Bellecapital International Ltd.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 3, 2024), Bellecapital International Ltd. reported 156 stock positions worth $447.0 million. Its top holding was Microsoft (MSFT) at 5.4% of the portfolio, followed by Apple (AAPL, 4.4%) and Costco Wholesale (COST, 4.2%). Compared with Q4 2023, it opened 15 new positions, sold out of 9, added to 34 and reduced 43. The biggest buy was Walmart (WMT, shares +2%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −46%).

Most Recent 13F
Q2 2026
Location
ZURICH, V8
CIK
0001600152
Portfolio Value
$447.0M (Q1 2024)
SEC Filing
0001600152-24-000002 ↗ filed May 3, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $447.0M $447.0M Q1 2024 Q2 2024: $465.2M Q2 2024 Q3 2024: $499.2M Q3 2024 Q4 2024: $559.8M Q4 2024 Q1 2025: $500.7M Q1 2025 Q2 2025: $559.5M Q2 2025 Q3 2025: $616.8M Q3 2025 Q4 2025: $562.2M Q4 2025 Q1 2026: $554.3M Q1 2026 Q2 2026: $625.4M Q2 2026

Holdings 156 stocks · $447.0M
MSFT Microsoft Corp. 5.43% 57,656 $24.3M Reduce -10.4%
AAPL Apple Inc. 4.40% 114,763 $19.7M Reduce -1.9%
COST Costco Wholesale Corp. 4.22% 25,769 $18.9M Add +1.7%
WMT Walmart Inc. 3.95% 293,237 $17.6M Add +2.3%
ADBE Adobe Inc. 3.94% 34,912 $17.6M Add +2.0%
GOOGL Alphabet Inc. Class A 3.85% 114,004 $17.2M Reduce -15.9%
AMD Advanced Micro Devices 3.70% 91,536 $16.5M Reduce -5.4%
MELI MercadoLibre Inc. 3.28% 9,705 $14.7M Add +4.9%
ANET Arista Networks Inc. 3.13% 48,175 $14.0M Reduce -22.0%
BKNG Booking Holdings Inc. 3.04% 3,745 $13.6M Reduce -0.8%
REGN Regeneron Pharmaceuticals 2.84% 13,180 $12.7M Add +1.2%
FISV Fiserv Inc. 2.65% 74,169 $11.9M Reduce -1.6%
SPGI S&P Global Inc. 2.58% 27,117 $11.5M Reduce -1.9%
ABBV Abbvie Inc. 2.27% 55,759 $10.2M Reduce -8.2%
CPRT Copart Inc. 2.00% 154,236 $8.9M Add +2.1%
FAST Fastenal Co. 1.99% 115,424 $8.9M Reduce -1.5%
PG The Procter & Gamble Co. 1.91% 52,499 $8.5M Add +0.4%
KO The Coca-Cola Co. 1.89% 138,411 $8.5M No change
GOOG Alphabet Inc. Class C 1.86% 54,557 $8.3M Reduce -0.5%
TSCO Tractor Supply Company 1.83% 31,248 $8.2M Reduce -0.2%
AMZN Amazon.com Inc. 1.82% 45,030 $8.1M Reduce -21.4%
UNH Unitedhealth Group Inc. 1.59% 14,355 $7.1M Add +3.9%
ZTS Zoetis Inc. 1.52% 40,275 $6.8M Add +3.4%
BRK.A Berkshire Hathaway Inc. Class A 1.42% 10 $6.3M No change
RSP Invesco S&P 500 Equal Weight 1.36% 36,000 $6.1M Reduce -46.3%
SHOP Shopify Inc. Class A 1.25% 53,414 $5.6M Add +3.6%
ADP Automatic Data Processing 1.24% 22,108 $5.5M Add +1.7%
GLD SPDR Gold Shares 1.22% 26,534 $5.5M Reduce -1.8%
IVOL Quadratic Int Rte Vol Infl H 1.18% 279,411 $5.3M Add +9.2%
