Welch & Forbes LLC

CIK

105495

Location

Boston, MA

Portfolio Value

Mid $7,042,110,085

Diversification

Diversified

Filing Date

Global Rank

#523 / 8,605 ▼ 5 · as of Mar 2026

Top Industry

Semiconductors 9.5%

3Y Alpha vs SPY

-7.6%

Period ended 3 months ago

Filed May 1, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+45.1%

SPY

+76.5%

Annualised alpha

-7.6%

Max drawdown

−15.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

294 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.7%

−0.6 pts

Top 5

25.2%

−1.9 pts

Top 10

37.8%

−1.6 pts

HHI

235

Diversified−17

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	25.8%	$1,817,291,590	51
Healthcare	18.1%	$1,272,569,185	41
Financial Services	13.0%	$913,787,081	44
Consumer Cyclical	11.4%	$803,027,934	19
Industrials	10.8%	$761,371,241	54
Consumer Defensive	7.0%	$492,122,859	20
Communication Services	3.8%	$268,152,869	8
Basic Materials	2.9%	$205,688,766	13
Unclassified	2.5%	$172,953,192	7
Energy	2.2%	$156,051,582	21
Real Estate	1.3%	$93,932,028	5
Utilities	1.2%	$85,161,758	11

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
NFLX	Netflix Inc	+115,125	118,448	$11,388,775
PANW	Palo Alto Networks Inc	+66,141	300,564	$48,186,420
NOW	ServiceNow, Inc.	+58,687	284,864	$29,782,531
XYL	Xylem Inc.	+12,023	413,855	$49,455,672
AVGO	Broadcom Inc.	+11,865	241,441	$74,728,403
CHEF	Chefs' Warehouse, Inc.	+11,150	64,255	$3,819,959
CSL	Carlisle Companies Inc	+8,940	140,466	$46,862,266
AMZN	Amazon Com Inc	+4,800	567,966	$118,290,278
META	Meta Platforms, Inc.	+3,938	133,969	$76,647,683
WAT	Waters Corp /De/	+3,863	7,601	$2,263,577
MKC	Mccormick & Co Inc	+2,358	19,531	$985,143
VRTX	Vertex Pharmaceuticals Inc / Ma	+1,471	219,669	$98,090,995
ORCL	Oracle Corp	+1,280	113,935	$16,760,977
FAST	Fastenal Co	+1,075	67,259	$3,120,817
TXN	Texas Instruments Inc	+1,010	28,613	$5,554,927
GLD	Spdr Gold Trust	+830	3,432	$1,476,755
LIN	Linde PLC	+700	105,270	$52,188,655
EQIX	Equinix Inc	+615	25,794	$25,284,310
SHOP	Shopify Inc.	+597	153,531	$18,211,847
MCO	Moodys Corp /De/	+580	50,795	$22,159,318
BP	Bp PLC	+558	12,411	$583,317
WST	West Pharmaceutical Services Inc	+552	3,413	$855,434
GE	General Electric Co	+499	45,782	$12,991,558
ENB	Enbridge Inc	+445	10,738	$581,355
T	At&T Inc.	+432	133,287	$3,863,990
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NVDA	Nvidia Corp	−240,909	3,096,403	$540,012,683
CMCSA	Comcast Corp	−96,767	157,713	$4,527,940
ADBE	Adobe Inc.	−63,022	12,033	$2,924,981
FISV	Fiserv Inc	−50,990	506,394	$28,256,785
ORLY	O Reilly Automotive Inc	−37,617	2,832,170	$261,437,612
UBER	Uber Technologies, Inc	−30,703	224,048	$16,115,772
RTX	RTX Corp	−28,646	1,094,594	$211,147,182
CHD	Church & Dwight Co Inc /De/	−28,420	378,902	$35,359,134
AAPL	Apple Inc.	−22,288	1,679,909	$426,344,105
KMX	Carmax Inc	−19,740	426,833	$17,747,716
ROP	Roper Technologies Inc	−14,343	180,120	$63,737,263
OMC	Omnicom Group Inc.	−14,131	238,369	$17,951,569
BAC	Bank Of America Corp /De/	−13,383	976,595	$47,609,006
PEP	Pepsico Inc	−13,196	415,977	$64,597,068
JPM	Jpmorgan Chase & Co	−13,050	652,907	$192,059,123
JNJ	Johnson & Johnson	−12,566	657,528	$160,726,144
VZ	Verizon Communications Inc	−12,400	652,264	$32,743,652
WMT	Walmart Inc.	−12,131	523,098	$65,010,619
GOOGL	Alphabet Inc.	−11,680	409,445	$117,740,004
BALL	BALL Corp	−10,698	67,392	$3,983,541
SPY	Spdr S&P 500 ETF Trust	−10,530	45,628	$29,673,713
ICLR	Icon PLC	−10,105	8,605	$952,229
TSCO	Tractor Supply Co /De/	−9,931	477,916	$21,649,594
PFE	Pfizer Inc	−9,079	346,584	$9,732,078
CSCO	Cisco Systems, Inc.	−8,929	633,547	$49,156,911
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
EPD	Enterprise Products Partners L.P.	29,295	$1,108,522
DOW	Dow Inc.	5,839	$243,194
EQT	EQT Corp	3,250	$206,830
AME	Ametek Inc/	962	$206,214
TSM	Taiwan Semiconductor Manufacturing Co Ltd	603	$203,783
FDX	Fedex Corp	666	$191,148
MIST	Milestone Pharmaceuticals Inc.	25,000	$29,750
DRMA	Dermata Therapeutics, Inc.	20,000	$24,200
No positions match the current search.

