GAM Holding AG
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 22, 2025), GAM Holding AG reported 176 stock positions worth $1.3 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Nvidia (NVDA, 4.2%) and Alphabet Class A (GOOGL, 3.8%). Compared with Q4 2024, it opened 28 new positions, sold out of 21, added to 89 and reduced 54. The biggest buy was a new position in Royal Caribbean Cruises (RCL) and the biggest sale Linde (LIN, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- Zurich, V8
- CIK
- 0001438848
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001172661-25-001528 ↗ filed Apr 22, 2025
Holdings Value
Holdings 176 stocks · $1.3B
| MSFT Microsoft Corp. | 5.69% | 195,364 | $73.3M | Add +5.8% |
| NVDA Nvidia Corp. | 4.18% | 497,391 | $53.9M | Add +7.0% |
| GOOGL Alphabet Inc. Class A | 3.85% | 320,916 | $49.6M | Reduce -2.9% |
| AAPL Apple Inc. | 3.61% | 209,293 | $46.5M | Add +12.7% |
| AMZN Amazon.com Inc. | 3.36% | 227,643 | $43.3M | Add +4.3% |
| META Meta Platforms Inc. Class A | 3.18% | 71,158 | $41.0M | Add +4.6% |
| V Visa Inc. Class A | 2.52% | 92,658 | $32.5M | Add +10.7% |
| LIN Linde PLC | 2.43% | 67,219 | $31.3M | Reduce -44.0% |
| LLY Eli Lilly & Co. | 2.27% | 35,394 | $29.2M | Add +5.7% |
| ORCL Oracle Corp. | 1.94% | 178,695 | $25.0M | Reduce -7.2% |
| FISV Fiserv Inc. | 1.70% | 99,463 | $22.0M | Reduce -6.0% |
| NFLX Netflix Inc. | 1.61% | 22,319 | $20.8M | Reduce -3.9% |
| PG The Procter & Gamble Co. | 1.55% | 117,296 | $20.0M | Add +28.2% |
| AVGO Broadcom Inc. | 1.41% | 108,777 | $18.2M | Reduce -13.6% |
| MA Mastercard Inc. Class A | 1.29% | 30,297 | $16.6M | Add +22.0% |
| XOM Exxon Mobil Corp. | 1.27% | 137,192 | $16.3M | Reduce -14.7% |
| UNH Unitedhealth Group Inc. | 1.26% | 31,059 | $16.3M | Reduce -31.4% |
| COST Costco Wholesale Corp. | 1.23% | 16,744 | $15.8M | Add +6.9% |
| SCHW Schwab (charles) Corp. | 1.17% | 192,209 | $15.0M | Reduce -3.8% |
| HLT Hilton Worldwide Holdings Inc. | 1.14% | 64,812 | $14.7M | Reduce -16.7% |
| JPM JPMorgan Chase & Co. | 1.12% | 59,044 | $14.5M | Reduce -34.9% |
| VIK Viking Holdings Ltd. | 1.00% | 326,001 | $13.0M | Reduce -20.2% |
| RL Ralph Lauren Corp. | 0.99% | 58,050 | $12.8M | Reduce -13.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.96% | 74,484 | $12.4M | Add +1.9% |
| ISRG Intuitive Surgical Inc. | 0.95% | 24,810 | $12.3M | Reduce -5.3% |
| INTU Intuit Inc. | 0.95% | 19,919 | $12.2M | Reduce -2.5% |
| MKL Markel Group Inc. | 0.95% | 6,537 | $12.2M | Reduce -14.7% |
| AS Amer Sports Inc. | 0.94% | 453,000 | $12.1M | Reduce -5.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.92% | 119,996 | $11.8M | Reduce -9.2% |
| VOO Vanguard S&P 500 ETF | 0.89% | 22,250 | $11.4M | No change |
