Welch & Forbes LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Welch & Forbes LLC reported 374 stock positions worth $8.3 billion. Its top holding was Nvidia (NVDA) at 7.5% of the portfolio, followed by Apple (AAPL, 5.6%) and Microsoft (MSFT, 5.2%). Compared with Q3 2025, it opened 6 new positions, sold out of 16, added to 63 and reduced 202. The biggest buy was Palo Alto Networks (PANW, shares +59%) and the biggest sale Fiserv (FISV, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0000105495
- Portfolio Value
- $8.3B (Q4 2025)
- SEC Filing
- 0000105495-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 374 stocks · $8.3B
| NVDA Nvidia Corp. | 7.54% | 3,337,312 | $622.4M | Reduce -3.6% |
| AAPL Apple Inc. | 5.61% | 1,702,197 | $462.8M | Reduce -1.2% |
| MSFT Microsoft Corp. | 5.20% | 887,460 | $429.2M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 4.51% | 1,186,866 | $372.4M | Reduce -1.4% |
| ORLY O'reilly Automotive Inc. | 3.17% | 2,869,787 | $261.8M | Reduce -0.5% |
| V Visa Inc. Class A | 3.08% | 725,722 | $254.5M | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 2.60% | 665,957 | $214.6M | Reduce -0.8% |
| RTX RTX Corp. | 2.50% | 1,123,240 | $206.0M | Reduce -1.6% |
| LLY Eli Lilly & Co. | 2.19% | 167,818 | $180.4M | Reduce -0.2% |
| SYK Stryker Corp. | 2.18% | 512,479 | $180.1M | Reduce -0.2% |
| HD Home Depot Inc. | 1.79% | 428,480 | $147.4M | Add +0.2% |
| DHR Danaher Corp. | 1.72% | 618,995 | $141.7M | Reduce -0.5% |
| COST Costco Wholesale Corp. | 1.70% | 162,345 | $140.0M | Add +0.2% |
| JNJ Johnson & Johnson | 1.68% | 670,094 | $138.7M | Reduce -0.8% |
| GOOGL Alphabet Inc. Class A | 1.60% | 421,125 | $131.8M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 1.57% | 563,166 | $130.0M | Add +2.4% |
| ECL Ecolab Inc. | 1.50% | 472,164 | $124.0M | Reduce -0.3% |
| CB Chubb Ltd. | 1.49% | 393,955 | $123.0M | Reduce -1.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.45% | 777,967 | $119.5M | Reduce -0.4% |
| IDXX Idexx Laboratories Inc. | 1.38% | 168,282 | $113.8M | Reduce -0.4% |
| PG The Procter & Gamble Co. | 1.33% | 768,228 | $110.1M | Reduce -2.5% |
| MDY State Street SPDR S&P Midcap | 1.22% | 166,753 | $100.6M | Reduce -1.1% |
| VRTX Vertex Pharmaceuticals Inc. | 1.20% | 218,198 | $98.9M | Reduce -1.0% |
| MCD McDonald's Corp. | 1.13% | 306,406 | $93.6M | Reduce -0.4% |
| ROP Roper Technologies Inc. | 1.05% | 194,463 | $86.6M | Reduce -2.6% |
| META Meta Platforms Inc. Class A | 1.04% | 130,031 | $85.8M | Add +3.1% |
| AMP Ameriprise Financial Inc. | 1.03% | 173,878 | $85.3M | Reduce -0.6% |
| MTD Mettler-Toledo International | 1.00% | 59,348 | $82.7M | Reduce -0.6% |
| AVGO Broadcom Inc. | 0.96% | 229,576 | $79.5M | Add +8.4% |
| ABT Abbott Laboratories | 0.96% | 631,911 | $79.2M | Add +0.0% |
