Swiss Life Asset Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Swiss Life Asset Management Ltd reported 1,381 stock positions worth $19.6 billion. Its top holding was Nvidia (NVDA) at 8.0% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Apple (AAPL, 5.4%). Compared with Q3 2025, it opened 223 new positions, sold out of 36, added to 689 and reduced 274. The biggest buy was Alphabet Class A (GOOGL, shares +1%) and the biggest sale Altria (MO, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- Zurich, V8
- CIK
- 0001637689
- Portfolio Value
- $19.6B (Q4 2025)
- SEC Filing
- 0001172661-26-000461 ↗ filed Feb 4, 2026
Holdings Value
Holdings 1,381 stocks · $19.6B
| NVDA Nvidia Corp. | 8.00% | 8,410,141 | $1.6B | Reduce -1.1% |
| MSFT Microsoft Corp. | 6.31% | 2,559,642 | $1.2B | Add +1.6% |
| AAPL Apple Inc. | 5.36% | 3,869,256 | $1.1B | Reduce -4.2% |
| GOOGL Alphabet Inc. Class A | 3.44% | 2,157,918 | $675.4M | Add +1.1% |
| AMZN Amazon.com Inc. | 2.58% | 2,191,773 | $505.9M | Reduce -5.2% |
| GOOG Alphabet Inc. Class C | 2.55% | 1,594,918 | $500.5M | Reduce -0.1% |
| META Meta Platforms Inc. Class A | 2.38% | 706,302 | $466.2M | Add +0.5% |
| AVGO Broadcom Inc. | 2.06% | 1,165,941 | $403.5M | Reduce -18.3% |
| TSLA Tesla Inc. | 1.99% | 868,749 | $390.7M | Add +0.7% |
| LLY Eli Lilly & Co. | 1.69% | 308,284 | $331.3M | Add +2.2% |
| VZ Verizon Communications Inc. | 1.24% | 5,951,991 | $242.4M | Add +2.6% |
| JNJ Johnson & Johnson | 1.19% | 1,129,501 | $233.8M | Reduce -10.9% |
| MO Altria Group Inc. | 1.16% | 3,946,841 | $227.6M | Reduce -15.4% |
| V Visa Inc. Class A | 1.05% | 589,762 | $206.8M | Add +11.8% |
| PFE Pfizer Inc. | 0.87% | 6,841,181 | $170.3M | Add +20.0% |
| JPM JPMorgan Chase & Co. | 0.85% | 519,720 | $167.5M | Add +7.0% |
| CME Cme Group Inc. | 0.75% | 537,783 | $146.9M | Reduce -25.6% |
| ABBV Abbvie Inc. | 0.73% | 628,692 | $143.6M | Reduce -27.9% |
| MA Mastercard Inc. Class A | 0.70% | 241,856 | $138.1M | Add +8.5% |
| MS Morgan Stanley | 0.69% | 764,583 | $135.7M | Add +2.8% |
| BX Blackstone Inc. | 0.69% | 872,480 | $134.5M | Add +47.2% |
| CSCO Cisco Systems Inc. | 0.66% | 1,674,758 | $129.0M | Add +13.3% |
| LRCX Lam Research Corp. | 0.66% | 751,566 | $128.7M | Add +39.0% |
| MRK Merck & Co. Inc. | 0.65% | 1,217,900 | $128.2M | Add +5.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.65% | 428,533 | $126.9M | Reduce -25.3% |
| UNH Unitedhealth Group Inc. | 0.64% | 382,139 | $126.1M | Add +30.9% |
| NFLX Netflix Inc. | 0.64% | 1,342,329 | $125.9M | Add +0.3% |
| PLTR Palantir Technologies Inc. Class A | 0.63% | 697,254 | $123.9M | Reduce -18.8% |
| BLK BlackRock Inc. | 0.59% | 108,186 | $115.8M | Reduce -8.3% |
