Godshalk Welsh Capital Management, Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Godshalk Welsh Capital Management, Inc. reported 130 stock positions worth $162.3 million. Its top holding was Microsoft (MSFT) at 6.3% of the portfolio, followed by Apple (AAPL, 4.2%) and Oracle (ORCL, 4.1%). Compared with Q1 2025, it opened 12 new positions, sold out of 3, added to 20 and reduced 63. The biggest buy was a new position in Nestle SA-Spons ADR (NSRGY) and the biggest sale Apple (AAPL, shares −7%).

Most Recent 13F
Q2 2026
Location
RADNOR, PA
CIK
0001631775
Portfolio Value
$162.3M (Q2 2025)
SEC Filing
0001631775-25-000003 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $162.3M $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 130 stocks · $162.3M
MSFT Microsoft Corp. 6.30% 20,570 $10.2M Reduce -4.0%
AAPL Apple Inc. 4.22% 33,392 $6.9M Reduce -7.2%
ORCL Oracle Corp. 4.08% 30,270 $6.6M Reduce -1.4%
INTU Intuit Inc. 3.65% 7,515 $5.9M Reduce -2.8%
COST Costco Wholesale Corp. 3.54% 5,813 $5.8M Reduce -5.2%
BRK.B Berkshire Hathaway Inc. Class B 2.91% 9,733 $4.7M Reduce -3.3%
AXP American Express Co. 2.21% 11,245 $3.6M Reduce -2.0%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 2.09% 46,094 $3.4M Reduce -3.8%
GOOGL Alphabet Inc. Class A 2.00% 18,460 $3.3M Reduce -5.2%
GMED Globus Medical Inc. Class A 1.82% 50,000 $3.0M No change
JPM JPMorgan Chase & Co. 1.77% 9,905 $2.9M Reduce -1.4%
IWM iShares Russell 2000 ETF 1.70% 12,762 $2.8M No change
CSCO Cisco Systems Inc. 1.60% 37,470 $2.6M Reduce -1.4%
RSP Invesco S&P 500 Equal Weight 1.56% 13,946 $2.5M Reduce -4.5%
PAYX Paychex Inc. 1.56% 17,380 $2.5M Reduce -1.0%
ADP Automatic Data Processing 1.52% 8,010 $2.5M Reduce -1.7%
PG The Procter & Gamble Co. 1.42% 14,435 $2.3M Reduce -2.2%
IEFA iShares Core MSCI Eafe ETF 1.41% 27,339 $2.3M Reduce -1.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.32% 45,320 $2.1M Reduce -1.5%
HD Home Depot Inc. 1.28% 5,669 $2.1M Reduce -1.3%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 1.28% 85,500 $2.1M Add +17.6%
GOOG Alphabet Inc. Class C 1.24% 11,340 $2.0M Reduce -2.0%
WM Waste Management Inc. 1.24% 8,790 $2.0M Reduce -0.5%
IBDT iShares Ibonds Dec 2028 ETF 1.15% 73,750 $1.9M Add +27.7%
JNJ Johnson & Johnson 1.14% 12,106 $1.8M Reduce -2.6%
FDVV Fidelity High Dividend ETF 1.07% 33,390 $1.7M Add +4.3%
SYY Sysco Corp. 1.06% 22,690 $1.7M Reduce -1.7%
LOW Lowe's Cos Inc. 1.05% 7,665 $1.7M Reduce -3.5%
IBDR iShares Ibonds Dec 2026 Term 0.97% 64,700 $1.6M Add +17.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.96% 12,675 $1.6M Reduce -0.9%
BX Blackstone Inc. 0.93% 10,095 $1.5M No change
CVX Chevron Corp. 0.92% 10,375 $1.5M Reduce -0.6%
SUB iShares Short-Term National 0.89% 13,625 $1.4M Reduce -2.1%
TCAF T Rowe PRC Cap Appreciation 0.88% 40,475 $1.4M Add +2.7%
ECL Ecolab Inc. 0.85% 5,120 $1.4M No change
VIG Vanguard Dividend Apprec ETF 0.83% 6,622 $1.4M Reduce -7.9%
V Visa Inc. Class A 0.82% 3,750 $1.3M Reduce -0.9%
AMT American Tower Corp. 0.81% 5,935 $1.3M Reduce -0.4%
ZTS Zoetis Inc. 0.78% 8,110 $1.3M Reduce -0.6%
