# EDGAR Filing Document

**Accession Number:** 0001123274
**File Stem:** 0001123274-25-000014
**Filing Date:** 2025-10
**Character Count:** 25418
**Document Hash:** 5d8491f47f11fb2fd82d69b69a50e565
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001123274-25-000014.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001123274-25-000014

**CONFORMED SUBMISSION TYPE**: 13F-HR

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bank Pictet & Cie (Europe) AG
- **CENTRAL INDEX KEY:** 0001123274

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 2M
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15846

**BUSINESS ADDRESS:**
- **STREET 1:** NEUE MAINZER STRASSE 2
- **CITY:** FRANKFURT AM MAIN
- **STATE:** 2M
- **ZIP:** 60311
- **BUSINESS PHONE:** 00496923805731433

**MAIL ADDRESS:**
- **STREET 1:** NEUE MAINZER STRASSE 2
- **CITY:** FRANKFURT AM MAIN
- **STATE:** 2M
- **ZIP:** 60311

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pictet & Cie (Europe) SA
- **DATE OF NAME CHANGE:** 20140212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PICTET & CIE EUROPE SA
- **DATE OF NAME CHANGE:** 20030129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PICKET & CIE EUROPE SA
- **DATE OF NAME CHANGE:** 20000905

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Bank Pictet  Cie (Europe) AG<br>**Address:** NEUE MAINZER STRASSE 2<br>FRANKFURT AM MAIN, 2M 60311

**Form 13F File Number:** 028-15846

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** ALEXANDER LERCH<br>**Title:** Head of Legal<br>**Phone:** 00496923805731421

**Signature, Place, and Date of Signing:**

ALEXANDER LERCH  Frankfurt, 2M  10-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 199

