Banque de Luxembourg S.A.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Banque de Luxembourg S.A. reported 87 stock positions worth $174.8 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 11.1% of the portfolio, followed by Microsoft (MSFT, 9.2%) and Alphabet Class A (GOOGL, 8.8%). Compared with Q4 2024, it opened 12 new positions, sold out of 7, added to 22 and reduced 22. The biggest buy was Medtronic (MDT, shares +4%) and the biggest sale Microsoft (MSFT, shares −3%).

Most Recent 13F
Q2 2026
Location
LUXEMBOURG, N4
CIK
0002055344
Portfolio Value
$174.8M (Q1 2025)
SEC Filing
0002055344-25-000002 ↗ filed May 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q4 2024: $185.8M Q4 2024 Q1 2025: $174.8M $174.8M Q1 2025 Q2 2025: $174.6M Q2 2025 Q3 2025: $193.4M Q3 2025 Q4 2025: $234.8M Q4 2025 Q1 2026: $193.3M Q1 2026 Q2 2026: $212.0M Q2 2026

Holdings 87 stocks · $174.8M
SPY SS SPDR S&P 500 ETF Trust-US 11.13% 34,778 $19.5M No change
MSFT Microsoft Corp. 9.19% 42,798 $16.1M Reduce -3.0%
GOOGL Alphabet Inc. Class A 8.82% 99,708 $15.4M Add +0.5%
ACN Accenture PLC Class A 7.43% 41,629 $13.0M Add +2.7%
V Visa Inc. Class A 6.92% 34,502 $12.1M Reduce -7.0%
MDT Medtronic PLC 5.59% 108,704 $9.8M Add +3.8%
AMZN Amazon.com Inc. 5.04% 46,351 $8.8M Reduce -6.2%
AAPL Apple Inc. 4.98% 39,166 $8.7M Reduce -6.0%
UNH Unitedhealth Group Inc. 4.60% 15,352 $8.0M Add +1.1%
SPGI S&P Global Inc. 4.48% 15,399 $7.8M Add +2.6%
SNPS Synopsys Inc. 3.29% 13,399 $5.7M Add +4.7%
CMCSA Comcast Corp. Class A 3.11% 147,534 $5.4M Add +4.1%
CSCO Cisco Systems Inc. 3.01% 85,273 $5.3M Add +7.2%
ADI Analog Devices Inc. 2.12% 18,374 $3.7M Reduce -9.2%
ICLR Icon PLC 1.77% 17,713 $3.1M Reduce -5.5%
BDX Becton Dickinson and Co. 1.74% 13,248 $3.0M Add +2.5%
ALLE Allegion PLC 1.72% 23,062 $3.0M Add +4.2%
CNI Canadian Natl Railway Co. 1.50% 26,939 $2.6M Reduce -0.8%
NVDA Nvidia Corp. 1.36% 21,867 $2.4M Reduce -6.5%
COP Conocophillips 1.23% 20,436 $2.1M Reduce -1.2%
PKW Invesco Buyback Achievers Et 0.82% 12,793 $1.4M No change
NKE Nike Inc. Class B 0.77% 21,213 $1.3M Add +0.7%
PG The Procter & Gamble Co. 0.75% 7,679 $1.3M No change
GOOG Alphabet Inc. Class C 0.63% 7,093 $1.1M No change
DHR Danaher Corp. 0.52% 4,456 $913K Reduce -6.1%
BSX Boston Scientific Corp. 0.47% 8,106 $818K No change
BRK.B Berkshire Hathaway Inc. Class B 0.46% 1,517 $808K New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.42% 8,817 $739K No change
MA Mastercard Inc. Class A 0.37% 1,186 $650K Reduce -21.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.34% 14,246 $595K Add +15.9%
PEP Pepsico Inc. 0.32% 3,679 $552K Add +42.5%
JPM JPMorgan Chase & Co. 0.27% 1,915 $470K No change
