Godshalk Welsh Capital Management, Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Godshalk Welsh Capital Management, Inc. reported 124 stock positions worth $158.2 million. Its top holding was Microsoft (MSFT) at 6.1% of the portfolio, followed by Apple (AAPL, 5.7%) and Costco Wholesale (COST, 3.7%). Compared with Q2 2024, it opened 8 new positions, sold out of 3, added to 23 and reduced 54. The biggest buy was a new position in Invesco QQQ Trust Series 1 (QQQ) and the biggest sale Microsoft (MSFT, shares −5%).

Most Recent 13F
Q2 2026
Location
RADNOR, PA
CIK
0001631775
Portfolio Value
$158.2M (Q3 2024)
SEC Filing
0001631775-24-000005 ↗ filed Nov 13, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $148.8M Q1 2024 Q2 2024: $150.0M Q2 2024 Q3 2024: $158.2M $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 124 stocks · $158.2M
MSFT Microsoft Corp. 6.09% 22,402 $9.6M Reduce -5.2%
AAPL Apple Inc. 5.69% 38,606 $9.0M Reduce -3.8%
COST Costco Wholesale Corp. 3.69% 6,584 $5.8M Reduce -2.0%
ORCL Oracle Corp. 3.40% 31,570 $5.4M Reduce -4.3%
INTU Intuit Inc. 3.12% 7,960 $4.9M Reduce -1.7%
BRK.B Berkshire Hathaway Inc. Class B 2.95% 10,153 $4.7M Reduce -3.2%
GMED Globus Medical Inc. Class A 2.82% 62,320 $4.5M Reduce -6.2%
GOOGL Alphabet Inc. Class A 2.09% 19,945 $3.3M Reduce -4.3%
AXP American Express Co. 2.05% 11,963 $3.2M Reduce -5.2%
IWM iShares Russell 2000 ETF 1.79% 12,812 $2.8M Add +2.0%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 1.77% 49,269 $2.8M Reduce -2.5%
RSP Invesco S&P 500 Equal Weight 1.64% 14,447 $2.6M Add +0.8%
PG The Procter & Gamble Co. 1.63% 14,935 $2.6M Reduce -3.9%
PAYX Paychex Inc. 1.54% 18,100 $2.4M Reduce -0.1%
HD Home Depot Inc. 1.52% 5,949 $2.4M Reduce -3.9%
MRK Merck & Co. Inc. 1.41% 19,638 $2.2M Reduce -2.9%
LOW Lowe's Cos Inc. 1.41% 8,225 $2.2M Reduce -6.5%
JPM JPMorgan Chase & Co. 1.38% 10,345 $2.2M Reduce -1.9%
ADP Automatic Data Processing 1.36% 7,759 $2.1M Reduce -3.7%
IEFA iShares Core MSCI Eafe ETF 1.35% 27,330 $2.1M Add +4.4%
CSCO Cisco Systems Inc. 1.28% 38,175 $2.0M Reduce -2.8%
GOOG Alphabet Inc. Class C 1.27% 11,975 $2.0M Reduce -4.8%
JNJ Johnson & Johnson 1.25% 12,246 $2.0M Reduce -1.6%
WM Waste Management Inc. 1.21% 9,195 $1.9M Reduce -0.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.18% 47,145 $1.9M No change
SYY Sysco Corp. 1.16% 23,413 $1.8M No change
PEP Pepsico Inc. 1.02% 9,530 $1.6M No change
ZTS Zoetis Inc. 1.02% 8,290 $1.6M Reduce -7.3%
BX Blackstone Inc. 1.00% 10,380 $1.6M No change
CVX Chevron Corp. 1.00% 10,788 $1.6M Reduce -3.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.97% 13,025 $1.5M No change
AMT American Tower Corp. 0.92% 6,285 $1.5M Reduce -1.2%
FDVV Fidelity High Dividend ETF 0.92% 28,835 $1.5M Add +16.0%
VIG Vanguard Dividend Apprec ETF 0.91% 7,233 $1.4M Add +0.1%
BDX Becton Dickinson and Co. 0.84% 5,525 $1.3M Reduce -1.9%
UPS United Parcel Service Class B 0.84% 9,737 $1.3M No change
ECL Ecolab Inc. 0.83% 5,170 $1.3M No change
