GAM Holding AG
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), GAM Holding AG reported 288 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 5.2% of the portfolio, followed by Alphabet Class A (GOOGL, 5.1%) and Nvidia (NVDA, 4.9%). Compared with Q3 2025, it opened 63 new positions, sold out of 59, added to 83 and reduced 130. The biggest buy was UBS Group AG-Reg (UBS, shares +17%) and the biggest sale an exit from Lam Research (LRCX).
- Most Recent 13F
- Q2 2026
- Location
- Zurich, V8
- CIK
- 0001438848
- Portfolio Value
- $1.6B (Q4 2025)
- SEC Filing
- 0001172661-26-001215 ↗ filed Feb 17, 2026
Holdings Value
Holdings 288 stocks · $1.6B
| MSFT Microsoft Corp. | 5.24% | 169,875 | $82.2M | Reduce -4.3% |
| GOOGL Alphabet Inc. Class A | 5.09% | 254,721 | $79.7M | Reduce -18.8% |
| NVDA Nvidia Corp. | 4.90% | 411,783 | $76.8M | Reduce -10.0% |
| AAPL Apple Inc. | 3.97% | 228,914 | $62.2M | Add +7.7% |
| UBS UBS Group AG-Reg | 3.04% | 1,020,351 | $47.6M | Add +16.9% |
| AMZN Amazon.com Inc. | 2.85% | 193,517 | $44.7M | Reduce -3.6% |
| META Meta Platforms Inc. Class A | 2.83% | 67,250 | $44.4M | Reduce -2.7% |
| V Visa Inc. Class A | 2.02% | 90,067 | $31.6M | Add +4.0% |
| AVGO Broadcom Inc. | 1.76% | 79,581 | $27.5M | Add +0.2% |
| URTH iShares MSCI World ETF | 1.63% | 137,304 | $25.5M | Add +0.2% |
| LLY Eli Lilly & Co. | 1.39% | 20,201 | $21.7M | Reduce -1.6% |
| JPM JPMorgan Chase & Co. | 1.14% | 55,480 | $17.9M | Add +0.3% |
| AMRZ Amrize Ltd. | 1.12% | 317,858 | $17.5M | Add +7.6% |
| CRH CRH PLC | 1.11% | 139,180 | $17.4M | Reduce -5.1% |
| MA Mastercard Inc. Class A | 1.02% | 28,003 | $16.0M | Add +0.9% |
| ALC Alcon Inc. filed as ALCON AG | 1.00% | 195,449 | $15.6M | Reduce -0.6% |
| PG The Procter & Gamble Co. | 0.98% | 107,664 | $15.4M | Add +11.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.96% | 51,039 | $15.1M | Add +1.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.96% | 52,112 | $15.0M | Reduce -0.1% |
| XOM Exxon Mobil Corp. | 0.95% | 123,617 | $14.9M | Reduce -1.0% |
| LOGI Logitech International-Reg | 0.92% | 140,780 | $14.5M | Reduce -18.7% |
| BKNG Booking Holdings Inc. | 0.89% | 2,612 | $14.0M | Reduce -1.8% |
| VOO Vanguard S&P 500 ETF | 0.89% | 22,250 | $14.0M | No change |
| NFLX Netflix Inc. | 0.88% | 147,678 | $13.8M | Reduce -20.2% |
| MRK Merck & Co. Inc. | 0.88% | 130,615 | $13.7M | Add +6.3% |
| ORCL Oracle Corp. | 0.86% | 69,336 | $13.5M | Reduce -19.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.86% | 44,295 | $13.5M | Add +17.6% |
| RACE Ferrari NV | 0.84% | 35,175 | $13.2M | Reduce -15.8% |
| WFC Wells Fargo & Co. | 0.84% | 140,792 | $13.1M | Add +15.8% |
