13F HOLDINGS REPORT

BLI - Banque de Luxembourg Investments

Quarter ended Q2 2025 · Filed August 13, 2025 · Accession 0002052594-25-000006

Total Value

$3.49B

Positions

175

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (175)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	MICROSOFT CORPCOM	MSFT	507,819	$251.8M	7.21%
2	VISA INCCOM CL A	V	348,950	$121.6M	3.48%
3	ALPHABET INCCAP STK CL A	GOOG	663,530	$118.4M	3.39%
4	MASTERCARD INCORPORATEDCL A	MA	198,350	$109.1M	3.13%
5	CANADIAN NATL RY COCOM	136375102	907,795	$94.2M	2.70%
6	UNION PAC CORPCOM	UNP	404,080	$93.5M	2.68%
7	AMAZON COM INCCOM	AMZN	364,870	$81.5M	2.33%
8	RESMED INCCOM	RSMDF	289,887	$73.9M	2.12%
9	APPLE INCCOM	AAPL	360,852	$72.5M	2.08%
10	NVIDIA CORPORATIONCOM	NVDA	433,770	$68.4M	1.96%
11	PEPSICO INCCOM	PEP	517,943	$67.9M	1.94%
12	TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS	874039100	261,600	$59.8M	1.71%
13	ADOBE INCCOM	ADBE	153,970	$59.4M	1.70%
14	FRANCO NEV CORPCOM	FNV	347,395	$57.0M	1.63%
15	KIMBERLY-CLARK CORPCOM	KMB	423,700	$54.2M	1.55%
16	IDEXX LABS INCCOM	45168D104	98,900	$52.5M	1.50%
17	COLGATE PALMOLIVE COCOM	CL	591,700	$52.5M	1.50%
18	TJX COS INC NEWCOM	872540109	415,990	$51.3M	1.47%
19	ROLLINS INCCOM	ROL	898,850	$50.5M	1.45%
20	ROPER TECHNOLOGIES INCCOM	ROP	86,528	$48.7M	1.40%
21	ACCENTURE PLC IRELANDSHS CLASS A	ACN	162,079	$47.9M	1.37%
22	ABBOTT LABSCOM	ABLZF	352,911	$47.4M	1.36%
23	ZOETIS INCCL A	ZTS	278,000	$43.4M	1.24%
24	VERISK ANALYTICS INCCOM	VRSK	137,470	$42.4M	1.22%
25	MONDELEZ INTL INCCL A	609207105	621,800	$42.1M	1.21%
26	WHEATON PRECIOUS METALS CORPCOM	WPM	435,000	$38.9M	1.11%
27	CHECK POINT SOFTWARE TECH LTORD	M22465104	169,400	$36.7M	1.05%
28	ENBRIDGE INCCOM	ENNPF	812,395	$36.6M	1.05%
29	WATERS CORPCOM	941848103	102,500	$36.1M	1.03%
30	AGNICO EAGLE MINES LTDCOM	AEM	300,000	$35.5M	1.02%
31	CATERPILLAR INCCOM	CAT	90,260	$34.7M	0.99%
32	UNITEDHEALTH GROUP INCCOM	UNH	107,530	$33.2M	0.95%
33	ROYAL GOLD INCCOM	RGLD	185,000	$32.5M	0.93%
34	BOOKING HOLDINGS INCCOM	BKNG	5,280	$30.1M	0.86%
35	THERMO FISHER SCIENTIFIC INCCOM	TMO	69,880	$28.5M	0.82%
36	LOWES COS INCCOM	548661107	127,060	$28.4M	0.81%
37	MOODYS CORPCOM	MCO	53,080	$25.9M	0.74%
38	ALCON AGORD SHS	ALC	282,024	$24.8M	0.71%
39	XYLEM INCCOM	XYL	189,500	$24.3M	0.70%
