Banque de Luxembourg S.A.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Banque de Luxembourg S.A. reported 88 stock positions worth $234.8 million. Its top holding was Alphabet Class A (GOOGL) at 10.7% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 10.1%) and Microsoft (MSFT, 8.8%). Compared with Q3 2025, it opened 11 new positions, sold out of 3, added to 32 and reduced 11. The biggest buy was a new position in Magnum Ice Cream (MICC) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −0%).

Most Recent 13F
Q2 2026
Location
LUXEMBOURG, N4
CIK
0002055344
Portfolio Value
$234.8M (Q4 2025)
SEC Filing
0002055344-26-000001 ↗ filed Jan 21, 2026

Holdings Value

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

Holdings 88 stocks · $234.8M
GOOGL Alphabet Inc. Class A 10.68% 80,151 $25.1M Reduce -18.4%
SPY SS SPDR S&P 500 ETF Trust-US 10.10% 34,768 $23.7M Reduce -0.0%
MSFT Microsoft Corp. 8.79% 42,690 $20.6M Add +5.1%
V Visa Inc. Class A 5.26% 35,218 $12.4M Add +11.6%
ACN Accenture PLC Class A 5.09% 44,549 $12.0M Add +3.6%
AMZN Amazon.com Inc. 4.94% 50,280 $11.6M Add +12.5%
AAPL Apple Inc. 4.52% 39,008 $10.6M Add +4.9%
MDT Medtronic PLC 4.39% 107,235 $10.3M Add +0.1%
MICC The Magnum Ice Cream Co. NV 4.22% 15,168 $9.9M New
SPGI S&P Global Inc. 3.53% 15,854 $8.3M Add +4.9%
UNH Unitedhealth Group Inc. 3.47% 24,719 $8.2M Add +3.8%
SNPS Synopsys Inc. 2.89% 14,427 $6.8M Add +8.6%
CSCO Cisco Systems Inc. 2.53% 77,225 $5.9M Reduce -6.7%
LIN Linde PLC 2.19% 1,250 $5.1M Add +184.7%
BDX Becton Dickinson and Co. 2.13% 25,722 $5.0M Add +1.2%
NVDA Nvidia Corp. 2.08% 26,246 $4.9M Add +18.2%
ADI Analog Devices Inc. 2.03% 17,604 $4.8M Add +1.0%
TTE Totalenergies SE 1.96% 165,216 $4.6M New
ALLE Allegion PLC 1.51% 22,294 $3.5M Add +0.3%
GOOG Alphabet Inc. Class C 1.37% 10,251 $3.2M Add +44.5%
ICLR Icon PLC 1.33% 17,112 $3.1M Reduce -3.6%
CMCSA Comcast Corp. Class A 1.30% 102,406 $3.1M Reduce -5.4%
CNI Canadian Natl Railway Co. 1.27% 1,124 $3.0M Reduce -95.7%
ENB Enbridge Inc. 1.22% 6,000 $2.9M No change
FNV Franco-Nevada Corp. 1.22% 2,100 $2.9M No change
PKW Invesco Buyback Achievers Et 0.68% 11,925 $1.6M No change
NKE Nike Inc. Class B 0.64% 23,485 $1.5M Add +16.7%
BRK.B Berkshire Hathaway Inc. Class B 0.59% 2,757 $1.4M Add +9.5%
DHR Danaher Corp. 0.58% 5,943 $1.4M Add +33.8%
PG The Procter & Gamble Co. 0.55% 9,000 $1.3M Add +10.1%
BSX Boston Scientific Corp. 0.53% 13,106 $1.2M Add +61.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.44% 8,817 $1.0M No change
AVGO Broadcom Inc. 0.37% 2,479 $858K Add +34.1%
JPM JPMorgan Chase & Co. 0.33% 2,384 $768K Add +78.6%
META Meta Platforms Inc. Class A 0.32% 1,139 $752K Add +78.3%
