Bellecapital International Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Bellecapital International Ltd. reported 133 stock positions worth $559.5 million. Its top holding was Trimas (TRS) at 6.1% of the portfolio, followed by Microsoft (MSFT, 5.8%) and MercadoLibre (MELI, 4.8%). Compared with Q1 2025, it opened 11 new positions, sold out of 11, added to 27 and reduced 39. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +808%) and the biggest sale Procter & Gamble (PG, shares −91%).
- Most Recent 13F
- Q2 2026
- Location
- ZURICH, V8
- CIK
- 0001600152
- Portfolio Value
- $559.5M (Q2 2025)
- SEC Filing
- 0001600152-25-000004 ↗ filed Jul 29, 2025
Holdings Value
Holdings 133 stocks · $559.5M
| TRS Trimas Corp. | 6.06% | 1,185,855 | $33.9M | No change |
| MSFT Microsoft Corp. | 5.79% | 65,151 | $32.4M | Reduce -0.1% |
| MELI MercadoLibre Inc. | 4.85% | 10,381 | $27.1M | Reduce -1.4% |
| TSM Taiwan Semiconductor-SP ADR | 4.54% | 112,081 | $25.4M | Add +808.2% |
| AAPL Apple Inc. | 4.33% | 118,126 | $24.2M | Add +0.8% |
| AMD Advanced Micro Devices | 4.27% | 168,355 | $23.9M | Add +1.3% |
| GOOGL Alphabet Inc. Class A | 4.14% | 131,351 | $23.1M | Add +0.5% |
| ANET Arista Networks Inc. | 4.13% | 225,711 | $23.1M | Add +7.6% |
| COST Costco Wholesale Corp. | 4.09% | 23,115 | $22.9M | Reduce -1.4% |
| BKNG Booking Holdings Inc. | 3.55% | 3,430 | $19.9M | Reduce -0.6% |
| WMT Walmart Inc. | 3.49% | 199,845 | $19.5M | Reduce -17.5% |
| ADBE Adobe Inc. | 3.47% | 50,182 | $19.4M | Add +15.7% |
| XMTR Xometry Inc. Class A | 3.13% | 517,664 | $17.5M | Add +0.2% |
| SPGI S&P Global Inc. | 2.96% | 31,367 | $16.5M | Add +2.1% |
| AMZN Amazon.com Inc. | 2.46% | 62,797 | $13.8M | Add +3.8% |
| REGN Regeneron Pharmaceuticals | 2.39% | 25,503 | $13.4M | Add +32.7% |
| FISV Fiserv Inc. | 2.25% | 73,144 | $12.6M | Reduce -0.3% |
| FAST Fastenal Co. | 2.10% | 279,202 | $11.7M | Reduce -0.5% |
| ABBV Abbvie Inc. | 2.07% | 62,280 | $11.6M | Reduce -0.5% |
| SHOP Shopify Inc. Class A | 1.68% | 81,687 | $9.4M | Add +11.9% |
| TSCO Tractor Supply Company | 1.66% | 175,871 | $9.3M | Add +1.5% |
| CPRT Copart Inc. | 1.50% | 170,696 | $8.4M | Reduce -0.9% |
| ADP Automatic Data Processing | 1.49% | 27,044 | $8.3M | Add +5.4% |
| NFLX Netflix Inc. | 1.35% | 5,659 | $7.6M | Reduce -2.6% |
| GOOG Alphabet Inc. Class C | 1.33% | 41,939 | $7.4M | Reduce -7.0% |
| GLD SPDR Gold Shares | 1.31% | 24,098 | $7.3M | Reduce -0.6% |
| NVDA Nvidia Corp. | 1.19% | 41,972 | $6.6M | Add +5.7% |
| TMO Thermo Fisher Scientific Inc. | 1.05% | 14,496 | $5.9M | Add +11.1% |
| META Meta Platforms Inc. Class A | 1.03% | 7,797 | $5.8M | Add +3.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.01% | 11,599 | $5.6M | Reduce -0.6% |
| UNH Unitedhealth Group Inc. | 0.92% | 16,411 | $5.1M | Reduce -1.1% |
| PFE Pfizer Inc. | 0.89% | 205,972 | $5.0M | Add +8.9% |
| MO Altria Group Inc. | 0.74% | 70,161 | $4.1M | Add +7.4% |
| CVX Chevron Corp. | 0.61% | 23,908 | $3.4M | Reduce -1.6% |
| IBIT iShares Bitcoin Trust ETF | 0.61% | 55,894 | $3.4M | Reduce -13.9% |
| CSCO Cisco Systems Inc. | 0.46% | 37,146 | $2.6M | Reduce -31.8% |
| PAGS Pagseguro Digital Ltd. Class A | 0.46% | 266,914 | $2.6M | Reduce -20.4% |
| VZ Verizon Communications Inc. | 0.38% | 49,737 | $2.2M | Add +17.6% |
