BDF-Gestion

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), BDF-Gestion reported 137 stock positions worth $893.5 million. Its top holding was Nvidia (NVDA) at 10.6% of the portfolio, followed by Microsoft (MSFT, 10.2%) and Apple (AAPL, 7.9%). Compared with Q1 2025, it opened 5 new positions, sold out of 11, added to 8 and reduced 119. The biggest buy was Meta Platforms Class A (META, shares +9%) and the biggest sale an exit from Tesla (TSLA).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001632812
Portfolio Value
$893.5M (Q2 2025)
SEC Filing
0001632812-25-000006 ↗ filed Jul 11, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q2 2024: $1.0B Q2 2024 Q3 2024: $931.0M Q3 2024 Q4 2024: $974.8M Q4 2024 Q1 2025: $916.6M Q1 2025 Q2 2025: $893.5M $893.5M Q2 2025 Q3 2025: $840.0M Q3 2025 Q4 2025: $813.9M Q4 2025 Q1 2026: $748.6M Q1 2026 Q2 2026: $746.8M Q2 2026

Holdings 137 stocks · $893.5M
NVDA Nvidia Corp. 10.60% 599,324 $94.7M No change
MSFT Microsoft Corp. 10.20% 183,166 $91.1M Reduce -15.6%
AAPL Apple Inc. 7.91% 344,400 $70.7M Reduce -9.8%
META Meta Platforms Inc. Class A 4.26% 51,602 $38.1M Add +9.3%
AVGO Broadcom Inc. 3.73% 120,968 $33.3M Reduce -1.3%
GOOG Alphabet Inc. Class C 2.72% 136,907 $24.3M Reduce -36.4%
JPM JPMorgan Chase & Co. 2.51% 77,211 $22.4M Add +6.9%
LLY Eli Lilly & Co. 2.10% 24,098 $18.8M Reduce -9.8%
V Visa Inc. Class A 1.73% 43,628 $15.5M Reduce -9.8%
MA Mastercard Inc. Class A 1.26% 20,021 $11.3M Reduce -9.8%
HD Home Depot Inc. 1.25% 30,446 $11.2M Reduce -9.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.20% 226,575 $10.7M Reduce -28.7%
GS Goldman Sachs Group Inc. 1.20% 15,100 $10.7M Reduce -30.5%
AMD Advanced Micro Devices 1.15% 72,324 $10.3M No change
NFLX Netflix Inc. 1.05% 7,000 $9.4M New
CRM Salesforce Inc. 0.98% 32,120 $8.8M Add +27.8%
VZ Verizon Communications Inc. 0.90% 185,572 $8.0M Reduce -9.8%
ABT Abbott Laboratories 0.89% 58,761 $8.0M Reduce -9.8%
PG The Procter & Gamble Co. 0.88% 49,328 $7.9M Reduce -9.8%
NOW ServiceNow Inc. 0.88% 7,629 $7.8M No change
ABBV Abbvie Inc. 0.87% 41,700 $7.7M Reduce -22.6%
MSI Motorola Solutions Inc. 0.80% 16,944 $7.1M Reduce -9.8%
TXN Texas Instruments Inc. 0.78% 33,471 $6.9M Add +50.0%
ORCL Oracle Corp. 0.77% 31,561 $6.9M Reduce -9.8%
CSCO Cisco Systems Inc. 0.75% 96,441 $6.7M Reduce -9.8%
KO The Coca-Cola Co. 0.74% 93,057 $6.6M Reduce -9.8%
ISRG Intuitive Surgical Inc. 0.73% 12,022 $6.5M Reduce -5.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.72% 52,342 $6.5M Add +13.7%
