GAM Holding AG
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), GAM Holding AG reported 226 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 6.0% of the portfolio, followed by Nvidia (NVDA, 4.5%) and Alphabet Class A (GOOGL, 3.6%). Compared with Q1 2025, it opened 68 new positions, sold out of 18, added to 44 and reduced 111. The biggest buy was a new position in Ferrari (RACE) and the biggest sale Linde (LIN, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- Zurich, V8
- CIK
- 0001438848
- Portfolio Value
- $1.4B (Q2 2025)
- SEC Filing
- 0001172661-25-002866 ↗ filed Aug 4, 2025
Holdings Value
Holdings 226 stocks · $1.4B
| MSFT Microsoft Corp. | 6.05% | 172,872 | $86.0M | Reduce -11.5% |
| NVDA Nvidia Corp. | 4.52% | 407,204 | $64.3M | Reduce -18.1% |
| GOOGL Alphabet Inc. Class A | 3.60% | 290,420 | $51.2M | Reduce -9.5% |
| META Meta Platforms Inc. Class A | 3.23% | 62,186 | $45.9M | Reduce -12.6% |
| AAPL Apple Inc. | 2.41% | 167,187 | $34.3M | Reduce -20.1% |
| V Visa Inc. Class A | 2.24% | 89,789 | $31.9M | Reduce -3.1% |
| RACE Ferrari NV | 2.20% | 64,107 | $31.3M | New |
| AMZN Amazon.com Inc. | 2.09% | 135,383 | $29.7M | Reduce -40.5% |
| UBS UBS Group AG-Reg | 2.04% | 859,043 | $29.0M | New |
| AVGO Broadcom Inc. | 1.83% | 94,557 | $26.1M | Reduce -13.1% |
| NFLX Netflix Inc. | 1.79% | 19,004 | $25.4M | Reduce -14.8% |
| URTH iShares MSCI World ETF | 1.71% | 143,421 | $24.3M | New |
| PG The Procter & Gamble Co. | 1.23% | 109,386 | $17.4M | Reduce -6.7% |
| ALC Alcon Inc. filed as ALCON AG | 1.22% | 196,818 | $17.4M | New |
| ORCL Oracle Corp. | 1.16% | 75,228 | $16.4M | Reduce -57.9% |
| JPM JPMorgan Chase & Co. | 1.11% | 54,668 | $15.8M | Reduce -7.4% |
| FISV Fiserv Inc. | 1.11% | 91,856 | $15.8M | Reduce -7.7% |
| LOGI Logitech International-Reg | 1.11% | 175,845 | $15.8M | New |
| LLY Eli Lilly & Co. | 1.10% | 19,983 | $15.6M | Reduce -43.5% |
| BKNG Booking Holdings Inc. | 1.09% | 2,688 | $15.6M | Add +13.5% |
| MA Mastercard Inc. Class A | 1.08% | 27,229 | $15.3M | Reduce -10.1% |
| HLT Hilton Worldwide Holdings Inc. | 1.06% | 56,507 | $15.1M | Reduce -12.8% |
| LRCX Lam Research Corp. | 0.99% | 144,036 | $14.0M | Add +35.0% |
| XOM Exxon Mobil Corp. | 0.95% | 125,879 | $13.6M | Reduce -8.3% |
| AS Amer Sports Inc. | 0.95% | 349,700 | $13.6M | Reduce -22.8% |
| CRH CRH PLC | 0.94% | 145,403 | $13.4M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.93% | 106,343 | $13.2M | Reduce -11.4% |
| VOO Vanguard S&P 500 ETF | 0.89% | 22,250 | $12.6M | No change |
| NOW ServiceNow Inc. | 0.88% | 12,188 | $12.5M | Add +4.6% |
| COST Costco Wholesale Corp. | 0.86% | 12,426 | $12.3M | Reduce -25.8% |
| ISRG Intuitive Surgical Inc. | 0.86% | 22,565 | $12.3M | Reduce -9.1% |
| MKL Markel Group Inc. | 0.85% | 6,031 | $12.0M | Reduce -7.7% |
| RL Ralph Lauren Corp. | 0.85% | 43,870 | $12.0M | Reduce -24.4% |
| VIK Viking Holdings Ltd. | 0.84% | 224,801 | $12.0M | Reduce -31.0% |
| AMAT Applied Materials Inc. | 0.82% | 63,693 | $11.7M | Add +21.1% |
| ADBE Adobe Inc. | 0.81% | 29,792 | $11.5M | Add +44.7% |
| TPR Tapestry Inc. | 0.78% | 125,900 | $11.1M | Reduce -17.4% |
| INTU Intuit Inc. | 0.75% | 13,538 | $10.7M | Reduce -32.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.74% | 33,425 | $10.5M | Reduce -2.8% |
