Welch & Forbes LLC

CIK

105495

Location

Boston, MA

Portfolio Value

Mid $7,086,202,125

Diversification

Diversified

Filing Date

Global Rank

#522 / 8,588 ▼ 4

Top Industry

Semiconductors 9.5%

3Y Alpha vs SPY

-9.2%

Period ended 3 months ago

Filed May 1, 2026 · 47d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

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

Cloned portfolio

+40.7%

SPY

+76.8%

Annualised alpha

-8.9%

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

7.6%

−0.6 pts

Top 5

25.0%

−1.8 pts

Top 10

37.6%

−1.5 pts

HHI

232

Diversified−17

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	25.7%	$1,818,063,642	51
Healthcare	18.0%	$1,272,569,185	41
Financial Services	12.9%	$913,887,522	44
Consumer Cyclical	12.0%	$846,963,463	19
Industrials	10.7%	$761,309,283	54
Consumer Defensive	6.9%	$492,122,859	20
Communication Services	3.8%	$268,152,869	8
Basic Materials	2.9%	$205,034,742	13
Unclassified	2.4%	$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
FDX	Fedex Corp	666	$237,215
EQT	EQT Corp	3,250	$206,830
AME	Ametek Inc/	962	$206,214
TSM	Taiwan Semiconductor Manufacturing Co Ltd	603	$203,783
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 · $7,086,202,125 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
DRMA	Dermata Therapeutics, Inc. Healthcare	NEW	20,000	NEW	$24,200	NEW	0.00%
MIST	Milestone Pharmaceuticals Inc. Healthcare	NEW	25,000	NEW	$29,750	NEW	0.00%
EXG	Eaton Vance Tax-Managed Global Diversified Equity Income Fund Financial Services	Held	11,500	0	$99,590	−9.1%	0.00%
CMPX	Compass Therapeutics, Inc. Healthcare	Held	19,000	0	$100,510	−1.5%	0.00%
DNA	Ginkgo Bioworks Holdings, Inc. Healthcare	Held	30,000	0	$183,900	−26.2%	0.00%
HPQ	Hp Inc Technology	Held	10,000	0	$192,100	−13.8%	0.00%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	NEW	603	NEW	$203,783	NEW	0.00%
AME	Ametek Inc/ Industrials	NEW	962	NEW	$206,214	NEW	0.00%
EQT	EQT Corp Energy	NEW	3,250	NEW	$206,830	NEW	0.00%
DEA	Easterly Government Properties, Inc. Real Estate	Held	9,910	0	$212,371	+1.1%	0.00%
LNC	Lincoln National Corp Financial Services	Added	6,050	+50	$214,775	−19.6%	0.00%
ILMN	Illumina, Inc. Healthcare	Held	1,802	0	$222,114	−6.0%	0.00%
VNT	Vontier Corp Technology	Reduced	6,352	-150	$225,305	−6.8%	0.00%
MET	Metlife Inc Financial Services	Reduced	3,238	-40	$228,991	−11.5%	0.00%
MPLX	Mplx LP Energy	Held	4,029	0	$229,935	+6.9%	0.00%
GPC	Genuine Parts Co Consumer Cyclical	Held	2,204	0	$233,073	−14.0%	0.00%
FDX	Fedex Corp Industrials	NEW	666	NEW	$237,215	NEW	0.00%
D	Dominion Energy, Inc Utilities	Held	3,870	0	$239,243	+5.5%	0.00%
DOW	Dow Inc. Basic Materials	NEW	5,839	NEW	$243,194	NEW	0.00%
SRRK	Scholar Rock Holding Corp Healthcare	Held	5,000	0	$245,800	+11.6%	0.00%
RSG	Republic Services, Inc. Industrials	Reduced	1,135	-183	$248,587	−11.0%	0.00%
TXT	Textron Inc Industrials	Held	2,880	0	$252,172	+0.4%	0.00%
HPE	Hewlett Packard Enterprise Co Technology	Held	10,700	0	$254,767	−0.9%	0.00%
UNM	Unum Group Financial Services	Reduced	3,515	-57	$256,700	−7.3%	0.00%
BHP	BHP Group Ltd Basic Materials	Held	3,619	0	$263,246	+20.5%	0.00%
B	Barrick Mining Corp Basic Materials	Held	6,500	0	$265,135	−6.3%	0.00%
ABNB	Airbnb, Inc. Consumer Cyclical	Reduced	2,100	-75	$265,188	−10.2%	0.00%
PLTR	Palantir Technologies Inc. Technology	Held	1,819	0	$266,083	−17.7%	0.00%
OKE	Oneok Inc /New/ Energy	Held	3,049	0	$275,599	+23.0%	0.00%
KMI	Kinder Morgan, Inc. Energy	Reduced	8,292	-121	$278,030	+20.2%	0.00%
NSC	Norfolk Southern Corp Industrials	Held	987	0	$283,269	−0.6%	0.00%
MGRC	Mcgrath Rentcorp Industrials	Held	2,600	0	$286,728	+5.1%	0.00%
BA	Boeing Co Industrials	Held	1,469	0	$292,375	−8.3%	0.00%
FLEX	Flex Ltd. Technology	Held	4,508	0	$295,093	+8.3%	0.00%
HAL	Halliburton Co Energy	Held	7,600	0	$296,324	+38.0%	0.00%
WDAY	Workday, Inc. Technology	Held	2,442	0	$317,264	−39.5%	0.00%
DD	DuPont de Nemours, Inc. Basic Materials	Reduced	7,140	-347	$327,012	+8.7%	0.00%
GL	Globe Life Inc. Financial Services	Held	2,375	0	$330,528	−0.5%	0.00%
NTRS	Northern Trust Corp Financial Services	Held	2,380	0	$332,176	+2.2%	0.00%
ICE	Intercontinental Exchange, Inc. Financial Services	Reduced	2,137	-12	$336,107	−3.4%	0.00%
PEG	Public Service Enterprise Group Inc Utilities	Reduced	4,187	-7	$338,937	+0.6%	0.00%
PPG	Ppg Industries Inc Basic Materials	Held	3,173	0	$339,130	+4.3%	0.00%
JILL	J.Jill, Inc. Consumer Cyclical	Held	29,825	0	$341,794	−16.5%	0.00%
TYL	Tyler Technologies Inc Technology	Held	1,000	0	$342,380	−24.6%	0.00%
APH	Amphenol Corp /De/ Technology	Held	2,746	0	$346,957	−6.5%	0.00%
ENTG	Entegris Inc Technology	Reduced	3,015	-644	$353,478	+14.7%	0.00%
CNQ	Canadian Natural Resources Ltd Energy	Held	7,270	0	$354,267	+44.0%	0.00%
SLB	Slb Limited/Nv Energy	Held	6,940	0	$356,646	+33.9%	0.01%
ROK	Rockwell Automation, Inc Industrials	Held	1,016	0	$364,622	−7.8%	0.01%
EME	EMCOR Group, Inc. Industrials	Reduced	500	-119	$369,155	−2.5%	0.01%