2025 → Q2 2025
IXUS iShares Core Intl Stock ETF New 0.84% +0.84
NOW ServiceNow Inc. Add +96.1% 1.03% +0.60
AMZN Amazon.com Inc. Add +0.4% 3.77% +0.32
IBM Intl Business Machines Corp. Add +0.1% 1.88% +0.20
PANW Palo Alto Networks Inc. Add +0.3% 0.70% +0.08
WMT Walmart Inc. Add +0.0% 1.63% +0.08
DSI iShares ESG MSCI KLD 400 ETF Add +5.2% 0.29% +0.03
JPST JPMorgan Ultra-Short Income Add +148.5% 0.06% +0.03
SPEM State Street SP PTF Em ETF Add +0.1% 1.09% +0.03
GOOG Alphabet Inc. Class C Add +3.6% 0.27% +0.03
URI United Rentals Inc. New 0.02% +0.02
QQQ Invesco QQQ Trust Series 1 New 0.02% +0.02
GLW Corning Inc. New 0.02% +0.02
VIG Vanguard Dividend Apprec ETF Add +1.0% 1.63% +0.01
ICE Intercontinental Exchange Inc. Add +0.1% 1.33% +0.01
IJH iShares Core S&P Midcap ETF Add +0.2% 1.20% +0.01
ECL Ecolab Inc. Add +0.1% 0.82% +0.00
SPGI S&P Global Inc. Add +6.5% 0.03% +0.00
BX Blackstone Inc. Add +0.6% 0.06% +0.00
AMT American Tower Corp. Add +6.9% 0.02% +0.00
COST Costco Wholesale Corp. Add +0.4% 0.22% −0.00
HD Home Depot Inc. Add +0.0% 0.84% −0.05
ORLY O'reilly Automotive Inc. Add +0.7% 0.60% −0.07
LLY Eli Lilly & Co. Add +0.7% 0.61% −0.07
BRK.B Berkshire Hathaway Inc. Class B Add +2.9% 0.58% −0.07
LIN Linde PLC Add +0.2% 1.63% −0.08
VZ Verizon Communications Inc. Add +0.1% 0.79% −0.09
KO The Coca-Cola Co. Add +0.1% 1.58% −0.11
PGR Progressive Corp. Add +0.1% 1.18% −0.14
BDX Becton Dickinson and Co. Add +0.2% 0.57% −0.23
XLE SS Energy Select Sector Add +0.2% 2.92% −0.48

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