Swiss Life Asset Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 2, 2025), Swiss Life Asset Management Ltd reported 1,192 stock positions worth $19.2 billion. Its top holding was Nvidia (NVDA) at 8.3% of the portfolio, followed by Microsoft (MSFT, 6.8%) and Apple (AAPL, 5.4%). Compared with Q2 2025, it opened 348 new positions, sold out of 10, added to 624 and reduced 216. The biggest buy was Nvidia (NVDA, shares +5%) and the biggest sale Philip Morris International (PM, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- Zurich, V8
- CIK
- 0001637689
- Portfolio Value
- $19.2B (Q3 2025)
- SEC Filing
- 0001172661-25-005239 ↗ filed Dec 2, 2025
Holdings Value
Holdings 1,192 stocks · $19.2B
| NVDA Nvidia Corp. | 8.26% | 8,508,387 | $1.6B | Add +5.3% |
| MSFT Microsoft Corp. | 6.79% | 2,519,161 | $1.3B | Add +5.5% |
| AAPL Apple Inc. | 5.35% | 4,039,366 | $1.0B | Add +2.6% |
| GOOGL Alphabet Inc. Class A | 2.70% | 2,135,432 | $519.1M | Add +5.0% |
| META Meta Platforms Inc. Class A | 2.69% | 702,996 | $516.3M | Add +1.9% |
| AMZN Amazon.com Inc. | 2.64% | 2,311,501 | $507.5M | Add +3.4% |
| AVGO Broadcom Inc. | 2.45% | 1,427,112 | $470.8M | Add +2.6% |
| GOOG Alphabet Inc. Class C | 2.02% | 1,597,164 | $389.0M | Add +6.1% |
| TSLA Tesla Inc. | 2.00% | 862,544 | $383.6M | Add +7.0% |
| MO Altria Group Inc. | 1.60% | 4,664,986 | $308.2M | Reduce -0.5% |
| VZ Verizon Communications Inc. | 1.33% | 5,799,825 | $254.9M | Reduce -1.6% |
| JNJ Johnson & Johnson | 1.22% | 1,268,409 | $235.2M | Reduce -2.0% |
| LLY Eli Lilly & Co. | 1.20% | 301,751 | $230.2M | Add +5.1% |
| ABBV Abbvie Inc. | 1.05% | 872,152 | $201.9M | Reduce -0.2% |
| CME Cme Group Inc. | 1.02% | 722,683 | $195.3M | Reduce -1.6% |
| V Visa Inc. Class A | 0.94% | 527,530 | $180.1M | Add +4.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.84% | 573,436 | $161.8M | Reduce -0.6% |
| NFLX Netflix Inc. | 0.83% | 133,760 | $160.4M | Add +3.6% |
| PLTR Palantir Technologies Inc. Class A | 0.81% | 858,292 | $156.6M | Add +5.6% |
| JPM JPMorgan Chase & Co. | 0.80% | 485,771 | $153.2M | Add +0.1% |
| PFE Pfizer Inc. | 0.76% | 5,702,699 | $145.3M | Reduce -2.2% |
| ORCL Oracle Corp. | 0.75% | 510,345 | $143.5M | Add +3.3% |
| BLK BlackRock Inc. | 0.72% | 117,961 | $137.5M | Add +1.5% |
| HD Home Depot Inc. | 0.71% | 334,430 | $135.5M | Add +2.0% |
| GE General Electric filed as GE AEROSPACE | 0.68% | 435,729 | $131.1M | Add +5.1% |
| MA Mastercard Inc. Class A | 0.66% | 222,928 | $126.8M | Add +8.2% |
| PM Philip Morris International | 0.62% | 734,628 | $119.2M | Reduce -4.3% |
| MS Morgan Stanley | 0.62% | 743,800 | $118.2M | Add +0.8% |