| TTE Totalenergies SE | 0.81% | 194,786 | $12.7M | New |
| TPR Tapestry Inc. | 0.78% | 96,200 | $12.3M | Reduce -23.6% |
| MKL Markel Group Inc. | 0.77% | 5,587 | $12.0M | Reduce -4.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.76% | 104,225 | $11.9M | Reduce -5.4% |
| VIK Viking Holdings Ltd. | 0.75% | 164,101 | $11.7M | Reduce -14.5% |
| RL Ralph Lauren Corp. | 0.74% | 32,950 | $11.7M | Reduce -16.8% |
| JNJ Johnson & Johnson | 0.74% | 55,945 | $11.6M | Reduce -5.9% |
| AMAT Applied Materials Inc. | 0.69% | 42,176 | $10.8M | Reduce -41.9% |
| AS Amer Sports Inc. | 0.64% | 268,800 | $10.0M | Reduce -8.9% |
| EFIV SS SPDR S&P 500 ESG ETF | 0.64% | 151,430 | $10.0M | New |
| COST Costco Wholesale Corp. | 0.64% | 11,603 | $10.0M | Add +25.2% |
| RCL Royal Caribbean Cruises Ltd. | 0.64% | 35,860 | $10.0M | Reduce -12.6% |
| EMR Emerson Electric Co. | 0.62% | 73,439 | $9.7M | Add +25.3% |
| WMT Walmart Inc. | 0.57% | 80,275 | $8.9M | Add +139.3% |
| SCHW Schwab (charles) Corp. | 0.56% | 87,210 | $8.7M | Reduce -5.8% |
| SW Smurfit Westrock PLC | 0.55% | 223,331 | $8.6M | Reduce -6.4% |
| INTU Intuit Inc. | 0.55% | 12,902 | $8.5M | Reduce -12.8% |
| LIN Linde PLC | 0.54% | 20,022 | $8.5M | Reduce -0.6% |
| UNH Unitedhealth Group Inc. | 0.53% | 25,245 | $8.3M | Reduce -28.9% |
| VZ Verizon Communications Inc. | 0.52% | 200,857 | $8.2M | New |
| IEMG iShares Core MSCI Emerging | 0.52% | 120,685 | $8.1M | Add +1.3% |
| GOOG Alphabet Inc. Class C | 0.52% | 25,830 | $8.1M | Reduce -2.9% |
| CAT Caterpillar Inc. | 0.51% | 13,910 | $8.0M | Add +26.0% |
| CSCO Cisco Systems Inc. | 0.48% | 96,834 | $7.5M | Add +276.8% |
| MDT Medtronic PLC | 0.47% | 77,401 | $7.4M | Reduce -1.4% |
| HBAN Huntington Bancshares Inc. | 0.47% | 425,292 | $7.4M | No change |
| ZGN Ermenegildo Zegna NV | 0.46% | 706,936 | $7.2M | No change |
| NAK Northern Dynasty Minerals | 0.46% | 3,626,000 | $7.1M | Add +4.5% |
| NOW ServiceNow Inc. | 0.45% | 46,353 | $7.1M | Reduce -26.1% |
| ADBE Adobe Inc. | 0.45% | 19,927 | $7.0M | Reduce -32.5% |
| MELI MercadoLibre Inc. | 0.44% | 3,440 | $6.9M | Add +21.1% |
| OSW Onespaworld Holdings Ltd. | 0.44% | 331,800 | $6.9M | Reduce -18.0% |
| USSG Xtrackers MSCI USA Sele Eqty | 0.44% | 107,600 | $6.8M | New |
| MAR Marriott International Class A | 0.42% | 21,260 | $6.6M | No change |
| IEF iShares 7-10 Year Treasury B | 0.42% | 68,000 | $6.5M | No change |
| WYNN WYNN Resorts Ltd. | 0.41% | 53,580 | $6.4M | Add +12.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.41% | 12,731 | $6.4M | Add +11.8% |
| GE General Electric filed as GE AEROSPACE | 0.40% | 20,210 | $6.2M | Reduce -37.2% |
