In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2026), CapitalatWork S.A. reported 62 stock positions worth $3.3 billion . Its top holding was Alphabet Class C (GOOG) at 5.9% of the portfolio, followed by Oracle (ORCL, 5.7% ) and Apollo Global Management (APO, 5.3% ). Compared with Q1 2025, it opened 6 new positions, sold out of 4, added to 27 and reduced 26. The biggest buy was Applied Materials (AMAT, shares +5% ) and the biggest sale Unitedhealth (UNH, shares −55% ).
Location AUDERGHEM, C9
CIK 0002135126
Portfolio Value $3.3B (Q2 2025) Holdings 62 stocks · $3.3B 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 Q1 2025 GOOG Alphabet Inc. Class C 1,087,319 $192.9M Add +0.8% ORCL Oracle Corp. 858,702 $187.7M Reduce -4.0% APO Apollo Global Management Inc. 1,236,781 $175.5M Add +18.1% SCHW Schwab (charles) Corp. 1,688,649 $154.1M Reduce -2.8% AMAT Applied Materials Inc. 806,659 $147.7M Add +5.0% CMCSA Comcast Corp. Class A 3,605,343 $128.7M Reduce -0.6% AER Aercap Holdings NV 1,031,062 $120.6M Reduce -0.2% BLK BlackRock Inc. 113,066 $118.6M Add +0.4% INTC Intel Corp. 5,066,126 $113.5M Add +0.3% LH Labcorp Holdings Inc. 366,691 $96.3M Add +1.0% BABA Alibaba Group Holding-SP ADR 820,115 $93.0M Add +1.3% TNL Travel + Leisure Co. 1,801,186 $93.0M Reduce -4.4% CVX Chevron Corp. 618,077 $88.5M Reduce -1.6% V Visa Inc. Class A 239,199 $84.9M Reduce -16.7% CB Chubb Ltd. 288,230 $83.5M Add +16.1% TMUS T-Mobile US Inc. 350,265 $83.5M Add +2.5% UBER Uber Technologies Inc. 809,853 $75.6M Add +23.9% META Meta Platforms Inc. Class A 101,387 $74.8M Add +11.1% TTWO Take-Two Interactive Softwre 288,360 $70.0M Reduce -4.9% LVS Las Vegas Sands Corp. 1,533,946 $66.7M Add +1.5% XOM Exxon Mobil Corp. 616,209 $66.4M Reduce -1.3% VIPS Vipshop Holdings Ltd. - ADR 4,258,672 $64.1M Add +1.4% AON Aon PLC Class A 178,725 $63.8M Add +14.9% ABNB Airbnb Inc. Class A 462,906 $61.3M Add +15.7% CRM Salesforce Inc. 218,554 $59.6M Add +15.3% FISV Fiserv Inc. 275,624 $47.5M Reduce -2.3% DE Deere & Co. 92,227 $46.9M Reduce -4.2% EA Electronic Arts Inc. 290,000 $46.3M Add +2.8% ADBE Adobe Inc. 113,635 $44.0M Add +31.2% NFLX Netflix Inc. 32,418 $43.4M Reduce -5.9% ICE Intercontinental Exchange Inc. 232,417 $42.6M Add +1.7% MSFT Microsoft Corp. 82,012 $40.8M Reduce -7.7% UNH Unitedhealth Group Inc. 120,859 $37.7M Reduce -55.2% BX Blackstone Inc. 227,094 $34.0M Reduce -3.0% DIS The Walt Disney Co. filed as DISNEY WALT CO 267,576 $33.2M Reduce -5.1% ZBH Zimmer Biomet Holdings Inc. 331,087 $30.2M Reduce -2.1% WH Wyndham Hotels & Resorts Inc. 359,410 $29.2M Add +21.4% AMD Advanced Micro Devices 202,550 $28.7M Add +3.5% GWW WW Grainger Inc. filed as GRAINGER W W INC 21,580 $22.4M Reduce -2.6% CPAY Corpay Inc. 54,775 $18.2M Add +25.2% DOCU Docusign Inc. 215,800 $16.8M Add +12.2% NVDA Nvidia Corp. 99,300 $15.7M New NKE Nike Inc. Class B 218,384 $15.5M Reduce -5.2% TCOM Trip.com Group Ltd.