Shell Asset Management Co.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Shell Asset Management Co. reported 1,140 stock positions worth $995.7 million. Its top holding was Nvidia (NVDA) at 6.6% of the portfolio, followed by Apple (AAPL, 5.3%) and Microsoft (MSFT, 5.2%). Compared with Q2 2025, it opened 8 new positions, sold out of 111, added to 48 and reduced 1,074. The biggest buy was iShares MSCI India ETF (INDA, shares +6%) and the biggest sale Amazon.com (AMZN, shares −74%).

Most Recent 13F
Q3 2025
Location
THE HAGUE, P7
CIK
0001211028
Portfolio Value
$995.7M (Q3 2025)
SEC Filing
0001211028-25-000008 ↗ filed Nov 7, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.2B Q1 2024 Q3 2024: $2.3B Q3 2024 Q4 2024: $2.3B Q4 2024 Q1 2025: $2.1B Q1 2025 Q2 2025: $2.9B Q2 2025 Q3 2025: $995.7M $995.7M Q3 2025

Holdings 1,140 stocks · $995.7M

NVDA Nvidia Corp. 6.64% 354,566 $66.2M Reduce -71.5%
AAPL Apple Inc. 5.30% 207,085 $52.7M Reduce -70.6%
MSFT Microsoft Corp. 5.17% 99,347 $51.5M Reduce -71.6%
AMZN Amazon.com Inc. 2.97% 134,878 $29.6M Reduce -74.3%
AVGO Broadcom Inc. 2.18% 65,895 $21.7M Reduce -70.4%
GOOG Alphabet Inc. Class C 2.11% 86,189 $21.0M Reduce -69.6%
META Meta Platforms Inc. Class A 2.05% 27,838 $20.4M Reduce -75.3%
TSLA Tesla Inc. 1.75% 39,165 $17.4M Reduce -68.8%
INDA iShares MSCI India ETF 1.51% 287,959 $15.0M Add +6.0%
GOOGL Alphabet Inc. Class A 1.32% 53,943 $13.1M Reduce -72.8%
JPM JPMorgan Chase & Co. 0.96% 30,326 $9.6M Reduce -65.2%
LLY Eli Lilly & Co. 0.93% 12,193 $9.3M Reduce -72.4%
V Visa Inc. Class A 0.90% 26,381 $9.0M Reduce -76.5%
MA Mastercard Inc. Class A 0.88% 15,332 $8.7M Reduce -74.4%
COST Costco Wholesale Corp. 0.80% 8,600 $8.0M Reduce -77.9%
HD Home Depot Inc. 0.78% 19,211 $7.8M Reduce -60.1%
BRK.B Berkshire Hathaway Inc. Class B 0.71% 14,078 $7.1M Reduce -80.3%
ENB Enbridge Inc. 0.57% 112,346 $5.7M Reduce -45.2%
NFLX Netflix Inc. 0.57% 4,703 $5.6M Reduce -66.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.53% 18,862 $5.3M Reduce -33.8%
ABBV Abbvie Inc. 0.52% 22,295 $5.2M Reduce -56.4%
UNH Unitedhealth Group Inc. 0.51% 14,761 $5.1M Reduce -77.9%
PLTR Palantir Technologies Inc. Class A 0.51% 27,899 $5.1M Reduce -9.6%
PG The Procter & Gamble Co. 0.50% 32,591 $5.0M Reduce -37.2%
GE General Electric filed as GE AEROSPACE 0.50% 16,604 $5.0M Reduce -51.9%
ORCL Oracle Corp. 0.50% 17,723 $5.0M Reduce -54.4%
INTU Intuit Inc. 0.48% 7,046 $4.8M Reduce -71.3%
AMAT Applied Materials Inc. 0.46% 22,285 $4.6M Reduce -67.1%
BR Broadridge Financial Solutio 0.43% 17,999 $4.3M Reduce -40.1%
PGR Progressive Corp. 0.42% 17,050 $4.2M Reduce -72.0%
KBA Kraneshares Bosera MSCI Chin 0.42% 139,850 $4.2M Add +29.6%
SPGI S&P Global Inc. 0.42% 8,498 $4.1M Reduce -72.7%
TD Toronto-Dominion Bank 0.41% 50,693 $4.1M Reduce -32.7%
AMD Advanced Micro Devices 0.40% 24,539 $4.0M Reduce -65.5%
KO The Coca-Cola Co. 0.40% 59,842 $4.0M Reduce -43.6%
LOW Lowe's Cos Inc. 0.39% 15,444 $3.9M Reduce -44.1%
AXP American Express Co. 0.39% 11,608 $3.9M Reduce -64.3%
CSCO Cisco Systems Inc. 0.38% 55,576 $3.8M Reduce -28.0%
AEM Agnico Eagle Mines Ltd. 0.38% 22,427 $3.8M Reduce -80.5%
PM Philip Morris International 0.38% 23,116 $3.7M Reduce -63.4%
NOW ServiceNow Inc. 0.37% 3,983 $3.7M Reduce -79.3%
UNP Union Pacific Corp. 0.37% 15,387 $3.6M Reduce -52.2%
