BLI - Banque de Luxembourg Investments
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), BLI - Banque de Luxembourg Investments reported 178 stock positions worth $3.4 billion. Its top holding was Microsoft (MSFT) at 6.4% of the portfolio, followed by Alphabet Class A (GOOGL, 5.4%) and Nvidia (NVDA, 3.2%). Compared with Q3 2025, it opened 19 new positions, sold out of 11, added to 38 and reduced 104. The biggest buy was a new position in Zoetis (ZTS) and the biggest sale Nvidia (NVDA, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- LUXEMBOURG CITY, N4
- CIK
- 0002052594
- Portfolio Value
- $3.4B (Q4 2025)
- SEC Filing
- 0002052594-26-000002 ↗ filed Feb 11, 2026
Holdings Value
Holdings 178 stocks · $3.4B
| MSFT Microsoft Corp. | 6.43% | 449,519 | $219.2M | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 5.38% | 583,785 | $183.2M | Reduce -1.4% |
| NVDA Nvidia Corp. | 3.21% | 583,809 | $109.5M | Reduce -15.3% |
| AMZN Amazon.com Inc. | 3.20% | 469,390 | $109.1M | Add +23.0% |
| AAPL Apple Inc. | 2.74% | 341,817 | $93.3M | Reduce -7.5% |
| UNP Union Pacific Corp. | 2.57% | 375,712 | $87.6M | Reduce -5.9% |
| CNI Canadian Natl Railway Co. | 2.45% | 844,888 | $83.7M | Reduce -6.4% |
| V Visa Inc. Class A | 2.43% | 233,941 | $82.8M | Reduce -16.9% |
| MA Mastercard Inc. Class A | 2.29% | 135,087 | $78.0M | Reduce -13.6% |
| TSM Taiwan Semiconductor-SP ADR | 2.21% | 251,800 | $75.5M | Add +2.2% |
| ADBE Adobe Inc. | 1.83% | 177,160 | $62.5M | Add +3.3% |
| CL Colgate-Palmolive Co. | 1.78% | 764,344 | $60.8M | Reduce -4.2% |
| META Meta Platforms Inc. Class A | 1.68% | 85,864 | $57.2M | Add +2.8% |
| ACN Accenture PLC Class A | 1.63% | 206,099 | $55.7M | Reduce -3.0% |
| FNV Franco-Nevada Corp. | 1.57% | 257,495 | $53.5M | Reduce -8.3% |
| RMD Resmed Inc. | 1.54% | 215,489 | $52.4M | Reduce -13.9% |
| AEM Agnico Eagle Mines Ltd. | 1.51% | 303,000 | $51.4M | No change |
| PEP Pepsico Inc. | 1.39% | 329,172 | $47.5M | Reduce -10.4% |
| VRSK Verisk Analytics Inc. | 1.38% | 209,228 | $46.9M | Add +25.4% |
| WPM Wheaton Precious Metals Corp. | 1.36% | 393,500 | $46.2M | Add +2.2% |
| ZTS Zoetis Inc. | 1.22% | 328,774 | $41.6M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.16% | 254,653 | $39.6M | Add +1.6% |
| KMB Kimberly-Clark Corp. | 1.16% | 389,281 | $39.5M | Reduce -8.4% |
| WAT Waters Corp. | 1.14% | 100,920 | $38.7M | Reduce -32.5% |
| TMO Thermo Fisher Scientific Inc. | 1.12% | 65,660 | $38.3M | Reduce -12.6% |
| IDXX Idexx Laboratories Inc. | 1.12% | 55,771 | $38.0M | Reduce -20.1% |
| ROL Rollins Inc. | 1.04% | 583,950 | $35.3M | Reduce -10.7% |
| IEX Idex Corp. | 0.99% | 188,900 | $33.9M | Add +22.0% |
