Welch & Forbes LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Welch & Forbes LLC reported 372 stock positions worth $8.0 billion. Its top holding was Nvidia (NVDA) at 7.0% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Apple (AAPL, 4.4%). Compared with Q1 2025, it opened 13 new positions, sold out of 11, added to 92 and reduced 184. The biggest buy was Broadcom (AVGO, shares +18%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000105495
- Portfolio Value
- $8.0B (Q2 2025)
- SEC Filing
- 0001085146-25-004501 ↗ filed Aug 5, 2025
Holdings Value
Holdings 372 stocks · $8.0B
| NVDA Nvidia Corp. | 6.98% | 3,538,095 | $559.0M | Reduce -1.7% |
| MSFT Microsoft Corp. | 5.58% | 898,016 | $446.7M | Reduce -0.7% |
| AAPL Apple Inc. | 4.45% | 1,735,567 | $356.1M | Reduce -0.4% |
| ORLY O'reilly Automotive Inc. | 3.32% | 2,945,844 | $265.5M | Reduce -1.0% |
| V Visa Inc. Class A | 3.25% | 732,353 | $260.0M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 2.67% | 1,207,493 | $214.2M | Reduce -0.3% |
| SYK Stryker Corp. | 2.54% | 514,389 | $203.5M | Reduce -0.4% |
| JPM JPMorgan Chase & Co. | 2.46% | 679,848 | $197.1M | Reduce -1.4% |
| RTX RTX Corp. | 2.11% | 1,155,533 | $168.7M | Reduce -0.7% |
| COST Costco Wholesale Corp. | 2.02% | 163,058 | $161.4M | Reduce -1.5% |
| HD Home Depot Inc. | 1.96% | 428,324 | $157.0M | Reduce -0.6% |
| FISV Fiserv Inc. | 1.86% | 865,819 | $149.3M | Add +0.7% |
| DHR Danaher Corp. | 1.71% | 694,879 | $137.3M | Add +0.6% |
| ANSS Ansys Inc. | 1.67% | 380,883 | $133.8M | Reduce -1.5% |
| ECL Ecolab Inc. | 1.60% | 474,328 | $127.8M | Add +0.6% |
| PG The Procter & Gamble Co. | 1.57% | 790,238 | $125.9M | Reduce -0.7% |
| AMZN Amazon.com Inc. | 1.50% | 547,872 | $120.2M | Add +2.8% |
| LLY Eli Lilly & Co. | 1.45% | 149,445 | $116.5M | Add +0.6% |
| CB Chubb Ltd. | 1.45% | 401,368 | $116.3M | Reduce -0.7% |
| ROP Roper Technologies Inc. | 1.42% | 200,529 | $113.7M | Add +0.4% |
| JNJ Johnson & Johnson | 1.31% | 687,142 | $105.0M | Reduce -0.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.21% | 785,017 | $96.9M | Add +0.1% |
| VRTX Vertex Pharmaceuticals Inc. | 1.21% | 217,244 | $96.7M | Add +4.6% |
| MDY State Street SPDR S&P Midcap | 1.20% | 169,447 | $96.0M | Reduce -0.3% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.18% | 294,591 | $94.3M | Reduce -1.1% |
| AMP Ameriprise Financial Inc. | 1.17% | 175,953 | $93.9M | Reduce -1.4% |
| WSO Watsco Inc. | 1.17% | 212,190 | $93.7M | Reduce -0.0% |
| META Meta Platforms Inc. Class A | 1.14% | 124,030 | $91.5M | Add +3.9% |
| MCD McDonald's Corp. | 1.13% | 310,967 | $90.9M | Reduce -0.5% |
| IDXX Idexx Laboratories Inc. | 1.13% | 169,017 | $90.7M | Reduce -0.5% |
