Bellecapital International Ltd.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 21, 2024), Bellecapital International Ltd. reported 156 stock positions worth $499.2 million. Its top holding was Apple (AAPL) at 5.3% of the portfolio, followed by Microsoft (MSFT, 5.1%) and Walmart (WMT, 4.7%). Compared with Q2 2024, it opened 20 new positions, sold out of 9, added to 45 and reduced 39. The biggest buy was Walmart (WMT, shares +1%) and the biggest sale Berkshire Hathaway Class A (BRK.A, shares −80%).

Most Recent 13F
Q2 2026
Location
ZURICH, V8
CIK
0001600152
Portfolio Value
$499.2M (Q3 2024)
SEC Filing
0001600152-24-000004 ↗ filed Oct 21, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $447.0M Q1 2024 Q2 2024: $465.2M Q2 2024 Q3 2024: $499.2M $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 · $499.2M
AAPL Apple Inc. 5.28% 113,175 $26.4M Add +1.9%
MSFT Microsoft Corp. 5.06% 58,695 $25.3M Add +2.0%
WMT Walmart Inc. 4.68% 289,550 $23.4M Add +1.3%
COST Costco Wholesale Corp. 4.48% 25,238 $22.4M Reduce -0.3%
MELI MercadoLibre Inc. 3.95% 9,618 $19.7M Reduce -1.7%
GOOGL Alphabet Inc. Class A 3.90% 117,435 $19.5M Add +2.8%
ADBE Adobe Inc. 3.90% 37,561 $19.4M Add +3.0%
ANET Arista Networks Inc. 3.75% 48,763 $18.7M Add +0.8%
AMD Advanced Micro Devices 3.55% 108,111 $17.7M Add +4.8%
BKNG Booking Holdings Inc. 3.23% 3,833 $16.1M Add +2.2%
SPGI S&P Global Inc. 2.99% 28,903 $14.9M Add +8.1%
REGN Regeneron Pharmaceuticals 2.86% 13,598 $14.3M Add +1.7%
FISV Fiserv Inc. 2.64% 73,448 $13.2M Add +0.9%
ABBV Abbvie Inc. 2.29% 57,938 $11.4M Add +0.4%
ZTS Zoetis Inc. 2.08% 53,077 $10.4M Add +0.6%
XMTR Xometry Inc. Class A 1.95% 530,781 $9.8M Reduce -2.3%
FAST Fastenal Co. 1.91% 133,314 $9.5M Reduce -0.4%
TSCO Tractor Supply Company 1.87% 32,089 $9.3M Add +3.3%
PG The Procter & Gamble Co. 1.79% 51,638 $8.9M Add +1.2%
AMZN Amazon.com Inc. 1.75% 47,006 $8.8M Add +4.2%
UNH Unitedhealth Group Inc. 1.71% 14,597 $8.5M Reduce -2.0%
CPRT Copart Inc. 1.70% 162,326 $8.5M Add +4.6%
GOOG Alphabet Inc. Class C 1.66% 49,435 $8.3M Reduce -7.0%
ADP Automatic Data Processing 1.35% 24,425 $6.8M Add +0.5%
TMO Thermo Fisher Scientific Inc. 1.26% 10,168 $6.3M Add +7.4%
GLD SPDR Gold Shares 1.19% 24,466 $5.9M No change
PFE Pfizer Inc. 1.14% 196,203 $5.7M Add +10.3%
BRK.B Berkshire Hathaway Inc. Class B 1.06% 11,509 $5.3M No change
COO The Cooper Cos Inc. 1.03% 46,783 $5.2M Add +0.1%
MMM 3M Co. 1.01% 36,925 $5.0M Reduce -3.7%
IVOL Quadratic Int Rte Vol Infl H 0.98% 254,359 $4.9M Reduce -6.5%
SHOP Shopify Inc. Class A 0.93% 57,803 $4.6M Add +3.9%
CSCO Cisco Systems Inc. 0.77% 72,528 $3.9M Add +23.1%
GRMN Garmin Ltd. 0.77% 21,806 $3.8M No change
NVDA Nvidia Corp. 0.77% 31,535 $3.8M Reduce -15.8%
NFLX Netflix Inc. 0.76% 5,377 $3.8M Add +8.4%
CHD Church & Dwight Co. Inc. 0.74% 35,336 $3.7M Add +10.0%
META Meta Platforms Inc. Class A 0.72% 6,271 $3.6M Add +0.2%
SBUX Starbucks Corp. 0.52% 26,877 $2.6M Add +5.1%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.52% 32,457 $2.6M No change
CVX Chevron Corp. 0.51% 17,314 $2.5M Add +80.7%
PYPL PayPal Holdings Inc. 0.50% 32,293 $2.5M Add +9.7%
PAGS Pagseguro Digital Ltd. Class A 0.40% 232,819 $2.0M Add +11.4%
F Ford Motor Co. filed as FORD MTR CO 0.40% 188,899 $2.0M Add +8.8%
