Investor: Bert Flossbach & Kurt von Storch
Number of Assets: 111
Reporting Period: Q4 - 2025
Holdings at Report: $25,229,140,777
Return Since Report: -$2,280,971,888
Return Since Report: -9.04%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| 3m Company (MMM) | Equity | +1.11% | 663,531 | 0.42% | $160.10 | $145.24 | $106,231,313 | $96,371,242 | -$9,860,071 | -9.28% |
| Abbott Laboratories (ABT) | Equity | -2.30% | 6,457,646 | 3.21% | $125.29 | $102.64 | $809,078,467 | $662,812,785 | -$146,265,682 | -18.08% |
| Accenture PLC (ACN) | Equity | +2.04% | 2,572,746 | 2.74% | $268.30 | $197.43 | $690,267,752 | $507,924,379 | -$182,343,373 | -26.42% |
| Adobe Inc. (ADBE) | Equity | -32.12% | 35,103 | 0.05% | $349.99 | $243.40 | $12,285,699 | $8,544,070 | -$3,741,629 | -30.46% |
| Airbnb Inc. (ABNB) | Equity | +23.86% | 13,353 | 0.01% | $135.72 | $126.11 | $1,812,269 | $1,683,947 | -$128,322 | -7.08% |
| Alibaba Group Holding Limited (BABA) | Equity | -57.42% | 66,000 | 0.04% | $146.58 | $125.49 | $9,674,280 | $8,282,340 | -$1,391,940 | -14.39% |
| Alphabet Inc. (GOOGL) | Equity | -12.43% | 5,965,970 | 7.40% | $313.00 | $287.22 | $1,867,348,587 | $1,713,545,903 | -$153,802,684 | -8.24% |
| Alphabet Inc. (GOOG) | Equity | 0% | 2,239 | 0.00% | $313.80 | $286.39 | $702,598 | $641,227 | -$61,371 | -8.73% |
| Amazon.com Inc. (AMZN) | Equity | -4.38% | 6,505,958 | 5.95% | $230.82 | $208.30 | $1,501,705,391 | $1,355,191,051 | -$146,514,340 | -9.76% |
| American Express Company (AXP) | Equity | +10.96% | 88,089 | 0.13% | $369.95 | $302.24 | $32,588,526 | $26,624,019 | -$5,964,507 | -18.30% |
| Ametek Inc. (AME) | Equity | +0.97% | 3,820,376 | 3.11% | $205.31 | $214.69 | $784,361,397 | $820,196,523 | +$35,835,126 | +4.57% |
| Amphenol Corp. (APH) | Equity | -17.33% | 7,280,823 | 3.90% | $135.14 | $126.35 | $983,930,420 | $919,931,986 | -$63,998,434 | -6.50% |
| Analog Devices Inc. (ADI) | Equity | +56.21% | 807,894 | 0.87% | $271.20 | $317.95 | $219,100,853 | $256,869,897 | +$37,769,044 | +17.24% |
| Apple Inc. (AAPL) | Equity | -3.82% | 3,263,728 | 3.52% | $271.86 | $253.42 | $887,277,094 | $827,093,950 | -$60,183,144 | -6.78% |
| Applied Materials Inc. (AMAT) | Equity | -69.21% | 741,520 | 0.76% | $256.99 | $341.79 | $190,563,225 | $253,444,121 | +$62,880,896 | +33.00% |
| Automatic Data Processing Inc. (ADP) | Equity | +16.52% | 5,677 | 0.01% | $257.23 | $203.34 | $1,460,295 | $1,154,361 | -$305,934 | -20.95% |
| Becton Dickinson And Company (BDX) | Equity | -16.02% | 138,830 | 0.11% | $194.07 | $157.00 | $26,942,738 | $21,796,310 | -$5,146,428 | -19.10% |
| Berkshire Hathaway Inc. (BRK-A) | Equity | 0% | 4 | 0.01% | $754,800.00 | $718,994.50 | $3,019,200 | $2,875,978 | -$143,222 | -4.74% |
| Berkshire Hathaway Inc. (BRK-B) | Equity | -1.21% | 2,754,237 | 5.49% | $502.65 | $479.11 | $1,384,417,228 | $1,319,582,489 | -$64,834,739 | -4.68% |
| Biontech Se (BNTX) | Equity | -0.80% | 4,196,048 | 1.58% | $95.20 | $88.88 | $399,463,770 | $372,944,746 | -$26,519,024 | -6.64% |