**Form 13F Information Table Value Total:** $5008253434

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 9816463 | 73290 | SH |  | SOLE |  | 73290 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 89634228 | 387122 | SH |  | SOLE |  | 368633 | 0 | 18489 |
| ABBVIE INC | PUT | 00287Y109 | BBG0025Y4RY4 | 138924 | 600 | SH | Put | SOLE |  | 600 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG000D9D830 | 395546 | 1604 | SH |  | SOLE |  | 1604 | 0 | 0 |
| ADOBE INC | COM | 00724F101 | BBG000BB5006 | 9178202 | 26019 | SH |  | SOLE |  | 19709 | 0 | 6310 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG000BBQCY0 | 37693349 | 232977 | SH |  | SOLE |  | 191890 | 0 | 41087 |
| AFLAC INC | COM | 001055102 | BBG000BBBNC6 | 397317 | 3557 | SH |  | SOLE |  | 3557 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 | BBG001Y2XS07 | 397043 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 | BBG00NPWGYJ9 | 5238177 | 70330 | SH |  | SOLE |  | 52284 | 0 | 18046 |
| ALCON AG | PUT | H01301128 | BBG00NPWGYJ9 | 148960 | 2000 | SH | Put | SOLE |  | 2000 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 | BBG000BRNLL2 | 687207 | 5488 | SH |  | SOLE |  | 479 | 0 | 5009 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 367344520 | 1511084 | SH |  | SOLE |  | 1410445 | 0 | 100639 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 108297430 | 444662 | SH |  | SOLE |  | 441792 | 0 | 2870 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 440661401 | 2006929 | SH |  | SOLE |  | 1913222 | 0 | 93707 |
| AMAZON COM INC | PUT | 023135106 | BBG000BVPV84 | 87828 | 400 | SH | Put | SOLE |  | 400 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG000BCQZS4 | 406896 | 1225 | SH |  | SOLE |  | 1225 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 | BBG000G3QLY3 | 346331 | 705 | SH |  | SOLE |  | 705 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 | BBG01VC15MV6 | 979424 | 20299 | SH |  | SOLE |  | 20299 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPK6 | 1189194 | 3335 | SH |  | SOLE |  | 134 | 0 | 3201 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFK3 | 333175 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 81451044 | 319880 | SH |  | SOLE |  | 283756 | 0 | 36124 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPFB9 | 445023 | 2181 | SH |  | SOLE |  | 2181 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 | BBG000N2HDY5 | 1379145 | 9465 | SH |  | SOLE |  | 9465 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 |  | 1395920 | 125872 | SH |  | SOLE |  | 125872 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 524705 | 542 | SH |  | SOLE |  | 542 | 0 | 0 |
| AURORA INNOVATION INC | CLASS A COM | 051774107 | BBG00Z92Y6X1 | 18326000 | 3400000 | SH |  | SOLE |  | 3400000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 | BBG000BM7HL0 | 1508933 | 4750 | SH |  | SOLE |  | 1389 | 0 | 3361 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG000JG0547 | 959745 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTLF6 | 32700528 | 633854 | SH |  | SOLE |  | 594702 | 0 | 39152 |
| BARRICK MNG CORP | COM SHS | 06849F108 | BBG000CZ62D3 | 466350 | 14231 | SH |  | SOLE |  | 14231 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG000BCZYD3 | 374340 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 67123800 | 89 | SH |  | SOLE |  | 89 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWG505 | 12261829 | 24390 | SH |  | SOLE |  | 24390 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 | BBG000C17X76 | 401469 | 2866 | SH |  | SOLE |  | 2866 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 | BBG000BH0106 | 358785 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 168462 | 13192 | SH |  | SOLE |  | 13192 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG000BCSST7 | 33770920 | 156470 | SH |  | SOLE |  | 156470 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG000BLBVN4 | 7963923 | 1475 | SH |  | SOLE |  | 1475 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 15419292 | 157936 | SH |  | SOLE |  | 127263 | 0 | 30673 |
| BP PLC | SPONSORED ADR | 055622104 |  | 84427 | 2450 | SH |  | SOLE |  | 2450 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 55813184 | 169177 | SH |  | SOLE |  | 153008 | 0 | 16169 |
