Godshalk Welsh Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Godshalk Welsh Capital Management, Inc. reported 132 stock positions worth $175.1 million. Its top holding was Microsoft (MSFT) at 5.5% of the portfolio, followed by Apple (AAPL, 5.1%) and Oracle (ORCL, 3.3%). Compared with Q3 2025, it opened 7 new positions, sold out of 7, added to 34 and reduced 49. The biggest buy was iShares Ibonds Dec 2029 Term (IBDU, shares +50%) and the biggest sale Oracle (ORCL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- RADNOR, PA
- CIK
- 0001631775
- Portfolio Value
- $175.1M (Q4 2025)
- SEC Filing
- 0001631775-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 132 stocks · $175.1M
| MSFT Microsoft Corp. | 5.54% | 20,075 | $9.7M | Reduce -1.3% |
| AAPL Apple Inc. | 5.07% | 32,667 | $8.9M | Reduce -2.0% |
| ORCL Oracle Corp. | 3.31% | 29,710 | $5.8M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 3.22% | 18,015 | $5.6M | Reduce -1.8% |
| INTU Intuit Inc. | 2.81% | 7,425 | $4.9M | Reduce -0.7% |
| COST Costco Wholesale Corp. | 2.80% | 5,676 | $4.9M | Reduce -1.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.74% | 9,558 | $4.8M | Reduce -1.1% |
| AXP American Express Co. | 2.28% | 10,795 | $4.0M | Reduce -3.5% |
| GOOG Alphabet Inc. Class C | 2.03% | 11,340 | $3.6M | No change |
| GMED Globus Medical Inc. Class A | 1.99% | 40,000 | $3.5M | Reduce -20.0% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.81% | 45,270 | $3.2M | Reduce -1.4% |
| IWM iShares Russell 2000 ETF | 1.79% | 12,747 | $3.1M | Reduce -0.1% |
| IBDT iShares Ibonds Dec 2028 ETF | 1.79% | 123,000 | $3.1M | Add +21.1% |
| JPM JPMorgan Chase & Co. | 1.76% | 9,580 | $3.1M | Reduce -1.1% |
| CSCO Cisco Systems Inc. | 1.64% | 37,320 | $2.9M | Reduce -0.3% |
| RSP Invesco S&P 500 Equal Weight | 1.60% | 14,588 | $2.8M | Add +3.6% |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | 1.55% | 111,625 | $2.7M | Add +9.7% |
| JNJ Johnson & Johnson | 1.42% | 12,041 | $2.5M | No change |
| IEFA iShares Core MSCI Eafe ETF | 1.42% | 27,765 | $2.5M | Add +0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.39% | 44,320 | $2.4M | Reduce -2.0% |
| IBDU iShares Ibonds Dec 2029 Term | 1.34% | 99,900 | $2.3M | Add +50.3% |
| FDVV Fidelity High Dividend ETF | 1.20% | 37,109 | $2.1M | Add +2.9% |
| PG The Procter & Gamble Co. | 1.17% | 14,345 | $2.1M | No change |
| ADP Automatic Data Processing | 1.17% | 7,975 | $2.1M | No change |
| IBDR iShares Ibonds Dec 2026 Term | 1.17% | 84,375 | $2.0M | Add +9.4% |
| PAYX Paychex Inc. | 1.11% | 17,380 | $1.9M | No change |
| HD Home Depot Inc. | 1.11% | 5,659 | $1.9M | Reduce -0.2% |
| WM Waste Management Inc. | 1.10% | 8,740 | $1.9M | Reduce -0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.07% | 12,250 | $1.9M | Reduce -1.9% |
| LOW Lowe's Cos Inc. | 1.04% | 7,540 | $1.8M | Reduce -1.6% |
| TCAF T Rowe PRC Cap Appreciation | 1.02% | 46,525 | $1.8M | Add +3.3% |
| SYY Sysco Corp. | 0.95% | 22,690 | $1.7M | No change |
| CVX Chevron Corp. | 0.91% | 10,500 | $1.6M | Add +1.2% |
| BX Blackstone Inc. | 0.88% | 10,020 | $1.5M | Reduce -0.5% |
| RTX RTX Corp. | 0.86% | 8,221 | $1.5M | No change |
| WMT Walmart Inc. | 0.85% | 13,380 | $1.5M | Add +0.4% |
| SUB iShares Short-Term National | 0.85% | 13,950 | $1.5M | Add +2.4% |
