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Lazard Freres Gestion S.A.S.

25 RUE DE COURCELLES, PARIS, I0 75008 • 0144130421

Q3 2025 · Filed 2025-10-21
Market Value
$5.3B
+9.7%
Holdings
115
-3
New Purchases
5
Added To
57
Closed
3
Reduced
29
Top 10 Concentration
50.8%
Turnover
7.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 6.51% 5.20% +1.31% $342M
AAPL 6.13% 5.27% +0.86% $322M
SPGI 1.60% 0.84% +0.75% $84M
MSI 2.88% 2.53% +0.36% $151M
MS 1.58% 1.27% +0.31% $83M
NVDA 5.11% 4.86% +0.25% $268M
MTD 0.52% 0.28% +0.24% $27M
AVGO 1.33% 1.11% +0.22% $70M
MCO 1.01% 0.85% +0.16% $53M
MDT 2.78% 2.62% +0.15% $146M
PH 1.97% 1.83% +0.13% $103M
RTX 3.59% 3.47% +0.12% $188M
ROST 1.03% 0.94% +0.09% $54M
GOOG 0.40% 0.33% +0.08% $21M
APH 1.97% 1.89% +0.07% $103M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ACN 2.74% 3.60% -0.86% $144M
MSFT 10.03% 10.56% -0.53% $527M
V 4.30% 4.68% -0.37% $226M
AMZN 6.39% 6.70% -0.30% $336M
ZTS 3.11% 3.38% -0.28% $163M
ICE 1.37% 1.63% -0.26% $72M
DIS 1.06% 1.31% -0.25% $55M
BDX 1.65% 1.85% -0.20% $86M
ADBE 0.54% 0.74% -0.20% $28M
HON 1.01% 1.21% -0.20% $53M
ECL 1.46% 1.63% -0.17% $77M
BLL 0.07% 0.23% -0.16% $3M
META 2.45% 2.61% -0.15% $129M
CL 1.14% 1.28% -0.14% $60M
MAR 0.94% 1.07% -0.13% $49M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 33.2%
Financial Services 13.2%
Healthcare 12.3%
Communication Services 12.1%
Consumer Cyclical 10.2%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 43 $3.3B 62.3%
Large Cap 62 $2.0B 37.5%
Mid Cap 9 $6M 0.1%
Small Cap 1 $196K 0.0%

Portfolio Analytics

Avg Market Cap
$453.5B
Median Market Cap
$117.2B
Avg P/E
38.9
Median P/E
29.1
Avg Dividend Yield
0.01%
Avg Beta
1.07
# Stocks
108
# ETFs / Funds
7

