# BLI - Banque de Luxembourg Investments

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2052594. Source: https://holderbook.com/funds/2052594-bli-banque-de-luxembourg-investments/

- Reported value: $2.8B
- Positions: 195
- Weight of the ten largest: 32.6%
- Filed: 2026-08-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $146.6M | 396,983 | 5.2% | 7 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $112.8M | 318,393 | 4.0% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $112.0M | 245,600 | 4.0% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $94.7M | 276,590 | 3.3% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $94.7M | 335,418 | 3.3% | 7 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $81.6M | 683,667 | 2.9% | 7 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $70.9M | 138,834 | 2.5% | 7 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $70.5M | 258,053 | 2.5% | 7 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $70.4M | 3,333,900 | 2.5% | 7 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $68.3M | 370,958 | 2.4% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $56.1M | 99,505 | 2.0% | 5 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $50.5M | 72,506 | 1.8% | 7 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $49.5M | 534,342 | 1.7% | 7 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $45.6M | 406,100 | 1.6% | 7 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $45.2M | 161,920 | 1.6% | 7 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $42.8M | 1,410,000 | 1.5% | 7 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $42.0M | 201,995 | 1.5% | 7 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $41.3M | 207,815 | 1.5% | 7 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $41.3M | 230,010 | 1.5% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $39.9M | 97,000 | 1.4% | 5 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $39.4M | 259,928 | 1.4% | 7 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $35.4M | 28,740 | 1.2% | 5 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $35.4M | 227,900 | 1.2% | 7 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $35.3M | 834,103 | 1.2% | 7 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $35.2M | 135,819 | 1.2% | 7 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $33.9M | 625,295 | 1.2% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $32.6M | 87,196 | 1.1% | 7 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $28.7M | 206,668 | 1.0% | 7 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $27.6M | 167,993 | 1.0% | 7 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $26.3M | 64,202 | 0.9% | 7 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $24.6M | 408,414 | 0.9% | 7 |
| TEXAS PACIFIC LAND CORPORATI | [TPL](https://holderbook.com/stocks/TPL/) | $24.3M | 57,800 | 0.9% | 5 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $22.4M | 60,468 | 0.8% | 7 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $21.7M | 42,831 | 0.8% | 7 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $20.9M | 38,931 | 0.7% | 7 |
| SITEONE LANDSCAPE SUPPLY INC | [SITE](https://holderbook.com/stocks/SITE/) | $20.8M | 180,500 | 0.7% | 7 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $20.4M | 100,500 | 0.7% | 7 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $18.4M | 17,771 | 0.6% | 7 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $18.0M | 87,120 | 0.6% | 7 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $17.6M | 140,592 | 0.6% | 7 |
| ORLA MNG LTD NEW | [ORLA](https://holderbook.com/stocks/ORLA/) | $16.4M | 1,679,000 | 0.6% | 4 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $16.4M | 110,159 | 0.6% | 7 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $15.8M | 143,500 | 0.6% | 7 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $15.3M | 29,900 | 0.5% | 7 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $14.5M | 247,000 | 0.5% | 7 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $14.1M | 191,000 | 0.5% | 5 |
| HENRY JACK & ASSOC INC | [JKHY](https://holderbook.com/stocks/JKHY/) | $13.8M | 101,000 | 0.5% | 7 |
| NORDSON CORP | [NDSN](https://holderbook.com/stocks/NDSN/) | $13.4M | 44,300 | 0.5% | 7 |
| EQUIFAX INC | [EFX](https://holderbook.com/stocks/EFX/) | $13.4M | 84,200 | 0.5% | 7 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $13.0M | 37,000 | 0.5% | 5 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $12.9M | 83,000 | 0.5% | 7 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $12.9M | 11,080 | 0.5% | 7 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $12.7M | 28,251 | 0.4% | 5 |