| APH Amphenol Corp. Class A | 0.40% | 45,975 | $6.2M | Reduce -35.1% |
| EOG EOG Resources Inc. | 0.39% | 58,152 | $6.1M | Reduce -6.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.39% | 110,344 | $6.1M | Add +175.7% |
| HLN Haleon PLC-ADR | 0.38% | 594,409 | $6.0M | Reduce -2.0% |
| KO The Coca-Cola Co. | 0.38% | 85,921 | $6.0M | Reduce -4.2% |
| PSA Public Storage | 0.38% | 22,675 | $5.9M | Reduce -11.9% |
| KDP Keurig Dr Pepper Inc. | 0.36% | 203,534 | $5.7M | Reduce -3.1% |
| PGR Progressive Corp. | 0.36% | 24,661 | $5.6M | Reduce -7.0% |
| INFY Infosys Ltd.-SP ADR | 0.36% | 314,731 | $5.6M | Reduce -6.8% |
| NXPI NXP Semiconductors NV | 0.35% | 25,524 | $5.5M | Reduce -12.5% |
| SN Sharkninja Inc. | 0.35% | 49,443 | $5.5M | Add +59.4% |
| FISV Fiserv Inc. | 0.35% | 80,513 | $5.4M | Reduce -15.0% |
| AME Ametek Inc. | 0.34% | 26,276 | $5.4M | Add +59.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.33% | 19,914 | $5.2M | Add +8.4% |
| ETN Eaton Corp. PLC | 0.33% | 16,031 | $5.1M | Add +31.8% |
| TEL Te Connectivity PLC | 0.32% | 22,201 | $5.1M | Reduce -52.6% |
| SYK Stryker Corp. | 0.32% | 14,231 | $5.0M | Reduce -4.8% |
| USB US Bancorp | 0.32% | 92,851 | $5.0M | Reduce -13.3% |
| ISRG Intuitive Surgical Inc. | 0.31% | 8,552 | $4.8M | Reduce -47.7% |
| SO The Southern Co. | 0.30% | 54,433 | $4.7M | Add +102.0% |
| SPGI S&P Global Inc. | 0.30% | 8,991 | $4.7M | Add +45.6% |
| BMY Bristol-Myers Squibb Co. | 0.30% | 86,896 | $4.7M | Reduce -52.5% |
| MS Morgan Stanley | 0.30% | 26,130 | $4.6M | Add +923.1% |
| DUK Duke Energy Corp. | 0.30% | 39,571 | $4.6M | Add +159.4% |
| ADP Automatic Data Processing | 0.29% | 17,840 | $4.6M | Reduce -0.3% |
| UPS United Parcel Service Class B | 0.29% | 45,538 | $4.5M | Reduce -12.8% |
| EXE Expand Energy Corp. | 0.28% | 39,656 | $4.4M | New |
| VRTX Vertex Pharmaceuticals Inc. | 0.28% | 9,552 | $4.3M | Reduce -13.3% |
| NKE Nike Inc. Class B | 0.27% | 65,722 | $4.2M | Reduce -3.4% |
| ELV Elevance Health Inc. | 0.27% | 11,893 | $4.2M | Reduce -4.1% |
| COP Conocophillips | 0.26% | 43,914 | $4.1M | Reduce -48.6% |
| NDAQ Nasdaq Inc. | 0.26% | 42,315 | $4.1M | Reduce -0.2% |
| XP XP Inc. Class A | 0.26% | 248,615 | $4.1M | Add +387.5% |
Portfolio Sells Q3 2025 → Q4 2025
| LRCX Lam Research Corp. | Sold out | 0.00% | −1.00 |
| ORCL Oracle Corp. | Reduce -19.4% | 0.86% | −0.63 |
| UBER Uber Technologies Inc. | Reduce -63.0% | 0.26% | −0.55 |
| NFLX Netflix Inc. | Reduce -20.2% | 0.88% | −0.49 |
| MSFT Microsoft Corp. | Reduce -4.3% | 5.24% | −0.44 |
| FISV Fiserv Inc. | Reduce -15.0% | 0.35% | −0.41 |
| RACE Ferrari NV | Reduce -15.8% | 0.84% | −0.41 |
| EA Electronic Arts Inc. | Reduce -95.0% | 0.02% | −0.41 |
