Bellecapital International Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 16, 2025), Bellecapital International Ltd. reported 133 stock positions worth $500.7 million. Its top holding was Trimas (TRS) at 5.5% of the portfolio, followed by Apple (AAPL, 5.2%) and Microsoft (MSFT, 4.9%). Compared with Q4 2024, it opened 12 new positions, sold out of 25, added to 33 and reduced 44. The biggest buy was a new position in Lululemon Athletica (LULU) and the biggest sale an exit from Zoetis (ZTS).
- Most Recent 13F
- Q2 2026
- Location
- ZURICH, V8
- CIK
- 0001600152
- Portfolio Value
- $500.7M (Q1 2025)
- SEC Filing
- 0001600152-25-000002 ↗ filed Apr 16, 2025
Holdings Value
Holdings 133 stocks · $500.7M
| TRS Trimas Corp. | 5.55% | 1,185,855 | $27.8M | No change |
| AAPL Apple Inc. | 5.20% | 117,245 | $26.0M | Reduce -0.0% |
| MSFT Microsoft Corp. | 4.89% | 65,243 | $24.5M | Add +0.5% |
| COST Costco Wholesale Corp. | 4.43% | 23,450 | $22.2M | Reduce -7.6% |
| WMT Walmart Inc. | 4.25% | 242,338 | $21.3M | Reduce -15.6% |
| MELI MercadoLibre Inc. | 4.10% | 10,531 | $20.5M | Reduce -1.3% |
| GOOGL Alphabet Inc. Class A | 4.04% | 130,671 | $20.2M | Reduce -1.9% |
| AMD Advanced Micro Devices | 3.41% | 166,151 | $17.1M | Add +7.8% |
| ADBE Adobe Inc. | 3.32% | 43,383 | $16.6M | Add +0.9% |
| ANET Arista Networks Inc. | 3.25% | 209,765 | $16.3M | Reduce -2.2% |
| FISV Fiserv Inc. | 3.24% | 73,402 | $16.2M | Reduce -2.5% |
| BKNG Booking Holdings Inc. | 3.18% | 3,451 | $15.9M | Reduce -13.8% |
| SPGI S&P Global Inc. | 3.12% | 30,720 | $15.6M | Reduce -3.0% |
| ABBV Abbvie Inc. | 2.62% | 62,562 | $13.1M | Reduce -0.0% |
| XMTR Xometry Inc. Class A | 2.57% | 516,512 | $12.9M | Reduce -2.6% |
| REGN Regeneron Pharmaceuticals | 2.43% | 19,220 | $12.2M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 2.30% | 60,491 | $11.5M | Add +9.3% |
| FAST Fastenal Co. | 2.17% | 140,256 | $10.9M | Reduce -0.3% |
| CPRT Copart Inc. | 1.95% | 172,336 | $9.8M | Reduce -4.9% |
| TSCO Tractor Supply Company | 1.91% | 173,235 | $9.5M | Add +0.8% |
| PG The Procter & Gamble Co. | 1.80% | 53,021 | $9.0M | Add +1.4% |
| UNH Unitedhealth Group Inc. | 1.74% | 16,599 | $8.7M | Add +2.3% |
| ADP Automatic Data Processing | 1.57% | 25,657 | $7.8M | Reduce -0.3% |
| GOOG Alphabet Inc. Class C | 1.41% | 45,079 | $7.0M | Reduce -8.9% |
| GLD SPDR Gold Shares | 1.40% | 24,241 | $7.0M | Reduce -0.9% |
| SHOP Shopify Inc. Class A | 1.39% | 72,988 | $7.0M | Add +13.9% |
| TMO Thermo Fisher Scientific Inc. | 1.30% | 13,053 | $6.5M | Add +3.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.24% | 11,669 | $6.2M | Reduce -0.2% |
| NFLX Netflix Inc. | 1.08% | 5,812 | $5.4M | Add +0.4% |
