Welch & Forbes LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Welch & Forbes LLC reported 370 stock positions worth $7.6 billion. Its top holding was Nvidia (NVDA) at 5.1% of the portfolio, followed by Apple (AAPL, 5.1%) and Microsoft (MSFT, 4.4%). Compared with Q4 2024, it opened 10 new positions, sold out of 19, added to 90 and reduced 193. The biggest buy was Vertex Pharmaceuticals (VRTX, shares +5%) and the biggest sale Nvidia (NVDA, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000105495
- Portfolio Value
- $7.6B (Q1 2025)
- SEC Filing
- 0001085146-25-002565 ↗ filed May 2, 2025
Holdings Value
Holdings 370 stocks · $7.6B
| NVDA Nvidia Corp. | 5.10% | 3,599,104 | $390.1M | Reduce -9.8% |
| AAPL Apple Inc. | 5.06% | 1,742,665 | $387.1M | Reduce -0.9% |
| MSFT Microsoft Corp. | 4.44% | 904,386 | $339.5M | Reduce -0.1% |
| ORLY O'reilly Automotive Inc. | 3.72% | 198,345 | $284.1M | Reduce -1.0% |
| V Visa Inc. Class A | 3.38% | 738,002 | $258.6M | Reduce -0.9% |
| SYK Stryker Corp. | 2.52% | 516,664 | $192.3M | Reduce -0.1% |
| FISV Fiserv Inc. | 2.48% | 859,496 | $189.8M | Reduce -1.8% |
| GOOG Alphabet Inc. Class C | 2.48% | 1,211,074 | $189.2M | Add +0.7% |
| JPM JPMorgan Chase & Co. | 2.21% | 689,815 | $169.2M | Reduce -1.2% |
| HD Home Depot Inc. | 2.07% | 430,965 | $157.9M | Add +0.1% |
| COST Costco Wholesale Corp. | 2.05% | 165,611 | $156.6M | Reduce -1.3% |
| RTX RTX Corp. | 2.02% | 1,163,796 | $154.2M | Reduce -0.7% |
| DHR Danaher Corp. | 1.85% | 690,602 | $141.6M | Add +0.8% |
| PG The Procter & Gamble Co. | 1.77% | 795,617 | $135.6M | Add +0.2% |
| LLY Eli Lilly & Co. | 1.60% | 148,535 | $122.7M | Add +1.1% |
| ANSS Ansys Inc. | 1.60% | 386,729 | $122.4M | Reduce -2.3% |
| CB Chubb Ltd. | 1.60% | 404,359 | $122.1M | Reduce -0.4% |
| ECL Ecolab Inc. | 1.56% | 471,715 | $119.6M | Add +0.7% |
| ROP Roper Technologies Inc. | 1.54% | 199,706 | $117.7M | Reduce -0.3% |
| JNJ Johnson & Johnson | 1.49% | 687,197 | $114.0M | Reduce -0.8% |
| WSO Watsco Inc. | 1.41% | 212,257 | $107.9M | Reduce -0.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.35% | 297,886 | $102.8M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 1.33% | 532,722 | $101.4M | Add +2.2% |
| VRTX Vertex Pharmaceuticals Inc. | 1.32% | 207,639 | $100.7M | Add +5.0% |
| MCD McDonald's Corp. | 1.28% | 312,533 | $97.6M | Add +0.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.25% | 784,497 | $95.6M | Reduce -0.4% |
| MDY State Street SPDR S&P Midcap | 1.19% | 169,884 | $90.6M | Reduce -1.1% |
| AMP Ameriprise Financial Inc. | 1.13% | 178,531 | $86.4M | Reduce -0.8% |
| ABT Abbott Laboratories | 1.10% | 634,527 | $84.2M | Reduce -0.3% |
| PEP Pepsico Inc. | 1.09% | 556,244 | $83.4M | Reduce -1.3% |
| ABBV Abbvie Inc. | 0.97% | 354,624 | $74.3M | Reduce -2.5% |
