# Godshalk Welsh Capital Management, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1631775. Source: https://holderbook.com/funds/1631775-godshalk-welsh-capital-management-inc/

- Reported value: $185.6M
- Positions: 137
- Weight of the ten largest: 28.4%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $9.3M | 32,177 | 5.0% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $7.4M | 19,725 | 4.0% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $6.4M | 17,769 | 3.4% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $5.3M | 5,674 | 2.9% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.4M | 8,813 | 2.4% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $4.3M | 29,360 | 2.3% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $4.3M | 36,395 | 2.3% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.0M | 11,340 | 2.2% | 31 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $3.8M | 12,720 | 2.1% | 31 |
| ISHARES TR | [IBDT](https://holderbook.com/stocks/IBDT/) | $3.7M | 144,850 | 2.0% | 8 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $3.6M | 10,745 | 2.0% | 31 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $3.4M | 13,350 | 1.8% | 16 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $3.2M | 15,205 | 1.7% | 31 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $3.2M | 45,158 | 1.7% | 31 |
| ISHARES TR | [IBDU](https://holderbook.com/stocks/IBDU/) | $3.2M | 136,800 | 1.7% | 6 |
| GLOBUS MED INC | [GMED](https://holderbook.com/stocks/GMED/) | $3.2M | 40,000 | 1.7% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $3.1M | 9,370 | 1.7% | 31 |
| ISHARES TR | [IBDS](https://holderbook.com/stocks/IBDS/) | $3.1M | 126,585 | 1.7% | 10 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.0M | 11,701 | 1.6% | 31 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $2.7M | 27,845 | 1.4% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $2.5M | 43,870 | 1.3% | 31 |
| FIDELITY COVINGTON TRUST | [FDVV](https://holderbook.com/stocks/FDVV/) | $2.5M | 41,104 | 1.3% | 14 |
| ISHARES TR | [IBDV](https://holderbook.com/stocks/IBDV/) | $2.2M | 101,850 | 1.2% | 5 |
| ISHARES TR | [IBDR](https://holderbook.com/stocks/IBDR/) | $2.2M | 90,125 | 1.2% | 11 |
| T ROWE PRICE EXCHANGE-TRADED | [TCAF](https://holderbook.com/stocks/TCAF/) | $2.1M | 51,500 | 1.1% | 11 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $2.1M | 14,345 | 1.1% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $2.0M | 5,614 | 1.1% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.9M | 4,065 | 1.0% | 10 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $1.9M | 12,565 | 1.0% | 31 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $1.9M | 22,500 | 1.0% | 31 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $1.9M | 7,200 | 1.0% | 31 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $1.9M | 8,355 | 1.0% | 31 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $1.8M | 7,975 | 1.0% | 31 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $1.7M | 6,670 | 0.9% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.7M | 10,475 | 0.9% | 31 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $1.6M | 7,480 | 0.9% | 31 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $1.6M | 16,655 | 0.9% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.6M | 13,835 | 0.8% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.5M | 8,021 | 0.8% | 24 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.5M | 11,735 | 0.8% | 31 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $1.5M | 6,234 | 0.8% | 31 |
| ISHARES TR | [IBDW](https://holderbook.com/stocks/IBDW/) | $1.4M | 68,550 | 0.8% | 3 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.4M | 1,875 | 0.8% | 31 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $1.4M | 13,610 | 0.7% | 31 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $1.4M | 12,850 | 0.7% | 10 |
| ISHARES TR | [AOM](https://holderbook.com/stocks/AOM/) | $1.4M | 27,229 | 0.7% | 28 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $1.4M | 4,860 | 0.7% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $1.3M | 5,181 | 0.7% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.3M | 3,745 | 0.7% | 31 |
| ISHARES TR | [IBMQ](https://holderbook.com/stocks/IBMQ/) | $1.3M | 49,500 | 0.7% | 6 |
| ISHARES TR | [IBMR](https://holderbook.com/stocks/IBMR/) | $1.2M | 48,500 | 0.7% | 5 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $1.2M | 11,350 | 0.7% | 14 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $1.2M | 25,640 | 0.7% | 31 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $1.2M | 7,100 | 0.6% | 31 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $1.2M | 9,780 | 0.6% | 24 |