| RMD Resmed Inc. | 0.96% | 328,371 | $79.1M | Reduce -0.4% |
| ABBV Abbvie Inc. | 0.96% | 345,947 | $79.0M | Reduce -0.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.92% | 294,278 | $76.2M | Add +0.5% |
| WSO Watsco Inc. | 0.86% | 210,718 | $71.0M | Reduce -1.2% |
| CVX Chevron Corp. | 0.75% | 407,695 | $62.1M | Reduce -1.8% |
| PEP Pepsico Inc. | 0.75% | 429,173 | $61.6M | Reduce -2.6% |
| VEA Vanguard Ftse Developed ETF | 0.73% | 967,383 | $60.4M | Reduce -1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.72% | 118,631 | $59.6M | Reduce -1.7% |
| WMT Walmart Inc. | 0.72% | 535,229 | $59.6M | Add +1.1% |
| ADP Automatic Data Processing | 0.71% | 226,508 | $58.3M | Reduce -0.9% |
| BKNG Booking Holdings Inc. | 0.69% | 10,655 | $57.1M | Reduce -0.8% |
| XYL Xylem Inc. | 0.66% | 401,832 | $54.7M | Add +2.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.66% | 989,978 | $54.4M | Reduce -1.6% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.66% | 656,364 | $54.4M | Reduce -0.4% |
| NEE Nextera Energy Inc. | 0.66% | 676,027 | $54.3M | Add +0.5% |
| TMO Thermo Fisher Scientific Inc. | 0.63% | 89,084 | $51.6M | Reduce -0.7% |
| LECO Lincoln Electric Holdings | 0.62% | 212,640 | $51.0M | Reduce -1.3% |
| CSCO Cisco Systems Inc. | 0.60% | 642,476 | $49.5M | Reduce -0.7% |
| LIN Linde PLC | 0.54% | 104,570 | $44.6M | Add +0.8% |
| PANW Palo Alto Networks Inc. | 0.52% | 234,423 | $43.2M | Add +58.9% |
| CSL Carlisle Cos Inc. | 0.51% | 131,526 | $42.1M | Reduce -6.5% |
| LHX L3HARRIS Technologies Inc. | 0.50% | 140,884 | $41.4M | Reduce -1.1% |
| PAYX Paychex Inc. | 0.50% | 368,473 | $41.3M | Reduce -0.8% |
| EMLP First Trust North American E | 0.48% | 1,040,699 | $39.4M | Reduce -1.3% |
| AOS Smith (a.o.) Corp. | 0.47% | 585,817 | $39.2M | Reduce -1.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.46% | 56,158 | $38.3M | Add +39.3% |
| FISV Fiserv Inc. | 0.45% | 557,384 | $37.4M | Reduce -36.1% |
| CTAS Cintas Corp. | 0.43% | 190,507 | $35.8M | Reduce -1.0% |
| AFL Aflac Inc. | 0.43% | 321,248 | $35.4M | Reduce -1.6% |
| XOM Exxon Mobil Corp. | 0.42% | 289,014 | $34.8M | Reduce -0.8% |
| NOW ServiceNow Inc. | 0.42% | 226,177 | $34.6M | Reduce -16.3% |
| CHD Church & Dwight Co. Inc. | 0.41% | 407,322 | $34.2M | Reduce -8.2% |
| MRK Merck & Co. Inc. | 0.41% | 322,229 | $33.9M | Reduce -1.4% |
| AXP American Express Co. | 0.39% | 87,246 | $32.3M | Reduce -0.6% |
| FTSL First Trust Senior Loan ETF | 0.39% | 696,962 | $32.0M | Add +2.8% |
| DOV Dover Corp. | 0.34% | 144,182 | $28.2M | Reduce -7.5% |
| VZ Verizon Communications Inc. | 0.33% | 664,664 | $27.1M | Reduce -5.3% |
| ADBE Adobe Inc. | 0.32% | 75,055 | $26.3M | Reduce -21.0% |
| MCO Moody's Corp. | 0.31% | 50,215 | $25.7M | Add +0.3% |