BRK.B Berkshire Hathaway Inc. Class B 1.08% 11,509 $4.8M No change
TMO Thermo Fisher Scientific Inc. 1.05% 8,081 $4.7M Add +9.5%
COO The Cooper Cos Inc. 1.05% 46,210 $4.7M Reduce -5.5%
NVDA Nvidia Corp. 0.78% 3,842 $3.5M Reduce -35.6%
CHD Church & Dwight Co. Inc. 0.75% 31,963 $3.3M Add +1.7%
GRMN Garmin Ltd. 0.73% 21,806 $3.2M Add +0.2%
NFLX Netflix Inc. 0.68% 4,981 $3.0M Reduce -39.6%
PAGS Pagseguro Digital Ltd. Class A 0.67% 211,085 $3.0M Add +6.7%
MMM 3M Co. 0.67% 33,737 $3.0M Add +28.4%
LLY Eli Lilly & Co. 0.66% 3,816 $3.0M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.62% 35,852 $2.8M Reduce -7.3%
F Ford Motor Co. filed as FORD MTR CO DEL 0.59% 198,971 $2.6M Add +1.8%
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.57% 27,123 $2.5M Reduce -12.4%
META Meta Platforms Inc. Class A 0.56% 5,169 $2.5M Reduce -44.4%
SBUX Starbucks Corp. 0.51% 24,950 $2.3M Reduce -7.8%
PFE Pfizer Inc. 0.42% 68,378 $1.9M Add +48.3%
ARKG ARK Genomic Revolution ETF 0.42% 64,733 $1.9M Add +5.0%
PYPL PayPal Holdings Inc. 0.38% 25,322 $1.7M Add +16.8%
DUK Duke Energy Corp. 0.35% 16,149 $1.6M Add +16.8%
NVS Novartis AG-Sponsored ADR 0.33% 917 $1.5M No change
T AT&T Inc. 0.32% 81,714 $1.4M Add +0.2%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.32% 840 $1.4M New
VZ Verizon Communications Inc. 0.31% 32,582 $1.4M No change
DOLE Dole PLC 0.30% 114,000 $1.4M No change
FSS Federal Signal Corp. 0.30% 15,841 $1.3M No change
BCC Boise Cascade Co. 0.30% 8,670 $1.3M No change
JNJ Johnson & Johnson 0.28% 7,912 $1.3M Add +3.1%
TT Trane Technologies PLC 0.28% 4,145 $1.2M No change
TSM Taiwan Semiconductor-SP ADR 0.26% 8,674 $1.2M Add +16.4%
FWONK Liberty Media Corp. Class C 0.26% 17,725 $1.2M No change
IBIT iShares Bitcoin Trust ETF 0.26% 28,550 $1.2M New
DG Dollar General Corp. 0.25% 7,121 $1.1M Reduce -14.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.25% 2,097 $1.1M Add +0.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.23% 5,452 $1.0M Reduce -14.0%
L Loews Corp. 0.23% 13,243 $1.0M New
AMT American Tower Corp. 0.23% 5,163 $1.0M No change
NEE Nextera Energy Inc. 0.23% 15,922 $1.0M Reduce -5.7%
TMHC Taylor Morrison Home Corp. 0.23% 16,178 $1.0M No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.22% 9,173 $999K No change
BABA Alibaba Group Holding-SP ADR 0.21% 12,884 $932K Reduce -3.5%
AMGN Amgen Inc. 0.20% 3,130 $890K Reduce -2.8%
ISRG Intuitive Surgical Inc. 0.20% 2,201 $878K Reduce -1.9%
SHY iShares 1-3 Year Treasury Bo 0.20% 10,671 $873K Reduce -1.8%
PFF iShares Preferred & Income S 0.19% 27,000 $870K No change
