FLOSSBACH VON STORCH SE Diversified Active

Name: FLOSSBACH VON STORCH SE Q2 2026 13F Filing | 13F Explorer
Creator: FLOSSBACH VON STORCH SE
Published: 2026-08-10

Location: Cologne, Germany

CIK: 0001575677 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 10, 2026

Total Value: $22.12B (100.0% shares, 0.0% debt)

Holdings (106)

New Positions (4)

ZTS ZOETIS 1.4%

Value $303M Shares 4,210,978 Est. Cost $71.86 Unrealized —

— 3,125 JAZZ INVESTMENTS 15.09.2030 0.0%

Value $1.201M Shares 700,000 Est. Cost $1.72 Unrealized —

EL ESTEE LAUDER 0.0%

Value $501K Shares 6,349 Est. Cost $78.95 Unrealized —

— 0,500 ALIBABA 01.06.2031 0.0%

Value $236K Shares 200,000 Est. Cost $1.18 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS	4,210,978	$303M	1.4%	$71.86	—	COM	98978V103
—	3,125 JAZZ INVESTMENTS 15.09.2030	700,000	$1.201M	0.0%	$1.72	—	NOTE	472145AH4
EL	ESTEE LAUDER	6,349	$501K	0.0%	$78.95	—	COM	518439104
—	0,500 ALIBABA 01.06.2031	200,000	$236K	0.0%	$1.18	—	NOTE	01609WBG6

Increased Positions (36)

