# Welch & Forbes LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 105495. Source: https://holderbook.com/funds/105495-welch-forbes-llc/

- Reported value: $8.2B
- Positions: 388
- Weight of the ten largest: 37.9%
- Filed: 2026-07-30

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $608.5M | 3,041,196 | 7.4% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $481.2M | 1,662,845 | 5.8% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $407.5M | 1,153,229 | 5.0% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $331.0M | 887,243 | 4.0% | 31 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $258.7M | 2,809,432 | 3.1% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $241.9M | 705,106 | 2.9% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $211.3M | 645,494 | 2.6% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $207.1M | 172,704 | 2.5% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $203.0M | 1,069,878 | 2.5% | 25 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $167.1M | 657,989 | 2.0% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $163.6M | 519,496 | 2.0% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $151.8M | 162,277 | 1.8% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $151.1M | 428,508 | 1.8% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $143.6M | 401,718 | 1.7% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $138.2M | 579,893 | 1.7% | 31 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $131.1M | 384,803 | 1.6% | 31 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $130.6M | 468,722 | 1.6% | 31 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $116.3M | 767,963 | 1.4% | 31 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $114.0M | 598,324 | 1.4% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $110.7M | 754,625 | 1.3% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $109.9M | 322,392 | 1.3% | 31 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $109.9M | 221,304 | 1.3% | 31 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $100.0M | 142,173 | 1.2% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $99.4M | 263,007 | 1.2% | 31 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $88.3M | 167,666 | 1.1% | 31 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $87.2M | 209,280 | 1.1% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $87.1M | 345,978 | 1.1% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $83.8M | 148,710 | 1.0% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $80.8M | 298,932 | 1.0% | 31 |
| IRON MTN INC DEL | [IRM](https://holderbook.com/stocks/IRM/) | $80.8M | 639,322 | 1.0% | 31 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $78.5M | 171,132 | 1.0% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $73.9M | 629,560 | 0.9% | 31 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $72.9M | 57,090 | 0.9% | 31 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $67.7M | 950,233 | 0.8% | 31 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $66.5M | 289,883 | 0.8% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $66.1M | 398,635 | 0.8% | 31 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $62.8M | 322,033 | 0.8% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $61.2M | 696,876 | 0.7% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $59.6M | 526,233 | 0.7% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $57.9M | 115,656 | 0.7% | 31 |
| LINCOLN ELEC HLDGS INC | [LECO](https://holderbook.com/stocks/LECO/) | $55.5M | 208,918 | 0.7% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $54.5M | 957,307 | 0.7% | 31 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $54.5M | 402,525 | 0.7% | 31 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $54.0M | 104,115 | 0.7% | 14 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $54.0M | 595,129 | 0.7% | 31 |
| CARLISLE COS INC | [CSL](https://holderbook.com/stocks/CSL/) | $51.8M | 142,765 | 0.6% | 29 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $50.0M | 223,090 | 0.6% | 31 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $47.5M | 140,495 | 0.6% | 31 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $46.9M | 263,055 | 0.6% | 31 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $46.8M | 395,967 | 0.6% | 31 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $41.8M | 83,322 | 0.5% | 31 |
| FIRST TR EXCHANGE-TRADED FD | [EMLP](https://holderbook.com/stocks/EMLP/) | $40.8M | 937,533 | 0.5% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $40.7M | 316,952 | 0.5% | 31 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $40.4M | 139,101 | 0.5% | 23 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $39.4M | 287,954 | 0.5% | 31 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $36.9M | 315,029 | 0.4% | 31 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $35.7M | 363,475 | 0.4% | 31 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $34.6M | 357,066 | 0.4% | 31 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $33.4M | 532,209 | 0.4% | 25 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $32.5M | 43,500 | 0.4% | 31 |
| CINTAS CORP | [CTAS](https://holderbook.com/stocks/CTAS/) | $32.4M | 190,216 | 0.4% | 31 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $32.0M | 142,893 | 0.4% | 31 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $29.5M | 41,387 | 0.4% | 31 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $27.5M | 81,174 | 0.3% | 31 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $27.3M | 275,179 | 0.3% | 23 |
| GSK PLC | [GSK](https://holderbook.com/stocks/GSK/) | $27.2M | 518,597 | 0.3% | 15 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $27.2M | 641,841 | 0.3% | 31 |
| FIRST TR EXCHANGE-TRADED FD | [FTSL](https://holderbook.com/stocks/FTSL/) | $26.7M | 597,151 | 0.3% | 31 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $26.7M | 25,590 | 0.3% | 26 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $25.6M | 138,519 | 0.3% | 31 |
| COGNEX CORP | [CGNX](https://holderbook.com/stocks/CGNX/) | $23.9M | 330,660 | 0.3% | 31 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $23.1M | 51,007 | 0.3% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $21.9M | 270,059 | 0.3% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $21.4M | 20,137 | 0.3% | 31 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $20.5M | 138,219 | 0.2% | 31 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $20.5M | 387,190 | 0.2% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $19.6M | 69,666 | 0.2% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $19.4M | 139,049 | 0.2% | 31 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $18.2M | 159,087 | 0.2% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $17.8M | 121,788 | 0.2% | 31 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $17.0M | 238,066 | 0.2% | 25 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $16.5M | 44,138 | 0.2% | 17 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $16.3M | 99,915 | 0.2% | 31 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $16.2M | 178,868 | 0.2% | 31 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $16.0M | 220,272 | 0.2% | 31 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $16.0M | 222,080 | 0.2% | 4 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $16.0M | 111,601 | 0.2% | 31 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $15.9M | 521,867 | 0.2% | 31 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $15.1M | 308,444 | 0.2% | 31 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $14.9M | 33,409 | 0.2% | 4 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $13.2M | 418,308 | 0.2% | 31 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $12.8M | 169,404 | 0.2% | 25 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $12.7M | 177,517 | 0.2% | 8 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $12.6M | 16,765 | 0.2% | 31 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $12.5M | 10,672 | 0.2% | 9 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $10.8M | 27,288 | 0.1% | 31 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $10.2M | 139,202 | 0.1% | 25 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $9.8M | 33,571 | 0.1% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $9.8M | 117,094 | 0.1% | 31 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $9.5M | 27,480 | 0.1% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +7.5% | +14.8% | -7.4% | 100% |
| Q1 2026 | -4.7% | -4.6% | -0.1% | 100% |
| Q4 2025 | +0.6% | +2.4% | -1.8% | 100% |
| Q3 2025 | +5.6% | +7.8% | -2.2% | 100% |
| Q2 2025 | +5.2% | +10.5% | -5.3% | 100% |
| Q1 2025 | -0.9% | -4.6% | +3.7% | 100% |
| Q4 2024 | -0.6% | +2.1% | -2.7% | 100% |
| Q3 2024 | +6.5% | +5.4% | +1.1% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $8.2B | 388 |
| Q1 2026 | $7.7B | 368 |
| Q4 2025 | $8.3B | 374 |
| Q3 2025 | $8.3B | 383 |
| Q2 2025 | $8.0B | 372 |
| Q1 2025 | $7.6B | 370 |
| Q4 2024 | $7.8B | 379 |
| Q3 2024 | $7.9B | 373 |
| Q2 2024 | $7.5B | 366 |
| Q1 2024 | $7.3B | 378 |
| Q4 2023 | $6.6B | 366 |
| Q3 2023 | $6.0B | 367 |