Godshalk Welsh Capital Management, Inc.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Godshalk Welsh Capital Management, Inc. reported 121 stock positions worth $148.8 million. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by Apple (AAPL, 4.7%) and Intuit (INTU, 3.5%). Compared with Q4 2023, it opened 10 new positions, sold out of 6, added to 38 and reduced 36. The biggest buy was a new position in iShares Short-Term National (SUB) and the biggest sale an exit from Nestle SA-Spons ADR (NSRGY).

Most Recent 13F
Q2 2026
Location
RADNOR, PA
CIK
0001631775
Portfolio Value
$148.8M (Q1 2024)
SEC Filing
0001631775-24-000002 ↗ filed May 15, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $148.8M $148.8M Q1 2024 Q2 2024: $150.0M Q2 2024 Q3 2024: $158.2M Q3 2024 Q4 2024: $154.9M Q4 2024 Q1 2025: $152.9M Q1 2025 Q2 2025: $162.3M Q2 2025 Q3 2025: $174.3M Q3 2025 Q4 2025: $175.1M Q4 2025 Q1 2026: $172.5M Q1 2026 Q2 2026: $185.6M Q2 2026

Holdings 121 stocks · $148.8M
MSFT Microsoft Corp. 6.79% 24,032 $10.1M Reduce -1.4%
AAPL Apple Inc. 4.66% 40,431 $6.9M Add +0.1%
INTU Intuit Inc. 3.53% 8,080 $5.3M Reduce -0.6%
COST Costco Wholesale Corp. 3.34% 6,794 $5.0M No change
BRK.B Berkshire Hathaway Inc. Class B 2.94% 10,398 $4.4M Reduce -1.2%
ORCL Oracle Corp. 2.81% 33,235 $4.2M Reduce -0.6%
GMED Globus Medical Inc. Class A 2.56% 71,035 $3.8M No change
GOOGL Alphabet Inc. Class A 2.12% 20,925 $3.2M Reduce -0.2%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 2.01% 33,904 $3.0M Reduce -0.1%
AXP American Express Co. 1.97% 12,863 $2.9M Add +0.2%
MRK Merck & Co. Inc. 1.82% 20,523 $2.7M Reduce -0.7%
IWM iShares Russell 2000 ETF 1.76% 12,466 $2.6M Add +2.1%
PG The Procter & Gamble Co. 1.67% 15,355 $2.5M Add +1.0%
RSP Invesco S&P 500 Equal Weight 1.67% 14,685 $2.5M Reduce -0.1%
HD Home Depot Inc. 1.60% 6,214 $2.4M Reduce -1.6%
LOW Lowe's Cos Inc. 1.57% 9,160 $2.3M Reduce -2.4%
PAYX Paychex Inc. 1.50% 18,175 $2.2M Reduce -0.1%
JPM JPMorgan Chase & Co. 1.43% 10,650 $2.1M Add +0.7%
ADP Automatic Data Processing 1.35% 8,035 $2.0M No change
CSCO Cisco Systems Inc. 1.33% 39,577 $2.0M Reduce -0.3%
WM Waste Management Inc. 1.32% 9,245 $2.0M Add +0.3%
IEFA iShares Core MSCI Eafe ETF 1.30% 26,121 $1.9M Add +5.7%
JNJ Johnson & Johnson 1.30% 12,206 $1.9M Reduce -0.2%
GOOG Alphabet Inc. Class C 1.30% 12,675 $1.9M No change
SYY Sysco Corp. 1.28% 23,413 $1.9M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.22% 47,895 $1.8M No change
CVX Chevron Corp. 1.20% 11,288 $1.8M Add +0.9%