| UBER Uber Technologies Inc. | 0.72% | 110,034 | $10.3M | Add +12.1% |
| MAR Marriott International Class A | 0.72% | 37,380 | $10.2M | Reduce -20.3% |
| MRK Merck & Co. Inc. | 0.69% | 123,484 | $9.8M | Reduce -1.9% |
| UNH Unitedhealth Group Inc. | 0.68% | 31,176 | $9.7M | Add +0.4% |
| OSW Onespaworld Holdings Ltd. | 0.68% | 471,000 | $9.6M | Reduce -19.2% |
| EA Electronic Arts Inc. | 0.66% | 58,666 | $9.4M | Reduce -3.0% |
| LIN Linde PLC | 0.65% | 19,579 | $9.2M | Reduce -70.9% |
| YMM Full Truck Alliance -SPN ADR | 0.63% | 763,933 | $9.0M | Add +88.2% |
| JNJ Johnson & Johnson | 0.62% | 57,869 | $8.8M | Add +14.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.62% | 38,982 | $8.8M | Reduce -47.7% |
| BMY Bristol-Myers Squibb Co. | 0.60% | 185,063 | $8.6M | Add +0.3% |
| SCHW Schwab (charles) Corp. | 0.58% | 90,152 | $8.2M | Reduce -53.1% |
| PGR Progressive Corp. | 0.57% | 30,266 | $8.1M | Reduce -6.4% |
| TEL Te Connectivity PLC | 0.57% | 47,756 | $8.1M | Reduce -11.0% |
| MSI Motorola Solutions Inc. | 0.56% | 19,014 | $8.0M | Add +96.2% |
| EMR Emerson Electric Co. | 0.56% | 59,591 | $7.9M | Reduce -10.8% |
| COP Conocophillips | 0.56% | 88,293 | $7.9M | Reduce -17.6% |
| IEMG iShares Core MSCI Emerging | 0.54% | 127,793 | $7.7M | New |
| HBAN Huntington Bancshares Inc. | 0.54% | 457,190 | $7.7M | Reduce -9.1% |
| EOG EOG Resources Inc. | 0.53% | 62,829 | $7.5M | Add +0.1% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.52% | 142,900 | $7.4M | Reduce -23.3% |
| PSA Public Storage | 0.51% | 24,856 | $7.3M | Reduce -7.1% |
| KDP Keurig Dr Pepper Inc. | 0.49% | 212,358 | $7.0M | Reduce -1.9% |
| CDNS Cadence Design SYS Inc. | 0.49% | 22,680 | $7.0M | Reduce -6.2% |
| MDT Medtronic PLC | 0.49% | 79,889 | $7.0M | Reduce -8.0% |
| HLN Haleon PLC-ADR | 0.49% | 665,930 | $6.9M | Reduce -0.1% |
| INFY Infosys Ltd.-SP ADR | 0.48% | 371,556 | $6.9M | Reduce -4.0% |
| APH Amphenol Corp. Class A | 0.47% | 68,404 | $6.8M | Reduce -30.1% |
| NXPI NXP Semiconductors NV | 0.45% | 29,453 | $6.4M | Reduce -0.6% |
| GE General Electric filed as GE AEROSPACE | 0.45% | 24,594 | $6.3M | Reduce -12.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.43% | 12,732 | $6.2M | Reduce -0.8% |
| ZGN Ermenegildo Zegna NV | 0.43% | 707,337 | $6.0M | No change |
| KO The Coca-Cola Co. | 0.42% | 83,885 | $5.9M | Reduce -7.2% |
| SYK Stryker Corp. | 0.39% | 14,195 | $5.6M | Reduce -11.3% |
| ADP Automatic Data Processing | 0.39% | 17,807 | $5.5M | Reduce -7.9% |
| AME Ametek Inc. | 0.38% | 29,949 | $5.4M | Reduce -8.5% |
| IEF iShares 7-10 Year Treasury B | 0.38% | 56,000 | $5.4M | New |
| UPS United Parcel Service Class B | 0.38% | 53,052 | $5.4M | Add +0.4% |
| ETN Eaton Corp. PLC | 0.37% | 14,732 | $5.3M | Add +25.3% |
| ATAT Atour Lifestyle Holdings-ADR | 0.36% | 158,800 | $5.2M | Add +72.6% |
| MELI MercadoLibre Inc. | 0.35% | 1,925 | $5.0M | New |
| USB US Bancorp | 0.35% | 108,824 | $4.9M | Add +0.1% |
| NKE Nike Inc. Class B | 0.34% | 68,478 | $4.9M | Add +0.4% |
| ELV Elevance Health Inc. | 0.34% | 12,470 | $4.9M | Add +0.4% |
| VRTX Vertex Pharmaceuticals Inc. | 0.33% | 10,553 | $4.7M | Reduce -4.5% |
| TXN Texas Instruments Inc. | 0.33% | 22,415 | $4.7M | Reduce -5.6% |
| PTC PTC Inc. | 0.31% | 25,942 | $4.5M | Reduce -17.0% |
