LF
Lazard Freres Gestion S.A.S. 13F Holdings (Q2 2026) — Stock Portfolio & Buys
Lazard Freres Gestion S.A.S.CIK: 0001426748
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$5.8B
Reporting period: 2026-06-30 · Number of holdings: 115
Lazard Freres Gestion S.A.S. disclosed 115 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $5.8B and a quarterly turnover rate of 25.8%.
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Personality snowflake
- Concentration
- 16.04
- Portfolio Stability
- 25.77
- Momentum
- 100
- Sector conviction
- 61.3
- Diversification
- 100
- Sizing Uniformity
- 80.91
Lazard Freres Gestion S.A.S.'s disclosed holdings carry a Herfindahl concentration index of 0.040 — mathematically equivalent to about 25 equally-sized positions, well below its 115 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.91), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim ACN
-34.1% -$77.5M
Add NVDA
+31.2% $128.7M
Add AMAT
-18.1% $111.3M
Trim ZTS
-8.9% -$55.3M
Add GOOGL
+6.8% $121.1M
Sold out HON
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 8.52% | +1.22% | +6.78% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 7.54% | -0.20% | +10.04% | |
| 3 | AAPL | Apple Inc | Stock-Tech | 6.80% | +0.51% | +7.95% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 6.74% | +0.16% | +1.78% | |
| 5 | NVDA | Nvidia CORP | Stock-Tech | 6.64% | +1.62% | +31.21% | |
| 6 | V | Visa Inc-class A Shares | Stock-Financials | 4.59% | +0.15% | +3.52% | |
| 7 | AMAT | Applied Materials Inc | Stock-Tech | 4.56% | +1.57% | -18.05% | |
| 8 | RTX | Rtx CORP | Stock-Industrials | 3.56% | -0.37% | +4.85% | |
| 9 | MSI | Motorola Solutions Inc | Stock-Tech | 3.20% | -0.49% | +3.29% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.85% | +0.76% | +58.17% | |
| 11 | MRK | Merck & Co. Inc. | Stock-Healthcare | 2.56% | -0.13% | +1.49% | |
| 12 | PH | Parker Hannifin CORP | Stock-Industrials | 2.40% | +0.24% | +15.90% | |
| 13 | APH | Amphenol Corp-cl A | Stock-Tech | 2.32% | +0.61% | +10.21% | |
| 14 | MDT | Medtronic plc | Stock-Healthcare | 2.13% | -0.57% | -0.63% | |
| 15 | AVGO | Broadcom Inc | Stock-Tech | 2.01% | +0.60% | +32.34% | |
| 16 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.96% | -0.41% | +0.01% | |
| 17 | OTIS | Otis Worldwide CORP | Stock-Industrials | 1.76% | -0.28% | +5.68% | |
| 18 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.76% | +0.36% | +9.27% | |
| 19 | KLAC | Kla CORP | Stock-Tech | 1.62% | +0.45% | +669.62% | |
| 20 | SPGI | S&p Global Inc | Stock-Financials | 1.59% | -0.24% | +9.11% | |
| 21 | EL | Estee Lauder Companies-cl A | Stock-Consumer Staples | 1.56% | -0.01% | +2.67% | |
| 22 | MS | Morgan Stanley | Stock-Financials | 1.45% | +0.17% | +1.84% | |
| 23 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 1.21% | -0.08% | -0.72% | |
| 24 | ZTS | Zoetis Inc | Stock-Healthcare | 1.19% | -1.26% | -8.90% | |
| 25 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.07% | +0.16% | +16.68% | |
| 26 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.05% | +0.05% | +8.11% | |
| 27 | MAR | Marriott International -cl A | Stock-Consumer Disc | 1.01% | -0.05% | -3.67% | |
| 28 | MCO | Moody's CORP | Stock-Financials | 1.01% | — | +9.79% | |
| 29 | NKE | Nike Inc -cl B | Stock-Consumer Disc | 0.97% | -0.30% | +11.38% | |
| 30 | ACN | Accenture plc | Stock-Tech | 0.95% | -1.66% | -34.08% | |
| 31 | ECL | Ecolab Inc | Stock-Materials | 0.94% | -0.21% | -11.38% | |
| 32 | WFC | Wells Fargo & Co | Stock-Financials | 0.84% | — | +9.34% | |
| 33 | ICE | Intercontinental Exchange In | Stock-Financials | 0.80% | -0.30% | +5.77% | |
| 34 | MTD | Mettler-toledo International | Stock-Healthcare | 0.78% | +0.04% | +18.22% | |
| 35 | ROST | Ross Stores Inc | Stock-Consumer Disc | 0.77% | -0.35% | -20.50% | |
| 36 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 0.77% | -0.17% | -7.19% | |
