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Asset Manager ← All Institutions

WELCH & FORBES LLC

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

Q4 2025 · Filed 2026-02-10
Market Value
$8.3B
-0.6%
Holdings
389
+2
New Purchases
7
Added To
65
Closed
17
Reduced
199
Top 10 Concentration
38.6%
Turnover
6.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOG 4.51% 3.53% +0.98% $372M
LLY 2.19% 1.55% +0.64% $180M
GOOGL 1.60% 1.26% +0.34% $132M
AAPL 5.61% 5.28% +0.33% $463M
DHR 1.72% 1.49% +0.23% $142M
RTX 2.50% 2.30% +0.20% $206M
JNJ 1.68% 1.51% +0.17% $139M
PANW 0.52% 0.36% +0.16% $43M
VRTX 1.20% 1.04% +0.16% $99M
UBER 0.25% 0.10% +0.15% $21M
SPY 0.46% 0.32% +0.14% $38M
CB 1.49% 1.35% +0.14% $123M
AVGO 0.96% 0.84% +0.12% $79M
AMZN 1.58% 1.45% +0.12% $130M
MTD 1.00% 0.88% +0.12% $83M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
FI 0.45% 1.35% -0.90% $37M
ORLY 3.17% 3.75% -0.57% $262M
MSFT 5.20% 5.58% -0.38% $429M
HD 1.79% 2.09% -0.30% $147M
NVDA 7.54% 7.78% -0.24% $622M
KMX 0.21% 0.44% -0.23% $17M
NOW 0.42% 0.60% -0.18% $35M
WSO 0.86% 1.04% -0.18% $71M
AJG 0.92% 1.09% -0.17% $76M
ROP 1.05% 1.20% -0.15% $87M
IRM 0.66% 0.81% -0.15% $54M
RMD 0.96% 1.09% -0.13% $79M
PG 1.33% 1.46% -0.12% $110M
ORCL 0.27% 0.39% -0.12% $22M
COST 1.70% 1.81% -0.11% $140M

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 $4.7B 56.8%
Large Cap 277 $3.4B 41.2%
Mid Cap 30 $158M 1.9%
Small Cap 12 $11M 0.1%
Micro Cap 3 $898K 0.0%

Portfolio Analytics

Avg Market Cap
$196.7B
Median Market Cap
$69.2B
Avg P/E
33.1
Median P/E
24.1
Avg Dividend Yield
0.02%
Avg Beta
0.91
# Stocks
304
# ETFs / Funds
85

