Bank Julius Baer & Co. Ltd, Zurich
Reported US equity positions for Q1 2026 — $33.2B across 678 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| GOOGL Alphabet Inc. | $2.0B | 6.1% | 7,111,485 |
| NVDA NVIDIA Corporation | $1.7B | 5.1% | 9,785,699 |
| MSFT Microsoft Corporation | $1.6B | 4.7% | 4,266,097 |
| AAPL Apple Inc. | $1.4B | 4.2% | 5,541,578 |
| META Meta Platforms, Inc. | $924.5M | 2.8% | 1,635,981 |
| SPY State Street SPDR S&P 500 ETF Trust | $904.5M | 2.7% | 1,390,820 |
| AMZN Amazon.com, Inc. | $810.1M | 2.4% | 3,910,159 |
| LLY Eli Lilly and Company | $809.0M | 2.4% | 885,763 |
| V Visa Inc. | $690.2M | 2.1% | 2,286,827 |
| JNJ Johnson & Johnson | $674.7M | 2.0% | 2,765,022 |
| PG The Procter & Gamble Company | $652.9M | 2.0% | 4,518,708 |
| MA Mastercard Incorporated | $609.9M | 1.8% | 1,223,187 |
| JPM JP Morgan Chase & Co. | $588.4M | 1.8% | 2,012,100 |
| WMT Walmart Inc. | $585.1M | 1.8% | 4,713,255 |
| NFLX Netflix, Inc. | $517.5M | 1.6% | 5,415,235 |
| COST Costco Wholesale Corporation | $488.3M | 1.5% | 490,078 |
| CSCO Cisco Systems, Inc. | $471.7M | 1.4% | 6,087,517 |
| LRCX Lam Research Corporation | $466.4M | 1.4% | 2,211,855 |
| CAT Caterpillar, Inc. | $462.7M | 1.4% | 660,444 |
| COP ConocoPhillips | $456.9M | 1.4% | 3,457,318 |
| MRK Merck & Company, Inc. Common Stock (new) | $443.3M | 1.3% | 3,700,222 |
| CME CME Group Inc. | $402.6M | 1.2% | 1,361,434 |
| AMAT Applied Materials, Inc. | $398.1M | 1.2% | 1,175,704 |
| BRK.B Berkshire Hathaway Inc. | $392.3M | 1.2% | 819,940 |
| AVGO Broadcom Inc. | $392.2M | 1.2% | 1,278,536 |
| G54950103 Linde PLC | $372.1M | 1.1% | 749,933 |
| G0593M107 Astrazeneca PLC | $367.2M | 1.1% | 1,866,132 |
| XOM ExxonMobil Holdings Corporation | $350.0M | 1.1% | 2,057,493 |
| ISRG Intuitive Surgical, Inc. | $319.5M | 1.0% | 695,468 |
| IEF iShares 7-10 Year Treasury Bond ETF | $302.0M | 0.9% | 3,163,775 |
| KO The Coca-Cola Company | $299.0M | 0.9% | 3,929,505 |
| IBM International Business Machines Corporation | $295.7M | 0.9% | 1,225,059 |
| GE GE Aerospace | $293.3M | 0.9% | 1,040,125 |
| WFC Wells Fargo & Company | $277.3M | 0.8% | 3,508,608 |
| IEI iShares 3-7 Year Treasury Bond ETF | $275.0M | 0.8% | 2,318,980 |
| PGR The Progressive Corporation | $275.0M | 0.8% | 1,383,176 |
| ABT Abbott Laboratories | $263.7M | 0.8% | 2,571,770 |
| H42097107 Ubs Group Ag | $235.7M | 0.7% | 6,114,163 |
| EMR Emerson Electric Company | $233.6M | 0.7% | 1,811,452 |
| UBER Uber Technologies, Inc. | $229.9M | 0.7% | 3,214,190 |
| BAC Bank of America Corporation | $212.5M | 0.6% | 4,388,492 |
| G29183103 Eaton Corp PLC | $211.8M | 0.6% | 596,945 |
| APH Amphenol Corporation | $211.1M | 0.6% | 1,690,500 |
| ADI Analog Devices, Inc. | $191.9M | 0.6% | 609,529 |
| KLAC KLA Corporation | $188.6M | 0.6% | 129,691 |
| MKL Markel Group Inc. | $185.6M | 0.6% | 97,383 |
| SCHW The Charles Schwab Corporation | $179.5M | 0.5% | 1,914,767 |
| F92124100 Totalenergies Se | $168.9M | 0.5% | 1,881,590 |
| QQQ Invesco QQQ Trust, Series 1 | $167.6M | 0.5% | 290,337 |
| G8994E103 Trane Technologies PLC | $166.9M | 0.5% | 402,660 |
| DHR Danaher Corporation | $161.5M | 0.5% | 855,522 |
