Pictet North America Advisors SA

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Pictet North America Advisors SA reported 140 stock positions worth $1.0 billion. Its top holding was Burford Capital (BUR) at 10.1% of the portfolio, followed by SPDR Gold Shares (GLD, 3.9%) and iShares MSCI Japan ETF (EWJ, 3.8%). Compared with Q4 2024, it opened 5 new positions, sold out of 11, added to 45 and reduced 44. The biggest buy was a new position in Janus Henderson Aaa Clo ETF (JAAA) and the biggest sale iShares MSCI Japan ETF (EWJ, shares −37%).

Most Recent 13F
Q2 2026
Location
GENEVA 73, V8
CIK
0001599576
Portfolio Value
$1.0B (Q1 2025)
SEC Filing
0001599576-25-000005 ↗ filed Apr 28, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $895.6M Q1 2024 Q2 2024: $920.9M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.0B $1.0B Q1 2025 Q2 2025: $996.5M Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 140 stocks · $1.0B
BUR Burford Capital Ltd. 10.08% 7,647,727 $100.9M No change
GLD SPDR Gold Shares 3.90% 136,175 $39.1M Add +7.6%
EWJ iShares MSCI Japan ETF 3.85% 561,455 $38.5M Reduce -36.5%
SIHY Harbor Ares Systemt Hi YD-US 3.68% 824,365 $36.8M Add +27.3%
MSFT Microsoft Corp. 3.42% 91,664 $34.3M Reduce -1.0%
SONY Sony Group Corp. - SP ADR 3.34% 1,315,537 $33.4M Add +24.4%
AMZN Amazon.com Inc. 2.94% 154,856 $29.5M Reduce -1.6%
JAAA Janus Henderson Aaa Clo ETF 2.90% 573,255 $29.1M New
YUMC Yum China Holdings Inc. 2.75% 530,152 $27.5M Reduce -3.2%
TSM Taiwan Semiconductor-SP ADR 2.65% 159,969 $26.6M Reduce -28.6%
CP Canadian Pacific Kansas City 2.45% 349,537 $24.5M Add +88.4%
GOOGL Alphabet Inc. Class A 2.38% 154,219 $23.8M Reduce -0.7%
ALC Alcon Inc. filed as ALCON AG 2.31% 245,480 $23.1M Add +3.4%
V Visa Inc. Class A 2.25% 64,142 $22.5M Add +2.3%
ICVT iShares Convertible Bond ETF 2.14% 255,794 $21.4M Add +11.6%
META Meta Platforms Inc. Class A 2.11% 36,643 $21.1M Add +3.0%
JPM JPMorgan Chase & Co. 1.90% 77,421 $19.0M Add +4.4%
BRK.B Berkshire Hathaway Inc. Class B 1.83% 34,353 $18.3M Add +5.5%
AIRR First Trust Rba American Ind 1.73% 253,251 $17.3M Reduce -2.8%
SPGI S&P Global Inc. 1.44% 28,403 $14.4M Add +4.3%
MCD McDonald's Corp. 1.35% 43,132 $13.5M Reduce -1.2%
URTH iShares MSCI World ETF 1.32% 86,417 $13.2M Add +15.8%
AAPL Apple Inc. 1.31% 59,114 $13.1M Reduce -1.3%
JBBB Janus Henderson B-BBB Clo Et 1.31% 268,536 $13.1M New
BRO Brown & Brown Inc. 1.24% 100,094 $12.5M Add +7.7%
ORLY O'reilly Automotive Inc. 1.18% 8,275 $11.9M Add +9.6%
UBS UBS Group AG-Reg 1.16% 382,355 $11.6M No change
EEM iShares MSCI Emerging Market 1.15% 262,858 $11.5M Reduce -25.4%
HES Hess Corp. 1.11% 69,754 $11.1M Add +4.6%
ADP Automatic Data Processing 1.11% 36,241 $11.1M Add +11.8%
PYLD PIMCO Multisector Bond Actv 1.10% 417,840 $11.0M Reduce -51.3%
OTIS Otis Worldwide Corp. 1.07% 104,164 $10.7M Add +7.8%
VT Vanguard Tot World STK ETF 1.06% 91,505 $10.6M Reduce -8.2%