| Blackrock Inc. (BLK) | Equity | -21.44% | 101,460 | 0.43% | $1,070.34 | $961.69 | $108,596,696 | $97,573,067 | -$11,023,629 | -10.15% |
| Blackstone Inc. (BX) | Equity | 0% | 45,000 | 0.03% | $154.14 | $114.98 | $6,936,300 | $5,173,875 | -$1,762,425 | -25.41% |
| Booking Holdings Inc. (BKNG) | Equity | -26.70% | 9,060 | 0.19% | $5,355.33 | $4,202.83 | $48,519,290 | $38,077,640 | -$10,441,650 | -21.52% |
| Broadcom Inc. (AVGO) | Equity | -18.27% | 288,529 | 0.40% | $346.10 | $309.45 | $99,859,887 | $89,283,856 | -$10,576,031 | -10.59% |
| Cadence Design Systems Inc. (CDNS) | Equity | 0% | 997 | 0.00% | $312.58 | $278.34 | $311,642 | $277,500 | -$34,142 | -10.96% |
| The Charles Schwab Corp. (SCHW) | Equity | -1.56% | 10,465,592 | 4.15% | $99.91 | $93.86 | $1,045,617,297 | $982,300,465 | -$63,316,832 | -6.06% |
| Check Point Software Technologies Ltd. (CHKP) | Equity | +33.48% | 5,362 | 0.00% | $185.56 | $142.85 | $994,973 | $765,962 | -$229,011 | -23.02% |
| Church & Dwight Co. Inc. (CHD) | Equity | 0% | 127,863 | 0.04% | $83.85 | $93.44 | $10,721,313 | $11,947,263 | +$1,225,950 | +11.43% |
| The Coca-Cola Company (KO) | Equity | -4.32% | 832,369 | 0.23% | $69.91 | $76.17 | $58,190,917 | $63,397,385 | +$5,206,468 | +8.95% |
| Colgate-Palmolive Company (CL) | Equity | +38.65% | 418,589 | 0.13% | $79.02 | $85.21 | $33,076,903 | $35,667,969 | +$2,591,066 | +7.83% |
| ConocoPhillips (COP) | Equity | +2.28% | 100,083 | 0.04% | $93.61 | $131.27 | $9,368,770 | $13,137,395 | +$3,768,625 | +40.23% |
| Copart Inc. (CPRT) | Equity | -8.87% | 1,957,416 | 0.30% | $39.15 | $33.20 | $76,632,836 | $64,986,211 | -$11,646,625 | -15.20% |
| Coupang Inc. (CPNG) | Equity | -7.89% | 175,000 | 0.02% | $23.59 | $18.89 | $4,128,250 | $3,304,875 | -$823,375 | -19.94% |
| Danaher Corp. (DHR) | Equity | -3.00% | 4,075,809 | 3.70% | $228.92 | $189.57 | $933,034,196 | $772,651,112 | -$160,383,084 | -17.19% |
| Dollar General Corp. (DG) | Equity | -20.75% | 829,687 | 0.44% | $132.77 | $118.61 | $110,157,543 | $98,405,027 | -$11,752,516 | -10.67% |
| The Estée Lauder Companies Inc. (EL) | Equity | -18.86% | 142,000 | 0.06% | $104.72 | $71.57 | $14,870,240 | $10,162,940 | -$4,707,300 | -31.66% |
| Exxon Mobil Corp. (XOM) | Equity | -3.77% | 309,386 | 0.15% | $120.34 | $169.19 | $37,231,511 | $52,343,470 | +$15,111,959 | +40.59% |
| Fomento Económico Mexicano S.A.B. De C.V. (FMX) | Equity | 0% | 20,000 | 0.01% | $101.07 | $110.57 | $2,021,400 | $2,211,400 | +$190,000 | +9.40% |
| Ferrari N.V. (RACE) | Equity | +1.93% | 84,713 | 0.13% | $374.35 | $338.77 | $31,711,890 | $28,698,223 | -$3,013,667 | -9.50% |
| Fortinet Inc. (FTNT) | Equity | +33.61% | 13,031 | 0.00% | $79.41 | $81.58 | $1,034,792 | $1,063,004 | +$28,212 | +2.73% |
| Fortive Corp. (FTV) | Equity | -2.93% | 11,305,369 | 2.48% | $55.21 | $55.29 | $624,169,422 | $625,073,852 | +$904,430 | +0.14% |
| Graco Inc. (GGG) | Equity | -2.56% | 3,252,150 | 1.06% | $81.97 | $84.69 | $266,578,736 | $275,424,584 | +$8,845,847 | +3.32% |
| HDFC Bank Limited (HDB) | Equity | -16.44% | 1,656,810 | 0.24% | $36.54 | $24.81 | $60,539,837 | $41,097,172 | -$19,442,665 | -32.12% |