| NVDA Nvidia Corp. | Reduce -10.0% | 4.90% | −0.37 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.34 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −0.34 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -59.5% | 0.22% | −0.34 |
| MSI Motorola Solutions Inc. | Reduce -64.5% | 0.15% | −0.33 |
| TEL Te Connectivity PLC | Reduce -52.6% | 0.32% | −0.31 |
| YMM Full Truck Alliance -SPN ADR | Reduce -52.6% | 0.21% | −0.31 |
| META Meta Platforms Inc. Class A | Reduce -2.7% | 2.83% | −0.30 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.29 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.26 |
| NOW ServiceNow Inc. | Reduce -26.1% | 0.45% | −0.26 |
| LOGI Logitech International-Reg | Reduce -18.7% | 0.92% | −0.24 |
| COP Conocophillips | Reduce -48.6% | 0.26% | −0.24 |
| AMAT Applied Materials Inc. | Reduce -41.9% | 0.69% | −0.23 |
| UNH Unitedhealth Group Inc. | Reduce -28.9% | 0.53% | −0.23 |
| PDD PDD Holdings Inc. | Reduce -51.4% | 0.16% | −0.21 |
| BMY Bristol-Myers Squibb Co. | Reduce -52.5% | 0.30% | −0.21 |
| GE General Electric | Reduce -37.2% | 0.40% | −0.20 |
| ADBE Adobe Inc. | Reduce -32.5% | 0.45% | −0.20 |
| HON Honeywell International Inc. | Reduce -87.9% | 0.03% | −0.19 |
| TME Tencent Music Entertainm-ADR | Reduce -69.3% | 0.06% | −0.19 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -12.6% | 0.64% | −0.18 |
| MSCI MSCI Inc. | Sold out | 0.00% | −0.17 |
| APH Amphenol Corp. Class A | Reduce -35.1% | 0.40% | −0.14 |
| ISRG Intuitive Surgical Inc. | Reduce -47.7% | 0.31% | −0.14 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.14 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.14 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −0.14 |
| RNW Renew Energy Global PLC-A | Reduce -73.0% | 0.04% | −0.14 |
| PPG PPG Industries Inc. | Sold out | 0.00% | −0.14 |
| ESS Essex Property Trust Inc. | Sold out | 0.00% | −0.13 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.12 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.12 |
| EFX Equifax Inc. | Sold out | 0.00% | −0.11 |
| ONON On Holding AG Class A | Reduce -46.3% | 0.17% | −0.11 |
| FWONA Liberty Media Corp. Class A | Sold out | 0.00% | −0.10 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -43.8% | 0.15% | −0.10 |
| TPR Tapestry Inc. | Reduce -23.6% | 0.78% | −0.10 |
| BWXT BWX Technologies Inc. | Reduce -39.4% | 0.13% | −0.09 |
| COTY Coty Inc. Class A | Reduce -45.4% | 0.07% | −0.09 |
| IR Ingersoll-Rand Inc. | Sold out | 0.00% | −0.09 |
| SBUX Starbucks Corp. | Reduce -81.7% | 0.02% | −0.09 |
Portfolio Buys Q3 2025 → Q4 2025
| UBS UBS Group AG-Reg | Add +16.9% | 3.04% | +0.83 |
| TTE Totalenergies SE | New | 0.81% | +0.81 |
