Groupe la Francaise

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Groupe la Francaise reported 410 stock positions worth $6.1 billion. Its top holding was Microsoft (MSFT) at 8.3% of the portfolio, followed by Nvidia (NVDA, 6.7%) and Amazon.com (AMZN, 4.9%). Compared with Q1 2025, it opened 71 new positions, sold out of 78, added to 215 and reduced 87. The biggest buy was Microsoft (MSFT, shares +23%) and the biggest sale an exit from Cgi (GIB).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0002056088
Portfolio Value
$6.1B (Q2 2025)
SEC Filing
0000945621-25-000757 ↗ filed Aug 13, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q4 2024: $4.0B Q4 2024 Q1 2025: $4.7B Q1 2025 Q2 2025: $6.1B $6.1B Q2 2025 Q3 2025: $7.3B Q3 2025 Q4 2025: $6.8B Q4 2025 Q1 2026: $7.1B Q1 2026 Q2 2026: $8.1B Q2 2026

Holdings 410 stocks · $6.1B

MSFT Microsoft Corp. 8.33% 1,029,920 $511.3M Add +22.7%
NVDA Nvidia Corp. 6.71% 2,614,016 $411.8M Add +14.0%
AMZN Amazon.com Inc. 4.89% 1,372,277 $300.0M Add +28.1%
RACE Ferrari NV 4.72% 594,111 $289.9M Add +5.9%
AAPL Apple Inc. 3.81% 1,142,926 $234.1M Add +25.6%
META Meta Platforms Inc. Class A 3.12% 260,515 $191.6M Add +29.1%
GOOGL Alphabet Inc. Class A 2.85% 996,865 $175.1M Add +81.8%
V Visa Inc. Class A 2.61% 451,197 $160.0M Add +47.8%
AVGO Broadcom Inc. 2.58% 577,004 $158.6M Add +6.4%
LLY Eli Lilly & Co. 2.30% 180,811 $141.1M Add +66.7%
JPM JPMorgan Chase & Co. 2.25% 478,314 $138.2M Add +9.4%
LIN Linde PLC 2.08% 272,028 $127.8M Add +29.4%
ETN Eaton Corp. PLC 2.05% 353,034 $125.9M Add +21.6%
WMT Walmart Inc. 1.80% 1,135,400 $110.7M Add +46.9%
NFLX Netflix Inc. 1.65% 75,692 $101.0M Reduce -8.2%
COST Costco Wholesale Corp. 1.59% 98,877 $97.8M Add +37.5%
CRH CRH PLC 1.56% 1,044,598 $95.9M Reduce -9.5%
TSM Taiwan Semiconductor-SP ADR 1.40% 381,150 $86.0M Add +14.0%
ORCL Oracle Corp. 1.40% 392,989 $85.8M Add +42.8%
ISRG Intuitive Surgical Inc. 1.30% 147,161 $80.1M Add +99.0%
GOOG Alphabet Inc. Class C 1.18% 406,612 $72.5M Add +6.1%
CRM Salesforce Inc. 1.15% 259,254 $70.4M Add +63.3%
BSX Boston Scientific Corp. 1.11% 632,131 $67.9M Add +88.7%
KO The Coca-Cola Co. 1.10% 957,056 $67.5M Add +38.9%
GE General Electric filed as GE AEROSPACE 1.05% 251,708 $64.6M Add +3.3%
NOW ServiceNow Inc. 0.97% 57,759 $59.6M Add +33.4%
BKNG Booking Holdings Inc. 0.90% 9,502 $55.0M Add +3.5%
MA Mastercard Inc. Class A 0.85% 93,320 $52.3M Add +4.1%
AXP American Express Co. 0.81% 156,566 $49.8M Reduce -5.9%
STLA Stellantis NV 0.78% 4,784,779 $47.9M Reduce -10.8%
PANW Palo Alto Networks Inc. 0.70% 207,554 $43.0M Add +3.6%
TMUS T-Mobile US Inc. 0.64% 164,308 $39.1M Reduce -0.8%
ACN Accenture PLC Class A 0.63% 125,281 $38.4M Reduce -32.4%
SNPS Synopsys Inc. 0.62% 74,798 $38.2M Add +108.1%
UBER Uber Technologies Inc. 0.60% 396,061 $36.8M Reduce -15.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.57% 747,207 $35.2M Reduce -21.9%
MELI MercadoLibre Inc. 0.56% 13,126 $34.2M Reduce -15.8%
MSI Motorola Solutions Inc. 0.55% 80,891 $33.9M Add +107.9%
TMO Thermo Fisher Scientific Inc. 0.51% 77,025 $31.5M Add +20.7%
TT Trane Technologies PLC 0.51% 70,795 $31.1M Add +168.5%
HD Home Depot Inc. 0.50% 83,343 $30.5M Add +404.7%
CB Chubb Ltd. 0.49% 104,546 $30.2M Reduce -16.1%
MCD McDonald's Corp. 0.49% 103,684 $30.2M Add +85.2%
BLK BlackRock Inc. 0.43% 25,309 $26.5M Add +8.9%
DHR Danaher Corp. 0.39% 120,835 $23.8M Add +363.2%
ANET Arista Networks Inc. 0.39% 232,731 $23.7M Add +135.0%
RL Ralph Lauren Corp. 0.38% 85,637 $23.4M Add +41.0%
SYK Stryker Corp. 0.36% 56,266 $22.2M Add +462.3%
DE Deere & Co. 0.34% 41,666 $21.1M Add +206.6%
GEV GE Vernova Inc. 0.34% 39,172 $20.7M Reduce -44.3%
ARM Arm Holdings PLC-ADR 0.33% 124,052 $20.0M Add +403.4%
AEM Agnico Eagle Mines Ltd. 0.30% 155,835 $18.5M Reduce -0.0%
SPOT Spotify Technology SA 0.30% 24,127 $18.4M Add +4.1%
GS Goldman Sachs Group Inc. 0.29% 25,060 $17.7M Add +151.7%
