13F HOLDINGS REPORT

BLI - Banque de Luxembourg Investments

Quarter ended Q3 2025 · Filed November 10, 2025 · Accession 0002052594-25-000007

Total Value

$3.43B

Positions

170

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (170)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	MICROSOFT CORPCOM	MSFT	449,609	$231.6M	6.75%
2	ALPHABET INCCAP STK CL A	GOOG	591,890	$144.6M	4.21%
3	NVIDIA CORPORATIONCOM	NVDA	689,620	$125.5M	3.66%
4	VISA INCCOM CL A	V	281,340	$95.8M	2.79%
5	UNION PAC CORPCOM	UNP	399,270	$94.4M	2.75%
6	APPLE INCCOM	AAPL	369,572	$94.1M	2.74%
7	MASTERCARD INCORPORATEDCL A	MA	156,360	$88.9M	2.59%
8	CANADIAN NATL RY COCOM	136375102	902,895	$85.2M	2.48%
9	AMAZON COM INCCOM	AMZN	381,650	$84.8M	2.47%
10	RESMED INCCOM	RSMDF	250,287	$67.9M	1.98%
11	TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADS	874039100	246,400	$67.4M	1.97%
12	COLGATE PALMOLIVE COCOM	CL	797,446	$64.2M	1.87%
13	FRANCO NEV CORPCOM	FNV	280,695	$62.6M	1.82%
14	META PLATFORMS INCCL A	META	83,540	$62.1M	1.81%
15	ADOBE INCCOM	ADBE	171,480	$61.7M	1.80%
16	ACCENTURE PLC IRELANDSHS CLASS A	ACN	212,461	$52.5M	1.53%
17	KIMBERLY-CLARK CORPCOM	KMB	425,200	$52.2M	1.52%
18	PEPSICO INCCOM	PEP	367,413	$51.5M	1.50%
19	AGNICO EAGLE MINES LTDCOM	AEM	303,000	$51.1M	1.49%
20	IDEXX LABS INCCOM	45168D104	69,823	$44.1M	1.28%
21	WATERS CORPCOM	941848103	149,400	$43.3M	1.26%
22	WHEATON PRECIOUS METALS CORPCOM	WPM	385,000	$43.1M	1.26%
23	VERISK ANALYTICS INCCOM	VRSK	166,810	$41.5M	1.21%
24	ROLLINS INCCOM	ROL	654,049	$38.3M	1.12%
25	MONDELEZ INTL INCCL A	609207105	608,194	$38.1M	1.11%
26	TJX COS INC NEWCOM	872540109	250,560	$36.0M	1.05%
27	THERMO FISHER SCIENTIFIC INCCOM	TMO	75,080	$34.7M	1.01%
28	ENBRIDGE INCCOM	ENNPF	647,995	$32.7M	0.95%
29	NIKE INCCL B	NKE	449,520	$31.3M	0.91%
30	CHECK POINT SOFTWARE TECH LTORD	M22465104	149,700	$30.8M	0.90%
31	BROADCOM INCCOM	AVGO	91,410	$30.0M	0.87%
32	SITEONE LANDSCAPE SUPPLY INCCOM	SITE	220,500	$28.2M	0.82%
33	ARISTA NETWORKS INCCOM SHS	ANET	195,060	$28.0M	0.82%
34	ROPER TECHNOLOGIES INCCOM	ROP	55,710	$27.9M	0.81%
35	S&P GLOBAL INCCOM	SPGI	51,820	$25.5M	0.74%
36	MOODYS CORPCOM	MCO	52,620	$25.3M	0.74%
37	IDEX CORPCOM	45167R104	154,800	$25.1M	0.73%
