Godshalk Welsh Capital Management, Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Godshalk Welsh Capital Management, Inc. reported 121 stock positions worth $152.9 million. Its top holding was Microsoft (MSFT) at 5.3% of the portfolio, followed by Apple (AAPL, 5.2%) and Costco Wholesale (COST, 3.8%). Compared with Q4 2024, it opened 5 new positions, sold out of 4, added to 29 and reduced 50. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +1%) and the biggest sale Apple (AAPL, shares −3%).

Most Recent 13F
Q2 2026
Location
RADNOR, PA
CIK
0001631775
Portfolio Value
$152.9M (Q1 2025)
SEC Filing
0001631775-25-000002 ↗ filed May 15, 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 Q4 2024 Q1 2025: $152.9M $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 · $152.9M
MSFT Microsoft Corp. 5.26% 21,434 $8.0M Reduce -1.0%
AAPL Apple Inc. 5.23% 35,977 $8.0M Reduce -2.9%
COST Costco Wholesale Corp. 3.79% 6,131 $5.8M Reduce -3.0%
BRK.B Berkshire Hathaway Inc. Class B 3.51% 10,063 $5.4M Add +0.6%
INTU Intuit Inc. 3.10% 7,730 $4.7M Reduce -1.0%
ORCL Oracle Corp. 2.81% 30,695 $4.3M No change
GMED Globus Medical Inc. Class A 2.39% 50,000 $3.7M Reduce -9.1%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 2.23% 47,909 $3.4M Reduce -1.1%
AXP American Express Co. 2.02% 11,470 $3.1M Reduce -2.5%
GOOGL Alphabet Inc. Class A 1.97% 19,470 $3.0M Reduce -1.6%
PAYX Paychex Inc. 1.77% 17,555 $2.7M Reduce -1.6%
IWM iShares Russell 2000 ETF 1.67% 12,762 $2.5M No change
RSP Invesco S&P 500 Equal Weight 1.66% 14,609 $2.5M Add +0.3%
PG The Procter & Gamble Co. 1.65% 14,760 $2.5M Add +0.8%
ADP Automatic Data Processing 1.63% 8,145 $2.5M Add +5.7%
JPM JPMorgan Chase & Co. 1.61% 10,050 $2.5M Reduce -1.7%
CSCO Cisco Systems Inc. 1.53% 37,995 $2.3M Reduce -0.1%
IEFA iShares Core MSCI Eafe ETF 1.38% 27,834 $2.1M Add +0.3%
HD Home Depot Inc. 1.38% 5,744 $2.1M Reduce -1.5%
JNJ Johnson & Johnson 1.35% 12,431 $2.1M Add +1.5%
WM Waste Management Inc. 1.34% 8,830 $2.0M Reduce -0.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.26% 45,995 $1.9M Reduce -1.9%
LOW Lowe's Cos Inc. 1.21% 7,940 $1.9M Reduce -1.9%
GOOG Alphabet Inc. Class C 1.18% 11,575 $1.8M Reduce -2.9%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 1.15% 72,700 $1.8M Add +23.9%
CVX Chevron Corp. 1.14% 10,438 $1.7M Reduce -1.4%
SYY Sysco Corp. 1.13% 23,078 $1.7M No change
FDVV Fidelity High Dividend ETF 1.04% 32,025 $1.6M Add +4.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.02% 12,790 $1.6M Reduce -1.6%
SUB iShares Short-Term National 0.96% 13,925 $1.5M Add +1.6%
IBDT iShares Ibonds Dec 2028 ETF 0.95% 57,750 $1.5M Add +38.8%
PEP Pepsico Inc. 0.95% 9,640 $1.4M Add +1.1%
BX Blackstone Inc. 0.92% 10,095 $1.4M Reduce -2.0%
VIG Vanguard Dividend Apprec ETF 0.91% 7,191 $1.4M Add +0.3%
MRK Merck & Co. Inc. 0.90% 15,395 $1.4M Reduce -3.6%
MCD McDonald's Corp. 0.88% 4,315 $1.3M Reduce -0.2%
ZTS Zoetis Inc. 0.88% 8,160 $1.3M Reduce -1.3%
