Pictet North America Advisors SA

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 16, 2026), Pictet North America Advisors SA reported 152 stock positions worth $1.1 billion. Its top holding was Burford Capital (BUR) at 6.5% of the portfolio, followed by SPDR Gold Shares (GLD, 5.8%) and Taiwan Semiconductor-SP ADR (TSM, 5.3%). Compared with Q3 2025, it opened 8 new positions, added to 32 and reduced 52. The biggest buy was a new position in Brookfield (BN) and the biggest sale Canadian Pacific Kansas City (CP, shares −86%).

Most Recent 13F
Q2 2026
Location
GENEVA 73, V8
CIK
0001599576
Portfolio Value
$1.1B (Q4 2025)
SEC Filing
0001599576-26-000001 ↗ filed Jan 16, 2026

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 Q3 2025 Q4 2025: $1.1B $1.1B Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 152 stocks · $1.1B
BUR Burford Capital Ltd. 6.50% 7,647,727 $68.5M No change
GLD SPDR Gold Shares 5.78% 154,165 $60.8M Add +0.2%
TSM Taiwan Semiconductor-SP ADR 5.25% 182,058 $55.3M Add +1.3%
GOOGL Alphabet Inc. Class A 4.10% 137,965 $43.2M Reduce -3.4%
MSFT Microsoft Corp. 3.84% 83,972 $40.4M Reduce -2.7%
SONY Sony Group Corp. - SP ADR 3.74% 1,537,036 $39.3M Add +1.9%
SIHY Harbor Ares Systemt Hi YD-US 3.68% 849,132 $38.8M Reduce -14.6%
EEM iShares MSCI Emerging Market 3.05% 588,156 $32.2M Reduce -0.2%
AMZN Amazon.com Inc. 3.02% 138,030 $31.9M Reduce -6.6%
ALC Alcon Inc. filed as ALCON AG 2.94% 388,026 $31.0M Add +10.1%
YUMC Yum China Holdings Inc. 2.29% 507,719 $24.1M Add +2.0%
JPM JPMorgan Chase & Co. 2.15% 70,301 $22.7M Reduce -3.1%
PYLD PIMCO Multisector Bond Actv 2.11% 834,053 $22.3M Reduce -23.1%
AIRR First Trust Rba American Ind 2.10% 224,873 $22.1M Add +0.0%
META Meta Platforms Inc. Class A 2.07% 33,029 $21.8M Reduce -2.8%
IAU iShares Gold Trust 1.91% 248,159 $20.1M Reduce -9.9%
V Visa Inc. Class A 1.88% 56,467 $19.8M Reduce -4.2%
MELI MercadoLibre Inc. 1.79% 9,342 $18.8M Add +40.7%
BN Brookfield Corp. 1.77% 405,659 $18.7M New
UBS UBS Group AG-Reg 1.64% 369,855 $17.3M Reduce -3.3%
AAPL Apple Inc. 1.52% 58,859 $16.0M Reduce -7.6%
JAAA Janus Henderson Aaa Clo ETF 1.48% 309,262 $15.6M Reduce -31.0%
SPGI S&P Global Inc. 1.42% 28,617 $15.0M Reduce -2.3%
BRK.B Berkshire Hathaway Inc. Class B 1.41% 29,572 $14.9M Reduce -3.4%
MCD McDonald's Corp. 1.12% 38,631 $11.8M Reduce -2.6%
ORLY O'reilly Automotive Inc. 1.02% 117,865 $10.8M Reduce -2.3%
JMBS Janus Henderson Mortg Backed 0.99% 227,223 $10.4M Reduce -35.1%
ASML ASML Holding NV-NY Reg SHS 0.96% 9,458 $10.1M Reduce -0.4%
GOOG Alphabet Inc. Class C 0.95% 31,920 $10.0M No change
ADP Automatic Data Processing 0.93% 37,988 $9.8M Add +7.0%
HLT Hilton Worldwide Holdings Inc. 0.91% 33,194 $9.5M Reduce -2.8%
NVDA Nvidia Corp. 0.90% 50,835 $9.5M Add +2.0%
AMRZ Amrize Ltd. 0.89% 171,259 $9.4M Add +1.4%
GE General Electric filed as GE AEROSPACE 0.88% 29,934 $9.2M Reduce -4.0%
