Welch & Forbes LLC

Registered adviser

CIK

105495

Location

Boston, MA

Portfolio Value

Mid $8,226,006,241

Diversification

Diversified

Filing Date

Global Rank

#620 / 8,819 ▼ 41

Top Industry

Semiconductors 10.1%

Period ended 4 months ago

Filed Jul 30, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 115119

Roster of Oct 1, 2026

Regulatory AUM

$9,903,464,752

Main clients

Individuals and high net worth (83% of AUM)

Private funds

2 funds · Private equity funds

Focus by fund count, roster of Oct 1, 2026

$6,880 gross assets

Private funds on Schedule D 7.B.(1)

As filed Mar 18, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$13,641 gross assets in 4 funds Private equity funds $13,641 (4)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$9,903,464,752	Individuals and high net worth (83%)
Apr 2025 to Mar 2026	$9,163,630,959	Individuals and high net worth (84%)
Apr 2024 to Mar 2025	$7,909,329,376	Individuals and high net worth (85%)
May 2023 to Mar 2024	$6,810,836,487	Individuals and high net worth (86%)
Apr 2023	$6,810,836,487	Individuals and high net worth (86%)
Apr 2022 to Mar 2023	$7,806,734,639	Individuals and high net worth (88%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 39.6%, 40.6 effective positions, active share 48.9% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

3.8% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 25.5 quarters (12+), a floor since 92.5% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 48.9%; sector active share 14.0% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

386 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

7.4%

+0.4 pts

Top 5

27.1%

+1.1 pts

Top 10

39.6%

+1.4 pts

HHI

247

Diversified+16

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	25.4%	$2,086,123,304	56
Healthcare	16.1%	$1,321,007,198	43
Financial Services	12.0%	$990,374,708	49
Consumer Cyclical	10.3%	$849,905,471	19
Industrials	9.6%	$789,528,278	58
Communication Services	8.5%	$699,652,337	9
Unclassified	5.9%	$486,366,191	80
Consumer Defensive	5.7%	$468,032,833	20
Basic Materials	2.6%	$212,632,707	12
Energy	1.6%	$128,969,330	22
Real Estate	1.3%	$110,128,668	6
Utilities	1.0%	$83,285,216	12

