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FLOSSBACH VON STORCH SE

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13F filer, CIK 1575677, COLOGNE, Germany

FLOSSBACH VON STORCH SE reported $25,229,140,777 across 111 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-01-30. Its ten largest share positions make up 48.6% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001575677-26-000002

Period
2025-12-31
Reported value
$25.2B
Holdings
111
Top 10 weight
48.6%
New
4
Sold out
12

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NKEadded+2,886,856$184M
LINadded+363,900$155M
ROPadded+248,674$111M
MICCnew+5,540,122$88.6M
ADIadded+290,695$78.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
AMATreduced-1,666,944-$428M
JNJreduced-1,589,548-$329M
GOOGLreduced-846,960-$265M
APHreduced-1,526,525-$206M
TMOreduced-337,197-$195M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001575677-26-000002, largest first. % of portfolio is the value over $25,226,170,372, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,812,957 shares; 2024Q4: 6,355,665 shares; 2025Q1: 5,651,061 shares; 2025Q2: 6,665,699 shares; 2025Q3: 6,812,930 shares; 2025Q4: 5,965,970 shares 5,965,970$1.87B7.4%-846,960Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,355,785 shares; 2024Q4: 3,483,360 shares; 2025Q1: 3,406,727 shares; 2025Q2: 3,418,400 shares; 2025Q3: 3,409,081 shares; 2025Q4: 3,137,572 shares 3,137,572$1.52B6.02%-271,509Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,074,304 shares; 2024Q4: 6,663,545 shares; 2025Q1: 6,002,413 shares; 2025Q2: 6,843,320 shares; 2025Q3: 6,803,957 shares; 2025Q4: 6,505,958 shares 6,505,958$1.5B5.95%-297,999Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,489,749 shares; 2024Q4: 4,497,659 shares; 2025Q1: 3,595,463 shares; 2025Q2: 2,781,382 shares; 2025Q3: 2,787,941 shares; 2025Q4: 2,754,237 shares 2,754,237$1.38B5.49%-33,704Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,328,145 shares; 2024Q4: 1,335,285 shares; 2025Q1: 1,412,839 shares; 2025Q2: 2,727,021 shares; 2025Q3: 2,516,098 shares; 2025Q4: 2,178,901 shares 2,178,901$1.26B5%-337,197Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,550,761 shares; 2024Q4: 10,734,076 shares; 2025Q1: 10,810,644 shares; 2025Q2: 10,580,171 shares; 2025Q3: 10,631,352 shares; 2025Q4: 10,465,592 shares 10,465,592$1.05B4.14%-165,760Timeline
APHAMPHENOL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,347,630 shares; 2024Q4: 12,314,404 shares; 2025Q1: 11,397,719 shares; 2025Q2: 9,938,382 shares; 2025Q3: 8,807,348 shares; 2025Q4: 7,280,823 shares 7,280,823$984M3.9%-1,526,525Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,666,248 shares; 2024Q4: 3,710,738 shares; 2025Q1: 3,920,603 shares; 2025Q2: 4,228,515 shares; 2025Q3: 4,201,663 shares; 2025Q4: 4,075,809 shares 4,075,809$933M3.7%-125,854Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,826,955 shares; 2024Q4: 4,436,956 shares; 2025Q1: 4,060,047 shares; 2025Q2: 3,076,030 shares; 2025Q3: 3,393,476 shares; 2025Q4: 3,263,728 shares 3,263,728$887M3.52%-129,748Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,071,532 shares; 2024Q4: 5,112,536 shares; 2025Q1: 5,593,834 shares; 2025Q2: 6,637,469 shares; 2025Q3: 5,878,893 shares; 2025Q4: 6,107,676 shares 6,107,676$877M3.47%+228,783Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,212,377 shares; 2024Q4: 8,298,072 shares; 2025Q1: 10,286,619 shares; 2025Q2: 11,265,390 shares; 2025Q3: 9,866,461 shares; 2025Q4: 12,753,317 shares 12,753,317$813M3.22%+2,886,856Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,758,473 shares; 2024Q4: 8,672,425 shares; 2025Q1: 6,951,496 shares; 2025Q2: 6,422,870 shares; 2025Q3: 6,609,983 shares; 2025Q4: 6,457,646 shares 6,457,646$809M3.21%-152,337Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,099,746 shares; 2024Q4: 5,074,730 shares; 2025Q1: 4,646,647 shares; 2025Q2: 4,563,275 shares; 2025Q3: 4,567,933 shares; 2025Q4: 4,852,469 shares 4,852,469$786M3.12%+284,536Timeline