| RMD Resmed Inc. | 0.97% | 329,892 | $73.8M | Add +0.7% |
| ADP Automatic Data Processing | 0.96% | 241,138 | $73.7M | Reduce -0.6% |
| MTD Mettler-Toledo International | 0.94% | 61,033 | $72.1M | Reduce -0.5% |
| IDXX Idexx Laboratories Inc. | 0.93% | 169,846 | $71.3M | Add +0.3% |
| CVX Chevron Corp. | 0.91% | 414,657 | $69.4M | Add +0.4% |
| META Meta Platforms Inc. Class A | 0.90% | 119,331 | $68.8M | Add +5.7% |
| KMX Carmax Inc. | 0.89% | 873,763 | $68.1M | Add +0.4% |
| GOOGL Alphabet Inc. Class A | 0.88% | 435,396 | $67.3M | Reduce -1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.86% | 122,846 | $65.4M | Reduce -1.3% |
| PAYX Paychex Inc. | 0.76% | 378,711 | $58.4M | Reduce -1.5% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.76% | 674,042 | $58.0M | Reduce -0.8% |
| CHD Church & Dwight Co. Inc. | 0.65% | 449,504 | $49.5M | Add +0.1% |
| VEA Vanguard Ftse Developed ETF | 0.64% | 959,008 | $48.7M | Add +4.7% |
| LIN Linde PLC | 0.62% | 102,275 | $47.6M | Add +2.2% |
| WMT Walmart Inc. | 0.60% | 520,363 | $45.7M | Add +1.5% |
| TMO Thermo Fisher Scientific Inc. | 0.60% | 91,769 | $45.7M | Add +0.8% |
| ADBE Adobe Inc. | 0.59% | 118,256 | $45.4M | Add +1.1% |
| XYL Xylem Inc. | 0.58% | 368,822 | $44.1M | Add +6.9% |
| NEE Nextera Energy Inc. | 0.56% | 599,982 | $42.5M | Add +8.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.55% | 1,011,483 | $42.2M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.53% | 653,597 | $40.3M | Add +2.3% |
| CSL Carlisle Cos Inc. | 0.53% | 118,051 | $40.2M | Add +26.6% |
| EMLP First Trust North American E | 0.52% | 1,064,865 | $39.9M | Reduce -1.1% |
| LECO Lincoln Electric Holdings | 0.52% | 210,889 | $39.9M | Add +3.5% |
| CTAS Cintas Corp. | 0.52% | 192,496 | $39.6M | Reduce -0.3% |
| BKNG Booking Holdings Inc. | 0.51% | 8,480 | $39.1M | Reduce -0.8% |
| AOS Smith (a.o.) Corp. | 0.51% | 592,981 | $38.8M | Add +4.3% |
| ACN Accenture PLC Class A | 0.50% | 122,763 | $38.3M | Add +1.1% |
| AFL Aflac Inc. | 0.50% | 341,424 | $38.0M | Reduce -4.0% |
| XOM Exxon Mobil Corp. | 0.48% | 308,300 | $36.7M | Reduce -1.6% |
| NOW ServiceNow Inc. | 0.45% | 42,869 | $34.1M | Add +92.6% |
| VZ Verizon Communications Inc. | 0.43% | 725,890 | $32.9M | Reduce -1.0% |
| MRK Merck & Co. Inc. | 0.40% | 337,558 | $30.3M | Reduce -6.4% |
| FTSL First Trust Senior Loan ETF | 0.39% | 660,334 | $30.1M | Add +4.3% |
| LHX L3HARRIS Technologies Inc. | 0.39% | 141,606 | $29.6M | Add +2.5% |
| AVGO Broadcom Inc. | 0.38% | 174,158 | $29.2M | Add +23.1% |
| CMCSA Comcast Corp. Class A | 0.38% | 788,166 | $29.1M | Reduce -31.4% |
| DOV Dover Corp. | 0.37% | 161,013 | $28.3M | Reduce -0.2% |
| OTIS Otis Worldwide Corp. | 0.36% | 263,943 | $27.2M | Reduce -4.9% |
| TSCO Tractor Supply Company | 0.35% | 486,771 | $26.8M | Add +0.4% |
