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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F COMBINATION REPORT

BALDWIN BROTHERS LLC/MA

Quarter ended Q2 2025 · Filed July 24, 2025 · Accession 0000950123-25-006571

Total Value
$1.47B
Positions
248
Other Managers
1
Confidential Omitted
No
View on SEC.gov

Holdings (248)

#IssuerTicker / CUSIPSharesValue% of Filing
1MICROSOFT CORPMSFT171,140$85.1M5.78%
2APPLE INCAAPL394,271$80.9M5.49%
3AMAZON COM INCAMZN343,656$75.4M5.12%
4J P MORGAN EXCHANGE TRADED F46654Q7161,343,741$72.0M4.89%
5NVIDIA CORPORATIONNVDA447,924$70.8M4.81%
6ALPHABET INCGOOG357,336$63.0M4.28%
7ISHARES TR464287176457,224$50.3M3.42%
8VISA INCV123,909$44.0M2.99%
9COSTCO WHSL CORP NEW22160K10538,254$37.9M2.57%
10BLACKSTONE INCBX237,904$35.6M2.42%
11KLA CORPKLAC38,135$34.2M2.32%
12WASTE MGMT INC DEL94106L109137,375$31.4M2.13%
13UNITED RENTALS INCURI36,314$27.4M1.86%
14JPMORGAN CHASE & CO.VYLD94,334$27.3M1.86%
15INVESCO EXCH TRD SLF IDX FDIVZ449,830$26.0M1.77%
16GALLAGHER ARTHUR J & CO36357610978,717$25.2M1.71%
17INTERNATIONAL BUSINESS MACHSINTR84,256$24.8M1.69%
18PEPSICO INCPEP163,543$21.6M1.47%
19NEXTERA ENERGY INCNEE-PW293,180$20.4M1.38%
20SPDR GOLD TRGLD65,064$19.8M1.35%
21ACCENTURE PLC IRELANDACN64,768$19.4M1.31%
22ISHARES GOLD TRIAU298,243$18.6M1.26%
23ADOBE INCADBE45,411$17.6M1.19%
24GARMIN LTDGRMN83,836$17.5M1.19%
25ANALOG DEVICES INCADI69,382$16.5M1.12%
26DANAHER CORPORATION23585110282,404$16.3M1.11%
27MERCK & CO INCMRK197,762$15.7M1.06%
28UNION PAC CORPUNP65,204$15.0M1.02%
29EXXON MOBIL CORPXOM131,833$14.2M0.97%
30VANGUARD SCOTTSDALE FDS92206C706233,514$14.0M0.95%
31MARRIOTT INTL INC NEW57190320250,275$13.7M0.93%
32FISERV INCFISV77,319$13.3M0.91%
33SHERWIN WILLIAMS COSHW38,300$13.2M0.89%
34ASML HOLDING N VASMLF16,147$12.9M0.88%
35ULTA BEAUTY INCULTA27,167$12.7M0.86%
36NOVO-NORDISK A SNONOF180,888$12.5M0.85%
37ZOETIS INCZTS77,422$12.1M0.82%
38COOPER COS INC216648501167,291$11.9M0.81%
39REGENCY CTRS CORP758849103164,623$11.7M0.80%
40OTIS WORLDWIDE CORPOTIS117,217$11.6M0.79%
41JOHNSON & JOHNSONJNJ71,686$10.9M0.74%
42ALPS ETF TR00162Q452223,358$10.9M0.74%
43S&P GLOBAL INCSPGI19,938$10.5M0.71%
44CHEVRON CORP NEWCVX71,776$10.3M0.70%
45ISHARES TR46428720016,284$10.1M0.69%
46ALPHABET INCGOOG54,408$9.7M0.66%
47PROLOGIS INC.PLDGP87,895$9.2M0.63%
48SCHWAB CHARLES CORPSCHW-PJ98,509$9.0M0.61%
49BERKSHIRE HATHAWAY INC DELBRK-A17,832$8.7M0.59%
50CHURCH & DWIGHT CO INCCHD88,821$8.5M0.58%
51WATERS CORP94184810324,332$8.5M0.58%
52PROCTER AND GAMBLE CO74271810950,428$8.0M0.55%
53ENTERPRISE PRODS PARTNERS L293792107257,030$8.0M0.54%
54ILLINOIS TOOL WKS INC45230810929,061$7.2M0.49%
55BANK AMERICA CORP060505104145,104$6.9M0.47%
56DOVER CORPDOV37,171$6.8M0.46%
57PAYCHEX INCPAYX36,243$5.3M0.36%