| ABT Abbott Laboratories | 1.08% | 634,135 | $86.2M | Reduce -0.1% |
| RMD Resmed Inc. | 1.07% | 331,578 | $85.5M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 0.95% | 430,647 | $75.9M | Reduce -1.1% |
| ADP Automatic Data Processing | 0.91% | 237,424 | $73.2M | Reduce -1.5% |
| MTD Mettler-Toledo International | 0.89% | 60,334 | $70.9M | Reduce -1.1% |
| PEP Pepsico Inc. | 0.88% | 532,789 | $70.3M | Reduce -4.2% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.86% | 668,938 | $68.6M | Reduce -0.8% |
| ABBV Abbvie Inc. | 0.81% | 349,910 | $65.0M | Reduce -1.3% |
| CVX Chevron Corp. | 0.74% | 415,588 | $59.5M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.74% | 121,186 | $58.9M | Reduce -1.4% |
| KMX Carmax Inc. | 0.72% | 858,471 | $57.7M | Reduce -1.8% |
| AVGO Broadcom Inc. | 0.71% | 204,891 | $56.5M | Add +17.6% |
| VEA Vanguard Ftse Developed ETF | 0.69% | 974,651 | $55.6M | Add +1.6% |
| PAYX Paychex Inc. | 0.68% | 373,828 | $54.4M | Reduce -1.3% |
| NOW ServiceNow Inc. | 0.67% | 52,412 | $53.9M | Add +22.3% |
| WMT Walmart Inc. | 0.64% | 526,490 | $51.5M | Add +1.2% |
| CSL Carlisle Cos Inc. | 0.64% | 136,530 | $51.0M | Add +15.7% |
| XYL Xylem Inc. | 0.62% | 381,335 | $49.3M | Add +3.4% |
| BKNG Booking Holdings Inc. | 0.61% | 8,467 | $49.0M | Reduce -0.1% |
| LIN Linde PLC | 0.60% | 103,127 | $48.4M | Add +0.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.60% | 1,012,075 | $47.9M | Add +0.1% |
| NEE Nextera Energy Inc. | 0.58% | 667,412 | $46.3M | Add +11.2% |
| CSCO Cisco Systems Inc. | 0.57% | 652,563 | $45.3M | Reduce -0.2% |
| LECO Lincoln Electric Holdings | 0.56% | 215,456 | $44.7M | Add +2.2% |
| CHD Church & Dwight Co. Inc. | 0.54% | 448,473 | $43.1M | Reduce -0.2% |
| CTAS Cintas Corp. | 0.54% | 193,241 | $43.1M | Add +0.4% |
| ADBE Adobe Inc. | 0.50% | 103,667 | $40.1M | Reduce -12.3% |
| EMLP First Trust North American E | 0.50% | 1,063,563 | $39.9M | Reduce -0.1% |
| AOS Smith (a.o.) Corp. | 0.49% | 596,244 | $39.1M | Add +0.6% |
| TMO Thermo Fisher Scientific Inc. | 0.46% | 91,114 | $36.9M | Reduce -0.7% |
| ACN Accenture PLC Class A | 0.46% | 122,521 | $36.6M | Reduce -0.2% |
| LHX L3HARRIS Technologies Inc. | 0.45% | 142,889 | $35.8M | Add +0.9% |
| AFL Aflac Inc. | 0.44% | 333,302 | $35.2M | Reduce -2.4% |
| XOM Exxon Mobil Corp. | 0.41% | 306,896 | $33.1M | Reduce -0.5% |
| VZ Verizon Communications Inc. | 0.39% | 727,059 | $31.5M | Add +0.2% |
| FTSL First Trust Senior Loan ETF | 0.39% | 682,178 | $31.3M | Add +3.3% |
| DOV Dover Corp. | 0.36% | 158,550 | $29.1M | Reduce -1.5% |
| AXP American Express Co. | 0.35% | 88,793 | $28.3M | Reduce -1.0% |
| MRK Merck & Co. Inc. | 0.33% | 331,608 | $26.3M | Reduce -1.8% |
