In its 13F for Q1 2025 (holdings as of March 31, 2025, filed August 7, 2026), CapitalatWork S.A. reported 60 stock positions worth $3.1 billion . Its top holding was Alphabet Class C (GOOG) at 5.5% of the portfolio, followed by Apollo Global Management (APO, 4.7% ) and Unitedhealth (UNH, 4.6% ). Compared with Q4 2024, it opened 6 new positions, sold out of 1, added to 22 and reduced 26. The biggest buy was a new position in Chubb (CB) and the biggest sale Apollo Global Management (APO, shares −14% ).
Location AUDERGHEM, C9
CIK 0002135126
Portfolio Value $3.1B (Q1 2025) Holdings 60 stocks · $3.1B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 GOOG Alphabet Inc. Class C 1,078,349 $168.5M Reduce -0.3% APO Apollo Global Management Inc. 1,047,672 $143.5M Reduce -14.4% UNH Unitedhealth Group Inc. 269,943 $141.4M Reduce -0.5% SCHW Schwab (charles) Corp. 1,736,485 $135.9M Reduce -0.2% CMCSA Comcast Corp. Class A 3,628,204 $133.9M Add +2.1% ORCL Oracle Corp. 894,661 $125.1M Reduce -0.3% INTC Intel Corp. 5,051,067 $114.7M Add +0.3% AMAT Applied Materials Inc. 768,503 $111.5M Add +1.6% BABA Alibaba Group Holding-SP ADR 809,928 $107.1M Add +3.6% BLK BlackRock Inc. 112,605 $106.6M Reduce -0.6% AER Aercap Holdings NV 1,033,164 $105.6M Reduce -0.8% CVX Chevron Corp. 628,059 $105.1M Reduce -5.3% V Visa Inc. Class A 287,000 $100.6M Reduce -10.6% TMUS T-Mobile US Inc. 341,612 $91.1M Add +0.1% TNL Travel + Leisure Co. 1,883,788 $87.2M Reduce -0.3% LH Labcorp Holdings Inc. 363,099 $84.5M Reduce -0.7% CB Chubb Ltd. 248,213 $75.0M New XOM Exxon Mobil Corp. 624,403 $74.3M Reduce -1.4% VIPS Vipshop Holdings Ltd. - ADR 4,197,655 $65.8M Add +2.3% TTWO Take-Two Interactive Softwre 303,160 $62.8M Add +3.0% FISV Fiserv Inc. 282,226 $62.3M Reduce -10.7% AON Aon PLC Class A 155,586 $62.1M Reduce -0.9% LVS Las Vegas Sands Corp. 1,510,699 $58.4M Add +0.8% META Meta Platforms Inc. Class A 91,232 $52.6M Add +3.9% CRM Salesforce Inc. 189,615 $50.9M Add +18.6% ABNB Airbnb Inc. Class A 400,169 $47.8M Add +11.3% UBER Uber Technologies Inc. 653,650 $47.6M New DE Deere & Co. 96,307 $45.2M Reduce -14.5% EA Electronic Arts Inc. 282,200 $40.8M Add +1.5% ICE Intercontinental Exchange Inc. 228,470 $39.4M Add +9.9% ZBH Zimmer Biomet Holdings Inc. 338,087 $38.3M Add +0.7% MSFT Microsoft Corp. 88,884 $33.4M Add +11.5% ADBE Adobe Inc. 86,605 $33.2M Add +33.4% BX Blackstone Inc. 234,113 $32.7M Reduce -31.3% NFLX Netflix Inc. 34,450 $32.1M Reduce -10.2% DIS The Walt Disney Co. filed as DISNEY WALT CO 282,026 $27.8M Add +0.4% WH Wyndham Hotels & Resorts Inc. 296,010 $26.8M Add +3.9% GWW WW Grainger Inc. filed as GRAINGER W W INC 22,165 $21.9M Add +1.1% AMD Advanced Micro Devices 195,750 $20.1M Add +25.2% DOCU Docusign Inc. 192,400 $15.7M Add +8.7% CPAY Corpay Inc. 43,750 $15.3M New NKE Nike Inc. Class B 230,384 $14.6M No change TCOM Trip.com Group Ltd.