Godshalk Welsh Capital Management, Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Godshalk Welsh Capital Management, Inc. reported 129 stock positions worth $172.5 million. Its top holding was Apple (AAPL) at 4.8% of the portfolio, followed by Microsoft (MSFT, 4.3%) and Costco Wholesale (COST, 3.3%). Compared with Q4 2025, it opened 5 new positions, sold out of 8, added to 30 and reduced 48. The biggest buy was iShares Ibonds Dec 2031 (IBDW, shares +226%) and the biggest sale Microsoft (MSFT, shares −1%).

Most Recent 13F
Q2 2026
Location
RADNOR, PA
CIK
0001631775
Portfolio Value
$172.5M (Q1 2026)
SEC Filing
0001631775-26-000002 ↗ filed May 13, 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 Q4 2025 Q1 2026: $172.5M $172.5M Q1 2026 Q2 2026: $185.6M Q2 2026

Holdings 129 stocks · $172.5M
AAPL Apple Inc. 4.75% 32,302 $8.2M Reduce -1.1%
MSFT Microsoft Corp. 4.25% 19,815 $7.3M Reduce -1.3%
COST Costco Wholesale Corp. 3.26% 5,649 $5.6M Reduce -0.5%
GOOGL Alphabet Inc. Class A 2.98% 17,874 $5.1M Reduce -0.8%
ORCL Oracle Corp. 2.51% 29,460 $4.3M Reduce -0.8%
BRK.B Berkshire Hathaway Inc. Class B 2.51% 9,033 $4.3M Reduce -5.5%
IBDT iShares Ibonds Dec 2028 ETF 2.04% 138,850 $3.5M Add +12.9%
GMED Globus Medical Inc. Class A 2.00% 40,000 $3.4M No change
GOOG Alphabet Inc. Class C 1.89% 11,340 $3.3M No change
AXP American Express Co. 1.88% 10,710 $3.2M Reduce -0.8%
INTU Intuit Inc. 1.85% 7,385 $3.2M Reduce -0.5%
IWM iShares Russell 2000 ETF 1.83% 12,722 $3.2M Reduce -0.2%
IBDU iShares Ibonds Dec 2029 Term 1.79% 132,750 $3.1M Add +32.9%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 1.76% 125,335 $3.0M Add +12.3%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 1.74% 45,158 $3.0M Reduce -0.3%
JNJ Johnson & Johnson 1.67% 11,799 $2.9M Reduce -2.0%
RSP Invesco S&P 500 Equal Weight 1.67% 15,019 $2.9M Add +3.0%
CSCO Cisco Systems Inc. 1.67% 37,070 $2.9M Reduce -0.7%
JPM JPMorgan Chase & Co. 1.62% 9,495 $2.8M Reduce -0.9%
IEFA iShares Core MSCI Eafe ETF 1.47% 27,990 $2.5M Add +0.8%
FDVV Fidelity High Dividend ETF 1.28% 39,919 $2.2M Add +7.6%
IBDR iShares Ibonds Dec 2026 Term 1.27% 90,025 $2.2M Add +6.7%
CVX Chevron Corp. 1.26% 10,475 $2.2M Reduce -0.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.25% 44,070 $2.1M Reduce -0.6%
IBDV iShares Ibonds Dec 2030 Corp. 1.21% 95,100 $2.1M Add +54.4%
PG The Procter & Gamble Co. 1.20% 14,345 $2.1M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.15% 12,465 $2.0M Add +1.8%
WM Waste Management Inc. 1.13% 8,455 $1.9M Reduce -3.3%
HD Home Depot Inc. 1.07% 5,619 $1.8M Reduce -0.7%
GLW Corning Inc. 1.06% 13,425 $1.8M Reduce -1.1%
VLO Valero Energy Corp. 1.04% 7,250 $1.8M Reduce -1.0%
LOW Lowe's Cos Inc. 1.02% 7,480 $1.8M Reduce -0.8%
TCAF T Rowe PRC Cap Appreciation 1.01% 48,875 $1.7M Add +5.0%
WMT Walmart Inc. 0.98% 13,625 $1.7M Add +1.8%
ADP Automatic Data Processing 0.94% 7,975 $1.6M No change
SYY Sysco Corp. 0.94% 22,650 $1.6M Reduce -0.2%
RTX RTX Corp. 0.90% 8,071 $1.6M Reduce -1.8%
PAYX Paychex Inc. 0.89% 16,655 $1.5M Reduce -4.2%
VIG Vanguard Dividend Apprec ETF 0.83% 6,634 $1.4M Add +0.3%
