BLI - Banque de Luxembourg Investments portfolio

What changed this quarter

202 positions with a change (41 new, 60 added to, 80 trimmed, 21 sold); also, 1 exited through an acquisition or merger, 1 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Alphabet−45%fewer sharesReduced
  5.4% → 4.0%
• Amazon.com+610%more sharesIncreased
  3.2% → 2.5%
• Union Pacific−31%fewer sharesReduced
  2.6% → 2.5%
• Idex−75%fewer sharesReduced
  1.0% → 0.4%
• Caterpillar−65%fewer sharesReduced
  0.9% → 0.6%
• Kimberly Clark−63%fewer sharesReduced
  1.2% → 0.6%
• Alamos Gold+104%more sharesIncreased
  0.8% → 1.5%
• Colgate-palmolive−30%fewer sharesReduced
  1.8% → 1.7%
• Danaher−88%fewer sharesReduced
  0.6% → 0.5%
• Microsoft−12%fewer sharesReduced
  6.5% → 5.2%
• Canadian National Railway−19%fewer sharesReduced
  2.5% → 2.9%
• Adobe−51%fewer sharesReduced
  1.8% → 0.6%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• MicrosoftMSFT5.2%
• AlphabetGOOGL · GOOG4.4%
• Taiwan Semiconductor ManufacturingTSM4.0%
• VisaV3.3%
• AppleAAPL3.3%
• Canadian National RailwayCNI2.9%
• MastercardMA2.5%
• Union PacificUNP2.5%
• Amazon.comAMZN2.5%
• AstrazenecaAZN2.4%
• Meta PlatformsMETA2.0%
• Applied MaterialsAMAT1.8%
• Colgate-palmoliveCL1.7%
• Wheaton Precious MetalsWPM1.6%
• KLAKLAC1.6%
• Alamos GoldAGI1.5%
• Franco NevadaFNV1.5%
• ResMedRMD1.5%
• Verisk AnalyticsVRSK1.5%
• Lam ResearchLRCX1.4%
• TJXTJX1.4%
• Eli LillyLLY1.2%
• Agnico Eagle MinesAEM1.2%
• RollinsROL1.2%
• Johnson & JohnsonJNJ1.2%
• EnbridgeENB1.2%
• BroadcomAVGO1.1%
• PepsicoPEP1.0%
• Arista NetworksANET1.0%
• S&P GlobalSPGI0.9%
• Mondelez InternationalMDLZ0.9%
• Texas Pacific LandTPL0.9%
• WatersWAT0.8%
• Thermo Fisher ScientificTMO0.8%
• Idexx LaboratoriesIDXX0.7%
• SiteOne Landscape SupplySITE0.7%
• Royal GoldRGLD0.7%
• CaterpillarCAT0.6%
• AdobeADBE0.6%
• AccentureACN0.6%
• ORLA MiningORLA0.6%
• Procter & GamblePG0.6%
• Kimberly ClarkKMB0.6%
• LindeLIN0.5%
• Bristol-myers SquibbBMY0.5%
• NetflixNFLX0.5%
• Jack Henry & AssociatesJKHY0.5%
• NordsonNDSN0.5%
• EquifaxEFX0.5%
• Becton, DickinsonBDX0.5%
• DanaherDHR0.5%
• SynopsysSNPS0.4%
• LittelfuseLFUS0.4%
• AAONAAON0.4%
• Abbott LaboratoriesABT0.4%
• NVIDIANVDA0.4%
• Zebra TechnologiesZBRA0.4%
• MSCIMSCI0.4%
• NewmontNEM0.4%
• HalliburtonHAL0.4%
• Moody'sMCO0.4%
• Church & DwightCHD0.4%
• MercadoLibreMELI0.4%
• MerckMRK0.4%
• PaychexPAYX0.4%
• Edwards LifesciencesEW0.4%
• Ross StoresROST0.4%
• IdexIEX0.4%
• Automatic Data ProcessingADP0.4%
• PrologisPLD0.4%
• Lennox InternationalLII0.4%
• West Pharmaceutical ServicesWST0.4%
• ZoetisZTS0.4%
• ExponentEXPO0.3%
• Check Point Software TechnologiesCHKP0.3%
• FortinetFTNT0.3%
• Costco WholesaleCOST0.3%
• American TowerAMT0.3%
• GracoGGG0.3%
• Core & MainCNM0.3%
• 3mMMM0.3%
• WatscoWSO0.3%
• Tyler TechnologiesTYL0.3%
• Trane TechnologiesTT0.3%
• Consolidated EdisonED0.3%
• AutoZoneAZO0.3%
• UBER TechnologiesUBER0.3%
• WalmartWMT0.3%
• Veeva SystemsVEEV0.3%
• Howmet AerospaceHWM0.3%
• Atmos EnergyATO0.3%
• Burlington StoresBURL0.3%
• Globus MedicalGMED0.3%
• Illinois Tool WorksITW0.3%
• UnitedHealth GroupUNH0.3%
• POOLPOOL0.3%
• AmetekAME0.3%
• AutodeskADSK0.3%
• Comfort Systems USAFIX0.3%