| MRK Merck & Co. Inc. | 0.88% | 125,887 | $11.3M | Add +7.1% |
| COP Conocophillips | 0.87% | 107,222 | $11.3M | Reduce -6.3% |
| BMY Bristol-Myers Squibb Co. | 0.87% | 184,489 | $11.3M | Reduce -9.0% |
| MAR Marriott International Class A | 0.87% | 46,920 | $11.2M | Reduce -23.5% |
| BKNG Booking Holdings Inc. | 0.85% | 2,369 | $10.9M | Add +1.1% |
| TPR Tapestry Inc. | 0.83% | 152,500 | $10.7M | Reduce -5.2% |
| SN Sharkninja Inc. | 0.76% | 117,624 | $9.8M | Add +2.8% |
| OSW Onespaworld Holdings Ltd. | 0.76% | 583,000 | $9.8M | Add +7.9% |
| NOW ServiceNow Inc. | 0.72% | 11,647 | $9.3M | Add +22.6% |
| PGR Progressive Corp. | 0.71% | 32,349 | $9.2M | Add +56.8% |
| EA Electronic Arts Inc. | 0.68% | 60,491 | $8.7M | Reduce -10.0% |
| JNJ Johnson & Johnson | 0.65% | 50,410 | $8.4M | Reduce -4.7% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.63% | 186,300 | $8.2M | No change |
| EOG EOG Resources Inc. | 0.62% | 62,769 | $8.0M | Reduce -16.2% |
| PSA Public Storage | 0.62% | 26,746 | $8.0M | Reduce -15.5% |
| ADBE Adobe Inc. | 0.61% | 20,585 | $7.9M | Add +18.2% |
| MDT Medtronic PLC | 0.61% | 86,871 | $7.8M | Reduce -12.0% |
| LRCX Lam Research Corp. | 0.60% | 106,695 | $7.8M | Add +31.7% |
| AMAT Applied Materials Inc. | 0.59% | 52,607 | $7.6M | Add +30.4% |
| TEL Te Connectivity PLC | 0.59% | 53,675 | $7.6M | Reduce -11.6% |
| HBAN Huntington Bancshares Inc. | 0.59% | 502,968 | $7.5M | Reduce -6.2% |
| KDP Keurig Dr Pepper Inc. | 0.57% | 216,367 | $7.4M | Reduce -15.5% |
| EMR Emerson Electric Co. | 0.57% | 66,819 | $7.3M | Reduce -10.1% |
| UBER Uber Technologies Inc. | 0.55% | 98,132 | $7.1M | Reduce -17.9% |
| INFY Infosys Ltd.-SP ADR | 0.55% | 387,060 | $7.1M | Reduce -19.9% |
| RCL Royal Caribbean Cruises Ltd. | 0.55% | 34,380 | $7.1M | New |
| HLN Haleon PLC-ADR | 0.53% | 666,312 | $6.9M | Reduce -15.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.53% | 12,840 | $6.8M | Add +217.3% |
| CPRI Capri Holdings Ltd. | 0.53% | 343,900 | $6.8M | New |
| KO The Coca-Cola Co. | 0.50% | 90,392 | $6.5M | Add +50.1% |
| APH Amphenol Corp. Class A | 0.50% | 97,828 | $6.4M | Add +330.9% |
| NDAQ Nasdaq Inc. | 0.49% | 84,044 | $6.4M | Add +23.6% |
| CDNS Cadence Design SYS Inc. | 0.48% | 24,188 | $6.2M | Add +8.4% |
| TMO Thermo Fisher Scientific Inc. | 0.48% | 12,320 | $6.1M | Add +42.8% |
| HD Home Depot Inc. | 0.46% | 16,342 | $6.0M | Add +19.8% |
| SYK Stryker Corp. | 0.46% | 16,008 | $6.0M | Add +61.7% |
| ADP Automatic Data Processing | 0.46% | 19,326 | $5.9M | Add +110.0% |
| UPS United Parcel Service Class B | 0.45% | 52,847 | $5.8M | Reduce -14.2% |
| GE General Electric filed as GE AEROSPACE | 0.44% | 28,175 | $5.6M | Add +0.6% |
| AME Ametek Inc. | 0.44% | 32,722 | $5.6M | Add +49.6% |
| NXPI NXP Semiconductors NV | 0.44% | 29,635 | $5.6M | Reduce -11.3% |
