Pictet North America Advisors SA

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 15, 2025), Pictet North America Advisors SA reported 144 stock positions worth $996.5 million. Its top holding was Burford Capital (BUR) at 9.0% of the portfolio, followed by SPDR Gold Shares (GLD, 4.4%) and Microsoft (MSFT, 4.2%). Compared with Q1 2025, it opened 11 new positions, sold out of 7, added to 21 and reduced 60. The biggest buy was a new position in MercadoLibre (MELI) and the biggest sale iShares MSCI Japan ETF (EWJ, shares −89%).

Most Recent 13F
Q2 2026
Location
GENEVA 73, V8
CIK
0001599576
Portfolio Value
$996.5M (Q2 2025)
SEC Filing
0001599576-25-000008 ↗ filed Jul 15, 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 Q1 2025 Q2 2025: $996.5M $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 144 stocks · $996.5M
BUR Burford Capital Ltd. 8.98% 7,647,727 $89.5M No change
GLD SPDR Gold Shares 4.41% 144,697 $43.9M Add +6.3%
MSFT Microsoft Corp. 4.24% 85,224 $42.2M Reduce -7.0%
SIHY Harbor Ares Systemt Hi YD-US 3.96% 856,500 $39.5M Add +3.9%
TSM Taiwan Semiconductor-SP ADR 3.85% 169,541 $38.4M Add +6.0%
SONY Sony Group Corp. - SP ADR 3.79% 1,449,910 $37.7M Add +10.2%
AMZN Amazon.com Inc. 3.20% 145,457 $31.9M Reduce -6.1%
JAAA Janus Henderson Aaa Clo ETF 3.13% 613,635 $31.1M Add +7.0%
CP Canadian Pacific Kansas City 2.78% 349,173 $27.7M Reduce -0.1%
PYLD PIMCO Multisector Bond Actv 2.61% 981,818 $26.1M Add +135.0%
META Meta Platforms Inc. Class A 2.59% 35,014 $25.8M Reduce -4.5%
GOOGL Alphabet Inc. Class A 2.58% 145,629 $25.7M Reduce -5.6%
ALC Alcon Inc. filed as ALCON AG 2.57% 290,947 $25.7M Add +18.5%
V Visa Inc. Class A 2.13% 59,810 $21.2M Reduce -6.8%
JPM JPMorgan Chase & Co. 2.12% 72,957 $21.2M Reduce -5.8%
YUMC Yum China Holdings Inc. 2.12% 474,848 $21.1M Reduce -10.4%
VWO Vanguard Ftse Emerging Marke 2.04% 411,319 $20.3M Add +329.5%
AIRR First Trust Rba American Ind 1.96% 240,160 $19.5M Reduce -5.2%
MELI MercadoLibre Inc. 1.66% 6,340 $16.6M New
BRK.B Berkshire Hathaway Inc. Class B 1.58% 32,476 $15.8M Reduce -5.5%
SPGI S&P Global Inc. 1.41% 26,671 $14.1M Reduce -6.1%
JMBS Janus Henderson Mortg Backed 1.36% 301,832 $13.6M Add +59.1%
MBB iShares MBS ETF 1.34% 142,234 $13.4M Add +61.3%
UBS UBS Group AG-Reg 1.29% 382,355 $12.9M No change
AAPL Apple Inc. 1.22% 59,114 $12.1M No change
MCD McDonald's Corp. 1.17% 39,924 $11.7M Reduce -7.4%
ADP Automatic Data Processing 1.11% 35,809 $11.0M Reduce -1.2%
BRO Brown & Brown Inc. 1.11% 99,377 $11.0M Reduce -0.7%
ORLY O'reilly Automotive Inc. 1.10% 121,838 $11.0M Reduce -1.8%
OTIS Otis Worldwide Corp. 1.00% 100,822 $10.0M Reduce -3.2%
HLT Hilton Worldwide Holdings Inc. 0.92% 34,490 $9.2M New
