1y return+8.5%S&P 500 +20.9%
3y return+43.4%S&P 500 +68.5%
5y return+53.6%S&P 500 +74.5%
10y return+196.9%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $297 against $357 in the S&P 500.2
Welch & Forbes LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| NVDANvidia Corporation | $608.5M | 7.4% | −1.8% |
| AAPLApple Inc | $481.2M | 5.8% | −1.0% |
| GOOGAlphabet Inc | $407.5M | 5.0% | −1.6% |
| MSFTMicrosoft Corp | $331.0M | 4.0% | |
| ORLYOreilly Automotive Inc | $258.7M | 3.1% | |
| VVisa Inc | $241.9M | 2.9% | −2.0% |
| JPMJpmorgan Chase & Co | $211.3M | 2.6% | −1.1% |
| LLYEli Lilly & Co | $207.1M | 2.5% | +2.7% |
| RTXRtx Corporation | $203.0M | 2.5% | −2.3% |
| JNJJohnson & Johnson | $167.1M | 2.0% | |
| SYKStryker Corporation | $163.6M | 2.0% | +2.1% |
| COSTCostco Wholesale Corporation | $151.8M | 1.8% | |
| HDHome Depot Inc | $151.1M | 1.8% | |
| GOOGLAlphabet Inc | $143.6M | 1.7% | −1.9% |
| AMZNAmazon Com Inc | $138.2M | 1.7% | +2.1% |
| Chubb LimitedCUSIP H1467J104 | $131.1M | 1.6% | |
| ECLEcolab Inc | $130.6M | 1.6% | |
| TJXTjx Cos Inc New | $116.3M | 1.4% | |
| DHRDanaher Corp Del | $114.0M | 1.4% | −2.3% |
| PGProcter & Gamble Co | $110.7M | 1.3% | −1.2% |
| PANWPalo Alto Networks Inc | $109.9M | 1.3% | +7.3% |
| VRTXVertex Pharmaceuticals Inc | $109.9M | 1.3% | |
| MDYState Str Spdr S&p Midcap 40 | $100.0M | 1.2% | −12.0% |
| AVGOBroadcom Inc | $99.4M | 1.2% | +8.9% |
| IDXXIdexx Labs Inc | $88.3M | 1.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2020 | +2006.7% | $608.5M |
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $99.4M |
| PANWPalo Alto Networks Inc | June 30, 2020 | +790.9% | $109.9M |
| LLYEli Lilly & Co | June 30, 2020 | +630.6% | $207.1M |
| GOOGLAlphabet Inc | June 30, 2020 | +404.0% | $143.6M |
| GOOGAlphabet Inc | June 30, 2020 | +399.9% | $407.5M |
| IRMIron Mtn Inc Del | June 30, 2020 | +383.9% | $80.8M |
| JPMJpmorgan Chase & Co | June 30, 2020 | +248.0% | $211.3M |
| ORLYOreilly Automotive Inc | June 30, 2020 | +227.6% | $258.7M |
| AAPLApple Inc | June 30, 2020 | +217.3% | $481.2M |
Sold off last quarter
- Honeywell Intl IncCUSIP 438516106 was $2.2M
- Dupont De Nemours IncCUSIP 26614N102 was $327K
- BHPBhp Billiton Limited was $263K
- TXTTextron Inc was $252K
- DOWDow Hldgs Inc was $243K
- MPLXMplx LP was $230K
- VNTVontier Corporation was $225K
- BKLNInvesco Exch Traded Fd Tr II was $208K
- EQTEqt Corp was $207K
- VDEVanguard World Fd was $204K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +7.2% | +14.8% |
| March 31, 2026 | −4.7% | −4.6% |
| December 31, 2025 | +0.6% | +2.4% |
| September 30, 2025 | +5.6% | +7.8% |
| June 30, 2025 | +5.2% | +10.5% |
| March 31, 2025 | −0.9% | −4.6% |
| December 31, 2024 | −0.6% | +2.1% |
| September 30, 2024 | +6.1% | +5.4% |
| June 30, 2024 | +2.7% | +4.0% |
| March 31, 2024 | +11.2% | +10.0% |
| December 31, 2023 | +10.0% | +11.2% |
| September 30, 2023 | −4.4% | −3.6% |
| June 30, 2023 | +7.7% | +8.3% |
| March 31, 2023 | +6.5% | +7.0% |
| December 31, 2022 | +10.3% | +7.1% |
| September 30, 2022 | −5.8% | −5.3% |
| June 30, 2022 | −14.4% | −16.5% |
| March 31, 2022 | −6.3% | −4.9% |
| December 31, 2021 | +11.0% | +10.7% |
| September 30, 2021 | +1.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Welch & Forbes LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=105495&type=13F-HR&dateb=&owner=include&count=40CIK 105495
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/105495/000010549526000003/Filed July 30, 2026 · accession 0000105495-26-000003