META Meta Platforms Inc. Class A 0.27% 808 $466K Reduce -12.6%
TSM Taiwan Semiconductor-SP ADR 0.26% 2,700 $448K No change
JNJ Johnson & Johnson 0.23% 2,467 $409K No change
TMO Thermo Fisher Scientific Inc. 0.22% 788 $392K Reduce -7.0%
RMD Resmed Inc. 0.19% 1,517 $340K Reduce -9.5%
FNV Franco-Nevada Corp. 0.19% 2,100 $331K New
BLK BlackRock Inc. 0.19% 348 $329K Add +31.3%
AVGO Broadcom Inc. 0.16% 1,708 $286K Reduce -13.4%
KKR KKR & Co. Inc. 0.16% 2,444 $283K Add +26.2%
ENB Enbridge Inc. 0.15% 6,000 $266K New
KO The Coca-Cola Co. 0.15% 3,590 $257K Reduce -12.6%
ECL Ecolab Inc. 0.14% 1,000 $254K No change
WMT Walmart Inc. 0.14% 2,697 $237K No change
MRK Merck & Co. Inc. 0.13% 2,442 $219K Add +4.3%
LOW Lowe's Cos Inc. 0.13% 939 $219K No change
QCOM Qualcomm Inc. 0.12% 1,415 $217K No change
NOW ServiceNow Inc. 0.12% 261 $208K Add +8.8%
AMGN Amgen Inc. 0.11% 601 $187K No change
MCD McDonald's Corp. 0.10% 577 $180K No change
ADBE Adobe Inc. 0.10% 461 $177K Reduce -44.1%
HD Home Depot Inc. 0.10% 468 $172K No change
MSCI MSCI Inc. 0.10% 300 $170K No change
ABBV Abbvie Inc. 0.09% 777 $163K No change
BKNG Booking Holdings Inc. 0.09% 33 $152K No change
ZTS Zoetis Inc. 0.09% 919 $151K Add +6.1%
CRM Salesforce Inc. 0.08% 551 $148K No change
ROK Rockwell Automation Inc. 0.08% 547 $141K No change
MU Micron Technology Inc. 0.08% 1,547 $134K No change
LIN Linde PLC 0.07% 246 $114K New
ROP Roper Technologies Inc. 0.06% 192 $113K No change
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.06% 6,623 $101K Add +19.3%
WAT Waters Corp. 0.06% 262 $97K Reduce -37.8%
BUD Anheuser-Busch Inbev-SPN ADR 0.06% 1,566 $96K No change
UNP Union Pacific Corp. 0.05% 404 $95K Reduce -36.7%
PYPL PayPal Holdings Inc. 0.05% 1,322 $86K Add +17.3%
LW Lamb Weston Holdings Inc. 0.05% 1,560 $83K Add +21.2%
VRSK Verisk Analytics Inc. 0.05% 267 $79K Reduce -15.0%
XYL Xylem Inc. 0.04% 520 $62K New
XOM Exxon Mobil Corp. 0.03% 475 $56K No change
ANSS Ansys Inc. 0.03% 176 $56K No change
UBER Uber Technologies Inc. 0.03% 738 $54K No change
YUMC Yum China Holdings Inc. 0.03% 1,000 $52K Reduce -1.8%
CAT Caterpillar Inc. 0.03% 157 $52K No change
FSLR First Solar Inc. 0.03% 400 $51K New
KOF Coca-Cola Femsa Sab-SP ADR 0.03% 547 $50K No change
LKQ LKQ Corp. 0.02% 1,000 $43K Add +68.6%
ADP Automatic Data Processing 0.02% 126 $38K No change
MDLZ Mondelez International Inc. Class A 0.02% 430 $29K Reduce -44.5%
FISV Fiserv Inc. 0.02% 125 $28K New
IEX Idex Corp. 0.01% 127 $23K No change
VRTX Vertex Pharmaceuticals Inc. 0.01% 40 $19K New
NFLX Netflix Inc. 0.01% 20 $19K New
B Barrick Gold Corp. 0.01% 900 $17K New
CBT Cabot Corp. 0.01% 135 $11K New
FCX Freeport-McMoran Inc. 0.01% 250 $9K New