| AXP American Express Co. | 0.32% | 89,654 | $24.1M | Reduce -0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.31% | 42,427 | $23.7M | Reduce -8.7% |
| MCO Moody's Corp. | 0.30% | 48,865 | $22.8M | Add +1.3% |
| OMC Omnicom Group | 0.30% | 272,500 | $22.6M | Reduce -4.2% |
| QCOM Qualcomm Inc. | 0.29% | 143,882 | $22.1M | Reduce -1.1% |
| KO The Coca-Cola Co. | 0.28% | 296,014 | $21.2M | Reduce -1.2% |
| PFF iShares Preferred & Income S | 0.27% | 671,729 | $20.6M | Add +2.8% |
| GSK GSK PLC-Spon ADR | 0.26% | 519,365 | $20.1M | Reduce -0.1% |
| ORCL Oracle Corp. | 0.21% | 114,319 | $16.0M | Add +0.4% |
| EQIX Equinix Inc. | 0.20% | 19,135 | $15.6M | Add +6.3% |
| EW Edwards Lifesciences Corp. | 0.20% | 213,247 | $15.5M | Reduce -8.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.20% | 60,008 | $14.9M | Reduce -2.4% |
| CMI Cummins Inc. | 0.19% | 45,788 | $14.4M | Reduce -0.3% |
| SHOP Shopify Inc. Class A | 0.18% | 143,601 | $13.7M | Add +15.3% |
| MZTI The Marzetti Company filed as LANCASTER COLONY CORP | 0.18% | 76,961 | $13.5M | Reduce -0.5% |
| EMR Emerson Electric Co. | 0.17% | 120,896 | $13.3M | Reduce -2.9% |
| BDX Becton Dickinson and Co. | 0.17% | 56,311 | $12.9M | Reduce -9.7% |
| EXPD Expeditors Intl Wash Inc. | 0.16% | 103,697 | $12.5M | Reduce -1.7% |
| BALL Ball Corp. | 0.16% | 237,010 | $12.3M | Reduce -16.6% |
| BSX Boston Scientific Corp. | 0.15% | 112,292 | $11.3M | Reduce -23.3% |
| GDX Vaneck Gold Miners ETF | 0.15% | 242,121 | $11.1M | Add +4.9% |
| PGR Progressive Corp. | 0.14% | 38,992 | $11.0M | Reduce -0.1% |
| SBUX Starbucks Corp. | 0.14% | 110,443 | $10.8M | Reduce -3.2% |
| APD Air Products & Chemicals Inc. | 0.14% | 36,525 | $10.8M | Add +0.1% |
| PFE Pfizer Inc. | 0.14% | 417,057 | $10.6M | Reduce -2.0% |
| IJR iShares Core S&P Small-Cap E | 0.13% | 98,450 | $10.3M | Add +84.0% |
| SHW The Sherwin-Williams Co. | 0.13% | 28,363 | $9.9M | Reduce -1.2% |
| CGNX Cognex Corp. | 0.13% | 330,342 | $9.9M | Add +1.6% |
| IVV iShares Core S&P 500 ETF | 0.13% | 17,258 | $9.7M | Reduce -6.9% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -9.8% | 5.10% | −1.78 |
| AAPL Apple Inc. | Reduce -0.9% | 5.06% | −0.60 |
| MSFT Microsoft Corp. | Reduce -0.1% | 4.44% | −0.47 |
| GOOGL Alphabet Inc. Class A | Reduce -1.1% | 0.88% | −0.19 |
| CMCSA Comcast Corp. Class A | Reduce -31.4% | 0.38% | −0.17 |
| IRM Iron Mountain Inc. | Reduce -0.8% | 0.76% | −0.16 |
| STZ Constellation Brands Inc. Class A | Reduce -55.8% | 0.08% | −0.14 |
| ANSS Ansys Inc. | Reduce -2.3% | 1.60% | −0.11 |
| AMP Ameriprise Financial Inc. | Reduce -0.8% | 1.13% | −0.10 |
| MDY State Street SPDR S&P Midcap | Reduce -1.1% | 1.19% | −0.07 |
| MRK Merck & Co. Inc. | Reduce -6.4% | 0.40% | −0.06 |
| BALL Ball Corp. | Reduce -16.6% | 0.16% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -8.7% | 0.31% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -0.8% | 0.51% | −0.03 |
