BLI - Banque de Luxembourg Investments

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CIK 2052594

13F portfolio (2026-Q1)

$3.3B

Positions

175

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

175

Top 5

21.0%

Top 10

33.0%

Effective N

54.0

HHI

0.019

This quarter

1 new · 0 exit →

By sector

Information Technology30.7%

Industrials16.5%

Health Care12.1%

Materials12.0%

Consumer Discretionary9.4%

Communication Services7.6%

Financials7.1%

Consumer Staples2.8%

Other1.8%

By market cap

Large ($10–200B)47.4%

Mega (>$200B)35.9%

Unknown12.6%

Mid ($2–10B)4.1%

By region

North America94.0%

Europe2.6%

Asia-Pacific2.2%

Middle East0.8%

Other0.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Software	13.16%	15
Commercial Services & Supplies	10.01%	11
Software & IT Services	9.93%	8
Technology Hardware & Equipment	7.28%	12
Semiconductors & Semiconductor Equipment	6.83%	7
Specialty Retail	6.59%	12
Metals & Mining	6.54%	6
Pharmaceuticals & Biotechnology	6.17%	12
Road & Rail	5.04%	2
Machinery	4.41%	12
Chemicals	4.31%	9
Health Care Equipment & Supplies	3.69%	10
Distributors	2.13%	7
Beverages	1.83%	5
Life Sciences Tools & Services	1.78%	4
Capital Markets	1.31%	5
Paper & Forest Products	1.16%	1
Oil, Gas & Consumable Fuels	0.97%	4
Unclassified	0.92%	4
Food Products	0.92%	1
Professional Services	0.70%	2
Electrical Equipment & Components	0.56%	3
Insurance	0.51%	2
Health Care Providers & Services	0.45%	1
Aerospace & Defense	0.42%	2
Transportation Infrastructure	0.35%	1
Media & Entertainment	0.30%	1
Equity Real Estate Investment Trusts (REITs)	0.27%	3
Utilities	0.27%	2
Construction & Engineering	0.27%	3
Communications Equipment	0.26%	2
Textiles, Apparel & Luxury Goods	0.22%	2
Household Durables	0.20%	1
Hotels, Restaurants & Leisure	0.17%	1
Banks	0.06%	2

Top holdings

#	Ticker	Name	Sector	Weight
1	MSFT	MICROSOFT CORP	Information Technology	6.45%
2	GOOGL	Alphabet Inc.	Communication Services	5.40%
3	NVDA	NVIDIA CORP	Information Technology	3.22%
4	AMZN	AMAZON COM INC	Consumer Discretionary	3.21%
5	AAPL	Apple Inc.	Information Technology	2.75%
6	UNP	UNION PACIFIC CORP	Industrials	2.58%
7	CNI	CANADIAN NATIONAL RAILWAY CO	Industrials	2.46%
8	V	VISA INC.	Financials	2.44%
9	MA	Mastercard Inc	Financials	2.30%
10	TSM	Taiwan Semiconductor Manufacturing Co Ltd	Information Technology	2.22%

173/175 names classified · sector 99.7% of weight · industry 99.1% · mkt cap 87.4%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 6 quarters

Information TechnologyMSFT, NVDA, AAPL, TSM, ROP · other

IndustrialsUNP, CNI, ACN, ROL, CAT · other

Health CareRMD, IDXX, ABT, ZTS, AZN · other

MaterialsCL, FNV, KMB, AEM, WPM · other

Consumer DiscretionaryAMZN, TJX, LOW, SITE, YUMC · other

FinancialsV, MA, UNH, RGLD, BRK.B · other

Communication ServicesGOOGL, META, NFLX, GOOG

Consumer StaplesPEP, MDLZ, STZ, BF.B, PM · other

EnergyENB, PBA, XOM, CVX

UtilitiesATO, SRE, OKLO, PEG, ED · other

Real EstatePSA, SPG, PLD, AMT

UnclassifiedMASI, ANSYS INC, ASPEN TECHNOLOGY INC, MICC, AMRZ · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 99.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (152 classified)BLI - Banque de Luxembourg Investments centroid (Large Core)

Information TechnologyIndustrialsHealth CareConsumer DiscretionaryCommunication ServicesFinancialsMaterialsConsumer StaplesReal EstateUtilitiesEnergy

Style box summary for BLI - Banque de Luxembourg Investments: centroid Large Core. Heaviest cells: Large Growth 34.8%, Large Core 12.7%, Mid Growth 11.2%.