ARKG ARK Genomic Revolution ETF 0.38% 73,583 $1.9M Reduce -1.7%
DOLE Dole PLC 0.37% 114,000 $1.9M No change
IBIT iShares Bitcoin Trust ETF 0.37% 50,875 $1.8M Reduce -9.2%
LLY Eli Lilly & Co. 0.37% 2,069 $1.8M Reduce -33.0%
T AT&T Inc. 0.37% 83,246 $1.8M Add +7.9%
MO Altria Group Inc. 0.35% 34,431 $1.8M Add +53.1%
VZ Verizon Communications Inc. 0.34% 37,857 $1.7M Add +8.5%
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.33% 17,276 $1.6M No change
TSM Taiwan Semiconductor-SP ADR 0.33% 9,438 $1.6M Add +9.6%
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.33% 23,308 $1.6M Reduce -3.3%
GILD Gilead Sciences Inc. 0.31% 18,705 $1.6M Add +56.5%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.31% 9,170 $1.5M Add +22.4%
DUK Duke Energy Corp. 0.30% 13,072 $1.5M No change
JNJ Johnson & Johnson 0.28% 8,635 $1.4M Add +9.7%
BRK.A Berkshire Hathaway Inc. Class A 0.28% 2 $1.4M Reduce -80.0%
FWONK Liberty Media Corp. Class C 0.27% 17,725 $1.4M No change
BABA Alibaba Group Holding-SP ADR 0.27% 12,877 $1.4M No change
TSLA Tesla Inc. 0.22% 4,167 $1.1M Reduce -10.2%
ISRG Intuitive Surgical Inc. 0.22% 2,201 $1.1M No change
L Loews Corp. 0.21% 13,243 $1.0M No change
FSS Federal Signal Corp. 0.21% 11,152 $1.0M Reduce -29.6%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.21% 9,173 $1.0M No change
KO The Coca-Cola Co. 0.18% 12,500 $898K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.18% 8,083 $880K Add +149.0%
BCC Boise Cascade Co. 0.16% 5,565 $785K Reduce -35.8%
AMGN Amgen Inc. 0.14% 2,239 $721K Reduce -28.5%
CW Curtiss-Wright Corp. 0.14% 2,190 $720K Reduce -7.9%
TMHC Taylor Morrison Home Corp. 0.14% 10,036 $705K Reduce -38.0%
CR Crane Co. 0.14% 4,295 $680K No change
V Visa Inc. Class A 0.14% 2,451 $674K Reduce -15.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.13% 3,046 $673K Add +0.8%
IVV iShares Core S&P 500 ETF 0.13% 1,127 $650K No change
AWK American Water Works Co. Inc. 0.13% 4,403 $644K Reduce -22.3%
TT Trane Technologies PLC 0.13% 1,626 $632K Reduce -51.5%
XOM Exxon Mobil Corp. 0.12% 5,259 $616K Add +10.5%
QQQ Invesco QQQ Trust Series 1 0.12% 1,258 $614K Reduce -10.4%
UNP Union Pacific Corp. 0.12% 2,448 $603K Add +0.4%
XLK SS Technology Select Sector 0.12% 2,645 $597K No change
ORCL Oracle Corp. 0.12% 3,499 $596K No change
ABM Abm Industries Inc. 0.12% 11,250 $594K Reduce -29.2%
MCD McDonald's Corp. 0.12% 1,902 $579K Reduce -31.6%
JD Jd.com Inc.-ADR 0.11% 14,137 $565K No change
AMAT Applied Materials Inc. 0.11% 2,766 $559K No change
PGR Progressive Corp. 0.11% 2,182 $554K Reduce -40.6%
OEF iShares S&P 100 ETF 0.11% 1,996 $552K No change
EQIX Equinix Inc. 0.11% 597 $530K Reduce -37.0%
EFA iShares MSCI Eafe ETF 0.10% 6,166 $516K No change
HD Home Depot Inc. 0.10% 1,249 $506K No change
TER Teradyne Inc. 0.09% 3,416 $458K Reduce -31.7%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 0.09% 18,503 $451K No change
HSY The Hershey Co. 0.09% 2,322 $445K Reduce -37.8%
IGIB iShares 5-10Y Inv Grade Corp. 0.09% 8,255 $443K No change
PTC PTC Inc. 0.09% 2,433 $440K No change
SHY iShares 1-3 Year Treasury Bo 0.09% 5,251 $437K Reduce -50.8%
ASML ASML Holding NV-NY Reg SHS 0.09% 520 $433K No change
AVGO Broadcom Inc. 0.09% 2,500 $431K New
CNM Core & Main Inc. Class A 0.08% 9,439 $419K No change
