In its 13F for Q3 2025 (holdings as of September 30, 2025, filed August 7, 2026), CapitalatWork S.A. reported 61 stock positions worth $3.4 billion . Its top holding was Alphabet Class C (GOOG) at 6.7% of the portfolio, followed by Applied Materials (AMAT, 4.9% ) and Apollo Global Management (APO, 4.9% ). Compared with Q2 2025, it opened 3 new positions, sold out of 4, added to 24 and reduced 32. The biggest buy was a new position in Pinterest Class A (PINS) and the biggest sale Electronic Arts (EA, shares −91% ).
Location AUDERGHEM, C9
CIK 0002135126
Portfolio Value $3.4B (Q3 2025) Holdings 61 stocks · $3.4B 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 Q2 2025 GOOG Alphabet Inc. Class C 946,869 $230.6M Reduce -12.9% AMAT Applied Materials Inc. 818,501 $167.6M Add +1.5% APO Apollo Global Management Inc. 1,254,206 $167.1M Add +1.4% INTC Intel Corp. 4,961,999 $166.5M Reduce -2.1% SCHW Schwab (charles) Corp. 1,704,518 $162.7M Add +0.9% ORCL Oracle Corp. 554,509 $155.9M Reduce -35.4% BABA Alibaba Group Holding-SP ADR 795,387 $142.2M Reduce -3.0% AER Aercap Holdings NV 1,038,499 $125.7M Add +0.7% BLK BlackRock Inc. 107,622 $125.5M Reduce -4.8% CMCSA Comcast Corp. Class A 3,760,555 $118.2M Add +4.3% LH Labcorp Holdings Inc. 369,984 $106.2M Add +0.9% CB Chubb Ltd. 341,047 $96.3M Add +18.3% CVX Chevron Corp. 599,143 $93.0M Reduce -3.1% TNL Travel + Leisure Co. 1,495,369 $89.0M Reduce -17.0% TMUS T-Mobile US Inc. 354,339 $84.8M Add +1.2% VIPS Vipshop Holdings Ltd. - ADR 4,212,377 $82.7M Reduce -1.1% LVS Las Vegas Sands Corp. 1,511,182 $81.3M Reduce -1.5% UBER Uber Technologies Inc. 813,768 $79.7M Add +0.5% TTWO Take-Two Interactive Softwre 288,160 $74.4M Reduce -0.1% V Visa Inc. Class A 217,982 $74.4M Reduce -8.9% ABNB Airbnb Inc. Class A 571,772 $69.4M Add +23.5% AON Aon PLC Class A 192,218 $68.5M Add +7.5% XOM Exxon Mobil Corp. 598,337 $67.5M Reduce -2.9% META Meta Platforms Inc. Class A 85,937 $63.1M Reduce -15.2% CRM Salesforce Inc. 234,644 $55.6M Add +7.4% MSFT Microsoft Corp. 85,826 $44.5M Add +4.7% ADBE Adobe Inc. 119,730 $42.2M Add +5.4% UNH Unitedhealth Group Inc. 120,758 $41.7M Reduce -0.1% DE Deere & Co. 87,757 $40.1M Reduce -4.8% ICE Intercontinental Exchange Inc. 228,807 $38.5M Reduce -1.6% WH Wyndham Hotels & Resorts Inc. 471,250 $37.7M Add +31.1% FISV Fiserv Inc. 291,647 $37.6M Add +5.8% NFLX Netflix Inc. 31,088 $37.3M Reduce -4.1% BX Blackstone Inc. 215,367 $36.8M Reduce -5.2% AMD Advanced Micro Devices 205,550 $33.3M Add +1.5% ZBH Zimmer Biomet Holdings Inc. 335,187 $33.0M Add +1.2% DIS The Walt Disney Co. filed as DISNEY WALT CO 264,776 $30.3M Reduce -1.1% GWW WW Grainger Inc. filed as GRAINGER W W INC 22,820 $21.7M Add +5.8% PINS Pinterest Inc. Class A 660,500 $21.2M New CPAY Corpay Inc. 67,675 $19.5M Add +23.6% TCOM Trip.com Group Ltd.