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Welch & Forbes LLC

13F for the quarter to June 30, 2026, filed July 30, 2026 · SEC CIK 105495

Reported value
$8.2bn
88% in companies we cover
Positions we cover
292
Largest NVDA 7.4%
Copy, a year
+13.8%
S&P 500 +13.9%
Copy Sharpe ratio
0.79
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$55.7k
CopyS&P 500 $10,000 copying Welch & Forbes LLC's filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −31.1% (S&P 500 −31.8%); beta 0.94; alpha +0.6% a year (t = 0.59); last 12 months +11.6% against +12.1%.

Reported value by quarter

Welch & Forbes LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T Reported value, 2013-06-30: $2.8B Reported value, 2013-09-30: $3B Reported value, 2013-12-31: $3.2B Reported value, 2014-03-31: $3.2B Reported value, 2014-06-30: $3.2B Reported value, 2014-09-30: $3.3B Reported value, 2014-12-31: $3.4B Reported value, 2015-03-31: $3.3B Reported value, 2015-06-30: $3.2B Reported value, 2015-09-30: $3B Reported value, 2015-12-31: $3.1B Reported value, 2016-03-31: $3.2B Reported value, 2016-06-30: $3.3B Reported value, 2016-09-30: $2.9B Reported value, 2016-12-31: $3.3B Reported value, 2017-03-31: $3.5B Reported value, 2017-06-30: $3.6B Reported value, 2017-09-30: $3.8B Reported value, 2017-12-31: $3.7B Reported value, 2018-03-31: $3.9B Reported value, 2018-06-30: $3.9B Reported value, 2018-09-30: $4.2B Reported value, 2018-12-31: $3.5B Reported value, 2019-03-31: $4B Reported value, 2019-06-30: $4.1B Reported value, 2019-09-30: $4.2B Reported value, 2019-12-31: $4.5B Reported value, 2020-03-31: $3.6B Reported value, 2020-06-30: $4.3B Reported value, 2020-09-30: $4.6B Reported value, 2020-12-31: $5.1B Reported value, 2021-03-31: $5.4B Reported value, 2021-06-30: $5.9B Reported value, 2021-09-30: $6B Reported value, 2021-12-31: $6.7B Reported value, 2022-03-31: $6.3B Reported value, 2022-06-30: $5.5B Reported value, 2022-09-30: $5.1B Reported value, 2022-12-31: $5.6T Reported value, 2023-03-31: $5.9B Reported value, 2023-06-30: $6.3B Reported value, 2023-09-30: $6B Reported value, 2023-12-31: $6.6B Reported value, 2024-03-31: $7.3B Reported value, 2024-06-30: $7.5B Reported value, 2024-09-30: $7.9B Reported value, 2024-12-31: $7.8B Reported value, 2025-03-31: $7.6B Reported value, 2025-06-30: $8B Reported value, 2025-09-30: $8.3B Reported value, 2025-12-31: $8.3B Reported value, 2026-03-31: $7.7B Reported value, 2026-06-30: $8.2B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $8.2B
View chart data
Period Reported value
2013-06-30 $2.8B
2013-09-30 $3B
2013-12-31 $3.2B
2014-03-31 $3.2B
2014-06-30 $3.2B
2014-09-30 $3.3B
2014-12-31 $3.4B
2015-03-31 $3.3B
2015-06-30 $3.2B
2015-09-30 $3B
2015-12-31 $3.1B
2016-03-31 $3.2B
2016-06-30 $3.3B
2016-09-30 $2.9B
2016-12-31 $3.3B
2017-03-31 $3.5B
2017-06-30 $3.6B
2017-09-30 $3.8B
2017-12-31 $3.7B
2018-03-31 $3.9B
2018-06-30 $3.9B
2018-09-30 $4.2B
2018-12-31 $3.5B
2019-03-31 $4B
2019-06-30 $4.1B
2019-09-30 $4.2B
2019-12-31 $4.5B
