BLI - Banque de Luxembourg Investments

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), BLI - Banque de Luxembourg Investments reported 138 stock positions worth $3.3 billion. Its top holding was Microsoft (MSFT) at 6.3% of the portfolio, followed by Visa Class A (V, 3.6%) and Mastercard Class A (MA, 3.1%). Compared with Q4 2024, it opened 9 new positions, sold out of 5, added to 28 and reduced 76. The biggest buy was Canadian Natl Railway (CNI, shares +29%) and the biggest sale Broadcom (AVGO, shares −46%).

Most Recent 13F
Q2 2026
Location
LUXEMBOURG CITY, N4
CIK
0002052594
Portfolio Value
$3.3B (Q1 2025)
SEC Filing
0002052594-25-000004 ↗ filed May 15, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q4 2024: $3.7B Q4 2024 Q1 2025: $3.3B $3.3B Q1 2025 Q2 2025: $3.5B Q2 2025 Q3 2025: $3.4B Q3 2025 Q4 2025: $3.4B Q4 2025 Q1 2026: $3.3B Q1 2026 Q2 2026: $2.8B Q2 2026

Holdings 138 stocks · $3.3B
MSFT Microsoft Corp. 6.34% 552,759 $209.0M Reduce -8.1%
V Visa Inc. Class A 3.57% 343,610 $117.6M Reduce -14.9%
MA Mastercard Inc. Class A 3.15% 192,450 $103.8M Reduce -23.3%
GOOGL Alphabet Inc. Class A 3.13% 669,280 $103.1M Add +1.9%
AMZN Amazon.com Inc. 2.78% 477,080 $91.8M Reduce -10.6%
UNP Union Pacific Corp. 2.69% 382,910 $88.7M Reduce -1.5%
CNI Canadian Natl Railway Co. 2.66% 896,295 $87.7M Add +29.3%
AAPL Apple Inc. 2.60% 394,412 $85.8M Reduce -17.8%
RMD Resmed Inc. 2.27% 341,387 $74.9M Add +4.7%
ROP Roper Technologies Inc. 1.98% 112,208 $65.3M Add +3.3%
VRSK Verisk Analytics Inc. 1.94% 218,020 $64.1M Reduce -12.7%
PEP Pepsico Inc. 1.94% 429,573 $64.0M Reduce -11.8%
ABT Abbott Laboratories 1.86% 469,221 $61.3M Reduce -7.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.85% 517,050 $61.0M Reduce -6.0%
ADBE Adobe Inc. 1.83% 157,070 $60.5M Add +5.3%
KMB Kimberly-Clark Corp. 1.81% 423,700 $59.5M No change
UNH Unitedhealth Group Inc. 1.66% 106,510 $54.9M Reduce -0.7%
FNV Franco-Nevada Corp. 1.66% 347,395 $54.8M Reduce -22.8%
NVDA Nvidia Corp. 1.62% 489,030 $53.5M Reduce -27.8%
ROL Rollins Inc. 1.56% 971,250 $51.4M Reduce -10.1%
CL Colgate-Palmolive Co. 1.55% 550,800 $51.0M Add +2.1%
LOW Lowe's Cos Inc. 1.52% 219,610 $50.1M Reduce -26.1%
IDXX Idexx Laboratories Inc. 1.50% 119,400 $49.6M Add +0.8%
MDLZ Mondelez International Inc. Class A 1.43% 697,900 $47.2M Reduce -4.4%
ZTS Zoetis Inc. 1.43% 288,950 $47.0M Add +4.1%
WAT Waters Corp. 1.39% 127,100 $45.9M Reduce -7.0%
TSM Taiwan Semiconductor-SP ADR 1.32% 263,600 $43.5M Add +2.9%
NKE Nike Inc. Class B 1.19% 620,430 $39.2M Reduce -1.8%
TMO Thermo Fisher Scientific Inc. 1.17% 76,960 $38.4M No change
STZ Constellation Brands Inc. Class A 1.15% 206,770 $37.9M Reduce -2.1%