UNH Unitedhealth Group Inc. 0.72% 20,703 $6.5M Reduce -39.1%
C Citigroup Inc. 0.71% 74,175 $6.3M Reduce -22.4%
ACN Accenture PLC Class A 0.68% 20,243 $6.1M Reduce -9.8%
TMUS T-Mobile US Inc. 0.65% 24,420 $5.8M Add +42.4%
BKT BlackRock Income Trust 0.62% 5,251 $5.5M Reduce -9.8%
MDLZ Mondelez International Inc. Class A 0.62% 81,592 $5.5M Reduce -9.8%
DDOG Datadog Inc. Class A 0.60% 40,184 $5.4M Reduce -9.8%
ADP Automatic Data Processing 0.58% 16,728 $5.2M Reduce -9.8%
ADSK Autodesk Inc. 0.57% 16,588 $5.1M Reduce -9.8%
LIN Linde PLC 0.57% 10,772 $5.1M Reduce -9.8%
TMO Thermo Fisher Scientific Inc. 0.56% 12,308 $5.0M Reduce -9.8%
AXP American Express Co. 0.56% 15,574 $5.0M Reduce -9.8%
ALL Allstate Corp. 0.55% 24,267 $4.9M Reduce -9.8%
PLD Prologis Inc. 0.54% 46,106 $4.8M Reduce -9.8%
EA Electronic Arts Inc. 0.52% 28,873 $4.6M Reduce -9.8%
MRK Merck & Co. Inc. 0.51% 57,042 $4.5M Reduce -44.3%
PLTR Palantir Technologies Inc. Class A 0.49% 32,345 $4.4M New
RSG Republic Services Inc. 0.49% 17,761 $4.4M Reduce -9.8%
MET Metlife Inc. 0.47% 52,406 $4.2M Reduce -9.8%
INTC Intel Corp. 0.47% 187,423 $4.2M Add +390.2%
SPGI S&P Global Inc. 0.47% 7,907 $4.2M Reduce -9.8%
SPG Simon Property Group Inc. 0.46% 25,796 $4.1M Reduce -9.8%
ADI Analog Devices Inc. 0.46% 17,342 $4.1M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.46% 60,904 $4.1M Reduce -9.8%
ADBE Adobe Inc. 0.46% 10,560 $4.1M Reduce -9.8%
HIG Hartford Insurance Group Inc. 0.45% 31,599 $4.0M Reduce -9.8%
WFC Wells Fargo & Co. 0.45% 50,000 $4.0M New
DXCM Dexcom Inc. 0.45% 45,836 $4.0M Reduce -5.9%
BSX Boston Scientific Corp. 0.44% 36,997 $4.0M Reduce -9.8%
SYK Stryker Corp. 0.44% 10,023 $4.0M Reduce -9.8%
ZS Zscaler Inc. 0.44% 12,500 $3.9M No change
WDAY Workday Inc. Class A 0.44% 16,291 $3.9M Reduce -9.8%
BR Broadridge Financial Solutio 0.44% 16,015 $3.9M Reduce -9.8%
VTR Ventas Inc. 0.41% 57,862 $3.7M Reduce -9.8%
AMAT Applied Materials Inc. 0.40% 19,363 $3.5M Reduce -9.8%
JLL Jones Lang Lasalle Inc. 0.40% 13,801 $3.5M Reduce -9.8%
EW Edwards Lifesciences Corp. 0.39% 44,483 $3.5M Reduce -9.8%
DHR Danaher Corp. 0.38% 17,215 $3.4M Reduce -9.8%
QCOM Qualcomm Inc. 0.38% 21,232 $3.4M Reduce -9.8%
CSX CSX Corp. 0.38% 103,368 $3.4M Reduce -9.8%
ELV Elevance Health Inc. 0.37% 8,596 $3.3M Reduce -9.8%
INTU Intuit Inc. 0.37% 4,227 $3.3M Reduce -9.8%
HOLX Hologic Inc. 0.36% 48,975 $3.2M Reduce -9.8%
RGLD Royal Gold Inc. 0.36% 17,930 $3.2M Reduce -9.8%
JNJ Johnson & Johnson 0.35% 29,556 $3.1M Reduce -9.8%
