CIK: 0001631775
Total reported value
$172.5M
Reporting period: 2026-03-31 · Number of holdings: 129
Godshalk Welsh Capital Management, Inc. disclosed 129 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $172.5M and a quarterly turnover rate of 16.3%.
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Godshalk Welsh Capital Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 64 equally-sized positions, well below its 129 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.02), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-1.3% -$2.4M
Trim INTU
-0.5% -$1.7M
Trim ORCL
-0.8% -$1.5M
Add IBDW
+225.7% $895.8K
Add COST
-0.5% $734.2K
Add IBDU
+32.9% $749.6K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 4.75% | -0.32% | -1.12% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 4.25% | -1.29% | -1.30% | |
| 3 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 3.26% | +0.46% | -0.48% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.98% | -0.24% | -0.78% | |
| 5 | ORCL | Oracle CORP | Stock-Tech | 2.51% | -0.80% | -0.84% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 2.51% | -0.23% | -5.49% | |
| 7 | IBDT | Ishares Ibonds Dec 2028 ETF | ETF-Other | 2.04% | +0.25% | +12.89% | |
| 8 | GMED | Globus Medical INC - A | Stock-Healthcare | 2.00% | — | — | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.89% | -0.14% | — | |
| 10 | AXP | American Express Co | Stock-Financials | 1.88% | -0.40% | -0.79% | |
| 11 | INTU | Intuit INC | Stock-Tech | 1.85% | -0.96% | -0.54% | |
| 12 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 1.83% | — | -0.20% | |
| 13 | IBDU | Ishares Ibonds Dec 2029 Term | ETF-Other | 1.79% | +0.45% | +32.88% | |
| 14 | IBDS | Ishrs Ibnds Dec 27 CORP ETF | ETF-Other | 1.76% | +0.21% | +12.28% | |
| 15 | WRB | Wr Berkley CORP | Stock-Financials | 1.74% | -0.07% | -0.25% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.67% | +0.25% | -2.01% | |
| 17 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 1.67% | — | +2.95% | |
| 18 | CSCO | Cisco Systems INC | Stock-Tech | 1.67% | — | -0.67% | |
| 19 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.62% | -0.14% | -0.89% | |
| 20 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 1.47% | — | +0.81% | |
| 21 | FDVV | Fidelity High Dividend ETF | ETF-Other | 1.28% | — | +7.57% | |
| 22 | IBDR | Ishares Ibonds Dec 2026 Term | ETF-Other | 1.27% | — | +6.70% | |
| 23 | CVX | Chevron CORP | Stock-Energy | 1.26% | +0.35% | -0.24% | |
| 24 | BAC | Bank Of America CORP | Stock-Financials | 1.25% | -0.14% | -0.56% | |
| 25 | IBDV | Ishares Ibonds Dec 2030 CORP | ETF-Other | 1.21% | +0.43% | +54.38% | |
| 26 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.20% | — | — | |
| 27 | TJX | Tjx Companies INC | Stock-Consumer Disc | 1.15% | — | +1.76% | |
| 28 | WM | Waste Management INC | Stock-Industrials | 1.13% | — | -3.26% | |
| 29 | HD | Home Depot INC | Stock-Consumer Disc | 1.07% | — | -0.71% | |
| 30 | GLW | Corning INC | Stock-Tech | 1.06% | +0.38% | -1.10% | |
| 31 | VLO | Valero Energy CORP | Stock-Energy | 1.04% | +0.36% | -1.02% | |
| 32 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 1.02% | — | -0.80% | |
| 33 | TCAF | T Rowe Prc Cap Appreciation | ETF-Other | 1.01% | — | +5.05% | |
