BLI - Banque de Luxembourg Investments
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), BLI - Banque de Luxembourg Investments reported 170 stock positions worth $3.4 billion. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by Alphabet Class A (GOOGL, 4.2%) and Nvidia (NVDA, 3.7%). Compared with Q2 2025, it opened 11 new positions, sold out of 16, added to 49 and reduced 84. The biggest buy was Nvidia (NVDA, shares +59%) and the biggest sale an exit from Zoetis (ZTS).
- Most Recent 13F
- Q2 2026
- Location
- LUXEMBOURG CITY, N4
- CIK
- 0002052594
- Portfolio Value
- $3.4B (Q3 2025)
- SEC Filing
- 0002052594-25-000007 ↗ filed Nov 10, 2025
Holdings Value
Holdings 170 stocks · $3.4B
| MSFT Microsoft Corp. | 6.75% | 449,609 | $231.6M | Reduce -11.5% |
| GOOGL Alphabet Inc. Class A | 4.21% | 591,890 | $144.6M | Reduce -10.8% |
| NVDA Nvidia Corp. | 3.66% | 689,620 | $125.5M | Add +59.0% |
| V Visa Inc. Class A | 2.79% | 281,340 | $95.8M | Reduce -19.4% |
| UNP Union Pacific Corp. | 2.75% | 399,270 | $94.4M | Reduce -1.2% |
| AAPL Apple Inc. | 2.74% | 369,572 | $94.1M | Add +2.4% |
| MA Mastercard Inc. Class A | 2.59% | 156,360 | $88.9M | Reduce -21.2% |
| CNI Canadian Natl Railway Co. | 2.48% | 902,895 | $85.2M | Reduce -0.5% |
| AMZN Amazon.com Inc. | 2.47% | 381,650 | $84.8M | Add +4.6% |
| RMD Resmed Inc. | 1.98% | 250,287 | $67.9M | Reduce -13.7% |
| TSM Taiwan Semiconductor-SP ADR | 1.97% | 246,400 | $67.4M | Reduce -5.8% |
| CL Colgate-Palmolive Co. | 1.87% | 797,446 | $64.2M | Add +34.8% |
| FNV Franco-Nevada Corp. | 1.82% | 280,695 | $62.6M | Reduce -19.2% |
| META Meta Platforms Inc. Class A | 1.81% | 83,540 | $62.1M | Add +223.8% |
| ADBE Adobe Inc. | 1.80% | 171,480 | $61.7M | Add +11.4% |
| ACN Accenture PLC Class A | 1.53% | 212,461 | $52.5M | Add +31.1% |
| KMB Kimberly-Clark Corp. | 1.52% | 425,200 | $52.2M | Add +0.3% |
| PEP Pepsico Inc. | 1.50% | 367,413 | $51.5M | Reduce -29.1% |
| AEM Agnico Eagle Mines Ltd. | 1.49% | 303,000 | $51.1M | Add +1.0% |
| IDXX Idexx Laboratories Inc. | 1.28% | 69,823 | $44.1M | Reduce -29.4% |
| WAT Waters Corp. | 1.26% | 149,400 | $43.3M | Add +45.8% |
| WPM Wheaton Precious Metals Corp. | 1.26% | 385,000 | $43.1M | Reduce -11.5% |
| VRSK Verisk Analytics Inc. | 1.21% | 166,810 | $41.5M | Add +21.3% |
| ROL Rollins Inc. | 1.12% | 654,049 | $38.3M | Reduce -27.2% |
| MDLZ Mondelez International Inc. Class A | 1.11% | 608,194 | $38.1M | Reduce -2.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.05% | 250,560 | $36.0M | Reduce -39.8% |
| TMO Thermo Fisher Scientific Inc. | 1.01% | 75,080 | $34.7M | Add +7.4% |
| ENB Enbridge Inc. | 0.95% | 647,995 | $32.7M | Reduce -20.2% |