| BROWN  BROWN INC | COM | 115236101 | BBG000BWSGF4 | 833793 | 8890 | SH |  | SOLE |  | 8890 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 266475 | 4250 | SH |  | SOLE |  | 4250 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | BBG00RP5HYS8 | 1008811 | 16898 | SH |  | SOLE |  | 0 | 0 | 16898 |
| CF INDS HLDGS INC | COM | 125269100 | BBG000BWJFZ4 | 1352676 | 15080 | SH |  | SOLE |  | 0 | 0 | 15080 |
| CHEVRON CORP NEW | COM | 166764100 | BBG000K4ND22 | 2211640 | 14242 | SH |  | SOLE |  | 14242 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 | BBG000QX74T1 | 58438404 | 1491156 | SH |  | SOLE |  | 1435002 | 0 | 56154 |
| CHUBB LIMITED | COM | H1467J104 | BBG000BR14K5 | 1793417 | 6354 | SH |  | SOLE |  | 6354 | 0 | 0 |
| CINTAS CORP | COM | 172908105 | BBG000H3YXF8 | 105572607 | 514336 | SH |  | SOLE |  | 514336 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3J3C9 | 1817001 | 26647 | SH |  | SOLE |  | 26647 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHLYP4 | 19672534 | 72810 | SH |  | SOLE |  | 64131 | 0 | 8679 |
| CNH INDL N V | SHS | N20944109 | BBG0059JSF49 | 1075647 | 99138 | SH |  | SOLE |  | 3000 | 0 | 96138 |
| COCA COLA CO | COM | 191216100 | BBG000BMX289 | 867665 | 13083 | SH |  | SOLE |  | 13083 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 | BBG000J1QLT0 | 540161 | 4011 | SH |  | SOLE |  | 4011 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 108533820 | 117254 | SH |  | SOLE |  | 117254 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 | BBG000BH3JF8 | 57927607 | 292180 | SH |  | SOLE |  | 292180 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 | BBG000BBZTH2 | 2641666 | 75066 | SH |  | SOLE |  | 0 | 0 | 75066 |
| DEUTSCHE BANK A G | PUT | D18190898 | BBG000BBZTH2 | 387104 | 11000 | SH | Put | SOLE |  | 11000 | 0 | 0 |
| DEXCOM INC | COM | 252131107 | BBG000QTF8K1 | 10161194 | 151006 | SH |  | SOLE |  | 121687 | 0 | 29319 |
| DISNEY WALT CO | COM | 254687106 | BBG000BH4R78 | 698450 | 6100 | SH |  | SOLE |  | 6100 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 | BBG000NV1KK7 | 383842 | 3714 | SH |  | SOLE |  | 3714 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 | BBG000DQTXY6 | 26701185 | 157557 | SH |  | SOLE |  | 151997 | 0 | 5560 |
| EATON CORP PLC | SHS | G29183103 | BBG000BJ3PD2 | 68854141 | 183979 | SH |  | SOLE |  | 168189 | 0 | 15790 |
| ECOLAB INC | COM | 278865100 | BBG000BHKYH4 | 961522 | 3511 | SH |  | SOLE |  | 3511 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 | BBG000BRXP69 | 1486729 | 19117 | SH |  | SOLE |  | 1500 | 0 | 17617 |
| ELBIT SYS LTD | ORD | M3760D101 | BBG000BJVHK1 | 18113194 | 35530 | SH |  | SOLE |  | 35530 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 | BBG000BP0KQ8 | 766258 | 3799 | SH |  | SOLE |  | 3799 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 | BBG000BCG930 | 381282 | 1180 | SH |  | SOLE |  | 1180 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG000BNBDC2 | 52032785 | 68195 | SH |  | SOLE |  | 61426 | 0 | 6769 |
| EOG RES INC | COM | 26875P101 | BBG000BZ9223 | 17889867 | 159560 | SH |  | SOLE |  | 149469 | 0 | 10091 |
| ETSY INC | COM | 29786A106 | BBG000N7MXL8 | 438174 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 | BBG000CWL0F5 | 8845349 | 161677 | SH |  | SOLE |  | 136715 | 0 | 24962 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 | BBG000QY3XZ2 | 982181 | 4595 | SH |  | SOLE |  | 1939 | 0 | 2656 |
| EXPEDITORS INTL WASH INC | COM | 302130109 | BBG000BJ5GK2 | 402831 | 3286 | SH |  | SOLE |  | 3286 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 | BBG009PH3Q86 | 910192 | 1882 | SH |  | SOLE |  | 1882 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDB15 | 19563367 | 498811 | SH |  | SOLE |  | 481682 | 0 | 17129 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG000CKGBP2 | 1696968 | 15288 | SH |  | SOLE |  | 1205 | 0 | 14083 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG000C6CFJ5 | 2911456 | 3656 | SH |  | SOLE |  | 0 | 0 | 3656 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 194576 | 14213 | SH |  | SOLE |  | 14213 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 | BBG011768M53 | 918893 | 152640 | SH |  | SOLE |  | 152640 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 2808977 | 82230 | SH |  | SOLE |  | 82230 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG000BKZB36 | 3770698 | 9306 | SH |  | SOLE |  | 9306 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG000H556T9 | 12483071 | 59302 | SH |  | SOLE |  | 52302 | 0 | 7000 |
