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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 HOLDINGS REPORT

Welch Group, LLC

Quarter ended Q3 2025 · Filed October 14, 2025 · Accession 0001443095-25-000008

Total Value
$2.56B
Positions
299
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (299)

#IssuerTicker / CUSIPSharesValue% of Filing
1MICROSOFT CORPMSFT207,049$107.2M4.19%
2APPLE INCAAPL378,099$96.3M3.76%
3JPMORGAN CHASE & CO.VYLD285,172$90.0M3.51%
4RTX CORPORATIONRTX518,150$86.7M3.38%
5ABBVIE INCABBV370,508$85.8M3.35%
6INTERNATIONAL BUSINESS MACHSINTR301,260$85.0M3.32%
7SERVISFIRST BANCSHARES INCSFBS983,776$79.2M3.09%
8SOUTHERN COSOMN772,574$73.2M2.86%
9HOME DEPOT INCHD178,824$72.5M2.83%
10JOHNSON & JOHNSONJNJ383,400$71.1M2.78%
11GALLAGHER ARTHUR J & CO363576109226,514$70.2M2.74%
12CHEVRON CORP NEWCVX427,227$66.3M2.59%
13CISCO SYS INCCSCO966,136$66.1M2.58%
14NEXTERA ENERGY INCNEE-PW870,827$65.7M2.57%
15LOCKHEED MARTIN CORPLMT130,685$65.2M2.55%
16QUALCOMM INCQCOM383,804$63.8M2.49%
17MCDONALDS CORPMCD209,774$63.7M2.49%
18CINCINNATI FINL CORP172062101402,235$63.6M2.48%
19EMERSON ELEC COEMR482,412$63.3M2.47%
20EXXON MOBIL CORPXOM544,075$61.3M2.39%
21TRUIST FINL CORP89832Q1091,311,936$60.0M2.34%
22COLGATE PALMOLIVE COCL685,785$54.8M2.14%
23PROCTER AND GAMBLE CO742718109344,698$53.0M2.07%
24CONSOLIDATED EDISON INCED522,697$52.5M2.05%
25PAYCHEX INCPAYX406,394$51.5M2.01%
26VERIZON COMMUNICATIONS INCVZ1,166,318$51.3M2.00%
27PFIZER INCPFE1,986,914$50.6M1.98%
28TEXAS INSTRS INC882508104257,192$47.3M1.84%
29KIMBERLY-CLARK CORPKMB376,064$46.8M1.83%
30PEPSICO INCPEP330,181$46.4M1.81%
31GENERAL MLS INC370334104822,280$41.5M1.62%
32NVIDIA CORPORATIONNVDA182,318$34.0M1.33%
33CATERPILLAR INCCAT40,697$19.4M0.76%
34ORACLE CORPORCL-PD67,411$19.0M0.74%
35COCA COLA COKO269,136$17.8M0.70%
36ALPHABET INCGOOG64,689$15.7M0.61%
37AMAZON COM INCAMZN63,023$13.8M0.54%
38GOLDMAN SACHS GROUP INCGSCE16,502$13.1M0.51%
39VISA INCV37,881$12.9M0.50%
40ISHARES TR46428720018,254$12.2M0.48%
41DEERE & CODE26,258$12.0M0.47%
42META PLATFORMS INCMETA15,861$11.6M0.45%
43ADVANCED MICRO DEVICES INCAMD71,260$11.5M0.45%
44BROADCOM INCAVGO33,252$11.0M0.43%
45BLACKSTONE INCBX64,041$10.9M0.43%
46TJX COS INC NEW87254010974,424$10.8M0.42%
47ABBOTT LABSABLZF77,565$10.4M0.41%
48MASTERCARD INCORPORATEDMA16,017$9.1M0.36%
49STRYKER CORPORATIONSYK24,112$8.9M0.35%
50VULCAN MATLS CO92916010927,865$8.6M0.33%
51SHERWIN WILLIAMS COSHW24,014$8.3M0.32%
52PALO ALTO NETWORKS INCPANW38,906$7.9M0.31%
53AFLAC INCAFL65,434$7.3M0.29%
54CARRIER GLOBAL CORPORATIONCARR117,455$7.0M0.27%
55GLOBE LIFE INCGL-PD47,333$6.8M0.26%
56ACCENTURE PLC IRELANDACN27,364$6.7M0.26%