| MDLZ Mondelez International Inc. Class A | 0.92% | 570,808 | $31.3M | Reduce -6.2% |
| ENB Enbridge Inc. | 0.88% | 625,295 | $29.9M | Reduce -3.5% |
| CAT Caterpillar Inc. | 0.86% | 50,895 | $29.4M | Reduce -2.8% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.84% | 2,130,000 | $28.6M | Add +57.8% |
| SPGI S&P Global Inc. | 0.83% | 53,461 | $28.2M | Add +3.2% |
| CHKP Check Point Software Tech | 0.82% | 149,700 | $28.1M | No change |
| SITE Siteone Landscape Supply Inc. | 0.81% | 216,913 | $27.5M | Reduce -1.6% |
| AGI Alamos Gold Inc. Class A | 0.78% | 690,000 | $26.7M | Add +29.9% |
| ABT Abbott Laboratories | 0.74% | 200,725 | $25.3M | Add +10.1% |
| AVGO Broadcom Inc. | 0.73% | 70,632 | $24.7M | Reduce -22.7% |
| NKE Nike Inc. Class B | 0.70% | 392,500 | $24.0M | Reduce -12.7% |
| JNJ Johnson & Johnson | 0.67% | 109,599 | $22.7M | Reduce -12.4% |
| AMAT Applied Materials Inc. | 0.66% | 86,742 | $22.6M | Reduce -8.6% |
| RGLD Royal Gold Inc. | 0.66% | 100,000 | $22.5M | Reduce -16.7% |
| MCO Moody's Corp. | 0.66% | 43,293 | $22.3M | Reduce -17.7% |
| SNPS Synopsys Inc. | 0.64% | 46,044 | $21.8M | Add +12.4% |
| ANET Arista Networks Inc. | 0.64% | 164,448 | $21.8M | Reduce -15.7% |
| ADSK Autodesk Inc. | 0.63% | 71,151 | $21.3M | Reduce -6.2% |
| DHR Danaher Corp. | 0.61% | 90,290 | $20.8M | Reduce -11.5% |
| KLAC KLA Corp. | 0.60% | 16,574 | $20.6M | Reduce -9.5% |
| ROP Roper Technologies Inc. | 0.57% | 42,851 | $19.3M | Reduce -23.1% |
| LLY Eli Lilly & Co. | 0.55% | 17,500 | $18.9M | Reduce -30.6% |
| PG The Procter & Gamble Co. | 0.55% | 130,981 | $18.9M | Reduce -12.6% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.54% | 99,400 | $18.3M | Reduce -5.7% |
| EFX Equifax Inc. | 0.53% | 82,540 | $18.2M | Reduce -2.8% |
| CLX Clorox Company | 0.50% | 169,720 | $17.1M | Reduce -5.6% |
| TYL Tyler Technologies Inc. | 0.47% | 34,820 | $16.0M | Add +20.9% |
| ZBRA Zebra Technologies Corp. Class A | 0.46% | 63,900 | $15.8M | New |
| NDSN Nordson Corp. | 0.46% | 64,600 | $15.8M | Reduce -19.1% |
| NEM Newmont Corp. | 0.46% | 154,500 | $15.7M | No change |
| CHE Chemed Corp. | 0.45% | 35,500 | $15.3M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.44% | 30,000 | $15.1M | New |
| NOW ServiceNow Inc. | 0.43% | 96,105 | $14.8M | Add +0.2% |
| MSCI MSCI Inc. | 0.43% | 25,240 | $14.7M | Reduce -12.1% |
| EW Edwards Lifesciences Corp. | 0.43% | 169,530 | $14.6M | New |
| UNH Unitedhealth Group Inc. | 0.42% | 42,683 | $14.2M | Reduce -24.1% |
| AME Ametek Inc. | 0.42% | 68,430 | $14.2M | Reduce -10.0% |
| WST West Pharmaceutical Services | 0.41% | 49,900 | $13.8M | Reduce -5.7% |
| VEEV Veeva Systems Inc. Class A | 0.40% | 60,265 | $13.5M | Reduce -1.7% |