AZN Astrazeneca PLC-Spons ADR 0.81% 92,910 $8.5M Reduce -7.4%
OTIS Otis Worldwide Corp. 0.78% 94,246 $8.2M Reduce -4.8%
AVGO Broadcom Inc. 0.76% 23,026 $8.0M Reduce -2.6%
MU Micron Technology Inc. 0.73% 27,110 $7.7M Reduce -39.5%
LLY Eli Lilly & Co. 0.73% 7,158 $7.7M Add +0.2%
BRO Brown & Brown Inc. 0.70% 92,125 $7.3M Reduce -6.8%
MA Mastercard Inc. Class A 0.61% 11,253 $6.4M Reduce -8.6%
EWJ iShares MSCI Japan ETF 0.60% 77,765 $6.3M Add +33.7%
EWL iShares MSCI Switzerland ETF 0.54% 95,606 $5.7M Add +12.1%
BSX Boston Scientific Corp. 0.53% 58,974 $5.6M Reduce -3.8%
VCIT Vanguard Int-Term Corporate 0.50% 63,223 $5.3M Add +6.2%
EWU iShares MSCI United Kingdom 0.50% 119,724 $5.3M Reduce -4.3%
CVX Chevron Corp. 0.50% 34,289 $5.2M Reduce -6.0%
EWQ iShares MSCI France ETF 0.49% 115,725 $5.2M Reduce -11.2%
AMD Advanced Micro Devices 0.48% 23,734 $5.1M Reduce -5.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.48% 7,350 $5.0M No change
TTE Totalenergies SE 0.47% 76,104 $5.0M New
VB Vanguard Most SM-Cap ETF-Usd 0.45% 18,364 $4.7M Reduce -2.9%
FAST Fastenal Co. 0.41% 108,786 $4.4M Reduce -7.8%
EZU iShares MSCI Eurozone ETF 0.41% 67,953 $4.4M Add +2.6%
TMO Thermo Fisher Scientific Inc. 0.40% 7,254 $4.2M Reduce -3.3%
HD Home Depot Inc. 0.40% 12,165 $4.2M Reduce -4.0%
URTH iShares MSCI World ETF 0.38% 21,801 $4.0M Add +8.0%
CME Cme Group Inc. 0.38% 14,811 $4.0M Reduce -3.5%
PG The Procter & Gamble Co. 0.38% 27,666 $4.0M Reduce -4.5%
PM Philip Morris International 0.37% 24,107 $3.9M Reduce -3.9%
IYR iShares US Real Estate ETF 0.33% 37,434 $3.5M No change
VGK Vanguard Ftse Europe ETF 0.32% 40,778 $3.4M Add +1.3%
UNP Union Pacific Corp. 0.30% 13,681 $3.2M Reduce -8.9%
INDA iShares MSCI India ETF 0.29% 56,832 $3.1M Reduce -0.4%
VT Vanguard Tot World STK ETF 0.29% 21,458 $3.0M Reduce -0.7%
CP Canadian Pacific Kansas City 0.28% 39,625 $2.9M Reduce -86.5%
CB Chubb Ltd. 0.27% 9,254 $2.9M Add +1.0%
UBER Uber Technologies Inc. 0.26% 33,409 $2.7M Reduce -3.3%
CPRT Copart Inc. 0.25% 66,191 $2.6M New
DHR Danaher Corp. 0.23% 10,599 $2.4M Reduce -9.2%
LIN Linde PLC 0.23% 5,564 $2.4M Add +0.6%
QQQ Invesco QQQ Trust Series 1 0.22% 3,846 $2.4M No change
IGF iShares Global Infrastructur 0.21% 35,452 $2.2M No change
IEUS iShares MSCI Europe Small-Ca 0.20% 31,087 $2.1M Add +0.8%
CRM Salesforce Inc. 0.20% 7,986 $2.1M Reduce -9.4%
ADBE Adobe Inc. 0.20% 5,905 $2.1M Reduce -10.1%
ACWI iShares MSCI Acwi ETF 0.20% 14,605 $2.1M No change
EWT iShares MSCI Taiwan ETF 0.20% 32,409 $2.1M No change
XLV SS Health Care Select Sector 0.18% 12,279 $1.9M No change
IXN iShares Global Tech ETF 0.18% 18,050 $1.9M No change
RTX RTX Corp. 0.18% 10,331 $1.9M No change
VWO Vanguard Ftse Emerging Marke 0.18% 35,146 $1.9M Add +22.6%
VNQI Vanguard GLBL Ex-US Real Est 0.17% 40,022 $1.8M No change