2020-03-31 $3.6B
2020-06-30 $4.3B
2020-09-30 $4.6B
2020-12-31 $5.1B
2021-03-31 $5.4B
2021-06-30 $5.9B
2021-09-30 $6B
2021-12-31 $6.7B
2022-03-31 $6.3B
2022-06-30 $5.5B
2022-09-30 $5.1B
2022-12-31 $5.6T
2023-03-31 $5.9B
2023-06-30 $6.3B
2023-09-30 $6B
2023-12-31 $6.6B
2024-03-31 $7.3B
2024-06-30 $7.5B
2024-09-30 $7.9B
2024-12-31 $7.8B
2025-03-31 $7.6B
2025-06-30 $8B
2025-09-30 $8.3B
2025-12-31 $8.3B
2026-03-31 $7.7B
2026-06-30 $8.2B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation7.39%$608.5m3.04M−1.8% Reduced
AAPLApple Inc.5.85%$481.2m1.66M−1.0% Reduced
MSFTMicrosoft Corporation4.02%$331.0m887.2K+0.6% Added
ORLYO'Reilly Automotive3.14%$258.7m2.81M−0.8% Reduced
VVisa Inc.2.94%$241.9m705.1K−2.0% Reduced
JPMJPMorgan Chase2.57%$211.3m645.5K−1.1% Reduced
LLYLilly (Eli)2.52%$207.1m172.7K+2.7% Added
RTXRTX Corporation2.47%$203.0m1.07M−2.3% Reduced
JNJJohnson & Johnson2.03%$167.1m658.0K+0.1%
SYKStryker Corporation1.99%$163.6m519.5K+2.1% Added
COSTCostco1.84%$151.8m162.3K+0.6% Added
HDThe Home Depot1.84%$151.1m428.5K0.0%
GOOGLAlphabet Inc. (Class A)1.75%$143.6m401.7K−1.9% Reduced
AMZNAmazon1.68%$138.2m579.9K+2.1% Added
CBChubb Limited1.59%$131.1m384.8K−0.5% Reduced
ECLEcolab1.59%$130.6m468.7K−0.4%
TJXTJX Companies1.41%$116.3m768.0K−0.5% Reduced
DHRDanaher Corporation1.39%$114.0m598.3K−2.3% Reduced
PGProcter & Gamble1.34%$110.7m754.6K−1.2% Reduced
PANWPalo Alto Networks1.34%$109.9m322.4K+7.3% Added
VRTXVertex Pharmaceuticals1.34%$109.9m221.3K+0.7% Added
AVGOBroadcom1.21%$99.4m263.0K+8.9% Added
IDXXIdexx Laboratories1.07%$88.3m167.7K−0.3%
WSOWatsco Inc1.06%$87.2m209.3K−0.3%
ABBVAbbVie1.06%$87.1m346.0K+0.7% Added
METAMeta Platforms1.02%$83.8m148.7K+11.0% Added
MCDMcDonald's0.98%$80.8m298.9K−1.7% Reduced
IRMIron Mountain0.98%$80.8m639.3K−2.0% Reduced
AMPAmeriprise Financial0.95%$78.5m171.1K−1.3% Reduced
CSCOCisco0.90%$73.9m629.6K−0.6% Reduced
MTDMettler Toledo0.89%$72.9m57.1K−2.9% Reduced
AJGArthur J. Gallagher & Co.0.81%$66.5m289.9K−1.2% Reduced
CVXChevron Corporation0.80%$66.1m398.6K−0.5%
RMDResMed|0.76%$62.8m322.0K−1.3% Reduced
NEENextEra Energy0.74%$61.2m696.9K+3.2% Added
WMTWalmart0.72%$59.6m526.2K+0.6% Added
LECOLincoln Electric Holdings Inc0.67%$55.5m208.9K−0.5%
BACBank of America0.66%$54.5m957.3K−2.0% Reduced
PEPPepsiCo0.66%$54.5m402.5K−3.2% Reduced
LINLinde plc0.66%$54.0m104.1K−1.1% Reduced
ABTAbbott Laboratories0.66%$54.0m595.1K−5.5% Reduced
CSLCarlisle Companies Inc0.63%$51.8m142.8K+1.6% Added
ADPAutomatic Data Processing0.61%$50.0m223.1K−0.4%
ROPRoper Technologies0.58%$47.5m140.5K−22.0% Reduced
BKNGBooking Holdings0.57%$46.9m263.1K+2320.0% Added
XYLXylem Inc.0.57%$46.8m396.0K−4.3% Reduced
TMOThermo Fisher Scientific0.51%$41.8m83.3K−6.3% Reduced
MRKMerck & Co.0.49%$40.7m317.0K−0.1%
LHXL3Harris0.49%$40.4m139.1K+0.7% Added
AFLAflac0.45%$36.9m315.0K−0.6% Reduced
PAYXPaychex0.43%$35.7m363.5K+0.4%
CHDChurch & Dwight0.42%$34.6m357.1K−5.8% Reduced
AOSA. O. Smith0.41%$33.4m532.2K−8.2% Reduced
CTASCintas0.39%$32.4m190.2K−0.1%
DOVDover Corporation0.39%$32.0m142.9K−0.4%