| TSCO Tractor Supply Company | 0.32% | 488,188 | $25.8M | Add +0.3% |
| ORCL Oracle Corp. | 0.32% | 116,838 | $25.5M | Add +2.2% |
| OTIS Otis Worldwide Corp. | 0.32% | 257,312 | $25.5M | Reduce -2.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.31% | 40,816 | $25.2M | Reduce -3.8% |
| MCO Moody's Corp. | 0.31% | 49,106 | $24.6M | Add +0.5% |
| QCOM Qualcomm Inc. | 0.29% | 143,438 | $22.8M | Reduce -0.3% |
| KO The Coca-Cola Co. | 0.26% | 293,130 | $20.7M | Reduce -1.0% |
| PFF iShares Preferred & Income S | 0.26% | 666,320 | $20.4M | Reduce -0.8% |
| GSK GSK PLC-Spon ADR | 0.25% | 519,365 | $19.9M | No change |
| OMC Omnicom Group | 0.24% | 264,498 | $19.0M | Reduce -2.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 59,159 | $17.4M | Reduce -1.4% |
| CMCSA Comcast Corp. Class A | 0.21% | 474,658 | $16.9M | Reduce -39.8% |
| SHOP Shopify Inc. Class A | 0.21% | 146,116 | $16.9M | Add +1.8% |
| EQIX Equinix Inc. | 0.20% | 20,470 | $16.3M | Add +7.0% |
| EMR Emerson Electric Co. | 0.20% | 117,348 | $15.6M | Reduce -2.9% |
| CMI Cummins Inc. | 0.18% | 45,115 | $14.8M | Reduce -1.5% |
| EW Edwards Lifesciences Corp. | 0.18% | 185,809 | $14.5M | Reduce -12.9% |
| IJR iShares Core S&P Small-Cap E | 0.18% | 129,280 | $14.1M | Add +31.3% |
| MZTI The Marzetti Company filed as LANCASTER COLONY CORP | 0.16% | 76,432 | $13.2M | Reduce -0.7% |
| GDX Vaneck Gold Miners ETF | 0.16% | 239,936 | $12.5M | Reduce -0.9% |
| BSX Boston Scientific Corp. | 0.15% | 113,441 | $12.2M | Add +1.0% |
| GE General Electric filed as GE AEROSPACE | 0.15% | 47,009 | $12.1M | Reduce -2.8% |
| EXPD Expeditors Intl Wash Inc. | 0.15% | 103,072 | $11.8M | Reduce -0.6% |
| CGNX Cognex Corp. | 0.14% | 344,265 | $10.9M | Add +4.2% |
| IVV iShares Core S&P 500 ETF | 0.13% | 17,366 | $10.8M | Add +0.6% |
| CARR Carrier Global Corp. | 0.13% | 143,838 | $10.5M | Reduce -2.3% |
| PGR Progressive Corp. | 0.12% | 37,483 | $10.0M | Reduce -3.9% |
| SBUX Starbucks Corp. | 0.12% | 106,842 | $9.8M | Reduce -3.3% |
| APD Air Products & Chemicals Inc. | 0.12% | 34,074 | $9.6M | Reduce -6.7% |
| SHW The Sherwin-Williams Co. | 0.12% | 27,589 | $9.5M | Reduce -2.7% |
| PFE Pfizer Inc. | 0.11% | 375,829 | $9.1M | Reduce -9.9% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.4% | 4.45% | −0.62 |
| ORLY O'reilly Automotive Inc. | Reduce -1.0% | 3.32% | −0.40 |
| WSO Watsco Inc. | Reduce -0.0% | 1.17% | −0.24 |
| PEP Pepsico Inc. | Reduce -4.2% | 0.88% | −0.21 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 1.57% | −0.20 |
| JNJ Johnson & Johnson | Reduce -0.0% | 1.31% | −0.18 |
| KMX Carmax Inc. | Reduce -1.8% | 0.72% | −0.17 |
| CMCSA Comcast Corp. Class A | Reduce -39.8% | 0.21% | −0.17 |
