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Asset Manager ← All Institutions

WELCH & FORBES LLC

45 SCHOOL STREET, BOSTON, MA 02108 • 617-523-1635

Q2 2025 · Filed 2025-08-05
Market Value
$8.0B
+4.8%
Holdings
382
-4
New Purchases
14
Added To
94
Closed
11
Reduced
182
Top 10 Concentration
35.4%
Turnover
6.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NVDA 6.98% 5.10% +1.88% $559M
MSFT 5.58% 4.44% +1.14% $447M
AVGO 0.71% 0.38% +0.32% $56M
JPM 2.46% 2.21% +0.25% $197M
META 1.14% 0.90% +0.24% $92M
NOW 0.67% 0.45% +0.23% $54M
GOOG 2.67% 2.48% +0.20% $214M
IDXX 1.13% 0.93% +0.20% $91M
AMZN 1.50% 1.33% +0.17% $120M
CSL 0.64% 0.53% +0.11% $51M
ORCL 0.32% 0.21% +0.11% $26M
RMD 1.07% 0.97% +0.10% $86M
BKNG 0.61% 0.51% +0.10% $49M
IRM 0.86% 0.76% +0.10% $69M
RTX 2.11% 2.02% +0.09% $169M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
FI 1.86% 2.48% -0.62% $149M
AAPL 4.45% 5.06% -0.62% $356M
ORLY 3.32% 3.72% -0.40% $266M
WSO 1.17% 1.41% -0.24% $94M
PEP 0.88% 1.09% -0.21% $70M
PG 1.57% 1.77% -0.20% $126M
JNJ 1.31% 1.49% -0.18% $105M
KMX 0.72% 0.89% -0.17% $58M
CMCSA 0.21% 0.38% -0.17% $17M
AJG 1.18% 1.35% -0.17% $94M
CVX 0.74% 0.91% -0.16% $60M
ABBV 0.81% 0.97% -0.16% $65M
LLY 1.45% 1.61% -0.15% $116M
CB 1.45% 1.60% -0.15% $116M
MCD 1.13% 1.28% -0.14% $91M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 22.0%
Financial Services 17.7%
Healthcare 16.5%
Industrials 11.6%
Consumer Cyclical 11.0%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 66 $4.1B 51.6%
Large Cap 274 $3.7B 45.8%
Mid Cap 27 $198M 2.5%
Small Cap 14 $11M 0.1%
Micro Cap 1 $437K 0.0%

Portfolio Analytics

Avg Market Cap
$196.9B
Median Market Cap
$68.5B
Avg P/E
33.2
Median P/E
24.0
Avg Dividend Yield
0.02%
Avg Beta
0.89
# Stocks
300
# ETFs / Funds
82