HES Hess Corp. 0.90% 64,901 $9.0M Reduce -7.0%
VCIT Vanguard Int-Term Corporate 0.85% 101,936 $8.5M New
AMRZ Amrize Ltd. 0.85% 169,354 $8.4M New
ASML ASML Holding NV-NY Reg SHS 0.82% 10,173 $8.2M Add +39.3%
GE General Electric filed as GE AEROSPACE 0.81% 31,301 $8.1M Reduce -12.5%
MA Mastercard Inc. Class A 0.70% 12,438 $7.0M Reduce -10.5%
AZN Astrazeneca PLC-Spons ADR 0.69% 97,720 $6.8M Reduce -0.3%
BSX Boston Scientific Corp. 0.67% 62,331 $6.7M Reduce -10.1%
NVDA Nvidia Corp. 0.67% 42,236 $6.7M Reduce -6.1%
MU Micron Technology Inc. 0.66% 53,067 $6.5M Reduce -11.6%
AVGO Broadcom Inc. 0.64% 23,079 $6.4M Reduce -7.2%
GOOG Alphabet Inc. Class C 0.57% 32,056 $5.7M Add +0.4%
FAST Fastenal Co. 0.56% 133,135 $5.6M Reduce -12.1%
LLY Eli Lilly & Co. 0.56% 7,141 $5.6M Add +1.3%
EWU iShares MSCI United Kingdom 0.53% 132,228 $5.3M Reduce -12.6%
NVO Novo-Nordisk A/S-Spons ADR 0.51% 73,549 $5.1M Add +1.9%
EEM iShares MSCI Emerging Market 0.49% 102,100 $4.9M Reduce -61.2%
EWQ iShares MSCI France ETF 0.47% 108,418 $4.6M Reduce -12.5%
HD Home Depot Inc. 0.46% 12,585 $4.6M Reduce -10.0%
EWJ iShares MSCI Japan ETF 0.46% 61,303 $4.6M Reduce -89.1%
PM Philip Morris International 0.46% 25,200 $4.6M Reduce -10.7%
PG The Procter & Gamble Co. 0.46% 28,614 $4.6M Reduce -9.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.44% 7,076 $4.4M Add +3.3%
CME Cme Group Inc. 0.42% 15,019 $4.1M Reduce -9.4%
EZU iShares MSCI Eurozone ETF 0.40% 66,393 $3.9M Add +6.7%
AMD Advanced Micro Devices 0.36% 25,403 $3.6M Reduce -9.5%
IYR iShares US Real Estate ETF 0.36% 37,434 $3.5M No change
UNP Union Pacific Corp. 0.34% 14,877 $3.4M Reduce -12.1%
VB Vanguard Most SM-Cap ETF-Usd 0.34% 14,172 $3.4M Reduce -54.3%
VGK Vanguard Ftse Europe ETF 0.33% 42,698 $3.3M Add +37.6%
INDA iShares MSCI India ETF 0.32% 57,535 $3.2M Reduce -0.2%
TMO Thermo Fisher Scientific Inc. 0.31% 7,630 $3.1M Reduce -15.1%
URTH iShares MSCI World ETF 0.28% 16,365 $2.8M Reduce -81.1%
VT Vanguard Tot World STK ETF 0.28% 21,437 $2.8M Reduce -76.6%
CB Chubb Ltd. 0.27% 9,117 $2.6M Reduce -3.0%
LIN Linde PLC 0.26% 5,530 $2.6M Add +0.7%
ADBE Adobe Inc. 0.26% 6,596 $2.6M Reduce -11.3%
CRM Salesforce Inc. 0.24% 8,826 $2.4M Reduce -14.2%
DHR Danaher Corp. 0.23% 11,733 $2.3M Reduce -11.9%
EWL iShares MSCI Switzerland ETF 0.23% 41,986 $2.3M Reduce -20.5%
QQQ Invesco QQQ Trust Series 1 0.21% 3,846 $2.1M No change
IGF iShares Global Infrastructur 0.21% 35,452 $2.1M No change
ACWI iShares MSCI Acwi ETF 0.20% 15,789 $2.0M Reduce -65.3%
UNH Unitedhealth Group Inc. 0.19% 6,130 $1.9M Reduce -67.2%
EWT iShares MSCI Taiwan ETF 0.19% 32,409 $1.9M No change
VNQI Vanguard GLBL Ex-US Real Est 0.19% 40,022 $1.8M No change
