BLI - Banque de Luxembourg Investments
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), BLI - Banque de Luxembourg Investments reported 175 stock positions worth $3.5 billion. Its top holding was Microsoft (MSFT) at 7.2% of the portfolio, followed by Visa Class A (V, 3.5%) and Alphabet Class A (GOOGL, 3.4%). Compared with Q1 2025, it opened 41 new positions, sold out of 4, added to 36 and reduced 74. The biggest buy was Accenture Class A (ACN, shares +83%) and the biggest sale Verisk Analytics (VRSK, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- LUXEMBOURG CITY, N4
- CIK
- 0002052594
- Portfolio Value
- $3.5B (Q2 2025)
- SEC Filing
- 0002052594-25-000006 ↗ filed Aug 13, 2025
Holdings Value
Holdings 175 stocks · $3.5B
| MSFT Microsoft Corp. | 7.21% | 507,819 | $251.8M | Reduce -8.1% |
| V Visa Inc. Class A | 3.48% | 348,950 | $121.6M | Add +1.6% |
| GOOGL Alphabet Inc. Class A | 3.39% | 663,530 | $118.4M | Reduce -0.9% |
| MA Mastercard Inc. Class A | 3.13% | 198,350 | $109.1M | Add +3.1% |
| CNI Canadian Natl Railway Co. | 2.70% | 907,795 | $94.2M | Add +1.3% |
| UNP Union Pacific Corp. | 2.68% | 404,080 | $93.5M | Add +5.5% |
| AMZN Amazon.com Inc. | 2.33% | 364,870 | $81.5M | Reduce -23.5% |
| RMD Resmed Inc. | 2.12% | 289,887 | $73.9M | Reduce -15.1% |
| AAPL Apple Inc. | 2.08% | 360,852 | $72.5M | Reduce -8.5% |
| NVDA Nvidia Corp. | 1.96% | 433,770 | $68.4M | Reduce -11.3% |
| PEP Pepsico Inc. | 1.94% | 517,943 | $67.9M | Add +20.6% |
| TSM Taiwan Semiconductor-SP ADR | 1.71% | 261,600 | $59.8M | Reduce -0.8% |
| ADBE Adobe Inc. | 1.70% | 153,970 | $59.4M | Reduce -2.0% |
| FNV Franco-Nevada Corp. | 1.63% | 347,395 | $57.0M | No change |
| KMB Kimberly-Clark Corp. | 1.55% | 423,700 | $54.2M | No change |
| IDXX Idexx Laboratories Inc. | 1.50% | 98,900 | $52.5M | Reduce -17.2% |
| CL Colgate-Palmolive Co. | 1.50% | 591,700 | $52.5M | Add +7.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.47% | 415,990 | $51.3M | Reduce -19.6% |
| ROL Rollins Inc. | 1.45% | 898,850 | $50.5M | Reduce -7.5% |
| ROP Roper Technologies Inc. | 1.40% | 86,528 | $48.7M | Reduce -22.9% |
| ACN Accenture PLC Class A | 1.37% | 162,079 | $47.9M | Add +83.4% |
| ABT Abbott Laboratories | 1.36% | 352,911 | $47.4M | Reduce -24.8% |
| ZTS Zoetis Inc. | 1.24% | 278,000 | $43.4M | Reduce -3.8% |
| VRSK Verisk Analytics Inc. | 1.22% | 137,470 | $42.4M | Reduce -37.0% |
| MDLZ Mondelez International Inc. Class A | 1.21% | 621,800 | $42.1M | Reduce -10.9% |
| WPM Wheaton Precious Metals Corp. | 1.11% | 435,000 | $38.9M | No change |
| CHKP Check Point Software Tech | 1.05% | 169,400 | $36.7M | Add +12.2% |
| ENB Enbridge Inc. | 1.05% | 812,395 | $36.6M | No change |
