Wendell David Associates Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), Wendell David Associates Inc. reported 149 stock positions worth $984.3 million. Its top holding was Apple (AAPL) at 7.1% of the portfolio, followed by Microsoft (MSFT, 6.5%) and Mastercard Class A (MA, 6.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 20 and reduced 79. The biggest buy was Eli Lilly (LLY, shares +3%) and the biggest sale Fiserv (FISV, shares −52%).

Most Recent 13F
Q2 2026
Location
PORTSMOUTH, NH
CIK
0000878228
Portfolio Value
$984.3M (Q4 2025)
SEC Filing
0000878228-26-000002 ↗ filed Jan 30, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $989.6M Q1 2024 Q2 2024: $981.4M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $994.3M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $984.3M $984.3M Q4 2025 Q1 2026: $918.9M Q1 2026 Q2 2026: $946.7M Q2 2026

Holdings 149 stocks · $984.3M
AAPL Apple Inc. 7.13% 258,310 $70.2M Reduce -2.8%
MSFT Microsoft Corp. 6.53% 132,979 $64.3M Reduce -0.5%
MA Mastercard Inc. Class A 6.40% 110,371 $63.0M Reduce -4.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 5.73% 367,334 $56.4M Reduce -3.4%
LLY Eli Lilly & Co. 4.76% 43,568 $46.8M Add +3.4%
ADP Automatic Data Processing 4.58% 175,140 $45.1M Reduce -2.8%
SYK Stryker Corp. 3.99% 111,812 $39.3M Reduce -1.9%
GOOGL Alphabet Inc. Class A 3.65% 114,681 $35.9M Reduce -2.7%
ABT Abbott Laboratories 2.69% 211,692 $26.5M Reduce -3.0%
INTU Intuit Inc. 2.65% 39,451 $26.1M Reduce -2.3%
BR Broadridge Financial Solutio 2.27% 100,313 $22.4M Reduce -0.8%
MCD McDonald's Corp. 2.26% 72,723 $22.2M Reduce -2.0%
ABBV Abbvie Inc. 2.24% 96,321 $22.0M Reduce -3.4%
JNJ Johnson & Johnson 2.11% 100,504 $20.8M Reduce -3.1%
NEE Nextera Energy Inc. 2.04% 250,651 $20.1M Add +0.6%
ECL Ecolab Inc. 1.88% 70,434 $18.5M Reduce -1.2%
COST Costco Wholesale Corp. 1.56% 17,756 $15.3M Add +4.9%
PG The Procter & Gamble Co. 1.30% 89,599 $12.8M Reduce -3.0%
MPC Marathon Petroleum Corp. 1.27% 76,713 $12.5M Add +0.1%
CHD Church & Dwight Co. Inc. 1.21% 142,154 $11.9M Reduce -7.2%
KO The Coca-Cola Co. 1.20% 169,154 $11.8M Reduce -2.2%
XOM Exxon Mobil Corp. 1.13% 92,504 $11.1M Reduce -1.6%
DHR Danaher Corp. 1.12% 48,132 $11.0M Reduce -2.1%
PEP Pepsico Inc. 1.08% 73,940 $10.6M Reduce -2.1%
WSO Watsco Inc. 1.07% 31,389 $10.6M Reduce -2.2%
MKC McCormick & Co.-Non VTG SHRS 0.98% 142,189 $9.7M Reduce -8.0%
AMZN Amazon.com Inc. 0.95% 40,441 $9.3M Add +3.6%
HD Home Depot Inc. 0.89% 25,395 $8.7M Reduce -2.4%
WMT Walmart Inc. 0.88% 77,579 $8.6M Reduce -7.2%
IDXX Idexx Laboratories Inc. 0.85% 12,313 $8.3M Reduce -6.2%
RTX RTX Corp. 0.81% 43,534 $8.0M Reduce -3.0%
