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 · 48d

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 101–150 of 294 positions by value · page 3 of 6

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MDLZ	Mondelez International, Inc. Consumer Defensive	Reduced	14,399	-404	$829,958	+4.2%	0.01%
WST	West Pharmaceutical Services Inc Healthcare	Added	3,413	+552	$855,434	+8.7%	0.01%
BSM	Black Stone Minerals, L.P. Energy	Held	58,966	0	$891,565	+13.8%	0.01%
WCN	Waste Connections, Inc. Industrials	Held	5,550	0	$901,542	−7.4%	0.01%
COF	Capital One Financial Corp Financial Services	Reduced	4,942	-537	$901,569	−32.1%	0.01%
CSX	Csx Corp Industrials	Reduced	22,185	-1,174	$910,694	+7.6%	0.01%
TFC	Truist Financial Corp Financial Services	Reduced	19,990	-518	$918,940	−8.9%	0.01%
MS	Morgan Stanley Financial Services	Reduced	5,657	-99	$930,972	−8.9%	0.01%
CPRT	Copart Inc Industrials	Reduced	28,456	-4,000	$944,739	−25.6%	0.01%
ICLR	Icon PLC Healthcare	Reduced	8,605	-10,105	$952,229	−72.1%	0.01%
AMG	Affiliated Managers Group, Inc. Financial Services	Held	3,500	0	$968,450	−4.0%	0.01%
VEEV	Veeva Systems Inc Healthcare	Reduced	5,595	-618	$982,817	−29.1%	0.01%
MKC	Mccormick & Co Inc Consumer Defensive	Added	19,531	+2,358	$985,143	−15.8%	0.01%
ASML	Asml Holding NV Technology	Added	761	+11	$1,005,151	+25.3%	0.01%
CVS	CVS HEALTH Corp Healthcare	Reduced	14,505	-2,698	$1,041,749	−23.7%	0.01%
EPD	Enterprise Products Partners L.P. Energy	NEW	29,295	NEW	$1,108,522	NEW	0.02%
GM	General Motors Co Consumer Cyclical	Reduced	15,202	-2,137	$1,132,549	−19.7%	0.02%
WM	Waste Management Inc Industrials	Reduced	4,979	-3,300	$1,144,124	−37.1%	0.02%
AMD	Advanced Micro Devices Inc Technology	Added	5,769	+160	$1,173,587	−2.3%	0.02%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	Reduced	6,789	-55	$1,177,552	−7.3%	0.02%
CEF	Sprott Physical Gold & Silver Trust Financial Services	Held	25,100	0	$1,197,772	+4.2%	0.02%
ETN	Eaton Corp plc Industrials	Reduced	3,349	-60	$1,197,836	+10.3%	0.02%
MO	Altria Group, Inc. Consumer Defensive	Reduced	18,423	-1,392	$1,215,733	+6.4%	0.02%
PSX	Phillips 66 Energy	Reduced	6,707	-239	$1,221,881	+36.3%	0.02%
HTD	John Hancock Tax-Advantaged Dividend Income Fund Financial Services	Held	50,000	0	$1,238,500	+4.7%	0.02%
USB	US Bancorp De Financial Services	Held	24,605	0	$1,279,706	−2.5%	0.02%
CRM	Salesforce, Inc. Technology	Reduced	6,965	-1,993	$1,300,156	−45.2%	0.02%
AMT	American Tower Corp /Ma/ Real Estate	Reduced	7,775	-101	$1,341,809	−3.0%	0.02%
GS	Goldman Sachs Group Inc Financial Services	Added	1,589	+159	$1,344,278	+6.9%	0.02%
WEC	Wec Energy Group, Inc. Utilities	Reduced	11,648	-80	$1,348,488	+9.0%	0.02%
ALL	Allstate Corp Financial Services	Added	6,639	+200	$1,376,530	+2.7%	0.02%
MAS	Masco Corp /De/ Industrials	Reduced	23,149	-1,000	$1,397,505	−8.8%	0.02%
GD	General Dynamics Corp Industrials	Reduced	4,083	-76	$1,401,367	+0.1%	0.02%
GLD	Spdr Gold Trust	Added	3,432	+830	$1,476,755	+43.2%	0.02%
WTS	Watts Water Technologies Inc Industrials	Held	5,280	0	$1,532,731	+5.2%	0.02%
GLP	Global Partners LP Energy	Held	37,420	0	$1,575,382	+0.6%	0.02%
KMB	Kimberly Clark Corp Consumer Defensive	Reduced	16,341	-511	$1,576,416	−7.3%	0.02%
BX	Blackstone Inc. Financial Services	Reduced	14,227	-604	$1,635,962	−28.4%	0.02%
BLK	BlackRock, Inc. Financial Services	Reduced	1,721	-19	$1,655,102	−11.1%	0.02%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	4,881	-6	$1,814,511	−17.4%	0.03%
SPGI	S&P Global Inc. Financial Services	Reduced	4,379	-50	$1,862,563	−19.5%	0.03%
CNI	Canadian National Railway Co Industrials	Reduced	18,663	-220	$1,917,996	+2.8%	0.03%
PNC	Pnc Financial Services Group, Inc. Financial Services	Added	9,419	+350	$1,959,999	+3.5%	0.03%
NOC	Northrop Grumman Corp /De/ Industrials	Added	2,987	+4	$2,037,850	+19.8%	0.03%
INTU	Intuit Inc. Technology	Reduced	4,765	-75	$2,060,290	−35.7%	0.03%
EVN	Eaton Vance Municipal Income Trust Financial Services	Held	205,784	0	$2,142,211	−3.3%	0.03%
HON	Honeywell International Inc Industrials	Reduced	9,800	-1,184	$2,215,094	+3.4%	0.03%
WAT	Waters Corp /De/ Healthcare	Added	7,601	+3,863	$2,263,577	+59.4%	0.03%
AMAT	Applied Materials Inc /De Technology	Held	6,736	0	$2,302,297	+33.0%	0.03%
CI	Cigna Group Healthcare	Reduced	8,656	-18	$2,308,988	−3.3%	0.03%