Sold Out

Positions the filer fully exited

11 positions

Ticker	Company	Shares	Value
BSX	Boston Scientific Corp	111,739	$10,654,313
ADSK	Autodesk, Inc.	1,159	$343,075
SGI	Somnigroup International Inc.	3,540	$316,051
MORN	Morningstar, Inc.	1,359	$295,324
GRAL	GRAIL, Inc.	3,108	$266,013
LYV	Live Nation Entertainment, Inc.	1,793	$255,502
SOLV	Solventum Corp	3,200	$253,568
UBS	UBS Group AG	5,008	$231,920
TDG	TransDigm Group INC	174	$231,393
AON	Aon plc	613	$216,315
MLM	Martin Marietta Materials Inc	324	$201,741
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

294 positions · $7,042,110,085 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 294 positions by value · page 1 of 6

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	3,096,403	-240,909	$540,012,683	−13.2%	7.67%
AAPL	Apple Inc. Technology	Reduced	1,679,909	-22,288	$426,344,105	−7.9%	6.05%
MSFT	Microsoft Corp Technology	Reduced	881,583	-5,877	$326,335,579	−24.0%	4.63%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Reduced	2,832,170	-37,617	$261,437,612	−0.1%	3.71%
V	Visa Inc. Financial Services	Reduced	719,551	-6,171	$217,477,094	−14.6%	3.09%
RTX	RTX Corp Industrials	Reduced	1,094,594	-28,646	$211,147,182	+2.5%	3.00%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	652,907	-13,050	$192,059,123	−10.5%	2.73%
SYK	Stryker Corp Healthcare	Reduced	509,055	-3,424	$167,270,382	−7.1%	2.38%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	161,366	-979	$160,789,923	+14.9%	2.28%
JNJ	Johnson & Johnson Healthcare	Reduced	657,528	-12,566	$160,726,144	+15.9%	2.28%
LLY	ELI LILLY & Co Healthcare	Added	168,235	+417	$154,737,505	−14.2%	2.20%
HD	Home Depot, Inc. Consumer Cyclical	Added	428,694	+214	$140,993,169	−4.4%	2.00%
CB	Chubb Ltd Financial Services	Reduced	386,756	-7,199	$126,055,383	+2.5%	1.79%
ECL	Ecolab Inc. Basic Materials	Reduced	470,443	-1,721	$125,147,246	+1.0%	1.78%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Reduced	771,975	-5,992	$123,284,407	+3.2%	1.75%
AMZN	Amazon Com Inc Consumer Cyclical	Added	567,966	+4,800	$118,290,278	−9.0%	1.68%
GOOGL	Alphabet Inc. Communication Services	Reduced	409,445	-11,680	$117,740,004	−10.7%	1.67%
DHR	Danaher Corp /De/ Healthcare	Reduced	612,657	-6,338	$116,159,767	−18.0%	1.65%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	763,852	-4,376	$110,330,782	+0.2%	1.57%
MDY	Spdr S&P Midcap 400 ETF Trust	Reduced	161,554	-5,199	$99,640,045	−1.0%	1.41%
VRTX	Vertex Pharmaceuticals Inc / Ma Healthcare	Added	219,669	+1,471	$98,090,995	−0.8%	1.39%
