Welch Group, LLC

BIRMINGHAM, AL · CIK 1443095 · 13F filing filed 2023-07-18

SEC-registered investment adviser since 1999 · limited liability company

Assets managed$3.7bn
Staff28 · 26 in investment roles
Main clients (by assets)High net worth individuals 91%, Individuals 8%
Websitewelchgroup.com
Form ADV · 2026-08-31SEC adviser record

$1.7bn reported value +1.4% vs Q1 2023

217positions

33.6%in top 10

10 new 77 added 55 reduced 9 sold out vs Q1 2023

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MICROSOFT CORP COM MSFT	MSFT	228,816	$77.9m4.47%	4.47%	Reduced -2.4k	-2,351 -1.0%
2	APPLE INC COM AAPL	AAPL	376,257	$73.0m4.18%	4.18%	Reduced -4.6k	-4,639 -1.2%
3	GALLAGHER ARTHUR J & CO COM AJG	AJG	269,674	$59.2m3.39%	3.39%	Reduced -5.7k	-5,693 -2.1%
4	MCDONALDS CORP COM MCD	MCD	184,728	$55.1m3.16%	3.16%	Reduced -1.6k	-1,613 -0.9%
5	CHEVRON CORP NEW COM CVX	CVX	346,889	$54.6m3.13%	3.13%	Added +2.9k	+2,886 0.8%
6	EXXON MOBIL CORP COM XOM	XOM	507,125	$54.4m3.12%	3.12%	Reduced -7.5k	-7,519 -1.5%
7	SOUTHERN CO COM SO	SO	761,308	$53.5m3.07%	3.07%	Added +16.6k	+16,586 2.2%
8	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	1,299,599	$53.2m3.05%	3.05%	Reduced -27.7k	-27,704 -2.1%
9	HOME DEPOT INC COM HD	HD	169,189	$52.6m3.01%	3.01%	Added +2.5k	+2,451 1.5%
10	PEPSICO INC COM PEP	PEP	281,991	$52.2m2.99%	2.99%	Reduced -1.6k	-1,617 -0.6%
11	LOCKHEED MARTIN CORP COM LMT	LMT	108,611	$50.0m2.87%	2.87%	Added +87	+87 0.1%
12	JOHNSON & JOHNSON COM JNJ	JNJ	301,422	$49.9m2.86%	2.86%	Added +7.8k	+7,761 2.6%
13	ABBVIE INC COM ABBV	ABBV	363,282	$48.9m2.81%	2.81%	Added +3.0k	+2,981 0.8%
14	RTX CORPORATION COM RTX	RTX	493,404	$48.3m2.77%	2.77%	Added +2.1k	+2,117 0.4%
15	PROCTER AND GAMBLE CO COM PG	PG	317,526	$48.2m2.76%	2.76%	Added +1.3k	+1,338 0.4%
16	JPMORGAN CHASE & CO COM JPM	JPM	330,186	$48.0m2.75%	2.75%	Added +5.9k	+5,894 1.8%
17	NEXTERA ENERGY INC COM NEE	NEE	638,277	$47.4m2.71%	2.71%	Added +11.6k	+11,632 1.9%
18	COLGATE PALMOLIVE CO COM CL	CL	606,553	$46.7m2.68%	2.68%	Added +8.0k	+7,970 1.3%
19	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	342,399	$45.8m2.63%	2.63%	Added +6.9k	+6,927 2.1%
20	GENERAL MLS INC COM GIS	GIS	584,506	$44.8m2.57%	2.57%	Reduced -10.2k	-10,236 -1.7%
21	EMERSON ELEC CO COM EMR	EMR	492,701	$44.5m2.55%	2.55%	Added +8.1k	+8,114 1.7%