| GSK GSK PLC-Spon ADR | 0.31% | 518,597 | $25.4M | No change |
| SHOP Shopify Inc. Class A | 0.30% | 152,934 | $24.6M | Add +1.6% |
| TSCO Tractor Supply Company | 0.30% | 487,847 | $24.4M | Add +0.8% |
| QCOM Qualcomm Inc. | 0.29% | 140,036 | $24.0M | Reduce -0.7% |
| ACN Accenture PLC Class A | 0.29% | 88,054 | $23.6M | Reduce -21.1% |
| CMI Cummins Inc. | 0.27% | 44,370 | $22.6M | Reduce -1.6% |
| ORCL Oracle Corp. | 0.27% | 112,655 | $22.0M | Reduce -1.9% |
| OTIS Otis Worldwide Corp. | 0.26% | 246,580 | $21.5M | Reduce -2.1% |
| UBER Uber Technologies Inc. | 0.25% | 254,751 | $20.8M | Add +188.3% |
| OMC Omnicom Group | 0.25% | 252,500 | $20.4M | Reduce -4.5% |
| KO The Coca-Cola Co. | 0.24% | 283,587 | $19.8M | Reduce -1.8% |
| EQIX Equinix Inc. | 0.23% | 25,179 | $19.3M | Add +3.1% |
| PFF iShares Preferred & Income S | 0.22% | 594,427 | $18.4M | Reduce -7.9% |
| GDX Vaneck Gold Miners ETF | 0.22% | 214,275 | $18.4M | Reduce -7.0% |
| KMX Carmax Inc. | 0.21% | 446,573 | $17.3M | Reduce -45.4% |
| SNPS Synopsys Inc. | 0.20% | 35,556 | $16.7M | Add +96.7% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 137,975 | $16.6M | Add +0.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.19% | 53,911 | $16.0M | Reduce -0.9% |
| EW Edwards Lifesciences Corp. | 0.19% | 181,671 | $15.5M | Reduce -0.5% |
| EXPD Expeditors Intl Wash Inc. | 0.18% | 102,259 | $15.2M | Reduce -0.8% |
| EMR Emerson Electric Co. | 0.18% | 113,174 | $15.0M | Reduce -3.5% |
| GE General Electric filed as GE AEROSPACE | 0.17% | 45,283 | $13.9M | Reduce -2.2% |
| IVV iShares Core S&P 500 ETF | 0.15% | 18,340 | $12.6M | Add +5.1% |
| MZTI The Marzetti Company | 0.14% | 72,543 | $11.9M | Reduce -2.4% |
| CGNX Cognex Corp. | 0.14% | 330,638 | $11.9M | Reduce -2.5% |
| CAT Caterpillar Inc. | 0.13% | 19,405 | $11.1M | Reduce -0.2% |
| BSX Boston Scientific Corp. | 0.13% | 111,739 | $10.7M | Reduce -0.2% |
| MDB Mongodb Inc. | 0.12% | 23,581 | $9.9M | Add +4.0% |
| PFE Pfizer Inc. | 0.11% | 355,663 | $8.9M | Reduce -2.7% |
| SHW The Sherwin-Williams Co. | 0.11% | 27,013 | $8.8M | Reduce -0.3% |
| NVS Novartis AG-Sponsored ADR | 0.10% | 61,088 | $8.4M | Reduce -0.1% |
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Reduce -36.1% | 0.45% | −0.90 |
| ORLY O'reilly Automotive Inc. | Reduce -0.5% | 3.17% | −0.57 |
| MSFT Microsoft Corp. | Reduce -0.8% | 5.20% | −0.38 |
| NVDA Nvidia Corp. | Reduce -3.6% | 7.54% | −0.24 |
| KMX Carmax Inc. | Reduce -45.4% | 0.21% | −0.23 |
| NOW ServiceNow Inc. | Reduce -16.3% | 0.42% | −0.18 |
| WSO Watsco Inc. | Reduce -1.2% | 0.86% | −0.18 |
| ROP Roper Technologies Inc. | Reduce -2.6% | 1.05% | −0.15 |
| IRM Iron Mountain Inc. | Reduce -0.4% | 0.66% | −0.15 |