CMICummins0.36%$29.5m41.4K−3.3% Reduced
AXPAmerican Express0.33%$27.5m81.2K−0.7% Reduced
NOWServiceNow0.33%$27.3m275.2K−3.4% Reduced
GSKGSK plc0.33%$27.2m518.6K0.0%
VZVerizon0.33%$27.2m641.8K−1.6% Reduced
EQIXEquinix0.32%$26.7m25.6K−0.8% Reduced
QCOMQualcomm0.31%$25.6m138.5K+0.2%
CGNXCognex Corp0.29%$23.9m330.7K+2.4% Added
MCOMoody's Corporation0.28%$23.1m51.0K+0.4%
KOThe Coca-Cola Company0.27%$21.9m270.1K−3.9% Reduced
CATCaterpillar Inc.0.26%$21.4m20.1K+5.8% Added
KMXCarmax Inc0.25%$20.5m387.2K−9.3% Reduced
IBMIBM0.24%$19.6m69.7K+30.4% Added
INTCIntel0.24%$19.4m139.0K−2.3% Reduced
SHOPShopify Inc.0.22%$18.2m159.1K+3.6% Added
ORCLOracle Corporation0.22%$17.8m121.8K+6.9% Added
OTISOtis Worldwide0.21%$17.0m238.1K−3.1% Reduced
GEGE Aerospace0.20%$16.5m44.1K−3.6% Reduced
EXPDExpeditors International0.20%$16.3m99.9K−0.4%
EWEdwards Lifesciences0.20%$16.2m178.9K−0.4%
OMCOmnicom Group0.20%$16.0m220.3K−7.6% Reduced
UBERUber0.20%$16.0m222.1K−0.9% Reduced
EMREmerson Electric0.19%$16.0m111.6K+1.0% Added
FISVFiserv0.18%$15.1m308.4K−39.1% Reduced
SNPSSynopsys Inc0.18%$14.9m33.4K−0.2%
TSCOTractor Supply0.16%$13.2m418.3K−12.5% Reduced
NFLXNetflix0.15%$12.7m177.5K+49.9% Added
GEVGE Vernova0.15%$12.5m10.7K−4.1% Reduced
ADIAnalog Devices0.13%$10.8m27.3K+4.7% Added
CARRCarrier Global0.12%$10.2m139.2K−1.4% Reduced
APDAir Products0.12%$9.8m33.6K+0.9% Added
SHWSherwin-Williams0.12%$9.5m27.5K+1.7% Added
AMGNAmgen0.11%$9.4m26.0K+4.5% Added
TXNTexas Instruments0.11%$9.3m31.1K+8.6% Added
SBUXStarbucks0.11%$8.8m86.2K+1.9% Added
MZTIMarzetti Co0.10%$8.2m72.1K−0.4%
MDBMongodb, Inc.0.10%$8.2m24.5K+3.8% Added
PFEPfizer0.10%$8.2m341.1K−1.6% Reduced
MMM3M0.10%$8.0m49.5K−2.3% Reduced
PGRProgressive Corporation0.10%$7.9m36.0K−0.7% Reduced
DUKDuke Energy0.10%$7.8m61.9K0.0%
MAMastercard0.08%$6.7m13.1K+5.9% Added
STTState Street Corporation0.08%$6.5m38.2K−1.9% Reduced
CHEFChefs' Warehouse, Inc.0.08%$6.3m65.3K+1.6% Added
VLOValero Energy0.07%$6.2m23.6K+1.4% Added
AWKAmerican Water Works0.07%$6.1m46.2K−6.6% Reduced
HLNHaleon plc0.07%$6.0m643.5K0.0%
ITWIllinois Tool Works0.07%$6.0m22.1K0.0%
RPMRPM International Inc0.07%$5.9m53.4K−13.4% Reduced
TDToronto Dominion Bank0.06%$5.2m43.2K−0.2%
BMYBristol Myers Squibb0.06%$5.2m91.0K−3.5% Reduced
UNPUnion Pacific Corporation0.06%$5.0m18.4K+4.8% Added
BDXBecton Dickinson0.06%$5.0m33.0K−13.0% Reduced
AMATApplied Materials0.06%$4.9m6.8K+1.5% Added
DEDeere & Company0.06%$4.6m7.3K+15.6% Added
SYYSysco0.06%$4.5m54.4K−1.6% Reduced
CLColgate-Palmolive0.05%$4.4m47.6K+1.8% Added
CHKPCheck Point Software Technologies LTD0.05%$4.2m32.3K−4.9% Reduced
UPSUnited Parcel Service0.05%$4.2m39.1K−5.2% Reduced
LMTLockheed Martin0.05%$4.1m8.0K+7.8% Added
LNTAlliant Energy0.05%$3.8m50.3K0.0%
LOWLowe's0.04%$3.7m16.9K+16.7% Added
BALLBall Corporation0.04%$3.7m59.2K−12.1% Reduced
WFCWells Fargo0.04%$3.7m44.6K+1.7% Added
ISRGIntuitive Surgical0.04%$3.7m9.2K−0.7% Reduced
GILDGilead Sciences0.04%$3.4m26.8K+0.3%
CMCSAComcast0.04%$3.3m133.6K−15.3% Reduced
FASTFastenal0.04%$3.2m67.5K+0.4%