22	PAYCHEX INC COM PAYX	PAYX	391,362	$43.8m2.51%	2.51%	Added +5.8k	+5,787 1.5%
23	KIMBERLY-CLARK CORP COM KMB	KMB	313,975	$43.3m2.48%	2.48%	Added +396	+396 0.1%
24	UNILEVER PLC SPON ADR NEW SPON ADR NEW		804,581	$41.9m2.40%	2.40%	Reduced -1.2k	-1,214 -0.1%
25	QUALCOMM INC COM QCOM	QCOM	351,668	$41.9m2.40%	2.40%	Added +14.0k	+13,982 4.1%
26	CONSOLIDATED EDISON INC COM ED	ED	459,851	$41.6m2.38%	2.38%	Reduced -740	-740 -0.2%
27	CINCINNATI FINL CORP COM CINF	CINF	395,461	$38.5m2.21%	2.21%	Added +5.9k	+5,942 1.5%
28	VERIZON COMMUNICATIONS INC COM VZ	VZ	960,145	$35.7m2.05%	2.05%	Added +46.8k	+46,807 5.1%
29	PFIZER INC COM PFE	PFE	949,219	$34.8m2.00%	2.00%	Added +50.7k	+50,693 5.6%
30	TEXAS INSTRS INC COM TXN	TXN	183,637	$33.1m1.90%	1.90%	Added +13.0k	+13,015 7.6%
31	TRUIST FINL CORP COM TFC	TFC	1,006,035	$30.5m1.75%	1.75%	Added +119.5k	+119,471 13.5%
32	COCA COLA CO COM KO	KO	216,052	$13.0m0.75%	0.75%	Added +8.3k	+8,333 4.0%
33	NVIDIA CORPORATION COM NVDA	NVDA	24,583	$10.4m0.60%	0.60%	Reduced -2.3k	-2,337 -8.7%
34	CATERPILLAR INC COM CAT	CAT	34,621	$8.5m0.49%	0.49%	Added +1.3k	+1,270 3.8%
35	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	20,403	$8.3m0.48%	0.48%	Added +765	+765 3.9%
36	ISHARES TR CORE S&P500 ETF IVV	IVV	18,036	$8.0m0.46%	0.46%	Reduced -29	-29 -0.2%
37	AMAZON COM INC COM AMZN	AMZN	56,491	$7.4m0.42%	0.42%	Added +1.7k	+1,743 3.2%
38	DEERE & CO COM DE	DE	17,470	$7.1m0.41%	0.41%	Added +791	+791 4.7%
39	ORACLE CORP COM ORCL	ORCL	54,576	$6.5m0.37%	0.37%	Added +484	+484 0.9%
40	ALPHABET INC CAP STK CL A GOOGL	GOOGL	52,202	$6.2m0.36%	0.36%	Added +1.9k	+1,865 3.7%
41	ABBOTT LABS COM ABT	ABT	54,006	$5.9m0.34%	0.34%	Added +2.6k	+2,584 5.0%
42	VULCAN MATLS CO COM VMC	VMC	25,514	$5.8m0.33%	0.33%	Added +459	+459 1.8%
43	CISCO SYS INC COM CSCO	CSCO	108,806	$5.6m0.32%	0.32%	Added +7.1k	+7,086 7.0%
44	VISA INC COM CL A V	V	23,565	$5.6m0.32%	0.32%	Added +762	+762 3.3%
45	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	84,116	$5.4m0.31%	0.31%	Added +5.0k	+4,955 6.3%
46	GLOBE LIFE INC COM GL	GL	47,054	$5.2m0.30%	0.30%	Reduced -714	-714 -1.5%
47	AT&T INC COM T	T	317,533	$5.1m0.29%	0.29%	Added +18.4k	+18,431 6.2%
48	STRYKER CORPORATION COM SYK	SYK	16,421	$5.0m0.29%	0.29%	Added +506	+506 3.2%
49	TJX COS INC NEW COM TJX	TJX	58,363	$4.9m0.28%	0.28%	Added +2.4k	+2,433 4.3%