| VIG Vanguard Dividend Apprec ETF | 0.83% | 6,614 | $1.5M | Reduce -0.2% |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.78% | 61,600 | $1.4M | Add +61.7% |
| V Visa Inc. Class A | 0.76% | 3,780 | $1.3M | Add +1.1% |
| MUB iShares National Muni Bond E | 0.75% | 12,250 | $1.3M | Add +8.7% |
| ECL Ecolab Inc. | 0.74% | 4,960 | $1.3M | Reduce -1.2% |
| MRK Merck & Co. Inc. | 0.73% | 12,205 | $1.3M | Reduce -1.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.73% | 1,875 | $1.3M | No change |
| MCD McDonald's Corp. | 0.72% | 4,110 | $1.3M | Reduce -0.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.70% | 4,060 | $1.2M | Add +3.3% |
| PEP Pepsico Inc. | 0.69% | 8,425 | $1.2M | Add +1.2% |
| ABBV Abbvie Inc. | 0.69% | 5,281 | $1.2M | Reduce -0.5% |
| BDX Becton Dickinson and Co. | 0.68% | 6,165 | $1.2M | Reduce -0.2% |
| VLO Valero Energy Corp. | 0.68% | 7,325 | $1.2M | No change |
| GLW Corning Inc. | 0.68% | 13,575 | $1.2M | Reduce -0.6% |
| SBUX Starbucks Corp. | 0.65% | 13,500 | $1.1M | No change |
| UBER Uber Technologies Inc. | 0.61% | 13,035 | $1.1M | Add +6.0% |
| AOM iShares Core 40/60 Moderate | 0.59% | 21,799 | $1.0M | Add +22.3% |
| NSRGY Nestle SA-Spons ADR | 0.58% | 10,250 | $1.0M | Reduce -5.1% |
| LHX L3HARRIS Technologies Inc. | 0.58% | 3,440 | $1.0M | No change |
| ZTS Zoetis Inc. | 0.57% | 7,950 | $1.0M | Reduce -1.9% |
| IWY iShares Russell Top 200 Grow | 0.57% | 3,609 | $999K | Reduce -0.0% |
| AMT American Tower Corp. | 0.57% | 5,675 | $996K | Reduce -5.0% |
| CSX CSX Corp. | 0.54% | 25,890 | $939K | No change |
| IDA Idacorp Inc. | 0.53% | 7,336 | $928K | No change |
| IBMP iShares Ibonds Dec 2027 Term | 0.53% | 36,300 | $922K | Add +12.4% |
| PSX Phillips 66 | 0.53% | 7,125 | $919K | No change |
| IBMQ iShares Ibonds Dec 2028 Muni | 0.52% | 35,300 | $903K | Add +20.5% |
| YUM Yum! Brands Inc. | 0.51% | 5,955 | $901K | Reduce -8.1% |
| RPM RPM International Inc. | 0.51% | 8,555 | $890K | No change |
| IBMO iShares Ibonds Dec 2026 Term | 0.48% | 32,500 | $833K | Add +14.0% |
| COP Conocophillips | 0.46% | 8,680 | $813K | No change |
| IBMR iShares Ibonds Dec 2029 M BD | 0.45% | 31,300 | $796K | Add +31.5% |
| NEE Nextera Energy Inc. | 0.44% | 9,660 | $776K | Reduce -3.4% |
| IBMS ISHARESIBONDDEC2030MUNIBDETF | 0.42% | 28,100 | $732K | Add +212.2% |
| CI Cigna Holding Co. filed as THE CIGNA GROUP | 0.42% | 2,655 | $731K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.42% | 1,185 | $728K | Reduce -4.0% |
| WTRG Essential Utilities Inc. | 0.41% | 18,711 | $718K | Reduce -18.5% |
| VNQ Vanguard Real Estate ETF | 0.41% | 8,085 | $715K | Add +1.9% |
| IUSG iShares Core S&P U.S. Growth | 0.41% | 4,255 | $715K | Reduce -1.4% |
| UNH Unitedhealth Group Inc. | 0.37% | 1,945 | $642K | Reduce -4.9% |
| MDLZ Mondelez International Inc. Class A | 0.36% | 11,725 | $631K | Reduce -10.7% |
| SPHY SS SPDR P High Yield ETF | 0.35% | 26,250 | $621K | Reduce -5.4% |
| AOR iShares Core 60/40 Balanced | 0.35% | 9,464 | $615K | Add +0.6% |
| MMM 3M Co. | 0.34% | 3,760 | $602K | No change |
| HON Honeywell International Inc. | 0.33% | 2,960 | $577K | Add +5.9% |
| DGX Quest Diagnostics Inc. | 0.33% | 3,300 | $573K | No change |
| CL Colgate-Palmolive Co. | 0.32% | 7,160 | $566K | No change |
| WCN Waste Connections Inc. | 0.32% | 3,170 | $556K | Reduce -8.7% |