| NKE Nike Inc. Class B | 0.91% | 449,520 | $31.3M | Add +40.6% |
| CHKP Check Point Software Tech | 0.90% | 149,700 | $30.8M | Reduce -11.6% |
| AVGO Broadcom Inc. | 0.87% | 91,410 | $30.0M | Add +23.7% |
| SITE Siteone Landscape Supply Inc. | 0.82% | 220,500 | $28.2M | Add +27.4% |
| ANET Arista Networks Inc. | 0.82% | 195,060 | $28.0M | Add +68.7% |
| ROP Roper Technologies Inc. | 0.81% | 55,710 | $27.9M | Reduce -35.6% |
| SPGI S&P Global Inc. | 0.74% | 51,820 | $25.5M | Add +131.3% |
| MCO Moody's Corp. | 0.74% | 52,620 | $25.3M | Reduce -0.9% |
| IEX Idex Corp. | 0.73% | 154,800 | $25.1M | Add +66.5% |
| CAT Caterpillar Inc. | 0.72% | 52,360 | $24.7M | Reduce -42.0% |
| ADSK Autodesk Inc. | 0.71% | 75,880 | $24.4M | Add +52.4% |
| ABT Abbott Laboratories | 0.71% | 182,381 | $24.3M | Reduce -48.3% |
| RGLD Royal Gold Inc. | 0.70% | 120,000 | $23.8M | Reduce -35.1% |
| PG The Procter & Gamble Co. | 0.67% | 149,841 | $23.0M | Add +162.3% |
| JNJ Johnson & Johnson | 0.66% | 125,099 | $22.7M | Reduce -4.8% |
| CLX Clorox Company | 0.64% | 179,720 | $22.1M | Add +176.4% |
| EFX Equifax Inc. | 0.63% | 84,900 | $21.7M | Add +6.4% |
| SNPS Synopsys Inc. | 0.58% | 40,965 | $19.8M | Add +72.1% |
| KLAC KLA Corp. | 0.57% | 18,320 | $19.5M | Add +19.8% |
| AMAT Applied Materials Inc. | 0.57% | 94,915 | $19.5M | Reduce -0.8% |
| UNH Unitedhealth Group Inc. | 0.57% | 56,220 | $19.4M | Reduce -47.7% |
| DHR Danaher Corp. | 0.55% | 102,030 | $19.0M | Reduce -0.6% |
| PAYX Paychex Inc. | 0.55% | 146,600 | $18.9M | Reduce -2.7% |
| AGI Alamos Gold Inc. Class A | 0.54% | 531,000 | $18.5M | Reduce -11.5% |
| LLY Eli Lilly & Co. | 0.53% | 25,200 | $18.3M | Add +5.0% |
| NDSN Nordson Corp. | 0.53% | 79,800 | $18.2M | Reduce -11.1% |
| NOW ServiceNow Inc. | 0.53% | 19,185 | $18.1M | Add +14.6% |
| VEEV Veeva Systems Inc. Class A | 0.52% | 61,290 | $18.0M | Add +118.1% |
| ORCL Oracle Corp. | 0.52% | 62,670 | $17.7M | Reduce -8.8% |
| MSCI MSCI Inc. | 0.48% | 28,700 | $16.3M | Reduce -4.0% |
| CHE Chemed Corp. | 0.47% | 35,500 | $16.1M | Add +38.1% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.46% | 105,400 | $15.9M | Add +5.2% |
| TYL Tyler Technologies Inc. | 0.44% | 28,800 | $15.3M | Add +14.7% |
| CNM Core & Main Inc. Class A | 0.44% | 279,700 | $15.0M | Reduce -10.4% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.42% | 1,350,000 | $14.6M | New |
| MANH Manhattan Associates Inc. | 0.42% | 69,100 | $14.4M | Reduce -7.0% |
| AME Ametek Inc. | 0.41% | 76,020 | $14.2M | Reduce -0.4% |
| POOL Pool Corp. | 0.40% | 44,300 | $13.8M | No change |
| WST West Pharmaceutical Services | 0.40% | 52,900 | $13.8M | No change |