NVDA NVIDIA 1.8%

Value $394M (+595.8%) Shares 1,966,637 (+506.4%) Est. Cost $187.54 Unrealized —

APH AMPHENOL 4.5%

Value $997M (+41.8%) Shares 5,656,967 (+1.6%) Est. Cost $47.88 Unrealized —

SYK STRYKER 2.1%

Value $465M (+162.0%) Shares 1,475,371 (+173.5%) Est. Cost $307.45 Unrealized —

AAPL APPLE 4.2%

Value $930M (+35.1%) Shares 3,214,624 (+18.5%) Est. Cost $167.80 Unrealized —

ACN ACCENTURE 1.4%

Value $310M (-33.9%) Shares 2,490,138 (+5.3%) Est. Cost $290.90 Unrealized —

MICC MAGNUM ICE CREAM 1.0%

Value $219M (+152.7%) Shares 12,556,043 (+113.2%) Est. Cost $16.63 Unrealized —

ICE INTERCONTINENTAL EXCHANGE 2.9%

Value $650M (-16.3%) Shares 5,279,021 (+6.9%) Est. Cost $111.67 Unrealized —

TSM TAIWAN SEMICONDUCTOR ADR 0.8%

Value $184M (+139.0%) Shares 386,030 (+69.1%) Est. Cost $321.79 Unrealized —

ABT ABBOTT LABORATORIES 4.1%

Value $903M (+11.9%) Shares 9,950,828 (+26.6%) Est. Cost $89.76 Unrealized —

FTV FORTIVE 3.3%

Value $740M (+12.4%) Shares 12,107,839 (+1.7%) Est. Cost $50.54 Unrealized —

AVGO BROADCOM 0.7%

Value $145M (+73.0%) Shares 384,529 (+41.7%) Est. Cost $279.47 Unrealized —

HD HOME DEPOT 0.3%

Value $67.68M (+352.9%) Shares 191,900 (+322.4%) Est. Cost $334.88 Unrealized —

SPGI S&P GLOBAL 2.9%

Value $643M (+8.8%) Shares 1,577,668 (+13.7%) Est. Cost $426.15 Unrealized —

IBM INTL BUSINESS MACHINES 0.3%

Value $58.63M (+510.2%) Shares 208,507 (+425.9%) Est. Cost $281.39 Unrealized —

SPOT SPOTIFY TECHNOLOGY 0.1%

Value $33.02M (+3276.2%) Shares 71,921 (+3465.7%) Est. Cost $464.88 Unrealized —

LIN LINDE 2.0%

Value $439M (+7.6%) Shares 845,040 (+2.8%) Est. Cost $445.63 Unrealized —

TT TRANE TECHNOLOGIES 0.2%

Value $54.76M (+96.4%) Shares 111,490 (+66.6%) Est. Cost $449.23 Unrealized —

MCD MCDONALDS 0.8%

Value $168M (+8.5%) Shares 622,833 (+24.8%) Est. Cost $273.24 Unrealized —

NDAQ NASDAQ 0.3%

Value $70.3M (+20.9%) Shares 891,940 (+30.2%) Est. Cost $59.90 Unrealized —

MA MASTERCARD 1.2%

Value $275M (+4.0%) Shares 535,581 (+1.1%) Est. Cost $352.54 Unrealized —

BKNG BOOKING HOLDINGS 0.2%

Value $46.17M (-15.8%) Shares 259,026 (+1889.1%) Est. Cost $367.04 Unrealized —

RACE FERRARI 0.1%

Value $22.99M (+51.7%) Shares 62,056 (+36.7%) Est. Cost $416.20 Unrealized —

UBER UBER TECHNOLOGIES 0.3%

Value $56.89M (+13.3%) Shares 788,377 (+13.0%) Est. Cost $71.67 Unrealized —

ABNB AIRBNB 0.0%

Value $6.68M (+253.3%) Shares 46,684 (+211.8%) Est. Cost $141.46 Unrealized —

AXP AMERICAN EXPRESS 0.1%

Value $30.83M (+17.6%) Shares 91,144 (+5.2%) Est. Cost $185.23 Unrealized —

ORLY O'REILLY AUTOMOTIVE 0.0%

Value $6.029M (+169.5%) Shares 65,467 (+170.1%) Est. Cost $91.43 Unrealized —

MDLZ MONDELEZ INTERNATIONAL 0.0%

Value $4.36M (+465.1%) Shares 75,386 (+463.2%) Est. Cost $58.38 Unrealized —

VZ VERIZON COMMUNICATIONS 0.0%

Value $8.364M (+73.1%) Shares 197,549 (+105.3%) Est. Cost $39.19 Unrealized —

CPRT COPART 0.3%

Value $70.51M (-4.4%) Shares 2,501,307 (+12.6%) Est. Cost $44.93 Unrealized —

ADP AUTOMATIC DATA PROCESSING 0.1%

Value $15.14M (+20.4%) Shares 67,603 (+9.3%) Est. Cost $236.00 Unrealized —

VRSK VERISK ANALYTICS 0.3%

Value $58.07M (-3.9%) Shares 323,452 (+1.6%) Est. Cost $213.02 Unrealized —

ROP ROPER TECHNOLOGIES 2.0%

Value $448M (+0.3%) Shares 1,324,865 (+4.8%) Est. Cost $491.75 Unrealized —

TJX TJX COMPANIES 0.1%