Classified: 83.5% of book weight (152/175 names) · unclassified 16.5%: CNI, TSM, AZN, FNV, AEM, WPM, ENB, ORLA, CHKP, AGI +13 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 175 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	MSFTMICROSOFT CORP	449,519	$216M	6.5%	HOLD
2	GOOGLALPHABET INC	583,785	$180M	5.4%	HOLD
3	NVDANVIDIA CORPORATION	583,809	$108M	3.2%	HOLD
4	AMZNAMAZON COM INC	469,390	$107M	3.2%	HOLD
5	AAPLAPPLE INC	341,817	$92M	2.7%	HOLD
6	UNPUNION PAC CORP	375,712	$86M	2.6%	HOLD
7	CNICANADIAN NATL RY CO	844,888	$82M	2.5%	HOLD
8	VVISA INC	233,941	$81M	2.4%	HOLD
9	MAMASTERCARD INCORPORATED	135,087	$77M	2.3%	HOLD
10	TSMTAIWAN SEMICONDUCTOR MFG LTD	251,800	$74M	2.2%	HOLD
11	AZNASTRAZENECA PLC	372,869	$69M	2.1%	NEW
12	ADBEADOBE INC	177,160	$61M	1.8%	HOLD
13	CLCOLGATE PALMOLIVE CO	764,344	$60M	1.8%	HOLD
14	METAMETA PLATFORMS INC	85,864	$56M	1.7%	HOLD
15	ACNACCENTURE PLC IRELAND	206,099	$55M	1.6%	HOLD
16	FNVFRANCO NEV CORP	257,495	$53M	1.6%	HOLD
17	RMDRESMED INC	215,489	$52M	1.5%	HOLD
18	AEMAGNICO EAGLE MINES LTD	303,000	$51M	1.5%	HOLD
19	PEPPEPSICO INC	329,172	$47M	1.4%	HOLD
20	VRSKVERISK ANALYTICS INC	209,228	$46M	1.4%	HOLD
21	WPMWHEATON PRECIOUS METALS CORP	393,500	$45M	1.4%	HOLD
22	TJXTJX COS INC NEW	254,653	$39M	1.2%	HOLD
23	KMBKIMBERLY-CLARK CORP	389,281	$39M	1.2%	HOLD
24	WATWATERS CORP	100,920	$38M	1.1%	HOLD
25	TMOTHERMO FISHER SCIENTIFIC INC	65,660	$38M	1.1%	HOLD
26	IDXXIDEXX LABS INC	55,771	$37M	1.1%	HOLD
27	ROLROLLINS INC	583,950	$35M	1.0%	HOLD
28	IEXIDEX CORP	188,900	$33M	1.0%	HOLD
29	MDLZMONDELEZ INTL INC	570,808	$31M	0.9%	HOLD
30	ENBENBRIDGE INC	625,295	$29M	0.9%	HOLD
31	CATCATERPILLAR INC	50,895	$29M	0.9%	HOLD
32	ORLAORLA MNG LTD NEW	2,130,000	$28M	0.8%	HOLD
33	SPGIS&P GLOBAL INC	53,461	$28M	0.8%	HOLD
34	CHKPCHECK POINT SOFTWARE TECH LT	149,700	$28M	0.8%	HOLD
35	SITESITEONE LANDSCAPE SUPPLY INC	216,913	$27M	0.8%	HOLD
36	AGIALAMOS GOLD INC NEW	690,000	$26M	0.8%	HOLD
37	ABTABBOTT LABS	200,725	$25M	0.7%	HOLD
38	AVGOBROADCOM INC	70,632	$24M	0.7%	HOLD
39	NKENIKE INC	392,500	$24M	0.7%	HOLD
40	JNJJOHNSON & JOHNSON	109,599	$22M	0.7%	HOLD
41	RGLDROYAL GOLD INC	100,000	$22M	0.7%	HOLD
42	MCOMOODYS CORP	43,293	$22M	0.7%	HOLD
43	SNPSSYNOPSYS INC	46,044	$21M	0.6%	HOLD
44	ANETARISTA NETWORKS INC	164,448	$21M	0.6%	HOLD
45	ADSKAUTODESK INC	71,151	$21M	0.6%	HOLD