UBER Uber Technologies Inc. 0.08% 5,505 $414K Add +96.6%
IUSV iShares Core S&P U.S. Value 0.08% 4,291 $410K No change
FCX Freeport-McMoran Inc. 0.08% 8,107 $405K No change
COR Cencora Inc. 0.08% 1,743 $392K No change
CRM Salesforce Inc. 0.07% 1,359 $372K No change
RBLX Roblox Corp. Class A 0.07% 8,130 $360K No change
IEF iShares 7-10 Year Treasury B 0.07% 3,529 $346K Reduce -26.4%
MFUT Cambria Chesapeake Pure TRND 0.07% 18,215 $332K New
TFPN Blueprint Chspk Ma Trend ETF 0.07% 13,343 $331K New
PEP Pepsico Inc. 0.07% 1,941 $330K No change
ACN Accenture PLC Class A 0.07% 932 $329K New
TMUS T-Mobile US Inc. 0.07% 1,581 $326K New
IEI iShares 3-7 Year Treasury Bo 0.06% 2,686 $321K Reduce -13.7%
ABT Abbott Laboratories 0.06% 2,708 $309K No change
RSG Republic Services Inc. 0.06% 1,517 $305K Add +0.7%
PINS Pinterest Inc. Class A 0.06% 9,242 $299K No change
EW Edwards Lifesciences Corp. 0.06% 4,530 $299K Reduce -31.5%
CHTR Charter Communications Inc. Class A 0.06% 904 $293K No change
MKC McCormick & Co.-Non VTG SHRS 0.06% 3,557 $293K No change
ECL Ecolab Inc. 0.06% 1,100 $281K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.06% 489 $281K Reduce -77.7%
OTIS Otis Worldwide Corp. 0.05% 2,624 $273K No change
ZTO Zto Express Cayman Inc.-ADR 0.05% 10,957 $271K Reduce -11.1%
MRK Merck & Co. Inc. 0.05% 2,359 $268K Add +0.8%
VCSH Vanguard S/T Corp. Bond ETF 0.05% 3,371 $268K No change
FEZ State Street SPDR Euro Stoxx 0.05% 4,840 $258K No change
NOW ServiceNow Inc. 0.05% 281 $251K No change
BIDU Baidu Inc. - Spon ADR 0.05% 2,333 $246K No change
ULS Ul Solutions Inc. Class A 0.05% 4,924 $243K No change
LIN Linde PLC 0.05% 505 $241K New
JPM JPMorgan Chase & Co. 0.05% 1,140 $240K New
OKE Oneok Inc. 0.05% 2,519 $230K No change
IEFA iShares Core MSCI Eafe ETF 0.05% 2,920 $228K New
SBRA Sabra Health Care REIT Inc. 0.04% 12,000 $223K No change
CARR Carrier Global Corp. 0.04% 2,753 $222K New
VLTO Veralto Corp. 0.04% 1,977 $221K New
NKE Nike Inc. Class B 0.04% 2,484 $220K New
BDX Becton Dickinson and Co. 0.04% 900 $217K Reduce -10.0%
KMB Kimberly-Clark Corp. 0.04% 1,500 $213K No change
AXP American Express Co. 0.04% 783 $212K New
OHI Omega Healthcare Investors 0.04% 5,200 $212K New
WDAY Workday Inc. Class A 0.04% 865 $211K New
USIG iShares Broad Usd Investment 0.04% 4,001 $210K No change
VGSH Vanguard Short-Term Treasury 0.04% 3,562 $210K Reduce -27.0%
CMG Chipotle Mexican Grill Inc. 0.04% 3,600 $207K No change
IXN iShares Global Tech ETF 0.04% 2,508 $207K No change
PANW Palo Alto Networks Inc. 0.04% 604 $206K New
PM Philip Morris International 0.04% 1,700 $206K New
GPK Graphic Packaging Holding Co. 0.04% 6,876 $203K New
CI The Cigna Group 0.04% 585 $203K New
ORI Old Republic Intl Corp. 0.04% 5,713 $202K New
EWL iShares MSCI Switzerland ETF 0.04% 3,855 $201K Reduce -29.6%
CLSK Cleanspark Inc. 0.03% 13,356 $125K New
NIO Nio Inc. - ADR 0.02% 18,568 $124K No change
GAME Gamesquare Hldgs Inc. 0.02% 151,577 $111K No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $4.8M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,631,000$3.4MNo change
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 1,324,000$1.3MNo change
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal 150,000$138KNo change

Total filed on the 13F, all lines: $504.0M.