Top Holdings (382 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 6.98% 3,538,095 $559M $157.99 $169M -61,009 -1.7%
2 MSFT 5.58% 898,016 $447M $497.41 $107M -6,370 -0.7%
3 AAPL 4.45% 1,735,567 $356M $205.17 -$31M -7,098 -0.4%
4 ORLY 3.32% 2,945,844 $266M $90.13 -$19M +2,747,499 +1385.2%
5 V 3.25% 732,353 $260M $355.05 $1M -5,649 -0.8%
6 GOOG 2.67% 1,207,493 $214M $177.39 $25M -3,581 -0.3%
7 SYK 2.54% 514,389 $204M $395.63 $11M -2,275 -0.4%
8 JPM 2.46% 679,848 $197M $289.91 $28M -9,967 -1.4%
9 RTX 2.11% 1,155,533 $169M $146.02 $15M -8,263 -0.7%
10 COST 2.02% 163,058 $161M $989.94 $5M -2,553 -1.5%
11 HD 1.96% 428,324 $157M $366.64 -$904K -2,641 -0.6%
12 FI 1.86% 865,819 $149M $172.41 -$41M +6,323 +0.7%
13 DHR 1.71% 694,879 $137M $197.54 -$4M +4,277 +0.6%
14 ANSS 1.67% 380,883 $134M $351.22 $11M -5,846 -1.5%
15 ECL 1.60% 474,328 $128M $269.44 $8M +2,613 +0.6%
16 PG 1.57% 790,238 $126M $159.32 -$10M -5,379 -0.7%
17 AMZN 1.50% 547,872 $120M $219.39 $19M +15,150 +2.8%
18 LLY 1.45% 149,445 $116M $779.53 -$6M +910 +0.6%
19 CB 1.45% 401,368 $116M $289.72 -$6M -2,991 -0.7%
20 ROP 1.42% 200,529 $114M $566.84 -$4M +823 +0.4%
21 JNJ 1.31% 687,142 $105M $152.75 -$9M -55 -0.0%
22 TJX 1.21% 785,017 $97M $123.49 $1M +520 +0.1%
23 VRTX 1.21% 217,244 $97M $445.20 -$4M +9,605 +4.6%
24 MDY 1.20% 169,447 $96M $566.48 $5M -437 -0.3%
25 AJG 1.18% 294,591 $94M $320.12 -$9M -3,295 -1.1%
26 AMP 1.17% 175,953 $94M $533.73 $7M -2,578 -1.4%
27 WSO 1.17% 212,190 $94M $441.62 -$14M -67 -0.0%
28 META 1.14% 124,030 $92M $738.09 $23M +4,699 +3.9%
29 MCD 1.13% 310,967 $91M $292.17 -$7M -1,566 -0.5%
30 IDXX 1.13% 169,017 $91M $536.34 $19M -829 -0.5%
31 ABT 1.08% 634,135 $86M $136.01 $2M -392 -0.1%
32 RMD 1.07% 331,578 $86M $258.00 $12M +1,686 +0.5%
33 GOOGL 0.95% 430,647 $76M $176.23 $9M -4,749 -1.1%
34 ADP 0.91% 237,424 $73M $308.40 -$453K -3,714 -1.5%
35 MTD 0.89% 60,334 $71M $1,174.72 -$1M -699 -1.1%
36 PEP 0.88% 532,789 $70M $132.04 -$13M -23,455 -4.2%
37 IRM 0.86% 668,938 $69M $102.57 $11M -5,104 -0.8%
38 ABBV 0.81% 349,910 $65M $185.62 -$9M -4,714 -1.3%
39 CVX 0.74% 415,588 $60M $143.19 -$10M +931 +0.2%
40 BRK-B 0.74% 121,186 $59M $485.77 -$7M -1,660 -1.4%
41 KMX 0.72% 858,471 $58M $67.21 -$10M -15,292 -1.8%
42 AVGO 0.71% 204,891 $56M $275.65 $27M +30,733 +17.6%
43 VEA 0.69% 974,651 $56M $57.01 $7M +15,643 +1.6%
44 PAYX 0.68% 373,828 $54M $145.46 -$4M -4,883 -1.3%
45 NOW 0.67% 52,412 $54M $1,028.08 $20M +9,543 +22.3%
46 WMT 0.64% 526,490 $51M $97.78 $6M +6,127 +1.2%
47 CSL 0.64% 136,530 $51M $373.40 $11M +18,479 +15.7%
48 XYL 0.62% 381,335 $49M $129.36 $5M +12,513 +3.4%
49 BKNG 0.61% 8,467 $49M $5,789.23 $10M -13 -0.1%
50 LIN 0.60% 103,127 $48M $469.18 $762K +852 +0.8%
51 BAC 0.60% 1,012,075 $48M $47.32 $6M +592 +0.1%
52 NEE 0.58% 667,412 $46M $69.42 $4M +67,430 +11.2%
53 CSCO 0.57% 652,563 $45M $69.38 $5M -1,034 -0.2%