| PFE Pfizer Inc. | 0.96% | 189,204 | $4.8M | Add +7.6% |
| CHD Church & Dwight Co. Inc. | 0.89% | 40,442 | $4.5M | Add +0.7% |
| META Meta Platforms Inc. Class A | 0.86% | 7,509 | $4.3M | Add +11.2% |
| NVDA Nvidia Corp. | 0.86% | 39,724 | $4.3M | Add +15.0% |
| GRMN Garmin Ltd. | 0.84% | 19,472 | $4.2M | Reduce -12.1% |
| CVX Chevron Corp. | 0.81% | 24,294 | $4.1M | Reduce -0.2% |
| MO Altria Group Inc. | 0.78% | 65,342 | $3.9M | Add +7.9% |
| CSCO Cisco Systems Inc. | 0.67% | 54,451 | $3.4M | Reduce -24.1% |
| IBIT iShares Bitcoin Trust ETF | 0.61% | 64,907 | $3.0M | Reduce -2.3% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.51% | 32,590 | $2.6M | Add +0.4% |
| PAGS Pagseguro Digital Ltd. Class A | 0.51% | 335,422 | $2.6M | Add +5.1% |
| SBUX Starbucks Corp. | 0.43% | 21,970 | $2.2M | Reduce -10.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.41% | 12,341 | $2.0M | Add +8.2% |
| ZM Zoom Communications Inc. | 0.39% | 26,634 | $2.0M | Add +1.3% |
| VZ Verizon Communications Inc. | 0.38% | 42,302 | $1.9M | Add +11.7% |
| PYPL PayPal Holdings Inc. | 0.36% | 27,267 | $1.8M | Add +0.0% |
| LLY Eli Lilly & Co. | 0.33% | 2,001 | $1.7M | Reduce -9.8% |
| DOLE Dole PLC | 0.33% | 114,000 | $1.6M | No change |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 0.32% | 17,276 | $1.6M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.32% | 2 | $1.6M | No change |
| FWONK Liberty Media Corp. Class C | 0.32% | 17,725 | $1.6M | No change |
| LULU Lululemon Athletica Inc. | 0.31% | 5,525 | $1.6M | New |
| DUK Duke Energy Corp. | 0.31% | 12,552 | $1.5M | Add +0.8% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.28% | 15,246 | $1.4M | Add +26.5% |
| ISRG Intuitive Surgical Inc. | 0.25% | 2,555 | $1.3M | Add +0.8% |
| JNJ Johnson & Johnson | 0.24% | 7,351 | $1.2M | Reduce -14.0% |
| TSLA Tesla Inc. | 0.22% | 4,324 | $1.1M | Add +173.2% |
| KO The Coca-Cola Co. | 0.20% | 14,221 | $1.0M | Add +6.0% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.20% | 9,173 | $997K | No change |
| F Ford Motor Co. filed as FORD MTR CO | 0.17% | 83,047 | $833K | No change |
| PFF iShares Preferred & Income S | 0.17% | 27,000 | $830K | No change |
| ARKG ARK Genomic Revolution ETF | 0.16% | 37,991 | $789K | Reduce -0.7% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.15% | 2,641 | $761K | No change |
| AVGO Broadcom Inc. | 0.14% | 4,115 | $689K | Add +29.1% |
| CRM Salesforce Inc. | 0.14% | 2,566 | $689K | Add +95.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.13% | 2,536 | $631K | Reduce -16.1% |
| V Visa Inc. Class A | 0.13% | 1,799 | $630K | Reduce -16.0% |