| 34 | WMT | Walmart INC | Stock-Consumer Staples | 0.98% | +0.13% | +1.83% | |
| 35 | ADP | Automatic Data Processing | Stock-Tech | 0.94% | -0.23% | — | |
| 36 | SYY | Sysco CORP | Stock-Consumer Staples | 0.94% | — | -0.18% | |
| 37 | RTX | Rtx CORP | Stock-Industrials | 0.90% | — | -1.82% | |
| 38 | PAYX | Paychex INC | Stock-Tech | 0.89% | -0.22% | -4.17% | |
| 39 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.83% | — | +0.30% | |
| 40 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.82% | — | -3.44% | |
| 41 | SUB | Ishares Short-term National | ETF-Other | 0.81% | — | -6.45% | |
| 42 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.80% | — | +0.74% | |
| 43 | PEP | Pepsico INC | Stock-Consumer Staples | 0.76% | — | -0.30% | |
| 44 | IBDW | Ishares Ibonds Dec 2031 CORP | ETF-Other | 0.75% | +0.52% | +225.72% | |
| 45 | PSX | Phillips 66 | Stock-Energy | 0.75% | +0.23% | -0.35% | |
| 46 | ECL | Ecolab INC | Stock-Materials | 0.75% | — | -2.02% | |
| 47 | AOM | Ishares Core 40/60 Moderate | ETF-Other | 0.75% | +0.16% | +24.89% | |
| 48 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.74% | — | — | |
| 49 | MUB | Ishares National Muni Bond E | ETF-Other | 0.71% | — | -5.71% | |
| 50 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.71% | — | — |
Performance for Q3 2026
+2.2%
Performance Last 4 Quarters
+11.9%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 129 | $172.5M | 16 | |
| 2025-12-31 | 132 | $175.1M | 13 | |
| 2025-09-30 | 131 | $174.3M | 23 | |
| 2025-06-30 | 130 | $162.3M | 0 | |
| 2025-03-31 | 121 | $152.9M | 100 | |
| 2024-12-31 | 120 | $154.9M | 0 | |
| 2024-09-30 | 124 | $158.2M | 0 | |
| 2024-06-30 | 119 | $150.0M | 0 | |
| 2024-03-31 | 121 | $148.8M | 0 | |
| 2023-12-31 | 117 | $139.2M | 0 | |
| 2023-09-30 | 114 | $132.5M | 0 | |
| 2023-06-30 | 116 | $145.2M | 0 | |
| 2023-03-31 | 118 | $141.6M | 0 | |
| 2022-12-31 | 113 | $137.1M | 0 | |
| 2022-09-30 | 117 | $135.4M | 0 | |
| 2022-06-30 | 115 | $139.2M | 0 | |
| 2022-03-31 | 115 | $162.7M | 0 | |
| 2021-12-31 | 118 | $175.7M | 0 | |
| 2021-09-30 | 114 | $160.4M | 0 | |
| 2021-06-30 | 117 | $161.4M | 100 | |
| 2021-03-31 | 114 | $143.5M | 11 | |
| 2020-12-31 | 111 | $135.6M | 16 | |
| 2020-09-30 | 105 | $118.5M | 15 | |
| 2020-06-30 | 99 | $106.8M | 18 | |
| 2020-03-31 | 96 | $92.0M | 31 | |
| 2019-12-31 | 112 | $121.4M | 9 | |
| 2019-09-30 | 109 | $113.1M | 10 | |
| 2019-06-30 | 107 | $108.2M | 10 | |
| 2019-03-31 | 104 | $104.1M | 18 | |
| 2018-12-31 | 100 | $89.4M | 19 | |
| 2018-09-30 | 110 | $102.8M | 14 | |
| 2018-06-30 | 109 | $95.5M | 15 | |
| 2018-03-31 | 108 | $92.8M | 12 | |
| 2017-12-31 | 122 | $98.8M | 13 | |
| 2017-09-30 | 129 | $99.6M | 10 | |
| 2017-06-30 | 127 | $100.8M | 8 | |
| 2017-03-31 | 132 | $101.8M | 9 | |
| 2016-12-31 | 131 | $97.7M | 37 | |
| 2016-09-30 | 134 | $96.8M | 10 | |
| 2016-06-30 | 128 | $94.9M | 9 | |
| 2016-03-31 | 135 | $96.5M | 11 | |
| 2015-12-31 | 137 | $95.9M | 16 | |
| 2015-09-30 | 140 | $91.3M | 16 | |
| 2015-06-30 | 140 | $98.4M | 16 | |
| 2015-03-31 | 135 | $97.7M | 24 | |
| 2014-12-31 | 287 | $109.8M | — |
Godshalk Welsh Capital Management, Inc.'s most significant position changes for 2026-03-31: Sold out: Nestle Sa-spons Adr (NSRGY); New buy: Waters CORP (WAT); Sold out: Adobe INC (ADBE); Sold out: Eli Lilly & Co (LLY); New buy: Corteva INC (CTVA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IBDW | Ishares Ibonds Dec 2031 CORP | +0.5% | +225.72% | Add |