| LITTELFUSE INC | [LFUS](https://holderbook.com/stocks/LFUS/) | $12.6M | 27,990 | 0.4% | 7 |
| AAON INC | [AAON](https://holderbook.com/stocks/AAON/) | $12.3M | 97,500 | 0.4% | 5 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $12.1M | 129,814 | 0.4% | 7 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $12.0M | 573,300 | 0.4% | 7 |
| ZEBRA TECHNOLOGIES CORPORATI | [ZBRA](https://holderbook.com/stocks/ZBRA/) | $11.8M | 45,900 | 0.4% | 1 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $11.7M | 20,967 | 0.4% | 7 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $11.4M | 120,400 | 0.4% | 7 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $11.4M | 333,800 | 0.4% | 1 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $11.4M | 25,056 | 0.4% | 7 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $11.3M | 115,030 | 0.4% | 7 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $11.1M | 6,550 | 0.4% | 1 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $11.0M | 85,000 | 0.4% | 5 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $11.0M | 109,965 | 0.4% | 7 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $10.9M | 119,491 | 0.4% | 3 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $10.9M | 52,000 | 0.4% | 1 |
| IDEX CORP | [IEX](https://holderbook.com/stocks/IEX/) | $10.8M | 47,580 | 0.4% | 7 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $10.6M | 47,000 | 0.4% | 7 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $10.6M | 76,000 | 0.4% | 3 |
| LENNOX INTL INC | [LII](https://holderbook.com/stocks/LII/) | $10.4M | 18,260 | 0.4% | 7 |
| WEST PHARMACEUTICAL SVSC INC | [WST](https://holderbook.com/stocks/WST/) | $10.4M | 29,125 | 0.4% | 7 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $10.0M | 136,658 | 0.4% | 1 |
| EXPONENT INC | [EXPO](https://holderbook.com/stocks/EXPO/) | $9.7M | 162,300 | 0.3% | 7 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $9.6M | 74,700 | 0.3% | 7 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $9.6M | 30,750 | 0.3% | 3 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $9.6M | 10,080 | 0.3% | 5 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $9.5M | 55,995 | 0.3% | 1 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $9.2M | 120,600 | 0.3% | 7 |
| CORE & MAIN INC | [CNM](https://holderbook.com/stocks/CNM/) | $9.2M | 190,370 | 0.3% | 7 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $9.1M | 56,000 | 0.3% | 1 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $9.1M | 22,150 | 0.3% | 7 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $9.0M | 30,920 | 0.3% | 7 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $9.0M | 18,600 | 0.3% | 5 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $8.9M | 79,000 | 0.3% | 1 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $8.8M | 2,778 | 0.3% | 1 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $8.7M | 114,500 | 0.3% | 3 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $8.6M | 74,580 | 0.3% | 3 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $8.5M | 48,175 | 0.3% | 7 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $8.3M | 31,000 | 0.3% | 1 |
| ATMOS ENERGY CORP | [ATO](https://holderbook.com/stocks/ATO/) | $8.2M | 47,000 | 0.3% | 4 |
| BURLINGTON STORES INC | [BURL](https://holderbook.com/stocks/BURL/) | $8.1M | 25,550 | 0.3% | 7 |
| GLOBUS MED INC | [GMED](https://holderbook.com/stocks/GMED/) | $8.0M | 94,900 | 0.3% | 7 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $7.9M | 29,500 | 0.3% | 5 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $7.9M | 18,793 | 0.3% | 7 |
| POOL CORP | [POOL](https://holderbook.com/stocks/POOL/) | $7.8M | 36,859 | 0.3% | 7 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $7.7M | 32,417 | 0.3% | 6 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $7.7M | 39,254 | 0.3% | 7 |
| COMFORT SYS USA INC | [FIX](https://holderbook.com/stocks/FIX/) | $7.5M | 3,850 | 0.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.5% | +14.8% | -8.3% | 96% |
| Q1 2026 | -5.1% | -4.6% | -0.4% | 99% |
| Q4 2025 | +0.8% | +2.4% | -1.5% | 100% |
| Q3 2025 | +4.8% | +7.8% | -3.1% | 101% |
| Q2 2025 | +5.3% | +10.5% | -5.2% | 101% |
| Q1 2025 | -2.4% | -4.6% | +2.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.8B | 195 |
| Q1 2026 | $3.3B | 175 |
| Q4 2025 | $3.4B | 178 |
| Q3 2025 | $3.4B | 170 |
| Q2 2025 | $3.5B | 175 |
| Q1 2025 | $3.3B | 138 |
| Q4 2024 | $3.7B | 134 |