NKE Nike Inc. Class B 0.80% 123,342 $7.9M Reduce -7.2%
APH Amphenol Corp. Class A 0.77% 55,760 $7.5M Add +6.4%
SHW The Sherwin-Williams Co. 0.74% 22,564 $7.3M Reduce -3.3%
BRK.B Berkshire Hathaway Inc. Class B 0.73% 14,340 $7.2M Reduce -0.1%
V Visa Inc. Class A 0.68% 18,958 $6.6M Reduce -2.9%
VEEV Veeva Systems Inc. Class A 0.62% 27,130 $6.1M Add +16.9%
QCOM Qualcomm Inc. 0.60% 34,477 $5.9M Reduce -0.9%
MRK Merck & Co. Inc. 0.60% 55,876 $5.9M Add +1.8%
CL Colgate-Palmolive Co. 0.59% 74,084 $5.9M Reduce -4.5%
FDS Factset Research Systems Inc. 0.58% 19,526 $5.7M Reduce -18.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.52% 19,602 $5.1M Add +7.9%
ORLY O'reilly Automotive Inc. 0.50% 53,665 $4.9M Reduce -5.7%
CASY Casey's General Stores Inc. 0.48% 8,590 $4.7M Add +1.8%
LOW Lowe's Cos Inc. 0.48% 19,407 $4.7M No change
ACN Accenture PLC Class A 0.47% 17,417 $4.7M Reduce -18.8%
SYY Sysco Corp. 0.45% 60,600 $4.5M Reduce -0.1%
EMR Emerson Electric Co. 0.45% 33,356 $4.4M No change
APD Air Products & Chemicals Inc. 0.39% 15,730 $3.9M Reduce -0.3%
GWW WW Grainger Inc. 0.39% 3,827 $3.9M Reduce -11.3%
ADI Analog Devices Inc. 0.38% 13,616 $3.7M Reduce -1.7%
FISV Fiserv Inc. 0.37% 54,712 $3.7M Reduce -51.8%
CSCO Cisco Systems Inc. 0.36% 46,418 $3.6M No change
AMGN Amgen Inc. 0.36% 10,828 $3.5M Reduce -0.3%
LMT Lockheed Martin Corp. 0.35% 7,041 $3.4M Reduce -3.9%
AMT American Tower Corp. 0.34% 19,123 $3.4M Reduce -46.3%
ITW Illinois Tool Works 0.34% 13,533 $3.3M Reduce -3.0%
DE Deere & Co. 0.33% 6,879 $3.2M Reduce -7.6%
EQIX Equinix Inc. 0.32% 4,147 $3.2M Reduce -3.4%
PAYX Paychex Inc. 0.31% 27,268 $3.1M No change
NVO Novo-Nordisk A/S-Spons ADR 0.31% 59,793 $3.0M Reduce -9.2%
FAST Fastenal Co. 0.30% 73,800 $3.0M Reduce -5.9%
ISRG Intuitive Surgical Inc. 0.30% 5,160 $2.9M Reduce -29.1%
HON Honeywell International Inc. 0.28% 13,969 $2.7M No change
BDX Becton Dickinson and Co. 0.26% 13,101 $2.5M Reduce -1.5%
NVDA Nvidia Corp. 0.25% 13,392 $2.5M Reduce -3.5%
BCPC Balchem Corp. 0.25% 16,090 $2.5M Reduce -6.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.25% 8,257 $2.4M No change
SNPS Synopsys Inc. 0.23% 4,774 $2.2M Add +81.0%
UNP Union Pacific Corp. 0.22% 9,245 $2.1M Reduce -11.1%
HEI Heico Corp. 0.22% 6,594 $2.1M Add +25.7%
PFF iShares Preferred & Income S 0.20% 63,162 $2.0M No change
DKS Dick's Sporting Goods Inc. 0.20% 9,766 $1.9M Add +4.5%
GILD Gilead Sciences Inc. 0.17% 13,440 $1.6M No change
PM Philip Morris International 0.16% 10,082 $1.6M Reduce -9.6%
VZ Verizon Communications Inc. 0.16% 38,475 $1.6M No change
PFE Pfizer Inc. 0.15% 60,627 $1.5M Add +5.1%