| VRSK Verisk Analytics Inc. | 0.43% | 18,832 | $5.6M | Add +13.7% |
| ELV Elevance Health Inc. | 0.42% | 12,417 | $5.4M | Reduce -15.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.42% | 11,045 | $5.4M | Add +9.8% |
| ZGN Ermenegildo Zegna NV | 0.41% | 707,337 | $5.2M | No change |
| YMM Full Truck Alliance -SPN ADR | 0.40% | 405,876 | $5.2M | Reduce -11.2% |
| CAT Caterpillar Inc. | 0.38% | 14,832 | $4.9M | Add +4.1% |
| PTC PTC Inc. | 0.38% | 31,248 | $4.8M | Add +1.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.37% | 13,994 | $4.8M | Add +16.7% |
| HON Honeywell International Inc. | 0.36% | 21,940 | $4.6M | Add +4.0% |
| USB US Bancorp | 0.36% | 108,722 | $4.6M | Reduce -5.9% |
| AFL Aflac Inc. | 0.35% | 40,551 | $4.5M | Reduce -8.0% |
| NKE Nike Inc. Class B | 0.34% | 68,186 | $4.3M | Reduce -18.4% |
| TXN Texas Instruments Inc. | 0.33% | 23,751 | $4.3M | Add +69.7% |
| WBD Warner Bros Discovery Inc. | 0.33% | 396,783 | $4.3M | Reduce -11.2% |
| MSI Motorola Solutions Inc. | 0.33% | 9,693 | $4.2M | Add +25.6% |
| TAL Tal Education Group- ADR | 0.32% | 312,000 | $4.1M | New |
| NEE Nextera Energy Inc. | 0.31% | 55,828 | $4.0M | New |
| GOOG Alphabet Inc. Class C | 0.29% | 24,336 | $3.8M | Add +19.4% |
| FTNT Fortinet Inc. | 0.29% | 38,387 | $3.7M | Add +32.1% |
| IBN Icici Bank Ltd.-Spon ADR | 0.28% | 114,915 | $3.6M | Reduce -9.0% |
| RSG Republic Services Inc. | 0.28% | 14,742 | $3.6M | Add +22.1% |
| ADSK Autodesk Inc. | 0.27% | 13,220 | $3.5M | Add +13.2% |
| PYPL PayPal Holdings Inc. | 0.26% | 51,553 | $3.4M | Reduce -3.4% |
| TCOM Trip.com Group Ltd.-ADR | 0.26% | 52,495 | $3.3M | Add +24.5% |
| HDB HDFC Bank Ltd.-ADR | 0.26% | 50,000 | $3.3M | No change |
| ETN Eaton Corp. PLC | 0.25% | 11,755 | $3.2M | Add +17.3% |
| SPGI S&P Global Inc. | 0.24% | 6,162 | $3.1M | Add +21.1% |
| MSCI MSCI Inc. | 0.23% | 5,299 | $3.0M | New |
| DHR Danaher Corp. | 0.23% | 14,547 | $3.0M | Add +12.6% |
Portfolio Sells Q4 2024 → Q1 2025
| LIN Linde PLC | Reduce -44.0% | 2.43% | −1.32 |
| GOOGL Alphabet Inc. Class A | Reduce -2.9% | 3.85% | −0.82 |
| AVGO Broadcom Inc. | Reduce -13.6% | 1.41% | −0.76 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.54 |
| JPM JPMorgan Chase & Co. | Reduce -34.9% | 1.12% | −0.50 |
| ORCL Oracle Corp. | Reduce -7.2% | 1.94% | −0.46 |
| UNH Unitedhealth Group Inc. | Reduce -31.4% | 1.26% | −0.45 |
| MAR Marriott International Class A | Reduce -23.5% | 0.87% | −0.41 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.39 |
| VIK Viking Holdings Ltd. | Reduce -20.2% | 1.00% | −0.34 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -16.7% | 1.14% | −0.29 |
| INFY Infosys Ltd.-SP ADR | Reduce -19.9% | 0.55% | −0.24 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.24 |