Value $25.56M (-2.1%) Shares 168,727 (+3.2%) Est. Cost $90.25 Unrealized —

DG DOLLAR GENERAL 0.4%

Value $81.18M (+0.5%) Shares 705,223 (+3.7%) Est. Cost $170.88 Unrealized —

— 0,875 UBER TECHNOLOGIES 01.12.2028 0.0%

Value $1.08M (+27.4%) Shares 900,000 (+28.6%) Est. Cost $1.23 Unrealized —

GOOG ALPHABET - CLASS C 0.0%

Value $826K (+28.6%) Shares 2,338 (+4.4%) Est. Cost $128.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA	1,966,637 (+506.4%)	$394M (+595.8%)	1.8%	$187.54	—	COM	67066G104
APH	AMPHENOL	5,656,967 (+1.6%)	$997M (+41.8%)	4.5%	$47.88	—	COM	032095101
SYK	STRYKER	1,475,371 (+173.5%)	$465M (+162.0%)	2.1%	$307.45	—	COM	863667101
AAPL	APPLE	3,214,624 (+18.5%)	$930M (+35.1%)	4.2%	$167.80	—	COM	037833100
ACN	ACCENTURE	2,490,138 (+5.3%)	$310M (-33.9%)	1.4%	$290.90	—	COM	G1151C101
MICC	MAGNUM ICE CREAM	12,556,043 (+113.2%)	$219M (+152.7%)	1.0%	$16.63	—	COM	N5505D105
ICE	INTERCONTINENTAL EXCHANGE	5,279,021 (+6.9%)	$650M (-16.3%)	2.9%	$111.67	—	COM	45866F104
TSM	TAIWAN SEMICONDUCTOR ADR	386,030 (+69.1%)	$184M (+139.0%)	0.8%	$321.79	—	COM	874039100
ABT	ABBOTT LABORATORIES	9,950,828 (+26.6%)	$903M (+11.9%)	4.1%	$89.76	—	COM	002824100
FTV	FORTIVE	12,107,839 (+1.7%)	$740M (+12.4%)	3.3%	$50.54	—	COM	34959J108
AVGO	BROADCOM	384,529 (+41.7%)	$145M (+73.0%)	0.7%	$279.47	—	COM	11135F101
HD	HOME DEPOT	191,900 (+322.4%)	$67.68M (+352.9%)	0.3%	$334.88	—	COM	437076102
SPGI	S&P GLOBAL	1,577,668 (+13.7%)	$643M (+8.8%)	2.9%	$426.15	—	COM	78409V104
IBM	INTL BUSINESS MACHINES	208,507 (+425.9%)	$58.63M (+510.2%)	0.3%	$281.39	—	COM	459200101
SPOT	SPOTIFY TECHNOLOGY	71,921 (+3465.7%)	$33.02M (+3276.2%)	0.1%	$464.88	—	COM	L8681T102
LIN	LINDE	845,040 (+2.8%)	$439M (+7.6%)	2.0%	$445.63	—	COM	G54950103
TT	TRANE TECHNOLOGIES	111,490 (+66.6%)	$54.76M (+96.4%)	0.2%	$449.23	—	COM	G8994E103
MCD	MCDONALDS	622,833 (+24.8%)	$168M (+8.5%)	0.8%	$273.24	—	COM	580135101
NDAQ	NASDAQ	891,940 (+30.2%)	$70.3M (+20.9%)	0.3%	$59.90	—	COM	631103108
MA	MASTERCARD	535,581 (+1.1%)	$275M (+4.0%)	1.2%	$352.54	—	COM	57636Q104
BKNG	BOOKING HOLDINGS	259,026 (+1889.1%)	$46.17M (-15.8%)	0.2%	$367.04	—	COM	09857L108
RACE	FERRARI	62,056 (+36.7%)	$22.99M (+51.7%)	0.1%	$416.20	—	COM	N3167Y103
UBER	UBER TECHNOLOGIES	788,377 (+13.0%)	$56.89M (+13.3%)	0.3%	$71.67	—	COM	90353T100
ABNB	AIRBNB	46,684 (+211.8%)	$6.68M (+253.3%)	0.0%	$141.46	—	COM	009066101
AXP	AMERICAN EXPRESS	91,144 (+5.2%)	$30.83M (+17.6%)	0.1%	$185.23	—	COM	025816109
ORLY	O'REILLY AUTOMOTIVE	65,467 (+170.1%)	$6.029M (+169.5%)	0.0%	$91.43	—	COM	67103H107
MDLZ	MONDELEZ INTERNATIONAL	75,386 (+463.2%)	$4.36M (+465.1%)	0.0%	$58.38	—	COM	609207105
VZ	VERIZON COMMUNICATIONS	197,549 (+105.3%)	$8.364M (+73.1%)	0.0%	$39.19	—	COM	92343V104
CPRT	COPART	2,501,307 (+12.6%)	$70.51M (-4.4%)	0.3%	$44.93	—	COM	217204106
ADP	AUTOMATIC DATA PROCESSING	67,603 (+9.3%)	$15.14M (+20.4%)	0.1%	$236.00	—	COM	053015103
VRSK	VERISK ANALYTICS	323,452 (+1.6%)	$58.07M (-3.9%)	0.3%	$213.02	—	COM	92345Y106
ROP	ROPER TECHNOLOGIES	1,324,865 (+4.8%)	$448M (+0.3%)	2.0%	$491.75	—	COM	776696106
TJX	TJX COMPANIES	168,727 (+3.2%)	$25.56M (-2.1%)	0.1%	$90.25	—	COM	872540109
DG	DOLLAR GENERAL	705,223 (+3.7%)	$81.18M (+0.5%)	0.4%	$170.88	—	COM	256677105
—	0,875 UBER TECHNOLOGIES 01.12.2028	900,000 (+28.6%)	$1.08M (+27.4%)	0.0%	$1.23	—	NOTE	90353TAM2
GOOG	ALPHABET - CLASS C	2,338 (+4.4%)	$826K (+28.6%)	0.0%	$128.47	—	COM	02079K107

Exited Positions (7)