| XOM Exxon Mobil Corp. | 0.12% | 5,259 | $625K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.12% | 1,258 | $590K | No change |
| GILD Gilead Sciences Inc. | 0.11% | 5,035 | $564K | Reduce -40.4% |
| ASML ASML Holding NV-NY Reg SHS | 0.11% | 841 | $557K | Add +12.1% |
| PGR Progressive Corp. | 0.10% | 1,854 | $525K | Reduce -34.8% |
| XLK SS Technology Select Sector | 0.10% | 2,472 | $510K | Reduce -2.6% |
| RBLX Roblox Corp. Class A | 0.09% | 8,130 | $474K | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.09% | 8,936 | $469K | Add +8.3% |
| RSG Republic Services Inc. | 0.09% | 1,872 | $453K | No change |
| PM Philip Morris International | 0.09% | 2,765 | $439K | Reduce -32.6% |
| MMYT Makemytrip Ltd. | 0.09% | 4,458 | $437K | Reduce -0.7% |
| TMUS T-Mobile US Inc. | 0.08% | 1,581 | $422K | No change |
| AMAT Applied Materials Inc. | 0.08% | 2,766 | $401K | No change |
| UBER Uber Technologies Inc. | 0.08% | 5,505 | $401K | No change |
| IUSV iShares Core S&P U.S. Value | 0.08% | 4,291 | $396K | No change |
| FSS Federal Signal Corp. | 0.08% | 5,252 | $386K | Reduce -29.6% |
| CR Crane Co. | 0.08% | 2,506 | $384K | Reduce -41.6% |
| QCOM Qualcomm Inc. | 0.07% | 2,408 | $370K | New |
| CW Curtiss-Wright Corp. | 0.07% | 1,162 | $369K | Reduce -27.9% |
| VCIT Vanguard Int-Term Corporate | 0.07% | 4,393 | $359K | New |
| COR Cencora Inc. | 0.07% | 1,278 | $355K | No change |
| NOW ServiceNow Inc. | 0.07% | 426 | $339K | No change |
| CHTR Charter Communications Inc. Class A | 0.07% | 904 | $333K | No change |
| PANW Palo Alto Networks Inc. | 0.07% | 1,915 | $327K | Add +3.1% |
| ABT Abbott Laboratories | 0.06% | 2,353 | $312K | No change |
| JPM JPMorgan Chase & Co. | 0.06% | 1,263 | $310K | Add +12.5% |
| FCX Freeport-McMoran Inc. | 0.06% | 8,107 | $307K | No change |
| BABA Alibaba Group Holding-SP ADR | 0.06% | 2,285 | $302K | New |
| TFPN Blueprint Chspk Ma Trend ETF | 0.06% | 13,339 | $300K | Reduce -17.1% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.06% | 848 | $293K | No change |
| IEI iShares 3-7 Year Treasury Bo | 0.06% | 2,466 | $291K | No change |
| ORCL Oracle Corp. | 0.06% | 2,058 | $288K | No change |
| PINS Pinterest Inc. Class A | 0.06% | 9,242 | $287K | No change |
| TT Trane Technologies PLC | 0.06% | 839 | $283K | Reduce -41.2% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $5.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 3,429,000 | $3.3M | Reduce -2.6% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 1,324,000 | $1.3M | No change |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 1,000,000 | $985K | Reduce -40.5% |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 150,000 | $142K | No change |
Total filed on the 13F, all lines: $506.4M.
