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

-8.8%

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

+41.1%

SPY

+76.8%

Annualised alpha

-8.8%

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 51–100 of 294 positions by value · page 2 of 6

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WMB	Williams Companies, Inc. Energy	Reduced	5,235	-350	$381,003	+13.5%	0.01%
SMBC	Southern Missouri Bancorp, Inc. Financial Services	Reduced	6,000	-99	$383,640	+6.4%	0.01%
MCK	Mckesson Corp Healthcare	Added	453	+146	$392,008	+55.7%	0.01%
Q	Qnity Electronics, Inc. Technology	Reduced	3,568	-173	$411,675	+34.8%	0.01%
IT	Gartner Inc Technology	Held	2,600	0	$411,684	−37.2%	0.01%
EBAY	Ebay Inc Consumer Cyclical	Held	4,549	0	$414,049	+4.5%	0.01%
KVUE	Kenvue Inc. Consumer Defensive	Held	24,345	0	$419,707	−0.1%	0.01%
DIA	Spdr Dow Jones Industrial Average ETF Trust	Held	911	0	$421,966	−3.6%	0.01%
MTB	M&T Bank Corp Financial Services	Held	2,046	0	$422,949	+2.6%	0.01%
BLD	TopBuild Corp Industrials	Held	1,219	0	$428,234	−15.8%	0.01%
AEM	Agnico Eagle Mines Ltd Basic Materials	Held	2,111	0	$428,490	+19.7%	0.01%
SCHW	Schwab Charles Corp Financial Services	Held	4,621	0	$434,281	−5.9%	0.01%
ES	Eversource Energy Utilities	Held	6,298	0	$436,325	+2.9%	0.01%
CEG	Constellation Energy Corp Utilities	Added	1,566	+65	$437,305	−17.5%	0.01%
KLAC	Kla Corp Technology	Held	300	0	$441,723	+21.2%	0.01%
NTAP	NetApp, Inc. Technology	Held	4,344	0	$444,782	−4.4%	0.01%
DCI	DONALDSON Co INC Industrials	Reduced	5,401	-564	$458,382	−13.3%	0.01%
ZBH	Zimmer Biomet Holdings, Inc. Healthcare	Reduced	5,076	-1,728	$458,971	−25.0%	0.01%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	8,837	-593	$466,770	−22.3%	0.01%
GWW	W.W. Grainger, Inc. Industrials	Reduced	437	-5	$476,684	+6.9%	0.01%
PLD	Prologis, Inc. Real Estate	Reduced	3,717	-639	$491,313	−11.6%	0.01%
CRWD	CrowdStrike Holdings, Inc. Technology	Added	1,279	+12	$499,334	−15.9%	0.01%
WAB	Westinghouse Air Brake Technologies Corp Industrials	Reduced	2,014	-917	$503,318	−19.5%	0.01%
TER	Teradyne, Inc Technology	Reduced	1,705	-1,250	$505,464	−11.6%	0.01%
TGT	Target Corp Consumer Defensive	Held	4,216	0	$510,979	+24.0%	0.01%
URI	United Rentals, Inc. Industrials	Held	707	0	$515,091	−10.0%	0.01%
UNH	Unitedhealth Group Inc Healthcare	Reduced	1,969	-1,093	$532,791	−47.3%	0.01%
KKR	KKR & Co. Inc. Financial Services	Held	5,781	0	$534,742	−27.4%	0.01%
STE	STERIS plc Healthcare	Reduced	2,567	-219	$567,640	−19.6%	0.01%
AEP	American Electric Power Co Inc Utilities	Reduced	4,405	-100	$577,407	+11.2%	0.01%
ENB	Enbridge Inc Energy	Added	10,738	+445	$581,355	+18.1%	0.01%
BP	Bp PLC Energy	Added	12,411	+558	$583,317	+41.7%	0.01%
MU	Micron Technology Inc Technology	Added	1,731	+250	$584,801	+38.4%	0.01%
RAL	Ralliant Corp Technology	Reduced	14,436	-4,790	$600,393	−38.7%	0.01%
SO	Southern Co Utilities	Reduced	6,316	-204	$609,620	+7.2%	0.01%
BR	Broadridge Financial Solutions, Inc. Technology	Held	3,900	0	$633,672	−27.2%	0.01%
HWM	Howmet Aerospace Inc. Industrials	Held	2,757	0	$635,378	+12.4%	0.01%
CTVA	Corteva, Inc. Basic Materials	Reduced	7,666	-339	$641,720	+19.6%	0.01%
HIG	Hartford Insurance Group, Inc. Financial Services	Held	4,766	0	$644,506	−1.9%	0.01%
JKHY	Jack Henry & Associates Inc Technology	Reduced	4,164	-50	$658,078	−14.4%	0.01%
PHYS	Sprott Physical Gold Trust Financial Services	Held	19,550	0	$692,852	+7.3%	0.01%
SHEL	Shell plc Energy	Reduced	7,753	-83	$721,029	+25.2%	0.01%
HSY	Hershey Co Consumer Defensive	Held	3,500	0	$727,615	+14.2%	0.01%
NEM	NEWMONT Corp /DE/ Basic Materials	Held	6,790	0	$735,017	+8.4%	0.01%
VLTO	Veralto Corp Industrials	Reduced	8,378	-5,358	$740,782	−46.0%	0.01%
GEHC	GE HealthCare Technologies Inc. Healthcare	Added	10,486	+126	$746,393	−12.2%	0.01%
UL	Unilever PLC Consumer Defensive	Reduced	13,274	-138	$756,219	−13.8%	0.01%
TRV	Travelers Companies, Inc. Financial Services	Held	2,611	0	$761,576	+0.6%	0.01%
FORM	Formfactor Inc Technology	Held	8,000	0	$775,920	+73.9%	0.01%
NVO	Novo Nordisk A S Healthcare	Reduced	21,297	-215	$782,664	−28.5%	0.01%