Bellecapital International Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), Bellecapital International Ltd. reported 131 stock positions worth $616.8 million. Its top holding was Microsoft (MSFT) at 5.5% of the portfolio, followed by Arista Networks (ANET, 5.4%) and Alphabet Class A (GOOGL, 5.1%). Compared with Q2 2025, it opened 11 new positions, sold out of 13, added to 31 and reduced 45. The biggest buy was Berkshire Hathaway Class A (BRK.A, shares +800%) and the biggest sale Trimas (TRS, shares −42%).

Most Recent 13F
Q2 2026
Location
ZURICH, V8
CIK
0001600152
Portfolio Value
$616.8M (Q3 2025)
SEC Filing
0001600152-25-000005 ↗ filed Oct 17, 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 Q2 2025 Q3 2025: $616.8M $616.8M Q3 2025 Q4 2025: $562.2M Q4 2025 Q1 2026: $554.3M Q1 2026 Q2 2026: $625.4M Q2 2026

Holdings 131 stocks · $616.8M
MSFT Microsoft Corp. 5.53% 65,894 $34.1M Add +1.1%
ANET Arista Networks Inc. 5.37% 227,125 $33.1M Add +0.6%
GOOGL Alphabet Inc. Class A 5.15% 130,561 $31.7M Reduce -0.6%
TSM Taiwan Semiconductor-SP ADR 5.07% 112,055 $31.3M Reduce -0.0%
AAPL Apple Inc. 4.90% 118,714 $30.2M Add +0.5%
XMTR Xometry Inc. Class A 4.54% 514,350 $28.0M Reduce -0.6%
AMD Advanced Micro Devices 4.45% 169,810 $27.5M Add +0.9%
TRS Trimas Corp. 4.30% 685,855 $26.5M Reduce -42.2%
MELI MercadoLibre Inc. 3.96% 10,452 $24.4M Add +0.7%
COST Costco Wholesale Corp. 3.56% 23,715 $22.0M Add +2.6%
WMT Walmart Inc. 3.40% 203,758 $21.0M Add +2.0%
ADBE Adobe Inc. 3.01% 52,715 $18.6M Add +5.0%
BKNG Booking Holdings Inc. 2.87% 3,278 $17.7M Reduce -4.4%
SPGI S&P Global Inc. 2.57% 32,518 $15.8M Add +3.7%
REGN Regeneron Pharmaceuticals 2.53% 27,779 $15.6M Add +8.9%
ABBV Abbvie Inc. 2.47% 65,843 $15.2M Add +5.7%
FAST Fastenal Co. 2.23% 280,622 $13.8M Add +0.5%
AMZN Amazon.com Inc. 2.20% 61,910 $13.6M Reduce -1.4%
BRK.A Berkshire Hathaway Inc. Class A 2.20% 18 $13.6M Add +800.0%
SHOP Shopify Inc. Class A 1.95% 80,794 $12.0M Reduce -1.1%
GOOG Alphabet Inc. Class C 1.63% 41,331 $10.1M Reduce -1.4%
TSCO Tractor Supply Company 1.52% 164,528 $9.4M Reduce -6.5%
CPRT Copart Inc. 1.41% 194,046 $8.7M Add +13.7%
FISV Fiserv Inc. 1.40% 67,038 $8.6M Reduce -8.3%
ADP Automatic Data Processing 1.22% 25,690 $7.5M Reduce -5.0%
TMO Thermo Fisher Scientific Inc. 1.21% 15,373 $7.5M Add +6.0%
NVDA Nvidia Corp. 1.13% 37,455 $7.0M Reduce -10.8%
NFLX Netflix Inc. 1.09% 5,618 $6.7M Reduce -0.7%
GLD SPDR Gold Shares 1.07% 18,636 $6.6M Reduce -22.7%
BRK.B Berkshire Hathaway Inc. Class B 0.95% 11,697 $5.9M Add +0.8%
META Meta Platforms Inc. Class A 0.94% 7,897 $5.8M Add +1.3%
UNH Unitedhealth Group Inc. 0.92% 16,448 $5.7M Add +0.2%
PFE Pfizer Inc. 0.87% 211,251 $5.4M Add +2.6%
IBIT iShares Bitcoin Trust ETF 0.79% 75,229 $4.9M Add +34.6%
MO Altria Group Inc. 0.75% 69,692 $4.6M Reduce -0.7%
IAU iShares Gold Trust 0.57% 48,430 $3.5M New