38	CATERPILLAR INCCOM	CAT	52,360	$24.7M	0.72%
39	AUTODESK INCCOM	ADSK	75,880	$24.4M	0.71%
40	ABBOTT LABSCOM	ABLZF	182,381	$24.3M	0.71%
41	ROYAL GOLD INCCOM	RGLD	120,000	$23.8M	0.70%
42	PROCTER AND GAMBLE COCOM	742718109	149,841	$23.0M	0.67%
43	JOHNSON & JOHNSONCOM	JNJ	125,099	$22.7M	0.66%
44	CLOROX CO DELCOM	CLX	179,720	$22.1M	0.64%
45	EQUIFAX INCCOM	EFX	84,900	$21.7M	0.63%
46	SYNOPSYS INCCOM	SNPS	40,965	$19.8M	0.58%
47	KLA CORPCOM NEW	KLAC	18,320	$19.5M	0.57%
48	APPLIED MATLS INCCOM	038222105	94,915	$19.5M	0.57%
49	UNITEDHEALTH GROUP INCCOM	UNH	56,220	$19.4M	0.57%
50	DANAHER CORPORATIONCOM	235851102	102,030	$19.0M	0.55%
51	PAYCHEX INCCOM	PAYX	146,600	$18.9M	0.55%
52	ALAMOS GOLD INC NEWCOM CL A	AGI	531,000	$18.5M	0.54%
53	ELI LILLY & COCOM	LLY	25,200	$18.3M	0.53%
54	NORDSON CORPCOM	NDSN	79,800	$18.2M	0.53%
55	SERVICENOW INCCOM	NOW	19,185	$18.1M	0.53%
56	VEEVA SYS INCCL A COM	VEEV	61,290	$18.0M	0.52%
57	ORACLE CORPCOM	ORCL-PD	62,670	$17.7M	0.52%
58	MSCI INCCOM	MSCI	28,700	$16.3M	0.48%
59	CHEMED CORP NEWCOM	CHE	35,500	$16.1M	0.47%
60	HENRY JACK & ASSOC INCCOM	426281101	105,400	$15.9M	0.46%
61	TYLER TECHNOLOGIES INCCOM	TYL	28,800	$15.3M	0.44%
62	CORE & MAIN INCCL A	CNM	279,700	$15.0M	0.44%
63	ORLA MNG LTD NEWCOM	68634K106	1,350,000	$14.6M	0.42%
64	MANHATTAN ASSOCIATES INCCOM	MANH	69,100	$14.4M	0.42%
65	AMETEK INCCOM	AME	76,020	$14.2M	0.41%
66	POOL CORPCOM	POOL	44,300	$13.8M	0.40%
67	WEST PHARMACEUTICAL SVSC INCCOM	955306105	52,900	$13.8M	0.40%
68	BENTLEY SYS INCCOM CL B	BSY	263,000	$13.7M	0.40%
69	AAON INCCOM PAR $0.004	AAON	149,200	$13.7M	0.40%
70	NEWMONT CORPCOM	NEMCL	154,500	$13.1M	0.38%
71	BOOKING HOLDINGS INCCOM	BKNG	2,365	$12.9M	0.38%
72	HONEYWELL INTL INCCOM	438516106	60,990	$12.8M	0.37%
73	LOWES COS INCCOM	548661107	49,620	$12.6M	0.37%
74	BIO-TECHNE CORPCOM	TECH	235,600	$12.3M	0.36%
75	PAYCOM SOFTWARE INCCOM	PAYC	56,300	$12.3M	0.36%
76	TEXAS PACIFIC LAND CORPORATICOM	TPL	13,300	$12.3M	0.36%
77	WATSCO INCCOM	WSO-B	30,500	$12.2M	0.36%
78	GRACO INCCOM	GGG	143,100	$12.1M	0.35%
79	NETFLIX INCCOM	NFLX	10,000	$12.1M	0.35%
80	AUTOMATIC DATA PROCESSING INCOM	ADP	40,700	$11.9M	0.35%
81	BURLINGTON STORES INCCOM	BURL	46,100	$11.9M	0.35%
82	CDW CORPCOM	CDW	71,500	$11.6M	0.34%
