Lazard Freres Gestion S.A.S. 13F Holdings Overview (123 Positions)

CIK: 0001426748

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$5.1B

Reporting period: 2026-03-31 · Number of holdings: 123

Lazard Freres Gestion S.A.S. disclosed 123 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $5.1B and a quarterly turnover rate of 15.3%.

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Personality snowflake

Concentration: 14.44
Portfolio Stability: 15.31
Momentum/Contrarian: 100
Sector conviction: 54.76
Diversification: 100
Sizing Uniformity: 81.38

Lazard Freres Gestion S.A.S.'s disclosed holdings carry a Herfindahl concentration index of 0.036 — mathematically equivalent to about 28 equally-sized positions, well below its 123 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 1.86), 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.

Recent moves

Trim MSFT
+1.9%　-$110.8M
Trim ACN
-2.6%　-$51.5M
Add MSI
-2.0%　$18.5M
Add AMAT
-13.3%　$20.1M
Add COST
+4.5%　$20.7M
Trim EL
-0.8%　-$37.5M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	MSFT	Microsoft CORP	Stock-Tech	7.74%	-1.33%	+1.88%
2	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	7.30%	+0.03%	-0.16%
3	AMZN	Amazon.com INC	Stock-Consumer Disc	6.58%	-0.01%	+1.20%
4	AAPL	Apple INC	Stock-Tech	6.29%	+0.24%	+1.76%
5	NVDA	Nvidia CORP	Stock-Tech	5.02%	+0.03%	-1.67%
6	V	Visa Inc-class A Shares	Stock-Financials	4.44%	-0.20%	+1.51%
7	RTX	Rtx CORP	Stock-Industrials	3.93%	+0.45%	-1.93%
8	MSI	Motorola Solutions INC	Stock-Tech	3.69%	+0.65%	-1.99%
9	AMAT	Applied Materials INC	Stock-Tech	2.99%	+0.62%	-13.32%
10	MDT	Medtronic plc	Stock-Healthcare	2.70%	-0.25%	-7.33%
11	MRK	Merck & Co. INC.	Stock-Healthcare	2.69%	+0.43%	-5.16%
12	ACN	Accenture plc	Stock-Tech	2.61%	-0.70%	-2.60%
13	ZTS	Zoetis INC	Stock-Healthcare	2.45%	+0.05%	-0.72%
14	COST	Costco Wholesale CORP	Stock-Consumer Staples	2.37%	+0.57%	+4.52%
15	PH	Parker Hannifin CORP	Stock-Industrials	2.16%	+0.22%	+0.07%
16	META	Meta Platforms Inc-class A	Stock-Comm Services	2.09%	-0.17%	-2.82%
17	OTIS	Otis Worldwide CORP	Stock-Industrials	2.04%	-0.02%	+2.43%
18	SPGI	S&p Global INC	Stock-Financials	1.83%	-0.17%	+2.73%
19	APH	Amphenol Corp-cl A	Stock-Tech	1.71%	-0.13%	-8.83%
20	EL	Estee Lauder Companies-cl A	Stock-Consumer Staples	1.57%	-0.54%	-0.77%
21	AVGO	Broadcom INC	Stock-Tech	1.41%	+0.01%	+3.09%
22	LLY	Eli Lilly & Co	Stock-Healthcare	1.40%	-0.02%	+5.32%
23	CL	Colgate-palmolive Co	Stock-Consumer Staples	1.29%	+0.18%	-1.28%
24	MS	Morgan Stanley	Stock-Financials	1.28%	-0.27%	-18.68%
25	NKE	Nike INC -cl B	Stock-Consumer Disc	1.27%	-0.09%	+2.82%
26	KLAC	Kla CORP	Stock-Tech	1.17%	+0.19%	-10.14%
27	ECL	Ecolab INC	Stock-Materials	1.15%	+0.03%	-7.23%
28	ROST	Ross Stores INC	Stock-Consumer Disc	1.12%	—	-16.59%
29	ICE	Intercontinental Exchange In	Stock-Financials	1.10%	-0.01%	-7.08%
30	HON	Honeywell International INC	Stock-Industrials	1.07%	+0.23%	+0.53%
31	MAR	Marriott International -cl A	Stock-Consumer Disc	1.06%	-0.01%	-14.38%
32	CVX	Chevron CORP	Stock-Energy	1.03%	+0.33%	-0.28%
33	MCO	Moody's CORP	Stock-Financials	1.01%	-0.13%	-5.39%
34	JPM	Jpmorgan Chase & Co	Stock-Financials	1.00%	+0.01%	+0.90%
35	MLM	Martin Marietta Materials	Stock-Materials	0.95%	+0.04%	+0.82%
36	BDX	Becton Dickinson And Co	Stock-Healthcare	0.94%	-0.37%	-19.25%
37	MDLZ	Mondelez International Inc-a	Stock-Consumer Staples	0.94%	+0.26%	+17.13%
38	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.91%	-0.13%	-16.42%
39	TMUS	T-mobile US INC	Stock-Comm Services	0.90%	+0.28%	+27.95%
40	DIS	Walt Disney Co/the	Stock-Comm Services	0.85%	-0.06%	-0.00%
41	WFC	Wells Fargo & Co	Stock-Financials	0.84%	-0.06%	—
42	IDXX	Idexx Laboratories INC	Stock-Healthcare	0.75%	-0.02%	+6.81%
43	MTD	Mettler-toledo International	Stock-Healthcare	0.74%	-0.01%	-0.02%
44	GOOG	Alphabet Inc-cl C	Stock-Comm Services	0.49%	—	+2.04%
45	SPOT	Spotify Technology S.A.	Stock-Comm Services	0.40%	—	+29.63%
46	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	0.37%	-0.09%	-22.30%
47	BSX	Boston Scientific CORP	Stock-Healthcare	0.27%	+0.27%	NEW
48	WAT	Waters CORP	Stock-Healthcare	0.23%	+0.23%	NEW
49	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.14%	—	—
50	BRK-A	Berkshire Hathaway Inc-cl A	Stock-Other	0.10%	-0.10%	-53.33%

