Welch & Forbes LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Welch & Forbes LLC reported 383 stock positions worth $8.3 billion. Its top holding was Nvidia (NVDA) at 7.8% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Apple (AAPL, 5.3%). Compared with Q2 2025, it opened 16 new positions, sold out of 5, added to 67 and reduced 184. The biggest buy was Palo Alto Networks (PANW, shares +693%) and the biggest sale an exit from Ansys (ANSS).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000105495
- Portfolio Value
- $8.3B (Q3 2025)
- SEC Filing
- 0000105495-25-000002 ↗ filed Nov 4, 2025
Holdings Value
Holdings 383 stocks · $8.3B
| NVDA Nvidia Corp. | 7.78% | 3,462,148 | $646.0M | Reduce -2.1% |
| MSFT Microsoft Corp. | 5.58% | 894,788 | $463.5M | Reduce -0.4% |
| AAPL Apple Inc. | 5.28% | 1,722,290 | $438.5M | Reduce -0.8% |
| ORLY O'reilly Automotive Inc. | 3.75% | 2,884,906 | $311.0M | Reduce -2.1% |
| GOOG Alphabet Inc. Class C | 3.53% | 1,203,288 | $293.1M | Reduce -0.3% |
| V Visa Inc. Class A | 2.99% | 727,217 | $248.3M | Reduce -0.7% |
| JPM JPMorgan Chase & Co. | 2.55% | 671,288 | $211.7M | Reduce -1.3% |
| RTX RTX Corp. | 2.30% | 1,141,516 | $191.0M | Reduce -1.2% |
| SYK Stryker Corp. | 2.29% | 513,622 | $189.9M | Reduce -0.1% |
| HD Home Depot Inc. | 2.09% | 427,477 | $173.2M | Reduce -0.2% |
| COST Costco Wholesale Corp. | 1.81% | 161,993 | $149.9M | Reduce -0.7% |
| ECL Ecolab Inc. | 1.56% | 473,582 | $129.7M | Reduce -0.2% |
| LLY Eli Lilly & Co. | 1.55% | 168,196 | $128.3M | Add +12.6% |
| JNJ Johnson & Johnson | 1.51% | 675,855 | $125.3M | Reduce -1.6% |
| DHR Danaher Corp. | 1.49% | 622,089 | $123.3M | Reduce -10.5% |
| PG The Procter & Gamble Co. | 1.46% | 787,875 | $121.1M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 1.45% | 550,124 | $120.8M | Add +0.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.36% | 780,740 | $112.8M | Reduce -0.5% |
| FISV Fiserv Inc. | 1.35% | 872,375 | $112.5M | Add +0.8% |
| CB Chubb Ltd. | 1.35% | 398,440 | $112.5M | Reduce -0.7% |
| IDXX Idexx Laboratories Inc. | 1.30% | 168,926 | $107.9M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 1.26% | 429,151 | $104.3M | Reduce -0.3% |
| MDY State Street SPDR S&P Midcap | 1.21% | 168,530 | $100.4M | Reduce -0.5% |
| ROP Roper Technologies Inc. | 1.20% | 199,734 | $99.6M | Reduce -0.4% |
| MCD McDonald's Corp. | 1.13% | 307,613 | $93.5M | Reduce -1.1% |
| META Meta Platforms Inc. Class A | 1.12% | 126,162 | $92.7M | Add +1.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.09% | 292,770 | $90.7M | Reduce -0.6% |
| RMD Resmed Inc. | 1.09% | 329,836 | $90.3M | Reduce -0.5% |
| VRTX Vertex Pharmaceuticals Inc. | 1.04% | 220,346 | $86.3M | Add +1.4% |
