Lazard Freres Gestion S.A.S.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Lazard Freres Gestion S.A.S. reported 97 stock positions worth $4.7 billion. Its top holding was Microsoft (MSFT) at 9.0% of the portfolio, followed by Amazon.com (AMZN, 7.1%) and Alphabet Class A (GOOGL, 5.1%). Compared with Q2 2024, it opened 5 new positions, sold out of 1, added to 35 and reduced 38. The biggest buy was Apple (AAPL, shares +20%) and the biggest sale Merck (MRK, shares −8%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001426748
Portfolio Value
$4.7B (Q3 2024)
SEC Filing
0001426748-24-000004 ↗ filed Nov 13, 2024

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $4.0B Q1 2024 Q2 2024: $4.3B Q2 2024 Q3 2024: $4.7B $4.7B Q3 2024 Q4 2024: $5.0B Q4 2024 Q1 2025: $4.1B Q1 2025 Q2 2025: $4.1B Q2 2025 Q3 2025: $5.3B Q3 2025 Q4 2025: $5.6B Q4 2025 Q1 2026: $5.1B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 97 stocks · $4.7B
MSFT Microsoft Corp. 9.03% 989,782 $425.9M Add +2.3%
AMZN Amazon.com Inc. 7.07% 1,790,180 $333.6M Add +5.2%
GOOGL Alphabet Inc. Class A 5.08% 1,446,302 $239.9M Add +3.5%
AAPL Apple Inc. 5.02% 1,016,234 $236.8M Add +20.3%
V Visa Inc. Class A 4.82% 827,200 $227.4M Reduce -1.2%
ACN Accenture PLC Class A 4.70% 627,419 $221.8M Add +1.1%
ZTS Zoetis Inc. 3.69% 890,953 $174.1M Add +28.4%
NVDA Nvidia Corp. 3.59% 1,393,776 $169.3M Add +13.5%
MRK Merck & Co. Inc. 3.54% 1,469,474 $166.9M Reduce -8.4%
RTX RTX Corp. 3.37% 1,314,406 $159.3M Reduce -8.0%
PH Parker Hannifin Corp. 3.36% 251,184 $158.7M Reduce -7.2%
BDX Becton Dickinson and Co. 3.16% 618,162 $149.0M Add +4.6%
GOOG Alphabet Inc. Class C 2.76% 777,908 $130.1M Reduce -0.0%
MSI Motorola Solutions Inc. 2.36% 248,089 $111.5M Reduce -2.7%
OTIS Otis Worldwide Corp. 2.25% 1,020,098 $106.0M Reduce -1.8%
MDT Medtronic PLC 2.21% 1,159,191 $104.4M Add +23.5%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 2.11% 999,517 $99.6M Add +48.3%
CVX Chevron Corp. 2.06% 658,714 $97.0M Reduce -4.6%
ECL Ecolab Inc. 1.87% 345,657 $88.3M Reduce -1.4%
AMAT Applied Materials Inc. 1.76% 412,083 $83.3M Add +24.3%
ICE Intercontinental Exchange Inc. 1.57% 462,191 $74.2M Reduce -6.5%
APH Amphenol Corp. Class A 1.45% 1,049,804 $68.4M Reduce -7.7%
BALL Ball Corp. 1.40% 974,834 $66.2M Reduce -2.1%
NKE Nike Inc. Class B 1.40% 747,675 $66.1M Add +23.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.36% 668,241 $64.3M Reduce -1.1%
ADBE Adobe Inc. 1.33% 121,602 $63.0M Reduce -2.0%
KLAC KLA Corp. 1.30% 79,087 $61.2M Reduce -18.2%
MS Morgan Stanley 1.16% 523,798 $54.6M Reduce -1.6%
TMUS T-Mobile US Inc. 1.11% 253,359 $52.3M Reduce -8.0%
ROST Ross Stores Inc. 1.10% 344,907 $51.9M Reduce -5.2%
