Godshalk Welsh Capital Management, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Godshalk Welsh Capital Management, Inc. reported 131 stock positions worth $174.3 million. Its top holding was Microsoft (MSFT) at 6.0% of the portfolio, followed by Apple (AAPL, 4.9%) and Oracle (ORCL, 4.8%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 29 and reduced 40. The biggest buy was iShares Ibonds Dec 2028 ETF (IBDT, shares +38%) and the biggest sale Intuit (INTU, shares −1%).

Most Recent 13F
Q2 2026
Location
RADNOR, PA
CIK
0001631775
Portfolio Value
$174.3M (Q3 2025)
SEC Filing
0001631775-25-000006 ↗ filed Nov 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 Q2 2025 Q3 2025: $174.3M $174.3M Q3 2025 Q4 2025: $175.1M Q4 2025 Q1 2026: $172.5M Q1 2026 Q2 2026: $185.6M Q2 2026

Holdings 131 stocks · $174.3M
MSFT Microsoft Corp. 6.04% 20,330 $10.5M Reduce -1.2%
AAPL Apple Inc. 4.87% 33,327 $8.5M Reduce -0.2%
ORCL Oracle Corp. 4.80% 29,725 $8.4M Reduce -1.8%
COST Costco Wholesale Corp. 3.07% 5,778 $5.3M Reduce -0.6%
INTU Intuit Inc. 2.93% 7,475 $5.1M Reduce -0.5%
BRK.B Berkshire Hathaway Inc. Class B 2.79% 9,668 $4.9M Reduce -0.7%
GOOGL Alphabet Inc. Class A 2.56% 18,345 $4.5M Reduce -0.6%
AXP American Express Co. 2.13% 11,185 $3.7M Reduce -0.5%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 2.02% 45,919 $3.5M Reduce -0.4%
IWM iShares Russell 2000 ETF 1.77% 12,762 $3.1M No change
JPM JPMorgan Chase & Co. 1.75% 9,690 $3.1M Reduce -2.2%
GMED Globus Medical Inc. Class A 1.64% 50,000 $2.9M No change
GOOG Alphabet Inc. Class C 1.58% 11,340 $2.8M No change
RSP Invesco S&P 500 Equal Weight 1.53% 14,082 $2.7M Add +1.0%
IBDT iShares Ibonds Dec 2028 ETF 1.49% 101,600 $2.6M Add +37.8%
CSCO Cisco Systems Inc. 1.47% 37,445 $2.6M Reduce -0.1%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 1.42% 101,750 $2.5M Add +19.0%
IEFA iShares Core MSCI Eafe ETF 1.39% 27,714 $2.4M Add +1.4%
ADP Automatic Data Processing 1.34% 7,975 $2.3M Reduce -0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.34% 45,220 $2.3M Reduce -0.2%
HD Home Depot Inc. 1.32% 5,669 $2.3M No change
JNJ Johnson & Johnson 1.28% 12,041 $2.2M Reduce -0.5%
PG The Procter & Gamble Co. 1.26% 14,345 $2.2M Reduce -0.6%
PAYX Paychex Inc. 1.26% 17,380 $2.2M No change
FDVV Fidelity High Dividend ETF 1.15% 36,060 $2.0M Add +8.0%
WM Waste Management Inc. 1.11% 8,790 $1.9M No change
LOW Lowe's Cos Inc. 1.11% 7,665 $1.9M No change
IBDR iShares Ibonds Dec 2026 Term 1.08% 77,150 $1.9M Add +19.2%
SYY Sysco Corp. 1.07% 22,690 $1.9M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.04% 12,490 $1.8M Reduce -1.5%