| WSO Watsco Inc. | 1.04% | 213,231 | $86.2M | Add +0.5% |
| AMP Ameriprise Financial Inc. | 1.03% | 174,884 | $85.9M | Reduce -0.6% |
| ABT Abbott Laboratories | 1.02% | 631,865 | $84.6M | Reduce -0.4% |
| ABBV Abbvie Inc. | 0.97% | 348,371 | $80.7M | Reduce -0.4% |
| MTD Mettler-Toledo International | 0.88% | 59,721 | $73.3M | Reduce -1.0% |
| AVGO Broadcom Inc. | 0.84% | 211,870 | $69.9M | Add +3.4% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.81% | 658,992 | $67.2M | Reduce -1.5% |
| ADP Automatic Data Processing | 0.81% | 228,549 | $67.1M | Reduce -3.7% |
| CVX Chevron Corp. | 0.78% | 415,208 | $64.5M | Reduce -0.1% |
| PEP Pepsico Inc. | 0.75% | 440,826 | $61.9M | Reduce -17.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.73% | 120,658 | $60.7M | Reduce -0.4% |
| VEA Vanguard Ftse Developed ETF | 0.71% | 982,158 | $58.9M | Add +0.8% |
| XYL Xylem Inc. | 0.70% | 393,371 | $58.0M | Add +3.2% |
| BKNG Booking Holdings Inc. | 0.70% | 10,741 | $58.0M | Add +26.9% |
| WMT Walmart Inc. | 0.66% | 529,371 | $54.6M | Add +0.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.63% | 1,005,865 | $51.9M | Reduce -0.6% |
| LECO Lincoln Electric Holdings | 0.61% | 215,364 | $50.8M | Reduce -0.0% |
| NEE Nextera Energy Inc. | 0.61% | 672,709 | $50.8M | Add +0.8% |
| NOW ServiceNow Inc. | 0.60% | 54,046 | $49.7M | Add +3.1% |
| LIN Linde PLC | 0.59% | 103,758 | $49.3M | Add +0.6% |
| PAYX Paychex Inc. | 0.57% | 371,545 | $47.1M | Reduce -0.6% |
| CSL Carlisle Cos Inc. | 0.56% | 140,717 | $46.3M | Add +3.1% |
| CSCO Cisco Systems Inc. | 0.53% | 647,290 | $44.3M | Reduce -0.8% |
| AOS Smith (a.o.) Corp. | 0.53% | 595,309 | $43.7M | Reduce -0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.52% | 89,726 | $43.5M | Reduce -1.5% |
| LHX L3HARRIS Technologies Inc. | 0.52% | 142,474 | $43.5M | Reduce -0.3% |
| EMLP First Trust North American E | 0.49% | 1,054,183 | $40.4M | Reduce -0.9% |
| CTAS Cintas Corp. | 0.48% | 192,368 | $39.5M | Reduce -0.5% |
| CHD Church & Dwight Co. Inc. | 0.47% | 443,675 | $38.9M | Reduce -1.1% |
| KMX Carmax Inc. | 0.44% | 818,220 | $36.7M | Reduce -4.7% |
| AFL Aflac Inc. | 0.44% | 326,635 | $36.5M | Reduce -2.0% |
| ADBE Adobe Inc. | 0.40% | 94,978 | $33.5M | Reduce -8.4% |
| XOM Exxon Mobil Corp. | 0.40% | 291,236 | $32.8M | Reduce -5.1% |
| ORCL Oracle Corp. | 0.39% | 114,895 | $32.3M | Reduce -1.7% |
| FTSL First Trust Senior Loan ETF | 0.37% | 678,209 | $31.1M | Reduce -0.6% |
| VZ Verizon Communications Inc. | 0.37% | 702,159 | $30.9M | Reduce -3.4% |
| PANW Palo Alto Networks Inc. | 0.36% | 147,526 | $30.0M | Add +693.2% |
| AXP American Express Co. | 0.35% | 87,759 | $29.2M | Reduce -1.2% |
| ACN Accenture PLC Class A | 0.33% | 111,598 | $27.5M | Reduce -8.9% |