ENB Enbridge Inc. 1.09% 812,395 $36.0M Reduce -11.6%
ALC Alcon Inc. filed as ALCON AG 1.08% 376,639 $35.6M Reduce -1.3%
CHKP Check Point Software Tech 1.04% 151,000 $34.4M Add +36.9%
BKNG Booking Holdings Inc. 1.03% 7,370 $34.1M Reduce -1.3%
WPM Wheaton Precious Metals Corp. 1.02% 435,000 $33.7M Reduce -32.6%
CAT Caterpillar Inc. 0.99% 99,400 $32.7M Reduce -17.4%
AEM Agnico Eagle Mines Ltd. 0.99% 300,000 $32.6M No change
RGLD Royal Gold Inc. 0.91% 185,000 $29.9M Reduce -11.9%
CMI Cummins Inc. 0.88% 92,470 $29.0M Reduce -0.5%
DHR Danaher Corp. 0.87% 140,040 $28.8M Reduce -0.6%
ACN Accenture PLC Class A 0.81% 88,379 $26.8M Reduce -24.6%
MSCI MSCI Inc. 0.75% 44,200 $24.6M Reduce -14.2%
AVGO Broadcom Inc. 0.73% 142,320 $24.0M Reduce -45.9%
MCO Moody's Corp. 0.70% 49,900 $23.0M Reduce -0.2%
SITE Siteone Landscape Supply Inc. 0.64% 173,500 $21.1M No change
PAYX Paychex Inc. 0.59% 128,800 $19.4M Reduce -29.6%
YUMC Yum China Holdings Inc. 0.59% 376,000 $19.3M Reduce -2.8%
NDSN Nordson Corp. 0.58% 95,800 $19.2M Add +55.8%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.57% 106,000 $18.9M Add +15.8%
XYL Xylem Inc. 0.56% 155,050 $18.5M Reduce -0.5%
HON Honeywell International Inc. 0.54% 84,940 $17.8M Add +29.2%
IEX Idex Corp. 0.52% 95,400 $17.2M Add +1.1%
MASI Masimo Corp. 0.50% 101,200 $16.5M No change
PAYC Paycom Software Inc. 0.50% 75,500 $16.5M No change
CNM Core & Main Inc. Class A 0.50% 339,700 $16.4M Reduce -4.8%
LKQ LKQ Corp. 0.49% 392,600 $16.3M Reduce -10.8%
EFX Equifax Inc. 0.49% 66,700 $16.0M Add +3.9%
TYL Tyler Technologies Inc. 0.46% 26,200 $15.2M Reduce -16.6%
IQV Iqvia Holdings Inc. 0.46% 85,270 $15.1M Reduce -0.6%
WSO Watsco Inc. 0.46% 30,000 $15.0M Add +5.3%
BMY Bristol-Myers Squibb Co. 0.45% 247,000 $14.8M No change
POOL Pool Corp. 0.45% 47,000 $14.8M No change
BSY Bentley Systems Inc. Class B 0.44% 369,000 $14.6M Add +17.5%
GGG Graco Inc. 0.43% 171,000 $14.2M No change
CHE Chemed Corp. 0.43% 23,500 $14.2M Reduce -16.1%
NOW ServiceNow Inc. 0.43% 17,610 $14.0M Reduce -62.6%
LII Lennox International Inc. 0.41% 24,500 $13.5M Reduce -1.2%
AGI Alamos Gold Inc. Class A 0.40% 500,000 $13.3M No change
CHD Church & Dwight Co. Inc. 0.40% 120,833 $13.2M Reduce -4.6%
TECH Bio-Techne Corp. 0.38% 214,000 $12.5M No change
BDX Becton Dickinson and Co. 0.38% 55,000 $12.5M No change
WST West Pharmaceutical Services 0.38% 56,100 $12.4M Add +9.8%
CDW CDW Corp. 0.37% 75,500 $12.2M Add +2.7%
LFUS Littelfuse Inc. 0.37% 60,300 $12.1M Reduce -13.0%
ZBRA Zebra Technologies Corp. Class A 0.35% 41,500 $11.6M No change
EXPO Exponent Inc. 0.35% 141,300 $11.6M No change