IBDR iShares Ibonds Dec 2026 Term 0.87% 55,000 $1.3M Add +17.5%
V Visa Inc. Class A 0.87% 3,785 $1.3M Reduce -1.3%
ECL Ecolab Inc. 0.85% 5,120 $1.3M Reduce -1.0%
AMT American Tower Corp. 0.85% 5,960 $1.3M Reduce -1.6%
TCAF T Rowe PRC Cap Appreciation 0.83% 39,425 $1.3M Add +0.4%
BDX Becton Dickinson and Co. 0.81% 5,420 $1.2M Reduce -1.5%
SBUX Starbucks Corp. 0.81% 12,600 $1.2M Add +0.1%
MUB iShares National Muni Bond E 0.78% 11,275 $1.2M Add +3.2%
ABBV Abbvie Inc. 0.78% 5,656 $1.2M No change
WMT Walmart Inc. 0.75% 13,070 $1.1M Reduce -1.1%
RTX RTX Corp. 0.75% 8,626 $1.1M Reduce -0.6%
UNH Unitedhealth Group Inc. 0.72% 2,090 $1.1M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.69% 1,875 $1.0M No change
UPS United Parcel Service Class B 0.68% 9,487 $1.0M Reduce -2.6%
YUM Yum! Brands Inc. 0.67% 6,495 $1.0M No change
MDLZ Mondelez International Inc. Class A 0.66% 14,812 $1.0M Reduce -2.6%
WTRG Essential Utilities Inc. 0.65% 25,186 $996K Reduce -1.9%
RPM RPM International Inc. 0.65% 8,555 $990K No change
VLO Valero Energy Corp. 0.64% 7,425 $981K No change
COP Conocophillips 0.61% 8,930 $938K Add +5.1%
CI Cigna Holding Co. filed as CIGNA CORP 0.59% 2,755 $906K Reduce -2.0%
PSX Phillips 66 0.58% 7,125 $880K Add +0.7%
IDA Idacorp Inc. 0.56% 7,336 $853K No change
TGT Target Corp. 0.55% 8,065 $842K Reduce -2.6%
CSX CSX Corp. 0.52% 26,890 $791K No change
AOM iShares Core 40/60 Moderate 0.51% 17,796 $781K Add +0.1%
NEE Nextera Energy Inc. 0.50% 10,700 $759K Reduce -2.7%
IWY iShares Russell Top 200 Grow 0.49% 3,585 $756K Add +1.4%
LHX L3HARRIS Technologies Inc. 0.47% 3,440 $720K No change
UBER Uber Technologies Inc. 0.47% 9,765 $711K Add +6.1%
VNQ Vanguard Real Estate ETF 0.46% 7,835 $709K Reduce -3.1%
WCN Waste Connections Inc. 0.45% 3,535 $690K No change
IBDQ iShares Ibonds Dec 2025 Term 0.44% 26,700 $672K Add +2.5%
TSM Taiwan Semiconductor-SP ADR 0.43% 3,980 $661K Add +0.6%
CL Colgate-Palmolive Co. 0.41% 6,725 $630K Reduce -5.6%
SPHY SS SPDR P High Yield ETF 0.41% 26,750 $626K Add +0.1%
QQQ Invesco QQQ Trust Series 1 0.40% 1,310 $614K No change
GLW Corning Inc. 0.40% 13,375 $612K Add +0.6%
IUSG iShares Core S&P U.S. Growth 0.38% 4,615 $586K No change
AOR iShares Core 60/40 Balanced 0.38% 10,135 $583K No change
DGX Quest Diagnostics Inc. 0.38% 3,400 $575K No change
MMM 3M Co. 0.37% 3,860 $567K Reduce -3.7%
IBDU iShares Ibonds Dec 2029 Term 0.36% 23,650 $547K New
MA Mastercard Inc. Class A 0.34% 960 $526K No change
PGX Invesco Preferred ETF 0.34% 45,900 $515K Reduce -7.1%
AWK American Water Works Co. Inc. 0.32% 3,305 $488K Reduce -17.5%
CAVA Cava Group Inc. 0.30% 5,375 $464K No change
ED Consolidated Edison Inc. 0.30% 4,175 $462K Reduce -7.2%
DD Dupont DE Nemours Inc. 0.30% 6,099 $455K Reduce -10.3%
EEMV iShares MSCI Emg MKT Min Vol 0.30% 7,800 $455K No change
MET Metlife Inc. 0.29% 5,500 $442K No change
LMT Lockheed Martin Corp. 0.28% 950 $424K No change
BSV Vanguard Short-Term Bond ETF 0.28% 5,405 $423K Add +1.2%
