Lazard Freres Gestion S.A.S.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Lazard Freres Gestion S.A.S. reported 112 stock positions worth $5.3 billion. Its top holding was Microsoft (MSFT) at 10.0% of the portfolio, followed by Alphabet Class A (GOOGL, 6.5%) and Amazon.com (AMZN, 6.4%). Compared with Q2 2025, it opened 5 new positions, sold out of 3, added to 57 and reduced 29. The biggest buy was Nvidia (NVDA, shares −0%) and the biggest sale Becton Dickinson and (BDX, shares −10%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001426748
Portfolio Value
$5.3B (Q3 2025)
SEC Filing
0001426748-25-000005 ↗ filed Oct 21, 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 Q1 2025 Q2 2025: $4.1B Q2 2025 Q3 2025: $5.3B $5.3B Q3 2025 Q4 2025: $5.6B Q4 2025 Q1 2026: $5.1B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 112 stocks · $5.3B
MSFT Microsoft Corp. 10.03% 1,017,458 $527.0M Add +0.1%
GOOGL Alphabet Inc. Class A 6.51% 1,407,860 $342.3M Reduce -0.4%
AMZN Amazon.com Inc. 6.39% 1,529,727 $335.9M Add +4.7%
AAPL Apple Inc. 6.13% 1,264,285 $321.9M Add +2.9%
NVDA Nvidia Corp. 5.11% 1,438,420 $268.4M Add +0.0%
V Visa Inc. Class A 4.30% 662,194 $226.1M Add +5.0%
RTX RTX Corp. 3.59% 1,125,602 $188.3M Reduce -1.1%
ZTS Zoetis Inc. 3.11% 1,115,517 $163.2M Add +7.4%
MSI Motorola Solutions Inc. 2.88% 331,174 $151.4M Add +15.1%
MDT Medtronic PLC 2.78% 1,530,777 $145.8M Add +6.4%
ACN Accenture PLC Class A 2.74% 584,280 $144.1M Add +1.3%
META Meta Platforms Inc. Class A 2.45% 175,547 $128.9M Add +3.8%
AMAT Applied Materials Inc. 2.24% 573,966 $117.5M Add +0.4%
APH Amphenol Corp. Class A 1.97% 835,479 $103.4M Reduce -9.1%
PH Parker Hannifin Corp. 1.97% 136,232 $103.3M Add +0.0%
MRK Merck & Co. Inc. 1.87% 1,171,812 $98.3M Add +0.0%
OTIS Otis Worldwide Corp. 1.87% 1,073,844 $98.2M Add +17.5%
BDX Becton Dickinson and Co. 1.65% 461,790 $86.4M Reduce -10.2%
SPGI S&P Global Inc. 1.60% 172,309 $83.9M Add +124.6%
MS Morgan Stanley 1.58% 521,964 $83.0M Add +20.8%
COST Costco Wholesale Corp. 1.49% 84,700 $78.4M Add +10.2%
ECL Ecolab Inc. 1.46% 280,371 $76.8M Reduce -3.5%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 1.38% 820,569 $72.3M Add +0.0%
ICE Intercontinental Exchange Inc. 1.37% 425,745 $71.7M Add +0.2%
AVGO Broadcom Inc. 1.33% 211,666 $69.8M Add +0.0%
KLAC KLA Corp. 1.26% 61,446 $66.3M Reduce -17.1%
LLY Eli Lilly & Co. 1.17% 80,286 $61.3M Add +3.9%
CL Colgate-Palmolive Co. 1.14% 749,453 $59.9M Add +11.3%
JPM JPMorgan Chase & Co. 1.08% 180,601 $57.0M Add +2.9%
NKE Nike Inc. Class B 1.06% 796,695 $55.6M Add +0.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.06% 484,685 $55.5M Reduce -4.0%
ROST Ross Stores Inc. 1.03% 355,319 $54.1M Add +0.0%
MCO Moody's Corp. 1.01% 111,712 $53.2M Add +37.2%
HON Honeywell International Inc. 1.01% 251,714 $53.0M Add +1.4%
IDXX Idexx Laboratories Inc. 0.96% 78,699 $50.3M Reduce -13.4%
WFC Wells Fargo & Co. 0.94% 587,300 $49.2M Add +0.0%
MAR Marriott International Class A 0.94% 188,950 $49.2M Add +1.1%
MDLZ Mondelez International Inc. Class A 0.91% 765,214 $47.8M Add +11.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.88% 69,186 $46.1M Reduce -9.6%
TMUS T-Mobile US Inc. 0.83% 183,128 $43.8M Reduce -0.2%
CVX Chevron Corp. 0.83% 281,339 $43.7M Reduce -0.3%
BRK.B Berkshire Hathaway Inc. Class B 0.80% 83,847 $42.2M Add +1.0%
MLM Martin Marietta Materials 0.64% 53,190 $33.5M Add +7.7%
ADBE Adobe Inc. 0.54% 80,706 $28.5M Reduce -12.4%
MTD Mettler-Toledo International 0.52% 22,169 $27.2M Add +96.4%
SPOT Spotify Technology SA 0.44% 32,960 $23.0M Add +4.6%
GOOG Alphabet Inc. Class C 0.40% 87,247 $21.2M Reduce -1.2%
EOG EOG Resources Inc. 0.33% 155,125 $17.4M Reduce 0.0%
BRK.A Berkshire Hathaway Inc. Class A 0.26% 18 $13.6M No change
CRM Salesforce Inc. 0.17% 38,598 $9.1M Reduce -5.7%
PG The Procter & Gamble Co. 0.16% 54,197 $8.3M Add +0.0%
HD Home Depot Inc. 0.16% 20,257 $8.2M Reduce -21.7%
NFLX Netflix Inc. 0.10% 4,492 $5.4M Add +0.0%
AMD Advanced Micro Devices 0.09% 28,130 $4.6M Add +0.0%
MU Micron Technology Inc. 0.08% 26,500 $4.4M Reduce -7.0%
UBER Uber Technologies Inc. 0.07% 39,100 $3.8M Reduce -7.1%
VRSK Verisk Analytics Inc. 0.07% 14,500 $3.6M Add +190.0%
BALL Ball Corp. 0.07% 68,132 $3.4M Reduce -64.7%
CDNS Cadence Design SYS Inc. 0.06% 9,700 $3.4M Reduce -13.4%
NOW ServiceNow Inc. 0.06% 3,638 $3.3M Reduce -7.6%
SNPS Synopsys Inc. 0.06% 5,900 $2.9M Reduce -13.2%
TYL Tyler Technologies Inc. 0.05% 5,000 $2.6M Add +150.0%
AXP American Express Co. 0.05% 7,820 $2.6M No change
APP AppLovin Corp. Class A 0.05% 3,500 $2.5M New
AWK American Water Works Co. Inc. 0.05% 17,430 $2.4M No change
ARM Arm Holdings PLC-ADR 0.05% 17,000 $2.4M Add +0.0%
IOT Samsara Inc. Class A 0.04% 60,000 $2.2M New
PLD Prologis Inc. 0.04% 19,000 $2.2M Add +5.6%
PINS Pinterest Inc. Class A 0.04% 65,900 $2.1M Add +9.8%
IVV iShares Core S&P 500 ETF 0.04% 3,150 $2.1M No change
JCI Johnson Controls Internation 0.04% 17,745 $2.0M No change
VTEB Vanguard Tax-Exempt Bond ETF 0.04% 37,500 $1.9M Add +0.0%
VERX Vertex Inc. Class A 0.03% 70,000 $1.7M Add +250.0%
HLT Hilton Worldwide Holdings Inc. 0.03% 5,980 $1.6M Reduce -12.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 28,137 $1.5M Reduce -57.6%
CBOE Cboe Global Markets Inc. 0.02% 5,250 $1.3M Add +54.4%
PWR Quanta Services Inc. 0.02% 3,070 $1.3M Reduce -10.2%
XYL Xylem Inc. 0.02% 8,350 $1.2M No change
CI The Cigna Group 0.02% 4,246 $1.2M No change
CVS CVS Health Corp. 0.02% 16,150 $1.2M No change
CARR Carrier Global Corp. 0.02% 19,865 $1.2M No change
JNJ Johnson & Johnson 0.02% 5,942 $1.1M Add +0.0%
QQQ Invesco QQQ Trust Series 1 0.02% 1,637 $982K Add +62.9%
FSLR First Solar Inc. 0.02% 4,390 $968K Reduce -18.6%
TTEK Tetra Tech Inc. 0.02% 25,830 $862K No change
WM Waste Management Inc. 0.02% 3,842 $848K Add +0.0%
NXT Nextpower Inc. filed as NEXTRACKER INC 0.02% 10,850 $802K Add +13.6%
SYK Stryker Corp. 0.01% 2,000 $739K No change
AYI Acuity Inc. 0.01% 2,000 $688K No change
OC Owens Corning 0.01% 4,850 $686K No change
ORCL Oracle Corp. 0.01% 2,400 $674K No change
IJH iShares Core S&P Midcap ETF 0.01% 9,050 $590K Add +0.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 2,078 $586K No change
TSLA Tesla Inc. 0.01% 1,310 $582K No change
XOM Exxon Mobil Corp. 0.01% 5,150 $580K No change
CWEN Clearway Energy Inc. Class C 0.01% 19,500 $550K No change
IJR iShares Core S&P Small-Cap E 0.01% 4,602 $546K No change
KO The Coca-Cola Co. 0.01% 8,000 $530K Reduce -7.0%
BMI Badger Meter Inc. 0.01% 2,950 $526K Add +31.1%
CLH Clean Harbors Inc. 0.01% 2,040 $473K Reduce -37.0%

Show all 112 holdings

Portfolio Sells Q2 2025 → Q3 2025
BDX Becton Dickinson and Co. Reduce -10.2% 1.65% −0.52
RTX RTX Corp. Reduce -1.1% 3.59% −0.48
DIS The Walt Disney Co. Reduce -4.0% 1.06% −0.48
ECL Ecolab Inc. Reduce -3.5% 1.46% −0.45
KLAC KLA Corp. Reduce -17.1% 1.26% −0.36
ADBE Adobe Inc. Reduce -12.4% 0.54% −0.33
SPY SS SPDR S&P 500 ETF Trust-US Reduce -9.6% 0.88% −0.28
APH Amphenol Corp. Class A Reduce -9.1% 1.97% −0.25
IDXX Idexx Laboratories Inc. Reduce -13.4% 0.96% −0.24
TMUS T-Mobile US Inc. Reduce -0.2% 0.83% −0.24
BALL Ball Corp. Reduce -64.7% 0.07% −0.20
CVX Chevron Corp. Reduce -0.3% 0.83% −0.16
EOG EOG Resources Inc. Reduce 0.0% 0.33% −0.12
CRM Salesforce Inc. Reduce -5.7% 0.17% −0.10
HD Home Depot Inc. Reduce -21.7% 0.16% −0.08
BAC Bank of America Corp. Reduce -57.6% 0.03% −0.05
NOW ServiceNow Inc. Reduce -7.6% 0.06% −0.04
SNPS Synopsys Inc. Reduce -13.2% 0.06% −0.03
UBER Uber Technologies Inc. Reduce -7.1% 0.07% −0.02
CDNS Cadence Design SYS Inc. Reduce -13.4% 0.06% −0.02
HLT Hilton Worldwide Holdings Inc. Reduce -12.4% 0.03% −0.01
CLH Clean Harbors Inc. Reduce -37.0% 0.01% −0.01
ENPH Enphase Energy Inc. Sold out 0.00% −0.01
PWR Quanta Services Inc. Reduce -10.2% 0.02% −0.01
MRVL Marvell Technology Inc. Sold out 0.00% −0.01
WMT Walmart Inc. Sold out 0.00% −0.01
KO The Coca-Cola Co. Reduce -7.0% 0.01% −0.00
FSLR First Solar Inc. Reduce -18.6% 0.02% −0.00
COTY Coty Inc. Class A Reduce -0.5% 0.00% −0.00
MU Micron Technology Inc. Reduce -7.0% 0.08% −0.00
GOOG Alphabet Inc. Class C Reduce -1.2% 0.40% +0.02
GOOGL Alphabet Inc. Class A Reduce -0.4% 6.51% +0.42

Portfolio Buys Q2 2025 → Q3 2025
NVDA Nvidia Corp. Add +0.0% 5.11% +5.10
PH Parker Hannifin Corp. Add +0.0% 1.97% +1.96
MRK Merck & Co. Inc. Add +0.0% 1.87% +1.87
EL Estee Lauder Companies Class A Add +0.0% 1.38% +1.37
AVGO Broadcom Inc. Add +0.0% 1.33% +1.33
NKE Nike Inc. Class B Add +0.0% 1.06% +1.06
ROST Ross Stores Inc. Add +0.0% 1.03% +1.03
WFC Wells Fargo & Co. Add +0.0% 0.94% +0.94
SPGI S&P Global Inc. Add +124.6% 1.60% +0.61
MTD Mettler-Toledo International Add +96.4% 0.52% +0.19
PG The Procter & Gamble Co. Add +0.0% 0.16% +0.16
NFLX Netflix Inc. Add +0.0% 0.10% +0.10
MS Morgan Stanley Add +20.8% 1.58% +0.09
AMD Advanced Micro Devices Add +0.0% 0.09% +0.09
APP AppLovin Corp. Class A New 0.05% +0.05
ARM Arm Holdings PLC-ADR Add +0.0% 0.05% +0.05
IOT Samsara Inc. Class A New 0.04% +0.04
VTEB Vanguard Tax-Exempt Bond ETF Add +0.0% 0.04% +0.04
VRSK Verisk Analytics Inc. Add +190.0% 0.07% +0.03
JNJ Johnson & Johnson Add +0.0% 0.02% +0.02
TYL Tyler Technologies Inc. Add +150.0% 0.05% +0.02
WM Waste Management Inc. Add +0.0% 0.02% +0.02
VERX Vertex Inc. Class A Add +250.0% 0.03% +0.02
MCO Moody's Corp. Add +37.2% 1.01% +0.01
IJH iShares Core S&P Midcap ETF Add +0.0% 0.01% +0.01
ONON On Holding AG Class A Add +0.0% 0.01% +0.01
BABA Alibaba Group Holding-SP ADR New 0.01% +0.01
CBOE Cboe Global Markets Inc. Add +54.4% 0.02% +0.01
QQQ Invesco QQQ Trust Series 1 Add +62.9% 0.02% +0.01
SCHW Schwab (charles) Corp. Add +0.0% 0.00% +0.00
LAZ Lazard Inc. Add +0.0% 0.00% +0.00
PEP Pepsico Inc. Add +0.0% 0.00% +0.00
GS Goldman Sachs Group Inc. Add +0.0% 0.00% +0.00
BA The Boeing Co. New 0.00% +0.00
SLB SLB Ltd. New 0.00% +0.00
NXT Nextpower Inc. Add +13.6% 0.02% +0.00
VTWO Vanguard Russell 2000 ETF Add +3.4% 0.01% −0.00
BMI Badger Meter Inc. Add +31.1% 0.01% −0.00
PLD Prologis Inc. Add +5.6% 0.04% −0.00
PINS Pinterest Inc. Class A Add +9.8% 0.04% −0.01
MLM Martin Marietta Materials Add +7.7% 0.64% −0.03
AAPL Apple Inc. Add +2.9% 6.13% −0.04
MSI Motorola Solutions Inc. Add +15.1% 2.88% −0.08
SPOT Spotify Technology SA Add +4.6% 0.44% −0.15
JPM JPMorgan Chase & Co. Add +2.9% 1.08% −0.16
BRK.B Berkshire Hathaway Inc. Class B Add +1.0% 0.80% −0.18
MDLZ Mondelez International Inc. Class A Add +11.6% 0.91% −0.22
MDT Medtronic PLC Add +6.4% 2.78% −0.29
LLY Eli Lilly & Co. Add +3.9% 1.17% −0.31
MAR Marriott International Class A Add +1.1% 0.94% −0.31

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