AXA S.A.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), AXA S.A. reported 61 stock positions worth $199.4 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 22.7% of the portfolio, followed by Microsoft (MSFT, 6.1%) and Nvidia (NVDA, 6.0%). Compared with Q2 2025, it sold out of 1,016, added to 3 and reduced 57. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +9%) and the biggest sale an exit from Broadcom (AVGO).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0000898427
Portfolio Value
$199.4M (Q3 2025)
SEC Filing
0000898427-25-000028 ↗ filed Nov 14, 2025

Holdings Value

0$10.0B$20.0B$30.0B$40.0B Q1 2024: $33.1B Q1 2024 Q2 2024: $33.4B Q2 2024 Q3 2024: $33.6B Q3 2024 Q4 2024: $32.8B Q4 2024 Q1 2025: $30.3B Q1 2025 Q2 2025: $34.6B Q2 2025 Q3 2025: $199.4M $199.4M Q3 2025 Q4 2025: $211.4M Q4 2025 Q1 2026: $256.4M Q1 2026 Q2 2026: $91.9M Q2 2026

Holdings 61 stocks · $199.4M
SPY SS SPDR S&P 500 ETF Trust-US 22.69% 67,929 $45.3M Add +8.8%
MSFT Microsoft Corp. 6.13% 23,585 $12.2M Reduce -99.4%
NVDA Nvidia Corp. 6.02% 64,337 $12.0M Reduce -99.5%
GOOGL Alphabet Inc. Class A 5.20% 42,651 $10.4M Reduce -98.4%
IEMG iShares Core MSCI Emerging 5.10% 154,400 $10.2M Add +167.1%
AAPL Apple Inc. 4.24% 33,208 $8.5M Reduce -99.5%
BRK.B Berkshire Hathaway Inc. Class B 3.87% 15,346 $7.7M Reduce -91.8%
AMZN Amazon.com Inc. 3.82% 34,721 $7.6M Reduce -99.4%
LUMENT FINANCE TRUST INC 3.38% 3,340,780 $6.7M No change
RACE Ferrari NV 2.46% 10,113 $4.9M Reduce -98.0%
META Meta Platforms Inc. Class A 2.43% 6,589 $4.8M Reduce -99.3%
STLA Stellantis NV 1.85% 468,941 $3.7M Reduce -89.7%
VOO Vanguard S&P 500 ETF 1.67% 5,427 $3.3M Add +46.7%
KO The Coca-Cola Co. 1.62% 48,637 $3.2M Reduce -97.9%
V Visa Inc. Class A 1.43% 8,364 $2.9M Reduce -99.5%
NFLX Netflix Inc. 1.26% 2,088 $2.5M Reduce -99.2%
LLY Eli Lilly & Co. 1.22% 3,180 $2.4M Reduce -98.9%
CIEN Ciena Corp. 1.11% 15,216 $2.2M Reduce -95.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.11% 42,746 $2.2M Reduce -94.5%
NEE Nextera Energy Inc. 0.90% 23,841 $1.8M Reduce -98.1%
UBER Uber Technologies Inc. 0.90% 18,254 $1.8M Reduce -99.3%
BSX Boston Scientific Corp. 0.86% 17,625 $1.7M Reduce -99.3%
AXP American Express Co. 0.85% 5,117 $1.7M Reduce -99.2%
ETN Eaton Corp. PLC 0.82% 4,392 $1.6M Reduce -99.5%
ICE Intercontinental Exchange Inc. 0.82% 9,750 $1.6M Reduce -98.2%
MS Morgan Stanley 0.82% 10,282 $1.6M Reduce -98.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.81% 11,203 $1.6M Reduce -99.6%
MNST Monster Beverage Corp. 0.79% 23,287 $1.6M Reduce -96.1%
MLM Martin Marietta Materials 0.75% 2,385 $1.5M Reduce -66.8%
COST Costco Wholesale Corp. 0.75% 1,620 $1.5M Reduce -99.6%
TSLA Tesla Inc. 0.72% 3,233 $1.4M Reduce -99.6%
ADBE Adobe Inc. 0.70% 3,985 $1.4M Reduce -98.0%
NOW ServiceNow Inc. 0.69% 1,505 $1.4M Reduce -99.6%
RCL Royal Caribbean Cruises Ltd. 0.69% 4,279 $1.4M Reduce -98.2%
EW Edwards Lifesciences Corp. 0.67% 17,092 $1.3M Reduce -97.6%
PGR Progressive Corp. 0.66% 5,313 $1.3M Reduce -99.2%
PLNT Planet Fitness Inc. Class A 0.65% 12,410 $1.3M Reduce -97.4%
CLH Clean Harbors Inc. 0.62% 5,364 $1.2M Reduce -88.0%
EOG EOG Resources Inc. 0.62% 11,060 $1.2M Reduce -96.4%
MDLZ Mondelez International Inc. Class A 0.59% 18,707 $1.2M Reduce -96.9%
BKNG Booking Holdings Inc. 0.56% 208 $1.1M Reduce -99.5%
TMO Thermo Fisher Scientific Inc. 0.56% 2,301 $1.1M Reduce -99.5%
MU Micron Technology Inc. 0.54% 6,378 $1.1M Reduce -98.9%
MRK Merck & Co. Inc. 0.52% 12,386 $1.0M Reduce -99.0%
ECL Ecolab Inc. 0.47% 3,429 $939K Reduce -99.4%
JPM JPMorgan Chase & Co. 0.46% 2,932 $925K Reduce -99.6%
UNH Unitedhealth Group Inc. 0.45% 2,595 $896K Reduce -99.1%
MSA Msa Safety Inc. 0.45% 5,178 $891K Reduce -89.2%
TSCO Tractor Supply Company 0.45% 15,609 $888K Reduce -99.4%
QCOM Qualcomm Inc. 0.43% 5,142 $855K Reduce -99.5%
EXAS Exact Sciences Corp. 0.41% 14,962 $819K Reduce -97.4%
IR Ingersoll-Rand Inc. 0.36% 8,809 $728K Reduce -96.5%
BABA Alibaba Group Holding-SP ADR 0.35% 3,874 $692K Reduce -99.7%
CRUS Cirrus Logic Inc. 0.31% 4,956 $621K Reduce -92.2%
TSM Taiwan Semiconductor-SP ADR 0.27% 1,956 $546K Reduce -99.8%
GE General Electric filed as GE AEROSPACE 0.25% 1,668 $502K Reduce -99.2%
CAT Caterpillar Inc. 0.24% 993 $474K Reduce -99.4%
RTX RTX Corp. 0.24% 2,816 $471K Reduce -99.4%
ANET Arista Networks Inc. 0.16% 2,133 $311K Reduce -99.7%
SPOT Spotify Technology SA 0.12% 342 $239K Reduce -99.6%
ORCL Oracle Corp. 0.10% 738 $208K Reduce -99.8%

