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WELCH & FORBES LLC

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

Q3 2025 · Filed 2025-11-04
Market Value
$8.3B
+3.7%
Holdings
387
+5
New Purchases
16
Added To
67
Closed
5
Reduced
184
Top 10 Concentration
38.1%
Turnover
5.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOG 3.53% 2.67% +0.85% $293M
AAPL 5.28% 4.45% +0.84% $439M
NVDA 7.78% 6.98% +0.80% $646M
ORLY 3.75% 3.32% +0.43% $311M
PANW 0.36% 0.05% +0.31% $30M
GOOGL 1.26% 0.95% +0.31% $104M
JNJ 1.51% 1.31% +0.20% $125M
RTX 2.30% 2.11% +0.19% $191M
IDXX 1.30% 1.13% +0.17% $108M
ABBV 0.97% 0.81% +0.16% $81M
TJX 1.36% 1.21% +0.15% $113M
AVGO 0.84% 0.71% +0.14% $70M
HD 2.09% 1.96% +0.13% $173M
SNPS 0.11% 0.00% +0.11% $9M
UBER 0.10% 0.00% +0.10% $9M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ANSS 0.00% 1.67% -1.67% $0
FI 1.35% 1.86% -0.51% $112M
KMX 0.44% 0.72% -0.28% $37M
V 2.99% 3.25% -0.26% $248M
SYK 2.29% 2.54% -0.25% $190M
DHR 1.49% 1.71% -0.23% $123M
ROP 1.20% 1.42% -0.22% $100M
COST 1.81% 2.02% -0.21% $150M
VRTX 1.04% 1.21% -0.17% $86M
AMP 1.03% 1.17% -0.14% $86M
PEP 0.75% 0.88% -0.13% $62M
WSO 1.04% 1.17% -0.13% $86M
ACN 0.33% 0.46% -0.13% $28M
PG 1.46% 1.57% -0.11% $121M
PAYX 0.57% 0.68% -0.11% $47M

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 67 $4.5B 54.7%
Large Cap 278 $3.6B 43.0%
Mid Cap 28 $182M 2.2%
Small Cap 12 $12M 0.1%
Micro Cap 2 $564K 0.0%

Portfolio Analytics

Avg Market Cap
$197.8B
Median Market Cap
$69.4B
Avg P/E
33.3
Median P/E
24.0
Avg Dividend Yield
0.02%
Avg Beta
0.90
# Stocks
303
# ETFs / Funds
84