AMEAMETEK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,633,065 shares; 2024Q4: 3,724,352 shares; 2025Q1: 3,770,066 shares; 2025Q2: 3,785,676 shares; 2025Q3: 3,783,841 shares; 2025Q4: 3,820,376 shares 3,820,376$784M3.11%+36,535Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,845,402 shares; 2024Q4: 2,831,255 shares; 2025Q1: 2,219,828 shares; 2025Q2: 2,151,030 shares; 2025Q3: 2,172,103 shares; 2025Q4: 2,144,231 shares 2,144,231$752M2.98%-27,872Timeline
ACNACCENTURE PLC IRELANDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,519,198 shares; 2024Q4: 1,504,485 shares; 2025Q1: 1,627,589 shares; 2025Q2: 2,408,800 shares; 2025Q3: 2,521,263 shares; 2025Q4: 2,572,746 shares 2,572,746$690M2.74%+51,483Timeline
FTVFORTIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,765,761 shares; 2024Q4: 11,903,240 shares; 2025Q1: 11,854,422 shares; 2025Q2: 12,043,449 shares; 2025Q3: 11,646,149 shares; 2025Q4: 11,305,369 shares 11,305,369$624M2.47%-340,780Timeline
ROPROPER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 255,104 shares; 2024Q4: 270,705 shares; 2025Q1: 300,048 shares; 2025Q2: 389,078 shares; 2025Q3: 896,161 shares; 2025Q4: 1,144,835 shares 1,144,835$510M2.02%+248,674Timeline
LINLINDE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 329,259 shares; 2024Q4: 368,941 shares; 2025Q1: 375,582 shares; 2025Q2: 366,009 shares; 2025Q3: 721,959 shares; 2025Q4: 1,085,859 shares 1,085,859$463M1.84%+363,900Timeline
PGPROCTER & GAMBLE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,033,011 shares; 2024Q4: 4,057,598 shares; 2025Q1: 3,905,702 shares; 2025Q2: 3,131,954 shares; 2025Q3: 3,096,726 shares; 2025Q4: 3,167,654 shares 3,167,654$454M1.8%+70,928Timeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,359,607 shares; 2024Q4: 4,406,843 shares; 2025Q1: 4,259,631 shares; 2025Q2: 4,230,098 shares; 2025Q3: 4,230,033 shares; 2025Q4: 4,196,048 shares 4,196,048$399M1.58%-33,985Timeline
LULULULULEMON ATHLETICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,393,484 shares; 2024Q4: 1,271,320 shares; 2025Q1: 1,401,885 shares; 2025Q2: 1,640,217 shares; 2025Q3: 1,930,831 shares; 2025Q4: 1,892,537 shares 1,892,537$393M1.56%-38,294Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 715,916 shares; 2024Q4: 724,465 shares; 2025Q1: 723,992 shares; 2025Q2: 720,469 shares; 2025Q3: 731,305 shares; 2025Q4: 704,687 shares 704,687$368M1.46%-26,618Timeline
MELIMERCADOLIBRE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,228 shares; 2024Q4: 9,853 shares; 2025Q1: 10,207 shares; 2025Q2: 10,270 shares; 2025Q3: 181,719 shares; 2025Q4: 179,773 shares 179,773$362M1.44%-1,946Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 726,209 shares; 2024Q4: 700,899 shares; 2025Q1: 609,389 shares; 2025Q2: 608,204 shares; 2025Q3: 590,809 shares; 2025Q4: 578,461 shares 578,461$330M1.31%-12,348Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 540,045 shares; 2024Q4: 537,268 shares; 2025Q1: 578,928 shares; 2025Q2: 555,409 shares; 2025Q3: 586,067 