Forbes J M & Co. LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), Forbes J M & Co. LLP reported 140 stock positions worth $1.2 billion. Its top holding was iShares Gold Trust (IAU) at 7.1% of the portfolio, followed by Microsoft (MSFT, 6.8%) and Nvidia (NVDA, 6.3%). Compared with Q2 2025, it opened 3 new positions, sold out of 4, added to 77 and reduced 20. The biggest buy was Alphabet Class A (GOOGL, shares +1%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −5%).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001067532
Portfolio Value
$1.2B (Q3 2025)
SEC Filing
0001140361-25-039557 ↗ filed Oct 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 Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.2B $1.2B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 140 stocks · $1.2B
IAU iShares Gold Trust 7.12% 1,177,418 $85.7M Add +0.8%
MSFT Microsoft Corp. 6.76% 157,067 $81.4M Add +0.5%
NVDA Nvidia Corp. 6.35% 409,314 $76.4M Add +0.9%
AAPL Apple Inc. 5.22% 246,592 $62.8M Add +0.5%
GOOGL Alphabet Inc. Class A 4.61% 228,156 $55.5M Add +0.8%
AMZN Amazon.com Inc. 3.44% 188,687 $41.4M Add +0.3%
AVGO Broadcom Inc. 3.23% 117,739 $38.8M Add +0.9%
XLE SS Energy Select Sector 2.82% 379,416 $33.9M Add +0.8%
JPM JPMorgan Chase & Co. 2.56% 97,707 $30.8M Add +0.9%
XLK SS Technology Select Sector 2.05% 87,399 $24.6M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.97% 458,916 $23.7M Add +1.3%
V Visa Inc. Class A 1.89% 66,462 $22.7M Add +1.1%
JNJ Johnson & Johnson 1.79% 115,972 $21.5M Add +0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.66% 70,590 $19.9M Add +1.3%
WMT Walmart Inc. 1.58% 184,430 $19.0M Add +1.0%
VIG Vanguard Dividend Apprec ETF 1.57% 87,751 $18.9M Add +0.9%
ABT Abbott Laboratories 1.55% 139,005 $18.6M Add +0.7%
PG The Procter & Gamble Co. 1.52% 118,694 $18.2M Add +0.6%
LIN Linde PLC 1.52% 38,386 $18.2M Add +1.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.49% 124,057 $17.9M Add +0.2%
KO The Coca-Cola Co. 1.36% 246,757 $16.4M Add +1.1%
NEE Nextera Energy Inc. 1.36% 216,773 $16.4M Add +0.1%
DNA Ginkgo Bioworks Holdings Inc. 1.28% 1,060,341 $15.5M Reduce -1.6%
ETN Eaton Corp. PLC 1.24% 39,781 $14.9M Add +1.1%
XLF SS Financial Select Sector 1.20% 268,854 $14.5M No change
MRK Merck & Co. Inc. 1.18% 169,447 $14.2M Add +1.0%
IJH iShares Core S&P Midcap ETF 1.16% 213,957 $14.0M Add +1.3%
ICE Intercontinental Exchange Inc. 1.13% 80,545 $13.6M Add +1.3%
SPEM State Street SP PTF Em ETF 1.10% 282,138 $13.2M Add +1.3%
UNP Union Pacific Corp. 1.09% 55,510 $13.1M Add +1.0%
PEP Pepsico Inc. 1.06% 91,088 $12.8M Add +0.6%
XLI SS Industrial Select Sector 1.05% 82,117 $12.7M No change
XYL Xylem Inc. 1.05% 85,616 $12.6M Add +1.4%
HON Honeywell International Inc. 1.01% 57,886 $12.2M Add +1.0%
PGR Progressive Corp. 1.01% 49,009 $12.1M Add +1.0%
ANET Arista Networks Inc. 0.86% 71,111 $10.4M Add +1.1%
XLY SS Consumer Disc Select Sect 0.85% 42,527 $10.2M No change
HD Home Depot Inc. 0.84% 25,090 $10.2M Add +0.0%
NOW ServiceNow Inc. 0.84% 10,940 $10.1M Add +0.2%
IXUS iShares Core Intl Stock ETF 0.82% 120,221 $9.9M Add +1.4%
ECL Ecolab Inc. 0.77% 33,687 $9.2M Add +1.4%
CRM Salesforce Inc. 0.74% 37,770 $9.0M Add +1.2%
LLY Eli Lilly & Co. 0.74% 11,714 $8.9M Add +37.4%
VZ Verizon Communications Inc. 0.73% 200,917 $8.8M Add +1.1%
ITOT iShares Core S&P Total U.S. 0.69% 56,952 $8.3M Reduce -0.0%
