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

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 Q2 2025 Q3 2025: $3.4B $3.4B Q3 2025 Q4 2025: $3.4B Q4 2025 Q1 2026: $3.3B Q1 2026 Q2 2026: $2.8B Q2 2026

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%
STZ Constellation Brands Inc. Class A 0.27% 67,440 $9.2M Reduce -54.9%
DPZ Domino's Pizza Inc. 0.25% 19,900 $8.7M Add +7.6%
QLYS Qualys Inc. 0.25% 63,000 $8.6M Reduce -4.1%
COST Costco Wholesale Corp. 0.25% 9,300 $8.5M Reduce -8.8%
COO The Cooper Cos Inc. 0.24% 119,200 $8.1M Add +7.5%
LOGI Logitech International-Reg 0.23% 73,369 $8.0M Reduce -2.9%
ALC Alcon Inc. filed as ALCON AG 0.22% 99,856 $7.4M Reduce -64.6%
AOS Smith (a.o.) Corp. 0.21% 100,300 $7.3M No change
LRCX Lam Research Corp. 0.21% 54,000 $7.1M Add +23.6%
QCOM Qualcomm Inc. 0.18% 37,300 $6.2M Add +10.4%
TREX Trex Company Inc. 0.17% 116,100 $6.0M Add +1084.7%
RACE Ferrari NV 0.17% 12,200 $5.9M Add +3.4%
KOF Coca-Cola Femsa Sab-SP ADR 0.17% 68,500 $5.7M No change
APP AppLovin Corp. Class A 0.17% 8,000 $5.7M Add +14.3%
MRK Merck & Co. Inc. 0.16% 70,000 $5.5M Reduce -10.6%
PODD Insulet Corp. 0.16% 17,400 $5.4M Reduce -39.2%
KO The Coca-Cola Co. 0.16% 81,031 $5.4M Reduce -24.5%
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.15% 435,000 $5.3M No change
BLK BlackRock Inc. 0.15% 4,400 $5.2M No change
AMT American Tower Corp. 0.14% 25,500 $5.0M New
CMG Chipotle Mexican Grill Inc. 0.14% 121,000 $4.8M No change
ITW Illinois Tool Works 0.13% 17,500 $4.6M Reduce -4.9%
SRE Sempra 0.12% 47,000 $4.2M Reduce -45.4%
WMS Advanced Drainage Systems Inc. 0.11% 28,400 $3.9M Reduce -20.7%
MMM 3M Co. 0.11% 25,300 $3.9M Reduce -6.3%
DHI D.R. Horton Inc. 0.11% 22,700 $3.9M Reduce -16.2%
CDNS Cadence Design SYS Inc. 0.11% 10,500 $3.7M Reduce -19.9%
GRMN Garmin Ltd. 0.11% 14,800 $3.6M No change
TT Trane Technologies PLC 0.10% 8,500 $3.5M No change
YMM Full Truck Alliance -SPN ADR 0.10% 262,000 $3.4M New
CTAS Cintas Corp. 0.10% 16,700 $3.4M No change
CME Cme Group Inc. 0.10% 12,200 $3.3M No change
WSM Williams-Sonoma Inc. 0.08% 14,900 $2.9M No change
MSI Motorola Solutions Inc. 0.08% 6,300 $2.9M New
ED Consolidated Edison Inc. 0.08% 27,500 $2.7M New
NVR NVR Inc. 0.08% 330 $2.7M Reduce -8.3%
ATO Atmos Energy Corp. 0.08% 15,700 $2.7M New
MRSH Marsh & McLennan Cos 0.08% 13,200 $2.6M Reduce -19.5%
PHM Pultegroup Inc. 0.08% 19,600 $2.6M Reduce -10.1%
FAST Fastenal Co. 0.08% 53,000 $2.6M New
DECK Deckers Outdoor Corp. 0.07% 24,300 $2.5M Reduce -29.4%
BMI Badger Meter Inc. 0.07% 14,000 $2.5M New
PSA Public Storage 0.07% 8,500 $2.5M Reduce -53.3%
VRTX Vertex Pharmaceuticals Inc. 0.07% 6,200 $2.5M Reduce -4.6%
LECO Lincoln Electric Holdings 0.07% 10,300 $2.4M Reduce -52.1%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.07% 2,500 $2.4M Reduce -10.7%
LULU Lululemon Athletica Inc. 0.07% 13,000 $2.3M Reduce -20.3%
SPG Simon Property Group Inc. 0.07% 12,500 $2.3M Reduce -59.4%
WFC Wells Fargo & Co. 0.06% 25,000 $2.1M No change
DCI Donaldson Co. Inc. 0.06% 24,300 $2.0M Reduce -59.0%
AWK American Water Works Co. Inc. 0.06% 14,000 $1.9M New
PBA Pembina Pipeline Corp. 0.05% 39,000 $1.6M Reduce -26.0%
AMP Ameriprise Financial Inc. 0.04% 3,000 $1.5M Reduce -30.2%
ABBV Abbvie Inc. 0.04% 6,499 $1.5M Reduce -35.0%
AMGN Amgen Inc. 0.04% 5,083 $1.4M Reduce -34.7%
AMRZ Amrize Ltd. 0.04% 28,100 $1.4M No change
KEYS Keysight Technologies Inc. 0.04% 7,600 $1.3M No change
EBAY eBay Inc. 0.04% 14,096 $1.3M Reduce -41.0%
ADI Analog Devices Inc. 0.04% 5,133 $1.3M Reduce -34.5%
JPM JPMorgan Chase & Co. 0.04% 3,800 $1.2M No change
GILD Gilead Sciences Inc. 0.03% 10,531 $1.2M Reduce -47.4%
JCI Johnson Controls Internation 0.03% 10,884 $1.2M Reduce -31.5%
SYK Stryker Corp. 0.03% 3,133 $1.2M Reduce -35.2%
XOM Exxon Mobil Corp. 0.03% 9,900 $1.1M No change
CVX Chevron Corp. 0.03% 6,600 $1.0M No change
TXN Texas Instruments Inc. 0.03% 5,421 $994K Reduce -84.4%
EMR Emerson Electric Co. 0.02% 6,299 $815K Reduce -34.4%
A Agilent Technologies Inc. 0.02% 6,299 $780K Reduce -34.4%
ECL Ecolab Inc. 0.02% 2,700 $737K Reduce -34.1%
TER Teradyne Inc. 0.01% 3,200 $430K No change

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

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