Godshalk Welsh Capital Management, Inc.

CIK

1631775

Location

RADNOR, PA

Portfolio Value

Small $122,782,351

Diversification

Diversified

Filing Date

Global Rank

#4,920 / 8,232 ▲ 187

Top Industry

Software - Infrastructure 9.7%

3Y Alpha vs SPY

-7.8%

Period ended 2 months ago

Filed May 13, 2026 · 32d

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

+44.2%

SPY

+76.3%

Annualised alpha

-7.8%

Max drawdown

−14.9%

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

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

Top Position

6.7%

−0.9 pts

Top 5

25.0%

−2.3 pts

Top 10

39.0%

−4.1 pts

HHI

242

Diversified−32

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	27.6%	$33,948,167	14
Financial Services	15.8%	$19,415,555	12
Consumer Defensive	11.9%	$14,606,653	11
Healthcare	10.8%	$13,293,891	11
Consumer Cyclical	8.5%	$10,384,285	10
Industrials	7.4%	$9,132,747	11
Energy	5.6%	$6,834,719	5
Communication Services	4.4%	$5,362,383	2
Utilities	3.0%	$3,637,556	7
Basic Materials	2.7%	$3,272,663	5
Unclassified	1.5%	$1,874,486	2
Real Estate	0.8%	$1,019,246	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
SOLS	Solstice Advanced Materials Inc.	+751	8,088	$615,982
BDX	Becton Dickinson & Co	+550	6,715	$1,055,799
COF	Capital One Financial Corp	+455	1,340	$244,456
WMT	Walmart Inc.	+245	13,625	$1,693,315
TJX	Tjx Companies Inc /De/	+215	12,465	$1,990,660
SBUX	Starbucks Corp	+110	13,610	$1,219,319
HON	Honeywell International Inc	+100	3,060	$691,651
TSM	Taiwan Semiconductor Manufacturing Co Ltd	+30	4,090	$1,382,215
MKL	Markel Group Inc.	+25	148	$283,282
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
WTRG	Essential Utilities, Inc.	−7,275	11,436	$460,527
MDLZ	Mondelez International, Inc.	−1,650	10,075	$580,723
AMT	American Tower Corp /Ma/	−985	4,690	$809,400
PAYX	Paychex Inc	−725	16,655	$1,534,258
BRK-B	Berkshire Hathaway Inc	−525	9,033	$4,328,613
NEE	Nextera Energy Inc	−500	9,160	$850,780
MRK	Merck & Co., Inc.	−420	11,785	$1,417,617
AAPL	Apple Inc.	−365	32,302	$8,197,924
WM	Waste Management Inc	−285	8,455	$1,942,874
MSFT	Microsoft Corp	−260	19,815	$7,334,918
CSCO	Cisco Systems, Inc.	−250	37,070	$2,876,261
BAC	Bank Of America Corp /De/	−250	44,070	$2,148,412
ORCL	Oracle Corp	−250	29,460	$4,333,860
JNJ	Johnson & Johnson	−242	11,799	$2,884,147
UBER	Uber Technologies, Inc	−235	12,800	$920,704
RPM	Rpm International Inc/De/	−200	8,355	$830,487
AWK	American Water Works Company, Inc.	−200	2,725	$370,845
TGT	Target Corp	−200	3,000	$363,600
RTX	RTX Corp	−150	8,071	$1,556,895
CL	Colgate Palmolive Co	−150	7,010	$597,462
GLW	Corning Inc /Ny	−150	13,425	$1,825,397
GOOGL	Alphabet Inc.	−141	17,874	$5,139,847
ZTS	Zoetis Inc.	−115	7,835	$926,175
WRB	Berkley W R Corp	−112	45,158	$2,993,072
MET	Metlife Inc	−100	5,400	$381,888
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
WAT	Waters Corp /De/	1,665	$495,837
CTVA	Corteva, Inc.	2,852	$238,740
VZ	Verizon Communications Inc	4,433	$222,536
Q	Qnity Electronics, Inc.	1,924	$221,991
AEP	American Electric Power Co Inc	1,600	$209,728
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
ADBE	Adobe Inc.	890	$311,491
LLY	ELI LILLY & Co	225	$241,803
DHR	Danaher Corp /De/	1,000	$228,920
ELV	Elevance Health, Inc.	625	$219,093
STN	Stantec Inc	2,200	$207,592
EMR	Emerson Electric Co	1,400	$185,808
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