IXN iShares Global Tech ETF 0.18% 19,180 $1.8M Reduce -16.2%
XLV SS Health Care Select Sector 0.17% 12,847 $1.7M Reduce -4.6%
RTX RTX Corp. 0.15% 10,331 $1.5M No change
CMG Chipotle Mexican Grill Inc. 0.15% 26,000 $1.5M No change
PH Parker Hannifin Corp. 0.14% 2,060 $1.4M No change
XLE SS Energy Select Sector 0.14% 16,507 $1.4M No change
BX Blackstone Inc. 0.13% 8,800 $1.3M No change
TXN Texas Instruments Inc. 0.12% 5,600 $1.2M No change
DFUV Dimensional US Marketwide Va 0.11% 25,825 $1.1M No change
RSP Invesco S&P 500 Equal Weight 0.10% 5,690 $1.0M No change
ZTS Zoetis Inc. 0.10% 6,210 $968K No change
QCOM Qualcomm Inc. 0.09% 5,500 $876K No change
LEMB iShares JP Morgan Em Local C 0.09% 21,056 $850K Reduce -18.6%
HON Honeywell International Inc. 0.08% 3,575 $833K No change
XLK SS Technology Select Sector 0.08% 3,187 $807K No change
ICVT iShares Convertible Bond ETF 0.08% 8,660 $780K Reduce -96.6%
AMAT Applied Materials Inc. 0.08% 4,160 $759K Add +2.7%
XLF SS Financial Select Sector 0.07% 13,964 $731K No change
NEE Nextera Energy Inc. 0.07% 10,100 $701K No change
ORCL Oracle Corp. 0.07% 3,100 $678K No change
IEUS iShares MSCI Europe Small-Ca 0.07% 9,860 $662K Reduce -34.1%
HDB HDFC Bank Ltd.-ADR 0.07% 8,464 $649K No change
COST Costco Wholesale Corp. 0.06% 637 $631K No change
JBBB Janus Henderson B-BBB Clo Et 0.06% 12,278 $592K Reduce -95.4%
ICE Intercontinental Exchange Inc. 0.06% 3,217 $590K Reduce -24.5%
EWC iShares MSCI Canada ETF 0.06% 12,247 $566K Add +2.4%
ISRG Intuitive Surgical Inc. 0.06% 1,024 $556K Reduce -2.4%
BLK BlackRock Inc. 0.06% 525 $551K Reduce -22.8%
USIG iShares Broad Usd Investment 0.05% 10,640 $547K New
MRK Merck & Co. Inc. 0.05% 6,875 $544K No change
JNJ Johnson & Johnson 0.05% 3,550 $542K No change
VCSH Vanguard S/T Corp. Bond ETF 0.05% 6,810 $541K New
IVW iShares S&P 500 Growth ETF 0.05% 4,872 $536K No change
EIDO iShares MSCI Indonesia ETF 0.05% 27,659 $488K No change
VGSH Vanguard Short-Term Treasury 0.05% 8,140 $478K New
CSCO Cisco Systems Inc. 0.05% 6,900 $477K No change
INCO Columbia India Consumer ETF 0.05% 7,182 $466K No change
FXI iShares China Large-Cap ETF 0.04% 11,840 $435K Reduce -94.0%
CTAS Cintas Corp. 0.04% 1,780 $397K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 2,133 $377K No change
CQQQ Invesco China Technology ETF 0.04% 8,462 $374K No change
SDY SS SPDR S&P Dividend ETF 0.04% 2,682 $364K No change
EWG iShares MSCI Germany ETF 0.04% 8,380 $355K No change
VWOB Vanguard Emerg MKTS Gov BND 0.04% 5,350 $350K No change
PEP Pepsico Inc. 0.03% 2,600 $343K No change
VNM Vaneck Vietnam ETF 0.03% 24,178 $332K No change
FEZ State Street SPDR Euro Stoxx 0.03% 5,520 $330K New
EWA iShares MSCI Australia ETF 0.03% 11,741 $309K No change