1–50 of 123

Portfolio Performance

Performance for Q3 2026

+3.5%

Performance Last 4 Quarters

+22%

Based on 75% of reported portfolio value with available pricing

Stdev: +13.5%
Beta: +0.96
Alpha: -0.4%
Max Drawdown: -12.2%
Annualized Perf: +17.7%
Batting Avg vs S&P: +50%
Sortino: +2.4
Stutzer: +0.37
Treynor: +0.18
Sterling: +0.9
Calmar: +1.45
Information Ratio: -0.23
Tracking Error: +5.1%
Stdev Down: +7.2%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +35.7%
Worst 12 Months: +3.4%
Efficiency Ratio: +0.52
Sharpe: +1.28
Stdev Sectors: +9.1%
Skewness: -0.16
Kurtosis: -0.14
Upside Potential: +4

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	123	$5.1B	15	1MSFT 2GOOGL 3AMZN Top holdings2026-03-31 1.MSFT 2.GOOGL 3.AMZN 4.AAPL 5.NVDA 6.V 7.RTX 8.MSI 9.AMAT 10.MDT
2025-12-31	112	$5.6B	13	1MSFT 2GOOGL 3AMZN Top holdings2025-12-31 1.MSFT 2.GOOGL 3.AMZN 4.AAPL 5.NVDA 6.V 7.RTX 8.ACN 9.MSI 10.MDT
2025-09-30	112	$5.3B	31	1MSFT 2GOOGL 3AMZN Top holdings2025-09-30 1.MSFT 2.GOOGL 3.AMZN 4.AAPL 5.NVDA 6.V 7.RTX 8.ZTS 9.MSI 10.MDT
2025-06-30	110	$4.8B	0	1MSFT 2AMZN 3AAPL Top holdings2025-06-30 1.MSFT 2.AMZN 3.AAPL 4.GOOGL 5.NVDA 6.V 7.ACN 8.RTX 9.ZTS 10.MDT
2025-03-31	103	$4.1B	100	1MSFT 2AMZN 3GOOGL Top holdings2025-03-31 1.MSFT 2.AMZN 3.GOOGL 4.AAPL 5.V 6.ACN 7.ZTS 8.NVDA 9.BDX 10.RTX
2024-12-31	101	$5.0B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-12-31 1.MSFT 2.AMZN 3.GOOGL 4.V 5.AAPL 6.ACN 7.ZTS 8.RTX 9.BDX 10.NVDA
2024-09-30	97	$4.7B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-09-30 1.MSFT 2.AMZN 3.GOOGL 4.AAPL 5.V 6.ACN 7.ZTS 8.NVDA 9.MRK 10.RTX
2024-06-30	93	$4.3B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-06-30 1.MSFT 2.AMZN 3.GOOGL 4.V 5.MRK 6.ACN 7.AAPL 8.NVDA 9.GOOG 10.RTX
2024-03-31	77	$4.0B	0	1MSFT 2AMZN 3V Top holdings2024-03-31 1.MSFT 2.AMZN 3.V 4.GOOGL 5.MRK 6.ACN 7.PH 8.BDX 9.RTX 10.GOOG
