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WF

Welch & Forbes Portfolio holdings

AUM $8.23B
1-Year Est. Return 17.62%
This Fund
S&P 500
This Quarter Est. Return
+2.43%
1 Year Est. Return
+17.62%
3 Year Est. Return
+73.71%
5 Year Est. Return
+105.59%
10 Year Est. Return
+384.93%
AUM
$8.25B
AUM Growth
-$49M
Cap. Flow
-$98.8M
Cap. Flow %
-1.2%
Top 10 Hldgs %
38.58%
Holding
390
New
7
Increased
62
Reduced
202
Closed
16

Top Buys

Rank Stock Value
1
PANW icon
Palo Alto Networks
PANW
+$17.5M
2
UBER icon
Uber
UBER
+$15M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$10.7M
4
SNPS icon
Synopsys
SNPS
+$7.77M
5
AVGO icon
Broadcom
AVGO
+$6.33M

Top Sells

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$26.4M
2
NVDA icon
NVIDIA
NVDA
+$23.2M
3
KMX icon
CarMax
KMX
+$14.9M
4
NOW icon
ServiceNow
NOW
+$7.56M
5
ADBE icon
Adobe
ADBE
+$6.78M

Sector Composition

Rank Sector Weight
1 Technology 26.49%
2 Healthcare 16.78%
3 Financials 12.32%
4 Consumer Discretionary 10.62%
5 Industrials 9.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CSL icon
51
Carlisle Companies
CSL
$15.3B
$42.1M 0.51%
131,526
-9,191
-7% -$2.98M
LHX icon
52
L3Harris
LHX
$54B
$41.4M 0.5%
140,884
-1,590
-1% -$460K
PAYX icon
53
Paychex
PAYX
$43.1B
$41.3M 0.5%
368,473
-3,072
-0.8% -$360K
EMLP icon
54
First Trust North American Energy Infrastructure Fund
EMLP
$4.1B
$39.4M 0.48%
1,040,699
-13,484
-1% -$514K
AOS icon
55
A.O. Smith
AOS
$8.48B
$39.2M 0.47%
585,817
-9,492
-2% -$641K
SPY icon
56
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$38.3M 0.46%
56,158
+15,846
+39% +$10.7M
FISV
57
Fiserv Inc
FISV
$27.8B
$37.4M 0.45%
557,384
-314,991
-36% -$26.4M
CTAS icon
58
Cintas
CTAS
$81.1B
$35.8M 0.43%
190,507
-1,861
-1% -$351K
AFL icon
59
Aflac
AFL
$61.2B
$35.4M 0.43%
321,248
-5,387
-2% -$593K
XOM icon
60
ExxonMobil
XOM
$662B
$34.8M 0.42%
289,014
-2,222
-0.8% -$258K
NOW icon
61
ServiceNow
NOW
$132B
$34.6M 0.42%
226,177
-44,053
-16% -$7.56M
CHD icon
62
Church & Dwight Co
CHD
$24.5B
$34.2M 0.41%
407,322
-36,353
-8% -$3.11M
MRK icon
63
Merck
MRK
$323B
$33.9M 0.41%
322,229
-4,524
-1% -$425K
AXP icon
64
American Express
AXP
$229B
$32.3M 0.39%
87,246
-513
-0.6% -$184K
FTSL icon
65
First Trust Senior Loan Fund ETF
FTSL
$2.33B
$32M 0.39%
696,962
+18,753
+3% +$860K
DOV icon
66
Dover
DOV
$28.3B
$28.2M 0.34%
144,182
-11,615
-7% -$2.12M
VZ icon
67
Verizon
VZ
$195B
$27.1M 0.33%
664,664
-37,495
-5% -$1.52M
ADBE icon
68
Adobe
ADBE
$109B
$26.3M 0.32%
75,055
-19,923
-21% -$6.78M
MCO icon
69
Moody's
MCO
$82.8B
$25.7M 0.31%
50,215
+174
+0.3% +$84.9K
GSK icon
70
GSK
GSK
$104B
$25.4M 0.31%
518,597
– –
SHOP icon
71
Shopify
SHOP
$200B
$24.6M 0.3%
152,934
+2,386
+2% +$383K
TSCO icon
72
Tractor Supply
TSCO
$18B
$24.4M 0.3%
487,847
+4,088
+0.8% +$220K
QCOM icon
73
Qualcomm
QCOM
$170B
$24M 0.29%
140,036
-918
-0.7% -$157K
ACN icon
74
Accenture
ACN
$109B
$23.6M 0.29%
88,054
-23,544
-21% -$5.98M
CMI icon
75
Cummins
CMI
$87.4B
$22.6M 0.27%
44,370
-715
-2% -$334K
1 2
3
4 5

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GGHC
Gilder Gagnon Howe & Co New York $8.34B AUM 46.58% 1-Year Est. Return
CCM
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FIA
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VIM
Vinva Investment Management Sydney, Australia $8.07B AUM 29.46% 1-Year Est. Return
AAF
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FMI
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Welch & Forbes's Q4 2025 Portfolio in Review

As of Q4 2025, Welch & Forbes held 390 positions worth $8.25B, down 0.59% from $8.3B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Welch & Forbes's Q4 2025 filing shows 7 new, 62 increased, 202 reduced and 16 closed positions. Its largest new stake was Harbor Long-Short Equity ETF: 14,016 shares worth $387K. The largest sale was Fiserv Inc, an estimated $26.4M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 28% a quarter earlier, followed by Healthcare and Financials.

  • Welch & Forbes's largest Q4 2025 buy was Harbor Long-Short Equity ETF: 14,016 shares worth $387K.
  • Welch & Forbes added most to Palo Alto Networks in Q4 2025, an estimated $17.5M increase.
  • Welch & Forbes's biggest Q4 2025 reduction was Fiserv Inc, cutting an estimated $26.4M.
  • Welch & Forbes fully exited Enterprise Products Partners in Q4 2025, selling an estimated $911K.
  • Welch & Forbes's ten largest holdings make up 39% of its $8.25B portfolio in Q4 2025.
  • Welch & Forbes opened 7 new positions and closed 16 in Q4 2025.
  • Welch & Forbes's portfolio value fell 0.59% quarter-over-quarter to $8.25B.

Based on Welch & Forbes's 13F filing for Q4 2025, filed 10 Feb 2026.