WMT Walmart Inc. 0.76% 12,645 $1.2M Reduce -3.3%
SBUX Starbucks Corp. 0.76% 13,450 $1.2M Add +6.8%
MCD McDonald's Corp. 0.75% 4,140 $1.2M Reduce -4.1%
RTX RTX Corp. 0.74% 8,221 $1.2M Reduce -4.7%
MUB iShares National Muni Bond E 0.73% 11,275 $1.2M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.71% 1,875 $1.2M No change
PEP Pepsico Inc. 0.71% 8,740 $1.2M Reduce -9.3%
NSRGY Nestle SA-Spons ADR 0.69% 11,300 $1.1M New
UBER Uber Technologies Inc. 0.67% 11,615 $1.1M Add +18.9%
IBDU iShares Ibonds Dec 2029 Term 0.66% 45,900 $1.1M Add +94.1%
BDX Becton Dickinson and Co. 0.66% 6,185 $1.1M Add +14.1%
MRK Merck & Co. Inc. 0.63% 13,005 $1.0M Reduce -15.5%
ABBV Abbvie Inc. 0.61% 5,306 $985K Reduce -6.2%
VLO Valero Energy Corp. 0.61% 7,325 $985K Reduce -1.4%
YUM Yum! Brands Inc. 0.59% 6,495 $962K No change
RPM RPM International Inc. 0.58% 8,555 $940K No change
CI Cigna Holding Co. filed as CIGNA CORP 0.56% 2,755 $911K No change
TSM Taiwan Semiconductor-SP ADR 0.55% 3,930 $890K Reduce -1.3%
IWY iShares Russell Top 200 Grow 0.55% 3,610 $890K Add +0.7%
MDLZ Mondelez International Inc. Class A 0.55% 13,125 $885K Reduce -11.4%
LHX L3HARRIS Technologies Inc. 0.53% 3,440 $863K No change
WTRG Essential Utilities Inc. 0.53% 22,961 $853K Reduce -8.8%
PSX Phillips 66 0.52% 7,125 $850K No change
IDA Idacorp Inc. 0.52% 7,336 $847K No change
CSX CSX Corp. 0.52% 25,890 $845K Reduce -3.7%
AOM iShares Core 40/60 Moderate 0.51% 17,821 $820K Add +0.1%
COP Conocophillips 0.48% 8,680 $779K Reduce -2.8%
IBDQ iShares Ibonds Dec 2025 Term 0.48% 30,900 $778K Add +15.7%
NEE Nextera Energy Inc. 0.46% 10,700 $743K No change
QQQ Invesco QQQ Trust Series 1 0.44% 1,285 $709K Reduce -1.9%
IBMP iShares Ibonds Dec 2027 Term 0.43% 27,750 $703K Add +109.4%
GLW Corning Inc. 0.43% 13,250 $697K Reduce -0.9%
VNQ Vanguard Real Estate ETF 0.41% 7,485 $667K Reduce -4.5%
IBMQ iShares Ibonds Dec 2028 Muni 0.40% 25,750 $654K Add +128.9%
HON Honeywell International Inc. 0.40% 2,795 $651K New
WCN Waste Connections Inc. 0.40% 3,485 $651K Reduce -1.4%
IUSG iShares Core S&P U.S. Growth 0.40% 4,315 $649K Reduce -6.5%
UNH Unitedhealth Group Inc. 0.39% 2,045 $638K Reduce -2.1%
SPHY SS SPDR P High Yield ETF 0.39% 26,750 $637K No change
TGT Target Corp. 0.39% 6,405 $632K Reduce -20.6%
CL Colgate-Palmolive Co. 0.39% 6,875 $625K Add +2.2%
IBMO iShares Ibonds Dec 2026 Term 0.38% 24,000 $615K New
DGX Quest Diagnostics Inc. 0.37% 3,300 $593K Reduce -2.9%
AOR iShares Core 60/40 Balanced 0.36% 9,393 $578K Reduce -7.3%
MMM 3M Co. 0.35% 3,760 $572K Reduce -2.6%
MA Mastercard Inc. Class A 0.33% 960 $539K No change
LMT Lockheed Martin Corp. 0.31% 1,100 $509K Add +15.8%
UPS United Parcel Service Class B 0.31% 4,920 $497K Reduce -48.1%
EEMV iShares MSCI Emg MKT Min Vol 0.30% 7,800 $490K No change
ADBE Adobe Inc. 0.29% 1,235 $478K Add +22.3%
PGX Invesco Preferred ETF 0.28% 40,900 $455K Reduce -10.9%
CAVA Cava Group Inc. 0.28% 5,375 $453K No change
AWK American Water Works Co. Inc. 0.28% 3,225 $449K Reduce -2.4%
MET Metlife Inc. 0.27% 5,500 $442K No change
ABT Abbott Laboratories 0.26% 3,150 $428K Reduce -1.0%
