Lazard Freres Gestion S.A.S.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 31, 2025), Lazard Freres Gestion S.A.S. reported 89 stock positions worth $4.1 billion. Its top holding was Microsoft (MSFT) at 12.4% of the portfolio, followed by Amazon.com (AMZN, 7.8%) and Apple (AAPL, 6.2%). Compared with Q1 2025, it opened 11 new positions, sold out of 8, added to 37 and reduced 27. The biggest buy was Microsoft (MSFT, shares +5%) and the biggest sale Becton Dickinson and (BDX, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0001426748
- Portfolio Value
- $4.1B (Q2 2025)
- SEC Filing
- 0001426748-25-000003 ↗ filed Jul 31, 2025
Holdings Value
Holdings 89 stocks · $4.1B
| MSFT Microsoft Corp. | 12.37% | 1,016,168 | $505.5M | Add +5.4% |
| AMZN Amazon.com Inc. | 7.85% | 1,461,771 | $320.7M | Add +8.0% |
| AAPL Apple Inc. | 6.17% | 1,229,267 | $252.2M | Add +18.3% |
| GOOGL Alphabet Inc. Class A | 6.09% | 1,413,144 | $249.0M | Reduce -6.3% |
| V Visa Inc. Class A | 5.48% | 630,836 | $224.0M | Reduce -3.1% |
| ACN Accenture PLC Class A | 4.22% | 576,703 | $172.4M | Add +6.1% |
| RTX RTX Corp. | 4.06% | 1,137,614 | $166.1M | Add +17.0% |
| ZTS Zoetis Inc. | 3.96% | 1,038,636 | $162.0M | Add +7.9% |
| MDT Medtronic PLC | 3.07% | 1,439,272 | $125.5M | Add +4.2% |
| META Meta Platforms Inc. Class A | 3.05% | 169,133 | $124.8M | Add +11.3% |
| MSI Motorola Solutions Inc. | 2.96% | 287,672 | $121.0M | Add +25.4% |
| AMAT Applied Materials Inc. | 2.56% | 571,617 | $104.6M | Add +16.1% |
| APH Amphenol Corp. Class A | 2.22% | 918,649 | $90.7M | Reduce -6.9% |
| OTIS Otis Worldwide Corp. | 2.21% | 913,753 | $90.5M | Add +17.1% |
| BDX Becton Dickinson and Co. | 2.17% | 514,113 | $88.6M | Reduce -16.5% |
| ECL Ecolab Inc. | 1.91% | 290,400 | $78.2M | Reduce -7.3% |
| ICE Intercontinental Exchange Inc. | 1.91% | 424,772 | $77.9M | Add +2.4% |
| COST Costco Wholesale Corp. | 1.86% | 76,865 | $76.1M | Add +49.5% |
| KLAC KLA Corp. | 1.63% | 74,145 | $66.4M | Reduce -1.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.53% | 504,998 | $62.6M | Reduce -14.7% |
| CL Colgate-Palmolive Co. | 1.50% | 673,448 | $61.2M | Add +46.0% |
| MS Morgan Stanley | 1.49% | 432,278 | $60.9M | Add +1.6% |
| LLY Eli Lilly & Co. | 1.47% | 77,295 | $60.3M | Add +114.3% |
| HON Honeywell International Inc. | 1.41% | 248,133 | $57.8M | Reduce -0.1% |
| MAR Marriott International Class A | 1.25% | 186,984 | $51.1M | Add +29.9% |
| JPM JPMorgan Chase & Co. | 1.25% | 175,551 | $50.9M | Reduce -3.5% |
| IDXX Idexx Laboratories Inc. | 1.19% | 90,904 | $48.8M | Add +11.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.16% | 76,495 | $47.3M | Reduce -2.5% |
| MDLZ Mondelez International Inc. Class A | 1.13% | 685,490 | $46.2M | Add +2.1% |
| TMUS T-Mobile US Inc. | 1.07% | 183,547 | $43.7M | Add +2.2% |
| MCO Moody's Corp. | 1.00% | 81,401 | $40.8M | Add +107.6% |
| SPGI S&P Global Inc. | 0.99% | 76,726 | $40.5M | Add +2046.2% |