JNJ Johnson & Johnson 0.42% 14,098 $2.6M Add +91.8%
GRMN Garmin Ltd. 0.40% 9,903 $2.4M Reduce -1.9%
ISRG Intuitive Surgical Inc. 0.39% 5,410 $2.4M Add +113.3%
KO The Coca-Cola Co. 0.38% 35,271 $2.3M Add +217.2%
ZM Zoom Communications Inc. 0.31% 22,945 $1.9M Reduce -14.0%
FWONK Liberty Media Corp. Class C 0.30% 17,725 $1.9M No change
TSLA Tesla Inc. 0.30% 4,145 $1.8M Reduce -3.2%
PAGS Pagseguro Digital Ltd. Class A 0.29% 180,312 $1.8M Reduce -32.5%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.28% 21,287 $1.7M Reduce -14.1%
CSCO Cisco Systems Inc. 0.27% 24,343 $1.7M Reduce -34.5%
VCIT Vanguard Int-Term Corporate 0.26% 18,792 $1.6M No change
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.25% 15,995 $1.5M Reduce -7.4%
PM Philip Morris International 0.24% 9,084 $1.5M Add +228.5%
DUK Duke Energy Corp. 0.24% 11,880 $1.5M Reduce -12.4%
MCD McDonald's Corp. 0.22% 4,550 $1.4M New
LLY Eli Lilly & Co. 0.21% 1,735 $1.3M Reduce -8.7%
PYPL PayPal Holdings Inc. 0.19% 17,897 $1.2M Reduce -32.8%
AVGO Broadcom Inc. 0.19% 3,515 $1.2M No change
SBUX Starbucks Corp. 0.19% 13,521 $1.1M Reduce -33.5%
RBLX Roblox Corp. Class A 0.18% 8,130 $1.1M No change
SNPS Synopsys Inc. 0.18% 2,254 $1.1M New
MSTR Strategy Inc. 0.17% 3,240 $1.0M Add +11.4%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.17% 9,173 $1.0M No change
MEAR Ishrs Short Mat Muni Act ETF 0.16% 19,908 $1.0M New
LULU Lululemon Athletica Inc. 0.16% 5,525 $983K No change
PFF iShares Preferred & Income S 0.14% 27,000 $854K No change
ASML ASML Holding NV-NY Reg SHS 0.13% 841 $814K No change
FICO Fair Isaac Corp. 0.11% 446 $667K Add +298.2%
PG The Procter & Gamble Co. 0.11% 4,228 $650K Reduce -8.8%
XLK SS Technology Select Sector 0.10% 2,230 $629K Reduce -9.8%
VZ Verizon Communications Inc. 0.10% 14,291 $628K Reduce -71.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.10% 2,123 $599K Reduce -4.5%
ORCL Oracle Corp. 0.09% 2,058 $579K No change
AMAT Applied Materials Inc. 0.09% 2,766 $566K No change
UBER Uber Technologies Inc. 0.09% 5,767 $565K Add +4.8%
XOM Exxon Mobil Corp. 0.08% 4,499 $507K No change
IGIB iShares 5-10Y Inv Grade Corp. 0.08% 9,336 $505K No change
HD Home Depot Inc. 0.08% 1,174 $476K Add +106.3%
VRT Vertiv Holdings Co. Class A 0.07% 3,056 $461K No change
ARKG ARK Genomic Revolution ETF 0.07% 16,065 $446K Reduce -46.0%
CRM Salesforce Inc. 0.07% 1,837 $435K Reduce -23.2%
IUSV iShares Core S&P U.S. Value 0.07% 4,291 $429K No change
PSX Phillips 66 0.07% 3,083 $419K New
SLV iShares Silver Trust 0.07% 9,741 $413K No change
BABA Alibaba Group Holding-SP ADR 0.07% 2,285 $408K No change
JPM JPMorgan Chase & Co. 0.06% 1,250 $394K Reduce -1.0%
PANW Palo Alto Networks Inc. 0.06% 1,915 $390K No change
RSG Republic Services Inc. 0.06% 1,667 $383K Reduce -10.9%
TFPN Blueprint Chspk Ma Trend ETF 0.06% 14,777 $367K Add +10.8%