shares; 2025Q4: 455,066 shares 455,066$300M1.19%-131,001Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,500,482 shares; 2024Q4: 6,529,296 shares; 2025Q1: 6,488,992 shares; 2025Q2: 6,342,997 shares; 2025Q3: 2,995,174 shares; 2025Q4: 1,405,626 shares 1,405,626$291M1.15%-1,589,548Timeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,499,200 shares; 2024Q4: 3,499,200 shares; 2025Q1: 3,499,200 shares; 2025Q2: 3,337,450 shares; 2025Q3: 3,337,450 shares; 2025Q4: 3,252,150 shares 3,252,150$267M1.06%-85,300Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 855,686 shares; 2024Q4: 692,443 shares; 2025Q1: 711,099 shares; 2025Q2: 841,028 shares; 2025Q3: 924,010 shares; 2025Q4: 870,327 shares 870,327$231M0.91%-53,683Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 255,019 shares; 2024Q4: 229,323 shares; 2025Q1: 280,996 shares; 2025Q2: 316,397 shares; 2025Q3: 757,970 shares; 2025Q4: 737,228 shares 737,228$224M0.89%-20,742Timeline
ADIANALOG DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 319,458 shares; 2024Q4: 471,859 shares; 2025Q1: 440,197 shares; 2025Q2: 426,142 shares; 2025Q3: 517,199 shares; 2025Q4: 807,894 shares 807,894$219M0.87%+290,695Timeline
AMATAPPLIED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 706,083 shares; 2024Q4: 1,600,078 shares; 2025Q1: 2,207,218 shares; 2025Q2: 2,461,720 shares; 2025Q3: 2,408,464 shares; 2025Q4: 741,520 shares 741,520$191M0.76%-1,666,944Timeline
RALRALLIANT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,084,903 shares; 2025Q3: 4,152,866 shares; 2025Q4: 3,025,421 shares 3,025,421$154M0.61%-1,127,445Timeline
IEXIDEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 275,267 shares; 2025Q2: 640,792 shares; 2025Q3: 791,020 shares; 2025Q4: 798,104 shares 798,104$142M0.56%+7,084Timeline
MSCIMSCI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 327,072 shares; 2024Q4: 293,972 shares; 2025Q1: 215,599 shares; 2025Q2: 209,331 shares; 2025Q3: 226,772 shares; 2025Q4: 223,465 shares 223,465$128M0.51%-3,307Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 711,587 shares; 2024Q4: 751,803 shares; 2025Q1: 867,964 shares; 2025Q2: 888,360 shares; 2025Q3: 409,454 shares; 2025Q4: 392,985 shares 392,985$127M0.5%-16,469Timeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 528,269 shares; 2024Q4: 517,698 shares; 2025Q1: 460,417 shares; 2025Q2: 318,413 shares; 2025Q3: 344,769 shares; 2025Q4: 387,434 shares 387,434$118M0.47%+42,665Timeline
NDAQNASDAQ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,168,531 shares; 2024Q4: 1,117,101 shares; 2025Q1: 1,158,977 shares; 2025Q2: 1,172,990 shares; 2025Q3: 1,126,905 shares; 2025Q4: 1,147,947 shares 1,147,947$112M0.44%+21,042Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,281,639 shares; 2024Q4: 1,273,255 shares; 2025Q1: 1,206,739 shares; 2025Q2: 981,383 shares; 2025Q3: 1,046,937 shares; 2025Q4: 829,687 shares 829,687$110M0.44%-217,250Timeline
BLKBLACKROCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 197,071 shares; 2025Q1: 166,929 shares; 2025Q2: 164,730 shares; 2025Q3: 129,157 shares; 2025Q4: 101,460 shares 101,460$109M0.43%-27,697Timeline
MMM3M COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,013,019 shares; 2024Q4: 939,529 shares; 2025Q1: 799,813 shares; 2025Q2: 793,280 shares; 2025Q3: 656,217 shares; 2025Q4: 663,531 shares 663,531$106M0.42%+7,314Timeline
MDTMEDTRONIC PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,163,303 shares; 2024Q4: 2,071,032 shares; 2025Q1: 1,394,619 shares; 2025Q2: 1,341,102 shares; 2025Q3: 1,265,609 shares; 2025Q4: 1,087,747 shares 1,087,747$104M0.41%-177,862Timeline