2023-12-31	78	$3.5B	0	1MSFT 2AMZN 3V Top holdings2023-12-31 1.MSFT 2.AMZN 3.V 4.GOOGL 5.MRK 6.ACN 7.BDX 8.PH 9.GOOG 10.RTX
2023-09-30	79	$3.1B	0	1MSFT 2AMZN 3GOOGL Top holdings2023-09-30 1.MSFT 2.AMZN 3.GOOGL 4.V 5.MRK 6.ACN 7.BDX 8.CVX 9.PH 10.GOOG
2023-06-30	79	$3.3B	0	1MSFT 2AMZN 3V Top holdings2023-06-30 1.MSFT 2.AMZN 3.V 4.MRK 5.GOOGL 6.ACN 7.BDX 8.RTX 9.PH 10.CVX
2023-03-31	78	$2.7B	0	1MSFT 2V 3MRK Top holdings2023-03-31 1.MSFT 2.V 3.MRK 4.AMZN 5.GOOGL 6.ACN 7.BDX 8.RTX 9.CVX 10.PH
2022-12-31	74	$2.8B	0	1MSFT 2MRK 3V Top holdings2022-12-31 1.MSFT 2.MRK 3.V 4.BDX 5.AMZN 6.GOOGL 7.CVX 8.ACN 9.RTX 10.PH
2022-09-30	74	$2.6B	0	1MSFT 2AMZN 3MRK Top holdings2022-09-30 1.MSFT 2.AMZN 3.MRK 4.V 5.GOOGL 6.BDX 7.ACN 8.CVX 9.RTX 10.PH
2022-06-30	65	$2.8B	0	1MSFT 2AMZN 3MRK Top holdings2022-06-30 1.MSFT 2.AMZN 3.MRK 4.GOOGL 5.V 6.BDX 7.CVX 8.ACN 9.RTX 10.EL
2022-03-31	70	$3.3B	0	1MSFT 2AMZN 3GOOGL Top holdings2022-03-31 1.MSFT 2.AMZN 3.GOOGL 4.V 5.CVX 6.ACN 7.BDX 8.MRK 9.RTX 10.GOOG
2021-12-31	68	$3.7B	0	1MSFT 2AMZN 3GOOGL Top holdings2021-12-31 1.MSFT 2.AMZN 3.GOOGL 4.ACN 5.V 6.PG 7.BDX 8.RTX 9.EL 10.MRK
2021-09-30	69	$3.6B	0	1MSFT 2AMZN 3GOOGL Top holdings2021-09-30 1.MSFT 2.AMZN 3.GOOGL 4.V 5.ACN 6.RTX 7.BDX 8.MRK 9.LIN 10.EL
2021-06-30	68	$3.1B	100	1AMZN 2MSFT 3GOOGL Top holdings2021-06-30 1.AMZN 2.MSFT 3.GOOGL 4.V 5.RTX 6.ACN 7.EL 8.BDX 9.LIN 10.MRK
2021-03-31	86	$2.9B	15	1AMZN 2MSFT 3GOOGL Top holdings2021-03-31 1.AMZN 2.MSFT 3.GOOGL 4.ACN 5.V 6.RTX 7.EL 8.BDX 9.LIN 10.PH
2020-12-31	87	$3.1B	—	1AMZN 2MSFT 3GOOGL Top holdings2020-12-31 1.AMZN 2.MSFT 3.GOOGL 4.BDX 5.ACN 6.RTX 7.EL 8.LIN 9.V 10.MRK

Holding changes this quarter

Lazard Freres Gestion S.A.S.'s most significant position changes for 2026-03-31: Sold out: Adobe INC (ADBE); New buy: Boston Scientific CORP (BSX); New buy: Waters CORP (WAT); Add: Microsoft CORP (MSFT) — shares +1.88%; Trim: Accenture plc (ACN) — shares -2.60%.