40	CONSTELLATION BRANDS INCCL A	STZ	149,560	$24.1M	0.69%
41	NIKE INCCL B	NKE	319,620	$23.0M	0.66%
42	PAYCHEX INCCOM	PAYX	150,600	$21.7M	0.62%
43	CUMMINS INCCOM	CMI	66,440	$21.6M	0.62%
44	SITEONE LANDSCAPE SUPPLY INCCOM	SITE	173,100	$20.9M	0.60%
45	EQUIFAX INCCOM	EFX	79,800	$20.4M	0.59%
46	DANAHER CORPORATIONCOM	235851102	102,650	$20.4M	0.58%
47	JOHNSON & JOHNSONCOM	JNJ	131,399	$20.0M	0.57%
48	BROADCOM INCCOM	AVGO	73,890	$19.9M	0.57%
49	NORDSON CORPCOM	NDSN	89,800	$19.3M	0.55%
50	META PLATFORMS INCCL A	META	25,800	$18.9M	0.54%
51	CORE & MAIN INCCL A	CNM	312,300	$18.8M	0.54%
52	ELI LILLY & COCOM	LLY	24,000	$18.6M	0.53%
53	BENTLEY SYS INCCOM CL B	BSY	349,100	$18.4M	0.53%
54	HENRY JACK & ASSOC INCCOM	426281101	100,200	$17.9M	0.51%
55	APPLIED MATLS INCCOM	038222105	95,645	$17.5M	0.50%
56	MSCI INCCOM	MSCI	29,900	$17.2M	0.49%
57	SERVICENOW INCCOM	NOW	16,740	$17.1M	0.49%
58	IDEX CORPCOM	45167R104	93,000	$16.4M	0.47%
59	ALAMOS GOLD INC NEWCOM CL A	AGI	600,000	$15.8M	0.45%
60	PAYCOM SOFTWARE INCCOM	PAYC	69,100	$15.7M	0.45%
61	AUTODESK INCCOM	ADSK	49,800	$15.2M	0.44%
62	MANHATTAN ASSOCIATES INCCOM	MANH	74,300	$14.7M	0.42%
63	TYLER TECHNOLOGIES INCCOM	TYL	25,100	$14.6M	0.42%
64	MASIMO CORPCOM	MASI	86,700	$14.6M	0.42%
65	ORACLE CORPCOM	ORCL-PD	68,680	$14.4M	0.41%
66	CHEMED CORP NEWCOM	CHE	25,700	$14.4M	0.41%
67	AUTOMATIC DATA PROCESSING INCOM	ADP	46,600	$14.1M	0.40%
68	TEXAS PACIFIC LAND CORPORATICOM	TPL	13,300	$14.0M	0.40%
69	HONEYWELL INTL INCCOM	438516106	60,550	$13.9M	0.40%
70	AMETEK INCCOM	AME	76,300	$13.8M	0.39%
71	VERISIGN INCCOM	VRSN	47,400	$13.6M	0.39%
72	KLA CORPCOM NEW	KLAC	15,290	$13.6M	0.39%
73	POOL CORPCOM	POOL	44,300	$13.0M	0.37%
74	CDW CORPCOM	CDW	71,500	$12.7M	0.36%
75	LENNOX INTL INCCOM	526107107	21,800	$12.4M	0.35%
76	GRACO INCCOM	GGG	143,100	$12.3M	0.35%
77	WATSCO INCCOM	WSO-B	28,200	$12.3M	0.35%
78	NETFLIX INCCOM	NFLX	9,200	$12.2M	0.35%
79	ZEBRA TECHNOLOGIES CORPORATICL A	ZBRA	38,900	$12.0M	0.34%
80	SYNOPSYS INCCOM	SNPS	23,800	$12.0M	0.34%
81	EXPONENT INCCOM	EXPO	160,500	$11.9M	0.34%
82	S&P GLOBAL INCCOM	SPGI	22,400	$11.6M	0.33%
83	ANSYS INCCOM	03662Q105	33,400	$11.6M	0.33%
84	WEST PHARMACEUTICAL SVSC INCCOM	955306105	52,900	$11.6M	0.33%
85	ARISTA NETWORKS INCCOM SHS	ANET	115,600	$11.5M	0.33%