ICE Intercontinental Exchange Inc. 0.36% 21,510 $3.6M Reduce -40.6%
QCOM Qualcomm Inc. 0.36% 21,627 $3.6M Reduce -48.5%
NEM Newmont Corp. 0.36% 42,557 $3.6M Reduce -80.3%
PDD PDD Holdings Inc. 0.35% 26,705 $3.5M Reduce -22.8%
GILD Gilead Sciences Inc. 0.35% 31,624 $3.5M Reduce -63.5%
ADP Automatic Data Processing 0.35% 11,719 $3.4M Reduce -56.8%
VZ Verizon Communications Inc. 0.34% 76,048 $3.3M Reduce -34.5%
ISRG Intuitive Surgical Inc. 0.33% 7,442 $3.3M Reduce -77.0%
MCO Moody's Corp. 0.33% 6,949 $3.3M Reduce -81.3%
MRK Merck & Co. Inc. 0.33% 39,209 $3.3M Reduce -52.0%
MCD McDonald's Corp. 0.33% 10,663 $3.2M Reduce -19.8%
HON Honeywell International Inc. 0.32% 15,179 $3.2M Reduce -48.9%
MU Micron Technology Inc. 0.32% 19,093 $3.2M Reduce -56.3%
SHOP Shopify Inc. Class A 0.31% 20,765 $3.1M Reduce -54.4%
ADBE Adobe Inc. 0.31% 8,705 $3.1M Reduce -63.4%
WELL Welltower Inc. 0.30% 16,993 $3.0M Reduce -57.5%
TRI Thomson Reuters Corp. 0.30% 18,928 $2.9M Reduce -55.3%
WMT Walmart Inc. 0.29% 28,216 $2.9M Add +98.2%
COF Capital One Financial Corp. 0.29% 13,659 $2.9M Reduce -69.2%
UBER Uber Technologies Inc. 0.29% 29,600 $2.9M Reduce -78.9%
GEV GE Vernova Inc. 0.28% 4,612 $2.8M Reduce -33.1%
AMGN Amgen Inc. 0.28% 9,992 $2.8M Reduce -37.9%
RTX RTX Corp. 0.28% 16,610 $2.8M Reduce -56.9%
AWK American Water Works Co. Inc. 0.28% 19,780 $2.8M Reduce -38.7%
MO Altria Group Inc. 0.28% 41,471 $2.7M Reduce -36.2%
BSX Boston Scientific Corp. 0.27% 27,732 $2.7M Reduce -21.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.27% 51,974 $2.7M Reduce -47.3%
SYK Stryker Corp. 0.27% 7,253 $2.7M Reduce -56.1%
CBOE Cboe Global Markets Inc. 0.27% 10,919 $2.7M Reduce -69.3%
NDAQ Nasdaq Inc. 0.27% 29,932 $2.6M Reduce -36.0%
VRTX Vertex Pharmaceuticals Inc. 0.26% 6,666 $2.6M Reduce -61.2%
MCK McKesson Corp. 0.26% 3,322 $2.6M Reduce -57.7%
TXN Texas Instruments Inc. 0.26% 13,966 $2.6M Reduce -38.9%
MSI Motorola Solutions Inc. 0.26% 5,602 $2.6M Reduce -21.6%
WCN Waste Connections Inc. 0.25% 14,291 $2.5M Reduce -38.5%
CRM Salesforce Inc. 0.25% 10,499 $2.5M Reduce -70.0%
CI The Cigna Group 0.25% 8,597 $2.5M Reduce -58.6%
KSA Ishrs MSCI Saudi Arabia ETF 0.25% 60,557 $2.5M Add +1.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.25% 16,965 $2.5M Reduce -54.8%
HIG Hartford Insurance Group Inc. 0.24% 18,212 $2.4M Reduce -67.9%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.24% 30,326 $2.4M Reduce -36.0%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.24% 18,611 $2.4M Reduce -35.9%
ADI Analog Devices Inc. 0.24% 9,722 $2.4M Reduce -19.4%
LRCX Lam Research Corp. 0.24% 17,520 $2.3M Reduce -74.9%
DVN Devon Energy Corp. 0.24% 66,878 $2.3M Reduce -53.0%
ELV Elevance Health Inc. 0.24% 7,254 $2.3M Reduce -52.7%
PRU Prudential Financial Inc. 0.23% 22,365 $2.3M Add +0.9%
FTS Fortis Inc. 0.23% 45,623 $2.3M Reduce -38.4%
CDNS Cadence Design SYS Inc. 0.23% 6,586 $2.3M Reduce -87.5%
FISV Fiserv Inc. 0.23% 17,883 $2.3M Reduce -75.6%
APP AppLovin Corp. Class A 0.23% 3,202 $2.3M Reduce -53.7%
FAST Fastenal Co. 0.23% 45,913 $2.3M Reduce -79.8%
TRV The Travelers Cos Inc. 0.22% 8,005 $2.2M Reduce -64.6%
PTC PTC Inc. 0.22% 10,654 $2.2M Reduce -25.1%
XOM Exxon Mobil Corp. 0.22% 19,176 $2.2M Reduce -74.4%
SYF Synchrony Financial 0.22% 30,342 $2.2M Reduce -68.0%
EA Electronic Arts Inc. 0.21% 10,447 $2.1M Reduce -51.4%
FFIV F5 Inc. 0.21% 6,470 $2.1M Reduce -68.2%

