CIK: 0000105495
Total reported value
$7.7B
Reporting period: 2026-03-31 · Number of holdings: 368
Welch & Forbes LLC disclosed 368 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $7.7B and a quarterly turnover rate of 12.4%.
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Welch & Forbes LLC's disclosed holdings carry a Herfindahl concentration index of 0.022 — mathematically equivalent to about 46 equally-sized positions, well below its 368 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.63), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-0.7% -$102.9M
Trim NVDA
-7.2% -$82.4M
Add JNJ
-1.9% $22.1M
Add COST
-0.6% $20.8M
Add CVX
-1.8% $20.7M
Trim ADBE
-84.0% -$23.3M
Showing top 200 holdings (of 368 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.98% | -0.56% | -7.22% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.51% | -0.10% | -1.31% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 4.35% | -0.16% | -1.22% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 4.22% | -0.98% | -0.66% | |
| 5 | ORLY | O'reilly Automotive INC | Stock-Consumer Disc | 3.38% | — | -1.31% | |
| 6 | V | Visa Inc-class A Shares | Stock-Financials | 2.81% | -0.27% | -0.85% | |
| 7 | RTX | Rtx CORP | Stock-Industrials | 2.73% | +0.23% | -2.55% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.48% | -0.12% | -1.96% | |
| 9 | SYK | Stryker CORP | Stock-Healthcare | 2.16% | -0.02% | -0.67% | |
| 10 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 2.08% | +0.38% | -0.60% | |
| 11 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.08% | +0.40% | -1.88% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 2.00% | -0.18% | +0.25% | |
| 13 | HD | Home Depot INC | Stock-Consumer Disc | 1.82% | +0.03% | +0.05% | |
| 14 | CB | Chubb Limited | Stock-Financials | 1.63% | — | -1.83% | |
| 15 | ECL | Ecolab INC | Stock-Materials | 1.62% | — | -0.36% | |
| 16 | TJX | Tjx Companies INC | Stock-Consumer Disc | 1.59% | — | -0.77% | |
| 17 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.53% | -0.04% | +0.85% | |
| 18 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.52% | -0.08% | -2.77% | |
| 19 | DHR | Danaher CORP | Stock-Healthcare | 1.50% | -0.22% | -1.02% | |
| 20 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.43% | — | -0.57% | |
| 21 | MDY | State Street Spdr S&p Midcap | ETF-Other | 1.29% | — | -3.12% | |
| 22 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 1.27% | — | +0.67% | |
| 23 | IDXX | Idexx Laboratories INC | Stock-Healthcare | 1.22% | -0.16% | -0.06% | |
| 24 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 1.22% | — | -0.79% | |
| 25 | CVX | Chevron CORP | Stock-Energy | 1.07% | +0.32% | -1.76% | |
| 26 | AMP | Ameriprise Financial INC | Stock-Financials | 1.00% | -0.03% | -0.24% | |
| 27 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.99% | -0.05% | +3.03% | |
| 28 | WSO | Watsco INC | Stock-Industrials | 0.99% | +0.13% | -0.43% | |
| 29 | ABBV | Abbvie INC | Stock-Healthcare | 0.97% | — | -0.67% | |
| 30 | AVGO | Broadcom INC | Stock-Tech | 0.97% | — | +5.17% | |
| 31 | MTD | Mettler-toledo International | Stock-Healthcare | 0.96% | -0.04% | -0.91% | |
| 32 | RMD | Resmed INC | Stock-Healthcare | 0.95% | -0.01% | -0.60% | |
| 33 | IRM | Iron Mountain INC | Stock-Real Estate | 0.86% | +0.20% | -0.65% | |
| 34 | WMT | Walmart INC | Stock-Consumer Staples | 0.84% | +0.12% | -2.27% | |
| 35 | ABT | Abbott Laboratories | Stock-Healthcare | 0.84% | -0.12% | -0.33% | |
| 36 | PEP | Pepsico INC | Stock-Consumer Staples | 0.84% | — | -3.07% | |
| 37 | ROP | Roper Technologies INC | Stock-Tech | 0.82% | -0.23% | -7.38% | |
| 38 | AJG | Arthur J Gallagher & Co | Stock-Financials | 0.82% | -0.10% | -0.34% | |
| 39 | NEE | Nextera Energy INC | Stock-Utilities | 0.81% | +0.15% | -0.09% | |
| 40 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.80% | — | +0.31% | |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.73% | — | -0.92% | |
| 42 | LECO | Lincoln Electric Holdings | Stock-Industrials | 0.68% | — | -1.29% | |
| 43 | LIN | Linde plc | Stock-Materials | 0.67% | +0.13% | +0.67% | |
| 44 | XYL | Xylem INC | Stock-Industrials | 0.64% | -0.02% | +2.99% | |