Position changes disclosed by Lazard Freres Gestion S.A.S. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MSI	Motorola Solutions INC	+0.7%	-1.99%	Trim
2	AMAT	Applied Materials INC	+0.6%	-13.32%	Trim
3	COST	Costco Wholesale CORP	+0.6%	+4.52%	Add
4	RTX	Rtx CORP	+0.5%	-1.93%	Trim
5	MRK	Merck & Co. INC.	+0.4%	-5.16%	Trim
6	CVX	Chevron CORP	+0.3%	-0.28%	Trim
7	TMUS	T-mobile US INC	+0.3%	+27.95%	Add
8	MDLZ	Mondelez International Inc-a	+0.3%	+17.13%	Add
9	AAPL	Apple INC	+0.2%	+1.76%	Add
10	HON	Honeywell International INC	+0.2%	+0.53%	Add
11	PH	Parker Hannifin CORP	+0.2%	+0.07%	Add
12	KLAC	Kla CORP	+0.2%	-10.14%	Trim
13	CL	Colgate-palmolive Co	+0.2%	-1.28%	Trim
14	ZTS	Zoetis INC	+0.1%	-0.72%	Trim
15	MLM	Martin Marietta Materials	0%	+0.82%	Add
16	GOOGL	Alphabet Inc-cl A	0%	-0.16%	Trim
17	NVDA	Nvidia CORP	0%	-1.67%	Trim
18	ECL	Ecolab INC	0%	-7.23%	Trim
19	AVGO	Broadcom INC	0%	+3.09%	Add
20	JPM	Jpmorgan Chase & Co	0%	+0.90%	Add
21	AMZN	Amazon.com INC	0%	+1.20%	Add
22	ICE	Intercontinental Exchange In	0%	-7.08%	Trim
23	MAR	Marriott International -cl A	0%	-14.38%	Trim
24	MTD	Mettler-toledo International	0%	-0.02%	Trim
25	OTIS	Otis Worldwide CORP	0%	+2.43%	Add
26	LLY	Eli Lilly & Co	0%	+5.32%	Add
27	IDXX	Idexx Laboratories INC	0%	+6.81%	Add
28	VRSK	Verisk Analytics INC	0%	-51.21%	Trim
29	BALL	Ball CORP	0%	-90.07%	Trim
30	DIS	Walt Disney Co/the	-0.1%	-0.00%	Trim
31	WFC	Wells Fargo & Co	-0.1%	—	Unchanged
32	NKE	Nike INC -cl B	-0.1%	+2.82%	Add
33	BRK-B	Berkshire Hathaway Inc-cl B	-0.1%	-22.30%	Trim
34	BRK-A	Berkshire Hathaway Inc-cl A	-0.1%	-53.33%	Trim
35	CRM	Salesforce INC	-0.1%	-65.29%	Trim
36	APH	Amphenol Corp-cl A	-0.1%	-8.83%	Trim
37	MCO	Moody's CORP	-0.1%	-5.39%	Trim
38	SPY	Ss Spdr S&p 500 ETF Trust-us	-0.1%	-16.42%	Trim
39	META	Meta Platforms Inc-class A	-0.2%	-2.82%	Trim
40	SPGI	S&p Global INC	-0.2%	+2.73%	Add
41	V	Visa Inc-class A Shares	-0.2%	+1.51%	Add
42	MDT	Medtronic plc	-0.3%	-7.33%	Trim
43	MS	Morgan Stanley	-0.3%	-18.68%	Trim
44	BDX	Becton Dickinson And Co	-0.4%	-19.25%	Trim
45	EL	Estee Lauder Companies-cl A	-0.5%	-0.77%	Trim
46	ACN	Accenture plc	-0.7%	-2.60%	Trim
47	MSFT	Microsoft CORP	-1.3%	+1.88%	Add
48	ADBE	Adobe INC	—	EXIT	Sold out
49	BSX	Boston Scientific CORP	—	NEW	New buy
50	WAT	Waters CORP	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-02-06	13F-HR	View on EDGAR
2025-09-30	2025-10-21	13F-HR	View on EDGAR
2025-06-30	2025-07-31	13F-HR	View on EDGAR
2025-03-31	2025-05-07	13F-HR	View on EDGAR
2024-12-31	2025-02-10	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-07-29	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-02-08	13F-HR	View on EDGAR
2023-09-30	2023-11-09	13F-HR	View on EDGAR
2023-06-30	2023-08-10	13F-HR	View on EDGAR
2023-03-31	2023-05-09	13F-HR	View on EDGAR
2022-12-31	2023-02-08	13F-HR	View on EDGAR
2022-09-30	2022-11-10	13F-HR	View on EDGAR
2022-06-30	2022-07-28	13F-HR	View on EDGAR
2022-03-31	2022-05-10	13F-HR	View on EDGAR
2021-12-31	2022-01-20	13F-HR	View on EDGAR
2021-09-30	2021-11-04	13F-HR	View on EDGAR
2021-06-30	2021-08-03	13F-HR	View on EDGAR
2021-03-31	2021-05-05	13F-HR	View on EDGAR
2020-12-31	2021-02-17	13F-HR	View on EDGAR

FAQ

What is Lazard Freres Gestion S.A.S. and what type of investor is it?