MRK Merck & Co. Inc. 0.82% 11,785 $1.4M Reduce -3.4%
SUB iShares Short-Term National 0.81% 13,050 $1.4M Reduce -6.5%
TSM Taiwan Semiconductor-SP ADR 0.80% 4,090 $1.4M Add +0.7%
PEP Pepsico Inc. 0.76% 8,400 $1.3M Reduce -0.3%
IBDW iShares Ibonds Dec 2031 Corp. 0.75% 62,050 $1.3M Add +225.7%
PSX Phillips 66 0.75% 7,100 $1.3M Reduce -0.3%
ECL Ecolab Inc. 0.75% 4,860 $1.3M Reduce -2.0%
AOM iShares Core 40/60 Moderate 0.75% 27,224 $1.3M Add +24.9%
MCD McDonald's Corp. 0.74% 4,110 $1.3M No change
MUB iShares National Muni Bond E 0.71% 11,550 $1.2M Reduce -5.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.71% 1,875 $1.2M No change
SBUX Starbucks Corp. 0.71% 13,610 $1.2M Add +0.8%
IBMQ iShares Ibonds Dec 2028 Muni 0.70% 47,000 $1.2M Add +33.1%
LHX L3HARRIS Technologies Inc. 0.69% 3,435 $1.2M Reduce -0.1%
IBMR iShares Ibonds Dec 2029 M BD 0.68% 46,000 $1.2M Add +47.0%
BX Blackstone Inc. 0.67% 10,005 $1.2M Reduce -0.1%
COP Conocophillips 0.66% 8,680 $1.1M No change
V Visa Inc. Class A 0.66% 3,745 $1.1M Reduce -0.9%
ABBV Abbvie Inc. 0.65% 5,181 $1.1M Reduce -1.9%
IBMP iShares Ibonds Dec 2027 Term 0.63% 42,500 $1.1M Add +17.1%
CSX CSX Corp. 0.62% 25,890 $1.1M No change
BDX Becton Dickinson and Co. 0.61% 6,715 $1.1M Add +8.9%
IDA Idacorp Inc. 0.61% 7,336 $1.0M No change
IBMO iShares Ibonds Dec 2026 Term 0.56% 37,500 $961K Add +15.4%
ZTS Zoetis Inc. 0.54% 7,835 $926K Reduce -1.4%
YUM Yum! Brands Inc. 0.54% 5,935 $923K Reduce -0.3%
UBER Uber Technologies Inc. 0.53% 12,800 $921K Reduce -1.8%
IWY iShares Russell Top 200 Grow 0.52% 3,609 $898K No change
NEE Nextera Energy Inc. 0.49% 9,160 $851K Reduce -5.2%
RPM RPM International Inc. 0.48% 8,355 $830K Reduce -2.3%
IBMS ISHARESIBONDDEC2030MUNIBDETF 0.48% 32,000 $827K Add +13.9%
AMT American Tower Corp. 0.47% 4,690 $809K Reduce -17.4%
VNQ Vanguard Real Estate ETF 0.42% 8,085 $717K No change
CI Cigna Holding Co. filed as THE CIGNA GROUP 0.41% 2,655 $708K No change
HON Honeywell International Inc. 0.40% 3,060 $692K Add +3.4%
LMT Lockheed Martin Corp. 0.39% 1,100 $665K No change
IUSG iShares Core S&P U.S. Growth 0.38% 4,255 $660K No change
QQQ Invesco QQQ Trust Series 1 0.38% 1,135 $655K Reduce -4.2%
DGX Quest Diagnostics Inc. 0.37% 3,275 $642K Reduce -0.8%
AOR iShares Core 60/40 Balanced 0.36% 9,591 $617K Add +1.3%
SOLS Solstice Adv Materials Inc. 0.36% 8,088 $616K Add +10.2%
SPHY SS SPDR P High Yield ETF 0.35% 26,250 $612K No change
CL Colgate-Palmolive Co. 0.35% 7,010 $597K Reduce -2.1%
MDLZ Mondelez International Inc. Class A 0.34% 10,075 $581K Reduce -14.1%
MMM 3M Co. 0.32% 3,760 $546K No change
UNH Unitedhealth Group Inc. 0.31% 1,945 $526K No change
WCN Waste Connections Inc. 0.30% 3,170 $515K No change
EEMV iShares MSCI Emg MKT Min Vol 0.29% 7,800 $505K No change
WAT Waters Corp. 0.29% 1,665 $496K New
MA Mastercard Inc. Class A 0.28% 960 $480K No change
WTRG Essential Utilities Inc. 0.27% 11,436 $461K Reduce -38.9%
ED Consolidated Edison Inc. 0.26% 4,025 $456K Reduce -2.4%
AMGN Amgen Inc. 0.26% 1,285 $452K No change
CAVA Cava Group Inc. 0.26% 5,525 $447K No change
XOM Exxon Mobil Corp. 0.25% 2,575 $437K No change