58AXSOME THERAPEUTICS INCAXSM48,570$5.1M0.34%
59PHILIP MORRIS INTL INC71817210927,244$5.0M0.34%
60ENERGY TRANSFER L PET-PI266,003$4.8M0.33%
61NOVARTIS AGNVSEF37,644$4.6M0.31%
62ROPER TECHNOLOGIES INCROP7,471$4.2M0.29%
63META PLATFORMS INCMETA5,509$4.1M0.28%
64EOG RES INCEOG30,941$3.7M0.25%
65VANGUARD INDEX FDS9229083636,357$3.6M0.25%
66VERTEX PHARMACEUTICALS INCVRTX7,919$3.5M0.24%
67COHEN & STEERS SELECT PFD &19248Y107170,354$3.4M0.23%
68AUTOMATIC DATA PROCESSING INADP10,860$3.3M0.23%
69ALTRIA GROUP INCMO53,820$3.2M0.21%
70STRYKER CORPORATIONSYK7,911$3.1M0.21%
71VANGUARD INDEX FDS92290861116,036$3.1M0.21%
72DOUBLELINE ETF TRUST25861R30355,595$2.9M0.20%
73COCA COLA COKO37,143$2.6M0.18%
74NUVECTIS PHARMA INCNVCT350,461$2.6M0.18%
75TORONTO DOMINION BK ONTTORO34,875$2.6M0.17%
76UBER TECHNOLOGIES INCUBER27,267$2.5M0.17%
77SPDR S&P 500 ETF TRSPY3,954$2.4M0.17%
78BROADCOM INCAVGO8,746$2.4M0.16%
79MCCORMICK & CO INCMKC-V30,649$2.3M0.16%
80TARGA RES CORPTRGP12,683$2.2M0.15%
81GLACIER BANCORP INC NEWGBCI43,820$1.9M0.13%
82APOLLO GLOBAL MGMT INC03769M10613,180$1.9M0.13%
83HCI GROUP INCHCIIP12,004$1.8M0.12%
84ELI LILLY & COLLY2,277$1.8M0.12%
85EMERSON ELEC COEMR12,630$1.7M0.11%
86FASTENAL COFAST38,292$1.6M0.11%
87BANK NEW YORK MELLON CORP06405810017,617$1.6M0.11%
88BLACKROCK INCBLK1,446$1.5M0.10%
89ABBVIE INCABBV7,777$1.4M0.10%
90ONEOK INC NEWOKE16,839$1.4M0.09%
91HOME DEPOT INCHD3,610$1.3M0.09%
92HONEYWELL INTL INC4385161065,665$1.3M0.09%
93HIMS & HERS HEALTH INCHIMS25,261$1.3M0.09%
94GOLDMAN SACHS ETF TRNVGLF12,065$1.2M0.08%
95ISHARES TR4642876555,417$1.2M0.08%
96COHEN & STEERS LTD DURATION19248C10554,892$1.2M0.08%
97RESMED INCRSMDF4,422$1.1M0.08%
98VANGUARD SPECIALIZED FUNDS9219088445,500$1.1M0.08%
99THERMO FISHER SCIENTIFIC INCTMO2,592$1.1M0.07%
100ABBOTT LABSABLZF7,211$980,7680.07%
101STOCK YDS BANCORP INC86102510412,030$950,1290.06%
102VANGUARD TAX-MANAGED FDS92194385816,318$930,2890.06%
103FIRST TR EXCHANGE TRAD FD VI33739H10137,692$929,8620.06%
104CANADIAN NATL RY CO1363751028,728$908,0610.06%
105AMGEN INCAMGN3,240$904,6400.06%
106GLOBAL PARTNERS LPGLP-PB17,000$896,4100.06%
107PROGRESSIVE CORP7433151033,205$855,2860.06%
108HINGHAM INSTN SVGS MASS4333231023,416$848,3640.06%
109VANGUARD INTL EQUITY INDEX F92204285816,854$833,6100.06%
110CARLYLE GROUP INCCGABL15,720$808,0080.05%
111DISNEY WALT CO2546871066,510$807,3050.05%
112VANECK ETF TRUST92189F10615,420$802,7650.05%
113ADVANCED MICRO DEVICES INCAMD5,529$784,5650.05%
114TC ENERGY CORPTRPRF15,927$776,9760.05%
115NETFLIX INCNFLX576$771,3390.05%
116SERIES PORTFOLIOS TR81752T52828,812$770,4330.05%
117INVESCO EXCH TRADED FD TR IIIVZ16,586$755,4920.05%
118DEERE & CODE1,444$734,2600.05%
119TRAVELERS COMPANIES INCTRV2,715$726,3710.05%
120CATERPILLAR INCCAT1,867$724,7880.05%
