Lazard Freres Gestion S.A.S.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Lazard Freres Gestion S.A.S. reported 103 stock positions worth $4.1 billion. Its top holding was Microsoft (MSFT) at 8.8% of the portfolio, followed by Amazon.com (AMZN, 6.3%) and Alphabet Class A (GOOGL, 5.7%). Compared with Q4 2024, it opened 5 new positions, sold out of 3, added to 51 and reduced 33. The biggest buy was JPMorgan Chase (JPM, shares +11090%) and the biggest sale Alphabet Class C (GOOG, shares −88%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001426748
Portfolio Value
$4.1B (Q1 2025)
SEC Filing
0001426748-25-000002 ↗ filed May 7, 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 Q4 2024 Q1 2025: $4.1B $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 103 stocks · $4.1B
MSFT Microsoft Corp. 8.80% 964,011 $361.9M Reduce -12.1%
AMZN Amazon.com Inc. 6.26% 1,354,121 $257.6M Reduce -28.4%
GOOGL Alphabet Inc. Class A 5.67% 1,507,964 $233.2M Add +2.2%
AAPL Apple Inc. 5.61% 1,038,966 $230.8M Reduce -4.8%
V Visa Inc. Class A 5.55% 651,238 $228.2M Reduce -25.7%
ACN Accenture PLC Class A 4.12% 543,531 $169.6M Reduce -16.5%
ZTS Zoetis Inc. 3.85% 962,494 $158.5M Reduce -10.4%
NVDA Nvidia Corp. 3.50% 1,328,782 $144.0M Add +12.4%
BDX Becton Dickinson and Co. 3.43% 615,564 $141.0M Reduce -13.7%
RTX RTX Corp. 3.13% 972,457 $128.8M Reduce -31.3%
MDT Medtronic PLC 3.02% 1,381,130 $124.1M Reduce -9.8%
MSI Motorola Solutions Inc. 2.44% 229,425 $100.4M Add +9.0%
META Meta Platforms Inc. Class A 2.13% 151,895 $87.5M Add +20.8%
CVX Chevron Corp. 2.04% 502,411 $84.0M Reduce -21.9%
MRK Merck & Co. Inc. 2.02% 923,260 $82.9M Reduce -41.6%
OTIS Otis Worldwide Corp. 1.96% 780,280 $80.5M Reduce -29.4%
ECL Ecolab Inc. 1.93% 313,315 $79.4M Reduce -8.8%
ICE Intercontinental Exchange Inc. 1.74% 414,740 $71.5M Reduce -12.7%
AMAT Applied Materials Inc. 1.74% 492,574 $71.5M Add +1.3%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 1.72% 1,072,736 $70.8M Reduce -11.1%
APH Amphenol Corp. Class A 1.57% 986,446 $64.7M Reduce -4.5%
PH Parker Hannifin Corp. 1.47% 99,133 $60.3M Reduce -57.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.42% 592,185 $58.4M Reduce -1.7%
HON Honeywell International Inc. 1.28% 248,452 $52.6M Add +4.1%
KLAC KLA Corp. 1.24% 75,018 $51.0M Add +1.4%
WFC Wells Fargo & Co. 1.21% 695,797 $50.0M Add +0.4%
MS Morgan Stanley 1.21% 425,443 $49.6M Reduce -9.5%
COST Costco Wholesale Corp. 1.18% 51,433 $48.6M Reduce -0.5%
TMUS T-Mobile US Inc. 1.16% 179,553 $47.9M Reduce -20.6%
ADBE Adobe Inc. 1.16% 124,167 $47.6M Add +0.7%
MDLZ Mondelez International Inc. Class A 1.11% 671,292 $45.5M Add +17.3%
JPM JPMorgan Chase & Co. 1.08% 181,837 $44.6M Add +11090.0%
