BDF-Gestion

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 9, 2025), BDF-Gestion reported 143 stock positions worth $840.0 million. Its top holding was Nvidia (NVDA) at 10.7% of the portfolio, followed by Microsoft (MSFT, 9.4%) and Apple (AAPL, 9.0%). Compared with Q2 2025, it opened 10 new positions, sold out of 4, added to 8 and reduced 123. The biggest buy was a new position in Palo Alto Networks (PANW) and the biggest sale Microsoft (MSFT, shares −17%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001632812
Portfolio Value
$840.0M (Q3 2025)
SEC Filing
0001632812-25-000009 ↗ filed Oct 9, 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 Q2 2025 Q3 2025: $840.0M $840.0M Q3 2025 Q4 2025: $813.9M Q4 2025 Q1 2026: $748.6M Q1 2026 Q2 2026: $746.8M Q2 2026

Holdings 143 stocks · $840.0M
NVDA Nvidia Corp. 10.66% 479,780 $89.5M Reduce -19.9%
MSFT Microsoft Corp. 9.35% 151,641 $78.5M Reduce -17.2%
AAPL Apple Inc. 8.99% 296,502 $75.5M Reduce -13.9%
AVGO Broadcom Inc. 4.50% 114,626 $37.8M Reduce -5.2%
META Meta Platforms Inc. Class A 4.27% 48,896 $35.9M Reduce -5.2%
GOOG Alphabet Inc. Class C 3.29% 113,343 $27.6M Reduce -17.2%
JPM JPMorgan Chase & Co. 2.40% 63,921 $20.2M Reduce -17.2%
LLY Eli Lilly & Co. 1.81% 19,949 $15.2M Reduce -17.2%
V Visa Inc. Class A 1.47% 36,117 $12.3M Reduce -17.2%
HD Home Depot Inc. 1.22% 25,205 $10.2M Reduce -17.2%
GS Goldman Sachs Group Inc. 1.19% 12,500 $10.0M Reduce -17.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.15% 187,578 $9.7M Reduce -17.2%
MA Mastercard Inc. Class A 1.12% 16,574 $9.4M Reduce -17.2%
ABT Abbott Laboratories 1.03% 64,861 $8.7M Add +10.4%
C Citigroup Inc. 1.01% 83,744 $8.5M Add +12.9%
NFLX Netflix Inc. 1.00% 7,000 $8.4M No change
PLTR Palantir Technologies Inc. Class A 0.97% 44,629 $8.1M Add +38.0%
ISRG Intuitive Surgical Inc. 0.96% 18,094 $8.1M Add +50.5%
ABBV Abbvie Inc. 0.95% 34,522 $8.0M Reduce -17.2%
ORCL Oracle Corp. 0.87% 26,128 $7.3M Reduce -17.2%
MSI Motorola Solutions Inc. 0.76% 14,027 $6.4M Reduce -17.2%
CRM Salesforce Inc. 0.75% 26,590 $6.3M Reduce -17.2%
PG The Procter & Gamble Co. 0.75% 40,837 $6.3M Reduce -17.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.75% 43,332 $6.3M Reduce -17.2%
AMAT Applied Materials Inc. 0.71% 28,999 $5.9M Add +49.8%
UNH Unitedhealth Group Inc. 0.70% 17,138 $5.9M Reduce -17.2%
NOW ServiceNow Inc. 0.69% 6,314 $5.8M Reduce -17.2%
PANW Palo Alto Networks Inc. 0.66% 27,204 $5.5M New