Top Holdings (115 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MSFT 10.03% 1,017,458 $527M $517.95 $22M +1,290 +0.1%
2 GOOGL 6.51% 1,407,860 $342M $243.10 $93M -5,284 -0.4%
3 AMZN 6.39% 1,529,727 $336M $219.57 $15M +67,956 +4.7%
4 AAPL 6.13% 1,264,285 $322M $254.63 $70M +35,018 +2.9%
5 NVDA 5.11% 1,438,420 $268M $186.58 $36M +1,438,420
6 V 4.30% 662,194 $226M $341.38 $2M +31,358 +5.0%
7 RTX 3.59% 1,125,602 $188M $167.33 $22M -12,012 -1.1%
8 ZTS 3.11% 1,115,517 $163M $146.32 $1M +76,881 +7.4%
9 MSI 2.88% 331,174 $151M $457.29 $30M +43,502 +15.1%
10 MDT 2.78% 1,530,777 $146M $95.24 $20M +91,505 +6.4%
11 ACN 2.74% 584,280 $144M $246.60 -$28M +7,577 +1.3%
12 META 2.45% 175,547 $129M $734.38 $4M +6,414 +3.8%
13 AMAT 2.24% 573,966 $118M $204.74 $13M +2,349 +0.4%
14 APH 1.97% 835,479 $103M $123.75 $13M -83,170 -9.1%
15 PH 1.97% 136,232 $103M $758.15 $15M +136,232
16 MRK 1.87% 1,171,812 $98M $83.93 $6M +1,171,812
17 OTIS 1.87% 1,073,844 $98M $91.43 $8M +160,091 +17.5%
18 BDX 1.65% 461,790 $86M $187.17 -$2M -52,323 -10.2%
19 SPGI 1.60% 172,309 $84M $486.71 $43M +95,583 +124.6%
20 MS 1.58% 521,964 $83M $158.96 $22M +89,686 +20.8%
21 COST 1.49% 84,700 $78M $925.62 $2M +7,835 +10.2%
22 ECL 1.46% 280,371 $77M $273.86 -$1M -10,029 -3.5%
23 EL 1.38% 820,569 $72M $88.12 $6M +820,569
24 ICE 1.37% 425,745 $72M $168.48 -$6M +973 +0.2%
25 AVGO 1.33% 211,666 $70M $329.91 $17M +211,666
26 KLAC 1.26% 61,446 $66M $1,078.59 -$139K -12,699 -17.1%
27 LLY 1.17% 80,286 $61M $763.00 $1M +2,991 +3.9%
28 CL 1.14% 749,453 $60M $79.94 -$1M +76,005 +11.3%
29 JPM 1.08% 180,601 $57M $315.42 $6M +5,050 +2.9%
30 NKE 1.06% 796,695 $56M $69.73 $7M +796,695
31 DIS 1.06% 484,685 $55M $114.50 -$7M -20,313 -4.0%
32 ROST 1.03% 355,319 $54M $152.39 $9M +355,319
33 MCO 1.01% 111,712 $53M $476.48 $12M +30,311 +37.2%
34 HON 1.01% 251,714 $53M $210.50 -$5M +3,581 +1.4%
35 IDXX 0.96% 78,699 $50M $638.89 $2M -12,205 -13.4%
36 WFC 0.94% 587,300 $49M $83.82 $2M +587,300
37 MAR 0.94% 188,950 $49M $260.44 -$2M +1,966 +1.1%
38 MDLZ 0.91% 765,214 $48M $62.47 $2M +79,724 +11.6%
39 SPY 0.88% 69,186 $46M $666.18 -$1M -7,309 -9.6%
40 TMUS 0.83% 183,128 $44M $239.38 $106K -419 -0.2%
41 CVX 0.83% 281,339 $44M $155.29 $3M -949 -0.3%
42 BRK-B 0.80% 83,847 $42M $502.74 $2M +820 +1.0%
43 MLM 0.64% 53,190 $34M $630.27 $6M +3,804 +7.7%
44 ADBE 0.54% 80,706 $28M $352.75 -$7M -11,441 -12.4%
45 MTD 0.52% 22,169 $27M $1,227.57 $14M +10,879 +96.4%
46 SPOT 0.44% 32,960 $23M $698.00 -$1M +1,459 +4.6%
47 GOOG 0.40% 87,247 $21M $243.55 $6M -1,091 -1.2%
48 EOG 0.33% 155,125 $17M $112.12 -$1M -7
49 BRK-A 0.26% 18 $14M $754,166.67 $457K