46	DHRDANAHER CORP DEL	90,290	$20M	0.6%	HOLD
47	KLACKLA CORP	16,574	$20M	0.6%	HOLD
48	AMATAPPLIED MATLS INC	86,742	$19M	0.6%	HOLD
49	ROPROPER TECHNOLOGIES INC	42,851	$19M	0.6%	HOLD
50	LLYELI LILLY & CO	17,500	$19M	0.6%	HOLD
51	PGPROCTER AND GAMBLE CO	130,981	$19M	0.6%	HOLD
52	JKHYHENRY JACK & ASSOC INC	99,400	$18M	0.5%	HOLD
53	EFXEQUIFAX INC	82,540	$18M	0.5%	HOLD
54	CLXCLOROX CO DEL	169,720	$17M	0.5%	HOLD
55	TYLTYLER TECHNOLOGIES INC	34,820	$16M	0.5%	HOLD
56	NDSNNORDSON CORP	64,600	$15M	0.5%	HOLD
57	NEMNEWMONT CORP	154,500	$15M	0.5%	HOLD
58	CHECHEMED CORP NEW	35,500	$15M	0.5%	HOLD
59	BRK.BBERKSHIRE HATHAWAY INC DEL	30,000	$15M	0.4%	HOLD
60	NOWSERVICENOW INC	96,105	$15M	0.4%	HOLD
61	MSCIMSCI INC	25,240	$14M	0.4%	HOLD
62	EWEDWARDS LIFESCIENCES CORP	169,530	$14M	0.4%	HOLD
63	UNHUNITEDHEALTH GROUP INC	42,683	$14M	0.4%	HOLD
64	AMEAMETEK INC	68,430	$14M	0.4%	HOLD
65	WSTWEST PHARMACEUTICAL SVSC INC	49,900	$14M	0.4%	HOLD
66	VEEVVEEVA SYS INC	60,265	$13M	0.4%	HOLD
67	TPLTEXAS PACIFIC LAND CORPORATI	45,900	$13M	0.4%	HOLD
68	BMYBRISTOL-MYERS SQUIBB CO	247,000	$13M	0.4%	HOLD
69	MANHMANHATTAN ASSOCIATES INC	74,100	$13M	0.4%	HOLD
70	IQVIQVIA HLDGS INC	55,825	$13M	0.4%	HOLD
71	PAYXPAYCHEX INC	109,965	$12M	0.4%	HOLD
72	GMEDGLOBUS MED INC	136,500	$12M	0.4%	HOLD
73	BURLBURLINGTON STORES INC	41,600	$12M	0.4%	HOLD
74	BKNGBOOKING HOLDINGS INC	2,198	$12M	0.4%	HOLD
75	CNMCORE & MAIN INC	224,400	$12M	0.3%	HOLD
76	TECHBIO-TECHNE CORP	198,100	$12M	0.3%	HOLD
77	CMICUMMINS INC	22,749	$11M	0.3%	HOLD
78	AAONAAON INC	147,200	$11M	0.3%	HOLD
79	EXPOEXPONENT INC	162,649	$11M	0.3%	HOLD
80	LOWLOWES COS INC	46,911	$11M	0.3%	HOLD
81	CHDCHURCH & DWIGHT CO INC	134,300	$11M	0.3%	HOLD
82	LRCXLAM RESEARCH CORP	64,000	$11M	0.3%	HOLD
83	BDXBECTON DICKINSON & CO	56,000	$11M	0.3%	HOLD
84	HONHONEYWELL INTL INC	53,274	$10M	0.3%	HOLD
85	NFLXNETFLIX INC	108,000	$10M	0.3%	HOLD
86	LIILENNOX INTL INC	20,300	$10M	0.3%	HOLD
87	GGGGRACO INC	120,600	$10M	0.3%	HOLD
88	OTISOTIS WORLDWIDE CORP	113,377	$10M	0.3%	HOLD
89	CDWCDW CORP	71,500	$10M	0.3%	HOLD
90	WSOWATSCO INC	28,500	$10M	0.3%	HOLD
91	BSYBENTLEY SYS INC	252,000	$10M	0.3%	HOLD
92	LINLINDE PLC	22,700	$10M	0.3%	HOLD
93	POOLPOOL CORP	41,300	$9M	0.3%	HOLD
94	HDHOME DEPOT INC	27,516	$9M	0.3%	HOLD
95	COOCOOPER COS INC	114,200	$9M	0.3%	HOLD
96	ADPAUTOMATIC DATA PROCESSING IN	35,400	$9M	0.3%	HOLD