Portfolio Sells Q4 2024 → Q1 2025
MSFT Microsoft Corp. Reduce -3.0% 9.19% −0.86
KHC The Kraft Heinz Co. Sold out 0.00% −0.81
AMZN Amazon.com Inc. Reduce -6.2% 5.04% −0.81
AAPL Apple Inc. Reduce -6.0% 4.98% −0.66
ICLR Icon PLC Reduce -5.5% 1.77% −0.35
NVDA Nvidia Corp. Reduce -6.5% 1.36% −0.34
ABT Abbott Laboratories Sold out 0.00% −0.26
ADI Analog Devices Inc. Reduce -9.2% 2.12% −0.20
ADBE Adobe Inc. Reduce -44.1% 0.10% −0.10
AVGO Broadcom Inc. Reduce -13.4% 0.16% −0.08
EW Edwards Lifesciences Corp. Sold out 0.00% −0.07
AMD Advanced Micro Devices Sold out 0.00% −0.07
GLD SPDR Gold Shares Sold out 0.00% −0.07
DHR Danaher Corp. Reduce -6.1% 0.52% −0.07
MA Mastercard Inc. Class A Reduce -21.3% 0.37% −0.06
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.04
WAT Waters Corp. Reduce -37.8% 0.06% −0.03
META Meta Platforms Inc. Class A Reduce -12.6% 0.27% −0.03
UNP Union Pacific Corp. Reduce -36.7% 0.05% −0.02
HON Honeywell International Inc. Sold out 0.00% −0.02
TMO Thermo Fisher Scientific Inc. Reduce -7.0% 0.22% −0.01
RMD Resmed Inc. Reduce -9.5% 0.19% −0.01
MDLZ Mondelez International Inc. Class A Reduce -44.5% 0.02% −0.01
VRSK Verisk Analytics Inc. Reduce -15.0% 0.05% −0.00
YUMC Yum China Holdings Inc. Reduce -1.8% 0.03% +0.00
KO The Coca-Cola Co. Reduce -12.6% 0.15% +0.01
COP Conocophillips Reduce -1.2% 1.23% +0.12
V Visa Inc. Class A Reduce -7.0% 6.92% +0.58
CNI Canadian Natl Railway Co. Reduce -0.8% 1.50% +1.45

Portfolio Buys Q4 2024 → Q1 2025
MDT Medtronic PLC Add +3.8% 5.59% +1.07
CSCO Cisco Systems Inc. Add +7.2% 3.01% +0.47
BRK.B Berkshire Hathaway Inc. Class B New 0.46% +0.46
UNH Unitedhealth Group Inc. Add +1.1% 4.60% +0.45
SPGI S&P Global Inc. Add +2.6% 4.48% +0.43
CMCSA Comcast Corp. Class A Add +4.1% 3.11% +0.24
FNV Franco-Nevada Corp. New 0.19% +0.19
ALLE Allegion PLC Add +4.2% 1.72% +0.16
BDX Becton Dickinson and Co. Add +2.5% 1.74% +0.15
ENB Enbridge Inc. New 0.15% +0.15
PEP Pepsico Inc. Add +42.5% 0.32% +0.10
SLB SLB Ltd. Add +15.9% 0.34% +0.09
LIN Linde PLC New 0.07% +0.07
BLK BlackRock Inc. Add +31.3% 0.19% +0.04
XYL Xylem Inc. New 0.04% +0.04
FSLR First Solar Inc. New 0.03% +0.03
CCU Cia Cervecerias Uni-Spon ADR Add +19.3% 0.06% +0.02
FISV Fiserv Inc. New 0.02% +0.02
LKQ LKQ Corp. Add +68.6% 0.02% +0.01
VRTX Vertex Pharmaceuticals Inc. New 0.01% +0.01
NFLX Netflix Inc. New 0.01% +0.01
ZTS Zoetis Inc. Add +6.1% 0.09% +0.01
B Barrick Gold Corp. New 0.01% +0.01
KKR KKR & Co. Inc. Add +26.2% 0.16% +0.01
CBT Cabot Corp. New 0.01% +0.01
FCX Freeport-McMoran Inc. New 0.01% +0.01
LW Lamb Weston Holdings Inc. Add +21.2% 0.05% +0.00
MRK Merck & Co. Inc. Add +4.3% 0.13% −0.00
PYPL PayPal Holdings Inc. Add +17.3% 0.05% −0.00
NOW ServiceNow Inc. Add +8.8% 0.12% −0.02
SNPS Synopsys Inc. Add +4.7% 3.29% −0.07
NKE Nike Inc. Class B Add +0.7% 0.77% −0.09
ACN Accenture PLC Class A Add +2.7% 7.43% −0.27
GOOGL Alphabet Inc. Class A Add +0.5% 8.82% −1.33

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 78$212.0MSPY, GOOGL, MSFT, TTE, V
Q1 2026 75$193.3MSPY, GOOGL, MSFT, TTE, V
Q4 2025 88$234.8MGOOGL, SPY, MSFT, V, ACN
Q3 2025 80$193.4MGOOGL, SPY, MSFT, V, ACN
Q2 2025 87$174.6MSPY, MSFT, GOOGL, ACN, V
Q1 2025 87$174.8MSPY, MSFT, GOOGL, ACN, V
Q4 2024 82$185.8MSPY, GOOGL, MSFT, ACN, V