ROST Ross Stores Inc. 1.07% 345,671 $44.2M Add +1.1%
NKE Nike Inc. Class B 1.07% 694,454 $44.1M Reduce -10.3%
SPY SS SPDR S&P 500 ETF Trust-US 1.07% 78,413 $43.9M Add +4.6%
CL Colgate-Palmolive Co. 1.05% 461,219 $43.2M Add +1.0%
BRK.B Berkshire Hathaway Inc. Class B 1.01% 77,753 $41.4M Add +16.7%
MAR Marriott International Class A 0.83% 143,989 $34.3M Add +106.9%
IDXX Idexx Laboratories Inc. 0.83% 81,233 $34.1M Add +65.4%
BALL Ball Corp. 0.76% 600,657 $31.3M Reduce -25.6%
LLY Eli Lilly & Co. 0.72% 36,073 $29.8M Add +745.6%
AVGO Broadcom Inc. 0.72% 177,136 $29.7M Add +95.4%
EOG EOG Resources Inc. 0.65% 209,301 $26.8M Add +0.4%
SPOT Spotify Technology SA 0.47% 35,150 $19.3M Add +375.0%
MCO Moody's Corp. 0.44% 39,215 $18.3M New
MLM Martin Marietta Materials 0.39% 33,194 $15.9M Add +1.9%
BRK.A Berkshire Hathaway Inc. Class A 0.35% 18 $14.4M Add +12.5%
GOOG Alphabet Inc. Class C 0.34% 90,446 $14.1M Reduce -88.4%
CRM Salesforce Inc. 0.29% 44,515 $11.9M Add +130.7%
HD Home Depot Inc. 0.23% 26,100 $9.6M Reduce -1.5%
PG The Procter & Gamble Co. 0.23% 55,409 $9.4M Reduce -81.5%
ETN Eaton Corp. PLC 0.12% 17,546 $4.8M Add +192.4%
AMD Advanced Micro Devices 0.11% 45,430 $4.7M Add +11.6%
NOW ServiceNow Inc. 0.11% 5,659 $4.5M Add +4.8%
UBER Uber Technologies Inc. 0.10% 58,000 $4.2M Add +7.4%
MU Micron Technology Inc. 0.10% 46,000 $4.0M Add +7.0%
NFLX Netflix Inc. 0.09% 3,792 $3.5M Add +35.8%
CDNS Cadence Design SYS Inc. 0.09% 13,900 $3.5M No change
SNPS Synopsys Inc. 0.08% 8,000 $3.4M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 60,034 $2.5M Reduce -94.1%
AWK American Water Works Co. Inc. 0.06% 15,750 $2.3M Add +30.3%
AXP American Express Co. 0.05% 8,360 $2.2M Add +15.2%
HLT Hilton Worldwide Holdings Inc. 0.05% 8,530 $1.9M Add +15.6%
VTEB Vanguard Tax-Exempt Bond ETF 0.05% 37,500 $1.9M No change
SPGI S&P Global Inc. 0.04% 3,575 $1.8M Add +8.2%
JCI Johnson Controls Internation 0.04% 22,145 $1.8M Add +21.6%
IVV iShares Core S&P 500 ETF 0.04% 3,150 $1.8M No change
CI The Cigna Group 0.04% 4,566 $1.5M Add +21.6%
PLD Prologis Inc. 0.04% 12,880 $1.4M Add +136.8%
ARM Arm Holdings PLC-ADR 0.03% 12,000 $1.3M Add +20.0%
CARR Carrier Global Corp. 0.03% 19,865 $1.3M No change
JNJ Johnson & Johnson 0.03% 6,772 $1.1M Reduce -97.2%
CVS CVS Health Corp. 0.03% 16,150 $1.1M Reduce -46.8%
XYL Xylem Inc. 0.02% 7,830 $935K Add +24.1%
PWR Quanta Services Inc. 0.02% 3,150 $800K Add +31.8%
SYK Stryker Corp. 0.02% 2,000 $744K No change
KAI Kadant Inc. 0.02% 2,160 $727K Add +24.1%
KO The Coca-Cola Co. 0.01% 8,605 $616K Reduce -1.9%
XOM Exxon Mobil Corp. 0.01% 5,150 $612K No change
CLH Clean Harbors Inc. 0.01% 2,940 $579K Add +30.1%
