In its 13F for Q4 2025 (holdings as of December 31, 2025, filed August 7, 2026), CapitalatWork S.A. reported 60 stock positions worth $3.3 billion . Its top holding was Alphabet Class C (GOOG) at 7.5% of the portfolio, followed by Apollo Global Management (APO, 5.8% ) and Schwab (charles) (SCHW, 4.6% ). Compared with Q3 2025, it opened 2 new positions, sold out of 3, added to 24 and reduced 31. The biggest buy was MercadoLibre (MELI, shares +3126% ) and the biggest sale Oracle (ORCL, shares −12% ).
Location AUDERGHEM, C9
CIK 0002135126
Portfolio Value $3.3B (Q4 2025) Holdings 60 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 Q3 2025 GOOG Alphabet Inc. Class C 781,676 $245.3M Reduce -17.4% APO Apollo Global Management Inc. 1,302,980 $188.6M Add +3.9% SCHW Schwab (charles) Corp. 1,503,918 $150.3M Reduce -11.8% INTC Intel Corp. 3,774,693 $139.3M Reduce -23.9% AMAT Applied Materials Inc. 509,104 $130.8M Reduce -37.8% AER Aercap Holdings NV 862,217 $124.0M Reduce -17.0% BLK BlackRock Inc. 106,054 $113.5M Reduce -1.5% CMCSA Comcast Corp. Class A 3,539,644 $105.8M Reduce -5.9% BABA Alibaba Group Holding-SP ADR 708,496 $103.9M Reduce -10.9% CB Chubb Ltd. 317,568 $99.1M Reduce -6.9% ORCL Oracle Corp. 488,281 $95.2M Reduce -11.9% TMUS T-Mobile US Inc. 434,561 $88.2M Add +22.6% ABNB Airbnb Inc. Class A 627,698 $85.2M Add +9.8% LVS Las Vegas Sands Corp. 1,283,976 $83.6M Reduce -15.0% LH Labcorp Holdings Inc. 329,384 $82.6M Reduce -11.0% CRM Salesforce Inc. 301,365 $79.8M Add +28.4% CVX Chevron Corp. 509,554 $77.7M Reduce -14.9% V Visa Inc. Class A 214,810 $75.3M Reduce -1.5% TTWO Take-Two Interactive Softwre 287,860 $73.7M Reduce -0.1% VIPS Vipshop Holdings Ltd. - ADR 4,042,085 $71.5M Reduce -4.0% AON Aon PLC Class A 197,854 $69.8M Add +2.9% UBER Uber Technologies Inc. 821,071 $67.1M Add +0.9% TNL Travel + Leisure Co. 907,297 $64.0M Reduce -39.3% XOM Exxon Mobil Corp. 517,340 $62.3M Reduce -13.5% META Meta Platforms Inc. Class A 91,428 $60.4M Add +6.4% ADBE Adobe Inc. 143,905 $50.4M Add +20.2% MSFT Microsoft Corp. 100,056 $48.4M Add +16.6% ICE Intercontinental Exchange Inc. 286,133 $46.3M Add +25.1% WH Wyndham Hotels & Resorts Inc. 524,650 $39.6M Add +11.3% DE Deere & Co. 84,530 $39.4M Reduce -3.7% BX Blackstone Inc. 228,165 $35.2M Add +5.9% MELI MercadoLibre Inc. 16,130 $32.5M Add +3126.0% UNH Unitedhealth Group Inc. 98,270 $32.4M Reduce -18.6% DIS The Walt Disney Co. filed as DISNEY WALT CO 274,480 $31.2M Add +3.7% NFLX Netflix Inc. 323,600 $30.3M Add +4.1% ZBH Zimmer Biomet Holdings Inc. 332,130 $29.9M Reduce -0.9% AMD Advanced Micro Devices 134,375 $28.8M Reduce -34.6% PINS Pinterest Inc. Class A 1,071,125 $27.7M Add +62.2% CPAY Corpay Inc. 78,875 $23.7M Add +16.6% GWW WW Grainger Inc. 22,650 $22.9M Reduce -0.7% FISV Fiserv Inc. 289,798 $19.5M Reduce -0.6% FCX Freeport-McMoran Inc. 337,000 $17.1M Add +2.1% AMRZ Amrize Ltd. 315,700 $17.1M New DOCU Docusign Inc. 231,650 $15.8M Add +12.0% INTU Intuit Inc. 22,950 $15.2M Add +43.0% TCOM Trip.com Group Ltd.