Portfolio Sells Q4 2024 → Q1 2025
| ZTS Zoetis Inc. | Sold out | 0.00% | −1.66 |
| XMTR Xometry Inc. Class A | Reduce -2.6% | 2.57% | −1.47 |
| ANET Arista Networks Inc. | Reduce -2.2% | 3.25% | −0.99 |
| COO The Cooper Cos Inc. | Sold out | 0.00% | −0.75 |
| GOOGL Alphabet Inc. Class A | Reduce -1.9% | 4.04% | −0.47 |
| WMT Walmart Inc. | Reduce -15.6% | 4.25% | −0.39 |
| BKNG Booking Holdings Inc. | Reduce -13.8% | 3.18% | −0.38 |
| T AT&T Inc. | Sold out | 0.00% | −0.34 |
| GOOG Alphabet Inc. Class C | Reduce -8.9% | 1.41% | −0.28 |
| L Loews Corp. | Sold out | 0.00% | −0.20 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.10 |
| CSCO Cisco Systems Inc. | Reduce -24.1% | 0.67% | −0.09 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.08 |
| TMHC Taylor Morrison Home Corp. | Sold out | 0.00% | −0.07 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.07 |
| BCC Boise Cascade Co. | Sold out | 0.00% | −0.07 |
| ABM Abm Industries Inc. | Sold out | 0.00% | −0.06 |
| REGN Regeneron Pharmaceuticals | Reduce -1.9% | 2.43% | −0.06 |
| LIN Linde PLC | Sold out | 0.00% | −0.06 |
| TER Teradyne Inc. | Sold out | 0.00% | −0.06 |
| UNP Union Pacific Corp. | Reduce -61.8% | 0.04% | −0.06 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.05 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.05 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.05 |
| FSS Federal Signal Corp. | Reduce -29.6% | 0.08% | −0.05 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.05 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.05 |
| HD Home Depot Inc. | Reduce -54.4% | 0.04% | −0.05 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.04 |
| AAPL Apple Inc. | Reduce -0.0% | 5.20% | −0.04 |
| MKC McCormick & Co.-Non VTG SHRS | Sold out | 0.00% | −0.04 |
| CR Crane Co. | Reduce -41.6% | 0.08% | −0.04 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.04 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.04 |
| IXN iShares Global Tech ETF | Sold out | 0.00% | −0.04 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.04 |
| TT Trane Technologies PLC | Reduce -41.2% | 0.06% | −0.04 |
| VLTO Veralto Corp. | Sold out | 0.00% | −0.04 |
| CW Curtiss-Wright Corp. | Reduce -27.9% | 0.07% | −0.03 |
| GILD Gilead Sciences Inc. | Reduce -40.4% | 0.11% | −0.03 |
| IBIT iShares Bitcoin Trust ETF | Reduce -2.3% | 0.61% | −0.02 |
| PTC PTC Inc. | Reduce -25.8% | 0.05% | −0.02 |
| CNM Core & Main Inc. Class A | Reduce -30.1% | 0.05% | −0.02 |
| PGR Progressive Corp. | Reduce -34.8% | 0.10% | −0.02 |
| TFPN Blueprint Chspk Ma Trend ETF | Reduce -17.1% | 0.06% | −0.01 |
| MFUT Cambria Chesapeake Pure TRND | Reduce -19.5% | 0.05% | −0.01 |
| SFIX Stitch Fix Inc. Class A | Sold out | 0.00% | −0.01 |
| XLK SS Technology Select Sector | Reduce -2.6% | 0.10% | −0.00 |
| ARKG ARK Genomic Revolution ETF | Reduce -0.7% | 0.16% | −0.00 |
| MMYT Makemytrip Ltd. | Reduce -0.7% | 0.09% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| LULU Lululemon Athletica Inc. | New | 0.31% | +0.31 |
| TSCO Tractor Supply Company | Add +0.8% | 1.91% | +0.28 |
| UNH Unitedhealth Group Inc. | Add +2.3% | 1.74% | +0.27 |
| PG The Procter & Gamble Co. | Add +1.4% | 1.80% | +0.24 |