HON Honeywell International Inc. 1.03% 235,839 $48.8M Reduce -4.6%
CL Colgate-Palmolive Co. 1.00% 456,403 $47.4M Reduce -7.8%
MDLZ Mondelez International Inc. Class A 0.99% 637,032 $46.9M Reduce -0.9%
PG The Procter & Gamble Co. 0.97% 265,564 $46.0M Add +3.5%
COST Costco Wholesale Corp. 0.97% 51,706 $45.8M Reduce -18.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.90% 1,071,424 $42.5M Reduce -15.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.86% 70,936 $40.7M Add +7.3%
WFC Wells Fargo & Co. 0.83% 693,072 $39.2M Reduce -13.4%
JNJ Johnson & Johnson 0.82% 239,172 $38.8M No change
PEP Pepsico Inc. 0.68% 188,159 $32.0M Reduce -9.5%
EOG EOG Resources Inc. 0.64% 246,569 $30.3M Reduce -3.9%
META Meta Platforms Inc. Class A 0.59% 48,557 $27.8M Add +114.1%
BRK.B Berkshire Hathaway Inc. Class B 0.58% 59,286 $27.3M Add +9.4%
HD Home Depot Inc. 0.23% 27,319 $11.1M Reduce -4.6%
BRK.A Berkshire Hathaway Inc. Class A 0.23% 16 $11.1M Add +33.3%
AMD Advanced Micro Devices 0.14% 40,710 $6.7M Add +0.8%
AVGO Broadcom Inc. 0.13% 36,500 $6.3M Add +92.1%
NOW ServiceNow Inc. 0.13% 7,000 $6.3M No change
CRM Salesforce Inc. 0.12% 21,100 $5.8M Reduce -13.1%
MU Micron Technology Inc. 0.09% 41,000 $4.3M Add +241.7%
UBER Uber Technologies Inc. 0.09% 54,000 $4.1M New
SNPS Synopsys Inc. 0.09% 8,000 $4.1M No change
CDNS Cadence Design SYS Inc. 0.08% 13,900 $3.8M Add +157.4%
SPOT Spotify Technology SA 0.06% 7,400 $2.7M New
AXP American Express Co. 0.05% 8,235 $2.2M No change
IVV iShares Core S&P 500 ETF 0.04% 3,500 $2.0M No change
VTEB Vanguard Tax-Exempt Bond ETF 0.04% 37,500 $1.9M No change
CVS CVS Health Corp. 0.04% 29,846 $1.9M No change
AWK American Water Works Co. Inc. 0.04% 11,890 $1.7M Add +8.4%
SPGI S&P Global Inc. 0.04% 3,305 $1.7M Add +8.2%
HLT Hilton Worldwide Holdings Inc. 0.04% 7,380 $1.7M Add +8.2%
CARR Carrier Global Corp. 0.03% 19,965 $1.6M No change
JCI Johnson Controls Internation 0.03% 19,215 $1.5M Add +8.2%
CI The Cigna Group 0.03% 3,956 $1.4M Add +8.2%
LLY Eli Lilly & Co. 0.02% 996 $882K Reduce -64.1%
XYL Xylem Inc. 0.02% 6,310 $852K Add +8.8%
SYK Stryker Corp. 0.02% 2,000 $722K No change
PWR Quanta Services Inc. 0.02% 2,390 $712K Add +19.5%
PLD Prologis Inc. 0.01% 5,440 $686K Add +20.9%
LAZ Lazard Inc. 0.01% 13,096 $659K New
KO The Coca-Cola Co. 0.01% 8,775 $630K No change
ADP Automatic Data Processing 0.01% 2,264 $626K Reduce -37.0%
FSLR First Solar Inc. 0.01% 2,450 $611K Add +44.1%
XOM Exxon Mobil Corp. 0.01% 5,150 $603K No change
TTEK Tetra Tech Inc. 0.01% 12,800 $603K Reduce -98.6%
KAI Kadant Inc. 0.01% 1,740 $588K Add +8.8%
QQQ Invesco QQQ Trust Series 1 0.01% 1,200 $585K Add +6.7%
IJH iShares Core S&P Midcap ETF 0.01% 9,050 $563K No change
