SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Baldwin Investment Management, LLC

CIK 0001346378 · 1001 CONSHOHOCKEN STATE RD, SUITE 1-202, WEST CONSHOHOCKEN, PA, 19428 · 610-260-1555

Reported Value
$828M
Q2 2025
Positions
209
Filings on Record
30
2019–present window
Filed
Aug 11, 2025
original filing

Summary

Baldwin Investment Management, LLC reported $828M in U.S.-listed holdings across 209 positions for Q2 2025.

The portfolio is heavily concentrated: BRK/A alone accounts for 48.9% of reported value.

Compared with Q1 2025, the fund opened 13 new positions and exited 4.

Portfolio Metrics

Turnover
+6.2%
vs prior filed quarter
Top-10 Concentration
+63.8%
share of reported value
Largest Position
+48.9%
Berkshire Hathaway Inc A
New / Exited
13 / 4
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: $315MQ4 ’18Q1 ’19: $332MQ2 ’19: $346MQ3 ’19: $344MQ4 ’19: $374MQ4 ’19Q1 ’20: $290MQ2 ’20: $319MQ3 ’20: $427MQ4 ’20: $506MQ4 ’20Q1 ’21: $548MQ2 ’21: $587MQ3 ’21: $574MQ4 ’21: $640MQ4 ’21Q1 ’22: $661MQ2 ’22: $526MQ3 ’22: $491MQ4 ’22: $553MQ4 ’22Q1 ’23: $564MQ2 ’23: $607MQ3 ’23: $598MQ4 ’23: $640MQ4 ’23Q1 ’24: $737MQ2 ’24: $730MQ3 ’24: $798MQ4 ’24: $768MQ4 ’24Q1 ’25: $832MQ2 ’25: $828MQ3 ’25: $873MQ4 ’25: $886MQ4 ’25Q1 ’26: $856Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 91.0%ETP: 3.3%Other: 3.0%ADR: 1.5%MLP: 0.7%Other: 0.6%
  • Common Stock · 91.0% · $753M
  • ETP · 3.3% · $27M
  • Other · 3.0% · $25M
  • ADR · 1.5% · $12M
  • MLP · 0.7% · $6M
  • Other · 0.6% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ZSZscaler IncNEW+3.6K3.6K+$1M$1M
DDOGDatadog IncNEW+6.6K6.6K+$891,951$891,951
EWEdwards Lifesciences CorpNEW+5.1K5.1K+$402,390$402,390
RALRALLIANT CORPNEW+4.7K4.7K+$251,231$251,231
GEVGE Vernova Inc.NEW+467467+$247,113$247,113
TSLATesla IncNEW+749749+$237,927$237,927
Vanguard Mid-Cap ETFNEW+768768+$214,953$214,953
Vanguard FTSE Developed Markets ETFNEW+3.8K3.8K+$213,990$213,990