| HD Home Depot Inc. | 0.59% | 333,790 | $114.9M | Reduce -0.2% |
| OKE Oneok Inc. | 0.57% | 1,522,404 | $111.9M | Add +219.6% |
| WMT Walmart Inc. | 0.55% | 967,583 | $107.8M | Add +7.6% |
| GE General Electric filed as GE AEROSPACE | 0.54% | 341,089 | $105.1M | Reduce -21.7% |
| CAT Caterpillar Inc. | 0.52% | 178,797 | $102.4M | Reduce -1.1% |
| UPS United Parcel Service Class B | 0.52% | 1,031,331 | $102.3M | Reduce -14.3% |
| PG The Procter & Gamble Co. | 0.52% | 705,825 | $101.2M | Add +9.2% |
| CVX Chevron Corp. | 0.50% | 649,132 | $98.9M | Reduce -8.0% |
| PAYX Paychex Inc. | 0.49% | 859,079 | $96.4M | Add +32.0% |
| TXN Texas Instruments Inc. | 0.49% | 555,199 | $96.3M | Add +10.1% |
| ADP Automatic Data Processing | 0.49% | 373,478 | $96.1M | Add +90.4% |
| ORCL Oracle Corp. | 0.48% | 482,388 | $94.0M | Reduce -5.5% |
| AMD Advanced Micro Devices | 0.48% | 436,221 | $93.4M | Add +11.6% |
| ACN Accenture PLC Class A | 0.46% | 335,314 | $90.0M | Add +12.0% |
| XOM Exxon Mobil Corp. | 0.46% | 743,392 | $89.5M | Reduce -13.2% |
| KO The Coca-Cola Co. | 0.43% | 1,215,903 | $85.0M | Add +9.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.43% | 166,067 | $83.5M | Add +8.9% |
| COST Costco Wholesale Corp. | 0.41% | 93,981 | $81.0M | Reduce -3.4% |
| MDT Medtronic PLC | 0.39% | 786,755 | $75.6M | Reduce -7.7% |
| INTU Intuit Inc. | 0.37% | 109,756 | $72.7M | Add +4.2% |
| MU Micron Technology Inc. | 0.37% | 252,679 | $72.1M | Add +56.5% |
| MCD McDonald's Corp. | 0.36% | 231,112 | $70.6M | Reduce -10.7% |
| KLAC KLA Corp. | 0.36% | 57,645 | $70.0M | Reduce -0.9% |
| PCAR Paccar Inc. | 0.36% | 638,688 | $69.9M | Add +118.2% |
| D Dominion Energy Inc. | 0.35% | 1,187,192 | $69.6M | Add +62.9% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.34% | 651,760 | $66.7M | Add +0.5% |
| CRM Salesforce Inc. | 0.33% | 247,826 | $65.7M | Reduce -10.1% |
| AMGN Amgen Inc. | 0.33% | 198,126 | $64.8M | Reduce -27.0% |
| BMY Bristol-Myers Squibb Co. | 0.32% | 1,180,166 | $63.7M | Add +3.3% |
| GEV GE Vernova Inc. | 0.31% | 93,657 | $61.2M | Add +6.2% |
| AMAT Applied Materials Inc. | 0.31% | 237,937 | $61.1M | Reduce -20.3% |
| RF Regions Financial Corp. | 0.31% | 2,255,888 | $61.1M | Add +244.4% |
| BKNG Booking Holdings Inc. | 0.31% | 11,371 | $60.9M | Reduce -12.5% |
| APH Amphenol Corp. Class A | 0.31% | 448,683 | $60.6M | Add +50.1% |
| FAST Fastenal Co. | 0.31% | 1,491,994 | $59.9M | Add +2.7% |
| PEP Pepsico Inc. | 0.30% | 415,271 | $59.6M | Add +11.3% |
| UNP Union Pacific Corp. | 0.30% | 256,574 | $59.4M | Reduce -1.4% |
| KMB Kimberly-Clark Corp. | 0.30% | 586,633 | $59.2M | Add +227.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.29% | 373,430 | $57.4M | Add +9.5% |