| TPL Texas Pacific Land Corp. | 0.39% | 45,900 | $13.4M | Add +15.0% |
| BMY Bristol-Myers Squibb Co. | 0.39% | 247,000 | $13.4M | No change |
| MANH Manhattan Associates Inc. | 0.38% | 74,100 | $12.9M | Add +7.2% |
| IQV Iqvia Holdings Inc. | 0.37% | 55,825 | $12.7M | Reduce -8.8% |
| PAYX Paychex Inc. | 0.37% | 109,965 | $12.5M | Reduce -25.0% |
| XYL Xylem Inc. | 0.36% | 90,051 | $12.4M | New |
| GMED Globus Medical Inc. Class A | 0.35% | 136,500 | $12.0M | Reduce -31.9% |
| BURL Burlington Stores Inc. | 0.35% | 41,600 | $12.0M | Reduce -9.8% |
| BKNG Booking Holdings Inc. | 0.35% | 2,198 | $11.9M | Reduce -7.1% |
| CNM Core & Main Inc. Class A | 0.35% | 224,400 | $11.9M | Reduce -19.8% |
| TECH Bio-Techne Corp. | 0.34% | 198,100 | $11.7M | Reduce -15.9% |
| CMI Cummins Inc. | 0.34% | 22,749 | $11.7M | Reduce -17.5% |
| AAON Aaon Inc. | 0.34% | 147,200 | $11.6M | Reduce -1.3% |
| EXPO Exponent Inc. | 0.34% | 162,649 | $11.4M | Add +1.3% |
| LOW Lowe's Cos Inc. | 0.33% | 46,911 | $11.4M | Reduce -5.5% |
| CHD Church & Dwight Co. Inc. | 0.33% | 134,300 | $11.3M | No change |
| LRCX Lam Research Corp. | 0.33% | 64,000 | $11.1M | Add +18.5% |
| BDX Becton Dickinson and Co. | 0.32% | 56,000 | $11.0M | No change |
| HON Honeywell International Inc. | 0.31% | 53,274 | $10.5M | Reduce -12.7% |
| NFLX Netflix Inc. | 0.30% | 108,000 | $10.1M | Add +8.0% |
| LII Lennox International Inc. | 0.29% | 20,300 | $10.0M | No change |
| GGG Graco Inc. | 0.29% | 120,600 | $10.0M | Reduce -15.7% |
| OTIS Otis Worldwide Corp. | 0.29% | 113,377 | $10.0M | Reduce -3.0% |
| CDW CDW Corp. | 0.29% | 71,500 | $9.9M | No change |
| WSO Watsco Inc. | 0.29% | 28,500 | $9.8M | Reduce -6.6% |
| BSY Bentley Systems Inc. Class B | 0.29% | 252,000 | $9.7M | Reduce -4.2% |
| LIN Linde PLC | 0.29% | 22,700 | $9.7M | Add +0.9% |
| POOL Pool Corp. | 0.28% | 41,300 | $9.5M | Reduce -6.8% |
| HD Home Depot Inc. | 0.28% | 27,516 | $9.5M | Reduce -1.7% |
| YUMC Yum China Holdings Inc. | 0.28% | 200,300 | $9.5M | New |
| COO The Cooper Cos Inc. | 0.28% | 114,200 | $9.4M | Reduce -4.2% |
| ADP Automatic Data Processing | 0.27% | 35,400 | $9.2M | Reduce -13.0% |
| GOOG Alphabet Inc. Class C | 0.27% | 29,000 | $9.1M | Reduce -29.3% |
Portfolio Sells Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | Reduce -15.3% | 3.21% | −0.45 |
| RMD Resmed Inc. | Reduce -13.9% | 1.54% | −0.44 |
| V Visa Inc. Class A | Reduce -16.9% | 2.43% | −0.36 |
| KMB Kimberly-Clark Corp. | Reduce -8.4% | 1.16% | −0.36 |
| MSFT Microsoft Corp. | Reduce -0.0% | 6.43% | −0.32 |
| MA Mastercard Inc. Class A | Reduce -13.6% | 2.29% | −0.30 |
| ORCL Oracle Corp. | Reduce -39.1% | 0.22% | −0.30 |