Lazard Freres Gestion S.A.S. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $5.1B, spread across 123 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. Microsoft CORP (MSFT) — $392.5M (7.7%) 2. Alphabet Inc-cl A (GOOGL) — $370.3M (7.3%) 3. Amazon.com INC (AMZN) — $333.8M (6.6%) 4. Apple INC (AAPL) — $318.8M (6.3%) 5. Nvidia CORP (NVDA) — $254.7M (5.0%)

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 49 notable position adjustments: 2 new positions were initiated, 17 existing holdings were added to, 29 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Adobe INC (ADBE); New buy: Boston Scientific CORP (BSX); New buy: Waters CORP (WAT); Add: Microsoft CORP (MSFT) — shares +1.88%; Trim: Accenture plc (ACN) — shares -2.60%

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: 33.6% • Health Care: 12.4% • Communication Services: 12.3% • Financials: 12.2% • Consumer Discretionary: 10.3% • Industrials: 9.5%

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Lazard Freres Gestion S.A.S. 13F Holdings Overview (123 Positions)

CIK: 0001426748

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$5.1B

Reporting period: 2026-03-31 · Number of holdings: 123

Lazard Freres Gestion S.A.S. disclosed 123 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $5.1B and a quarterly turnover rate of 15.3%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "L"

Personality snowflake

Concentration: 14.44
Portfolio Stability: 15.31
Momentum/Contrarian: 100
Sector conviction: 54.76
Diversification: 100
Sizing Uniformity: 81.38

Position sizes vary widely across the portfolio (a coefficient of variation of 1.86), 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.

Recent moves

Trim MSFT
+1.9%　-$110.8M
Trim ACN
-2.6%　-$51.5M
Add MSI
-2.0%　$18.5M
Add AMAT
-13.3%　$20.1M
Add COST
+4.5%　$20.7M
Trim EL
-0.8%　-$37.5M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	MSFT	Microsoft CORP	Stock-Tech	7.74%	-1.33%	+1.88%
2	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	7.30%	+0.03%	-0.16%
3	AMZN	Amazon.com INC	Stock-Consumer Disc	6.58%	-0.01%	+1.20%
4	AAPL	Apple INC	Stock-Tech	6.29%	+0.24%	+1.76%
5	NVDA	Nvidia CORP	Stock-Tech	5.02%	+0.03%	-1.67%
6	V	Visa Inc-class A Shares	Stock-Financials	4.44%	-0.20%	+1.51%
7	RTX	Rtx CORP	Stock-Industrials	3.93%	+0.45%	-1.93%
8	MSI	Motorola Solutions INC	Stock-Tech	3.69%	+0.65%	-1.99%
9	AMAT	Applied Materials INC	Stock-Tech	2.99%	+0.62%	-13.32%
10	MDT	Medtronic plc	Stock-Healthcare	2.70%	-0.25%	-7.33%
11	MRK	Merck & Co. INC.	Stock-Healthcare	2.69%	+0.43%	-5.16%
