# Banque de Luxembourg S.A.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2055344. Source: https://holderbook.com/funds/2055344-banque-de-luxembourg-s-a/

- Reported value: $212.0M
- Positions: 78
- Weight of the ten largest: 65.3%
- Filed: 2026-07-09

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 |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $29.5M | 39,502 | 13.9% | 7 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $23.7M | 66,228 | 11.2% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $16.1M | 43,092 | 7.6% | 7 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $11.7M | 150,433 | 5.5% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $11.4M | 33,311 | 5.4% | 7 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $11.3M | 47,542 | 5.3% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $10.6M | 36,783 | 5.0% | 7 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $9.4M | 22,683 | 4.4% | 7 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $7.9M | 100,738 | 3.7% | 7 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $6.8M | 17,077 | 3.2% | 7 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $6.2M | 15,181 | 2.9% | 7 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $6.2M | 13,788 | 2.9% | 7 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $5.7M | 45,703 | 2.7% | 7 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $5.5M | 27,359 | 2.6% | 7 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $5.5M | 46,498 | 2.6% | 7 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $4.8M | 31,670 | 2.3% | 7 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $3.6M | 30,377 | 1.7% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $3.4M | 8,983 | 1.6% | 7 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $3.0M | 8,573 | 1.4% | 7 |
| ALLEGION PLC | [ALLE](https://holderbook.com/stocks/ALLE/) | $3.0M | 21,475 | 1.4% | 7 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $2.9M | 29,974 | 1.4% | 2 |
| ICON PUB LTD CO | [ICLR](https://holderbook.com/stocks/ICLR/) | $2.3M | 13,280 | 1.1% | 7 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.4M | 9,347 | 0.6% | 7 |
| INVESCO EXCHANGE TRADED FD T | [PKW](https://holderbook.com/stocks/PKW/) | $1.3M | 9,227 | 0.6% | 7 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $1.3M | 8,817 | 0.6% | 7 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.3M | 2,517 | 0.6% | 6 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.2M | 2,099 | 0.6% | 7 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $1.1M | 6,016 | 0.5% | 7 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $1.1M | 5,968 | 0.5% | 2 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.1M | 2,275 | 0.5% | 7 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $849.1K | 2,594 | 0.4% | 7 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $751.7K | 18,312 | 0.4% | 7 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $615.4K | 640 | 0.3% | 7 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $609.3K | 508 | 0.3% | 3 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $580.4K | 1,702 | 0.3% | 4 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $558.5K | 1,076 | 0.3% | 6 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $495.3K | 11,606 | 0.2% | 7 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $411.6K | 821 | 0.2% | 7 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $386.0K | 1,850 | 0.2% | 6 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $370.0K | 1,457 | 0.2% | 7 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $366.4K | 5,077 | 0.2% | 7 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $347.1K | 1,284 | 0.2% | 7 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $325.3K | 6,000 | 0.2% | 6 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $313.0K | 2,436 | 0.1% | 7 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $306.4K | 2,263 | 0.1% | 7 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $278.9K | 3,432 | 0.1% | 7 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $273.1K | 1,004 | 0.1% | 7 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $262.9K | 281 | 0.1% | 3 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $254.7K | 10,376 | 0.1% | 7 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $233.8K | 1,376 | 0.1% | 3 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $224.9K | 3,130 | 0.1% | 7 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $214.7K | 418 | 0.1% | 7 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $195.8K | 522 | 0.1% | 7 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $195.5K | 777 | 0.1% | 7 |
| MAGNUM ICE CREAM CO NV | [MICC](https://holderbook.com/stocks/MICC/) | $193.2K | 11,074 | 0.1% | 3 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $188.2K | 1,662 | 0.1% | 7 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $184.7K | 2,518 | 0.1% | 3 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $181.4K | 501 | 0.1% | 7 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $168.0K | 300 | 0.1% | 7 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $153.8K | 750 | 0.1% | 7 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $153.0K | 1,594 | 0.1% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $122.5K | 2,149 | 0.1% | 3 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $114.4K | 272 | 0.1% | 2 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $100.0K | 424 | 0.0% | 6 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $97.3K | 276 | 0.0% | 7 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $96.9K | 134 | 0.0% | 1 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $89.1K | 404 | 0.0% | 7 |
| ANHEUSER BUSCH INBEV SA/NV | [BUD](https://holderbook.com/stocks/BUD/) | $85.9K | 1,043 | 0.0% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $82.3K | 190 | 0.0% | 1 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $72.1K | 778 | 0.0% | 4 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $70.9K | 600 | 0.0% | 6 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $56.2K | 251 | 0.0% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $55.3K | 251 | 0.0% | 1 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $46.9K | 189 | 0.0% | 1 |
| LAMB WESTON HLDGS INC | [LW](https://holderbook.com/stocks/LW/) | $33.6K | 779 | 0.0% | 7 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $23.4K | 22 | 0.0% | 7 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $4.4K | 28 | 0.0% | 7 |
| VERSANT MEDIA GROUP INC | [VSNT](https://holderbook.com/stocks/VSNT/) | $1.2K | 32 | 0.0% | 2 |

## 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 | +8.7% | +14.8% | -6.1% | 100% |
| Q1 2026 | -8.9% | -4.6% | -4.2% | 98% |
| Q4 2025 | +5.2% | +2.4% | +2.8% | 100% |
| Q3 2025 | +6.4% | +7.8% | -1.4% | 105% |
| Q2 2025 | +5.6% | +10.5% | -4.9% | 100% |
| Q1 2025 | -5.6% | -4.6% | -1.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $212.0M | 78 |
| Q1 2026 | $193.3M | 75 |
| Q4 2025 | $234.8M | 88 |
| Q3 2025 | $193.4M | 80 |
| Q2 2025 | $174.6M | 87 |
| Q1 2025 | $174.8M | 87 |
| Q4 2024 | $185.8M | 82 |