-ADR 226,922 $14.4M Add +5.0% AAPL Apple Inc. 61,583 $13.7M Reduce -58.2% FCX Freeport-McMoran Inc. 313,500 $11.9M No change AMZN Amazon.com Inc. 60,275 $11.5M Reduce -0.7% CNH CNH Industrial NV 804,500 $9.9M Reduce -2.3% ROP Roper Technologies Inc. 16,575 $9.8M No change ENPH Enphase Energy Inc. 124,000 $7.7M Reduce -5.3% UNP Union Pacific Corp. 30,350 $7.2M No change QCOM Qualcomm Inc. 36,600 $5.6M Reduce -29.1% NVIDIA CORPORATION 46,000 $5.0M Reduce -16.4% NDAQ Nasdaq Inc. 53,376 $4.0M Reduce -76.2% TV Grupo Televisa SA-Spon ADR 2,235,486 $3.9M No change AVGO Broadcom Inc. 14,800 $2.5M New INTEL CORP 100,000 $2.3M Reduce -81.9% SPGI S&P Global Inc. 3,800 $1.9M Reduce -53.9% TSM Taiwan Semiconductor-SP ADR 9,200 $1.5M New SNPS Synopsys Inc. 2,505 $1.1M No change MELI MercadoLibre Inc. 500 $975K New
Other holdings (24): bonds, preferreds, convertibles and warrants · $11.1M (not counted above) Security Class Shares / Principal Value Change NVDA Nvidia Corp. COM · principal 27,500 $3.0M Reduce -12.7% GLD SPDR Gold Shares GOLD SHS · principal 5,765 $1.7M Reduce -45.9% PANW Palo Alto Networks Inc. COM · principal 7,950 $1.4M No change LIN Linde PLC SHS · principal 1,729 $805K No change BRK.B Berkshire Hathaway Inc. Class B CL B NEW · principal 1,286 $685K No change NVO Novo-Nordisk A/S-Spons ADR ADR · principal 7,500 $521K Add +50.0% CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal 16,555 $470K Reduce -70.7% JPM JPMorgan Chase & Co. COM · principal 1,655 $406K No change DAL Delta Air Lines Inc. COM NEW · principal 8,200 $358K No change PFE Pfizer Inc. COM · principal 13,657 $346K No change BRSL Brightstar Lottery PLC SHS USD · principal 12,550 $204K No change NXPI NXP Semiconductors NV COM · principal 1,028 $195K No change GDX Vaneck Gold Miners ETF GOLD MINERS ETF · principal 4,055 $186K No change GOOGL Alphabet Inc. Class A CAP STK CL A · principal 1,183 $183K No change MRK Merck & Co. Inc. COM · principal 1,950 $175K No change GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal 2,810 $161K Reduce -15.0% JNJ Johnson & Johnson COM · principal 800 $133K No change AMGN Amgen Inc. COM · principal 375 $117K No change TSSI TSS Inc. COM · principal 10,000 $78K New CSCO Cisco Systems Inc. COM · principal 600 $37K No change EWX State Street SPDR S&P Emergi ST MARKE CAP ETF · principal 445 $25K No change FNDE Schwab Fndmntl Em MRK Eq ETF FUND EM EQUI ETF · principal 795 $24K No change EEM iShares MSCI Emerging Market MSCI EMG MKT ETF · principal 445 $19K No change VNM Vaneck Vietnam ETF VANECK VIETNAM · principal 1,500 $19K No change
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ APO Apollo Global Management Inc. Reduce -14.4% 4.67% −1.90 GOOG Alphabet Inc. Class C Reduce -0.3% 5.48% −1.21 BX Blackstone Inc. Reduce -31.3% 1.06% −0.84 COMCAST CORP NEW Sold out 0.00% −0.81 ORCL Oracle Corp. Reduce -0.3% 4.07% −0.79 AAPL Apple Inc. Reduce -58.2% 0.45% −0.75 NDAQ Nasdaq Inc. Reduce -76.2% 0.13% −0.43 BLK BlackRock Inc. Reduce -0.6% 3.47% −0.31 INTEL CORP Reduce -81.9% 0.07% −0.29 TNL Travel + Leisure Co. Reduce -0.3% 2.84% −0.26 FISV Fiserv Inc. Reduce -10.7% 2.03% −0.08 DE Deere & Co. Reduce -14.5% 1.47% −0.08 NVIDIA CORPORATION Reduce -16.4% 0.16% −0.08 QCOM Qualcomm Inc. Reduce -29.1% 0.18% −0.07 SPGI S&P Global Inc. Reduce -53.9% 