TMO Thermo Fisher Scientific Inc. 0.14% 2,462 $1.4M Reduce -4.5%
MMM 3M Co. 0.14% 8,453 $1.4M Reduce -1.0%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.13% 7,169 $1.3M Reduce -3.4%
EXPD Expeditors Intl Wash Inc. 0.13% 8,750 $1.3M Reduce -1.7%
JPM JPMorgan Chase & Co. 0.13% 4,000 $1.3M No change
PPG PPG Industries Inc. 0.13% 12,457 $1.3M No change
COP Conocophillips 0.12% 12,991 $1.2M No change
CVX Chevron Corp. 0.12% 7,866 $1.2M No change
ULTA Ulta Beauty Inc. 0.12% 1,950 $1.2M Reduce -5.1%
GOOG Alphabet Inc. Class C 0.12% 3,718 $1.2M Add +2.8%
NSC Norfolk Southern Corp. 0.12% 4,025 $1.2M No change
VLTO Veralto Corp. 0.12% 11,579 $1.2M Reduce -1.3%
NOC Northrop Grumman Corp. 0.11% 1,972 $1.1M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.11% 20,385 $1.1M No change
SBUX Starbucks Corp. 0.10% 12,045 $1.0M Reduce -5.3%
HSY The Hershey Co. 0.10% 5,369 $977K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.09% 8,087 $920K Add +3.5%
BF.B Brown-Forman Corp. Class B 0.08% 32,084 $836K Reduce -15.3%
CAT Caterpillar Inc. 0.08% 1,443 $827K No change
ROST Ross Stores Inc. 0.08% 4,390 $791K Reduce -12.0%
EW Edwards Lifesciences Corp. 0.08% 9,110 $777K Reduce -14.2%
CARR Carrier Global Corp. 0.08% 14,420 $762K Reduce -13.5%
ORCL Oracle Corp. 0.08% 3,885 $757K Reduce -11.9%

Show all 149 holdings

Portfolio Sells Q3 2025 → Q4 2025
FISV Fiserv Inc. Reduce -51.8% 0.37% −1.07
ADP Automatic Data Processing Reduce -2.8% 4.58% −0.64
AMT American Tower Corp. Reduce -46.3% 0.34% −0.34
MSFT Microsoft Corp. Reduce -0.5% 6.53% −0.30
WSO Watsco Inc. Reduce -2.2% 1.07% −0.21
ABT Abbott Laboratories Reduce -3.0% 2.69% −0.19
SYK Stryker Corp. Reduce -1.9% 3.99% −0.17
HD Home Depot Inc. Reduce -2.4% 0.89% −0.15
NKE Nike Inc. Class B Reduce -7.2% 0.80% −0.12
CHD Church & Dwight Co. Inc. Reduce -7.2% 1.21% −0.11
K Kellanova Sold out 0.00% −0.11
ORLY O'reilly Automotive Inc. Reduce -5.7% 0.50% −0.11
BR Broadridge Financial Solutio Reduce -0.8% 2.27% −0.10
FDS Factset Research Systems Inc. Reduce -18.6% 0.58% −0.10
PG The Procter & Gamble Co. Reduce -3.0% 1.30% −0.10
FAST Fastenal Co. Reduce -5.9% 0.30% −0.08
INTU Intuit Inc. Reduce -2.3% 2.65% −0.07
MA Mastercard Inc. Class A Reduce -4.1% 6.40% −0.06
SHW The Sherwin-Williams Co. Reduce -3.3% 0.74% −0.05
NVO Novo-Nordisk A/S-Spons ADR Reduce -9.2% 0.31% −0.05
ECL Ecolab Inc. Reduce -1.2% 1.88% −0.05
ACN Accenture PLC Class A Reduce -18.8% 0.47% −0.05
ORCL Oracle Corp. Reduce -11.9% 0.08% −0.05
ABBV Abbvie Inc. Reduce -3.4% 2.24% −0.04
SYY Sysco Corp. Reduce -0.1% 0.45% −0.04
MKC McCormick & Co.-Non VTG SHRS Reduce -8.0% 0.98% −0.04
APD Air Products & Chemicals Inc. Reduce -0.3% 0.39% −0.03