UNH Unitedhealth Group Inc. 0.98% 18,680 $9.8M Reduce -4.3%
JMBS Janus Henderson Mortg Backed 0.86% 189,758 $8.6M Reduce -26.4%
MBB iShares MBS ETF 0.83% 88,198 $8.3M Reduce -30.1%
MA Mastercard Inc. Class A 0.76% 13,897 $7.6M Reduce -12.2%
AZN Astrazeneca PLC-Spons ADR 0.72% 97,993 $7.2M Add +2.5%
GE General Electric filed as GE AEROSPACE 0.72% 35,769 $7.2M Add +3.6%
FXI iShares China Large-Cap ETF 0.70% 196,300 $7.0M Add +1675.0%
BSX Boston Scientific Corp. 0.70% 69,298 $7.0M Reduce -11.3%
VB Vanguard Most SM-Cap ETF-Usd 0.69% 30,980 $6.9M Add +2596.3%
FAST Fastenal Co. 0.59% 75,705 $5.9M Reduce -2.2%
LLY Eli Lilly & Co. 0.58% 7,051 $5.8M Add +0.1%
EWU iShares MSCI United Kingdom 0.57% 151,201 $5.7M Reduce -53.6%
PG The Procter & Gamble Co. 0.54% 31,709 $5.4M Add +4.7%
ACWI iShares MSCI Acwi ETF 0.53% 45,475 $5.3M Reduce -48.3%
MU Micron Technology Inc. 0.52% 60,007 $5.2M Add +4.2%
HD Home Depot Inc. 0.51% 13,987 $5.1M Add +2.4%
NVO Novo-Nordisk A/S-Spons ADR 0.50% 72,154 $5.0M Add +28.6%
GOOG Alphabet Inc. Class C 0.50% 31,934 $5.0M Add +0.1%
EWQ iShares MSCI France ETF 0.49% 123,873 $4.9M Reduce -72.0%
NVDA Nvidia Corp. 0.49% 44,988 $4.9M Add +4.6%
ASML ASML Holding NV-NY Reg SHS 0.48% 7,302 $4.8M Reduce -4.8%
PM Philip Morris International 0.45% 28,211 $4.5M Add +0.8%
TMO Thermo Fisher Scientific Inc. 0.45% 8,989 $4.5M Add +2.0%
CME Cme Group Inc. 0.44% 16,577 $4.4M Add +0.3%
VWO Vanguard Ftse Emerging Marke 0.43% 95,771 $4.3M Add +39.6%
AVGO Broadcom Inc. 0.42% 24,857 $4.2M Add +89.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.41% 33,756 $4.1M Add +2.9%
UNP Union Pacific Corp. 0.40% 16,928 $4.0M Add +11.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.38% 6,847 $3.8M Reduce -1.7%
IYR iShares US Real Estate ETF 0.36% 37,434 $3.6M No change
EZU iShares MSCI Eurozone ETF 0.33% 62,223 $3.3M Add +8.7%
INDA iShares MSCI India ETF 0.30% 57,666 $3.0M Reduce -3.6%
AMD Advanced Micro Devices 0.29% 28,083 $2.9M Add +1.7%
ADBE Adobe Inc. 0.28% 7,437 $2.9M Add +7.6%
CB Chubb Ltd. 0.28% 9,397 $2.8M Reduce -13.3%
CRM Salesforce Inc. 0.28% 10,287 $2.8M Add +3.4%
EWL iShares MSCI Switzerland ETF 0.27% 52,797 $2.7M Reduce -74.0%
DHR Danaher Corp. 0.27% 13,316 $2.7M Add +9.4%
LIN Linde PLC 0.26% 5,490 $2.6M Add +0.1%
VSS Vanguard Ftse All Wo X-US SC 0.22% 19,360 $2.2M Add +6.3%
VGK Vanguard Ftse Europe ETF 0.22% 31,036 $2.2M Reduce -28.7%
SLV iShares Silver Trust 0.20% 64,000 $2.0M New
XLV SS Health Care Select Sector 0.20% 13,472 $2.0M Reduce -5.3%
IGF iShares Global Infrastructur 0.19% 35,452 $1.9M No change
QQQ Invesco QQQ Trust Series 1 0.18% 3,846 $1.8M No change
IXN iShares Global Tech ETF 0.17% 22,900 $1.7M Reduce -9.5%
VNQI Vanguard GLBL Ex-US Real Est 0.16% 40,022 $1.6M No change
XLE SS Energy Select Sector 0.15% 16,507 $1.5M No change
EWT iShares MSCI Taiwan ETF 0.15% 32,409 $1.5M No change
RTX RTX Corp. 0.14% 10,331 $1.4M No change
CMG Chipotle Mexican Grill Inc. 0.13% 26,000 $1.3M No change