| RMD Resmed Inc. | Reduce -0.4% | 0.96% | −0.13 |
| PG The Procter & Gamble Co. | Reduce -2.5% | 1.33% | −0.12 |
| ORCL Oracle Corp. | Reduce -1.9% | 0.27% | −0.12 |
| SYK Stryker Corp. | Reduce -0.2% | 2.18% | −0.10 |
| ADP Automatic Data Processing | Reduce -0.9% | 0.71% | −0.10 |
| ADBE Adobe Inc. | Reduce -21.0% | 0.32% | −0.09 |
| PAYX Paychex Inc. | Reduce -0.8% | 0.50% | −0.07 |
| ECL Ecolab Inc. | Reduce -0.3% | 1.50% | −0.06 |
| CHD Church & Dwight Co. Inc. | Reduce -8.2% | 0.41% | −0.05 |
| AOS Smith (a.o.) Corp. | Reduce -1.6% | 0.47% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -32.3% | 0.09% | −0.05 |
| CSL Carlisle Cos Inc. | Reduce -6.5% | 0.51% | −0.05 |
| ACN Accenture PLC Class A | Reduce -21.1% | 0.29% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -5.3% | 0.33% | −0.04 |
| CTAS Cintas Corp. | Reduce -1.0% | 0.43% | −0.04 |
| CGNX Cognex Corp. | Reduce -2.5% | 0.14% | −0.04 |
| CVX Chevron Corp. | Reduce -1.8% | 0.75% | −0.02 |
| LHX L3HARRIS Technologies Inc. | Reduce -1.1% | 0.50% | −0.02 |
| PFF iShares Preferred & Income S | Reduce -7.9% | 0.22% | −0.02 |
| BALL Ball Corp. | Reduce -31.5% | 0.05% | −0.02 |
| OTIS Otis Worldwide Corp. | Reduce -2.1% | 0.26% | −0.02 |
| VRSK Verisk Analytics Inc. | Reduce -17.9% | 0.04% | −0.02 |
| SYY Sysco Corp. | Reduce -13.3% | 0.05% | −0.01 |
| ABBV Abbvie Inc. | Reduce -0.7% | 0.96% | −0.01 |
| RPM RPM International Inc. | Reduce -2.6% | 0.08% | −0.01 |
| OMC Omnicom Group | Reduce -4.5% | 0.25% | −0.01 |
| CARR Carrier Global Corp. | Reduce -0.9% | 0.09% | −0.01 |
| APD Air Products & Chemicals Inc. | Reduce -1.2% | 0.10% | −0.01 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −0.01 |
| BDX Becton Dickinson and Co. | Reduce -13.5% | 0.10% | −0.01 |
| AFL Aflac Inc. | Reduce -1.6% | 0.43% | −0.01 |
| MZTI The Marzetti Company | Reduce -2.4% | 0.14% | −0.01 |
| AWK American Water Works Co. Inc. | Reduce -4.6% | 0.08% | −0.01 |
| EMLP First Trust North American E | Reduce -1.3% | 0.48% | −0.01 |
| PGR Progressive Corp. | Reduce -0.3% | 0.10% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.7% | 0.72% | −0.01 |
| SBUX Starbucks Corp. | Reduce -7.6% | 0.09% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -0.8% | 0.69% | −0.01 |
| KMB Kimberly-Clark Corp. | Reduce -8.7% | 0.02% | −0.01 |
| DD Dupont DE Nemours Inc. | Reduce -33.3% | 0.00% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -0.3% | 0.11% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| PANW Palo Alto Networks Inc. | Add +58.9% | 0.52% | +0.16 |
| UBER Uber Technologies Inc. | Add +188.3% | 0.25% | +0.15 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +39.3% | 0.46% | +0.14 |
| AVGO Broadcom Inc. | Add +8.4% | 0.96% | +0.12 |
| AMZN Amazon.com Inc. | Add +2.4% | 1.57% | +0.12 |