| EFIV SS SPDR S&P 500 ESG ETF | New | 0.64% | +0.64 |
| AAPL Apple Inc. | Add +7.7% | 3.97% | +0.63 |
| VZ Verizon Communications Inc. | New | 0.52% | +0.52 |
| USSG Xtrackers MSCI USA Sele Eqty | New | 0.44% | +0.44 |
| CSCO Cisco Systems Inc. | Add +276.8% | 0.48% | +0.37 |
| WMT Walmart Inc. | Add +139.3% | 0.57% | +0.36 |
| EXE Expand Energy Corp. | New | 0.28% | +0.28 |
| MS Morgan Stanley | Add +923.1% | 0.30% | +0.27 |
| BAC Bank of America Corp. | Add +175.7% | 0.39% | +0.26 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.25% | +0.25 |
| MRK Merck & Co. Inc. | Add +6.3% | 0.88% | +0.24 |
| AMRZ Amrize Ltd. | Add +7.6% | 1.12% | +0.23 |
| EQT Eqt Corp. | New | 0.22% | +0.22 |
| AVB Avalonbay Communities Inc. | New | 0.22% | +0.22 |
| TSM Taiwan Semiconductor-SP ADR | Add +17.6% | 0.86% | +0.21 |
| WFC Wells Fargo & Co. | Add +15.8% | 0.84% | +0.21 |
| XP XP Inc. Class A | Add +387.5% | 0.26% | +0.20 |
| NAK Northern Dynasty Minerals | Add +4.5% | 0.46% | +0.20 |
| ABT Abbott Laboratories | Add +690.8% | 0.22% | +0.19 |
| SNOW Snowflake Inc. | New | 0.19% | +0.19 |
| V Visa Inc. Class A | Add +4.0% | 2.02% | +0.19 |
| CAT Caterpillar Inc. | Add +26.0% | 0.51% | +0.18 |
| DUK Duke Energy Corp. | Add +159.4% | 0.30% | +0.18 |
| NSC Norfolk Southern Corp. | New | 0.17% | +0.17 |
| RY Royal Bank of Canada | Add +451.6% | 0.19% | +0.16 |
| SN Sharkninja Inc. | Add +59.4% | 0.35% | +0.16 |
| AME Ametek Inc. | Add +59.0% | 0.34% | +0.15 |
| FAST Fastenal Co. | New | 0.15% | +0.15 |
| EMR Emerson Electric Co. | Add +25.3% | 0.62% | +0.15 |
| SO The Southern Co. | Add +102.0% | 0.30% | +0.14 |
| VEGN US Vegan Climate ETF | New | 0.14% | +0.14 |
| AVGO Broadcom Inc. | Add +0.2% | 1.76% | +0.14 |
| FERG Ferguson Enterprises Inc. | New | 0.13% | +0.13 |
| C Citigroup Inc. | Add +459.1% | 0.15% | +0.13 |
| UNP Union Pacific Corp. | Add +852.0% | 0.14% | +0.13 |
| BAP Credicorp Ltd. | New | 0.12% | +0.12 |
| EUFN iShares MSCI Europe Financia | New | 0.12% | +0.12 |
| TD Toronto-Dominion Bank | Add +308.5% | 0.15% | +0.12 |
| DOW Dow Inc. | New | 0.12% | +0.12 |
| SPGI S&P Global Inc. | Add +45.6% | 0.30% | +0.11 |
| FOX Fox Corp. Class B | Add +94.0% | 0.20% | +0.11 |
| AWK American Water Works Co. Inc. | New | 0.11% | +0.11 |
| AU Anglogold Ashanti PLC | New | 0.11% | +0.11 |
| BIDU Baidu Inc. - Spon ADR | Add +97.7% | 0.21% | +0.11 |
| COST Costco Wholesale Corp. | Add +25.2% | 0.64% | +0.11 |
| EQIX Equinix Inc. | New | 0.11% | +0.11 |
| GM General Motors Co. | Add +250.5% | 0.13% | +0.10 |
| FCX Freeport-McMoran Inc. | Add +180.0% | 0.14% | +0.10 |
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 |