Bellecapital International Ltd.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), Bellecapital International Ltd. reported 146 stock positions worth $559.8 million. Its top holding was Apple (AAPL) at 5.2% of the portfolio, followed by Trimas (TRS, 5.2%) and Microsoft (MSFT, 4.9%). Compared with Q3 2024, it opened 13 new positions, sold out of 23, added to 50 and reduced 44. The biggest buy was a new position in Trimas (TRS) and the biggest sale an exit from 3M (MMM).

Most Recent 13F
Q2 2026
Location
ZURICH, V8
CIK
0001600152
Portfolio Value
$559.8M (Q4 2024)
SEC Filing
0001600152-25-000001 ↗ filed Feb 6, 2025

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 Q3 2024 Q4 2024: $559.8M $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 146 stocks · $559.8M
AAPL Apple Inc. 5.25% 117,254 $29.4M Add +3.6%
TRS Trimas Corp. 5.21% 1,185,855 $29.2M New
MSFT Microsoft Corp. 4.89% 64,951 $27.4M Add +10.7%
WMT Walmart Inc. 4.64% 287,265 $26.0M Reduce -0.8%
GOOGL Alphabet Inc. Class A 4.50% 133,137 $25.2M Add +13.4%
ANET Arista Networks Inc. 4.23% 214,469 $23.7M Add +9.9%
COST Costco Wholesale Corp. 4.16% 25,391 $23.3M Add +0.6%
XMTR Xometry Inc. Class A 4.04% 530,277 $22.6M Reduce -0.1%
BKNG Booking Holdings Inc. 3.55% 4,002 $19.9M Add +4.4%
ADBE Adobe Inc. 3.42% 42,994 $19.1M Add +14.5%
AMD Advanced Micro Devices 3.32% 154,086 $18.6M Add +42.5%
MELI MercadoLibre Inc. 3.24% 10,665 $18.1M Add +10.9%
SPGI S&P Global Inc. 2.82% 31,667 $15.8M Add +9.6%
FISV Fiserv Inc. 2.76% 75,304 $15.5M Add +2.5%
REGN Regeneron Pharmaceuticals 2.49% 19,600 $14.0M Add +44.1%
AMZN Amazon.com Inc. 2.17% 55,330 $12.1M Add +17.7%
ABBV Abbvie Inc. 1.99% 62,569 $11.1M Add +8.0%
CPRT Copart Inc. 1.86% 181,241 $10.4M Add +11.7%
FAST Fastenal Co. 1.81% 140,611 $10.1M Add +5.5%
GOOG Alphabet Inc. Class C 1.68% 49,483 $9.4M Add +0.1%
ZTS Zoetis Inc. 1.66% 56,877 $9.3M Add +7.2%
TSCO Tractor Supply Company 1.63% 171,809 $9.1M Add +7.1%
PG The Procter & Gamble Co. 1.57% 52,264 $8.8M Add +1.2%
UNH Unitedhealth Group Inc. 1.47% 16,227 $8.2M Add +11.2%
ADP Automatic Data Processing 1.34% 25,721 $7.5M Add +5.3%
SHOP Shopify Inc. Class A 1.22% 64,068 $6.8M Add +10.8%
TMO Thermo Fisher Scientific Inc. 1.18% 12,674 $6.6M Add +24.6%
GLD SPDR Gold Shares 1.06% 24,466 $5.9M No change
BRK.B Berkshire Hathaway Inc. Class B 0.95% 11,689 $5.3M Add +1.6%
NFLX Netflix Inc. 0.92% 5,791 $5.2M Add +7.7%
PFE Pfizer Inc. 0.83% 175,840 $4.7M Reduce -10.4%
NVDA Nvidia Corp. 0.83% 34,539 $4.6M Add +9.5%
GRMN Garmin Ltd. 0.82% 22,146 $4.6M Add +1.6%
CSCO Cisco Systems Inc. 0.76% 71,783 $4.2M Reduce -1.0%
CHD Church & Dwight Co. Inc. 0.75% 40,148 $4.2M Add +13.6%
COO The Cooper Cos Inc. 0.75% 45,491 $4.2M Reduce -2.8%
META Meta Platforms Inc. Class A 0.71% 6,750 $4.0M Add +7.6%
CVX Chevron Corp. 0.63% 24,333 $3.5M Add +40.5%
IBIT iShares Bitcoin Trust ETF 0.63% 66,431 $3.5M Add +30.6%
MO Altria Group Inc. 0.57% 60,578 $3.2M Add +75.9%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.46% 32,457 $2.6M No change
PYPL PayPal Holdings Inc. 0.42% 27,257 $2.3M Reduce -15.6%
