Pictet North America Advisors SA

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Pictet North America Advisors SA reported 144 stock positions worth $1.1 billion. Its top holding was Burford Capital (BUR) at 8.5% of the portfolio, followed by SPDR Gold Shares (GLD, 5.1%) and Taiwan Semiconductor-SP ADR (TSM, 4.7%). Compared with Q2 2025, it opened 5 new positions, sold out of 5, added to 41 and reduced 50. The biggest buy was iShares MSCI Emerging Market (EEM, shares +477%) and the biggest sale Vanguard Ftse Emerging Marke (VWO, shares −93%).

Most Recent 13F
Q2 2026
Location
GENEVA 73, V8
CIK
0001599576
Portfolio Value
$1.1B (Q3 2025)
SEC Filing
0001599576-25-000009 ↗ filed Oct 21, 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 Q2 2025 Q3 2025: $1.1B $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 · $1.1B
BUR Burford Capital Ltd. 8.53% 7,647,727 $91.1M No change
GLD SPDR Gold Shares 5.11% 153,919 $54.5M Add +6.4%
TSM Taiwan Semiconductor-SP ADR 4.70% 179,747 $50.2M Add +6.0%
SIHY Harbor Ares Systemt Hi YD-US 4.31% 993,692 $46.1M Add +16.0%
MSFT Microsoft Corp. 4.17% 86,292 $44.5M Add +1.3%
SONY Sony Group Corp. - SP ADR 4.07% 1,509,091 $43.4M Add +4.1%
GOOGL Alphabet Inc. Class A 3.25% 142,748 $34.7M Reduce -2.0%
AMZN Amazon.com Inc. 3.04% 147,811 $32.5M Add +1.6%
EEM iShares MSCI Emerging Market 2.95% 589,120 $31.5M Add +477.0%
PYLD PIMCO Multisector Bond Actv 2.73% 1,084,834 $29.1M Add +10.5%
ALC Alcon Inc. filed as ALCON AG 2.46% 352,503 $26.3M Add +21.2%
META Meta Platforms Inc. Class A 2.34% 33,972 $24.9M Reduce -3.0%
JPM JPMorgan Chase & Co. 2.14% 72,532 $22.9M Reduce -0.6%
JAAA Janus Henderson Aaa Clo ETF 2.13% 448,382 $22.8M Reduce -26.9%
CP Canadian Pacific Kansas City 2.04% 292,590 $21.8M Reduce -16.2%
AIRR First Trust Rba American Ind 2.04% 224,832 $21.7M Reduce -6.4%
YUMC Yum China Holdings Inc. 1.99% 497,944 $21.3M Add +4.9%
V Visa Inc. Class A 1.88% 58,921 $20.1M Reduce -1.5%
IAU iShares Gold Trust 1.88% 275,500 $20.0M New
AAPL Apple Inc. 1.52% 63,687 $16.2M Add +7.7%
JMBS Janus Henderson Mortg Backed 1.50% 350,049 $16.0M Add +16.0%
UBS UBS Group AG-Reg 1.46% 382,355 $15.6M No change
MELI MercadoLibre Inc. 1.45% 6,639 $15.5M Add +4.7%
BRK.B Berkshire Hathaway Inc. Class B 1.44% 30,603 $15.4M Reduce -5.8%
SPGI S&P Global Inc. 1.33% 29,277 $14.2M Add +9.8%
ORLY O'reilly Automotive Inc. 1.22% 120,668 $13.0M Reduce -1.0%
MCD McDonald's Corp. 1.13% 39,666 $12.1M Reduce -0.7%
ADP Automatic Data Processing 0.98% 35,491 $10.4M Reduce -0.9%
GE General Electric filed as GE AEROSPACE 0.88% 31,183 $9.4M Reduce -0.4%
NVDA Nvidia Corp. 0.87% 49,813 $9.3M Add +17.9%
BRO Brown & Brown Inc. 0.87% 98,837 $9.3M Reduce -0.5%
ASML ASML Holding NV-NY Reg SHS 0.86% 9,495 $9.2M Reduce -6.7%
OTIS Otis Worldwide Corp. 0.85% 98,981 $9.0M Reduce -1.8%