| BSY Bentley Systems Inc. Class B | 0.40% | 263,000 | $13.7M | Reduce -24.7% |
| AAON Aaon Inc. | 0.40% | 149,200 | $13.7M | Add +140.3% |
| NEM Newmont Corp. | 0.38% | 154,500 | $13.1M | Add +1.3% |
| BKNG Booking Holdings Inc. | 0.38% | 2,365 | $12.9M | Reduce -55.2% |
| HON Honeywell International Inc. | 0.37% | 60,990 | $12.8M | Add +0.7% |
| LOW Lowe's Cos Inc. | 0.37% | 49,620 | $12.6M | Reduce -61.0% |
| TECH Bio-Techne Corp. | 0.36% | 235,600 | $12.3M | Add +9.1% |
| PAYC Paycom Software Inc. | 0.36% | 56,300 | $12.3M | Reduce -18.5% |
| TPL Texas Pacific Land Corp. | 0.36% | 13,300 | $12.3M | No change |
| WSO Watsco Inc. | 0.36% | 30,500 | $12.2M | Add +8.2% |
| GGG Graco Inc. | 0.35% | 143,100 | $12.1M | No change |
| NFLX Netflix Inc. | 0.35% | 10,000 | $12.1M | Add +8.7% |
| ADP Automatic Data Processing | 0.35% | 40,700 | $11.9M | Reduce -12.7% |
| BURL Burlington Stores Inc. | 0.35% | 46,100 | $11.9M | No change |
| CDW CDW Corp. | 0.34% | 71,500 | $11.6M | No change |
| CHD Church & Dwight Co. Inc. | 0.34% | 134,300 | $11.6M | Add +12.1% |
| CMI Cummins Inc. | 0.34% | 27,570 | $11.6M | Reduce -58.5% |
| HD Home Depot Inc. | 0.33% | 27,980 | $11.4M | New |
| GMED Globus Medical Inc. Class A | 0.33% | 200,400 | $11.3M | Add +44.4% |
| EXPO Exponent Inc. | 0.32% | 160,500 | $11.1M | No change |
| IQV Iqvia Holdings Inc. | 0.32% | 61,230 | $11.1M | Reduce -0.8% |
| BMY Bristol-Myers Squibb Co. | 0.32% | 247,000 | $10.9M | No change |
| LIN Linde PLC | 0.31% | 22,500 | $10.7M | Add +9.2% |
| OTIS Otis Worldwide Corp. | 0.31% | 116,900 | $10.7M | New |
| LII Lennox International Inc. | 0.31% | 20,300 | $10.6M | Reduce -6.9% |
| ETN Eaton Corp. PLC | 0.31% | 28,640 | $10.5M | Add +85.5% |
| ULTA Ulta Beauty Inc. | 0.30% | 18,700 | $10.4M | Reduce -20.4% |
| BDX Becton Dickinson and Co. | 0.30% | 56,000 | $10.3M | Add +1.8% |
| TSCO Tractor Supply Company | 0.30% | 179,600 | $10.2M | Add +28.6% |
| GOOG Alphabet Inc. Class C | 0.29% | 41,000 | $10.0M | Reduce -6.6% |
| MASI Masimo Corp. | 0.29% | 68,500 | $9.8M | Reduce -21.0% |
| MTD Mettler-Toledo International | 0.28% | 8,000 | $9.5M | No change |
| LFUS Littelfuse Inc. | 0.27% | 36,000 | $9.3M | Reduce -10.4% |
Portfolio Sells Q2 2025 → Q3 2025
| ZTS Zoetis Inc. | Sold out | 0.00% | −1.24 |
| XYL Xylem Inc. | Sold out | 0.00% | −0.70 |
| V Visa Inc. Class A | Reduce -19.4% | 2.79% | −0.69 |
| ABT Abbott Laboratories | Reduce -48.3% | 0.71% | −0.65 |
| ROP Roper Technologies Inc. | Reduce -35.6% | 0.81% | −0.58 |
| MA Mastercard Inc. Class A | Reduce -21.2% | 2.59% | −0.54 |
| ALC Alcon Inc. | Reduce -64.6% | 0.22% | −0.49 |