UNP Union Pacific Corp. Reduce -11.1% 0.22% −0.03
ISRG Intuitive Surgical Inc. Reduce -29.1% 0.30% −0.02
CARR Carrier Global Corp. Reduce -13.5% 0.08% −0.02
ITW Illinois Tool Works Reduce -3.0% 0.34% −0.02
GIS General Mills Inc. Sold out 0.00% −0.02
CL Colgate-Palmolive Co. Reduce -4.5% 0.59% −0.02
BF.B Brown-Forman Corp. Class B Reduce -15.3% 0.08% −0.02
LMT Lockheed Martin Corp. Reduce -3.9% 0.35% −0.02
PM Philip Morris International Reduce -9.6% 0.16% −0.01
TSCO Tractor Supply Company Reduce -17.7% 0.04% −0.01
GWW WW Grainger Inc. Reduce -11.3% 0.39% −0.01
ZTS Zoetis Inc. Reduce -6.1% 0.06% −0.01
OTIS Otis Worldwide Corp. Reduce -22.9% 0.04% −0.01
DE Deere & Co. Reduce -7.6% 0.33% −0.01
MO Altria Group Inc. Reduce -13.4% 0.04% −0.01
EQIX Equinix Inc. Reduce -3.4% 0.32% −0.01
TMUS T-Mobile US Inc. Reduce -10.6% 0.03% −0.01
PANW Palo Alto Networks Inc. Reduce -2.1% 0.06% −0.01
FLO Flowers Foods Inc. Reduce -8.8% 0.02% −0.01
VLTO Veralto Corp. Reduce -1.3% 0.12% −0.01
WM Waste Management Inc. Reduce -16.4% 0.03% −0.00
SBUX Starbucks Corp. Reduce -5.3% 0.10% −0.00
BCPC Balchem Corp. Reduce -6.0% 0.25% −0.00

Portfolio Buys Q3 2025 → Q4 2025
LLY Eli Lilly & Co. Add +3.4% 4.76% +1.58
NEE Nextera Energy Inc. Add +0.6% 2.04% +0.19
MRK Merck & Co. Inc. Add +1.8% 0.60% +0.14
APH Amphenol Corp. Class A Add +6.4% 0.77% +0.13
AMZN Amazon.com Inc. Add +3.6% 0.95% +0.10
SNPS Synopsys Inc. Add +81.0% 0.23% +0.10
HEI Heico Corp. Add +25.7% 0.22% +0.05
GOOG Alphabet Inc. Class C Add +2.8% 0.12% +0.03
CMI Cummins Inc. New 0.02% +0.02
CTSH Cognizant Tech Solutions-A New 0.02% +0.02
CASY Casey's General Stores Inc. Add +1.8% 0.48% +0.01
COST Costco Wholesale Corp. Add +4.9% 1.56% +0.01
PFE Pfizer Inc. Add +5.1% 0.15% +0.01
AVGO Broadcom Inc. Add +5.0% 0.05% +0.01
DIS The Walt Disney Co. Add +3.5% 0.09% +0.01
UNH Unitedhealth Group Inc. Add +12.8% 0.03% +0.00
CSL Carlisle Cos Inc. Add +1.7% 0.03% +0.00
CTAS Cintas Corp. Add +4.9% 0.04% −0.00
DKS Dick's Sporting Goods Inc. Add +4.5% 0.20% −0.01
AJG Arthur J Gallagher & Co. Add +7.9% 0.52% −0.04
VEEV Veeva Systems Inc. Class A Add +16.9% 0.62% −0.07
MPC Marathon Petroleum Corp. Add +0.1% 1.27% −0.19

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 155$946.7MAAPL, MA, TJX, LLY, MSFT
Q1 2026 151$918.9MAAPL, TJX, MA, MSFT, LLY
Q4 2025 149$984.3MAAPL, MSFT, MA, TJX, LLY
Q3 2025 149$1.0BMSFT, AAPL, MA, TJX, ADP
Q2 2025 147$994.3MMSFT, MA, AAPL, ADP, TJX
Q1 2025 151$1.0BAAPL, MA, ADP, MSFT, TJX
Q4 2024 154$1.0BAAPL, MA, MSFT, ADP, TJX
Q3 2024 160$1.0BAAPL, MA, MSFT, ADP, TJX
Q2 2024 159$981.4MAAPL, MSFT, MA, ADP, TJX
Q1 2024 163$989.6MMA, MSFT, AAPL, ADP, SYK