BLI - Banque de Luxembourg Investments

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), BLI - Banque de Luxembourg Investments reported 175 stock positions worth $3.3 billion. Its top holding was Microsoft (MSFT) at 6.5% of the portfolio, followed by Alphabet Class A (GOOGL, 5.4%) and Nvidia (NVDA, 3.2%). Compared with Q4 2025, it opened 1 new position and sold out of 4. The biggest buy was a new position in Astrazeneca (AZN) and the biggest sale an exit from Zoetis (ZTS).

Most Recent 13F
Q2 2026
Location
LUXEMBOURG CITY, N4
CIK
0002052594
Portfolio Value
$3.3B (Q1 2026)
SEC Filing
0002052594-26-000003 ↗ filed May 15, 2026

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

Holdings 175 stocks · $3.3B
MSFT Microsoft Corp. 6.45% 449,519 $215.6M No change
GOOGL Alphabet Inc. Class A 5.40% 583,785 $180.2M No change
NVDA Nvidia Corp. 3.22% 583,809 $107.7M No change
AMZN Amazon.com Inc. 3.21% 469,390 $107.3M No change
AAPL Apple Inc. 2.75% 341,817 $91.8M No change
UNP Union Pacific Corp. 2.58% 375,712 $86.2M No change
CNI Canadian Natl Railway Co. 2.46% 844,888 $82.3M No change
V Visa Inc. Class A 2.44% 233,941 $81.4M No change
MA Mastercard Inc. Class A 2.30% 135,087 $76.7M No change
TSM Taiwan Semiconductor-SP ADR 2.22% 251,800 $74.3M No change
AZN Astrazeneca PLC 2.07% 372,869 $69.0M New
ADBE Adobe Inc. 1.84% 177,160 $61.4M No change
CL Colgate-Palmolive Co. 1.79% 764,344 $59.8M No change
META Meta Platforms Inc. Class A 1.68% 85,864 $56.3M No change
ACN Accenture PLC Class A 1.64% 206,099 $54.7M No change
FNV Franco-Nevada Corp. 1.57% 257,495 $52.6M No change
RMD Resmed Inc. 1.54% 215,489 $51.5M No change
AEM Agnico Eagle Mines Ltd. 1.51% 303,000 $50.6M No change
PEP Pepsico Inc. 1.40% 329,172 $46.7M No change
VRSK Verisk Analytics Inc. 1.38% 209,228 $46.2M No change
WPM Wheaton Precious Metals Corp. 1.36% 393,500 $45.5M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.16% 254,653 $38.9M No change
KMB Kimberly-Clark Corp. 1.16% 389,281 $38.9M No change
WAT Waters Corp. 1.14% 100,920 $38.1M No change
TMO Thermo Fisher Scientific Inc. 1.13% 65,660 $37.7M No change
IDXX Idexx Laboratories Inc. 1.12% 55,771 $37.4M No change
ROL Rollins Inc. 1.04% 583,950 $34.7M No change
IEX Idex Corp. 1.00% 188,900 $33.3M No change
MDLZ Mondelez International Inc. Class A 0.92% 570,808 $30.8M No change
ENB Enbridge Inc. 0.88% 625,295 $29.4M No change
CAT Caterpillar Inc. 0.87% 50,895 $28.9M No change
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.84% 2,130,000 $28.1M No change
SPGI S&P Global Inc. 0.83% 53,461 $27.8M No change
CHKP Check Point Software Tech 0.83% 149,700 $27.6M No change
SITE Siteone Landscape Supply Inc. 0.81% 216,913 $27.0M No change
AGI Alamos Gold Inc. Class A 0.79% 690,000 $26.3M No change
ABT Abbott Laboratories 0.74% 200,725 $24.8M No change
AVGO Broadcom Inc. 0.73% 70,632 $24.3M No change
NKE Nike Inc. Class B 0.71% 392,500 $23.6M No change
JNJ Johnson & Johnson 0.67% 109,599 $22.3M No change
RGLD Royal Gold Inc. 0.66% 100,000 $22.1M No change
MCO Moody's Corp. 0.66% 43,293 $22.0M No change
SNPS Synopsys Inc. 0.64% 46,044 $21.5M No change
ANET Arista Networks Inc. 0.64% 164,448 $21.4M No change
ADSK Autodesk Inc. 0.63% 71,151 $21.0M No change
DHR Danaher Corp. 0.61% 90,290 $20.5M No change