TSM Taiwan Semiconductor-SP ADR 0.40% 11,405 $2.3M Add +20.8%
SBUX Starbucks Corp. 0.40% 24,470 $2.2M Reduce -9.0%
ZM Zoom Communications Inc. 0.38% 26,292 $2.1M Add +12.8%
PAGS Pagseguro Digital Ltd. Class A 0.36% 319,221 $2.0M Add +37.1%
T AT&T Inc. 0.34% 83,246 $1.9M No change
LLY Eli Lilly & Co. 0.31% 2,219 $1.7M Add +7.3%
FWONK Liberty Media Corp. Class C 0.29% 17,725 $1.6M No change
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.29% 17,276 $1.6M No change
DOLE Dole PLC 0.28% 114,000 $1.5M No change
VZ Verizon Communications Inc. 0.27% 37,857 $1.5M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.24% 12,051 $1.4M Add +49.1%
BRK.A Berkshire Hathaway Inc. Class A 0.24% 2 $1.4M No change
DUK Duke Energy Corp. 0.24% 12,446 $1.3M Reduce -4.8%
ISRG Intuitive Surgical Inc. 0.24% 2,536 $1.3M Add +15.2%
JNJ Johnson & Johnson 0.22% 8,545 $1.2M Reduce -1.0%
L Loews Corp. 0.20% 13,243 $1.1M No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.18% 9,173 $980K No change
ARKG ARK Genomic Revolution ETF 0.16% 38,263 $901K Reduce -48.0%
PFF iShares Preferred & Income S 0.15% 27,000 $849K New
KO The Coca-Cola Co. 0.15% 13,421 $836K Add +7.4%
F Ford Motor Co. filed as FORD MTR CO 0.15% 83,047 $822K Reduce -56.0%
GILD Gilead Sciences Inc. 0.14% 8,450 $781K Reduce -54.8%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.14% 2,641 $765K Reduce -71.2%
AVGO Broadcom Inc. 0.13% 3,187 $739K Add +27.5%
FSS Federal Signal Corp. 0.12% 7,461 $689K Reduce -33.1%
PGR Progressive Corp. 0.12% 2,843 $681K Add +30.3%
V Visa Inc. Class A 0.12% 2,142 $677K Reduce -12.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.12% 3,021 $664K Reduce -0.8%
CR Crane Co. 0.12% 4,295 $652K No change
QQQ Invesco QQQ Trust Series 1 0.11% 1,258 $643K No change
TSLA Tesla Inc. 0.11% 1,583 $639K Reduce -62.0%
XLK SS Technology Select Sector 0.11% 2,539 $590K Reduce -4.0%
CW Curtiss-Wright Corp. 0.10% 1,611 $572K Reduce -26.4%
XOM Exxon Mobil Corp. 0.10% 5,259 $566K No change
UNP Union Pacific Corp. 0.10% 2,438 $556K Reduce -0.4%
AMGN Amgen Inc. 0.10% 2,107 $549K Reduce -5.9%
TT Trane Technologies PLC 0.09% 1,427 $527K Reduce -12.2%
ASML ASML Holding NV-NY Reg SHS 0.09% 750 $520K Add +44.2%
MMYT Makemytrip Ltd. 0.09% 4,490 $504K New
PM Philip Morris International 0.09% 4,100 $493K Add +141.2%
HD Home Depot Inc. 0.09% 1,249 $486K No change
RBLX Roblox Corp. Class A 0.08% 8,130 $470K No change
NOW ServiceNow Inc. 0.08% 426 $452K Add +51.6%
AMAT Applied Materials Inc. 0.08% 2,766 $450K No change
MCD McDonald's Corp. 0.08% 1,520 $441K Reduce -20.1%
CRM Salesforce Inc. 0.08% 1,313 $439K Reduce -3.4%
IGIB iShares 5-10Y Inv Grade Corp. 0.08% 8,255 $425K No change
TMHC Taylor Morrison Home Corp. 0.07% 6,669 $408K Reduce -33.5%
EQIX Equinix Inc. 0.07% 430 $405K Reduce -28.0%
CNM Core & Main Inc. Class A 0.07% 7,889 $402K Reduce -16.4%
TFPN Blueprint Chspk Ma Trend ETF 0.07% 16,082 $399K Add +20.5%
IUSV iShares Core S&P U.S. Value 0.07% 4,291 $397K No change
PTC PTC Inc. 0.07% 2,073 $381K Reduce -14.8%
BCC Boise Cascade Co. 0.07% 3,190 $379K Reduce -42.7%