121VANGUARD WORLD FD92204A6032,583$723,4210.05%
122ALLIANCEBERNSTEIN HLDG L P01881G10617,525$715,5460.05%
123PFIZER INCPFE28,871$699,8330.05%
124ORACLE CORPORCL-PD3,175$694,1500.05%
125INVESCO EXCH TRADED FD TR IIIVZ6,600$688,3140.05%
126KIMBERLY-CLARK CORPKMB5,282$680,9550.05%
127INTUITINTU855$673,4240.05%
128SOUTHERN COSOMN7,166$658,0540.04%
129VANGUARD INDEX FDS9229087692,150$653,4500.04%
130TELEFLEX INCORPORATEDTFX5,520$653,3470.04%
131AMERICAN HEALTHCARE REIT INCAHR17,373$638,2840.04%
132WISDOMTREE TRWT13,070$620,4330.04%
133WEYERHAEUSER CO MTN BEWY24,015$616,9510.04%
134SELECT SECTOR SPDR TR81369Y5067,185$609,3820.04%
135SUNOCO LP/SUNOCO FIN CORPSUN11,360$608,7820.04%
136SELECT SECTOR SPDR TR81369Y4072,770$602,0040.04%
137TESLA INCTSLA1,816$576,8710.04%
138OREILLY AUTOMOTIVE INC67103H1076,255$563,7630.04%
139WALMART INCWMT5,705$557,8350.04%
140ISHARES TR4642874814,000$554,7200.04%
141PAYPAL HLDGS INCPYPL7,106$528,1180.04%
142AMERICAN WTR WKS CO INC NEW0304201033,547$493,4230.03%
143WELLS FARGO CO NEW9497461016,100$488,7320.03%
144PLAINS ALL AMERN PIPELINE L72650310526,409$483,8130.03%
145AIR PRODS & CHEMS INCAIIR1,714$483,4510.03%
146VANGUARD BD INDEX FDS9219378356,550$482,2770.03%
147AMERICAN TOWER CORP NEW03027X1002,115$467,4570.03%
148GOLDMAN SACHS BDC INCGSBD40,954$460,7330.03%
149UNITEDHEALTH GROUP INCUNH1,433$447,0530.03%
150SEACOAST BKG CORP FLASE15,980$441,3680.03%
151EDWARDS LIFESCIENCES CORPEW5,613$438,9930.03%
152SPDR SERIES TRUST78464A7633,230$438,4080.03%
153ISHARES SILVER TRSLV13,350$438,0140.03%
154MASTERCARD INCORPORATEDMA778$437,1890.03%
155VANGUARD WORLD FD9219107333,848$421,8950.03%
156BWX TECHNOLOGIES INCBWXT2,850$410,5710.03%
157SPOTIFY TECHNOLOGY S ASPOT529$405,9230.03%
158CHECK POINT SOFTWARE TECH LTM224651041,803$398,9140.03%
159WISDOMTREE TRWT3,477$397,2620.03%
160TJX COS INC NEW8725401093,196$394,6740.03%
161CONOCOPHILLIPSCOP4,379$392,9710.03%
162SCHWAB STRATEGIC TR80852410216,260$387,4660.03%
163GE AEROSPACE3696043011,503$386,9640.03%
164TRANE TECHNOLOGIES PLCTT866$378,7970.03%
165QUALCOMM INCQCOM2,362$376,1720.03%
166KINSALE CAP GROUP INC49714P108760$367,7640.02%
167KINDER MORGAN INC DELEP-PC12,082$355,2110.02%
168GLOBAL X FDS37954Y8487,350$353,8290.02%
169METTLER TOLEDO INTERNATIONALMTD298$350,0670.02%
170FEDEX CORPFDX1,520$345,5110.02%
171BRIGHT HORIZONS FAM SOL IN D1091941002,785$344,1980.02%
172FORTUNE BRANDS INNOVATIONS IFBIN6,607$340,1280.02%
173NORFOLK SOUTHN CORP6558441081,328$339,9280.02%
174SAP SESAPGF1,100$334,5100.02%
175MOODYS CORPMCO657$329,5450.02%
176AT&T INCT-PC11,277$326,3560.02%
177INVESCO QQQ TRIVZ591$326,0190.02%
178ISHARES TR4642878042,983$326,0120.02%
179ISHARES INC46434G8224,292$321,7710.02%
180TELEFONAKTIEBOLAGET LM ERICS29482160835,673$302,5070.02%