| HUMANA INC | COM | 444859102 | BBG000BLKK03 | 436565 | 1678 | SH |  | SOLE |  | 1678 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 1219146 | 40329 | SH |  | SOLE |  | 40329 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 | BBG000BLRT07 | 56861210 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 1360546 | 83623 | SH |  | SOLE |  | 83623 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG000C1FB75 | 7335451 | 43539 | SH |  | SOLE |  | 43539 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 | BBG000BLSL58 | 13437874 | 218360 | SH |  | SOLE |  | 218360 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG000BH5DV1 | 1223092 | 1791 | SH |  | SOLE |  | 1791 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG000BJPDZ1 | 84810461 | 189635 | SH |  | SOLE |  | 186862 | 0 | 2773 |
| INVESCO EXCH TRADED FD TR II | CHINA TECHNLGY | 46138E800 |  | 1473716 | 24974 | SH |  | SOLE |  | 24974 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 29336858 | 49031 | SH |  | SOLE |  | 49031 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 275922 | 3440 | SH |  | SOLE |  | 3440 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 | BBG000BVZ4F5 | 16779351 | 25070 | SH |  | SOLE |  | 25070 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 237320 | 2129 | SH |  | SOLE |  | 2129 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 2350344 | 16280 | SH |  | SOLE |  | 16280 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 12884159 | 62390 | SH |  | SOLE |  | 62390 | 0 | 0 |
| ISHARES TR | US REGNL BKS ETF | 464288778 |  | 471667 | 8979 | SH |  | SOLE |  | 8979 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 | BBG000BVWLJ6 | 5799753 | 52749 | SH |  | SOLE |  | 50575 | 0 | 2174 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 1658211 | 8943 | SH |  | SOLE |  | 8943 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 63179683 | 200297 | SH |  | SOLE |  | 193213 | 0 | 7084 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG000BNFLM9 | 532119 | 3974 | SH |  | SOLE |  | 3974 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CC1 | 28868600 | 60776 | SH |  | SOLE |  | 56245 | 0 | 4531 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG000C1BW00 | 509194 | 1020 | SH |  | SOLE |  | 1020 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG000BNDN65 | 419436 | 1669 | SH |  | SOLE |  | 1669 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 | BBG000WCFV84 | 958340 | 19542 | SH |  | SOLE |  | 1025 | 0 | 18517 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 | BBG000BB34J0 | 910073 | 9723 | SH |  | SOLE |  | 9723 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 | BBG000BGD7W6 | 393785 | 1512 | SH |  | SOLE |  | 1512 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG000BP4MH0 | 56149281 | 278615 | SH |  | SOLE |  | 253825 | 0 | 24790 |
| MARVELL TECHNOLOGY INC | COM | 573874104 | BBG00ZXBJ153 | 349731 | 4160 | SH |  | SOLE |  | 4160 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 30029186 | 52793 | SH |  | SOLE |  | 52793 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG000BNSZP1 | 56708609 | 186609 | SH |  | SOLE |  | 178284 | 0 | 8325 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG000BNWG87 | 964876 | 10131 | SH |  | SOLE |  | 10131 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG000GQPB11 | 6959407 | 2978 | SH |  | SOLE |  | 1481 | 0 | 1497 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 29316078 | 349292 | SH |  | SOLE |  | 336108 | 0 | 13184 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 157545073 | 214528 | SH |  | SOLE |  | 192882 | 0 | 21646 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG000C5Z1S3 | 9245267 | 55255 | SH |  | SOLE |  | 28897 | 0 | 26358 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 478541956 | 927061 | SH |  | SOLE |  | 878479 | 0 | 48582 |
| MODERNA INC | COM | 60770K107 | BBG003PHHZT1 | 8386097 | 324665 | SH |  | SOLE |  | 324665 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG000D4LWF6 | 21176018 | 338979 | SH |  | SOLE |  | 335086 | 0 | 3893 |
