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

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 Q3 2025 Q4 2025: $175.1M $175.1M Q4 2025 Q1 2026: $172.5M Q1 2026 Q2 2026: $185.6M Q2 2026

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%
VTI VG Morningstar TS MKT ETF-US 0.19% 1,006 $337K No change
NOK Nokia Corp.-Spon ADR 0.19% 1,275 $328K No change
CAVA Cava Group Inc. 0.19% 5,525 $324K Add +2.8%
VGT Vanguard Info Tech ETF 0.19% 430 $324K No change
TGT Target Corp. 0.18% 3,200 $313K Reduce -31.1%
ADBE Adobe Inc. 0.18% 890 $311K Reduce -27.9%
MAS Masco Corp. 0.18% 4,900 $311K No change
XOM Exxon Mobil Corp. 0.18% 2,575 $310K Add +2.0%
ABNB Airbnb Inc. Class A 0.17% 2,255 $306K Add +9.7%
UNP Union Pacific Corp. 0.17% 1,300 $301K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.17% 1,000 $296K No change
KO The Coca-Cola Co. 0.16% 3,900 $273K No change
BIV Vanguard Intermediate-Term B 0.15% 3,483 $271K Add +3.2%
MKL Markel Group Inc. 0.15% 123 $264K Add +9.8%
IBMT iShares Ibonds Dec 2031 Muni 0.15% 10,000 $260K New
BSV Vanguard Short-Term Bond ETF 0.15% 3,261 $257K Add +3.6%
SCHA Schwab US Small-Cap ETF 0.14% 8,800 $251K No change
BHP BHP Group Ltd.-Spon ADR 0.14% 4,050 $244K Reduce -5.8%
LLY Eli Lilly & Co. 0.14% 225 $242K New
CB Chubb Ltd. 0.13% 740 $231K No change
DHR Danaher Corp. 0.13% 1,000 $229K New
HLT Hilton Worldwide Holdings Inc. 0.13% 775 $223K No change
CLX Clorox Company 0.13% 2,175 $219K Reduce -6.5%
ELV Elevance Health Inc. 0.13% 625 $219K No change
SO The Southern Co. 0.12% 2,500 $218K No change
ADI Analog Devices Inc. 0.12% 800 $217K New
COF Capital One Financial Corp. 0.12% 885 $214K New
SPG Simon Property Group Inc. 0.12% 1,125 $208K No change
STN Stantec Inc. 0.12% 2,200 $208K No change
HSY The Hershey Co. 0.11% 1,100 $200K No change
EMR Emerson Electric Co. 0.11% 1,400 $186K New
PGX Invesco Preferred ETF 0.10% 14,900 $167K Reduce -63.6%

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

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