HLT Hilton Worldwide Holdings Inc. 0.83% 34,148 $8.9M Reduce -1.0%
AMRZ Amrize Ltd. 0.76% 168,950 $8.2M Reduce -0.2%
AVGO Broadcom Inc. 0.73% 23,631 $7.8M Add +2.4%
GOOG Alphabet Inc. Class C 0.73% 31,920 $7.8M Reduce -0.4%
AZN Astrazeneca PLC-Spons ADR 0.72% 100,322 $7.7M Add +2.7%
MU Micron Technology Inc. 0.70% 44,810 $7.5M Reduce -15.6%
MA Mastercard Inc. Class A 0.66% 12,309 $7.0M Reduce -1.0%
BSX Boston Scientific Corp. 0.56% 61,329 $6.0M Reduce -1.6%
FAST Fastenal Co. 0.54% 118,056 $5.8M Reduce -11.3%
EWQ iShares MSCI France ETF 0.54% 130,339 $5.7M Add +20.2%
CVX Chevron Corp. 0.53% 36,458 $5.7M New
LLY Eli Lilly & Co. 0.51% 7,141 $5.4M No change
EWU iShares MSCI United Kingdom 0.49% 125,165 $5.3M Reduce -5.3%
HD Home Depot Inc. 0.48% 12,675 $5.1M Add +0.7%
VCIT Vanguard Int-Term Corporate 0.47% 59,562 $5.0M Reduce -41.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.46% 7,350 $4.9M Add +3.9%
VB Vanguard Most SM-Cap ETF-Usd 0.45% 18,915 $4.8M Add +33.5%
EWL iShares MSCI Switzerland ETF 0.44% 85,317 $4.7M Add +103.2%
EWJ iShares MSCI Japan ETF 0.44% 58,155 $4.7M Reduce -5.1%
PG The Procter & Gamble Co. 0.42% 28,955 $4.4M Add +1.2%
CME Cme Group Inc. 0.39% 15,348 $4.1M Add +2.2%
EZU iShares MSCI Eurozone ETF 0.38% 66,233 $4.1M Reduce -0.2%
PM Philip Morris International 0.38% 25,078 $4.1M Reduce -0.5%
AMD Advanced Micro Devices 0.38% 25,017 $4.0M Reduce -1.5%
URTH iShares MSCI World ETF 0.34% 20,189 $3.7M Add +23.4%
TMO Thermo Fisher Scientific Inc. 0.34% 7,500 $3.6M Reduce -1.7%
IYR iShares US Real Estate ETF 0.34% 37,434 $3.6M No change
UNP Union Pacific Corp. 0.33% 15,018 $3.5M Add +0.9%
UBER Uber Technologies Inc. 0.32% 34,563 $3.4M New
VGK Vanguard Ftse Europe ETF 0.30% 40,258 $3.2M Reduce -5.7%
VT Vanguard Tot World STK ETF 0.28% 21,609 $3.0M Add +0.8%
INDA iShares MSCI India ETF 0.28% 57,047 $3.0M Reduce -0.8%
LIN Linde PLC 0.25% 5,530 $2.6M No change
CB Chubb Ltd. 0.24% 9,162 $2.6M Add +0.5%
ADBE Adobe Inc. 0.22% 6,568 $2.3M Reduce -0.4%
DHR Danaher Corp. 0.22% 11,674 $2.3M Reduce -0.5%
QQQ Invesco QQQ Trust Series 1 0.22% 3,846 $2.3M No change
IGF iShares Global Infrastructur 0.20% 35,452 $2.2M No change
CRM Salesforce Inc. 0.20% 8,816 $2.1M Reduce -0.1%
IEUS iShares MSCI Europe Small-Ca 0.19% 30,828 $2.1M Add +212.7%
EWT iShares MSCI Taiwan ETF 0.19% 32,409 $2.1M No change
ACWI iShares MSCI Acwi ETF 0.19% 14,605 $2.0M Reduce -7.5%
VNQI Vanguard GLBL Ex-US Real Est 0.18% 40,022 $1.9M No change
IXN iShares Global Tech ETF 0.17% 18,050 $1.9M Reduce -5.9%
RTX RTX Corp. 0.16% 10,331 $1.7M No change
XLV SS Health Care Select Sector 0.16% 12,279 $1.7M Reduce -4.4%
PH Parker Hannifin Corp. 0.15% 2,060 $1.6M No change
VWO Vanguard Ftse Emerging Marke 0.15% 28,676 $1.6M Reduce -93.0%
BX Blackstone Inc. 0.14% 8,800 $1.5M No change
LEMB iShares JP Morgan Em Local C 0.12% 30,782 $1.3M Add +46.2%