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
BKNG	Booking Holdings Inc.	+252,185	263,055	$46,886,923
NFLX	Netflix Inc	+59,069	177,517	$12,674,713
VO	VANGUARD MID-CAP INDEX FUND	+31,000	41,496	$3,343,332
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	+22,330	82,588	$4,328,437
PANW	Palo Alto Networks Inc	+21,828	322,392	$109,942,119
AVGO	Broadcom Inc.	+21,566	263,007	$99,350,894
NEE	Nextera Energy Inc	+21,488	696,876	$61,164,806
IWF	iShares Russell 1000 Growth ETF	+19,176	24,588	$3,053,091
IBM	International Business Machines Corp	+16,221	69,666	$19,590,775
META	Meta Platforms, Inc.	+14,741	148,710	$83,766,855
AGG	iShares Core U.S. Aggregate Bond ETF	+13,927	42,377	$4,194,475
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	+11,959	66,937	$3,995,469
AMZN	Amazon Com Inc	+11,927	579,893	$138,211,697
SYK	Stryker Corp	+10,441	519,496	$163,558,120
ORCL	Oracle Corp	+7,853	121,788	$17,848,031
CGNX	Cognex Corp	+7,767	330,660	$23,946,397
MSFT	Microsoft Corp	+5,660	887,243	$330,959,383
SHOP	Shopify Inc.	+5,556	159,087	$18,164,553
VUG	VANGUARD GROWTH INDEX FUND	+5,508	6,576	$566,456
BX	Blackstone Inc.	+5,375	19,602	$2,306,567
EPD	Enterprise Products Partners L.P.	+5,121	34,416	$1,265,132
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND	+4,690	5,360	$640,627
VEU	Vanguard International Equity Index Funds	+4,515	117,094	$9,806,622
LLY	ELI LILLY & Co	+4,469	172,704	$207,146,375
VGK	VANGUARD EUROPEAN STOCK INDEX FUND	+4,304	8,104	$717,528
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
FISV	Fiserv Inc	−197,950	308,444	$15,129,178
PFF	iShares Preferred and Income Securities ETF	−62,874	521,867	$15,911,724
ACN	Accenture plc	−62,069	22,108	$2,751,119
TSCO	Tractor Supply Co	−59,608	418,308	$13,222,715
EMLP	First Trust North American Energy Infrastructure Fund	−58,470	937,533	$40,782,685
NVDA	Nvidia Corp	−55,207	3,041,196	$608,512,907
AOS	Smith A O Corp	−47,571	532,209	$33,380,148
BSM	Black Stone Minerals, L.P.	−44,266	14,700	$205,359
KMX	Carmax Inc	−39,643	387,190	$20,478,479
ROP	Roper Technologies Inc	−39,625	140,495	$47,542,103
FTSL	First Trust Senior Loan Fund	−34,722	597,151	$26,722,507
ABT	Abbott Laboratories	−34,707	595,129	$54,002,005
RTX	RTX Corp	−24,716	1,069,878	$202,987,952
CMCSA	Comcast Corp	−24,163	133,550	$3,278,652
ORLY	O Reilly Automotive Inc	−22,738	2,809,432	$258,720,592
CHD	Church & Dwight Co Inc	−21,836	357,066	$34,592,554
VEA	Vanguard FTSE Developed Markets ETF	−20,178	950,233	$67,704,101
MDY	Spdr S&P Midcap 400 ETF Trust	−19,381	142,173	$99,995,957
BAC	Bank Of America Corp	−19,288	957,307	$54,547,352
GOOG	Alphabet Inc.	−19,134	1,153,229	$407,470,402
OMC	Omnicom Group Inc.	−18,097	220,272	$16,042,409
XYL	Xylem Inc.	−17,888	395,967	$46,807,259
GDX	VanEck Gold Miners ETF	−17,845	169,404	$12,781,531
AAPL	Apple Inc.	−17,064	1,662,845	$481,160,829
FPEI	First Trust Institutional Preferred Securities and Income ETF	−16,956	123,815	$2,388,391
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
HONA	Honeywell Aerospace Inc.	4,815	$1,064,500
SNDK	Sandisk Corp	243	$552,516
TT	Trane Technologies plc	1,034	$507,859
REET	iShares Global REIT ETF	15,127	$417,807
LRCX	Lam Research Corp	817	$354,030
GLW	Corning Inc	1,234	$315,200
WELL	Welltower Inc.	1,380	$313,218
KN	Knowles Corp	7,230	$299,900
UAMY	United States Antimony Corp	38,850	$282,051
UBS	UBS Group AG	5,660	$280,509
ET	Energy Transfer LP	14,226	$272,002
IJS	iShares S&P Small-Cap 600 Value ETF	1,978	$270,353
FFIV	F5, Inc.	617	$256,647
SPCX	Space Exploration Technologies Corp	1,489	$254,410
RKLB	Rocket Lab Corp	2,403	$244,264
SOLV	Solventum Corp	3,033	$233,995
CMS	Cms Energy Corp	3,054	$233,631
FBT	First Trust NYSE Arca Biotechnology Index Fund	923	$228,802
FTNT	Fortinet, Inc.	1,435	$220,444
TDG	TransDigm Group INC	165	$219,786
C	Citigroup Inc	1,541	$215,678
SU	Suncor Energy Inc	4,000	$214,720
FDN	First Trust Dow Jones Internet Index Fund	805	$213,099
GRAL	GRAIL, Inc.	3,108	$212,183
IWS	iShares Russell Mid-Cap Value ETF	1,257	$206,902
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
BHP	BHP Group Ltd	3,619	$263,246
TXT	Textron Inc	2,880	$252,172
DOW	Dow Inc.	5,839	$243,194
MPLX	Mplx LP	4,029	$229,935
VNT	Vontier Corp	6,352	$225,305
BKLN	Invesco Ltd.	10,214	$208,467
EQT	EQT Corp	3,250	$206,830
VDE	VANGUARD ENERGY INDEX FUND	1,178	$203,841
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

386 tracked positions · $8,226,006,241 total · filing declares 388 positions · $8,228,334,230 · as of Jun 30, 2026