PH Parker Hannifin Corp. 0.17% 2,060 $1.8M No change
FXI iShares China Large-Cap ETF 0.13% 36,825 $1.4M Add +32.6%
BX Blackstone Inc. 0.13% 8,800 $1.4M No change
LEMB iShares JP Morgan Em Local C 0.12% 30,672 $1.3M Reduce -0.4%
DFUV Dimensional US Marketwide Va 0.11% 25,825 $1.2M No change
UNH Unitedhealth Group Inc. 0.11% 3,440 $1.1M Add +0.6%
RSP Invesco S&P 500 Equal Weight 0.10% 5,690 $1.1M No change
AMAT Applied Materials Inc. 0.10% 4,160 $1.1M No change
TXN Texas Instruments Inc. 0.09% 5,600 $972K No change
CMG Chipotle Mexican Grill Inc. 0.09% 26,000 $962K No change
QCOM Qualcomm Inc. 0.09% 5,500 $941K No change
XLK SS Technology Select Sector 0.09% 6,374 $918K No change
ICVT iShares Convertible Bond ETF 0.09% 9,244 $911K No change
EWC iShares MSCI Canada ETF 0.08% 16,303 $879K Add +54.5%
NEE Nextera Energy Inc. 0.08% 10,905 $875K No change
ACWX iShares MSCI Acwi Ex US ETF 0.08% 12,450 $836K No change
VCSH Vanguard S/T Corp. Bond ETF 0.08% 10,270 $819K Add +58.5%
JNJ Johnson & Johnson 0.08% 3,906 $808K No change
ZTS Zoetis Inc. 0.07% 6,210 $781K No change
XBI SS SPDR S&P Biotech ETF 0.07% 6,020 $734K New
MRK Merck & Co. Inc. 0.07% 6,875 $724K No change
HON Honeywell International Inc. 0.07% 3,575 $697K No change
VGSH Vanguard Short-Term Treasury 0.06% 11,100 $652K Add +43.6%
USIG iShares Broad Usd Investment 0.06% 12,280 $636K Add +21.2%
HDB HDFC Bank Ltd.-ADR 0.06% 16,928 $619K No change
JBBB Janus Henderson B-BBB Clo Et 0.06% 12,648 $603K No change
IVW iShares S&P 500 Growth ETF 0.06% 4,872 $601K No change
BLK BlackRock Inc. 0.06% 561 $600K Add +2.8%
ISRG Intuitive Surgical Inc. 0.05% 999 $566K Reduce -11.9%
VBIL Vanguard 0-3M T-Bill ETF 0.05% 7,500 $566K Add +91.8%
COST Costco Wholesale Corp. 0.05% 651 $561K No change
ICE Intercontinental Exchange Inc. 0.05% 3,212 $520K Reduce -7.0%
EIDO iShares MSCI Indonesia ETF 0.05% 27,659 $517K No change
CSCO Cisco Systems Inc. 0.05% 6,500 $499K No change
INCO Columbia India Consumer ETF 0.04% 7,182 $465K No change
VNM Vaneck Vietnam ETF 0.04% 24,178 $461K No change
ORCL Oracle Corp. 0.04% 2,358 $460K Reduce -21.4%
CQQQ Invesco China Technology ETF 0.04% 8,462 $440K No change
WMT Walmart Inc. 0.04% 3,854 $429K Add +3.8%
VGIT Vanguard Intermediate-Term T 0.04% 6,850 $411K Add +43.6%
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 2,133 $407K No change
SDY SS SPDR S&P Dividend ETF 0.04% 2,682 $373K No change
PEP Pepsico Inc. 0.04% 2,600 $373K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.03% 2,380 $366K No change
VWOB Vanguard Emerg MKTS Gov BND 0.03% 5,350 $361K No change
EWG iShares MSCI Germany ETF 0.03% 8,380 $356K No change
FEZ State Street SPDR Euro Stoxx 0.03% 5,520 $355K No change
EFA iShares MSCI Eafe ETF 0.03% 3,700 $355K New
CG The Carlyle Group Inc. 0.03% 5,950 $352K No change
CTAS Cintas Corp. 0.03% 1,780 $335K No change