EOGEOG Resources0.04%$3.2m24.4K+0.5%
FTVFortive0.04%$3.1m51.5K−4.9% Reduced
DISThe Walt Disney Company0.04%$3.0m31.6K−7.4% Reduced
ROLRollins, Inc.0.04%$2.9m68.9K0.0%
MPCMarathon Petroleum0.03%$2.8m11.1K−9.2% Reduced
COPConocoPhillips0.03%$2.8m26.7K+0.1%
ACNAccenture0.03%$2.8m22.1K−73.7% Reduced
HUBBHubbell Incorporated0.03%$2.7m5.1K+0.6% Added
MDTMedtronic0.03%$2.7m34.1K−9.8% Reduced
PMPhilip Morris International0.03%$2.6m14.6K−25.4% Reduced
TAT&T0.03%$2.6m127.5K−4.3% Reduced
WATWaters Corporation0.03%$2.6m6.8K−10.4% Reduced
PHParker Hannifin0.03%$2.5m2.6K−1.1% Reduced
AMDAdvanced Micro Devices0.03%$2.4m4.1K−28.5% Reduced
CICigna0.03%$2.4m8.7K+0.3%
PNCPNC Financial Services0.03%$2.3m9.5K+1.1% Added
GISGeneral Mills0.03%$2.3m66.6K−5.8% Reduced
BXBlackstone Inc.0.03%$2.3m19.6K+37.8% Added
TSLATesla, Inc.0.03%$2.2m5.2K+6.5% Added
ETNEaton Corporation0.03%$2.2m5.1K+53.0% Added
WTSWatts Water Technologies Inc0.03%$2.2m5.5K+4.1% Added
MUMicron Technology0.03%$2.1m1.8K+6.0% Added
BLKBlackRock0.02%$1.9m2.0K+14.3% Added
ADBEAdobe Inc.0.02%$1.8m8.9K−26.4% Reduced
SPGIS&P Global0.02%$1.8m4.4K+0.8% Added
MASMasco0.02%$1.8m22.1K−4.7% Reduced
GLPGlobal Partners LP0.02%$1.7m37.4K0.0%
CompanyBought (value)Shares
BKNGBooking Holdings$44.9m252.2K
METAMeta Platforms$8.3m14.7K
AVGOBroadcom$8.1m21.6K
PANWPalo Alto Networks$7.4m21.8K
LLYLilly (Eli)$5.4m4.5K
IBMIBM$4.6m16.2K
NFLXNetflix$4.2m59.1K
SYKStryker Corporation$3.3m10.4K
AMZNAmazon$2.8m11.9K
MSFTMicrosoft Corporation$2.1m5.7K
NEENextEra Energy$1.9m21.5K
CATCaterpillar Inc.$1.2m1.1K
ORCLOracle Corporation$1.2m7.9K
HONAHoneywell Aerospace$1.1m4.8K
HONHoneywell Technologies$1.0m4.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
ROPRoper Technologies−$13.4m−39.6K
NVDANVIDIA Corporation−$11.0m−55.2K
FISVFiserv−$9.7m−197.9K
ACNAccenture−$7.7m−62.1K
VVisa Inc.−$5.0m−14.4K
AAPLApple Inc.−$4.9m−17.1K
RTXRTX Corporation−$4.7m−24.7K
ABTAbbott Laboratories−$3.1m−34.7K
AOSA. O. Smith−$3.0m−47.6K
TMOThermo Fisher Scientific−$2.8m−5.6K
GOOGLAlphabet Inc. (Class A)−$2.8m−7.7K
DHRDanaher Corporation−$2.7m−14.3K
JPMJPMorgan Chase−$2.4m−7.4K
MTDMettler Toledo−$2.2m−1.7K
CHDChurch & Dwight−$2.1m−21.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
BHPBHP Group Ltd$263,2463.6K
TXTTextron$252,1732.9K
DOWDow Inc.$243,1965.8K
MPLXMplx LP$229,9354.0K
VNTVontier Corp$225,3076.4K
EQTEQT Corporation$206,8303.3K
  • Technology27.4%
  • Health Care18.1%
  • Financials13.0%
  • Industrials12.4%
  • Consumer Discretionary11.7%
  • Consumer Staples6.5%
  • Communication Services4.0%
  • Materials3.0%
  • Real Estate1.5%
  • Utilities1.2%
  • Energy1.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 9, 2013 to November 2, 2026+13.8%+13.9%0.790.77−31.1%0.94
2018 onwardsJanuary 5, 2018 to November 2, 2026+13.7%+13.9%0.670.66−31.1%0.93
Last three yearsNovember 3, 2023 to November 2, 2026+17.8%+21.8%1.041.16−12.9%0.79
Last yearNovember 7, 2025 to November 2, 2026+13.0%+14.2%0.870.84−8.9%0.63

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.