| CVX Chevron Corp. | 0.57% | 705,530 | $109.6M | Add +3.7% |
| BX Blackstone Inc. | 0.53% | 592,668 | $101.3M | Reduce -1.0% |
| CSCO Cisco Systems Inc. | 0.53% | 1,478,580 | $101.2M | Reduce -7.2% |
| UNH Unitedhealth Group Inc. | 0.52% | 291,853 | $100.8M | Add +6.5% |
| UPS United Parcel Service Class B | 0.52% | 1,203,460 | $100.5M | Add +2.5% |
| PG The Procter & Gamble Co. | 0.52% | 646,288 | $99.3M | Add +7.7% |
| MRK Merck & Co. Inc. | 0.51% | 1,157,633 | $97.2M | Add +3.8% |
| XOM Exxon Mobil Corp. | 0.50% | 856,264 | $96.5M | Reduce -0.8% |
| WMT Walmart Inc. | 0.48% | 899,280 | $92.7M | Reduce -0.6% |
| TXN Texas Instruments Inc. | 0.48% | 504,391 | $92.7M | Add +2.3% |
| COST Costco Wholesale Corp. | 0.47% | 97,315 | $90.1M | Reduce -4.2% |
| CAT Caterpillar Inc. | 0.45% | 180,812 | $86.3M | Add +4.7% |
| PAYX Paychex Inc. | 0.43% | 651,002 | $82.5M | Reduce -1.1% |
| MDT Medtronic PLC | 0.42% | 852,796 | $81.2M | New |
| ETN Eaton Corp. PLC | 0.42% | 214,838 | $80.4M | New |
| MCD McDonald's Corp. | 0.41% | 258,773 | $78.6M | Add +3.4% |
| NOW ServiceNow Inc. | 0.40% | 83,363 | $76.7M | Add +5.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.40% | 152,483 | $76.7M | Reduce -4.9% |
| AMGN Amgen Inc. | 0.40% | 271,340 | $76.6M | Add +2.3% |
| QCOM Qualcomm Inc. | 0.39% | 452,762 | $75.3M | Reduce -10.0% |
| KO The Coca-Cola Co. | 0.39% | 1,115,486 | $74.0M | Add +3.0% |
| ACN Accenture PLC Class A | 0.38% | 299,277 | $73.8M | New |
| LRCX Lam Research Corp. | 0.38% | 540,813 | $72.4M | Add +1.6% |
| INTU Intuit Inc. | 0.37% | 105,376 | $72.0M | Reduce -2.6% |
| FAST Fastenal Co. | 0.37% | 1,452,588 | $71.2M | Reduce -0.5% |
| BKNG Booking Holdings Inc. | 0.37% | 12,999 | $70.2M | Add +8.9% |
| UBER Uber Technologies Inc. | 0.35% | 692,138 | $67.8M | Add +6.9% |
| TFC Truist Financial Corp. | 0.35% | 1,465,499 | $67.0M | Reduce -2.0% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.35% | 648,479 | $66.6M | Add +0.1% |
| CRM Salesforce Inc. | 0.34% | 275,577 | $65.3M | Add +5.1% |
| DRI Darden Restaurants Inc. | 0.33% | 337,383 | $64.2M | Reduce -2.5% |
| AMD Advanced Micro Devices | 0.33% | 390,774 | $63.2M | Add +9.4% |
| GILD Gilead Sciences Inc. | 0.33% | 569,271 | $63.2M | Add +5.9% |
| KLAC KLA Corp. | 0.33% | 58,165 | $62.7M | Add +11.4% |
| UNP Union Pacific Corp. | 0.32% | 260,177 | $61.5M | Reduce -4.1% |
| ANET Arista Networks Inc. | 0.32% | 421,851 | $61.5M | Add +8.8% |
| AMAT Applied Materials Inc. | 0.32% | 298,693 | $61.2M | Reduce -9.3% |
| PGR Progressive Corp. | 0.31% | 240,599 | $59.4M | Add +12.4% |