CSCO Cisco Systems Inc. 0.65% 79,842 $5.5M Reduce -17.2%
AMD Advanced Micro Devices 0.64% 32,997 $5.3M Reduce -54.4%
INTC Intel Corp. 0.62% 155,165 $5.2M Reduce -17.2%
KO The Coca-Cola Co. 0.61% 77,041 $5.1M Reduce -17.2%
TXN Texas Instruments Inc. 0.61% 27,709 $5.1M Reduce -17.2%
TMO Thermo Fisher Scientific Inc. 0.59% 10,188 $4.9M Reduce -17.2%
TMUS T-Mobile US Inc. 0.58% 20,216 $4.8M Reduce -17.2%
EA Electronic Arts Inc. 0.57% 23,902 $4.8M Reduce -17.2%
DDOG Datadog Inc. Class A 0.56% 33,267 $4.7M Reduce -17.2%
PLD Prologis Inc. 0.52% 38,169 $4.4M Reduce -17.2%
ADSK Autodesk Inc. 0.52% 13,732 $4.4M Reduce -17.2%
ALL Allstate Corp. 0.51% 20,089 $4.3M Reduce -17.2%
AXP American Express Co. 0.51% 12,892 $4.3M Reduce -17.2%
LIN Linde PLC 0.50% 8,916 $4.2M Reduce -17.2%
MDLZ Mondelez International Inc. Class A 0.50% 67,549 $4.2M Reduce -17.2%
CDNS Cadence Design SYS Inc. 0.50% 11,853 $4.2M New
ACN Accenture PLC Class A 0.49% 16,757 $4.1M Reduce -17.2%
T AT&T Inc. 0.49% 145,175 $4.1M New
ADP Automatic Data Processing 0.48% 13,847 $4.1M Reduce -17.2%
SPG Simon Property Group Inc. 0.48% 21,355 $4.0M Reduce -17.2%
MRK Merck & Co. Inc. 0.47% 47,224 $4.0M Reduce -17.2%
BSX Boston Scientific Corp. 0.47% 40,582 $4.0M Add +9.7%
COR Cencora Inc. 0.47% 12,508 $3.9M New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.43% 31,270 $3.6M New
MET Metlife Inc. 0.43% 43,384 $3.6M Reduce -17.2%
LRCX Lam Research Corp. 0.42% 26,344 $3.5M Reduce -12.6%
ADI Analog Devices Inc. 0.42% 14,356 $3.5M Reduce -17.2%
HIG Hartford Insurance Group Inc. 0.42% 26,159 $3.5M Reduce -17.2%
WFC Wells Fargo & Co. 0.41% 41,394 $3.5M Reduce -17.2%
JLL Jones Lang Lasalle Inc. 0.41% 11,424 $3.4M Reduce -17.2%
RSG Republic Services Inc. 0.40% 14,703 $3.4M Reduce -17.2%
VTR Ventas Inc. 0.40% 47,902 $3.4M Reduce -17.2%
SNPS Synopsys Inc. 0.40% 6,727 $3.3M Add +42.1%
ANET Arista Networks Inc. 0.39% 22,457 $3.3M Reduce -17.2%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.39% 50,420 $3.3M Reduce -17.2%
WDAY Workday Inc. Class A 0.39% 13,485 $3.2M Reduce -17.2%
SPGI S&P Global Inc. 0.38% 6,544 $3.2M Reduce -17.2%
BR Broadridge Financial Solutio 0.38% 13,257 $3.2M Reduce -17.2%
ZS Zscaler Inc. 0.37% 10,347 $3.1M Reduce -17.2%
ADBE Adobe Inc. 0.37% 8,741 $3.1M Reduce -17.2%
SYK Stryker Corp. 0.37% 8,297 $3.1M Reduce -17.2%
CSX CSX Corp. 0.36% 85,576 $3.0M Reduce -17.2%
RGLD Royal Gold Inc. 0.35% 14,842 $3.0M Reduce -17.2%