NFLX Netflix Inc. 0.01% 792 $561K No change
CLH Clean Harbors Inc. 0.01% 2,260 $546K Reduce -98.8%
IJR iShares Core S&P Small-Cap E 0.01% 4,602 $538K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.01% 10,250 $514K Reduce -13.4%
TSLA Tesla Inc. 0.01% 1,831 $479K No change
OC Owens Corning 0.01% 2,680 $473K Add +16.5%
FLNC Fluence Energy Inc. 0.01% 20,680 $469K Reduce -98.7%
J Jacobs Solutions Inc. 0.01% 3,560 $466K Add +29.4%
ENPH Enphase Energy Inc. 0.01% 3,720 $420K Add +20.0%
ORCL Oracle Corp. 0.01% 2,400 $408K No change
COTY Coty Inc. Class A 0.01% 42,000 $394K New
WMS Advanced Drainage Systems Inc. 0.01% 2,480 $389K Reduce -98.6%
JPM JPMorgan Chase & Co. 0.01% 1,625 $342K Reduce -25.7%
VTWO Vanguard Russell 2000 ETF 0.01% 3,525 $314K Reduce -32.2%
ABT Abbott Laboratories 0.01% 2,500 $285K No change
CAT Caterpillar Inc. 0.01% 630 $246K No change
CSCO Cisco Systems Inc. 0.01% 4,614 $245K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.00% 942 $208K New
NXT Nextpower Inc. filed as NEXTRACKER INC 0.00% 5,440 $203K Reduce -98.9%

Portfolio Sells Q2 2024 → Q3 2024
MRK Merck & Co. Inc. Reduce -8.4% 3.54% −0.95
GOOG Alphabet Inc. Class C Reduce -0.0% 2.76% −0.54
KLAC KLA Corp. Reduce -18.2% 1.30% −0.46
CVX Chevron Corp. Reduce -4.6% 2.06% −0.38
APH Amphenol Corp. Class A Reduce -7.7% 1.45% −0.26
COST Costco Wholesale Corp. Reduce -18.9% 0.97% −0.23
WFC Wells Fargo & Co. Reduce -13.4% 0.83% −0.22
BAC Bank of America Corp. Reduce -15.3% 0.90% −0.20
ADBE Adobe Inc. Reduce -2.0% 1.33% −0.18
V Visa Inc. Class A Reduce -1.2% 4.82% −0.14
DIS The Walt Disney Co. Reduce -1.1% 1.36% −0.14
HON Honeywell International Inc. Reduce -4.6% 1.03% −0.13
PEP Pepsico Inc. Reduce -9.5% 0.68% −0.08
EOG EOG Resources Inc. Reduce -3.9% 0.64% −0.07
ROST Ross Stores Inc. Reduce -5.2% 1.10% −0.06
CL Colgate-Palmolive Co. Reduce -7.8% 1.00% −0.06
LLY Eli Lilly & Co. Reduce -64.1% 0.02% −0.04
CRM Salesforce Inc. Reduce -13.1% 0.12% −0.02
MMM 3M Co. Sold out 0.00% −0.02
OTIS Otis Worldwide Corp. Reduce -1.8% 2.25% −0.01
ADP Automatic Data Processing Reduce -37.0% 0.01% −0.00
VTWO Vanguard Russell 2000 ETF Reduce -32.2% 0.01% −0.00
JPM JPMorgan Chase & Co. Reduce -25.7% 0.01% −0.00
NXT Nextpower Inc. Reduce -98.9% 0.00% −0.00
ONON On Holding AG Class A Reduce -13.4% 0.01% +0.00
WMS Advanced Drainage Systems Inc. Reduce -98.6% 0.01% +0.00
CLH Clean Harbors Inc. Reduce -98.8% 0.01% +0.00
FLNC Fluence Energy Inc. Reduce -98.7% 0.01% +0.00
TTEK Tetra Tech Inc. Reduce -98.6% 0.01% +0.01
HD Home Depot Inc. Reduce -4.6% 0.23% +0.01
ECL Ecolab Inc. Reduce -1.4% 1.87% +0.01
MS Morgan Stanley Reduce -1.6% 1.16% +0.02
TMUS T-Mobile US Inc. Reduce -8.0% 1.11% +0.03
BALL Ball Corp. Reduce -2.1% 1.40% +0.06