PH Parker Hannifin Corp. 0.13% 2,060 $1.3M No change
BX Blackstone Inc. 0.12% 8,800 $1.2M No change
DFUV Dimensional US Marketwide Va 0.11% 25,825 $1.1M No change
ZTS Zoetis Inc. 0.10% 6,210 $1.0M No change
TXN Texas Instruments Inc. 0.10% 5,600 $1.0M No change
RSP Invesco S&P 500 Equal Weight 0.10% 5,690 $986K No change
LEMB iShares JP Morgan Em Local C 0.10% 25,853 $968K Reduce -20.7%
IEUS iShares MSCI Europe Small-Ca 0.09% 14,970 $858K No change
QCOM Qualcomm Inc. 0.08% 5,500 $845K No change
HON Honeywell International Inc. 0.08% 3,575 $757K No change
ICE Intercontinental Exchange Inc. 0.07% 4,259 $735K Reduce -13.1%
NEE Nextera Energy Inc. 0.07% 10,100 $716K Reduce -7.3%
XLF SS Financial Select Sector 0.07% 13,964 $696K No change
XLK SS Technology Select Sector 0.07% 3,187 $658K No change
BLK BlackRock Inc. 0.06% 680 $644K Reduce -10.5%
MRK Merck & Co. Inc. 0.06% 6,875 $617K Reduce -8.7%
COST Costco Wholesale Corp. 0.06% 637 $602K No change
JNJ Johnson & Johnson 0.06% 3,550 $589K Reduce -17.4%
AMAT Applied Materials Inc. 0.06% 4,052 $586K Add +0.5%
HDB HDFC Bank Ltd.-ADR 0.06% 8,464 $562K No change
ISRG Intuitive Surgical Inc. 0.05% 1,049 $520K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.05% 12,040 $503K Reduce -6.3%
EWC iShares MSCI Canada ETF 0.05% 11,963 $487K Reduce -95.4%
TCOM Trip.com Group Ltd.-ADR 0.05% 7,413 $471K No change
IVW iShares S&P 500 Growth ETF 0.05% 4,872 $452K No change
EIDO iShares MSCI Indonesia ETF 0.04% 27,659 $451K No change
ORCL Oracle Corp. 0.04% 3,100 $433K Reduce -2.9%
INCO Columbia India Consumer ETF 0.04% 7,182 $428K No change
CSCO Cisco Systems Inc. 0.04% 6,900 $424K Reduce -3.5%
XLP SS Consumer Staples Sel Sect 0.04% 4,839 $395K Reduce -21.2%
PEP Pepsico Inc. 0.04% 2,600 $390K No change
CQQQ Invesco China Technology ETF 0.04% 8,462 $375K Add +54.9%
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 2,133 $368K No change
CTAS Cintas Corp. 0.04% 1,780 $366K No change
SDY SS SPDR S&P Dividend ETF 0.04% 2,682 $364K No change
VWOB Vanguard Emerg MKTS Gov BND 0.03% 5,350 $343K Reduce -89.6%
BIDU Baidu Inc. - Spon ADR 0.03% 3,605 $332K No change
EWG iShares MSCI Germany ETF 0.03% 8,380 $311K No change
VNM Vaneck Vietnam ETF 0.03% 24,178 $302K No change
AME Ametek Inc. 0.03% 1,700 $293K No change
THD iShares MSCI Thailand ETF 0.03% 5,488 $285K No change
EWA iShares MSCI Australia ETF 0.03% 11,741 $275K Reduce -88.5%
WMT Walmart Inc. 0.03% 3,000 $263K No change
CG The Carlyle Group Inc. 0.03% 5,950 $259K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.03% 3,315 $257K Add +1.2%
IYJ iShares U.S. Industrials ETF 0.02% 1,891 $246K No change
DGRW Wisdomtree U.S. Quality Divi 0.02% 3,000 $240K New
DE Deere & Co. 0.02% 500 $235K No change
SE Sea Ltd.-ADR 0.02% 1,660 $217K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.02% 2,746 $217K No change
AN Autonation Inc. 0.02% 1,320 $214K No change
ROP Roper Technologies Inc. 0.02% 360 $212K Reduce -10.2%