| GRMN Garmin Ltd. | 0.38% | 10,100 | $2.1M | Reduce -48.1% |
| ZM Zoom Communications Inc. | 0.37% | 26,673 | $2.1M | Add +0.1% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.36% | 24,788 | $2.0M | Reduce -23.9% |
| PYPL PayPal Holdings Inc. | 0.35% | 26,618 | $2.0M | Reduce -2.4% |
| SBUX Starbucks Corp. | 0.33% | 20,327 | $1.9M | Reduce -7.5% |
| FWONK Liberty Media Corp. Class C | 0.33% | 17,725 | $1.9M | No change |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.30% | 17,212 | $1.7M | Add +12.9% |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 0.29% | 17,276 | $1.6M | No change |
| DUK Duke Energy Corp. | 0.29% | 13,556 | $1.6M | Add +8.0% |
| VCIT Vanguard Int-Term Corporate | 0.28% | 18,792 | $1.6M | Add +327.8% |
| LLY Eli Lilly & Co. | 0.26% | 1,901 | $1.5M | Reduce -5.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.26% | 2 | $1.5M | No change |
| ISRG Intuitive Surgical Inc. | 0.25% | 2,536 | $1.4M | Reduce -0.7% |
| TSLA Tesla Inc. | 0.24% | 4,284 | $1.4M | Reduce -0.9% |
| LULU Lululemon Athletica Inc. | 0.23% | 5,525 | $1.3M | No change |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.21% | 2,908 | $1.2M | Add +10.1% |
| JNJ Johnson & Johnson | 0.20% | 7,351 | $1.1M | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.18% | 9,173 | $1.0M | No change |
| AVGO Broadcom Inc. | 0.17% | 3,515 | $969K | Reduce -14.6% |
| F Ford Motor Co. filed as FORD MTR CO | 0.16% | 83,047 | $901K | No change |
| RBLX Roblox Corp. Class A | 0.15% | 8,130 | $855K | No change |
| PFF iShares Preferred & Income S | 0.15% | 27,000 | $828K | No change |
| KO The Coca-Cola Co. | 0.14% | 11,121 | $787K | Reduce -21.8% |
| PG The Procter & Gamble Co. | 0.13% | 4,636 | $739K | Reduce -91.3% |
| ARKG ARK Genomic Revolution ETF | 0.13% | 29,724 | $724K | Reduce -21.8% |
| ASML ASML Holding NV-NY Reg SHS | 0.12% | 841 | $674K | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.12% | 2,223 | $655K | Reduce -12.3% |
| CRM Salesforce Inc. | 0.12% | 2,391 | $652K | Reduce -6.8% |
| XLK SS Technology Select Sector | 0.11% | 2,472 | $626K | No change |
| VLO Valero Energy Corp. | 0.11% | 4,594 | $618K | New |
| CW Curtiss-Wright Corp. | 0.10% | 1,162 | $568K | No change |
| FSS Federal Signal Corp. | 0.10% | 5,252 | $559K | No change |
| UBER Uber Technologies Inc. | 0.09% | 5,505 | $514K | No change |
| AMAT Applied Materials Inc. | 0.09% | 2,766 | $506K | No change |
| PM Philip Morris International | 0.09% | 2,765 | $504K | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.09% | 9,336 | $498K | Add +4.5% |
| PGR Progressive Corp. | 0.09% | 1,854 | $495K | No change |
| XOM Exxon Mobil Corp. | 0.09% | 4,499 | $485K | Reduce -14.4% |
| CR Crane Co. | 0.09% | 2,506 | $476K | No change |
| RSG Republic Services Inc. | 0.08% | 1,872 | $462K | No change |
| ORCL Oracle Corp. | 0.08% | 2,058 | $450K | No change |
| IUSV iShares Core S&P U.S. Value | 0.07% | 4,291 | $406K | No change |
| V Visa Inc. Class A | 0.07% | 1,134 | $403K | Reduce -37.0% |
| VRT Vertiv Holdings Co. Class A | 0.07% | 3,056 | $392K | New |
| PANW Palo Alto Networks Inc. | 0.07% | 1,915 | $392K | No change |
| COR Cencora Inc. | 0.07% | 1,278 | $383K | No change |
| TMUS T-Mobile US Inc. | 0.07% | 1,581 | $377K | No change |