83	CHURCH & DWIGHT CO INCCOM	CHD	134,300	$11.6M	0.34%
84	CUMMINS INCCOM	CMI	27,570	$11.6M	0.34%
85	HOME DEPOT INCCOM	HD	27,980	$11.4M	0.33%
86	GLOBUS MED INCCL A	GMED	200,400	$11.3M	0.33%
87	EXPONENT INCCOM	EXPO	160,500	$11.1M	0.32%
88	IQVIA HLDGS INCCOM	IQV	61,230	$11.1M	0.32%
89	BRISTOL-MYERS SQUIBB COCOM	CELG-RI	247,000	$10.9M	0.32%
90	LINDE PLCSHS	LIN	22,500	$10.7M	0.31%
91	OTIS WORLDWIDE CORPCOM	OTIS	116,900	$10.7M	0.31%
92	LENNOX INTL INCCOM	526107107	20,300	$10.6M	0.31%
93	EATON CORP PLCSHS	ETN	28,640	$10.5M	0.31%
94	ULTA BEAUTY INCCOM	ULTA	18,700	$10.4M	0.30%
95	BECTON DICKINSON & COCOM	BDX	56,000	$10.3M	0.30%
96	TRACTOR SUPPLY COCOM	TSCO	179,600	$10.2M	0.30%
97	ALPHABET INCCAP STK CL C	GOOG	41,000	$10.0M	0.29%
98	MASIMO CORPCOM	MASI	68,500	$9.8M	0.29%
99	METTLER TOLEDO INTERNATIONALCOM	MTD	8,000	$9.5M	0.28%
100	LITTELFUSE INCCOM	LFUS	36,000	$9.3M	0.27%
101	CONSTELLATION BRANDS INCCL A	STZ	67,440	$9.2M	0.27%
102	DOMINOS PIZZA INCCOM	DPZ	19,900	$8.7M	0.25%
103	QUALYS INCCOM	QLYS	63,000	$8.6M	0.25%
104	COSTCO WHSL CORP NEWCOM	22160K105	9,300	$8.5M	0.25%
105	COOPER COS INCCOM	216648501	119,200	$8.1M	0.24%
106	LOGITECH INTL S ASHS	H50430232	73,369	$8.0M	0.23%
107	ALCON AGORD SHS	ALC	99,856	$7.4M	0.22%
108	SMITH A O CORPCOM	AOS	100,300	$7.3M	0.21%
109	LAM RESEARCH CORPCOM NEW	LRCX	54,000	$7.1M	0.21%
110	QUALCOMM INCCOM	QCOM	37,300	$6.2M	0.18%
111	TREX CO INCCOM	TREX	116,100	$6.0M	0.17%
112	FERRARI N VCOM	RACE	12,200	$5.9M	0.17%
113	COCA-COLA FEMSA SAB DE CVSPONS ADS REP	COCSF	68,500	$5.7M	0.17%
114	APPLOVIN CORPCOM CL A	APP	8,000	$5.7M	0.17%
115	MERCK & CO INCCOM	MRK	70,000	$5.5M	0.16%
116	INSULET CORPCOM	PODD	17,400	$5.4M	0.16%
117	COCA COLA COCOM	KO	81,031	$5.4M	0.16%
118	COMPANIA CERVECERIAS UNIDASSPONSORED ADR	204429104	435,000	$5.3M	0.15%
119	BLACKROCK INCCOM	BLK	4,400	$5.2M	0.15%
120	AMERICAN TOWER CORP NEWCOM	03027X100	25,500	$5.0M	0.14%
121	CHIPOTLE MEXICAN GRILL INCCOM	CMG	121,000	$4.8M	0.14%
122	ILLINOIS TOOL WKS INCCOM	452308109	17,500	$4.6M	0.13%
123	SEMPRACOM	SREA	47,000	$4.2M	0.12%
124	ADVANCED DRAIN SYS INC DELCOM	00790R104	28,400	$3.9M	0.11%
125	3M COCOM	MMM	25,300	$3.9M	0.11%
126	D R HORTON INCCOM	23331A109	22,700	$3.9M	0.11%