86	BRISTOL-MYERS SQUIBB COCOM	CELG-RI	247,000	$11.4M	0.33%
87	CHURCH & DWIGHT CO INCCOM	CHD	119,800	$11.4M	0.33%
88	BIO-TECHNE CORPCOM	TECH	216,000	$11.2M	0.32%
89	ULTA BEAUTY INCCOM	ULTA	23,500	$10.8M	0.31%
90	BURLINGTON STORES INCCOM	BURL	46,100	$10.6M	0.30%
91	YUM CHINA HLDGS INCCOM	YUMC	236,000	$10.6M	0.30%
92	COSTCO WHSL CORP NEWCOM	22160K105	10,200	$10.0M	0.29%
93	IQVIA HLDGS INCCOM	IQV	61,730	$9.7M	0.28%
94	LINDE PLCSHS	LIN	20,600	$9.5M	0.27%
95	METTLER TOLEDO INTERNATIONALCOM	MTD	8,000	$9.5M	0.27%
96	BECTON DICKINSON & COCOM	BDX	55,000	$9.4M	0.27%
97	QUALYS INCCOM	QLYS	65,700	$9.3M	0.27%
98	PROCTER AND GAMBLE COCOM	742718109	57,131	$9.1M	0.26%
99	LITTELFUSE INCCOM	LFUS	40,200	$9.1M	0.26%
100	INSULET CORPCOM	PODD	28,600	$9.0M	0.26%
101	NEWMONT CORPCOM	NEMCL	152,500	$8.7M	0.25%
102	DOMINOS PIZZA INCCOM	DPZ	18,500	$8.3M	0.24%
103	GLOBUS MED INCCL A	GMED	138,800	$8.1M	0.23%
104	VEEVA SYS INCCL A COM	VEEV	28,100	$8.0M	0.23%
105	COOPER COS INCCOM	216648501	110,900	$7.9M	0.23%
106	ALPHABET INCCAP STK CL C	GOOG	43,900	$7.8M	0.22%
107	CLOROX CO DELCOM	CLX	65,020	$7.7M	0.22%
108	COCA COLA COCOM	KO	107,331	$7.5M	0.22%
109	TRACTOR SUPPLY COCOM	TSCO	139,600	$7.2M	0.21%
110	TEXAS INSTRS INCCOM	882508104	34,721	$7.2M	0.21%
111	LOGITECH INTL S ASHS	H50430232	75,525	$6.8M	0.19%
112	CHIPOTLE MEXICAN GRILL INCCOM	CMG	121,000	$6.7M	0.19%
113	LKQ CORPCOM	LKQ	178,700	$6.6M	0.19%
114	SMITH A O CORPCOM	AOS	100,300	$6.6M	0.19%
115	SEMPRACOM	SREA	86,100	$6.5M	0.19%
116	COCA-COLA FEMSA SAB DE CVSPONS ADS REP	COCSF	68,500	$6.5M	0.19%
117	FEDEX CORPCOM	FDX	28,190	$6.5M	0.18%
118	MERCK & CO INCCOM	MRK	78,300	$6.2M	0.18%
119	FERRARI N VCOM	RACE	11,800	$5.8M	0.16%
120	COMPANIA CERVECERIAS UNIDASSPONSORED ADR	204429104	435,000	$5.6M	0.16%
121	EATON CORP PLCSHS	ETN	15,440	$5.5M	0.16%
122	QUALCOMM INCCOM	QCOM	33,800	$5.4M	0.15%
123	PUBLIC STORAGE OPER COCOM	PSA-PS	18,200	$5.3M	0.15%
124	SIMON PPTY GROUP INC NEWCOM	828806109	30,800	$4.9M	0.14%
125	EDWARDS LIFESCIENCES CORPCOM	EW	61,500	$4.8M	0.14%
126	BLACKROCK INCCOM	BLK	4,400	$4.6M	0.13%
127	AAON INCCOM	AAON	62,100	$4.6M	0.13%
128	ILLINOIS TOOL WKS INCCOM	452308109	18,400	$4.6M	0.13%
129	LINCOLN ELEC HLDGS INCCOM	533900106	21,500	$4.5M	0.13%
130	PUBLIC SVC ENTERPRISE GRP INCOM	744573106	53,300	$4.5M	0.13%