| AXP American Express Co. | Reduce -0.2% | 0.32% | −0.03 |
| EMR Emerson Electric Co. | Reduce -2.9% | 0.17% | −0.02 |
| BAC Bank of America Corp. | Reduce -0.9% | 0.55% | −0.02 |
| CHEF The Chefs' Warehouse Inc. | Reduce -47.5% | 0.03% | −0.02 |
| MTD Mettler-Toledo International | Reduce -0.5% | 0.94% | −0.02 |
| EW Edwards Lifesciences Corp. | Reduce -8.8% | 0.20% | −0.02 |
| BSX Boston Scientific Corp. | Reduce -23.3% | 0.15% | −0.02 |
| DOV Dover Corp. | Reduce -0.2% | 0.37% | −0.02 |
| OMC Omnicom Group | Reduce -4.2% | 0.30% | −0.02 |
| CMI Cummins Inc. | Reduce -0.3% | 0.19% | −0.02 |
| WST West Pharmaceutical Services | Reduce -15.8% | 0.02% | −0.01 |
| UPS United Parcel Service Class B | Reduce -4.4% | 0.08% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -6.9% | 0.13% | −0.01 |
| BDX Becton Dickinson and Co. | Reduce -9.7% | 0.17% | −0.01 |
| SYY Sysco Corp. | Reduce -14.3% | 0.07% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -20.8% | 0.04% | −0.01 |
| CAT Caterpillar Inc. | Reduce -4.0% | 0.09% | −0.01 |
| IWM iShares Russell 2000 ETF | Reduce -4.6% | 0.08% | −0.01 |
| PEP Pepsico Inc. | Reduce -1.3% | 1.09% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -33.1% | 0.02% | −0.01 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.01 |
| DIS The Walt Disney Co. | Reduce -4.4% | 0.05% | −0.01 |
| BP BP PLC-Spons ADR | Reduce -65.2% | 0.01% | −0.01 |
| ICLR Icon PLC | Reduce -0.1% | 0.04% | −0.01 |
| PEG Public Service Enterprise GP | Reduce -62.0% | 0.00% | −0.01 |
| CARR Carrier Global Corp. | Reduce -0.3% | 0.12% | −0.01 |
| WAB Wabtec Corp. | Reduce -50.6% | 0.01% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -5.8% | 0.05% | −0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -16.2% | 0.04% | −0.01 |
| PFE Pfizer Inc. | Reduce -2.0% | 0.14% | −0.01 |
| FPEI First Trust Institutional PR | Reduce -16.2% | 0.04% | −0.01 |
| B Barrick Gold Corp. | Sold out | 0.00% | −0.01 |
| WEX Wex Inc. | Sold out | 0.00% | −0.01 |
| MRSH Marsh & McLennan Cos | Reduce -33.6% | 0.02% | −0.01 |
| RPM RPM International Inc. | Reduce -0.6% | 0.10% | −0.01 |
| STT State Street Corp. | Reduce -3.0% | 0.05% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| VRTX Vertex Pharmaceuticals Inc. | Add +5.0% | 1.32% | +0.29 |
| ECL Ecolab Inc. | Add +0.7% | 1.56% | +0.15 |
| LLY Eli Lilly & Co. | Add +1.1% | 1.60% | +0.15 |
| NOW ServiceNow Inc. | Add +92.6% | 0.45% | +0.14 |
| CVX Chevron Corp. | Add +0.4% | 0.91% | +0.14 |
| MCD McDonald's Corp. | Add +0.0% | 1.28% | +0.11 |
| LIN Linde PLC | Add +2.2% | 0.62% | +0.08 |
| CSL Carlisle Cos Inc. | Add +26.6% | 0.53% | +0.08 |
| VEA Vanguard Ftse Developed ETF | Add +4.7% | 0.64% | +0.07 |
| PG The Procter & Gamble Co. | Add +0.2% | 1.77% | +0.06 |