TSM Taiwan Semiconductor-SP ADR 0.24% 1,850 $562K Reduce -7.5%
MA Mastercard Inc. Class A 0.22% 904 $516K Reduce -10.0%
YUMC Yum China Holdings Inc. 0.21% 1,000 $504K No change
LLY Eli Lilly & Co. 0.21% 466 $501K New
UBER Uber Technologies Inc. 0.21% 5,976 $488K Add +108.2%
TMO Thermo Fisher Scientific Inc. 0.21% 833 $483K No change
BLK BlackRock Inc. 0.19% 426 $456K Add +61.4%
PANW Palo Alto Networks Inc. 0.19% 2,363 $435K Add +499.8%
JNJ Johnson & Johnson 0.17% 1,917 $397K Reduce -13.1%
KKR KKR & Co. Inc. 0.16% 3,003 $383K Add +42.4%
MRVL Marvell Technology Inc. 0.16% 4,379 $372K Add +51.6%
PEP Pepsico Inc. 0.16% 2,591 $372K No change
ZTS Zoetis Inc. 0.16% 2,955 $372K Add +754.0%
ADBE Adobe Inc. 0.14% 968 $339K Add +34.8%
MRK Merck & Co. Inc. 0.13% 2,952 $311K No change
SHW The Sherwin-Williams Co. 0.13% 924 $299K New
WAT Waters Corp. 0.11% 662 $251K No change
COST Costco Wholesale Corp. 0.10% 281 $242K New
UNP Union Pacific Corp. 0.10% 1,004 $232K No change
WMT Walmart Inc. 0.09% 1,993 $222K No change
KO The Coca-Cola Co. 0.09% 3,096 $216K No change
MCD McDonald's Corp. 0.09% 706 $216K Add +42.0%
ROK Rockwell Automation Inc. 0.09% 547 $213K No change
QCOM Qualcomm Inc. 0.09% 1,197 $205K No change
CARR Carrier Global Corp. 0.08% 3,670 $194K New
ANET Arista Networks Inc. 0.08% 1,376 $180K New
ABBV Abbvie Inc. 0.08% 782 $179K Add +19.6%
MSCI MSCI Inc. 0.07% 300 $172K No change
AMGN Amgen Inc. 0.07% 501 $164K No change
BKNG Booking Holdings Inc. 0.06% 27 $145K No change
LOW Lowe's Cos Inc. 0.06% 598 $144K No change
HD Home Depot Inc. 0.06% 411 $141K No change
ECL Ecolab Inc. 0.06% 500 $131K No change
IEX Idex Corp. 0.05% 700 $125K No change
CRM Salesforce Inc. 0.05% 460 $122K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 2,105 $116K New
BABA Alibaba Group Holding-SP ADR 0.05% 778 $114K New
ELV Elevance Health Inc. 0.05% 310 $109K No change
SLB SLB Ltd. filed as SLB LIMITED 0.04% 2,691 $103K Reduce -42.0%
BUD Anheuser-Busch Inbev-SPN ADR 0.04% 1,566 $100K No change
FSLR First Solar Inc. 0.04% 379 $99K No change
HON Honeywell International Inc. 0.04% 502 $98K No change
CAT Caterpillar Inc. 0.04% 158 $91K No change
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.04% 6,623 $85K No change
IWM iShares Russell 2000 ETF 0.03% 294 $72K New
SRE Sempra 0.03% 778 $69K No change
XYL Xylem Inc. 0.03% 493 $67K No change
PYPL PayPal Holdings Inc. 0.03% 1,095 $64K No change
KOF Coca-Cola Femsa Sab-SP ADR 0.02% 547 $52K No change
LKQ LKQ Corp. 0.02% 1,568 $47K No change
YMM Full Truck Alliance -SPN ADR 0.02% 4,138 $44K New
ADP Automatic Data Processing 0.01% 120 $31K No change
LW Lamb Weston Holdings Inc. 0.01% 411 $17K Reduce -76.8%