HSY The Hershey Co. 0.19% 4,336 $843K No change
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.19% 12,744 $833K Add +6.5%
V Visa Inc. Class A 0.18% 2,889 $806K No change
MCD McDonald's Corp. 0.18% 2,819 $795K Reduce -5.1%
TSLA Tesla Inc. 0.18% 4,473 $786K Add +57.8%
EQIX Equinix Inc. 0.17% 947 $782K No change
PGR Progressive Corp. 0.17% 3,676 $760K No change
CSCO Cisco Systems Inc. 0.17% 15,040 $751K Add +25.8%
ABM Abm Industries Inc. 0.16% 15,899 $709K No change
AMAT Applied Materials Inc. 0.16% 3,395 $700K Reduce -26.9%
AWK American Water Works Co. Inc. 0.15% 5,669 $693K No change
IVV iShares Core S&P 500 ETF 0.15% 1,267 $666K Reduce -27.5%
IGIB iShares 5-10Y Inv Grade Corp. 0.15% 12,745 $658K No change
CR Crane Co. 0.14% 4,703 $636K No change
EW Edwards Lifesciences Corp. 0.14% 6,615 $632K No change
CNM Core & Main Inc. Class A 0.14% 10,865 $622K No change
CW Curtiss-Wright Corp. 0.14% 2,377 $608K No change
UNP Union Pacific Corp. 0.13% 2,438 $600K New
TER Teradyne Inc. 0.13% 5,000 $564K No change
BOXX Alpha Architect 1-3 MNTH Box 0.12% 5,230 $557K New
XLK SS Technology Select Sector 0.12% 2,645 $551K Reduce -10.8%
VEA Vanguard Ftse Developed ETF 0.12% 10,942 $549K No change
MDT Medtronic PLC 0.12% 6,058 $528K Reduce -4.1%
XOM Exxon Mobil Corp. 0.12% 4,528 $526K No change
CVX Chevron Corp. 0.11% 3,247 $512K Add +61.3%
ASML ASML Holding NV-NY Reg SHS 0.11% 520 $505K No change
QQQ Invesco QQQ Trust Series 1 0.11% 1,132 $503K No change
OEF iShares S&P 100 ETF 0.11% 1,996 $494K No change
EFA iShares MSCI Eafe ETF 0.11% 6,166 $492K No change
SPSB SS SPDR P St C Corp. ETF 0.11% 15,863 $472K Reduce -7.1%
GILD Gilead Sciences Inc. 0.10% 6,279 $460K Add +27.8%
PTC PTC Inc. 0.10% 2,433 $460K No change
IEF iShares 7-10 Year Treasury B 0.10% 4,794 $454K Reduce -3.4%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 0.10% 18,503 $440K No change
ORCL Oracle Corp. 0.10% 3,499 $440K Add +8.2%
HD Home Depot Inc. 0.10% 1,140 $437K No change
COR Cencora Inc. 0.09% 1,743 $424K No change
MKC McCormick & Co.-Non VTG SHRS 0.09% 5,257 $404K No change
IUSV iShares Core S&P U.S. Value 0.09% 4,291 $388K No change
JD Jd.com Inc.-ADR 0.09% 14,137 $387K No change
FCX Freeport-McMoran Inc. 0.09% 8,107 $381K No change
CRM Salesforce Inc. 0.08% 1,224 $369K No change
IEI iShares 3-7 Year Treasury Bo 0.08% 3,112 $360K Reduce -8.9%
MO Altria Group Inc. 0.08% 7,718 $337K New
VOO Vanguard S&P 500 ETF 0.07% 697 $335K Reduce -2.8%
AVGO Broadcom Inc. 0.07% 250 $331K Reduce -20.4%
MTZ Mastec Inc. 0.07% 3,495 $326K No change
PINS Pinterest Inc. Class A 0.07% 9,242 $320K No change
