Lazard Freres Gestion S.A.S.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Lazard Freres Gestion S.A.S. reported 101 stock positions worth $5.0 billion. Its top holding was Microsoft (MSFT) at 9.3% of the portfolio, followed by Amazon.com (AMZN, 8.3%) and Alphabet Class A (GOOGL, 5.6%). Compared with Q3 2024, it opened 6 new positions, sold out of 2, added to 35 and reduced 32. The biggest buy was Amazon.com (AMZN, shares +6%) and the biggest sale Pepsico (PEP, shares −99%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001426748
Portfolio Value
$5.0B (Q4 2024)
SEC Filing
0001426748-25-000001 ↗ filed Feb 10, 2025

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 Q3 2024 Q4 2024: $5.0B $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 101 stocks · $5.0B
MSFT Microsoft Corp. 9.26% 1,097,248 $462.5M Add +10.9%
AMZN Amazon.com Inc. 8.31% 1,890,205 $414.7M Add +5.6%
GOOGL Alphabet Inc. Class A 5.60% 1,475,937 $279.4M Add +2.0%
V Visa Inc. Class A 5.55% 876,972 $277.2M Add +6.0%
AAPL Apple Inc. 5.47% 1,090,779 $273.2M Add +7.3%
ACN Accenture PLC Class A 4.59% 650,730 $228.9M Add +3.7%
ZTS Zoetis Inc. 3.51% 1,074,865 $175.1M Add +20.6%
RTX RTX Corp. 3.28% 1,415,590 $163.8M Add +7.7%
BDX Becton Dickinson and Co. 3.24% 713,383 $161.8M Add +15.4%
NVDA Nvidia Corp. 3.18% 1,182,368 $158.8M Reduce -15.2%
MRK Merck & Co. Inc. 3.15% 1,582,302 $157.4M Add +7.7%
PH Parker Hannifin Corp. 2.99% 234,970 $149.4M Reduce -6.5%
GOOG Alphabet Inc. Class C 2.97% 778,678 $148.3M Add +0.1%
MDT Medtronic PLC 2.45% 1,530,933 $122.3M Add +32.1%
OTIS Otis Worldwide Corp. 2.05% 1,104,769 $102.3M Add +8.3%
MSI Motorola Solutions Inc. 1.95% 210,516 $97.3M Reduce -15.1%
CVX Chevron Corp. 1.87% 643,277 $93.2M Reduce -2.3%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 1.81% 1,205,989 $90.4M Add +20.7%
ECL Ecolab Inc. 1.61% 343,691 $80.5M Reduce -0.6%
AMAT Applied Materials Inc. 1.58% 486,201 $79.1M Add +18.0%
META Meta Platforms Inc. Class A 1.48% 125,774 $73.6M Add +159.0%
APH Amphenol Corp. Class A 1.44% 1,032,376 $71.7M Reduce -1.7%
ICE Intercontinental Exchange Inc. 1.42% 475,033 $70.8M Add +2.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.34% 602,442 $67.1M Reduce -9.8%
MS Morgan Stanley 1.18% 470,028 $59.1M Reduce -10.3%
NKE Nike Inc. Class B 1.17% 773,797 $58.6M Add +3.5%
ADBE Adobe Inc. 1.10% 123,325 $54.8M Add +1.4%
HON Honeywell International Inc. 1.08% 238,738 $53.9M Add +1.2%
ROST Ross Stores Inc. 1.04% 341,943 $51.7M Reduce -0.9%
PG The Procter & Gamble Co. 1.01% 300,209 $50.3M Add +13.1%
TMUS T-Mobile US Inc. 1.00% 226,224 $49.9M Reduce -10.7%
WFC Wells Fargo & Co. 0.97% 692,905 $48.7M Reduce -0.0%
COST Costco Wholesale Corp. 0.95% 51,694 $47.4M Reduce -0.0%
KLAC KLA Corp. 0.93% 73,979 $46.6M Reduce -6.5%
BALL Ball Corp. 0.89% 807,405 $44.5M Reduce -17.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.89% 1,009,922 $44.4M Reduce -5.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.88% 74,936 $43.9M Add +5.6%
CL Colgate-Palmolive Co. 0.83% 456,701 $41.5M Add +0.1%
JNJ Johnson & Johnson 0.69% 239,072 $34.6M Reduce -0.0%
MDLZ Mondelez International Inc. Class A 0.68% 572,403 $34.2M Reduce -10.2%
BRK.B Berkshire Hathaway Inc. Class B 0.60% 66,617 $30.2M Add +12.4%
