GAM Holding AG
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), GAM Holding AG reported 284 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Nvidia (NVDA, 5.3%) and Alphabet Class A (GOOGL, 4.7%). Compared with Q2 2025, it opened 88 new positions, sold out of 30, added to 86 and reduced 96. The biggest buy was Alphabet Class A (GOOGL, shares +8%) and the biggest sale Ferrari (RACE, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- Zurich, V8
- CIK
- 0001438848
- Portfolio Value
- $1.6B (Q3 2025)
- SEC Filing
- 0001172661-25-004340 ↗ filed Oct 21, 2025
Holdings Value
Holdings 284 stocks · $1.6B
| MSFT Microsoft Corp. | 5.68% | 177,584 | $92.0M | Add +2.7% |
| NVDA Nvidia Corp. | 5.28% | 457,470 | $85.4M | Add +12.3% |
| GOOGL Alphabet Inc. Class A | 4.72% | 313,853 | $76.3M | Add +8.1% |
| AAPL Apple Inc. | 3.34% | 212,492 | $54.1M | Add +27.1% |
| META Meta Platforms Inc. Class A | 3.14% | 69,085 | $50.7M | Add +11.1% |
| AMZN Amazon.com Inc. | 2.72% | 200,788 | $44.1M | Add +48.3% |
| UBS UBS Group AG-Reg | 2.20% | 872,819 | $35.7M | Add +1.6% |
| V Visa Inc. Class A | 1.83% | 86,640 | $29.6M | Reduce -3.5% |
| AVGO Broadcom Inc. | 1.62% | 79,430 | $26.2M | Reduce -16.0% |
| URTH iShares MSCI World ETF | 1.54% | 137,063 | $24.9M | Reduce -4.4% |
| ORCL Oracle Corp. | 1.50% | 86,040 | $24.2M | Add +14.4% |
| NFLX Netflix Inc. | 1.37% | 18,515 | $22.2M | Reduce -2.6% |
| RACE Ferrari NV | 1.25% | 41,770 | $20.2M | Reduce -34.8% |
| LOGI Logitech International-Reg | 1.17% | 173,175 | $18.9M | Reduce -1.5% |
| CRH CRH PLC | 1.08% | 146,683 | $17.5M | Add +0.9% |
| JPM JPMorgan Chase & Co. | 1.08% | 55,322 | $17.5M | Add +1.2% |
| LRCX Lam Research Corp. | 1.00% | 120,436 | $16.1M | Reduce -16.4% |
| MA Mastercard Inc. Class A | 0.98% | 27,760 | $15.8M | Add +1.9% |
| LLY Eli Lilly & Co. | 0.97% | 20,523 | $15.7M | Add +2.7% |
| PG The Procter & Gamble Co. | 0.92% | 97,024 | $14.9M | Reduce -11.3% |
| AMAT Applied Materials Inc. | 0.92% | 72,603 | $14.9M | Add +14.0% |
| ALC Alcon Inc. filed as ALCON AG | 0.90% | 196,570 | $14.6M | Reduce -0.1% |
| BKNG Booking Holdings Inc. | 0.89% | 2,659 | $14.4M | Reduce -1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.88% | 50,553 | $14.3M | Add +921.7% |
| AMRZ Amrize Ltd. | 0.88% | 295,451 | $14.3M | New |
| TPR Tapestry Inc. | 0.88% | 125,900 | $14.3M | No change |
| XOM Exxon Mobil Corp. | 0.87% | 124,902 | $14.1M | Reduce -0.8% |
| VOO Vanguard S&P 500 ETF | 0.84% | 22,250 | $13.6M | No change |
| HLT Hilton Worldwide Holdings Inc. | 0.84% | 52,137 | $13.5M | Reduce -7.7% |
| RCL Royal Caribbean Cruises Ltd. | 0.82% | 41,038 | $13.3M | Add +22.8% |