| BKNG Booking Holdings Inc. | Reduce -55.2% | 0.38% | −0.48 |
| MSFT Microsoft Corp. | Reduce -11.5% | 6.75% | −0.46 |
| LOW Lowe's Cos Inc. | Reduce -61.0% | 0.37% | −0.45 |
| PEP Pepsico Inc. | Reduce -29.1% | 1.50% | −0.44 |
| STZ Constellation Brands Inc. Class A | Reduce -54.9% | 0.27% | −0.42 |
| TJX TJX Companies Inc. | Reduce -39.8% | 1.05% | −0.42 |
| VRSN Verisign Inc. | Sold out | 0.00% | −0.39 |
| UNH Unitedhealth Group Inc. | Reduce -47.7% | 0.57% | −0.39 |
| ZBRA Zebra Technologies Corp. Class A | Sold out | 0.00% | −0.34 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.33 |
| ROL Rollins Inc. | Reduce -27.2% | 1.12% | −0.33 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.30 |
| CMI Cummins Inc. | Reduce -58.5% | 0.34% | −0.28 |
| CAT Caterpillar Inc. | Reduce -42.0% | 0.72% | −0.27 |
| RGLD Royal Gold Inc. | Reduce -35.1% | 0.70% | −0.23 |
| IDXX Idexx Laboratories Inc. | Reduce -29.4% | 1.28% | −0.22 |
| CNI Canadian Natl Railway Co. | Reduce -0.5% | 2.48% | −0.21 |
| LKQ LKQ Corp. | Sold out | 0.00% | −0.19 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.18 |
| TXN Texas Instruments Inc. | Reduce -84.4% | 0.03% | −0.18 |
| CHKP Check Point Software Tech | Reduce -11.6% | 0.90% | −0.15 |
| RMD Resmed Inc. | Reduce -13.7% | 1.98% | −0.14 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.14 |
| MASI Masimo Corp. | Reduce -21.0% | 0.29% | −0.13 |
| BSY Bentley Systems Inc. Class B | Reduce -24.7% | 0.40% | −0.13 |
| PEG Public Service Enterprise GP | Sold out | 0.00% | −0.13 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.11 |
| CNM Core & Main Inc. Class A | Reduce -10.4% | 0.44% | −0.10 |
| PODD Insulet Corp. | Reduce -39.2% | 0.16% | −0.10 |
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −0.10 |
| MDLZ Mondelez International Inc. Class A | Reduce -2.2% | 1.11% | −0.10 |
| ENB Enbridge Inc. | Reduce -20.2% | 0.95% | −0.10 |
| PAYC Paycom Software Inc. | Reduce -18.5% | 0.36% | −0.09 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.09 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.09 |
| PSA Public Storage | Reduce -53.3% | 0.07% | −0.08 |
| SPG Simon Property Group Inc. | Reduce -59.4% | 0.07% | −0.07 |
| PAYX Paychex Inc. | Reduce -2.7% | 0.55% | −0.07 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.07 |
| SRE Sempra | Reduce -45.4% | 0.12% | −0.06 |
| DCI Donaldson Co. Inc. | Reduce -59.0% | 0.06% | −0.06 |
| KO The Coca-Cola Co. | Reduce -24.5% | 0.16% | −0.06 |
| LECO Lincoln Electric Holdings | Reduce -52.1% | 0.07% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +59.0% | 3.66% | +1.70 |
| META Meta Platforms Inc. Class A | Add +223.8% | 1.81% | +1.27 |