| HDB HDFC Bank Ltd.-ADR | 0.31% | 57,567 | $4.4M | Add +15.1% |
| BZ Kanzhun Ltd. - ADR | 0.31% | 243,677 | $4.3M | Add +94.9% |
| TME Tencent Music Entertainm-ADR | 0.30% | 221,000 | $4.3M | New |
| AFL Aflac Inc. | 0.30% | 40,608 | $4.3M | Add +0.1% |
| IBN Icici Bank Ltd.-Spon ADR | 0.30% | 124,915 | $4.2M | Add +8.7% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.28% | 12,547 | $4.0M | Reduce -10.3% |
| CAT Caterpillar Inc. | 0.28% | 10,334 | $4.0M | Reduce -30.3% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.27% | 31,500 | $3.9M | Add +270.6% |
| NDAQ Nasdaq Inc. | 0.27% | 42,348 | $3.8M | Reduce -49.6% |
| GOOG Alphabet Inc. Class C | 0.27% | 21,306 | $3.8M | Reduce -12.4% |
| NAK Northern Dynasty Minerals | 0.26% | 2,800,000 | $3.8M | New |
| ADSK Autodesk Inc. | 0.26% | 12,015 | $3.7M | Reduce -9.1% |
| HON Honeywell International Inc. | 0.25% | 15,044 | $3.5M | Reduce -31.4% |
| FTNT Fortinet Inc. | 0.25% | 33,020 | $3.5M | Reduce -14.0% |
Portfolio Sells Q1 2025 → Q2 2025
| LIN Linde PLC | Reduce -70.9% | 0.65% | −1.78 |
| AMZN Amazon.com Inc. | Reduce -40.5% | 2.09% | −1.27 |
| AAPL Apple Inc. | Reduce -20.1% | 2.41% | −1.19 |
| LLY Eli Lilly & Co. | Reduce -43.5% | 1.10% | −1.17 |
| ORCL Oracle Corp. | Reduce -57.9% | 1.16% | −0.78 |
| FISV Fiserv Inc. | Reduce -7.7% | 1.11% | −0.59 |
| SCHW Schwab (charles) Corp. | Reduce -53.1% | 0.58% | −0.59 |
| SN Sharkninja Inc. | Reduce -72.6% | 0.22% | −0.54 |
| CPRI Capri Holdings Ltd. | Reduce -91.3% | 0.04% | −0.49 |
| COST Costco Wholesale Corp. | Reduce -25.8% | 0.86% | −0.36 |
| HD Home Depot Inc. | Reduce -72.7% | 0.11% | −0.35 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -47.7% | 0.62% | −0.34 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.33 |
| PG The Procter & Gamble Co. | Reduce -6.7% | 1.23% | −0.33 |
| TAL Tal Education Group- ADR | Sold out | 0.00% | −0.32 |
| COP Conocophillips | Reduce -17.6% | 0.56% | −0.32 |
| XOM Exxon Mobil Corp. | Reduce -8.3% | 0.95% | −0.31 |
| TMO Thermo Fisher Scientific Inc. | Reduce -48.4% | 0.18% | −0.29 |
| V Visa Inc. Class A | Reduce -3.1% | 2.24% | −0.28 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.26 |
| GOOGL Alphabet Inc. Class A | Reduce -9.5% | 3.60% | −0.25 |
| VRSK Verisk Analytics Inc. | Reduce -51.3% | 0.20% | −0.23 |
| NDAQ Nasdaq Inc. | Reduce -49.6% | 0.27% | −0.23 |
| MA Mastercard Inc. Class A | Reduce -10.1% | 1.08% | −0.21 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -78.4% | 0.05% | −0.21 |
| INTU Intuit Inc. | Reduce -32.0% | 0.75% | −0.20 |
| MRK Merck & Co. Inc. | Reduce -1.9% | 0.69% | −0.19 |
| ESS Essex Property Trust Inc. | Sold out | 0.00% | −0.18 |
| VIK Viking Holdings Ltd. | Reduce -31.0% | 0.84% | −0.16 |
| MAR Marriott International Class A | Reduce -20.3% | 0.72% | −0.15 |
| RL Ralph Lauren Corp. | Reduce -24.4% | 0.85% | −0.15 |
| WIT Wipro Ltd.-ADR | Sold out | 0.00% | −0.14 |
| PGR Progressive Corp. | Reduce -6.4% | 0.57% | −0.14 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −0.14 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.13 |
| WELL Welltower Inc. | Sold out | 0.00% | −0.13 |
| VTR Ventas Inc. | Sold out | 0.00% | −0.13 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.12 |
| IT Gartner Inc. | Reduce -47.9% | 0.10% | −0.12 |
| MDT Medtronic PLC | Reduce -8.0% | 0.49% | −0.12 |