THD iShares MSCI Thailand ETF 0.03% 5,488 $327K No change
DGRW Wisdomtree U.S. Quality Divi 0.03% 3,646 $326K Add +21.5%
EWA iShares MSCI Australia ETF 0.03% 11,741 $307K No change
SLB SLB Ltd. filed as SLB LIMITED 0.03% 8,000 $307K No change
SLV iShares Silver Trust 0.03% 4,720 $304K New
XLF SS Financial Select Sector 0.03% 5,467 $299K No change
IYJ iShares U.S. Industrials ETF 0.03% 1,891 $280K No change
AN Autonation Inc. 0.03% 1,320 $273K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.03% 3,362 $270K New
OEF iShares S&P 100 ETF 0.02% 765 $262K No change
IWM iShares Russell 2000 ETF 0.02% 1,036 $255K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.02% 5,492 $234K No change
CBRE CBRE Group Inc. Class A 0.02% 1,455 $234K No change
XLE SS Energy Select Sector 0.02% 5,214 $233K No change
DE Deere & Co. 0.02% 500 $233K No change
EWY iShares MSCI South Korea ETF 0.02% 2,265 $220K New
SE Sea Ltd.-ADR 0.02% 1,660 $212K No change
CNYA iShares MSCI China A ETF 0.02% 6,099 $211K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.02% 3,000 $202K Reduce -15.3%

Portfolio Sells Q3 2025 → Q4 2025
CP Canadian Pacific Kansas City Reduce -86.5% 0.28% −1.76
JAAA Janus Henderson Aaa Clo ETF Reduce -31.0% 1.48% −0.65
SIHY Harbor Ares Systemt Hi YD-US Reduce -14.6% 3.68% −0.63
PYLD PIMCO Multisector Bond Actv Reduce -23.1% 2.11% −0.61
JMBS Janus Henderson Mortg Backed Reduce -35.1% 0.99% −0.51
MSFT Microsoft Corp. Reduce -2.7% 3.84% −0.33
META Meta Platforms Inc. Class A Reduce -2.8% 2.07% −0.27
ORLY O'reilly Automotive Inc. Reduce -2.3% 1.02% −0.20
BRO Brown & Brown Inc. Reduce -6.8% 0.70% −0.17
FAST Fastenal Co. Reduce -7.8% 0.41% −0.13
HD Home Depot Inc. Reduce -4.0% 0.40% −0.08
OTIS Otis Worldwide Corp. Reduce -4.8% 0.78% −0.07
UBER Uber Technologies Inc. Reduce -3.3% 0.26% −0.06
MA Mastercard Inc. Class A Reduce -8.6% 0.61% −0.05
EWQ iShares MSCI France ETF Reduce -11.2% 0.49% −0.04
PG The Procter & Gamble Co. Reduce -4.5% 0.38% −0.04
ORCL Oracle Corp. Reduce -21.4% 0.04% −0.04
CVX Chevron Corp. Reduce -6.0% 0.50% −0.03
UNP Union Pacific Corp. Reduce -8.9% 0.30% −0.03
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.4% 1.41% −0.03
BSX Boston Scientific Corp. Reduce -3.8% 0.53% −0.03
ADBE Adobe Inc. Reduce -10.1% 0.20% −0.02
AMZN Amazon.com Inc. Reduce -6.6% 3.02% −0.01
PM Philip Morris International Reduce -3.9% 0.37% −0.01
MCD McDonald's Corp. Reduce -2.6% 1.12% −0.01
ICE Intercontinental Exchange Inc. Reduce -7.0% 0.05% −0.01
CME Cme Group Inc. Reduce -3.5% 0.38% −0.00
V Visa Inc. Class A Reduce -4.2% 1.88% −0.00
GE General Electric Reduce -4.0% 0.88% −0.00
IFF Intl Flavors & Fragrances Reduce -15.3% 0.02% −0.00
VB Vanguard Most SM-Cap ETF-Usd Reduce -2.9% 0.45% −0.00
AAPL Apple Inc. Reduce -7.6% 1.52% +0.00
LEMB iShares JP Morgan Em Local C Reduce -0.4% 0.12% +0.00
CRM Salesforce Inc. Reduce -9.4% 0.20% +0.01
