# EDGAR Filing Document

**Accession Number:** 0001599576
**File Stem:** 0001599576-26-000004
**Filing Date:** 2026-4
**Character Count:** 20641
**Document Hash:** e97c5d5db3a252c3a1337ac56f2e20be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001599576-26-000004.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001599576-26-000004

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

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pictet North America Advisors SA
- **CENTRAL INDEX KEY:** 0001599576

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15820

**BUSINESS ADDRESS:**
- **STREET 1:** ROUTE DES ACACIAS 48
- **CITY:** GENEVA 73
- **STATE:** V8
- **ZIP:** 1211
- **BUSINESS PHONE:** 01141223079000

**MAIL ADDRESS:**
- **STREET 1:** ROUTE DES ACACIAS 48
- **CITY:** GENEVA 73
- **STATE:** V8
- **ZIP:** 1211

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Pictet North America Advisors SA<br>**Address:** ROUTE DES ACACIAS 48<br>GENEVA 73, V8 1211

**Form 13F File Number:** 028-15820

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:** MARYAM YOUSEFIAN<br>**Title:** Chief Compliance Officer<br>**Phone:** 0041223079012

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

MARYAM YOUSEFIAN  Geneva, V8  04-14-2026<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:** 154

**Form 13F Information Table Value Total:** $1006939677

      (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 |
| ADOBE INC | COM | 00724F101 | BBG000BB5006 | 1151227 | 4736 | SH |  | SOLE |  | 4736 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG000BBQCY0 | 4881710 | 23997 | SH |  | SOLE |  | 23997 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 | BBG00NPWGYJ9 | 30562614 | 414421 | SH |  | SOLE |  | 414421 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 38326572 | 133282 | SH |  | SOLE |  | 133282 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 9193576 | 32049 | SH |  | SOLE |  | 32049 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 28884966 | 138690 | SH |  | SOLE |  | 138690 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 | BBG01VC15MV6 | 9354855 | 172648 | SH |  | SOLE |  | 172648 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 14642414 | 57695 | SH |  | SOLE |  | 57695 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPFB9 | 1452303 | 4268 | SH |  | SOLE |  | 4268 | 0 | 0 |
| ASML HLDG NV | N Y REGISTRY SHS | N07059210 |  | 12669401 | 9592 | SH |  | SOLE |  | 9592 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 | BBG000C0YGH4 | 42024198 | 216936 | SH |  | SOLE |  | 216936 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG000JG0547 | 7027387 | 34587 | SH |  | SOLE |  | 34587 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 | BBG000BBXLW4 | 257743 | 1320 | SH |  | SOLE |  | 1320 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWG505 | 14296453 | 29834 | SH |  | SOLE |  | 29834 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WN4 | 439501 | 457 | SH |  | SOLE |  | 457 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 | BBG000BH0106 | 1011912 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 4562113 | 72703 | SH |  | SOLE |  | 72703 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 6892169 | 22268 | SH |  | SOLE |  | 22268 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG000C9K6K8 | 17935722 | 444034 | SH |  | SOLE |  | 444034 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 | BBG000BWSGF4 | 5633688 | 86393 | SH |  | SOLE |  | 86393 | 0 | 0 |
| BURFORD CAPITAL LIMITED | ORD SHS | G17977110 | BBG000PN88Q7 | 31425039 | 7647727 | SH |  | SOLE |  | 7647727 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | BBG000DMM476 | 398722 | 5083 | SH |  | SOLE |  | 5083 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 287921 | 5950 | SH |  | SOLE |  | 5950 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 | BBG000K4ND22 | 6990117 | 33785 | SH |  | SOLE |  | 33785 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 | BBG000QX74T1 | 832260 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| CHUBB LTD SWITZ | COM | H1467J104 | BBG000BR14K5 | 3039623 | 9326 | SH |  | SOLE |  | 9326 | 0 | 0 |
| CINTAS CORP | COM | 172908105 | BBG000H3YXF8 | 301069 | 1780 | SH |  | SOLE |  | 1780 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3J3C9 | 502103 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG000BHLYP4 | 4235319 | 14340 | SH |  | SOLE |  | 14340 | 0 | 0 |