| TSCO Tractor Supply Company | 0.33% | 483,759 | $27.5M | Reduce -0.9% |
| MRK Merck & Co. Inc. | 0.33% | 326,753 | $27.4M | Reduce -1.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.32% | 40,312 | $26.9M | Reduce -1.2% |
| DOV Dover Corp. | 0.31% | 155,797 | $26.0M | Reduce -1.7% |
| MCO Moody's Corp. | 0.29% | 50,041 | $23.8M | Add +1.9% |
| QCOM Qualcomm Inc. | 0.28% | 140,954 | $23.4M | Reduce -1.7% |
| OTIS Otis Worldwide Corp. | 0.28% | 251,938 | $23.0M | Reduce -2.1% |
| GSK GSK PLC-Spon ADR | 0.27% | 518,597 | $22.4M | Reduce -0.1% |
| SHOP Shopify Inc. Class A | 0.27% | 150,548 | $22.4M | Add +3.0% |
| OMC Omnicom Group | 0.26% | 264,351 | $21.6M | Reduce -0.1% |
| PFF iShares Preferred & Income S | 0.25% | 645,491 | $20.4M | Reduce -3.1% |
| KO The Coca-Cola Co. | 0.23% | 288,794 | $19.2M | Reduce -1.5% |
| EQIX Equinix Inc. | 0.23% | 24,414 | $19.1M | Add +19.3% |
| CMI Cummins Inc. | 0.23% | 45,085 | $19.0M | Reduce -0.1% |
| GDX Vaneck Gold Miners ETF | 0.21% | 230,269 | $17.6M | Reduce -4.0% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 137,641 | $16.4M | Add +6.5% |
| EMR Emerson Electric Co. | 0.19% | 117,254 | $15.4M | Reduce -0.1% |
| CGNX Cognex Corp. | 0.18% | 339,117 | $15.4M | Reduce -1.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 54,413 | $15.4M | Reduce -8.0% |
| EW Edwards Lifesciences Corp. | 0.17% | 182,624 | $14.2M | Reduce -1.7% |
| GE General Electric filed as GE AEROSPACE | 0.17% | 46,292 | $13.9M | Reduce -1.5% |
| MZTI The Marzetti Company | 0.15% | 74,351 | $12.8M | Reduce -2.7% |
| EXPD Expeditors Intl Wash Inc. | 0.15% | 103,038 | $12.6M | Reduce -0.0% |
| CMCSA Comcast Corp. Class A | 0.14% | 375,868 | $11.8M | Reduce -20.8% |
| IVV iShares Core S&P 500 ETF | 0.14% | 17,450 | $11.7M | Add +0.5% |
| BSX Boston Scientific Corp. | 0.13% | 111,941 | $10.9M | Reduce -1.3% |
| SHW The Sherwin-Williams Co. | 0.11% | 27,088 | $9.4M | Reduce -1.8% |
| PFE Pfizer Inc. | 0.11% | 365,618 | $9.3M | Reduce -2.7% |
| CAT Caterpillar Inc. | 0.11% | 19,444 | $9.3M | Reduce -1.6% |
| APD Air Products & Chemicals Inc. | 0.11% | 33,924 | $9.3M | Reduce -0.4% |
| PGR Progressive Corp. | 0.11% | 36,523 | $9.0M | Reduce -2.6% |
| SNPS Synopsys Inc. | 0.11% | 18,075 | $8.9M | New |
Portfolio Sells Q2 2025 → Q3 2025
| ANSS Ansys Inc. | Sold out | 0.00% | −1.67 |
| KMX Carmax Inc. | Reduce -4.7% | 0.44% | −0.28 |
| V Visa Inc. Class A | Reduce -0.7% | 2.99% | −0.26 |
| SYK Stryker Corp. | Reduce -0.1% | 2.29% | −0.25 |
| DHR Danaher Corp. | Reduce -10.5% | 1.49% | −0.23 |
| ROP Roper Technologies Inc. | Reduce -0.4% | 1.20% | −0.22 |
| COST Costco Wholesale Corp. | Reduce -0.7% | 1.81% | −0.21 |
| AMP Ameriprise Financial Inc. | Reduce -0.6% | 1.03% | −0.14 |
| PEP Pepsico Inc. | Reduce -17.3% | 0.75% | −0.13 |