| HLT Hilton Worldwide Holdings Inc. | $161.3M | 0.5% | 533,288 |
| SYK Stryker Corporation | $159.6M | 0.5% | 486,164 |
| AME AMETEK, Inc. | $159.5M | 0.5% | 748,801 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $156.5M | 0.5% | 468,817 |
| VRTX Vertex Pharmaceuticals Incorporated | $141.5M | 0.4% | 317,406 |
| DIS The Walt Disney Company | $140.1M | 0.4% | 1,462,262 |
| CVX Chevron Corporation | $137.5M | 0.4% | 661,280 |
| BAC Bank of America Corporation | $136.3M | 0.4% | 2,713,229 |
| PANW Palo Alto Networks, Inc. | $134.8M | 0.4% | 847,222 |
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 |
|---|---|---|---|---|
| GOOGL Alphabet Inc. | Trim | $2.0B | $2.4B | -6% |
| NVDA NVIDIA Corporation | Trim | $1.7B | $2.0B | -8% |
| MSFT Microsoft Corporation | Trim | $1.6B | $2.2B | -4% |
| AAPL Apple Inc. | Trim | $1.4B | $1.6B | -8% |
| META Meta Platforms, Inc. | Trim | $924.5M | $1.2B | -13% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $904.5M | $1.0B | -8% |
| LLY Eli Lilly and Company | Add | $809.0M | $804.4M | +18% |
| V Visa Inc. | Trim | $690.2M | $973.5M | -18% |
| JNJ Johnson & Johnson | Add | $674.7M | $369.9M | +55% |
| MA Mastercard Incorporated | Trim | $609.9M | $726.6M | -4% |
| JPM JP Morgan Chase & Co. | Trim | $588.4M | $697.8M | -7% |
| WMT Walmart Inc. | Add | $585.1M | $353.6M | +49% |
| NFLX Netflix, Inc. | Trim | $517.5M | $643.7M | -21% |
| COST Costco Wholesale Corporation | Trim | $488.3M | $436.2M | -3% |
| CSCO Cisco Systems, Inc. | Add | $471.7M | $314.9M | +49% |
| LRCX Lam Research Corporation | Add | $466.4M | $280.6M | +35% |
| CAT Caterpillar, Inc. | Add | $462.7M | $315.4M | +20% |
| COP ConocoPhillips | Add | $456.9M | $136.5M | +137% |
| MRK Merck & Company, Inc. Common Stock (new) | Add | $443.3M | $333.6M | +17% |
| CME CME Group Inc. | Add | $402.6M | $218.9M | +70% |
| AMAT Applied Materials, Inc. | Trim | $398.1M | $313.6M | -3% |
| AVGO Broadcom Inc. | Trim | $392.2M | $654.4M | -32% |
| G54950103 Linde PLC | Trim | $372.1M | $358.9M | -11% |
| XOM ExxonMobil Holdings Corporation | Add | $350.0M | $244.5M | +1% |
| IEF iShares 7-10 Year Treasury Bond ETF | Trim | $302.0M | $325.2M | -6% |
| KO The Coca-Cola Company | Add | $299.0M | $233.2M | +18% |
| IBM International Business Machines Corporation | Trim | $295.7M | $488.8M | -26% |
| GE GE Aerospace | Trim | $293.3M | $407.0M | -21% |
| WFC Wells Fargo & Company | Add | $277.3M | $220.8M | +49% |
| IEI iShares 3-7 Year Treasury Bond ETF | Trim | $275.0M | $319.8M | -13% |
| PGR The Progressive Corporation | Trim | $275.0M | $427.5M | -26% |
| ABT Abbott Laboratories | Add | $263.7M | $319.1M | +1% |
| H42097107 Ubs Group Ag | Add | $235.7M | $264.6M | +7% |
| EMR Emerson Electric Company | Add | $233.6M | $227.8M | +6% |
| UBER Uber Technologies, Inc. | Trim | $229.9M | $293.1M | -10% |
| BAC Bank of America Corporation | Add | $212.5M | $74.3M | +225% |
| G29183103 Eaton Corp PLC | Add | $211.8M | $171.2M | +11% |
| APH Amphenol Corporation | Add | $211.1M | $146.9M | +56% |
| ADI Analog Devices, Inc. | Trim | $191.9M | $168.7M | -2% |
| KLAC KLA Corporation | Add | $188.6M | $27.5M | +476% |
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.