-ADR 224,272 $13.2M Reduce -1.2% AAPL Apple Inc. 60,840 $12.5M Reduce -1.2% FCX Freeport-McMoran Inc. 277,500 $12.0M Reduce -11.5% AMZN Amazon.com Inc. 47,700 $10.5M Reduce -20.9% CNH CNH Industrial NV 772,000 $10.0M Reduce -4.0% MICROSOFT CORP 20,000 $9.9M New ROP Roper Technologies Inc. 16,575 $9.4M No change AVGO Broadcom Inc. 29,800 $8.2M Add +101.3% QCOM Qualcomm Inc. 45,600 $7.3M Add +24.6% UNP Union Pacific Corp. 30,750 $7.1M Add +1.3% INTU Intuit Inc. 7,700 $6.1M New TV Grupo Televisa SA-Spon ADR 2,167,066 $4.7M Reduce -3.1% NDAQ Nasdaq Inc. 51,376 $4.6M Reduce -3.8% TSM Taiwan Semiconductor-SP ADR 15,170 $3.4M Add +64.9% ORACLE CORP 15,000 $3.3M New ADVANCED MICRO DEVICES INC 15,000 $2.1M New SPGI S&P Global Inc. 3,800 $2.0M No change MELI MercadoLibre Inc. 500 $1.3M No change TAIWAN SEMICONDUCTOR MANUFAC 5,000 $1.1M New
Other holdings (23): bonds, preferreds, convertibles and warrants · $7.3M (not counted above) Security Class Shares / Principal Value Change GLD SPDR Gold Shares GOLD SHS · principal 5,415 $1.7M Reduce -6.1% PANW Palo Alto Networks Inc. COM · principal 4,000 $819K Reduce -49.7% LIN Linde PLC SHS · principal 1,396 $655K Reduce -19.3% CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal 18,455 $555K Add +11.5% SNPS Synopsys Inc. COM · principal 1,055 $541K New JPM JPMorgan Chase & Co. COM · principal 1,655 $480K No change DAL Delta Air Lines Inc. COM NEW · principal 8,200 $403K No change PFE Pfizer Inc. COM · principal 13,657 $331K No change TSSI TSS Inc. COM · principal 10,000 $288K No change NXPI NXP Semiconductors NV COM · principal 1,028 $225K No change GDX Vaneck Gold Miners ETF GOLD MINERS ETF · principal 4,010 $209K Reduce -1.1% GOOGL Alphabet Inc. Class A CAP STK CL A · principal 1,183 $208K No change BRSL Brightstar Lottery PLC SHS USD · principal 12,550 $198K No change GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal 2,500 $169K Reduce -11.0% MRK Merck & Co. Inc. COM · principal 1,950 $154K No change JNJ Johnson & Johnson COM · principal 800 $122K No change AMGN Amgen Inc. COM · principal 375 $105K No change CSCO Cisco Systems Inc. COM · principal 600 $42K No change BRK.B Berkshire Hathaway Inc. Class B CL B NEW · principal 69 $34K Reduce -94.6% EWX State Street SPDR S&P Emergi ST MARKE CAP ETF · principal 445 $28K No change FNDE Schwab Fndmntl Em MRK Eq ETF FUND EM EQUI ETF · principal 795 $26K No change EEM iShares MSCI Emerging Market MSCI EMG MKT ETF · principal 445 $21K No change VNM Vaneck Vietnam ETF VANECK VIETNAM · principal 1,500 $21K No change
Total filed on the 13F, all lines: $3.3B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ UNH Unitedhealth Group Inc. Reduce -55.2% 1.15% −3.45 CVX Chevron Corp. Reduce -1.6% 2.69% −0.72 V Visa Inc. Class A Reduce -16.7% 2.58% −0.69 FISV Fiserv Inc. Reduce -2.3% 1.45% −0.58 CMCSA Comcast Corp. Class A Reduce -0.6% 3.92% −0.44 XOM Exxon Mobil Corp. Reduce -1.3% 2.02% −0.39 ZBH Zimmer Biomet Holdings Inc. Reduce -2.1% 0.92% −0.33 ENPH Enphase Energy Inc. Sold out 0.00% −0.25 NVIDIA CORPORATION Sold out 0.00% −0.16 INTEL CORP Sold out 0.00% −0.07 TCOM Trip.com Group Ltd.