| BAH Booz Allen Hamilton Holdings | Reduce -51.7% | 0.15% | −0.22 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.20 |
| DIS The Walt Disney Co. | Reduce -9.2% | 0.92% | −0.18 |
| RL Ralph Lauren Corp. | Reduce -13.9% | 0.99% | −0.17 |
| UDR Udr Inc. | Sold out | 0.00% | −0.16 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.14 |
| GS Goldman Sachs Group Inc. | Reduce -67.5% | 0.06% | −0.14 |
| NKE Nike Inc. Class B | Reduce -18.4% | 0.34% | −0.14 |
| UPS United Parcel Service Class B | Reduce -14.2% | 0.45% | −0.13 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −0.12 |
| EMR Emerson Electric Co. | Reduce -10.1% | 0.57% | −0.12 |
| BA The Boeing Co. | Sold out | 0.00% | −0.12 |
| PLD Prologis Inc. | Sold out | 0.00% | −0.10 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.09 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.09 |
| ICLR Icon PLC | Sold out | 0.00% | −0.09 |
| ROK Rockwell Automation Inc. | Reduce -43.5% | 0.10% | −0.09 |
| PSA Public Storage | Reduce -15.5% | 0.62% | −0.09 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.09 |
| NXPI NXP Semiconductors NV | Reduce -11.3% | 0.44% | −0.08 |
| PYPL PayPal Holdings Inc. | Reduce -3.4% | 0.26% | −0.08 |
| MS Morgan Stanley | Sold out | 0.00% | −0.08 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.08 |
| CMI Cummins Inc. | Sold out | 0.00% | −0.08 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.08 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.08 |
| GM General Motors Co. | Sold out | 0.00% | −0.08 |
| ISRG Intuitive Surgical Inc. | Reduce -5.3% | 0.95% | −0.07 |
| HBAN Huntington Bancshares Inc. | Reduce -6.2% | 0.59% | −0.07 |
| AS Amer Sports Inc. | Reduce -5.9% | 0.94% | −0.06 |
| RF Regions Financial Corp. | Reduce -49.4% | 0.06% | −0.06 |
| EOG EOG Resources Inc. | Reduce -16.2% | 0.62% | −0.06 |
| TEL Te Connectivity PLC | Reduce -11.6% | 0.59% | −0.06 |
| WIT Wipro Ltd.-ADR | Reduce -21.1% | 0.14% | −0.06 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.06 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.06 |
| USB US Bancorp | Reduce -5.9% | 0.36% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| RCL Royal Caribbean Cruises Ltd. | New | 0.55% | +0.55 |
| V Visa Inc. Class A | Add +10.7% | 2.52% | +0.55 |
| CPRI Capri Holdings Ltd. | New | 0.53% | +0.53 |
| PG The Procter & Gamble Co. | Add +28.2% | 1.55% | +0.41 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +217.3% | 0.53% | +0.39 |
| APH Amphenol Corp. Class A | Add +330.9% | 0.50% | +0.38 |
| PGR Progressive Corp. | Add +56.8% | 0.71% | +0.34 |
| LLY Eli Lilly & Co. | Add +5.7% | 2.27% | +0.34 |
| TAL Tal Education Group- ADR | New | 0.32% | +0.32 |
| MA Mastercard Inc. Class A | Add +22.0% | 1.29% | +0.31 |