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

Showing 1–50 of 386 positions by value · page 1 of 8

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	3,041,196	-55,207	$608,512,907	+12.7%	26+	before history	7.40%
AAPL	Apple Inc. Technology	Reduced	1,662,845	-17,064	$481,160,829	+12.9%	26+	before history	5.85%
GOOG	Alphabet Inc. Communication Services	Reduced	1,153,229	-19,134	$407,470,402	+21.2%	26+	before history	4.95%
MSFT	Microsoft Corp Technology	Added	887,243	+5,660	$330,959,383	+1.4%	26+	before history	4.02%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Reduced	2,809,432	-22,738	$258,720,592	−1.0%	26+	before history	3.15%
V	Visa Inc. Financial Services	Reduced	705,106	-14,445	$241,914,817	+11.2%	26+	before history	2.94%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	645,494	-7,413	$211,289,551	+10.0%	26+	before history	2.57%
LLY	ELI LILLY & Co Healthcare	Added	172,704	+4,469	$207,146,375	+33.9%	26+	before history	2.52%
RTX	RTX Corp Industrials	Reduced	1,069,878	-24,716	$202,987,952	−3.9%	25	unpriced	2.47%
JNJ	Johnson & Johnson Healthcare	Added	657,989	+461	$167,109,466	+4.0%	26+	before history	2.03%
SYK	Stryker Corp Healthcare	Added	519,496	+10,441	$163,558,120	−2.2%	26+	before history	1.99%
COST	Costco Wholesale Corp Consumer Defensive	Added	162,277	+911	$151,805,265	−5.6%	26+	before history	1.85%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	428,508	-186	$151,126,201	+7.2%	26+	before history	1.84%
GOOGL	Alphabet Inc. Communication Services	Reduced	401,718	-7,727	$143,561,961	+21.9%	26+	before history	1.75%
AMZN	Amazon Com Inc Consumer Cyclical	Added	579,893	+11,927	$138,211,697	+16.8%	26+	before history	1.68%
CB	Chubb Ltd Financial Services	Reduced	384,803	-1,953	$131,117,774	+4.0%	26+	before history	1.59%
ECL	Ecolab Inc. Basic Materials	Reduced	468,722	-1,721	$130,590,636	+4.3%	26+	before history	1.59%
TJX	Tjx Companies Inc Consumer Cyclical	Reduced	767,963	-4,012	$116,346,394	−5.6%	26+	before history	1.41%
DHR	Danaher Corp Healthcare	Reduced	598,324	-14,333	$113,968,755	−1.9%	26+	before history	1.39%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	754,625	-9,227	$110,658,210	+0.3%	26+	before history	1.35%
PANW	Palo Alto Networks Inc Technology	Added	322,392	+21,828	$109,942,119	+128.2%	26+	before history	1.34%
VRTX	Vertex Pharmaceuticals Inc Healthcare	Added	221,304	+1,635	$109,928,335	+12.1%	26+	before history	1.34%
MDY	Spdr S&P Midcap 400 ETF Trust	Reduced	142,173	-19,381	$99,995,957	+0.4%	26+	before history	1.22%
AVGO	Broadcom Inc. Technology	Added	263,007	+21,566	$99,350,894	+32.9%	26+	before history	1.21%
IDXX	Idexx Laboratories Inc Healthcare	Reduced	167,666	-515	$88,266,089	−6.6%	26+	before history	1.07%
WSO	Watsco Inc Industrials	Reduced	209,280	-525	$87,213,254	+14.3%	26+	before history	1.06%
ABBV	AbbVie Inc. Healthcare	Added	345,978	+2,363	$87,061,903	+16.5%	26+	before history	1.06%
META	Meta Platforms, Inc. Communication Services	Added	148,710	+14,741	$83,766,855	+9.3%	26+	before history	1.02%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	298,932	-5,057	$80,804,308	−14.5%	26+	before history	0.98%
IRM	Iron Mountain Inc Real Estate	Reduced	639,322	-12,746	$80,752,761	+21.2%	26+	before history	0.98%
AMP	Ameriprise Financial Inc Financial Services	Reduced	171,132	-2,329	$78,508,516	+1.8%	26+	before history	0.95%
CSCO	Cisco Systems, Inc. Technology	Reduced	629,560	-3,987	$73,948,117	+50.4%	26+	before history	0.90%
MTD	Mettler Toledo International Inc Healthcare	Reduced	57,090	-1,717	$72,933,045	−1.7%	26+	before history	0.89%
VEA	Vanguard FTSE Developed Markets ETF	Reduced	950,233	-20,178	$67,704,101	+8.9%	26+	before history	0.82%
AJG	Arthur J. Gallagher & Co. Financial Services	Reduced	289,883	-3,405	$66,548,440	+4.8%	26+	before history	0.81%
CVX	Chevron Corp Energy	Reduced	398,635	-1,901	$66,077,737	−20.3%	26+	before history	0.80%
RMD	Resmed Inc Healthcare	Reduced	322,033	-4,374	$62,757,791	−14.3%	26+	before history	0.76%
NEE	Nextera Energy Inc Utilities	Added	696,876	+21,488	$61,164,806	−2.5%	26+	before history	0.74%
WMT	Walmart Inc. Consumer Defensive	Added	526,233	+3,135	$59,601,149	−8.3%	26+	before history	0.72%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	115,656	-1,880	$57,873,105	+2.8%	26+	before history	0.70%
LECO	Lincoln Electric Holdings Inc Industrials	Reduced	208,918	-970	$55,469,818	+6.1%	26+	before history	0.67%
BAC	Bank Of America Corp Financial Services	Reduced	957,307	-19,288	$54,547,352	+14.6%	26+	before history	0.66%
PEP	Pepsico Inc Consumer Defensive	Reduced	402,525	-13,452	$54,501,885	−15.6%	26+	before history	0.66%
LIN	Linde PLC Basic Materials	Reduced	104,115	-1,155	$54,029,438	+3.5%	14	$351.76	0.66%
ABT	Abbott Laboratories Healthcare	Reduced	595,129	-34,707	$54,002,005	−16.5%	26+	before history	0.66%
CSL	Carlisle Companies Inc Industrials	Added	142,765	+2,299	$51,788,003	+10.5%	26+	before history	0.63%
ADP	Automatic Data Processing Inc Technology	Reduced	223,090	-870	$49,961,005	+9.8%	26+	before history	0.61%
ROP	Roper Technologies Inc Technology	Reduced	140,495	-39,625	$47,542,103	−25.4%	26+	before history	0.58%
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	263,055	+252,185	$46,886,923	+2.4%	26+	before history	0.57%
XYL	Xylem Inc. Industrials	Reduced	395,967	-17,888	$46,807,259	−5.4%	26+	before history	0.57%

Showing the top 50 of 386 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.