JNJ Johnson & Johnson 0.35% 70,599 $11.5M Reduce -2.1%
SPGI S&P Global Inc. 0.34% 22,400 $11.2M Reduce -1.8%
PODD Insulet Corp. 0.33% 42,700 $11.0M Reduce -18.2%
CLX Clorox Company 0.33% 75,520 $11.0M Reduce -9.6%
MANH Manhattan Associates Inc. 0.33% 62,500 $10.8M Add +81.2%
BURL Burlington Stores Inc. 0.33% 45,500 $10.8M Reduce -8.1%
MTD Mettler-Toledo International 0.32% 8,900 $10.5M No change
COO The Cooper Cos Inc. 0.32% 124,400 $10.4M No change
ORCL Oracle Corp. 0.31% 73,770 $10.4M New
ADSK Autodesk Inc. 0.31% 39,400 $10.3M No change
QLYS Qualys Inc. 0.29% 75,500 $9.6M No change
BF.B Brown-Forman Corp. Class B 0.29% 278,650 $9.6M Reduce -9.0%
FDX FedEx Corp. 0.29% 39,590 $9.6M Reduce -0.8%
ANSS Ansys Inc. 0.27% 28,500 $9.0M Add +2.5%
AME Ametek Inc. 0.27% 52,940 $9.0M New
ULTA Ulta Beauty Inc. 0.27% 25,000 $9.0M Reduce -22.1%
DPZ Domino's Pizza Inc. 0.27% 20,000 $8.9M No change
GMED Globus Medical Inc. Class A 0.27% 123,000 $8.9M Reduce -20.6%
AOS Smith (a.o.) Corp. 0.24% 122,600 $8.0M Add +25.6%
TSCO Tractor Supply Company 0.24% 147,000 $7.8M No change
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.23% 505,000 $7.7M Reduce -19.8%
NEM Newmont Corp. 0.22% 152,500 $7.3M No change
KOF Coca-Cola Femsa Sab-SP ADR 0.21% 73,500 $6.8M Reduce -12.5%
VEEV Veeva Systems Inc. Class A 0.20% 28,100 $6.6M Add +4.5%
UPS United Parcel Service Class B 0.18% 54,280 $5.9M Reduce -31.1%
ETN Eaton Corp. PLC 0.18% 21,540 $5.9M Reduce -59.6%
LOGI Logitech International-Reg 0.16% 63,079 $5.3M No change
HUBB Hubbell Inc. 0.16% 15,900 $5.3M New
FERG Ferguson Enterprises Inc. 0.14% 28,773 $4.6M Add +56.3%
ADP Automatic Data Processing 0.13% 14,800 $4.4M Reduce -9.2%
BABA Alibaba Group Holding-SP ADR 0.13% 33,500 $4.4M New
DCI Donaldson Co. Inc. 0.12% 59,300 $4.0M Add +14.7%
ADI Analog Devices Inc. 0.12% 19,133 $3.8M Reduce -1.0%
LECO Lincoln Electric Holdings 0.11% 19,800 $3.8M Add +26.9%
WMS Advanced Drainage Systems Inc. 0.10% 32,000 $3.5M Add +4.2%
KEYS Keysight Technologies Inc. 0.10% 22,900 $3.4M Add +4.1%
ANET Arista Networks Inc. 0.08% 32,300 $2.5M Reduce -37.9%
GILD Gilead Sciences Inc. 0.07% 21,731 $2.4M Reduce -13.2%
ABBV Abbvie Inc. 0.07% 11,799 $2.4M Reduce -9.2%
AMGN Amgen Inc. 0.07% 7,783 $2.4M Reduce -8.3%
LIN Linde PLC 0.07% 5,200 $2.4M No change
ECL Ecolab Inc. 0.07% 9,100 $2.3M Reduce -34.5%
PBA Pembina Pipeline Corp. 0.06% 52,700 $2.1M Reduce -9.4%
SYK Stryker Corp. 0.06% 5,433 $2.0M Reduce -8.4%
TXN Texas Instruments Inc. 0.05% 10,121 $1.8M Reduce -32.6%
WFC Wells Fargo & Co. 0.05% 25,000 $1.8M New
PG The Procter & Gamble Co. 0.05% 10,431 $1.7M Reduce -13.3%
EBAY eBay Inc. 0.05% 23,896 $1.6M Reduce -9.8%
