Baldwin Investment Management, LLC

CIK

1346378

Location

WEST CONSHOHOCKEN, PA

Portfolio Value

Small $416,276,389

Diversification

Diversified

Filing Date

Global Rank

#2,878 / 8,603 ▲ 27 · as of Mar 2026

Top Industry

Semiconductors 12.4%

3Y Alpha vs SPY

-1.7%

Period ended 3 months ago

Filed May 12, 2026 · 58d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

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

Cloned portfolio

+68.8%

SPY

+76.0%

Annualised alpha

-1.7%

Max drawdown

−18.5%

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

178 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

5.3%

−0.6 pts

Top 5

22.3%

−0.6 pts

Top 10

35.0%

−1.3 pts

HHI

188

Diversified−9

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	30.9%	$128,537,527	36
Financial Services	16.2%	$67,408,744	25
Healthcare	13.6%	$56,606,381	25
Industrials	11.7%	$48,753,417	27
Consumer Cyclical	8.4%	$34,872,840	17
Consumer Defensive	4.6%	$19,071,527	8
Energy	4.1%	$17,161,480	9
Communication Services	3.8%	$15,744,142	6
Basic Materials	3.5%	$14,441,711	12
Utilities	1.8%	$7,463,363	6
Real Estate	0.9%	$3,841,834	4
Unclassified	0.6%	$2,373,423	3

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
DIS	Walt Disney Co	+8,038	18,080	$1,742,550
IBN	Icici Bank Ltd	+6,400	73,838	$1,912,404
DELL	Dell Technologies Inc.	+6,110	12,427	$2,039,643
ADSK	Autodesk, Inc.	+5,825	10,657	$2,551,285
NFLX	Netflix Inc	+3,210	6,550	$629,782
MRVL	Marvell Technology, Inc.	+2,305	12,510	$1,239,115
BA	Boeing Co	+1,973	4,220	$839,906
PANW	Palo Alto Networks Inc	+1,935	26,583	$4,261,786
WMT	Walmart Inc.	+1,800	11,587	$1,440,032
EXE	EXPAND ENERGY Corp	+1,605	9,188	$1,008,658
BWA	Borgwarner Inc	+1,450	25,457	$1,381,296
BRK-B	Berkshire Hathaway Inc	+1,254	19,428	$9,309,897
SO	Southern Co	+1,200	18,237	$1,760,235
COF	Capital One Financial Corp	+1,092	15,882	$2,897,353
BROS	Dutch Bros Inc.	+900	18,435	$933,917
AMZN	Amazon Com Inc	+724	41,916	$8,729,845
SPGI	S&P Global Inc.	+666	11,137	$4,481,562
AAPL	Apple Inc.	+621	70,571	$17,910,214
HD	Home Depot, Inc.	+585	11,628	$3,824,332
MSFT	Microsoft Corp	+563	32,974	$12,205,985
