Pictet Asset Management Holding SA
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 18, 2025), Pictet Asset Management Holding SA reported 2,023 stock positions worth $103.7 billion. Its top holding was Nvidia (NVDA) at 4.4% of the portfolio, followed by Microsoft (MSFT, 3.5%) and Alphabet Class A (GOOGL, 2.3%). Compared with Q2 2025, it opened 88 new positions, sold out of 64, added to 558 and reduced 923. The biggest buy was Apple (AAPL, shares +4%) and the biggest sale Republic Services (RSG, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- CAROUGE, V8
- CIK
- 0001993888
- Portfolio Value
- $103.7B (Q3 2025)
- SEC Filing
- 0001993888-25-000019 ↗ filed Nov 18, 2025
Holdings Value
Holdings 2,023 stocks · $103.7B
| NVDA Nvidia Corp. | 4.44% | 24,674,394 | $4.6B | Reduce -0.1% |
| MSFT Microsoft Corp. | 3.49% | 6,984,229 | $3.6B | Add +8.1% |
| GOOGL Alphabet Inc. Class A | 2.33% | 9,925,410 | $2.4B | Reduce -5.6% |
| AAPL Apple Inc. | 2.15% | 8,756,615 | $2.2B | Add +4.3% |
| AMZN Amazon.com Inc. | 1.85% | 8,749,598 | $1.9B | Add +9.8% |
| AVGO Broadcom Inc. | 1.71% | 5,363,957 | $1.8B | Reduce -20.6% |
| UBS UBS Group AG-Reg | 1.39% | 35,302,882 | $1.4B | Reduce -1.2% |
| TMO Thermo Fisher Scientific Inc. | 1.35% | 2,890,440 | $1.4B | Add +1.5% |
| META Meta Platforms Inc. Class A | 1.24% | 1,755,623 | $1.3B | Reduce -9.2% |
| KLAC KLA Corp. | 1.20% | 1,157,403 | $1.2B | Reduce -14.2% |
| SNPS Synopsys Inc. | 1.12% | 2,349,839 | $1.2B | Reduce -7.0% |
| NXPI NXP Semiconductors NV | 1.02% | 4,648,607 | $1.1B | Add +2.1% |
| ECL Ecolab Inc. | 0.97% | 3,657,834 | $1.0B | Reduce -11.7% |
| RSG Republic Services Inc. | 0.89% | 4,030,807 | $925.0M | Reduce -24.0% |
| TSLA Tesla Inc. | 0.88% | 2,051,952 | $912.5M | Add +3.2% |
| LRCX Lam Research Corp. | 0.88% | 6,783,663 | $908.2M | Reduce -23.1% |
| TT Trane Technologies PLC | 0.86% | 2,105,997 | $888.5M | Add +8.9% |
| MA Mastercard Inc. Class A | 0.83% | 1,513,594 | $860.9M | Add +5.4% |
| CRM Salesforce Inc. | 0.83% | 3,630,796 | $860.7M | Reduce -3.8% |
| V Visa Inc. Class A | 0.83% | 2,518,012 | $859.6M | Reduce -4.8% |
| PANW Palo Alto Networks Inc. | 0.79% | 4,036,866 | $822.0M | Add +6.8% |
| XYL Xylem Inc. | 0.75% | 5,283,883 | $779.3M | Reduce -3.0% |
| GOOG Alphabet Inc. Class C | 0.73% | 3,115,439 | $758.8M | Reduce -2.0% |
| FERG Ferguson Enterprises Inc. | 0.69% | 3,167,492 | $711.3M | Reduce -5.9% |
| HUBS HubSpot Inc. | 0.66% | 1,458,847 | $683.2M | Add +157.6% |
| INTU Intuit Inc. | 0.65% | 990,048 | $676.1M | Add +15.4% |
| A Agilent Technologies Inc. | 0.65% | 5,258,218 | $674.8M | Add +10.2% |
| AMD Advanced Micro Devices | 0.63% | 4,042,886 | $654.1M | Reduce -10.1% |
| PTC PTC Inc. | 0.59% | 3,014,692 | $612.0M | Add +4.2% |
| DT Dynatrace Inc. | 0.59% | 12,571,543 | $609.2M | Add +42.8% |
| EQIX Equinix Inc. | 0.58% | 763,115 | $597.7M | Reduce -19.5% |
| WM Waste Management Inc. | 0.57% | 2,685,672 | $593.1M | Reduce -8.0% |
| NFLX Netflix Inc. | 0.57% | 492,795 | $590.9M | Add +8.2% |