KLAC KLA Corp. 0.61% 16,574 $20.3M No change
AMAT Applied Materials Inc. 0.57% 86,742 $19.2M No change
ROP Roper Technologies Inc. 0.57% 42,851 $19.0M No change
LLY Eli Lilly & Co. 0.56% 17,500 $18.6M No change
PG The Procter & Gamble Co. 0.56% 130,981 $18.6M No change
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.54% 99,400 $18.0M No change
EFX Equifax Inc. 0.54% 82,540 $17.9M No change
CLX Clorox Company 0.50% 169,720 $16.8M No change
TYL Tyler Technologies Inc. 0.47% 34,820 $15.7M No change
NDSN Nordson Corp. 0.46% 64,600 $15.5M No change
NEM Newmont Corp. 0.46% 154,500 $15.5M No change
CHE Chemed Corp. 0.45% 35,500 $15.0M No change
BRK.B Berkshire Hathaway Inc. Class B 0.45% 30,000 $14.9M No change
NOW ServiceNow Inc. 0.44% 96,105 $14.6M No change
MSCI MSCI Inc. 0.43% 25,240 $14.5M No change
EW Edwards Lifesciences Corp. 0.43% 169,530 $14.4M No change
UNH Unitedhealth Group Inc. 0.42% 42,683 $13.9M No change
AME Ametek Inc. 0.42% 68,430 $13.9M No change
WST West Pharmaceutical Services 0.41% 49,900 $13.6M No change
VEEV Veeva Systems Inc. Class A 0.40% 60,265 $13.3M No change
TPL Texas Pacific Land Corp. 0.40% 45,900 $13.2M No change
BMY Bristol-Myers Squibb Co. 0.39% 247,000 $13.2M No change
MANH Manhattan Associates Inc. 0.38% 74,100 $12.7M No change
IQV Iqvia Holdings Inc. 0.37% 55,825 $12.5M No change
PAYX Paychex Inc. 0.37% 109,965 $12.3M No change
GMED Globus Medical Inc. Class A 0.35% 136,500 $11.8M No change
BURL Burlington Stores Inc. 0.35% 41,600 $11.8M No change
BKNG Booking Holdings Inc. 0.35% 2,198 $11.7M No change
CNM Core & Main Inc. Class A 0.35% 224,400 $11.7M No change
TECH Bio-Techne Corp. 0.34% 198,100 $11.5M No change
CMI Cummins Inc. 0.34% 22,749 $11.5M No change
AAON Aaon Inc. 0.34% 147,200 $11.4M No change
EXPO Exponent Inc. 0.34% 162,649 $11.2M No change
LOW Lowe's Cos Inc. 0.34% 46,911 $11.2M No change
CHD Church & Dwight Co. Inc. 0.33% 134,300 $11.2M No change
LRCX Lam Research Corp. 0.33% 64,000 $10.9M No change
BDX Becton Dickinson and Co. 0.32% 56,000 $10.8M No change
HON Honeywell International Inc. 0.31% 53,274 $10.3M No change
NFLX Netflix Inc. 0.30% 108,000 $10.0M No change
LII Lennox International Inc. 0.30% 20,300 $9.9M No change
GGG Graco Inc. 0.30% 120,600 $9.9M No change
OTIS Otis Worldwide Corp. 0.29% 113,377 $9.8M No change
CDW CDW Corp. 0.29% 71,500 $9.7M No change
WSO Watsco Inc. 0.29% 28,500 $9.6M No change
BSY Bentley Systems Inc. Class B 0.29% 252,000 $9.6M No change
LIN Linde PLC 0.29% 22,700 $9.6M No change
POOL Pool Corp. 0.28% 41,300 $9.4M No change
HD Home Depot Inc. 0.28% 27,516 $9.4M No change
COO The Cooper Cos Inc. 0.28% 114,200 $9.3M No change
ADP Automatic Data Processing 0.27% 35,400 $9.0M No change
GOOG Alphabet Inc. Class C 0.27% 29,000 $9.0M No change
PAYC Paycom Software Inc. 0.27% 56,300 $8.9M No change
MTD Mettler-Toledo International 0.26% 6,300 $8.8M No change
LFUS Littelfuse Inc. 0.26% 34,500 $8.7M No change

Show all 175 holdings

Portfolio Sells Q4 2025 → Q1 2026
ZTS Zoetis Inc. Sold out 0.00% −1.22
ZBRA Zebra Technologies Corp. Class A Sold out 0.00% −0.46
XYL Xylem Inc. Sold out 0.00% −0.36
YUMC Yum China Holdings Inc. Sold out 0.00% −0.28

Portfolio Buys Q4 2025 → Q1 2026
AZN Astrazeneca PLC New 2.07% +2.07

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