BDF-Gestion

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 9, 2026), BDF-Gestion reported 147 stock positions worth $813.9 million. Its top holding was Nvidia (NVDA) at 10.4% of the portfolio, followed by Apple (AAPL, 9.6%) and Microsoft (MSFT, 8.4%). Compared with Q3 2025, it opened 13 new positions, sold out of 9, added to 6 and reduced 115. The biggest buy was a new position in Micron Technology (MU) and the biggest sale Microsoft (MSFT, shares −6%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001632812
Portfolio Value
$813.9M (Q4 2025)
SEC Filing
0001632812-26-000001 ↗ filed Jan 9, 2026

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 Q3 2025 Q4 2025: $813.9M $813.9M Q4 2025 Q1 2026: $748.6M Q1 2026 Q2 2026: $746.8M Q2 2026

Holdings 147 stocks · $813.9M
NVDA Nvidia Corp. 10.39% 453,284 $84.5M Reduce -5.5%
AAPL Apple Inc. 9.56% 286,137 $77.8M Reduce -3.5%
MSFT Microsoft Corp. 8.45% 142,168 $68.8M Reduce -6.3%
AVGO Broadcom Inc. 4.15% 97,683 $33.8M Reduce -14.8%
GOOG Alphabet Inc. Class C 4.10% 106,262 $33.3M Reduce -6.3%
META Meta Platforms Inc. Class A 3.82% 47,108 $31.1M Reduce -3.7%
LLY Eli Lilly & Co. 2.47% 18,702 $20.1M Reduce -6.3%
JPM JPMorgan Chase & Co. 2.37% 59,928 $19.3M Reduce -6.3%
V Visa Inc. Class A 1.54% 35,735 $12.5M Reduce -1.1%
ABBV Abbvie Inc. 1.25% 44,504 $10.2M Add +28.9%
ISRG Intuitive Surgical Inc. 1.18% 16,963 $9.6M Reduce -6.3%
C Citigroup Inc. 1.13% 78,512 $9.2M Reduce -6.3%
PLTR Palantir Technologies Inc. Class A 1.06% 48,378 $8.6M Add +8.4%
MA Mastercard Inc. Class A 1.01% 14,413 $8.2M Reduce -13.0%
HD Home Depot Inc. 1.00% 23,630 $8.1M Reduce -6.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.97% 143,046 $7.9M Reduce -23.7%
ORCL Oracle Corp. 0.96% 40,191 $7.8M Add +53.8%
ABT Abbott Laboratories 0.94% 60,809 $7.6M Reduce -6.3%
AMAT Applied Materials Inc. 0.86% 27,187 $7.0M Reduce -6.3%
AMD Advanced Micro Devices 0.81% 30,935 $6.6M Reduce -6.3%
CRM Salesforce Inc. 0.81% 24,928 $6.6M Reduce -6.3%
MU Micron Technology Inc. 0.77% 21,857 $6.2M New
GS Goldman Sachs Group Inc. 0.76% 7,031 $6.2M Reduce -43.8%
NFLX Netflix Inc. 0.76% 65,627 $6.2M Reduce -6.3%
CSCO Cisco Systems Inc. 0.71% 74,854 $5.8M Reduce -6.3%
TMO Thermo Fisher Scientific Inc. 0.68% 9,551 $5.5M Reduce -6.3%
PG The Procter & Gamble Co. 0.67% 38,286 $5.5M Reduce -6.3%
UNH Unitedhealth Group Inc. 0.65% 16,067 $5.3M Reduce -6.3%
KO The Coca-Cola Co. 0.62% 72,228 $5.0M Reduce -6.3%
MRK Merck & Co. Inc. 0.61% 47,224 $5.0M No change
PANW Palo Alto Networks Inc. 0.58% 25,504 $4.7M Reduce -6.3%
EA Electronic Arts Inc. 0.56% 22,408 $4.6M Reduce -6.3%
PLD Prologis Inc. 0.56% 35,784 $4.6M Reduce -6.3%
NOW ServiceNow Inc. 0.56% 29,595 $4.5M Reduce -6.3%
TXN Texas Instruments Inc. 0.55% 25,978 $4.5M Reduce -6.3%
AXP American Express Co. 0.55% 12,086 $4.5M Reduce -6.3%
DDOG Datadog Inc. Class A 0.52% 31,188 $4.2M Reduce -6.3%
LRCX Lam Research Corp. 0.52% 24,698 $4.2M Reduce -6.3%
ACN Accenture PLC Class A 0.52% 15,710 $4.2M Reduce -6.3%
COR Cencora Inc. 0.49% 11,726 $4.0M Reduce -6.3%