Top Holdings (389 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NVDA 7.54% 3,337,312 $622M $186.50 -$24M -124,836 -3.6%
2 AAPL 5.61% 1,702,197 $463M $271.86 $24M -20,093 -1.2%
3 MSFT 5.20% 887,460 $429M $483.62 -$34M -7,328 -0.8%
4 GOOG 4.51% 1,186,866 $372M $313.80 $79M -16,422 -1.4%
5 ORLY 3.17% 2,869,787 $262M $91.21 -$49M -15,119 -0.5%
6 V 3.08% 725,722 $255M $350.71 $6M -1,495 -0.2%
7 JPM 2.60% 665,957 $215M $322.22 $3M -5,331 -0.8%
8 RTX 2.50% 1,123,240 $206M $183.40 $15M -18,276 -1.6%
9 LLY 2.19% 167,818 $180M $1,074.68 $52M -378 -0.2%
10 SYK 2.18% 512,479 $180M $351.47 -$10M -1,143 -0.2%
11 HD 1.79% 428,480 $147M $344.10 -$26M +1,003 +0.2%
12 DHR 1.72% 618,995 $142M $228.92 $18M -3,094 -0.5%
13 COST 1.70% 162,345 $140M $862.34 -$10M +352 +0.2%
14 JNJ 1.68% 670,094 $139M $206.95 $13M -5,761 -0.8%
15 GOOGL 1.60% 421,125 $132M $313.00 $27M -8,026 -1.9%
16 AMZN 1.58% 563,166 $130M $230.82 $9M +13,042 +2.4%
17 ECL 1.50% 472,164 $124M $262.52 -$6M -1,418 -0.3%
18 CB 1.49% 393,955 $123M $312.12 $11M -4,485 -1.1%
19 TJX 1.45% 777,967 $120M $153.61 $7M -2,773 -0.4%
20 IDXX 1.38% 168,282 $114M $676.53 $6M -644 -0.4%
21 PG 1.33% 768,228 $110M $143.31 -$11M -19,647 -2.5%
22 MDY 1.22% 166,753 $101M $603.28 $150K -1,777 -1.1%
23 VRTX 1.20% 218,198 $99M $453.36 $13M -2,148 -1.0%
24 MCD 1.13% 306,406 $94M $305.63 $166K -1,207 -0.4%
25 ROP 1.05% 194,463 $87M $445.13 -$13M -5,271 -2.6%
26 META 1.04% 130,031 $86M $660.09 -$7M +3,869 +3.1%
27 AMP 1.03% 173,878 $85M $490.34 -$653K -1,006 -0.6%
28 MTD 1.00% 59,348 $83M $1,394.19 $9M -373 -0.6%
29 AVGO 0.96% 229,576 $79M $346.10 $10M +17,706 +8.4%
30 ABT 0.96% 631,911 $79M $125.29 -$5M +46 +0.0%
31 RMD 0.96% 328,371 $79M $240.87 -$11M -1,465 -0.4%
32 ABBV 0.96% 345,947 $79M $228.49 -$2M -2,424 -0.7%
33 AJG 0.92% 294,278 $76M $258.79 -$15M +1,508 +0.5%
34 WSO 0.86% 210,718 $71M $336.95 -$15M -2,513 -1.2%
35 CVX 0.75% 407,695 $62M $152.41 -$2M -7,513 -1.8%
36 PEP 0.75% 429,173 $62M $143.52 -$315K -11,653 -2.6%
37 VEA 0.73% 967,383 $60M $62.47 $2M -14,775 -1.5%
38 BRK-B 0.72% 118,631 $60M $502.65 -$1M -2,027 -1.7%
39 WMT 0.72% 535,229 $60M $111.41 $5M +5,858 +1.1%
40 ADP 0.71% 226,508 $58M $257.23 -$9M -2,041 -0.9%
41 BKNG 0.69% 10,655 $57M $5,355.33 -$933K -86 -0.8%
42 XYL 0.66% 401,832 $55M $136.18 -$3M +8,461 +2.1%
43 BAC 0.66% 989,978 $54M $55.00 $3M -15,887 -1.6%
44 IRM 0.66% 656,364 $54M $82.95 -$13M -2,628 -0.4%
45 NEE 0.66% 676,027 $54M $80.28 $3M +3,318 +0.5%
46 TMO 0.63% 89,084 $52M $579.45 $8M -642 -0.7%
47 LECO 0.62% 212,640 $51M $239.64 $168K -2,724 -1.3%
48 CSCO 0.60% 642,476 $49M $77.03 $5M -4,814 -0.7%
49 LIN 0.54% 104,570 $45M $426.39 -$5M +812 +0.8%
50 PANW 0.52% 234,423 $43M $184.20 $13M +86,897 +58.9%
51 CSL 0.51% 131,526 $42M $319.86 -$4M -9,191 -6.5%
52 LHX 0.50% 140,884 $41M $293.57 -$2M -1,590 -1.1%