| NOW ServiceNow Inc. | 0.29% | 367,120 | $56.2M | Reduce -11.9% |
| LIN Linde PLC | 0.28% | 129,110 | $55.1M | Add +10.8% |
| ANET Arista Networks Inc. | 0.28% | 416,795 | $54.6M | Reduce -1.2% |
| ADBE Adobe Inc. | 0.28% | 155,876 | $54.6M | Reduce -0.3% |
| QCOM Qualcomm Inc. | 0.27% | 309,225 | $52.9M | Reduce -31.7% |
| KHC The Kraft Heinz Co. | 0.27% | 2,168,874 | $52.6M | Add +148.4% |
| GS Goldman Sachs Group Inc. | 0.27% | 59,689 | $52.5M | Add +26.8% |
| USB US Bancorp | 0.26% | 971,849 | $51.9M | Reduce -20.8% |
| AXP American Express Co. | 0.26% | 139,887 | $51.8M | Add +34.0% |
| APP AppLovin Corp. Class A | 0.26% | 76,608 | $51.6M | Add +154.4% |
| RTX RTX Corp. | 0.26% | 274,485 | $50.3M | Add +64.8% |
| ADI Analog Devices Inc. | 0.25% | 183,349 | $49.7M | Reduce -23.1% |
| UBER Uber Technologies Inc. | 0.25% | 598,139 | $48.9M | Reduce -13.6% |
| KEY Keycorp | 0.24% | 2,287,205 | $47.2M | Add +72.4% |
| PANW Palo Alto Networks Inc. | 0.23% | 250,135 | $46.1M | Add +9.7% |
| GILD Gilead Sciences Inc. | 0.23% | 371,370 | $45.6M | Reduce -34.8% |
| PM Philip Morris International | 0.23% | 283,740 | $45.5M | Reduce -61.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.23% | 822,863 | $45.3M | Add +3.0% |
| ABT Abbott Laboratories | 0.23% | 360,483 | $45.2M | Add +7.3% |
| SBUX Starbucks Corp. | 0.22% | 518,405 | $43.7M | Add +20.4% |
| PGR Progressive Corp. | 0.22% | 188,655 | $43.0M | Reduce -21.6% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.22% | 90,352 | $42.4M | Add +4.0% |
| ISRG Intuitive Surgical Inc. | 0.21% | 72,768 | $41.2M | Add +7.8% |
| DD Dupont DE Nemours Inc. | 0.21% | 1,022,145 | $41.1M | Add +1519.9% |
| SCHW Schwab (charles) Corp. | 0.21% | 407,179 | $40.7M | Add +4.2% |
| EIX Edison International | 0.20% | 654,359 | $39.3M | Add +275.2% |
| OMC Omnicom Group | 0.20% | 481,765 | $38.9M | Add +901.4% |
| AMCR Amcor PLC | 0.20% | 4,606,473 | $38.4M | Add +234.3% |
| ETN Eaton Corp. PLC | 0.19% | 119,646 | $38.1M | Reduce -44.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.19% | 329,997 | $37.5M | Add +10.8% |
| DRI Darden Restaurants Inc. | 0.19% | 203,410 | $37.4M | Reduce -39.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 54,600 | $37.2M | Reduce -2.5% |
Portfolio Sells Q3 2025 → Q4 2025
| MO Altria Group Inc. | Reduce -15.4% | 1.16% | −0.44 |
| AVGO Broadcom Inc. | Reduce -18.3% | 2.06% | −0.39 |
| PM Philip Morris International | Reduce -61.4% | 0.23% | −0.39 |
| ABBV Abbvie Inc. | Reduce -27.9% | 0.73% | −0.32 |
| ORCL Oracle Corp. | Reduce -5.5% | 0.48% | −0.27 |
| CME Cme Group Inc. | Reduce -25.6% | 0.75% | −0.27 |
| NVDA Nvidia Corp. | Reduce -1.1% | 8.00% | −0.27 |