CG The Carlyle Group Inc. 0.03% 5,950 $306K No change
VGIT Vanguard Intermediate-Term T 0.03% 5,020 $300K New
WMT Walmart Inc. 0.03% 3,000 $293K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.03% 8,560 $289K Reduce -28.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.03% 2,268 $280K Reduce -93.3%
THD iShares MSCI Thailand ETF 0.03% 5,488 $277K No change
IYJ iShares U.S. Industrials ETF 0.03% 1,891 $269K No change
SE Sea Ltd.-ADR 0.03% 1,660 $266K No change
AN Autonation Inc. 0.03% 1,320 $262K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.03% 3,540 $260K Add +6.8%
DE Deere & Co. 0.03% 500 $254K No change
DGRW Wisdomtree U.S. Quality Divi 0.03% 3,000 $251K No change
OEF iShares S&P 100 ETF 0.02% 765 $233K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.02% 2,746 $224K No change
IWM iShares Russell 2000 ETF 0.02% 1,036 $224K No change
CTVA Corteva Inc. 0.02% 2,819 $210K New
ROP Roper Technologies Inc. 0.02% 360 $204K No change
CBRE CBRE Group Inc. Class A 0.02% 1,455 $204K New
CNYA iShares MSCI China A ETF 0.02% 6,981 $200K Reduce -5.9%

Portfolio Sells Q1 2025 → Q2 2025
EWJ iShares MSCI Japan ETF Reduce -89.1% 0.46% −3.39
ICVT iShares Convertible Bond ETF Reduce -96.6% 0.08% −2.06
JBBB Janus Henderson B-BBB Clo Et Reduce -95.4% 0.06% −1.25
URTH iShares MSCI World ETF Reduce -81.1% 0.28% −1.04
UNH Unitedhealth Group Inc. Reduce -67.2% 0.19% −0.79
VT Vanguard Tot World STK ETF Reduce -76.6% 0.28% −0.78
FXI iShares China Large-Cap ETF Reduce -94.0% 0.04% −0.66
EEM iShares MSCI Emerging Market Reduce -61.2% 0.49% −0.65
YUMC Yum China Holdings Inc. Reduce -10.4% 2.12% −0.62
TJX TJX Companies Inc. Reduce -93.3% 0.03% −0.38
VB Vanguard Most SM-Cap ETF-Usd Reduce -54.3% 0.34% −0.35
ACWI iShares MSCI Acwi ETF Reduce -65.3% 0.20% −0.33
BRK.B Berkshire Hathaway Inc. Class B Reduce -5.5% 1.58% −0.24
VSS Vanguard Ftse All Wo X-US SC Sold out 0.00% −0.22
HES Hess Corp. Reduce -7.0% 0.90% −0.21
SLV iShares Silver Trust Sold out 0.00% −0.20
MCD McDonald's Corp. Reduce -7.4% 1.17% −0.18
BRO Brown & Brown Inc. Reduce -0.7% 1.11% −0.14
TMO Thermo Fisher Scientific Inc. Reduce -15.1% 0.31% −0.14
V Visa Inc. Class A Reduce -6.8% 2.13% −0.12
ORLY O'reilly Automotive Inc. Reduce -1.8% 1.10% −0.08
PG The Procter & Gamble Co. Reduce -9.8% 0.46% −0.08
OTIS Otis Worldwide Corp. Reduce -3.2% 1.00% −0.07
MA Mastercard Inc. Class A Reduce -10.5% 0.70% −0.06
UNP Union Pacific Corp. Reduce -12.1% 0.34% −0.06
HD Home Depot Inc. Reduce -10.0% 0.46% −0.05
TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −0.05
EWL iShares MSCI Switzerland ETF Reduce -20.5% 0.23% −0.04
DHR Danaher Corp. Reduce -11.9% 0.23% −0.04