| WCN Waste Connections Inc. | 0.56% | 3,318,282 | $583.3M | Reduce -18.9% |
| CDNS Cadence Design SYS Inc. | 0.56% | 1,653,046 | $580.6M | Reduce -11.6% |
| AMAT Applied Materials Inc. | 0.55% | 2,765,815 | $566.3M | Reduce -5.3% |
| WDAY Workday Inc. Class A | 0.54% | 2,322,454 | $559.2M | Add +43.1% |
| PNR Pentair PLC | 0.51% | 4,789,551 | $530.5M | Reduce -6.2% |
| PH Parker Hannifin Corp. | 0.51% | 695,763 | $527.5M | Reduce -5.0% |
| LLY Eli Lilly & Co. | 0.51% | 690,380 | $526.4M | Reduce -3.5% |
| ISRG Intuitive Surgical Inc. | 0.50% | 1,156,727 | $517.3M | Add +29.1% |
| DLR Digital Realty Trust Inc. | 0.50% | 2,976,336 | $514.4M | Add +4.1% |
| ETN Eaton Corp. PLC | 0.49% | 1,358,778 | $508.5M | Add +10.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.48% | 1,014,351 | $497.4M | Add +1.9% |
| VLTO Veralto Corp. | 0.48% | 4,660,426 | $496.8M | Reduce -3.3% |
| NOW ServiceNow Inc. | 0.48% | 538,300 | $495.4M | Add +55.0% |
| ACM Aecom | 0.47% | 3,771,874 | $492.1M | Add +3.7% |
| XEL Xcel Energy Inc. | 0.47% | 6,006,866 | $484.5M | Add +13.6% |
| CLH Clean Harbors Inc. | 0.46% | 2,071,516 | $481.1M | Add +8.3% |
| NEE Nextera Energy Inc. | 0.46% | 6,281,098 | $474.2M | Reduce -6.8% |
| LIN Linde PLC | 0.46% | 998,052 | $474.1M | Add +0.9% |
| TTEK Tetra Tech Inc. | 0.46% | 14,189,245 | $473.6M | Add +2.5% |
| ROP Roper Technologies Inc. | 0.44% | 921,502 | $459.6M | Reduce -12.8% |
| FISV Fiserv Inc. | 0.44% | 3,555,734 | $458.6M | Add +11.7% |
| TEAM Atlassian Corp. Class A | 0.44% | 2,860,065 | $456.8M | Add +608.6% |
| CNM Core & Main Inc. Class A | 0.43% | 8,328,660 | $448.3M | Add +7.8% |
| JPM JPMorgan Chase & Co. | 0.43% | 1,409,564 | $444.6M | Add +2.7% |
| UNH Unitedhealth Group Inc. | 0.42% | 1,275,601 | $440.5M | Reduce -16.7% |
| MU Micron Technology Inc. | 0.42% | 2,631,456 | $440.2M | Add +1.5% |
| SRE Sempra | 0.39% | 4,496,349 | $404.6M | Reduce -8.6% |
| ADSK Autodesk Inc. | 0.39% | 1,261,308 | $400.7M | Add +3.9% |
| BSX Boston Scientific Corp. | 0.39% | 4,090,360 | $399.3M | Reduce -6.9% |
| HD Home Depot Inc. | 0.38% | 984,704 | $399.0M | Reduce -16.6% |
| GFL GFL Environmental Inc.-Sub VT | 0.38% | 8,326,029 | $394.5M | Reduce -8.9% |
| ZTS Zoetis Inc. | 0.38% | 2,682,102 | $392.3M | Reduce -0.2% |
| JCI Johnson Controls Internation | 0.38% | 3,560,201 | $391.3M | Add +9.8% |
| SPOT Spotify Technology SA | 0.38% | 557,560 | $389.4M | Add +17.0% |
| SO The Southern Co. | 0.37% | 4,010,117 | $380.0M | Add +0.8% |
| CTAS Cintas Corp. | 0.36% | 1,820,253 | $373.6M | Add +3.4% |
| STN Stantec Inc. | 0.36% | 3,461,686 | $373.5M | Reduce -4.5% |
| ESTC Elastic NV | 0.36% | 4,395,524 | $371.4M | Add +1.1% |
| BKNG Booking Holdings Inc. | 0.36% | 68,481 | $369.8M | Reduce -0.7% |
| SNOW Snowflake Inc. | 0.36% | 1,637,958 | $369.4M | Add +5.7% |
| AWK American Water Works Co. Inc. | 0.35% | 2,616,694 | $364.2M | Reduce -25.5% |
| ALC Alcon Inc. filed as ALCON AG | 0.35% | 4,806,493 | $358.0M | Reduce -1.4% |
| CNP Centerpoint Energy Inc. | 0.33% | 8,803,266 | $341.6M | Reduce -4.0% |