| 37 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.76% | -0.09% | +2.65% | |
| 38 | MLM | Martin Marietta Materials | Stock-Materials | 0.76% | -0.19% | -7.04% | |
| 39 | CVX | Chevron CORP | Stock-Energy | 0.74% | -0.29% | +1.81% | |
| 40 | IDXX | Idexx Laboratories Inc | Stock-Healthcare | 0.69% | -0.06% | +12.32% | |
| 41 | TMUS | T-mobile US Inc | Stock-Comm Services | 0.60% | -0.30% | -5.66% | |
| 42 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.53% | +0.04% | -0.75% | |
| 43 | ✓ | Stock-Other | 0.49% | +0.49% | NEW | ||
| 44 | SW | Smurfit Westrock Plc | Stock-Consumer Disc | 0.49% | +0.49% | NEW | |
| 45 | MU | Micron Technology Inc | Stock-Tech | 0.45% | +0.42% | +336.40% | |
| 46 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 0.39% | -0.01% | +16.72% | |
| 47 | BDX | Becton Dickinson And Co | Stock-Healthcare | 0.33% | -0.61% | -58.61% | |
| 48 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.22% | -0.15% | -36.46% | |
| 49 | ✓ | Stock-Other | 0.21% | +0.21% | NEW | ||
| 50 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.18% | -0.09% | +10.86% |
1–50 of 115
Portfolio Performance
Performance for Q3 2026
+5.3%
Performance Last 4 Quarters
+16.6%
- Stdev
- +12.6%
- Beta
- +0.91
- Alpha
- -2.3%
- Max Drawdown
- -10.5%
- Annualized Perf
- +16.3%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +2.28
- Stutzer
- +0.36
- Treynor
- +0.17
- Sterling
- +0.94
- Calmar
- +1.55
- Information Ratio
- -0.87
- Tracking Error
- +4.7%
- Stdev Down
- +7%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +29%
- Worst 12 Months
- +1.2%
- Efficiency Ratio
- +0.49
- Sharpe
- +1.26
- Stdev Sectors
- +10.2%
- Skewness
- -0.29
- Kurtosis
- -0.17
- Upside Potential
- +3.92
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 115 | $5.8B | 26 | ||
| 2026 Q1 | 123 | $5.1B | 15 | ||
| 2025 Q4 | 112 | $5.6B | 13 | ||
| 2025 Q3 | 112 | $5.3B | 31 | ||
| 2025 Q2 | 110 | $4.8B | 0 | ||
| 2025 Q1 | 103 | $4.1B | 100 | ||
| 2024 Q4 | 101 | $5.0B | 0 | ||
| 2024 Q3 | 97 | $4.7B | 0 | ||
| 2024 Q2 | 93 | $4.3B | 0 | ||
| 2024 Q1 | 77 | $4.0B | 0 | ||
| 2023 Q4 | 78 | $3.5B | 0 | ||
| 2023 Q3 | 79 | $3.1B | 0 | ||
| 2023 Q2 | 79 | $3.3B | 0 | ||
| 2023 Q1 | 78 | $2.7B | 0 | ||
| 2022 Q4 | 74 | $2.8B | 0 | ||
| 2022 Q3 | 74 | $2.6B | 0 | ||
| 2022 Q2 | 65 | $2.8B | 0 | ||
| 2022 Q1 | 70 | $3.3B | 0 | ||
| 2021 Q4 | 68 | $3.7B | 0 | ||
| 2021 Q3 | 69 | $3.6B | 0 | ||
| 2021 Q2 | 68 | $3.1B | 100 | ||
| 2021 Q1 | 86 | $2.9B | 15 | ||
| 2020 Q4 | 87 | $3.1B | — |
Holding changes this quarter
Lazard Freres Gestion S.A.S.'s most significant position changes for 2026-06-30: Sold out: Honeywell International Inc (HON); New buy: ; New buy: Smurfit Westrock Plc (SW); New buy: ; New buy: Sunbelt Rentals Holdings Inc (SUNB).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +1.6% | +31.21% | Add |
| 2 | AMAT | Applied Materials Inc | +1.6% | -18.05% | Trim |
| 3 | GOOGL | Alphabet Inc-cl A | +1.2% | +6.78% | Add |
| 4 | META | Meta Platforms Inc-class A | +0.8% | +58.17% | Add |
| 5 | APH | Amphenol Corp-cl A | +0.6% | +10.21% | Add |
| 6 | AVGO | Broadcom Inc | +0.6% | +32.34% | Add |
| 7 | AAPL | Apple Inc | +0.5% | +7.95% | Add |
| 8 | ✓ | +0.5% | NEW | New buy | |
| 9 | SW | Smurfit Westrock Plc | +0.5% | NEW | New buy |
| 10 | KLAC | Kla CORP | +0.5% | +669.62% | Add |
| 11 | MU | Micron Technology Inc | +0.4% | +336.40% | Add |
| 12 | LLY | Eli Lilly & Co | +0.4% | +9.27% | Add |
| 13 | PH | Parker Hannifin CORP | +0.2% | +15.90% | Add |
| 14 | ✓ | +0.2% | NEW | New buy | |
| 15 | MS | Morgan Stanley | +0.2% | +1.84% | Add |
| 16 | AMZN | Amazon.com Inc | +0.2% | +1.78% | Add |
| 17 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.2% | +16.68% | Add |
| 18 | V | Visa Inc-class A Shares | +0.2% | +3.52% | Add |