| MOODYS CORP | COM | 615369105 | BBG000F86GP6 | 24757901 | 51960 | SH |  | SOLE |  | 49273 | 0 | 2687 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG000BLZRJ2 | 1122417 | 7061 | SH |  | SOLE |  | 7061 | 0 | 0 |
| MSCI INC | COM | 55354G100 | BBG000RTDY25 | 8888478 | 15665 | SH |  | SOLE |  | 15665 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG000CL9VN6 | 8415219 | 7019 | SH |  | SOLE |  | 5021 | 0 | 1998 |
| NIKE INC | CL B | 654106103 | BBG000C5HS04 | 519837 | 7455 | SH |  | SOLE |  | 7455 | 0 | 0 |
| NOVAGOLD RES INC | COM NEW | 66987E206 | BBG000BC5DJ6 | 50175938 | 5676000 | SH |  | SOLE |  | 5676000 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 | BBG00GNT7999 | 2897846 | 29378 | SH |  | SOLE |  | 11284 | 0 | 18094 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 437945054 | 2347224 | SH |  | SOLE |  | 2227934 | 0 | 119290 |
| NVR INC | COM | 62944T105 | BBG000BQBYR3 | 409768 | 51 | SH |  | SOLE |  | 51 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLTW7 | 242429 | 862 | SH |  | SOLE |  | 862 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 50614531 | 469479 | SH |  | SOLE |  | 413412 | 0 | 56067 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60KV0 | 1389370 | 15196 | SH |  | SOLE |  | 15196 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 | BBG000M44VW8 | 54702441 | 386699 | SH |  | SOLE |  | 349058 | 0 | 37641 |
| PACKAGING CORP AMER | COM | 695156109 | BBG000BB8SW7 | 436296 | 2002 | SH |  | SOLE |  | 2002 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 16777677 | 82397 | SH |  | SOLE |  | 65887 | 0 | 16510 |
| PARAMOUNT SKYDANCE CORP | COM CL B | 69932A204 | BBG01VS5NK99 | 47982596 | 2536078 | SH |  | SOLE |  | 2536078 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 | BBG000BR3KL6 | 5053828 | 6666 | SH |  | SOLE |  | 6666 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXV6 | 332081 | 4952 | SH |  | SOLE |  | 4952 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG000DH7JK6 | 9423664 | 67101 | SH |  | SOLE |  | 52385 | 0 | 14716 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 49084802 | 302619 | SH |  | SOLE |  | 277033 | 0 | 25586 |
| PINTEREST INC | CL A | 72352L106 | BBG002583CV8 | 12294409 | 382170 | SH |  | SOLE |  | 358508 | 0 | 23662 |
| PRICE T ROWE GROUP INC | COM | 74144T108 | BBG000BVMPN3 | 380281 | 3705 | SH |  | SOLE |  | 3705 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 67775476 | 441103 | SH |  | SOLE |  | 403808 | 0 | 37295 |
| PRUDENTIAL FINL INC | COM | 744320102 | BBG000HCJMF9 | 207480 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PTC INC | COM | 69370C100 | BBG000C2VBB0 | 2108972 | 10388 | SH |  | SOLE |  | 3333 | 0 | 7055 |
| PURE STORAGE INC | CL A | 74624M102 | BBG00212PVZ5 | 4166866 | 49718 | SH |  | SOLE |  | 30410 | 0 | 19308 |
| QIAGEN NV | COM SHS | N72482206 | BBG000GTYWL7 | 709818 | 16026 | SH |  | SOLE |  | 16026 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 | BBG000BS0ZF1 | 257119 | 820 | SH |  | SOLE |  | 820 | 0 | 0 |
| RANGE RES CORP | COM | 75281A109 | BBG000FVXD63 | 19535160 | 519000 | SH |  | SOLE |  | 519000 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 | BBG00PQ4XJ45 | 7954400 | 1630000 | SH |  | SOLE |  | 1630000 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 1395121 | 21135 | SH |  | SOLE |  | 21135 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 | BBG000BBCDZ2 | 1362817 | 3899 | SH |  | SOLE |  | 3899 | 0 | 0 |
| ROLLINS INC | COM | 775711104 | BBG000BSBBP1 | 3546721 | 60380 | SH |  | SOLE |  | 60380 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 | BBG00V1L5YZ5 | 882000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG000BW8S60 | 1097350 | 6558 | SH |  | SOLE |  | 6558 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG000BN2DC2 | 58252704 | 245792 | SH |  | SOLE |  | 218424 | 0 | 27368 |
| SCHLUMBERGER LTD | COM STK | 806857108 | BBG000BT41Q8 | 34265103 | 996948 | SH |  | SOLE |  | 996948 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG000BSLZY7 | 1726479 | 18084 | SH |  | SOLE |  | 4809 | 0 | 13275 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 8050049 | 44853 | SH |  | SOLE |  | 32547 | 0 | 12306 |