IJH iShares Core S&P Midcap ETF 0.01% 9,050 $528K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 2,078 $516K No change
TTEK Tetra Tech Inc. 0.01% 17,330 $506K Add +35.4%
OC Owens Corning 0.01% 3,530 $504K Add +31.7%
IJR iShares Core S&P Small-Cap E 0.01% 4,602 $481K No change
J Jacobs Solutions Inc. 0.01% 3,800 $459K Add +24.2%
QQQ Invesco QQQ Trust Series 1 0.01% 915 $429K Reduce -1.1%
FSLR First Solar Inc. 0.01% 3,040 $384K Add +24.1%
VTWO Vanguard Russell 2000 ETF 0.01% 4,250 $342K Add +11.1%
TSLA Tesla Inc. 0.01% 1,310 $339K Reduce -18.6%
ORCL Oracle Corp. 0.01% 2,400 $335K No change
WMS Advanced Drainage Systems Inc. 0.01% 3,080 $334K Add +24.2%
ABT Abbott Laboratories 0.01% 2,500 $331K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.01% 7,421 $325K Add +1.1%
BABA Alibaba Group Holding-SP ADR 0.01% 2,205 $291K New
ENPH Enphase Energy Inc. 0.01% 4,610 $286K Add +23.9%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.01% 6,750 $284K New
COTY Coty Inc. Class A 0.01% 48,824 $267K Add +1.1%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.01% 6,040 $252K No change
PEP Pepsico Inc. 0.01% 1,665 $249K No change

Show all 103 holdings

Portfolio Sells Q4 2024 → Q1 2025
GOOG Alphabet Inc. Class C Reduce -88.4% 0.34% −2.63
AMZN Amazon.com Inc. Reduce -28.4% 6.26% −2.04
PH Parker Hannifin Corp. Reduce -57.8% 1.47% −1.53
MRK Merck & Co. Inc. Reduce -41.6% 2.02% −1.14
BAC Bank of America Corp. Reduce -94.1% 0.06% −0.83
PG The Procter & Gamble Co. Reduce -81.5% 0.23% −0.78
JNJ Johnson & Johnson Reduce -97.2% 0.03% −0.67
MSFT Microsoft Corp. Reduce -12.1% 8.80% −0.47
ACN Accenture PLC Class A Reduce -16.5% 4.12% −0.46
RTX RTX Corp. Reduce -31.3% 3.13% −0.15
BALL Ball Corp. Reduce -25.6% 0.76% −0.13
NKE Nike Inc. Class B Reduce -10.3% 1.07% −0.10
OTIS Otis Worldwide Corp. Reduce -29.4% 1.96% −0.09
EL Estee Lauder Companies Class A Reduce -11.1% 1.72% −0.09
ADP Automatic Data Processing Sold out 0.00% −0.01
FLNC Fluence Energy Inc. Sold out 0.00% −0.01
TSLA Tesla Inc. Reduce -18.6% 0.01% −0.00
LAZ Lazard Inc. Sold out 0.00% −0.00
V Visa Inc. Class A Reduce -25.7% 5.55% −0.00
CVS CVS Health Corp. Reduce -46.8% 0.03% −0.00
CSCO Cisco Systems Inc. Reduce -18.7% 0.01% +0.00
QQQ Invesco QQQ Trust Series 1 Reduce -1.1% 0.01% +0.00
KO The Coca-Cola Co. Reduce -1.9% 0.01% +0.00
MS Morgan Stanley Reduce -9.5% 1.21% +0.02
HD Home Depot Inc. Reduce -1.5% 0.23% +0.03
DIS The Walt Disney Co. Reduce -1.7% 1.42% +0.08
APH Amphenol Corp. Class A Reduce -4.5% 1.57% +0.14
AAPL Apple Inc. Reduce -4.8% 5.61% +0.14
TMUS T-Mobile US Inc. Reduce -20.6% 1.16% +0.16
CVX Chevron Corp. Reduce -21.9% 2.04% +0.18
BDX Becton Dickinson and Co. Reduce -13.7% 3.43% +0.19