CSCO Cisco Systems Inc. 0.69% 120,679 $8.3M Add +258.5%
META Meta Platforms Inc. Class A 0.69% 11,231 $8.2M Add +0.2%
ZTS Zoetis Inc. 0.67% 55,505 $8.1M Add +0.5%
ORLY O'reilly Automotive Inc. 0.66% 73,450 $7.9M Add +1.1%
PANW Palo Alto Networks Inc. 0.64% 38,108 $7.8M Add +2.2%
XLV SS Health Care Select Sector 0.63% 54,169 $7.5M No change
XLC SS Comm Select Sector SPDR 0.63% 63,576 $7.5M No change
PLD Prologis Inc. 0.57% 60,123 $6.9M Add +1.1%
BDX Becton Dickinson and Co. 0.56% 35,927 $6.7M Add +0.0%
RIO Rio Tinto PLC-Spon ADR 0.52% 95,645 $6.3M Add +1.2%
IBB iShares Biotechnology ETF 0.52% 43,217 $6.2M Add +1.1%
BRK.B Berkshire Hathaway Inc. Class B 0.52% 12,373 $6.2M Reduce -5.0%
TSLA Tesla Inc. 0.50% 13,415 $6.0M Reduce -0.5%
XOM Exxon Mobil Corp. 0.42% 44,853 $5.1M Add +0.1%
GOOG Alphabet Inc. Class C 0.32% 16,043 $3.9M Reduce -4.2%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.31% 42,689 $3.7M No change
DSI iShares ESG MSCI KLD 400 ETF 0.29% 28,115 $3.5M Add +4.4%
ABBV Abbvie Inc. 0.26% 13,635 $3.2M Add +3.1%
XLRE SS Real Estate Select Sector 0.26% 74,904 $3.2M No change
ADP Automatic Data Processing 0.23% 9,328 $2.7M Reduce -4.5%
ADBE Adobe Inc. 0.21% 7,141 $2.5M Reduce -3.3%
COST Costco Wholesale Corp. 0.19% 2,434 $2.3M Add +1.1%
MCD McDonald's Corp. 0.18% 7,305 $2.2M Reduce -4.4%
GLDM SPDR Gold Minishares Trust 0.18% 28,711 $2.2M No change
IVV iShares Core S&P 500 ETF 0.17% 3,125 $2.1M No change
MA Mastercard Inc. Class A 0.17% 3,676 $2.1M Add +33.1%
GLD SPDR Gold Shares 0.16% 5,406 $1.9M Add +0.2%
EMR Emerson Electric Co. 0.13% 12,090 $1.6M Add +0.6%
RTX RTX Corp. 0.11% 7,607 $1.3M Reduce -4.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.10% 10,196 $1.2M Add +0.2%
INTU Intuit Inc. 0.09% 1,635 $1.1M Reduce -13.1%
SCHW Schwab (charles) Corp. 0.09% 11,302 $1.1M Add +0.0%
SYK Stryker Corp. 0.09% 2,884 $1.1M Reduce -13.7%
CVX Chevron Corp. 0.09% 6,687 $1.0M Reduce -3.4%
XLB SS Materials Select Sector 0.08% 11,305 $1.0M No change
ACN Accenture PLC Class A 0.08% 3,738 $922K No change
INTC Intel Corp. 0.08% 26,936 $904K No change
ORCL Oracle Corp. 0.07% 3,124 $879K Add +0.7%
ADI Analog Devices Inc. 0.07% 3,496 $859K Reduce -10.4%
APD Air Products & Chemicals Inc. 0.07% 3,120 $851K No change
RY Royal Bank of Canada 0.07% 5,600 $825K No change
BRK.A Berkshire Hathaway Inc. Class A 0.06% 1 $754K No change
BX Blackstone Inc. 0.06% 4,109 $702K Add +0.0%
ITW Illinois Tool Works 0.05% 2,401 $626K Add +8.0%
NSRGY Nestle SA-Spons ADR 0.05% 6,643 $610K Add +0.3%
CAT Caterpillar Inc. 0.05% 1,277 $609K No change
CHD Church & Dwight Co. Inc. 0.05% 6,930 $607K Reduce -11.7%
PNC PNC Financial Services Group 0.05% 2,955 $594K Add +1.6%
FISV Fiserv Inc. 0.05% 4,483 $578K No change
USB US Bancorp 0.05% 11,438 $553K Add +0.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 816 $544K No change
NKE Nike Inc. Class B 0.04% 7,755 $541K No change
BA The Boeing Co. 0.04% 2,436 $526K No change
CMCSA Comcast Corp. Class A 0.04% 16,548 $520K Reduce -1.0%
ISRG Intuitive Surgical Inc. 0.04% 1,122 $502K Add +0.1%

Show all 140 holdings

Portfolio Sells Q2 2025 → Q3 2025
BRK.B Berkshire Hathaway Inc. Class B Reduce -5.0% 0.52% −0.06
ADBE Adobe Inc. Reduce -3.3% 0.21% −0.05
ADP Automatic Data Processing Reduce -4.5% 0.23% −0.05
INTU Intuit Inc. Reduce -13.1% 0.09% −0.04
