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Institutional Investment Manager
Godshalk Welsh Capital Management, Inc.
Godshalk Welsh Capital Management, Inc. (CIK: 0001631775) incorporated in Pennsylvania, located at 170 N. Radnor Chester Road, Radnor, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2015Q1)
Portfolio Summary: 135 holdings with a total value of $97,743,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 POWERSHARES ETF TR II 164,800 2,457,000 2.51%
2 APPLE COMPUTER INC 18,725 2,330,000 2.38%
3 GLOBUS MED INC 92,248 2,328,000 2.38%
4 BERKSHIRE HATHAWAY INC DE CL B NEW 15,312 2,210,000 2.26%
5 MICROSOFT CORP 53,155 2,161,000 2.21%
6 ISHARES TR 17,368 2,160,000 2.21%
7 MERCK & CO INC 33,121 1,904,000 1.95%
8 JOHNSON & JOHNSON 17,747 1,785,000 1.83%
9 PROCTER AND GAMBLE CO 20,302 1,664,000 1.70%
10 HOME DEPOT INC 13,981 1,588,000 1.62%
11 COSTCO WHSL CORP NEW 10,453 1,584,000 1.62%
12 INTUIT 15,570 1,510,000 1.54%
13 ORACLE CORP 34,189 1,475,000 1.51%
14 PAYCHEX INC 29,220 1,450,000 1.48%
15 VERIZON COMMUNICATIONS INC 29,776 1,448,000 1.48%
16 CHEVRON CORP NEW 13,597 1,427,000 1.46%
17 GENERAL ELECTRIC CO 56,175 1,394,000 1.43%
18 EXPRESS SCRIPTS HLDG CO 15,338 1,331,000 1.36%
19 PEPSICO INC 13,400 1,281,000 1.31%
20 LOWES COS INC 16,590 1,234,000 1.26%
21 SYSCO CORP 32,170 1,214,000 1.24%
22 Berkshire Hills Bancorp 39,050 1,082,000 1.11%
23 Auto Data Processing 12,622 1,081,000 1.11%
24 UNITED TECHNOLOGIES CORP 9,210 1,079,000 1.10%
25 ECOLAB INC 9,420 1,077,000 1.10%
26 ISHARES TR 9,600 1,013,000 1.04%
27 CST BRANDS INCORPORATED 22,800 999,000 1.02%
28 METLIFE INC 19,700 996,000 1.02%
29 AQUA AMERICA INC 37,410 986,000 1.01%
30 Covanta Holding Corp 43,700 980,000 1.00%
31 HOSPIRA INC. 11,050 971,000 0.99%
32 INTERNATIONAL BUSINESS MACHS 6,035 969,000 0.99%
33 MONDELEZ INTL INC 26,650 962,000 0.98%
34 ZOETIS INC 20,500 949,000 0.97%
35 LEGG MASON INC 17,050 941,000 0.96%
36 DEVON ENERGY CORP NEW 15,475 933,000 0.95%
37 WASTE MGMT INC DEL 16,620 901,000 0.92%
38 PFIZER INC 25,909 901,000 0.92%
39 VANGUARD SPECIALIZED FUNDS 11,156 898,000 0.92%
40 EBAY INC 15,550 897,000 0.92%
41 AT&T INC 27,200 888,000 0.91%
42 EXXON MOBIL CORP 9,925 844,000 0.86%
43 Target Corporation 10,125 831,000 0.85%
44 ALPS ETF TR 48,350 801,000 0.82%
45 MCKESSON CORP 3,522 797,000 0.82%
46 UNITED PARCEL SERVICE INC 8,123 787,000 0.81%
47 3M CO 4,725 779,000 0.80%
48 STERICYCLE 5,539 778,000 0.80%
49 STARBUCKS CORP 8,175 774,000 0.79%
50 Becton Dickinson & C 5,250 754,000 0.77%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001631775-15-000002, filed 2015.05.12).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.