131	LAM RESEARCH CORPCOM NEW	LRCX	43,700	$4.2M	0.12%
132	ADVANCED DRAIN SYS INC DELCOM	00790R104	35,800	$4.2M	0.12%
133	DONALDSON INCCOM	DCI	59,300	$4.1M	0.12%
134	3M COCOM	MMM	27,000	$4.1M	0.12%
135	CADENCE DESIGN SYSTEM INCCOM	CDNS	13,100	$4.0M	0.11%
136	UNITED PARCEL SERVICE INCCL B	UPS	38,880	$3.9M	0.11%
137	LULULEMON ATHLETICA INCCOM	LULU	16,300	$3.8M	0.11%
138	CINTAS CORPCOM	CTAS	16,700	$3.7M	0.11%
139	TRANE TECHNOLOGIES PLCSHS	TT	8,500	$3.7M	0.11%
140	DECKERS OUTDOOR CORPCOM	DECK	34,400	$3.6M	0.10%
141	MARSH & MCLENNAN COS INCCOM	571748102	16,400	$3.6M	0.10%
142	D R HORTON INCCOM	23331A109	27,100	$3.5M	0.10%
143	BROWN FORMAN CORPCL B	BF-B	126,850	$3.4M	0.10%
144	CME GROUP INCCOM	CME	12,200	$3.4M	0.10%
145	SHERWIN WILLIAMS COCOM	SHW	9,100	$3.1M	0.09%
146	AMPHENOL CORP NEWCL A	032095101	32,200	$3.1M	0.09%
147	GARMIN LTDSHS	GRMN	14,800	$3.1M	0.09%
148	GRAINGER W W INCCOM	384802104	2,800	$2.9M	0.08%
149	VERTEX PHARMACEUTICALS INCCOM	VRTX	6,500	$2.9M	0.08%
150	NVR INCCOM	NVR	360	$2.7M	0.08%
151	WILLIAMS SONOMA INCCOM	WSM	14,900	$2.4M	0.07%
152	APPLOVIN CORPCOM CL A	APP	7,000	$2.3M	0.07%
153	PULTE GROUP INCCOM	745867101	21,800	$2.3M	0.07%
154	ELEVANCE HEALTH INCCOM	ELV	6,000	$2.3M	0.07%
155	AMERIPRISE FINL INCCOM	03076C106	4,300	$2.3M	0.07%
156	GILEAD SCIENCES INCCOM	GILD	20,031	$2.2M	0.06%
157	AMGEN INCCOM	AMGN	7,783	$2.2M	0.06%
158	WELLS FARGO CO NEWCOM	949746101	25,000	$2.0M	0.06%
159	PEMBINA PIPELINE CORPCOM	PPLOF	52,700	$2.0M	0.06%
160	STRYKER CORPORATIONCOM	SYK	4,833	$1.9M	0.05%
161	ANALOG DEVICES INCCOM	ADI	7,833	$1.9M	0.05%
162	ABBVIE INCCOM	ABBV	9,999	$1.8M	0.05%
163	EBAY INC.COM	EBAY	23,896	$1.8M	0.05%
164	JOHNSON CTLS INTL PLCSHS	G51502105	15,884	$1.7M	0.05%
165	AMRIZE LTDSHS	AMRZ	28,100	$1.4M	0.04%
166	EMERSON ELEC COCOM	EMR	9,599	$1.3M	0.04%
167	KEYSIGHT TECHNOLOGIES INCCOM	KEYS	7,600	$1.2M	0.04%
168	AGILENT TECHNOLOGIES INCCOM	A	9,599	$1.1M	0.03%
169	ECOLAB INCCOM	ECL	4,100	$1.1M	0.03%
170	JPMORGAN CHASE & CO.COM	VYLD	3,800	$1.1M	0.03%
171	EXXON MOBIL CORPCOM	XOM	9,900	$1.1M	0.03%
172	CHEVRON CORP NEWCOM	CVX	6,600	$948,771	0.03%
173	TREX CO INCCOM	TREX	9,800	$537,686	0.02%
174	MODERNA INCCOM	MRNA	13,600	$369,281	0.01%
175	TERADYNE INCCOM	TER	3,200	$289,046	0.01%