ALL Allstate Corp. 0.48% 18,834 $3.9M Reduce -6.3%
MDB Mongodb Inc. 0.48% 9,265 $3.9M New
TMUS T-Mobile US Inc. 0.47% 18,953 $3.8M Reduce -6.3%
SNOW Snowflake Inc. 0.47% 17,415 $3.8M Add +66.7%
ADSK Autodesk Inc. 0.47% 12,874 $3.8M Reduce -6.3%
SPG Simon Property Group Inc. 0.46% 20,021 $3.7M Reduce -6.3%
ADI Analog Devices Inc. 0.45% 13,459 $3.7M Reduce -6.3%
BSX Boston Scientific Corp. 0.45% 38,046 $3.6M Reduce -6.3%
JLL Jones Lang Lasalle Inc. 0.44% 10,710 $3.6M Reduce -6.3%
LIN Linde PLC 0.44% 8,359 $3.6M Reduce -6.3%
ANET Arista Networks Inc. 0.43% 26,992 $3.5M Add +20.2%
VTR Ventas Inc. 0.43% 44,909 $3.5M Reduce -6.3%
CDNS Cadence Design SYS Inc. 0.43% 11,112 $3.5M Reduce -6.3%
PGR Progressive Corp. 0.42% 15,000 $3.4M New
MDLZ Mondelez International Inc. Class A 0.42% 63,329 $3.4M Reduce -6.3%
T AT&T Inc. 0.42% 136,106 $3.4M Reduce -6.3%
HIG Hartford Insurance Group Inc. 0.42% 24,524 $3.4M Reduce -6.3%
ADP Automatic Data Processing 0.41% 12,982 $3.3M Reduce -6.3%
GM General Motors Co. 0.41% 41,043 $3.3M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.41% 29,316 $3.3M Reduce -6.3%
MSI Motorola Solutions Inc. 0.41% 8,623 $3.3M Reduce -38.5%
RGLD Royal Gold Inc. 0.41% 14,842 $3.3M No change
MET Metlife Inc. 0.39% 40,673 $3.2M Reduce -6.3%
SPGI S&P Global Inc. 0.39% 6,135 $3.2M Reduce -6.3%
CATERPILLAR INC 0.39% 5,571 $3.2M Reduce -6.3%
KLAC KLA Corp. 0.38% 2,571 $3.1M New
INTC Intel Corp. 0.38% 84,101 $3.1M Reduce -45.8%
DHR Danaher Corp. 0.38% 13,360 $3.1M Reduce -6.3%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.37% 47,270 $3.0M Reduce -6.3%
SNPS Synopsys Inc. 0.36% 6,306 $3.0M Reduce -6.3%
EW Edwards Lifesciences Corp. 0.36% 34,524 $2.9M Reduce -6.3%
RSG Republic Services Inc. 0.36% 13,784 $2.9M Reduce -6.3%
CSX CSX Corp. 0.36% 80,230 $2.9M Reduce -6.3%
ADBE Adobe Inc. 0.35% 8,194 $2.9M Reduce -6.3%
MS Morgan Stanley 0.35% 15,938 $2.8M New
QCOM Qualcomm Inc. 0.35% 16,478 $2.8M Reduce -6.3%
COHR Coherent Corp. 0.34% 15,134 $2.8M New
BR Broadridge Financial Solutio 0.34% 12,428 $2.8M Reduce -6.3%
NDAQ Nasdaq Inc. 0.34% 28,402 $2.8M Reduce -6.3%
JNJ Johnson & Johnson 0.34% 22,939 $2.7M Reduce -6.3%
SYK Stryker Corp. 0.34% 7,778 $2.7M Reduce -6.3%
WELL Welltower Inc. 0.32% 14,077 $2.6M Reduce -6.3%
FTNT Fortinet Inc. 0.31% 32,100 $2.5M New
DELL Dell Technologies -C 0.30% 19,204 $2.4M Add +75.8%
MAR Marriott International Class A 0.29% 7,715 $2.4M Reduce -6.3%
SCI Service Corp. International 0.29% 30,000 $2.3M New
URI United Rentals Inc. 0.29% 2,868 $2.3M Reduce -6.3%
MKC McCormick & Co.-Non VTG SHRS 0.28% 33,165 $2.3M No change
VZ Verizon Communications Inc. 0.28% 55,123 $2.2M Reduce -6.3%
ZS Zscaler Inc. 0.27% 9,700 $2.2M Reduce -6.3%
OMC Omnicom Group 0.27% 27,000 $2.2M No change
INTU Intuit Inc. 0.27% 3,279 $2.2M Reduce -6.3%
AZO AutoZone Inc. 0.26% 632 $2.1M Reduce -6.4%
STT State Street Corp. 0.26% 16,374 $2.1M Reduce -6.3%
ICE Intercontinental Exchange Inc. 0.26% 12,890 $2.1M Reduce -6.3%
APTV Aptiv PLC 0.25% 26,746 $2.0M No change