| USB US Bancorp | 0.31% | 1,226,653 | $59.3M | Add +1.5% |
| ADI Analog Devices Inc. | 0.30% | 238,350 | $58.6M | Add +3.3% |
| ADP Automatic Data Processing | 0.30% | 196,126 | $57.6M | Reduce -3.4% |
| LIN Linde PLC | 0.29% | 116,510 | $55.3M | New |
| ADBE Adobe Inc. | 0.29% | 156,263 | $55.1M | Add +13.7% |
| GEV GE Vernova Inc. | 0.28% | 88,153 | $54.2M | Reduce -6.3% |
| PEP Pepsico Inc. | 0.27% | 372,936 | $52.4M | Add +1.0% |
| STX Seagate Technology Holdings | 0.27% | 220,446 | $52.0M | New |
| BMY Bristol-Myers Squibb Co. | 0.27% | 1,142,844 | $51.5M | Add +6.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 341,023 | $49.3M | Add +19.9% |
| PFG Principal Financial Group | 0.26% | 594,297 | $49.3M | Add +1.3% |
| PANW Palo Alto Networks Inc. | 0.24% | 228,111 | $46.4M | Add +9.6% |
| ABT Abbott Laboratories | 0.23% | 336,028 | $45.0M | Reduce -0.4% |
| D Dominion Energy Inc. | 0.23% | 728,790 | $44.6M | Add +6.6% |
| DOW Dow Inc. | 0.23% | 1,928,453 | $44.2M | Reduce -1.4% |
| CVS CVS Health Corp. | 0.23% | 584,887 | $44.1M | Reduce -0.6% |
| WMB Williams Cos Inc. | 0.23% | 695,779 | $44.1M | Reduce -0.2% |
| KMI Kinder Morgan Inc. | 0.23% | 1,549,126 | $43.9M | Reduce -1.4% |
| FE Firstenergy Corp. | 0.23% | 946,256 | $43.4M | Reduce -0.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.22% | 86,834 | $42.6M | Add +0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.21% | 799,235 | $41.2M | Add +10.4% |
| F Ford Motor Co. filed as FORD MTR CO | 0.20% | 3,158,725 | $37.8M | Reduce -2.9% |
| GS Goldman Sachs Group Inc. | 0.20% | 47,091 | $37.5M | Add +39.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 56,000 | $37.3M | Reduce -2.1% |
| SCHW Schwab (charles) Corp. | 0.19% | 390,697 | $37.3M | Add +36.5% |
| APH Amphenol Corp. Class A | 0.19% | 298,958 | $37.0M | Add +13.3% |
| ES Eversource Energy | 0.19% | 515,561 | $36.7M | Reduce -3.5% |
| GLW Corning Inc. | 0.19% | 444,222 | $36.4M | Add +12.8% |
| SBUX Starbucks Corp. | 0.19% | 430,479 | $36.4M | Add +1.7% |
| CEG Constellation Energy | 0.19% | 109,799 | $36.1M | Reduce -1.2% |
| SNPS Synopsys Inc. | 0.18% | 70,738 | $34.9M | Add +18.6% |
| OKE Oneok Inc. | 0.18% | 476,428 | $34.8M | Add +1.6% |
| LYB Lyondellbasell Indu Class A | 0.18% | 708,063 | $34.7M | Reduce -1.5% |
| AXP American Express Co. | 0.18% | 104,354 | $34.7M | Reduce -5.7% |
Portfolio Sells Q2 2025 → Q3 2025
| PM Philip Morris International | Reduce -4.3% | 0.62% | −0.23 |
| VZ Verizon Communications Inc. | Reduce -1.6% | 1.33% | −0.22 |
| CME Cme Group Inc. | Reduce -1.6% | 1.02% | −0.21 |
| IBM Intl Business Machines Corp. | Reduce -0.6% | 0.84% | −0.19 |