| ISHARES TR | [IBMP](https://holderbook.com/stocks/IBMP/) | $1.1M | 45,000 | 0.6% | 6 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $1.1M | 8,325 | 0.6% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $1.1M | 4,110 | 0.6% | 31 |
| IDACORP INC | [IDA](https://holderbook.com/stocks/IDA/) | $1.1M | 7,336 | 0.6% | 31 |
| ISHARES TR | [IBMS](https://holderbook.com/stocks/IBMS/) | $1.1M | 42,500 | 0.6% | 4 |
| ISHARES TR | [IWY](https://holderbook.com/stocks/IWY/) | $1.0M | 3,609 | 0.6% | 12 |
| ISHARES TR | [IBMO](https://holderbook.com/stocks/IBMO/) | $1.0M | 40,500 | 0.6% | 5 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $1.0M | 6,845 | 0.6% | 31 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $998.2K | 3,435 | 0.5% | 28 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $948.8K | 5,935 | 0.5% | 31 |
| RPM INTL INC | [RPM](https://holderbook.com/stocks/RPM/) | $928.7K | 8,355 | 0.5% | 31 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $923.6K | 12,800 | 0.5% | 16 |
| NOKIA CORP | [NOK](https://holderbook.com/stocks/NOK/) | $921.8K | 1,275 | 0.5% | 5 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $902.4K | 8,680 | 0.5% | 31 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $835.8K | 1,135 | 0.5% | 8 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $808.4K | 1,945 | 0.4% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $799.6K | 9,110 | 0.4% | 31 |
| ISHARES TR | [IUSG](https://holderbook.com/stocks/IUSG/) | $792.8K | 4,215 | 0.4% | 25 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $789.3K | 8,185 | 0.4% | 22 |
| CIGNA CORPORATION | - | $731.9K | 2,655 | 0.4% | 22 |
| SOLSTICE ADVANCED MATLS INC | [SOLS](https://holderbook.com/stocks/SOLS/) | $716.6K | 8,088 | 0.4% | 3 |
| QUEST DIAGNOSTICS INC | [DGX](https://holderbook.com/stocks/DGX/) | $694.1K | 3,275 | 0.4% | 31 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $667.9K | 1,781 | 0.4% | 2 |
| ISHARES TR | [AOR](https://holderbook.com/stocks/AOR/) | $666.8K | 9,594 | 0.4% | 25 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $642.7K | 7,010 | 0.3% | 31 |
| SPDR SERIES TRUST | [SPHY](https://holderbook.com/stocks/SPHY/) | $621.2K | 26,500 | 0.3% | 12 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $608.8K | 3,760 | 0.3% | 31 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $593.8K | 3,630 | 0.3% | 31 |
| ISHARES INC | [EEMV](https://holderbook.com/stocks/EEMV/) | $587.2K | 7,800 | 0.3% | 31 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $571.2K | 9,875 | 0.3% | 31 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $568.4K | 7,910 | 0.3% | 31 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $560.4K | 1,100 | 0.3% | 31 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $552.6K | 1,493 | 0.3% | 23 |
| ISHARES TR | [IBMT](https://holderbook.com/stocks/IBMT/) | $541.8K | 21,000 | 0.3% | 3 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $528.4K | 3,170 | 0.3% | 12 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $493.1K | 960 | 0.3% | 15 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $480.5K | 4,300 | 0.3% | 10 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $465.3K | 1,285 | 0.3% | 11 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $445.3K | 4,025 | 0.2% | 31 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $444.2K | 5,250 | 0.2% | 31 |
| CAVA GROUP INC | [CAVA](https://holderbook.com/stocks/CAVA/) | $441.4K | 5,625 | 0.2% | 10 |
| LABORATORY CORP AMER HLDGS | [LH](https://holderbook.com/stocks/LH/) | $439.6K | 1,570 | 0.2% | 15 |
| ESSENTIAL UTILS INC | [WTRG](https://holderbook.com/stocks/WTRG/) | $438.1K | 11,436 | 0.2% | 26 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $415.5K | 4,000 | 0.2% | 11 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $411.1K | 3,440 | 0.2% | 11 |

## 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 | +6.1% | +14.8% | -8.7% | 97% |
| Q1 2026 | -3.1% | -4.6% | +1.5% | 97% |
| Q4 2025 | -0.2% | +2.4% | -2.6% | 97% |
| Q3 2025 | +6.1% | +7.8% | -1.7% | 97% |
| Q2 2025 | +4.7% | +10.5% | -5.7% | 98% |
| Q1 2025 | -1.2% | -4.6% | +3.3% | 98% |
| Q4 2024 | -0.9% | +2.1% | -3.1% | 98% |
| Q3 2024 | +6.6% | +5.4% | +1.2% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $185.6M | 137 |
| Q1 2026 | $172.5M | 129 |
| Q4 2025 | $175.1M | 132 |
| Q3 2025 | $174.3M | 131 |
| Q2 2025 | $162.3M | 130 |
| Q1 2025 | $152.9M | 121 |
| Q4 2024 | $154.9M | 120 |
| Q3 2024 | $158.2M | 124 |
| Q2 2024 | $150.0M | 119 |
| Q1 2024 | $148.8M | 121 |
| Q4 2023 | $139.2M | 117 |
| Q3 2023 | $132.5M | 114 |