| TFC Truist Financial Corp. | Reduce -68.2% | 0.12% | −0.23 |
| PFG Principal Financial Group | Reduce -90.5% | 0.03% | −0.23 |
| ETN Eaton Corp. PLC | Reduce -44.3% | 0.19% | −0.22 |
| IBM Intl Business Machines Corp. | Reduce -25.3% | 0.65% | −0.20 |
| PLTR Palantir Technologies Inc. Class A | Reduce -18.8% | 0.63% | −0.18 |
| F Ford Motor Co. | Reduce -78.2% | 0.05% | −0.15 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.15 |
| STX Seagate Technology Holdings | Reduce -60.6% | 0.12% | −0.15 |
| GE General Electric | Reduce -21.7% | 0.54% | −0.15 |
| DRI Darden Restaurants Inc. | Reduce -39.7% | 0.19% | −0.14 |
| DOW Dow Inc. | Reduce -56.9% | 0.10% | −0.13 |
| BLK BlackRock Inc. | Reduce -8.3% | 0.59% | −0.13 |
| QCOM Qualcomm Inc. | Reduce -31.7% | 0.27% | −0.12 |
| HD Home Depot Inc. | Reduce -0.2% | 0.59% | −0.12 |
| WMB Williams Cos Inc. | Reduce -46.5% | 0.11% | −0.12 |
| NOW ServiceNow Inc. | Reduce -11.9% | 0.29% | −0.11 |
| UBER Uber Technologies Inc. | Reduce -13.6% | 0.25% | −0.10 |
| KMI Kinder Morgan Inc. | Reduce -42.2% | 0.13% | −0.10 |
| GILD Gilead Sciences Inc. | Reduce -34.8% | 0.23% | −0.10 |
| SNPS Synopsys Inc. | Reduce -48.0% | 0.09% | −0.09 |
| PGR Progressive Corp. | Reduce -21.6% | 0.22% | −0.09 |
| FE Firstenergy Corp. | Reduce -34.6% | 0.14% | −0.08 |
| CVS CVS Health Corp. | Reduce -36.5% | 0.15% | −0.08 |
| AEP American Electric Power | Reduce -55.5% | 0.06% | −0.08 |
| MCHP Microchip Technology Inc. | Reduce -41.1% | 0.10% | −0.07 |
| URI United Rentals Inc. | Reduce -47.1% | 0.05% | −0.07 |
| AMGN Amgen Inc. | Reduce -27.0% | 0.33% | −0.07 |
| CVX Chevron Corp. | Reduce -8.0% | 0.50% | −0.07 |
| KKR KKR & Co. Inc. | Reduce -62.9% | 0.04% | −0.06 |
| DELL Dell Technologies -C | Reduce -58.5% | 0.04% | −0.06 |
| AMZN Amazon.com Inc. | Reduce -5.2% | 2.58% | −0.06 |
| IVZ Invesco Ltd. | Reduce -50.0% | 0.08% | −0.06 |
| ES Eversource Energy | Reduce -25.9% | 0.13% | −0.06 |
| ACM Aecom | Reduce -27.6% | 0.06% | −0.06 |
| GLW Corning Inc. | Reduce -33.7% | 0.13% | −0.06 |
| CARR Carrier Global Corp. | Reduce -49.9% | 0.04% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -3.4% | 0.41% | −0.06 |
| BKNG Booking Holdings Inc. | Reduce -12.5% | 0.31% | −0.05 |
| ADI Analog Devices Inc. | Reduce -23.1% | 0.25% | −0.05 |
| MCD McDonald's Corp. | Reduce -10.7% | 0.36% | −0.05 |
| XOM Exxon Mobil Corp. | Reduce -13.2% | 0.46% | −0.05 |
| LNG Cheniere Energy Inc. | Reduce -50.6% | 0.03% | −0.05 |
| USB US Bancorp | Reduce -20.8% | 0.26% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +1.1% | 3.44% | +0.74 |
| LLY Eli Lilly & Co. | Add +2.2% | 1.69% | +0.49 |
| OKE Oneok Inc. | Add +219.6% | 0.57% | +0.39 |
| LRCX Lam Research Corp. | Add +39.0% | 0.66% | +0.28 |