54 LECO 0.56% 215,456 $45M $207.32 $5M +4,567 +2.2%
55 CHD 0.54% 448,473 $43M $96.11 -$6M -1,031 -0.2%
56 CTAS 0.54% 193,241 $43M $222.87 $4M +745 +0.4%
57 ADBE 0.50% 103,667 $40M $386.88 -$5M -14,589 -12.3%
58 EMLP 0.50% 1,063,563 $40M $37.51 -$28K -1,302 -0.1%
59 AOS 0.49% 596,244 $39M $65.57 $339K +3,263 +0.6%
60 TMO 0.46% 91,114 $37M $405.46 -$9M -655 -0.7%
61 ACN 0.46% 122,521 $37M $298.89 -$2M -242 -0.2%
62 LHX 0.45% 142,889 $36M $250.84 $6M +1,283 +0.9%
63 AFL 0.44% 333,302 $35M $105.46 -$3M -8,122 -2.4%
64 XOM 0.41% 306,896 $33M $107.80 -$4M -1,404 -0.5%
65 VZ 0.39% 727,059 $31M $43.27 -$1M +1,169 +0.2%
66 FTSL 0.39% 682,178 $31M $45.89 $1M +21,844 +3.3%
67 DOV 0.36% 158,550 $29M $183.23 $764K -2,463 -1.5%
68 AXP 0.35% 88,793 $28M $318.98 $4M -861 -1.0%
69 MRK 0.33% 331,608 $26M $79.16 -$4M -5,950 -1.8%
70 TSCO 0.32% 488,188 $26M $52.77 -$1M +1,417 +0.3%
71 ORCL 0.32% 116,838 $26M $218.63 $10M +2,519 +2.2%
72 OTIS 0.32% 257,312 $25M $99.02 -$2M -6,631 -2.5%
73 SPY 0.31% 40,816 $25M $617.85 $1M -1,611 -3.8%
74 MCO 0.31% 49,106 $25M $501.59 $2M +241 +0.5%
75 QCOM 0.29% 143,438 $23M $159.26 $742K -444 -0.3%
76 KO 0.26% 293,130 $21M $70.75 -$462K -2,884 -1.0%
77 PFF 0.26% 666,320 $20M $30.68 -$200K -5,409 -0.8%
78 GSK 0.25% 519,365 $20M $38.40 -$177K
79 OMC 0.24% 264,498 $19M $71.94 -$4M -8,002 -2.9%
80 IBM 0.22% 59,159 $17M $294.78 $3M -849 -1.4%
81 CMCSA 0.21% 474,658 $17M $35.69 -$12M -313,508 -39.8%
82 SHOP 0.21% 146,116 $17M $115.35 $3M +2,515 +1.8%
83 EQIX 0.20% 20,470 $16M $795.47 $681K +1,335 +7.0%
84 EMR 0.20% 117,348 $16M $133.33 $2M -3,548 -2.9%
85 CMI 0.18% 45,115 $15M $327.50 $423K -673 -1.5%
86 EW 0.18% 185,809 $15M $78.21 -$924K -27,438 -12.9%
87 IJR 0.18% 129,280 $14M $109.29 $4M +30,830 +31.3%
88 LANC 0.16% 76,432 $13M $172.77 -$263K -529 -0.7%
89 GDX 0.16% 239,936 $12M $52.06 $1M -2,185 -0.9%
90 BSX 0.15% 113,441 $12M $107.41 $857K +1,149 +1.0%
91 GE 0.15% 47,009 $12M $257.39 $2M -1,367 -2.8%
92 EXPD 0.15% 103,072 $12M $114.25 -$694K -625 -0.6%
93 CGNX 0.14% 344,265 $11M $31.72 $1M +13,923 +4.2%
94 IVV 0.13% 17,366 $11M $620.90 $1M +108 +0.6%
95 CARR 0.13% 143,838 $11M $73.19 $1M -3,381 -2.3%
96 PGR 0.12% 37,483 $10M $266.86 -$1M -1,509 -3.9%
97 SBUX 0.12% 106,842 $10M $91.63 -$1M -3,601 -3.3%
98 APD 0.12% 34,074 $10M $282.06 -$1M -2,451 -6.7%
99 SHW 0.12% 27,589 $9M $343.36 -$431K -774 -2.7%
100 PFE 0.11% 375,829 $9M $24.24 -$1M -41,228 -9.9%

New Positions

SymbolValue% Port
AMD $833K 0.01%
ASML $601K 0.01%
ADSK $348K —%
ZTS $343K —%
VGK $294K —%
APH $271K —%
TER $266K —%
MCK $260K —%
VXUS $258K —%
AEM $251K —%
PLTR $251K —%
FLEX $225K —%
DEA $220K —%
FDN $217K —%

Sold Out Positions

SymbolValue% Port
CBZ —%
A —%
IBN —%
HUM —%
KYN —%
CDNS —%
VGSH —%
NOBL —%
QQQE —%
VDE —%
DFS —%
View SEC EDGAR Filings for WELCH & FORBES LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms