SEC 13F Intelligence

Managers / Q4 2023 · view latest →

WELCH & FORBES LLC

CIK 0000105495 · 45 SCHOOL STREET, BOSTON, MA, 02108 · 617-523-1635

Reported Value
$6.6B
Q4 2023
Positions
366
Filings on Record
30
2019–present window
Filed
Feb 6, 2024
original filing

Summary

Welch & Forbes LLC reported $6.6B in U.S.-listed holdings across 366 positions for Q4 2023.

Its largest position, AAPL, represents 5.2% of the portfolio.

Compared with Q3 2023, the fund opened 9 new positions and exited 10.

Portfolio Metrics

Turnover
+1.3%
vs prior filed quarter
Top-10 Concentration
+31.9%
share of reported value
Largest Position
+5.2%
Apple
New / Exited
9 / 10
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $3.5BQ4 ’18Q1 ’19: $4.0BQ2 ’19: $4.1BQ3 ’19: $4.2BQ4 ’19: $4.5BQ4 ’19Q1 ’20: $3.6BQ2 ’20: $4.3BQ3 ’20: $4.6BQ4 ’20: $5.1BQ4 ’20Q1 ’21: $5.4BQ2 ’21: $5.9BQ3 ’21: $6.0BQ4 ’21: $6.7BQ4 ’21Q1 ’22: $6.3BQ2 ’22: $5.5BQ3 ’22: $5.1BQ4 ’22: $5.6BQ4 ’22Q1 ’23: $5.9BQ2 ’23: $6.3BQ3 ’23: $6.0BQ4 ’23: $6.6BQ4 ’23Q1 ’24: $7.3BQ2 ’24: $7.5BQ3 ’24: $7.9BQ4 ’24: $7.8BQ4 ’24Q1 ’25: $7.6BQ2 ’25: $8.0BQ3 ’25: $8.3BQ4 ’25: $8.3BQ4 ’25Q1 ’26: $7.7Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 90.0%ETP: 5.4%Other: 3.0%REIT: 0.9%ADR: 0.6%Other: 0.1%
  • Common Stock · 90.0% · $6.0B
  • ETP · 5.4% · $360M
  • Other · 3.0% · $197M
  • REIT · 0.9% · $59M
  • ADR · 0.6% · $39M
  • Other · 0.1% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VLTOVERALTO CORPNEW+128.3K128.3K+$11M$11M
VUGVANGUARD INDEX FDSNEW+804804+$249,948$249,948
ISHARES TRNEW+2.0K2.0K+$213,933$213,933
ICEINTERCONTINENTAL EXCHANGE INNEW+1.7K1.7K+$213,584$213,584
CBZCBIZ INCNEW+3.4K3.4K+$211,742$211,742
TE CONNECTIVITY LTDNEW+1.5K1.5K+$210,610$210,610
RSGREPUBLIC SVCS INCNEW+1.3K1.3K+$209,931$209,931
HXLHEXCEL CORP NEWNEW+2.7K2.7K+$202,592$202,592

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2023

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM5.18%$343M1.78M
2MSFTMICROSOFT CORPhistory →COM5.14%$340M904.8K
3NVDANVIDIA CORPORATIONhistory →COM3.85%$255M514.3K
4GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.46%$229M1.63M
5ORLYOREILLY AUTOMOTIVE INChistory →COM3.00%$198M208.9K
6VVISA INChistory →COM CL A2.98%$197M757.7K
7SYKSTRYKER CORPORATIONhistory →COM2.37%$157M524.3K
8DHRDANAHER CORPORATIONhistory →COM2.35%$156M673.4K
9AKXANSYS INChistory →COM2.28%$151M415.3K
10HDHOME DEPOT INChistory →COM2.26%$150M431.7K
11JPMJPMORGAN CHASE & COhistory →COM1.86%$123M722.7K
12FISVFISERV INChistory →COM1.83%$121M912.6K
13JNJJOHNSON & JOHNSONhistory →COM1.82%$121M768.8K
14PGPROCTER AND GAMBLE COhistory →COM1.77%$117M800.6K
15COSTCOSTCO WHSL CORP NEWhistory →COM1.71%$113M171.3K
16ROPROPER TECHNOLOGIES INChistory →COM1.61%$107M195.7K
17PEPPEPSICO INChistory →COM1.52%$100M591.3K
18RTXRTX CORPORATIONhistory →COM1.49%$99M1.17M
19IDXXIDEXX LABS INChistory →COM1.44%$95M171.3K
20MCDMCDONALDS CORPhistory →COM1.43%$95M320.2K
21CHUBB LIMITEDCOM1.42%$94M415.8K
22MDYSPDR S&P MIDCAP 400 ETF TRhistory →UTSER1 S&PDCRP1.42%$94M185.1K
23ECLECOLAB INChistory →COM1.40%$93M467.4K
24WSOWATSCO INChistory →COM1.38%$92M213.7K
25LLYELI LILLY & COhistory →COM1.17%$78M133.1K
26MTDMETTLER TOLEDO INTERNATIONALhistory →COM1.17%$78M63.9K
27VRTXVERTEX PHARMACEUTICALS INChistory →COM1.16%$77M188.4K
28A4SAMERIPRISE FINL INChistory →COM1.13%$75M196.6K
29TJXTJX COS INC NEWhistory →COM1.12%$74M791.6K
30ABTABBOTT LABShistory →COM1.06%$70M638.7K
31AMZNAMAZON COM INChistory →COM1.03%$68M448.9K
32KMXCARMAX INChistory →COM1.03%$68M886.9K
33AJGGALLAGHER ARTHUR J & COhistory →COM1.02%$68M301.1K
34ABBVABBVIE INChistory →COM0.89%$59M382.0K
35CHVCHEVRON CORP NEWhistory →COM0.88%$58M391.4K
36ADBEADOBE INChistory →COM0.87%$58M97.0K
37ADPAUTOMATIC DATA PROCESSING INhistory →COM0.87%$57M246.6K
38RMERESMED INChistory →COM0.81%$53M310.5K
39CMCSACOMCAST CORP NEWhistory →CL A0.81%$53M1.22M
40IRON MTN INC DELCOM0.77%$51M731.6K
41PAYXPAYCHEX INChistory →COM0.73%$48M404.4K
42TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.70%$47M87.6K
43BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW0.69%$46M129.0K
44AOSSMITH A O CORPhistory →COM0.69%$45M550.1K
45CHDCHURCH & DWIGHT CO INChistory →COM0.64%$42M447.1K
46MRKMERCK & CO INChistory →COM0.63%$42M380.8K
47ACCENTURE PLC IRELANDSHS CLASS A0.62%$41M117.4K
48LECOLINCOLN ELEC HLDGS INChistory →COM0.60%$40M184.0K
49VANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT0.60%$40M832.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$7.7B368May 1, 202613F-HRchanges · EDGAR ↗
Q4 2025$8.3B374Feb 10, 202613F-HRchanges · EDGAR ↗
Q3 2025$8.3B383Nov 4, 202513F-HRchanges · EDGAR ↗
Q2 2025$8.0B372Aug 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$7.6B370May 2, 202513F-HRchanges · EDGAR ↗
Q4 2024$7.8B379Feb 7, 202513F-HRchanges · EDGAR ↗
Q3 2024$7.9B373Nov 4, 202413F-HRchanges · EDGAR ↗
Q2 2024$7.5B366Aug 2, 202413F-HRchanges · EDGAR ↗
Q1 2024$7.3B378May 3, 202413F-HRchanges · EDGAR ↗
Q4 2023$6.6B366Feb 6, 202413F-HRchanges · EDGAR ↗
Q3 2023$6.0B367Nov 3, 202313F-HRchanges · EDGAR ↗
Q2 2023$6.3B375Jul 28, 202313F-HRchanges · EDGAR ↗
Q1 2023$5.9B365Apr 14, 202313F-HRchanges · EDGAR ↗
Q4 2022$5.6B368Feb 2, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.1B425Oct 31, 202213F-HRchanges · EDGAR ↗
Q2 2022$5.5B434Jul 22, 202213F-HRchanges · EDGAR ↗
Q1 2022$6.3B446Apr 25, 202213F-HRchanges · EDGAR ↗
Q4 2021$6.7B445Jan 19, 202213F-HRchanges · EDGAR ↗
Q3 2021$6.0B444Oct 13, 202113F-HRchanges · EDGAR ↗
Q2 2021$5.9B445Jul 22, 202113F-HRchanges · EDGAR ↗
Q1 2021$5.4B442Apr 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$5.1B439Jan 20, 202113F-HRchanges · EDGAR ↗
Q3 2020$4.6B404Oct 23, 202013F-HRchanges · EDGAR ↗
Q2 2020$4.3B397Jul 15, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.6B380Apr 17, 202013F-HRchanges · EDGAR ↗
Q4 2019$4.5B404Jan 17, 202013F-HRchanges · EDGAR ↗
Q3 2019$4.2B401Oct 11, 201913F-HRchanges · EDGAR ↗
Q2 2019$4.1B398Jul 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.0B399Apr 29, 201913F-HRchanges · EDGAR ↗
Q4 2018$3.5B390Feb 5, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.