QCOM Qualcomm Inc. 0.35% 17,576 $2.9M Reduce -17.2%
URI United Rentals Inc. 0.35% 3,060 $2.9M Reduce -17.3%
AZO AutoZone Inc. 0.34% 675 $2.9M Reduce -17.4%
EW Edwards Lifesciences Corp. 0.34% 36,825 $2.9M Reduce -17.2%
CATERPILLAR INC 0.34% 5,943 $2.8M Reduce -17.2%
DHR Danaher Corp. 0.34% 14,251 $2.8M Reduce -17.2%
HOLX Hologic Inc. 0.33% 40,545 $2.7M Reduce -17.2%
JNJ Johnson & Johnson 0.32% 24,468 $2.7M Reduce -17.2%
NDAQ Nasdaq Inc. 0.32% 30,295 $2.7M Reduce -5.3%
WELL Welltower Inc. 0.32% 15,015 $2.7M New
EHC Encompass Health Corp. 0.31% 20,372 $2.6M Reduce -17.2%
VZ Verizon Communications Inc. 0.31% 58,796 $2.6M Reduce -68.3%
GM General Motors Co. 0.30% 41,043 $2.5M Reduce -17.2%
RMD Resmed Inc. 0.29% 8,801 $2.4M Reduce -17.2%
INTU Intuit Inc. 0.28% 3,498 $2.4M Reduce -17.3%
SNOW Snowflake Inc. 0.28% 10,449 $2.4M Reduce -17.2%
LH Labcorp Holdings Inc. 0.28% 8,152 $2.3M Reduce -17.2%
ICE Intercontinental Exchange Inc. 0.28% 13,749 $2.3M Reduce -17.2%
APTV Aptiv PLC 0.27% 26,746 $2.3M Add +205.8%
OC Owens Corning 0.27% 16,086 $2.3M Reduce -17.2%
MKC McCormick & Co.-Non VTG SHRS 0.26% 33,165 $2.2M New
OMC Omnicom Group 0.26% 27,000 $2.2M New
HUBS HubSpot Inc. 0.26% 4,613 $2.2M New
CL Colgate-Palmolive Co. 0.26% 26,963 $2.2M Reduce -17.2%
AMP Ameriprise Financial Inc. 0.26% 4,384 $2.2M Reduce -17.2%
MAR Marriott International Class A 0.26% 8,230 $2.1M Reduce -17.2%
DE Deere & Co. 0.25% 4,578 $2.1M Reduce -17.3%
CTSH Cognizant Tech Solutions-A 0.25% 31,089 $2.1M Reduce -17.2%
HON Honeywell International Inc. 0.25% 9,786 $2.1M Reduce -17.2%
TRU Transunion 0.24% 24,331 $2.0M Reduce -17.2%
STT State Street Corp. 0.24% 17,465 $2.0M Reduce -17.2%
ETN Eaton Corp. PLC 0.24% 5,282 $2.0M Reduce -17.2%
PAYX Paychex Inc. 0.24% 15,579 $2.0M Reduce -17.2%
STE Steris PLC 0.23% 7,954 $2.0M Reduce -17.2%
DECK Deckers Outdoor Corp. 0.22% 18,433 $1.9M Reduce -17.2%
J Jacobs Solutions Inc. 0.22% 12,436 $1.9M Reduce -17.2%
OTIS Otis Worldwide Corp. 0.22% 19,996 $1.8M Reduce -17.2%
EQIX Equinix Inc. 0.22% 2,318 $1.8M Reduce -17.3%
VRSK Verisk Analytics Inc. 0.21% 7,170 $1.8M Reduce -17.2%
CI The Cigna Group 0.21% 6,254 $1.8M Reduce -17.2%
WAB Wabtec Corp. 0.21% 8,956 $1.8M Reduce -17.2%
A Agilent Technologies Inc. 0.21% 13,868 $1.8M Reduce -17.2%
TEL Te Connectivity PLC 0.21% 8,103 $1.8M Reduce -17.2%
FISV Fiserv Inc. 0.21% 13,724 $1.8M Reduce -17.2%
CMI Cummins Inc. 0.21% 4,174 $1.8M Reduce -17.2%