BX Blackstone Inc. 0.99% 10,070 $1.7M Reduce -0.3%
TCAF T Rowe PRC Cap Appreciation 0.97% 45,025 $1.7M Add +11.2%
CVX Chevron Corp. 0.92% 10,375 $1.6M No change
IBDU iShares Ibonds Dec 2029 Term 0.89% 66,450 $1.6M Add +44.8%
SUB iShares Short-Term National 0.83% 13,625 $1.5M No change
VIG Vanguard Dividend Apprec ETF 0.82% 6,630 $1.4M Add +0.1%
RTX RTX Corp. 0.79% 8,221 $1.4M No change
ECL Ecolab Inc. 0.79% 5,020 $1.4M Reduce -1.9%
WMT Walmart Inc. 0.79% 13,330 $1.4M Add +5.4%
V Visa Inc. Class A 0.73% 3,740 $1.3M Reduce -0.3%
MCD McDonald's Corp. 0.72% 4,125 $1.3M Reduce -0.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.72% 1,875 $1.2M No change
VLO Valero Energy Corp. 0.72% 7,325 $1.2M No change
ABBV Abbvie Inc. 0.70% 5,306 $1.2M No change
UBER Uber Technologies Inc. 0.69% 12,300 $1.2M Add +5.9%
MUB iShares National Muni Bond E 0.69% 11,275 $1.2M No change
ZTS Zoetis Inc. 0.68% 8,100 $1.2M Reduce -0.1%
PEP Pepsico Inc. 0.67% 8,325 $1.2M Reduce -4.8%
BDX Becton Dickinson and Co. 0.66% 6,175 $1.2M Reduce -0.2%
AMT American Tower Corp. 0.66% 5,975 $1.1M Add +0.7%
SBUX Starbucks Corp. 0.66% 13,500 $1.1M Add +0.4%
GLW Corning Inc. 0.64% 13,650 $1.1M Add +3.0%
TSM Taiwan Semiconductor-SP ADR 0.63% 3,930 $1.1M No change
LHX L3HARRIS Technologies Inc. 0.60% 3,440 $1.1M No change
MRK Merck & Co. Inc. 0.59% 12,355 $1.0M Reduce -5.0%
RPM RPM International Inc. 0.58% 8,555 $1.0M No change
NSRGY Nestle SA-Spons ADR 0.57% 10,800 $991K Reduce -4.4%
IWY iShares Russell Top 200 Grow 0.57% 3,610 $988K No change
YUM Yum! Brands Inc. 0.57% 6,480 $985K Reduce -0.2%
IDA Idacorp Inc. 0.56% 7,336 $969K No change
PSX Phillips 66 0.56% 7,125 $969K No change
CSX CSX Corp. 0.53% 25,890 $919K No change
WTRG Essential Utilities Inc. 0.53% 22,961 $916K No change
AOM iShares Core 40/60 Moderate 0.49% 17,827 $848K Add +0.0%
IBDV iShares Ibonds Dec 2030 Corp. 0.48% 38,100 $844K Add +224.3%
IBDQ iShares Ibonds Dec 2025 Term 0.48% 33,350 $840K Add +7.9%
IBMP iShares Ibonds Dec 2027 Term 0.47% 32,300 $823K Add +16.4%
COP Conocophillips 0.47% 8,680 $821K No change
MDLZ Mondelez International Inc. Class A 0.47% 13,125 $820K No change
CI Cigna Holding Co. filed as THE CIGNA GROUP 0.44% 2,655 $765K Reduce -3.6%
NEE Nextera Energy Inc. 0.43% 10,000 $755K Reduce -6.5%
IBMQ iShares Ibonds Dec 2028 Muni 0.43% 29,300 $751K Add +13.8%
QQQ Invesco QQQ Trust Series 1 0.43% 1,235 $741K Reduce -3.9%
IBMO iShares Ibonds Dec 2026 Term 0.42% 28,500 $731K Add +18.8%
VNQ Vanguard Real Estate ETF 0.42% 7,935 $725K Add +6.0%
IUSG iShares Core S&P U.S. Growth 0.41% 4,315 $710K No change