UNH Unitedhealth Group Inc. 0.11% 3,419 $1.2M Reduce -44.2%
DFUV Dimensional US Marketwide Va 0.11% 25,825 $1.2M No change
FXI iShares China Large-Cap ETF 0.11% 27,775 $1.1M Add +134.6%
RSP Invesco S&P 500 Equal Weight 0.10% 5,690 $1.1M No change
TXN Texas Instruments Inc. 0.10% 5,600 $1.0M No change
CMG Chipotle Mexican Grill Inc. 0.10% 26,000 $1.0M No change
ICVT iShares Convertible Bond ETF 0.09% 9,244 $925K Add +6.7%
QCOM Qualcomm Inc. 0.09% 5,500 $915K No change
ZTS Zoetis Inc. 0.09% 6,210 $909K No change
XLK SS Technology Select Sector 0.08% 3,187 $898K No change
AMAT Applied Materials Inc. 0.08% 4,160 $849K No change
ORCL Oracle Corp. 0.08% 3,000 $844K Reduce -3.2%
NEE Nextera Energy Inc. 0.08% 10,905 $823K Add +8.0%
ACWX iShares MSCI Acwi Ex US ETF 0.08% 12,450 $809K New
HON Honeywell International Inc. 0.07% 3,575 $753K No change
JNJ Johnson & Johnson 0.07% 3,906 $724K Add +10.0%
BLK BlackRock Inc. 0.06% 546 $637K Add +4.0%
JBBB Janus Henderson B-BBB Clo Et 0.06% 12,648 $609K Add +3.0%
COST Costco Wholesale Corp. 0.06% 651 $603K Add +2.2%
IVW iShares S&P 500 Growth ETF 0.06% 4,872 $588K No change
ICE Intercontinental Exchange Inc. 0.05% 3,455 $582K Add +7.4%
HDB HDFC Bank Ltd.-ADR 0.05% 16,928 $578K No change
MRK Merck & Co. Inc. 0.05% 6,875 $577K No change
EWC iShares MSCI Canada ETF 0.05% 10,553 $533K Reduce -13.8%
USIG iShares Broad Usd Investment 0.05% 10,130 $529K Reduce -4.8%
VCSH Vanguard S/T Corp. Bond ETF 0.05% 6,480 $518K Reduce -4.8%
ISRG Intuitive Surgical Inc. 0.05% 1,134 $507K Add +10.7%
CQQQ Invesco China Technology ETF 0.05% 8,462 $499K No change
EIDO iShares MSCI Indonesia ETF 0.05% 27,659 $485K No change
INCO Columbia India Consumer ETF 0.04% 7,182 $464K No change
VGSH Vanguard Short-Term Treasury 0.04% 7,730 $455K Reduce -5.0%
CSCO Cisco Systems Inc. 0.04% 6,500 $443K Reduce -5.8%
VNM Vaneck Vietnam ETF 0.04% 24,178 $431K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 2,133 $398K No change
WMT Walmart Inc. 0.04% 3,713 $383K Add +23.8%
SDY SS SPDR S&P Dividend ETF 0.04% 2,682 $376K No change
CG The Carlyle Group Inc. 0.03% 5,950 $373K No change
CTAS Cintas Corp. 0.03% 1,780 $365K No change
PEP Pepsico Inc. 0.03% 2,600 $365K No change
VWOB Vanguard Emerg MKTS Gov BND 0.03% 5,350 $358K No change
EWG iShares MSCI Germany ETF 0.03% 8,380 $349K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.03% 2,380 $344K Add +4.9%
FEZ State Street SPDR Euro Stoxx 0.03% 5,520 $343K No change
THD iShares MSCI Thailand ETF 0.03% 5,488 $323K No change
EWA iShares MSCI Australia ETF 0.03% 11,741 $317K No change
SE Sea Ltd.-ADR 0.03% 1,660 $297K No change
VBIL Vanguard 0-3M T-Bill ETF 0.03% 3,910 $296K New
XLF SS Financial Select Sector 0.03% 5,467 $295K Reduce -60.9%
AN Autonation Inc. 0.03% 1,320 $289K No change