PKG Packaging Corp. of America 0.21% 8,049 $1.8M Reduce -17.2%
INGR Ingredion Inc. 0.21% 14,213 $1.7M New
DD Dupont DE Nemours Inc. 0.20% 21,438 $1.7M Reduce -17.2%
HCA HCA Healthcare Inc. 0.19% 3,726 $1.6M Reduce -17.2%
CDW CDW Corp. 0.19% 9,969 $1.6M Reduce -17.2%
BL Blackline Inc. 0.19% 29,860 $1.6M Reduce -17.2%
DELL Dell Technologies -C 0.18% 10,925 $1.5M Reduce -17.2%
APD Air Products & Chemicals Inc. 0.18% 5,589 $1.5M Reduce -17.2%
GENPACT LIMITED 0.18% 36,041 $1.5M Reduce -17.2%
PTC PTC Inc. 0.18% 7,266 $1.5M Reduce -17.2%
MSA Msa Safety Inc. 0.16% 7,854 $1.4M Reduce -5.3%
REG Regency Centers Corp. 0.16% 18,497 $1.3M Reduce -17.2%
SWK Stanley Black & Decker Inc. 0.16% 17,919 $1.3M Reduce -17.2%
GIS General Mills Inc. 0.15% 25,210 $1.3M Reduce -17.2%
ITW Illinois Tool Works 0.15% 4,812 $1.3M Reduce -17.3%
ALV Autoliv Inc. 0.15% 9,947 $1.2M No change
CHD Church & Dwight Co. Inc. 0.14% 13,540 $1.2M Reduce -17.2%
BAH Booz Allen Hamilton Holdings 0.13% 11,334 $1.1M Reduce -17.2%
MSCI MSCI Inc. 0.13% 1,990 $1.1M Reduce -17.3%
NXPI NXP Semiconductors NV 0.12% 4,522 $1.0M Reduce -17.3%
REGENERON PHARMACEUTICALS 0.12% 1,810 $1.0M Reduce -17.3%
RPRX Royalty Pharma PLC Class A 0.11% 25,225 $890K Reduce -17.2%
HUM Humana Inc. 0.08% 2,476 $644K Reduce -17.3%
MRNA Moderna Inc. 0.06% 20,611 $532K Reduce -17.2%
TROX Tronox Holdings PLC 0.03% 55,681 $224K Reduce -17.2%
BKT BlackRock Income Trust 0.01% 4,346 $51K Reduce -17.2%
AMTM Amentum Holdings Inc. 0.00% 803 $19K Reduce -17.3%

Portfolio Sells Q2 2025 → Q3 2025
MSFT Microsoft Corp. Reduce -17.2% 9.35% −0.85
BKT BlackRock Income Trust Reduce -17.2% 0.01% −0.61
VZ Verizon Communications Inc. Reduce -68.3% 0.31% −0.59
AMD Advanced Micro Devices Reduce -54.4% 0.64% −0.51
DXCM Dexcom Inc. Sold out 0.00% −0.45
ELV Elevance Health Inc. Sold out 0.00% −0.37
LLY Eli Lilly & Co. Reduce -17.2% 1.81% −0.29
V Visa Inc. Class A Reduce -17.2% 1.47% −0.27
CRM Salesforce Inc. Reduce -17.2% 0.75% −0.23
NOW ServiceNow Inc. Reduce -17.2% 0.69% −0.19
ACN Accenture PLC Class A Reduce -17.2% 0.49% −0.19
TXN Texas Instruments Inc. Reduce -17.2% 0.61% −0.17
GEHC GE Healthcare Technology Sold out 0.00% −0.15
MOH Molina Healthcare Inc. Sold out 0.00% −0.14
MA Mastercard Inc. Class A Reduce -17.2% 1.12% −0.14
PG The Procter & Gamble Co. Reduce -17.2% 0.75% −0.13
KO The Coca-Cola Co. Reduce -17.2% 0.61% −0.13
MDLZ Mondelez International Inc. Class A Reduce -17.2% 0.50% −0.11