RBLX Roblox Corp. Class A 0.07% 8,130 $310K No change
MRK Merck & Co. Inc. 0.07% 2,340 $309K No change
ABT Abbott Laboratories 0.07% 2,708 $308K No change
IJH iShares Core S&P Midcap ETF 0.07% 4,920 $299K No change
RSG Republic Services Inc. 0.06% 1,507 $289K No change
VYM Vanguard High DVD Yield ETF 0.06% 2,375 $287K No change
VGSH Vanguard Short-Term Treasury 0.06% 4,879 $283K Reduce -6.3%
VWO Vanguard Ftse Emerging Marke 0.06% 6,781 $283K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 2,255 $276K No change
CHTR Charter Communications Inc. Class A 0.06% 904 $263K No change
VCSH Vanguard S/T Corp. Bond ETF 0.06% 3,371 $261K No change
OTIS Otis Worldwide Corp. 0.06% 2,624 $260K No change
MEDP Medpace Holdings Inc. 0.06% 642 $259K New
ZTO Zto Express Cayman Inc.-ADR 0.06% 12,330 $258K Reduce -25.4%
BRBR Bellring Brands Inc. 0.06% 4,355 $257K No change
FEZ State Street SPDR Euro Stoxx 0.06% 4,840 $254K No change
ECL Ecolab Inc. 0.06% 1,100 $254K No change
ARCB Arcbest Corp. 0.06% 1,775 $253K No change
NVT Nvent Electric PLC 0.06% 3,287 $248K New
BDX Becton Dickinson and Co. 0.06% 1,000 $247K No change
BIDU Baidu Inc. - Spon ADR 0.06% 2,333 $246K No change
USIG iShares Broad Usd Investment 0.05% 4,784 $243K No change
AWR American States Water Co. filed as AMER STATES WTR CO 0.05% 3,103 $224K No change
UBER Uber Technologies Inc. 0.05% 2,800 $216K New
NOW ServiceNow Inc. 0.05% 281 $214K New
CI The Cigna Group 0.05% 585 $212K New
CMG Chipotle Mexican Grill Inc. 0.05% 72 $209K New
GAME Gamesquare Hldgs Inc. 0.05% 151,577 $209K New
EWL iShares MSCI Switzerland ETF 0.05% 4,361 $208K Reduce -2.9%
RS Reliance Inc. 0.05% 612 $205K New
OKE Oneok Inc. 0.05% 2,519 $202K New
SBRA Sabra Health Care REIT Inc. 0.04% 12,000 $177K No change
CIFR Cipher Digital Inc. 0.03% 24,650 $127K Add +99.6%
NIO Nio Inc. - ADR 0.02% 18,568 $84K Reduce -9.5%
BITF Bitfarms Ltd./Canada 0.02% 22,624 $68K Add +0.1%
Other holdings (7): bonds, preferreds, convertibles and warrants · $6.7M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,631,000$3.3MNo change
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 1,680,000$1.6MNo change
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 1,624,000$1.5MNo change
ALTERYX INC (AYX 0.5 08/01/24) NOTE 0.500% 8/0 · principal 150,000$149KNo change
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal 150,000$137KNo change
NIO INC (NIO 0.5 02/01/27) NOTE 0.500% 2/0 · principal 13,000$12KNo change
WAYFAIR INC (W 0.625 10/01/25) NOTE 0.625%10/0 · principal 12,000$11KNo change

Total filed on the 13F, all lines: $453.7M.