| 19 | SUNB | Sunbelt Rentals Holdings Inc | +0.1% | NEW | New buy |
| 20 | AMD | Advanced Micro Devices | +0.1% | -11.86% | Trim |
| 21 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | +78.28% | Add |
| 22 | JPM | Jpmorgan Chase & Co | +0.1% | +8.11% | Add |
| 23 | MTD | Mettler-toledo International | 0% | +18.22% | Add |
| 24 | GOOG | Alphabet Inc-cl C | 0% | -0.75% | Trim |
| 25 | ARM | Arm Holdings Plc-adr | 0% | +0.73% | Add |
| 26 | FEZ | State Street Spdr Euro Stoxx | 0% | NEW | New buy |
| 27 | INTC | Intel CORP | 0% | -4.60% | Trim |
| 28 | CARR | Carrier Global CORP | 0% | — | Unchanged |
| 29 | CAT | Caterpillar Inc | 0% | — | Unchanged |
| 30 | CSCO | Cisco Systems Inc | 0% | — | Unchanged |
| 31 | MCO | Moody's CORP | — | +9.79% | Add |
| 32 | WFC | Wells Fargo & Co | — | +9.34% | Add |
| 33 | CDNS | Cadence Design Sys Inc | — | +0.73% | Add |
| 34 | PLD | Prologis Inc | — | +12.95% | Add |
| 35 | IGM | Ishares Expanded Tech Sector | — | — | Unchanged |
| 36 | PWR | Quanta Services Inc | — | -9.77% | Trim |
| 37 | IVV | Ishares Core S&p 500 ETF | — | — | Unchanged |
| 38 | BAC | Bank Of America CORP | — | -1.31% | Trim |
| 39 | HLT | Hilton Worldwide Holdings In | — | +7.25% | Add |
| 40 | WM | Waste Management Inc | — | +23.19% | Add |
| 41 | OC | Owens Corning | — | — | Unchanged |
| 42 | AXP | American Express Co | — | — | Unchanged |
| 43 | C | Citigroup Inc | — | NEW | New buy |
| 44 | NEM | Newmont CORP | — | EXIT | Sold out |
| 45 | EEM | Ishares Msci Emerging Market | — | NEW | New buy |
| 46 | BABA | Alibaba Group Holding-sp Adr | — | EXIT | Sold out |
| 47 | XYL | Xylem Inc | — | +20.96% | Add |
| 48 | AYI | Acuity Inc | — | — | Unchanged |
| 49 | TTEK | Tetra Tech Inc | — | +29.04% | Add |
| 50 | AWK | American Water Works Co Inc | — | +15.38% | Add |
1–50 of 130
Filing History
FAQ
What is Lazard Freres Gestion S.A.S. and what type of investor is it?
Lazard Freres Gestion S.A.S. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $5.8B, spread across 115 disclosed positions.
What are Lazard Freres Gestion S.A.S.'s largest equity positions?
Based on the latest 13F filing, Lazard Freres Gestion S.A.S.'s top holdings by market value are:
1. Alphabet Inc-cl A (GOOGL) — $491.4M (8.5%)
2. Microsoft CORP (MSFT) — $435.3M (7.5%)
3. Apple Inc (AAPL) — $392.3M (6.8%)
4. Amazon.com Inc (AMZN) — $388.8M (6.7%)
5. Nvidia CORP (NVDA) — $383.4M (6.6%)
What changes did Lazard Freres Gestion S.A.S. make in its most recent portfolio filing?
In the latest reported quarter, Lazard Freres Gestion S.A.S. made 104 notable position adjustments: 7 new positions were initiated, 51 existing holdings were added to, 31 positions were partially reduced, and 15 were completely exited. The largest of these moves: Sold out: Honeywell International Inc (HON); New buy: ; New buy: Smurfit Westrock Plc (SW); New buy: ; New buy: Sunbelt Rentals Holdings Inc (SUNB)
What sectors does Lazard Freres Gestion S.A.S. focus on?
Lazard Freres Gestion S.A.S. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 37.4%
• Communication Services: 14.0%
• Financials: 11.7%
• Consumer Discretionary: 10.3%
• Health Care: 9.9%
• Industrials: 8.3%
Investment Profile
Lazard Freres Gestion S.A.S. returned an annualized 16.3% over the trailing 36 months — underperforming the S&P 500 by 2.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.91 (roughly in line with the market) and a 36% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 37.4% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 26 over the past 4 quarters — a shift toward more active trading.
It has added to its AMAT position over the past two quarters (+$131.4M, now $263.1M), while trimming ACN over the same stretch (-$129.0M, still holding $54.7M).
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Developer Access
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