| LOGI Logitech International-Reg | 0.33% | 3,110,555 | $339.3M | Add +6.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.32% | 664,733 | $334.2M | Reduce -4.4% |
| ADI Analog Devices Inc. | 0.32% | 1,336,029 | $328.3M | Reduce -2.0% |
| MELI MercadoLibre Inc. | 0.31% | 138,144 | $323.1M | Add +4.9% |
| EXC Exelon Corp. | 0.31% | 7,134,539 | $321.1M | Reduce -4.2% |
| NTNX Nutanix Inc. Class A | 0.31% | 4,314,343 | $321.0M | Add +56.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.30% | 791,458 | $310.5M | Add +7.6% |
| FBIN Fortune Brands Innovations I | 0.29% | 5,728,999 | $305.9M | Add +39.1% |
| MRVL Marvell Technology Inc. | 0.29% | 3,596,648 | $302.4M | Reduce -46.5% |
| GILD Gilead Sciences Inc. | 0.29% | 2,683,400 | $299.0M | Add +1.8% |
| TER Teradyne Inc. | 0.29% | 2,152,308 | $296.2M | Reduce -5.2% |
| ZS Zscaler Inc. | 0.28% | 967,496 | $289.9M | Reduce -12.9% |
| VEEV Veeva Systems Inc. Class A | 0.28% | 972,110 | $289.6M | Add +9.1% |
| WMS Advanced Drainage Systems Inc. | 0.28% | 2,071,398 | $287.3M | Reduce -20.4% |
| D Dominion Energy Inc. | 0.27% | 4,647,635 | $284.3M | Reduce -15.3% |
| AXP American Express Co. | 0.27% | 855,267 | $284.1M | Reduce -8.3% |
| CSCO Cisco Systems Inc. | 0.27% | 4,114,683 | $281.5M | Add +6.6% |
| PCG P G & E Corp. | 0.27% | 18,255,489 | $275.3M | Add +16.8% |
| NET Cloudflare Inc. Class A | 0.26% | 1,265,387 | $271.6M | Reduce -8.1% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.26% | 3,645,461 | $269.7M | Add +53.5% |
| PWR Quanta Services Inc. | 0.26% | 649,168 | $269.0M | Reduce -6.1% |
| JNJ Johnson & Johnson | 0.26% | 1,438,871 | $266.8M | Reduce -2.6% |
| UBER Uber Technologies Inc. | 0.26% | 2,707,709 | $265.3M | Reduce -5.6% |
| LNT Alliant Energy Corp. | 0.25% | 3,852,774 | $259.7M | Add +21.9% |
Options reported separately and not counted above: MSFT calls ($47.6M), AMZN calls ($17.0M), TSLA calls ($11.0M), META calls ($10.6M), UNH calls ($9.5M), AVGO calls ($5.3M), OKLO puts ($4.3M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 1,613,000 | $1.7M | No change |
Total filed on the 13F, all lines: $103.7B.
Portfolio Sells Q2 2025 → Q3 2025
| RSG Republic Services Inc. | Reduce -24.0% | 0.89% | −0.44 |
| MRVL Marvell Technology Inc. | Reduce -46.5% | 0.29% | −0.24 |
| CRM Salesforce Inc. | Reduce -3.8% | 0.83% | −0.22 |
| WCN Waste Connections Inc. | Reduce -18.9% | 0.56% | −0.21 |
| META Meta Platforms Inc. Class A | Reduce -9.2% | 1.24% | −0.21 |
| SNPS Synopsys Inc. | Reduce -7.0% | 1.12% | −0.20 |
| EQIX Equinix Inc. | Reduce -19.5% | 0.58% | −0.19 |
| AVGO Broadcom Inc. | Reduce -20.6% | 1.71% | −0.19 |
| ECL Ecolab Inc. | Reduce -11.7% | 0.97% | −0.17 |
| ROP Roper Technologies Inc. | Reduce -12.8% | 0.44% | −0.17 |
| CYBR Cyberark Software Ltd./Israel | Reduce -52.7% | 0.18% | −0.16 |
| AWK American Water Works Co. Inc. | Reduce -25.5% | 0.35% | −0.15 |
| V Visa Inc. Class A | Reduce -4.8% | 0.83% | −0.13 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.12 |