| AJG Arthur J Gallagher & Co. | Reduce -1.1% | 1.18% | −0.17 |
| ABBV Abbvie Inc. | Reduce -1.3% | 0.81% | −0.16 |
| CB Chubb Ltd. | Reduce -0.7% | 1.45% | −0.15 |
| MCD McDonald's Corp. | Reduce -0.5% | 1.13% | −0.14 |
| V Visa Inc. Class A | Reduce -0.8% | 3.25% | −0.14 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.7% | 0.46% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.4% | 0.74% | −0.12 |
| CHD Church & Dwight Co. Inc. | Reduce -0.2% | 0.54% | −0.11 |
| HD Home Depot Inc. | Reduce -0.6% | 1.96% | −0.11 |
| ADBE Adobe Inc. | Reduce -12.3% | 0.50% | −0.09 |
| PAYX Paychex Inc. | Reduce -1.3% | 0.68% | −0.09 |
| STZ Constellation Brands Inc. Class A | Reduce -85.0% | 0.01% | −0.07 |
| MRK Merck & Co. Inc. | Reduce -1.8% | 0.33% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -0.5% | 0.41% | −0.07 |
| BDX Becton Dickinson and Co. | Reduce -11.4% | 0.11% | −0.06 |
| OMC Omnicom Group | Reduce -2.9% | 0.24% | −0.06 |
| MTD Mettler-Toledo International | Reduce -1.1% | 0.89% | −0.06 |
| AFL Aflac Inc. | Reduce -2.4% | 0.44% | −0.06 |
| ADP Automatic Data Processing | Reduce -1.5% | 0.91% | −0.05 |
| BALL Ball Corp. | Reduce -32.3% | 0.11% | −0.05 |
| ACN Accenture PLC Class A | Reduce -0.2% | 0.46% | −0.04 |
| OTIS Otis Worldwide Corp. | Reduce -2.5% | 0.32% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -1.5% | 2.02% | −0.03 |
| FTV Fortive Corp. | Reduce -19.0% | 0.04% | −0.03 |
| PFE Pfizer Inc. | Reduce -9.9% | 0.11% | −0.02 |
| ABT Abbott Laboratories | Reduce -0.1% | 1.08% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -2.5% | 0.06% | −0.02 |
| EMLP First Trust North American E | Reduce -0.1% | 0.50% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -6.7% | 0.12% | −0.02 |
| EW Edwards Lifesciences Corp. | Reduce -12.9% | 0.18% | −0.02 |
| PGR Progressive Corp. | Reduce -3.9% | 0.12% | −0.02 |
| SBUX Starbucks Corp. | Reduce -3.3% | 0.12% | −0.02 |
| KO The Coca-Cola Co. | Reduce -1.0% | 0.26% | −0.02 |
| VOO Vanguard S&P 500 ETF | Reduce -45.6% | 0.02% | −0.02 |
| EXPD Expeditors Intl Wash Inc. | Reduce -0.6% | 0.15% | −0.02 |
| PFF iShares Preferred & Income S | Reduce -0.8% | 0.26% | −0.01 |
| UPS United Parcel Service Class B | Reduce -5.0% | 0.06% | −0.01 |
| INTC Intel Corp. | Reduce -12.8% | 0.06% | −0.01 |
| BKLN Invesco Senior Loan ETF | Reduce -39.5% | 0.02% | −0.01 |
| GIS General Mills Inc. | Reduce -0.4% | 0.05% | −0.01 |
| MZTI The Marzetti Company | Reduce -0.7% | 0.16% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -2.7% | 0.12% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| AVGO Broadcom Inc. | Add +17.6% | 0.71% | +0.32 |
| META Meta Platforms Inc. Class A | Add +3.9% | 1.14% | +0.24 |
| NOW ServiceNow Inc. | Add +22.3% | 0.67% | +0.23 |
