Welch & Forbes LLC
Long book
$7.73B
Q1 2026
Positions
368
Top-10 weight
37%
concentration
Last quarter
+9.9%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsWelch & Forbes LLC is an institutional manager, running a $7.73B US long book across 368 positions.
The portfolio is moderately concentrated (top 10 ≈ 37% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, ALPHABET INC-CL C, MICROSOFT CORP, O'REILLY AUTOMOTIVE INC.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.2%
Q2 2024
+6.5%
Q3 2024
-0.4%
Q4 2024
-0.5%
Q1 2025
+5.5%
Q2 2025
+6.0%
Q3 2025
+0.9%
Q4 2025
-4.4%
Q1 2026
+9.9%
Sector allocation
Technology 34%
Consumer discretionary 16%
Healthcare 14%
Financials 9%
Industrials 8%
Other 6%
Services media 5%
Materials 2%
Long book by quarter
What does Welch & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 3.1M | $540.0M | 7.0% | -7.2% |
| AAPL APPLE INC | Technology | 1.7M | $426.3M | 5.5% | -1.3% |
| GOOG ALPHABET INC-CL C | Technology | 1.2M | $336.3M | 4.3% | -1.2% |
| MSFT MICROSOFT CORP | Technology | 881.6K | $326.3M | 4.2% | -0.7% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 2.8M | $261.4M | 3.4% | -1.3% |
| V VISA INC-CLASS A SHARES | Services media | 719.6K | $217.5M | 2.8% | -0.9% |
| RTX RTX CORP | Industrials | 1.1M | $211.1M | 2.7% | -2.6% |
| JPM JPMORGAN CHASE & CO | Financials | 652.9K | $192.1M | 2.5% | -2.0% |
| SYK STRYKER CORP | Healthcare | 509.1K | $167.3M | 2.2% | -0.7% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 161.4K | $160.8M | 2.1% | -0.6% |
| JNJ JOHNSON & JOHNSON | Healthcare | 657.5K | $160.7M | 2.1% | -1.9% |
| LLY ELI LILLY & CO | Healthcare | 168.2K | $154.7M | 2.0% | +0.2% |
| HD HOME DEPOT INC | Consumer discretionary | 428.7K | $141.0M | 1.8% | 0.0% |
| CB CHUBB LTD | Financials | 386.8K | $126.1M | 1.6% | -1.8% |
| ECL ECOLAB INC | Other | 470.4K | $125.1M | 1.6% | -0.4% |
| TJX TJX COMPANIES INC | Consumer discretionary | 772.0K | $123.3M | 1.6% | -0.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 568.0K | $118.3M | 1.5% | +0.9% |
| GOOGL ALPHABET INC-CL A | Technology | 409.4K | $117.7M | 1.5% | -2.8% |
| DHR DANAHER CORP | Technology | 612.7K | $116.2M | 1.5% | -1.0% |
| PG PROCTER & GAMBLE CO/THE | Other | 763.9K | $110.3M | 1.4% | -0.6% |
| VRTX VERTEX PHARMACEUTICALS INC | Healthcare | 219.7K | $98.1M | 1.3% | +0.7% |
| IDXX IDEXX LABORATORIES INC | Materials | 168.2K | $94.5M | 1.2% | -0.1% |
| MCD MCDONALD'S CORP | Consumer discretionary | 304.0K | $94.5M | 1.2% | -0.8% |
| CVX CHEVRON CORP | Energy | 400.5K | $82.9M | 1.1% | -1.8% |
| AMP AMERIPRISE FINANCIAL INC | Financials | 173.5K | $77.1M | 1.0% | -0.2% |
| META META PLATFORMS INC-CLASS A | Technology | 134.0K | $76.6M | 1.0% | +3.0% |
| WSO WATSCO INC | Consumer discretionary | 209.8K | $76.3M | 1.0% | -0.4% |
| ABBV ABBVIE INC | Healthcare | 343.6K | $74.7M | 1.0% | -0.7% |
| AVGO BROADCOM INC | Technology | 241.4K | $74.7M | 1.0% | +5.2% |
| MTD METTLER-TOLEDO INTERNATIONAL | Healthcare | 58.8K | $74.2M | 1.0% | -0.9% |
| RMD RESMED INC | Healthcare | 326.4K | $73.3M | 0.9% | -0.6% |
| WMT WALMART INC | Consumer discretionary | 523.1K | $65.0M | 0.8% | -2.3% |
| ABT ABBOTT LABORATORIES | Healthcare | 629.8K | $64.7M | 0.8% | -0.3% |
| PEP PEPSICO INC | Consumer staples | 416.0K | $64.6M | 0.8% | -3.1% |
| ROP ROPER TECHNOLOGIES INC | Technology | 180.1K | $63.7M | 0.8% | -7.4% |
| AJG ARTHUR J GALLAGHER & CO | Financials | 293.3K | $63.5M | 0.8% | -0.3% |
| NEE NEXTERA ENERGY INC | Utilities | 675.4K | $62.7M | 0.8% | -0.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 117.5K | $56.3M | 0.7% | -0.9% |
| LECO LINCOLN ELECTRIC HOLDINGS | Industrials | 209.9K | $52.3M | 0.7% | -1.3% |
| LIN LINDE PLC | Materials | 105.3K | $52.2M | 0.7% | +0.7% |
| XYL XYLEM INC | Industrials | 413.9K | $49.5M | 0.6% | +3.0% |
| CSCO CISCO SYSTEMS INC | Technology | 633.5K | $49.2M | 0.6% | -1.4% |
| XOM EXXON MOBIL CORP | Energy | 285.0K | $48.4M | 0.6% | -1.4% |
| PANW PALO ALTO NETWORKS INC | Technology | 300.6K | $48.2M | 0.6% | +28.2% |
| LHX L3HARRIS TECHNOLOGIES INC | Technology | 138.1K | $47.7M | 0.6% | -2.0% |
| BAC BANK OF AMERICA CORP | Financials | 976.6K | $47.6M | 0.6% | -1.4% |
| CSL CARLISLE COS INC | Other | 140.5K | $46.9M | 0.6% | +6.8% |
| BKNG BOOKING HOLDINGS INC | Industrials | 10.9K | $45.8M | 0.6% | +2.0% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 224.0K | $45.5M | 0.6% | -1.1% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 88.9K | $43.7M | 0.6% | -0.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 368 | $7.73B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 374 | $8.25B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 383 | $8.30B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 372 | $8.01B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 2, 2025 | 370 | $7.64B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 379 | $7.78B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 4, 2024 | 373 | $7.86B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 2, 2024 | 366 | $7.49B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 3, 2024 | 378 | $7.28B | canonical | SEC ↗ |
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