Lazard Asset Management LLC
Reported US equity positions for Q1 2026 — $60.7B across 2,038 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| AAPL Apple Inc. | $2.1B | 3.4% | 8,235,113 |
| MSFT Microsoft Corporation | $2.0B | 3.2% | 5,298,695 |
| NVDA NVIDIA Corporation | $1.8B | 3.0% | 10,321,287 |
| AMZN Amazon.com, Inc. | $1.6B | 2.6% | 7,712,017 |
| AMT American Tower Corporation (REIT) | $1.3B | 2.1% | 7,325,943 |
| PEO Adams Natural Resources Fund, Inc. | $1.2B | 2.0% | 24,620,304 |
| CCI Crown Castle Inc. | $1.1B | 1.8% | 13,463,182 |
| GOOGL Alphabet Inc. | $1.0B | 1.7% | 3,509,020 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $996.7M | 1.6% | 2,949,128 |
| GOOG Alphabet Inc. - Class C Capital Stock | $987.1M | 1.6% | 3,441,182 |
| CNR Core Natural Resources, Inc. | $934.5M | 1.5% | 9,077,518 |
| AVGO Broadcom Inc. | $842.4M | 1.4% | 2,721,809 |
| N3168P101 Ferrovial Se | $830.4M | 1.4% | 12,965,547 |
| ED Consolidated Edison, Inc. | $800.8M | 1.3% | 7,075,838 |
| CSX CSX Corporation | $752.6M | 1.2% | 18,333,511 |
| V Visa Inc. | $729.8M | 1.2% | 2,414,787 |
| LLY Eli Lilly and Company | $660.5M | 1.1% | 718,105 |
| TMO Thermo Fisher Scientific Inc | $600.7M | 1.0% | 1,222,057 |
| ADI Analog Devices, Inc. | $543.7M | 0.9% | 1,708,858 |
| BAC Bank of America Corporation | $540.7M | 0.9% | 11,090,814 |
| AMX America Movil, S.A.B. de C.V. American Preferred | $530.2M | 0.9% | 20,807,915 |
| PBR Petroleo Brasileiro S.A. Petrobras ADS | $524.0M | 0.9% | 25,251,430 |
| PG The Procter & Gamble Company | $516.6M | 0.9% | 3,576,736 |
| ICE Intercontinental Exchange Inc. | $514.5M | 0.8% | 3,271,540 |
| TLK PT Telekomunikasi Indonesia, Tbk | $469.4M | 0.8% | 25,129,891 |
| N07059210 Asml Hldg Nv | $448.6M | 0.7% | 339,642 |
| G0593M107 Astrazeneca PLC | $432.8M | 0.7% | 2,216,887 |
| KLAC KLA Corporation | $430.7M | 0.7% | 292,532 |
| SLB SLB Limited | $403.9M | 0.7% | 7,859,902 |
| APH Amphenol Corporation | $401.7M | 0.7% | 3,178,900 |
| G0403H108 Aon PLC | $392.9M | 0.6% | 1,217,243 |
| MRK Merck & Company, Inc. Common Stock (new) | $391.5M | 0.6% | 3,254,331 |
| DHR Danaher Corporation | $384.7M | 0.6% | 2,028,965 |
| VALE VALE S.A. American Preferred | $376.8M | 0.6% | 23,685,915 |
| META Meta Platforms, Inc. | $364.4M | 0.6% | 636,999 |
| INFY Infosys Limited American Depositary Shares | $361.8M | 0.6% | 26,776,494 |
| XOM ExxonMobil Holdings Corporation | $355.5M | 0.6% | 2,095,426 |
| AME AMETEK, Inc. | $346.9M | 0.6% | 1,618,526 |
| PANW Palo Alto Networks, Inc. | $332.4M | 0.5% | 2,073,481 |
| QCOM QUALCOMM Incorporated | $327.4M | 0.5% | 2,542,547 |
| G54950103 Linde PLC | $324.8M | 0.5% | 654,947 |
| WM Waste Management, Inc. | $318.6M | 0.5% | 1,386,375 |
| JNJ Johnson & Johnson | $318.5M | 0.5% | 1,302,952 |
| IQV IQVIA Holdings, Inc. | $317.0M | 0.5% | 1,858,834 |
| H1467J104 Chubb LTD Switz | $316.7M | 0.5% | 971,744 |
| KO The Coca-Cola Company | $312.8M | 0.5% | 4,112,600 |
| BSX Boston Scientific Corporation | $306.3M | 0.5% | 4,880,504 |
| ISRG Intuitive Surgical, Inc. | $299.0M | 0.5% | 648,649 |
| ADSK Autodesk, Inc. | $299.0M | 0.5% | 1,248,808 |
| ASX ASE Technology Holding Co., Ltd. American Preferred | $293.3M | 0.5% | 13,530,133 |