181LINDE PLCLIN643$301,6830.02%
182ISHARES TR4642874081,537$300,3610.02%
183VANGUARD INDEX FDS9229087441,690$298,6910.02%
184VERIZON COMMUNICATIONS INCVZ6,798$294,1490.02%
185MCDONALDS CORPMCD997$291,2930.02%
186BALCHEM CORPBCPC1,781$283,5440.02%
187CADENCE DESIGN SYSTEM INCCDNS916$282,2650.02%
1883M COMMM1,848$281,3400.02%
189DEXCOM INCDXCM3,219$280,9870.02%
190MSCI INCMSCI487$280,8830.02%
191DUPONT DE NEMOURS INCDD3,976$272,7140.02%
192SEA LTDSE1,684$269,3390.02%
193OLLIES BARGAIN OUTLET HLDGS6811161091,977$260,5290.02%
194PIMCO ETF TR72201R8332,565$257,8720.02%
195TE CONNECTIVITY PLCTEL1,517$255,8720.02%
196WISDOMTREE TRWT5,015$252,3050.02%
197CORTEVA INCCTVA3,354$249,9740.02%
198LAM RESEARCH CORPLRCX2,551$248,3140.02%
199MPLX LPMPLXP4,796$247,0420.02%
200CME GROUP INCCME896$246,9560.02%
201LOWES COS INC5486611071,083$240,2850.02%
202GENERAL DYNAMICS CORPGD818$238,5780.02%
203ISHARES TR464287614530$225,0270.02%
204FIRST TR EXCHANGE TRADED FD33734X8462,977$225,0020.02%
205ISHARES TR4642874992,396$220,3600.01%
206NATWEST GROUP PLCRBSPF15,516$219,5510.01%
207GE VERNOVA INCGEV410$216,9520.01%
208GOLDMAN SACHS GROUP INCGSCE305$215,8640.01%
209US BANCORP DELUSB-PS4,661$210,9100.01%
210ISHARES TR4642875561,665$210,6390.01%
211T-MOBILE US INCTMUSZ876$208,7160.01%
212ISHARES TR4642871845,500$202,1800.01%
213HEALTHCARE RLTY TR42226K10512,100$191,9060.01%
214ISHARES INC46428632710,610$188,9640.01%
215ORLA MNG LTD NEW68634K10615,600$156,4230.01%
216LLOYDS BANKING GROUP PLCLLOBF22,191$94,3120.01%
217ALPHABET INCGOOG400$70,4920.00%
218GRAB HOLDINGS LIMITEDGRABW13,159$66,1900.00%
219AMAZON COM INCAMZN300$65,8170.00%
220MICROSOFT CORPMSFT125$62,1760.00%
221BEYOND AIR INCXAIR308,000$53,0680.00%
222BLACKROCK INCBLK50$52,4630.00%
223SEA LTDSE298$47,6620.00%
224APPLE INCAAPL220$45,1370.00%
225SPOTIFY TECHNOLOGY S ASPOT57$43,7380.00%
226COSTCO WHSL CORP NEW22160K10540$39,5980.00%
227PHILIP MORRIS INTL INC718172109207$37,7010.00%
228SAP SESAPGF122$37,1000.00%
229VERTEX PHARMACEUTICALS INCVRTX75$33,3900.00%
230VISA INCV80$28,4040.00%
231INVESCO QQQ TRIVZ50$27,5820.00%
232PEPSICO INCPEP200$26,4080.00%
233MERCK & CO INCMRK300$23,7480.00%
234ASML HOLDING N VASMLF27$21,6380.00%
235ISHARES TR464287655100$21,5790.00%
236LINDE PLCLIN45$21,1130.00%
237DANAHER CORPORATION235851102100$19,7540.00%
238VANGUARD TAX-MANAGED FDS921943858310$17,6730.00%
239NOVO-NORDISK A SNONOF237$16,3580.00%
240BLACKSTONE INCBX100$14,9580.00%
241ADOBE INCADBE35$13,5410.00%
242MARRIOTT INTL INC NEW57190320245$12,2940.00%
243ASML HOLDING N VASMLF14$11,2190.00%
244PROLOGIS INC.PLDGP95$9,9860.00%
245NVIDIA CORPORATIONNVDA60$9,4790.00%
246OTIS WORLDWIDE CORPOTIS95$9,4070.00%
247ULTA BEAUTY INCULTA20$9,3560.00%
248COOPER COS INC216648501100$7,1160.00%