RSG Republic Services Inc. 0.26% 1,700 $419K New
ED Consolidated Edison Inc. 0.26% 4,175 $419K No change
LH Laboratory CRP of Amer Hldgs filed as Labcorp Holdings Inc. 0.25% 1,570 $412K Add +2.3%
DD Dupont DE Nemours Inc. 0.24% 5,799 $398K Reduce -4.9%
BSV Vanguard Short-Term Bond ETF 0.23% 4,653 $366K Reduce -13.9%
EFA iShares MSCI Eafe ETF 0.22% 4,000 $358K No change
VCR Vanguard Consumer Discre ETF 0.21% 960 $348K No change
AMGN Amgen Inc. 0.21% 1,235 $345K Add +3.4%
EBAY eBay Inc. 0.20% 4,300 $320K No change
MAS Masco Corp. 0.19% 4,900 $315K Reduce -5.8%
VTI VG Morningstar TS MKT ETF-US 0.19% 1,006 $306K No change
UNP Union Pacific Corp. 0.18% 1,300 $299K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.18% 1,000 $295K No change
CLX Clorox Company 0.18% 2,425 $291K No change
WOW Wideopenwest Inc. 0.18% 70,900 $288K No change
VGT Vanguard Info Tech ETF 0.18% 430 $285K No change
BIV Vanguard Intermediate-Term B 0.17% 3,669 $284K Reduce -17.5%
CMCSA Comcast Corp. Class A 0.17% 7,884 $281K No change
KO The Coca-Cola Co. 0.17% 3,900 $276K Reduce -4.9%
XOM Exxon Mobil Corp. 0.16% 2,425 $261K Add +28.6%
IBDV iShares Ibonds Dec 2030 Corp. 0.16% 11,750 $258K New
ABNB Airbnb Inc. Class A 0.16% 1,925 $255K New
ELV Elevance Health Inc. 0.16% 650 $253K No change
SPG Simon Property Group Inc. 0.15% 1,525 $245K Reduce -3.2%
CTVA Corteva Inc. 0.15% 3,252 $242K No change
IBMR iShares Ibonds Dec 2029 M BD 0.15% 9,500 $240K New
STN Stantec Inc. 0.15% 2,200 $239K New
NOK Nokia Corp.-Spon ADR 0.15% 1,290 $236K New
CARR Carrier Global Corp. 0.14% 3,175 $232K No change
SO The Southern Co. 0.14% 2,500 $230K No change
IBMN iShares Ibonds Dec 2025 Term 0.14% 8,500 $227K New
SCHA Schwab US Small-Cap ETF 0.14% 8,800 $223K Reduce -8.3%
CB Chubb Ltd. 0.13% 740 $214K No change
BHP BHP Group Ltd.-Spon ADR 0.13% 4,300 $207K No change
HLT Hilton Worldwide Holdings Inc. 0.13% 775 $206K New
MKL Markel Group Inc. 0.13% 103 $206K New

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -7.2% 4.22% −1.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.3% 2.91% −0.59
UPS United Parcel Service Class B Reduce -48.1% 0.31% −0.38
UNH Unitedhealth Group Inc. Reduce -2.1% 0.39% −0.32
MRK Merck & Co. Inc. Reduce -15.5% 0.63% −0.27
COST Costco Wholesale Corp. Reduce -5.2% 3.54% −0.25
PEP Pepsico Inc. Reduce -9.3% 0.71% −0.23
PG The Procter & Gamble Co. Reduce -2.2% 1.42% −0.23
CVX Chevron Corp. Reduce -0.6% 0.92% −0.23
PAYX Paychex Inc. Reduce -1.0% 1.56% −0.21
JNJ Johnson & Johnson Reduce -2.6% 1.14% −0.21
ABBV Abbvie Inc. Reduce -6.2% 0.61% −0.17
LOW Lowe's Cos Inc. Reduce -3.5% 1.05% −0.16
TGT Target Corp. Reduce -20.6% 0.39% −0.16
WRB WR Berkley Corp. Reduce -3.8% 2.09% −0.14
APO Apollo Global Management Inc. Sold out 0.00% −0.14
ERIE Erie Indemnity Company Class A Sold out 0.00% −0.14
MCD McDonald's Corp. Reduce -4.1% 0.75% −0.14
DHR Danaher Corp. Sold out 0.00% −0.13
COP Conocophillips Reduce -2.8% 0.48% −0.13
WTRG Essential Utilities Inc. Reduce -8.8% 0.53% −0.13
MDLZ Mondelez International Inc. Class A Reduce -11.4% 0.55% −0.11