| 2 | COST | Costco Wholesale CORP | +0.5% | -0.48% | Trim |
| 3 | IBDU | Ishares Ibonds Dec 2029 Term | +0.5% | +32.88% | Add |
| 4 | IBDV | Ishares Ibonds Dec 2030 CORP | +0.4% | +54.38% | Add |
| 5 | GLW | Corning INC | +0.4% | -1.10% | Trim |
| 6 | VLO | Valero Energy CORP | +0.4% | -1.02% | Trim |
| 7 | CVX | Chevron CORP | +0.4% | -0.24% | Trim |
| 8 | JNJ | Johnson & Johnson | +0.3% | -2.01% | Trim |
| 9 | IBDT | Ishares Ibonds Dec 2028 ETF | +0.3% | +12.89% | Add |
| 10 | PSX | Phillips 66 | +0.2% | -0.35% | Trim |
| 11 | IBMR | Ishares Ibonds Dec 2029 M Bd | +0.2% | +46.96% | Add |
| 12 | IBDS | Ishrs Ibnds Dec 27 CORP ETF | +0.2% | +12.28% | Add |
| 13 | COP | Conocophillips | +0.2% | — | Unchanged |
| 14 | IBMQ | Ishares Ibonds Dec 2028 Muni | +0.2% | +33.14% | Add |
| 15 | SOLS | Solstice Adv Materials INC | +0.2% | +10.24% | Add |
| 16 | AOM | Ishares Core 40/60 Moderate | +0.2% | +24.89% | Add |
| 17 | WMT | Walmart INC | +0.1% | +1.83% | Add |
| 18 | LHX | L3harris Technologies INC | +0.1% | -0.15% | Trim |
| 19 | IBMT | Ishares Ibonds Dec 2031 Muni | +0.1% | +70.00% | Add |
| 20 | IBMP | Ishares Ibonds Dec 2027 Term | +0.1% | +17.08% | Add |
| 21 | WRB | Wr Berkley CORP | -0.1% | -0.25% | Trim |
| 22 | V | Visa Inc-class A Shares | -0.1% | -0.93% | Trim |
| 23 | AMT | American Tower CORP | -0.1% | -17.36% | Trim |
| 24 | GOOG | Alphabet Inc-cl C | -0.1% | — | Unchanged |
| 25 | JPM | Jpmorgan Chase & Co | -0.1% | -0.89% | Trim |
| 26 | BAC | Bank Of America CORP | -0.1% | -0.56% | Trim |
| 27 | WTRG | Essential Utilities INC | -0.1% | -38.88% | Trim |
| 28 | BX | Blackstone INC | -0.2% | -0.15% | Trim |
| 29 | PAYX | Paychex INC | -0.2% | -4.17% | Trim |
| 30 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -5.49% | Trim |
| 31 | ADP | Automatic Data Processing | -0.2% | — | Unchanged |
| 32 | GOOGL | Alphabet Inc-cl A | -0.2% | -0.78% | Trim |
| 33 | AAPL | Apple INC | -0.3% | -1.12% | Trim |
| 34 | AXP | American Express Co | -0.4% | -0.79% | Trim |
| 35 | ORCL | Oracle CORP | -0.8% | -0.84% | Trim |
| 36 | INTU | Intuit INC | -1% | -0.54% | Trim |
| 37 | MSFT | Microsoft CORP | -1.3% | -1.30% | Trim |
| 38 | NSRGY | Nestle Sa-spons Adr | — | EXIT | Sold out |
| 39 | WAT | Waters CORP | — | NEW | New buy |
| 40 | ADBE | Adobe INC | — | EXIT | Sold out |
| 41 | LLY | Eli Lilly & Co | — | EXIT | Sold out |
| 42 | CTVA | Corteva INC | — | NEW | New buy |
| 43 | DHR | Danaher CORP | — | EXIT | Sold out |
| 44 | VZ | Verizon Communications INC | — | NEW | New buy |
| 45 | Q | Qnity Electronics INC | — | NEW | New buy |
| 46 | ELV | Elevance Health INC | — | EXIT | Sold out |
| 47 | AEP | American Electric Power | — | NEW | New buy |
| 48 | STN | Stantec INC | — | EXIT | Sold out |
| 49 | EMR | Emerson Electric Co | — | EXIT | Sold out |
| 50 | PGX | Invesco Preferred ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-06 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-09 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-12 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-06 | 13F-HR | View on EDGAR |
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