| PAYX Paychex Inc. | Reduce -1.1% | 0.43% | −0.15 |
| CSCO Cisco Systems Inc. | Reduce -7.2% | 0.53% | −0.14 |
| INTU Intuit Inc. | Reduce -2.6% | 0.37% | −0.14 |
| COST Costco Wholesale Corp. | Reduce -4.2% | 0.47% | −0.14 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.14 |
| DRI Darden Restaurants Inc. | Reduce -2.5% | 0.33% | −0.12 |
| PFE Pfizer Inc. | Reduce -2.2% | 0.76% | −0.10 |
| QCOM Qualcomm Inc. | Reduce -10.0% | 0.39% | −0.09 |
| DOW Dow Inc. | Reduce -1.4% | 0.23% | −0.08 |
| ADP Automatic Data Processing | Reduce -3.4% | 0.30% | −0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.9% | 0.40% | −0.07 |
| LYB Lyondellbasell Indu Class A | Reduce -1.5% | 0.18% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -0.8% | 0.50% | −0.06 |
| MO Altria Group Inc. | Reduce -0.5% | 1.60% | −0.06 |
| UNP Union Pacific Corp. | Reduce -4.1% | 0.32% | −0.06 |
| FTNT Fortinet Inc. | Reduce -21.9% | 0.06% | −0.05 |
| CARR Carrier Global Corp. | Reduce -6.9% | 0.10% | −0.05 |
| CTAS Cintas Corp. | Reduce -15.5% | 0.11% | −0.05 |
| WMT Walmart Inc. | Reduce -0.6% | 0.48% | −0.05 |
| MCHP Microchip Technology Inc. | Reduce -2.5% | 0.17% | −0.05 |
| KMI Kinder Morgan Inc. | Reduce -1.4% | 0.23% | −0.05 |
| NKE Nike Inc. Class B | Reduce -27.9% | 0.08% | −0.05 |
| AMAT Applied Materials Inc. | Reduce -9.3% | 0.32% | −0.05 |
| MELI MercadoLibre Inc. | Reduce -12.6% | 0.10% | −0.05 |
| GWW WW Grainger Inc. | Reduce -22.5% | 0.07% | −0.05 |
| ABT Abbott Laboratories | Reduce -0.4% | 0.23% | −0.04 |
| ELV Elevance Health Inc. | Reduce -10.8% | 0.07% | −0.04 |
| TFC Truist Financial Corp. | Reduce -2.0% | 0.35% | −0.04 |
| EXC Exelon Corp. | Reduce -35.0% | 0.05% | −0.04 |
| WMB Williams Cos Inc. | Reduce -0.2% | 0.23% | −0.04 |
| FISV Fiserv Inc. | Reduce -0.7% | 0.06% | −0.03 |
| AXP American Express Co. | Reduce -5.7% | 0.18% | −0.03 |
| NTAP Netapp Inc. | Reduce -40.1% | 0.04% | −0.03 |
| VRSN Verisign Inc. | Reduce -50.3% | 0.02% | −0.03 |
| BSX Boston Scientific Corp. | Reduce -6.8% | 0.08% | −0.03 |
| BR Broadridge Financial Solutio | Reduce -27.4% | 0.05% | −0.03 |
| CEG Constellation Energy | Reduce -1.2% | 0.19% | −0.03 |
| EIX Edison International | Reduce -30.6% | 0.05% | −0.03 |
| REG Regency Centers Corp. | Reduce -75.8% | 0.01% | −0.03 |
| DECK Deckers Outdoor Corp. | Reduce -35.1% | 0.03% | −0.03 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.03 |
| TW Tradeweb Markets Inc. Class A | Reduce -67.0% | 0.01% | −0.03 |
| ED Consolidated Edison Inc. | Reduce -22.6% | 0.05% | −0.03 |
| T AT&T Inc. | Reduce -1.4% | 0.12% | −0.02 |
| WPC WP Carey Inc. | Reduce -67.0% | 0.01% | −0.02 |