| 45 | CSCO | Cisco Systems INC | Stock-Tech | 0.64% | — | -1.39% | |
| 46 | XOM | Exxon Mobil CORP | Stock-Energy | 0.63% | +0.21% | -1.40% | |
| 47 | PANW | Palo Alto Networks INC | Stock-Tech | 0.62% | +0.10% | +28.21% | |
| 48 | LHX | L3harris Technologies INC | Stock-Industrials | 0.62% | +0.12% | -1.98% | |
| 49 | BAC | Bank Of America CORP | Stock-Financials | 0.62% | -0.04% | -1.35% | |
| 50 | CSL | Carlisle Cos INC | Stock-Industrials | 0.61% | — | +6.80% |
Performance for Q3 2026
+3.1%
Performance Last 4 Quarters
+12.8%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 368 | $7.7B | 12 | |
| 2025-12-31 | 374 | $8.3B | 11 | |
| 2025-09-30 | 383 | $8.3B | 21 | |
| 2025-06-30 | 372 | $8.0B | 0 | |
| 2025-03-31 | 370 | $7.6B | 100 | |
| 2024-12-31 | 379 | $7.8B | 0 | |
| 2024-09-30 | 373 | $7.9B | 0 | |
| 2024-06-30 | 366 | $7.5B | 0 | |
| 2024-03-31 | 378 | $7.3B | 0 | |
| 2023-12-31 | 366 | $6.6B | 0 | |
| 2023-09-30 | 367 | $6.0B | 0 | |
| 2023-06-30 | 375 | $6.3B | 0 | |
| 2023-03-31 | 365 | $5.9B | 0 | |
| 2022-12-31 | 368 | $5.6B | 0 | |
| 2022-09-30 | 425 | $5.1B | 0 | |
| 2022-06-30 | 434 | $5.5B | 0 | |
| 2022-03-31 | 446 | $6.3B | 0 | |
| 2021-12-31 | 445 | $6.7B | 0 | |
| 2021-09-30 | 444 | $6.0B | 0 | |
| 2021-06-30 | 445 | $5.9B | 100 | |
| 2021-03-31 | 442 | $5.4B | 9 | |
| 2020-12-31 | 439 | $5.1B | 12 | |
| 2020-09-30 | 404 | $4.6B | 12 | |
| 2020-06-30 | 397 | $4.3B | 24 | |
| 2020-03-31 | 380 | $3.6B | 24 | |
| 2019-12-31 | 404 | $4.5B | 10 | |
| 2019-09-30 | 401 | $4.2B | 8 | |
| 2019-06-30 | 398 | $4.1B | 9 | |
| 2019-03-31 | 399 | $4.0B | 14 | |
| 2018-12-31 | 390 | $3.5B | 19 | |
| 2018-09-30 | 417 | $4.2B | 11 | |
| 2018-06-30 | 415 | $3.9B | 11 | |
| 2018-03-31 | 411 | $3.9B | 16 | |
| 2017-12-31 | 382 | $3.7B | 15 | |
| 2017-09-30 | 380 | $3.8B | 10 | |
| 2017-06-30 | 389 | $3.6B | 8 | |
| 2017-03-31 | 391 | $3.5B | 11 | |
| 2016-12-31 | 387 | $3.3B | 24 | |
| 2016-09-30 | 321 | $2.9B | 25 | |
| 2016-06-30 | 354 | $3.3B | 9 | |
| 2016-03-31 | 358 | $3.2B | 10 | |
| 2015-12-31 | 344 | $3.1B | 15 | |
| 2015-09-30 | 343 | $3.0B | 13 | |
| 2015-06-30 | 348 | $3.2B | 10 | |
| 2015-03-31 | 331 | $3.3B | 13 | |
| 2014-12-31 | 344 | $3.4B | 12 | |
| 2014-09-30 | 349 | $3.3B | 13 | |
| 2014-06-30 | 330 | $3.2B | 14 | |
| 2014-03-31 | 335 | $3.2B | 10 | |
| 2013-12-31 | 356 | $3.2B | 13 | |
| 2013-09-30 | 363 | $3.0B | 9 | |
| 2013-06-30 | 344 | $2.8B | — |
Welch & Forbes LLC's most significant position changes for 2026-03-31: Sold out: Boston Scientific CORP (BSX); Trim: Microsoft CORP (MSFT) — shares -0.66%; Trim: Nvidia CORP (NVDA) — shares -7.22%; Trim: Johnson & Johnson (JNJ) — shares -1.88%; Trim: Costco Wholesale CORP (COST) — shares -0.60%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | JNJ | Johnson & Johnson | +0.4% | -1.88% | Trim |
| 2 | COST | Costco Wholesale CORP | +0.4% | -0.60% | Trim |
| 3 | CVX | Chevron CORP | +0.3% | -1.76% | Trim |
| 4 | RTX | Rtx CORP | +0.2% | -2.55% | Trim |
| 5 | XOM | Exxon Mobil CORP | +0.2% | -1.40% | Trim |
| 6 | IRM | Iron Mountain INC | +0.2% | -0.65% | Trim |
| 7 | NFLX | Netflix INC | +0.2% | +3464.49% | Add |
| 8 | NEE | Nextera Energy INC | +0.2% | -0.09% | Trim |
| 9 | LIN | Linde plc | +0.1% | +0.67% | Add |
| 10 | WSO | Watsco INC | +0.1% | -0.43% | Trim |
| 11 | LHX | L3harris Technologies INC | +0.1% | -1.98% | Trim |
| 12 | WMT | Walmart INC | +0.1% | -2.27% | Trim |
| 13 | EQIX | Equinix INC | +0.1% | +2.44% | Add |
| 14 | PANW | Palo Alto Networks INC | +0.1% | +28.21% | Add |
| 15 | VZ | Verizon Communications INC | +0.1% | -1.87% | Trim |
| 16 | HD | Home Depot INC | 0% | +0.05% | Add |
| 17 | RMD | Resmed INC | 0% | -0.60% | Trim |
| 18 | SYK | Stryker CORP | 0% | -0.67% | Trim |
| 19 | XYL | Xylem INC | 0% | +2.99% | Add |
| 20 | AMP | Ameriprise Financial INC | 0% | -0.24% | Trim |
| 21 | AMZN | Amazon.com INC | 0% | +0.85% | Add |
| 22 | MTD | Mettler-toledo International | 0% | -0.91% | Trim |
| 23 | BAC | Bank Of America CORP | 0% | -1.35% | Trim |
| 24 | META | Meta Platforms Inc-class A | -0.1% | +3.03% | Add |
| 25 | ORCL | Oracle CORP | -0.1% | +1.14% | Add |
