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

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 Q4 2024 Q1 2025: $500.7M $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 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%
ECL Ecolab Inc. 0.06% 1,100 $279K No change
ULS Ul Solutions Inc. Class A 0.06% 4,924 $278K No change
BX Blackstone Inc. 0.05% 1,951 $273K New
CNM Core & Main Inc. Class A 0.05% 5,514 $266K Reduce -30.1%
VCSH Vanguard S/T Corp. Bond ETF 0.05% 3,371 $266K No change
MFUT Cambria Chesapeake Pure TRND 0.05% 17,066 $266K Reduce -19.5%
FEZ State Street SPDR Euro Stoxx 0.05% 4,840 $263K No change
TW Tradeweb Markets Inc. Class A 0.05% 1,614 $240K No change
PTC PTC Inc. 0.05% 1,538 $238K Reduce -25.8%
IVV iShares Core S&P 500 ETF 0.05% 421 $237K New
MRK Merck & Co. Inc. 0.05% 2,615 $235K Add +11.8%
MWA Mueller Water Products Inc. Class A 0.04% 8,869 $225K New
XLE SS Energy Select Sector 0.04% 2,400 $224K No change
ORI Old Republic Intl Corp. 0.04% 5,713 $224K No change
UNP Union Pacific Corp. 0.04% 931 $220K Reduce -61.8%
KMB Kimberly-Clark Corp. 0.04% 1,500 $213K New
AXP American Express Co. 0.04% 783 $211K No change
HG Hamilton Insurance Grou Class B 0.04% 10,157 $211K No change
HALO Halozyme Therapeutics Inc. 0.04% 3,290 $210K New
SBRA Sabra Health Care REIT Inc. 0.04% 12,000 $210K No change
HD Home Depot Inc. 0.04% 569 $209K Reduce -54.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 371 $208K Reduce -11.9%
FICO Fair Isaac Corp. 0.04% 112 $207K No change
BDX Becton Dickinson and Co. 0.04% 900 $206K No change
CSX CSX Corp. 0.04% 7,000 $206K No change
USIG iShares Broad Usd Investment 0.04% 4,001 $204K No change
WDAY Workday Inc. Class A 0.04% 865 $202K No change
MRSH Marsh & McLennan Cos 0.04% 820 $200K New
MARA Mara Holdings Inc. 0.03% 11,283 $130K New
PLUG Plug Power Inc. 0.03% 94,535 $128K New
GAME Gamesquare Hldgs Inc. 0.02% 151,577 $90K No change
CLSK Cleanspark Inc. 0.02% 13,356 $90K No change
GNS Genius Group Ltd. 0.00% 32,000 $8K No change
Other holdings (4): bonds, preferreds, convertibles and warrants · $5.7M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,429,000$3.3MReduce -2.6%
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 1,324,000$1.3MNo change
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 1,000,000$985KReduce -40.5%
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal 150,000$142KNo 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

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