IBM	International Business Machines Corp	+530	7,239	$1,754,661
SNPS	Synopsys Inc	+506	3,605	$1,429,310
DE	Deere & Co	+490	3,785	$2,132,090
INCY	Incyte Corp	+340	2,480	$233,417
META	Meta Platforms, Inc.	+289	2,611	$1,493,831
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
IMNM	Immunome Inc.	−21,773	25,394	$555,366
LRCX	Lam Research Corp	−9,540	88,594	$18,928,994
UBER	Uber Technologies, Inc	−8,912	6,863	$493,655
AXTA	Axalta Coating Systems Ltd.	−4,275	54,029	$1,496,603
KMB	Kimberly Clark Corp	−2,475	8,857	$854,434
ORCL	Oracle Corp	−2,345	4,975	$731,872
GLW	Corning Inc /Ny	−2,340	4,860	$660,814
BKR	Baker Hughes Co	−2,084	72,062	$4,399,385
AVGO	Broadcom Inc.	−2,059	71,361	$22,086,943
PFE	Pfizer Inc	−2,050	36,398	$1,022,055
BSX	Boston Scientific Corp	−1,750	11,035	$692,446
FCX	Freeport-Mcmoran Inc	−1,600	35,712	$2,099,151
ARCC	Ares Capital Corp	−1,383	60,192	$1,084,659
NVDA	Nvidia Corp	−1,352	114,277	$19,929,908
FANG	Diamondback Energy, Inc.	−1,260	7,103	$1,404,902
SPY	Spdr S&P 500 ETF Trust	−1,250	2,847	$1,851,517
ADBE	Adobe Inc.	−1,205	4,161	$1,011,455
VIK	Viking Holdings Ltd	−1,095	21,910	$1,609,946
EW	Edwards Lifesciences Corp	−775	14,320	$1,146,745
DUK	Duke Energy CORP	−504	7,322	$958,742
TMUS	T-Mobile US, Inc.	−500	9,105	$1,912,323
DDOG	Datadog, Inc.	−495	8,035	$948,531
RPM	Rpm International Inc/De/	−400	2,750	$273,350
ACN	Accenture plc	−365	9,534	$1,890,496
GXO	GXO Logistics, Inc.	−325	14,667	$760,483
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
PLTR	Palantir Technologies Inc.	3,676	$537,725
TTE	TotalEnergies SE	2,990	$272,030
VLO	Valero Energy Corp/Tx	960	$237,196
ON	On Semiconductor Corp	3,735	$231,271
TOST	Toast, Inc.	8,450	$224,009
EQIX	Equinix Inc	218	$213,692
AMGN	Amgen Inc	579	$203,721
HQL	abrdn Life Sciences Investors	10,094	$164,229
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
CCL	Carnival Corp Ltd.	21,049	$642,836
CMCSA	Comcast Corp	12,253	$343,244
SYY	Sysco Corp	3,475	$256,072
QCOM	Qualcomm Inc/De	1,365	$233,483
VLTO	Veralto Corp	2,230	$222,509
PGR	Progressive Corp/Oh/	881	$200,621
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