53 PAYX 0.50% 368,473 $41M $112.18 -$6M -3,072 -0.8%
54 EMLP 0.48% 1,040,699 $39M $37.87 -$953K -13,484 -1.3%
55 AOS 0.47% 585,817 $39M $66.88 -$5M -9,492 -1.6%
56 SPY 0.46% 56,158 $38M $681.92 $11M +15,846 +39.3%
57 FI 0.45% 557,384 $37M $67.17 -$75M -314,991 -36.1%
58 CTAS 0.43% 190,507 $36M $188.07 -$4M -1,861 -1.0%
59 AFL 0.43% 321,248 $35M $110.27 -$1M -5,387 -1.6%
60 XOM 0.42% 289,014 $35M $120.34 $2M -2,222 -0.8%
61 NOW 0.42% 226,177 $35M $153.19 -$15M +172,131 +318.5%
62 CHD 0.41% 407,322 $34M $83.85 -$5M -36,353 -8.2%
63 MRK 0.41% 322,229 $34M $105.26 $6M -4,524 -1.4%
64 AXP 0.39% 87,246 $32M $369.95 $3M -513 -0.6%
65 FTSL 0.39% 696,962 $32M $45.88 $888K +18,753 +2.8%
66 DOV 0.34% 144,182 $28M $195.24 $2M -11,615 -7.5%
67 VZ 0.33% 664,664 $27M $40.73 -$4M -37,495 -5.3%
68 ADBE 0.32% 75,055 $26M $349.99 -$7M -19,923 -21.0%
69 MCO 0.31% 50,215 $26M $510.85 $2M +174 +0.3%
70 GSK 0.31% 518,597 $25M $49.04 $3M
71 SHOP 0.30% 152,934 $25M $160.97 $2M +2,386 +1.6%
72 TSCO 0.30% 487,847 $24M $50.01 -$3M +4,088 +0.8%
73 QCOM 0.29% 140,036 $24M $171.05 $504K -918 -0.7%
74 ACN 0.29% 88,054 $24M $268.30 -$4M -23,544 -21.1%
75 CMI 0.27% 44,370 $23M $510.45 $4M -715 -1.6%
76 ORCL 0.27% 112,655 $22M $194.91 -$10M -2,240 -1.9%
77 OTIS 0.26% 246,580 $22M $87.35 -$1M -5,358 -2.1%
78 UBER 0.25% 254,751 $21M $81.71 $12M +166,371 +188.2%
79 OMC 0.25% 252,500 $20M $80.75 -$1M -11,851 -4.5%
80 KO 0.24% 283,587 $20M $69.91 $673K -5,207 -1.8%
81 EQIX 0.23% 25,179 $19M $766.16 $169K +765 +3.1%
82 PFF 0.22% 594,427 $18M $30.96 -$2M -51,064 -7.9%
83 GDX 0.22% 214,275 $18M $85.77 $786K -15,994 -7.0%
84 KMX 0.21% 446,573 $17M $38.64 -$19M -371,647 -45.4%
85 SNPS 0.20% 35,556 $17M $469.72 $8M +17,481 +96.7%
86 IJR 0.20% 137,975 $17M $120.18 $226K +334 +0.2%
87 IBM 0.19% 53,911 $16M $296.21 $616K -502 -0.9%
88 EW 0.19% 181,671 $15M $85.25 $1M -953 -0.5%
89 EXPD 0.18% 102,259 $15M $149.01 $3M -779 -0.8%
90 EMR 0.18% 113,174 $15M $132.72 -$361K -4,080 -3.5%
91 GE 0.17% 45,283 $14M $308.03 $23K -1,009 -2.2%
92 IVV 0.15% 18,340 $13M $684.94 $883K +890 +5.1%
93 LANC 0.14% 72,543 $12M $164.42 -$920K -1,808 -2.4%
94 CGNX 0.14% 330,638 $12M $35.98 -$3M -8,479 -2.5%
95 CAT 0.13% 19,405 $11M $572.87 $2M -39 -0.2%
96 BSX 0.13% 111,739 $11M $95.35 -$274K -202 -0.2%
97 MDB 0.12% 23,581 $10M $419.69 $3M +898 +4.0%
98 PFE 0.11% 355,663 $9M $24.90 -$460K -9,955 -2.7%
99 SHW 0.11% 27,013 $9M $324.03 -$626K -75 -0.3%
100 NVS 0.10% 61,088 $8M $137.87 $581K -58 -0.1%

New Positions

SymbolValue% Port
LSEQ $387K —%
Q $305K —%
GRAL $266K —%
MUB $250K —%
ILMN $236K —%
SRRK $220K —%
HAL $215K —%

Sold Out Positions

SymbolValue% Port
LNN —%
ZTS —%
HUBS —%
STZ —%
DOW —%
CCI —%
UL —%
EPD —%
ATR —%
CIG —%
CDNS —%
VOOG —%
IBIT —%
TRMB —%
PYPL —%
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