MDLZ Mondelez International Inc. Class A Reduce -0.9% 0.99% +0.07
ICE Intercontinental Exchange Inc. Reduce -6.5% 1.57% +0.07
RTX RTX Corp. Reduce -8.0% 3.37% +0.13
MSI Motorola Solutions Inc. Reduce -2.7% 2.36% +0.19
PH Parker Hannifin Corp. Reduce -7.2% 3.36% +0.28

Portfolio Buys Q2 2024 → Q3 2024
AAPL Apple Inc. Add +20.3% 5.02% +1.00
ZTS Zoetis Inc. Add +28.4% 3.69% +0.96
MDT Medtronic PLC Add +23.5% 2.21% +0.56
EL Estee Lauder Companies Class A Add +48.3% 2.11% +0.50
ACN Accenture PLC Class A Add +1.1% 4.70% +0.43
NKE Nike Inc. Class B Add +23.2% 1.40% +0.40
META Meta Platforms Inc. Class A Add +114.1% 0.59% +0.33
NVDA Nvidia Corp. Add +13.5% 3.59% +0.22
UBER Uber Technologies Inc. New 0.09% +0.09
BRK.B Berkshire Hathaway Inc. Class B Add +9.4% 0.58% +0.07
BRK.A Berkshire Hathaway Inc. Class A Add +33.3% 0.23% +0.06
AVGO Broadcom Inc. Add +92.1% 0.13% +0.06
SPOT Spotify Technology SA New 0.06% +0.06
MU Micron Technology Inc. Add +241.7% 0.09% +0.05
CDNS Cadence Design SYS Inc. Add +157.4% 0.08% +0.04
BDX Becton Dickinson and Co. Add +4.6% 3.16% +0.04
AMAT Applied Materials Inc. Add +24.3% 1.76% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +7.3% 0.86% +0.03
LAZ Lazard Inc. New 0.01% +0.01
SPGI S&P Global Inc. Add +8.2% 0.04% +0.01
AWK American Water Works Co. Inc. Add +8.4% 0.04% +0.01
COTY Coty Inc. Class A New 0.01% +0.01
JCI Johnson Controls Internation Add +8.2% 0.03% +0.01
HLT Hilton Worldwide Holdings Inc. Add +8.2% 0.04% +0.01
FSLR First Solar Inc. Add +44.1% 0.01% +0.01
PWR Quanta Services Inc. Add +19.5% 0.02% +0.00
CI The Cigna Group Add +8.2% 0.03% +0.00
IBM Intl Business Machines Corp. New 0.00% +0.00
PLD Prologis Inc. Add +20.9% 0.01% +0.00
KAI Kadant Inc. Add +8.8% 0.01% +0.00
ENPH Enphase Energy Inc. Add +20.0% 0.01% +0.00
XYL Xylem Inc. Add +8.8% 0.02% +0.00
J Jacobs Solutions Inc. Add +29.4% 0.01% +0.00
OC Owens Corning Add +16.5% 0.01% +0.00
QQQ Invesco QQQ Trust Series 1 Add +6.7% 0.01% 0.00
PG The Procter & Gamble Co. Add +3.5% 0.97% −0.00
AMD Advanced Micro Devices Add +0.8% 0.14% −0.01
AMZN Amazon.com Inc. Add +5.2% 7.07% −0.38
GOOGL Alphabet Inc. Class A Add +3.5% 5.08% −0.61
MSFT Microsoft Corp. Add +2.3% 9.03% −0.70

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 115$5.8BGOOGL, MSFT, AAPL, AMZN, NVDA
Q1 2026 123$5.1BMSFT, GOOGL, AMZN, AAPL, NVDA
Q4 2025 112$5.6BMSFT, GOOGL, AMZN, AAPL, NVDA
Q3 2025 112$5.3BMSFT, GOOGL, AMZN, AAPL, NVDA
Q2 2025 89$4.1BMSFT, AMZN, AAPL, GOOGL, V
Q1 2025 103$4.1BMSFT, AMZN, GOOGL, AAPL, V
Q4 2024 101$5.0BMSFT, AMZN, GOOGL, V, AAPL
Q3 2024 97$4.7BMSFT, AMZN, GOOGL, AAPL, V
Q2 2024 93$4.3BMSFT, AMZN, GOOGL, V, MRK
Q1 2024 77$4.0BMSFT, AMZN, V, GOOGL, MRK