178 positions · $416,276,389 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 178 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AVGO	Broadcom Inc. Technology	Reduced	71,361	-2,059	$22,086,943	−13.1%	5.31%
NVDA	Nvidia Corp Technology	Reduced	114,277	-1,352	$19,929,908	−7.6%	4.79%
LRCX	Lam Research Corp Technology	Reduced	88,594	-9,540	$18,928,994	+12.7%	4.55%
AAPL	Apple Inc. Technology	Added	70,571	+621	$17,910,214	−5.8%	4.30%
JPM	Jpmorgan Chase & Co Financial Services	Added	48,174	+60	$14,170,863	−8.6%	3.40%
MSFT	Microsoft Corp Technology	Added	32,974	+563	$12,205,985	−22.1%	2.93%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	11,581	+225	$11,539,655	+17.8%	2.77%
LLY	ELI LILLY & Co Healthcare	Reduced	10,940	-36	$10,062,283	−14.7%	2.42%
GOOGL	Alphabet Inc. Communication Services	Reduced	33,454	-175	$9,620,032	−8.6%	2.31%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	19,428	+1,254	$9,309,897	+1.9%	2.24%
AMZN	Amazon Com Inc Consumer Cyclical	Added	41,916	+724	$8,729,845	−8.2%	2.10%
RTX	RTX Corp Industrials	Reduced	44,529	-324	$8,589,644	+4.4%	2.06%
EPD	Enterprise Products Partners L.P. Energy	Reduced	191,838	-150	$7,259,149	+17.9%	1.74%
VRTX	Vertex Pharmaceuticals Inc / Ma Healthcare	Added	15,662	+108	$6,993,709	−0.8%	1.68%
V	Visa Inc. Financial Services	Added	21,372	+50	$6,459,473	−13.6%	1.55%
ABBV	AbbVie Inc. Healthcare	Reduced	28,449	-100	$6,187,373	−5.1%	1.49%
VRT	Vertiv Holdings Co Industrials	Added	24,092	+60	$6,036,973	+55.1%	1.45%
CAT	Caterpillar Inc Industrials	Reduced	8,040	-159	$5,696,018	+21.3%	1.37%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	16,672	+165	$5,634,302	+12.3%	1.35%
LIN	Linde PLC Basic Materials	Reduced	11,242	-50	$5,573,333	+15.8%	1.34%
GS	Goldman Sachs Group Inc Financial Services	Reduced	6,256	-52	$5,292,513	−4.5%	1.27%
ISRG	Intuitive Surgical Inc Healthcare	Added	10,825	+259	$4,990,216	−16.6%	1.20%
ETN	Eaton Corp plc Industrials	Added	12,950	+15	$4,631,826	+12.4%	1.11%
SPGI	S&P Global Inc. Financial Services	Added	11,137	+666	$4,481,562	−13.4%	1.08%
BLK	BlackRock, Inc. Financial Services	Held	4,617	0	$4,440,215	−10.1%	1.07%
BKR	Baker Hughes Co Energy	Reduced	72,062	-2,084	$4,399,385	+30.3%	1.06%
JNJ	Johnson & Johnson Healthcare	Reduced	17,653	-57	$4,315,099	+17.7%	1.04%
PANW	Palo Alto Networks Inc Technology	Added	26,583	+1,935	$4,261,786	−6.1%	1.02%
ABT	Abbott Laboratories Healthcare	Added	39,819	+263	$4,088,216	−17.5%	0.98%
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	8,102	-10	$3,982,376	−15.3%	0.96%
HD	Home Depot, Inc. Consumer Cyclical	Added	11,628	+585	$3,824,332	+0.6%	0.92%
ROK	Rockwell Automation, Inc Industrials	Reduced	10,377	-5	$3,724,097	−7.8%	0.89%
NEE	Nextera Energy Inc Utilities	Reduced	37,608	-99	$3,493,031	+15.4%	0.84%
MS	Morgan Stanley Financial Services	Reduced	19,501	-172	$3,209,279	−8.1%	0.77%
UNP	Union Pacific Corp Industrials	Reduced	12,778	-15	$3,100,198	+4.8%	0.74%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Added	18,271	+75	$2,917,878	+4.4%	0.70%
COF	Capital One Financial Corp Financial Services	Added	15,882	+1,092	$2,897,353	−19.2%	0.70%
ZTS	Zoetis Inc. Healthcare	Added	21,952	+135	$2,594,945	−5.5%	0.62%
ADSK	Autodesk, Inc. Technology	Added	10,657	+5,825	$2,551,285	+78.4%	0.61%
WM	Waste Management Inc Industrials	Reduced	10,746	-40	$2,469,323	+4.2%	0.59%
LOW	Lowes Companies Inc Consumer Cyclical	Held	10,232	0	$2,417,616	−2.0%	0.58%
DRI	Darden Restaurants Inc Consumer Cyclical	Reduced	11,971	-75	$2,346,794	+5.9%	0.56%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	7,283	-280	$2,263,483	−2.1%	0.54%
DHR	Danaher Corp /De/ Healthcare	Reduced	11,900	-200	$2,256,240	−18.5%	0.54%
DE	Deere & Co Industrials	Added	3,785	+490	$2,132,090	+39.0%	0.51%
MA	Mastercard Inc Financial Services	Held	4,238	0	$2,117,559	−12.5%	0.51%
FCX	Freeport-Mcmoran Inc Basic Materials	Reduced	35,712	-1,600	$2,099,151	+10.8%	0.50%
AXP	American Express Co Financial Services	Held	6,860	0	$2,075,012	−18.2%	0.50%
DELL	Dell Technologies Inc. Technology	Added	12,427	+6,110	$2,039,643	+156.5%	0.49%
CB	Chubb Ltd Financial Services	Reduced	6,193	-100	$2,018,484	+2.8%	0.48%