-ADR Reduce -1.2% 0.40% −0.07 AAPL Apple Inc. Reduce -1.2% 0.38% −0.07 AMZN Amazon.com Inc. Reduce -20.9% 0.32% −0.05 DE Deere & Co. Reduce -4.2% 1.43% −0.04 SNPS Synopsys Inc. Sold out 0.00% −0.03 BX Blackstone Inc. Reduce -3.0% 1.03% −0.03 GWW WW Grainger Inc. Reduce -2.6% 0.68% −0.03 FCX Freeport-McMoran Inc. Reduce -11.5% 0.37% −0.02 CNH CNH Industrial NV Reduce -4.0% 0.30% −0.02 TNL Travel + Leisure Co. Reduce -4.4% 2.83% −0.01 NKE Nike Inc. Class B Reduce -5.2% 0.47% −0.00 NDAQ Nasdaq Inc. Reduce -3.8% 0.14% +0.01 TV Grupo Televisa SA-Spon ADR Reduce -3.1% 0.14% +0.02 TTWO Take-Two Interactive Softwre Reduce -4.9% 2.13% +0.09 DIS The Walt Disney Co. Reduce -5.1% 1.01% +0.10 MSFT Microsoft Corp. Reduce -7.7% 1.24% +0.16 AER Aercap Holdings NV Reduce -0.2% 3.67% +0.24 SCHW Schwab (charles) Corp. Reduce -2.8% 4.69% +0.27 NFLX Netflix Inc. Reduce -5.9% 1.32% +0.28 ORCL Oracle Corp. Reduce -4.0% 5.71% +1.64
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ AMAT Applied Materials Inc. Add +5.0% 4.49% +0.87 UBER Uber Technologies Inc. Add +23.9% 2.30% +0.75 APO Apollo Global Management Inc. Add +18.1% 5.34% +0.67 META Meta Platforms Inc. Class A Add +11.1% 2.28% +0.57 NVDA Nvidia Corp. New 0.48% +0.48 GOOG Alphabet Inc. Class C Add +0.8% 5.87% +0.39 ABNB Airbnb Inc. Class A Add +15.7% 1.86% +0.31 MICROSOFT CORP New 0.30% +0.30 ADBE Adobe Inc. Add +31.2% 1.34% +0.26 AMD Advanced Micro Devices Add +3.5% 0.87% +0.22 INTU Intuit Inc. New 0.18% +0.18 LH Labcorp Holdings Inc. Add +1.0% 2.93% +0.18 AVGO Broadcom Inc. Add +101.3% 0.25% +0.17 CRM Salesforce Inc. Add +15.3% 1.81% +0.16 BLK BlackRock Inc. Add +0.4% 3.61% +0.14 LVS Las Vegas Sands Corp. Add +1.5% 2.03% +0.13 CB Chubb Ltd. Add +16.1% 2.54% +0.10 ORACLE CORP New 0.10% +0.10 EA Electronic Arts Inc. Add +2.8% 1.41% +0.08 ADVANCED MICRO DEVICES INC New 0.06% +0.06 CPAY Corpay Inc. Add +25.2% 0.55% +0.06 TSM Taiwan Semiconductor-SP ADR Add +64.9% 0.10% +0.05 QCOM Qualcomm Inc. Add +24.6% 0.22% +0.04 TAIWAN SEMICONDUCTOR MANUFAC New 0.03% +0.03 WH Wyndham Hotels & Resorts Inc. Add +21.4% 0.89% +0.02 ICE Intercontinental Exchange Inc. Add +1.7% 1.30% +0.02 DOCU Docusign Inc. Add +12.2% 0.51% +0.00 UNP Union Pacific Corp. Add +1.3% 0.22% −0.02 AON Aon PLC Class A Add +14.9% 1.94% −0.08 VIPS Vipshop Holdings Ltd. - ADR Add +1.4% 1.95% −0.19 INTC Intel Corp. Add +0.3% 3.45% −0.28 TMUS T-Mobile US Inc. Add +2.5% 2.54% −0.42 BABA Alibaba Group Holding-SP ADR Add +1.3% 2.83% −0.65
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ NVDA Nvidia Corp. COM · principal Sold out 27,500 $3.0Mbefore exit GLD SPDR Gold Shares GOLD SHS · principal Reduce -6.1% 5,415 $1.7M PANW Palo Alto Networks Inc. COM · principal Reduce -49.7% 4,000 $819K LIN Linde PLC SHS · principal Reduce -19.3% 1,396 $655K CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal Add +11.5% 18,455 $555K SNPS Synopsys Inc. COM · principal New 1,055 $541K NVO Novo-Nordisk A/S-Spons ADR ADR · principal Sold out 7,500 $521Kbefore exit GDX Vaneck Gold Miners ETF GOLD MINERS ETF · principal Reduce -1.1% 4,010 $209K GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal Reduce -11.0% 2,500 $169K BRK.B Berkshire Hathaway Inc. Class B CL B NEW · principal Reduce -94.6% 69 $34K
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