Portfolio Sells Q2 2025 → Q3 2025
AVGO Broadcom Inc. Sold out 0.00% −1.92
GOOG Alphabet Inc. Class C Sold out 0.00% −1.50
ISRG Intuitive Surgical Inc. Sold out 0.00% −1.08
CRM Salesforce Inc. Sold out 0.00% −0.97
CDNS Cadence Design SYS Inc. Sold out 0.00% −0.94
LIN Linde PLC Sold out 0.00% −0.88
ADSK Autodesk Inc. Sold out 0.00% −0.79
PG The Procter & Gamble Co. Sold out 0.00% −0.76
CSCO Cisco Systems Inc. Sold out 0.00% −0.66
MA Mastercard Inc. Class A Sold out 0.00% −0.57
DXCM Dexcom Inc. Sold out 0.00% −0.55
NVDA Nvidia Corp. Reduce -99.5% 6.02% −0.52
PANW Palo Alto Networks Inc. Sold out 0.00% −0.51
GILD Gilead Sciences Inc. Sold out 0.00% −0.51
ACN Accenture PLC Class A Sold out 0.00% −0.51
ABBV Abbvie Inc. Sold out 0.00% −0.49
TT Trane Technologies PLC Sold out 0.00% −0.48
ABT Abbott Laboratories Sold out 0.00% −0.47
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.47
RSG Republic Services Inc. Sold out 0.00% −0.44
ADP Automatic Data Processing Sold out 0.00% −0.41
SHW The Sherwin-Williams Co. Sold out 0.00% −0.41
INTU Intuit Inc. Sold out 0.00% −0.41
AXON Axon Enterprise Inc. Sold out 0.00% −0.40
NXPI NXP Semiconductors NV Sold out 0.00% −0.39
CME Cme Group Inc. Sold out 0.00% −0.39
COST Costco Wholesale Corp. Reduce -99.6% 0.75% −0.37
ZTS Zoetis Inc. Sold out 0.00% −0.37
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.37
RY Royal Bank of Canada Sold out 0.00% −0.36
AMAT Applied Materials Inc. Sold out 0.00% −0.36
JNJ Johnson & Johnson Sold out 0.00% −0.35
UBS UBS Group AG-Reg Sold out 0.00% −0.35
TSM Taiwan Semiconductor-SP ADR Reduce -99.8% 0.27% −0.35
AMD Advanced Micro Devices Sold out 0.00% −0.34
EQIX Equinix Inc. Sold out 0.00% −0.34
PLD Prologis Inc. Sold out 0.00% −0.34
HD Home Depot Inc. Sold out 0.00% −0.33
NOW ServiceNow Inc. Reduce -99.6% 0.69% −0.32
V Visa Inc. Class A Reduce -99.5% 1.43% −0.31
PH Parker Hannifin Corp. Sold out 0.00% −0.31
AMGN Amgen Inc. Sold out 0.00% −0.31
SPGI S&P Global Inc. Sold out 0.00% −0.30
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.29
HON Honeywell International Inc. Sold out 0.00% −0.29
CL Colgate-Palmolive Co. Sold out 0.00% −0.29
MELI MercadoLibre Inc. Sold out 0.00% −0.28
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.28
TEL Te Connectivity PLC Sold out 0.00% −0.28
PAYO Payoneer Global Inc. Sold out 0.00% −0.27