VGIT Vanguard Intermediate-Term T 0.03% 4,770 $286K Reduce -5.0%
IYJ iShares U.S. Industrials ETF 0.03% 1,891 $276K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.03% 8,000 $275K Reduce -6.5%
DGRW Wisdomtree U.S. Quality Divi 0.03% 3,000 $267K No change
OEF iShares S&P 100 ETF 0.02% 765 $255K No change
IWM iShares Russell 2000 ETF 0.02% 1,036 $251K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.02% 2,746 $239K No change
XLE SS Energy Select Sector 0.02% 2,607 $233K Reduce -84.2%
CBRE CBRE Group Inc. Class A 0.02% 1,455 $229K No change
DE Deere & Co. 0.02% 500 $229K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.02% 3,540 $218K No change
CNYA iShares MSCI China A ETF 0.02% 6,099 $209K Reduce -12.6%

Portfolio Sells Q2 2025 → Q3 2025
VWO Vanguard Ftse Emerging Marke Reduce -93.0% 0.15% −1.90
MBB iShares MBS ETF Sold out 0.00% −1.34
JAAA Janus Henderson Aaa Clo ETF Reduce -26.9% 2.13% −0.99
HES Hess Corp. Sold out 0.00% −0.90
CP Canadian Pacific Kansas City Reduce -16.2% 2.04% −0.74
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.51
VCIT Vanguard Int-Term Corporate Reduce -41.6% 0.47% −0.38
META Meta Platforms Inc. Class A Reduce -3.0% 2.34% −0.26
V Visa Inc. Class A Reduce -1.5% 1.88% −0.25
BRO Brown & Brown Inc. Reduce -0.5% 0.87% −0.24
OTIS Otis Worldwide Corp. Reduce -1.8% 0.85% −0.15
BRK.B Berkshire Hathaway Inc. Class B Reduce -5.8% 1.44% −0.14
ADP Automatic Data Processing Reduce -0.9% 0.98% −0.13
XLE SS Energy Select Sector Reduce -84.2% 0.02% −0.12
BSX Boston Scientific Corp. Reduce -1.6% 0.56% −0.11
HLT Hilton Worldwide Holdings Inc. Reduce -1.0% 0.83% −0.09
AMRZ Amrize Ltd. Reduce -0.2% 0.76% −0.08
UNH Unitedhealth Group Inc. Reduce -44.2% 0.11% −0.08
PM Philip Morris International Reduce -0.5% 0.38% −0.08
MA Mastercard Inc. Class A Reduce -1.0% 0.66% −0.05
CRM Salesforce Inc. Reduce -0.1% 0.20% −0.05
XLF SS Financial Select Sector Reduce -60.9% 0.03% −0.05
INDA iShares MSCI India ETF Reduce -0.8% 0.28% −0.04
MCD McDonald's Corp. Reduce -0.7% 1.13% −0.04
ADBE Adobe Inc. Reduce -0.4% 0.22% −0.04
EWU iShares MSCI United Kingdom Reduce -5.3% 0.49% −0.04
VGK Vanguard Ftse Europe ETF Reduce -5.7% 0.30% −0.03
EWJ iShares MSCI Japan ETF Reduce -5.1% 0.44% −0.02
CTVA Corteva Inc. Sold out 0.00% −0.02
ROP Roper Technologies Inc. Sold out 0.00% −0.02
FAST Fastenal Co. Reduce -11.3% 0.54% −0.02
DHR Danaher Corp. Reduce -0.5% 0.22% −0.02
ACWI iShares MSCI Acwi ETF Reduce -7.5% 0.19% −0.01
XLV SS Health Care Select Sector Reduce -4.4% 0.16% −0.01
EZU iShares MSCI Eurozone ETF Reduce -0.2% 0.38% −0.01
EWC iShares MSCI Canada ETF Reduce -13.8% 0.05% −0.01
CSCO Cisco Systems Inc. Reduce -5.8% 0.04% −0.01
VCSH Vanguard S/T Corp. Bond ETF Reduce -4.8% 0.05% −0.01
USIG iShares Broad Usd Investment Reduce -4.8% 0.05% −0.01
VGSH Vanguard Short-Term Treasury Reduce -5.0% 0.04% −0.01