| STZ Constellation Brands Inc. Class A | Reduce -97.9% | 0.01% | −0.26 |
| FNV Franco-Nevada Corp. | Reduce -8.3% | 1.57% | −0.26 |
| ROP Roper Technologies Inc. | Reduce -23.1% | 0.57% | −0.25 |
| NKE Nike Inc. Class B | Reduce -12.7% | 0.70% | −0.21 |
| MDLZ Mondelez International Inc. Class A | Reduce -6.2% | 0.92% | −0.19 |
| QLYS Qualys Inc. | Reduce -74.6% | 0.06% | −0.19 |
| PAYX Paychex Inc. | Reduce -25.0% | 0.37% | −0.18 |
| UNP Union Pacific Corp. | Reduce -5.9% | 2.57% | −0.18 |
| ANET Arista Networks Inc. | Reduce -15.7% | 0.64% | −0.18 |
| TREX Trex Company Inc. | Sold out | 0.00% | −0.17 |
| IDXX Idexx Laboratories Inc. | Reduce -20.1% | 1.12% | −0.17 |
| UNH Unitedhealth Group Inc. | Reduce -24.1% | 0.42% | −0.15 |
| AVGO Broadcom Inc. | Reduce -22.7% | 0.73% | −0.15 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.14 |
| CLX Clorox Company | Reduce -5.6% | 0.50% | −0.14 |
| VEEV Veeva Systems Inc. Class A | Reduce -1.7% | 0.40% | −0.13 |
| WAT Waters Corp. | Reduce -32.5% | 1.14% | −0.12 |
| SRE Sempra | Sold out | 0.00% | −0.12 |
| POOL Pool Corp. | Reduce -6.8% | 0.28% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -12.6% | 0.55% | −0.12 |
| PODD Insulet Corp. | Reduce -71.3% | 0.04% | −0.12 |
| MMM 3M Co. | Sold out | 0.00% | −0.11 |
| BSY Bentley Systems Inc. Class B | Reduce -4.2% | 0.29% | −0.11 |
| PEP Pepsico Inc. | Reduce -10.4% | 1.39% | −0.11 |
| EFX Equifax Inc. | Reduce -2.8% | 0.53% | −0.10 |
| MASI Masimo Corp. | Reduce -28.7% | 0.19% | −0.10 |
| CNM Core & Main Inc. Class A | Reduce -19.8% | 0.35% | −0.09 |
| TSCO Tractor Supply Company | Reduce -21.7% | 0.21% | −0.09 |
| ULTA Ulta Beauty Inc. | Reduce -35.8% | 0.21% | −0.09 |
| CL Colgate-Palmolive Co. | Reduce -4.2% | 1.78% | −0.09 |
| ADSK Autodesk Inc. | Reduce -6.2% | 0.63% | −0.09 |
| MCO Moody's Corp. | Reduce -17.7% | 0.66% | −0.08 |
| ROL Rollins Inc. | Reduce -10.7% | 1.04% | −0.08 |
| ED Consolidated Edison Inc. | Sold out | 0.00% | −0.08 |
| ADP Automatic Data Processing | Reduce -13.0% | 0.27% | −0.08 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.08 |
| ENB Enbridge Inc. | Reduce -3.5% | 0.88% | −0.08 |
| ETN Eaton Corp. PLC | Reduce -13.7% | 0.23% | −0.07 |
| WSO Watsco Inc. | Reduce -6.6% | 0.29% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -23.7% | 0.18% | −0.07 |
| DECK Deckers Outdoor Corp. | Reduce -92.6% | 0.01% | −0.07 |
| NDSN Nordson Corp. | Reduce -19.1% | 0.46% | −0.07 |
| HON Honeywell International Inc. | Reduce -12.7% | 0.31% | −0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| ZTS Zoetis Inc. | New | 1.22% | +1.22 |
| AMZN Amazon.com Inc. | Add +23.0% | 3.20% | +0.73 |