-ADR 213,772 $16.1M Reduce -4.7% DOCU Docusign Inc. 206,800 $14.9M Reduce -4.2% AAPL Apple Inc. 58,516 $14.9M Reduce -3.8% NKE Nike Inc. Class B 210,484 $14.7M Reduce -3.6% FCX Freeport-McMoran Inc. 330,000 $12.9M Add +18.9% CNH CNH Industrial NV 1,044,000 $11.3M Add +35.2% INTU Intuit Inc. 16,050 $11.0M Add +108.4% AMZN Amazon.com Inc. 46,100 $10.1M Reduce -3.4% QCOM Qualcomm Inc. 52,600 $8.8M Add +15.3% ROP Roper Technologies Inc. 16,075 $8.0M Reduce -3.0% UNP Union Pacific Corp. 28,750 $6.8M Reduce -6.5% INTEL CORP 200,000 $6.7M New AVGO Broadcom Inc. 17,000 $5.6M Reduce -43.0% MICROSOFT CORP 10,000 $5.2M Reduce -50.0% EA Electronic Arts Inc. 24,700 $5.0M Reduce -91.5% NDAQ Nasdaq Inc. 48,826 $4.3M Reduce -5.0% TSM Taiwan Semiconductor-SP ADR 10,200 $2.8M Reduce -32.8% ZTS Zoetis Inc. 18,800 $2.8M New SPGI S&P Global Inc. 3,800 $1.8M No change MELI MercadoLibre Inc. 500 $1.2M No change TV Grupo Televisa SA-Spon ADR 192,280 $517K Reduce -91.1%
Other holdings (23): bonds, preferreds, convertibles and warrants · $12.5M (not counted above) Security Class Shares / Principal Value Change NVDA Nvidia Corp. COM · principal 22,500 $4.2M New GLD SPDR Gold Shares GOLD SHS · principal 5,450 $1.9M Add +0.7% CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal 28,455 $1.0M Add +54.2% PANW Palo Alto Networks Inc. COM · principal 4,000 $814K No change LIN Linde PLC SHS · principal 1,396 $663K No change JPM JPMorgan Chase & Co. COM · principal 1,655 $522K No change SNPS Synopsys Inc. COM · principal 1,055 $521K No change DAL Delta Air Lines Inc. COM NEW · principal 8,200 $465K No change PFE Pfizer Inc. COM · principal 13,657 $348K No change GOOGL Alphabet Inc. Class A CAP STK CL A · principal 1,183 $288K No change GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal 2,880 $285K Add +15.2% NXPI NXP Semiconductors NV COM · principal 1,028 $234K No change GDX Vaneck Gold Miners ETF GOLD MINERS ETF · principal 2,985 $228K Reduce -25.6% BRSL Brightstar Lottery PLC SHS USD · principal 12,550 $216K No change TSSI TSS Inc. COM · principal 10,000 $181K No change MRK Merck & Co. Inc. COM · principal 1,950 $164K No change JNJ Johnson & Johnson COM · principal 800 $148K No change AMGN Amgen Inc. COM · principal 375 $106K No change CSCO Cisco Systems Inc. COM · principal 600 $41K No change BRK.B Berkshire Hathaway Inc. Class B CL B NEW · principal 69 $35K No change EWX State Street SPDR S&P Emergi ST MARKE CAP ETF · principal 445 $30K No change FNDE Schwab Fndmntl Em MRK Eq ETF FUND EM EQUI ETF · principal 795 $29K No change VNM Vaneck Vietnam ETF VANECK VIETNAM · principal 1,500 $27K No change
Total filed on the 13F, all lines: $3.4B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ EA Electronic Arts Inc. Reduce -91.5% 0.15% −1.26 ORCL Oracle Corp. Reduce -35.4% 4.55% −1.17 NVDA Nvidia Corp. Sold out 0.00% −0.48 META Meta Platforms Inc. Class A Reduce -15.2% 1.84% −0.44 V Visa Inc. Class A Reduce -8.9% 2.17% −0.41 DE Deere & Co. Reduce -4.8% 1.17% −0.26 TNL Travel + Leisure Co. Reduce -17.0% 2.59% −0.23 NFLX Netflix Inc. Reduce -4.1% 1.09% −0.23 ICE Intercontinental Exchange Inc. Reduce -1.6% 1.12% −0.17 MICROSOFT CORP Reduce -50.0% 0.15% −0.15 TV Grupo Televisa SA-Spon ADR Reduce -91.1% 0.02% −0.13 