CHD CHURCH & DWIGHT 0.1%

Value $13.63M Shares 146,108 Est. Cost $87.42 Unrealized —

SLB SLB LIMITED 0.0%

Value $3.183M Shares 61,932 Est. Cost $48.30 Unrealized —

— 1,125 AKAMAI TECHNOLOGIES 15.02.2029 0.0%

Value $1.487M Shares 1,300,000 Est. Cost $0.99 Unrealized —

BABA ALIBABA GROUP ADR 0.0%

Value $835K Shares 6,656 Est. Cost $122.33 Unrealized —

— 0,375 AKAMAI TECHNOLOGIES 01.09.2027 0.0%

Value $694K Shares 600,000 Est. Cost $1.03 Unrealized —

DE DEERE & CO. 0.0%

Value $552K Shares 980 Est. Cost $551.35 Unrealized —

FAST FASTENAL 0.0%

Value $534K Shares 11,501 Est. Cost $44.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CHD	CHURCH & DWIGHT	146,108	$13.63M	0.1%	$87.42	—	—	171340102
SLB	SLB LIMITED	61,932	$3.183M	0.0%	$48.30	—	—	806857108
—	1,125 AKAMAI TECHNOLOGIES 15.02.2029	1,300,000	$1.487M	0.0%	$0.99	—	—	00971TAN1
BABA	ALIBABA GROUP ADR	6,656	$835K	0.0%	$122.33	—	—	01609W102
—	0,375 AKAMAI TECHNOLOGIES 01.09.2027	600,000	$694K	0.0%	$1.03	—	—	00971TAL5
DE	DEERE & CO.	980	$552K	0.0%	$551.35	—	—	244199105
FAST	FASTENAL	11,501	$534K	0.0%	$44.27	—	—	311900104

Decreased Positions (55)

