Godshalk Welsh Capital Management, Inc.

Name: Godshalk Welsh Capital Management, Inc. 13F holdings, Q4 2024
Creator: Godshalk Welsh Capital Management, Inc.
Published: 2025-02-12

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Godshalk Welsh Capital Management, Inc. reported 120 stock positions worth $154.9 million. Its top holding was Apple (AAPL) at 6.0% of the portfolio, followed by Microsoft (MSFT, 5.9%) and Costco Wholesale (COST, 3.7%). Compared with Q3 2024, it opened 2 new positions, sold out of 6, added to 23 and reduced 54. The biggest buy was iShares Ibonds Dec 2028 ETF (IBDT, shares +378%) and the biggest sale Merck (MRK, shares −19%).

Most Recent 13F: Q2 2026
Location: RADNOR, PA
CIK: 0001631775
Portfolio Value: $154.9M (Q4 2024)
SEC Filing: 0001631775-25-000001 ↗ filed Feb 12, 2025

Holdings Value

Holdings 120 stocks · $154.9M


AAPL Apple Inc.	5.99%	37,061	$9.3M	Reduce -4.0%
MSFT Microsoft Corp.	5.89%	21,647	$9.1M	Reduce -3.4%
COST Costco Wholesale Corp.	3.74%	6,324	$5.8M	Reduce -4.0%
ORCL Oracle Corp.	3.30%	30,695	$5.1M	Reduce -2.8%
INTU Intuit Inc.	3.17%	7,807	$4.9M	Reduce -1.9%
GMED Globus Medical Inc. Class A	2.94%	55,000	$4.5M	Reduce -11.8%
BRK.B Berkshire Hathaway Inc. Class B	2.93%	10,003	$4.5M	Reduce -1.5%
GOOGL Alphabet Inc. Class A	2.42%	19,795	$3.7M	Reduce -0.8%
AXP American Express Co.	2.25%	11,763	$3.5M	Reduce -1.7%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	1.83%	48,432	$2.8M	Reduce -1.7%
IWM iShares Russell 2000 ETF	1.82%	12,762	$2.8M	Reduce -0.4%
RSP Invesco S&P 500 Equal Weight	1.65%	14,558	$2.6M	Add +0.8%
PAYX Paychex Inc.	1.62%	17,850	$2.5M	Reduce -1.4%
PG The Procter & Gamble Co.	1.58%	14,645	$2.5M	Reduce -1.9%
JPM JPMorgan Chase & Co.	1.58%	10,220	$2.4M	Reduce -1.2%
GOOG Alphabet Inc. Class C	1.47%	11,925	$2.3M	Reduce -0.4%
HD Home Depot Inc.	1.46%	5,834	$2.3M	Reduce -1.9%
ADP Automatic Data Processing	1.46%	7,709	$2.3M	Reduce -0.6%
CSCO Cisco Systems Inc.	1.45%	38,025	$2.3M	Reduce -0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP	1.33%	46,895	$2.1M	Reduce -0.5%
LOW Lowe's Cos Inc.	1.29%	8,090	$2.0M	Reduce -1.6%
IEFA iShares Core MSCI Eafe ETF	1.26%	27,759	$2.0M	Add +1.6%
WM Waste Management Inc.	1.16%	8,895	$1.8M	Reduce -3.3%
BX Blackstone Inc.	1.15%	10,305	$1.8M	Reduce -0.7%
JNJ Johnson & Johnson	1.14%	12,246	$1.8M	No change
SYY Sysco Corp.	1.14%	23,078	$1.8M	Reduce -1.4%
MRK Merck & Co. Inc.	1.02%	15,963	$1.6M	Reduce -18.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW	1.01%	13,000	$1.6M	Reduce -0.2%
CVX Chevron Corp.	0.99%	10,588	$1.5M	Reduce -1.9%
FDVV Fidelity High Dividend ETF	0.99%	30,625	$1.5M	Add +6.2%
PEP Pepsico Inc.	0.94%	9,530	$1.4M	No change
SUB iShares Short-Term National	0.93%	13,700	$1.4M	Add +11.4%
IBDS Ishrs Ibnds Dec 27 Corp. ETF	0.91%	58,700	$1.4M	Add +62.4%
VIG Vanguard Dividend Apprec ETF	0.91%	7,167	$1.4M	Reduce -0.9%
ZTS Zoetis Inc.	0.87%	8,265	$1.3M	Reduce -0.3%
TCAF T Rowe PRC Cap Appreciation	0.84%	39,275	$1.3M	Add +6.9%
MCD McDonald's Corp.	0.81%	4,325	$1.3M	No change
BDX Becton Dickinson and Co.	0.81%	5,505	$1.2M	Reduce -0.4%
UPS United Parcel Service Class B	0.79%	9,737	$1.2M	No change
V Visa Inc. Class A	0.78%	3,835	$1.2M	Reduce -0.8%
ECL Ecolab Inc.	0.78%	5,170	$1.2M	No change
WMT Walmart Inc.	0.77%	13,220	$1.2M	Reduce -0.4%