WM Waste Management Inc. 0.29% 71,748 $17.5M Add +1.1%
HLT Hilton Worldwide Holdings Inc. 0.28% 65,837 $17.5M Reduce -38.5%
FISV Fiserv Inc. 0.28% 101,012 $17.3M Add +19.4%
DB Deutsche Bank AG-Registered 0.28% 581,751 $17.2M Reduce -4.4%
PG The Procter & Gamble Co. 0.27% 102,455 $16.8M Add +16.2%
CDNS Cadence Design SYS Inc. 0.27% 53,483 $16.4M Add +48.3%
WELL Welltower Inc. 0.27% 106,338 $16.3M Add +40.1%
TXN Texas Instruments Inc. 0.26% 77,945 $16.1M Add +103.0%
HWM Howmet Aerospace Inc. 0.26% 86,643 $16.1M Add +6.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.26% 128,875 $15.9M Add +33.7%
FICO Fair Isaac Corp. 0.25% 8,390 $15.3M New
KLAC KLA Corp. 0.24% 16,835 $15.0M Reduce -3.2%
EMR Emerson Electric Co. 0.24% 110,145 $14.6M Add +16.0%
NEM Newmont Corp. 0.24% 250,500 $14.5M Add +11.1%
RSG Republic Services Inc. 0.23% 58,142 $14.3M Add +88.8%
ONON On Holding AG Class A filed as ON HLDG AG 0.23% 267,388 $13.9M Add +7.5%
VRT Vertiv Holdings Co. Class A 0.23% 108,310 $13.9M Reduce -3.1%
IR Ingersoll-Rand Inc. 0.21% 158,471 $13.1M Add +7792.0%
FER Ferrovial NV 0.21% 242,339 $13.0M Add +61.3%
FNV Franco-Nevada Corp. 0.20% 76,500 $12.5M Reduce -2.5%
CME Cme Group Inc. 0.20% 44,909 $12.3M New
BPMC Blueprint Medicines Corp. 0.20% 94,150 $12.1M New
PWR Quanta Services Inc. 0.20% 31,783 $12.0M Reduce -7.8%
PH Parker Hannifin Corp. 0.18% 15,765 $11.0M Add +16.7%
AWK American Water Works Co. Inc. 0.18% 73,373 $10.9M Add +9.6%
CAT Caterpillar Inc. 0.18% 27,246 $10.8M Add +70.6%
XYZ Block Inc. 0.17% 156,204 $10.6M Add +52.3%
KGC Kinross Gold Corp. 0.17% 678,000 $10.5M Reduce -6.5%
PRU Prudential Financial Inc. 0.17% 97,514 $10.4M Add +18.9%
AMP Ameriprise Financial Inc. 0.17% 19,067 $10.1M Add +20.4%
XYL Xylem Inc. 0.16% 77,999 $10.1M Add +20.2%
NKE Nike Inc. Class B 0.16% 141,526 $10.0M Reduce -19.4%
PGR Progressive Corp. 0.16% 36,725 $9.8M Add +2530.7%
DECK Deckers Outdoor Corp. 0.16% 94,822 $9.8M Add +20.6%
CRWD CrowdStrike Holdings Inc. Class A 0.16% 18,965 $9.6M Reduce -34.8%
INTU Intuit Inc. 0.15% 11,991 $9.4M Add +26.5%
WAB Wabtec Corp. 0.15% 43,796 $9.1M Add +19.8%
NGD New Gold Inc. 0.15% 1,830,000 $9.1M Reduce -1.1%
AMD Advanced Micro Devices 0.14% 62,808 $8.9M Reduce -4.9%
AGI Alamos Gold Inc. Class A 0.14% 334,000 $8.8M Reduce -11.4%
ADI Analog Devices Inc. 0.14% 36,008 $8.5M Reduce -4.1%
FYBR Frontier Communications Pare 0.14% 231,640 $8.4M Add +75.8%
ORLY O'reilly Automotive Inc. 0.14% 93,250 $8.4M New
MRSH Marsh & McLennan Cos 0.13% 37,416 $8.1M Add +16.3%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.13% 595,883 $8.1M No change
TRV The Travelers Cos Inc. 0.13% 30,427 $8.1M Add +18.3%
DDOG Datadog Inc. Class A 0.13% 59,838 $8.0M No change
LHX L3HARRIS Technologies Inc. 0.13% 30,857 $7.7M New
SPGI S&P Global Inc. 0.13% 14,679 $7.7M Add +20.6%
SWTX Springworks Therapeutics Inc. 0.13% 163,935 $7.7M New
VLTO Veralto Corp. 0.12% 74,994 $7.5M Add +29.1%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.12% 750,000 $7.5M Reduce -6.3%
CL Colgate-Palmolive Co. 0.12% 78,251 $7.4M Reduce -12.9%
ANSS Ansys Inc. 0.12% 21,109 $7.4M Add +57.9%
CASY Casey's General Stores Inc. 0.12% 14,510 $7.4M New
FSLR First Solar Inc. 0.12% 44,673 $7.4M Reduce -23.4%
JNPR Juniper Networks Inc. 0.12% 184,437 $7.4M Add +39.0%
ALE Allete Inc. 0.12% 114,116 $7.3M New
TRMB Trimble Inc. 0.12% 94,951 $7.2M Add +35.6%
MMYT Makemytrip Ltd. 0.12% 73,117 $7.1M Add +27.7%
GFI Gold Fields Ltd.-Spons ADR 0.11% 298,000 $7.0M Add +6.4%
SPG Simon Property Group Inc. 0.11% 43,658 $7.0M Add +28.4%
ADSK Autodesk Inc. 0.11% 22,198 $6.8M Add +21.5%
ITW Illinois Tool Works 0.11% 27,449 $6.8M Add +16.6%
T AT&T Inc. 0.11% 232,799 $6.7M New
DXCM Dexcom Inc. 0.11% 77,026 $6.7M Add +88.6%
FTNT Fortinet Inc. 0.11% 63,100 $6.6M Add +15.3%
CYBR Cyberark Software Ltd./Israel 0.11% 16,378 $6.6M Add +1264.8%
NTRS Northern Trust Corp. 0.11% 52,195 $6.6M Add +25.5%