50	MASTERCARD INCORPORATED CL A MA	MA	12,250	$4.8m0.28%	0.28%	Added +538	+538 4.6%
51	BLACKSTONE INC COM BX	BX	51,685	$4.8m0.28%	0.28%	Added +3.7k	+3,748 7.8%
52	SHERWIN WILLIAMS CO COM SHW	SHW	17,972	$4.8m0.27%	0.27%	Added +1.2k	+1,188 7.1%
53	ADVANCED MICRO DEVICES INC COM AMD	AMD	40,451	$4.6m0.26%	0.26%	Added +2.3k	+2,302 6.0%
54	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	14,796	$4.6m0.26%	0.26%	Added +881	+881 6.3%
55	GOLDMAN SACHS GROUP INC COM GS	GS	13,243	$4.3m0.24%	0.24%	Added +971	+971 7.9%
56	DISNEY WALT CO COM DIS	DIS	46,288	$4.1m0.24%	0.24%	Added +4.1k	+4,080 9.7%
57	TARGET CORP COM TGT	TGT	30,860	$4.1m0.23%	0.23%	Added +3.0k	+3,017 10.8%
58	DOLLAR GEN CORP NEW COM DG	DG	20,791	$3.5m0.20%	0.20%	Added +3.0k	+2,998 16.9%
59	MERCK & CO INC COM MRK	MRK	30,045	$3.5m0.20%	0.20%	Added +255	+255 0.9%
60	ELI LILLY & CO COM LLY	LLY	5,469	$2.6m0.15%	0.15%	Reduced -256	-256 -4.5%
61	AFLAC INC COM AFL	AFL	33,848	$2.4m0.14%	0.14%	Unchanged
62	WALMART INC COM WMT	WMT	14,175	$2.2m0.13%	0.13%	Reduced -599	-599 -4.0%
63	AMERICAN EXPRESS CO COM AXP	AXP	12,430	$2.2m0.12%	0.12%	Unchanged
64	REGIONS FINANCIAL CORP NEW COM RF	RF	119,889	$2.1m0.12%	0.12%	Added +2.1k	+2,147 1.8%
65	SYNOVUS FINL CORP COM NEW COM NEW		66,839	$2.0m0.12%	0.12%	Added +3.8k	+3,821 6.1%
66	PHILIP MORRIS INTL INC COM PM	PM	20,398	$2.0m0.11%	0.11%	Added +9	+9 0.0%
67	GRACO INC COM GGG	GGG	21,391	$1.8m0.11%	0.11%	Unchanged
68	AON PLC SHS CL A AON	AON	5,272	$1.8m0.10%	0.10%	Reduced -174	-174 -3.2%
69	ALTRIA GROUP INC COM MO	MO	38,766	$1.8m0.10%	0.10%	Reduced -455	-455 -1.2%
70	ALPHABET INC CAP STK CL C GOOG	GOOG	11,963	$1.4m0.08%	0.08%	Reduced -80	-80 -0.7%
71	GENUINE PARTS CO COM GPC	GPC	8,151	$1.4m0.08%	0.08%	Unchanged
72	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	2,915	$1.3m0.07%	0.07%	Reduced -314	-314 -9.7%
73	NORTHROP GRUMMAN CORP COM NOC	NOC	2,789	$1.3m0.07%	0.07%	Added +16	+16 0.6%
74	NOVARTIS AG SPONSORED ADR NVS	NVS	11,793	$1.2m0.07%	0.07%	Unchanged
75	UNITED CMNTY BKS BLAIRSVLE G COM UCB	UCB	44,381	$1.1m0.06%	0.06%	Unchanged
76	WELLTOWER INC COM WELL	WELL	13,400	$1.1m0.06%	0.06%	Unchanged
77	SPDR GOLD TR GOLD SHS GLD	GLD	5,957	$1.1m0.06%	0.06%	Added +432	+432 7.8%
78	WASTE MGMT INC DEL COM WM	WM	5,925	$1.0m0.06%	0.06%	Unchanged
