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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 Q3 2025 · Filed October 14, 2025 · Accession 0001193125-25-238383

Total Value
$1.54B
Positions
261
Other Managers
1
Confidential Omitted
No
View on SEC.gov

Holdings (261)

#IssuerTicker / CUSIPSharesValue% of Filing
1APPLE INCAAPL388,680$99.0M6.45%
2MICROSOFT CORPMSFT167,962$87.0M5.67%
3ALPHABET INCGOOG352,095$85.6M5.58%
4NVIDIA CORPORATIONNVDA437,730$81.7M5.32%
5J P MORGAN EXCHANGE TRADED F46654Q7161,402,872$76.0M4.95%
6AMAZON COM INCAMZN339,227$74.5M4.85%
7ISHARES TR464287176443,375$49.3M3.21%
8VISA INCV121,460$41.5M2.70%
9KLA CORPKLAC37,223$40.1M2.62%
10BLACKSTONE INCBX233,970$40.0M2.60%
11COSTCO WHSL CORP NEW22160K10537,743$34.9M2.28%
12UNITED RENTALS INCURI35,757$34.1M2.22%
13WASTE MGMT INC DEL94106L109134,408$29.7M1.93%
14JPMORGAN CHASE & CO.VYLD92,591$29.2M1.90%
15INVESCO EXCH TRD SLF IDX FDIVZ448,658$27.0M1.76%
16SPDR GOLD TRGLD71,843$25.5M1.66%
17GALLAGHER ARTHUR J & CO36357610976,829$23.8M1.55%
18INTERNATIONAL BUSINESS MACHSINTR84,150$23.7M1.55%
19NEXTERA ENERGY INCNEE-PW287,533$21.7M1.41%
20ISHARES GOLD TRIAU295,201$21.5M1.40%
21GARMIN LTDGRMN80,634$19.9M1.29%
22ANALOG DEVICES INCADI68,372$16.8M1.09%
23DANAHER CORPORATION23585110279,137$15.7M1.02%
24ADOBE INCADBE44,318$15.6M1.02%
25ASML HOLDING N VASMLF16,074$15.6M1.01%
26ACCENTURE PLC IRELANDACN61,911$15.3M0.99%
27UNION PAC CORPUNP64,406$15.2M0.99%
28ULTA BEAUTY INCULTA27,011$14.8M0.96%
29EXXON MOBIL CORPXOM129,802$14.6M0.95%
30VANGUARD SCOTTSDALE FDS92206C706232,115$13.9M0.91%
31PTC INCPTC67,594$13.7M0.89%
32ALPHABET INCGOOG54,413$13.3M0.86%
33SHERWIN WILLIAMS COSHW37,423$13.0M0.84%
34MARRIOTT INTL INC NEW57190320248,330$12.6M0.82%
35JOHNSON & JOHNSONJNJ67,858$12.6M0.82%
36REGENCY CTRS CORP758849103159,210$11.6M0.76%
37CHEVRON CORP NEWCVX70,919$11.0M0.72%
38ZOETIS INCZTS75,022$11.0M0.72%
39ISHARES TR46428720016,057$10.7M0.70%
40OTIS WORLDWIDE CORPOTIS114,883$10.5M0.68%
41ALPS ETF TR00162Q452220,981$10.4M0.68%
42FISERV INCFISV76,572$9.9M0.64%
43AUTOZONE INCAZO2,253$9.7M0.63%
44S&P GLOBAL INCSPGI19,598$9.5M0.62%
45SCHWAB CHARLES CORPSCHW-PJ97,266$9.3M0.60%
46QUANTA SVCS INC74762E10222,252$9.2M0.60%
47BERKSHIRE HATHAWAY INC DELBRK-A17,771$8.9M0.58%
48VEEVA SYS INCVEEV28,887$8.6M0.56%
49ENTERPRISE PRODS PARTNERS L293792107246,730$7.7M0.50%
50CHURCH & DWIGHT CO INCCHD87,723$7.7M0.50%
51ILLINOIS TOOL WKS INC45230810928,627$7.5M0.49%
52BANK AMERICA CORP060505104143,779$7.4M0.48%
53PROCTER AND GAMBLE CO74271810948,087$7.4M0.48%
54WATERS CORP94184810323,328$7.0M0.46%
55DOVER CORPDOV36,746$6.1M0.40%
56AXSOME THERAPEUTICS INCAXSM48,570$5.9M0.38%
57PEPSICO INCPEP31,980$4.5M0.29%
58ENERGY TRANSFER L PET-PI260,603$4.5M0.29%
59PAYCHEX INCPAYX35,148$4.5M0.29%
60PHILIP MORRIS INTL INC71817210926,994$4.4M0.29%
61NOVARTIS AGNVSEF33,850$4.3M0.28%
62MERCK & CO INCMRK48,173$4.0M0.26%