VRSK Verisk Analytics Inc. 0.11% 20,858 $6.5M Add +17.2%
DNB Dun & Bradstreet Holdings Inc. 0.10% 709,005 $6.4M Add +67.0%
EVRI Everi Holdings Inc. 0.10% 451,519 $6.4M Add +24.5%
NDAQ Nasdaq Inc. 0.10% 71,737 $6.4M Add +20.7%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.10% 195,408 $6.3M Add +14.9%
KEYS Keysight Technologies Inc. 0.10% 38,890 $6.3M Add +23.5%
ZTS Zoetis Inc. 0.10% 40,802 $6.3M Add +111.8%
ADP Automatic Data Processing 0.10% 20,414 $6.3M Add +19.2%
AVB Avalonbay Communities Inc. 0.10% 29,095 $5.9M Add +18.6%
FTV Fortive Corp. 0.09% 110,386 $5.7M Add +22.5%
AMAT Applied Materials Inc. 0.09% 31,381 $5.7M Add +17.7%
FAST Fastenal Co. 0.09% 135,628 $5.7M Add +19.9%
CHD Church & Dwight Co. Inc. 0.09% 59,181 $5.7M Add +20.5%
MSCI MSCI Inc. 0.09% 9,817 $5.6M Add +16.4%
AER Aercap Holdings NV 0.09% 47,702 $5.6M Add +0.5%
BR Broadridge Financial Solutio 0.09% 22,925 $5.5M Add +18.5%
SKE Skeena Resources Ltd. 0.09% 345,000 $5.5M Reduce -1.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.09% 43,719 $5.4M Add +3.1%
FCX Freeport-McMoran Inc. 0.09% 125,000 $5.4M Add +25.0%
CI The Cigna Group 0.09% 16,171 $5.3M New
APO Apollo Global Management Inc. 0.09% 37,340 $5.3M Add +1862.2%
OTIS Otis Worldwide Corp. 0.08% 51,666 $5.1M Add +19.0%
FERG Ferguson Enterprises Inc. 0.08% 23,423 $5.1M Add +19.4%
PYPL PayPal Holdings Inc. 0.08% 68,278 $5.1M Add +22.9%
LRCX Lam Research Corp. 0.08% 52,053 $5.0M Add +21.2%
ITRI Itron Inc. 0.08% 37,281 $4.9M Add +4.4%
PRA Proassurance Corp. 0.08% 214,228 $4.9M New
CEG Constellation Energy 0.08% 14,029 $4.7M Add +15.3%
EA Electronic Arts Inc. 0.08% 29,707 $4.7M Add +17.7%
ABBV Abbvie Inc. 0.08% 25,376 $4.7M Add +34.2%
ETWO E2OPEN Parent Holdings Inc. 0.07% 1,420,000 $4.6M New
PAYX Paychex Inc. 0.07% 30,886 $4.5M Add +19.1%
A Agilent Technologies Inc. 0.07% 37,596 $4.4M Add +16.5%
TSCO Tractor Supply Company 0.07% 82,961 $4.4M Reduce -6.2%
DLR Digital Realty Trust Inc. 0.07% 24,634 $4.3M Add +20.6%
IDXX Idexx Laboratories Inc. 0.07% 7,895 $4.2M Add +20.6%
EQIX Equinix Inc. 0.07% 5,268 $4.2M Add +40.0%
SGRY Surgery Partners Inc. 0.07% 186,088 $4.1M Add +26.6%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.07% 44,859 $4.1M Add +38.0%
MRVL Marvell Technology Inc. 0.07% 52,986 $4.1M Add +111.2%
KDP Keurig Dr Pepper Inc. 0.07% 122,833 $4.0M New
UBS UBS Group AG-Reg 0.07% 119,479 $4.0M Add +39.5%
STE Steris PLC 0.06% 16,527 $4.0M Add +19.5%
ALL Allstate Corp. 0.06% 19,607 $3.9M Add +18.8%
GILD Gilead Sciences Inc. 0.06% 35,490 $3.9M Add +1467.6%
CGAU Centerra Gold Inc. 0.06% 540,000 $3.9M Reduce -3.6%
ALLE Allegion PLC 0.06% 26,820 $3.8M Add +20.7%
GB Global Blue Group Holding AG 0.06% 508,233 $3.8M Add +30.5%
TFC Truist Financial Corp. 0.06% 86,012 $3.7M Add +20.0%
MRK Merck & Co. Inc. 0.06% 46,461 $3.7M Reduce -34.0%
ADBE Adobe Inc. 0.06% 9,504 $3.7M Add +23.0%
QGEN Qiagen N.V. 0.06% 75,200 $3.6M Reduce -48.0%
QCOM Qualcomm Inc. 0.06% 22,711 $3.6M Add +668.3%
PFG Principal Financial Group 0.06% 45,174 $3.6M Add +19.8%
VRTX Vertex Pharmaceuticals Inc. 0.06% 7,989 $3.5M Add +25.5%
PINS Pinterest Inc. Class A 0.06% 97,631 $3.5M New
HUBS HubSpot Inc. 0.06% 6,254 $3.5M New
RGLD Royal Gold Inc. 0.06% 19,500 $3.5M Reduce -2.5%
JNJ Johnson & Johnson 0.06% 22,130 $3.4M Reduce -1.2%
FLUT Flutter Entertainment PLC-Di 0.06% 11,813 $3.4M New
MAC COPPER LTD 0.05% 277,000 $3.3M New
ESGR Enstar Group Ltd. 0.05% 9,952 $3.3M Reduce -33.3%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.05% 3,213 $3.3M Add +20.4%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.05% 37,800 $3.3M No change
LNSR Lensar Inc. 0.05% 251,400 $3.3M Add +99.5%
MU Micron Technology Inc. 0.05% 26,827 $3.3M Add +5.3%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.05% 33,662 $3.3M Add +26.4%
SKX Skechers USA Inc. Class A 0.05% 52,000 $3.3M New
HPQ HP Inc. 0.05% 133,550 $3.3M Add +67.6%
SSRM SSR Mining Inc. 0.05% 255,000 $3.2M No change