SYKSTRYKER CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 424,032 shares; 2024Q4: 394,666 shares; 2025Q1: 379,735 shares; 2025Q2: 273,380 shares; 2025Q3: 275,422 shares; 2025Q4: 284,245 shares 284,245$99.9M0.4%+8,823Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 105,197 shares; 2025Q2: 257,267 shares; 2025Q3: 353,013 shares; 2025Q4: 288,529 shares 288,529$99.9M0.4%-64,484Timeline
MICCMAGNUM ICE CREAM CO NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,540,122 shares 5,540,122$88.6M0.35%newTimeline
CPRTCOPART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 614,104 shares; 2024Q4: 575,196 shares; 2025Q1: 586,410 shares; 2025Q2: 1,135,122 shares; 2025Q3: 2,147,849 shares; 2025Q4: 1,957,416 shares 1,957,416$76.6M0.3%-190,433Timeline
ITWILLINOIS TOOL WKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,596 shares; 2024Q4: 300,760 shares; 2025Q1: 277,675 shares; 2025Q2: 266,791 shares; 2025Q3: 263,592 shares; 2025Q4: 262,323 shares 262,323$64.6M0.26%-1,269Timeline
TTETOTALENERGIES SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 953,936 shares 953,936$62.3M0.25%newTimeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 789,244 shares; 2024Q4: 1,274,740 shares; 2025Q1: 1,073,876 shares; 2025Q2: 754,016 shares; 2025Q3: 722,612 shares; 2025Q4: 757,668 shares 757,668$61.9M0.25%+35,056Timeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,015,370 shares; 2024Q4: 1,033,520 shares; 2025Q1: 1,049,520 shares; 2025Q2: 975,655 shares; 2025Q3: 1,982,810 shares; 2025Q4: 1,656,810 shares 1,656,810$60.5M0.24%-326,000Timeline
KOCOCA COLA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,013,010 shares; 2024Q4: 1,110,669 shares; 2025Q1: 993,108 shares; 2025Q2: 863,021 shares; 2025Q3: 869,928 shares; 2025Q4: 832,369 shares 832,369$58.2M0.23%-37,559Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 308,020 shares; 2024Q4: 272,320 shares; 2025Q1: 248,415 shares; 2025Q2: 342,032 shares; 2025Q3: 416,326 shares; 2025Q4: 295,832 shares 295,832$55.2M0.22%-120,494Timeline
VRSKVERISK ANALYTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 271,307 shares; 2024Q4: 285,545 shares; 2025Q1: 229,669 shares; 2025Q2: 124,894 shares; 2025Q3: 53,863 shares; 2025Q4: 239,560 shares 239,560$53.6M0.21%+185,697Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,212 shares; 2024Q4: 49,850 shares; 2025Q1: 45,995 shares; 2025Q2: 54,979 shares; 2025Q3: 57,741 shares; 2025Q4: 561,099 shares 561,099$52.6M0.21%+503,358Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 67,246 shares; 2024Q4: 27,302 shares; 2025Q1: 17,076 shares; 2025Q2: 16,010 shares; 2025Q3: 12,361 shares; 2025Q4: 9,060 shares 9,060$48.5M0.19%-3,301Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,576 shares; 2024Q4: 201,558 shares; 2025Q1: 180,643 shares; 2025Q2: 185,439 shares; 2025Q3: 101,816 shares; 2025Q4: 86,217 shares 86,217$44M0.17%-15,599Timeline
WMTWALMART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,287,652 shares; 2024Q4: 1,109,748 shares; 2025Q1: 512,554 shares; 2025Q2: 410,122 shares; 2025Q3: 412,285 shares; 2025Q4: 335,126 shares 335,126$37.3M0.15%-77,159Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 585,799 shares; 2024Q4: 610,136 shares; 2025Q1: 458,827 shares; 2025Q2: 335,684 shares; 2025Q3: 321,523 shares; 2025Q4: 309,386 shares 309,386$37.2M0.15%-12,137Timeline