Portfolio Buys Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Add +8.8% 22.69% +22.58
IEMG iShares Core MSCI Emerging Add +167.1% 5.10% +5.09
VOO Vanguard S&P 500 ETF Add +46.7% 1.67% +1.66

Notes & Other Activity Q2 2025 → Q3 2025
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Sold out 8,990,000 $12.9Mbefore exit
SHOPIFY INC (SHOPCN 0.125 11/01/25) NOTE 0.125%11/0 · principal Sold out 9,900,000 $10.1Mbefore exit
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal Sold out 8,600,000 $8.5Mbefore exit
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal Sold out 6,255,000 $7.9Mbefore exit
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Sold out 7,100,000 $7.2Mbefore exit
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Sold out 6,289,000 $7.1Mbefore exit
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Sold out 6,050,000 $6.7Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Sold out 4,250,000 $6.4Mbefore exit
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal Sold out 6,200,000 $6.1Mbefore exit
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal Sold out 4,180,000 $5.6Mbefore exit
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal Sold out 3,800,000 $5.4Mbefore exit
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal Sold out 4,035,000 $5.3Mbefore exit
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal Sold out 4,300,000 $5.0Mbefore exit
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal Sold out 5,200,000 $4.8Mbefore exit
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal Sold out 3,160,000 $3.9Mbefore exit
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Sold out 3,100,000 $3.7Mbefore exit
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Sold out 3,900,000 $3.7Mbefore exit
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal Sold out 2,650,000 $3.5Mbefore exit
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal Sold out 3,230,000 $3.4Mbefore exit
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Sold out 3,300,000 $3.2Mbefore exit
INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal Sold out 2,110,000 $3.0Mbefore exit
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal Sold out 2,100,000 $2.9Mbefore exit
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Sold out 3,070,000 $2.8Mbefore exit
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Sold out 1,550,000 $2.8Mbefore exit
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal Sold out 2,150,000 $2.6Mbefore exit
AXON ENTERPRISE INC (AXON 0.5 12/15/27) NOTE 0.500%12/1 · principal Sold out 670,000 $2.4Mbefore exit
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal Sold out 1,890,000 $2.3Mbefore exit
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) NOTE 12/1 · principal Sold out 1,860,000 $2.3Mbefore exit
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) NOTE 1.500% 6/0 · principal Sold out 1,400,000 $2.2Mbefore exit
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal Sold out 2,100,000 $2.2Mbefore exit
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Sold out 1,674,000 $2.2Mbefore exit
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal Sold out 2,035,000 $2.1Mbefore exit
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal Sold out 1,600,000 $2.1Mbefore exit
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Sold out 1,530,000 $1.8Mbefore exit
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal Sold out 1,570,000 $1.6Mbefore exit
MAKEMYTRIP LIMITED (MMYT 0 02/15/28) NOTE 2/1 · principal Sold out 520,000 $1.3Mbefore exit
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal Sold out 1,100,000 $1.3Mbefore exit
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal Sold out 1,000,000 $996Kbefore exit
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal Sold out 500,000 $887Kbefore exit
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Sold out 738,000 $729Kbefore exit
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Sold out 700,000 $685Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 46$91.9MSPY, BRK.B, TTE, GOOGL, NVDA
Q1 2026 74$256.4MBABA, SPY, TTE, IEMG, NVDA
Q4 2025 73$211.4MSPY, TTE, NVDA, IEMG, MSFT
Q3 2025 61$199.4MSPY, MSFT, NVDA, GOOGL, IEMG
Q2 2025 1,077$34.6BNVDA, MSFT, AMZN, AAPL, META
Q1 2025 1,014$30.3BNVDA, AAPL, MSFT, AMZN, V
Q4 2024 1,027$32.8BNVDA, MSFT, AAPL, AMZN, GOOG
Q3 2024 1,053$33.6BNVDA, MSFT, AAPL, AMZN, SEAGATE HDD CAYMAN (STX 3.5 06/01/28)
Q2 2024Amended 1,019$33.4BNVDA, MSFT, AAPL, AMZN, GOOG
Q1 2024 1,018$33.1BMSFT, NVDA, AAPL, AMZN, GOOG