92 positions · $122,782,351 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 92 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AAPL	Apple Inc. Technology	Reduced	32,302	-365	$8,197,924	−7.7%	6.68%
MSFT	Microsoft Corp Technology	Reduced	19,815	-260	$7,334,918	−24.4%	5.97%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	5,649	-27	$5,628,833	+15.0%	4.58%
GOOGL	Alphabet Inc. Communication Services	Reduced	17,874	-141	$5,139,847	−8.8%	4.19%
ORCL	Oracle Corp Technology	Reduced	29,460	-250	$4,333,860	−25.2%	3.53%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	9,033	-525	$4,328,613	−9.9%	3.53%
GMED	Globus Medical Inc Healthcare	Held	40,000	0	$3,446,400	−1.3%	2.81%
AXP	American Express Co Financial Services	Reduced	10,710	-85	$3,239,560	−18.9%	2.64%
INTU	Intuit Inc. Technology	Reduced	7,385	-40	$3,193,126	−35.1%	2.60%
WRB	Berkley W R Corp Financial Services	Reduced	45,158	-112	$2,993,072	−5.7%	2.44%
JNJ	Johnson & Johnson Healthcare	Reduced	11,799	-242	$2,884,147	+15.7%	2.35%
CSCO	Cisco Systems, Inc. Technology	Reduced	37,070	-250	$2,876,261	+0.1%	2.34%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	9,495	-85	$2,793,049	−9.5%	2.27%
CVX	Chevron Corp Energy	Reduced	10,475	-25	$2,167,277	+35.4%	1.77%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	44,070	-250	$2,148,412	−11.9%	1.75%
PG	PROCTER & GAMBLE Co Consumer Defensive	Held	14,345	0	$2,071,991	+0.8%	1.69%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Added	12,465	+215	$1,990,660	+5.8%	1.62%
WM	Waste Management Inc Industrials	Reduced	8,455	-285	$1,942,874	+1.2%	1.58%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	5,619	-40	$1,848,032	−5.1%	1.51%
GLW	Corning Inc /Ny Technology	Reduced	13,425	-150	$1,825,397	+53.6%	1.49%
VLO	Valero Energy Corp/Tx Energy	Reduced	7,250	-75	$1,791,330	+50.2%	1.46%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	7,480	-60	$1,767,374	−2.8%	1.44%
WMT	Walmart Inc. Consumer Defensive	Added	13,625	+245	$1,693,315	+13.6%	1.38%
ADP	Automatic Data Processing Inc Technology	Held	7,975	0	$1,620,360	−21.0%	1.32%
SYY	Sysco Corp Consumer Defensive	Reduced	22,650	-40	$1,615,624	−3.4%	1.32%
RTX	RTX Corp Industrials	Reduced	8,071	-150	$1,556,895	+3.3%	1.27%
PAYX	Paychex Inc Technology	Reduced	16,655	-725	$1,534,258	−21.3%	1.25%
MRK	Merck & Co., Inc. Healthcare	Reduced	11,785	-420	$1,417,617	+10.3%	1.15%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	4,090	+30	$1,382,215	+12.0%	1.13%
PEP	Pepsico Inc Consumer Defensive	Reduced	8,400	-25	$1,304,436	+7.9%	1.06%
PSX	Phillips 66 Energy	Reduced	7,100	-25	$1,293,478	+40.7%	1.05%
ECL	Ecolab Inc. Basic Materials	Reduced	4,860	-100	$1,292,857	−0.7%	1.05%
MCD	Mcdonalds Corp Consumer Cyclical	Held	4,110	0	$1,277,346	+1.7%	1.04%
SPY	Spdr S&P 500 ETF Trust	Held	1,875	0	$1,219,387	−4.6%	0.99%
SBUX	Starbucks Corp Consumer Cyclical	Added	13,610	+110	$1,219,319	+7.3%	0.99%
LHX	L3harris Technologies, Inc. /De/ Industrials	Reduced	3,435	-5	$1,185,590	+17.4%	0.97%
BX	Blackstone Inc. Financial Services	Reduced	10,005	-15	$1,150,474	−25.5%	0.94%
COP	Conocophillips Energy	Held	8,680	0	$1,145,760	+41.0%	0.93%
V	Visa Inc. Financial Services	Reduced	3,745	-35	$1,131,888	−14.6%	0.92%
ABBV	AbbVie Inc. Healthcare	Reduced	5,181	-100	$1,126,815	−6.6%	0.92%
CSX	Csx Corp Industrials	Held	25,890	0	$1,062,784	+13.2%	0.87%
BDX	Becton Dickinson & Co Healthcare	Added	6,715	+550	$1,055,799	+12.2%	0.86%
IDA	Idacorp Inc Utilities	Held	7,336	0	$1,048,827	+13.0%	0.85%
ZTS	Zoetis Inc. Healthcare	Reduced	7,835	-115	$926,175	−7.4%	0.75%
YUM	Yum Brands Inc Consumer Cyclical	Reduced	5,935	-20	$922,773	+2.4%	0.75%
UBER	Uber Technologies, Inc Technology	Reduced	12,800	-235	$920,704	−13.6%	0.75%
NEE	Nextera Energy Inc Utilities	Reduced	9,160	-500	$850,780	+9.7%	0.69%
RPM	Rpm International Inc/De/ Basic Materials	Reduced	8,355	-200	$830,487	−6.7%	0.68%
AMT	American Tower Corp /Ma/ Real Estate	Reduced	4,690	-985	$809,400	−18.8%	0.66%
HON	Honeywell International Inc Industrials	Added	3,060	+100	$691,651	+19.8%	0.56%