12	ACN	Accenture plc	Stock-Tech	2.61%	-0.70%	-2.60%
13	ZTS	Zoetis INC	Stock-Healthcare	2.45%	+0.05%	-0.72%
14	COST	Costco Wholesale CORP	Stock-Consumer Staples	2.37%	+0.57%	+4.52%
15	PH	Parker Hannifin CORP	Stock-Industrials	2.16%	+0.22%	+0.07%
16	META	Meta Platforms Inc-class A	Stock-Comm Services	2.09%	-0.17%	-2.82%
17	OTIS	Otis Worldwide CORP	Stock-Industrials	2.04%	-0.02%	+2.43%
18	SPGI	S&p Global INC	Stock-Financials	1.83%	-0.17%	+2.73%
19	APH	Amphenol Corp-cl A	Stock-Tech	1.71%	-0.13%	-8.83%
20	EL	Estee Lauder Companies-cl A	Stock-Consumer Staples	1.57%	-0.54%	-0.77%
21	AVGO	Broadcom INC	Stock-Tech	1.41%	+0.01%	+3.09%
22	LLY	Eli Lilly & Co	Stock-Healthcare	1.40%	-0.02%	+5.32%
23	CL	Colgate-palmolive Co	Stock-Consumer Staples	1.29%	+0.18%	-1.28%
24	MS	Morgan Stanley	Stock-Financials	1.28%	-0.27%	-18.68%
25	NKE	Nike INC -cl B	Stock-Consumer Disc	1.27%	-0.09%	+2.82%
26	KLAC	Kla CORP	Stock-Tech	1.17%	+0.19%	-10.14%
27	ECL	Ecolab INC	Stock-Materials	1.15%	+0.03%	-7.23%
28	ROST	Ross Stores INC	Stock-Consumer Disc	1.12%	—	-16.59%
29	ICE	Intercontinental Exchange In	Stock-Financials	1.10%	-0.01%	-7.08%
30	HON	Honeywell International INC	Stock-Industrials	1.07%	+0.23%	+0.53%
31	MAR	Marriott International -cl A	Stock-Consumer Disc	1.06%	-0.01%	-14.38%
32	CVX	Chevron CORP	Stock-Energy	1.03%	+0.33%	-0.28%
33	MCO	Moody's CORP	Stock-Financials	1.01%	-0.13%	-5.39%
34	JPM	Jpmorgan Chase & Co	Stock-Financials	1.00%	+0.01%	+0.90%
35	MLM	Martin Marietta Materials	Stock-Materials	0.95%	+0.04%	+0.82%
36	BDX	Becton Dickinson And Co	Stock-Healthcare	0.94%	-0.37%	-19.25%
37	MDLZ	Mondelez International Inc-a	Stock-Consumer Staples	0.94%	+0.26%	+17.13%
38	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	0.91%	-0.13%	-16.42%
39	TMUS	T-mobile US INC	Stock-Comm Services	0.90%	+0.28%	+27.95%
40	DIS	Walt Disney Co/the	Stock-Comm Services	0.85%	-0.06%	-0.00%
41	WFC	Wells Fargo & Co	Stock-Financials	0.84%	-0.06%	—
42	IDXX	Idexx Laboratories INC	Stock-Healthcare	0.75%	-0.02%	+6.81%
43	MTD	Mettler-toledo International	Stock-Healthcare	0.74%	-0.01%	-0.02%
44	GOOG	Alphabet Inc-cl C	Stock-Comm Services	0.49%	—	+2.04%
45	SPOT	Spotify Technology S.A.	Stock-Comm Services	0.40%	—	+29.63%
46	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	0.37%	-0.09%	-22.30%
47	BSX	Boston Scientific CORP	Stock-Healthcare	0.27%	+0.27%	NEW
48	WAT	Waters CORP	Stock-Healthcare	0.23%	+0.23%	NEW
49	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.14%	—	—
50	BRK-A	Berkshire Hathaway Inc-cl A	Stock-Other	0.10%	-0.10%	-53.33%