PEP Pepsico Inc. 1.12% 9,505 $1.7M Add +1.1%
ZTS Zoetis Inc. 1.02% 8,940 $1.5M Reduce -2.3%
TGT Target Corp. 0.97% 8,170 $1.4M Add +0.5%
UPS United Parcel Service Class B 0.97% 9,737 $1.4M No change
SBUX Starbucks Corp. 0.96% 15,560 $1.4M Reduce -0.6%
VIG Vanguard Dividend Apprec ETF 0.94% 7,673 $1.4M Add +0.3%
BX Blackstone Inc. 0.92% 10,430 $1.4M Reduce -0.5%
BDX Becton Dickinson and Co. 0.92% 5,505 $1.4M Add +1.4%
MCD McDonald's Corp. 0.90% 4,735 $1.3M Reduce -1.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.89% 13,100 $1.3M Reduce -0.4%
PSX Phillips 66 0.85% 7,775 $1.3M Add +4.7%
VLO Valero Energy Corp. 0.85% 7,425 $1.3M No change
AMT American Tower Corp. 0.84% 6,360 $1.3M Reduce -1.3%
ECL Ecolab Inc. 0.80% 5,170 $1.2M No change
V Visa Inc. Class A 0.78% 4,159 $1.2M Add +0.1%
UNH Unitedhealth Group Inc. 0.78% 2,335 $1.2M Add +0.4%
CI Cigna Holding Co. filed as CIGNA CORP 0.77% 3,150 $1.1M No change
COP Conocophillips 0.74% 8,651 $1.1M Add +0.6%
MDLZ Mondelez International Inc. Class A 0.72% 15,312 $1.1M No change
SUB iShares Short-Term National 0.72% 10,200 $1.1M New
ABBV Abbvie Inc. 0.70% 5,681 $1.0M Reduce -0.4%
CMCSA Comcast Corp. Class A 0.69% 23,774 $1.0M Reduce -1.4%
RPM RPM International Inc. 0.69% 8,655 $1.0M No change
CSX CSX Corp. 0.69% 27,690 $1.0M Reduce -0.7%
WTRG Essential Utilities Inc. 0.69% 27,586 $1.0M No change
FDVV Fidelity High Dividend ETF 0.68% 22,475 $1.0M Add +3.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.66% 1,875 $981K No change
YUM Yum! Brands Inc. 0.61% 6,595 $914K No change
CVS CVS Health Corp. 0.60% 11,200 $893K Add +0.5%
RTX RTX Corp. 0.59% 9,076 $885K Add +13.8%
WMT Walmart Inc. 0.54% 13,470 $810K Add +2.3%
AOM iShares Core 40/60 Moderate 0.51% 17,910 $766K Add +0.9%
NEE Nextera Energy Inc. 0.51% 11,900 $761K Reduce -2.1%
LHX L3HARRIS Technologies Inc. 0.50% 3,490 $744K Reduce -2.8%
TCAF T Rowe PRC Cap Appreciation 0.50% 24,600 $744K Add +82.9%
VNQ Vanguard Real Estate ETF 0.49% 8,410 $727K No change
UBER Uber Technologies Inc. 0.48% 9,200 $708K No change
MUB iShares National Muni Bond E 0.46% 6,350 $683K Add +27.6%
IDA Idacorp Inc. 0.46% 7,336 $681K No change
CL Colgate-Palmolive Co. 0.45% 7,425 $669K Reduce -1.3%
IWY iShares Russell Top 200 Grow 0.45% 3,410 $665K No change
PGX Invesco Preferred ETF 0.43% 54,000 $642K Add +1.9%
WCN Waste Connections Inc. 0.42% 3,635 $625K Add +19.2%
QQQ Invesco QQQ Trust Series 1 0.41% 1,385 $615K Reduce -3.5%
WOW Wideopenwest Inc. 0.41% 167,898 $608K No change