79	COSTCO WHSL CORP NEW COM COST	COST	1,907	$1.0m0.06%	0.06%	Added +64	+64 3.5%
80	MONDELEZ INTL INC CL A MDLZ	MDLZ	13,585	$990.9k0.06%	0.06%	Added +1	+1 0.0%
81	DUKE ENERGY CORP NEW COM NEW DUK	DUK	10,985	$985.8k0.06%	0.06%	Added +3	+3 0.0%
82	INTEL CORP COM INTC	INTC	28,598	$956.3k0.05%	0.05%	Reduced -263	-263 -0.9%
83	CONOCOPHILLIPS COM COP	COP	9,094	$942.2k0.05%	0.05%	Reduced -30	-30 -0.3%
84	PACER FDS TR TRENDP US LAR CP PTLC	PTLC	22,545	$931.1k0.05%	0.05%	Reduced -370	-370 -1.6%
85	VANGUARD SCOTTSDALE FDS VNG RUS1000IDX VONE	VONE	4,495	$906.0k0.05%	0.05%	Unchanged
86	BANK AMERICA CORP COM BAC	BAC	30,658	$879.6k0.05%	0.05%	Reduced -2.5k	-2,499 -7.5%
87	REPUBLIC SVCS INC COM RSG	RSG	5,735	$878.4k0.05%	0.05%	Unchanged
88	DIAGEO PLC SPON ADR NEW DEO	DEO	4,400	$763.3k0.04%	0.04%	Unchanged
89	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	1,966	$726.3k0.04%	0.04%	Reduced -389	-389 -16.5%
90	YUM BRANDS INC COM YUM	YUM	4,973	$689.1k0.04%	0.04%	Unchanged
91	BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR BBVA	BBVA	86,351	$663.2k0.04%	0.04%	Reduced -15.1k	-15,118 -14.9%
92	VANGUARD INDEX FDS MID CAP ETF VO	VO	2,859	$629.3k0.04%	0.04%	Added +212	+212 8.0%
93	ROYAL BK CDA COM RY	RY	6,390	$610.3k0.03%	0.03%	Unchanged
94	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	5,727	$607.5k0.03%	0.03%	Unchanged
95	MARTIN MARIETTA MATLS INC COM MLM	MLM	1,274	$588.2k0.03%	0.03%	Added +103	+103 8.8%
96	HONEYWELL INTL INC COM COM		2,832	$587.6k0.03%	0.03%	Reduced -100	-100 -3.4%
97	WELLS FARGO CO NEW COM WFC	WFC	13,528	$577.4k0.03%	0.03%	Added +498	+498 3.8%
98	SPDR SER TR BLOOMBERG 1-3 MO BIL	BIL	6,164	$566.0k0.03%	0.03%	Reduced -5.9k	-5,915 -49.0%
99	DOW INC COM DOW	DOW	10,572	$563.1k0.03%	0.03%	Reduced -86	-86 -0.8%
100	CRESCENT ENERGY COMPANY CL A COM CRGY	CRGY	53,272	$555.1k0.03%	0.03%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
3M CO MMM	MMM	3,239	$340.5k3.2k shares
SELECT SECTOR SPDR TR XLF	XLF	9,556	$307.2k9.6k shares
MOSAIC CO NEW MOS	MOS	5,646	$259.0k5.6k shares
US BANCORP DEL USB	USB	6,826	$246.1k6.8k shares
SPDR SER TR XSD	XSD	1,106	$230.7k1.1k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	369	$212.7k369 shares
ICAHN ENTERPRISES LP IEP	IEP	4,071	$210.5k4.1k shares
INTERNATIONAL PAPER CO IP	IP	5,796	$209.0k5.8k shares
NIKE INC NKE	NKE	1,678	$205.8k1.7k shares