UNH Unitedhealth Group Inc. 0.41% 2,045 $706K No change
SPHY SS SPDR P High Yield ETF 0.38% 27,750 $664K Add +3.7%
DGX Quest Diagnostics Inc. 0.36% 3,300 $629K No change
WCN Waste Connections Inc. 0.35% 3,470 $610K Reduce -0.4%
IBMR iShares Ibonds Dec 2029 M BD 0.35% 23,800 $608K Add +150.5%
AOR iShares Core 60/40 Balanced 0.35% 9,407 $606K Add +0.1%
HON Honeywell International Inc. 0.34% 2,795 $588K No change
MMM 3M Co. 0.33% 3,760 $583K No change
CL Colgate-Palmolive Co. 0.33% 7,160 $572K Add +4.2%
LMT Lockheed Martin Corp. 0.32% 1,100 $549K No change
MA Mastercard Inc. Class A 0.31% 960 $546K No change
EEMV iShares MSCI Emg MKT Min Vol 0.29% 7,800 $498K No change
PGX Invesco Preferred ETF 0.27% 40,900 $474K No change
MET Metlife Inc. 0.26% 5,500 $453K No change
LH Laboratory CRP of Amer Hldgs filed as LABCORP HLDGS INC 0.26% 1,570 $451K No change
AWK American Water Works Co. Inc. 0.26% 3,225 $449K No change
ADBE Adobe Inc. 0.25% 1,235 $436K No change
ABT Abbott Laboratories 0.24% 3,150 $422K No change
ED Consolidated Edison Inc. 0.24% 4,175 $420K No change
TGT Target Corp. 0.24% 4,645 $417K Reduce -27.5%
EBAY eBay Inc. 0.22% 4,300 $391K No change
RSG Republic Services Inc. 0.22% 1,700 $390K No change
VCR Vanguard Consumer Discre ETF 0.22% 960 $380K No change
EFA iShares MSCI Eafe ETF 0.21% 4,000 $373K No change

Show all 131 holdings

Portfolio Sells Q2 2025 → Q3 2025
INTU Intuit Inc. Reduce -0.5% 2.93% −0.72
COST Costco Wholesale Corp. Reduce -0.6% 3.07% −0.48
UPS United Parcel Service Class B Sold out 0.00% −0.31
MSFT Microsoft Corp. Reduce -1.2% 6.04% −0.26
ADP Automatic Data Processing Reduce -0.4% 1.34% −0.18
PG The Procter & Gamble Co. Reduce -0.6% 1.26% −0.15
TGT Target Corp. Reduce -27.5% 0.24% −0.15
CARR Carrier Global Corp. Sold out 0.00% −0.14
CSCO Cisco Systems Inc. Reduce -0.1% 1.47% −0.13
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.7% 2.79% −0.12
NSRGY Nestle SA-Spons ADR Reduce -4.4% 0.57% −0.12
CI Cigna Holding Co. Reduce -3.6% 0.44% −0.12
WOW Wideopenwest Inc. Reduce -69.7% 0.06% −0.11
ZTS Zoetis Inc. Reduce -0.1% 0.68% −0.10
V Visa Inc. Class A Reduce -0.3% 0.73% −0.09
BSV Vanguard Short-Term Bond ETF Reduce -32.3% 0.14% −0.08
AXP American Express Co. Reduce -0.5% 2.13% −0.08
WRB WR Berkley Corp. Reduce -0.4% 2.02% −0.07
ECL Ecolab Inc. Reduce -1.9% 0.79% −0.06
CMCSA Comcast Corp. Class A Reduce -18.4% 0.12% −0.06
DD Dupont DE Nemours Inc. Reduce -26.7% 0.19% −0.06
WCN Waste Connections Inc. Reduce -0.4% 0.35% −0.05
PEP Pepsico Inc. Reduce -4.8% 0.67% −0.04
ELV Elevance Health Inc. Reduce -3.9% 0.12% −0.04