| FTNT Fortinet Inc. | Reduce -13.5% | 0.20% | −0.11 |
| WM Waste Management Inc. | Reduce -8.0% | 0.57% | −0.11 |
| VST Vistra Corp. | Reduce -35.2% | 0.17% | −0.10 |
| CEG Constellation Energy | Reduce -25.5% | 0.25% | −0.10 |
| BSX Boston Scientific Corp. | Reduce -6.9% | 0.39% | −0.09 |
| ALC Alcon Inc. | Reduce -1.4% | 0.35% | −0.09 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -8.9% | 0.38% | −0.09 |
| AMGN Amgen Inc. | Reduce -27.9% | 0.17% | −0.08 |
| ZS Zscaler Inc. | Reduce -12.9% | 0.28% | −0.08 |
| LULU Lululemon Athletica Inc. | Reduce -33.6% | 0.07% | −0.07 |
| ES Eversource Energy | Reduce -43.6% | 0.10% | −0.06 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -16.7% | 0.42% | −0.06 |
| DDOG Datadog Inc. Class A | Reduce -39.5% | 0.09% | −0.06 |
| LLY Eli Lilly & Co. | Reduce -3.5% | 0.51% | −0.06 |
| FERG Ferguson Enterprises Inc. | Reduce -5.9% | 0.69% | −0.06 |
| MDB Mongodb Inc. | Reduce -54.6% | 0.10% | −0.06 |
| VRNA Verona Pharma Ltd. | Reduce -88.9% | 0.01% | −0.06 |
| WTRG Essential Utilities Inc. | Reduce -28.9% | 0.15% | −0.06 |
| HD Home Depot Inc. | Reduce -16.6% | 0.38% | −0.06 |
| PBA Pembina Pipeline Corp. | Reduce -84.4% | 0.01% | −0.05 |
| BSY Bentley Systems Inc. Class B | Reduce -17.8% | 0.15% | −0.05 |
| FICO Fair Isaac Corp. | Reduce -9.7% | 0.12% | −0.05 |
| RACE Ferrari NV | Reduce -15.1% | 0.19% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -0.7% | 0.36% | −0.05 |
| MAR Marriott International Class A | Reduce -21.7% | 0.12% | −0.05 |
| ZTS Zoetis Inc. | Reduce -0.2% | 0.38% | −0.05 |
| IFF Intl Flavors & Fragrances | Reduce -24.1% | 0.07% | −0.04 |
| ON On Semiconductor | Reduce -14.9% | 0.14% | −0.04 |
| CFLT Confluent Inc. Class A | Reduce -6.9% | 0.10% | −0.04 |
| D Dominion Energy Inc. | Reduce -15.3% | 0.27% | −0.04 |
| VITL Vital Farms Inc. | Reduce -61.4% | 0.03% | −0.04 |
| ETNB 89BIO Inc. | Reduce -99.6% | 0.00% | −0.04 |
| STN Stantec Inc. | Reduce -4.5% | 0.36% | −0.04 |
| BLD Topbuild Corp. | Reduce -23.3% | 0.24% | −0.03 |
| IR Ingersoll-Rand Inc. | Reduce -10.1% | 0.18% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +4.3% | 2.15% | +0.40 |
| TEAM Atlassian Corp. Class A | Add +608.6% | 0.44% | +0.36 |
| HUBS HubSpot Inc. | Add +157.6% | 0.66% | +0.34 |
| TSLA Tesla Inc. | Add +3.2% | 0.88% | +0.24 |
| MSFT Microsoft Corp. | Add +8.1% | 3.49% | +0.22 |
| TMO Thermo Fisher Scientific Inc. | Add +1.5% | 1.35% | +0.18 |
| WDAY Workday Inc. Class A | Add +43.1% | 0.54% | +0.14 |
| NXT Nextpower Inc. | Add +53.5% | 0.26% | +0.13 |
| AOS Smith (a.o.) Corp. | Add +179.8% | 0.17% | +0.12 |
| NOW ServiceNow Inc. | Add +55.0% | 0.48% | +0.11 |
| RBRK Rubrik Inc. Class A | Add +8893.1% | 0.10% | +0.10 |
| XEL Xcel Energy Inc. | Add +13.6% | 0.47% | +0.10 |
| MU Micron Technology Inc. | Add +1.5% | 0.42% | +0.10 |
| WMB Williams Cos Inc. | Add +84.3% | 0.23% | +0.10 |
| APG Api Group Corp. | Add +5587.1% | 0.10% | +0.10 |
| NTNX Nutanix Inc. Class A | Add +56.0% | 0.31% | +0.09 |
| DT Dynatrace Inc. | Add +42.8% | 0.59% | +0.09 |