EOG EOG Resources Inc. 0.51% 208,432 $25.5M Reduce -15.5%
AVGO Broadcom Inc. 0.42% 90,644 $21.0M Add +148.3%
IDXX Idexx Laboratories Inc. 0.41% 49,123 $20.3M New
MAR Marriott International Class A 0.39% 69,583 $19.4M New
MLM Martin Marietta Materials 0.34% 32,592 $16.8M New
BRK.A Berkshire Hathaway Inc. Class A 0.22% 16 $10.9M No change
HD Home Depot Inc. 0.21% 26,495 $10.3M Reduce -3.0%
CRM Salesforce Inc. 0.13% 19,300 $6.5M Reduce -8.5%
NOW ServiceNow Inc. 0.11% 5,400 $5.7M Reduce -22.9%
AMD Advanced Micro Devices 0.10% 40,710 $4.9M No change
CDNS Cadence Design SYS Inc. 0.08% 13,900 $4.2M No change
SNPS Synopsys Inc. 0.08% 8,000 $3.9M No change
MU Micron Technology Inc. 0.07% 43,000 $3.6M Add +4.9%
SPOT Spotify Technology SA 0.07% 7,400 $3.3M No change
LLY Eli Lilly & Co. 0.07% 4,266 $3.3M Add +328.3%
UBER Uber Technologies Inc. 0.07% 54,000 $3.3M No change
NFLX Netflix Inc. 0.05% 2,792 $2.5M Add +252.5%
AXP American Express Co. 0.04% 7,258 $2.2M Reduce -11.9%
ETN Eaton Corp. PLC 0.04% 6,000 $2.0M New
VTEB Vanguard Tax-Exempt Bond ETF 0.04% 37,500 $1.9M No change
IVV iShares Core S&P 500 ETF 0.04% 3,150 $1.9M Reduce -10.0%
HLT Hilton Worldwide Holdings Inc. 0.04% 7,380 $1.8M No change
SPGI S&P Global Inc. 0.03% 3,305 $1.6M No change
AWK American Water Works Co. Inc. 0.03% 12,090 $1.5M Add +1.7%
JCI Johnson Controls Internation 0.03% 18,215 $1.4M Reduce -5.2%
CVS CVS Health Corp. 0.03% 30,346 $1.4M Add +1.7%
CARR Carrier Global Corp. 0.03% 19,865 $1.4M Reduce -0.5%
ARM Arm Holdings PLC-ADR 0.02% 10,000 $1.2M New
CI The Cigna Group 0.02% 3,756 $1.0M Reduce -5.1%
PWR Quanta Services Inc. 0.02% 2,390 $755K No change
XYL Xylem Inc. 0.01% 6,310 $732K No change
SYK Stryker Corp. 0.01% 2,000 $720K No change
ADP Automatic Data Processing 0.01% 2,328 $681K Add +2.8%
TSLA Tesla Inc. 0.01% 1,610 $650K Reduce -12.1%
KAI Kadant Inc. 0.01% 1,740 $600K No change
PLD Prologis Inc. 0.01% 5,440 $575K No change
IJH iShares Core S&P Midcap ETF 0.01% 9,050 $563K No change
XOM Exxon Mobil Corp. 0.01% 5,150 $553K No change
KO The Coca-Cola Co. 0.01% 8,775 $546K No change
IJR iShares Core S&P Small-Cap E 0.01% 4,602 $530K No change
CLH Clean Harbors Inc. 0.01% 2,260 $520K No change
TTEK Tetra Tech Inc. 0.01% 12,800 $509K No change
QQQ Invesco QQQ Trust Series 1 0.01% 925 $472K Reduce -22.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 2,078 $456K Add +120.6%
OC Owens Corning 0.01% 2,680 $456K No change
FSLR First Solar Inc. 0.01% 2,450 $431K No change
J Jacobs Solutions Inc. 0.01% 3,060 $408K Reduce -14.0%
ONON On Holding AG Class A filed as ON HLDG AG 0.01% 7,340 $402K Reduce -28.4%
ORCL Oracle Corp. 0.01% 2,400 $399K No change
JPM JPMorgan Chase & Co. 0.01% 1,625 $389K No change
FLNC Fluence Energy Inc. 0.01% 22,180 $352K Add +7.3%
VTWO Vanguard Russell 2000 ETF 0.01% 3,825 $341K Add +8.5%
COTY Coty Inc. Class A 0.01% 48,290 $336K Add +15.0%
WMS Advanced Drainage Systems Inc. 0.01% 2,480 $286K No change
ABT Abbott Laboratories 0.01% 2,500 $282K No change
CSCO Cisco Systems Inc. 0.01% 4,614 $273K No change
ENPH Enphase Energy Inc. 0.01% 3,720 $255K No change
PEP Pepsico Inc. 0.01% 1,665 $253K Reduce -99.1%
LAZ Lazard Inc. 0.00% 4,500 $231K Reduce -65.6%