MTW Manitowoc Company Inc. 0.05% 261,659 $3.2M Add +22.9%
ELS Equity Lifestyle Properties 0.05% 52,354 $3.2M Add +0.6%
CLX Clorox Company 0.05% 26,876 $3.2M New
WBA Walgreens Boots Alliance Inc. 0.05% 278,000 $3.2M Add +826.7%
EQX Equinox Gold Corp. 0.05% 550,000 $3.2M Reduce -17.9%
PLD Prologis Inc. 0.05% 29,775 $3.1M Reduce -11.6%
IBN Icici Bank Ltd.-Spon ADR 0.05% 93,256 $3.1M Reduce -18.1%
BALL Ball Corp. 0.05% 54,556 $3.1M Reduce -1.7%
CPB The Campbell's Company 0.05% 101,587 $3.1M New
SNOW Snowflake Inc. 0.05% 13,825 $3.1M Add +55200.0%
BXP BXP Inc. 0.05% 45,765 $3.1M Reduce -19.1%
BTG B2GOLD Corp. 0.05% 820,000 $2.9M No change
CDE Coeur Mining Inc. 0.04% 312,500 $2.8M Reduce -2.3%
AMT American Tower Corp. 0.04% 12,270 $2.7M Add +141.3%
ECL Ecolab Inc. 0.04% 9,847 $2.6M Add +447.1%
SRDX Surmodics Inc. 0.04% 85,800 $2.5M Reduce -28.2%
TDG Transdigm Group Inc. 0.04% 1,643 $2.5M New
CLH Clean Harbors Inc. 0.04% 10,780 $2.5M Add +28.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 8,468 $2.5M Add +28.4%
CCRN Cross Country Healthcare Inc. 0.04% 186,159 $2.4M Add +77.0%
REGN Regeneron Pharmaceuticals 0.04% 4,356 $2.3M Reduce -45.7%
AGS Playags Inc. 0.04% 181,549 $2.3M Reduce -45.4%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.04% 41,408 $2.2M Reduce -48.0%
RNW Renew Energy Global PLC-A 0.04% 320,591 $2.2M Add +1.4%
FL Foot Locker Inc. 0.04% 90,000 $2.2M New
AVDX Avidxchange Holdings Inc. 0.04% 225,000 $2.2M New
IAG Iamgold Corp. 0.04% 300,000 $2.2M Reduce -45.5%
CNL Collective Mining Ltd. 0.04% 200,000 $2.2M No change
GRFS Grifols SA-ADR 0.04% 238,928 $2.2M No change
WY Weyerhaeuser Co. 0.04% 83,932 $2.2M Add +15.1%
CSL Carlisle Cos Inc. 0.03% 5,725 $2.1M Add +0.4%
ABT Abbott Laboratories 0.03% 15,494 $2.1M Add +121.0%
BSY Bentley Systems Inc. Class B 0.03% 37,776 $2.0M Reduce -1.8%
HASI Ha Sustainable Infrastructur 0.03% 74,815 $2.0M Add +40.6%
GFL GFL Environmental Inc.-Sub VT 0.03% 39,271 $2.0M Add +1.0%
TASK Taskus Inc. Class A 0.03% 115,867 $1.9M New
SATX Satixfy Communications Ltd. 0.03% 662,561 $1.9M New
BABA Alibaba Group Holding-SP ADR 0.03% 17,155 $1.9M Reduce -91.3%
SRG Seritage Growth Prop- A 0.03% 619,871 $1.9M No change
UPS United Parcel Service Class B 0.03% 16,000 $1.9M Reduce -0.3%
PTC PTC Inc. 0.03% 10,750 $1.8M New
RAL Ralliant Corp. 0.03% 36,792 $1.8M Add +22.6%
MAG Mag Silver Corp. 0.03% 60,000 $1.7M New
CTLP Cantaloupe Inc. 0.03% 153,720 $1.7M New
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.03% 76,868 $1.7M Add +19.4%
K Kellanova 0.03% 20,927 $1.7M Reduce -68.9%
SHCO Soho House & Co. Inc. 0.03% 222,952 $1.6M Add +15.6%
CCEP Coca-Cola Europacific Partne 0.03% 16,745 $1.5M Reduce -72.2%
EW Edwards Lifesciences Corp. 0.02% 19,174 $1.5M Add +719.4%
GROY Gold Royalty Corp. 0.02% 600,000 $1.3M Add +594.7%
TTWO Take-Two Interactive Softwre 0.02% 5,409 $1.3M Reduce -6.0%
MDT Medtronic PLC 0.02% 16,420 $1.2M New
INTC Intel Corp. 0.02% 52,601 $1.2M Add +949.9%
INBX Inhibrx Biosciences Inc. 0.02% 75,932 $1.1M No change
VERV Verve Therapeutics Inc. 0.02% 95,400 $1.1M New
S Sentinelone Inc. Class A 0.02% 58,470 $1.1M Reduce -59.9%
ESTC Elastic NV 0.02% 12,650 $1.1M New
BASE Couchbase Inc. 0.02% 40,000 $975K New
SBAC SBA Communications Corp. 0.02% 4,148 $973K Add +133.4%
VIGL Vigil Neuroscience Inc. 0.02% 120,000 $954K New
NEE Nextera Energy Inc. 0.02% 13,398 $929K Reduce -70.2%
INZY Inozyme Pharma Inc. 0.01% 223,799 $895K New
BLKB Blackbaud Inc. 0.01% 13,658 $877K Add +67.8%
GES Guess? Inc. 0.01% 70,974 $858K Add +18.3%
CMG Chipotle Mexican Grill Inc. 0.01% 14,170 $792K Reduce -93.8%
THC Tenet Healthcare Corp. 0.01% 4,408 $772K Add +65.3%
SFM Sprouts Farmers Market Inc. 0.01% 4,500 $738K New
ALC Alcon Inc. filed as ALCON AG 0.01% 8,415 $735K Add +5.1%
NXPI NXP Semiconductors NV 0.01% 3,276 $713K Add +0.9%
NVEE NV5 Global Inc. 0.01% 30,000 $693K New