| COLUMBIA ETF TR II | INDIA CONSMR ETF | 19762B707 | BBG001YR02X9 | 394795 | 7182 | SH |  | SOLE |  | 7182 | 0 | 0 |
| COPART INC | COM | 217204106 | BBG000BM9RH1 | 1685132 | 50757 | SH |  | SOLE |  | 50757 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 | BBG00BN969C1 | 235978 | 2819 | SH |  | SOLE |  | 2819 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 | BBG000F6H8W8 | 597858 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 | BBG000BH3JF8 | 1561735 | 8237 | SH |  | SOLE |  | 8237 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG000BH1NH9 | 379101 | 673 | SH |  | SOLE |  | 673 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 | BBG0177CTPJ2 | 1251480 | 25825 | SH |  | SOLE |  | 25825 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG000BNBDC2 | 6614986 | 7192 | SH |  | SOLE |  | 7192 | 0 | 0 |
| FASTENAL CO | COM | 311900104 | BBG000BJ8YN7 | 5155504 | 111110 | SH |  | SOLE |  | 111110 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | RBA INDL ETF | 33738R704 | BBG0063G4FW4 | 17255536 | 155764 | SH |  | SOLE |  | 155764 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG000BK6MB5 | 8608163 | 30335 | SH |  | SOLE |  | 30335 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACCESS INVT GR | 381430479 | BBG00GW2L1R9 | 865620 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| HARBOR ETF TRUST | ARES SYSTEMATIC | 41151J109 | BBG011S2KC93 | 11534050 | 257422 | SH |  | SOLE |  | 257422 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 421169 | 16928 | SH |  | SOLE |  | 16928 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH30 | 10203708 | 33556 | SH |  | SOLE |  | 33556 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG000BKZB36 | 3185300 | 9685 | SH |  | SOLE |  | 9685 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG000H556T9 | 808057 | 3575 | SH |  | SOLE |  | 3575 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG000C1FB75 | 345701 | 2198 | SH |  | SOLE |  | 2198 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 | BBG000BLSL58 | 217650 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG000BJPDZ1 | 482657 | 1047 | SH |  | SOLE |  | 1047 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2MY7 | 1092025 | 5690 | SH |  | SOLE |  | 5690 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | CHINA TECHNLGY | 46138E800 | BBG00KXH51H5 | 251361 | 5462 | SH |  | SOLE |  | 5462 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG000BSWKH7 | 2210009 | 3846 | SH |  | SOLE |  | 3846 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG000QLKDR4 | 21877697 | 248159 | SH |  | SOLE |  | 248159 | 0 | 0 |
| ISHARES INC | JP MORGAN EM ETF | 464286517 | BBG0025X4HC2 | 1378591 | 33789 | SH |  | SOLE |  | 33789 | 0 | 0 |
| ISHARES INC | MSCI AUST ETF | 464286103 | BBG000BDNJ29 | 325930 | 11741 | SH |  | SOLE |  | 11741 | 0 | 0 |
| ISHARES INC | MSCI CDA ETF | 464286509 | BBG000BJSXB0 | 578199 | 10553 | SH |  | SOLE |  | 10553 | 0 | 0 |
| ISHARES INC | MSCI EURZONE ETF | 464286608 | BBG000CS4KW0 | 4312952 | 68853 | SH |  | SOLE |  | 68853 | 0 | 0 |
| ISHARES INC | MSCI FRANCE ETF | 464286707 | BBG000BJX6S5 | 5056893 | 116572 | SH |  | SOLE |  | 116572 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 | BBG000BJZKN7 | 332435 | 8380 | SH |  | SOLE |  | 8380 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 | BBG000BK38F5 | 10049542 | 119014 | SH |  | SOLE |  | 119014 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG000CDKWX8 | 278618 | 2265 | SH |  | SOLE |  | 2265 | 0 | 0 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 | BBG000BK5Z27 | 6995802 | 118956 | SH |  | SOLE |  | 118956 | 0 | 0 |
| ISHARES INC | MSCI TAIWAN ETF | 46434G772 | BBG000CJLQ12 | 2298446 | 32409 | SH |  | SOLE |  | 32409 | 0 | 0 |
| ISHARES INC | MSCI THAILND ETF | 464286624 | BBG000VD5B51 | 380757 | 5488 | SH |  | SOLE |  | 5488 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 | BBG002D9R2H9 | 28820662 | 160097 | SH |  | SOLE |  | 160097 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG000NDCRW7 | 577146 | 8470 | SH |  | SOLE |  | 8470 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG000Q8RVM1 | 1322018 | 36825 | SH |  | SOLE |  | 36825 | 0 | 0 |
| ISHARES TR | CONV BD ETF | 46435G102 | BBG009BKDML7 | 704692 | 6923 | SH |  | SOLE |  | 6923 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 | BBG003H6TR19 | 1939696 | 21426 | SH |  | SOLE |  | 21426 | 0 | 0 |