Top Holdings (387 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 7.78% 3,462,148 $646M $186.58 $87M -75,947 -2.1%
2 MSFT 5.58% 894,788 $463M $517.95 $17M -3,228 -0.4%
3 AAPL 5.28% 1,722,290 $439M $254.63 $82M -13,277 -0.8%
4 ORLY 3.75% 2,884,906 $311M $107.81 $46M -60,938 -2.1%
5 GOOG 3.53% 1,203,288 $293M $243.55 $79M -4,205 -0.3%
6 V 2.99% 727,217 $248M $341.38 -$12M -5,136 -0.7%
7 JPM 2.55% 671,288 $212M $315.43 $15M -8,560 -1.3%
8 RTX 2.30% 1,141,516 $191M $167.33 $22M -14,017 -1.2%
9 SYK 2.29% 513,622 $190M $369.67 -$14M -767 -0.1%
10 HD 2.09% 427,477 $173M $405.19 $16M -847 -0.2%
11 COST 1.81% 161,993 $150M $925.63 -$11M -1,065 -0.7%
12 ECL 1.56% 473,582 $130M $273.86 $2M -746 -0.2%
13 LLY 1.55% 168,196 $128M $763.00 $12M +18,751 +12.6%
14 JNJ 1.51% 675,855 $125M $185.42 $20M -11,287 -1.6%
15 DHR 1.49% 622,089 $123M $198.26 -$14M -72,790 -10.5%
16 PG 1.46% 787,875 $121M $153.65 -$5M -2,363 -0.3%
17 AMZN 1.45% 550,124 $121M $219.57 $593K +2,252 +0.4%
18 TJX 1.36% 780,740 $113M $144.54 $16M -4,277 -0.5%
19 FI 1.35% 872,375 $112M $128.93 -$37M +6,556 +0.8%
20 CB 1.35% 398,440 $112M $282.25 -$4M -2,928 -0.7%
21 IDXX 1.30% 168,926 $108M $638.89 $17M -91 -0.1%
22 GOOGL 1.26% 429,151 $104M $243.10 $28M -1,496 -0.3%
23 MDY 1.21% 168,530 $100M $596.03 $4M -917 -0.5%
24 ROP 1.20% 199,734 $100M $498.69 -$14M -795 -0.4%
25 MCD 1.13% 307,613 $93M $303.89 $3M -3,354 -1.1%
26 META 1.12% 126,162 $93M $734.38 $1M +2,132 +1.7%
27 AJG 1.09% 292,770 $91M $309.74 -$4M -1,821 -0.6%
28 RMD 1.09% 329,836 $90M $273.73 $5M -1,742 -0.5%
29 VRTX 1.04% 220,346 $86M $391.64 -$10M +3,102 +1.4%
30 WSO 1.04% 213,231 $86M $404.30 -$7M +1,041 +0.5%
31 AMP 1.03% 174,884 $86M $491.25 -$8M -1,069 -0.6%
32 ABT 1.02% 631,865 $85M $133.94 -$2M -2,270 -0.4%
33 ABBV 0.97% 348,371 $81M $231.54 $16M -1,539 -0.4%
34 MTD 0.88% 59,721 $73M $1,227.61 $2M -613 -1.0%
35 AVGO 0.84% 211,870 $70M $329.91 $13M +6,979 +3.4%
36 IRM 0.81% 658,992 $67M $101.94 -$1M -9,946 -1.5%
37 ADP 0.81% 228,549 $67M $293.50 -$6M -8,875 -3.7%
38 CVX 0.78% 415,208 $64M $155.29 $5M -380 -0.1%
39 PEP 0.75% 440,826 $62M $140.44 -$8M -91,963 -17.3%
40 BRK-B 0.73% 120,658 $61M $502.74 $2M -528 -0.4%
41 VEA 0.71% 982,158 $59M $59.92 $3M +7,507 +0.8%
42 XYL 0.70% 393,371 $58M $147.50 $9M +12,036 +3.2%
43 BKNG 0.70% 10,741 $58M $5,399.28 $9M +2,274 +26.9%
44 WMT 0.66% 529,371 $55M $103.06 $3M +2,881 +0.6%
45 BAC 0.62% 1,005,865 $52M $51.59 $4M -6,210 -0.6%
46 LECO 0.61% 215,364 $51M $235.83 $6M -92 -0.0%
47 NEE 0.61% 672,709 $51M $75.49 $4M +5,297 +0.8%
48 NOW 0.60% 54,046 $50M $920.28 -$4M +1,634 +3.1%
49 LIN 0.59% 103,758 $49M $475.00 $900K +631 +0.6%
50 PAYX 0.57% 371,545 $47M $126.76 -$7M -2,283 -0.6%
51 CSL 0.56% 140,717 $46M $328.96 -$5M +4,187 +3.1%
52 CSCO 0.53% 647,290 $44M $68.42 -$987K -5,273 -0.8%
