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

0$1.0B$2.0B$3.0B$4.0B Q4 2024: $3.7B Q4 2024 Q1 2025: $3.3B Q1 2025 Q2 2025: $3.5B $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 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%
NEM Newmont Corp. 0.25% 152,500 $8.7M No change
DPZ Domino's Pizza Inc. 0.24% 18,500 $8.3M Reduce -7.5%
GMED Globus Medical Inc. Class A 0.23% 138,800 $8.1M Add +12.8%
VEEV Veeva Systems Inc. Class A 0.23% 28,100 $8.0M No change
COO The Cooper Cos Inc. 0.23% 110,900 $7.9M Reduce -10.8%
GOOG Alphabet Inc. Class C 0.22% 43,900 $7.8M New
CLX Clorox Company 0.22% 65,020 $7.7M Reduce -13.9%
KO The Coca-Cola Co. 0.22% 107,331 $7.5M Add +415.3%
TSCO Tractor Supply Company 0.21% 139,600 $7.2M Reduce -5.0%
TXN Texas Instruments Inc. 0.21% 34,721 $7.2M Add +243.1%
LOGI Logitech International-Reg 0.19% 75,525 $6.8M Add +19.7%
CMG Chipotle Mexican Grill Inc. 0.19% 121,000 $6.7M New
LKQ LKQ Corp. 0.19% 178,700 $6.6M Reduce -54.5%
AOS Smith (a.o.) Corp. 0.19% 100,300 $6.6M Reduce -18.2%
SRE Sempra 0.19% 86,100 $6.5M New
KOF Coca-Cola Femsa Sab-SP ADR 0.19% 68,500 $6.5M Reduce -6.8%
FDX FedEx Corp. 0.18% 28,190 $6.5M Reduce -28.8%
MRK Merck & Co. Inc. 0.18% 78,300 $6.2M New
RACE Ferrari NV 0.16% 11,800 $5.8M New
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.16% 435,000 $5.6M Reduce -13.9%
ETN Eaton Corp. PLC 0.16% 15,440 $5.5M Reduce -28.3%
QCOM Qualcomm Inc. 0.15% 33,800 $5.4M New
PSA Public Storage 0.15% 18,200 $5.3M New
SPG Simon Property Group Inc. 0.14% 30,800 $4.9M New
EW Edwards Lifesciences Corp. 0.14% 61,500 $4.8M New
BLK BlackRock Inc. 0.13% 4,400 $4.6M New
AAON Aaon Inc. 0.13% 62,100 $4.6M New
ITW Illinois Tool Works 0.13% 18,400 $4.6M New
LECO Lincoln Electric Holdings 0.13% 21,500 $4.5M Add +8.6%
PEG Public Service Enterprise GP 0.13% 53,300 $4.5M New
LRCX Lam Research Corp. 0.12% 43,700 $4.2M New
WMS Advanced Drainage Systems Inc. 0.12% 35,800 $4.2M Add +11.9%
DCI Donaldson Co. Inc. 0.12% 59,300 $4.1M No change
MMM 3M Co. 0.12% 27,000 $4.1M New
CDNS Cadence Design SYS Inc. 0.11% 13,100 $4.0M Add +773.3%
UPS United Parcel Service Class B 0.11% 38,880 $3.9M Reduce -28.4%
LULU Lululemon Athletica Inc. 0.11% 16,300 $3.8M New
CTAS Cintas Corp. 0.11% 16,700 $3.7M New
TT Trane Technologies PLC 0.11% 8,500 $3.7M New
DECK Deckers Outdoor Corp. 0.10% 34,400 $3.6M New
MRSH Marsh & McLennan Cos 0.10% 16,400 $3.6M New
DHI D.R. Horton Inc. 0.10% 27,100 $3.5M New
BF.B Brown-Forman Corp. Class B 0.10% 126,850 $3.4M Reduce -54.5%
CME Cme Group Inc. 0.10% 12,200 $3.4M New
SHW The Sherwin-Williams Co. 0.09% 9,100 $3.1M New
APH Amphenol Corp. Class A 0.09% 32,200 $3.1M New
GRMN Garmin Ltd. 0.09% 14,800 $3.1M New
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.08% 2,800 $2.9M New
VRTX Vertex Pharmaceuticals Inc. 0.08% 6,500 $2.9M New
NVR NVR Inc. 0.08% 360 $2.7M New
WSM Williams-Sonoma Inc. 0.07% 14,900 $2.4M New
APP AppLovin Corp. Class A 0.07% 7,000 $2.3M New
PHM Pultegroup Inc. 0.07% 21,800 $2.3M New
ELV Elevance Health Inc. 0.07% 6,000 $2.3M New
AMP Ameriprise Financial Inc. 0.07% 4,300 $2.3M New
GILD Gilead Sciences Inc. 0.06% 20,031 $2.2M Reduce -7.8%
AMGN Amgen Inc. 0.06% 7,783 $2.2M No change
WFC Wells Fargo & Co. 0.06% 25,000 $2.0M No change
PBA Pembina Pipeline Corp. 0.06% 52,700 $2.0M No change
SYK Stryker Corp. 0.05% 4,833 $1.9M Reduce -11.0%
ADI Analog Devices Inc. 0.05% 7,833 $1.9M Reduce -59.1%
ABBV Abbvie Inc. 0.05% 9,999 $1.8M Reduce -15.3%
EBAY eBay Inc. 0.05% 23,896 $1.8M No change
JCI Johnson Controls Internation 0.05% 15,884 $1.7M No change
AMRZ Amrize Ltd. 0.04% 28,100 $1.4M New
EMR Emerson Electric Co. 0.04% 9,599 $1.3M No change
KEYS Keysight Technologies Inc. 0.04% 7,600 $1.2M Reduce -66.8%
A Agilent Technologies Inc. 0.03% 9,599 $1.1M No change
ECL Ecolab Inc. 0.03% 4,100 $1.1M Reduce -55.0%
JPM JPMorgan Chase & Co. 0.03% 3,800 $1.1M No change
XOM Exxon Mobil Corp. 0.03% 9,900 $1.1M No change
CVX Chevron Corp. 0.03% 6,600 $949K No change
TREX Trex Company Inc. 0.02% 9,800 $538K Reduce -3.0%
MRNA Moderna Inc. 0.01% 13,600 $369K No change
TER Teradyne Inc. 0.01% 3,200 $289K No change

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

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