-ADR 211,200 $15.2M Reduce -1.2% AAPL Apple Inc. 54,237 $14.7M Reduce -7.3% NKE Nike Inc. Class B 228,269 $14.5M Add +8.4% CNH CNH Industrial NV 1,217,000 $11.2M Add +16.6% ZTS Zoetis Inc. 82,730 $10.4M Add +340.1% AVGO Broadcom Inc. 29,340 $10.2M Add +72.6% AMZN Amazon.com Inc. 42,940 $9.9M Reduce -6.8% NVIDIA CORPORATION 44,000 $8.2M New QCOM Qualcomm Inc. 45,350 $7.8M Reduce -13.8% ROP Roper Technologies Inc. 15,600 $6.9M Reduce -3.0% UNP Union Pacific Corp. 28,750 $6.7M No change NDAQ Nasdaq Inc. 48,826 $4.7M No change TSM Taiwan Semiconductor-SP ADR 10,125 $3.1M Reduce -0.7% SPGI S&P Global Inc. 3,800 $2.0M No change EA Electronic Arts Inc. 2,550 $521K Reduce -89.7%
Other holdings (29): bonds, preferreds, convertibles and warrants · $12.9M (not counted above) Security Class Shares / Principal Value Change NVDA Nvidia Corp. COM · principal 22,500 $4.2M No change GLD SPDR Gold Shares GOLD SHS · principal 4,330 $1.7M Reduce -20.6% CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal 27,245 $1.2M Reduce -4.3% PANW Palo Alto Networks Inc. COM · principal 4,000 $737K No change LIN Linde PLC SHS · principal 1,396 $595K No change DAL Delta Air Lines Inc. COM NEW · principal 8,200 $569K No change JPM JPMorgan Chase & Co. COM · principal 1,655 $533K No change SNPS Synopsys Inc. COM · principal 1,055 $496K No change PFE Pfizer Inc. COM · principal 13,657 $340K No change GOOGL Alphabet Inc. Class A CAP STK CL A · principal 1,061 $332K Reduce -10.3% GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal 2,345 $267K Reduce -18.6% GDX Vaneck Gold Miners ETF GOLD MINERS ETF · principal 2,800 $240K Reduce -6.2% NXPI NXP Semiconductors NV COM · principal 1,028 $223K No change MRK Merck & Co. Inc. COM · principal 1,950 $205K No change BRSL Brightstar Lottery PLC SHS USD · principal 12,550 $194K No change TV Grupo Televisa SA-Spon ADR SPON ADR REP ORD · principal 62,280 $181K New JNJ Johnson & Johnson COM · principal 800 $166K No change AMGN Amgen Inc. COM · principal 375 $123K No change NTGR Netgear Inc. COM · principal 4,000 $98K New NBIS Nebius Group NV SHS CLASS A · principal 1,000 $84K New TSSI TSS Inc. COM · principal 10,000 $71K No change LX Lexinfintech Holdings L-ADR ADR · principal 20,000 $65K New FLUX Flux Power Holdings Inc. COM NEW · principal 40,000 $51K New CSCO Cisco Systems Inc. COM · principal 600 $46K 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 $29K 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 $29K No change SILJ Amplify Junior Silver Miners JR SILV MINE ETF · principal 575 $16K New
Total filed on the 13F, all lines: $3.3B.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ ORCL Oracle Corp. Reduce -11.9% 2.91% −1.63 BABA Alibaba Group Holding-SP ADR Reduce -10.9% 3.18% −0.97 AMAT Applied Materials Inc. Reduce -37.8% 4.01% −0.88 TNL Travel + Leisure Co. Reduce -39.3% 1.96% −0.64 INTC Intel Corp. Reduce -23.9% 4.26% −0.59 LH Labcorp Holdings Inc. Reduce -11.0% 2.53% −0.57 FISV Fiserv Inc. Reduce -0.6% 0.60% −0.50 CVX Chevron Corp. Reduce -14.9% 2.38% −0.34 VIPS Vipshop Holdings Ltd. - ADR Reduce -4.0% 2.19% −0.22 UNH Unitedhealth Group Inc. Reduce -18.6% 0.99% −0.22 CMCSA Comcast Corp. Class A Reduce -5.9% 3.24% −0.21 INTEL CORP Sold out 0.00% −0.20 BLK BlackRock Inc. Reduce -1.5% 3.48% −0.18 MICROSOFT CORP Sold out 0.00% −0.15 SCHW Schwab (charles) Corp. Reduce -11.8% 4.60% −0.15 EA Electronic Arts Inc. Reduce -89.7% 0.02% −0.13 AMD Advanced Micro Devices Reduce -34.6% 0.88% −0.09 XOM Exxon Mobil Corp. Reduce -13.5% 1.91% −0.06 ZBH Zimmer Biomet Holdings Inc. Reduce -0.9% 0.91% −0.05 ROP Roper Technologies Inc. Reduce -3.0% 0.21% −0.02 QCOM Qualcomm Inc. Reduce -13.8% 0.24% −0.02 TV Grupo Televisa SA-Spon ADR Sold out 0.00% −0.02 TCOM Trip.com Group Ltd.