PEP PEPSICO 1.6%

Value $346M (-52.9%) Shares 2,554,594 (-45.9%) Est. Cost $147.64 Unrealized —

NKE NIKE 2.2%

Value $489M (-24.1%) Shares 11,905,339 (-2.3%) Est. Cost $76.74 Unrealized —

GOOGL ALPHABET - CLASS A 7.1%

Value $1.575B (+9.6%) Shares 4,408,262 (-11.8%) Est. Cost $117.84 Unrealized —

JNJ JOHNSON & JOHNSON 0.7%

Value $145M (-46.0%) Shares 569,949 (-48.0%) Est. Cost $115.48 Unrealized —

BNTX BIONTECH ADR 0.9%

Value $207M (-36.7%) Shares 2,226,138 (-39.5%) Est. Cost $140.78 Unrealized —

CRM SALESFORCE 0.3%

Value $60.63M (-60.3%) Shares 387,019 (-52.7%) Est. Cost $232.46 Unrealized —

V VISA - CLASS A 2.4%

Value $520M (-14.9%) Shares 1,516,328 (-25.0%) Est. Cost $189.70 Unrealized —

AME AMETEK 3.0%

Value $662M (-10.6%) Shares 2,737,670 (-20.8%) Est. Cost $134.58 Unrealized —

LULU LULULEMON ATHLETICA 0.9%

Value $207M (-27.1%) Shares 1,816,360 (-2.2%) Est. Cost $297.65 Unrealized —

AMZN AMAZON.COM 5.9%

Value $1.311B (+5.6%) Shares 5,500,511 (-7.8%) Est. Cost $134.48 Unrealized —

RAL RALLIANT 1.0%

Value $222M (+44.3%) Shares 3,021,324 (-18.5%) Est. Cost $49.17 Unrealized —

INTU INTUIT 0.4%

Value $87.88M (-41.0%) Shares 336,713 (-2.3%) Est. Cost $495.01 Unrealized —

MSFT MICROSOFT 5.7%

Value $1.266B (-2.9%) Shares 3,394,977 (-3.7%) Est. Cost $205.50 Unrealized —

PG PROCTER & GAMBLE 1.3%

Value $297M (-9.5%) Shares 2,023,783 (-10.8%) Est. Cost $117.29 Unrealized —

ITW ILLINOIS TOOL WORKS 0.1%

Value $21.71M (-57.8%) Shares 80,271 (-59.4%) Est. Cost $203.91 Unrealized —

MDT MEDTRONIC 0.4%

Value $85.22M (-25.4%) Shares 1,089,386 (-17.3%) Est. Cost $79.74 Unrealized —

CL COLGATE-PALMOLIVE 0.1%

Value $24.71M (-51.3%) Shares 269,501 (-54.7%) Est. Cost $76.63 Unrealized —

MSCI MSCI 0.4%

Value $94.83M (-20.5%) Shares 169,324 (-23.5%) Est. Cost $492.02 Unrealized —

NFLX NETFLIX 0.2%

Value $35.52M (-39.5%) Shares 497,453 (-18.5%) Est. Cost $101.58 Unrealized —

TTE TOTALENERGIES 0.1%

Value $30.88M (-39.5%) Shares 397,364 (-27.3%) Est. Cost $63.23 Unrealized —

HDB HDFC BANK ADR 0.1%

Value $29.43M (-34.4%) Shares 1,139,310 (-36.8%) Est. Cost $47.89 Unrealized —

BLK BLACKROCK 0.2%

Value $41.44M (-26.8%) Shares 43,100 (-26.8%) Est. Cost $991.05 Unrealized —

COP CONOCOPHILLIPS 0.0%

Value $2.458M (-85.9%) Shares 23,640 (-82.1%) Est. Cost $105.59 Unrealized —

ADI ANALOG DEVICES 1.0%

Value $216M (+7.2%) Shares 543,130 (-14.1%) Est. Cost $231.12 Unrealized —

META META PLATFORMS 1.0%

Value $213M (-6.3%) Shares 377,436 (-4.9%) Est. Cost $426.26 Unrealized —

AMAT APPLIED MATERIALS 0.7%

Value $150M (+10.4%) Shares 206,808 (-47.8%) Est. Cost $180.09 Unrealized —

XOM EXXON MOBIL 0.1%

Value $32.32M (-29.3%) Shares 236,431 (-12.2%) Est. Cost $85.55 Unrealized —

MCO MOODY'S 0.0%

Value $10.98M (-53.5%) Shares 24,240 (-55.2%) Est. Cost $301.60 Unrealized —

DHR DANAHER 3.4%

Value $747M (-1.4%) Shares 3,923,035 (-1.8%) Est. Cost $201.96 Unrealized —

MKTX MARKETAXESS 0.0%

Value $8.512M (-52.3%) Shares 75,000 (-30.6%) Est. Cost $194.60 Unrealized —

BRK/B BERKSHIRE HATHAWAY B 5.7%

Value $1.255B (+0.7%) Shares 2,508,197 (-3.6%) Est. Cost $187.52 Unrealized —

WMT WALMART 0.1%

Value $20.04M (-30.4%) Shares 176,957 (-23.6%) Est. Cost $51.09 Unrealized —

MMM 3M 0.3%

Value $74.44M (-10.1%) Shares 459,784 (-19.3%) Est. Cost $112.63 Unrealized —

