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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
GD icon
201
General Dynamics
GD
$107B
$1.4M 0.02%
4,159
-1
-0% -$341
VEEV icon
202
Veeva Systems
VEEV
$38.1B
$1.39M 0.02%
6,213
-350
-5% -$92.9K
AMT icon
203
American Tower
AMT
$78.8B
$1.38M 0.02%
7,876
-129
-2% -$23.5K
VLTO icon
204
Veralto
VLTO
$23.7B
$1.37M 0.02%
13,736
-661
-5% -$66.9K
CVS icon
205
CVS Health
CVS
$122B
$1.37M 0.02%
17,203
+173
+1% +$13.6K
ALL icon
206
Allstate
ALL
$68.2B
$1.34M 0.02%
6,439
– –
DVY icon
207
iShares Select Dividend ETF
DVY
$23.6B
$1.33M 0.02%
9,416
-1,340
-12% -$189K
COF icon
208
Capital One
COF
$134B
$1.33M 0.02%
5,479
-1,123
-17% -$250K
USB icon
209
US Bancorp
USB
$100B
$1.31M 0.02%
24,605
+308
+1% +$15.2K
IEFA icon
210
iShares Core MSCI EAFE ETF
IEFA
$195B
$1.28M 0.02%
14,297
+372
+3% +$32.9K
CPRT icon
211
Copart
CPRT
$27.4B
$1.27M 0.02%
32,456
– –
MRSH
212
Marsh
MRSH
$91B
$1.27M 0.02%
6,844
-93
-1% -$17.4K
GS icon
213
Goldman Sachs
GS
$301B
$1.26M 0.02%
1,430
+11
+0.8% +$8.98K
WEC icon
214
WEC Energy
WEC
$34.6B
$1.24M 0.02%
11,728
-20
-0.2% -$2.21K
AMD icon
215
Advanced Micro Devices
AMD
$767B
$1.2M 0.01%
5,609
-8
-0.1% -$1.8K
HTD
216
John Hancock Tax-Advantaged Dividend Income Fund
HTD
$900M
$1.18M 0.01%
50,000
– –
MKC icon
217
McCormick & Company Non-Voting
MKC
$14.3B
$1.17M 0.01%
17,173
+9,951
+138% +$661K
CEF icon
218
Sprott Physical Gold and Silver Trust
CEF
$8.3B
$1.15M 0.01%
25,100
-8,901
-26% -$360K
MO icon
219
Altria Group
MO
$109B
$1.14M 0.01%
19,815
-2,169
-10% -$131K
XLK icon
220
State Street Technology Select Sector SPDR ETF
XLK
$122B
$1.11M 0.01%
7,728
– –
NVO
221
Novo Nordisk
NVO
$211B
$1.09M 0.01%
21,512
-34
-0.2% -$1.74K
ETN icon
222
Eaton
ETN
$173B
$1.09M 0.01%
3,409
+53
+2% +$18.8K
GLD icon
223
SPDR Gold Trust
GLD
$143B
$1.03M 0.01%
2,602
-280
-10% -$107K
MS icon
224
Morgan Stanley
MS
$338B
$1.02M 0.01%
5,756
-142
-2% -$23.7K
UNH icon
225
UnitedHealth
UNH
$371B
$1.01M 0.01%
3,062
-166
-5% -$56.3K
7 8
9
10 11

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CCM
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WA
Whitebox Advisors Minneapolis, Minnesota $8.12B AUM 15.82% 1-Year Est. Return
GGHC
Gilder Gagnon Howe & Co New York $8.34B AUM 46.58% 1-Year Est. Return
CCM
Coldstream Capital Management Bellevue, Washington $8.12B AUM 17.95% 1-Year Est. Return
FIA
Foundations Investment Advisors Phoenix, Arizona $8.07B AUM 24.97% 1-Year Est. Return
VIM
Vinva Investment Management Sydney, Australia $8.07B AUM 29.46% 1-Year Est. Return
AAF
Andra AP-fonden Goteborg, Sweden $8.39B AUM 21.19% 1-Year Est. Return
FMI
Fiduciary Management Inc Milwaukee, Wisconsin $8.06B AUM 6.78% 1-Year Est. Return

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.