COST Costco Wholesale Corp. Reduce -0.5% 1.18% +0.23
ECL Ecolab Inc. Reduce -8.8% 1.93% +0.32
ICE Intercontinental Exchange Inc. Reduce -12.7% 1.74% +0.32
ZTS Zoetis Inc. Reduce -10.4% 3.85% +0.35
MDT Medtronic PLC Reduce -9.8% 3.02% +0.57

Portfolio Buys Q4 2024 → Q1 2025
JPM JPMorgan Chase & Co. Add +11090.0% 1.08% +1.08
LLY Eli Lilly & Co. Add +745.6% 0.72% +0.66
META Meta Platforms Inc. Class A Add +20.8% 2.13% +0.65
MSI Motorola Solutions Inc. Add +9.0% 2.44% +0.49
MAR Marriott International Class A Add +106.9% 0.83% +0.45
MCO Moody's Corp. New 0.44% +0.44
IDXX Idexx Laboratories Inc. Add +65.4% 0.83% +0.42
MDLZ Mondelez International Inc. Class A Add +17.3% 1.11% +0.42
SPOT Spotify Technology SA Add +375.0% 0.47% +0.40
BRK.B Berkshire Hathaway Inc. Class B Add +16.7% 1.01% +0.40
NVDA Nvidia Corp. Add +12.4% 3.50% +0.32
KLAC KLA Corp. Add +1.4% 1.24% +0.31
AVGO Broadcom Inc. Add +95.4% 0.72% +0.30
WFC Wells Fargo & Co. Add +0.4% 1.21% +0.24
CL Colgate-Palmolive Co. Add +1.0% 1.05% +0.22
HON Honeywell International Inc. Add +4.1% 1.28% +0.20
SPY SS SPDR S&P 500 ETF Trust-US Add +4.6% 1.07% +0.19
CRM Salesforce Inc. Add +130.7% 0.29% +0.16
AMAT Applied Materials Inc. Add +1.3% 1.74% +0.15
EOG EOG Resources Inc. Add +0.4% 0.65% +0.14
BRK.A Berkshire Hathaway Inc. Class A Add +12.5% 0.35% +0.13
ETN Eaton Corp. PLC Add +192.4% 0.12% +0.08
GOOGL Alphabet Inc. Class A Add +2.2% 5.67% +0.07
ADBE Adobe Inc. Add +0.7% 1.16% +0.06
MLM Martin Marietta Materials Add +1.9% 0.39% +0.05
ROST Ross Stores Inc. Add +1.1% 1.07% +0.04
UBER Uber Technologies Inc. Add +7.4% 0.10% +0.04
NFLX Netflix Inc. Add +35.8% 0.09% +0.04
AWK American Water Works Co. Inc. Add +30.3% 0.06% +0.03
MU Micron Technology Inc. Add +7.0% 0.10% +0.02
PLD Prologis Inc. Add +136.8% 0.04% +0.02
CI The Cigna Group Add +21.6% 0.04% +0.02
AMD Advanced Micro Devices Add +11.6% 0.11% +0.01
JCI Johnson Controls Internation Add +21.6% 0.04% +0.01
AXP American Express Co. Add +15.2% 0.05% +0.01
SPGI S&P Global Inc. Add +8.2% 0.04% +0.01
HLT Hilton Worldwide Holdings Inc. Add +15.6% 0.05% +0.01
XYL Xylem Inc. Add +24.1% 0.02% +0.01
BABA Alibaba Group Holding-SP ADR New 0.01% +0.01
NXT Nextpower Inc. New 0.01% +0.01
ARM Arm Holdings PLC-ADR Add +20.0% 0.03% +0.01
KAI Kadant Inc. Add +24.1% 0.02% +0.01
HES Hess Corp. New 0.01% +0.01
WMT Walmart Inc. New 0.01% +0.01
PWR Quanta Services Inc. Add +31.8% 0.02% +0.00
CLH Clean Harbors Inc. Add +30.1% 0.01% +0.00
OC Owens Corning Add +31.7% 0.01% +0.00
J Jacobs Solutions Inc. Add +24.2% 0.01% +0.00
WMS Advanced Drainage Systems Inc. Add +24.2% 0.01% +0.00
TTEK Tetra Tech Inc. Add +35.4% 0.01% +0.00

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