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.04
EWU iShares MSCI United Kingdom Reduce -12.6% 0.53% −0.04
AZN Astrazeneca PLC-Spons ADR Reduce -0.3% 0.69% −0.03
CRM Salesforce Inc. Reduce -14.2% 0.24% −0.03
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −0.03
SPGI S&P Global Inc. Reduce -6.1% 1.41% −0.03
AME Ametek Inc. Sold out 0.00% −0.03
ADBE Adobe Inc. Reduce -11.3% 0.26% −0.03
EWQ iShares MSCI France ETF Reduce -12.5% 0.47% −0.03
BSX Boston Scientific Corp. Reduce -10.1% 0.67% −0.03
FAST Fastenal Co. Reduce -12.1% 0.56% −0.03
CME Cme Group Inc. Reduce -9.4% 0.42% −0.02
XLV SS Health Care Select Sector Reduce -4.6% 0.17% −0.02
SLB SLB Ltd. Reduce -28.9% 0.03% −0.02
TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.02
IEUS iShares MSCI Europe Small-Ca Reduce -34.1% 0.07% −0.02
CB Chubb Ltd. Reduce -3.0% 0.27% −0.02
ICE Intercontinental Exchange Inc. Reduce -24.5% 0.06% −0.01
LEMB iShares JP Morgan Em Local C Reduce -18.6% 0.09% −0.01
BLK BlackRock Inc. Reduce -22.8% 0.06% −0.01
CNYA iShares MSCI China A ETF Reduce -5.9% 0.02% −0.00

Portfolio Buys Q1 2025 → Q2 2025
MELI MercadoLibre Inc. New 1.66% +1.66
VWO Vanguard Ftse Emerging Marke Add +329.5% 2.04% +1.61
PYLD PIMCO Multisector Bond Actv Add +135.0% 2.61% +1.51
TSM Taiwan Semiconductor-SP ADR Add +6.0% 3.85% +1.20
HLT Hilton Worldwide Holdings Inc. New 0.92% +0.92
VCIT Vanguard Int-Term Corporate New 0.85% +0.85
AMRZ Amrize Ltd. New 0.85% +0.85
MBB iShares MBS ETF Add +61.3% 1.34% +0.51
JMBS Janus Henderson Mortg Backed Add +59.1% 1.36% +0.51
GLD SPDR Gold Shares Add +6.3% 4.41% +0.50
SONY Sony Group Corp. - SP ADR Add +10.2% 3.79% +0.45
ASML ASML Holding NV-NY Reg SHS Add +39.3% 0.82% +0.33
SIHY Harbor Ares Systemt Hi YD-US Add +3.9% 3.96% +0.28
ALC Alcon Inc. Add +18.5% 2.57% +0.27
JAAA Janus Henderson Aaa Clo ETF Add +7.0% 3.13% +0.22
VGK Vanguard Ftse Europe ETF Add +37.6% 0.33% +0.11
GOOG Alphabet Inc. Class C Add +0.4% 0.57% +0.07
EZU iShares MSCI Eurozone ETF Add +6.7% 0.40% +0.07
SPY SS SPDR S&P 500 ETF Trust-US Add +3.3% 0.44% +0.06
USIG iShares Broad Usd Investment New 0.05% +0.05
VCSH Vanguard S/T Corp. Bond ETF New 0.05% +0.05
VGSH Vanguard Short-Term Treasury New 0.05% +0.05
FEZ State Street SPDR Euro Stoxx New 0.03% +0.03
VGIT Vanguard Intermediate-Term T New 0.03% +0.03
CTVA Corteva Inc. New 0.02% +0.02
CBRE CBRE Group Inc. Class A New 0.02% +0.02
AMAT Applied Materials Inc. Add +2.7% 0.08% +0.02
NVO Novo-Nordisk A/S-Spons ADR Add +1.9% 0.51% +0.01
EWC iShares MSCI Canada ETF Add +2.4% 0.06% +0.01
LIN Linde PLC Add +0.7% 0.26% +0.00
IFF Intl Flavors & Fragrances Add +6.8% 0.03% +0.00
LLY Eli Lilly & Co. Add +1.3% 0.56% −0.02

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