DIS The Walt Disney Co. Reduce -1.1% 0.88% −0.13 ORACLE CORP Sold out 0.00% −0.10 AVGO Broadcom Inc. Reduce -43.0% 0.16% −0.09 DOCU Docusign Inc. Reduce -4.2% 0.43% −0.08 ADVANCED MICRO DEVICES INC Sold out 0.00% −0.06 XOM Exxon Mobil Corp. Reduce -2.9% 1.97% −0.05 ROP Roper Technologies Inc. Reduce -3.0% 0.23% −0.05 NKE Nike Inc. Class B Reduce -3.6% 0.43% −0.04 TAIWAN SEMICONDUCTOR MANUFAC Sold out 0.00% −0.03 AMZN Amazon.com Inc. Reduce -3.4% 0.30% −0.02 TSM Taiwan Semiconductor-SP ADR Reduce -32.8% 0.08% −0.02 UNP Union Pacific Corp. Reduce -6.5% 0.20% −0.02 NDAQ Nasdaq Inc. Reduce -5.0% 0.13% −0.01 CVX Chevron Corp. Reduce -3.1% 2.71% +0.02 BX Blackstone Inc. Reduce -5.2% 1.07% +0.04 TTWO Take-Two Interactive Softwre Reduce -0.1% 2.17% +0.04 BLK BlackRock Inc. Reduce -4.8% 3.66% +0.05 AAPL Apple Inc. Reduce -3.8% 0.43% +0.05 TCOM Trip.com Group Ltd.-ADR Reduce -4.7% 0.47% +0.07 UNH Unitedhealth Group Inc. Reduce -0.1% 1.22% +0.07 LVS Las Vegas Sands Corp. Reduce -1.5% 2.37% +0.34 VIPS Vipshop Holdings Ltd. - ADR Reduce -1.1% 2.41% +0.46 GOOG Alphabet Inc. Class C Reduce -12.9% 6.73% +0.86 BABA Alibaba Group Holding-SP ADR Reduce -3.0% 4.15% +1.32 INTC Intel Corp. Reduce -2.1% 4.86% +1.40
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ PINS Pinterest Inc. Class A New 0.62% +0.62 AMAT Applied Materials Inc. Add +1.5% 4.89% +0.39 CB Chubb Ltd. Add +18.3% 2.81% +0.27 WH Wyndham Hotels & Resorts Inc. Add +31.1% 1.10% +0.21 INTEL CORP New 0.20% +0.20 LH Labcorp Holdings Inc. Add +0.9% 3.10% +0.17 ABNB Airbnb Inc. Class A Add +23.5% 2.02% +0.16 INTU Intuit Inc. Add +108.4% 0.32% +0.14 AMD Advanced Micro Devices Add +1.5% 0.97% +0.10 ZTS Zoetis Inc. New 0.08% +0.08 AON Aon PLC Class A Add +7.5% 2.00% +0.06 SCHW Schwab (charles) Corp. Add +0.9% 4.75% +0.06 MSFT Microsoft Corp. Add +4.7% 1.30% +0.06 ZBH Zimmer Biomet Holdings Inc. Add +1.2% 0.96% +0.04 QCOM Qualcomm Inc. Add +15.3% 0.26% +0.03 CNH CNH Industrial NV Add +35.2% 0.33% +0.03 UBER Uber Technologies Inc. Add +0.5% 2.33% +0.03 CPAY Corpay Inc. Add +23.6% 0.57% +0.02 FCX Freeport-McMoran Inc. Add +18.9% 0.38% +0.01 AER Aercap Holdings NV Add +0.7% 3.66% −0.01 GWW WW Grainger Inc. Add +5.8% 0.63% −0.05 TMUS T-Mobile US Inc. Add +1.2% 2.47% −0.07 ADBE Adobe Inc. Add +5.4% 1.23% −0.11 CRM Salesforce Inc. Add +7.4% 1.62% −0.19 FISV Fiserv Inc. Add +5.8% 1.10% −0.35 APO Apollo Global Management Inc. Add +1.4% 4.87% −0.46 CMCSA Comcast Corp. Class A Add +4.3% 3.45% −0.47
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ NVDA Nvidia Corp. COM · principal New 22,500 $4.2M GLD SPDR Gold Shares GOLD SHS · principal Add +0.7% 5,450 $1.9M CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal Add +54.2% 28,455 $1.0M GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal Add +15.2% 2,880 $285K GDX Vaneck Gold Miners ETF GOLD MINERS ETF · principal Reduce -25.6% 2,985 $228K EEM iShares MSCI Emerging Market MSCI EMG MKT ETF · principal Sold out 445 $21Kbefore exit
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