| HON Honeywell International Inc. | Reduce -31.4% | 0.25% | −0.11 |
| ONON On Holding AG Class A | Reduce -23.3% | 0.52% | −0.11 |
| PSA Public Storage | Reduce -7.1% | 0.51% | −0.11 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.11 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.10 |
| AXP American Express Co. | Sold out | 0.00% | −0.10 |
| MKL Markel Group Inc. | Reduce -7.7% | 0.85% | −0.10 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.10 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.10 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.10 |
Portfolio Buys Q1 2025 → Q2 2025
| RACE Ferrari NV | New | 2.20% | +2.20 |
| UBS UBS Group AG-Reg | New | 2.04% | +2.04 |
| URTH iShares MSCI World ETF | New | 1.71% | +1.71 |
| ALC Alcon Inc. | New | 1.22% | +1.22 |
| LOGI Logitech International-Reg | New | 1.11% | +1.11 |
| CRH CRH PLC | New | 0.94% | +0.94 |
| IEMG iShares Core MSCI Emerging | New | 0.54% | +0.54 |
| LRCX Lam Research Corp. | Add +35.0% | 0.99% | +0.38 |
| IEF iShares 7-10 Year Treasury B | New | 0.38% | +0.38 |
| MELI MercadoLibre Inc. | New | 0.35% | +0.35 |
| TME Tencent Music Entertainm-ADR | New | 0.30% | +0.30 |
| NAK Northern Dynasty Minerals | New | 0.26% | +0.26 |
| BKNG Booking Holdings Inc. | Add +13.5% | 1.09% | +0.25 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 0.24% | +0.24 |
| MSI Motorola Solutions Inc. | Add +96.2% | 0.56% | +0.23 |
| YMM Full Truck Alliance -SPN ADR | Add +88.2% | 0.63% | +0.23 |
| AMAT Applied Materials Inc. | Add +21.1% | 0.82% | +0.23 |
| IBIT iShares Bitcoin Trust ETF | New | 0.22% | +0.22 |
| PDD PDD Holdings Inc. | New | 0.21% | +0.21 |
| FUTU Futu Holdings Ltd.-ADR | Add +270.6% | 0.27% | +0.21 |
| ADBE Adobe Inc. | Add +44.7% | 0.81% | +0.20 |
| CP Canadian Pacific Kansas City | New | 0.19% | +0.19 |
| NWSA News Corp. Class A | New | 0.19% | +0.19 |
| UBER Uber Technologies Inc. | Add +12.1% | 0.72% | +0.17 |
| NOW ServiceNow Inc. | Add +4.6% | 0.88% | +0.16 |
| ATAT Atour Lifestyle Holdings-ADR | Add +72.6% | 0.36% | +0.16 |
| ETN Eaton Corp. PLC | Add +25.3% | 0.37% | +0.12 |
| BZ Kanzhun Ltd. - ADR | Add +94.9% | 0.31% | +0.12 |
| CSCO Cisco Systems Inc. | New | 0.12% | +0.12 |
| ZTS Zoetis Inc. | New | 0.12% | +0.12 |
| BLK BlackRock Inc. | New | 0.11% | +0.11 |
| GS Goldman Sachs Group Inc. | Add +129.0% | 0.17% | +0.11 |
| IBM Intl Business Machines Corp. | New | 0.10% | +0.10 |
| COTY Coty Inc. Class A | New | 0.10% | +0.10 |
| WEC WEC Energy Group Inc. | New | 0.10% | +0.10 |
| WFC Wells Fargo & Co. | New | 0.10% | +0.10 |
| ANSS Ansys Inc. | New | 0.10% | +0.10 |
| RTX RTX Corp. | New | 0.10% | +0.10 |
| PLTR Palantir Technologies Inc. Class A | New | 0.10% | +0.10 |
| CPT Camden Property Trust | New | 0.09% | +0.09 |
| GM General Motors Co. | New | 0.09% | +0.09 |
| BAC Bank of America Corp. | New | 0.09% | +0.09 |
| KKR KKR & Co. Inc. | New | 0.09% | +0.09 |
| T AT&T Inc. | New | 0.09% | +0.09 |
| VSTS Vestis Corp. | New | 0.09% | +0.09 |
| MCK McKesson Corp. | New | 0.09% | +0.09 |
| CHD Church & Dwight Co. Inc. | Add +140.1% | 0.18% | +0.09 |
| MAA Mid-America Apartment Comm | New | 0.09% | +0.09 |
| SE Sea Ltd.-ADR | New | 0.08% | +0.08 |
| CDZI Cadiz Inc. | New | 0.08% | +0.08 |
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 |