97	GOOGALPHABET INC	29,000	$9M	0.3%	HOLD
98	PAYCPAYCOM SOFTWARE INC	56,300	$9M	0.3%	HOLD
99	MTDMETTLER TOLEDO INTERNATIONAL	6,300	$9M	0.3%	HOLD
100	LFUSLITTELFUSE INC	34,500	$9M	0.3%	HOLD
101	ETNEATON CORP PLC	24,715	$8M	0.2%	HOLD
102	VRSNVERISIGN INC	31,340	$8M	0.2%	HOLD
103	ORCLORACLE CORP	38,136	$7M	0.2%	HOLD
104	DPZDOMINOS PIZZA INC	17,400	$7M	0.2%	HOLD
105	ULTAULTA BEAUTY INC	12,000	$7M	0.2%	HOLD
106	ALCALCON AG	88,661	$7M	0.2%	HOLD
107	TSCOTRACTOR SUPPLY CO	140,600	$7M	0.2%	HOLD
108	AOSSMITH A O CORP	100,300	$7M	0.2%	HOLD
109	QCOMQUALCOMM INC	39,000	$7M	0.2%	HOLD
110	LOGILOGITECH INTL S A	64,582	$7M	0.2%	HOLD
111	MASIMASIMO CORP	48,839	$6M	0.2%	HOLD
112	COSTCOSTCO WHSL CORP NEW	7,100	$6M	0.2%	HOLD
113	MRKMERCK & CO INC	55,500	$6M	0.2%	HOLD
114	CMGCHIPOTLE MEXICAN GRILL INC	157,000	$6M	0.2%	HOLD
115	WMTWALMART INC	51,000	$6M	0.2%	HOLD
116	KOFCOCA-COLA FEMSA SAB DE CV	60,000	$6M	0.2%	HOLD
117	APPAPPLOVIN CORP	8,000	$5M	0.2%	HOLD
118	ITWILLINOIS TOOL WKS INC	21,900	$5M	0.2%	HOLD
119	ATOATMOS ENERGY CORP	32,000	$5M	0.2%	HOLD
120	YMMFULL TRUCK ALLIANCE CO LTD	482,000	$5M	0.2%	HOLD
121	CCUCOMPANIA CERVECERIAS UNIDAS	400,000	$5M	0.2%	HOLD
122	MICCMAGNUM ICE CREAM CO NV	317,598	$5M	0.1%	HOLD
123	TTTRANE TECHNOLOGIES PLC	12,400	$5M	0.1%	HOLD
124	RACEFERRARI N V	12,800	$5M	0.1%	HOLD
125	PLDPROLOGIS INC.	37,000	$5M	0.1%	HOLD
126	UBERUBER TECHNOLOGIES INC	53,000	$4M	0.1%	HOLD
127	CTASCINTAS CORP	22,500	$4M	0.1%	HOLD
128	WMSADVANCED DRAIN SYS INC DEL	28,400	$4M	0.1%	HOLD
129	GRMNGARMIN LTD	19,000	$4M	0.1%	HOLD
130	DHID R HORTON INC	26,700	$4M	0.1%	HOLD
131	FTNTFORTINET INC	48,000	$4M	0.1%	HOLD
132	KOCOCA COLA CO	54,631	$4M	0.1%	HOLD
133	OKLOOKLO INC	52,000	$4M	0.1%	HOLD
134	BLKBLACKROCK INC	3,300	$4M	0.1%	HOLD
135	DXCMDEXCOM	50,000	$3M	0.1%	HOLD
136	WCCWESCO INTL INC	13,000	$3M	0.1%	HOLD
137	WSMWILLIAMS SONOMA INC	17,100	$3M	0.1%	HOLD
138	LULULULULEMON ATHLETICA INC	14,700	$3M	0.1%	HOLD
139	GWWWW GRAINGER INC	3,000	$3M	0.1%	HOLD
140	BMIBADGER METER INC	17,000	$3M	0.1%	HOLD
141	CDNSCADENCE DESIGN SYSTEM INC	9,560	$3M	0.1%	HOLD
142	PGRPROGRESSIVE CORP	13,000	$3M	0.1%	HOLD
143	FASTFASTENAL CO	70,000	$3M	0.1%	HOLD
144	NVRNVR INC	360	$3M	0.1%	HOLD
145	PHMPULTE GROUP INC	22,000	$3M	0.1%	HOLD
146	TWTRADEWEB MKTS INC	24,000	$3M	0.1%	HOLD
147	LECOLINCOLN ELEC HLDGS INC	10,300	$2M	0.1%	HOLD
