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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 (2015Q4)
Portfolio Summary: 137 holdings with a total value of $95,882,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 MICROSOFT CORP 51,505 2,857,000 2.98%
2 GLOBUS MED INC 86,488 2,406,000 2.51%
3 POWERSHARES ETF TR II 157,100 2,349,000 2.45%
4 BERKSHIRE HATHAWAY INC DE CL B NEW 14,612 1,929,000 2.01%
5 ISHARES TR 16,766 1,888,000 1.97%
6 APPLE COMPUTER INC 17,490 1,841,000 1.92%
7 JOHNSON & JOHNSON 17,653 1,813,000 1.89%
8 GENERAL ELECTRIC CO 56,375 1,756,000 1.83%
9 PROCTER AND GAMBLE CO 21,930 1,741,000 1.82%
10 MERCK & CO INC 32,871 1,736,000 1.81%
11 PAYCHEX INC 32,420 1,715,000 1.79%
12 COSTCO WHSL CORP NEW 10,203 1,648,000 1.72%
13 HOME DEPOT INC 12,431 1,644,000 1.71%
14 INTUIT 15,045 1,452,000 1.51%
15 CISCO SYS INC 52,600 1,428,000 1.49%
16 VERIZON COMMUNICATIONS INC 30,632 1,416,000 1.48%
17 SYSCO CORP 33,270 1,364,000 1.42%
18 PEPSICO INC 12,900 1,289,000 1.34%
19 EXPRESS SCRIPTS HLDG CO 14,745 1,289,000 1.34%
20 CHEVRON CORP NEW 13,597 1,223,000 1.28%
21 ORACLE CORP 32,989 1,205,000 1.26%
22 LOWES COS INC 15,500 1,179,000 1.23%
23 MONDELEZ INTL INC 26,050 1,168,000 1.22%
24 WR BERKLEY CORP 20,550 1,125,000 1.17%
25 Berkshire Hills Bancorp 36,300 1,057,000 1.10%
26 AQUA AMERICA INC 34,585 1,031,000 1.08%
27 Auto Data Processing 12,072 1,023,000 1.07%
28 ECOLAB INC 8,520 975,000 1.02%
29 METLIFE INC 19,350 933,000 0.97%
30 AT&T INC 25,700 884,000 0.92%
31 CST BRANDS INCORPORATED 22,550 883,000 0.92%
32 Bank of New York Mellon 21,350 880,000 0.92%
33 WASTE MGMT INC DEL 16,120 860,000 0.90%
34 UNITED TECHNOLOGIES CORP 8,936 858,000 0.89%
35 STARBUCKS CORP 14,300 858,000 0.89%
36 ZOETIS INC 17,650 846,000 0.88%
37 VANGUARD SPECIALIZED FUNDS 10,566 822,000 0.86%
38 GLAXOSMITHKLINE PLC 20,150 813,000 0.85%
39 CONOCOPHILLIPS 17,213 804,000 0.84%
40 PFIZER INC 24,690 797,000 0.83%
41 PAYPAL HLDGS INC 21,850 791,000 0.82%
42 Becton Dickinson & C 5,100 786,000 0.82%
43 BANK AMERICA CORP 46,500 783,000 0.82%
44 UNITED PARCEL SERVICE INC 8,073 777,000 0.81%
45 EXXON MOBIL CORP 9,513 742,000 0.77%
46 COLGATE PALMOLIVE CO 11,100 739,000 0.77%
47 Target Corporation 9,725 706,000 0.74%
48 ALPHABET INC 891 693,000 0.72%
49 AMERICAN TOWER CORP NEW 7,090 687,000 0.72%
50 MCDONALDS CORP 5,732 677,000 0.71%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001631775-16-000005, filed 2016.02.16).

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.