MUB iShares National Muni Bond E	0.75%	10,925	$1.2M	Add +22.1%
SBUX Starbucks Corp.	0.74%	12,585	$1.1M	Reduce -2.3%
IBDR iShares Ibonds Dec 2026 Term	0.73%	46,800	$1.1M	Add +21.1%
TGT Target Corp.	0.72%	8,280	$1.1M	Add +1.4%
AMT American Tower Corp.	0.72%	6,054	$1.1M	Reduce -3.7%
SPY SS SPDR S&P 500 ETF Trust-US	0.71%	1,875	$1.1M	No change
UNH Unitedhealth Group Inc.	0.68%	2,090	$1.1M	Reduce -0.9%
RPM RPM International Inc.	0.68%	8,555	$1.1M	Reduce -1.2%
IBDT iShares Ibonds Dec 2028 ETF	0.67%	41,600	$1.0M	Add +378.2%
ABBV Abbvie Inc.	0.65%	5,656	$1.0M	Reduce -0.4%
RTX RTX Corp.	0.65%	8,676	$1.0M	No change
WTRG Essential Utilities Inc.	0.60%	25,661	$932K	Reduce -1.0%
VLO Valero Energy Corp.	0.59%	7,425	$910K	No change
MDLZ Mondelez International Inc. Class A	0.59%	15,212	$909K	Reduce -0.7%
YUM Yum! Brands Inc.	0.56%	6,495	$871K	No change
CSX CSX Corp.	0.56%	26,890	$868K	No change
COP Conocophillips	0.54%	8,500	$843K	Add +0.6%
IWY iShares Russell Top 200 Grow	0.54%	3,535	$832K	Add +1.4%
PSX Phillips 66	0.52%	7,075	$806K	Reduce -0.7%
IDA Idacorp Inc.	0.52%	7,336	$802K	No change
NEE Nextera Energy Inc.	0.51%	11,000	$789K	Reduce -0.9%
TSM Taiwan Semiconductor-SP ADR	0.50%	3,955	$781K	No change
CI Cigna Holding Co. filed as CIGNA CORPORATION	0.50%	2,810	$776K	Reduce -10.1%
AOM iShares Core 40/60 Moderate	0.50%	17,771	$772K	Add +1.1%
LHX L3HARRIS Technologies Inc.	0.47%	3,440	$723K	No change
VNQ Vanguard Real Estate ETF	0.46%	8,085	$720K	Reduce -3.0%
QQQ Invesco QQQ Trust Series 1	0.43%	1,310	$670K	Reduce -1.9%
IBDQ iShares Ibonds Dec 2025 Term	0.42%	26,050	$653K	Add +4.0%
CL Colgate-Palmolive Co.	0.42%	7,125	$648K	No change
IUSG iShares Core S&P U.S. Growth	0.42%	4,615	$643K	No change
GLW Corning Inc.	0.41%	13,300	$632K	Add +19.8%
SPHY SS SPDR P High Yield ETF	0.40%	26,725	$627K	Add +17.2%
WCN Waste Connections Inc.	0.39%	3,535	$607K	No change
CAVA Cava Group Inc.	0.39%	5,375	$606K	No change
AOR iShares Core 60/40 Balanced	0.38%	10,135	$581K	Add +0.6%
PGX Invesco Preferred ETF	0.37%	49,400	$570K	Reduce -7.5%
UBER Uber Technologies Inc.	0.36%	9,200	$555K	No change
DD Dupont DE Nemours Inc.	0.33%	6,799	$518K	No change
MMM 3M Co.	0.33%	4,010	$518K	Reduce -1.2%
DGX Quest Diagnostics Inc.	0.33%	3,400	$513K	No change
MA Mastercard Inc. Class A	0.33%	960	$506K	No change
AWK American Water Works Co. Inc.	0.32%	4,005	$499K	No change
CMCSA Comcast Corp. Class A	0.31%	12,754	$479K	Reduce -3.8%
LMT Lockheed Martin Corp.	0.30%	950	$462K	No change
EEMV iShares MSCI Emg MKT Min Vol	0.29%	7,800	$452K	Add +9.9%
MET Metlife Inc.	0.29%	5,500	$450K	No change
WOW Wideopenwest Inc.	0.28%	87,598	$434K	Reduce -35.8%
BSV Vanguard Short-Term Bond ETF	0.27%	5,342	$413K	Add +5.5%
MAS Masco Corp.	0.27%	5,675	$412K	Reduce -2.2%
ED Consolidated Edison Inc.	0.26%	4,500	$402K	Reduce -5.8%
CLX Clorox Company	0.25%	2,425	$394K	No change
VCR Vanguard Consumer Discre ETF	0.24%	985	$370K	No change
LH Laboratory CRP of Amer Hldgs	0.24%	1,595	$366K	No change
RSG Republic Services Inc.	0.23%	1,800	$362K	Reduce -7.7%
ABT Abbott Laboratories	0.23%	3,182	$360K	No change
BIV Vanguard Intermediate-Term B	0.21%	4,394	$328K	Add +4.9%
VTI VG Morningstar TS MKT ETF-US	0.21%	1,116	$323K	Add +0.1%
AMGN Amgen Inc.	0.20%	1,170	$305K	Add +2.2%