| WAT Waters Corp. | 1.03% | 102,500 | $36.1M | Reduce -19.4% |
| AEM Agnico Eagle Mines Ltd. | 1.02% | 300,000 | $35.5M | No change |
| CAT Caterpillar Inc. | 0.99% | 90,260 | $34.7M | Reduce -9.2% |
| UNH Unitedhealth Group Inc. | 0.95% | 107,530 | $33.2M | Add +1.0% |
| RGLD Royal Gold Inc. | 0.93% | 185,000 | $32.5M | No change |
| BKNG Booking Holdings Inc. | 0.86% | 5,280 | $30.1M | Reduce -28.4% |
| TMO Thermo Fisher Scientific Inc. | 0.82% | 69,880 | $28.5M | Reduce -9.2% |
| LOW Lowe's Cos Inc. | 0.81% | 127,060 | $28.4M | Reduce -42.1% |
| MCO Moody's Corp. | 0.74% | 53,080 | $25.9M | Add +6.4% |
| ALC Alcon Inc. filed as ALCON AG | 0.71% | 282,024 | $24.8M | Reduce -25.1% |
| XYL Xylem Inc. | 0.70% | 189,500 | $24.3M | Add +22.2% |
| STZ Constellation Brands Inc. Class A | 0.69% | 149,560 | $24.1M | Reduce -27.7% |
| NKE Nike Inc. Class B | 0.66% | 319,620 | $23.0M | Reduce -48.5% |
| PAYX Paychex Inc. | 0.62% | 150,600 | $21.7M | Add +16.9% |
| CMI Cummins Inc. | 0.62% | 66,440 | $21.6M | Reduce -28.1% |
| SITE Siteone Landscape Supply Inc. | 0.60% | 173,100 | $20.9M | Reduce -0.2% |
| EFX Equifax Inc. | 0.59% | 79,800 | $20.4M | Add +19.6% |
| DHR Danaher Corp. | 0.58% | 102,650 | $20.4M | Reduce -26.7% |
| JNJ Johnson & Johnson | 0.57% | 131,399 | $20.0M | Add +86.1% |
| AVGO Broadcom Inc. | 0.57% | 73,890 | $19.9M | Reduce -48.1% |
| NDSN Nordson Corp. | 0.55% | 89,800 | $19.3M | Reduce -6.3% |
| META Meta Platforms Inc. Class A | 0.54% | 25,800 | $18.9M | New |
| CNM Core & Main Inc. Class A | 0.54% | 312,300 | $18.8M | Reduce -8.1% |
| LLY Eli Lilly & Co. | 0.53% | 24,000 | $18.6M | New |
| BSY Bentley Systems Inc. Class B | 0.53% | 349,100 | $18.4M | Reduce -5.4% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.51% | 100,200 | $17.9M | Reduce -5.5% |
| AMAT Applied Materials Inc. | 0.50% | 95,645 | $17.5M | Add +1297.3% |
| MSCI MSCI Inc. | 0.49% | 29,900 | $17.2M | Reduce -32.4% |
| NOW ServiceNow Inc. | 0.49% | 16,740 | $17.1M | Reduce -4.9% |
| IEX Idex Corp. | 0.47% | 93,000 | $16.4M | Reduce -2.5% |
| AGI Alamos Gold Inc. Class A | 0.45% | 600,000 | $15.8M | Add +20.0% |
| PAYC Paycom Software Inc. | 0.45% | 69,100 | $15.7M | Reduce -8.5% |
| ADSK Autodesk Inc. | 0.44% | 49,800 | $15.2M | Add +26.4% |
| MANH Manhattan Associates Inc. | 0.42% | 74,300 | $14.7M | Add +18.9% |
| TYL Tyler Technologies Inc. | 0.42% | 25,100 | $14.6M | Reduce -4.2% |
| MASI Masimo Corp. | 0.42% | 86,700 | $14.6M | Reduce -14.3% |
| ORCL Oracle Corp. | 0.41% | 68,680 | $14.4M | Reduce -6.9% |
| CHE Chemed Corp. | 0.41% | 25,700 | $14.4M | Add +9.4% |
| ADP Automatic Data Processing | 0.41% | 46,600 | $14.1M | Add +214.9% |
| TPL Texas Pacific Land Corp. | 0.40% | 13,300 | $14.0M | New |
