Godshalk Welsh Capital Management, Inc.

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

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 Q3 2024 Q4 2024: $154.9M $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 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%
EFA iShares MSCI Eafe ETF 0.20% 4,000 $302K No change
UNP Union Pacific Corp. 0.19% 1,300 $296K Reduce -1.9%
SPG Simon Property Group Inc. 0.18% 1,575 $271K No change
VGT Vanguard Info Tech ETF 0.17% 430 $267K No change
EBAY eBay Inc. 0.17% 4,300 $266K No change
APO Apollo Global Management Inc. 0.17% 1,605 $265K Reduce -3.0%
KO The Coca-Cola Co. 0.16% 4,100 $255K No change
SCHA Schwab US Small-Cap ETF 0.16% 9,600 $248K Reduce -17.2%
ELV Elevance Health Inc. 0.15% 650 $240K No change
DHR Danaher Corp. 0.15% 1,000 $230K No change
BHP BHP Group Ltd.-Spon ADR 0.15% 4,700 $230K No change
ADBE Adobe Inc. 0.15% 510 $227K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.14% 1,000 $220K No change
CARR Carrier Global Corp. 0.14% 3,175 $217K No change
NOK Nokia Corp.-Spon ADR 0.14% 1,290 $210K Add +2.8%
KMB Kimberly-Clark Corp. 0.14% 1,600 $210K No change
CB Chubb Ltd. 0.13% 750 $207K Reduce -4.5%
ERIE Erie Indemnity Company Class A 0.13% 500 $206K No change
SO The Southern Co. 0.13% 2,500 $206K No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.13% 190 $200K New

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

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