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

Holdings — Q2 2025

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Ahistory →CL A48.92%$405M556
2AVGOBroadcom Limitedhistory →Common Stock2.54%$21M76.3K
3NVDANvidia Corphistory →Common Stock2.31%$19M120.9K
4MSFTMicrosoft Corphistory →Common Stock1.97%$16M32.7K
5AAPLApple Inchistory →Common Stock1.79%$15M72.4K
6JPMJ.P. Morgan Chase & Cohistory →Common Stock1.71%$14M49.0K
7LRCXLam Research Corphistory →Common Stock1.20%$10M101.8K
8COSTCostco Wholesale Corporationhistory →Common Stock1.19%$10M10.0K
9AMZNAmazon.com Inchistory →Common Stock1.11%$9M41.9K
10BRK/BBerkshire Hathaway Inc Bhistory →CL B1.11%$9M18.8K
11GOOGLAlphabet Inc Class ACommon Stock1.07%$9M50.1K
12VVisa Inc.Common Stock0.92%$8M21.5K
13LLYEli Lilly & CompanyCommon Stock0.90%$7M9.6K
14VRTXVertex PharmaceuticalsCommon Stock0.78%$6M14.5K
15EXMOCExxon Mobil CorporationCommon Stock0.73%$6M56.3K
16EPDEnterprise Products PartnersUnit Ltd Partn0.72%$6M192.6K
17Linde PLCSPONS ADR0.69%$6M12.2K
18ISRGIntuitive SurgicalCommon Stock0.65%$5M9.9K
19SPGIS&P Global IncS&P Global0.64%$5M10.1K
20ABBVAbbvie IncCommon Stock0.64%$5M28.5K
21ABTAbbott LaboratoriesCommon Stock0.62%$5M38.0K
22Vanguard S&P 500 EtfVang ETF0.60%$5M8.8K
23RTXRTX CorpCommon Stock0.58%$5M33.2K
24BLKBlackrock IncCommon Stock0.58%$5M4.6K
25Eaton CorpCommon Stock0.57%$5M13.2K
26GSGoldman Sachs Group IncCommon Stock0.53%$4M6.2K
27PANWPalo Alto NetworksCommon Stock0.51%$4M20.8K
28HDHome Depot IncCommon Stock0.51%$4M11.5K
29TSMTaiwan Semiconductor Manufacturing ADRSponsored ADR0.46%$4M16.6K
30ZTSZoetis IncCommon Stock0.45%$4M23.7K
31UNPUnion Pacific CorpCommon Stock0.44%$4M15.8K
32ROKRockwell AutomationCommon Stock0.43%$4M10.6K
33CATCaterpillar IncCommon Stock0.41%$3M8.8K
34Accenture PlcCommon Stock0.40%$3M11.2K
35TMOThermo Fisher ScientificCommon Stock0.40%$3M8.2K
36VRTVertiv Holdings CoCommon Stock0.38%$3M24.3K
37AMTAmerican Tower REITCommon Stock0.36%$3M13.3K
38BKRBaker Hughes CoCommon Stock0.35%$3M75.3K
39DWDMorgan Stanley & CoCommon Stock0.34%$3M19.9K
40COFCapital One FinancialCommon Stock0.34%$3M13.1K
41JNJJohnson & JohnsonCommon Stock0.33%$3M17.7K
42S&P DEP ReceiptsUnit SER 10.32%$3M4.3K
43NEENextera EnergyCommon Stock0.31%$3M36.6K
44DHRDanaher CorpCommon Stock0.30%$3M12.7K
45TSCOTractor Supply CompanyCommon Stock0.30%$3M47.5K
46LOWLowes Companies IncCommon Stock0.30%$2M11.2K
47WMWaste Management IncCommon Stock0.29%$2M10.5K
48MAMastercard IncCommon Stock0.29%$2M4.2K
49FISVFiserv IncCommon Stock0.29%$2M13.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$856M210May 12, 202613F-HRchanges · EDGAR ↗
Q4 2025$886M207Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$873M207Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$828M209Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$832M200May 7, 202513F-HRchanges · EDGAR ↗
Q4 2024$768M199Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$798M213Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$730M205Jul 30, 202413F-HRchanges · EDGAR ↗
Q1 2024$737M209May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$640M203Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$598M192Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$607M196Aug 1, 202313F-HRchanges · EDGAR ↗
Q1 2023$564M199May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$553M195Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$491M197Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$526M215Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$661M241May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$640M253Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$574M246Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$587M252Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$548M242May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$506M235Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$427M202Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$319M152Jul 27, 202013F-HRchanges · EDGAR ↗
Q1 2020$290M144May 12, 202013F-HRchanges · EDGAR ↗
Q4 2019$374M167Feb 10, 202013F-HRchanges · EDGAR ↗
Q3 2019$344M166Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$346M165Aug 6, 201913F-HRchanges · EDGAR ↗
Q1 2019$332M166May 10, 201913F-HRchanges · EDGAR ↗
Q4 2018$315M157Feb 13, 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 ↗.