ADP Automatic Data Processing Reduce -1.7% 1.52% −0.11
ZTS Zoetis Inc. Reduce -0.6% 0.78% −0.10
WM Waste Management Inc. Reduce -0.5% 1.24% −0.10
HD Home Depot Inc. Reduce -1.3% 1.28% −0.10
RSP Invesco S&P 500 Equal Weight Reduce -4.5% 1.56% −0.09
VIG Vanguard Dividend Apprec ETF Reduce -7.9% 0.83% −0.08
SYY Sysco Corp. Reduce -1.7% 1.06% −0.07
SUB iShares Short-Term National Reduce -2.1% 0.89% −0.07
PGX Invesco Preferred ETF Reduce -10.9% 0.28% −0.06
TJX TJX Companies Inc. Reduce -0.9% 0.96% −0.05
VNQ Vanguard Real Estate ETF Reduce -4.5% 0.41% −0.05
DD Dupont DE Nemours Inc. Reduce -4.9% 0.24% −0.05
BSV Vanguard Short-Term Bond ETF Reduce -13.9% 0.23% −0.05
WCN Waste Connections Inc. Reduce -1.4% 0.40% −0.05
BIV Vanguard Intermediate-Term B Reduce -17.5% 0.17% −0.05
V Visa Inc. Class A Reduce -0.9% 0.82% −0.05
AWK American Water Works Co. Inc. Reduce -2.4% 0.28% −0.04
MAS Masco Corp. Reduce -5.8% 0.19% −0.04
AMT American Tower Corp. Reduce -0.4% 0.81% −0.04
VLO Valero Energy Corp. Reduce -1.4% 0.61% −0.03
AOR iShares Core 60/40 Balanced Reduce -7.3% 0.36% −0.03
KO The Coca-Cola Co. Reduce -4.9% 0.17% −0.02
SPG Simon Property Group Inc. Reduce -3.2% 0.15% −0.02
MMM 3M Co. Reduce -2.6% 0.35% −0.02
ABT Abbott Laboratories Reduce -1.0% 0.26% −0.01
DGX Quest Diagnostics Inc. Reduce -2.9% 0.37% −0.01
SCHA Schwab US Small-Cap ETF Reduce -8.3% 0.14% −0.01
RTX RTX Corp. Reduce -4.7% 0.74% −0.01

Portfolio Buys Q1 2025 → Q2 2025
NSRGY Nestle SA-Spons ADR New 0.69% +0.69
HON Honeywell International Inc. New 0.40% +0.40
IBMO iShares Ibonds Dec 2026 Term New 0.38% +0.38
IBDU iShares Ibonds Dec 2029 Term Add +94.1% 0.66% +0.30
RSG Republic Services Inc. New 0.26% +0.26
IBMQ iShares Ibonds Dec 2028 Muni Add +128.9% 0.40% +0.22
IBMP iShares Ibonds Dec 2027 Term Add +109.4% 0.43% +0.21
UBER Uber Technologies Inc. Add +18.9% 0.67% +0.20
IBDT iShares Ibonds Dec 2028 ETF Add +27.7% 1.15% +0.20
IBDV iShares Ibonds Dec 2030 Corp. New 0.16% +0.16
ABNB Airbnb Inc. Class A New 0.16% +0.16
IBMR iShares Ibonds Dec 2029 M BD New 0.15% +0.15
STN Stantec Inc. New 0.15% +0.15
NOK Nokia Corp.-Spon ADR New 0.15% +0.15
IBMN iShares Ibonds Dec 2025 Term New 0.14% +0.14
IBDS Ishrs Ibnds Dec 27 Corp. ETF Add +17.6% 1.28% +0.13
HLT Hilton Worldwide Holdings Inc. New 0.13% +0.13
MKL Markel Group Inc. New 0.13% +0.13
IBDR iShares Ibonds Dec 2026 Term Add +17.6% 0.97% +0.10
IWY iShares Russell Top 200 Grow Add +0.7% 0.55% +0.05
TCAF T Rowe PRC Cap Appreciation Add +2.7% 0.88% +0.05
ADBE Adobe Inc. Add +22.3% 0.29% +0.04
IBDQ iShares Ibonds Dec 2025 Term Add +15.7% 0.48% +0.04
LMT Lockheed Martin Corp. Add +15.8% 0.31% +0.04
FDVV Fidelity High Dividend ETF Add +4.3% 1.07% +0.03
LH Laboratory CRP of Amer Hldgs Add +2.3% 0.25% +0.02
XOM Exxon Mobil Corp. Add +28.6% 0.16% +0.01
AOM iShares Core 40/60 Moderate Add +0.1% 0.51% −0.01
CL Colgate-Palmolive Co. Add +2.2% 0.39% −0.03
AMGN Amgen Inc. Add +3.4% 0.21% −0.03
SBUX Starbucks Corp. Add +6.8% 0.76% −0.05
BDX Becton Dickinson and Co. Add +14.1% 0.66% −0.16

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