SQNS Sequans Communications S A 0.01% 470,641 $692K No change
PDD HOLDINGS INC (PDD 0 12/01/25) 0.01% 600 $684K New
OC Owens Corning 0.01% 4,855 $667K Reduce -32.5%
GLOB Globant SA 0.01% 6,649 $601K Reduce -25.7%
PFE Pfizer Inc. 0.01% 24,775 $598K Reduce -84.7%
HST Host Hotels & Resorts Inc. 0.01% 38,724 $594K Add +23.3%
RHP Ryman Hospitality Properties 0.01% 6,017 $593K Add +16.3%
CBRE CBRE Group Inc. Class A 0.01% 4,207 $589K New
LAMR Lamar Advertising Co. Class A 0.01% 4,836 $586K Add +6.7%
BMI Badger Meter Inc. 0.01% 2,400 $586K New
SBRA Sabra Health Care REIT Inc. 0.01% 31,498 $580K New
CSCO Cisco Systems Inc. 0.01% 8,309 $576K Add +3.7%
JLL Jones Lang Lasalle Inc. 0.01% 2,219 $567K New
CDP Copt Defense Properties 0.01% 20,178 $556K Add +10.7%
RY Royal Bank of Canada 0.01% 4,234 $556K Add +259.1%
CUBE Cubesmart 0.01% 12,883 $547K New
KIM Kimco Realty Corp. 0.01% 25,907 $544K New
BRX Brixmor Property Group Inc. 0.01% 20,725 $539K Add +2.9%
PSA Public Storage 0.01% 1,833 $537K No change
ROK Rockwell Automation Inc. 0.01% 1,617 $536K Reduce -6.8%
FRT Federal Realty Invs Trust 0.01% 5,625 $534K Add +10.5%
REG Regency Centers Corp. 0.01% 7,460 $531K Reduce -2.3%
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.01% 109,921 $529K Reduce -24.7%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.01% 7,687 $518K Reduce -3.1%
PLTR Palantir Technologies Inc. Class A 0.01% 3,796 $517K Reduce -29.8%
ESS Essex Property Trust Inc. 0.01% 1,794 $508K Reduce -9.8%
ACM Aecom 0.01% 4,500 $506K New
VTR Ventas Inc. 0.01% 8,002 $505K New
LWAY Lifeway Foods Inc. 0.01% 19,906 $491K No change
SKT Tanger Inc. 0.01% 16,021 $489K No change
STN Stantec Inc. 0.01% 4,500 $487K New
MAA Mid-America Apartment Comm 0.01% 3,283 $485K New
MCO Moody's Corp. 0.01% 929 $464K Add +3.7%
TXNM TXNM Energy Inc. 0.01% 8,000 $451K New
BNTX Biontech SE-ADR 0.01% 4,200 $445K No change
RYN Rayonier Inc. 0.01% 19,737 $437K Reduce -3.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.01% 4,567 $415K Add +6.4%
BWMN Bowman Consulting Group Ltd. 0.01% 14,400 $412K New
TTEK Tetra Tech Inc. 0.01% 11,500 $412K New
CP Canadian Pacific Kansas City 0.01% 5,196 $412K Add +12.1%
VEEV Veeva Systems Inc. Class A 0.01% 1,398 $401K Add +128.1%
CMI Cummins Inc. 0.01% 1,215 $397K Add +3.5%
VRSN Verisign Inc. 0.01% 1,374 $396K No change
CNI Canadian Natl Railway Co. 0.01% 3,769 $392K Add +11.5%
NSC Norfolk Southern Corp. 0.01% 1,530 $391K New
B Barrick Mining Corp. 0.01% 18,589 $387K Reduce -96.3%
KMI Kinder Morgan Inc. 0.01% 12,704 $373K Reduce -22.2%
TRP TC Energy Corp. 0.01% 7,654 $373K Add +2.1%
GM General Motors Co. 0.01% 7,223 $371K Reduce -65.7%
ES Eversource Energy 0.01% 5,834 $371K New
PEG Public Service Enterprise GP 0.01% 4,403 $370K Reduce -93.1%
TSN Tyson Foods Inc. Class A 0.01% 6,500 $364K New
HON Honeywell International Inc. 0.01% 1,553 $361K Add +0.8%
CCI Crown Castle Inc. 0.01% 3,477 $357K Reduce -13.4%
UNP Union Pacific Corp. 0.01% 1,534 $353K Add +9.5%
ETR Entergy Corp. 0.01% 4,234 $352K No change
EXC Exelon Corp. 0.01% 7,865 $341K Reduce -4.2%
WTRG Essential Utilities Inc. 0.01% 9,167 $340K New
PBA Pembina Pipeline Corp. 0.01% 9,047 $339K Reduce -36.6%
MCK McKesson Corp. 0.01% 458 $334K Add +92.4%
ED Consolidated Edison Inc. 0.01% 3,276 $328K Reduce -11.0%
NTR Nutrien Ltd. 0.01% 5,560 $323K Add +7.2%
STT State Street Corp. 0.01% 2,903 $308K Add +3.1%
OKE Oneok Inc. 0.00% 3,652 $298K Reduce -95.3%
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.00% 12,700 $277K New
PDD PDD Holdings Inc. 0.00% 2,200 $270K New
MRNA Moderna Inc. 0.00% 9,845 $270K Reduce -1.6%
GIL Gildan Activewear Inc. 0.00% 5,383 $264K Add +0.9%
IQV Iqvia Holdings Inc. 0.00% 1,600 $251K No change
LDOS Leidos Holdings Inc. 0.00% 1,586 $250K Add +1.3%
BRK.B Berkshire Hathaway Inc. Class B 0.00% 507 $246K Reduce -8.5%
PODD Insulet Corp. 0.00% 750 $235K Reduce -50.0%
PNR Pentair PLC 0.00% 2,221 $227K Add +1.6%