MCD McDonald's Corp. 0.83% 4,325 $1.3M Reduce -4.4%
SUB iShares Short-Term National 0.83% 12,300 $1.3M Add +18.8%
TGT Target Corp. 0.80% 8,170 $1.3M No change
SBUX Starbucks Corp. 0.79% 12,885 $1.3M Reduce -7.9%
UNH Unitedhealth Group Inc. 0.78% 2,110 $1.2M Reduce -9.6%
TCAF T Rowe PRC Cap Appreciation 0.77% 36,725 $1.2M Add +31.3%
MDLZ Mondelez International Inc. Class A 0.71% 15,312 $1.1M No change
ABBV Abbvie Inc. 0.71% 5,681 $1.1M No change
CI Cigna Holding Co. filed as CIGNA CORP 0.68% 3,125 $1.1M Reduce -0.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.68% 1,875 $1.1M No change
WMT Walmart Inc. 0.68% 13,270 $1.1M Reduce -0.8%
V Visa Inc. Class A 0.67% 3,865 $1.1M Reduce -7.1%
RTX RTX Corp. 0.66% 8,676 $1.1M Reduce -6.5%
RPM RPM International Inc. 0.66% 8,655 $1.0M No change
VLO Valero Energy Corp. 0.63% 7,425 $1.0M No change
WTRG Essential Utilities Inc. 0.63% 25,911 $999K Reduce -0.5%
MUB iShares National Muni Bond E 0.61% 8,950 $972K Add +26.1%
IBDR iShares Ibonds Dec 2026 Term 0.59% 38,650 $939K Add +25.7%
NEE Nextera Energy Inc. 0.59% 11,100 $938K Reduce -5.5%
PSX Phillips 66 0.59% 7,125 $937K Reduce -6.6%
CSX CSX Corp. 0.59% 26,890 $929K No change
YUM Yum! Brands Inc. 0.57% 6,495 $907K No change
COP Conocophillips 0.56% 8,451 $890K Reduce -3.4%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 0.56% 36,150 $881K Add +42.6%
LHX L3HARRIS Technologies Inc. 0.52% 3,440 $818K No change
VNQ Vanguard Real Estate ETF 0.51% 8,335 $812K Add +7.1%
AOM iShares Core 40/60 Moderate 0.50% 17,571 $793K Reduce -2.2%
IWY iShares Russell Top 200 Grow 0.48% 3,485 $767K Add +4.5%
IDA Idacorp Inc. 0.48% 7,336 $756K No change
CL Colgate-Palmolive Co. 0.47% 7,125 $740K Reduce -4.0%
WOW Wideopenwest Inc. 0.45% 136,398 $716K Reduce -9.3%
UBER Uber Technologies Inc. 0.44% 9,200 $691K No change
TSM Taiwan Semiconductor-SP ADR 0.43% 3,955 $687K Add +2.6%
CAVA Cava Group Inc. 0.42% 5,375 $666K No change
PGX Invesco Preferred ETF 0.42% 53,400 $659K No change
QQQ Invesco QQQ Trust Series 1 0.41% 1,335 $652K New
WCN Waste Connections Inc. 0.40% 3,535 $632K Reduce -2.8%
IBDQ iShares Ibonds Dec 2025 Term 0.40% 25,050 $629K Add +11.6%
IUSG iShares Core S&P U.S. Growth 0.38% 4,615 $609K No change
DD Dupont DE Nemours Inc. 0.38% 6,799 $606K Reduce -5.9%
AOR iShares Core 60/40 Balanced 0.38% 10,072 $597K Add +8.3%
AWK American Water Works Co. Inc. 0.37% 4,005 $586K Reduce -9.1%
LMT Lockheed Martin Corp. 0.35% 950 $555K Reduce -13.6%
MMM 3M Co. 0.35% 4,060 $555K Reduce -5.8%
CMCSA Comcast Corp. Class A 0.35% 13,254 $554K Reduce -34.5%
SPHY SS SPDR P High Yield ETF 0.35% 22,800 $548K Add +26.7%
DGX Quest Diagnostics Inc. 0.33% 3,400 $528K No change
GLW Corning Inc. 0.32% 11,100 $501K Add +39.6%
ED Consolidated Edison Inc. 0.31% 4,775 $497K Reduce -2.0%
MAS Masco Corp. 0.31% 5,800 $487K Reduce -9.4%
MA Mastercard Inc. Class A 0.30% 960 $474K Add +5.0%
MET Metlife Inc. 0.29% 5,500 $454K Reduce -8.3%
EEMV iShares MSCI Emg MKT Min Vol 0.28% 7,100 $445K Add +7.6%