57AMERICAN EXPRESS COAXP18,866$6.3M0.24%
58TARGET CORPTGT69,410$6.2M0.24%
59ELI LILLY & COLLY7,514$5.7M0.22%
60VANGUARD INDEX FDS9229083638,721$5.3M0.21%
61WALMART INCWMT50,486$5.2M0.20%
62REGIONS FINANCIAL CORP NEWRF-PF151,408$4.0M0.16%
63SPDR S&P 500 ETF TRSPY5,592$3.7M0.15%
64PHILIP MORRIS INTL INC71817210921,716$3.5M0.14%
65SYNOVUS FINL CORP87161C50167,623$3.3M0.13%
66VANGUARD SCOTTSDALE FDS92206C10254,347$3.2M0.12%
67ISHARES TR46428745738,549$3.2M0.12%
68ALPHABET INCGOOG12,837$3.1M0.12%
69INVESCO QQQ TRIVZ5,088$3.1M0.12%
70SPDR GOLD TRGLD8,368$3.0M0.12%
71MERCK & CO INCMRK34,242$2.9M0.11%
72ALTRIA GROUP INCMO41,161$2.7M0.11%
73AT&T INCT-PC93,820$2.6M0.10%
74MUELLER INDS INC62475610222,000$2.2M0.09%
75CRANE COMPANYCR11,000$2.0M0.08%
76WELLS FARGO CO NEW94974610123,405$2.0M0.08%
77GENUINE PARTS COGPC13,858$1.9M0.07%
78WELLTOWER INCWELL10,703$1.9M0.07%
79REPUBLIC SVCS INC7607591008,123$1.9M0.07%
80MODINE MFG CO60782810013,000$1.8M0.07%
81BANK NEW YORK MELLON CORP06405810016,936$1.8M0.07%
82AON PLCAON5,130$1.8M0.07%
83WASTE MGMT INC DEL94106L1098,281$1.8M0.07%
84NORTHROP GRUMMAN CORPNOC2,911$1.8M0.07%
85GRACO INCGGG20,653$1.8M0.07%
86COSTCO WHSL CORP NEW22160K1051,808$1.7M0.07%
87HONEYWELL INTL INC4385161067,716$1.6M0.06%
88BANK AMERICA CORP06050510431,022$1.6M0.06%
89DUKE ENERGY CORP NEWDUKB12,821$1.6M0.06%
90WATTS WATER TECHNOLOGIES INCWTS5,400$1.5M0.06%
91BANCO BILBAO VIZCAYA ARGENTABBVXF76,785$1.5M0.06%
92OREILLY AUTOMOTIVE INC67103H10713,240$1.4M0.06%
93GATX CORPGATX7,512$1.3M0.05%
94TEXTRON INCTXT15,400$1.3M0.05%
95VANGUARD SCOTTSDALE FDS92206C7304,237$1.3M0.05%
96TESLA INCTSLA2,871$1.3M0.05%
97BLACKROCK INCBLK1,073$1.3M0.05%
98MONDELEZ INTL INC60920710519,587$1.2M0.05%
99NOVARTIS AGNVSEF9,466$1.2M0.05%
100WORLD GOLD TRGLDW15,311$1.2M0.05%
101DISNEY WALT CO25468710610,052$1.2M0.04%
102XYLEM INCXYL7,802$1.2M0.04%
103SPDR SERIES TRUST78468R66312,231$1.1M0.04%
104CONOCOPHILLIPSCOP11,771$1.1M0.04%
105UNITED CMNTY BKS BLAIRSVLE GUNTCW34,558$1.1M0.04%
106NETFLIX INCNFLX897$1.1M0.04%
107UNITED RENTALS INCURI1,120$1.1M0.04%
108ISHARES SILVER TRSLV25,233$1.1M0.04%
109NEWMONT CORPNEMCL12,187$1.0M0.04%
110ONEOK INC NEWOKE14,069$1.0M0.04%
111STATE STR CORPSTT-PG8,653$1.0M0.04%
112ISHARES TR4642873098,179$987,3690.04%
113EATON CORP PLCETN2,616$979,0380.04%
114VANGUARD STAR FDS92190976813,239$972,5370.04%
115VANGUARD INDEX FDS9229087692,953$968,9260.04%
116NORFOLK SOUTHN CORP6558441083,213$965,3590.04%
117VANGUARD INTL EQUITY INDEX F92204285817,678$957,8110.04%
118ATLANTA BRAVES HLDGS INCBATRB20,976$953,7790.04%
119ROYAL BK CDA7800871026,403$943,2900.04%
120VANECK ETF TRUST92189F6762,873$937,6330.04%
121NATIONAL FUEL GAS CONFG10,108$933,6760.04%