| AMZN Amazon.com Inc. | Add +2.8% | 1.50% | +0.17 |
| CSL Carlisle Cos Inc. | Add +15.7% | 0.64% | +0.11 |
| ORCL Oracle Corp. | Add +2.2% | 0.32% | +0.11 |
| RMD Resmed Inc. | Add +0.5% | 1.07% | +0.10 |
| LHX L3HARRIS Technologies Inc. | Add +0.9% | 0.45% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +1.6% | 0.69% | +0.06 |
| BAC Bank of America Corp. | Add +0.1% | 0.60% | +0.05 |
| WMT Walmart Inc. | Add +1.2% | 0.64% | +0.05 |
| IJR iShares Core S&P Small-Cap E | Add +31.3% | 0.18% | +0.04 |
| XYL Xylem Inc. | Add +3.4% | 0.62% | +0.04 |
| LECO Lincoln Electric Holdings | Add +2.2% | 0.56% | +0.04 |
| ECL Ecolab Inc. | Add +0.6% | 1.60% | +0.03 |
| SHOP Shopify Inc. Class A | Add +1.8% | 0.21% | +0.03 |
| NEE Nextera Energy Inc. | Add +11.2% | 0.58% | +0.02 |
| CTAS Cintas Corp. | Add +0.4% | 0.54% | +0.02 |
| VEU Vanguard Ftse All-World Ex-U | Add +18.4% | 0.09% | +0.02 |
| INTU Intuit Inc. | Add +10.2% | 0.05% | +0.01 |
| AMD Advanced Micro Devices | New | 0.01% | +0.01 |
| MCO Moody's Corp. | Add +0.5% | 0.31% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +0.6% | 0.13% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.01% | +0.01 |
| CGNX Cognex Corp. | Add +4.2% | 0.14% | +0.01 |
| TXN Texas Instruments Inc. | Add +1.0% | 0.07% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.0% | 0.06% | +0.01 |
| COF Capital One Financial Corp. | Add +36.2% | 0.02% | +0.01 |
| GS Goldman Sachs Group Inc. | Add +27.1% | 0.02% | +0.01 |
| IWF iShares Russell 1000 Growth | Add +10.3% | 0.03% | +0.01 |
| IWB iShares Russell 1000 ETF | Add +10.8% | 0.04% | +0.01 |
| DE Deere & Co. | Add +9.3% | 0.04% | +0.00 |
| PM Philip Morris International | Add +0.4% | 0.05% | +0.00 |
| ADSK Autodesk Inc. | New | 0.00% | +0.00 |
| ZTS Zoetis Inc. | New | 0.00% | +0.00 |
| NVS Novartis AG-Sponsored ADR | Add +0.8% | 0.09% | +0.00 |
| BSX Boston Scientific Corp. | Add +1.0% | 0.15% | +0.00 |
| VGK Vanguard Ftse Europe ETF | New | 0.00% | +0.00 |
| WM Waste Management Inc. | Add +25.8% | 0.02% | +0.00 |
| HON Honeywell International Inc. | Add +7.2% | 0.03% | +0.00 |
| APH Amphenol Corp. Class A | New | 0.00% | +0.00 |
| TSLA Tesla Inc. | Add +1.9% | 0.02% | +0.00 |
| TER Teradyne Inc. | New | 0.00% | +0.00 |
| VGT Vanguard Info Tech ETF | Add +43.0% | 0.01% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +37.4% | 0.01% | +0.00 |
| MCK McKesson Corp. | New | 0.00% | +0.00 |
| VXUS Vanguard Total Intl Stock | New | 0.00% | +0.00 |
| AEM Agnico Eagle Mines Ltd. | New | 0.00% | +0.00 |
| PLTR Palantir Technologies Inc. Class A | New | 0.00% | +0.00 |
| UL Unilever PLC | Add +28.6% | 0.01% | +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 |