Show all 120 holdings

Portfolio Sells Q3 2024 → Q4 2024


MRK Merck & Co. Inc.	Reduce -18.7%	1.02%	−0.38
AMT American Tower Corp.	Reduce -3.7%	0.72%	−0.21
MSFT Microsoft Corp.	Reduce -3.4%	5.89%	−0.20
CI Cigna Holding Co.	Reduce -10.1%	0.50%	−0.18
WOW Wideopenwest Inc.	Reduce -35.8%	0.28%	−0.17
HSY The Hershey Co.	Sold out	0.00%	−0.16
ZTS Zoetis Inc.	Reduce -0.3%	0.87%	−0.15
VLTO Veralto Corp.	Sold out	0.00%	−0.14
XOM Exxon Mobil Corp.	Sold out	0.00%	−0.13
IBDP iShares Ibonds Dec 2024 Term	Sold out	0.00%	−0.13
BMY Bristol-Myers Squibb Co.	Sold out	0.00%	−0.13
ADI Analog Devices Inc.	Sold out	0.00%	−0.13
MDLZ Mondelez International Inc. Class A	Reduce -0.7%	0.59%	−0.13
LOW Lowe's Cos Inc.	Reduce -1.6%	1.29%	−0.12
ORCL Oracle Corp.	Reduce -2.8%	3.30%	−0.10
UNH Unitedhealth Group Inc.	Reduce -0.9%	0.68%	−0.10
NEE Nextera Energy Inc.	Reduce -0.9%	0.51%	−0.08
PSX Phillips 66	Reduce -0.7%	0.52%	−0.07
ABBV Abbvie Inc.	Reduce -0.4%	0.65%	−0.06
HD Home Depot Inc.	Reduce -1.9%	1.46%	−0.06
ED Consolidated Edison Inc.	Reduce -5.8%	0.26%	−0.06
SBUX Starbucks Corp.	Reduce -2.3%	0.74%	−0.05
PG The Procter & Gamble Co.	Reduce -1.9%	1.58%	−0.05
PGX Invesco Preferred ETF	Reduce -7.5%	0.37%	−0.05
VNQ Vanguard Real Estate ETF	Reduce -3.0%	0.46%	−0.05
WM Waste Management Inc.	Reduce -3.3%	1.16%	−0.05
MAS Masco Corp.	Reduce -2.2%	0.27%	−0.04
CMCSA Comcast Corp. Class A	Reduce -3.8%	0.31%	−0.04
BDX Becton Dickinson and Co.	Reduce -0.4%	0.81%	−0.04
WTRG Essential Utilities Inc.	Reduce -1.0%	0.60%	−0.03
SCHA Schwab US Small-Cap ETF	Reduce -17.2%	0.16%	−0.03
BRK.B Berkshire Hathaway Inc. Class B	Reduce -1.5%	2.93%	−0.03
MMM 3M Co.	Reduce -1.2%	0.33%	−0.02
SYY Sysco Corp.	Reduce -1.4%	1.14%	−0.02
UNP Union Pacific Corp.	Reduce -1.9%	0.19%	−0.02
CVX Chevron Corp.	Reduce -1.9%	0.99%	−0.01
RSG Republic Services Inc.	Reduce -7.7%	0.23%	−0.01
CB Chubb Ltd.	Reduce -4.5%	0.13%	−0.01
VIG Vanguard Dividend Apprec ETF	Reduce -0.9%	0.91%	+0.00
RPM RPM International Inc.	Reduce -1.2%	0.68%	+0.02
QQQ Invesco QQQ Trust Series 1	Reduce -1.9%	0.43%	+0.02
IWM iShares Russell 2000 ETF	Reduce -0.4%	1.82%	+0.03
APO Apollo Global Management Inc.	Reduce -3.0%	0.17%	+0.04
INTU Intuit Inc.	Reduce -1.9%	3.17%	+0.04
TJX TJX Companies Inc.	Reduce -0.2%	1.01%	+0.05
COST Costco Wholesale Corp.	Reduce -4.0%	3.74%	+0.05
WRB WR Berkley Corp.	Reduce -1.7%	1.83%	+0.06
PAYX Paychex Inc.	Reduce -1.4%	1.62%	+0.08
WMT Walmart Inc.	Reduce -0.4%	0.77%	+0.09
ADP Automatic Data Processing	Reduce -0.6%	1.46%	+0.10