| CVX Chevron Corp. | 0.99% | 282,288 | $40.4M | Reduce -43.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.99% | 83,027 | $40.3M | Add +6.8% |
| ADBE Adobe Inc. | 0.87% | 92,147 | $35.6M | Reduce -25.8% |
| MLM Martin Marietta Materials | 0.66% | 49,386 | $27.1M | Add +48.8% |
| SPOT Spotify Technology SA | 0.59% | 31,501 | $24.2M | Reduce -10.4% |
| EOG EOG Resources Inc. | 0.45% | 155,132 | $18.6M | Reduce -25.9% |
| GOOG Alphabet Inc. Class C | 0.38% | 88,338 | $15.7M | Reduce -2.3% |
| MTD Mettler-Toledo International | 0.32% | 11,290 | $13.3M | New |
| BRK.A Berkshire Hathaway Inc. Class A | 0.32% | 18 | $13.1M | No change |
| CRM Salesforce Inc. | 0.27% | 40,910 | $11.2M | Reduce -8.1% |
| BALL Ball Corp. | 0.26% | 192,803 | $10.8M | Reduce -67.9% |
| HD Home Depot Inc. | 0.23% | 25,882 | $9.5M | Reduce -0.8% |
| NOW ServiceNow Inc. | 0.10% | 3,938 | $4.0M | Reduce -30.4% |
| UBER Uber Technologies Inc. | 0.10% | 42,100 | $3.9M | Reduce -27.4% |
| MU Micron Technology Inc. | 0.09% | 28,500 | $3.5M | Reduce -38.0% |
| SNPS Synopsys Inc. | 0.09% | 6,800 | $3.5M | Reduce -15.0% |
| CDNS Cadence Design SYS Inc. | 0.08% | 11,200 | $3.5M | Reduce -19.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.08% | 66,352 | $3.1M | Add +10.5% |
| AXP American Express Co. | 0.06% | 7,820 | $2.5M | Reduce -6.5% |
| AWK American Water Works Co. Inc. | 0.06% | 17,430 | $2.4M | Add +10.7% |
| PINS Pinterest Inc. Class A | 0.05% | 60,000 | $2.2M | New |
| IVV iShares Core S&P 500 ETF | 0.05% | 3,150 | $2.0M | No change |
| PLD Prologis Inc. | 0.05% | 18,000 | $1.9M | Add +39.8% |
| JCI Johnson Controls Internation | 0.05% | 17,745 | $1.9M | Reduce -19.9% |
| HLT Hilton Worldwide Holdings Inc. | 0.04% | 6,830 | $1.8M | Reduce -19.9% |
| VRSK Verisk Analytics Inc. | 0.04% | 5,000 | $1.6M | New |
| CARR Carrier Global Corp. | 0.04% | 19,865 | $1.5M | No change |
| CI The Cigna Group | 0.03% | 4,246 | $1.4M | Reduce -7.0% |
| PWR Quanta Services Inc. | 0.03% | 3,420 | $1.3M | Add +8.6% |
| TYL Tyler Technologies Inc. | 0.03% | 2,000 | $1.2M | New |
| CVS CVS Health Corp. | 0.03% | 16,150 | $1.1M | No change |
| XYL Xylem Inc. | 0.03% | 8,350 | $1.1M | Add +6.6% |
| TTEK Tetra Tech Inc. | 0.02% | 25,830 | $928K | Add +49.0% |
| FSLR First Solar Inc. | 0.02% | 5,390 | $892K | Add +77.3% |
| CBOE Cboe Global Markets Inc. | 0.02% | 3,400 | $792K | New |
| SYK Stryker Corp. | 0.02% | 2,000 | $791K | No change |
| CLH Clean Harbors Inc. | 0.02% | 3,240 | $749K | Add +10.2% |
| VERX Vertex Inc. Class A | 0.02% | 20,000 | $706K | New |
| OC Owens Corning | 0.02% | 4,850 | $666K | Add +37.4% |
| CWEN Clearway Energy Inc. Class C | 0.02% | 19,500 | $624K | New |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.01% | 2,078 | $612K | No change |
| KO The Coca-Cola Co. | 0.01% | 8,605 | $608K | No change |
| AYI Acuity Inc. | 0.01% | 2,000 | $596K | New |