| 26 | TMO | Thermo Fisher Scientific INC | -0.1% | -0.17% | Trim |
| 27 | SHOP | Shopify INC - Class A | -0.1% | +0.39% | Add |
| 28 | QCOM | Qualcomm INC | -0.1% | -1.27% | Trim |
| 29 | PAYX | Paychex INC | -0.1% | -1.73% | Trim |
| 30 | AXP | American Express Co | -0.1% | -6.28% | Trim |
| 31 | ACN | Accenture plc | -0.1% | -4.40% | Trim |
| 32 | GOOGL | Alphabet Inc-cl A | -0.1% | -2.77% | Trim |
| 33 | FISV | Fiserv INC | -0.1% | -9.15% | Trim |
| 34 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.1% | -18.75% | Trim |
| 35 | AAPL | Apple INC | -0.1% | -1.31% | Trim |
| 36 | AJG | Arthur J Gallagher & Co | -0.1% | -0.34% | Trim |
| 37 | BKNG | Booking Holdings INC | -0.1% | +2.02% | Add |
| 38 | JPM | Jpmorgan Chase & Co | -0.1% | -1.96% | Trim |
| 39 | ABT | Abbott Laboratories | -0.1% | -0.33% | Trim |
| 40 | ADP | Automatic Data Processing | -0.1% | -1.12% | Trim |
| 41 | GOOG | Alphabet Inc-cl C | -0.2% | -1.22% | Trim |
| 42 | IDXX | Idexx Laboratories INC | -0.2% | -0.06% | Trim |
| 43 | LLY | Eli Lilly & Co | -0.2% | +0.25% | Add |
| 44 | DHR | Danaher CORP | -0.2% | -1.02% | Trim |
| 45 | ROP | Roper Technologies INC | -0.2% | -7.38% | Trim |
| 46 | V | Visa Inc-class A Shares | -0.3% | -0.85% | Trim |
| 47 | ADBE | Adobe INC | -0.3% | -83.97% | Trim |
| 48 | NVDA | Nvidia CORP | -0.6% | -7.22% | Trim |
| 49 | MSFT | Microsoft CORP | -1% | -0.66% | Trim |
| 50 | BSX | Boston Scientific CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-04 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-02 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-07 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-02 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-03 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-06 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-03 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-28 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-14 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-02 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-31 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-22 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-25 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-19 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-13 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-22 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-20 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-23 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-15 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-17 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-17 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-11 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-29 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-05 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-17 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-16 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-12 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-26 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-31 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-07-31 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-04-27 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-07 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-02 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-02 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-05 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-27 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-05 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-11 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-30 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-27 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-27 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-31 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-01 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-17 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-31 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-08 | 13F-HR | View on EDGAR |
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