ABT Abbott Laboratories 0.28% 3,182 $422K No change
ADBE Adobe Inc. 0.25% 1,010 $387K Add +98.0%
AMGN Amgen Inc. 0.24% 1,195 $372K Add +2.1%
MAS Masco Corp. 0.24% 5,200 $362K Reduce -8.4%
LH Laboratory CRP of Amer Hldgs filed as LABCORP HLDGS INC 0.23% 1,535 $357K Reduce -3.8%
CLX Clorox Company 0.23% 2,425 $357K No change
WOW Wideopenwest Inc. 0.23% 70,900 $351K Reduce -19.1%
BIV Vanguard Intermediate-Term B 0.22% 4,448 $341K Add +1.2%
IBMP iShares Ibonds Dec 2027 Term 0.22% 13,250 $335K New
EFA iShares MSCI Eafe ETF 0.21% 4,000 $327K No change
VCR Vanguard Consumer Discre ETF 0.20% 960 $312K Reduce -2.5%
UNP Union Pacific Corp. 0.20% 1,300 $307K No change
KO The Coca-Cola Co. 0.19% 4,100 $294K No change
EBAY eBay Inc. 0.19% 4,300 $291K No change
CMCSA Comcast Corp. Class A 0.19% 7,884 $291K Reduce -38.2%
IBMQ iShares Ibonds Dec 2028 Muni 0.19% 11,250 $285K New
ELV Elevance Health Inc. 0.18% 650 $283K No change
VTI VG Morningstar TS MKT ETF-US 0.18% 1,006 $276K Reduce -9.9%
SPG Simon Property Group Inc. 0.17% 1,575 $262K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.16% 1,000 $249K No change
VGT Vanguard Info Tech ETF 0.15% 430 $233K No change
SO The Southern Co. 0.15% 2,500 $230K No change
SCHA Schwab US Small-Cap ETF 0.15% 9,600 $225K No change
XOM Exxon Mobil Corp. 0.15% 1,885 $224K New
CB Chubb Ltd. 0.15% 740 $223K Reduce -1.3%
APO Apollo Global Management Inc. 0.14% 1,585 $217K Reduce -1.3%
ERIE Erie Indemnity Company Class A 0.14% 500 $210K No change
BHP BHP Group Ltd.-Spon ADR 0.14% 4,300 $209K Reduce -8.5%
DHR Danaher Corp. 0.13% 1,000 $205K No change
CTVA Corteva Inc. 0.13% 3,252 $205K New
CARR Carrier Global Corp. 0.13% 3,175 $201K No change

Portfolio Sells Q4 2024 → Q1 2025
AAPL Apple Inc. Reduce -2.9% 5.23% −0.76
MSFT Microsoft Corp. Reduce -1.0% 5.26% −0.63
GMED Globus Medical Inc. Class A Reduce -9.1% 2.39% −0.54
GOOGL Alphabet Inc. Class A Reduce -1.6% 1.97% −0.45
GOOG Alphabet Inc. Class C Reduce -2.9% 1.18% −0.28
AXP American Express Co. Reduce -2.5% 2.02% −0.23
RSG Republic Services Inc. Sold out 0.00% −0.23
BX Blackstone Inc. Reduce -2.0% 0.92% −0.22
TGT Target Corp. Reduce -2.6% 0.55% −0.17
NOK Nokia Corp.-Spon ADR Sold out 0.00% −0.14
KMB Kimberly-Clark Corp. Sold out 0.00% −0.14
GWW WW Grainger Inc. Sold out 0.00% −0.13
MRK Merck & Co. Inc. Reduce -3.6% 0.90% −0.12
CMCSA Comcast Corp. Class A Reduce -38.2% 0.19% −0.12
UPS United Parcel Service Class B Reduce -2.6% 0.68% −0.11
HD Home Depot Inc. Reduce -1.5% 1.38% −0.09
LOW Lowe's Cos Inc. Reduce -1.9% 1.21% −0.08
BAC Bank of America Corp. Reduce -1.9% 1.26% −0.07
INTU Intuit Inc. Reduce -1.0% 3.10% −0.06
WOW Wideopenwest Inc. Reduce -19.1% 0.23% −0.05
DD Dupont DE Nemours Inc. Reduce -10.3% 0.30% −0.04
VCR Vanguard Consumer Discre ETF Reduce -2.5% 0.20% −0.03
PGX Invesco Preferred ETF Reduce -7.1% 0.34% −0.03
MAS Masco Corp. Reduce -8.4% 0.24% −0.03
APO Apollo Global Management Inc. Reduce -1.3% 0.14% −0.03
VTI VG Morningstar TS MKT ETF-US Reduce -9.9% 0.18% −0.03