| PAC Grupo Aeroportuario Del Pacifico, S.A. B. de C.V. Grupo Aeroportuario… | $289.5M | 0.5% | 1,172,634 |
| G5960L103 Medtronic PLC | $286.7M | 0.5% | 3,309,161 |
| G1151C101 Accenture PLC Ireland | $286.3M | 0.5% | 1,443,886 |
| MRSH Marsh | $281.6M | 0.5% | 1,623,755 |
| HDB HDFC Bank Limited | $272.1M | 0.4% | 10,937,089 |
| ROK Rockwell Automation, Inc. | $271.5M | 0.4% | 756,499 |
| G8994E103 Trane Technologies PLC | $270.1M | 0.4% | 648,093 |
| SCHW The Charles Schwab Corporation | $269.1M | 0.4% | 2,863,815 |
| SPGI S&P Global Inc. | $268.2M | 0.4% | 630,575 |
| MU Micron Technology, Inc. | $260.2M | 0.4% | 770,167 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| AAPL Apple Inc. | Add | $2.1B | $2.0B | +12% |
| MSFT Microsoft Corporation | Add | $2.0B | $2.4B | +8% |
| NVDA NVIDIA Corporation | Add | $1.8B | $1.6B | +23% |
| AMZN Amazon.com, Inc. | Add | $1.6B | $1.7B | +7% |
| AMT American Tower Corporation (REIT) | Add | $1.3B | $1.1B | +20% |
| PEO Adams Natural Resources Fund, Inc. | Add | $1.2B | $1.0B | +6% |
| CCI Crown Castle Inc. | Add | $1.1B | $1.0B | +16% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $996.7M | $987.6M | -9% |
| GOOG Alphabet Inc. - Class C Capital Stock | Add | $987.1M | $902.5M | +20% |
| CNR Core Natural Resources, Inc. | Add | $934.5M | $880.6M | +2% |
| AVGO Broadcom Inc. | Add | $842.4M | $838.3M | +12% |
| N3168P101 Ferrovial Se | Trim | $830.4M | $875.3M | -4% |
| ED Consolidated Edison, Inc. | Add | $800.8M | $612.4M | +15% |
| CSX CSX Corporation | Trim | $752.6M | $748.9M | -11% |
| V Visa Inc. | Add | $729.8M | $827.5M | +2% |
| LLY Eli Lilly and Company | Add | $660.5M | $720.0M | +7% |
| TMO Thermo Fisher Scientific Inc | Trim | $600.7M | $715.3M | -1% |
| ADI Analog Devices, Inc. | Add | $543.7M | $436.0M | +6% |
| BAC Bank of America Corporation | Add | $540.7M | $577.5M | +6% |
| AMX America Movil, S.A.B. de C.V. American Preferred | Add | $530.2M | $365.2M | +18% |
| PBR Petroleo Brasileiro S.A. Petrobras ADS | Add | $524.0M | $274.6M | +9% |
| TLK PT Telekomunikasi Indonesia, Tbk | Add | $469.4M | $428.6M | +23% |
| N07059210 Asml Hldg Nv | Add | $448.6M | $288.8M | +26% |
| KLAC KLA Corporation | Add | $430.7M | $312.9M | +14% |
| SLB SLB Limited | Trim | $403.9M | $345.1M | -13% |
| APH Amphenol Corporation | Trim | $401.7M | $507.2M | -15% |
| G0403H108 Aon PLC | Trim | $392.9M | $453.8M | -5% |
| MRK Merck & Company, Inc. Common Stock (new) | Trim | $391.5M | $463.9M | -26% |
| DHR Danaher Corporation | Trim | $384.7M | $497.4M | -7% |
| VALE VALE S.A. American Preferred | Add | $376.8M | $292.9M | +5% |
| META Meta Platforms, Inc. | Add | $364.4M | $358.6M | +17% |
| INFY Infosys Limited American Depositary Shares | Add | $361.8M | $407.8M | +17% |
| XOM ExxonMobil Holdings Corporation | Trim | $355.5M | $256.9M | -2% |
| AME AMETEK, Inc. | Add | $346.9M | $317.8M | +5% |
| PANW Palo Alto Networks, Inc. | Add | $332.4M | $208.9M | +83% |
| QCOM QUALCOMM Incorporated | Add | $327.4M | $391.1M | +11% |
| G54950103 Linde PLC | Add | $324.8M | $275.1M | +1% |
| JNJ Johnson & Johnson | Add | $318.5M | $187.2M | +44% |
| IQV IQVIA Holdings, Inc. | Trim | $317.0M | $427.6M | -2% |
| H1467J104 Chubb LTD Switz | Trim | $316.7M | $329.3M | -8% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.