| NEE Nextera Energy Inc. | New | 0.31% | +0.31 |
| ADP Automatic Data Processing | Add +110.0% | 0.46% | +0.26 |
| MSCI MSCI Inc. | New | 0.23% | +0.23 |
| PANW Palo Alto Networks Inc. | New | 0.22% | +0.22 |
| KO The Coca-Cola Co. | Add +50.1% | 0.50% | +0.22 |
| META Meta Platforms Inc. Class A | Add +4.6% | 3.18% | +0.21 |
| SYK Stryker Corp. | Add +61.7% | 0.46% | +0.20 |
| SO The Southern Co. | New | 0.19% | +0.19 |
| BZ Kanzhun Ltd. - ADR | New | 0.19% | +0.19 |
| ESS Essex Property Trust Inc. | New | 0.18% | +0.18 |
| LRCX Lam Research Corp. | Add +31.7% | 0.60% | +0.17 |
| COST Costco Wholesale Corp. | Add +6.9% | 1.23% | +0.16 |
| DUK Duke Energy Corp. | New | 0.15% | +0.15 |
| AME Ametek Inc. | Add +49.6% | 0.44% | +0.14 |
| TMO Thermo Fisher Scientific Inc. | Add +42.8% | 0.48% | +0.14 |
| SBUX Starbucks Corp. | New | 0.14% | +0.14 |
| AAPL Apple Inc. | Add +12.7% | 3.61% | +0.14 |
| TXN Texas Instruments Inc. | Add +69.7% | 0.33% | +0.14 |
| WELL Welltower Inc. | New | 0.13% | +0.13 |
| VTR Ventas Inc. | New | 0.13% | +0.13 |
| DT Dynatrace Inc. | New | 0.13% | +0.13 |
| PEG Public Service Enterprise GP | New | 0.12% | +0.12 |
| AJG Arthur J Gallagher & Co. | Add +16.7% | 0.37% | +0.12 |
| CBOE Cboe Global Markets Inc. | New | 0.12% | +0.12 |
| WNS WNS Holdings Ltd. | New | 0.12% | +0.12 |
| VRTX Vertex Pharmaceuticals Inc. | Add +9.8% | 0.42% | +0.11 |
| SRE Sempra | New | 0.11% | +0.11 |
| SLB SLB Ltd. | New | 0.11% | +0.11 |
| AMAT Applied Materials Inc. | Add +30.4% | 0.59% | +0.10 |
| NDAQ Nasdaq Inc. | Add +23.6% | 0.49% | +0.10 |
| TW Tradeweb Markets Inc. Class A | New | 0.10% | +0.10 |
| AXP American Express Co. | New | 0.10% | +0.10 |
| CL Colgate-Palmolive Co. | New | 0.10% | +0.10 |
| WAT Waters Corp. | New | 0.10% | +0.10 |
| CFG Citizens Financial Group | New | 0.10% | +0.10 |
| CHD Church & Dwight Co. Inc. | New | 0.10% | +0.10 |
| RSG Republic Services Inc. | Add +22.1% | 0.28% | +0.10 |
| VRSK Verisk Analytics Inc. | Add +13.7% | 0.43% | +0.09 |
| GE General Electric | Add +0.6% | 0.44% | +0.09 |
| SPOT Spotify Technology SA | Add +30.7% | 0.21% | +0.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 273 | $1.3B | NVDA, GOOGL, MSFT, AAPL, AMZN |
| Q1 2026 | 276 | $1.1B | NVDA, MSFT, GOOGL, AAPL, AMZN |
| Q4 2025 | 288 | $1.6B | MSFT, GOOGL, NVDA, AAPL, UBS |
| Q3 2025 | 284 | $1.6B | MSFT, NVDA, GOOGL, AAPL, META |
| Q2 2025 | 226 | $1.4B | MSFT, NVDA, GOOGL, META, AAPL |
| Q1 2025 | 176 | $1.3B | MSFT, NVDA, GOOGL, AAPL, AMZN |
| Q4 2024 | 169 | $1.3B | MSFT, GOOGL, NVDA, LIN, AMZN |
| Q3 2024 | 152 | $1.3B | LIN, MSFT, NVDA, GOOGL, META |
| Q2 2024 | 159 | $1.3B | MSFT, NVDA, GOOGL, LIN, META |
| Q1 2024 | 168 | $1.4B | MSFT, LIN, NVDA, GOOGL, META |