1–50 of 123

Portfolio Performance

Performance for Q3 2026

+3.5%

Performance Last 4 Quarters

+22%

Based on 75% of reported portfolio value with available pricing

Stdev: +13.5%
Beta: +0.96
Alpha: -0.4%
Max Drawdown: -12.2%
Annualized Perf: +17.7%
Batting Avg vs S&P: +50%
Sortino: +2.4
Stutzer: +0.37
Treynor: +0.18
Sterling: +0.9
Calmar: +1.45
Information Ratio: -0.23
Tracking Error: +5.1%
Stdev Down: +7.2%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +35.7%
Worst 12 Months: +3.4%
Efficiency Ratio: +0.52
Sharpe: +1.28
Stdev Sectors: +9.1%
Skewness: -0.16
Kurtosis: -0.14
Upside Potential: +4

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	123	$5.1B	15	1MSFT 2GOOGL 3AMZN Top holdings2026-03-31 1.MSFT 2.GOOGL 3.AMZN 4.AAPL 5.NVDA 6.V 7.RTX 8.MSI 9.AMAT 10.MDT
2025-12-31	112	$5.6B	13	1MSFT 2GOOGL 3AMZN Top holdings2025-12-31 1.MSFT 2.GOOGL 3.AMZN 4.AAPL 5.NVDA 6.V 7.RTX 8.ACN 9.MSI 10.MDT
2025-09-30	112	$5.3B	31	1MSFT 2GOOGL 3AMZN Top holdings2025-09-30 1.MSFT 2.GOOGL 3.AMZN 4.AAPL 5.NVDA 6.V 7.RTX 8.ZTS 9.MSI 10.MDT
2025-06-30	110	$4.8B	0	1MSFT 2AMZN 3AAPL Top holdings2025-06-30 1.MSFT 2.AMZN 3.AAPL 4.GOOGL 5.NVDA 6.V 7.ACN 8.RTX 9.ZTS 10.MDT
2025-03-31	103	$4.1B	100	1MSFT 2AMZN 3GOOGL Top holdings2025-03-31 1.MSFT 2.AMZN 3.GOOGL 4.AAPL 5.V 6.ACN 7.ZTS 8.NVDA 9.BDX 10.RTX
2024-12-31	101	$5.0B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-12-31 1.MSFT 2.AMZN 3.GOOGL 4.V 5.AAPL 6.ACN 7.ZTS 8.RTX 9.BDX 10.NVDA
2024-09-30	97	$4.7B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-09-30 1.MSFT 2.AMZN 3.GOOGL 4.AAPL 5.V 6.ACN 7.ZTS 8.NVDA 9.MRK 10.RTX
2024-06-30	93	$4.3B	0	1MSFT 2AMZN 3GOOGL Top holdings2024-06-30 1.MSFT 2.AMZN 3.GOOGL 4.V 5.MRK 6.ACN 7.AAPL 8.NVDA 9.GOOG 10.RTX
2024-03-31	77	$4.0B	0	1MSFT 2AMZN 3V Top holdings2024-03-31 1.MSFT 2.AMZN 3.V 4.GOOGL 5.MRK 6.ACN 7.PH 8.BDX 9.RTX 10.GOOG
2023-12-31	78	$3.5B	0	1MSFT 2AMZN 3V Top holdings2023-12-31 1.MSFT 2.AMZN 3.V 4.GOOGL 5.MRK 6.ACN 7.BDX 8.PH 9.GOOG 10.RTX
2023-09-30	79	$3.1B	0	1MSFT 2AMZN 3GOOGL Top holdings2023-09-30 1.MSFT 2.AMZN 3.GOOGL 4.V 5.MRK 6.ACN 7.BDX 8.CVX 9.PH 10.GOOG
2023-06-30	79	$3.3B	0	1MSFT 2AMZN 3V Top holdings2023-06-30 1.MSFT 2.AMZN 3.V 4.MRK 5.GOOGL 6.ACN 7.BDX 8.RTX 9.PH 10.CVX
2023-03-31	78	$2.7B	0	1MSFT 2V 3MRK Top holdings2023-03-31 1.MSFT 2.V 3.MRK 4.AMZN 5.GOOGL 6.ACN 7.BDX 8.RTX 9.CVX 10.PH
2022-12-31	74	$2.8B	0	1MSFT 2MRK 3V Top holdings2022-12-31 1.MSFT 2.MRK 3.V 4.BDX 5.AMZN 6.GOOGL 7.CVX 8.ACN 9.RTX 10.PH
2022-09-30	74	$2.6B	0	1MSFT 2AMZN 3MRK Top holdings2022-09-30 1.MSFT 2.AMZN 3.MRK 4.V 5.GOOGL 6.BDX 7.ACN 8.CVX 9.RTX 10.PH
2022-06-30	65	$2.8B	0	1MSFT 2AMZN 3MRK Top holdings2022-06-30 1.MSFT 2.AMZN 3.MRK 4.GOOGL 5.V 6.BDX 7.CVX 8.ACN 9.RTX 10.EL
2022-03-31	70	$3.3B	0	1MSFT 2AMZN 3GOOGL Top holdings2022-03-31 1.MSFT 2.AMZN 3.GOOGL 4.V 5.CVX 6.ACN 7.BDX 8.MRK 9.RTX 10.GOOG
2021-12-31	68	$3.7B	0	1MSFT 2AMZN 3GOOGL Top holdings2021-12-31 1.MSFT 2.AMZN 3.GOOGL 4.ACN 5.V 6.PG 7.BDX 8.RTX 9.EL 10.MRK
2021-09-30	69	$3.6B	0	1MSFT 2AMZN 3GOOGL Top holdings2021-09-30 1.MSFT 2.AMZN 3.GOOGL 4.V 5.ACN 6.RTX 7.BDX 8.MRK 9.LIN 10.EL
2021-06-30	68	$3.1B	100	1AMZN 2MSFT 3GOOGL Top holdings2021-06-30 1.AMZN 2.MSFT 3.GOOGL 4.V 5.RTX 6.ACN 7.EL 8.BDX 9.LIN 10.MRK
2021-03-31	86	$2.9B	15	1AMZN 2MSFT 3GOOGL Top holdings2021-03-31 1.AMZN 2.MSFT 3.GOOGL 4.ACN 5.V 6.RTX 7.EL 8.BDX 9.LIN 10.PH
2020-12-31	87	$3.1B	—	1AMZN 2MSFT 3GOOGL Top holdings2020-12-31 1.AMZN 2.MSFT 3.GOOGL 4.BDX 5.ACN 6.RTX 7.EL 8.LIN 9.V 10.MRK