| ISHARES TR | CORE MSCI EURO | 46434V738 | BBG006MJ8993 | 4723128 | 67214 | SH |  | SOLE |  | 67214 | 0 | 0 |
| ISHARES TR | DEVSMCP EXNA ETF | 464288497 | BBG000TVNCS7 | 1613212 | 24321 | SH |  | SOLE |  | 24321 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 | BBG000T1GGF6 | 2375284 | 35452 | SH |  | SOLE |  | 35452 | 0 | 0 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 | BBG000BBTL04 | 1769069 | 17696 | SH |  | SOLE |  | 17696 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 | BBG000TH6VB3 | 2020894 | 14605 | SH |  | SOLE |  | 14605 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 | BBG000TH7DF8 | 852452 | 12450 | SH |  | SOLE |  | 12450 | 0 | 0 |
| ISHARES TR | MSCI CHINA A | 46434V514 | BBG00D30D431 | 208769 | 6099 | SH |  | SOLE |  | 6099 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | BBG000M0P5L2 | 749117 | 13191 | SH |  | SOLE |  | 13191 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN3L7 | 2503959 | 53837 | SH |  | SOLE |  | 53837 | 0 | 0 |
| ISHARES TR | MSCI INDONIA ETF | 46429B309 | BBG000QVL5M3 | 436736 | 27659 | SH |  | SOLE |  | 27659 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 | BBG000BK6997 | 6280902 | 137860 | SH |  | SOLE |  | 137860 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG000CGC9C4 | 256928 | 1036 | SH |  | SOLE |  | 1036 | 0 | 0 |
| ISHARES TR | S 100 ETF | 464287101 | BBG000DDXQR3 | 243324 | 765 | SH |  | SOLE |  | 765 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG000BWDHF8 | 551072 | 4872 | SH |  | SOLE |  | 4872 | 0 | 0 |
| ISHARES TR | US INDUSTRIALS | 464287754 | BBG000BXWM82 | 278998 | 1891 | SH |  | SOLE |  | 1891 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 | BBG000BXW687 | 3539759 | 37434 | SH |  | SOLE |  | 37434 | 0 | 0 |
| JANUS DETROIT STR TR | B-BBB CLO ETF | 47103U753 | BBG014GFHHG6 | 641984 | 13775 | SH |  | SOLE |  | 13775 | 0 | 0 |
| JANUS DETROIT STR TR | HENDERSON MTG | 47103U852 | BBG00LYBQRR4 | 27745219 | 614104 | SH |  | SOLE |  | 614104 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 | BBG00XX897J8 | 1086481 | 21570 | SH |  | SOLE |  | 21570 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 867762 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG000DMBXR2 | 19858742 | 67510 | SH |  | SOLE |  | 67510 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CC1 | 2807489 | 5663 | SH |  | SOLE |  | 5663 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 5689628 | 11387 | SH |  | SOLE |  | 11387 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG000BNSZP1 | 12012034 | 38650 | SH |  | SOLE |  | 38650 | 0 | 0 |
| MERCADOLIBRE  INC | COM | 58733R102 | BBG000GQPB11 | 22254216 | 12871 | SH |  | SOLE |  | 12871 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 826994 | 6875 | SH |  | SOLE |  | 6875 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 18295001 | 31977 | SH |  | SOLE |  | 31977 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG000C5Z1S3 | 7797347 | 23080 | SH |  | SOLE |  | 23080 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 31096333 | 84379 | SH |  | SOLE |  | 84379 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG000BJSBJ0 | 938088 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 8834930 | 50659 | SH |  | SOLE |  | 50659 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLTW7 | 346885 | 2358 | SH |  | SOLE |  | 2358 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 10970674 | 118846 | SH |  | SOLE |  | 118846 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60KV0 | 6755214 | 87639 | SH |  | SOLE |  | 87639 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 | BBG000BR3KL6 | 1844194 | 2060 | SH |  | SOLE |  | 2060 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG000DH7JK6 | 403754 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 3976262 | 24049 | SH |  | SOLE |  | 24049 | 0 | 0 |