| HON Honeywell International Inc. | 0.40% | 60,550 | $13.9M | Reduce -28.7% |
| AME Ametek Inc. | 0.39% | 76,300 | $13.8M | Add +44.1% |
| VRSN Verisign Inc. | 0.39% | 47,400 | $13.6M | New |
| KLAC KLA Corp. | 0.39% | 15,290 | $13.6M | Add +631.6% |
| POOL Pool Corp. | 0.37% | 44,300 | $13.0M | Reduce -5.7% |
| CDW CDW Corp. | 0.36% | 71,500 | $12.7M | Reduce -5.3% |
| LII Lennox International Inc. | 0.35% | 21,800 | $12.4M | Reduce -11.0% |
| GGG Graco Inc. | 0.35% | 143,100 | $12.3M | Reduce -16.3% |
| WSO Watsco Inc. | 0.35% | 28,200 | $12.3M | Reduce -6.0% |
| NFLX Netflix Inc. | 0.35% | 9,200 | $12.2M | New |
| ZBRA Zebra Technologies Corp. Class A | 0.34% | 38,900 | $12.0M | Reduce -6.3% |
| SNPS Synopsys Inc. | 0.34% | 23,800 | $12.0M | New |
| EXPO Exponent Inc. | 0.34% | 160,500 | $11.9M | Add +13.6% |
| SPGI S&P Global Inc. | 0.33% | 22,400 | $11.6M | No change |
| ANSS Ansys Inc. | 0.33% | 33,400 | $11.6M | Add +17.2% |
| WST West Pharmaceutical Services | 0.33% | 52,900 | $11.6M | Reduce -5.7% |
| ANET Arista Networks Inc. | 0.33% | 115,600 | $11.5M | Add +257.9% |
| BMY Bristol-Myers Squibb Co. | 0.33% | 247,000 | $11.4M | No change |
| CHD Church & Dwight Co. Inc. | 0.33% | 119,800 | $11.4M | Reduce -0.8% |
| TECH Bio-Techne Corp. | 0.32% | 216,000 | $11.2M | Add +0.9% |
| ULTA Ulta Beauty Inc. | 0.31% | 23,500 | $10.8M | Reduce -6.0% |
| BURL Burlington Stores Inc. | 0.30% | 46,100 | $10.6M | Add +1.3% |
| YUMC Yum China Holdings Inc. | 0.30% | 236,000 | $10.6M | Reduce -37.2% |
| COST Costco Wholesale Corp. | 0.29% | 10,200 | $10.0M | New |
| IQV Iqvia Holdings Inc. | 0.28% | 61,730 | $9.7M | Reduce -27.6% |
| LIN Linde PLC | 0.27% | 20,600 | $9.5M | Add +296.1% |
| MTD Mettler-Toledo International | 0.27% | 8,000 | $9.5M | Reduce -10.1% |
| BDX Becton Dickinson and Co. | 0.27% | 55,000 | $9.4M | No change |
| QLYS Qualys Inc. | 0.27% | 65,700 | $9.3M | Reduce -13.0% |
| PG The Procter & Gamble Co. | 0.26% | 57,131 | $9.1M | Add +447.7% |
| LFUS Littelfuse Inc. | 0.26% | 40,200 | $9.1M | Reduce -33.3% |
| PODD Insulet Corp. | 0.26% | 28,600 | $9.0M | Reduce -33.0% |
Portfolio Sells Q1 2025 → Q2 2025
| VRSK Verisk Analytics Inc. | Reduce -37.0% | 1.22% | −0.73 |
| LOW Lowe's Cos Inc. | Reduce -42.1% | 0.81% | −0.71 |
| ROP Roper Technologies Inc. | Reduce -22.9% | 1.40% | −0.58 |
| NKE Nike Inc. Class B | Reduce -48.5% | 0.66% | −0.53 |
| AAPL Apple Inc. | Reduce -8.5% | 2.08% | −0.52 |
| ABT Abbott Laboratories | Reduce -24.8% | 1.36% | −0.50 |
| STZ Constellation Brands Inc. Class A | Reduce -27.7% | 0.69% | −0.46 |
| AMZN Amazon.com Inc. | Reduce -23.5% | 2.33% | −0.45 |
| TJX TJX Companies Inc. | Reduce -19.6% | 1.47% | −0.38 |