| MO Altria Group Inc. | Add +7.9% | 0.78% | +0.22 |
| SHOP Shopify Inc. Class A | Add +13.9% | 1.39% | +0.18 |
| NFLX Netflix Inc. | Add +0.4% | 1.08% | +0.16 |
| META Meta Platforms Inc. Class A | Add +11.2% | 0.86% | +0.16 |
| PAGS Pagseguro Digital Ltd. Class A | Add +5.1% | 0.51% | +0.15 |
| CHD Church & Dwight Co. Inc. | Add +0.7% | 0.89% | +0.14 |
| AMZN Amazon.com Inc. | Add +9.3% | 2.30% | +0.13 |
| PFE Pfizer Inc. | Add +7.6% | 0.96% | +0.12 |
| TMO Thermo Fisher Scientific Inc. | Add +3.0% | 1.30% | +0.12 |
| VZ Verizon Communications Inc. | Add +11.7% | 0.38% | +0.11 |
| TSLA Tesla Inc. | Add +173.2% | 0.22% | +0.11 |
| AMD Advanced Micro Devices | Add +7.8% | 3.41% | +0.08 |
| QCOM Qualcomm Inc. | New | 0.07% | +0.07 |
| VCIT Vanguard Int-Term Corporate | New | 0.07% | +0.07 |
| DUK Duke Energy Corp. | Add +0.8% | 0.31% | +0.07 |
| BABA Alibaba Group Holding-SP ADR | New | 0.06% | +0.06 |
| CRM Salesforce Inc. | Add +95.4% | 0.14% | +0.06 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +0.4% | 0.51% | +0.06 |
| BX Blackstone Inc. | New | 0.05% | +0.05 |
| KO The Coca-Cola Co. | Add +6.0% | 0.20% | +0.05 |
| IVV iShares Core S&P 500 ETF | New | 0.05% | +0.05 |
| MWA Mueller Water Products Inc. Class A | New | 0.04% | +0.04 |
| KMB Kimberly-Clark Corp. | New | 0.04% | +0.04 |
| HALO Halozyme Therapeutics Inc. | New | 0.04% | +0.04 |
| MRSH Marsh & McLennan Cos | New | 0.04% | +0.04 |
| TROW T Rowe Price Group Inc. | Add +26.5% | 0.28% | +0.04 |
| NVDA Nvidia Corp. | Add +15.0% | 0.86% | +0.03 |
| MARA Mara Holdings Inc. | New | 0.03% | +0.03 |
| PLUG Plug Power Inc. | New | 0.03% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | Add +12.1% | 0.11% | +0.02 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +8.3% | 0.09% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +0.8% | 0.25% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +12.5% | 0.06% | +0.01 |
| ZM Zoom Communications Inc. | Add +1.3% | 0.39% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.2% | 0.41% | +0.01 |
| AVGO Broadcom Inc. | Add +29.1% | 0.14% | +0.01 |
| MRK Merck & Co. Inc. | Add +11.8% | 0.05% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +3.1% | 0.07% | +0.00 |
| MSFT Microsoft Corp. | Add +0.5% | 4.89% | +0.00 |
| PYPL PayPal Holdings Inc. | Add +0.0% | 0.36% | −0.06 |
| ADBE Adobe Inc. | Add +0.9% | 3.32% | −0.09 |
Notes & Other Activity Q4 2024 → Q1 2025
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | Reduce -2.6% | 3,429,000 | $3.3M |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | Reduce -40.5% | 1,000,000 | $985K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 123 | $625.4M | GOOGL, AMD, AAPL, TSM, MSFT |
| Q1 2026Amended | 117 | $554.3M | GOOGL, TSM, AAPL, AMD, MSFT |
| Q4 2025 | 128 | $562.2M | GOOGL, AAPL, AMD, TSM, MSFT |
| Q3 2025 | 131 | $616.8M | MSFT, ANET, GOOGL, TSM, AAPL |
| Q2 2025 | 133 | $559.5M | TRS, MSFT, MELI, TSM, AAPL |
| Q1 2025 | 133 | $500.7M | TRS, AAPL, MSFT, COST, WMT |
| Q4 2024 | 146 | $559.8M | AAPL, TRS, MSFT, WMT, GOOGL |
| Q3 2024 | 156 | $499.2M | AAPL, MSFT, WMT, COST, MELI |
| Q2 2024 | 145 | $465.2M | MSFT, AAPL, COST, GOOGL, ADBE |
| Q1 2024 | 156 | $447.0M | MSFT, AAPL, COST, WMT, ADBE |