| PIMCO ETF TR | MULTISECTOR BD | 72201R585 | BBG01GZGT3G4 | 29217742 | 1115181 | SH |  | SOLE |  | 1115181 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 3054473 | 21147 | SH |  | SOLE |  | 21147 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 | BBG000CGC1X8 | 708290 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG000BW8S60 | 1992850 | 10331 | SH |  | SOLE |  | 10331 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG000BN2DC2 | 1194688 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 | BBG000BJ20S2 | 319410 | 5214 | SH |  | SOLE |  | 5214 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 | BBG000BJ29X7 | 269906 | 5467 | SH |  | SOLE |  | 5467 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG000BHVSG6 | 1716363 | 11707 | SH |  | SOLE |  | 11707 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 | BBG000BJ7007 | 847105 | 6374 | SH |  | SOLE |  | 6374 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 | BBG000BJ7G75 | 252028 | 5492 | SH |  | SOLE |  | 5492 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 | BBG000BT41Q8 | 411120 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 32801841 | 1584630 | SH |  | SOLE |  | 1584630 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG000CRF6Q8 | 66811443 | 155961 | SH |  | SOLE |  | 155961 | 0 | 0 |
| SPDR INDEX SHS FDS | STATE STREET SPD | 78463X202 | BBG000PG8230 | 342682 | 5520 | SH |  | SOLE |  | 5520 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A763 | BBG000KN18M3 | 391411 | 2682 | SH |  | SOLE |  | 2682 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A854 | BBG000KMT5K3 | 257327 | 3362 | SH |  | SOLE |  | 3362 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 | BBG000MQQ963 | 768935 | 6020 | SH |  | SOLE |  | 6020 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 13270608 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 | BBG000BDTBL9 | 4608960 | 7087 | SH |  | SOLE |  | 7087 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 60604911 | 179331 | SH |  | SOLE |  | 179331 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 | BBG000BVV7G1 | 1087184 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 3992698 | 8123 | SH |  | SOLE |  | 8123 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG000BV8DN6 | 319400 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 | BBG000C1M4K8 | 6268788 | 67244 | SH |  | SOLE |  | 67244 | 0 | 0 |
| TPG INC | COM CL A | 872657101 | BBG0145FSNR1 | 10662232 | 263200 | SH |  | SOLE |  | 263200 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 2907483 | 40421 | SH |  | SOLE |  | 40421 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 | BBG007936GV2 | 14144290 | 369855 | SH |  | SOLE |  | 369855 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 2486855 | 10250 | SH |  | SOLE |  | 10250 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 930830 | 3440 | SH |  | SOLE |  | 3440 | 0 | 0 |
| VANECK ETF TRUST | VANECK VIETNAM | 92189F817 | BBG000NWYK65 | 418521 | 24178 | SH |  | SOLE |  | 24178 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | BBG000BZZS63 | 441840 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG000HT3Z79 | 268206 | 1024 | SH |  | SOLE |  | 1024 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG000HWV1X7 | 418495 | 2133 | SH |  | SOLE |  | 2133 | 0 | 0 |
| VANGUARD INSTL INDEX FD | 0-3 MO TREAS BIL | 922040845 | BBG01S6YYQ01 | 1021275 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG000HT88C8 | 1084243 | 20060 | SH |  | SOLE |  | 20060 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG000HT8SM3 | 11217487 | 136085 | SH |  | SOLE |  | 136085 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 | BBG001877Z08 | 1778978 | 40022 | SH |  | SOLE |  | 40022 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG000GM5FZ6 | 2738321 | 19797 | SH |  | SOLE |  | 19797 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 | BBG000PX0963 | 473780 | 7956 | SH |  | SOLE |  | 7956 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG000PWYVH7 | 2763850 | 33400 | SH |  | SOLE |  | 33400 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 | BBG000PWZXV6 | 755166 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 | BBG000PWXXY5 | 928648 | 11715 | SH |  | SOLE |  | 11715 | 0 | 0 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 | BBG004N1LXS7 | 381790 | 5812 | SH |  | SOLE |  | 5812 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 16852600 | 55759 | SH |  | SOLE |  | 55759 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 390363 | 3141 | SH |  | SOLE |  | 3141 | 0 | 0 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 | BBG004LMH377 | 320265 | 3646 | SH |  | SOLE |  | 3646 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 | BBG00B8N0HG1 | 26056730 | 536543 | SH |  | SOLE |  | 536543 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320N9 | 734084 | 6210 | SH |  | SOLE |  | 6210 | 0 | 0 |

---