Baldwin Investment Management, LLC
Holdings as of the 2026-Q2 13F-HR filing (filed 2026-07-28) — the quarterly holdings report an institutional manager files with the SEC. 13F season: the 2026-Q3 13F deadline is 45 days after the quarter ends (2026-11-14). We have loaded 2 so far; most arrive with the SEC’s quarterly bulk 13F data set, which we load after the SEC publishes it, so this count is not how many funds have filed.
What a 13F does — and does not — show
These figures come from Form 13F, a quarterly filing that large US institutional managers must submit to the SEC. It is a useful window, but a partial and lagged one, so read it carefully:
- It is a snapshot, up to 45 days old. A 13F shows what a manager held on the last day of a quarter, filed up to 45 days later — the fund may have traded since.
- Long US-listed stocks only. It excludes short positions, cash, bonds, most derivatives, and non-US or private holdings, so it is not the fund’s whole portfolio.
- Reported 13F value is not assets under management. Every share and concentration figure below is a percentage of the reported 13F value only — not the firm’s total assets.
- It describes, it does not recommend. A large or long-held position is not an endorsement, and none of this is investment advice.
Concentration
Share of reported portfolio value. Long US-listed equity positions as filed; percentages are of reported 13F value, which excludes shorts, cash, non-US and private holdings.
| Tier | Reported value | Share |
|---|---|---|
| Top position | $416M | 40.2% |
| Top 5 | $537M | 51.9% |
| Top 10 | $619M | 59.9% |
Top holdings
The 12 largest of 231 reported positions, by reported value.
| # | Security | Shares | Reported value | % of value |
|---|---|---|---|---|
| 1 | BRK-A Berkshire Hathaway Inc A | 555 | $416M | 40.2% |
| 2 | LRCX Lam Research Corp trimmed | 85,114 | $37M | 3.6% |
| 3 | AAPL Apple Inc added | 99,797 | $29M | 2.8% |
| 4 | AVGO Broadcom Limited added | 75,155 | $28M | 2.7% |
| 5 | NVDA Nvidia Corp added | 134,950 | $27M | 2.6% |
| 6 | JPM J.P. Morgan Chase & Co added | 61,191 | $20M | 1.9% |
| 7 | MSFT Microsoft Corp added | 44,413 | $17M | 1.6% |
| 8 | GOOGL Alphabet Inc Class A added | 45,918 | $16M | 1.6% |
| 9 | LLY Eli Lilly & Company added | 12,959 | $16M | 1.5% |
| 10 | COST Costco Wholesale Corp added | 14,865 | $14M | 1.3% |
| 11 | RTX RTX Corp added | 62,019 | $12M | 1.1% |
| 12 | AMZN Amazon.com Inc added | 46,834 | $11M | 1.1% |
Sector mix
Reported 13F value by sector, as a share of the largest positions we rank. Sectors come from company reference data joined to each holding. Long US-listed equity positions as filed.
| Sector | Reported value | Share |
|---|---|---|
| Financial Services | $454M | 63.7% |
| Technology | $147M | 20.7% |
| Healthcare | $32M | 4.5% |
| Industrials | $29M | 4.0% |
| Communication Services | $16M | 2.3% |
| Consumer Defensive | $14M | 2.0% |
| Consumer Cyclical | $11M | 1.6% |
| Energy | $9M | 1.3% |
How this filer invests
Reproducible measures computed from the positions in this filer’s own 13F filings — not from any outside estimate.
How concentrated the book is
Across 231 reported positions. Shares are of reported 13F value (long US-listed equity), which is not the firm’s total assets. The concentration index (HHI) is the sum of each position’s squared weight — higher means a book concentrated in fewer names.
How much the book turned over
Between the 2026-Q1 and 2026-Q2 filings, on the stable identity of each holding (share classes combined). New positions and exits are counted by presence; adds and trims by share count, and a share-count change matching a standard split ratio with the value held steady is not counted as either.
Long-term holdings vs. higher turnover
Of its 19 largest reported positions, 15 have appeared in its 5 most recent consecutive quarterly filings (more than a year), and 4 are more recent. This filer reads as a longer-term holder: most of its largest positions have persisted for more than a year.
Notable sizing changes among its long-held positions:
- NVDA — share count increased 790%
- LRCX — share count increased 693%
- AVGO — share count increased 684%
- VRTX — share count increased 63%
- COST — share count increased 44%
- LLY — share count increased 44%
Directional only, measured over the filer’s largest reported positions across the quarters we track. 13F is a quarter-end snapshot, so a name can be held continuously yet slip in and out of the largest positions; this is a starting question, not a verdict.
Quarter-over-quarter changes — filed 2026-07-28
What changed between the 2026-Q1 and 2026-Q2 13F filings. New positions and exits are positions that appear in only one of the two filings. Adds and trims are measured by share count, adjusted for stock splits; the dollar figure beside a change is the value of the shares added or sold at the newer filing's price, shown for context only. 1 position whose share count moved like a stock split with no ratified split on file is left out of adds and trims. 1 position held across share classes priced far apart (such as Berkshire Hathaway A and B) is left out of adds and trims: their share counts are not in one unit.
Between the 2026-Q1 and 2026-Q2 filings, this filer opened its largest new position in TXN, fully exited ZS, added most to AAPL, and trimmed ADSK the most. This describes what the 13F reported — not a recommendation.
New positions 28
- TXN$2.19M
- HONA$1.56M
- SYK$0.93M
- IVV$0.78M
- MDT$0.69M
- URI$0.67M
Exited 7
- ZS$966K
- VMC$882K
- BSX$692K
- UBER$494K
- CBT$394K
- EXP$341K
Largest adds
- AAPL$8.46M
- MSFT$4.27M
- JPM$4.26M
- NVDA$4.14M
- GOOGL$4.12M
- RTX$3.32M
Largest trims
- ADSK$1.51M
- LRCX$1.51M
- MRVL$0.73M
- AXTA$0.67M
- BAC$0.57M
- NKE$0.56M
Portfolio trend
Reported 13F value and position count by filing quarter (independent scales).
Frequently asked
What does Baldwin Investment Management, LLC own?
Baldwin Investment Management, LLC reported 231 long US-listed equity positions worth $1.0B in its 2026-Q2 13F filing.
What changed in Baldwin Investment Management, LLC's portfolio last quarter?
Baldwin Investment Management, LLC's 2026-Q2 filing is compared against its prior 13F to identify new positions, exits, and the largest increases and reductions, measured by share count and adjusted for stock splits.
Where does this data come from?
Holdings are parsed from SEC Form 13F-HR filings on EDGAR (public filings). 13F is disclosed up to 45 days after quarter-end and reflects long US-listed equity positions only. Informational, not investment advice.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It is filed up to 45 days after quarter-end, so it is backward-looking — the manager may have traded since — and it covers long US-listed equities only, not short positions, cash, or private holdings. Reading a 13F tells you what a manager owned, not whether you should own it.