ICE Intercontinental Exchange Inc. 0.34% 16,609 $3.0M Reduce -9.8%
AZO AutoZone Inc. 0.34% 817 $3.0M Reduce -9.9%
EHC Encompass Health Corp. 0.34% 24,610 $3.0M Reduce -9.8%
CL Colgate-Palmolive Co. 0.33% 32,570 $3.0M Reduce -9.8%
LRCX Lam Research Corp. 0.33% 30,154 $2.9M New
CTSH Cognizant Tech Solutions-A 0.33% 37,554 $2.9M Reduce -9.8%
NDAQ Nasdaq Inc. 0.32% 31,972 $2.9M Add +162.7%
FISV Fiserv Inc. 0.32% 16,580 $2.9M Reduce -9.8%
AMP Ameriprise Financial Inc. 0.32% 5,297 $2.8M Reduce -9.8%
SNOW Snowflake Inc. 0.32% 12,624 $2.8M Reduce -9.8%
DE Deere & Co. 0.31% 5,532 $2.8M Reduce -9.8%
CATERPILLAR INC 0.31% 7,180 $2.8M Reduce -9.8%
URI United Rentals Inc. 0.31% 3,698 $2.8M Reduce -9.8%
ANET Arista Networks Inc. 0.31% 27,127 $2.8M Reduce -9.8%
HON Honeywell International Inc. 0.31% 11,822 $2.8M Reduce -9.8%
RMD Resmed Inc. 0.31% 10,632 $2.7M Reduce -9.8%
PAYX Paychex Inc. 0.31% 18,819 $2.7M Reduce -9.8%
MAR Marriott International Class A 0.30% 9,943 $2.7M Reduce -9.8%
VRSK Verisk Analytics Inc. 0.30% 8,662 $2.7M Reduce -9.8%
OC Owens Corning 0.30% 19,431 $2.7M Reduce -9.8%
TRU Transunion 0.29% 29,391 $2.6M Reduce -9.8%
LH Labcorp Holdings Inc. 0.29% 9,849 $2.6M Reduce -9.8%
CI The Cigna Group 0.28% 7,557 $2.5M Reduce -9.8%
GM General Motors Co. 0.27% 49,577 $2.4M Reduce -9.8%
SNPS Synopsys Inc. 0.27% 4,733 $2.4M Reduce -9.8%
OTIS Otis Worldwide Corp. 0.27% 24,155 $2.4M Reduce -9.8%
STE Steris PLC 0.26% 9,610 $2.3M Reduce -9.8%

Show all 137 holdings

Portfolio Sells Q1 2025 → Q2 2025
TSLA Tesla Inc. Sold out 0.00% −1.42
AAPL Apple Inc. Reduce -9.8% 7.91% −1.35
UNH Unitedhealth Group Inc. Reduce -39.1% 0.72% −1.22
GOOG Alphabet Inc. Class C Reduce -36.4% 2.72% −0.95
BKNG Booking Holdings Inc. Sold out 0.00% −0.77
GE General Electric Sold out 0.00% −0.74
SCI Service Corp. International Sold out 0.00% −0.58
MRK Merck & Co. Inc. Reduce -44.3% 0.51% −0.50
CDW CDW Corp. Reduce -69.1% 0.24% −0.44
FITB Fifth Third Bancorp Sold out 0.00% −0.40
MCK McKesson Corp. Sold out 0.00% −0.39
ABBV Abbvie Inc. Reduce -22.6% 0.87% −0.36
LLY Eli Lilly & Co. Reduce -9.8% 2.10% −0.31
PPG PPG Industries Inc. Sold out 0.00% −0.29
BURL Burlington Stores Inc. Sold out 0.00% −0.28
COO The Cooper Cos Inc. Sold out 0.00% −0.27
HUM Humana Inc. Reduce -74.3% 0.08% −0.25
BAC Bank of America Corp. Reduce -28.7% 1.20% −0.25
TMO Thermo Fisher Scientific Inc. Reduce -9.8% 0.56% −0.18
REGENERON PHARMACEUTICALS Reduce -50.8% 0.13% −0.18
KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.16