| UBER Uber Technologies Inc. | 0.81% | 133,510 | $13.1M | Add +21.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.78% | 110,165 | $12.6M | Add +3.6% |
| RL Ralph Lauren Corp. | 0.77% | 39,620 | $12.4M | Reduce -9.7% |
| UNH Unitedhealth Group Inc. | 0.76% | 35,490 | $12.3M | Add +13.8% |
| FISV Fiserv Inc. | 0.76% | 94,767 | $12.2M | Add +3.2% |
| VIK Viking Holdings Ltd. | 0.74% | 192,001 | $11.9M | Reduce -14.6% |
| NOW ServiceNow Inc. | 0.71% | 12,546 | $11.5M | Add +2.9% |
| MKL Markel Group Inc. | 0.69% | 5,823 | $11.1M | Reduce -3.5% |
| JNJ Johnson & Johnson | 0.68% | 59,478 | $11.0M | Add +2.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.65% | 37,651 | $10.5M | Reduce -3.4% |
| ADBE Adobe Inc. | 0.64% | 29,511 | $10.4M | Reduce -0.9% |
| MRK Merck & Co. Inc. | 0.64% | 122,901 | $10.3M | Reduce -0.5% |
| TEL Te Connectivity PLC | 0.64% | 46,819 | $10.3M | Reduce -2.0% |
| AS Amer Sports Inc. | 0.63% | 295,100 | $10.3M | Reduce -15.6% |
| WFC Wells Fargo & Co. | 0.63% | 121,543 | $10.2M | Add +587.9% |
| INTU Intuit Inc. | 0.62% | 14,799 | $10.1M | Add +9.3% |
| SW Smurfit Westrock PLC | 0.62% | 238,510 | $10.0M | New |
| GE General Electric filed as GE AEROSPACE | 0.60% | 32,196 | $9.7M | Add +30.9% |
| LIN Linde PLC | 0.59% | 20,136 | $9.6M | Add +2.8% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.56% | 51,800 | $9.0M | Add +64.4% |
| SCHW Schwab (charles) Corp. | 0.55% | 92,574 | $8.8M | Add +2.7% |
| APH Amphenol Corp. Class A | 0.54% | 70,805 | $8.8M | Add +3.5% |
| COST Costco Wholesale Corp. | 0.53% | 9,268 | $8.6M | Reduce -25.4% |
| OSW Onespaworld Holdings Ltd. | 0.53% | 404,800 | $8.6M | Reduce -14.1% |
| YMM Full Truck Alliance -SPN ADR | 0.51% | 640,360 | $8.3M | Reduce -16.2% |
| BMY Bristol-Myers Squibb Co. | 0.51% | 182,769 | $8.2M | Reduce -1.2% |
| COP Conocophillips | 0.50% | 85,470 | $8.1M | Reduce -3.2% |
| IEMG iShares Core MSCI Emerging | 0.49% | 119,196 | $7.9M | Reduce -6.7% |
| MSI Motorola Solutions Inc. | 0.48% | 17,017 | $7.8M | Reduce -10.5% |
| EMR Emerson Electric Co. | 0.48% | 58,611 | $7.7M | Reduce -1.6% |
| MDT Medtronic PLC | 0.46% | 78,481 | $7.5M | Reduce -1.8% |
| PSA Public Storage | 0.46% | 25,742 | $7.4M | Add +3.6% |
| HBAN Huntington Bancshares Inc. | 0.45% | 425,292 | $7.3M | Reduce -7.0% |
| ISRG Intuitive Surgical Inc. | 0.45% | 16,350 | $7.3M | Reduce -27.5% |
| EOG EOG Resources Inc. | 0.43% | 62,114 | $7.0M | Reduce -1.1% |
| EA Electronic Arts Inc. | 0.43% | 34,422 | $6.9M | Reduce -41.3% |
| ZGN Ermenegildo Zegna NV | 0.41% | 706,936 | $6.7M | Reduce -0.1% |
| NXPI NXP Semiconductors NV | 0.41% | 29,167 | $6.6M | Reduce -1.0% |