KO The Coca-Cola Co. 0.04% 20,831 $1.5M Reduce -13.3%
KLAC KLA Corp. 0.04% 2,090 $1.4M Reduce -30.1%
JCI Johnson Controls Internation 0.04% 15,884 $1.3M Reduce -9.2%
XOM Exxon Mobil Corp. 0.04% 9,900 $1.2M New
A Agilent Technologies Inc. 0.03% 9,599 $1.1M Reduce -8.6%
MU Micron Technology Inc. 0.03% 12,665 $1.1M Reduce -9.3%
CVX Chevron Corp. 0.03% 6,600 $1.1M New
EMR Emerson Electric Co. 0.03% 9,599 $1.0M Reduce -8.6%
AMAT Applied Materials Inc. 0.03% 6,845 $991K Reduce -9.3%
JPM JPMorgan Chase & Co. 0.03% 3,800 $921K New
TREX Trex Company Inc. 0.02% 10,100 $578K No change
MRNA Moderna Inc. 0.01% 13,600 $422K Reduce -9.3%
CDNS Cadence Design SYS Inc. 0.01% 1,500 $384K New
TER Teradyne Inc. 0.01% 3,200 $264K No change

Portfolio Sells Q4 2024 → Q1 2025
AVGO Broadcom Inc. Reduce -45.9% 0.73% −0.95
NOW ServiceNow Inc. Reduce -62.6% 0.43% −0.94
NVDA Nvidia Corp. Reduce -27.8% 1.62% −0.90
AAPL Apple Inc. Reduce -17.8% 2.60% −0.68
MSFT Microsoft Corp. Reduce -8.1% 6.34% −0.60
PM Philip Morris International Sold out 0.00% −0.48
LOW Lowe's Cos Inc. Reduce -26.1% 1.52% −0.47
MA Mastercard Inc. Class A Reduce -23.3% 3.15% −0.43
AMZN Amazon.com Inc. Reduce -10.6% 2.78% −0.42
AZPN Aspen Technology Inc. Sold out 0.00% −0.40
EL Estee Lauder Companies Class A Sold out 0.00% −0.37
ACN Accenture PLC Class A Reduce -24.6% 0.81% −0.31
ETN Eaton Corp. PLC Reduce -59.6% 0.18% −0.30
CAT Caterpillar Inc. Reduce -17.4% 0.99% −0.20
STZ Constellation Brands Inc. Class A Reduce -2.1% 1.15% −0.11
ULTA Ulta Beauty Inc. Reduce -22.1% 0.27% −0.11
PAYX Paychex Inc. Reduce -29.6% 0.59% −0.11
MSCI MSCI Inc. Reduce -14.2% 0.75% −0.09
MKC McCormick & Co.-Non VTG SHRS Sold out 0.00% −0.09
UPS United Parcel Service Class B Reduce -31.1% 0.18% −0.09
ANET Arista Networks Inc. Reduce -37.9% 0.08% −0.08
GMED Globus Medical Inc. Class A Reduce -20.6% 0.27% −0.08
LFUS Littelfuse Inc. Reduce -13.0% 0.37% −0.07
PEP Pepsico Inc. Reduce -11.8% 1.94% −0.06
BURL Burlington Stores Inc. Reduce -8.1% 0.33% −0.06
NKE Nike Inc. Class B Reduce -1.8% 1.19% −0.05
PODD Insulet Corp. Reduce -18.2% 0.33% −0.04
CLX Clorox Company Reduce -9.6% 0.33% −0.03
BF.B Brown-Forman Corp. Class B Reduce -9.0% 0.29% −0.02
TXN Texas Instruments Inc. Reduce -32.6% 0.05% −0.02
ECL Ecolab Inc. Reduce -34.5% 0.07% −0.02
QGEN Qiagen NV Sold out 0.00% −0.02
FDX FedEx Corp. Reduce -0.8% 0.29% −0.01
KLAC KLA Corp. Reduce -30.1% 0.04% −0.01
DHR Danaher Corp. Reduce -0.6% 0.87% −0.01
A Agilent Technologies Inc. Reduce -8.6% 0.03% −0.00
EMR Emerson Electric Co. Reduce -8.6% 0.03% −0.00
LII Lennox International Inc. Reduce -1.2% 0.41% −0.00