IDXXIDEXX LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,545 shares; 2024Q4: 473,336 shares; 2025Q1: 551,764 shares; 2025Q2: 241,125 shares; 2025Q3: 110,534 shares; 2025Q4: 54,131 shares 54,131$36.6M0.15%-56,403Timeline
CLCOLGATE PALMOLIVE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 270,175 shares; 2024Q4: 270,595 shares; 2025Q1: 279,336 shares; 2025Q2: 315,928 shares; 2025Q3: 301,906 shares; 2025Q4: 418,589 shares 418,589$33.1M0.13%+116,683Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,659 shares; 2024Q4: 99,553 shares; 2025Q1: 99,992 shares; 2025Q2: 77,505 shares; 2025Q3: 79,387 shares; 2025Q4: 88,089 shares 88,089$32.6M0.13%+8,702Timeline
RACEFERRARI N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,958 shares; 2024Q4: 41,491 shares; 2025Q1: 49,236 shares; 2025Q2: 60,201 shares; 2025Q3: 83,106 shares; 2025Q4: 84,713 shares 84,713$31.7M0.13%+1,607Timeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 275,061 shares; 2024Q4: 190,637 shares; 2025Q1: 194,130 shares; 2025Q2: 211,226 shares; 2025Q3: 165,320 shares; 2025Q4: 138,830 shares 138,830$26.9M0.11%-26,490Timeline
SBUXSTARBUCKS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,566,500 shares; 2024Q4: 4,636,199 shares; 2025Q1: 325,949 shares; 2025Q2: 270,361 shares; 2025Q3: 128,281 shares; 2025Q4: 304,611 shares 304,611$25.7M0.1%+176,330Timeline
ROSTROSS STORES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,227 shares; 2024Q4: 67,794 shares; 2025Q1: 77,077 shares; 2025Q2: 108,115 shares; 2025Q3: 116,042 shares; 2025Q4: 120,637 shares 120,637$21.7M0.09%+4,595Timeline
TJXTJX COS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,059 shares; 2024Q4: 113,124 shares; 2025Q1: 125,150 shares; 2025Q2: 131,535 shares; 2025Q3: 112,462 shares; 2025Q4: 121,907 shares 121,907$18.7M0.07%+9,445Timeline
ODFLOLD DOMINION FREIGHT LINE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,245 shares; 2024Q4: 362,706 shares; 2025Q1: 372,705 shares; 2025Q2: 106,638 shares; 2025Q3: 134,325 shares; 2025Q4: 118,843 shares 118,843$18.6M0.07%-15,482Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,127 shares; 2024Q4: 70,578 shares; 2025Q1: 56,455 shares; 2025Q2: 46,127 shares; 2025Q3: 43,755 shares; 2025Q4: 49,340 shares 49,340$17M0.07%+5,585Timeline
MKTXMARKETAXESS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,300 shares; 2024Q4: 16,290 shares; 2025Q1: 23,000 shares; 2025Q2: 23,000 shares; 2025Q3: 79,000 shares; 2025Q4: 93,100 shares 93,100$16.9M0.07%+14,100Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,380 shares; 2024Q4: 387,283 shares; 2025Q1: 389,507 shares; 2025Q2: 356,954 shares; 2025Q3: 229,321 shares; 2025Q4: 142,799 shares 142,799$16.2M0.06%-86,522Timeline
VZVERIZON COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 251,218 shares; 2024Q4: 310,705 shares; 2025Q1: 400,898 shares; 2025Q2: 356,179 shares; 2025Q3: 356,179 shares; 2025Q4: 378,055 shares 378,055$15.4M0.06%+21,876Timeline
ELLAUDER ESTEE COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 96,803 shares; 2024Q4: 189,998 shares; 2025Q1: 61,368 shares; 2025Q2: 59,387 shares; 2025Q3: 175,000 shares; 2025Q4: 142,000 shares 142,000$14.9M0.06%-33,000Timeline
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,203 shares; 2024Q4: 582,198 shares; 2025Q1: 492,193 shares; 2025Q2: 341,868 shares; 2025Q3: 255,634 shares; 2025Q4: 253,538 shares 253,538$14.8M0.06%-2,096Timeline