INTC Intel Corp. 0.41% 13,674 $604K Reduce -8.1%
DD Dupont DE Nemours Inc. 0.38% 7,324 $562K No change
IUSG iShares Core S&P U.S. Growth 0.36% 4,615 $541K Add +1.3%
AWK American Water Works Co. Inc. 0.36% 4,405 $538K No change
AOR iShares Core 60/40 Balanced 0.35% 9,296 $518K Add +0.1%
MAS Masco Corp. 0.34% 6,400 $505K Reduce -0.8%
LMT Lockheed Martin Corp. 0.34% 1,100 $500K No change
BSV Vanguard Short-Term Bond ETF 0.34% 6,523 $500K Reduce -7.0%
DGX Quest Diagnostics Inc. 0.32% 3,600 $479K No change
IBDR iShares Ibonds Dec 2026 Term 0.31% 19,500 $465K Add +34.5%
ED Consolidated Edison Inc. 0.30% 4,950 $450K Reduce -2.0%
MET Metlife Inc. 0.30% 6,000 $445K No change
MA Mastercard Inc. Class A 0.30% 914 $440K Add +1.6%
IBDQ iShares Ibonds Dec 2025 Term 0.28% 17,050 $423K Add +17.2%
CLX Clorox Company 0.28% 2,725 $417K No change
RSG Republic Services Inc. 0.28% 2,150 $412K Reduce -4.4%
SPHY SS SPDR P High Yield ETF 0.28% 17,500 $411K Add +16.7%
MMM 3M Co. 0.27% 3,735 $396K Add +11.2%
TSM Taiwan Semiconductor-SP ADR 0.26% 2,790 $380K New
CAVA Cava Group Inc. 0.25% 5,375 $377K New
ABT Abbott Laboratories 0.25% 3,282 $373K Reduce -3.0%
LH Laboratory CRP of Amer Hldgs 0.23% 1,580 $345K Add +1.6%
ELV Elevance Health Inc. 0.23% 650 $337K No change
UNP Union Pacific Corp. 0.22% 1,325 $326K Add +1.1%
EEMV iShares MSCI Emg MKT Min Vol 0.21% 5,600 $317K Reduce -4.3%
VCR Vanguard Consumer Discre ETF 0.21% 985 $313K No change
EFA iShares MSCI Eafe ETF 0.20% 3,800 $303K Add +35.7%
IGSB iShares 1-5Y Inv Grade Corp. 0.20% 5,859 $300K Add +0.5%
BIV Vanguard Intermediate-Term B 0.20% 3,970 $299K Add +2.7%
HSY The Hershey Co. 0.20% 1,525 $297K No change
VTI VG Morningstar TS MKT ETF-US 0.19% 1,115 $290K No change
SCHA Schwab US Small-Cap ETF 0.19% 5,800 $286K No change
GLW Corning Inc. 0.19% 8,600 $283K Reduce -15.3%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 0.18% 11,500 $274K New
BHP BHP Group Ltd.-Spon ADR 0.18% 4,700 $271K No change
NOK Nokia Corp.-Spon ADR 0.17% 1,255 $259K New
SPG Simon Property Group Inc. 0.17% 1,625 $254K No change
KO The Coca-Cola Co. 0.17% 4,100 $251K No change
DHR Danaher Corp. 0.17% 1,000 $250K No change
AMGN Amgen Inc. 0.17% 870 $247K Add +21.7%
BMY Bristol-Myers Squibb Co. 0.16% 4,400 $239K Reduce -21.4%
KMB Kimberly-Clark Corp. 0.16% 1,800 $233K No change
EBAY eBay Inc. 0.15% 4,300 $227K New
VGT Vanguard Info Tech ETF 0.15% 430 $225K No change
GPC Genuine Parts Co. 0.15% 1,400 $217K New
VZ Verizon Communications Inc. 0.14% 5,100 $214K Reduce -19.7%