RSG Republic Services Inc. 0.07% 1,872 $377K Add +23.4%
MFUT Cambria Chesapeake Pure TRND 0.06% 21,200 $353K Add +16.4%
ABM Abm Industries Inc. 0.06% 6,859 $351K Reduce -39.0%
TMUS T-Mobile US Inc. 0.06% 1,581 $349K No change
ORCL Oracle Corp. 0.06% 2,058 $343K Reduce -41.2%
PANW Palo Alto Networks Inc. 0.06% 1,858 $338K Add +53.8%
UBER Uber Technologies Inc. 0.06% 5,505 $332K No change
LIN Linde PLC 0.06% 771 $323K Add +52.7%
TER Teradyne Inc. 0.06% 2,505 $315K Reduce -26.7%
CHTR Charter Communications Inc. Class A 0.06% 904 $310K No change
FCX Freeport-McMoran Inc. 0.06% 8,107 $309K No change
PEP Pepsico Inc. 0.05% 1,908 $290K Reduce -1.7%
COR Cencora Inc. 0.05% 1,278 $287K Reduce -26.7%
HSY The Hershey Co. 0.05% 1,695 $287K Reduce -27.0%
IEI iShares 3-7 Year Treasury Bo 0.05% 2,466 $285K Reduce -8.2%
AWK American Water Works Co. Inc. 0.05% 2,236 $278K Reduce -49.2%
JPM JPMorgan Chase & Co. 0.05% 1,123 $269K Reduce -1.5%
PINS Pinterest Inc. Class A 0.05% 9,242 $268K No change
ABT Abbott Laboratories 0.05% 2,353 $266K Reduce -13.1%
VCSH Vanguard S/T Corp. Bond ETF 0.05% 3,371 $263K No change
ECL Ecolab Inc. 0.05% 1,100 $258K No change
EW Edwards Lifesciences Corp. 0.05% 3,439 $255K Reduce -24.1%
OKE Oneok Inc. 0.05% 2,519 $253K No change
VRT Vertiv Holdings Co. Class A 0.04% 2,196 $249K New
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 421 $247K Reduce -13.9%
ULS Ul Solutions Inc. Class A 0.04% 4,924 $246K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.04% 848 $241K New
FEZ State Street SPDR Euro Stoxx 0.04% 4,840 $233K No change
MRK Merck & Co. Inc. 0.04% 2,340 $233K Reduce -0.8%
MKC McCormick & Co.-Non VTG SHRS 0.04% 3,051 $233K Reduce -14.2%
AXP American Express Co. 0.04% 783 $232K No change
CSX CSX Corp. 0.04% 7,000 $226K New
WDAY Workday Inc. Class A 0.04% 865 $223K No change
FICO Fair Isaac Corp. 0.04% 112 $223K New
CMG Chipotle Mexican Grill Inc. 0.04% 3,600 $217K No change
NEE Nextera Energy Inc. 0.04% 2,976 $213K New
IXN iShares Global Tech ETF 0.04% 2,508 $213K No change
ACN Accenture PLC Class A 0.04% 603 $212K Reduce -35.3%
TW Tradeweb Markets Inc. Class A 0.04% 1,614 $211K New
SBRA Sabra Health Care REIT Inc. 0.04% 12,000 $208K No change
ORI Old Republic Intl Corp. 0.04% 5,713 $207K No change
XLE SS Energy Select Sector 0.04% 2,400 $206K New
BDX Becton Dickinson and Co. 0.04% 900 $204K No change
VLTO Veralto Corp. 0.04% 1,977 $201K No change
USIG iShares Broad Usd Investment 0.04% 4,001 $201K No change
HG Hamilton Insurance Grou Class B 0.03% 10,157 $193K New
GAME Gamesquare Hldgs Inc. 0.02% 151,577 $125K No change
CLSK Cleanspark Inc. 0.02% 13,356 $123K No change
SFIX Stitch Fix Inc. Class A 0.01% 12,673 $55K New
GNS Genius Group Ltd. 0.00% 32,000 $20K New
Other holdings (4): bonds, preferreds, convertibles and warrants · $6.3M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,522,000$3.3MReduce -3.0%
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 1,680,000$1.6MNew
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$140KNo change

Total filed on the 13F, all lines: $566.2M.