| ALC Alcon Inc. | Reduce -25.1% | 0.71% | −0.37 |
| WAT Waters Corp. | Reduce -19.4% | 1.03% | −0.36 |
| TMO Thermo Fisher Scientific Inc. | Reduce -9.2% | 0.82% | −0.35 |
| LKQ LKQ Corp. | Reduce -54.5% | 0.19% | −0.30 |
| DHR Danaher Corp. | Reduce -26.7% | 0.58% | −0.29 |
| YUMC Yum China Holdings Inc. | Reduce -37.2% | 0.30% | −0.28 |
| CMI Cummins Inc. | Reduce -28.1% | 0.62% | −0.26 |
| MSCI MSCI Inc. | Reduce -32.4% | 0.49% | −0.25 |
| MDLZ Mondelez International Inc. Class A | Reduce -10.9% | 1.21% | −0.22 |
| BF.B Brown-Forman Corp. Class B | Reduce -54.5% | 0.10% | −0.19 |
| ZTS Zoetis Inc. | Reduce -3.8% | 1.24% | −0.18 |
| IQV Iqvia Holdings Inc. | Reduce -27.6% | 0.28% | −0.18 |
| BKNG Booking Holdings Inc. | Reduce -28.4% | 0.86% | −0.17 |
| HUBB Hubbell Inc. | Sold out | 0.00% | −0.16 |
| AVGO Broadcom Inc. | Reduce -48.1% | 0.57% | −0.16 |
| RMD Resmed Inc. | Reduce -15.1% | 2.12% | −0.15 |
| HON Honeywell International Inc. | Reduce -28.7% | 0.40% | −0.14 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.14 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.13 |
| ADBE Adobe Inc. | Reduce -2.0% | 1.70% | −0.13 |
| ROL Rollins Inc. | Reduce -7.5% | 1.45% | −0.11 |
| CLX Clorox Company | Reduce -13.9% | 0.22% | −0.11 |
| LFUS Littelfuse Inc. | Reduce -33.3% | 0.26% | −0.11 |
| FDX FedEx Corp. | Reduce -28.8% | 0.18% | −0.10 |
| WSO Watsco Inc. | Reduce -6.0% | 0.35% | −0.10 |
| COO The Cooper Cos Inc. | Reduce -10.8% | 0.23% | −0.09 |
| MASI Masimo Corp. | Reduce -14.3% | 0.42% | −0.08 |
| GGG Graco Inc. | Reduce -16.3% | 0.35% | −0.08 |
| PODD Insulet Corp. | Reduce -33.0% | 0.26% | −0.08 |
| POOL Pool Corp. | Reduce -5.7% | 0.37% | −0.08 |
| CHD Church & Dwight Co. Inc. | Reduce -0.8% | 0.33% | −0.07 |
| CCU Cia Cervecerias Uni-Spon ADR | Reduce -13.9% | 0.16% | −0.07 |
| KEYS Keysight Technologies Inc. | Reduce -66.8% | 0.04% | −0.07 |
| UPS United Parcel Service Class B | Reduce -28.4% | 0.11% | −0.07 |
| ADI Analog Devices Inc. | Reduce -59.1% | 0.05% | −0.06 |
| JKHY Jack Henry & Associates Inc. | Reduce -5.5% | 0.51% | −0.06 |
| LII Lennox International Inc. | Reduce -11.0% | 0.35% | −0.06 |
| AOS Smith (a.o.) Corp. | Reduce -18.2% | 0.19% | −0.06 |
| IEX Idex Corp. | Reduce -2.5% | 0.47% | −0.05 |
| PAYC Paycom Software Inc. | Reduce -8.5% | 0.45% | −0.05 |
| MTD Mettler-Toledo International | Reduce -10.1% | 0.27% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| ACN Accenture PLC Class A | Add +83.4% | 1.37% | +0.56 |
| META Meta Platforms Inc. Class A | New | 0.54% | +0.54 |
| LLY Eli Lilly & Co. | New | 0.53% | +0.53 |
| AMAT Applied Materials Inc. | Add +1297.3% | 0.50% | +0.47 |
| TPL Texas Pacific Land Corp. | New | 0.40% | +0.40 |