| SNPS Synopsys Inc. | Add +96.7% | 0.20% | +0.09 |
| WMT Walmart Inc. | Add +1.1% | 0.72% | +0.07 |
| NEE Nextera Energy Inc. | Add +0.5% | 0.66% | +0.05 |
| MDB Mongodb Inc. | Add +4.0% | 0.12% | +0.04 |
| SHOP Shopify Inc. Class A | Add +1.6% | 0.30% | +0.03 |
| BSV Vanguard Short-Term Bond ETF | Add +101.5% | 0.06% | +0.03 |
| MCO Moody's Corp. | Add +0.3% | 0.31% | +0.02 |
| FTSL First Trust Senior Loan ETF | Add +2.8% | 0.39% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +5.1% | 0.15% | +0.01 |
| CHEF The Chefs' Warehouse Inc. | Add +25.5% | 0.04% | +0.01 |
| MKC McCormick & Co.-Non VTG SHRS | Add +137.8% | 0.01% | +0.01 |
| WFC Wells Fargo & Co. | Add +0.7% | 0.05% | +0.01 |
| LSEQ Harbor Long-Short Equity ETF | New | 0.00% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +3.6% | 0.07% | +0.00 |
| IJR iShares Core S&P Small-Cap E | Add +0.2% | 0.20% | +0.00 |
| IJH iShares Core S&P Midcap ETF | Add +5.7% | 0.06% | +0.00 |
| VEU Vanguard Ftse All-World Ex-U | Add +0.0% | 0.10% | +0.00 |
| EQIX Equinix Inc. | Add +3.1% | 0.23% | +0.00 |
| GRAL Grail Inc. | New | 0.00% | +0.00 |
| AGG iShares Core U.S. Aggregate | Add +13.8% | 0.02% | +0.00 |
| MUB iShares National Muni Bond E | New | 0.00% | +0.00 |
| ILMN Illumina Inc. | New | 0.00% | +0.00 |
| SRRK Scholar Rock Holding Corp. | New | 0.00% | +0.00 |
| HAL Halliburton Co. | New | 0.00% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +0.4% | 0.08% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +6.7% | 0.04% | +0.00 |
| PNC PNC Financial Services Group | Add +3.8% | 0.02% | +0.00 |
| USB US Bancorp | Add +1.3% | 0.02% | +0.00 |
| GS Goldman Sachs Group Inc. | Add +0.8% | 0.02% | +0.00 |
| VOO Vanguard S&P 500 ETF | Add +1.1% | 0.04% | +0.00 |
| TIP iShares Tips Bond ETF | Add +3.0% | 0.06% | +0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +25.7% | 0.01% | +0.00 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +1.2% | 0.03% | +0.00 |
| EFA iShares MSCI Eafe ETF | Add +0.6% | 0.03% | +0.00 |
| CVS CVS Health Corp. | Add +1.0% | 0.02% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +2.7% | 0.02% | +0.00 |
| CMPX Compass Therapeutics Inc. | Add +26.7% | 0.00% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +12.7% | 0.00% | +0.00 |
| EEM iShares MSCI Emerging Market | Add +1.3% | 0.01% | +0.00 |
| IVW iShares S&P 500 Growth ETF | Add +1.0% | 0.01% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +1.4% | 0.04% | +0.00 |
| AEP American Electric Power | Add +1.1% | 0.01% | +0.00 |
| SDY SS SPDR S&P Dividend ETF | Add +0.8% | 0.04% | +0.00 |
| WM Waste Management Inc. | Add +0.7% | 0.02% | +0.00 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +0.1% | 0.04% | +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 |