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

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 Q1 2025 Q2 2025: $559.5M $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 · $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%
ABT Abbott Laboratories 0.05% 2,000 $272K Reduce -15.0%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.05% 848 $271K No change
VCSH Vanguard S/T Corp. Bond ETF 0.05% 3,371 $268K No change
IVV iShares Core S&P 500 ETF 0.05% 421 $261K No change
BABA Alibaba Group Holding-SP ADR 0.05% 2,285 $259K No change
MFUT Cambria Chesapeake Pure TRND 0.04% 17,066 $251K No change
AXP American Express Co. 0.04% 783 $250K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 396 $245K Add +6.7%
TW Tradeweb Markets Inc. Class A 0.04% 1,614 $236K No change
FEZ State Street SPDR Euro Stoxx 0.04% 3,890 $232K Reduce -19.6%
IXN iShares Global Tech ETF 0.04% 2,508 $232K New
CSX CSX Corp. 0.04% 7,000 $228K No change
SBRA Sabra Health Care REIT Inc. 0.04% 12,000 $221K No change
ORI Old Republic Intl Corp. 0.04% 5,713 $220K No change
HG Hamilton Insurance Grou Class B 0.04% 10,157 $220K No change
CRBG Corebridge Financial Inc. 0.04% 6,168 $219K New
UNP Union Pacific Corp. 0.04% 931 $214K No change
MWA Mueller Water Products Inc. Class A 0.04% 8,869 $213K No change
EWL iShares MSCI Switzerland ETF 0.04% 3,855 $211K New
HD Home Depot Inc. 0.04% 569 $209K No change
WDAY Workday Inc. Class A 0.04% 865 $208K No change
FIX Comfort Systems USA Inc. 0.04% 387 $208K New
MRK Merck & Co. Inc. 0.04% 2,615 $207K No change
ADI Analog Devices Inc. 0.04% 867 $206K New
USIG iShares Broad Usd Investment 0.04% 4,001 $206K No change
FICO Fair Isaac Corp. 0.04% 112 $205K No change
CARR Carrier Global Corp. 0.04% 2,753 $201K New
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 1,137 $201K New
MARA Mara Holdings Inc. 0.03% 11,283 $177K No change
CLSK Cleanspark Inc. 0.03% 13,356 $147K No change
GAME Gamesquare Hldgs Inc. 0.02% 151,577 $132K No change
GNS Genius Group Ltd. 0.01% 32,000 $44K No change
ASSET ENTITIES INC 0.01% 11,231 $42K New
Other holdings (3): bonds, preferreds, convertibles and warrants · $3.9M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 1,688,000$1.6MReduce -50.8%
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$979KNo 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

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