CNYA iShares MSCI China A ETF 0.02% 7,419 $208K No change
OEF iShares S&P 100 ETF 0.02% 765 $207K No change
IWM iShares Russell 2000 ETF 0.02% 1,036 $207K No change
TTE Totalenergies SE -Spon ADR 0.02% 3,185 $206K Reduce -20.1%

Portfolio Sells Q4 2024 → Q1 2025
EWJ iShares MSCI Japan ETF Reduce -36.5% 3.85% −1.79
TSM Taiwan Semiconductor-SP ADR Reduce -28.6% 2.65% −1.55
VGIT Vanguard Intermediate-Term T Sold out 0.00% −1.09
EWQ iShares MSCI France ETF Reduce -72.0% 0.49% −1.02
PYLD PIMCO Multisector Bond Actv Reduce -51.3% 1.10% −1.01
EWC iShares MSCI Canada ETF Reduce -95.4% 0.05% −0.95
IGSB iShares 1-5Y Inv Grade Corp. Sold out 0.00% −0.89
EDEN iShares MSCI Denmark ETF Sold out 0.00% −0.75
VCIT Vanguard Int-Term Corporate Sold out 0.00% −0.70
EWL iShares MSCI Switzerland ETF Reduce -74.0% 0.27% −0.61
KWEB Kranesh Csi China Internet Sold out 0.00% −0.57
EWH iShares MSCI Hong Kong ETF Sold out 0.00% −0.55
EWU iShares MSCI United Kingdom Reduce -53.6% 0.57% −0.49
ACWI iShares MSCI Acwi ETF Reduce -48.3% 0.53% −0.45
GOOGL Alphabet Inc. Class A Reduce -0.7% 2.38% −0.41
EWN iShares MSCI Netherlands ETF Sold out 0.00% −0.35
AMZN Amazon.com Inc. Reduce -1.6% 2.94% −0.34
LOGI Logitech International-Reg Sold out 0.00% −0.30
VWOB Vanguard Emerg MKTS Gov BND Reduce -89.6% 0.03% −0.28
MBB iShares MBS ETF Reduce -30.1% 0.83% −0.27
MSFT Microsoft Corp. Reduce -1.0% 3.42% −0.27
EEM iShares MSCI Emerging Market Reduce -25.4% 1.15% −0.25
JMBS Janus Henderson Mortg Backed Reduce -26.4% 0.86% −0.23
EWA iShares MSCI Australia ETF Reduce -88.5% 0.03% −0.20
AIRR First Trust Rba American Ind Reduce -2.8% 1.73% −0.18
AAPL Apple Inc. Reduce -1.3% 1.31% −0.11
EWY iShares MSCI South Korea ETF Sold out 0.00% −0.09
VT Vanguard Tot World STK ETF Reduce -8.2% 1.06% −0.05
VGK Vanguard Ftse Europe ETF Reduce -28.7% 0.22% −0.04
MA Mastercard Inc. Class A Reduce -12.2% 0.76% −0.03
IEF iShares 7-10 Year Treasury B Sold out 0.00% −0.03
IXN iShares Global Tech ETF Reduce -9.5% 0.17% −0.03
ASML ASML Holding NV-NY Reg SHS Reduce -4.8% 0.48% −0.02
DEO Diageo PLC-Sponsored ADR Sold out 0.00% −0.02
LEMB iShares JP Morgan Em Local C Reduce -20.7% 0.10% −0.01
BLK BlackRock Inc. Reduce -10.5% 0.06% −0.01
MRK Merck & Co. Inc. Reduce -8.7% 0.06% −0.01
ORCL Oracle Corp. Reduce -2.9% 0.04% −0.01
XLP SS Consumer Staples Sel Sect Reduce -21.2% 0.04% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.7% 0.38% −0.01
INDA iShares MSCI India ETF Reduce -3.6% 0.30% −0.00
NEE Nextera Energy Inc. Reduce -7.3% 0.07% −0.00
CB Chubb Ltd. Reduce -13.3% 0.28% −0.00
JNJ Johnson & Johnson Reduce -17.4% 0.06% −0.00
TTE Totalenergies SE -Spon ADR Reduce -20.1% 0.02% −0.00
ROP Roper Technologies Inc. Reduce -10.2% 0.02% +0.00
CSCO Cisco Systems Inc. Reduce -3.5% 0.04% +0.00
SLB SLB Ltd. Reduce -6.3% 0.05% +0.00
ICE Intercontinental Exchange Inc. Reduce -13.1% 0.07% +0.00
XLV SS Health Care Select Sector Reduce -5.3% 0.20% +0.01