Portfolio Sells Q2 2024 → Q3 2024
BRK.A Berkshire Hathaway Inc. Class A Reduce -80.0% 0.28% −1.04
GOOG Alphabet Inc. Class C Reduce -7.0% 1.66% −0.44
LLY Eli Lilly & Co. Reduce -33.0% 0.37% −0.23
NVDA Nvidia Corp. Reduce -15.8% 0.77% −0.23
SPY SS SPDR S&P 500 ETF Trust-US Reduce -77.7% 0.06% −0.20
PFF iShares Preferred & Income S Sold out 0.00% −0.18
COST Costco Wholesale Corp. Reduce -0.3% 4.48% −0.14
AMT American Tower Corp. Sold out 0.00% −0.14
NEE Nextera Energy Inc. Sold out 0.00% −0.13
TT Trane Technologies PLC Reduce -51.5% 0.13% −0.11
SPSB SS SPDR P St C Corp. ETF Sold out 0.00% −0.10
IVOL Quadratic Int Rte Vol Infl H Reduce -6.5% 0.98% −0.10
SHY iShares 1-3 Year Treasury Bo Reduce -50.8% 0.09% −0.10
FSS Federal Signal Corp. Reduce -29.6% 0.21% −0.08
EW Edwards Lifesciences Corp. Reduce -31.5% 0.06% −0.07
TER Teradyne Inc. Reduce -31.7% 0.09% −0.07
AMGN Amgen Inc. Reduce -28.5% 0.14% −0.07
BCC Boise Cascade Co. Reduce -35.8% 0.16% −0.07
IJH iShares Core S&P Midcap ETF Sold out 0.00% −0.06
HSY The Hershey Co. Reduce -37.8% 0.09% −0.06
ABM Abm Industries Inc. Reduce -29.2% 0.12% −0.05
PGR Progressive Corp. Reduce -40.6% 0.11% −0.05
TMHC Taylor Morrison Home Corp. Reduce -38.0% 0.14% −0.05
DG Dollar General Corp. Sold out 0.00% −0.05
DIS The Walt Disney Co. Sold out 0.00% −0.05
EQIX Equinix Inc. Reduce -37.0% 0.11% −0.05
INTC Intel Corp. Sold out 0.00% −0.04
IBIT iShares Bitcoin Trust ETF Reduce -9.2% 0.37% −0.04
MCD McDonald's Corp. Reduce -31.6% 0.12% −0.04
AWK American Water Works Co. Inc. Reduce -22.3% 0.13% −0.03
V Visa Inc. Class A Reduce -15.2% 0.14% −0.03
IEF iShares 7-10 Year Treasury B Reduce -26.4% 0.07% −0.03
QQQ Invesco QQQ Trust Series 1 Reduce -10.4% 0.12% −0.02
VGSH Vanguard Short-Term Treasury Reduce -27.0% 0.04% −0.02
EWL iShares MSCI Switzerland ETF Reduce -29.6% 0.04% −0.02
IEI iShares 3-7 Year Treasury Bo Reduce -13.7% 0.06% −0.01
BDX Becton Dickinson and Co. Reduce -10.0% 0.04% −0.01
NVS Novartis AG-Sponsored ADR Sold out 0.00% −0.00
ZTO Zto Express Cayman Inc.-ADR Reduce -11.1% 0.05% −0.00
ARKG ARK Genomic Revolution ETF Reduce -1.7% 0.38% −0.00
CW Curtiss-Wright Corp. Reduce -7.9% 0.14% +0.01
ZM Zoom Communications Inc. Reduce -3.3% 0.33% +0.02
TSLA Tesla Inc. Reduce -10.2% 0.22% +0.02
UNH Unitedhealth Group Inc. Reduce -2.0% 1.71% +0.08
FAST Fastenal Co. Reduce -0.4% 1.91% +0.10
MMM 3M Co. Reduce -3.7% 1.01% +0.17
MELI MercadoLibre Inc. Reduce -1.7% 3.95% +0.50
XMTR Xometry Inc. Class A Reduce -2.3% 1.95% +0.60