| XYL Xylem Inc. | Add +6.9% | 0.58% | +0.06 |
| IJR iShares Core S&P Small-Cap E | Add +84.0% | 0.13% | +0.06 |
| META Meta Platforms Inc. Class A | Add +5.7% | 0.90% | +0.05 |
| NEE Nextera Energy Inc. | Add +8.9% | 0.56% | +0.05 |
| GDX Vaneck Gold Miners ETF | Add +4.9% | 0.15% | +0.04 |
| CHD Church & Dwight Co. Inc. | Add +0.1% | 0.65% | +0.04 |
| CSCO Cisco Systems Inc. | Add +2.3% | 0.53% | +0.04 |
| IDXX Idexx Laboratories Inc. | Add +0.3% | 0.93% | +0.03 |
| LECO Lincoln Electric Holdings | Add +3.5% | 0.52% | +0.03 |
| GE General Electric | Add +4.0% | 0.13% | +0.03 |
| TSCO Tractor Supply Company | Add +0.4% | 0.35% | +0.02 |
| TIP iShares Tips Bond ETF | Add +37.6% | 0.06% | +0.02 |
| FTSL First Trust Senior Loan ETF | Add +4.3% | 0.39% | +0.02 |
| MMM 3M Co. | Add +2.0% | 0.10% | +0.02 |
| LHX L3HARRIS Technologies Inc. | Add +2.5% | 0.39% | +0.01 |
| T AT&T Inc. | Add +1.0% | 0.05% | +0.01 |
| SHOP Shopify Inc. Class A | Add +15.3% | 0.18% | +0.01 |
| AOS Smith (a.o.) Corp. | Add +4.3% | 0.51% | +0.01 |
| GILD Gilead Sciences Inc. | Add +1.2% | 0.04% | +0.01 |
| VRSK Verisk Analytics Inc. | Add +1.6% | 0.07% | +0.01 |
| PFF iShares Preferred & Income S | Add +2.8% | 0.27% | +0.01 |
| MA Mastercard Inc. Class A | Add +0.2% | 0.10% | +0.01 |
| WMB Williams Cos Inc. | New | 0.01% | +0.01 |
| APD Air Products & Chemicals Inc. | Add +0.1% | 0.14% | +0.00 |
| IWD iShares Russell 1000 Value E | Add +32.2% | 0.02% | +0.00 |
| KMI Kinder Morgan Inc. | New | 0.00% | +0.00 |
| LNT Alliant Energy Corp. | Add +0.6% | 0.04% | +0.00 |
| VGSH Vanguard Short-Term Treasury | New | 0.00% | +0.00 |
| MCO Moody's Corp. | Add +1.3% | 0.30% | +0.00 |
| AGG iShares Core U.S. Aggregate | Add +20.3% | 0.02% | +0.00 |
| FAST Fastenal Co. | Add +0.4% | 0.03% | +0.00 |
| ATR Aptargroup Inc. | New | 0.00% | +0.00 |
| LNC Lincoln National Corp. | New | 0.00% | +0.00 |
| MPLX MPLX LP | New | 0.00% | +0.00 |
| EOG EOG Resources Inc. | Add +0.6% | 0.04% | +0.00 |
| HUM Humana Inc. | New | 0.00% | +0.00 |
| IBN Icici Bank Ltd.-Spon ADR | New | 0.00% | +0.00 |
| ESGD iShares Trust iShares ESG Aw | New | 0.00% | +0.00 |
| NOBL Proshares S&P 500 Dividend A | New | 0.00% | +0.00 |
| WEC WEC Energy Group Inc. | Add +0.3% | 0.02% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 388 | $8.2B | NVDA, AAPL, GOOG, MSFT, ORLY |
| Q1 2026 | 368 | $7.7B | NVDA, AAPL, GOOG, MSFT, ORLY |
| Q4 2025 | 374 | $8.3B | NVDA, AAPL, MSFT, GOOG, ORLY |
| Q3 2025 | 383 | $8.3B | NVDA, MSFT, AAPL, ORLY, GOOG |
| Q2 2025 | 372 | $8.0B | NVDA, MSFT, AAPL, ORLY, V |
| Q1 2025 | 370 | $7.6B | NVDA, AAPL, MSFT, ORLY, V |
| Q4 2024 | 379 | $7.8B | NVDA, AAPL, MSFT, ORLY, V |
| Q3 2024 | 373 | $7.9B | NVDA, AAPL, MSFT, ORLY, V |
| Q2 2024 | 366 | $7.5B | NVDA, MSFT, AAPL, GOOG, ORLY |
| Q1 2024 | 378 | $7.3B | NVDA, MSFT, AAPL, ORLY, V |