| VRSN Verisign Inc. | New | 0.39% | +0.39 |
| NFLX Netflix Inc. | New | 0.35% | +0.35 |
| KLAC KLA Corp. | Add +631.6% | 0.39% | +0.35 |
| SNPS Synopsys Inc. | New | 0.34% | +0.34 |
| COST Costco Wholesale Corp. | New | 0.29% | +0.29 |
| ADP Automatic Data Processing | Add +214.9% | 0.41% | +0.27 |
| ANET Arista Networks Inc. | Add +257.9% | 0.33% | +0.25 |
| GOOG Alphabet Inc. Class C | New | 0.22% | +0.22 |
| JNJ Johnson & Johnson | Add +86.1% | 0.57% | +0.22 |
| PG The Procter & Gamble Co. | Add +447.7% | 0.26% | +0.21 |
| LIN Linde PLC | Add +296.1% | 0.27% | +0.20 |
| CMG Chipotle Mexican Grill Inc. | New | 0.19% | +0.19 |
| SRE Sempra | New | 0.19% | +0.19 |
| MRK Merck & Co. Inc. | New | 0.18% | +0.18 |
| KO The Coca-Cola Co. | Add +415.3% | 0.22% | +0.17 |
| RACE Ferrari NV | New | 0.16% | +0.16 |
| QCOM Qualcomm Inc. | New | 0.15% | +0.15 |
| TXN Texas Instruments Inc. | Add +243.1% | 0.21% | +0.15 |
| PSA Public Storage | New | 0.15% | +0.15 |
| SPG Simon Property Group Inc. | New | 0.14% | +0.14 |
| EW Edwards Lifesciences Corp. | New | 0.14% | +0.14 |
| XYL Xylem Inc. | Add +22.2% | 0.70% | +0.14 |
| BLK BlackRock Inc. | New | 0.13% | +0.13 |
| AAON Aaon Inc. | New | 0.13% | +0.13 |
| ITW Illinois Tool Works | New | 0.13% | +0.13 |
| PEG Public Service Enterprise GP | New | 0.13% | +0.13 |
| ADSK Autodesk Inc. | Add +26.4% | 0.44% | +0.12 |
| LRCX Lam Research Corp. | New | 0.12% | +0.12 |
| AME Ametek Inc. | Add +44.1% | 0.39% | +0.12 |
| MMM 3M Co. | New | 0.12% | +0.12 |
| LULU Lululemon Athletica Inc. | New | 0.11% | +0.11 |
| CTAS Cintas Corp. | New | 0.11% | +0.11 |
| TT Trane Technologies PLC | New | 0.11% | +0.11 |
| CDNS Cadence Design SYS Inc. | Add +773.3% | 0.11% | +0.10 |
| DECK Deckers Outdoor Corp. | New | 0.10% | +0.10 |
| MRSH Marsh & McLennan Cos | New | 0.10% | +0.10 |
| EFX Equifax Inc. | Add +19.6% | 0.59% | +0.10 |
| DHI D.R. Horton Inc. | New | 0.10% | +0.10 |
| CME Cme Group Inc. | New | 0.10% | +0.10 |
| MANH Manhattan Associates Inc. | Add +18.9% | 0.42% | +0.09 |
| APH Amphenol Corp. Class A | New | 0.09% | +0.09 |
| SHW The Sherwin-Williams Co. | New | 0.09% | +0.09 |
| GRMN Garmin Ltd. | New | 0.09% | +0.09 |
| GWW WW Grainger Inc. | New | 0.08% | +0.08 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.08% | +0.08 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 195 | $2.8B | MSFT, GOOGL, TSM, V, AAPL |
| Q1 2026 | 175 | $3.3B | MSFT, GOOGL, NVDA, AMZN, AAPL |
| Q4 2025 | 178 | $3.4B | MSFT, GOOGL, NVDA, AMZN, AAPL |
| Q3 2025 | 170 | $3.4B | MSFT, GOOGL, NVDA, V, UNP |
| Q2 2025 | 175 | $3.5B | MSFT, V, GOOGL, MA, CNI |
| Q1 2025 | 138 | $3.3B | MSFT, V, MA, GOOGL, AMZN |
| Q4 2024 | 134 | $3.7B | MSFT, MA, V, GOOGL, AAPL |