| PCAR Paccar Inc. | Reduce -3.2% | 0.15% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +5.3% | 8.26% | +0.54 |
| GOOGL Alphabet Inc. Class A | Add +5.0% | 2.70% | +0.53 |
| AAPL Apple Inc. | Add +2.6% | 5.35% | +0.47 |
| TSLA Tesla Inc. | Add +7.0% | 2.00% | +0.45 |
| MDT Medtronic PLC | New | 0.42% | +0.42 |
| ETN Eaton Corp. PLC | New | 0.42% | +0.42 |
| GOOG Alphabet Inc. Class C | Add +6.1% | 2.02% | +0.41 |
| ACN Accenture PLC Class A | New | 0.38% | +0.38 |
| LIN Linde PLC | New | 0.29% | +0.29 |
| STX Seagate Technology Holdings | New | 0.27% | +0.27 |
| TT Trane Technologies PLC | New | 0.15% | +0.15 |
| PLTR Palantir Technologies Inc. Class A | Add +5.6% | 0.81% | +0.15 |
| AVGO Broadcom Inc. | Add +2.6% | 2.45% | +0.13 |
| TEL Te Connectivity PLC | New | 0.10% | +0.10 |
| ORCL Oracle Corp. | Add +3.3% | 0.75% | +0.09 |
| JCI Johnson Controls Internation | New | 0.09% | +0.09 |
| ANET Arista Networks Inc. | Add +8.8% | 0.32% | +0.08 |
| AON Aon PLC Class A | New | 0.07% | +0.07 |
| GLW Corning Inc. | Add +12.8% | 0.19% | +0.06 |
| LRCX Lam Research Corp. | Add +1.6% | 0.38% | +0.06 |
| MU Micron Technology Inc. | Add +52.0% | 0.14% | +0.06 |
| ALLE Allegion PLC | New | 0.06% | +0.06 |
| BNY Bank of New York Mellon Corp. | Add +77.8% | 0.11% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +39.2% | 0.20% | +0.05 |
| TJX TJX Companies Inc. | Add +19.9% | 0.26% | +0.04 |
| BKR Baker Hughes Co. | Add +109.1% | 0.08% | +0.04 |
| CAT Caterpillar Inc. | Add +4.7% | 0.45% | +0.04 |
| KLAC KLA Corp. | Add +11.4% | 0.33% | +0.04 |
| PNR Pentair PLC | New | 0.04% | +0.04 |
| EA Electronic Arts Inc. | Add +75.8% | 0.09% | +0.04 |
| SOFI Sofi Technologies Inc. | Add +1120.3% | 0.05% | +0.04 |
| INTC Intel Corp. | Add +16.2% | 0.12% | +0.04 |
| WDC Western Digital Corp. | Add +20.9% | 0.08% | +0.04 |
| GE General Electric | Add +5.1% | 0.68% | +0.04 |
| SCHW Schwab (charles) Corp. | Add +36.5% | 0.19% | +0.04 |
| CLX Clorox Company | Add +221.4% | 0.06% | +0.04 |
| APH Amphenol Corp. Class A | Add +13.3% | 0.19% | +0.04 |
| PTC PTC Inc. | Add +109.7% | 0.07% | +0.04 |
| ACGL Arch Capital Group Ltd. | Add +101.3% | 0.08% | +0.03 |
| REGN Regeneron Pharmaceuticals | Add +112.0% | 0.07% | +0.03 |
| EXPD Expeditors Intl Wash Inc. | Add +146.3% | 0.06% | +0.03 |
| ILMN Illumina Inc. | Add +547.3% | 0.04% | +0.03 |
| STE Steris PLC | New | 0.03% | +0.03 |
| FERG Ferguson Enterprises Inc. | Add +68.0% | 0.10% | +0.03 |
| SHOP Shopify Inc. Class A | Add +19.2% | 0.13% | +0.03 |
| NEM Newmont Corp. | Add +3.4% | 0.14% | +0.03 |