EHC Encompass Health Corp. 0.25% 19,099 $2.0M Reduce -6.3%
AMP Ameriprise Financial Inc. 0.25% 4,110 $2.0M Reduce -6.3%
DE Deere & Co. 0.25% 4,292 $2.0M Reduce -6.3%
CL Colgate-Palmolive Co. 0.25% 25,278 $2.0M Reduce -6.3%
CMI Cummins Inc. 0.25% 3,913 $2.0M Reduce -6.3%
RMD Resmed Inc. 0.24% 8,251 $2.0M Reduce -6.3%
TRU Transunion 0.24% 22,811 $2.0M Reduce -6.3%
LH Labcorp Holdings Inc. 0.24% 7,642 $1.9M Reduce -6.3%
STE Steris PLC 0.23% 7,457 $1.9M Reduce -6.3%
GWRE Guidewire Software Inc. 0.22% 8,969 $1.8M New
OC Owens Corning 0.22% 16,086 $1.8M No change
WAB Wabtec Corp. 0.22% 8,396 $1.8M Reduce -6.3%
TEAM Atlassian Corp. Class A 0.22% 11,050 $1.8M New
DECK Deckers Outdoor Corp. 0.22% 17,281 $1.8M Reduce -6.3%
HON Honeywell International Inc. 0.22% 9,174 $1.8M Reduce -6.3%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.22% 23,000 $1.8M New
A Agilent Technologies Inc. 0.22% 13,001 $1.8M Reduce -6.3%
HUBS HubSpot Inc. 0.21% 4,324 $1.7M Reduce -6.3%
TEL Te Connectivity PLC 0.21% 7,596 $1.7M Reduce -6.3%
GENPACT LIMITED 0.21% 36,041 $1.7M No change
EQIX Equinix Inc. 0.20% 2,173 $1.7M Reduce -6.3%
PAYX Paychex Inc. 0.20% 14,605 $1.6M Reduce -6.3%
OTIS Otis Worldwide Corp. 0.20% 18,746 $1.6M Reduce -6.3%
HCA HCA Healthcare Inc. 0.20% 3,493 $1.6M Reduce -6.3%
CI The Cigna Group 0.20% 5,863 $1.6M Reduce -6.3%
ETN Eaton Corp. PLC 0.19% 4,952 $1.6M Reduce -6.3%
INGR Ingredion Inc. 0.19% 14,213 $1.6M No change
PKG Packaging Corp. of America 0.19% 7,546 $1.6M Reduce -6.3%
J Jacobs Solutions Inc. 0.19% 11,659 $1.5M Reduce -6.3%
VRSK Verisk Analytics Inc. 0.18% 6,722 $1.5M Reduce -6.3%
SWK Stanley Black & Decker Inc. 0.16% 17,919 $1.3M No change
REGENERON PHARMACEUTICALS 0.16% 1,696 $1.3M Reduce -6.3%
APD Air Products & Chemicals Inc. 0.16% 5,239 $1.3M Reduce -6.3%
MSA Msa Safety Inc. 0.15% 7,854 $1.3M No change
REG Regency Centers Corp. 0.15% 17,341 $1.2M Reduce -6.3%
ALV Autoliv Inc. 0.15% 9,947 $1.2M No change
STX Seagate Technology Holdings 0.14% 4,262 $1.2M New
WDC Western Digital Corp. 0.14% 6,733 $1.2M New
ITW Illinois Tool Works 0.14% 4,511 $1.1M Reduce -6.3%
GIS General Mills Inc. 0.14% 23,635 $1.1M Reduce -6.3%
MSCI MSCI Inc. 0.13% 1,865 $1.1M Reduce -6.3%
CHD Church & Dwight Co. Inc. 0.13% 12,694 $1.1M Reduce -6.3%
NXPI NXP Semiconductors NV 0.11% 4,239 $920K Reduce -6.3%
RPRX Royalty Pharma PLC Class A 0.11% 23,649 $914K Reduce -6.3%
WDAY Workday Inc. Class A 0.11% 4,090 $878K Reduce -69.7%
DD Dupont DE Nemours Inc. 0.10% 20,098 $808K Reduce -6.3%
HUM Humana Inc. 0.07% 2,321 $594K Reduce -6.3%
MRNA Moderna Inc. 0.07% 19,323 $570K Reduce -6.3%
TROX Tronox Holdings PLC 0.03% 55,681 $232K No change
BKT BlackRock Income Trust 0.01% 4,074 $44K Reduce -6.3%
AMTM Amentum Holdings Inc. 0.00% 752 $22K Reduce -6.3%

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -6.3% 8.45% −0.90
TJX TJX Companies Inc. Sold out 0.00% −0.75
META Meta Platforms Inc. Class A Reduce -3.7% 3.82% −0.45
GS Goldman Sachs Group Inc. Reduce -43.8% 0.76% −0.43
WFC Wells Fargo & Co. Sold out 0.00% −0.41