| CHTR Charter Communications Inc. Class A | 0.07% | 904 | $370K | No change |
| TT Trane Technologies PLC | 0.07% | 839 | $367K | No change |
| JPM JPMorgan Chase & Co. | 0.07% | 1,263 | $366K | No change |
| ULS Ul Solutions Inc. Class A | 0.06% | 4,924 | $359K | No change |
| FCX Freeport-McMoran Inc. | 0.06% | 8,107 | $351K | No change |
| QCOM Qualcomm Inc. | 0.06% | 2,180 | $347K | Reduce -9.5% |
| GILD Gilead Sciences Inc. | 0.06% | 3,109 | $345K | Reduce -38.3% |
| NOW ServiceNow Inc. | 0.06% | 329 | $338K | Reduce -22.8% |
| CNM Core & Main Inc. Class A | 0.06% | 5,514 | $333K | No change |
| SLV iShares Silver Trust | 0.06% | 9,741 | $320K | New |
| TFPN Blueprint Chspk Ma Trend ETF | 0.05% | 13,339 | $306K | No change |
| MMYT Makemytrip Ltd. | 0.05% | 3,037 | $298K | Reduce -31.9% |
| ECL Ecolab Inc. | 0.05% | 1,100 | $296K | No change |
| BX Blackstone Inc. | 0.05% | 1,951 | $292K | No change |
| PTC PTC Inc. | 0.05% | 1,604 | $276K | Add +4.3% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $3.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 1,688,000 | $1.6M | Reduce -50.8% |
| 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 | $979K | No change |
Total filed on the 13F, all lines: $563.4M.
Portfolio Sells Q1 2025 → Q2 2025
| PG The Procter & Gamble Co. | Reduce -91.3% | 0.13% | −1.67 |
| FISV Fiserv Inc. | Reduce -0.3% | 2.25% | −0.98 |
| CHD Church & Dwight Co. Inc. | Sold out | 0.00% | −0.89 |
| UNH Unitedhealth Group Inc. | Reduce -1.1% | 0.92% | −0.82 |
| WMT Walmart Inc. | Reduce -17.5% | 3.49% | −0.76 |
| ABBV Abbvie Inc. | Reduce -0.5% | 2.07% | −0.55 |
| GRMN Garmin Ltd. | Reduce -48.1% | 0.38% | −0.47 |
| CPRT Copart Inc. | Reduce -0.9% | 1.50% | −0.45 |
| COST Costco Wholesale Corp. | Reduce -1.4% | 4.09% | −0.34 |
| DOLE Dole PLC | Sold out | 0.00% | −0.33 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.6% | 1.01% | −0.23 |
| CSCO Cisco Systems Inc. | Reduce -31.8% | 0.46% | −0.21 |
| CVX Chevron Corp. | Reduce -1.6% | 0.61% | −0.20 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -23.9% | 0.36% | −0.16 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.12 |
| SBUX Starbucks Corp. | Reduce -7.5% | 0.33% | −0.10 |
| GLD SPDR Gold Shares | Reduce -0.6% | 1.31% | −0.08 |
| GOOG Alphabet Inc. Class C | Reduce -7.0% | 1.33% | −0.08 |
| FAST Fastenal Co. | Reduce -0.5% | 2.10% | −0.08 |
| LLY Eli Lilly & Co. | Reduce -5.0% | 0.26% | −0.07 |
| KO The Coca-Cola Co. | Reduce -21.8% | 0.14% | −0.06 |
| IEI iShares 3-7 Year Treasury Bo | Sold out | 0.00% | −0.06 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.06 |
| V Visa Inc. Class A | Reduce -37.0% | 0.07% | −0.05 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -20.4% | 0.46% | −0.05 |
| GILD Gilead Sciences Inc. | Reduce -38.3% | 0.06% | −0.05 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.04 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.04 |
| HALO Halozyme Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.04 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -14.4% | 0.09% | −0.04 |
| MMYT Makemytrip Ltd. | Reduce -31.9% | 0.05% | −0.03 |
| ARKG ARK Genomic Revolution ETF | Reduce -21.8% | 0.13% | −0.03 |
| PLUG Plug Power Inc. | Sold out | 0.00% | −0.03 |
| CRM Salesforce Inc. | Reduce -6.8% | 0.12% | −0.02 |