| ACN Accenture PLC Class A | Reduce -8.9% | 0.33% | −0.13 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 1.46% | −0.11 |
| PAYX Paychex Inc. | Reduce -0.6% | 0.57% | −0.11 |
| ADP Automatic Data Processing | Reduce -3.7% | 0.81% | −0.11 |
| CB Chubb Ltd. | Reduce -0.7% | 1.35% | −0.10 |
| ADBE Adobe Inc. | Reduce -8.4% | 0.40% | −0.10 |
| AJG Arthur J Gallagher & Co. | Reduce -0.6% | 1.09% | −0.09 |
| CHD Church & Dwight Co. Inc. | Reduce -1.1% | 0.47% | −0.07 |
| CMCSA Comcast Corp. Class A | Reduce -20.8% | 0.14% | −0.07 |
| CTAS Cintas Corp. | Reduce -0.5% | 0.48% | −0.06 |
| ABT Abbott Laboratories | Reduce -0.4% | 1.02% | −0.06 |
| DOV Dover Corp. | Reduce -1.7% | 0.31% | −0.05 |
| IRM Iron Mountain Inc. | Reduce -1.5% | 0.81% | −0.05 |
| BALL Ball Corp. | Reduce -29.0% | 0.07% | −0.04 |
| OTIS Otis Worldwide Corp. | Reduce -2.1% | 0.28% | −0.04 |
| ECL Ecolab Inc. | Reduce -0.2% | 1.56% | −0.03 |
| IBM Intl Business Machines Corp. | Reduce -8.0% | 0.18% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -0.8% | 0.53% | −0.03 |
| CARR Carrier Global Corp. | Reduce -0.5% | 0.10% | −0.03 |
| KO The Coca-Cola Co. | Reduce -1.5% | 0.23% | −0.03 |
| SBUX Starbucks Corp. | Reduce -8.2% | 0.10% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -3.4% | 0.37% | −0.02 |
| BSX Boston Scientific Corp. | Reduce -1.3% | 0.13% | −0.02 |
| UPS United Parcel Service Class B | Reduce -14.3% | 0.04% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -5.1% | 0.40% | −0.02 |
| FTSL First Trust Senior Loan ETF | Reduce -0.6% | 0.37% | −0.02 |
| PGR Progressive Corp. | Reduce -2.6% | 0.11% | −0.02 |
| ISRG Intuitive Surgical Inc. | Reduce -0.5% | 0.05% | −0.01 |
| EMLP First Trust North American E | Reduce -0.9% | 0.49% | −0.01 |
| BKLN Invesco Senior Loan ETF | Reduce -65.2% | 0.01% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -0.3% | 0.06% | −0.01 |
| IT Gartner Inc. | Reduce -30.0% | 0.01% | −0.01 |
| EW Edwards Lifesciences Corp. | Reduce -1.7% | 0.17% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -2.5% | 0.05% | −0.01 |
| MZTI The Marzetti Company | Reduce -2.7% | 0.15% | −0.01 |
| EMR Emerson Electric Co. | Reduce -0.1% | 0.19% | −0.01 |
| CHKP Check Point Software Tech | Reduce -0.8% | 0.08% | −0.01 |
| BR Broadridge Financial Solutio | Reduce -42.4% | 0.01% | −0.01 |
| PFF iShares Preferred & Income S | Reduce -3.1% | 0.25% | −0.01 |
| MCD McDonald's Corp. | Reduce -1.1% | 1.13% | −0.01 |
| APD Air Products & Chemicals Inc. | Reduce -0.4% | 0.11% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| PANW Palo Alto Networks Inc. | Add +693.2% | 0.36% | +0.31 |
| AVGO Broadcom Inc. | Add +3.4% | 0.84% | +0.14 |
| SNPS Synopsys Inc. | New | 0.11% | +0.11 |