IDXX	Idexx Laboratories Inc /De Healthcare	Reduced	168,181	-101	$94,499,222	−17.0%	1.34%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	303,989	-2,417	$94,476,741	+0.9%	1.34%
CVX	Chevron Corp Energy	Reduced	400,536	-7,159	$82,870,898	+33.4%	1.18%
AMP	Ameriprise Financial Inc Financial Services	Reduced	173,461	-417	$77,086,068	−9.6%	1.09%
META	Meta Platforms, Inc. Communication Services	Added	133,969	+3,938	$76,647,683	−10.7%	1.09%
WSO	Watsco Inc Industrials	Reduced	209,805	-913	$76,324,960	+7.5%	1.08%
ABBV	AbbVie Inc. Healthcare	Reduced	343,615	-2,332	$74,732,826	−5.5%	1.06%
AVGO	Broadcom Inc. Technology	Added	241,441	+11,865	$74,728,403	−6.0%	1.06%
MTD	Mettler Toledo International Inc/ Healthcare	Reduced	58,807	-541	$74,167,388	−10.4%	1.05%
RMD	Resmed Inc Healthcare	Reduced	326,407	-1,964	$73,271,843	−7.4%	1.04%
IRM	Iron Mountain Inc Real Estate	Reduced	652,068	-4,296	$66,602,225	+22.3%	0.95%
WMT	Walmart Inc. Consumer Defensive	Reduced	523,098	-12,131	$65,010,619	+9.0%	0.92%
ABT	Abbott Laboratories Healthcare	Reduced	629,836	-2,075	$64,665,262	−18.3%	0.92%
PEP	Pepsico Inc Consumer Defensive	Reduced	415,977	-13,196	$64,597,068	+4.9%	0.92%
ROP	Roper Technologies Inc Technology	Reduced	180,120	-14,343	$63,737,263	−26.4%	0.91%
AJG	Arthur J. Gallagher & Co. Financial Services	Reduced	293,288	-990	$63,520,315	−16.6%	0.90%
NEE	Nextera Energy Inc Utilities	Reduced	675,388	-639	$62,730,037	+15.6%	0.89%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	117,536	-1,095	$56,323,251	−5.5%	0.80%
LECO	Lincoln Electric Holdings Inc Industrials	Reduced	209,888	-2,752	$52,278,903	+2.6%	0.74%
LIN	Linde PLC Basic Materials	Added	105,270	+700	$52,188,655	+17.0%	0.74%
XYL	Xylem Inc. Industrials	Added	413,855	+12,023	$49,455,672	−9.6%	0.70%
CSCO	Cisco Systems, Inc. Technology	Reduced	633,547	-8,929	$49,156,911	−0.7%	0.70%
XOM	Exxon Mobil Corp Energy	Reduced	284,982	-4,032	$48,350,046	+39.0%	0.69%
PANW	Palo Alto Networks Inc Technology	Added	300,564	+66,141	$48,186,420	+11.6%	0.68%
LHX	L3harris Technologies, Inc. /De/ Industrials	Reduced	138,096	-2,788	$47,663,834	+15.2%	0.68%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	976,595	-13,383	$47,609,006	−12.6%	0.68%
CSL	Carlisle Companies Inc Industrials	Added	140,466	+8,940	$46,862,266	+11.4%	0.67%
ADP	Automatic Data Processing Inc Technology	Reduced	223,960	-2,548	$45,504,192	−21.9%	0.65%
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	88,934	-150	$43,713,729	−15.3%	0.62%