Portfolio Sells Q3 2024 → Q4 2024
MMM 3M Co. Sold out 0.00% −1.01
IVOL Quadratic Int Rte Vol Infl H Sold out 0.00% −0.98
PFE Pfizer Inc. Reduce -10.4% 0.83% −0.30
COO The Cooper Cos Inc. Reduce -2.8% 0.75% −0.29
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.27
F Ford Motor Co. Reduce -56.0% 0.15% −0.25
ARKG ARK Genomic Revolution ETF Reduce -48.0% 0.16% −0.22
GILD Gilead Sciences Inc. Reduce -54.8% 0.14% −0.17
MSTR Strategy Inc. Reduce -71.2% 0.14% −0.17
IVV iShares Core S&P 500 ETF Sold out 0.00% −0.13
SBUX Starbucks Corp. Reduce -9.0% 0.40% −0.13
JD Jd.com Inc.-ADR Sold out 0.00% −0.11
OEF iShares S&P 100 ETF Sold out 0.00% −0.11
TSLA Tesla Inc. Reduce -62.0% 0.11% −0.10
EFA iShares MSCI Eafe ETF Sold out 0.00% −0.10
IBDS Ishrs Ibnds Dec 27 Corp. ETF Sold out 0.00% −0.09
BCC Boise Cascade Co. Reduce -42.7% 0.07% −0.09
PYPL PayPal Holdings Inc. Reduce -15.6% 0.42% −0.09
SHY iShares 1-3 Year Treasury Bo Sold out 0.00% −0.09
FSS Federal Signal Corp. Reduce -33.1% 0.12% −0.09
AWK American Water Works Co. Inc. Reduce -49.2% 0.05% −0.08
IEF iShares 7-10 Year Treasury B Sold out 0.00% −0.07
TMHC Taylor Morrison Home Corp. Reduce -33.5% 0.07% −0.07
DUK Duke Energy Corp. Reduce -4.8% 0.24% −0.06
JNJ Johnson & Johnson Reduce -1.0% 0.22% −0.06
ORCL Oracle Corp. Reduce -41.2% 0.06% −0.06
ABM Abm Industries Inc. Reduce -39.0% 0.06% −0.06
OTIS Otis Worldwide Corp. Sold out 0.00% −0.05
ZTO Zto Express Cayman Inc.-ADR Sold out 0.00% −0.05
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −0.05
WMT Walmart Inc. Reduce -0.8% 4.64% −0.05
AMGN Amgen Inc. Reduce -5.9% 0.10% −0.05
IEFA iShares Core MSCI Eafe ETF Sold out 0.00% −0.05
CARR Carrier Global Corp. Sold out 0.00% −0.04
NKE Nike Inc. Class B Sold out 0.00% −0.04
KMB Kimberly-Clark Corp. Sold out 0.00% −0.04
OHI Omega Healthcare Investors Sold out 0.00% −0.04
CW Curtiss-Wright Corp. Reduce -26.4% 0.10% −0.04
VGSH Vanguard Short-Term Treasury Sold out 0.00% −0.04
GPK Graphic Packaging Holding Co. Sold out 0.00% −0.04
CI The Cigna Group Sold out 0.00% −0.04
EWL iShares MSCI Switzerland ETF Sold out 0.00% −0.04
HSY The Hershey Co. Reduce -27.0% 0.05% −0.04
MCD McDonald's Corp. Reduce -20.1% 0.08% −0.04
TER Teradyne Inc. Reduce -26.7% 0.06% −0.04
EQIX Equinix Inc. Reduce -28.0% 0.07% −0.03
TT Trane Technologies PLC Reduce -12.2% 0.09% −0.03
ACN Accenture PLC Class A Reduce -35.3% 0.04% −0.03
COR Cencora Inc. Reduce -26.7% 0.05% −0.03
NIO Nio Inc. - ADR Sold out 0.00% −0.02

Portfolio Buys Q3 2024 → Q4 2024
TRS Trimas Corp. New 5.21% +5.21