EMN Eastman Chemical Co. 0.00% 3,000 $224K New
AMGN Amgen Inc. 0.00% 800 $222K New
DOV Dover Corp. 0.00% 1,218 $222K Add +1.8%
PNC PNC Financial Services Group 0.00% 1,077 $200K Add +3.0%
BKR Baker Hughes Co. 0.00% 5,029 $193K Add +118.2%
ICLR Icon PLC 0.00% 1,300 $188K No change
UNH Unitedhealth Group Inc. 0.00% 596 $185K Reduce -97.9%
LNTH Lantheus Holdings Inc. 0.00% 2,250 $183K No change
URI United Rentals Inc. 0.00% 223 $167K Add +2.3%
HOLX Hologic Inc. 0.00% 2,562 $166K Add +14.7%
EQH Equitable Holdings Inc. 0.00% 2,949 $165K Add +8.2%
ERII Energy Recovery Inc. 0.00% 12,000 $153K New
CHKP Check Point Software Tech 0.00% 682 $151K No change
PPG PPG Industries Inc. 0.00% 1,304 $148K Add +8.9%
CHR Cheer Holding Inc. Class A 0.00% 88,035 $129K No change
EBAY eBay Inc. 0.00% 1,621 $121K Add +8.2%
GLW Corning Inc. 0.00% 2,284 $120K Add +8.2%
GEN Gen Digital Inc. 0.00% 4,062 $119K Add +60.4%
APH Amphenol Corp. Class A 0.00% 1,201 $118K Reduce -99.2%
APD Air Products & Chemicals Inc. 0.00% 400 $113K No change
MS Morgan Stanley 0.00% 771 $108K Add +34.3%
CTSH Cognizant Tech Solutions-A 0.00% 1,329 $104K Add +8.1%
WSM Williams-Sonoma Inc. 0.00% 631 $103K Add +8.2%
SYF Synchrony Financial 0.00% 1,491 $99K Add +20.6%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.00% 1,223 $99K Reduce -96.9%
YUM Yum! Brands Inc. 0.00% 651 $96K Add +8.1%
BMY Bristol-Myers Squibb Co. 0.00% 2,059 $95K Add +2213.5%
JBL Jabil Inc. 0.00% 402 $88K Add +63.4%
CRL Charles River Laboratories 0.00% 576 $87K Reduce -2.4%
XAR SS SPDR S&P Aerospace Def 0.00% 404 $85K New
O Realty Income Corp. 0.00% 1,480 $85K Reduce -87.3%
HUBB Hubbell Inc. 0.00% 182 $74K Add +8.3%
AMCR Amcor PLC 0.00% 7,208 $66K Add +8.2%
CAH Cardinal Health Inc. 0.00% 385 $65K Add +8.2%
AMRZ Amrize Ltd. 0.00% 1,210 $60K New
BDX Becton Dickinson and Co. 0.00% 333 $57K New
RMD Resmed Inc. 0.00% 221 $57K Add +8.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.00% 755 $53K Add +8.2%
EME Emcor Group Inc. 0.00% 98 $52K Add +13.9%
RF Regions Financial Corp. 0.00% 1,998 $47K Add +8.2%
LOGI Logitech International-Reg 0.00% 522 $47K New
USB US Bancorp 0.00% 1,019 $46K Add +8.3%
SW Smurfit Westrock PLC 0.00% 1,180 $43K New
LMT Lockheed Martin Corp. 0.00% 90 $42K No change
FFIV F5 Inc. 0.00% 135 $40K Add +8.0%
AFL Aflac Inc. 0.00% 330 $35K Add +8.2%
GRMN Garmin Ltd. 0.00% 165 $34K Add +7.8%
SNA Snap-on Inc. 0.00% 107 $33K Add +8.1%
VZ Verizon Communications Inc. 0.00% 761 $33K Reduce -98.4%
FARO Faro Technologies Inc. 0.00% 700 $31K New
RTX RTX Corp. 0.00% 173 $25K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.00% 630 $21K New
GLDM SPDR Gold Minishares Trust 0.00% 300 $20K New
COIN Coinbase Global Inc. Class A 0.00% 50 $18K Reduce -25.4%
ITT Itt Inc. 0.00% 110 $17K No change
XOM Exxon Mobil Corp. 0.00% 120 $13K No change
CARR Carrier Global Corp. 0.00% 173 $13K No change
TSLA Tesla Inc. 0.00% 30 $10K No change
THCH TH International Ltd./Cayman 0.00% 1,427 $4K No change
CVAC Curevac NV 0.00% 700 $4K New
MAT Mattel Inc. 0.00% 160 $3K No change
TWLO Twilio Inc. Class A 0.00% 25 $3K No change
HAS Hasbro Inc. 0.00% 40 $3K No change
NIO Nio Inc. - ADR 0.00% 800 $3K New
XPEV Xpeng Inc. - ADR 0.00% 150 $3K New
MO Altria Group Inc. 0.00% 50 $2K No change
KD Kyndryl Holdings Inc. 0.00% 40 $2K Reduce -60.0%
SLI Standard Lithium Ltd. 0.00% 1,000 $2K No change
GEHC GE Healthcare Technology 0.00% 8 $593 Reduce -75.8%
NGVT Ingevity Corp. 0.00% 6 $258 No change
RIG Transocean Ltd. 0.00% 67 $174 New
EMBC Embecta Corp. 0.00% 12 $116 Add +200.0%
COSCIENS BIOPHARMA INC 0.00% 1 $3 No change
TLRY Tilray Brands Inc. 0.00% 1 $1 No change

Options reported separately and not counted above: DB puts ($11.1M), JPM puts ($2.0M), C puts ($1.8M), AXP puts ($1.7M), WFC puts ($1.4M), IBM puts ($1.3M), MCD puts ($1.3M), HD puts ($1.2M), GS puts ($1.1M), MS puts ($1.1M), ORCL puts ($875K), CAH puts ($835K), and 15 more.