| MA Mastercard Inc. Class A | 0.31% | 960 | $548K | No change |
| LMT Lockheed Martin Corp. | 0.30% | 1,100 | $532K | No change |
| EEMV iShares MSCI Emg MKT Min Vol | 0.29% | 7,800 | $500K | No change |
| MET Metlife Inc. | 0.25% | 5,500 | $434K | No change |
| AMGN Amgen Inc. | 0.24% | 1,285 | $421K | Add +4.0% |
| ED Consolidated Edison Inc. | 0.23% | 4,125 | $410K | Reduce -1.2% |
| IBDW iShares Ibonds Dec 2031 Corp. | 0.23% | 19,050 | $403K | New |
| LH Laboratory CRP of Amer Hldgs filed as LABCORP HLDGS INC | 0.22% | 1,570 | $394K | No change |
| ABT Abbott Laboratories | 0.22% | 3,125 | $392K | Reduce -0.8% |
| EFA iShares MSCI Eafe ETF | 0.22% | 4,000 | $384K | No change |
| AWK American Water Works Co. Inc. | 0.22% | 2,925 | $382K | Reduce -9.3% |
| VCR Vanguard Consumer Discre ETF | 0.21% | 955 | $376K | Reduce -0.5% |
| EBAY eBay Inc. | 0.21% | 4,300 | $375K | No change |
| SOLS Solstice Adv Materials Inc. | 0.20% | 7,337 | $356K | Add +950.0% |
| RSG Republic Services Inc. | 0.20% | 1,625 | $344K | Reduce -4.4% |
Portfolio Sells Q3 2025 → Q4 2025
| ORCL Oracle Corp. | Reduce -0.1% | 3.31% | −1.49 |
| MSFT Microsoft Corp. | Reduce -1.3% | 5.54% | −0.50 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.48 |
| COST Costco Wholesale Corp. | Reduce -1.8% | 2.80% | −0.27 |
| WRB WR Berkley Corp. | Reduce -1.4% | 1.81% | −0.21 |
| HD Home Depot Inc. | Reduce -0.2% | 1.11% | −0.21 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.19 |
| PGX Invesco Preferred ETF | Reduce -63.6% | 0.10% | −0.18 |
| IBMN iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.15 |
| CTVA Corteva Inc. | Sold out | 0.00% | −0.13 |
| INTU Intuit Inc. | Reduce -0.7% | 2.81% | −0.12 |
| VLTO Veralto Corp. | Sold out | 0.00% | −0.12 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.12 |
| WTRG Essential Utilities Inc. | Reduce -18.5% | 0.41% | −0.12 |
| MDLZ Mondelez International Inc. Class A | Reduce -10.7% | 0.36% | −0.11 |
| ZTS Zoetis Inc. | Reduce -1.9% | 0.57% | −0.11 |
| BX Blackstone Inc. | Reduce -0.5% | 0.88% | −0.11 |
| AMT American Tower Corp. | Reduce -5.0% | 0.57% | −0.09 |
| ADBE Adobe Inc. | Reduce -27.9% | 0.18% | −0.07 |
| LOW Lowe's Cos Inc. | Reduce -1.6% | 1.04% | −0.07 |
| WOW Wideopenwest Inc. | Sold out | 0.00% | −0.06 |
| TGT Target Corp. | Reduce -31.1% | 0.18% | −0.06 |
| YUM Yum! Brands Inc. | Reduce -8.1% | 0.51% | −0.05 |
| ECL Ecolab Inc. | Reduce -1.2% | 0.74% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.1% | 2.74% | −0.04 |
| AWK American Water Works Co. Inc. | Reduce -9.3% | 0.22% | −0.04 |
| CLX Clorox Company | Reduce -6.5% | 0.13% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -4.9% | 0.37% | −0.04 |
| WCN Waste Connections Inc. | Reduce -8.7% | 0.32% | −0.03 |
| RSG Republic Services Inc. | Reduce -4.4% | 0.20% | −0.03 |
| SPHY SS SPDR P High Yield ETF | Reduce -5.4% | 0.35% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.8% | 0.22% | −0.02 |
| WM Waste Management Inc. | Reduce -0.6% | 1.10% | −0.02 |
| ABBV Abbvie Inc. | Reduce -0.5% | 0.69% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -4.0% | 0.42% | −0.01 |
| ED Consolidated Edison Inc. | Reduce -1.2% | 0.23% | −0.01 |
| VCR Vanguard Consumer Discre ETF | Reduce -0.5% | 0.21% | −0.00 |
| MCD McDonald's Corp. | Reduce -0.4% | 0.72% | −0.00 |