| SERVICENOW INC | COM | 81762P102 | BBG000M1R011 | 340504 | 370 | SH |  | SOLE |  | 370 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 | BBG01NK9ZXT4 | 2803192 | 65849 | SH |  | SOLE |  | 54279 | 0 | 11570 |
| SNOWFLAKE INC | COM SHS | 833445109 | BBG007DHGNJ4 | 3642633 | 16150 | SH |  | SOLE |  | 16150 | 0 | 0 |
| SOPHIA GENETICS SA | ORDINARY SHARES | H82027105 |  | 1214752 | 255200 | SH |  | SOLE |  | 255200 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 14341309 | 40482 | SH |  | SOLE |  | 40482 | 0 | 0 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 307130 | 2193 | SH |  | SOLE |  | 2193 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 18652374 | 27999 | SH |  | SOLE |  | 27999 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 36249674 | 74479 | SH |  | SOLE |  | 74479 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | BBG003T4VFC2 | 1546070 | 2215 | SH |  | SOLE |  | 0 | 0 | 2215 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 | BBG0015XH000 | 179749 | 11449 | SH |  | SOLE |  | 11449 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 | BBG000CTQBF3 | 1163603 | 13801 | SH |  | SOLE |  | 3301 | 0 | 10500 |
| STRYKER CORPORATION | COM | 863667101 | BBG000DN7P92 | 53638008 | 145097 | SH |  | SOLE |  | 133692 | 0 | 11405 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 125960536 | 451699 | SH |  | SOLE |  | 410917 | 0 | 40782 |
| TARGET CORP | COM | 87612E106 | BBG000H8TVT2 | 362298 | 4039 | SH |  | SOLE |  | 4039 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG000N9MNX3 | 3468816 | 7800 | SH |  | SOLE |  | 800 | 0 | 7000 |
| TEXAS INSTRS INC | COM | 882508104 | BBG000BVV7G1 | 22356266 | 121680 | SH |  | SOLE |  | 121680 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 | BBG00KXRCDP0 | 3334188 | 11567 | SH |  | SOLE |  | 7134 | 0 | 4433 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 17554814 | 36194 | SH |  | SOLE |  | 34336 | 0 | 1858 |
| TJX COS INC NEW | COM | 872540109 | BBG000BV8DN6 | 3182193 | 22016 | SH |  | SOLE |  | 22016 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 | BBG00NK8H8T2 | 218631 | 1970 | SH |  | SOLE |  | 1970 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 32119954 | 327855 | SH |  | SOLE |  | 291628 | 0 | 36227 |
| UBS GROUP AG | SHS | H42097107 | BBG007936GV2 | 3518631 | 86115 | SH |  | SOLE |  | 59315 | 0 | 26800 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 1017100 | 4303 | SH |  | SOLE |  | 4303 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 84850569 | 245730 | SH |  | SOLE |  | 233749 | 0 | 11981 |
| US BANCORP DEL | COM NEW | 902973304 | BBG000FFDM15 | 1938613 | 40112 | SH |  | SOLE |  | 0 | 0 | 40112 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 1189920 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 | BBG000BGKHZ3 | 448430 | 1604 | SH |  | SOLE |  | 1604 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS77T5 | 1717127 | 39070 | SH |  | SOLE |  | 0 | 0 | 39070 |
| VERTEX INC | CL A | 92538J106 | BBG00VVT2F25 | 1200456 | 48425 | SH |  | SOLE |  | 48425 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 198840878 | 582462 | SH |  | SOLE |  | 553668 | 0 | 28794 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 190472 | 16420 | SH |  | SOLE |  | 16420 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 207357 | 2012 | SH |  | SOLE |  | 2012 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG000BWVSR1 | 24247796 | 109803 | SH |  | SOLE |  | 109803 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG000BWQFY7 | 67773918 | 808565 | SH |  | SOLE |  | 745672 | 0 | 62893 |
| WORKDAY INC | CL A | 98138H101 | BBG000VC0T95 | 5703616 | 23693 | SH |  | SOLE |  | 12081 | 0 | 11612 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 | BBG00HCY3Q67 | 389433 | 4874 | SH |  | SOLE |  | 4874 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 | BBG000LD9JQ8 | 484348 | 3776 | SH |  | SOLE |  | 3776 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 | BBG00B8N0HG1 | 1770859 | 41400 | SH |  | SOLE |  | 41400 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320N9 | 58324615 | 398610 | SH |  | SOLE |  | 398610 | 0 | 0 |

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