Portfolio Buys Q3 2024 → Q4 2024


IBDT iShares Ibonds Dec 2028 ETF	Add +378.2%	0.67%	+0.53
IBDS Ishrs Ibnds Dec 27 Corp. ETF	Add +62.4%	0.91%	+0.35
ADBE Adobe Inc.	New	0.15%	+0.15
MUB iShares National Muni Bond E	Add +22.1%	0.75%	+0.14
IBDR iShares Ibonds Dec 2026 Term	Add +21.1%	0.73%	+0.13
GWW WW Grainger Inc.	New	0.13%	+0.13
SUB iShares Short-Term National	Add +11.4%	0.93%	+0.11
GLW Corning Inc.	Add +19.8%	0.41%	+0.09
TCAF T Rowe PRC Cap Appreciation	Add +6.9%	0.84%	+0.07
FDVV Fidelity High Dividend ETF	Add +6.2%	0.99%	+0.06
SPHY SS SPDR P High Yield ETF	Add +17.2%	0.40%	+0.06
IWY iShares Russell Top 200 Grow	Add +1.4%	0.54%	+0.05
IBDQ iShares Ibonds Dec 2025 Term	Add +4.0%	0.42%	+0.02
BSV Vanguard Short-Term Bond ETF	Add +5.5%	0.27%	+0.01
RSP Invesco S&P 500 Equal Weight	Add +0.8%	1.65%	+0.01
EEMV iShares MSCI Emg MKT Min Vol	Add +9.9%	0.29%	+0.01
VTI VG Morningstar TS MKT ETF-US	Add +0.1%	0.21%	+0.01
BIV Vanguard Intermediate-Term B	Add +4.9%	0.21%	+0.00
AOR iShares Core 60/40 Balanced	Add +0.6%	0.38%	−0.00
AOM iShares Core 40/60 Moderate	Add +1.1%	0.50%	−0.00
COP Conocophillips	Add +0.6%	0.54%	−0.02
NOK Nokia Corp.-Spon ADR	Add +2.8%	0.14%	−0.02
AMGN Amgen Inc.	Add +2.2%	0.20%	−0.04
TGT Target Corp.	Add +1.4%	0.72%	−0.08
IEFA iShares Core MSCI Eafe ETF	Add +1.6%	1.26%	−0.09

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	137	$185.6M	AAPL, MSFT, GOOGL, COST, BRK.B
Q1 2026	129	$172.5M	AAPL, MSFT, COST, GOOGL, ORCL
Q4 2025	132	$175.1M	MSFT, AAPL, ORCL, GOOGL, INTU
Q3 2025	131	$174.3M	MSFT, AAPL, ORCL, COST, INTU
Q2 2025	130	$162.3M	MSFT, AAPL, ORCL, INTU, COST
Q1 2025	121	$152.9M	MSFT, AAPL, COST, BRK.B, INTU
Q4 2024	120	$154.9M	AAPL, MSFT, COST, ORCL, INTU
Q3 2024	124	$158.2M	MSFT, AAPL, COST, ORCL, INTU
Q2 2024	119	$150.0M	MSFT, AAPL, COST, INTU, ORCL
Q1 2024	121	$148.8M	MSFT, AAPL, INTU, COST, BRK.B