V Visa Inc. Class A 0.06% 1,059 $362K Reduce -6.6%
BX Blackstone Inc. 0.05% 1,951 $333K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.05% 3,177 $326K Reduce -81.5%
QCOM Qualcomm Inc. 0.05% 1,935 $322K Reduce -11.2%
FIX Comfort Systems USA Inc. 0.05% 387 $319K No change
FCX Freeport-McMoran Inc. 0.05% 8,107 $318K No change
CVX Chevron Corp. 0.05% 2,021 $314K Reduce -91.5%
NOW ServiceNow Inc. 0.05% 329 $303K No change
ECL Ecolab Inc. 0.05% 1,100 $301K No change
MFUT Cambria Chesapeake Pure TRND 0.05% 18,431 $287K Add +8.0%
MMYT Makemytrip Ltd. 0.05% 3,037 $284K No change
IVV iShares Core S&P 500 ETF 0.05% 421 $282K No change
VCSH Vanguard S/T Corp. Bond ETF 0.04% 3,371 $269K No change
ABT Abbott Laboratories 0.04% 2,000 $268K No change
COR Cencora Inc. 0.04% 856 $268K Reduce -33.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 396 $264K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.04% 848 $263K No change
AXP American Express Co. 0.04% 783 $260K No change
IXN iShares Global Tech ETF 0.04% 2,508 $259K No change
GILD Gilead Sciences Inc. 0.04% 2,278 $253K Reduce -26.7%
HG Hamilton Insurance Grou Class B 0.04% 10,157 $252K No change
CHTR Charter Communications Inc. Class A 0.04% 904 $249K No change
CSX CSX Corp. 0.04% 7,000 $249K No change
MRK Merck & Co. Inc. 0.04% 2,915 $245K Add +11.5%
CR Crane Co. 0.04% 1,322 $243K Reduce -47.3%
ORI Old Republic Intl Corp. 0.04% 5,713 $243K No change
FEZ State Street SPDR Euro Stoxx 0.04% 3,890 $242K No change
F Ford Motor Co. filed as FORD MTR CO 0.04% 19,755 $236K Reduce -76.2%
MWA Mueller Water Products Inc. Class A 0.04% 8,869 $226K No change
CDNS Cadence Design SYS Inc. 0.04% 639 $224K New
SBRA Sabra Health Care REIT Inc. 0.04% 12,000 $224K No change
DDOG Datadog Inc. Class A 0.04% 1,547 $220K New
UNP Union Pacific Corp. 0.04% 931 $220K No change
OHI Omega Healthcare Investors 0.04% 5,200 $220K New
CW Curtiss-Wright Corp. 0.03% 396 $215K Reduce -65.9%
ADI Analog Devices Inc. 0.03% 867 $213K No change
EWL iShares MSCI Switzerland ETF 0.03% 3,855 $213K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.03% 1,137 $212K No change
INTU Intuit Inc. 0.03% 310 $212K New
FSS Federal Signal Corp. 0.03% 1,767 $210K Reduce -66.4%
MARA Mara Holdings Inc. 0.03% 11,283 $206K No change
IEFA iShares Core MSCI Eafe ETF 0.03% 2,332 $204K New
CEG Constellation Energy 0.03% 612 $201K New
PTC PTC Inc. 0.03% 988 $201K Reduce -38.4%
GAME Gamesquare Hldgs Inc. 0.02% 151,577 $103K No change
GNS Genius Group Ltd. 0.01% 32,000 $31K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.6M (not counted above)
SecurityClassShares / PrincipalValueChange
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 1,688,000$1.7MNo change
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 1,000,000$992KNo change

Total filed on the 13F, all lines: $619.4M.