122SELECT SECTOR SPDR TR81369Y8033,276$923,4620.04%
123AMERICAN ELEC PWR CO INC0255371018,194$921,8770.04%
124PALANTIR TECHNOLOGIES INCPLTR5,046$920,4920.04%
125CHUBB LIMITEDCB3,221$909,1280.04%
126PACER FDS TR69374H10516,565$907,1000.04%
127ENPRO INCNPO4,000$904,0000.04%
128VANGUARD INDEX FDS9229086292,940$863,7380.03%
129VANGUARD WHITEHALL FDS9219464066,051$852,8890.03%
130REAVES UTIL INCOME FD75615810121,229$841,0930.03%
131YUM BRANDS INCYUM5,397$820,3830.03%
132GENERAL DYNAMICS CORPGD2,393$816,0130.03%
133MICRON TECHNOLOGY INCMU4,768$797,7340.03%
134DIAMONDBACK ENERGY INCFANG5,113$731,6970.03%
135SONY GROUP CORPSNEJF25,373$730,4890.03%
136ARCOSA INCACA7,500$702,8250.03%
137VISA INCV2,000$682,7600.03%
138HERC HLDGS INCHRI5,800$676,6280.03%
139ISHARES TR4642871684,662$662,4180.03%
140MARTIN MARIETTA MATLS INC5732841061,035$652,3400.03%
141VANGUARD SPECIALIZED FUNDS9219088443,002$647,8240.03%
142VANGUARD WORLD FD92204A702852$636,3220.02%
143CNH INDL N VN2094410958,118$630,5810.02%
144VANGUARD TAX-MANAGED FDS92194385810,467$627,1830.02%
145PNC FINL SVCS GROUP INC6934751053,079$618,6640.02%
146UNION PAC CORPUNP2,615$618,2090.02%
147IDEX CORP45167R1043,700$602,2120.02%
148ENTERGY CORP NEWENO6,343$591,1050.02%
149UNILEVER PLCUNLYF9,857$584,3370.02%
150BOEING COBA-PA2,705$583,7390.02%
151PACCAR INCPCAR5,833$573,5010.02%
152SELECT SECTOR SPDR TR81369Y5066,416$573,1620.02%
153VANGUARD INDEX FDS9229087361,173$562,5830.02%
154AUTOMATIC DATA PROCESSING INADP1,912$561,1910.02%
155SIMON PPTY GROUP INC NEW8288061092,976$558,4460.02%
156MADISON SQUARE GRDN SPRT COR55825T1032,439$553,6530.02%
157ARRAY DIGITAL INFRASTRUCTUREUNTCW11,000$550,1100.02%
158ZIMMER BIOMET HOLDINGS INCZBH5,550$546,7010.02%
159THERMO FISHER SCIENTIFIC INCTMO1,117$541,8200.02%
160ISHARES TR4642876552,210$534,7320.02%
161STARBUCKS CORPSBUX6,316$534,3620.02%
162ENERGY TRANSFER L PET-PI31,037$532,5870.02%
163DIAGEO PLCDGEAF5,500$524,8650.02%
164FLOWSERVE CORPFLS9,850$523,4290.02%
165SCHWAB STRATEGIC TR80852477119,536$513,7970.02%
166CAPITAL ONE FINL CORP14040H1052,412$512,7430.02%
167BRISTOL-MYERS SQUIBB COCELG-RI10,991$495,6730.02%
168GLOBAL PMTS INC37940X1025,835$484,7720.02%
169IDACORP INCIDA3,656$483,1410.02%
170INTEL CORPINTC14,305$479,9330.02%
171ISHARES TR4642875077,304$476,6600.02%
172FIRSTENERGY CORPFE10,336$473,5890.02%
173SELECT SECTOR SPDR TR81369Y8523,985$471,7310.02%
174RYMAN HOSPITALITY PPTYS INC78377T1075,250$470,3480.02%
175DOMINION ENERGY INCD7,650$467,9510.02%
176ISHARES TR4642886613,870$462,5540.02%
177IRON MTN INC DEL46284V1014,531$461,8910.02%
178SCHWAB STRATEGIC TR80852472214,380$461,8810.02%
179CONSTELLATION ENERGY CORPCEG1,395$459,0530.02%