FISV Fiserv Inc. Reduce -17.2% 0.21% −0.11
JPM JPMorgan Chase & Co. Reduce -17.2% 2.40% −0.10
CSCO Cisco Systems Inc. Reduce -17.2% 0.65% −0.10
ADP Automatic Data Processing Reduce -17.2% 0.48% −0.09
ADBE Adobe Inc. Reduce -17.2% 0.37% −0.09
RSG Republic Services Inc. Reduce -17.2% 0.40% −0.09
INTU Intuit Inc. Reduce -17.3% 0.28% −0.09
SPGI S&P Global Inc. Reduce -17.2% 0.38% −0.09
VRSK Verisk Analytics Inc. Reduce -17.2% 0.21% −0.09
CTSH Cognizant Tech Solutions-A Reduce -17.2% 0.25% −0.08
SYK Stryker Corp. Reduce -17.2% 0.37% −0.08
TMUS T-Mobile US Inc. Reduce -17.2% 0.58% −0.07
CL Colgate-Palmolive Co. Reduce -17.2% 0.26% −0.07
VMRK Vivmark Residential Reduce -17.2% 0.39% −0.07
PAYX Paychex Inc. Reduce -17.2% 0.24% −0.07
ZS Zscaler Inc. Reduce -17.2% 0.37% −0.07
DE Deere & Co. Reduce -17.3% 0.25% −0.07
ICE Intercontinental Exchange Inc. Reduce -17.2% 0.28% −0.07
CI The Cigna Group Reduce -17.2% 0.21% −0.07
HON Honeywell International Inc. Reduce -17.2% 0.25% −0.06
LIN Linde PLC Reduce -17.2% 0.50% −0.06
AMP Ameriprise Financial Inc. Reduce -17.2% 0.26% −0.06
BR Broadridge Financial Solutio Reduce -17.2% 0.38% −0.06
ADSK Autodesk Inc. Reduce -17.2% 0.52% −0.06
CDW CDW Corp. Reduce -17.2% 0.19% −0.05
WDAY Workday Inc. Class A Reduce -17.2% 0.39% −0.05
OTIS Otis Worldwide Corp. Reduce -17.2% 0.22% −0.05
MAR Marriott International Class A Reduce -17.2% 0.26% −0.05
EW Edwards Lifesciences Corp. Reduce -17.2% 0.34% −0.05
BAC Bank of America Corp. Reduce -17.2% 1.15% −0.05
TRU Transunion Reduce -17.2% 0.24% −0.05
AXP American Express Co. Reduce -17.2% 0.51% −0.05

Portfolio Buys Q2 2025 → Q3 2025
PANW Palo Alto Networks Inc. New 0.66% +0.66
CDNS Cadence Design SYS Inc. New 0.50% +0.50
T AT&T Inc. New 0.49% +0.49
PLTR Palantir Technologies Inc. Class A Add +38.0% 0.97% +0.48
COR Cencora Inc. New 0.47% +0.47
DIS The Walt Disney Co. New 0.43% +0.43
WELL Welltower Inc. New 0.32% +0.32
AMAT Applied Materials Inc. Add +49.8% 0.71% +0.31
C Citigroup Inc. Add +12.9% 1.01% +0.31
MKC McCormick & Co.-Non VTG SHRS New 0.26% +0.26
OMC Omnicom Group New 0.26% +0.26
HUBS HubSpot Inc. New 0.26% +0.26
ISRG Intuitive Surgical Inc. Add +50.5% 0.96% +0.23
APTV Aptiv PLC Add +205.8% 0.27% +0.21
INGR Ingredion Inc. New 0.21% +0.21
ABT Abbott Laboratories Add +10.4% 1.03% +0.14
SNPS Synopsys Inc. Add +42.1% 0.40% +0.12
BSX Boston Scientific Corp. Add +9.7% 0.47% +0.03

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