| IUSG iShares Core S&P U.S. Growth | Reduce -1.4% | 0.41% | +0.00 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -5.8% | 0.14% | +0.00 |
| IWY iShares Russell Top 200 Grow | Reduce -0.0% | 0.57% | +0.00 |
| JPM JPMorgan Chase & Co. | Reduce -1.1% | 1.76% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.2% | 0.83% | +0.01 |
| NSRGY Nestle SA-Spons ADR | Reduce -5.1% | 0.58% | +0.01 |
| NEE Nextera Energy Inc. | Reduce -3.4% | 0.44% | +0.01 |
| BDX Becton Dickinson and Co. | Reduce -0.2% | 0.68% | +0.02 |
| IWM iShares Russell 2000 ETF | Reduce -0.1% | 1.79% | +0.02 |
| GLW Corning Inc. | Reduce -0.6% | 0.68% | +0.04 |
| TJX TJX Companies Inc. | Reduce -1.9% | 1.07% | +0.04 |
| BAC Bank of America Corp. | Reduce -2.0% | 1.39% | +0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| IBDU iShares Ibonds Dec 2029 Term | Add +50.3% | 1.34% | +0.44 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +21.1% | 1.79% | +0.30 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +61.7% | 0.78% | +0.29 |
| IBMS ISHARESIBONDDEC2030MUNIBDETF | Add +212.2% | 0.42% | +0.28 |
| IBDW iShares Ibonds Dec 2031 Corp. | New | 0.23% | +0.23 |
| SOLS Solstice Adv Materials Inc. | Add +950.0% | 0.20% | +0.18 |
| IBMT iShares Ibonds Dec 2031 Muni | New | 0.15% | +0.15 |
| LLY Eli Lilly & Co. | New | 0.14% | +0.14 |
| DHR Danaher Corp. | New | 0.13% | +0.13 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Add +9.7% | 1.55% | +0.13 |
| ADI Analog Devices Inc. | New | 0.12% | +0.12 |
| COF Capital One Financial Corp. | New | 0.12% | +0.12 |
| AOM iShares Core 40/60 Moderate | Add +22.3% | 0.59% | +0.11 |
| EMR Emerson Electric Co. | New | 0.11% | +0.11 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +31.5% | 0.45% | +0.11 |
| IBDR iShares Ibonds Dec 2026 Term | Add +9.4% | 1.17% | +0.09 |
| IBMQ iShares Ibonds Dec 2028 Muni | Add +20.5% | 0.52% | +0.08 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.3% | 0.70% | +0.07 |
| RSP Invesco S&P 500 Equal Weight | Add +3.6% | 1.60% | +0.06 |
| WMT Walmart Inc. | Add +0.4% | 0.85% | +0.06 |
| MUB iShares National Muni Bond E | Add +8.7% | 0.75% | +0.06 |
| IBMO iShares Ibonds Dec 2026 Term | Add +14.0% | 0.48% | +0.06 |
| IBMP iShares Ibonds Dec 2027 Term | Add +12.4% | 0.53% | +0.05 |
| FDVV Fidelity High Dividend ETF | Add +2.9% | 1.20% | +0.05 |
| TCAF T Rowe PRC Cap Appreciation | Add +3.3% | 1.02% | +0.04 |
| AMGN Amgen Inc. | Add +4.0% | 0.24% | +0.04 |
| ABNB Airbnb Inc. Class A | Add +9.7% | 0.17% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.2% | 1.42% | +0.03 |
| MKL Markel Group Inc. | Add +9.8% | 0.15% | +0.03 |
| V Visa Inc. Class A | Add +1.1% | 0.76% | +0.02 |
| PEP Pepsico Inc. | Add +1.2% | 0.69% | +0.02 |
| SUB iShares Short-Term National | Add +2.4% | 0.85% | +0.02 |
| XOM Exxon Mobil Corp. | Add +2.0% | 0.18% | +0.01 |
| BSV Vanguard Short-Term Bond ETF | Add +3.6% | 0.15% | +0.00 |
| AOR iShares Core 60/40 Balanced | Add +0.6% | 0.35% | +0.00 |
| BIV Vanguard Intermediate-Term B | Add +3.2% | 0.15% | +0.00 |
| CAVA Cava Group Inc. | Add +2.8% | 0.19% | −0.00 |
| VNQ Vanguard Real Estate ETF | Add +1.9% | 0.41% | −0.01 |
| HON Honeywell International Inc. | Add +5.9% | 0.33% | −0.01 |
| CVX Chevron Corp. | Add +1.2% | 0.91% | −0.01 |
| UBER Uber Technologies Inc. | Add +6.0% | 0.61% | −0.08 |
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 |