53 AOS 0.53% 595,309 $44M $73.41 $5M -935 -0.2%
54 TMO 0.52% 89,726 $44M $485.02 $7M -1,388 -1.5%
55 LHX 0.52% 142,474 $44M $305.41 $8M -415 -0.3%
56 EMLP 0.49% 1,054,183 $40M $38.29 $470K -9,380 -0.9%
57 CTAS 0.48% 192,368 $39M $205.26 -$4M -873 -0.5%
58 CHD 0.47% 443,675 $39M $87.63 -$4M -4,798 -1.1%
59 KMX 0.44% 818,220 $37M $44.87 -$21M -40,251 -4.7%
60 AFL 0.44% 326,635 $36M $111.70 $1M -6,667 -2.0%
61 ADBE 0.40% 94,978 $34M $352.75 -$7M -8,689 -8.4%
62 XOM 0.40% 291,236 $33M $112.75 -$246K -15,660 -5.1%
63 ORCL 0.39% 114,895 $32M $281.24 $7M -1,943 -1.7%
64 FTSL 0.37% 678,209 $31M $45.84 -$216K -3,969 -0.6%
65 VZ 0.37% 702,159 $31M $43.95 -$600K -24,900 -3.4%
66 PANW 0.36% 147,526 $30M $203.62 $26M +128,927 +693.2%
67 AXP 0.35% 87,759 $29M $332.16 $827K -1,034 -1.2%
68 ACN 0.33% 111,598 $28M $246.60 -$9M -10,923 -8.9%
69 TSCO 0.33% 483,759 $28M $56.87 $2M -4,429 -0.9%
70 MRK 0.33% 326,753 $27M $83.93 $1M -4,855 -1.5%
71 SPY 0.32% 40,312 $27M $666.18 $2M -504 -1.2%
72 DOV 0.31% 155,797 $26M $166.83 -$3M -2,753 -1.7%
73 MCO 0.29% 50,041 $24M $476.48 -$788K +935 +1.9%
74 QCOM 0.28% 140,954 $23M $166.36 $605K -2,484 -1.7%
75 OTIS 0.28% 251,938 $23M $91.43 -$2M -5,374 -2.1%
76 GSK 0.27% 518,597 $22M $43.16 $2M -768 -0.1%
77 SHOP 0.27% 150,548 $22M $148.61 $6M +4,432 +3.0%
78 OMC 0.26% 264,351 $22M $81.53 $3M -147 -0.1%
79 PFF 0.25% 645,491 $20M $31.62 -$32K -20,829 -3.1%
80 KO 0.23% 288,794 $19M $66.32 -$2M -4,336 -1.5%
81 EQIX 0.23% 24,414 $19M $783.24 $3M +3,944 +19.3%
82 CMI 0.23% 45,085 $19M $422.37 $4M -30 -0.1%
83 GDX 0.21% 230,269 $18M $76.40 $5M -9,667 -4.0%
84 IJR 0.20% 137,641 $16M $118.83 $2M +8,361 +6.5%
85 EMR 0.19% 117,254 $15M $131.18 -$265K -94 -0.1%
86 CGNX 0.19% 339,117 $15M $45.30 $4M -5,148 -1.5%
87 IBM 0.18% 54,413 $15M $282.16 -$2M -4,746 -8.0%
88 EW 0.17% 182,624 $14M $77.77 -$329K -3,185 -1.7%
89 GE 0.17% 46,292 $14M $300.82 $2M -717 -1.5%
90 LANC 0.15% 74,351 $13M $172.79 -$358K -2,081 -2.7%
91 EXPD 0.15% 103,038 $13M $122.59 $855K -34 -0.0%
92 CMCSA 0.14% 375,868 $12M $31.42 -$5M -98,790 -20.8%
93 IVV 0.14% 17,450 $12M $669.30 $897K +84 +0.5%
94 BSX 0.13% 111,941 $11M $97.63 -$1M -1,500 -1.3%
95 SHW 0.11% 27,088 $9M $346.26 -$93K -501 -1.8%
96 PFE 0.11% 365,618 $9M $25.48 $206K -10,211 -2.7%
97 CAT 0.11% 19,444 $9M $477.15 $2M -313 -1.6%
98 APD 0.11% 33,924 $9M $272.72 -$359K -150 -0.4%
99 PGR 0.11% 36,523 $9M $246.95 -$983K -960 -2.6%
100 SNPS 0.11% 18,075 $9M $493.39 +18,075 NEW

New Positions

SymbolValue% Port
SNPS $9M 0.11%
UBER $9M 0.10%
RAL $854K 0.01%
MU $248K —%
IBIT $225K —%
CDNS $220K —%
B $213K —%
ITOT $212K —%
SCHK $209K —%
TRMB $206K —%
UBS $205K —%
MLM $204K —%
DGRO $204K —%
VOOG $202K —%
NOBL $200K —%

Sold Out Positions

SymbolValue% Port
PRU —%
DEO —%
ESGU —%
HES —%
ANSS —%
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