CB Chubb Ltd. 0.14% 785 $203K New
XOM Exxon Mobil Corp. 0.14% 1,735 $202K New
ERIE Erie Indemnity Company Class A 0.13% 500 $201K New

Portfolio Sells Q4 2023 → Q1 2024
NSRGY Nestle SA-Spons ADR Sold out 0.00% −0.99
iShares Short Term Nat Muni Bd Sold out 0.00% −0.69
UL Unilever PLC Sold out 0.00% −0.30
ZTS Zoetis Inc. Reduce -2.3% 1.02% −0.28
UNF Unifirst Corp. Sold out 0.00% −0.25
PFE Pfizer Inc. Sold out 0.00% −0.21
AMT American Tower Corp. Reduce -1.3% 0.84% −0.16
HON Honeywell International Inc. Sold out 0.00% −0.15
INTC Intel Corp. Reduce -8.1% 0.41% −0.13
SBUX Starbucks Corp. Reduce -0.6% 0.96% −0.12
MCD McDonald's Corp. Reduce -1.0% 0.90% −0.12
INTU Intuit Inc. Reduce -0.6% 3.53% −0.12
CSCO Cisco Systems Inc. Reduce -0.3% 1.33% −0.11
JNJ Johnson & Johnson Reduce -0.2% 1.30% −0.08
CMCSA Comcast Corp. Class A Reduce -1.4% 0.69% −0.07
BX Blackstone Inc. Reduce -0.5% 0.92% −0.06
PAYX Paychex Inc. Reduce -0.1% 1.50% −0.06
BSV Vanguard Short-Term Bond ETF Reduce -7.0% 0.34% −0.05
BMY Bristol-Myers Squibb Co. Reduce -21.4% 0.16% −0.05
LHX L3HARRIS Technologies Inc. Reduce -2.8% 0.50% −0.04
GLW Corning Inc. Reduce -15.3% 0.19% −0.03
VZ Verizon Communications Inc. Reduce -19.7% 0.14% −0.03
ED Consolidated Edison Inc. Reduce -2.0% 0.30% −0.03
EEMV iShares MSCI Emg MKT Min Vol Reduce -4.3% 0.21% −0.02
NEE Nextera Energy Inc. Reduce -2.1% 0.51% −0.02
ABT Abbott Laboratories Reduce -3.0% 0.25% −0.02
QQQ Invesco QQQ Trust Series 1 Reduce -3.5% 0.41% −0.01
CSX CSX Corp. Reduce -0.7% 0.69% −0.00
RSP Invesco S&P 500 Equal Weight Reduce -0.1% 1.67% +0.01
TJX TJX Companies Inc. Reduce -0.4% 0.89% +0.01
RSG Republic Services Inc. Reduce -4.4% 0.28% +0.01
GOOGL Alphabet Inc. Class A Reduce -0.2% 2.12% +0.02
CL Colgate-Palmolive Co. Reduce -1.3% 0.45% +0.02
MAS Masco Corp. Reduce -0.8% 0.34% +0.03
HD Home Depot Inc. Reduce -1.6% 1.60% +0.03
ABBV Abbvie Inc. Reduce -0.4% 0.70% +0.06
LOW Lowe's Cos Inc. Reduce -2.4% 1.57% +0.07
MRK Merck & Co. Inc. Reduce -0.7% 1.82% +0.20
MSFT Microsoft Corp. Reduce -1.4% 6.79% +0.21
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.2% 2.94% +0.24
ORCL Oracle Corp. Reduce -0.6% 2.81% +0.27
WRB WR Berkley Corp. Reduce -0.1% 2.01% +0.29

Portfolio Buys Q4 2023 → Q1 2024
SUB iShares Short-Term National New 0.72% +0.72
TSM Taiwan Semiconductor-SP ADR New 0.26% +0.26
CAVA Cava Group Inc. New 0.25% +0.25
AXP American Express Co. Add +0.2% 1.97% +0.24
TCAF T Rowe PRC Cap Appreciation Add +82.9% 0.50% +0.23