-ADR Reduce -1.2% 0.47% −0.00 AMZN Amazon.com Inc. Reduce -6.8% 0.30% +0.01 TSM Taiwan Semiconductor-SP ADR Reduce -0.7% 0.09% +0.01 AAPL Apple Inc. Reduce -7.3% 0.45% +0.02 DE Deere & Co. Reduce -3.7% 1.20% +0.03 GWW WW Grainger Inc. Reduce -0.7% 0.70% +0.07 TTWO Take-Two Interactive Softwre Reduce -0.1% 2.26% +0.09 AER Aercap Holdings NV Reduce -17.0% 3.79% +0.13 V Visa Inc. Class A Reduce -1.5% 2.31% +0.14 LVS Las Vegas Sands Corp. Reduce -15.0% 2.56% +0.19 CB Chubb Ltd. Reduce -6.9% 3.03% +0.23 GOOG Alphabet Inc. Class C Reduce -17.4% 7.51% +0.78
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ MELI MercadoLibre Inc. Add +3126.0% 0.99% +0.96 APO Apollo Global Management Inc. Add +3.9% 5.77% +0.90 CRM Salesforce Inc. Add +28.4% 2.44% +0.82 ABNB Airbnb Inc. Class A Add +9.8% 2.61% +0.58 AMRZ Amrize Ltd. New 0.52% +0.52 ADBE Adobe Inc. Add +20.2% 1.54% +0.31 ICE Intercontinental Exchange Inc. Add +25.1% 1.42% +0.29 NVIDIA CORPORATION New 0.25% +0.25 ZTS Zoetis Inc. Add +340.1% 0.32% +0.24 PINS Pinterest Inc. Class A Add +62.2% 0.85% +0.23 TMUS T-Mobile US Inc. Add +22.6% 2.70% +0.23 MSFT Microsoft Corp. Add +16.6% 1.48% +0.18 CPAY Corpay Inc. Add +16.6% 0.73% +0.16 AVGO Broadcom Inc. Add +72.6% 0.31% +0.15 FCX Freeport-McMoran Inc. Add +2.1% 0.52% +0.15 INTU Intuit Inc. Add +43.0% 0.47% +0.15 AON Aon PLC Class A Add +2.9% 2.14% +0.14 WH Wyndham Hotels & Resorts Inc. Add +11.3% 1.21% +0.12 DIS The Walt Disney Co. Add +3.7% 0.96% +0.07 DOCU Docusign Inc. Add +12.0% 0.49% +0.05 NKE Nike Inc. Class B Add +8.4% 0.45% +0.02 CNH CNH Industrial NV Add +16.6% 0.34% +0.01 META Meta Platforms Inc. Class A Add +6.4% 1.85% +0.01 BX Blackstone Inc. Add +5.9% 1.08% +0.00 NFLX Netflix Inc. Add +4.1% 0.93% −0.16 UBER Uber Technologies Inc. Add +0.9% 2.05% −0.27
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ GLD SPDR Gold Shares GOLD SHS · principal Reduce -20.6% 4,330 $1.7M CEF Sprott Physical Gold and Sil PHYSICAL GOLD AN · principal Reduce -4.3% 27,245 $1.2M GOOGL Alphabet Inc. Class A CAP STK CL A · principal Reduce -10.3% 1,061 $332K GDXJ Vaneck Junior Gold Miners JUNIOR GOLD MINE · principal Reduce -18.6% 2,345 $267K GDX Vaneck Gold Miners ETF GOLD MINERS ETF · principal Reduce -6.2% 2,800 $240K TV Grupo Televisa SA-Spon ADR SPON ADR REP ORD · principal New 62,280 $181K NTGR Netgear Inc. COM · principal New 4,000 $98K NBIS Nebius Group NV SHS CLASS A · principal New 1,000 $84K LX Lexinfintech Holdings L-ADR ADR · principal New 20,000 $65K FLUX Flux Power Holdings Inc. COM NEW · principal New 40,000 $51K SILJ Amplify Junior Silver Miners JR SILV MINE ETF · principal New 575 $16K
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