| MU Micron Technology Inc. | Add +56.5% | 0.37% | +0.23 |
| RF Regions Financial Corp. | Add +244.4% | 0.31% | +0.22 |
| PCAR Paccar Inc. | Add +118.2% | 0.36% | +0.21 |
| ADP Automatic Data Processing | Add +90.4% | 0.49% | +0.19 |
| KMB Kimberly-Clark Corp. | Add +227.9% | 0.30% | +0.19 |
| DD Dupont DE Nemours Inc. | Add +1519.9% | 0.21% | +0.18 |
| OMC Omnicom Group | Add +901.4% | 0.20% | +0.18 |
| BX Blackstone Inc. | Add +47.2% | 0.69% | +0.16 |
| APP AppLovin Corp. Class A | Add +154.4% | 0.26% | +0.15 |
| EIX Edison International | Add +275.2% | 0.20% | +0.15 |
| KHC The Kraft Heinz Co. | Add +148.4% | 0.27% | +0.15 |
| MRK Merck & Co. Inc. | Add +5.2% | 0.65% | +0.15 |
| AMD Advanced Micro Devices | Add +11.6% | 0.48% | +0.15 |
| AMCR Amcor PLC | Add +234.3% | 0.20% | +0.14 |
| CSCO Cisco Systems Inc. | Add +13.3% | 0.66% | +0.13 |
| D Dominion Energy Inc. | Add +62.9% | 0.35% | +0.12 |
| UNH Unitedhealth Group Inc. | Add +30.9% | 0.64% | +0.12 |
| V Visa Inc. Class A | Add +11.8% | 1.05% | +0.12 |
| APH Amphenol Corp. Class A | Add +50.1% | 0.31% | +0.12 |
| PFE Pfizer Inc. | Add +20.0% | 0.87% | +0.11 |
| KEY Keycorp | Add +72.4% | 0.24% | +0.11 |
| RTX RTX Corp. | Add +64.8% | 0.26% | +0.11 |
| AXP American Express Co. | Add +34.0% | 0.26% | +0.08 |
| CAG Conagra Brands Inc. | Add +491.9% | 0.10% | +0.08 |
| MS Morgan Stanley | Add +2.8% | 0.69% | +0.08 |
| ACN Accenture PLC Class A | Add +12.0% | 0.46% | +0.07 |
| GS Goldman Sachs Group Inc. | Add +26.8% | 0.27% | +0.07 |
| GPC Genuine Parts Co. | Add +103.1% | 0.15% | +0.07 |
| WMT Walmart Inc. | Add +7.6% | 0.55% | +0.07 |
| T AT&T Inc. | Add +82.1% | 0.18% | +0.07 |
| PAYX Paychex Inc. | Add +32.0% | 0.49% | +0.06 |
| GD General Dynamics Corp. | Add +183.0% | 0.10% | +0.06 |
| HOOD Robinhood Markets Inc. Class A | Add +107.8% | 0.16% | +0.06 |
| BMY Bristol-Myers Squibb Co. | Add +3.3% | 0.32% | +0.06 |
| FIX Comfort Systems USA Inc. | Add +713.1% | 0.06% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +7.0% | 0.85% | +0.06 |
| ISRG Intuitive Surgical Inc. | Add +7.8% | 0.21% | +0.05 |
| KO The Coca-Cola Co. | Add +9.0% | 0.43% | +0.05 |
| TGT Target Corp. | Add +29.6% | 0.17% | +0.05 |
| IP International Paper Co. | Add +175.9% | 0.08% | +0.05 |
| DASH DoorDash Inc. Class A | Add +124.2% | 0.10% | +0.04 |
| MA Mastercard Inc. Class A | Add +8.5% | 0.70% | +0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Add +14.2% | 0.17% | +0.04 |
| IDXX Idexx Laboratories Inc. | Add +37.3% | 0.13% | +0.04 |
| TJX TJX Companies Inc. | Add +9.5% | 0.29% | +0.04 |
| DECK Deckers Outdoor Corp. | Add +108.8% | 0.07% | +0.04 |
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 |