GOOGL Alphabet Inc. Class A Add +13.4% 4.50% +0.60
ANET Arista Networks Inc. Add +9.9% 4.23% +0.49
AMZN Amazon.com Inc. Add +17.7% 2.17% +0.41
BKNG Booking Holdings Inc. Add +4.4% 3.55% +0.32
SHOP Shopify Inc. Class A Add +10.8% 1.22% +0.29
IBIT iShares Bitcoin Trust ETF Add +30.6% 0.63% +0.26
MO Altria Group Inc. Add +75.9% 0.57% +0.21
NFLX Netflix Inc. Add +7.7% 0.92% +0.16
CPRT Copart Inc. Add +11.7% 1.86% +0.15
PFF iShares Preferred & Income S New 0.15% +0.15
FISV Fiserv Inc. Add +2.5% 2.76% +0.12
CVX Chevron Corp. Add +40.5% 0.63% +0.12
MMYT Makemytrip Ltd. New 0.09% +0.09
TSM Taiwan Semiconductor-SP ADR Add +20.8% 0.40% +0.07
TROW T Rowe Price Group Inc. Add +49.1% 0.24% +0.07
NVDA Nvidia Corp. Add +9.5% 0.83% +0.06
ZM Zoom Communications Inc. Add +12.8% 0.38% +0.06
GRMN Garmin Ltd. Add +1.6% 0.82% +0.05
PM Philip Morris International Add +141.2% 0.09% +0.05
AVGO Broadcom Inc. Add +27.5% 0.13% +0.05
VRT Vertiv Holdings Co. Class A New 0.04% +0.04
AJG Arthur J Gallagher & Co. New 0.04% +0.04
CSX CSX Corp. New 0.04% +0.04
FICO Fair Isaac Corp. New 0.04% +0.04
NEE Nextera Energy Inc. New 0.04% +0.04
TW Tradeweb Markets Inc. Class A New 0.04% +0.04
XLE SS Energy Select Sector New 0.04% +0.04
HG Hamilton Insurance Grou Class B New 0.03% +0.03
NOW ServiceNow Inc. Add +51.6% 0.08% +0.03
GOOG Alphabet Inc. Class C Add +0.1% 1.68% +0.03
ISRG Intuitive Surgical Inc. Add +15.2% 0.24% +0.02
PANW Palo Alto Networks Inc. Add +53.8% 0.06% +0.02
PGR Progressive Corp. Add +30.3% 0.12% +0.01
SFIX Stitch Fix Inc. Class A New 0.01% +0.01
CHD Church & Dwight Co. Inc. Add +13.6% 0.75% +0.01
LIN Linde PLC Add +52.7% 0.06% +0.01
RSG Republic Services Inc. Add +23.4% 0.07% +0.01
ASML ASML Holding NV-NY Reg SHS Add +44.2% 0.09% +0.01
TFPN Blueprint Chspk Ma Trend ETF Add +20.5% 0.07% +0.00
GNS Genius Group Ltd. New 0.00% +0.00
MFUT Cambria Chesapeake Pure TRND Add +16.4% 0.06% −0.00
ADP Automatic Data Processing Add +5.3% 1.34% −0.01
META Meta Platforms Inc. Class A Add +7.6% 0.71% −0.01
KO The Coca-Cola Co. Add +7.4% 0.15% −0.03
AAPL Apple Inc. Add +3.6% 5.25% −0.04
PAGS Pagseguro Digital Ltd. Class A Add +37.1% 0.36% −0.04
LLY Eli Lilly & Co. Add +7.3% 0.31% −0.06
TMO Thermo Fisher Scientific Inc. Add +24.6% 1.18% −0.08
FAST Fastenal Co. Add +5.5% 1.81% −0.10

Notes & Other Activity Q3 2024 → Q4 2024
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal Reduce -3.0% 3,522,000 $3.3M
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal New 1,680,000 $1.6M

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