MRK Merck & Co. Inc. Reduce -5.0% 0.59% −0.04
SPG Simon Property Group Inc. Reduce -26.2% 0.12% −0.03
YUM Yum! Brands Inc. Reduce -0.2% 0.57% −0.03
MCD McDonald's Corp. Reduce -0.4% 0.72% −0.03
NEE Nextera Energy Inc. Reduce -6.5% 0.43% −0.02
BIV Vanguard Intermediate-Term B Reduce -8.0% 0.15% −0.02
JPM JPMorgan Chase & Co. Reduce -2.2% 1.75% −0.02
CLX Clorox Company Reduce -4.1% 0.16% −0.01
QQQ Invesco QQQ Trust Series 1 Reduce -3.9% 0.43% −0.01
NOK Nokia Corp.-Spon ADR Reduce -1.2% 0.15% +0.00
BDX Becton Dickinson and Co. Reduce -0.2% 0.66% +0.01
BAC Bank of America Corp. Reduce -0.2% 1.34% +0.02
BX Blackstone Inc. Reduce -0.3% 0.99% +0.06
TJX TJX Companies Inc. Reduce -1.5% 1.04% +0.07
JNJ Johnson & Johnson Reduce -0.5% 1.28% +0.14
GOOGL Alphabet Inc. Class A Reduce -0.6% 2.56% +0.55
AAPL Apple Inc. Reduce -0.2% 4.87% +0.65
ORCL Oracle Corp. Reduce -1.8% 4.80% +0.72

Portfolio Buys Q2 2025 → Q3 2025
IBDT iShares Ibonds Dec 2028 ETF Add +37.8% 1.49% +0.33
IBDV iShares Ibonds Dec 2030 Corp. Add +224.3% 0.48% +0.33
IBDU iShares Ibonds Dec 2029 Term Add +44.8% 0.89% +0.24
GLW Corning Inc. Add +3.0% 0.64% +0.21
IBMR iShares Ibonds Dec 2029 M BD Add +150.5% 0.35% +0.20
IBDS Ishrs Ibnds Dec 27 Corp. ETF Add +19.0% 1.42% +0.14
IBMS ISHARESIBONDDEC2030MUNIBDETF New 0.13% +0.13
VLTO Veralto Corp. New 0.12% +0.12
HSY The Hershey Co. New 0.12% +0.12
IBDR iShares Ibonds Dec 2026 Term Add +19.2% 1.08% +0.11
TCAF T Rowe PRC Cap Appreciation Add +11.2% 0.97% +0.09
FDVV Fidelity High Dividend ETF Add +8.0% 1.15% +0.08
IBMO iShares Ibonds Dec 2026 Term Add +18.8% 0.42% +0.04
IBMP iShares Ibonds Dec 2027 Term Add +16.4% 0.47% +0.04
IBMQ iShares Ibonds Dec 2028 Muni Add +13.8% 0.43% +0.03
WMT Walmart Inc. Add +5.4% 0.79% +0.03
UBER Uber Technologies Inc. Add +5.9% 0.69% +0.02
IBMN iShares Ibonds Dec 2025 Term Add +17.6% 0.15% +0.01
VNQ Vanguard Real Estate ETF Add +6.0% 0.42% +0.01
IBDQ iShares Ibonds Dec 2025 Term Add +7.9% 0.48% +0.00
XOM Exxon Mobil Corp. Add +4.1% 0.16% +0.00
MKL Markel Group Inc. Add +8.7% 0.12% −0.00
AOR iShares Core 60/40 Balanced Add +0.1% 0.35% −0.01
SPHY SS SPDR P High Yield ETF Add +3.7% 0.38% −0.01
ABNB Airbnb Inc. Class A Add +6.8% 0.14% −0.01
VIG Vanguard Dividend Apprec ETF Add +0.1% 0.82% −0.01
IEFA iShares Core MSCI Eafe ETF Add +1.4% 1.39% −0.02
AOM iShares Core 40/60 Moderate Add +0.0% 0.49% −0.02
RSP Invesco S&P 500 Equal Weight Add +1.0% 1.53% −0.03
CL Colgate-Palmolive Co. Add +4.2% 0.33% −0.06
SBUX Starbucks Corp. Add +0.4% 0.66% −0.10
AMT American Tower Corp. Add +0.7% 0.66% −0.15

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