| XOM Exxon Mobil Corp. | 0.01% | 5,150 | $555K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.01% | 1,005 | $554K | Add +9.8% |
| BMI Badger Meter Inc. | 0.01% | 2,250 | $551K | New |
| ORCL Oracle Corp. | 0.01% | 2,400 | $524K | No change |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.01% | 9,550 | $519K | Add +41.5% |
| IJR iShares Core S&P Small-Cap E | 0.01% | 4,602 | $502K | No change |
| OLED Universal Display Corp. | 0.01% | 3,000 | $463K | New |
| TSLA Tesla Inc. | 0.01% | 1,310 | $416K | No change |
| ENPH Enphase Energy Inc. | 0.01% | 9,510 | $377K | Add +106.3% |
| VTWO Vanguard Russell 2000 ETF | 0.01% | 4,250 | $370K | No change |
| ABT Abbott Laboratories | 0.01% | 2,500 | $340K | No change |
| MRVL Marvell Technology Inc. | 0.01% | 3,450 | $267K | New |
| WMT Walmart Inc. | 0.01% | 2,732 | $267K | Add +10.3% |
| COTY Coty Inc. Class A | 0.01% | 48,824 | $227K | No change |
Lines left out (21) · $701K — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| NVDA Nvidia Corp. | COM | 0 | $233K |
| MRK Merck & Co. Inc. | COM | 0 | $92K |
| PH Parker Hannifin Corp. | COM | 0 | $88K |
| EL Estee Lauder Companies Class A | CL A | 0 | $67K |
| AVGO Broadcom Inc. | COM | 0 | $53K |
| NKE Nike Inc. Class B | CL B | 0 | $49K |
| WFC Wells Fargo & Co. | COM | 0 | $47K |
| ROST Ross Stores Inc. | COM | 0 | $45K |
| PG The Procter & Gamble Co. | COM | 0 | $9K |
| NFLX Netflix Inc. | COM | 0 | $6K |
| AMD Advanced Micro Devices | COM | 0 | $4K |
| ARM Arm Holdings PLC-ADR | SPONSORED ADS | 0 | $3K |
| VTEB Vanguard Tax-Exempt Bond ETF | TAX EXEMPT BD | 0 | $2K |
| JNJ Johnson & Johnson | COM | 0 | $907 |
| WM Waste Management Inc. | COM | 0 | $593 |
| IJH iShares Core S&P Midcap ETF | CORE S&P MCP ETF | 0 | $561 |
| ONON On Holding AG Class A | NAMEN AKT A | 0 | $437 |
| SCHW Schwab (charles) Corp. | COM | 0 | $239 |
| PEP Pepsico Inc. | COM | 0 | $219 |
| LAZ Lazard Inc. | COM | 0 | $215 |
| GS Goldman Sachs Group Inc. | COM | 0 | $201 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $4.1B.
Portfolio Sells Q1 2025 → Q2 2025
| BDX Becton Dickinson and Co. | Reduce -16.5% | 2.17% | −1.26 |
| CVX Chevron Corp. | Reduce -43.8% | 0.99% | −1.05 |
| BALL Ball Corp. | Reduce -67.9% | 0.26% | −0.50 |
| ADBE Adobe Inc. | Reduce -25.8% | 0.87% | −0.29 |
| EOG EOG Resources Inc. | Reduce -25.9% | 0.45% | −0.20 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.12 |
| V Visa Inc. Class A | Reduce -3.1% | 5.48% | −0.07 |
| KAI Kadant Inc. | Sold out | 0.00% | −0.02 |
| CRM Salesforce Inc. | Reduce -8.1% | 0.27% | −0.02 |
| ECL Ecolab Inc. | Reduce -7.3% | 1.91% | −0.02 |
| J Jacobs Solutions Inc. | Sold out | 0.00% | −0.01 |
| MU Micron Technology Inc. | Reduce -38.0% | 0.09% | −0.01 |
| NOW ServiceNow Inc. | Reduce -30.4% | 0.10% | −0.01 |
| WMS Advanced Drainage Systems Inc. | Sold out | 0.00% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.01 |