0.06% −0.07 NFLX Netflix Inc. Reduce -10.2% 1.05% −0.07 AMZN Amazon.com Inc. Reduce -0.7% 0.37% −0.06 ENPH Enphase Energy Inc. Reduce -5.3% 0.25% −0.04 V Visa Inc. Class A Reduce -10.6% 3.27% −0.02 CNH CNH Industrial NV Reduce -2.3% 0.32% +0.02 LH Labcorp Holdings Inc. Reduce -0.7% 2.75% +0.02 UNH Unitedhealth Group Inc. Reduce -0.5% 4.60% +0.14 AON Aon PLC Class A Reduce -0.9% 2.02% +0.19 AER Aercap Holdings NV Reduce -0.8% 3.43% +0.19 XOM Exxon Mobil Corp. Reduce -1.4% 2.42% +0.20 SCHW Schwab (charles) Corp. Reduce -0.2% 4.42% +0.24 CVX Chevron Corp. Reduce -5.3% 3.42% +0.30
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ CB Chubb Ltd. New 2.44% +2.44 UBER Uber Technologies Inc. New 1.55% +1.55 BABA Alibaba Group Holding-SP ADR Add +3.6% 3.48% +1.33 TMUS T-Mobile US Inc. Add +0.1% 2.96% +0.52 CPAY Corpay Inc. New 0.50% +0.50 INTC Intel Corp. Add +0.3% 3.73% +0.45 VIPS Vipshop Holdings Ltd. - ADR Add +2.3% 2.14% +0.35 TTWO Take-Two Interactive Softwre Add +3.0% 2.04% +0.28 ICE Intercontinental Exchange Inc. Add +9.9% 1.28% +0.28 ADBE Adobe Inc. Add +33.4% 1.08% +0.14 ZBH Zimmer Biomet Holdings Inc. Add +0.7% 1.24% +0.09 AVGO Broadcom Inc. New 0.08% +0.08 TSM Taiwan Semiconductor-SP ADR New 0.05% +0.05 AMD Advanced Micro Devices Add +25.2% 0.65% +0.04 META Meta Platforms Inc. Class A Add +3.9% 1.71% +0.04 MELI MercadoLibre Inc. New 0.03% +0.03 CMCSA Comcast Corp. Class A Add +2.1% 4.36% +0.02 ABNB Airbnb Inc. Class A Add +11.3% 1.56% +0.02 EA Electronic Arts Inc. Add +1.5% 1.33% +0.01 MSFT Microsoft Corp. Add +11.5% 1.09% −0.01 DOCU Docusign Inc. Add +8.7% 0.51% −0.01 TCOM Trip.com Group Ltd.-ADR Add +5.0% 0.47% −0.01 GWW WW Grainger Inc. Add +1.1% 0.71% −0.04 WH Wyndham Hotels & Resorts Inc. Add +3.9% 0.87% −0.06 CRM Salesforce Inc. Add +18.6% 1.66% −0.08 DIS The Walt Disney Co. Add +0.4% 0.91% −0.11 AMAT Applied Materials Inc. Add +1.6% 3.63% −0.37 LVS Las Vegas Sands Corp. Add +0.8% 1.90% −0.60
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ NVDA Nvidia Corp. COM · principal Reduce -12.7% 27,500 $3.0M GLD SPDR Gold Shares GOLD SHS · principal Reduce -45.9% 5,765 $1.7M ACN Accenture PLC Class A SHS CLASS A · principal Sold out 3,670 $1.3Mbefore exit PLTR Palantir Technologies Inc. Class A CL A · principal Sold out 10,000 $756Kbefore exit NVO Novo-Nordisk A/S-Spons ADR ADR · principal Add +50.0% 7,500 $521K CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal Reduce -70.7% 16,555 $470K GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal Reduce -15.0% 2,810 $161K TSSI TSS Inc. COM · principal New 10,000 $78K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 60 $4.0B INTC, GOOG, APO, TMUS, SCHW Q1 2026 Amended 60 $3.3B GOOG, APO, INTC, SCHW, MSFT Q4 2025 60 $3.3B GOOG, APO, SCHW, INTC, AMAT Q3 2025 61 $3.4B GOOG, AMAT, APO, INTC, SCHW Q2 2025 62 $3.3B GOOG, ORCL, APO, SCHW, AMAT Q1 2025 60 $3.1B GOOG, APO, UNH, SCHW, CMCSA Q4 2024 55 $3.1B GOOG, APO, ORCL, UNH, CMCSA Q3 2024 55 $2.9B GOOG, APO, UNH, ORCL, CMCSA Q2 2024 55 $3.0B GOOG, APO, AMAT, UNH, ORCL Q1 2024 52 $3.0B APO, GOOG, UNH, AMAT, INTC