| GEHC GE Healthcare Technology | Add +111.1% | 0.07% | +0.03 |
| ESS Essex Property Trust Inc. | Add +442.7% | 0.04% | +0.03 |
| CHRW C.H. Robinson Worldwide Inc. | Add +74.3% | 0.06% | +0.03 |
| NTRS Northern Trust Corp. | Add +119.9% | 0.06% | +0.03 |
Notes & Other Activity Q2 2025 → Q3 2025
| MDT Medtronic PLC | SHS · principal | Sold out | 861,739 | $75.1Mbefore exit |
| ACN Accenture PLC Class A | SHS CLASS A · principal | Sold out | 250,408 | $74.8Mbefore exit |
| ETN Eaton Corp. PLC | SHS · principal | Sold out | 203,338 | $72.6Mbefore exit |
| LIN Linde PLC | SHS · principal | Sold out | 105,683 | $49.6Mbefore exit |
| TT Trane Technologies PLC | SHS · principal | Sold out | 73,638 | $32.2Mbefore exit |
| STX Seagate Technology Holdings | ORD SHS · principal | Sold out | 222,786 | $32.2Mbefore exit |
| JCI Johnson Controls Internation | SHS · principal | Sold out | 147,712 | $15.6Mbefore exit |
| AON Aon PLC Class A | SHS CL A · principal | Sold out | 35,182 | $12.6Mbefore exit |
| PNR Pentair PLC | SHS · principal | Sold out | 84,051 | $8.6Mbefore exit |
| ALLE Allegion PLC | ORD SHS · principal | Sold out | 58,104 | $8.4Mbefore exit |
| TEL Te Connectivity PLC | ORD SHS · principal | Sold out | 46,157 | $7.8Mbefore exit |
| CCEP Coca-Cola Europacific Partne | SHS · principal | Sold out | 71,366 | $6.6Mbefore exit |
| FLUT Flutter Entertainment PLC-Di | SHS · principal | Sold out | 20,998 | $6.0Mbefore exit |
| WTW Willis Towers Watson PLC | SHS · principal | Sold out | 15,190 | $4.7Mbefore exit |
| RPRX Royalty Pharma PLC Class A | SHS CLASS A · principal | Sold out | 126,042 | $4.5Mbefore exit |
| STE Steris PLC | SHS USD · principal | Sold out | 18,264 | $4.4Mbefore exit |
| SW Smurfit Westrock PLC | SHS · principal | Sold out | 73,266 | $3.2Mbefore exit |
| APTV Aptiv PLC | COM SHS · principal | Sold out | 30,683 | $2.1Mbefore exit |
| FTI Technipfmc PLC | COM · principal | Sold out | 12,944 | $446Kbefore exit |
| NVT Nvent Electric PLC | SHS · principal | Sold out | 4,262 | $312Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,610 | $23.6B | NVDA, AAPL, MSFT, GOOGL, AVGO |
| Q1 2026 | 1,506 | $20.4B | NVDA, AAPL, MSFT, GOOGL, AMZN |
| Q4 2025 | 1,381 | $19.6B | NVDA, MSFT, AAPL, GOOGL, AMZN |
| Q3 2025 | 1,192 | $19.2B | NVDA, MSFT, AAPL, GOOGL, META |
| Q2 2025 | 854 | $16.5B | NVDA, MSFT, AAPL, META, AMZN |
| Q1 2025 | 706 | $13.8B | MSFT, NVDA, AAPL, AMZN, META |
| Q4 2024 | 706 | $13.6B | NVDA, MSFT, AAPL, EEM, AMZN |
| Q3 2024 | 628 | $8.8B | AAPL, MSFT, NVDA, EEM, AMZN |
| Q2 2024 | 585 | $8.5B | MSFT, NVDA, AAPL, EEM, AMZN |
| Q1 2024 | 531 | $7.2B | MSFT, AAPL, EEM, NVDA, AMZN |