Show all 1,140 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $3K (not counted above)
SecurityClassShares / PrincipalValueChange
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 382$3KReduce -66.8%

Total filed on the 13F, all lines: $995.7M.

Portfolio Sells Q2 2025 → Q3 2025

AMZN Amazon.com Inc. Reduce -74.3% 2.97% −1.01
MSFT Microsoft Corp. Reduce -71.6% 5.17% −0.83
META Meta Platforms Inc. Class A Reduce -75.3% 2.05% −0.82
COST Costco Wholesale Corp. Reduce -77.9% 0.80% −0.53
BKNG Booking Holdings Inc. Reduce -90.2% 0.19% −0.51
BRK.B Berkshire Hathaway Inc. Class B Reduce -80.3% 0.71% −0.49
V Visa Inc. Class A Reduce -76.5% 0.90% −0.47
SNEX Stonex Group Inc. Reduce -99.2% 0.01% −0.47
TDG Transdigm Group Inc. Reduce -99.6% 0.00% −0.42
INGR Ingredion Inc. Reduce -98.5% 0.02% −0.40
ABT Abbott Laboratories Reduce -90.6% 0.15% −0.39
BRO Brown & Brown Inc. Reduce -98.5% 0.01% −0.35
APH Amphenol Corp. Class A Reduce -91.9% 0.14% −0.34
CDNS Cadence Design SYS Inc. Reduce -87.5% 0.23% −0.33
NOW ServiceNow Inc. Reduce -79.3% 0.37% −0.32
MCO Moody's Corp. Reduce -81.3% 0.33% −0.31
FICO Fair Isaac Corp. Reduce -88.9% 0.11% −0.30
MA Mastercard Inc. Class A Reduce -74.4% 0.88% −0.29
ISRG Intuitive Surgical Inc. Reduce -77.0% 0.33% −0.27
FIS Fidelity National Info Serv Reduce -87.9% 0.11% −0.27
EQX Equinox Gold Corp. Reduce -99.3% 0.01% −0.26
LLY Eli Lilly & Co. Reduce -72.4% 0.93% −0.26
CMG Chipotle Mexican Grill Inc. Reduce -80.0% 0.16% −0.24
TMO Thermo Fisher Scientific Inc. Reduce -93.2% 0.07% −0.24
DHT DHT Holdings Inc. Sold out 0.00% −0.23
CPRT Copart Inc. Reduce -90.3% 0.07% −0.21
UNH Unitedhealth Group Inc. Reduce -77.9% 0.51% −0.21
FISV Fiserv Inc. Reduce -75.6% 0.23% −0.21
NVR NVR Inc. Reduce -96.0% 0.03% −0.20
XYL Xylem Inc. Reduce -87.6% 0.14% −0.20
BEPC Brookfield Renewable Corp. Sold out 0.00% −0.19
CSGP Costar Group Inc. Reduce -99.7% 0.00% −0.19
INTU Intuit Inc. Reduce -71.3% 0.48% −0.18
MP MP Materials Corp. Sold out 0.00% −0.18
PEP Pepsico Inc. Reduce -84.4% 0.16% −0.18
DAR Darling Ingredients Inc. Reduce -99.1% 0.00% −0.17
UBER Uber Technologies Inc. Reduce -78.9% 0.29% −0.16
HAPN Happen Inc. Sold out 0.00% −0.16
CVX Chevron Corp. Reduce -88.3% 0.09% −0.16
SPGI S&P Global Inc. Reduce -72.7% 0.42% −0.15
BNTX Biontech SE-ADR Sold out 0.00% −0.15
NVDA Nvidia Corp. Reduce -71.5% 6.64% −0.15
REGN Regeneron Pharmaceuticals Reduce -95.0% 0.03% −0.15
CTAS Cintas Corp. Reduce -83.6% 0.11% −0.14
UUUU Energy Fuels Inc. Reduce -99.5% 0.01% −0.14
PGR Progressive Corp. Reduce -72.0% 0.42% −0.14
CLS Celestica Inc. Reduce -96.4% 0.03% −0.14
PYPL PayPal Holdings Inc. Reduce -86.0% 0.08% −0.14
CSL Carlisle Cos Inc. Reduce -99.0% 0.00% −0.14
APG Api Group Corp. Sold out 0.00% −0.14