| ZBRA Zebra Technologies Corp. Class A | New | 0.46% | +0.46 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.44% | +0.44 |
| EW Edwards Lifesciences Corp. | New | 0.43% | +0.43 |
| ORLA Orla Mining Ltd. | Add +57.8% | 0.84% | +0.41 |
| XYL Xylem Inc. | New | 0.36% | +0.36 |
| YUMC Yum China Holdings Inc. | New | 0.28% | +0.28 |
| IEX Idex Corp. | Add +22.0% | 0.99% | +0.26 |
| TSM Taiwan Semiconductor-SP ADR | Add +2.2% | 2.21% | +0.25 |
| AGI Alamos Gold Inc. Class A | Add +29.9% | 0.78% | +0.24 |
| VRSN Verisign Inc. | New | 0.23% | +0.23 |
| WMT Walmart Inc. | New | 0.17% | +0.17 |
| VRSK Verisk Analytics Inc. | Add +25.4% | 1.38% | +0.17 |
| MICC The Magnum Ice Cream Co. NV | New | 0.15% | +0.15 |
| PLD Prologis Inc. | New | 0.14% | +0.14 |
| UBER Uber Technologies Inc. | New | 0.13% | +0.13 |
| LRCX Lam Research Corp. | Add +18.5% | 0.33% | +0.12 |
| FTNT Fortinet Inc. | New | 0.11% | +0.11 |
| TJX TJX Companies Inc. | Add +1.6% | 1.16% | +0.11 |
| OKLO Oklo Inc. | New | 0.11% | +0.11 |
| WPM Wheaton Precious Metals Corp. | Add +2.2% | 1.36% | +0.10 |
| DXCM Dexcom Inc. | New | 0.10% | +0.10 |
| WCC Wesco International Inc. | New | 0.10% | +0.10 |
| PGR Progressive Corp. | New | 0.09% | +0.09 |
| SPGI S&P Global Inc. | Add +3.2% | 0.83% | +0.09 |
| ATO Atmos Energy Corp. | Add +103.8% | 0.16% | +0.08 |
| TW Tradeweb Markets Inc. Class A | New | 0.08% | +0.08 |
| SNPS Synopsys Inc. | Add +12.4% | 0.64% | +0.07 |
| MPWR Monolithic Power Systems Inc. | New | 0.06% | +0.06 |
| YMM Full Truck Alliance -SPN ADR | Add +84.0% | 0.15% | +0.05 |
| TT Trane Technologies PLC | Add +45.9% | 0.14% | +0.04 |
| TPL Texas Pacific Land Corp. | Add +15.0% | 0.39% | +0.04 |
| ADBE Adobe Inc. | Add +3.3% | 1.83% | +0.04 |
| ABT Abbott Laboratories | Add +10.1% | 0.74% | +0.03 |
| CMG Chipotle Mexican Grill Inc. | Add +29.8% | 0.17% | +0.03 |
| ITW Illinois Tool Works | Add +25.1% | 0.16% | +0.03 |
| CTAS Cintas Corp. | Add +34.7% | 0.13% | +0.03 |
| TYL Tyler Technologies Inc. | Add +20.9% | 0.47% | +0.02 |
| LULU Lululemon Athletica Inc. | Add +13.1% | 0.09% | +0.02 |
| GWW WW Grainger Inc. | Add +20.0% | 0.09% | +0.02 |
| QCOM Qualcomm Inc. | Add +4.6% | 0.20% | +0.02 |
| BMI Badger Meter Inc. | Add +21.4% | 0.09% | +0.02 |
| EXPO Exponent Inc. | Add +1.3% | 0.34% | +0.01 |
| FAST Fastenal Co. | Add +32.1% | 0.08% | +0.01 |
| GRMN Garmin Ltd. | Add +28.4% | 0.11% | +0.01 |
| WSM Williams-Sonoma Inc. | Add +14.8% | 0.09% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | New | 0.01% | +0.01 |
| DHI D.R. Horton Inc. | Add +17.6% | 0.11% | +0.00 |
| PHM Pultegroup Inc. | Add +12.2% | 0.08% | +0.00 |
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 |