Portfolio Buys Q4 2024 → Q1 2025
JAAA Janus Henderson Aaa Clo ETF New 2.90% +2.90
JBBB Janus Henderson B-BBB Clo Et New 1.31% +1.31
SONY Sony Group Corp. - SP ADR Add +24.4% 3.34% +1.21
CP Canadian Pacific Kansas City Add +88.4% 2.45% +1.17
GLD SPDR Gold Shares Add +7.6% 3.90% +1.01
SIHY Harbor Ares Systemt Hi YD-US Add +27.3% 3.68% +0.87
FXI iShares China Large-Cap ETF Add +1675.0% 0.70% +0.67
VB Vanguard Most SM-Cap ETF-Usd Add +2596.3% 0.69% +0.66
BRK.B Berkshire Hathaway Inc. Class B Add +5.5% 1.83% +0.42
ALC Alcon Inc. Add +3.4% 2.31% +0.39
V Visa Inc. Class A Add +2.3% 2.25% +0.36
BRO Brown & Brown Inc. Add +7.7% 1.24% +0.34
ORLY O'reilly Automotive Inc. Add +9.6% 1.18% +0.33
ICVT iShares Convertible Bond ETF Add +11.6% 2.14% +0.29
HES Hess Corp. Add +4.6% 1.11% +0.27
OTIS Otis Worldwide Corp. Add +7.8% 1.07% +0.22
URTH iShares MSCI World ETF Add +15.8% 1.32% +0.22
JPM JPMorgan Chase & Co. Add +4.4% 1.90% +0.21
ADP Automatic Data Processing Add +11.8% 1.11% +0.20
SLV iShares Silver Trust New 0.20% +0.20
GE General Electric Add +3.6% 0.72% +0.17
SPGI S&P Global Inc. Add +4.3% 1.44% +0.15
VWO Vanguard Ftse Emerging Marke Add +39.6% 0.43% +0.15
META Meta Platforms Inc. Class A Add +3.0% 2.11% +0.13
PM Philip Morris International Add +0.8% 0.45% +0.13
AVGO Broadcom Inc. Add +89.6% 0.42% +0.13
AZN Astrazeneca PLC-Spons ADR Add +2.5% 0.72% +0.12
CME Cme Group Inc. Add +0.3% 0.44% +0.07
EZU iShares MSCI Eurozone ETF Add +8.7% 0.33% +0.07
UNP Union Pacific Corp. Add +11.1% 0.40% +0.07
LLY Eli Lilly & Co. Add +0.1% 0.58% +0.06
MU Micron Technology Inc. Add +4.2% 0.52% +0.06
PG The Procter & Gamble Co. Add +4.7% 0.54% +0.06
NVO Novo-Nordisk A/S-Spons ADR Add +28.6% 0.50% +0.04
LIN Linde PLC Add +0.1% 0.26% +0.04
TJX TJX Companies Inc. Add +2.9% 0.41% +0.03
VSS Vanguard Ftse All Wo X-US SC Add +6.3% 0.22% +0.03
DGRW Wisdomtree U.S. Quality Divi New 0.02% +0.02
SE Sea Ltd.-ADR New 0.02% +0.02
CQQQ Invesco China Technology ETF Add +54.9% 0.04% +0.02
TMO Thermo Fisher Scientific Inc. Add +2.0% 0.45% +0.01
DHR Danaher Corp. Add +9.4% 0.27% +0.01
HD Home Depot Inc. Add +2.4% 0.51% +0.01
IFF Intl Flavors & Fragrances Add +1.2% 0.03% −0.00
AMAT Applied Materials Inc. Add +0.5% 0.06% −0.00
ADBE Adobe Inc. Add +7.6% 0.28% −0.01
AMD Advanced Micro Devices Add +1.7% 0.29% −0.03
CRM Salesforce Inc. Add +3.4% 0.28% −0.04
NVDA Nvidia Corp. Add +4.6% 0.49% −0.06
GOOG Alphabet Inc. Class C Add +0.1% 0.50% −0.08

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 154$1.1BTSM, GLD, GOOGL, AZN, MSFT
Q1 2026 154$1.0BGLD, TSM, AZN, GOOGL, SONY
Q4 2025 152$1.1BBUR, GLD, TSM, GOOGL, MSFT
Q3 2025 144$1.1BBUR, GLD, TSM, SIHY, MSFT
Q2 2025 144$996.5MBUR, GLD, MSFT, SIHY, TSM
Q1 2025 140$1.0BBUR, GLD, EWJ, SIHY, MSFT
Q4 2024 146$1.1BBUR, EWJ, TSM, MSFT, AMZN
Q3 2024 142$1.0BBUR, EWJ, MSFT, IEF, TSM
Q2 2024 139$920.9MBUR, EWJ, MSFT, TSM, GLD
Q1 2024 141$895.6MBUR, EWJ, MSFT, GLD, TSM