IBMT iShares Ibonds Dec 2031 Muni 0.25% 17,000 $436K Add +70.0%
NOK Nokia Corp.-Spon ADR 0.25% 1,275 $436K No change
LH Laboratory CRP of Amer Hldgs filed as LABCORP HLDGS INC 0.24% 1,570 $419K No change
EBAY eBay Inc. 0.23% 4,300 $391K No change
EFA iShares MSCI Eafe ETF 0.23% 4,000 $389K No change
MET Metlife Inc. 0.22% 5,400 $382K Reduce -1.8%
AWK American Water Works Co. Inc. 0.21% 2,725 $371K Reduce -6.8%
TGT Target Corp. 0.21% 3,000 $364K Reduce -6.3%
RSG Republic Services Inc. 0.21% 1,625 $356K No change
VCR Vanguard Consumer Discre ETF 0.20% 955 $343K No change
VTI VG Morningstar TS MKT ETF-US 0.19% 1,006 $323K No change
ABT Abbott Laboratories 0.19% 3,125 $321K No change
UNP Union Pacific Corp. 0.18% 1,300 $315K No change
VGT Vanguard Info Tech ETF 0.17% 430 $300K No change
KO The Coca-Cola Co. 0.17% 3,900 $297K No change
MAS Masco Corp. 0.17% 4,900 $296K No change
BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 0.17% 4,050 $295K No change
ABNB Airbnb Inc. Class A 0.17% 2,255 $285K No change
MKL Markel Group Inc. 0.16% 148 $283K Add +20.3%
BIV Vanguard Intermediate-Term B 0.16% 3,587 $277K Add +3.0%
BSV Vanguard Short-Term Bond ETF 0.15% 3,368 $264K Add +3.3%
SCHA Schwab US Small-Cap ETF 0.15% 8,800 $256K No change
ADI Analog Devices Inc. 0.15% 800 $255K No change
COF Capital One Financial Corp. 0.14% 1,340 $244K Add +51.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.14% 1,000 $242K No change
SO The Southern Co. 0.14% 2,500 $241K No change
CB Chubb Ltd. 0.14% 740 $241K No change
CTVA Corteva Inc. 0.14% 2,852 $239K New
HLT Hilton Worldwide Holdings Inc. 0.14% 775 $236K No change
HSY The Hershey Co. 0.13% 1,100 $229K No change
CLX Clorox Company 0.13% 2,175 $225K No change
VZ Verizon Communications Inc. 0.13% 4,433 $223K New
Q Qnity Electronics Inc. 0.13% 1,924 $222K New
SPG Simon Property Group Inc. 0.12% 1,125 $210K No change
AEP American Electric Power 0.12% 1,600 $210K New

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -1.3% 4.25% −1.29
INTU Intuit Inc. Reduce -0.5% 1.85% −0.96
ORCL Oracle Corp. Reduce -0.8% 2.51% −0.79
NSRGY Nestle SA-Spons ADR Sold out 0.00% −0.58
AXP American Express Co. Reduce -0.8% 1.88% −0.40
AAPL Apple Inc. Reduce -1.1% 4.75% −0.32
GOOGL Alphabet Inc. Class A Reduce -0.8% 2.98% −0.24
BRK.B Berkshire Hathaway Inc. Class B Reduce -5.5% 2.51% −0.23
PAYX Paychex Inc. Reduce -4.2% 0.89% −0.22
BX Blackstone Inc. Reduce -0.1% 0.67% −0.21
ADBE Adobe Inc. Sold out 0.00% −0.18
BAC Bank of America Corp. Reduce -0.6% 1.25% −0.15
JPM JPMorgan Chase & Co. Reduce -0.9% 1.62% −0.14
WTRG Essential Utilities Inc. Reduce -38.9% 0.27% −0.14
LLY Eli Lilly & Co. Sold out 0.00% −0.14
DHR Danaher Corp. Sold out 0.00% −0.13
ELV Elevance Health Inc. Sold out 0.00% −0.13
STN Stantec Inc. Sold out 0.00% −0.12
EMR Emerson Electric Co. Sold out 0.00% −0.11
V Visa Inc. Class A Reduce -0.9% 0.66% −0.10
AMT American Tower Corp. Reduce -17.4% 0.47% −0.10
PGX Invesco Preferred ETF Sold out 0.00% −0.10
WRB WR Berkley Corp. Reduce -0.3% 1.74% −0.08
UBER Uber Technologies Inc. Reduce -1.8% 0.53% −0.07
SUB iShares Short-Term National Reduce -6.5% 0.81% −0.04