50 CRM 0.17% 38,598 $9M $236.98 -$2M -2,312 -5.7%
51 PG 0.16% 54,197 $8M $153.64 -$537K +54,197
52 HD 0.16% 20,257 $8M $405.14 -$1M -5,625 -21.7%
53 NFLX 0.10% 4,492 $5M $1,198.80 -$630K +4,492
54 AMD 0.09% 28,130 $5M $161.78 $134K +28,130
55 MU 0.08% 26,500 $4M $167.28 $921K -2,000 -7.0%
56 UBER 0.07% 39,100 $4M $97.95 -$97K -3,000 -7.1%
57 VRSK 0.07% 14,500 $4M $251.45 $2M +9,500 +190.0%
58 BLL 0.07% 68,132 $3M $50.42 -$7M -124,671 -64.7%
59 CDNS 0.06% 9,700 $3M $351.24 -$44K -1,500 -13.4%
60 NOW 0.06% 3,638 $3M $920.01 -$701K -300 -7.6%
61 SNPS 0.06% 5,900 $3M $493.39 -$575K -900 -13.2%
62 TYL 0.05% 5,000 $3M $523.00 $1M +3,000 +150.0%
63 AXP 0.05% 7,820 $3M $332.10 $103K
64 APP 0.05% 3,500 $3M $718.29 +3,500 NEW
65 AWK 0.05% 17,430 $2M $139.19 $2K
66 ARM 0.05% 17,000 $2M $141.47 -$829K +17,000
67 IOT 0.04% 60,000 $2M $37.25 +60,000 NEW
68 PLD 0.04% 19,000 $2M $114.47 $283K +1,000 +5.6%
69 PINS 0.04% 65,900 $2M $32.17 -$31K +5,900 +9.8%
70 IVV 0.04% 3,150 $2M $669.21 $153K
71 JCI 0.04% 17,745 $2M $109.95 $77K
72 VTEB 0.04% 37,500 $2M $50.05 $39K +37,500
73 VERX 0.03% 70,000 $2M $24.79 $1M +50,000 +250.0%
74 HLT 0.03% 5,980 $2M $259.36 -$268K -850 -12.4%
75 BAC 0.03% 28,137 $1M $51.57 -$2M -38,215 -57.6%
76 0HQN.L 0.02% 5,250 $1M $245.14 $495K +1,850 +54.4%
77 PWR 0.02% 3,070 $1M $414.33 -$21K -350 -10.2%
78 XYL 0.02% 8,350 $1M $147.43 $151K
79 CI 0.02% 4,246 $1M $288.04 -$180K
80 CVS 0.02% 16,150 $1M $75.36 $103K
81 CARR 0.02% 19,865 $1M $59.65 -$268K
82 JNJ 0.02% 5,942 $1M $185.29 $194K +5,942
83 QQQ 0.02% 1,637 $982K $599.88 $428K +632 +62.9%
84 FSLR 0.02% 4,390 $968K $220.50 $76K -1,000 -18.6%
85 TTEK 0.02% 25,830 $862K $33.37 -$66K
86 WM 0.02% 3,842 $848K $220.72 $255K +3,842
87 NXT 0.02% 10,850 $802K $73.92 $283K +1,300 +13.6%
88 SYK 0.01% 2,000 $739K $369.50 -$52K
89 AYI 0.01% 2,000 $688K $344.00 $92K
90 OC 0.01% 4,850 $686K $141.44 $20K
91 ORCL 0.01% 2,400 $674K $280.83 $150K
92 IJH 0.01% 9,050 $590K $65.19 $29K +9,050
93 IBM 0.01% 2,078 $586K $282.00 -$26K
94 TSLA 0.01% 1,310 $582K $444.27 $166K
95 XOM 0.01% 5,150 $580K $112.62 $25K
96 CWEN 0.01% 19,500 $550K $28.21 -$74K
97 IJR 0.01% 4,602 $546K $118.64 $44K
98 KO 0.01% 8,000 $530K $66.25 -$78K -605 -7.0%
99 BMI 0.01% 2,950 $526K $178.31 -$25K +700 +31.1%
100 CLH 0.01% 2,040 $473K $231.86 -$276K -1,200 -37.0%

New Positions

SymbolValue% Port
APP $3M 0.05%
IOT $2M 0.04%
BABA $290K 0.01%
SLB $202K —%
BA $201K —%

Sold Out Positions

SymbolValue% Port
ENPH —%
MRVL —%
WMT —%
View SEC EDGAR Filings for Lazard Freres Gestion S.A.S. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms