Lazard Freres Gestion S.A.S.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Lazard Freres Gestion S.A.S. reported 112 stock positions worth $5.6 billion. Its top holding was Microsoft (MSFT) at 9.1% of the portfolio, followed by Alphabet Class A (GOOGL, 7.3%) and Amazon.com (AMZN, 6.6%). Compared with Q3 2025, it opened 5 new positions, sold out of 5, added to 31 and reduced 50. The biggest buy was Estee Lauder Companies Class A (EL, shares +36%) and the biggest sale Zoetis (ZTS, shares −5%).

Most Recent 13F
Q2 2026
Location
PARIS, I0
CIK
0001426748
Portfolio Value
$5.6B (Q4 2025)
SEC Filing
0001426748-26-000001 ↗ filed Feb 6, 2026

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 Q3 2025 Q4 2025: $5.6B $5.6B Q4 2025 Q1 2026: $5.1B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 112 stocks · $5.6B
MSFT Microsoft Corp. 9.07% 1,040,819 $503.4M Add +2.3%
GOOGL Alphabet Inc. Class A 7.27% 1,289,893 $403.7M Reduce -8.4%
AMZN Amazon.com Inc. 6.59% 1,583,820 $365.6M Add +3.5%
AAPL Apple Inc. 6.05% 1,234,233 $335.5M Reduce -2.4%
NVDA Nvidia Corp. 4.99% 1,485,322 $277.0M Add +3.3%
V Visa Inc. Class A 4.64% 734,569 $257.6M Add +10.9%
RTX RTX Corp. 3.48% 1,052,882 $193.1M Reduce -6.5%
ACN Accenture PLC Class A 3.31% 684,857 $183.7M Add +17.2%
MSI Motorola Solutions Inc. 3.04% 439,646 $168.5M Add +32.8%
MDT Medtronic PLC 2.95% 1,705,936 $163.9M Add +11.4%
ZTS Zoetis Inc. 2.40% 1,056,947 $133.0M Reduce -5.3%
AMAT Applied Materials Inc. 2.37% 512,245 $131.6M Reduce -10.8%
MRK Merck & Co. Inc. 2.26% 1,193,915 $125.7M Add +1.9%
META Meta Platforms Inc. Class A 2.26% 190,229 $125.6M Add +8.4%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 2.11% 1,117,878 $117.1M Add +36.2%
OTIS Otis Worldwide Corp. 2.06% 1,309,160 $114.4M Add +21.9%
SPGI S&P Global Inc. 2.00% 212,605 $111.1M Add +23.4%
PH Parker Hannifin Corp. 1.94% 122,273 $107.5M Reduce -10.3%
APH Amphenol Corp. Class A 1.84% 754,763 $102.0M Reduce -9.7%
COST Costco Wholesale Corp. 1.80% 115,633 $99.7M Add +36.5%
MS Morgan Stanley 1.55% 484,783 $86.1M Reduce -7.1%
LLY Eli Lilly & Co. 1.42% 73,470 $79.0M Reduce -8.5%
AVGO Broadcom Inc. 1.40% 224,598 $77.7M Add +6.1%
NKE Nike Inc. Class B 1.36% 1,185,742 $75.5M Add +48.8%
BDX Becton Dickinson and Co. 1.31% 375,553 $72.9M Reduce -18.7%
MCO Moody's Corp. 1.14% 123,837 $63.3M Add +10.8%
ECL Ecolab Inc. 1.12% 236,685 $62.1M Reduce -15.6%
ICE Intercontinental Exchange Inc. 1.11% 381,922 $61.9M Reduce -10.3%
CL Colgate-Palmolive Co. 1.11% 776,697 $61.4M Add +3.6%
MAR Marriott International Class A 1.07% 191,585 $59.4M Add +1.4%
SPY SS SPDR S&P 500 ETF Trust-US 1.04% 85,013 $58.0M Add +22.9%
ROST Ross Stores Inc. 1.02% 314,943 $56.7M Reduce -11.4%
JPM JPMorgan Chase & Co. 0.99% 170,072 $54.8M Reduce -5.8%
KLAC KLA Corp. 0.98% 44,705 $54.3M Reduce -27.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.91% 445,278 $50.7M Reduce -8.1%
MLM Martin Marietta Materials 0.91% 81,029 $50.5M Add +52.3%
WFC Wells Fargo & Co. 0.90% 536,101 $50.0M Reduce -8.7%
HON Honeywell International Inc. 0.84% 239,534 $46.7M Reduce -4.8%
IDXX Idexx Laboratories Inc. 0.77% 62,997 $42.6M Reduce -19.9%
MTD Mettler-Toledo International 0.75% 29,848 $41.6M Add +34.6%
CVX Chevron Corp. 0.70% 254,176 $38.7M Reduce -9.7%
MDLZ Mondelez International Inc. Class A 0.68% 704,472 $37.9M Reduce -7.9%
TMUS T-Mobile US Inc. 0.62% 170,514 $34.6M Reduce -6.9%
GOOG Alphabet Inc. Class C 0.48% 85,722 $26.9M Reduce -1.8%
ADBE Adobe Inc. 0.48% 75,782 $26.5M Reduce -6.1%
BRK.B Berkshire Hathaway Inc. Class B 0.46% 50,796 $25.5M Reduce -39.4%
SPOT Spotify Technology SA 0.34% 32,570 $18.9M Reduce -1.2%
BRK.A Berkshire Hathaway Inc. Class A 0.20% 15 $11.3M Reduce -16.7%
CRM Salesforce Inc. 0.17% 35,854 $9.5M Reduce -7.1%
PG The Procter & Gamble Co. 0.13% 50,500 $7.2M Reduce -6.8%
HD Home Depot Inc. 0.09% 14,395 $5.0M Reduce -28.9%
AMD Advanced Micro Devices 0.08% 20,030 $4.3M Reduce -28.8%
NFLX Netflix Inc. 0.07% 43,920 $4.1M Reduce -2.2%
MU Micron Technology Inc. 0.06% 12,000 $3.4M Reduce -54.7%
VRSK Verisk Analytics Inc. 0.06% 14,000 $3.1M Reduce -3.5%
APP AppLovin Corp. Class A 0.05% 4,300 $2.9M Add +22.9%
AXP American Express Co. 0.05% 7,660 $2.8M Reduce -2.0%
NOW ServiceNow Inc. 0.05% 17,905 $2.7M Reduce -1.6%
BALL Ball Corp. 0.05% 51,504 $2.7M Reduce -24.4%
SNPS Synopsys Inc. 0.05% 5,800 $2.7M Reduce -1.7%
QQQ Invesco QQQ Trust Series 1 0.05% 4,283 $2.6M Add +161.6%
CDNS Cadence Design SYS Inc. 0.04% 7,800 $2.4M Reduce -19.6%
UBER Uber Technologies Inc. 0.04% 29,000 $2.4M Reduce -25.8%
PLD Prologis Inc. 0.04% 18,340 $2.3M Reduce -3.5%
TYL Tyler Technologies Inc. 0.04% 5,000 $2.3M No change
VERX Vertex Inc. Class A 0.04% 110,000 $2.2M Add +57.1%
IVV iShares Core S&P 500 ETF 0.04% 3,150 $2.2M No change
IOT Samsara Inc. Class A 0.04% 60,000 $2.1M No change
DUOL Duolingo 0.04% 12,000 $2.1M New
PINS Pinterest Inc. Class A 0.04% 80,000 $2.1M Add +21.4%
JCI Johnson Controls Internation 0.03% 14,075 $1.7M Reduce -20.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 30,316 $1.7M Add +7.7%
HLT Hilton Worldwide Holdings Inc. 0.03% 5,630 $1.6M Reduce -5.8%
DDOG Datadog Inc. Class A 0.03% 11,310 $1.5M New
ARM Arm Holdings PLC-ADR 0.03% 13,000 $1.4M Reduce -23.5%
AWK American Water Works Co. Inc. 0.02% 10,160 $1.3M Reduce -41.7%
PWR Quanta Services Inc. 0.02% 3,070 $1.3M No change
CVS CVS Health Corp. 0.02% 16,075 $1.3M Reduce -0.5%
CBOE Cboe Global Markets Inc. 0.02% 4,940 $1.2M Reduce -5.9%
FSLR First Solar Inc. 0.02% 4,390 $1.1M No change
XYL Xylem Inc. 0.02% 8,350 $1.1M No change
CI The Cigna Group 0.02% 3,996 $1.1M Reduce -5.9%
JNJ Johnson & Johnson 0.02% 4,685 $969K Reduce -21.1%
NXT Nextpower Inc. 0.02% 10,850 $945K No change
TTEK Tetra Tech Inc. 0.02% 25,830 $866K No change
WM Waste Management Inc. 0.02% 3,842 $844K No change
CARR Carrier Global Corp. 0.01% 13,965 $737K Reduce -29.7%
AYI Acuity Inc. 0.01% 2,000 $720K No change
SYK Stryker Corp. 0.01% 2,000 $702K No change
CWEN Clearway Energy Inc. Class C 0.01% 19,770 $657K Add +1.4%
XOM Exxon Mobil Corp. 0.01% 5,150 $619K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 2,078 $615K No change
IJH iShares Core S&P Midcap ETF 0.01% 9,050 $597K No change
TSLA Tesla Inc. 0.01% 1,310 $589K No change
ONON On Holding AG Class A filed as ON HLDG AG 0.01% 12,540 $582K Add +50.0%
BMI Badger Meter Inc. 0.01% 3,250 $566K Add +10.2%
KO The Coca-Cola Co. 0.01% 8,000 $559K No change
IJR iShares Core S&P Small-Cap E 0.01% 4,602 $553K No change
OC Owens Corning 0.01% 4,850 $542K No change
VTWO Vanguard Russell 2000 ETF 0.01% 4,970 $494K Add +13.1%

Show all 112 holdings

Portfolio Sells Q3 2025 → Q4 2025
ZTS Zoetis Inc. Reduce -5.3% 2.40% −0.71
BRK.B Berkshire Hathaway Inc. Class B Reduce -39.4% 0.46% −0.34
ECL Ecolab Inc. Reduce -15.6% 1.12% −0.34
BDX Becton Dickinson and Co. Reduce -18.7% 1.31% −0.33
EOG EOG Resources Inc. Sold out 0.00% −0.33
KLAC KLA Corp. Reduce -27.3% 0.98% −0.28
ICE Intercontinental Exchange Inc. Reduce -10.3% 1.11% −0.25
MDLZ Mondelez International Inc. Class A Reduce -7.9% 0.68% −0.23
TMUS T-Mobile US Inc. Reduce -6.9% 0.62% −0.21
IDXX Idexx Laboratories Inc. Reduce -19.9% 0.77% −0.19
HON Honeywell International Inc. Reduce -4.8% 0.84% −0.17
DIS The Walt Disney Co. Reduce -8.1% 0.91% −0.14
CVX Chevron Corp. Reduce -9.7% 0.70% −0.13
APH Amphenol Corp. Class A Reduce -9.7% 1.84% −0.13
RTX RTX Corp. Reduce -6.5% 3.48% −0.11
SPOT Spotify Technology SA Reduce -1.2% 0.34% −0.10
JPM JPMorgan Chase & Co. Reduce -5.8% 0.99% −0.10
AAPL Apple Inc. Reduce -2.4% 6.05% −0.08
HD Home Depot Inc. Reduce -28.9% 0.09% −0.07
ADBE Adobe Inc. Reduce -6.1% 0.48% −0.06
BRK.A Berkshire Hathaway Inc. Class A Reduce -16.7% 0.20% −0.05
WFC Wells Fargo & Co. Reduce -8.7% 0.90% −0.04
VTEB Vanguard Tax-Exempt Bond ETF Sold out 0.00% −0.04
UBER Uber Technologies Inc. Reduce -25.8% 0.04% −0.03
PH Parker Hannifin Corp. Reduce -10.3% 1.94% −0.03
MS Morgan Stanley Reduce -7.1% 1.55% −0.03
NFLX Netflix Inc. Reduce -2.2% 0.07% −0.03
PG The Procter & Gamble Co. Reduce -6.8% 0.13% −0.03
MU Micron Technology Inc. Reduce -54.7% 0.06% −0.02
AWK American Water Works Co. Inc. Reduce -41.7% 0.02% −0.02
CDNS Cadence Design SYS Inc. Reduce -19.6% 0.04% −0.02
ARM Arm Holdings PLC-ADR Reduce -23.5% 0.03% −0.02
BALL Ball Corp. Reduce -24.4% 0.05% −0.02
NOW ServiceNow Inc. Reduce -1.6% 0.05% −0.01
VRSK Verisk Analytics Inc. Reduce -3.5% 0.06% −0.01
AMD Advanced Micro Devices Reduce -28.8% 0.08% −0.01
CARR Carrier Global Corp. Reduce -29.7% 0.01% −0.01
ROST Ross Stores Inc. Reduce -11.4% 1.02% −0.01
JCI Johnson Controls Internation Reduce -20.7% 0.03% −0.01
SNPS Synopsys Inc. Reduce -1.7% 0.05% −0.01
SCHW Schwab (charles) Corp. Sold out 0.00% −0.00
BA The Boeing Co. Sold out 0.00% −0.00
SLB SLB Ltd. Sold out 0.00% −0.00
CI The Cigna Group Reduce -5.9% 0.02% −0.00
JNJ Johnson & Johnson Reduce -21.1% 0.02% −0.00
CRM Salesforce Inc. Reduce -7.1% 0.17% −0.00
CBOE Cboe Global Markets Inc. Reduce -5.9% 0.02% −0.00
HLT Hilton Worldwide Holdings Inc. Reduce -5.8% 0.03% −0.00
CVS CVS Health Corp. Reduce -0.5% 0.02% −0.00
PLD Prologis Inc. Reduce -3.5% 0.04% +0.00

Portfolio Buys Q3 2025 → Q4 2025
EL Estee Lauder Companies Class A Add +36.2% 2.11% +0.73
ACN Accenture PLC Class A Add +17.2% 3.31% +0.57
SPGI S&P Global Inc. Add +23.4% 2.00% +0.41
MRK Merck & Co. Inc. Add +1.9% 2.26% +0.39
V Visa Inc. Class A Add +10.9% 4.64% +0.34
COST Costco Wholesale Corp. Add +36.5% 1.80% +0.30
NKE Nike Inc. Class B Add +48.8% 1.36% +0.30
MLM Martin Marietta Materials Add +52.3% 0.91% +0.27
MTD Mettler-Toledo International Add +34.6% 0.75% +0.23
AMZN Amazon.com Inc. Add +3.5% 6.59% +0.19
OTIS Otis Worldwide Corp. Add +21.9% 2.06% +0.19
MDT Medtronic PLC Add +11.4% 2.95% +0.18
SPY SS SPDR S&P 500 ETF Trust-US Add +22.9% 1.04% +0.17
MSI Motorola Solutions Inc. Add +32.8% 3.04% +0.15
MAR Marriott International Class A Add +1.4% 1.07% +0.13
MCO Moody's Corp. Add +10.8% 1.14% +0.13
AVGO Broadcom Inc. Add +6.1% 1.40% +0.07
DUOL Duolingo New 0.04% +0.04
QQQ Invesco QQQ Trust Series 1 Add +161.6% 0.05% +0.03
DDOG Datadog Inc. Class A New 0.03% +0.03
VERX Vertex Inc. Class A Add +57.1% 0.04% +0.01
APP AppLovin Corp. Class A Add +22.9% 0.05% +0.00
CSCO Cisco Systems Inc. New 0.00% +0.00
ONON On Holding AG Class A Add +50.0% 0.01% +0.00
INTC Intel Corp. New 0.00% +0.00
IEMG iShares Core MSCI Emerging New 0.00% +0.00
BAC Bank of America Corp. Add +7.7% 0.03% +0.00
CWEN Clearway Energy Inc. Class C Add +1.4% 0.01% +0.00
VTWO Vanguard Russell 2000 ETF Add +13.1% 0.01% +0.00
BMI Badger Meter Inc. Add +10.2% 0.01% +0.00
COTY Coty Inc. Class A Add +33.0% 0.00% −0.00
PINS Pinterest Inc. Class A Add +21.4% 0.04% −0.00
CL Colgate-Palmolive Co. Add +3.6% 1.11% −0.03
NVDA Nvidia Corp. Add +3.3% 4.99% −0.12
META Meta Platforms Inc. Class A Add +8.4% 2.26% −0.19
MSFT Microsoft Corp. Add +2.3% 9.07% −0.96

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