HD Home Depot Inc. Reduce -0.7% 1.07% −0.04
MUB iShares National Muni Bond E Reduce -5.7% 0.71% −0.04
QQQ Invesco QQQ Trust Series 1 Reduce -4.2% 0.38% −0.04
ABBV Abbvie Inc. Reduce -1.9% 0.65% −0.04
ZTS Zoetis Inc. Reduce -1.4% 0.54% −0.03
RPM RPM International Inc. Reduce -2.3% 0.48% −0.03
MET Metlife Inc. Reduce -1.8% 0.22% −0.03
MDLZ Mondelez International Inc. Class A Reduce -14.1% 0.34% −0.02
SYY Sysco Corp. Reduce -0.2% 0.94% −0.02
LOW Lowe's Cos Inc. Reduce -0.8% 1.02% −0.01
AWK American Water Works Co. Inc. Reduce -6.8% 0.21% −0.00
ECL Ecolab Inc. Reduce -2.0% 0.75% +0.01
YUM Yum! Brands Inc. Reduce -0.3% 0.54% +0.02
CL Colgate-Palmolive Co. Reduce -2.1% 0.35% +0.02
CSCO Cisco Systems Inc. Reduce -0.7% 1.67% +0.03
WM Waste Management Inc. Reduce -3.3% 1.13% +0.03
ED Consolidated Edison Inc. Reduce -2.4% 0.26% +0.03
TGT Target Corp. Reduce -6.3% 0.21% +0.03
IWM iShares Russell 2000 ETF Reduce -0.2% 1.83% +0.04
RTX RTX Corp. Reduce -1.8% 0.90% +0.04
DGX Quest Diagnostics Inc. Reduce -0.8% 0.37% +0.05
NEE Nextera Energy Inc. Reduce -5.2% 0.49% +0.05
PEP Pepsico Inc. Reduce -0.3% 0.76% +0.07
MRK Merck & Co. Inc. Reduce -3.4% 0.82% +0.09
LHX L3HARRIS Technologies Inc. Reduce -0.1% 0.69% +0.11

Portfolio Buys Q4 2025 → Q1 2026
IBDW iShares Ibonds Dec 2031 Corp. Add +225.7% 0.75% +0.52
IBDU iShares Ibonds Dec 2029 Term Add +32.9% 1.79% +0.46
IBDV iShares Ibonds Dec 2030 Corp. Add +54.4% 1.21% +0.43
WAT Waters Corp. New 0.29% +0.29
IBDT iShares Ibonds Dec 2028 ETF Add +12.9% 2.04% +0.25
IBMR iShares Ibonds Dec 2029 M BD Add +47.0% 0.68% +0.22
IBDS Ishrs Ibnds Dec 27 Corp. ETF Add +12.3% 1.76% +0.21
IBMQ iShares Ibonds Dec 2028 Muni Add +33.1% 0.70% +0.18
SOLS Solstice Adv Materials Inc. Add +10.2% 0.36% +0.15
AOM iShares Core 40/60 Moderate Add +24.9% 0.75% +0.15
CTVA Corteva Inc. New 0.14% +0.14
WMT Walmart Inc. Add +1.8% 0.98% +0.13
VZ Verizon Communications Inc. New 0.13% +0.13
Q Qnity Electronics Inc. New 0.13% +0.13
AEP American Electric Power New 0.12% +0.12
IBMT iShares Ibonds Dec 2031 Muni Add +70.0% 0.25% +0.10
IBMP iShares Ibonds Dec 2027 Term Add +17.1% 0.63% +0.10
IBDR iShares Ibonds Dec 2026 Term Add +6.7% 1.27% +0.10
TSM Taiwan Semiconductor-SP ADR Add +0.7% 0.80% +0.10
IBMO iShares Ibonds Dec 2026 Term Add +15.4% 0.56% +0.08
TJX TJX Companies Inc. Add +1.8% 1.15% +0.08
FDVV Fidelity High Dividend ETF Add +7.6% 1.28% +0.08
RSP Invesco S&P 500 Equal Weight Add +3.0% 1.67% +0.08
HON Honeywell International Inc. Add +3.4% 0.40% +0.07
IBMS ISHARESIBONDDEC2030MUNIBDETF Add +13.9% 0.48% +0.06
SBUX Starbucks Corp. Add +0.8% 0.71% +0.06
IEFA iShares Core MSCI Eafe ETF Add +0.8% 1.47% +0.05
COF Capital One Financial Corp. Add +51.4% 0.14% +0.02
MKL Markel Group Inc. Add +20.3% 0.16% +0.01
AOR iShares Core 60/40 Balanced Add +1.3% 0.36% +0.01
BSV Vanguard Short-Term Bond ETF Add +3.3% 0.15% +0.01
BIV Vanguard Intermediate-Term B Add +3.0% 0.16% +0.01
VIG Vanguard Dividend Apprec ETF Add +0.3% 0.83% −0.00
TCAF T Rowe PRC Cap Appreciation Add +5.0% 1.01% −0.01
BDX Becton Dickinson and Co. Add +8.9% 0.61% −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