Other holdings (5): bonds, preferreds, convertibles and warrants · $21.8M (not counted above)
SecurityClassShares / PrincipalValueChange
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 14,500,000$14.0MAdd +31.8%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 3,000,000$3.3MNew
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 2,500,000$2.3MNew
TRIPADVISOR INC (TRIP 0.25 04/01/26) NOTE 0.250% 4/0 · principal 2,000,000$1.9MNo change
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 18,180$148KNew

Total filed on the 13F, all lines: $6.2B.

Portfolio Sells Q1 2025 → Q2 2025

GIB Cgi Inc. Sold out 0.00% −3.37
CRH CRH PLC Reduce -9.5% 1.56% −0.57
STLA Stellantis NV Reduce -10.8% 0.78% −0.55
BABA Alibaba Group Holding-SP ADR Reduce -91.3% 0.03% −0.54
ACN Accenture PLC Class A Reduce -32.4% 0.63% −0.53
TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −0.32
TMUS T-Mobile US Inc. Reduce -0.8% 0.64% −0.31
UNH Unitedhealth Group Inc. Reduce -97.9% 0.00% −0.31
CB Chubb Ltd. Reduce -16.1% 0.49% −0.30
BAC Bank of America Corp. Reduce -21.9% 0.57% −0.29
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −0.25
HLT Hilton Worldwide Holdings Inc. Reduce -38.5% 0.28% −0.24
CMG Chipotle Mexican Grill Inc. Reduce -93.8% 0.01% −0.24
YUMC Yum China Holdings Inc. Sold out 0.00% −0.23
APH Amphenol Corp. Class A Reduce -99.2% 0.00% −0.21
DESP Despegar.com Corp. Sold out 0.00% −0.21
TRGP Targa Resources Corp. Sold out 0.00% −0.16
OKE Oneok Inc. Reduce -95.3% 0.00% −0.16
AXP American Express Co. Reduce -5.9% 0.81% −0.15
UBER Uber Technologies Inc. Reduce -15.4% 0.60% −0.15
B Barrick Mining Corp. Reduce -96.3% 0.01% −0.14
MELI MercadoLibre Inc. Reduce -15.8% 0.56% −0.14
PYCR Paycor HCM Inc. Sold out 0.00% −0.14
PLYA Playa Hotels & Resorts NV Sold out 0.00% −0.14
GEV GE Vernova Inc. Reduce -44.3% 0.34% −0.12
LNG Cheniere Energy Inc. Sold out 0.00% −0.11
PEG Public Service Enterprise GP Reduce -93.1% 0.01% −0.10
K Kellanova Reduce -68.9% 0.03% −0.09
FSM Fortuna Mining Corp. Sold out 0.00% −0.09
CCEP Coca-Cola Europacific Partne Reduce -72.2% 0.03% −0.09
BEP Brookfield Renewable Partner Sold out 0.00% −0.08
NKE Nike Inc. Class B Reduce -19.4% 0.16% −0.08
FNA Paragon 28 Inc. Sold out 0.00% −0.08
PDCO Patterson Cos Inc. Sold out 0.00% −0.08
PFE Pfizer Inc. Reduce -84.7% 0.01% −0.08
NFLX Netflix Inc. Reduce -8.2% 1.65% −0.07
CKPT Checkpoint Therapeutics Inc. Sold out 0.00% −0.07
MRK Merck & Co. Inc. Reduce -34.0% 0.06% −0.07
CRWD CrowdStrike Holdings Inc. Class A Reduce -34.8% 0.16% −0.07
AGI Alamos Gold Inc. Class A Reduce -11.4% 0.14% −0.07
PEP Pepsico Inc. Sold out 0.00% −0.07
REGN Regeneron Pharmaceuticals Reduce -45.7% 0.04% −0.07
PAAS Pan American Silver Corp. Sold out 0.00% −0.07
STX Seagate Technology Holdings Sold out 0.00% −0.07
QGEN Qiagen N.V. Reduce -48.0% 0.06% −0.06
BF.B Brown-Forman Corp. Class B Sold out 0.00% −0.06
AMED Amedisys Inc. Sold out 0.00% −0.06
FNV Franco-Nevada Corp. Reduce -2.5% 0.20% −0.06
NVRO Nevro LLC Sold out 0.00% −0.06
PTVE Pactiv Evergreen Inc. Sold out 0.00% −0.06

Portfolio Buys Q1 2025 → Q2 2025

MSFT Microsoft Corp. Add +22.7% 8.33% +1.35
NVDA Nvidia Corp. Add +14.0% 6.71% +1.24
GOOGL Alphabet Inc. Class A Add +81.8% 2.85% +0.97
AVGO Broadcom Inc. Add +6.4% 2.58% +0.56
ORCL Oracle Corp. Add +42.8% 1.40% +0.54
META Meta Platforms Inc. Class A Add +29.1% 3.12% +0.53
ISRG Intuitive Surgical Inc. Add +99.0% 1.30% +0.50
LLY Eli Lilly & Co. Add +66.7% 2.30% +0.40
WMT Walmart Inc. Add +46.9% 1.80% +0.39