ISRG Intuitive Surgical Inc. Reduce -11.9% 0.05% +0.01
EWU iShares MSCI United Kingdom Reduce -4.3% 0.50% +0.01
JPM JPMorgan Chase & Co. Reduce -3.1% 2.15% +0.01
VT Vanguard Tot World STK ETF Reduce -0.7% 0.29% +0.01
DHR Danaher Corp. Reduce -9.2% 0.23% +0.01
INDA iShares MSCI India ETF Reduce -0.4% 0.29% +0.01
AVGO Broadcom Inc. Reduce -2.6% 0.76% +0.03
MU Micron Technology Inc. Reduce -39.5% 0.73% +0.03
IAU iShares Gold Trust Reduce -9.9% 1.91% +0.04
TMO Thermo Fisher Scientific Inc. Reduce -3.3% 0.40% +0.06
HLT Hilton Worldwide Holdings Inc. Reduce -2.8% 0.91% +0.08
SPGI S&P Global Inc. Reduce -2.3% 1.42% +0.09
AZN Astrazeneca PLC-Spons ADR Reduce -7.4% 0.81% +0.09
ASML ASML Holding NV-NY Reg SHS Reduce -0.4% 0.96% +0.10
AMD Advanced Micro Devices Reduce -5.1% 0.48% +0.10
EEM iShares MSCI Emerging Market Reduce -0.2% 3.05% +0.11

Portfolio Buys Q3 2025 → Q4 2025
BN Brookfield Corp. New 1.77% +1.77
GLD SPDR Gold Shares Add +0.2% 5.78% +0.67
TSM Taiwan Semiconductor-SP ADR Add +1.3% 5.25% +0.55
ALC Alcon Inc. Add +10.1% 2.94% +0.48
TTE Totalenergies SE New 0.47% +0.47
MELI MercadoLibre Inc. Add +40.7% 1.79% +0.33
YUMC Yum China Holdings Inc. Add +2.0% 2.29% +0.30
CPRT Copart Inc. New 0.25% +0.25
LLY Eli Lilly & Co. Add +0.2% 0.73% +0.22
EWJ iShares MSCI Japan ETF Add +33.7% 0.60% +0.16
AMRZ Amrize Ltd. Add +1.4% 0.89% +0.13
EWL iShares MSCI Switzerland ETF Add +12.1% 0.54% +0.10
XBI SS SPDR S&P Biotech ETF New 0.07% +0.07
AIRR First Trust Rba American Ind Add +0.0% 2.10% +0.06
URTH iShares MSCI World ETF Add +8.0% 0.38% +0.04
VWO Vanguard Ftse Emerging Marke Add +22.6% 0.18% +0.03
EFA iShares MSCI Eafe ETF New 0.03% +0.03
VCIT Vanguard Int-Term Corporate Add +6.2% 0.50% +0.03
EWC iShares MSCI Canada ETF Add +54.5% 0.08% +0.03
CB Chubb Ltd. Add +1.0% 0.27% +0.03
NVDA Nvidia Corp. Add +2.0% 0.90% +0.03
EZU iShares MSCI Eurozone ETF Add +2.6% 0.41% +0.03
VCSH Vanguard S/T Corp. Bond ETF Add +58.5% 0.08% +0.03
SLV iShares Silver Trust New 0.03% +0.03
FXI iShares China Large-Cap ETF Add +32.6% 0.13% +0.03
VBIL Vanguard 0-3M T-Bill ETF Add +91.8% 0.05% +0.03
SPYM Ste STR SPDR PT S&P 500 ETF New 0.03% +0.03
VGK Vanguard Ftse Europe ETF Add +1.3% 0.32% +0.02
EWY iShares MSCI South Korea ETF New 0.02% +0.02
VGSH Vanguard Short-Term Treasury Add +43.6% 0.06% +0.02
VGIT Vanguard Intermediate-Term T Add +43.6% 0.04% +0.01
USIG iShares Broad Usd Investment Add +21.2% 0.06% +0.01
IEUS iShares MSCI Europe Small-Ca Add +0.8% 0.20% +0.01
DGRW Wisdomtree U.S. Quality Divi Add +21.5% 0.03% +0.01
WMT Walmart Inc. Add +3.8% 0.04% +0.00
BLK BlackRock Inc. Add +2.8% 0.06% −0.00
UNH Unitedhealth Group Inc. Add +0.6% 0.11% −0.00
LIN Linde PLC Add +0.6% 0.23% −0.02
ADP Automatic Data Processing Add +7.0% 0.93% −0.05
SONY Sony Group Corp. - SP ADR Add +1.9% 3.74% −0.33

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