Holding changes this quarter

Position changes disclosed by Lazard Freres Gestion S.A.S. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MSI	Motorola Solutions INC	+0.7%	-1.99%	Trim
2	AMAT	Applied Materials INC	+0.6%	-13.32%	Trim
3	COST	Costco Wholesale CORP	+0.6%	+4.52%	Add
4	RTX	Rtx CORP	+0.5%	-1.93%	Trim
5	MRK	Merck & Co. INC.	+0.4%	-5.16%	Trim
6	CVX	Chevron CORP	+0.3%	-0.28%	Trim
7	TMUS	T-mobile US INC	+0.3%	+27.95%	Add
8	MDLZ	Mondelez International Inc-a	+0.3%	+17.13%	Add
9	AAPL	Apple INC	+0.2%	+1.76%	Add
10	HON	Honeywell International INC	+0.2%	+0.53%	Add
11	PH	Parker Hannifin CORP	+0.2%	+0.07%	Add
12	KLAC	Kla CORP	+0.2%	-10.14%	Trim
13	CL	Colgate-palmolive Co	+0.2%	-1.28%	Trim
14	ZTS	Zoetis INC	+0.1%	-0.72%	Trim
15	MLM	Martin Marietta Materials	0%	+0.82%	Add
16	GOOGL	Alphabet Inc-cl A	0%	-0.16%	Trim
17	NVDA	Nvidia CORP	0%	-1.67%	Trim
18	ECL	Ecolab INC	0%	-7.23%	Trim
19	AVGO	Broadcom INC	0%	+3.09%	Add
20	JPM	Jpmorgan Chase & Co	0%	+0.90%	Add
21	AMZN	Amazon.com INC	0%	+1.20%	Add
22	ICE	Intercontinental Exchange In	0%	-7.08%	Trim
23	MAR	Marriott International -cl A	0%	-14.38%	Trim
24	MTD	Mettler-toledo International	0%	-0.02%	Trim
25	OTIS	Otis Worldwide CORP	0%	+2.43%	Add
26	LLY	Eli Lilly & Co	0%	+5.32%	Add
27	IDXX	Idexx Laboratories INC	0%	+6.81%	Add
28	VRSK	Verisk Analytics INC	0%	-51.21%	Trim
29	BALL	Ball CORP	0%	-90.07%	Trim
30	DIS	Walt Disney Co/the	-0.1%	-0.00%	Trim
31	WFC	Wells Fargo & Co	-0.1%	—	Unchanged
32	NKE	Nike INC -cl B	-0.1%	+2.82%	Add
33	BRK-B	Berkshire Hathaway Inc-cl B	-0.1%	-22.30%	Trim
34	BRK-A	Berkshire Hathaway Inc-cl A	-0.1%	-53.33%	Trim
35	CRM	Salesforce INC	-0.1%	-65.29%	Trim
36	APH	Amphenol Corp-cl A	-0.1%	-8.83%	Trim
37	MCO	Moody's CORP	-0.1%	-5.39%	Trim
38	SPY	Ss Spdr S&p 500 ETF Trust-us	-0.1%	-16.42%	Trim
39	META	Meta Platforms Inc-class A	-0.2%	-2.82%	Trim
40	SPGI	S&p Global INC	-0.2%	+2.73%	Add
41	V	Visa Inc-class A Shares	-0.2%	+1.51%	Add
42	MDT	Medtronic plc	-0.3%	-7.33%	Trim
43	MS	Morgan Stanley	-0.3%	-18.68%	Trim
44	BDX	Becton Dickinson And Co	-0.4%	-19.25%	Trim
45	EL	Estee Lauder Companies-cl A	-0.5%	-0.77%	Trim
46	ACN	Accenture plc	-0.7%	-2.60%	Trim
47	MSFT	Microsoft CORP	-1.3%	+1.88%	Add
48	ADBE	Adobe INC	—	EXIT	Sold out
49	BSX	Boston Scientific CORP	—	NEW	New buy
50	WAT	Waters CORP	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-02-06	13F-HR	View on EDGAR
2025-09-30	2025-10-21	13F-HR	View on EDGAR
2025-06-30	2025-07-31	13F-HR	View on EDGAR
2025-03-31	2025-05-07	13F-HR	View on EDGAR
2024-12-31	2025-02-10	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-07-29	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-02-08	13F-HR	View on EDGAR
2023-09-30	2023-11-09	13F-HR	View on EDGAR
2023-06-30	2023-08-10	13F-HR	View on EDGAR
2023-03-31	2023-05-09	13F-HR	View on EDGAR
2022-12-31	2023-02-08	13F-HR	View on EDGAR
2022-09-30	2022-11-10	13F-HR	View on EDGAR
2022-06-30	2022-07-28	13F-HR	View on EDGAR
2022-03-31	2022-05-10	13F-HR	View on EDGAR
2021-12-31	2022-01-20	13F-HR	View on EDGAR
2021-09-30	2021-11-04	13F-HR	View on EDGAR
2021-06-30	2021-08-03	13F-HR	View on EDGAR
2021-03-31	2021-05-05	13F-HR	View on EDGAR
2020-12-31	2021-02-17	13F-HR	View on EDGAR