SBUX STARBUCKS 0.1%

Value $17.17M (-28.0%) Shares 168,059 (-36.9%) Est. Cost $86.07 Unrealized —

IEX IDEX 0.7%

Value $147M (+4.6%) Shares 646,867 (-12.6%) Est. Cost $181.44 Unrealized —

KO COCA-COLA 0.2%

Value $40.49M (-12.5%) Shares 498,232 (-18.1%) Est. Cost $49.57 Unrealized —

TMO THERMO FISHER SCIENTIFIC 4.3%

Value $956M (-0.5%) Shares 1,905,975 (-2.5%) Est. Cost $456.05 Unrealized —

DIS WALT DISNEY 0.0%

Value $9.782M (-26.7%) Shares 101,636 (-26.6%) Est. Cost $120.01 Unrealized —

SHW SHERWIN-WILLIAMS 0.6%

Value $137M (+2.6%) Shares 396,877 (-4.5%) Est. Cost $315.18 Unrealized —

NU NU HOLDINGS 0.0%

Value $5.344M (-32.4%) Shares 400,000 (-27.3%) Est. Cost $8.45 Unrealized —

BDX BECTON DICKINSON 0.1%

Value $17.69M (-10.5%) Shares 116,897 (-7.1%) Est. Cost $222.31 Unrealized —

IBN ICICI BANK ADR 0.0%

Value $3.338M (-32.2%) Shares 115,000 (-39.5%) Est. Cost $26.46 Unrealized —

YUMC YUM CHINA HOLDINGS 0.0%

Value $1.43M (-51.1%) Shares 35,000 (-41.7%) Est. Cost $49.04 Unrealized —

TCOM TRIP.COM GROUP ADR 0.0%

Value $1.195M (-46.7%) Shares 30,000 (-33.3%) Est. Cost $60.48 Unrealized —

IDXX IDEXX LABORATORIES 0.0%

Value $9.092M (-10.3%) Shares 17,270 (-4.2%) Est. Cost $438.65 Unrealized —

ROST ROSS STORES 0.1%

Value $11.79M (-7.4%) Shares 55,389 (-5.7%) Est. Cost $112.10 Unrealized —

CPNG COUPANG 0.0%

Value $2.084M (-31.0%) Shares 120,000 (-25.0%) Est. Cost $22.08 Unrealized —

— 0,250 JD.COM 01.06.2029 0.0%

Value $394K (-60.6%) Shares 400,000 (-60.0%) Est. Cost $1.00 Unrealized —

NTES NETEASE ADR 0.0%

Value $1.089M (-35.1%) Shares 8,500 (-43.3%) Est. Cost $100.87 Unrealized —

UNP UNION PACIFIC 0.0%

Value $5.21M (+9.1%) Shares 19,155 (-2.7%) Est. Cost $209.27 Unrealized —

MMYT MAKEMYTRIP 0.0%

Value $2.664M (+19.1%) Shares 50,000 (-16.7%) Est. Cost $76.83 Unrealized —

PDD PINDUODUO ADR 0.0%

Value $236K (-62.0%) Shares 3,095 (-49.1%) Est. Cost $125.73 Unrealized —

FMX FEMSA ADR 0.0%

Value $1.982M (-10.7%) Shares 15,500 (-22.5%) Est. Cost $105.08 Unrealized —

SE SEA ADR 0.0%

Value $1.725M (+4.2%) Shares 18,000 (-10.0%) Est. Cost $116.38 Unrealized —

ODFL OLD DOMINION FREIGHT LINE 0.0%

Value $684K (+4.1%) Shares 3,159 (-6.1%) Est. Cost $189.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PEP	PEPSICO	2,554,594 (-45.9%)	$346M (-52.9%)	1.6%	$147.64	—	COM	713448108
NKE	NIKE	11,905,339 (-2.3%)	$489M (-24.1%)	2.2%	$76.74	—	COM	654106103
GOOGL	ALPHABET - CLASS A	4,408,262 (-11.8%)	$1.575B (+9.6%)	7.1%	$117.84	—	COM	02079K305
JNJ	JOHNSON & JOHNSON	569,949 (-48.0%)	$145M (-46.0%)	0.7%	$115.48	—	COM	478160104
BNTX	BIONTECH ADR	2,226,138 (-39.5%)	$207M (-36.7%)	0.9%	$140.78	—	COM	09075V102
CRM	SALESFORCE	387,019 (-52.7%)	$60.63M (-60.3%)	0.3%	$232.46	—	COM	79466L302
V	VISA - CLASS A	1,516,328 (-25.0%)	$520M (-14.9%)	2.4%	$189.70	—	COM	92826C839
AME	AMETEK	2,737,670 (-20.8%)	$662M (-10.6%)	3.0%	$134.58	—	COM	031100100
LULU	LULULEMON ATHLETICA	1,816,360 (-2.2%)	$207M (-27.1%)	0.9%	$297.65	—	COM	550021109
AMZN	AMAZON.COM	5,500,511 (-7.8%)	$1.311B (+5.6%)	5.9%	$134.48	—	COM	023135106
RAL	RALLIANT	3,021,324 (-18.5%)	$222M (+44.3%)	1.0%	$49.17	—	COM	750940108
INTU	INTUIT	336,713 (-2.3%)	$87.88M (-41.0%)	0.4%	$495.01	—	COM	461202103
MSFT	MICROSOFT	3,394,977 (-3.7%)	$1.266B (-2.9%)	5.7%	$205.50	—	COM	594918104