Portfolio Sells Q2 2025 → Q3 2025
TRS Trimas Corp. Reduce -42.2% 4.30% −1.77
FISV Fiserv Inc. Reduce -8.3% 1.40% −0.85
BKNG Booking Holdings Inc. Reduce -4.4% 2.87% −0.68
CVX Chevron Corp. Reduce -91.5% 0.05% −0.56
VZ Verizon Communications Inc. Reduce -71.3% 0.10% −0.28
ADP Automatic Data Processing Reduce -5.0% 1.22% −0.27
NFLX Netflix Inc. Reduce -0.7% 1.09% −0.26
AMZN Amazon.com Inc. Reduce -1.4% 2.20% −0.26
TROW T Rowe Price Group Inc. Reduce -81.5% 0.05% −0.24
GLD SPDR Gold Shares Reduce -22.7% 1.07% −0.24
CSCO Cisco Systems Inc. Reduce -34.5% 0.27% −0.19
PAGS Pagseguro Digital Ltd. Class A Reduce -32.5% 0.29% −0.17
PYPL PayPal Holdings Inc. Reduce -32.8% 0.19% −0.16
SBUX Starbucks Corp. Reduce -33.5% 0.19% −0.15
TSCO Tractor Supply Company Reduce -6.5% 1.52% −0.14
F Ford Motor Co. Reduce -76.2% 0.04% −0.12
VLO Valero Energy Corp. Sold out 0.00% −0.11
PGR Progressive Corp. Sold out 0.00% −0.09
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -14.1% 0.28% −0.08
TMUS T-Mobile US Inc. Sold out 0.00% −0.07
CW Curtiss-Wright Corp. Reduce -65.9% 0.03% −0.07
FSS Federal Signal Corp. Reduce -66.4% 0.03% −0.07
TT Trane Technologies PLC Sold out 0.00% −0.07
ZM Zoom Communications Inc. Reduce -14.0% 0.31% −0.06
ULS Ul Solutions Inc. Class A Sold out 0.00% −0.06
CNM Core & Main Inc. Class A Sold out 0.00% −0.06
ARKG ARK Genomic Revolution ETF Reduce -46.0% 0.07% −0.06
NVDA Nvidia Corp. Reduce -10.8% 1.13% −0.05
LLY Eli Lilly & Co. Reduce -8.7% 0.21% −0.05
DUK Duke Energy Corp. Reduce -12.4% 0.24% −0.05
CRM Salesforce Inc. Reduce -23.2% 0.07% −0.05
CR Crane Co. Reduce -47.3% 0.04% −0.05
HYS PIMCO 0-5 Year H/Y Corp. Bond Reduce -7.4% 0.25% −0.05
TW Tradeweb Markets Inc. Class A Sold out 0.00% −0.04
CRBG Corebridge Financial Inc. Sold out 0.00% −0.04
WDAY Workday Inc. Class A Sold out 0.00% −0.04
USIG iShares Broad Usd Investment Sold out 0.00% −0.04
CARR Carrier Global Corp. Sold out 0.00% −0.04
PG The Procter & Gamble Co. Reduce -8.8% 0.11% −0.03
CLSK Cleanspark Inc. Sold out 0.00% −0.03
COR Cencora Inc. Reduce -33.0% 0.04% −0.03
GILD Gilead Sciences Inc. Reduce -26.7% 0.04% −0.02
RSG Republic Services Inc. Reduce -10.9% 0.06% −0.02
IBM Intl Business Machines Corp. Reduce -4.5% 0.10% −0.02
PTC PTC Inc. Reduce -38.4% 0.03% −0.02
V Visa Inc. Class A Reduce -6.6% 0.06% −0.01