Show all 101 holdings

Portfolio Sells Q3 2024 → Q4 2024
PEP Pepsico Inc. Reduce -99.1% 0.01% −0.67
BALL Ball Corp. Reduce -17.2% 0.89% −0.51
MSI Motorola Solutions Inc. Reduce -15.1% 1.95% −0.41
NVDA Nvidia Corp. Reduce -15.2% 3.18% −0.41
PH Parker Hannifin Corp. Reduce -6.5% 2.99% −0.37
KLAC KLA Corp. Reduce -6.5% 0.93% −0.36
MDLZ Mondelez International Inc. Class A Reduce -10.2% 0.68% −0.31
ECL Ecolab Inc. Reduce -0.6% 1.61% −0.26
CVX Chevron Corp. Reduce -2.3% 1.87% −0.19
EOG EOG Resources Inc. Reduce -15.5% 0.51% −0.13
JNJ Johnson & Johnson Reduce -0.0% 0.69% −0.13
TMUS T-Mobile US Inc. Reduce -10.7% 1.00% −0.11
ROST Ross Stores Inc. Reduce -0.9% 1.04% −0.06
HD Home Depot Inc. Reduce -3.0% 0.21% −0.03
COST Costco Wholesale Corp. Reduce -0.0% 0.95% −0.02
DIS The Walt Disney Co. Reduce -9.8% 1.34% −0.02
NOW ServiceNow Inc. Reduce -22.9% 0.11% −0.02
APH Amphenol Corp. Class A Reduce -1.7% 1.44% −0.01
BAC Bank of America Corp. Reduce -5.7% 0.89% −0.01
LAZ Lazard Inc. Reduce -65.6% 0.00% −0.01
CI The Cigna Group Reduce -5.1% 0.02% −0.01
CARR Carrier Global Corp. Reduce -0.5% 0.03% −0.01
IVV iShares Core S&P 500 ETF Reduce -10.0% 0.04% −0.01
CAT Caterpillar Inc. Sold out 0.00% −0.01
NXT Nextpower Inc. Sold out 0.00% −0.00
AXP American Express Co. Reduce -11.9% 0.04% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -22.9% 0.01% −0.00
JCI Johnson Controls Internation Reduce -5.2% 0.03% −0.00
ONON On Holding AG Class A Reduce -28.4% 0.01% −0.00
J Jacobs Solutions Inc. Reduce -14.0% 0.01% −0.00
TSLA Tesla Inc. Reduce -12.1% 0.01% +0.00
CRM Salesforce Inc. Reduce -8.5% 0.13% +0.01
MS Morgan Stanley Reduce -10.3% 1.18% +0.03
WFC Wells Fargo & Co. Reduce -0.0% 0.97% +0.15

Portfolio Buys Q3 2024 → Q4 2024
AMZN Amazon.com Inc. Add +5.6% 8.31% +1.24
META Meta Platforms Inc. Class A Add +159.0% 1.48% +0.89
V Visa Inc. Class A Add +6.0% 5.55% +0.73
GOOGL Alphabet Inc. Class A Add +2.0% 5.60% +0.51
AAPL Apple Inc. Add +7.3% 5.47% +0.45
IDXX Idexx Laboratories Inc. New 0.41% +0.41
MAR Marriott International Class A New 0.39% +0.39
MLM Martin Marietta Materials New 0.34% +0.34
AVGO Broadcom Inc. Add +148.3% 0.42% +0.29
MSFT Microsoft Corp. Add +10.9% 9.26% +0.24
MDT Medtronic PLC Add +32.1% 2.45% +0.24
GOOG Alphabet Inc. Class C Add +0.1% 2.97% +0.21
BDX Becton Dickinson and Co. Add +15.4% 3.24% +0.08
LLY Eli Lilly & Co. Add +328.3% 0.07% +0.05
HON Honeywell International Inc. Add +1.2% 1.08% +0.05
ETN Eaton Corp. PLC New 0.04% +0.04
NFLX Netflix Inc. Add +252.5% 0.05% +0.04
PG The Procter & Gamble Co. Add +13.1% 1.01% +0.03
BRK.B Berkshire Hathaway Inc. Class B Add +12.4% 0.60% +0.03
ARM Arm Holdings PLC-ADR New 0.02% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +5.6% 0.88% +0.02
IBM Intl Business Machines Corp. Add +120.6% 0.01% +0.00
SLB SLB Ltd. New 0.00% +0.00
ADP Automatic Data Processing Add +2.8% 0.01% +0.00
VTWO Vanguard Russell 2000 ETF Add +8.5% 0.01% +0.00
COTY Coty Inc. Class A Add +15.0% 0.01% −0.00
FLNC Fluence Energy Inc. Add +7.3% 0.01% −0.00
AWK American Water Works Co. Inc. Add +1.7% 0.03% −0.01
CVS CVS Health Corp. Add +1.7% 0.03% −0.01
MU Micron Technology Inc. Add +4.9% 0.07% −0.02
RTX RTX Corp. Add +7.7% 3.28% −0.09
ACN Accenture PLC Class A Add +3.7% 4.59% −0.11
ICE Intercontinental Exchange Inc. Add +2.8% 1.42% −0.16
CL Colgate-Palmolive Co. Add +0.1% 0.83% −0.17
AMAT Applied Materials Inc. Add +18.0% 1.58% −0.18
ZTS Zoetis Inc. Add +20.6% 3.51% −0.18
OTIS Otis Worldwide Corp. Add +8.3% 2.05% −0.20
NKE Nike Inc. Class B Add +3.5% 1.17% −0.23
ADBE Adobe Inc. Add +1.4% 1.10% −0.24
EL Estee Lauder Companies Class A Add +20.7% 1.81% −0.30
MRK Merck & Co. Inc. Add +7.7% 3.15% −0.38

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