PG	PROCTER & GAMBLE	2,023,783 (-10.8%)	$297M (-9.5%)	1.3%	$117.29	—	COM	742718109
ITW	ILLINOIS TOOL WORKS	80,271 (-59.4%)	$21.71M (-57.8%)	0.1%	$203.91	—	COM	452308109
MDT	MEDTRONIC	1,089,386 (-17.3%)	$85.22M (-25.4%)	0.4%	$79.74	—	COM	G5960L103
CL	COLGATE-PALMOLIVE	269,501 (-54.7%)	$24.71M (-51.3%)	0.1%	$76.63	—	COM	194162103
MSCI	MSCI	169,324 (-23.5%)	$94.83M (-20.5%)	0.4%	$492.02	—	COM	55354G100
NFLX	NETFLIX	497,453 (-18.5%)	$35.52M (-39.5%)	0.2%	$101.58	—	COM	64110L106
TTE	TOTALENERGIES	397,364 (-27.3%)	$30.88M (-39.5%)	0.1%	$63.23	—	COM	F92124100
HDB	HDFC BANK ADR	1,139,310 (-36.8%)	$29.43M (-34.4%)	0.1%	$47.89	—	COM	40415F101
BLK	BLACKROCK	43,100 (-26.8%)	$41.44M (-26.8%)	0.2%	$991.05	—	COM	09290D101
COP	CONOCOPHILLIPS	23,640 (-82.1%)	$2.458M (-85.9%)	0.0%	$105.59	—	COM	20825C104
ADI	ANALOG DEVICES	543,130 (-14.1%)	$216M (+7.2%)	1.0%	$231.12	—	COM	032654105
META	META PLATFORMS	377,436 (-4.9%)	$213M (-6.3%)	1.0%	$426.26	—	COM	30303M102
AMAT	APPLIED MATERIALS	206,808 (-47.8%)	$150M (+10.4%)	0.7%	$180.09	—	COM	038222105
XOM	EXXON MOBIL	236,431 (-12.2%)	$32.32M (-29.3%)	0.1%	$85.55	—	COM	30231G102
MCO	MOODY'S	24,240 (-55.2%)	$10.98M (-53.5%)	0.0%	$301.60	—	COM	615369105
DHR	DANAHER	3,923,035 (-1.8%)	$747M (-1.4%)	3.4%	$201.96	—	COM	235851102
MKTX	MARKETAXESS	75,000 (-30.6%)	$8.512M (-52.3%)	0.0%	$194.60	—	COM	57060D108
BRK/B	BERKSHIRE HATHAWAY B	2,508,197 (-3.6%)	$1.255B (+0.7%)	5.7%	$187.52	—	COM	084670702
WMT	WALMART	176,957 (-23.6%)	$20.04M (-30.4%)	0.1%	$51.09	—	COM	931142103
MMM	3M	459,784 (-19.3%)	$74.44M (-10.1%)	0.3%	$112.63	—	COM	88579Y101
SBUX	STARBUCKS	168,059 (-36.9%)	$17.17M (-28.0%)	0.1%	$86.07	—	COM	855244109
IEX	IDEX	646,867 (-12.6%)	$147M (+4.6%)	0.7%	$181.44	—	COM	45167R104
KO	COCA-COLA	498,232 (-18.1%)	$40.49M (-12.5%)	0.2%	$49.57	—	COM	191216100
TMO	THERMO FISHER SCIENTIFIC	1,905,975 (-2.5%)	$956M (-0.5%)	4.3%	$456.05	—	COM	883556102
DIS	WALT DISNEY	101,636 (-26.6%)	$9.782M (-26.7%)	0.0%	$120.01	—	COM	254687106
SHW	SHERWIN-WILLIAMS	396,877 (-4.5%)	$137M (+2.6%)	0.6%	$315.18	—	COM	824348106
NU	NU HOLDINGS	400,000 (-27.3%)	$5.344M (-32.4%)	0.0%	$8.45	—	COM	G6683N103
BDX	BECTON DICKINSON	116,897 (-7.1%)	$17.69M (-10.5%)	0.1%	$222.31	—	COM	075887109
IBN	ICICI BANK ADR	115,000 (-39.5%)	$3.338M (-32.2%)	0.0%	$26.46	—	COM	45104G104
YUMC	YUM CHINA HOLDINGS	35,000 (-41.7%)	$1.43M (-51.1%)	0.0%	$49.04	—	COM	98850P109
TCOM	TRIP.COM GROUP ADR	30,000 (-33.3%)	$1.195M (-46.7%)	0.0%	$60.48	—	COM	89677Q107
IDXX	IDEXX LABORATORIES	17,270 (-4.2%)	$9.092M (-10.3%)	0.0%	$438.65	—	COM	45168D104
ROST	ROSS STORES	55,389 (-5.7%)	$11.79M (-7.4%)	0.1%	$112.10	—	COM	778296103
CPNG	COUPANG	120,000 (-25.0%)	$2.084M (-31.0%)	0.0%	$22.08	—	COM	22266T109
—	0,250 JD.COM 01.06.2029	400,000 (-60.0%)	$394K (-60.6%)	0.0%	$1.00	—	NOTE	47215PAJ5
NTES	NETEASE ADR	8,500 (-43.3%)	$1.089M (-35.1%)	0.0%	$100.87	—	COM	64110W102
UNP	UNION PACIFIC	19,155 (-2.7%)	$5.21M (+9.1%)	0.0%	$209.27	—	COM	907818108
MMYT	MAKEMYTRIP	50,000 (-16.7%)	$2.664M (+19.1%)	0.0%	$76.83	—	COM	V5633W109
PDD	PINDUODUO ADR	3,095 (-49.1%)	$236K (-62.0%)	0.0%	$125.73	—	COM	722304102
FMX	FEMSA ADR	15,500 (-22.5%)	$1.982M (-10.7%)	0.0%	$105.08	—	COM	344419106
SE	SEA ADR	18,000 (-10.0%)	$1.725M (+4.2%)	0.0%	$116.38	—	COM	81141R100
ODFL	OLD DOMINION FREIGHT LINE	3,159 (-6.1%)	$684K (+4.1%)	0.0%	$189.98	—	COM	679580100