ADBEADOBE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,827 shares; 2024Q4: 71,136 shares; 2025Q1: 57,842 shares; 2025Q2: 50,109 shares; 2025Q3: 51,714 shares; 2025Q4: 35,103 shares 35,103$12.3M0.05%-16,611Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 93,341 shares; 2024Q4: 200,705 shares; 2025Q1: 138,584 shares; 2025Q2: 99,945 shares; 2025Q3: 50,450 shares; 2025Q4: 52,779 shares 52,779$12.2M0.05%+2,329Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 625,000 shares; 2024Q4: 550,000 shares; 2025Q1: 720,000 shares; 2025Q2: 800,000 shares; 2025Q3: 800,000 shares; 2025Q4: 700,000 shares 700,000$11.7M0.05%-100,000Timeline
INTUINTUITQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,812 shares; 2024Q4: 37,600 shares; 2025Q1: 17,493 shares; 2025Q2: 15,322 shares; 2025Q3: 13,840 shares; 2025Q4: 17,336 shares 17,336$11.5M0.05%+3,496Timeline
CHDCHURCH & DWIGHT CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 152,962 shares; 2024Q4: 151,999 shares; 2025Q1: 153,269 shares; 2025Q2: 148,613 shares; 2025Q3: 127,863 shares; 2025Q4: 127,863 shares 127,863$10.7M0.04%0Timeline
TTTRANE TECHNOLOGIES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 12,000 shares; 2025Q4: 25,000 shares 25,000$9.73M0.04%+13,000Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,243 shares; 2024Q4: 249,100 shares; 2025Q1: 198,200 shares; 2025Q2: 184,000 shares; 2025Q3: 155,000 shares; 2025Q4: 66,000 shares 66,000$9.67M0.04%-89,000Timeline
COPCONOCOPHILLIPSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 267,324 shares; 2024Q4: 223,128 shares; 2025Q1: 142,811 shares; 2025Q2: 96,966 shares; 2025Q3: 97,856 shares; 2025Q4: 100,083 shares 100,083$9.37M0.04%+2,227Timeline
BXBLACKSTONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,000 shares; 2024Q4: 45,000 shares; 2025Q1: 45,000 shares; 2025Q2: 45,000 shares; 2025Q3: 45,000 shares; 2025Q4: 45,000 shares 45,000$6.94M0.03%0Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,058 shares; 2024Q4: 12,295 shares; 2025Q1: 5,520 shares; 2025Q2: 67,505 shares; 2025Q3: 68,918 shares; 2025Q4: 74,429 shares 74,429$6.79M0.03%+5,511Timeline
SPOTSPOTIFY TECHNOLOGY S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 370 shares; 2025Q2: 5,134 shares; 2025Q3: 10,091 shares; 2025Q4: 10,854 shares 10,854$6.3M0.02%+763Timeline
IBNICICI BK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 130,000 shares; 2024Q4: 140,000 shares; 2025Q1: 140,000 shares; 2025Q2: 160,000 shares; 2025Q3: 160,000 shares; 2025Q4: 200,000 shares 200,000$5.96M0.02%+40,000Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,000 shares; 2024Q4: 175,000 shares; 2025Q1: 190,000 shares; 2025Q2: 190,000 shares; 2025Q3: 190,000 shares; 2025Q4: 175,000 shares 175,000$4.13M0.02%-15,000Timeline
MMYTMAKEMYTRIP LIMITED MAURITIUSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,500 shares; 2024Q4: 17,000 shares; 2025Q1: 20,000 shares; 2025Q2: 19,000 shares; 2025Q3: 37,500 shares; 2025Q4: 45,000 shares 45,000$3.7M0.01%+7,500Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 40,000 shares; 2025Q3: 45,000 shares; 2025Q4: 45,000 shares 45,000$3.24M0.01%0Timeline
YUMCYUM CHINA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,000 shares; 2024Q4: 80,000 shares; 2025Q1: 80,000 shares; 2025Q2: 82,500 shares; 2025Q3: 80,000 shares; 2025Q4: 65,000 shares 65,000$3.1M0.01%-15,000Timeline
BRK-ABERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3 shares; 2024Q4: 4 shares; 2025Q1: 4 shares; 2025Q2: 4 shares; 2025Q3: 4 shares; 2025Q4: 4 shares 4$3.02M0.01%0Timeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,500 shares; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares; 2025Q2: 17,500 shares; 2025Q3: 17,500 shares; 2025Q4: 15,000 shares 15,000$2.06M0.01%-2,500Timeline