| MELI MercadoLibre Inc. | 0.41% | 2,840 | $6.6M | Add +47.5% |
| IEF iShares 7-10 Year Treasury B | 0.41% | 68,000 | $6.6M | Add +21.4% |
| PGR Progressive Corp. | 0.40% | 26,519 | $6.5M | Reduce -12.4% |
| GOOG Alphabet Inc. Class C | 0.40% | 26,593 | $6.5M | Add +24.8% |
| WYNN WYNN Resorts Ltd. | 0.38% | 47,780 | $6.1M | New |
| PDD PDD Holdings Inc. | 0.37% | 45,696 | $6.0M | Add +56.5% |
| KO The Coca-Cola Co. | 0.37% | 89,659 | $5.9M | Add +6.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 11,382 | $5.7M | Reduce -10.6% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.35% | 18,377 | $5.7M | Add +46.5% |
| MGM MGM Resorts International | 0.34% | 160,000 | $5.5M | New |
| MAR Marriott International Class A | 0.34% | 21,260 | $5.5M | Reduce -43.1% |
| SYK Stryker Corp. | 0.34% | 14,950 | $5.5M | Add +5.3% |
| INFY Infosys Ltd.-SP ADR | 0.34% | 337,709 | $5.5M | Reduce -9.1% |
| BZ Kanzhun Ltd. - ADR | 0.34% | 233,677 | $5.5M | Reduce -4.1% |
| HLN Haleon PLC-ADR | 0.34% | 606,673 | $5.4M | Reduce -8.9% |
| KDP Keurig Dr Pepper Inc. | 0.33% | 209,951 | $5.4M | Reduce -1.1% |
| CAT Caterpillar Inc. | 0.33% | 11,040 | $5.3M | Add +6.8% |
| ADP Automatic Data Processing | 0.32% | 17,900 | $5.3M | Add +0.5% |
| USB US Bancorp | 0.32% | 107,050 | $5.2M | Reduce -1.6% |
| NKE Nike Inc. Class B | 0.29% | 68,026 | $4.7M | Reduce -0.7% |
| ARM Arm Holdings PLC-ADR | 0.29% | 33,314 | $4.7M | Add +64.0% |
| ETN Eaton Corp. PLC | 0.28% | 12,159 | $4.6M | Reduce -17.5% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.27% | 104,000 | $4.4M | Reduce -27.2% |
| UPS United Parcel Service Class B | 0.27% | 52,212 | $4.4M | Reduce -1.6% |
| DHR Danaher Corp. | 0.27% | 21,880 | $4.3M | Add +71.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.27% | 11,015 | $4.3M | Add +4.4% |
| ADSK Autodesk Inc. | 0.26% | 13,273 | $4.2M | Add +10.5% |
| AFL Aflac Inc. | 0.26% | 37,720 | $4.2M | Reduce -7.1% |
| NAK Northern Dynasty Minerals | 0.26% | 3,469,100 | $4.2M | Add +23.9% |
| TME Tencent Music Entertainm-ADR | 0.25% | 176,000 | $4.1M | Reduce -20.4% |
| PANW Palo Alto Networks Inc. | 0.25% | 19,770 | $4.0M | Add +28.6% |
| ATAT Atour Lifestyle Holdings-ADR | 0.25% | 106,800 | $4.0M | Reduce -32.8% |
Portfolio Sells Q2 2025 → Q3 2025
| RACE Ferrari NV | Reduce -34.8% | 1.25% | −0.95 |
| NFLX Netflix Inc. | Reduce -2.6% | 1.37% | −0.42 |
| V Visa Inc. Class A | Reduce -3.5% | 1.83% | −0.41 |
| ISRG Intuitive Surgical Inc. | Reduce -27.5% | 0.45% | −0.41 |
| MAR Marriott International Class A | Reduce -43.1% | 0.34% | −0.38 |
| COST Costco Wholesale Corp. | Reduce -25.4% | 0.53% | −0.33 |
| AS Amer Sports Inc. | Reduce -15.6% | 0.63% | −0.32 |