WMT Walmart Inc. Reduce -1.1% 0.75% −0.02
NEE Nextera Energy Inc. Reduce -2.7% 0.50% −0.01
BHP BHP Group Ltd.-Spon ADR Reduce -8.5% 0.14% −0.01
CL Colgate-Palmolive Co. Reduce -5.6% 0.41% −0.01
AWK American Water Works Co. Inc. Reduce -17.5% 0.32% −0.00
LH Laboratory CRP of Amer Hldgs Reduce -3.8% 0.23% −0.00
VNQ Vanguard Real Estate ETF Reduce -3.1% 0.46% −0.00
TJX TJX Companies Inc. Reduce -1.6% 1.02% +0.01
BDX Becton Dickinson and Co. Reduce -1.5% 0.81% +0.01
ZTS Zoetis Inc. Reduce -1.3% 0.88% +0.01
CB Chubb Ltd. Reduce -1.3% 0.15% +0.01
JPM JPMorgan Chase & Co. Reduce -1.7% 1.61% +0.03
MMM 3M Co. Reduce -3.7% 0.37% +0.04
ED Consolidated Edison Inc. Reduce -7.2% 0.30% +0.04
WTRG Essential Utilities Inc. Reduce -1.9% 0.65% +0.05
COST Costco Wholesale Corp. Reduce -3.0% 3.79% +0.05
ECL Ecolab Inc. Reduce -1.0% 0.85% +0.07
MDLZ Mondelez International Inc. Class A Reduce -2.6% 0.66% +0.07
MCD McDonald's Corp. Reduce -0.2% 0.88% +0.07
CSCO Cisco Systems Inc. Reduce -0.1% 1.53% +0.08
V Visa Inc. Class A Reduce -1.3% 0.87% +0.09
CI Cigna Holding Co. Reduce -2.0% 0.59% +0.09
RTX RTX Corp. Reduce -0.6% 0.75% +0.10
AMT American Tower Corp. Reduce -1.6% 0.85% +0.13

Portfolio Buys Q4 2024 → Q1 2025
BRK.B Berkshire Hathaway Inc. Class B Add +0.6% 3.51% +0.58
IBDU iShares Ibonds Dec 2029 Term New 0.36% +0.36
IBDT iShares Ibonds Dec 2028 ETF Add +38.8% 0.95% +0.29
IBDS Ishrs Ibnds Dec 27 Corp. ETF Add +23.9% 1.15% +0.24
IBMP iShares Ibonds Dec 2027 Term New 0.22% +0.22
JNJ Johnson & Johnson Add +1.5% 1.35% +0.21
IBMQ iShares Ibonds Dec 2028 Muni New 0.19% +0.19
ADP Automatic Data Processing Add +5.7% 1.63% +0.17
XOM Exxon Mobil Corp. New 0.15% +0.15
IBDR iShares Ibonds Dec 2026 Term Add +17.5% 0.87% +0.14
CTVA Corteva Inc. New 0.13% +0.13
IEFA iShares Core MSCI Eafe ETF Add +0.3% 1.38% +0.12
UBER Uber Technologies Inc. Add +6.1% 0.47% +0.11
ADBE Adobe Inc. Add +98.0% 0.25% +0.11
COP Conocophillips Add +5.1% 0.61% +0.07
SBUX Starbucks Corp. Add +0.1% 0.81% +0.07
PG The Procter & Gamble Co. Add +0.8% 1.65% +0.06
PSX Phillips 66 Add +0.7% 0.58% +0.06
FDVV Fidelity High Dividend ETF Add +4.6% 1.04% +0.05
AMGN Amgen Inc. Add +2.1% 0.24% +0.05
SUB iShares Short-Term National Add +1.6% 0.96% +0.03
MUB iShares National Muni Bond E Add +3.2% 0.78% +0.03
IBDQ iShares Ibonds Dec 2025 Term Add +2.5% 0.44% +0.02
AOM iShares Core 40/60 Moderate Add +0.1% 0.51% +0.01
BIV Vanguard Intermediate-Term B Add +1.2% 0.22% +0.01
BSV Vanguard Short-Term Bond ETF Add +1.2% 0.28% +0.01
PEP Pepsico Inc. Add +1.1% 0.95% +0.01
RSP Invesco S&P 500 Equal Weight Add +0.3% 1.66% +0.01
VIG Vanguard Dividend Apprec ETF Add +0.3% 0.91% +0.01
SPHY SS SPDR P High Yield ETF Add +0.1% 0.41% +0.00
GLW Corning Inc. Add +0.6% 0.40% −0.01
TCAF T Rowe PRC Cap Appreciation Add +0.4% 0.83% −0.01
IWY iShares Russell Top 200 Grow Add +1.4% 0.49% −0.04
TSM Taiwan Semiconductor-SP ADR Add +0.6% 0.43% −0.07

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