IBDS Ishrs Ibnds Dec 27 Corp. ETF New 0.18% +0.18
NOK Nokia Corp.-Spon ADR New 0.17% +0.17
EBAY eBay Inc. New 0.15% +0.15
GPC Genuine Parts Co. New 0.15% +0.15
PSX Phillips 66 Add +4.7% 0.85% +0.14
JPM JPMorgan Chase & Co. Add +0.7% 1.43% +0.14
TGT Target Corp. Add +0.5% 0.97% +0.14
WM Waste Management Inc. Add +0.3% 1.32% +0.14
CB Chubb Ltd. New 0.14% +0.14
XOM Exxon Mobil Corp. New 0.14% +0.14
ERIE Erie Indemnity Company Class A New 0.13% +0.13
RTX RTX Corp. Add +13.8% 0.59% +0.11
WCN Waste Connections Inc. Add +19.2% 0.42% +0.09
PG The Procter & Gamble Co. Add +1.0% 1.67% +0.07
MUB iShares National Muni Bond E Add +27.6% 0.46% +0.07
IBDR iShares Ibonds Dec 2026 Term Add +34.5% 0.31% +0.06
IEFA iShares Core MSCI Eafe ETF Add +5.7% 1.30% +0.05
EFA iShares MSCI Eafe ETF Add +35.7% 0.20% +0.05
WMT Walmart Inc. Add +2.3% 0.54% +0.05
FDVV Fidelity High Dividend ETF Add +3.7% 0.68% +0.03
IBDQ iShares Ibonds Dec 2025 Term Add +17.2% 0.28% +0.03
SPHY SS SPDR P High Yield ETF Add +16.7% 0.28% +0.02
COP Conocophillips Add +0.6% 0.74% +0.02
IUSG iShares Core S&P U.S. Growth Add +1.3% 0.36% +0.02
MA Mastercard Inc. Class A Add +1.6% 0.30% +0.02
AMGN Amgen Inc. Add +21.7% 0.17% +0.02
VIG Vanguard Dividend Apprec ETF Add +0.3% 0.94% +0.01
V Visa Inc. Class A Add +0.1% 0.78% +0.00
MMM 3M Co. Add +11.2% 0.27% +0.00
IWM iShares Russell 2000 ETF Add +2.1% 1.76% +0.00
CVX Chevron Corp. Add +0.9% 1.20% −0.00
PGX Invesco Preferred ETF Add +1.9% 0.43% −0.01
AOR iShares Core 60/40 Balanced Add +0.1% 0.35% −0.01
BIV Vanguard Intermediate-Term B Add +2.7% 0.20% −0.01
UNP Union Pacific Corp. Add +1.1% 0.22% −0.01
IGSB iShares 1-5Y Inv Grade Corp. Add +0.5% 0.20% −0.01
AOM iShares Core 40/60 Moderate Add +0.9% 0.51% −0.01
LH Laboratory CRP of Amer Hldgs Add +1.6% 0.23% −0.02
PEP Pepsico Inc. Add +1.1% 1.12% −0.03
CVS CVS Health Corp. Add +0.5% 0.60% −0.03
BDX Becton Dickinson and Co. Add +1.4% 0.92% −0.04
UNH Unitedhealth Group Inc. Add +0.4% 0.78% −0.10
AAPL Apple Inc. Add +0.1% 4.66% −0.93

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 137$185.6MAAPL, MSFT, GOOGL, COST, BRK.B
Q1 2026 129$172.5MAAPL, MSFT, COST, GOOGL, ORCL
Q4 2025 132$175.1MMSFT, AAPL, ORCL, GOOGL, INTU
Q3 2025 131$174.3MMSFT, AAPL, ORCL, COST, INTU
Q2 2025 130$162.3MMSFT, AAPL, ORCL, INTU, COST
Q1 2025 121$152.9MMSFT, AAPL, COST, BRK.B, INTU
Q4 2024 120$154.9MAAPL, MSFT, COST, ORCL, INTU
Q3 2024 124$158.2MMSFT, AAPL, COST, ORCL, INTU
Q2 2024 119$150.0MMSFT, AAPL, COST, INTU, ORCL
Q1 2024 121$148.8MMSFT, AAPL, INTU, COST, BRK.B