SYK Stryker Corp. Reduce -13.7% 0.09% −0.03
ROP Roper Technologies Inc. Sold out 0.00% −0.03
JMST JPM Ultra-Short Muni Income Sold out 0.00% −0.02
MCD McDonald's Corp. Reduce -4.4% 0.18% −0.02
GLW Corning Inc. Sold out 0.00% −0.02
CHD Church & Dwight Co. Inc. Reduce -11.7% 0.05% −0.02
JPST JPMorgan Ultra-Short Income Reduce -18.4% 0.04% −0.01
ITOT iShares Core S&P Total U.S. Reduce -0.0% 0.69% −0.01
ADI Analog Devices Inc. Reduce -10.4% 0.07% −0.01
CNI Canadian Natl Railway Co. Reduce -18.7% 0.02% −0.01
CMCSA Comcast Corp. Class A Reduce -1.0% 0.04% −0.01
DHR Danaher Corp. Reduce -19.4% 0.03% −0.01
EW Edwards Lifesciences Corp. Reduce -25.8% 0.02% −0.01
WY Weyerhaeuser Co. Reduce -4.0% 0.03% −0.01
CVX Chevron Corp. Reduce -3.4% 0.09% −0.00
RTX RTX Corp. Reduce -4.8% 0.11% −0.00
XAIR Beyond Air Inc. Sold out 0.00% −0.00
GOOG Alphabet Inc. Class C Reduce -4.2% 0.32% +0.05
TSLA Tesla Inc. Reduce -0.5% 0.50% +0.10
DNA Ginkgo Bioworks Holdings Inc. Reduce -1.6% 1.28% +0.18

Portfolio Buys Q2 2025 → Q3 2025
GOOGL Alphabet Inc. Class A Add +0.8% 4.61% +0.96
AAPL Apple Inc. Add +0.5% 5.22% +0.61
NVDA Nvidia Corp. Add +0.9% 6.35% +0.48
CSCO Cisco Systems Inc. Add +258.5% 0.69% +0.47
IAU iShares Gold Trust Add +0.8% 7.12% +0.46
AVGO Broadcom Inc. Add +0.9% 3.23% +0.29
ANET Arista Networks Inc. Add +1.1% 0.86% +0.20
JNJ Johnson & Johnson Add +0.1% 1.79% +0.17
LLY Eli Lilly & Co. Add +37.4% 0.74% +0.13
TJX TJX Companies Inc. Add +0.2% 1.49% +0.09
ORLY O'reilly Automotive Inc. Add +1.1% 0.66% +0.06
XYL Xylem Inc. Add +1.4% 1.05% +0.05
ABBV Abbvie Inc. Add +3.1% 0.26% +0.04
MA Mastercard Inc. Class A Add +33.1% 0.17% +0.03
IBB iShares Biotechnology ETF Add +1.1% 0.52% +0.02
RIO Rio Tinto PLC-Spon ADR Add +1.2% 0.52% +0.02
LMT Lockheed Martin Corp. New 0.02% +0.02
MDY State Street SPDR S&P Midcap New 0.02% +0.02
LRCX Lam Research Corp. New 0.02% +0.02
ORCL Oracle Corp. Add +0.7% 0.07% +0.01
GLD SPDR Gold Shares Add +0.2% 0.16% +0.01
SPEM State Street SP PTF Em ETF Add +1.3% 1.10% +0.01
DSI iShares ESG MSCI KLD 400 ETF Add +4.4% 0.29% +0.01
BAC Bank of America Corp. Add +1.3% 1.97% +0.01
HD Home Depot Inc. Add +0.0% 0.84% +0.00
GE General Electric Add +0.1% 0.04% +0.00
BX Blackstone Inc. Add +0.0% 0.06% +0.00
ITW Illinois Tool Works Add +8.0% 0.05% +0.00
PLD Prologis Inc. Add +1.1% 0.57% +0.00
PWCDF Power Corp. of Canada Add +0.1% 0.02% +0.00
PNC PNC Financial Services Group Add +1.6% 0.05% −0.00
PCAR Paccar Inc. Add +4.3% 0.02% −0.00
USB US Bancorp Add +0.9% 0.05% −0.00
QCOM Qualcomm Inc. Add +0.6% 0.02% −0.00
SO The Southern Co. Add +0.7% 0.02% −0.00
PFE Pfizer Inc. Add +0.4% 0.04% −0.00
YUM Yum! Brands Inc. Add +1.6% 0.04% −0.00
MMM 3M Co. Add +0.1% 0.04% −0.00
OTIS Otis Worldwide Corp. Add +1.0% 0.02% −0.00
SPGI S&P Global Inc. Add +3.5% 0.03% −0.00
BMY Bristol-Myers Squibb Co. Add +0.1% 0.04% −0.00
SCHW Schwab (charles) Corp. Add +0.0% 0.09% −0.00
SBUX Starbucks Corp. Add +0.1% 0.03% −0.01
JPM JPMorgan Chase & Co. Add +0.9% 2.56% −0.01
NFLX Netflix Inc. Add +4.5% 0.03% −0.01
BDX Becton Dickinson and Co. Add +0.0% 0.56% −0.01
NSRGY Nestle SA-Spons ADR Add +0.3% 0.05% −0.01
IXUS iShares Core Intl Stock ETF Add +1.4% 0.82% −0.01
ISRG Intuitive Surgical Inc. Add +0.1% 0.04% −0.01
EMR Emerson Electric Co. Add +0.6% 0.13% −0.01

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