BSV Vanguard Short-Term Bond ETF 0.25% 5,065 $399K Reduce -13.3%
CLX Clorox Company 0.25% 2,425 $395K Reduce -7.6%
RSG Republic Services Inc. 0.25% 1,950 $392K No change
AMGN Amgen Inc. 0.23% 1,145 $369K Add +15.1%
ABT Abbott Laboratories 0.23% 3,182 $363K No change
LH Laboratory CRP of Amer Hldgs 0.23% 1,595 $356K Add +0.9%
ELV Elevance Health Inc. 0.21% 650 $338K No change
VCR Vanguard Consumer Discre ETF 0.21% 985 $335K No change
EFA iShares MSCI Eafe ETF 0.21% 4,000 $335K Add +5.3%
BIV Vanguard Intermediate-Term B 0.21% 4,187 $328K Add +5.3%
UNP Union Pacific Corp. 0.21% 1,325 $327K No change
VTI VG Morningstar TS MKT ETF-US 0.20% 1,115 $316K No change
SCHA Schwab US Small-Cap ETF 0.19% 5,800 $299K No change
KO The Coca-Cola Co. 0.19% 4,100 $295K No change
BHP BHP Group Ltd.-Spon ADR 0.18% 4,700 $292K No change
EBAY eBay Inc. 0.18% 4,300 $280K No change
DHR Danaher Corp. 0.18% 1,000 $278K No change
ERIE Erie Indemnity Company Class A 0.17% 500 $270K New
SPG Simon Property Group Inc. 0.17% 1,575 $266K Reduce -3.1%
CARR Carrier Global Corp. 0.16% 3,175 $256K No change
NOK Nokia Corp.-Spon ADR 0.16% 1,255 $254K No change
VGT Vanguard Info Tech ETF 0.16% 430 $252K No change
HSY The Hershey Co. 0.16% 1,300 $249K Reduce -14.8%
KMB Kimberly-Clark Corp. 0.14% 1,600 $228K Reduce -11.1%
CB Chubb Ltd. 0.14% 785 $226K No change
SO The Southern Co. 0.14% 2,500 $225K New
IBDT iShares Ibonds Dec 2028 ETF 0.14% 8,700 $222K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.14% 1,000 $221K New
VLTO Veralto Corp. 0.14% 1,950 $218K New
XOM Exxon Mobil Corp. 0.13% 1,786 $209K No change
IBDP iShares Ibonds Dec 2024 Term 0.13% 8,300 $209K No change
BMY Bristol-Myers Squibb Co. 0.13% 4,000 $207K New
APO Apollo Global Management Inc. 0.13% 1,655 $207K New
ADI Analog Devices Inc. 0.13% 870 $200K Reduce -5.4%

Portfolio Sells Q2 2024 → Q3 2024
MSFT Microsoft Corp. Reduce -5.2% 6.09% −0.95
Invesco QQQ Trust Sold out 0.00% −0.44
GOOGL Alphabet Inc. Class A Reduce -4.3% 2.09% −0.44
INTU Intuit Inc. Reduce -1.7% 3.12% −0.43
GOOG Alphabet Inc. Class C Reduce -4.8% 1.27% −0.27
MRK Merck & Co. Inc. Reduce -2.9% 1.41% −0.26
GMED Globus Medical Inc. Class A Reduce -6.2% 2.82% −0.22
INTC Intel Corp. Sold out 0.00% −0.22
CMCSA Comcast Corp. Class A Reduce -34.5% 0.35% −0.18
CVX Chevron Corp. Reduce -3.6% 1.00% −0.16
IGSB iShares 1-5Y Inv Grade Corp. Sold out 0.00% −0.13
PSX Phillips 66 Reduce -6.6% 0.59% −0.13
COST Costco Wholesale Corp. Reduce -2.0% 3.69% −0.12
COP Conocophillips Reduce -3.4% 0.56% −0.10
WM Waste Management Inc. Reduce -0.3% 1.21% −0.10
WOW Wideopenwest Inc. Reduce -9.3% 0.45% −0.09
PG The Procter & Gamble Co. Reduce -3.9% 1.63% −0.07
V Visa Inc. Class A Reduce -7.1% 0.67% −0.06
BSV Vanguard Short-Term Bond ETF Reduce -13.3% 0.25% −0.05
JPM JPMorgan Chase & Co. Reduce -1.9% 1.38% −0.04
BDX Becton Dickinson and Co. Reduce -1.9% 0.84% −0.04
HSY The Hershey Co. Reduce -14.8% 0.16% −0.03
WCN Waste Connections Inc. Reduce -2.8% 0.40% −0.03