| ALC Alcon Inc. | Reduce -0.1% | 0.90% | −0.32 |
| PG The Procter & Gamble Co. | Reduce -11.3% | 0.92% | −0.30 |
| CDNS Cadence Design SYS Inc. | Reduce -51.7% | 0.24% | −0.25 |
| ONON On Holding AG Class A | Reduce -27.2% | 0.27% | −0.25 |
| RYAAY Ryanair Holdings PLC-SP ADR | Sold out | 0.00% | −0.24 |
| EA Electronic Arts Inc. | Reduce -41.3% | 0.43% | −0.23 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -7.7% | 0.84% | −0.22 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.22 |
| TXN Texas Instruments Inc. | Reduce -55.6% | 0.11% | −0.21 |
| AVGO Broadcom Inc. | Reduce -16.0% | 1.62% | −0.21 |
| BKNG Booking Holdings Inc. | Reduce -1.1% | 0.89% | −0.21 |
| AME Ametek Inc. | Reduce -44.8% | 0.19% | −0.19 |
| NWSA News Corp. Class A | Sold out | 0.00% | −0.19 |
| URTH iShares MSCI World ETF | Reduce -4.4% | 1.54% | −0.17 |
| ADBE Adobe Inc. | Reduce -0.9% | 0.64% | −0.17 |
| PTC PTC Inc. | Reduce -54.2% | 0.15% | −0.17 |
| PGR Progressive Corp. | Reduce -12.4% | 0.40% | −0.16 |
| KDP Keurig Dr Pepper Inc. | Reduce -1.1% | 0.33% | −0.16 |
| MKL Markel Group Inc. | Reduce -3.5% | 0.69% | −0.16 |
| UNP Union Pacific Corp. | Reduce -90.0% | 0.01% | −0.15 |
| HLN Haleon PLC-ADR | Reduce -8.9% | 0.34% | −0.15 |
| OSW Onespaworld Holdings Ltd. | Reduce -14.1% | 0.53% | −0.15 |
| INFY Infosys Ltd.-SP ADR | Reduce -9.1% | 0.34% | −0.14 |
| FTNT Fortinet Inc. | Reduce -32.9% | 0.12% | −0.13 |
| YMM Full Truck Alliance -SPN ADR | Reduce -16.2% | 0.51% | −0.12 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -24.8% | 0.18% | −0.12 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -32.8% | 0.25% | −0.11 |
| UPS United Parcel Service Class B | Reduce -1.6% | 0.27% | −0.11 |
| VIK Viking Holdings Ltd. | Reduce -14.6% | 0.74% | −0.10 |
| WEC WEC Energy Group Inc. | Sold out | 0.00% | −0.10 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.10 |
| EOG EOG Resources Inc. | Reduce -1.1% | 0.43% | −0.10 |
| IT Gartner Inc. | Sold out | 0.00% | −0.10 |
| CPT Camden Property Trust | Sold out | 0.00% | −0.09 |
| ELV Elevance Health Inc. | Reduce -0.5% | 0.25% | −0.09 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.2% | 0.51% | −0.09 |
| KEY Keycorp | Sold out | 0.00% | −0.09 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.09 |
| ETN Eaton Corp. PLC | Reduce -17.5% | 0.28% | −0.09 |
| BLK BlackRock Inc. | Reduce -78.8% | 0.02% | −0.09 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −0.09 |
| MAA Mid-America Apartment Comm | Sold out | 0.00% | −0.09 |
| HBAN Huntington Bancshares Inc. | Reduce -7.0% | 0.45% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +8.1% | 4.72% | +1.12 |