AMAT Applied Materials Inc. Reduce -9.3% 0.03% −0.00
MRNA Moderna Inc. Reduce -9.3% 0.01% −0.00
IQV Iqvia Holdings Inc. Reduce -0.6% 0.46% −0.00
PG The Procter & Gamble Co. Reduce -13.3% 0.05% −0.00
CMI Cummins Inc. Reduce -0.5% 0.88% −0.00
JCI Johnson Controls Internation Reduce -9.2% 0.04% +0.00
MU Micron Technology Inc. Reduce -9.3% 0.03% +0.00
SYK Stryker Corp. Reduce -8.4% 0.06% +0.00
KO The Coca-Cola Co. Reduce -13.3% 0.04% +0.00
EBAY eBay Inc. Reduce -9.8% 0.05% +0.00
ADP Automatic Data Processing Reduce -9.2% 0.13% +0.01
ADI Analog Devices Inc. Reduce -1.0% 0.12% +0.01

Portfolio Buys Q4 2024 → Q1 2025
CNI Canadian Natl Railway Co. Add +29.3% 2.66% +0.75
CHKP Check Point Software Tech Add +36.9% 1.04% +0.48
ROP Roper Technologies Inc. Add +3.3% 1.98% +0.46
ORCL Oracle Corp. New 0.31% +0.31
AME Ametek Inc. New 0.27% +0.27
RMD Resmed Inc. Add +4.7% 2.27% +0.24
NDSN Nordson Corp. Add +55.8% 0.58% +0.23
CL Colgate-Palmolive Co. Add +2.1% 1.55% +0.22
ZTS Zoetis Inc. Add +4.1% 1.43% +0.20
IDXX Idexx Laboratories Inc. Add +0.8% 1.50% +0.18
HON Honeywell International Inc. Add +29.2% 0.54% +0.16
HUBB Hubbell Inc. New 0.16% +0.16
JKHY Jack Henry & Associates Inc. Add +15.8% 0.57% +0.14
BABA Alibaba Group Holding-SP ADR New 0.13% +0.13
WSO Watsco Inc. Add +5.3% 0.46% +0.09
MANH Manhattan Associates Inc. Add +81.2% 0.33% +0.07
AOS Smith (a.o.) Corp. Add +25.6% 0.24% +0.06
WFC Wells Fargo & Co. New 0.05% +0.05
FERG Ferguson Enterprises Inc. Add +56.3% 0.14% +0.05
VEEV Veeva Systems Inc. Class A Add +4.5% 0.20% +0.04
EFX Equifax Inc. Add +3.9% 0.49% +0.04
BSY Bentley Systems Inc. Class B Add +17.5% 0.44% +0.04
XOM Exxon Mobil Corp. New 0.04% +0.04
LECO Lincoln Electric Holdings Add +26.9% 0.11% +0.03
CVX Chevron Corp. New 0.03% +0.03
ADBE Adobe Inc. Add +5.3% 1.83% +0.03
JPM JPMorgan Chase & Co. New 0.03% +0.03
DCI Donaldson Co. Inc. Add +14.7% 0.12% +0.03
CDW CDW Corp. Add +2.7% 0.37% +0.02
ANSS Ansys Inc. Add +2.5% 0.27% +0.02
CDNS Cadence Design SYS Inc. New 0.01% +0.01
WMS Advanced Drainage Systems Inc. Add +4.2% 0.10% +0.01
KEYS Keysight Technologies Inc. Add +4.1% 0.10% +0.01
IEX Idex Corp. Add +1.1% 0.52% −0.01
TSM Taiwan Semiconductor-SP ADR Add +2.9% 1.32% −0.07
WST West Pharmaceutical Services Add +9.8% 0.38% −0.08
GOOGL Alphabet Inc. Class A Add +1.9% 3.13% −0.28

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 195$2.8BMSFT, GOOGL, TSM, V, AAPL
Q1 2026 175$3.3BMSFT, GOOGL, NVDA, AMZN, AAPL
Q4 2025 178$3.4BMSFT, GOOGL, NVDA, AMZN, AAPL
Q3 2025 170$3.4BMSFT, GOOGL, NVDA, V, UNP
Q2 2025 175$3.5BMSFT, V, GOOGL, MA, CNI
Q1 2025 138$3.3BMSFT, V, MA, GOOGL, AMZN
Q4 2024 134$3.7BMSFT, MA, V, GOOGL, AAPL