BSX Boston Scientific Corp. Add +88.7% 1.11% +0.39
HD Home Depot Inc. Add +404.7% 0.50% +0.37
ETN Eaton Corp. PLC Add +21.6% 2.05% +0.35
V Visa Inc. Class A Add +47.8% 2.61% +0.34
TT Trane Technologies PLC Add +168.5% 0.51% +0.32
AMZN Amazon.com Inc. Add +28.1% 4.89% +0.31
SYK Stryker Corp. Add +462.3% 0.36% +0.28
SNPS Synopsys Inc. Add +108.1% 0.62% +0.28
DHR Danaher Corp. Add +363.2% 0.39% +0.27
ARM Arm Holdings PLC-ADR Add +403.4% 0.33% +0.27
FICO Fair Isaac Corp. New 0.25% +0.25
ANET Arista Networks Inc. Add +135.0% 0.39% +0.22
IR Ingersoll-Rand Inc. Add +7792.0% 0.21% +0.21
CRM Salesforce Inc. Add +63.3% 1.15% +0.21
DE Deere & Co. Add +206.6% 0.34% +0.21
NOW ServiceNow Inc. Add +33.4% 0.97% +0.20
CME Cme Group Inc. New 0.20% +0.20
BPMC Blueprint Medicines Corp. New 0.20% +0.20
TSM Taiwan Semiconductor-SP ADR Add +14.0% 1.40% +0.19
MSI Motorola Solutions Inc. Add +107.9% 0.55% +0.19
GS Goldman Sachs Group Inc. Add +151.7% 0.29% +0.17
COST Costco Wholesale Corp. Add +37.5% 1.59% +0.15
PGR Progressive Corp. Add +2530.7% 0.16% +0.15
ORLY O'reilly Automotive Inc. New 0.14% +0.14
MCD McDonald's Corp. Add +85.2% 0.49% +0.13
LHX L3HARRIS Technologies Inc. New 0.13% +0.13
SWTX Springworks Therapeutics Inc. New 0.13% +0.13
CASY Casey's General Stores Inc. New 0.12% +0.12
ALE Allete Inc. New 0.12% +0.12
TXN Texas Instruments Inc. Add +103.0% 0.26% +0.11
T AT&T Inc. New 0.11% +0.11
CYBR Cyberark Software Ltd./Israel Add +1264.8% 0.11% +0.10
RL Ralph Lauren Corp. Add +41.0% 0.38% +0.09
CI The Cigna Group New 0.09% +0.09
APO Apollo Global Management Inc. Add +1862.2% 0.09% +0.08
PRA Proassurance Corp. New 0.08% +0.08
RSG Republic Services Inc. Add +88.8% 0.23% +0.08
ETWO E2OPEN Parent Holdings Inc. New 0.07% +0.07
KO The Coca-Cola Co. Add +38.9% 1.10% +0.07
FER Ferrovial NV Add +61.3% 0.21% +0.07
KDP Keurig Dr Pepper Inc. New 0.07% +0.07

Options Activity Q1 2025 → Q2 2025

JPM JPMorgan Chase & Co. put Reduce -26.3% 7,000 $2.0M
AXP American Express Co. put Reduce -24.3% 5,300 $1.7M
WFC Wells Fargo & Co. put Reduce -5.4% 17,500 $1.4M
MCD McDonald's Corp. put Add +12.5% 4,500 $1.3M
HD Home Depot Inc. put Add +220.0% 3,200 $1.2M
GS Goldman Sachs Group Inc. put Add +25.0% 1,500 $1.1M
MS Morgan Stanley put Add +150.0% 7,500 $1.1M
ORCL Oracle Corp. put Add +14.3% 4,000 $875K
DE Deere & Co. put Reduce -42.9% 1,600 $814K
BAC Bank of America Corp. put Reduce -40.0% 15,000 $710K
SOHO HOUSE & CO INC call New 86,300 $638K
SERITAGE GROWTH PPTYS call New 200,000 $602K
PFE Pfizer Inc. put New 15,000 $364K
CAT Caterpillar Inc. put Sold out 1,000 $330Kbefore exit
VISA INC put New 600 $213K
UPS United Parcel Service Class B put New 2,000 $202K
WMT Walmart Inc. put New 2,000 $196K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025

AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Add +31.8% 14,500,000 $14.0M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal New 3,000,000 $3.3M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal New 2,500,000 $2.3M
DROPBOX INC (DBX 0 03/01/26) NOTE 3/0 · principal Sold out 2,000,000 $2.0Mbefore exit
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 New 18,180 $148K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 445$8.1BNVDA, TTE, MSFT, AAPL, GOOGL
Q1 2026 416$7.1BTTE, NVDA, MSFT, AAPL, AMZN
Q4 2025 419$6.8BMSFT, TTE, NVDA, AMZN, AAPL
Q3 2025 740$7.3BMSFT, NVDA, AMZN, RACE, AAPL
Q2 2025 410$6.1BMSFT, NVDA, AMZN, RACE, AAPL
Q1 2025 416$4.7BMSFT, NVDA, RACE, AMZN, AAPL
Q4 2024 333$4.0BMSFT, NVDA, AMZN, AAPL, GIB