180MARATHON PETE CORPMARA2,351$453,1320.02%
181BOSTON SCIENTIFIC CORPBSX4,641$453,1010.02%
182PHILLIPS 66PSX3,311$450,3240.02%
183GILEAD SCIENCES INCGILD3,949$438,3910.02%
184NASDAQ INCNDAQ4,951$437,9160.02%
185CRESCENT ENERGY COMPANYCRGY48,396$431,6930.02%
186ITT INCITT2,402$429,3120.02%
187VALMONT INDS INC9202531011,100$426,5030.02%
188XCEL ENERGY INCXELLL5,279$425,7520.02%
189NORTHERN TR CORPNTRSO3,153$424,3940.02%
190VANGUARD WORLD FD9219108403,072$423,1230.02%
191EVERSOURCE ENERGYES5,936$422,2880.02%
192GE AEROSPACE3696043011,401$421,4400.02%
193INVESCO EXCHANGE TRADED FD TIVZ9,294$420,1820.02%
194TRAVELERS COMPANIES INCTRV1,450$404,8690.02%
195ISHARES TR4642888106,630$398,3310.02%
196KELLANOVABEKE4,826$395,8110.02%
197SALESFORCE INCCRM1,669$395,5530.02%
198KRAFT HEINZ COKHC15,053$391,9890.02%
199T ROWE PRICE ETF INC87283Q5039,238$387,1650.02%
200AZZ INCAZZ3,500$381,9550.01%
201GRIFFON CORPGFF5,000$380,7500.01%
202ENTERPRISE PRODS PARTNERS L29379210712,042$376,5600.01%
203ALLSTATE CORPALL-PJ1,747$374,9940.01%
204RENAISSANCERE HLDGS LTDRNR-PG1,472$373,7850.01%
205CRANE NXT COCXT5,500$368,8850.01%
206POST HLDGS INCPOST3,400$365,4320.01%
207MORGAN STANLEYMS-PQ2,280$362,4290.01%
208APPLIED MATLS INC0382221051,741$356,4320.01%
209AIR PRODS & CHEMS INCAIIR1,301$354,7350.01%
210AGNICO EAGLE MINES LTDAEM2,087$351,7850.01%
211CADENCE DESIGN SYSTEM INCCDNS1,000$351,2600.01%
212PROASSURANCE CORPPRA14,619$350,7190.01%
213ISHARES TR4642878042,936$348,9400.01%
214NUCOR CORPNUE2,535$343,3610.01%
215COMCAST CORP NEWCCZ10,894$342,2900.01%
216FB FINL CORP30257X1046,127$341,5190.01%
217SENSIENT TECHNOLOGIES CORPSXT3,600$337,8600.01%
218COINBASE GLOBAL INCCOIN1,000$337,4900.01%
219KINDER MORGAN INC DELEP-PC11,775$333,3400.01%
220VANGUARD WORLD FD921910816818$329,2260.01%
221PERMIAN BASIN RTY TR71423610617,798$324,9920.01%
222TRINITY INDS INC89652210911,500$322,4600.01%
223DNP SELECT INCOME FD INC23325P10430,967$309,9800.01%
224AMGEN INCAMGN1,092$308,1040.01%
225TEGNA INC87901J10515,000$304,9500.01%
226VANECK ETF TRUST92189F7913,039$300,9530.01%
227ANNALY CAPITAL MANAGEMENT INNLY-PJ14,671$296,5000.01%
228HALLIBURTON COHAL12,025$295,8060.01%
229CHEMED CORP NEWCHE660$295,5090.01%
230ISHARES BITCOIN TRUST ETFIBIT4,524$294,0600.01%
231VANECK ETF TRUST92189F1063,831$292,7080.01%
232L3HARRIS TECHNOLOGIES INCLHX955$291,6670.01%
233GLOBAL X FDS37954Y8716,076$289,6430.01%
234VANGUARD INDEX FDS9229086521,365$285,7500.01%
235WISDOMTREE TRWT2,196$281,1540.01%
236SHELL PLCRYDAF3,930$281,1330.01%
237LINDE PLCLIN589$279,6330.01%
238VANGUARD INDEX FDS9229087441,498$279,3630.01%
239ISHARES TR4642878792,526$279,3510.01%
240CROWDSTRIKE HLDGS INCCRWD563$276,0840.01%