63META PLATFORMS INCMETA5,475$4.0M0.26%
64VANGUARD INDEX FDS9229083636,235$3.8M0.25%
65COHEN & STEERS SELECT PFD &19248Y107168,837$3.5M0.23%
66ALTRIA GROUP INCMO51,716$3.4M0.22%
67EOG RES INCEOG30,196$3.4M0.22%
68VANGUARD INDEX FDS92290861115,764$3.3M0.21%
69ROPER TECHNOLOGIES INCROP6,539$3.3M0.21%
70AUTOMATIC DATA PROCESSING INADP10,816$3.2M0.21%
71VERTEX PHARMACEUTICALS INCVRTX7,869$3.1M0.20%
72DOUBLELINE ETF TRUST25861R30355,595$2.9M0.19%
73BROADCOM INCAVGO8,657$2.9M0.19%
74STRYKER CORPORATIONSYK7,561$2.8M0.18%
75TORONTO DOMINION BK ONTTORO34,875$2.8M0.18%
76UBER TECHNOLOGIES INCUBER27,267$2.7M0.17%
77SPDR S&P 500 ETF TRSPY3,997$2.7M0.17%
78COCA COLA COKO36,812$2.4M0.16%
79HCI GROUP INCHCIIP11,337$2.2M0.14%
80TARGA RES CORPTRGP12,652$2.1M0.14%
81GLACIER BANCORP INC NEWGBCI43,470$2.1M0.14%
82NUVECTIS PHARMA INCNVCT350,461$2.1M0.14%
83BANK NEW YORK MELLON CORP06405810017,617$1.9M0.13%
84MCCORMICK & CO INCMKC-V28,601$1.9M0.12%
85FASTENAL COFAST38,211$1.9M0.12%
86ABBVIE INCABBV7,915$1.8M0.12%
87NOVO-NORDISK A SNONOF32,319$1.8M0.12%
88APOLLO GLOBAL MGMT INC03769M10613,180$1.8M0.11%
89PROLOGIS INC.PLDGP15,318$1.8M0.11%
90COOPER COS INC21664850125,555$1.8M0.11%
91ELI LILLY & COLLY2,277$1.7M0.11%
92BAIDU INCBAIDF12,643$1.7M0.11%
93EMERSON ELEC COEMR12,630$1.7M0.11%
94GXO LOGISTICS INCORPORATEDGXO30,538$1.6M0.11%
95BLACKROCK INCBLK1,381$1.6M0.10%
96HIMS & HERS HEALTH INCHIMS25,217$1.4M0.09%
97ISHARES TR4642876555,417$1.3M0.09%
98VANECK ETF TRUST92189F10616,954$1.3M0.08%
99HOME DEPOT INCHD3,135$1.3M0.08%
100GOLDMAN SACHS ETF TRNVGLF12,265$1.2M0.08%
101HONEYWELL INTL INC4385161065,690$1.2M0.08%
102VANGUARD SPECIALIZED FUNDS9219088445,500$1.2M0.08%
103COHEN & STEERS LTD DURATION19248C10553,947$1.2M0.08%
104THERMO FISHER SCIENTIFIC INCTMO2,382$1.2M0.08%
105RESMED INCRSMDF4,057$1.1M0.07%
106ONEOK INC NEWOKE14,257$1.0M0.07%
107CARLYLE GROUP INCCGABL15,720$985,6440.06%
108VANGUARD TAX-MANAGED FDS92194385816,318$977,7750.06%
109FIRST TR EXCHANGE TRAD FD VI33739H10136,947$956,9270.06%
110ADVANCED MICRO DEVICES INCAMD5,729$926,8950.06%
111ABBOTT LABSABLZF6,891$922,9810.06%
112VANGUARD INTL EQUITY INDEX F92204285816,854$913,1500.06%
113AMGEN INCAMGN3,187$899,3710.06%
114ORACLE CORPORCL-PD3,194$898,2810.06%
115HINGHAM INSTN SVGS MASS4333231023,381$891,8400.06%
116CATERPILLAR INCCAT1,867$890,8390.06%
117TC ENERGY CORPTRPRF15,927$866,5580.06%
118BWX TECHNOLOGIES INCBWXT4,700$866,5390.06%
119STOCK YDS BANCORP INC86102510411,780$824,4820.05%
120CANADIAN NATL RY CO1363751028,710$821,3530.05%
121GLOBAL PARTNERS LPGLP-PB17,000$816,0000.05%
122VANGUARD WORLD FD92204A6032,583$765,3170.05%
123TESLA INCTSLA1,710$760,4710.05%
124TRAVELERS COMPANIES INCTRV2,715$758,0820.05%
125INVESCO EXCH TRADED FD TR IIIVZ16,138$747,3390.05%
126DISNEY WALT CO2546871066,474$741,2730.05%
127SERIES PORTFOLIOS TR81752T52827,541$738,6500.05%