Portfolio Buys Q2 2024 → Q3 2024
WMT Walmart Inc. Add +1.3% 4.68% +0.52
SPGI S&P Global Inc. Add +8.1% 2.99% +0.43
FISV Fiserv Inc. Add +0.9% 2.64% +0.31
AAPL Apple Inc. Add +1.9% 5.28% +0.25
CVX Chevron Corp. Add +80.7% 0.51% +0.19
CSCO Cisco Systems Inc. Add +23.1% 0.77% +0.17
ABBV Abbvie Inc. Add +0.4% 2.29% +0.16
COO The Cooper Cos Inc. Add +0.1% 1.03% +0.16
GILD Gilead Sciences Inc. Add +56.5% 0.31% +0.14
PYPL PayPal Holdings Inc. Add +9.7% 0.50% +0.14
TMO Thermo Fisher Scientific Inc. Add +7.4% 1.26% +0.13
MO Altria Group Inc. Add +53.1% 0.35% +0.13
ZTS Zoetis Inc. Add +0.6% 2.08% +0.11
ADP Automatic Data Processing Add +0.5% 1.35% +0.11
ANET Arista Networks Inc. Add +0.8% 3.75% +0.10
SBUX Starbucks Corp. Add +5.1% 0.52% +0.10
TROW T Rowe Price Group Inc. Add +149.0% 0.18% +0.10
MSTR Strategy Inc. Add +22.4% 0.31% +0.09
AVGO Broadcom Inc. New 0.09% +0.09
PFE Pfizer Inc. Add +10.3% 1.14% +0.07
TSCO Tractor Supply Company Add +3.3% 1.87% +0.07
MFUT Cambria Chesapeake Pure TRND New 0.07% +0.07
TFPN Blueprint Chspk Ma Trend ETF New 0.07% +0.07
ACN Accenture PLC Class A New 0.07% +0.07
TMUS T-Mobile US Inc. New 0.07% +0.07
T AT&T Inc. Add +7.9% 0.37% +0.05
JPM JPMorgan Chase & Co. New 0.05% +0.05
LIN Linde PLC New 0.05% +0.05
IEFA iShares Core MSCI Eafe ETF New 0.05% +0.05
NFLX Netflix Inc. Add +8.4% 0.76% +0.04
CARR Carrier Global Corp. New 0.04% +0.04
VLTO Veralto Corp. New 0.04% +0.04
NKE Nike Inc. Class B New 0.04% +0.04
AXP American Express Co. New 0.04% +0.04
OHI Omega Healthcare Investors New 0.04% +0.04
WDAY Workday Inc. Class A New 0.04% +0.04
PANW Palo Alto Networks Inc. New 0.04% +0.04
PM Philip Morris International New 0.04% +0.04
GPK Graphic Packaging Holding Co. New 0.04% +0.04
META Meta Platforms Inc. Class A Add +0.2% 0.72% +0.04
CI The Cigna Group New 0.04% +0.04
ORI Old Republic Intl Corp. New 0.04% +0.04
BKNG Booking Holdings Inc. Add +2.2% 3.23% +0.04
UBER Uber Technologies Inc. Add +96.6% 0.08% +0.04
JNJ Johnson & Johnson Add +9.7% 0.28% +0.03
VZ Verizon Communications Inc. Add +8.5% 0.34% +0.03
CHD Church & Dwight Co. Inc. Add +10.0% 0.74% +0.03
CLSK Cleanspark Inc. New 0.03% +0.03
IBM Intl Business Machines Corp. Add +0.8% 0.13% +0.02
TSM Taiwan Semiconductor-SP ADR Add +9.6% 0.33% +0.01

Notes & Other Activity Q2 2024 → Q3 2024
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Sold out 1,680,000 $1.7Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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