| UBER Uber Technologies Inc. | Reduce -27.4% | 0.10% | −0.01 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.01 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −0.01 |
| HES Hess Corp. | Sold out | 0.00% | −0.01 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -19.9% | 0.04% | −0.00 |
| CI The Cigna Group | Reduce -7.0% | 0.03% | −0.00 |
| CDNS Cadence Design SYS Inc. | Reduce -19.4% | 0.08% | −0.00 |
| HD Home Depot Inc. | Reduce -0.8% | 0.23% | −0.00 |
| SNPS Synopsys Inc. | Reduce -15.0% | 0.09% | +0.00 |
| JCI Johnson Controls Internation | Reduce -19.9% | 0.05% | +0.00 |
| AXP American Express Co. | Reduce -6.5% | 0.06% | +0.01 |
| GOOG Alphabet Inc. Class C | Reduce -2.3% | 0.38% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.5% | 1.16% | +0.09 |
| DIS The Walt Disney Co. | Reduce -14.7% | 1.53% | +0.11 |
| SPOT Spotify Technology SA | Reduce -10.4% | 0.59% | +0.12 |
| HON Honeywell International Inc. | Reduce -0.1% | 1.41% | +0.13 |
| JPM JPMorgan Chase & Co. | Reduce -3.5% | 1.25% | +0.16 |
| KLAC KLA Corp. | Reduce -1.2% | 1.63% | +0.39 |
| GOOGL Alphabet Inc. Class A | Reduce -6.3% | 6.09% | +0.42 |
| APH Amphenol Corp. Class A | Reduce -6.9% | 2.22% | +0.65 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +5.4% | 12.37% | +3.57 |
| AMZN Amazon.com Inc. | Add +8.0% | 7.85% | +1.58 |
| SPGI S&P Global Inc. | Add +2046.2% | 0.99% | +0.95 |
| RTX RTX Corp. | Add +17.0% | 4.06% | +0.93 |
| META Meta Platforms Inc. Class A | Add +11.3% | 3.05% | +0.93 |
| AMAT Applied Materials Inc. | Add +16.1% | 2.56% | +0.82 |
| LLY Eli Lilly & Co. | Add +114.3% | 1.47% | +0.75 |
| COST Costco Wholesale Corp. | Add +49.5% | 1.86% | +0.68 |
| AAPL Apple Inc. | Add +18.3% | 6.17% | +0.56 |
| MCO Moody's Corp. | Add +107.6% | 1.00% | +0.55 |
| MSI Motorola Solutions Inc. | Add +25.4% | 2.96% | +0.52 |
| CL Colgate-Palmolive Co. | Add +46.0% | 1.50% | +0.45 |
| MAR Marriott International Class A | Add +29.9% | 1.25% | +0.42 |
| IDXX Idexx Laboratories Inc. | Add +11.9% | 1.19% | +0.36 |
| MTD Mettler-Toledo International | New | 0.32% | +0.32 |
| MS Morgan Stanley | Add +1.6% | 1.49% | +0.28 |
| MLM Martin Marietta Materials | Add +48.8% | 0.66% | +0.28 |
| OTIS Otis Worldwide Corp. | Add +17.1% | 2.21% | +0.26 |
| ICE Intercontinental Exchange Inc. | Add +2.4% | 1.91% | +0.17 |
| ZTS Zoetis Inc. | Add +7.9% | 3.96% | +0.11 |
| ACN Accenture PLC Class A | Add +6.1% | 4.22% | +0.09 |
| PINS Pinterest Inc. Class A | New | 0.05% | +0.05 |
| MDT Medtronic PLC | Add +4.2% | 3.07% | +0.05 |
| VRSK Verisk Analytics Inc. | New | 0.04% | +0.04 |
| TYL Tyler Technologies Inc. | New | 0.03% | +0.03 |
| MDLZ Mondelez International Inc. Class A | Add +2.1% | 1.13% | +0.02 |
| CBOE Cboe Global Markets Inc. | New | 0.02% | +0.02 |
| VERX Vertex Inc. Class A | New | 0.02% | +0.02 |
| BAC Bank of America Corp. | Add +10.5% | 0.08% | +0.02 |
| CWEN Clearway Energy Inc. Class C | New | 0.02% | +0.02 |