| ABT Abbott Laboratories | Reduce -15.0% | 0.05% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -9.5% | 0.06% | −0.01 |
| FEZ State Street SPDR Euro Stoxx | Reduce -19.6% | 0.04% | −0.01 |
| IBM Intl Business Machines Corp. | Reduce -12.3% | 0.12% | −0.01 |
| NOW ServiceNow Inc. | Reduce -22.8% | 0.06% | −0.01 |
| ISRG Intuitive Surgical Inc. | Reduce -0.7% | 0.25% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -2.4% | 0.35% | −0.00 |
| IBIT iShares Bitcoin Trust ETF | Reduce -13.9% | 0.61% | +0.00 |
| TSLA Tesla Inc. | Reduce -0.9% | 0.24% | +0.02 |
| AVGO Broadcom Inc. | Reduce -14.6% | 0.17% | +0.04 |
| NFLX Netflix Inc. | Reduce -2.6% | 1.35% | +0.27 |
| BKNG Booking Holdings Inc. | Reduce -0.6% | 3.55% | +0.37 |
| MELI MercadoLibre Inc. | Reduce -1.4% | 4.85% | +0.75 |
| MSFT Microsoft Corp. | Reduce -0.1% | 5.79% | +0.90 |
Portfolio Buys Q1 2025 → Q2 2025
| TSM Taiwan Semiconductor-SP ADR | Add +808.2% | 4.54% | +4.13 |
| ANET Arista Networks Inc. | Add +7.6% | 4.13% | +0.88 |
| AMD Advanced Micro Devices | Add +1.3% | 4.27% | +0.86 |
| XMTR Xometry Inc. Class A | Add +0.2% | 3.13% | +0.56 |
| NVDA Nvidia Corp. | Add +5.7% | 1.19% | +0.33 |
| SHOP Shopify Inc. Class A | Add +11.9% | 1.68% | +0.29 |
| VCIT Vanguard Int-Term Corporate | Add +327.8% | 0.28% | +0.21 |
| META Meta Platforms Inc. Class A | Add +3.8% | 1.03% | +0.16 |
| AMZN Amazon.com Inc. | Add +3.8% | 2.46% | +0.16 |
| ADBE Adobe Inc. | Add +15.7% | 3.47% | +0.15 |
| VLO Valero Energy Corp. | New | 0.11% | +0.11 |
| GOOGL Alphabet Inc. Class A | Add +0.5% | 4.14% | +0.10 |
| VRT Vertiv Holdings Co. Class A | New | 0.07% | +0.07 |
| MSTR Strategy Inc. | Add +10.1% | 0.21% | +0.06 |
| SLV iShares Silver Trust | New | 0.06% | +0.06 |
| IXN iShares Global Tech ETF | New | 0.04% | +0.04 |
| CRBG Corebridge Financial Inc. | New | 0.04% | +0.04 |
| EWL iShares MSCI Switzerland ETF | New | 0.04% | +0.04 |
| FIX Comfort Systems USA Inc. | New | 0.04% | +0.04 |
| ADI Analog Devices Inc. | New | 0.04% | +0.04 |
| CARR Carrier Global Corp. | New | 0.04% | +0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.04% | +0.04 |
| TROW T Rowe Price Group Inc. | Add +12.9% | 0.30% | +0.02 |
| ASSET ENTITIES INC | New | 0.01% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +6.7% | 0.04% | +0.00 |
| PTC PTC Inc. | Add +4.3% | 0.05% | +0.00 |
| VZ Verizon Communications Inc. | Add +17.6% | 0.38% | +0.00 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +4.5% | 0.09% | −0.00 |
| DUK Duke Energy Corp. | Add +8.0% | 0.29% | −0.02 |
| ZM Zoom Communications Inc. | Add +0.1% | 0.37% | −0.02 |
| REGN Regeneron Pharmaceuticals | Add +32.7% | 2.39% | −0.04 |
| MO Altria Group Inc. | Add +7.4% | 0.74% | −0.05 |
| PFE Pfizer Inc. | Add +8.9% | 0.89% | −0.07 |
| ADP Automatic Data Processing | Add +5.4% | 1.49% | −0.07 |
| SPGI S&P Global Inc. | Add +2.1% | 2.96% | −0.16 |
| TMO Thermo Fisher Scientific Inc. | Add +11.1% | 1.05% | −0.25 |
| TSCO Tractor Supply Company | Add +1.5% | 1.66% | −0.25 |
| AAPL Apple Inc. | Add +0.8% | 4.33% | −0.87 |
Notes & Other Activity Q1 2025 → Q2 2025
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | Reduce -50.8% | 1,688,000 | $1.6M |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | Sold out | 150,000 | $142Kbefore exit |
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 |