128PFIZER INCPFE28,871$735,6330.05%
129INVESCO EXCH TRADED FD TR IIIVZ6,600$730,3560.05%
130VANGUARD INDEX FDS9229087692,150$705,5660.05%
131NETFLIX INCNFLX575$689,3790.04%
132PROGRESSIVE CORP7433151032,770$684,0520.04%
133SOUTHERN COSOMN7,166$679,1220.04%
134OREILLY AUTOMOTIVE INC67103H1076,255$674,3520.04%
135ALLIANCEBERNSTEIN HLDG L P01881G10617,525$669,8060.04%
136SELECT SECTOR SPDR TR81369Y4072,770$663,8030.04%
137DEERE & CODE1,444$660,2830.04%
138KIMBERLY-CLARK CORPKMB5,282$656,7640.04%
139TELEFLEX INCORPORATEDTFX5,270$644,8370.04%
140AMERICAN HEALTHCARE REIT INCAHR15,028$631,3260.04%
141GLOBAL X FDS37954Y8488,750$626,7630.04%
142WALMART INCWMT5,705$587,9570.04%
143INTUITINTU855$583,8880.04%
144WISDOMTREE TRWT13,070$577,6940.04%
145ISHARES TR4642874814,000$569,6400.04%
146ISHARES SILVER TRSLV13,350$565,6400.04%
147WEYERHAEUSER CO MTN BEWY22,715$563,1100.04%
148SELECT SECTOR SPDR TR81369Y5065,807$518,7960.03%
149WELLS FARGO CO NEW9497461016,100$511,3020.03%
150UNITEDHEALTH GROUP INCUNH1,435$495,5100.03%
151AMERICAN WTR WKS CO INC NEW0304201033,547$493,7070.03%
152SUNOCO LP/SUNOCO FIN CORPSUN9,860$493,0990.03%
153SEACOAST BKG CORP FLASE15,680$477,1420.03%
154VANGUARD BD INDEX FDS9219378356,393$475,4470.03%
155PAYPAL HLDGS INCPYPL6,999$469,3530.03%
156AIR PRODS & CHEMS INCAIIR1,714$467,4420.03%
157SPDR SERIES TRUST78464A7633,230$452,3620.03%
158WISDOMTREE TRWT3,475$444,9040.03%
159MASTERCARD INCORPORATEDMA766$435,7080.03%
160AT&T INCT-PC15,222$429,8690.03%
161SCHWAB STRATEGIC TR80852410216,260$418,0340.03%
162GOLDMAN SACHS BDC INCGSBD40,954$416,5020.03%
163CONOCOPHILLIPSCOP4,379$414,2100.03%
164AMERICAN TOWER CORP NEW03027X1002,115$406,7570.03%
165GE AEROSPACE3696043011,313$395,1020.03%
166EDWARDS LIFESCIENCES CORPEW5,073$394,5270.03%
167QUALCOMM INCQCOM2,362$392,9420.03%
168NORFOLK SOUTHN CORP6558441081,302$391,1340.03%
169TJX COS INC NEW8725401092,696$389,6800.03%
170VANGUARD WORLD FD9219107333,228$382,3240.02%
171CHECK POINT SOFTWARE TECH LTM224651041,803$373,0590.02%
172SPOTIFY TECHNOLOGY S ASPOT529$369,2420.02%
173METTLER TOLEDO INTERNATIONALMTD298$365,8280.02%
174TRANE TECHNOLOGIES PLCTT866$365,4170.02%
175PLAINS ALL AMERN PIPELINE L72650310521,409$365,2380.02%
176INVESCO QQQ TRIVZ591$354,8190.02%
177FORTUNE BRANDS INNOVATIONS IFBIN6,607$352,7480.02%
178ISHARES TR4642878042,933$348,5280.02%
179ISHARES INC46434G8224,292$344,2610.02%
180LAM RESEARCH CORPLRCX2,551$341,5790.02%
181TE CONNECTIVITY PLCTEL1,517$333,0270.02%
182VERIZON COMMUNICATIONS INCVZ7,476$328,5700.02%
183KINSALE CAP GROUP INC49714P108760$323,1980.02%
184CADENCE DESIGN SYSTEM INCCDNS916$321,7540.02%
185KINDER MORGAN INC DELEP-PC11,238$318,1480.02%
186ISHARES TR4642874081,537$317,4060.02%
187GLOBAL X FDS37954Y8305,300$316,9930.02%
188VANGUARD INDEX FDS9229087441,690$315,1680.02%
189MOODYS CORPMCO657$313,0470.02%
190DUPONT DE NEMOURS INCDD3,976$309,7300.02%