XLK SS Technology Select Sector Reduce -9.8% 0.10% −0.01
QCOM Qualcomm Inc. Reduce -11.2% 0.05% −0.01
ASSET ENTITIES INC Sold out 0.00% −0.01
JPM JPMorgan Chase & Co. Reduce -1.0% 0.06% −0.00

Portfolio Buys Q2 2025 → Q3 2025
BRK.A Berkshire Hathaway Inc. Class A Add +800.0% 2.20% +1.94
ANET Arista Networks Inc. Add +0.6% 5.37% +1.24
IAU iShares Gold Trust New 0.57% +0.57
AAPL Apple Inc. Add +0.5% 4.90% +0.57
ABBV Abbvie Inc. Add +5.7% 2.47% +0.41
KO The Coca-Cola Co. Add +217.2% 0.38% +0.24
MCD McDonald's Corp. New 0.22% +0.22
JNJ Johnson & Johnson Add +91.8% 0.42% +0.22
AMD Advanced Micro Devices Add +0.9% 4.45% +0.18
IBIT iShares Bitcoin Trust ETF Add +34.6% 0.79% +0.18
SNPS Synopsys Inc. New 0.18% +0.18
MEAR Ishrs Short Mat Muni Act ETF New 0.16% +0.16
TMO Thermo Fisher Scientific Inc. Add +6.0% 1.21% +0.16
PM Philip Morris International Add +228.5% 0.24% +0.15
ISRG Intuitive Surgical Inc. Add +113.3% 0.39% +0.15
REGN Regeneron Pharmaceuticals Add +8.9% 2.53% +0.14
FAST Fastenal Co. Add +0.5% 2.23% +0.14
FICO Fair Isaac Corp. Add +298.2% 0.11% +0.07
PSX Phillips 66 New 0.07% +0.07
HD Home Depot Inc. Add +106.3% 0.08% +0.04
CDNS Cadence Design SYS Inc. New 0.04% +0.04
DDOG Datadog Inc. Class A New 0.04% +0.04
OHI Omega Healthcare Investors New 0.04% +0.04
INTU Intuit Inc. New 0.03% +0.03
IEFA iShares Core MSCI Eafe ETF New 0.03% +0.03
CEG Constellation Energy New 0.03% +0.03
UNH Unitedhealth Group Inc. Add +0.2% 0.92% +0.01
TFPN Blueprint Chspk Ma Trend ETF Add +10.8% 0.06% +0.00
MRK Merck & Co. Inc. Add +11.5% 0.04% +0.00
MFUT Cambria Chesapeake Pure TRND Add +8.0% 0.05% +0.00
UBER Uber Technologies Inc. Add +4.8% 0.09% −0.00
PFE Pfizer Inc. Add +2.6% 0.87% −0.02
MSTR Strategy Inc. Add +11.4% 0.17% −0.04
BRK.B Berkshire Hathaway Inc. Class B Add +0.8% 0.95% −0.05
CPRT Copart Inc. Add +13.7% 1.41% −0.08
WMT Walmart Inc. Add +2.0% 3.40% −0.09
META Meta Platforms Inc. Class A Add +1.3% 0.94% −0.09
MSFT Microsoft Corp. Add +1.1% 5.53% −0.26
SPGI S&P Global Inc. Add +3.7% 2.57% −0.39
ADBE Adobe Inc. Add +5.0% 3.01% −0.46
COST Costco Wholesale Corp. Add +2.6% 3.56% −0.53
MELI MercadoLibre Inc. Add +0.7% 3.96% −0.89

Notes & Other Activity Q2 2025 → Q3 2025
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal Sold out 1,324,000 $1.3Mbefore 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