Portfolio Sells Q4 2023 → Q1 2024
RSP Invesco S&P 500 Equal Weight Reduce -46.3% 1.36% −1.07
INTC Intel Corp. Sold out 0.00% −0.80
AAPL Apple Inc. Reduce -1.9% 4.40% −0.77
GOOGL Alphabet Inc. Class A Reduce -15.9% 3.85% −0.50
NFLX Netflix Inc. Reduce -39.6% 0.68% −0.25
ANET Arista Networks Inc. Reduce -22.0% 3.13% −0.22
SPGI S&P Global Inc. Reduce -1.9% 2.58% −0.22
META Meta Platforms Inc. Class A Reduce -44.4% 0.56% −0.20
AMZN Amazon.com Inc. Reduce -21.4% 1.82% −0.18
MSFT Microsoft Corp. Reduce -10.4% 5.43% −0.14
BA The Boeing Co. Sold out 0.00% −0.10
HYS PIMCO 0-5 Year H/Y Corp. Bond Reduce -12.4% 0.57% −0.10
SBUX Starbucks Corp. Reduce -7.8% 0.51% −0.09
ACN Accenture PLC Class A Sold out 0.00% −0.08
SE Sea Ltd.-ADR Sold out 0.00% −0.07
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -7.3% 0.62% −0.06
CLSK Cleanspark Inc. Sold out 0.00% −0.05
FAZE Faze Holdings Inc. Sold out 0.00% −0.05
NKE Nike Inc. Class B Sold out 0.00% −0.05
IVV iShares Core S&P 500 ETF Reduce -27.5% 0.15% −0.04
BKNG Booking Holdings Inc. Reduce -0.8% 3.04% −0.04
BABA Alibaba Group Holding-SP ADR Reduce -3.5% 0.21% −0.03
MCD McDonald's Corp. Reduce -5.1% 0.18% −0.02
NIO Nio Inc. - ADR Reduce -9.5% 0.02% −0.02
ZTO Zto Express Cayman Inc.-ADR Reduce -25.4% 0.06% −0.02
DIREXION SHS ETF TR Sold out 0.00% −0.02
AMAT Applied Materials Inc. Reduce -26.9% 0.16% −0.02
COO The Cooper Cos Inc. Reduce -5.5% 1.05% −0.01
AMGN Amgen Inc. Reduce -2.8% 0.20% −0.01
DG Dollar General Corp. Reduce -14.4% 0.25% −0.01
IEI iShares 3-7 Year Treasury Bo Reduce -8.9% 0.08% −0.01
SPSB SS SPDR P St C Corp. ETF Reduce -7.1% 0.11% −0.01
SHY iShares 1-3 Year Treasury Bo Reduce -1.8% 0.20% −0.01
IEF iShares 7-10 Year Treasury B Reduce -3.4% 0.10% −0.01
NEE Nextera Energy Inc. Reduce -5.7% 0.23% −0.01
XLK SS Technology Select Sector Reduce -10.8% 0.12% −0.01
VGSH Vanguard Short-Term Treasury Reduce -6.3% 0.06% −0.01
AVGO Broadcom Inc. Reduce -20.4% 0.07% −0.01
IBM Intl Business Machines Corp. Reduce -14.0% 0.23% −0.01
EWL iShares MSCI Switzerland ETF Reduce -2.9% 0.05% −0.00
MDT Medtronic PLC Reduce -4.1% 0.12% −0.00
FTCHQ Farfetch Ltd. Class A Sold out 0.00% −0.00
VOO Vanguard S&P 500 ETF Reduce -2.8% 0.07% +0.00
ISRG Intuitive Surgical Inc. Reduce -1.9% 0.20% +0.02
GLD SPDR Gold Shares Reduce -1.8% 1.22% +0.03
GOOG Alphabet Inc. Class C Reduce -0.5% 1.86% +0.08
NVDA Nvidia Corp. Reduce -35.6% 0.78% +0.10
ABBV Abbvie Inc. Reduce -8.2% 2.27% +0.11
FAST Fastenal Co. Reduce -1.5% 1.99% +0.25
TSCO Tractor Supply Company Reduce -0.2% 1.83% +0.28

Portfolio Buys Q4 2023 → Q1 2024
WMT Walmart Inc. Add +2.3% 3.95% +0.49