241ALLIANT ENERGY CORPLNT4,089$275,6400.01%
242ISHARES TR464287101820$272,9290.01%
243VANGUARD WORLD FD92204A3062,167$272,7390.01%
244CLOROX CO DELCLX2,193$270,3970.01%
245INTERNATIONAL PAPER CO4601461035,804$269,3060.01%
246J P MORGAN EXCHANGE TRADED F46641Q3992,227$268,6590.01%
247LOWES COS INC5486611071,067$268,1120.01%
248AMERICAN COASTAL INS CORPACIC23,288$265,2510.01%
249VANGUARD INDEX FDS922908538893$262,3550.01%
250LAM RESEARCH CORPLRCX1,958$262,1970.01%
251ALIBABA GROUP HLDG LTDBBAAY1,442$257,7290.01%
252GE VERNOVA INCGEV418$257,1360.01%
253J P MORGAN EXCHANGE TRADED F46641Q3324,443$253,7070.01%
2543M COMMM1,633$253,4140.01%
255AMEREN CORPAEE2,410$251,5560.01%
256TECK RESOURCES LTDTCKRF5,700$250,1730.01%
257MICROCHIP TECHNOLOGY INC.MCHPP3,895$250,1370.01%
258SCHWAB STRATEGIC TR8085242019,378$247,0170.01%
259FORTUNE BRANDS INNOVATIONS IFBIN4,621$246,7160.01%
260VANGUARD WORLD FD92204A4051,872$245,7290.01%
261BLUE OWL CAPITAL CORPORATIONOWL19,225$245,5020.01%
262ROSS STORES INCROST1,606$244,7390.01%
263US BANCORP DELUSB-PS5,035$243,3420.01%
264CARDINAL HEALTH INCCAH1,528$239,8350.01%
265ADOBE INCADBE675$238,1070.01%
266SMARTFINANCIAL INCSMBK6,499$232,2100.01%
267PPG INDS INC6935061072,171$228,1940.01%
268HANCOCK WHITNEY CORPORATIONHWCPZ3,643$228,0890.01%
269J P MORGAN EXCHANGE TRADED F46654Q2033,950$227,2040.01%
270INTUITIVE SURGICAL INCISRG505$225,8520.01%
271ISHARES TR4642874992,321$224,0930.01%
272DOLLAR GEN CORP NEW2566771052,167$223,9240.01%
273VANGUARD INTL EQUITY INDEX F9220427421,604$221,0430.01%
274SCHLUMBERGER LTDSLB6,382$219,3630.01%
275ILLINOIS TOOL WKS INC452308109841$219,3210.01%
276VANGUARD INDEX FDS922908751859$218,3870.01%
277MEDICAL PPTYS TRUST INC58463J30442,333$214,6270.01%
278TALEN ENERGY CORPTLN500$212,6900.01%
279INGERSOLL RAND INCIR2,559$211,4250.01%
280HUBBELL INCHUBB490$210,8520.01%
281PACKAGING CORP AMER695156109966$210,5210.01%
282VALVOLINE INCVVV5,736$205,9800.01%
283CORTEVA INCCTVA3,036$205,3250.01%
284EXELON CORPEXC4,500$202,5450.01%
285SMITH A O CORPAOS2,754$202,1720.01%
286CADENCE BANK12740C1035,370$201,5970.01%
287REGENERON PHARMACEUTICALSREGN358$201,2930.01%
288RIVIAN AUTOMOTIVE INCRIVN11,116$163,1830.01%
289SAN JUAN BASIN RTY TR79824110522,008$132,9290.01%
290ZEDGE INCZDGE45,671$132,9030.01%
291AMBEV SAABEV44,191$98,5460.00%
292BITFARMS LTDBITF32,740$92,3270.00%
293MESA RTY TR59066010616,370$85,9430.00%
294URANIUM RTY CORP91702V10117,610$75,7230.00%
295GRAY MEDIA INCGTN-A12,369$71,4930.00%
296SILVERCORP METALS INCSVM11,295$71,3850.00%
297DENISON MINES CORPDNN11,428$31,4270.00%
298WESTWATER RES INCWWR22,954$21,7770.00%
299ARGO BLOCKCHAIN PLCARBK12,309$3,2240.00%