| UBER Uber Technologies Inc. | New | 0.10% | +0.10 |
| LLY Eli Lilly & Co. | Add +12.6% | 1.55% | +0.09 |
| BKNG Booking Holdings Inc. | Add +26.9% | 0.70% | +0.09 |
| XYL Xylem Inc. | Add +3.2% | 0.70% | +0.08 |
| SHOP Shopify Inc. Class A | Add +3.0% | 0.27% | +0.06 |
| NEE Nextera Energy Inc. | Add +0.8% | 0.61% | +0.03 |
| EQIX Equinix Inc. | Add +19.3% | 0.23% | +0.03 |
| IJR iShares Core S&P Small-Cap E | Add +6.5% | 0.20% | +0.02 |
| SPGI S&P Global Inc. | Add +297.0% | 0.03% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +64.2% | 0.04% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +0.8% | 0.71% | +0.01 |
| WMT Walmart Inc. | Add +0.6% | 0.66% | +0.01 |
| RAL Ralliant Corp. | New | 0.01% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +7.7% | 0.07% | +0.01 |
| IWM iShares Russell 2000 ETF | Add +0.0% | 0.08% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +0.5% | 0.14% | +0.01 |
| FAST Fastenal Co. | Add +0.5% | 0.04% | +0.00 |
| OEF iShares S&P 100 ETF | Add +1.1% | 0.06% | +0.00 |
| MU Micron Technology Inc. | New | 0.00% | +0.00 |
| DUK Duke Energy Corp. | Add +1.9% | 0.09% | +0.00 |
| AGG iShares Core U.S. Aggregate | Add +17.4% | 0.02% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | New | 0.00% | +0.00 |
| B Barrick Mining Corp. | New | 0.00% | +0.00 |
| CDNS Cadence Design SYS Inc. | New | 0.00% | +0.00 |
| ITOT iShares Core S&P Total U.S. | New | 0.00% | +0.00 |
| VEU Vanguard Ftse All-World Ex-U | Add +0.4% | 0.10% | +0.00 |
| DGRO iShares Core Dividend Growth | New | 0.00% | +0.00 |
| MLM Martin Marietta Materials | New | 0.00% | +0.00 |
| SCHK Schwab 1000 Index ETF | New | 0.00% | +0.00 |
| TRMB Trimble Inc. | New | 0.00% | +0.00 |
| UBS UBS Group AG-Reg | New | 0.00% | +0.00 |
| NOBL Proshares S&P 500 Dividend A | New | 0.00% | +0.00 |
| VOOG Vanguard S&P 500 Growth ETF | New | 0.00% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +15.7% | 0.01% | +0.00 |
| ITW Illinois Tool Works | Add +0.6% | 0.07% | +0.00 |
| VEEV Veeva Systems Inc. Class A | Add +6.8% | 0.02% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +8.6% | 0.01% | +0.00 |
| PSX Phillips 66 | Add +1.1% | 0.01% | +0.00 |
| XLK SS Technology Select Sector | Add +2.9% | 0.01% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +2.5% | 0.03% | +0.00 |
| BP BP PLC-Spons ADR | Add +11.7% | 0.00% | +0.00 |
| DD Dupont DE Nemours Inc. | Add +0.8% | 0.01% | +0.00 |
| TIP iShares Tips Bond ETF | Add +4.1% | 0.06% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | Add +17.1% | 0.01% | +0.00 |
| COP Conocophillips | Add +1.0% | 0.03% | +0.00 |
| MCK McKesson Corp. | Add +23.9% | 0.00% | +0.00 |
| SMH Vaneck Semiconductor ETF | Add +6.7% | 0.00% | +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 |