IXN iShares Global Tech ETF Reduce -5.9% 0.17% −0.00
SLB SLB Ltd. Reduce -6.5% 0.03% −0.00
VGIT Vanguard Intermediate-Term T Reduce -5.0% 0.03% −0.00
CNYA iShares MSCI China A ETF Reduce -12.6% 0.02% −0.00
ORCL Oracle Corp. Reduce -3.2% 0.08% +0.01
AMD Advanced Micro Devices Reduce -1.5% 0.38% +0.02
JPM JPMorgan Chase & Co. Reduce -0.6% 2.14% +0.02
TMO Thermo Fisher Scientific Inc. Reduce -1.7% 0.34% +0.03
ASML ASML Holding NV-NY Reg SHS Reduce -6.7% 0.86% +0.04
MU Micron Technology Inc. Reduce -15.6% 0.70% +0.05

Portfolio Buys Q2 2025 → Q3 2025
EEM iShares MSCI Emerging Market Add +477.0% 2.95% +2.45
IAU iShares Gold Trust New 1.88% +1.88
TSM Taiwan Semiconductor-SP ADR Add +6.0% 4.70% +0.85
GLD SPDR Gold Shares Add +6.4% 5.11% +0.70
CVX Chevron Corp. New 0.53% +0.53
SIHY Harbor Ares Systemt Hi YD-US Add +16.0% 4.31% +0.35
UBER Uber Technologies Inc. New 0.32% +0.32
AAPL Apple Inc. Add +7.7% 1.52% +0.30
SONY Sony Group Corp. - SP ADR Add +4.1% 4.07% +0.28
EWL iShares MSCI Switzerland ETF Add +103.2% 0.44% +0.21
NVDA Nvidia Corp. Add +17.9% 0.87% +0.20
JMBS Janus Henderson Mortg Backed Add +16.0% 1.50% +0.13
IEUS iShares MSCI Europe Small-Ca Add +212.7% 0.19% +0.13
VB Vanguard Most SM-Cap ETF-Usd Add +33.5% 0.45% +0.11
PYLD PIMCO Multisector Bond Actv Add +10.5% 2.73% +0.11
AVGO Broadcom Inc. Add +2.4% 0.73% +0.09
ACWX iShares MSCI Acwi Ex US ETF New 0.08% +0.08
EWQ iShares MSCI France ETF Add +20.2% 0.54% +0.07
URTH iShares MSCI World ETF Add +23.4% 0.34% +0.07
FXI iShares China Large-Cap ETF Add +134.6% 0.11% +0.06
AZN Astrazeneca PLC-Spons ADR Add +2.7% 0.72% +0.04
LEMB iShares JP Morgan Em Local C Add +46.2% 0.12% +0.03
VBIL Vanguard 0-3M T-Bill ETF New 0.03% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +3.9% 0.46% +0.02
HD Home Depot Inc. Add +0.7% 0.48% +0.02
JNJ Johnson & Johnson Add +10.0% 0.07% +0.01
ICVT iShares Convertible Bond ETF Add +6.7% 0.09% +0.01
NEE Nextera Energy Inc. Add +8.0% 0.08% +0.01
WMT Walmart Inc. Add +23.8% 0.04% +0.01
BLK BlackRock Inc. Add +4.0% 0.06% +0.00
TJX TJX Companies Inc. Add +4.9% 0.03% +0.00
VT Vanguard Tot World STK ETF Add +0.8% 0.28% +0.00
JBBB Janus Henderson B-BBB Clo Et Add +3.0% 0.06% −0.00
ICE Intercontinental Exchange Inc. Add +7.4% 0.05% −0.00
COST Costco Wholesale Corp. Add +2.2% 0.06% −0.01
ISRG Intuitive Surgical Inc. Add +10.7% 0.05% −0.01
UNP Union Pacific Corp. Add +0.9% 0.33% −0.01
CB Chubb Ltd. Add +0.5% 0.24% −0.02
CME Cme Group Inc. Add +2.2% 0.39% −0.03
PG The Procter & Gamble Co. Add +1.2% 0.42% −0.04
MSFT Microsoft Corp. Add +1.3% 4.17% −0.07
SPGI S&P Global Inc. Add +9.8% 1.33% −0.08
ALC Alcon Inc. Add +21.2% 2.46% −0.12
YUMC Yum China Holdings Inc. Add +4.9% 1.99% −0.13
AMZN Amazon.com Inc. Add +1.6% 3.04% −0.16
MELI MercadoLibre Inc. Add +4.7% 1.45% −0.21

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