| PTC PTC Inc. | Add +4.2% | 0.59% | +0.08 |
| POOL Pool Corp. | Add +99.9% | 0.16% | +0.08 |
| FBIN Fortune Brands Innovations I | Add +39.1% | 0.29% | +0.08 |
| CCI Crown Castle Inc. | Add +63.6% | 0.25% | +0.08 |
| A Agilent Technologies Inc. | Add +10.2% | 0.65% | +0.08 |
| MAS Masco Corp. | Add +39.5% | 0.25% | +0.08 |
| AMZN Amazon.com Inc. | Add +9.8% | 1.85% | +0.08 |
| BIIB Biogen Inc. | Add +236.1% | 0.10% | +0.07 |
| CGNX Cognex Corp. | Add +6.2% | 0.24% | +0.07 |
| GRMN Garmin Ltd. | Add +35.5% | 0.21% | +0.07 |
| UTHR United Therapeutics Corp. | Add +52.1% | 0.13% | +0.07 |
| PDD PDD Holdings Inc. | Add +40.3% | 0.16% | +0.07 |
| LSCC Lattice Semiconductor Corp. | Add +11.8% | 0.18% | +0.06 |
| IONS Ionis Pharmaceuticals Inc. | Add +128.9% | 0.09% | +0.06 |
| FSLR First Solar Inc. | Add +22.0% | 0.18% | +0.06 |
| TIP iShares Tips Bond ETF | Add +90.0% | 0.13% | +0.06 |
| LOGI Logitech International-Reg | Add +6.2% | 0.33% | +0.06 |
| ACM Aecom | Add +3.7% | 0.47% | +0.06 |
| LNT Alliant Energy Corp. | Add +21.9% | 0.25% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +28.4% | 0.16% | +0.05 |
| IEMG iShares Core MSCI Emerging | Add +467.8% | 0.06% | +0.05 |
| IGF iShares Global Infrastructur | Add +401.8% | 0.06% | +0.05 |
| ETN Eaton Corp. PLC | Add +10.5% | 0.49% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +26.8% | 0.17% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Add +0.5% | 0.20% | +0.04 |
| PCG P G & E Corp. | Add +16.8% | 0.27% | +0.04 |
| ORCL Oracle Corp. | Add +1.6% | 0.23% | +0.04 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +64.1% | 0.07% | +0.04 |
| EFX Equifax Inc. | Add +67.9% | 0.11% | +0.04 |
| APP AppLovin Corp. Class A | Add +4.8% | 0.07% | +0.04 |
| ABBV Abbvie Inc. | Add +0.5% | 0.23% | +0.04 |
| ADBE Adobe Inc. | Add +38.6% | 0.20% | +0.03 |
| USFD US Foods Holding Corp. | Add +1270.2% | 0.03% | +0.03 |
Options Activity Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | call | New | 91,918 | $47.6M |
| AMZN Amazon.com Inc. | call | New | 77,420 | $17.0M |
| TSLA Tesla Inc. | call | New | 24,644 | $11.0M |
| META Meta Platforms Inc. Class A | call | New | 14,461 | $10.6M |
| UNH Unitedhealth Group Inc. | call | New | 27,501 | $9.5M |
| AVGO Broadcom Inc. | call | New | 15,949 | $5.3M |
| OKLO Oklo Inc. | put | New | 38,597 | $4.3M |
| XOM Exxon Mobil Corp. | put | New | 0 | $0 |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 2,134 | $104.6B | NVDA, GOOGL, AVGO, AAPL, MSFT |
| Q1 2026 | 2,095 | $94.8B | NVDA, MSFT, GOOGL, AVGO, AAPL |
| Q4 2025 | 2,072 | $103.0B | NVDA, MSFT, GOOGL, AAPL, AMZN |
| Q3 2025 | 2,023 | $103.7B | NVDA, MSFT, GOOGL, AAPL, AMZN |
| Q2 2025 | 1,999 | $98.3B | NVDA, MSFT, AVGO, GOOGL, AMZN |
| Q1 2025 | 2,008 | $90.0B | NVDA, MSFT, AAPL, RSG, TMO |
| Q4 2024 | 2,040 | $92.7B | NVDA, MSFT, AAPL, GOOGL, AMZN |
| Q3 2024 | 2,015 | $90.9B | NVDA, MSFT, AAPL, GOOGL, TMO |
| Q2 2024 | 1,969 | $87.3B | NVDA, MSFT, AAPL, GOOGL, AMZN |
| Q1 2024 | 1,973 | $91.9B | MSFT, NVDA, TMO, AAPL, AMZN |