Unchanged Positions (11)

SCHW CHARLES SCHWAB 4.5%

Value $988M Shares 10,706,944 Est. Cost $67.54 Unrealized —

MELI MERCADOLIBRE 1.4%

Value $319M Shares 187,847 Est. Cost $2318.50 Unrealized —

FTNT FORTINET 0.0%

Value $2.149M Shares 13,989 Est. Cost $87.12 Unrealized —

— INTUIT CALL 0.0%

Value $313K Shares 12 Est. Cost — Unrealized —

CDNS CADENCE DESIGN SYSTEMS 0.0%

Value $586K Shares 1,561 Est. Cost $295.30 Unrealized —

BRK/A BERKSHIRE HATHAWAY A 0.0%

Value $2.995M Shares 4 Est. Cost $454514.50 Unrealized —

BX BLACKSTONE 0.0%

Value $5.295M Shares 45,000 Est. Cost $133.67 Unrealized —

CHKP CHECK POINT SOFTWARE 0.0%

Value $757K Shares 5,756 Est. Cost $197.89 Unrealized —

— 0,250 ETSY 15.06.2028 0.0%

Value $1.006M Shares 1,100,000 Est. Cost $0.73 Unrealized —

— 0,000 SNAP 01.05.2027 0.0%

Value $671K Shares 700,000 Est. Cost $0.70 Unrealized —

— 0,125 SNAP 01.03.2028 0.0%

Value $278K Shares 300,000 Est. Cost $0.71 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SCHW	CHARLES SCHWAB	10,706,944	$988M	4.5%	$67.54	—	COM	808513105
MELI	MERCADOLIBRE	187,847	$319M	1.4%	$2318.50	—	COM	58733R102
FTNT	FORTINET	13,989	$2.149M	0.0%	$87.12	—	COM	34959E109
—	INTUIT CALL	12	$313K	0.0%	—	—	CALL	461202903
CDNS	CADENCE DESIGN SYSTEMS	1,561	$586K	0.0%	$295.30	—	COM	127387108
BRK/A	BERKSHIRE HATHAWAY A	4	$2.995M	0.0%	$454514.50	—	COM	084670108
BX	BLACKSTONE	45,000	$5.295M	0.0%	$133.67	—	COM	09260D107
CHKP	CHECK POINT SOFTWARE	5,756	$757K	0.0%	$197.89	—	COM	M22465104
—	0,250 ETSY 15.06.2028	1,100,000	$1.006M	0.0%	$0.73	—	NOTE	29786AAN6
—	0,000 SNAP 01.05.2027	700,000	$671K	0.0%	$0.70	—	NOTE	83304AAF3
—	0,125 SNAP 01.03.2028	300,000	$278K	0.0%	$0.71	—	NOTE	83304AAH9