MSI Motorola Solutions Inc. Reduce -38.5% 0.41% −0.36
AVGO Broadcom Inc. Reduce -14.8% 4.15% −0.35
HOLX Hologic Inc. Sold out 0.00% −0.33
WDAY Workday Inc. Class A Reduce -69.7% 0.11% −0.28
NVDA Nvidia Corp. Reduce -5.5% 10.39% −0.27
CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.25
NFLX Netflix Inc. Reduce -6.3% 0.76% −0.24
INTC Intel Corp. Reduce -45.8% 0.38% −0.24
HD Home Depot Inc. Reduce -6.3% 1.00% −0.22
FISV Fiserv Inc. Sold out 0.00% −0.21
CDW CDW Corp. Sold out 0.00% −0.19
BL Blackline Inc. Sold out 0.00% −0.19
BAC Bank of America Corp. Reduce -23.7% 0.97% −0.19
PTC PTC Inc. Sold out 0.00% −0.18
BAH Booz Allen Hamilton Holdings Sold out 0.00% −0.13
NOW ServiceNow Inc. Reduce -6.3% 0.56% −0.13
MA Mastercard Inc. Class A Reduce -13.0% 1.01% −0.11
TMUS T-Mobile US Inc. Reduce -6.3% 0.47% −0.10
ZS Zscaler Inc. Reduce -6.3% 0.27% −0.10
DD Dupont DE Nemours Inc. Reduce -6.3% 0.10% −0.10
ABT Abbott Laboratories Reduce -6.3% 0.94% −0.10
MDLZ Mondelez International Inc. Class A Reduce -6.3% 0.42% −0.08
PANW Palo Alto Networks Inc. Reduce -6.3% 0.58% −0.08
AZO AutoZone Inc. Reduce -6.4% 0.26% −0.08
ADP Automatic Data Processing Reduce -6.3% 0.41% −0.07
PG The Procter & Gamble Co. Reduce -6.3% 0.67% −0.07
T AT&T Inc. Reduce -6.3% 0.42% −0.07
CDNS Cadence Design SYS Inc. Reduce -6.3% 0.43% −0.07
LIN Linde PLC Reduce -6.3% 0.44% −0.07
URI United Rentals Inc. Reduce -6.3% 0.29% −0.06
EHC Encompass Health Corp. Reduce -6.3% 0.25% −0.06
UNH Unitedhealth Group Inc. Reduce -6.3% 0.65% −0.05
TXN Texas Instruments Inc. Reduce -6.3% 0.55% −0.05
ADSK Autodesk Inc. Reduce -6.3% 0.47% −0.05
HUBS HubSpot Inc. Reduce -6.3% 0.21% −0.04
LH Labcorp Holdings Inc. Reduce -6.3% 0.24% −0.04
DDOG Datadog Inc. Class A Reduce -6.3% 0.52% −0.04
RSG Republic Services Inc. Reduce -6.3% 0.36% −0.04
RMD Resmed Inc. Reduce -6.3% 0.24% −0.04
ETN Eaton Corp. PLC Reduce -6.3% 0.19% −0.04
BR Broadridge Financial Solutio Reduce -6.3% 0.34% −0.04
PAYX Paychex Inc. Reduce -6.3% 0.20% −0.03
J Jacobs Solutions Inc. Reduce -6.3% 0.19% −0.03
VZ Verizon Communications Inc. Reduce -6.3% 0.28% −0.03
ALL Allstate Corp. Reduce -6.3% 0.48% −0.03

Portfolio Buys Q3 2025 → Q4 2025
MU Micron Technology Inc. New 0.77% +0.77
MDB Mongodb Inc. New 0.48% +0.48
PGR Progressive Corp. New 0.42% +0.42
KLAC KLA Corp. New 0.38% +0.38
MS Morgan Stanley New 0.35% +0.35
COHR Coherent Corp. New 0.34% +0.34
FTNT Fortinet Inc. New 0.31% +0.31
ABBV Abbvie Inc. Add +28.9% 1.25% +0.30
SCI Service Corp. International New 0.29% +0.29
GWRE Guidewire Software Inc. New 0.22% +0.22
TEAM Atlassian Corp. Class A New 0.22% +0.22
CF CF Industries Holdings Inc. New 0.22% +0.22
SNOW Snowflake Inc. Add +66.7% 0.47% +0.19
STX Seagate Technology Holdings New 0.14% +0.14
WDC Western Digital Corp. New 0.14% +0.14
DELL Dell Technologies -C Add +75.8% 0.30% +0.11
ORCL Oracle Corp. Add +53.8% 0.96% +0.09
PLTR Palantir Technologies Inc. Class A Add +8.4% 1.06% +0.09
ANET Arista Networks Inc. Add +20.2% 0.43% +0.04

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