127	CADENCE DESIGN SYSTEM INCCOM	CDNS	10,500	$3.7M	0.11%
128	GARMIN LTDSHS	GRMN	14,800	$3.6M	0.11%
129	TRANE TECHNOLOGIES PLCSHS	TT	8,500	$3.5M	0.10%
130	FULL TRUCK ALLIANCE CO LTDSPONSORED ADS	YMM	262,000	$3.4M	0.10%
131	CINTAS CORPCOM	CTAS	16,700	$3.4M	0.10%
132	CME GROUP INCCOM	CME	12,200	$3.3M	0.10%
133	WILLIAMS SONOMA INCCOM	WSM	14,900	$2.9M	0.08%
134	MOTOROLA SOLUTIONS INCCOM NEW	MSI	6,300	$2.9M	0.08%
135	CONSOLIDATED EDISON INCCOM	ED	27,500	$2.7M	0.08%
136	NVR INCCOM	NVR	330	$2.7M	0.08%
137	ATMOS ENERGY CORPCOM	ATO	15,700	$2.7M	0.08%
138	MARSH & MCLENNAN COS INCCOM	571748102	13,200	$2.6M	0.08%
139	PULTE GROUP INCCOM	745867101	19,600	$2.6M	0.08%
140	FASTENAL COCOM	FAST	53,000	$2.6M	0.08%
141	DECKERS OUTDOOR CORPCOM	DECK	24,300	$2.5M	0.07%
142	BADGER METER INCCOM	BMI	14,000	$2.5M	0.07%
143	PUBLIC STORAGE OPER COCOM	PSA-PS	8,500	$2.5M	0.07%
144	VERTEX PHARMACEUTICALS INCCOM	VRTX	6,200	$2.5M	0.07%
145	LINCOLN ELEC HLDGS INCCOM	533900106	10,300	$2.4M	0.07%
146	GRAINGER W W INCCOM	384802104	2,500	$2.4M	0.07%
147	LULULEMON ATHLETICA INCCOM	LULU	13,000	$2.3M	0.07%
148	SIMON PPTY GROUP INC NEWCOM	828806109	12,500	$2.3M	0.07%
149	WELLS FARGO CO NEWCOM	949746101	25,000	$2.1M	0.06%
150	DONALDSON INCCOM	DCI	24,300	$2.0M	0.06%
151	AMERICAN WTR WKS CO INC NEWCOM	030420103	14,000	$1.9M	0.06%
152	PEMBINA PIPELINE CORPCOM	PPLOF	39,000	$1.6M	0.05%
153	AMERIPRISE FINL INCCOM	03076C106	3,000	$1.5M	0.04%
154	ABBVIE INCCOM	ABBV	6,499	$1.5M	0.04%
155	AMGEN INCCOM	AMGN	5,083	$1.4M	0.04%
156	AMRIZE LTDSHS	AMRZ	28,100	$1.4M	0.04%
157	KEYSIGHT TECHNOLOGIES INCCOM	KEYS	7,600	$1.3M	0.04%
158	EBAY INC.COM	EBAY	14,096	$1.3M	0.04%
159	ANALOG DEVICES INCCOM	ADI	5,133	$1.3M	0.04%
160	JPMORGAN CHASE & CO.COM	VYLD	3,800	$1.2M	0.03%
161	GILEAD SCIENCES INCCOM	GILD	10,531	$1.2M	0.03%
162	JOHNSON CTLS INTL PLCSHS	G51502105	10,884	$1.2M	0.03%
163	STRYKER CORPORATIONCOM	SYK	3,133	$1.2M	0.03%
164	EXXON MOBIL CORPCOM	XOM	9,900	$1.1M	0.03%
165	CHEVRON CORP NEWCOM	CVX	6,600	$1.0M	0.03%
166	TEXAS INSTRS INCCOM	882508104	5,421	$994,126	0.03%
167	EMERSON ELEC COCOM	EMR	6,299	$814,742	0.02%
168	AGILENT TECHNOLOGIES INCCOM	A	6,299	$780,293	0.02%
169	ECOLAB INCCOM	ECL	2,700	$737,289	0.02%
170	TERADYNE INCCOM	TER	3,200	$430,155	0.01%