191PALANTIR TECHNOLOGIES INCPLTR1,678$306,1010.02%
192LINDE PLCLIN643$305,4250.02%
193MCDONALDS CORPMCD995$302,3710.02%
194BRIGHT HORIZONS FAM SOL IN D1091941002,785$302,3670.02%
195SEA LTDSE1,684$300,9810.02%
196SAP SESAPGF1,100$293,9310.02%
197ISHARES INC46428632710,610$290,3960.02%
198TELEFONAKTIEBOLAGET LM ERICS29482160834,870$288,3750.02%
1993M COMMM1,848$286,7730.02%
200MSCI INCMSCI494$280,3010.02%
201GENERAL DYNAMICS CORPGD818$278,9380.02%
202SPDR SERIES TRUST78464A7552,950$274,9110.02%
203BALCHEM CORPBCPC1,770$265,6140.02%
204GLOBAL X FDS37954Y8715,389$256,8940.02%
205OLLIES BARGAIN OUTLET HLDGS6811161091,977$253,8470.02%
206WISDOMTREE TRWT5,015$252,1040.02%
207LOWES COS INC548661107988$248,2940.02%
208ISHARES TR464287614530$248,2570.02%
209MPLX LPMPLXP4,796$239,5600.02%
210PIMCO ETF TR72201R8332,365$238,1320.02%
211FEDEX CORPFDX1,000$235,8100.02%
212GOLDMAN SACHS GROUP INCGSCE294$234,1270.02%
213ISHARES TR4642874992,396$231,3340.02%
214ISHARES TR4642871845,600$230,3840.02%
215UNITED NAT FOODS INCUNTCW6,007$225,9830.01%
216IDEXX LABS INC45168D104347$221,6950.01%
217CORTEVA INCCTVA3,273$221,3530.01%
218NATWEST GROUP PLCRBSPF15,516$219,5510.01%
219CME GROUP INCCME811$219,1240.01%
220HEALTHCARE RLTY TR42226K10512,100$218,1630.01%
221GE VERNOVA INCGEV354$217,6750.01%
222ISHARES TR4642875561,505$217,2770.01%
223DEXCOM INCDXCM3,219$216,6070.01%
224US BANCORP DELUSB-PS4,397$212,5070.01%
225RTX CORPORATIONRTX1,256$210,1660.01%
226T-MOBILE US INCTMUSZ876$209,6970.01%
227SPDR SERIES TRUST78464A8702,050$205,4100.01%
228NETEASE INCNETTF1,345$204,4270.01%
229ISHARES TR46432F3391,045$203,2530.01%
230ORLA MNG LTD NEW68634K10615,600$168,3120.01%
231LLOYDS BANKING GROUP PLCLLOBF22,191$100,7470.01%
232ALPHABET INCGOOG400$97,2400.01%
233GRAB HOLDINGS LIMITEDGRABW13,159$79,2170.01%
234AMAZON COM INCAMZN300$65,8710.00%
235MICROSOFT CORPMSFT125$64,7440.00%
236BLACKROCK INCBLK50$58,2940.00%
237APPLE INCAAPL220$56,0190.00%
238SEA LTDSE298$53,2620.00%
239SPOTIFY TECHNOLOGY S ASPOT57$39,7860.00%
240COSTCO WHSL CORP NEW22160K10540$37,0250.00%
241BEYOND AIR INCXAIR15,400$35,5740.00%
242BEYOND AIR INCXAIR15,400$35,5740.00%
243PHILIP MORRIS INTL INC718172109207$33,5750.00%
244SAP SESAPGF122$32,6000.00%
245ASML HOLDING N VASMLF33$31,9470.00%
246INVESCO QQQ TRIVZ50$30,0190.00%
247VERTEX PHARMACEUTICALS INCVRTX75$29,3730.00%
248VISA INCV80$27,3100.00%
249ISHARES TR464287655100$24,1960.00%
250LINDE PLCLIN45$21,3750.00%
251DANAHER CORPORATION235851102100$19,8260.00%
252VANGUARD TAX-MANAGED FDS921943858310$18,5750.00%
253BLACKSTONE INCBX100$17,0850.00%
254ASML HOLDING N VASMLF14$13,5530.00%
255NOVO-NORDISK A SNONOF237$13,1510.00%
256ADOBE INCADBE35$12,3460.00%
257PTC INCPTC60$12,1810.00%
258MARRIOTT INTL INC NEW57190320245$11,7200.00%
259NVIDIA CORPORATIONNVDA60$11,1950.00%
260ULTA BEAUTY INCULTA20$10,9350.00%
261OTIS WORLDWIDE CORPOTIS95$8,6860.00%