FMXFOMENTO ECONOMICO MEXICANO SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,500 shares; 2024Q4: 22,500 shares; 2025Q1: 22,500 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares; 2025Q4: 20,000 shares 20,000$2.02M0.01%0Timeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 15,000 shares 15,000$1.91M0.01%newTimeline
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,960 shares; 2024Q4: 17,675 shares; 2025Q1: 16,899 shares; 2025Q2: 10,781 shares; 2025Q3: 10,781 shares; 2025Q4: 13,353 shares 13,353$1.81M0.01%+2,572Timeline
ADPAUTOMATIC DATA PROCESSING INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,692 shares; 2024Q4: 70,692 shares; 2025Q1: 64,509 shares; 2025Q2: 43,867 shares; 2025Q3: 4,872 shares; 2025Q4: 5,677 shares 5,677$1.46M0.01%+805Timeline
IBMINTERNATIONAL BUSINESS MACHSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,505 shares; 2025Q4: 4,545 shares 4,545$1.35M0.01%+1,040Timeline
FTNTFORTINET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 9,753 shares; 2025Q4: 13,031 shares 13,031$1.03M<0.01%+3,278Timeline
CHKPCHECK POINT SOFTWARE TECH LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,017 shares; 2025Q4: 5,362 shares 5,362$995K<0.01%+1,345Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,577 shares; 2024Q4: 2,189 shares; 2025Q1: 2,209 shares; 2025Q2: 1,989 shares; 2025Q3: 2,239 shares; 2025Q4: 2,239 shares 2,239$703K<0.01%0Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,245 shares; 2025Q4: 5,665 shares 5,665$642K<0.01%+1,420Timeline
MDLZMONDELEZ INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 191,984 shares; 2024Q4: 193,884 shares; 2025Q1: 170,434 shares; 2025Q2: 32,070 shares; 2025Q3: 38,625 shares; 2025Q4: 11,680 shares 11,680$629K<0.01%-26,945Timeline
CDNSCADENCE DESIGN SYSTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,580 shares; 2024Q4: 14,580 shares; 2025Q1: not reported; 2025Q2: 997 shares; 2025Q3: 997 shares; 2025Q4: 997 shares 997$312K<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
META PLATFORMS INCMETA PLATFORMS INC PUTput45$2.97M0

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1principal1,700,000$1.69M0
ETSY INCETSY INC NOTE 0.250% 6/1principal1,400,000$1.25M0
HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC NOTE 0.250% 3/0principal1,050,000$1.14M-700,000
UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 0.875%12/0principal700,000$911K+500,000
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0principal900,000$907K0
SNAP INCSNAP INC NOTE 5/0principal900,000$842K-1,000,000
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1principal700,000$813Knew
SNAP INCSNAP INC NOTE 0.125% 3/0principal300,000$274K0

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SWSMURFIT WESTROCK PLC206,260$8.64Mshares
FASTFASTENAL CO130,667$6.41Mshares
FIVERR INTL LTDFIVERR INTL LTD2,750,000$2.74Mprincipal
KSPIKASPI KZ JSC21,500$1.76Mshares
SLBSLB LIMITED45,731$1.57Mshares
GLOBGLOBANT S A19,000$1.09Mshares
EAELECTRONIC ARTS INC4,425$893Kshares
UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC500,000$610Kprincipal
INFYINFOSYS LTD33,807$550Kshares
HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC200,000$282Kprincipal
ORCLORACLE CORP840$236Kshares
CSGPCOSTAR GROUP INC2,500$211Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001575677-26-000002 base2026-01-30acceptance time not in the bulk data set