| AYI Acuity Inc. | New | 0.01% | +0.01 |
| BMI Badger Meter Inc. | New | 0.01% | +0.01 |
| FSLR First Solar Inc. | Add +77.3% | 0.02% | +0.01 |
| PWR Quanta Services Inc. | Add +8.6% | 0.03% | +0.01 |
| PLD Prologis Inc. | Add +39.8% | 0.05% | +0.01 |
| OLED Universal Display Corp. | New | 0.01% | +0.01 |
| TTEK Tetra Tech Inc. | Add +49.0% | 0.02% | +0.01 |
| MRVL Marvell Technology Inc. | New | 0.01% | +0.01 |
| NXT Nextpower Inc. | Add +41.5% | 0.01% | +0.01 |
| CLH Clean Harbors Inc. | Add +10.2% | 0.02% | +0.00 |
| OC Owens Corning | Add +37.4% | 0.02% | +0.00 |
| XYL Xylem Inc. | Add +6.6% | 0.03% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +9.8% | 0.01% | +0.00 |
| AWK American Water Works Co. Inc. | Add +10.7% | 0.06% | +0.00 |
| ENPH Enphase Energy Inc. | Add +106.3% | 0.01% | +0.00 |
| WMT Walmart Inc. | Add +10.3% | 0.01% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.8% | 0.99% | −0.02 |
| TMUS T-Mobile US Inc. | Add +2.2% | 1.07% | −0.09 |
Notes & Other Activity Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | COM | Reduce -100.0% | 0 | $233K |
| MRK Merck & Co. Inc. | COM | Reduce -100.0% | 0 | $92K |
| PH Parker Hannifin Corp. | COM | Reduce -100.0% | 0 | $88K |
| EL Estee Lauder Companies Class A | CL A | Reduce -100.0% | 0 | $67K |
| AVGO Broadcom Inc. | COM | Reduce -100.0% | 0 | $53K |
| NKE Nike Inc. Class B | CL B | Reduce -100.0% | 0 | $49K |
| WFC Wells Fargo & Co. | COM | Reduce -100.0% | 0 | $47K |
| ROST Ross Stores Inc. | COM | Reduce -100.0% | 0 | $45K |
| PG The Procter & Gamble Co. | COM | Reduce -100.0% | 0 | $9K |
| NFLX Netflix Inc. | COM | Reduce -100.0% | 0 | $6K |
| AMD Advanced Micro Devices | COM | Reduce -100.0% | 0 | $4K |
| ARM Arm Holdings PLC-ADR | SPONSORED ADS | Reduce -100.0% | 0 | $3K |
| VTEB Vanguard Tax-Exempt Bond ETF | TAX EXEMPT BD | Reduce -100.0% | 0 | $2K |
| JNJ Johnson & Johnson | COM | Reduce -100.0% | 0 | $907 |
| WM Waste Management Inc. | COM | New | 0 | $593 |
| IJH iShares Core S&P Midcap ETF | CORE S&P MCP ETF | Reduce -100.0% | 0 | $561 |
| ONON On Holding AG Class A | NAMEN AKT A | Reduce -100.0% | 0 | $437 |
| SCHW Schwab (charles) Corp. | COM | New | 0 | $239 |
| PEP Pepsico Inc. | COM | Reduce -100.0% | 0 | $219 |
| LAZ Lazard Inc. | COM | New | 0 | $215 |
| GS Goldman Sachs Group Inc. | COM | New | 0 | $201 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 115 | $5.8B | GOOGL, MSFT, AAPL, AMZN, NVDA |
| Q1 2026 | 123 | $5.1B | MSFT, GOOGL, AMZN, AAPL, NVDA |
| Q4 2025 | 112 | $5.6B | MSFT, GOOGL, AMZN, AAPL, NVDA |
| Q3 2025 | 112 | $5.3B | MSFT, GOOGL, AMZN, AAPL, NVDA |
| Q2 2025 | 89 | $4.1B | MSFT, AMZN, AAPL, GOOGL, V |
| Q1 2025 | 103 | $4.1B | MSFT, AMZN, GOOGL, AAPL, V |
| Q4 2024 | 101 | $5.0B | MSFT, AMZN, GOOGL, V, AAPL |
| Q3 2024 | 97 | $4.7B | MSFT, AMZN, GOOGL, AAPL, V |
| Q2 2024 | 93 | $4.3B | MSFT, AMZN, GOOGL, V, MRK |
| Q1 2024 | 77 | $4.0B | MSFT, AMZN, V, GOOGL, MRK |