COST Costco Wholesale Corp. Add +1.7% 4.22% +0.38
MSTR Strategy Inc. New 0.32% +0.32
CPRT Copart Inc. Add +2.1% 2.00% +0.30
IBIT iShares Bitcoin Trust ETF New 0.26% +0.26
L Loews Corp. New 0.23% +0.23
REGN Regeneron Pharmaceuticals Add +1.2% 2.84% +0.21
TMO Thermo Fisher Scientific Inc. Add +9.5% 1.05% +0.15
PG The Procter & Gamble Co. Add +0.4% 1.91% +0.14
UNP Union Pacific Corp. New 0.13% +0.13
BOXX Alpha Architect 1-3 MNTH Box New 0.12% +0.12
PFE Pfizer Inc. Add +48.3% 0.42% +0.12
PAGS Pagseguro Digital Ltd. Class A Add +6.7% 0.67% +0.11
TSM Taiwan Semiconductor-SP ADR Add +16.4% 0.26% +0.09
GRMN Garmin Ltd. Add +0.2% 0.73% +0.08
MO Altria Group Inc. New 0.08% +0.08
PYPL PayPal Holdings Inc. Add +16.8% 0.38% +0.07
ADP Automatic Data Processing Add +1.7% 1.24% +0.07
CHD Church & Dwight Co. Inc. Add +1.7% 0.75% +0.06
MEDP Medpace Holdings Inc. New 0.06% +0.06
NVT Nvent Electric PLC New 0.06% +0.06
UBER Uber Technologies Inc. New 0.05% +0.05
NOW ServiceNow Inc. New 0.05% +0.05
CI The Cigna Group New 0.05% +0.05
CMG Chipotle Mexican Grill Inc. New 0.05% +0.05
GAME Gamesquare Hldgs Inc. New 0.05% +0.05
RS Reliance Inc. New 0.05% +0.05
CVX Chevron Corp. Add +61.3% 0.11% +0.05
OKE Oneok Inc. New 0.05% +0.05
F Ford Motor Co. Add +1.8% 0.59% +0.04
DUK Duke Energy Corp. Add +16.8% 0.35% +0.04
SHOP Shopify Inc. Class A Add +3.6% 1.25% +0.03
CSCO Cisco Systems Inc. Add +25.8% 0.17% +0.03
ORCL Oracle Corp. Add +8.2% 0.10% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +0.9% 0.25% +0.02
CIFR Cipher Digital Inc. Add +99.6% 0.03% +0.02
TSLA Tesla Inc. Add +57.8% 0.18% +0.01
GILD Gilead Sciences Inc. Add +27.8% 0.10% +0.01
MMM 3M Co. Add +28.4% 0.67% +0.01
T AT&T Inc. Add +0.2% 0.32% +0.01
JNJ Johnson & Johnson Add +3.1% 0.28% +0.00
BITF Bitfarms Ltd./Canada Add +0.1% 0.02% −0.00
ZM Zoom Communications Inc. Add +6.5% 0.19% −0.01
IVOL Quadratic Int Rte Vol Infl H Add +9.2% 1.18% −0.03
ARKG ARK Genomic Revolution ETF Add +5.0% 0.42% −0.05
MELI MercadoLibre Inc. Add +4.9% 3.28% −0.06
UNH Unitedhealth Group Inc. Add +3.9% 1.59% −0.08
ZTS Zoetis Inc. Add +3.4% 1.52% −0.24
ADBE Adobe Inc. Add +2.0% 3.94% −0.75

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 123$625.4MGOOGL, AMD, AAPL, TSM, MSFT
Q1 2026Amended 117$554.3MGOOGL, TSM, AAPL, AMD, MSFT
Q4 2025 128$562.2MGOOGL, AAPL, AMD, TSM, MSFT
Q3 2025 131$616.8MMSFT, ANET, GOOGL, TSM, AAPL
Q2 2025 133$559.5MTRS, MSFT, MELI, TSM, AAPL
Q1 2025 133$500.7MTRS, AAPL, MSFT, COST, WMT
Q4 2024 146$559.8MAAPL, TRS, MSFT, WMT, GOOGL
Q3 2024 156$499.2MAAPL, MSFT, WMT, COST, MELI
Q2 2024 145$465.2MMSFT, AAPL, COST, GOOGL, ADBE
Q1 2024 156$447.0MMSFT, AAPL, COST, WMT, ADBE