148	VRTXVERTEX PHARMACEUTICALS INC	5,500	$2M	0.1%	HOLD
149	SPGSIMON PPTY GROUP INC NEW	12,100	$2M	0.1%	HOLD
150	CMECME GROUP INC	8,000	$2M	0.1%	HOLD
151	QLYSQUALYS INC	16,000	$2M	0.1%	HOLD
152	PSAPUBLIC STORAGE OPER CO	8,200	$2M	0.1%	HOLD
153	MSIMOTOROLA SOLUTIONS INC	5,400	$2M	0.1%	HOLD
154	MPWRMONOLITHIC PWR SYS INC	2,200	$2M	0.1%	HOLD
155	PODDINSULET CORP	5,002	$1M	0.0%	HOLD
156	XOMEXXON MOBIL CORP	9,900	$1M	0.0%	HOLD
157	WFCWELLS FARGO CO NEW	11,300	$1M	0.0%	HOLD
158	JPMJPMORGAN CHASE & CO	3,200	$1M	0.0%	HOLD
159	CVXCHEVRON CORP NEW	6,600	$988,921	0.0%	HOLD
160	PBAPEMBINA PIPELINE CORP	20,800	$780,836	0.0%	HOLD
161	TERTERADYNE INC	3,200	$619,256	0.0%	HOLD
162	ADIANALOG DEVICES INC	1,333	$360,362	0.0%	HOLD
163	AMGNAMGEN INC	1,003	$324,212	0.0%	HOLD
164	ABBVABBVIE INC	1,399	$316,186	0.0%	HOLD
165	JCIJOHNSON CONTROLS INTERNATION	2,584	$307,439	0.0%	HOLD
166	GILDGILEAD SCIENCES INC	2,531	$306,735	0.0%	HOLD
167	SYKSTRYKER CORPORATION	773	$269,306	0.0%	HOLD
168	TXNTEXAS INSTRS INC	1,421	$245,173	0.0%	HOLD
169	EBAYEBAY INC.	2,796	$239,533	0.0%	HOLD
170	BABAALIBABA GROUP HLDG LTD	1,400	$202,982	0.0%	HOLD
171	STZCONSTELLATION BRANDS INC	1,410	$194,389	0.0%	HOLD
172	AAGILENT TECHNOLOGIES INC	1,399	$189,357	0.0%	HOLD
173	EMREMERSON ELEC CO	1,399	$186,212	0.0%	HOLD
174	DECKDECKERS OUTDOOR CORP	1,800	$186,007	0.0%	HOLD
175	ECLECOLAB INC	640	$166,514	0.0%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

MSFTMICROSOFT CORP

601K

553K

508K

450K

$216M

GOOGLALPHABET INC

657K

669K

664K

592K

584K

$180M

NVDANVIDIA CORPORATION

677K

489K

434K

690K

584K

$108M

AMZNAMAZON COM INC

534K

477K

365K

382K

469K

$107M

AAPLAPPLE INC

480K

394K

361K

370K

342K

$92M

UNPUNION PAC CORP

389K

383K

404K

399K

376K

$86M

CNICANADIAN NATL RY CO

693K

896K

908K

903K

845K

$82M

VVISA INC

404K

344K

349K

281K

234K

$81M

MAMASTERCARD INCORPORATED

251K

192K

198K

156K

135K

$77M

TSMTAIWAN SEMICONDUCTOR MFG LTD

256K

264K

262K

246K

252K

$74M

AZNASTRAZENECA PLC

—

373K

$69M

ADBEADOBE INC

149K

157K

154K

171K

177K

$61M

CLCOLGATE PALMOLIVE CO

540K

551K

592K

797K

764K

$60M

METAMETA PLATFORMS INC

—

26K

84K

86K

$56M

ACNACCENTURE PLC IRELAND

117K

88K

162K

212K

206K

$55M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

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