| AAPL Apple Inc. | Add +27.1% | 3.34% | +0.93 |
| AMRZ Amrize Ltd. | New | 0.88% | +0.88 |
| IBM Intl Business Machines Corp. | Add +921.7% | 0.88% | +0.78 |
| NVDA Nvidia Corp. | Add +12.3% | 5.28% | +0.75 |
| AMZN Amazon.com Inc. | Add +48.3% | 2.72% | +0.64 |
| SW Smurfit Westrock PLC | New | 0.62% | +0.62 |
| WFC Wells Fargo & Co. | Add +587.9% | 0.63% | +0.53 |
| WYNN WYNN Resorts Ltd. | New | 0.38% | +0.38 |
| MGM MGM Resorts International | New | 0.34% | +0.34 |
| ORCL Oracle Corp. | Add +14.4% | 1.50% | +0.34 |
| FUTU Futu Holdings Ltd.-ADR | Add +64.4% | 0.56% | +0.28 |
| DELL Dell Technologies -C | New | 0.22% | +0.22 |
| RNG Ringcentral Inc. Class A | New | 0.18% | +0.18 |
| UBS UBS Group AG-Reg | Add +1.6% | 2.20% | +0.17 |
| PDD PDD Holdings Inc. | Add +56.5% | 0.37% | +0.16 |
| GE General Electric | Add +30.9% | 0.60% | +0.15 |
| GLW Corning Inc. | New | 0.15% | +0.15 |
| CRH CRH PLC | Add +0.9% | 1.08% | +0.14 |
| PEP Pepsico Inc. | New | 0.14% | +0.14 |
| LNT Alliant Energy Corp. | New | 0.14% | +0.14 |
| GOOG Alphabet Inc. Class C | Add +24.8% | 0.40% | +0.13 |
| ESS Essex Property Trust Inc. | New | 0.13% | +0.13 |
| AMD Advanced Micro Devices | New | 0.12% | +0.12 |
| LOW Lowe's Cos Inc. | New | 0.12% | +0.12 |
| CARG Cargurus Inc. | New | 0.12% | +0.12 |
| MCD McDonald's Corp. | New | 0.11% | +0.11 |
| SBUX Starbucks Corp. | New | 0.11% | +0.11 |
| EFX Equifax Inc. | New | 0.11% | +0.11 |
| APTV Aptiv PLC | Add +171.9% | 0.16% | +0.11 |
| BA The Boeing Co. | New | 0.11% | +0.11 |
| RF Regions Financial Corp. | New | 0.11% | +0.11 |
| TJX TJX Companies Inc. | New | 0.11% | +0.11 |
| AMX America Movil Sab DE CV | New | 0.10% | +0.10 |
| FWONA Liberty Media Corp. Class A | New | 0.10% | +0.10 |
| AMAT Applied Materials Inc. | Add +14.0% | 0.92% | +0.10 |
| APP AppLovin Corp. Class A | Add +10.1% | 0.19% | +0.09 |
| DHR Danaher Corp. | Add +71.0% | 0.27% | +0.09 |
| UBER Uber Technologies Inc. | Add +21.3% | 0.81% | +0.09 |
| RCL Royal Caribbean Cruises Ltd. | Add +22.8% | 0.82% | +0.08 |
| RNW Renew Energy Global PLC-A | Add +94.7% | 0.18% | +0.08 |
| HD Home Depot Inc. | Add +74.3% | 0.19% | +0.08 |
| KRMN Karman Holdings Inc. | New | 0.08% | +0.08 |
| KSPI JSC Kaspi.kz ADR | New | 0.08% | +0.08 |
| UNH Unitedhealth Group Inc. | Add +13.8% | 0.76% | +0.07 |
| TSEM Tower Semiconductor Ltd. | New | 0.07% | +0.07 |
| AJG Arthur J Gallagher & Co. | Add +46.5% | 0.35% | +0.07 |
| APH Amphenol Corp. Class A | Add +3.5% | 0.54% | +0.07 |
| PAGS Pagseguro Digital Ltd. Class A | New | 0.06% | +0.06 |
| COTY Coty Inc. Class A | Add +109.7% | 0.16% | +0.06 |
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 |