KMB Kimberly-Clark Corp. Reduce -11.1% 0.14% −0.02
WTRG Essential Utilities Inc. Reduce -0.5% 0.63% −0.02
AOM iShares Core 40/60 Moderate Reduce -2.2% 0.50% −0.01
ADI Analog Devices Inc. Reduce -5.4% 0.13% −0.01
UNH Unitedhealth Group Inc. Reduce -9.6% 0.78% −0.01
CL Colgate-Palmolive Co. Reduce -4.0% 0.47% −0.01
CI Cigna Holding Co. Reduce -0.8% 0.68% −0.01
ZTS Zoetis Inc. Reduce -7.3% 1.02% −0.01
AWK American Water Works Co. Inc. Reduce -9.1% 0.37% −0.01
DD Dupont DE Nemours Inc. Reduce -5.9% 0.38% −0.00
WRB WR Berkley Corp. Reduce -2.5% 1.77% +0.00
SPG Simon Property Group Inc. Reduce -3.1% 0.17% +0.00
MET Metlife Inc. Reduce -8.3% 0.29% +0.01
LMT Lockheed Martin Corp. Reduce -13.6% 0.35% +0.01
CLX Clorox Company Reduce -7.6% 0.25% +0.01
MAS Masco Corp. Reduce -9.4% 0.31% +0.02
ED Consolidated Edison Inc. Reduce -2.0% 0.31% +0.02
NEE Nextera Energy Inc. Reduce -5.5% 0.59% +0.04
CSCO Cisco Systems Inc. Reduce -2.8% 1.28% +0.04
JNJ Johnson & Johnson Reduce -1.6% 1.25% +0.04
RTX RTX Corp. Reduce -6.5% 0.66% +0.04
AAPL Apple Inc. Reduce -3.8% 5.69% +0.05
MMM 3M Co. Reduce -5.8% 0.35% +0.06
MCD McDonald's Corp. Reduce -4.4% 0.83% +0.06
SBUX Starbucks Corp. Reduce -7.9% 0.79% +0.07
WMT Walmart Inc. Reduce -0.8% 0.68% +0.07
ADP Automatic Data Processing Reduce -3.7% 1.36% +0.07

Portfolio Buys Q2 2024 → Q3 2024
QQQ Invesco QQQ Trust Series 1 New 0.41% +0.41
TCAF T Rowe PRC Cap Appreciation Add +31.3% 0.77% +0.19
ERIE Erie Indemnity Company Class A New 0.17% +0.17
IBDS Ishrs Ibnds Dec 27 Corp. ETF Add +42.6% 0.56% +0.16
FDVV Fidelity High Dividend ETF Add +16.0% 0.92% +0.15
SO The Southern Co. New 0.14% +0.14
IBDT iShares Ibonds Dec 2028 ETF New 0.14% +0.14
IBM Intl Business Machines Corp. New 0.14% +0.14
VLTO Veralto Corp. New 0.14% +0.14
BMY Bristol-Myers Squibb Co. New 0.13% +0.13
APO Apollo Global Management Inc. New 0.13% +0.13
GLW Corning Inc. Add +39.6% 0.32% +0.11
MUB iShares National Muni Bond E Add +26.1% 0.61% +0.11
IBDR iShares Ibonds Dec 2026 Term Add +25.7% 0.59% +0.11
SUB iShares Short-Term National Add +18.8% 0.83% +0.10
IWM iShares Russell 2000 ETF Add +2.0% 1.79% +0.09
IEFA iShares Core MSCI Eafe ETF Add +4.4% 1.35% +0.08
VNQ Vanguard Real Estate ETF Add +7.1% 0.51% +0.08
SPHY SS SPDR P High Yield ETF Add +26.7% 0.35% +0.07
RSP Invesco S&P 500 Equal Weight Add +0.8% 1.64% +0.07
MA Mastercard Inc. Class A Add +5.0% 0.30% +0.03
EEMV iShares MSCI Emg MKT Min Vol Add +7.6% 0.28% +0.03
AOR iShares Core 60/40 Balanced Add +8.3% 0.38% +0.03
VIG Vanguard Dividend Apprec ETF Add +0.1% 0.91% +0.03
AMGN Amgen Inc. Add +15.1% 0.23% +0.03
IBDQ iShares Ibonds Dec 2025 Term Add +11.6% 0.40% +0.03
EFA iShares MSCI Eafe ETF Add +5.3% 0.21% +0.01
LH Laboratory CRP of Amer Hldgs Add +0.9% 0.23% +0.01
BIV Vanguard Intermediate-Term B Add +5.3% 0.21% +0.01
IWY iShares Russell Top 200 Grow Add +4.5% 0.48% +0.01
TSM Taiwan Semiconductor-SP ADR Add +2.6% 0.43% −0.01

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