Portfolio Buys Q2 2025 → Q3 2025

INDA iShares MSCI India ETF Add +6.0% 1.51% +0.98
KBA Kraneshares Bosera MSCI Chin Add +29.6% 0.42% +0.33
WMT Walmart Inc. Add +98.2% 0.29% +0.24
KSA Ishrs MSCI Saudi Arabia ETF Add +1.2% 0.25% +0.17
NU Nu Holdings Ltd./Cayman Isl-A Add +88.3% 0.19% +0.16
PRU Prudential Financial Inc. Add +0.9% 0.23% +0.15
PH Parker Hannifin Corp. Add +104.1% 0.16% +0.13
MTB M & T Bank Corp. Add +121.2% 0.16% +0.13
BA The Boeing Co. Add +40.7% 0.14% +0.11
BKR Baker Hughes Co. Add +16.4% 0.11% +0.09
YUMC Yum China Holdings Inc. Add +35.7% 0.10% +0.08
CNP Centerpoint Energy Inc. Add +11.0% 0.11% +0.08
CRBG Corebridge Financial Inc. Add +174.0% 0.08% +0.07
MSTR Strategy Inc. Add +10.4% 0.09% +0.06
MDB Mongodb Inc. Add +47.8% 0.06% +0.05
GIS General Mills Inc. Add +1.9% 0.07% +0.05
KWT iShares MSCI Kuwait ETF Add +2.3% 0.07% +0.05
CME Cme Group Inc. Add +2.4% 0.07% +0.05
CVNA Carvana Co. Add +3.3% 0.06% +0.04
DUK Duke Energy Corp. Add +4.8% 0.06% +0.04
AZO AutoZone Inc. Add +0.9% 0.05% +0.03
FWONK Liberty Media Corp. Class C Add +4.1% 0.05% +0.03
BAM Brookfield Asset Mgmt-A Add +150.6% 0.04% +0.03
BVN Cia DE Minas Buenaventur-ADR Add +45.3% 0.04% +0.03
HOOD Robinhood Markets Inc. Class A Add +157.6% 0.03% +0.03
RY Royal Bank of Canada Add +4.1% 0.04% +0.03
IT Gartner Inc. Add +2.7% 0.05% +0.03
HTHT H World Group Ltd.-ADR Add +255.1% 0.03% +0.03
AIG American International Group Add +6.7% 0.03% +0.02
NTNX Nutanix Inc. Class A Add +25.3% 0.03% +0.02
LHX L3HARRIS Technologies Inc. Add +185.0% 0.02% +0.02
BSY Bentley Systems Inc. Class B Add +4.8% 0.03% +0.02
TWLO Twilio Inc. Class A Add +247.4% 0.02% +0.02
JXN Jackson Financial Inc. Class A Add +10.8% 0.02% +0.02
SOLV Solventum Corp. Add +79.6% 0.02% +0.02
ATHM Autohome Inc.-ADR Add +668.6% 0.02% +0.01
LEGN Legend Biotech Corp.-ADR Add +144.5% 0.02% +0.01
TAL Tal Education Group- ADR Add +4.7% 0.02% +0.01
COO The Cooper Cos Inc. Add +21.9% 0.02% +0.01
TOST Toast Inc. Class A Add +158.1% 0.01% +0.01
DOCU Docusign Inc. Add +240.7% 0.01% +0.01
PATK Patrick Industries Inc. Add +4.0% 0.01% +0.01
NOVT Novanta Inc. Add +6.8% 0.01% +0.01
BBT Beacon Financial Corp. Add +5.4% 0.01% +0.00
DDOG Datadog Inc. Class A Add +32.4% 0.01% +0.00
CPF Central Pacific Financial Co. Add +5.2% 0.01% +0.00
AUGO Aura Minerals Inc. New 0.00% +0.00
OLLI Ollie's Bargain Outlet Holdi New 0.00% +0.00
G Genpact Ltd. New 0.00% +0.00
VZLA Vizsla Silver Corp. New 0.00% +0.00