| AAPL Apple Inc. | Add +2.4% | 2.74% | +0.66 |
| ANET Arista Networks Inc. | Add +68.7% | 0.82% | +0.49 |
| AEM Agnico Eagle Mines Ltd. | Add +1.0% | 1.49% | +0.47 |
| ORLA Orla Mining Ltd. | New | 0.42% | +0.42 |
| CLX Clorox Company | Add +176.4% | 0.64% | +0.42 |
| SPGI S&P Global Inc. | Add +131.3% | 0.74% | +0.41 |
| PG The Procter & Gamble Co. | Add +162.3% | 0.67% | +0.41 |
| CL Colgate-Palmolive Co. | Add +34.8% | 1.87% | +0.37 |
| HD Home Depot Inc. | New | 0.33% | +0.33 |
| OTIS Otis Worldwide Corp. | New | 0.31% | +0.31 |
| AVGO Broadcom Inc. | Add +23.7% | 0.87% | +0.30 |
| VEEV Veeva Systems Inc. Class A | Add +118.1% | 0.52% | +0.30 |
| ADSK Autodesk Inc. | Add +52.4% | 0.71% | +0.28 |
| AAON Aaon Inc. | Add +140.3% | 0.40% | +0.27 |
| IEX Idex Corp. | Add +66.5% | 0.73% | +0.26 |
| NKE Nike Inc. Class B | Add +40.6% | 0.91% | +0.25 |
| SNPS Synopsys Inc. | Add +72.1% | 0.58% | +0.23 |
| WAT Waters Corp. | Add +45.8% | 1.26% | +0.23 |
| SITE Siteone Landscape Supply Inc. | Add +27.4% | 0.82% | +0.22 |
| TMO Thermo Fisher Scientific Inc. | Add +7.4% | 1.01% | +0.20 |
| KLAC KLA Corp. | Add +19.8% | 0.57% | +0.18 |
| ACN Accenture PLC Class A | Add +31.1% | 1.53% | +0.16 |
| TREX Trex Company Inc. | Add +1084.7% | 0.17% | +0.16 |
| ETN Eaton Corp. PLC | Add +85.5% | 0.31% | +0.15 |
| AMT American Tower Corp. | New | 0.14% | +0.14 |
| AMZN Amazon.com Inc. | Add +4.6% | 2.47% | +0.14 |
| NEM Newmont Corp. | Add +1.3% | 0.38% | +0.13 |
| YMM Full Truck Alliance -SPN ADR | New | 0.10% | +0.10 |
| APP AppLovin Corp. Class A | Add +14.3% | 0.17% | +0.10 |
| GMED Globus Medical Inc. Class A | Add +44.4% | 0.33% | +0.10 |
| ADBE Adobe Inc. | Add +11.4% | 1.80% | +0.10 |
| TSCO Tractor Supply Company | Add +28.6% | 0.30% | +0.09 |
| LRCX Lam Research Corp. | Add +23.6% | 0.21% | +0.08 |
| MSI Motorola Solutions Inc. | New | 0.08% | +0.08 |
| ED Consolidated Edison Inc. | New | 0.08% | +0.08 |
| ATO Atmos Energy Corp. | New | 0.08% | +0.08 |
| FAST Fastenal Co. | New | 0.08% | +0.08 |
| BMI Badger Meter Inc. | New | 0.07% | +0.07 |
| CHE Chemed Corp. | Add +38.1% | 0.47% | +0.06 |
| AWK American Water Works Co. Inc. | New | 0.06% | +0.06 |
| EFX Equifax Inc. | Add +6.4% | 0.63% | +0.05 |
| LIN Linde PLC | Add +9.2% | 0.31% | +0.04 |
| TECH Bio-Techne Corp. | Add +9.1% | 0.36% | +0.04 |
| NOW ServiceNow Inc. | Add +14.6% | 0.53% | +0.04 |
| BDX Becton Dickinson and Co. | Add +1.8% | 0.30% | +0.03 |
| TYL Tyler Technologies Inc. | Add +14.7% | 0.44% | +0.03 |
| QCOM Qualcomm Inc. | Add +10.4% | 0.18% | +0.03 |
| DPZ Domino's Pizza Inc. | Add +7.6% | 0.25% | +0.02 |
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 |