Portfolio Sells Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.0% 10.10% −1.88
GOOGL Alphabet Inc. Class A Reduce -18.4% 10.68% −1.66
CMCSA Comcast Corp. Class A Reduce -5.4% 1.30% −0.46
CSCO Cisco Systems Inc. Reduce -6.7% 2.53% −0.40
ICLR Icon PLC Reduce -3.6% 1.33% −0.28
RMD Resmed Inc. Sold out 0.00% −0.08
MA Mastercard Inc. Class A Reduce -10.0% 0.22% −0.08
CLX Clorox Company Sold out 0.00% −0.06
TSM Taiwan Semiconductor-SP ADR Reduce -7.5% 0.24% −0.05
LW Lamb Weston Holdings Inc. Reduce -76.8% 0.01% −0.05
JNJ Johnson & Johnson Reduce -13.1% 0.17% −0.04
SLB SLB Ltd. Reduce -42.0% 0.04% −0.04
MDLZ Mondelez International Inc. Class A Sold out 0.00% −0.01
CNI Canadian Natl Railway Co. Reduce -95.7% 1.27% −0.00

Portfolio Buys Q3 2025 → Q4 2025
MICC The Magnum Ice Cream Co. NV New 4.22% +4.22
LIN Linde PLC Add +184.7% 2.19% +2.08
TTE Totalenergies SE New 1.96% +1.96
GOOG Alphabet Inc. Class C Add +44.5% 1.37% +0.48
LLY Eli Lilly & Co. New 0.21% +0.21
PANW Palo Alto Networks Inc. Add +499.8% 0.19% +0.14
ZTS Zoetis Inc. Add +754.0% 0.16% +0.13
SHW The Sherwin-Williams Co. New 0.13% +0.13
DHR Danaher Corp. Add +33.8% 0.58% +0.12
BSX Boston Scientific Corp. Add +61.7% 0.53% +0.12
JPM JPMorgan Chase & Co. Add +78.6% 0.33% +0.11
COST Costco Wholesale Corp. New 0.10% +0.10
CARR Carrier Global Corp. New 0.08% +0.08
META Meta Platforms Inc. Class A Add +78.3% 0.32% +0.08
ANET Arista Networks Inc. New 0.08% +0.08
UBER Uber Technologies Inc. Add +108.2% 0.21% +0.06
AVGO Broadcom Inc. Add +34.1% 0.37% +0.05
BAC Bank of America Corp. New 0.05% +0.05
BABA Alibaba Group Holding-SP ADR New 0.05% +0.05
BLK BlackRock Inc. Add +61.4% 0.19% +0.04
MRVL Marvell Technology Inc. Add +51.6% 0.16% +0.03
IWM iShares Russell 2000 ETF New 0.03% +0.03
KKR KKR & Co. Inc. Add +42.4% 0.16% +0.02
YMM Full Truck Alliance -SPN ADR New 0.02% +0.02
MCD McDonald's Corp. Add +42.0% 0.09% +0.01
ADBE Adobe Inc. Add +34.8% 0.14% +0.01
ABBV Abbvie Inc. Add +19.6% 0.08% −0.00
NVDA Nvidia Corp. Add +18.2% 2.08% −0.06
BRK.B Berkshire Hathaway Inc. Class B Add +9.5% 0.59% −0.06
NKE Nike Inc. Class B Add +16.7% 0.64% −0.09
PG The Procter & Gamble Co. Add +10.1% 0.55% −0.10
AMZN Amazon.com Inc. Add +12.5% 4.94% −0.13
ADI Analog Devices Inc. Add +1.0% 2.03% −0.18
SPGI S&P Global Inc. Add +4.9% 3.53% −0.28
V Visa Inc. Class A Add +11.6% 5.26% −0.31
BDX Becton Dickinson and Co. Add +1.2% 2.13% −0.34
AAPL Apple Inc. Add +4.9% 4.52% −0.38
ACN Accenture PLC Class A Add +3.6% 5.09% −0.39
SNPS Synopsys Inc. Add +8.6% 2.89% −0.50
ALLE Allegion PLC Add +0.3% 1.51% −0.53
UNH Unitedhealth Group Inc. Add +3.8% 3.47% −0.78
MDT Medtronic PLC Add +0.1% 4.39% −0.89
MSFT Microsoft Corp. Add +5.1% 8.79% −2.09

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