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
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	88,934	-150	$43,713,729	−15.3%	0.62%
AOS	Smith A O Corp Industrials	Reduced	579,780	-6,037	$38,230,693	−2.4%	0.54%
MRK	Merck & Co., Inc. Healthcare	Reduced	317,368	-4,861	$38,176,196	+12.6%	0.54%
CHD	Church & Dwight Co Inc /De/ Consumer Defensive	Reduced	378,902	-28,420	$35,359,134	+3.5%	0.50%
AFL	Aflac Inc Financial Services	Reduced	317,011	-4,237	$34,779,276	−1.8%	0.49%
PAYX	Paychex Inc Technology	Reduced	362,116	-6,357	$33,358,125	−19.3%	0.47%
VZ	Verizon Communications Inc Communication Services	Reduced	652,264	-12,400	$32,743,652	+21.0%	0.46%
CTAS	Cintas Corp Industrials	Reduced	190,419	-88	$32,207,469	−10.1%	0.45%
DOV	DOVER Corp Industrials	Reduced	143,443	-739	$29,900,693	+6.2%	0.42%
NOW	ServiceNow, Inc. Technology	Added	284,864	+58,687	$29,782,531	−14.0%	0.42%
SPY	Spdr S&P 500 ETF Trust	Reduced	45,628	-10,530	$29,673,713	−22.5%	0.42%
GSK	GSK plc Healthcare	Held	518,597	0	$28,621,368	+12.5%	0.40%
FISV	Fiserv Inc	Reduced	506,394	-50,990	$28,256,785	−24.5%	0.40%
EQIX	Equinix Inc Real Estate	Added	25,794	+615	$25,284,310	+31.1%	0.36%
AXP	American Express Co Financial Services	Reduced	81,764	-5,482	$24,731,974	−23.4%	0.35%
CMI	Cummins Inc Industrials	Reduced	42,811	-1,559	$23,033,174	+1.7%	0.33%
MCO	Moodys Corp /De/ Financial Services	Added	50,795	+580	$22,159,318	−13.6%	0.31%
TSCO	Tractor Supply Co /De/ Consumer Cyclical	Reduced	477,916	-9,931	$21,649,594	−11.3%	0.31%
KO	Coca Cola Co Consumer Defensive	Reduced	281,117	-2,470	$21,378,947	+7.8%	0.30%
OTIS	Otis Worldwide Corp Industrials	Reduced	245,678	-902	$18,936,860	−12.1%	0.27%
SHOP	Shopify Inc. Technology	Added	153,531	+597	$18,211,847	−26.0%	0.26%
OMC	Omnicom Group Inc. Communication Services	Reduced	238,369	-14,131	$17,951,569	−12.0%	0.25%
QCOM	Qualcomm Inc/De Technology	Reduced	138,251	-1,785	$17,803,963	−25.7%	0.25%
KMX	Carmax Inc Consumer Cyclical	Reduced	426,833	-19,740	$17,747,716	+2.9%	0.25%
ORCL	Oracle Corp Technology	Added	113,935	+1,280	$16,760,977	−23.7%	0.24%
ACN	Accenture plc Technology	Reduced	84,177	-3,877	$16,691,457	−29.3%	0.24%
UBER	Uber Technologies, Inc Technology	Reduced	224,048	-30,703	$16,115,772	−22.6%	0.23%
CGNX	Cognex Corp Technology	Reduced	322,893	-7,745	$15,818,528	+33.0%	0.22%
EMR	Emerson Electric Co Industrials	Reduced	110,476	-2,698	$14,474,565	−3.6%	0.20%
EW	Edwards Lifesciences Corp Healthcare	Reduced	179,504	-2,167	$14,374,680	−7.2%	0.20%
EXPD	Expeditors International Of Washington Inc Industrials	Reduced	100,357	-1,902	$14,374,133	−5.7%	0.20%
CAT	Caterpillar Inc Industrials	Reduced	19,031	-374	$13,482,702	+21.3%	0.19%
SNPS	Synopsys Inc Technology	Reduced	33,491	-2,065	$13,278,511	−20.5%	0.19%
GE	General Electric Co Industrials	Added	45,782	+499	$12,991,558	−6.9%	0.18%
IBM	International Business Machines Corp Technology	Reduced	53,445	-466	$12,954,533	−18.9%	0.18%
NFLX	Netflix Inc Communication Services	Added	118,448	+115,125	$11,388,775	+3555.4%	0.16%
MZTI	Marzetti Co Consumer Defensive	Reduced	72,423	-120	$10,018,273	−16.0%	0.14%
PFE	Pfizer Inc Healthcare	Reduced	346,584	-9,079	$9,732,078	+9.9%	0.14%
GEV	GE Vernova Inc. Industrials	Added	11,124	+124	$9,710,139	+35.1%	0.14%
APD	Air Products & Chemicals, Inc. Basic Materials	Reduced	33,262	-250	$9,662,278	+16.7%	0.14%
NVS	Novartis AG Healthcare	Reduced	57,626	-3,462	$8,802,371	+4.5%	0.12%
AMGN	Amgen Inc Healthcare	Reduced	24,846	-85	$8,742,065	+7.1%	0.12%
SHW	Sherwin Williams Co Basic Materials	Reduced	27,010	-3	$8,658,055	−1.1%	0.12%
ADI	Analog Devices Inc Technology	Reduced	26,057	-350	$8,289,773	+15.8%	0.12%
DUK	Duke Energy CORP Utilities	Reduced	61,947	-1,258	$8,111,340	+9.5%	0.11%
CARR	CARRIER GLOBAL Corp Industrials	Reduced	141,199	-647	$7,950,915	+6.1%	0.11%
IAU	Ishares Gold Trust	Held	86,883	0	$7,659,605	+8.6%	0.11%
SBUX	Starbucks Corp Consumer Cyclical	Reduced	84,551	-6,105	$7,574,924	−0.8%	0.11%
MMM	3M Co Industrials	Reduced	50,609	-488	$7,349,945	−10.2%	0.10%
PGR	Progressive Corp/Oh/ Financial Services	Reduced	36,257	-156	$7,187,587	−13.3%	0.10%