Notes & Other Activity Q2 2025 → Q3 2025

GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 Reduce -66.8% 382 $3K
AIZ Assurant Inc. COM Reduce -100.0% 0 $0
JNPR Juniper Networks Inc. COM Reduce -100.0% 0 $0
OVV Ovintiv Inc. COM Reduce -100.0% 0 $0
IPG Interpublic Group of Cos Inc. COM Reduce -100.0% 0 $0
LKQ LKQ Corp. COM Reduce -100.0% 0 $0
GIL Gildan Activewear Inc. COM Reduce -100.0% 0 $0
CNQ Canadian Natural Resources COM Reduce -100.0% 0 $0
WBA Walgreens Boots Alliance Inc. COM Reduce -100.0% 0 $0
SPG Simon Property Group Inc. COM Reduce -100.0% 0 $0
EVRG Evergy Inc. COM Reduce -100.0% 0 $0
CAG Conagra Brands Inc. COM Reduce -100.0% 0 $0
NKE Nike Inc. Class B CL B Reduce -100.0% 0 $0
FBIN Fortune Brands Innovations I COM Reduce -100.0% 0 $0
ALLY Ally Financial Inc. COM Reduce -100.0% 0 $0
TFC Truist Financial Corp. COM Reduce -100.0% 0 $0
NTRS Northern Trust Corp. COM Reduce -100.0% 0 $0
NSC Norfolk Southern Corp. COM Reduce -100.0% 0 $0
ALB Albemarle Corp. COM Reduce -100.0% 0 $0
DOW Dow Inc. COM Reduce -100.0% 0 $0
HES Hess Corp. COM Reduce -100.0% 0 $0
RDUS Radius Recycling Inc. Class A CL A Reduce -100.0% 0 $0
ILPT Industrial Logistics Propert COM SHS BEN INT Reduce -100.0% 0 $0
MERC Mercer International Inc. COM Reduce -100.0% 0 $0
B Barrick Gold Corp. COM Sold out 0 $0before exit
OR Osisko Gold Royalties Ltd. COM Sold out 0 $0before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 1,140$995.7MNVDA, AAPL, MSFT, AMZN, AVGO
Q2 2025 1,266$2.9BNVDA, MSFT, AAPL, AMZN, META
Q1 2025 1,260$2.1BAAPL, NVDA, MSFT, AMZN, META
Q4 2024 1,264$2.3BAAPL, NVDA, MSFT, AMZN, META
Q3 2024 1,255$2.3BMSFT, AAPL, NVDA, AMZN, META
Q1 2024 1,252$2.2BMSFT, NVDA, AAPL, AMZN, META