PG The Procter & Gamble Co. Reduce -9.8% 0.88% −0.14
FISV Fiserv Inc. Reduce -9.8% 0.32% −0.12
VZ Verizon Communications Inc. Reduce -9.8% 0.90% −0.12
V Visa Inc. Class A Reduce -9.8% 1.73% −0.12
HD Home Depot Inc. Reduce -9.8% 1.25% −0.10
MSI Motorola Solutions Inc. Reduce -9.8% 0.80% −0.10
GS Goldman Sachs Group Inc. Reduce -30.5% 1.20% −0.10
TFX Teleflex Inc. Sold out 0.00% −0.10
ACN Accenture PLC Class A Reduce -9.8% 0.68% −0.09
PLD Prologis Inc. Reduce -9.8% 0.54% −0.08
ELV Elevance Health Inc. Reduce -9.8% 0.37% −0.08
VTR Ventas Inc. Reduce -9.8% 0.41% −0.07
KO The Coca-Cola Co. Reduce -9.8% 0.74% −0.07
MA Mastercard Inc. Class A Reduce -9.8% 1.26% −0.07
VMRK Vivmark Residential Reduce -9.8% 0.46% −0.07
ALL Allstate Corp. Reduce -9.8% 0.55% −0.06
SPG Simon Property Group Inc. Reduce -9.8% 0.46% −0.05
MDLZ Mondelez International Inc. Class A Reduce -9.8% 0.62% −0.05
GENPACT LIMITED Reduce -9.8% 0.21% −0.05
ABT Abbott Laboratories Reduce -9.8% 0.89% −0.05
DHR Danaher Corp. Reduce -9.8% 0.38% −0.05
PAYX Paychex Inc. Reduce -9.8% 0.31% −0.04
DECK Deckers Outdoor Corp. Reduce -9.8% 0.26% −0.04
GIS General Mills Inc. Reduce -9.8% 0.18% −0.04
CHD Church & Dwight Co. Inc. Reduce -9.8% 0.18% −0.04
LIN Linde PLC Reduce -9.8% 0.57% −0.04
ADP Automatic Data Processing Reduce -9.8% 0.58% −0.04
AZO AutoZone Inc. Reduce -9.9% 0.34% −0.04
CL Colgate-Palmolive Co. Reduce -9.8% 0.33% −0.04

Portfolio Buys Q1 2025 → Q2 2025
META Meta Platforms Inc. Class A Add +9.3% 4.26% +1.30
NFLX Netflix Inc. New 1.05% +1.05
JPM JPMorgan Chase & Co. Add +6.9% 2.51% +0.57
PLTR Palantir Technologies Inc. Class A New 0.49% +0.49
WFC Wells Fargo & Co. New 0.45% +0.45
INTC Intel Corp. Add +390.2% 0.47% +0.38
TXN Texas Instruments Inc. Add +50.0% 0.78% +0.34
LRCX Lam Research Corp. New 0.33% +0.33
CRM Salesforce Inc. Add +27.8% 0.98% +0.24
NDAQ Nasdaq Inc. Add +162.7% 0.32% +0.22
TMUS T-Mobile US Inc. Add +42.4% 0.65% +0.15
TJX TJX Companies Inc. Add +13.7% 0.72% +0.11
AMTM Amentum Holdings Inc. New 0.00% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 143$746.8MMS, AMD, SWK, WMS, RRX
Q1 2026 144$748.6MNVDA, AAPL, MSFT, GOOG, AVGO
Q4 2025 147$813.9MNVDA, AAPL, MSFT, AVGO, GOOG
Q3 2025 143$840.0MNVDA, MSFT, AAPL, AVGO, META
Q2 2025 137$893.5MNVDA, MSFT, AAPL, META, AVGO
Q1 2025 143$916.6MAAPL, MSFT, NVDA, GOOG, META
Q4 2024Amended 136$974.8MAAPL, MSFT, NVDA, GOOG, AVGO
Q3 2024 150$931.0MADI, EA, GENPACT LIMITED, SNPS, GS
Q2 2024 154$1.0BMSFT, NVDA, AAPL, GOOG, META