| The Home Depot Inc. (HD) | Equity | +12.76% | 49,340 | 0.07% | $344.10 | $328.05 | $16,977,894 | $16,185,987 | -$791,907 | -4.66% |
| Icici Bank Limited (IBN) | Equity | +25.00% | 200,000 | 0.02% | $29.80 | $25.91 | $5,960,000 | $5,181,000 | -$779,000 | -13.07% |
| Idex Corp. (IEX) | Equity | +0.90% | 798,104 | 0.56% | $177.94 | $189.55 | $142,014,626 | $151,280,613 | +$9,265,987 | +6.52% |
| Idexx Laboratories Inc. (IDXX) | Equity | -51.03% | 54,131 | 0.15% | $676.53 | $562.43 | $36,621,245 | $30,444,898 | -$6,176,347 | -16.87% |
| Illinois Tool Works Inc. (ITW) | Equity | -0.48% | 262,323 | 0.26% | $246.30 | $260.29 | $64,610,155 | $68,280,054 | +$3,669,899 | +5.68% |
| Intercontinental Exchange Inc. (ICE) | Equity | +6.23% | 4,852,469 | 3.12% | $161.96 | $157.32 | $785,905,879 | $763,390,423 | -$22,515,456 | -2.86% |
| International Business Machines Corp. (IBM) | Equity | +29.67% | 4,545 | 0.01% | $296.21 | $241.70 | $1,346,274 | $1,098,527 | -$247,747 | -18.40% |
| Intuit Inc. (INTU) | Equity | +25.26% | 17,336 | 0.05% | $662.42 | $432.26 | $11,483,713 | $7,493,659 | -$3,990,054 | -34.75% |
| Johnson & Johnson (JNJ) | Equity | -53.07% | 1,405,626 | 1.15% | $206.95 | $244.18 | $290,894,301 | $343,225,757 | +$52,331,456 | +17.99% |
| Linde PLC (LIN) | Equity | +50.40% | 1,085,859 | 1.84% | $426.39 | $495.73 | $462,999,419 | $538,292,882 | +$75,293,463 | +16.26% |
| Lululemon Athletica Inc. (LULU) | Equity | -1.98% | 1,892,537 | 1.56% | $207.81 | $153.08 | $393,288,114 | $289,700,101 | -$103,588,013 | -26.34% |
| Magnum ICE Cream CO | Equity | +100% | 5,540,122 | 0.35% | $15.99 | N/A | $88,603,205 | N/A | N/A | N/A |
| MakeMyTrip Limited (MMYT) | Equity | +20.00% | 45,000 | 0.01% | $82.12 | $37.29 | $3,695,400 | $1,678,050 | -$2,017,350 | -54.59% |
| Marketaxess Holdings Inc. (MKTX) | Equity | +17.85% | 93,100 | 0.07% | $181.25 | $164.48 | $16,874,375 | $15,312,623 | -$1,561,753 | -9.26% |
| Mastercard Inc. (MA) | Equity | -2.09% | 578,461 | 1.31% | $570.88 | $499.72 | $330,231,816 | $289,068,531 | -$41,163,285 | -12.46% |
| Mcdonald'S Corp. (MCD) | Equity | +12.37% | 387,434 | 0.47% | $305.63 | $310.69 | $118,411,453 | $120,369,932 | +$1,958,479 | +1.65% |
| Medtronic PLC (MDT) | Equity | -14.05% | 1,087,747 | 0.41% | $96.06 | $86.70 | $104,488,977 | $94,307,665 | -$10,181,312 | -9.74% |
| Mercadolibre Inc. (MELI) | Equity | -1.07% | 179,773 | 1.44% | $2,014.26 | $1,729.02 | $362,109,563 | $310,831,112 | -$51,278,451 | -14.16% |
| Meta Platforms Inc. (META) | Equity | -22.35% | 455,066 | 1.19% | $660.09 | $570.25 | $300,384,516 | $259,501,387 | -$40,883,130 | -13.61% |
| Facebook INC | Put | +100% | 45 | N/A | $66,009.00 | N/A | $2,970,405 | N/A | N/A | N/A |
| Microsoft Corp. (MSFT) | Equity | -7.96% | 3,137,572 | 6.02% | $483.62 | $370.17 | $1,517,392,571 | $1,161,435,027 | -$355,957,544 | -23.46% |
| Mondelez International Inc. (MDLZ) | Equity | -69.76% | 11,680 | 0.00% | $53.83 | $57.44 | $628,734 | $670,841 | +$42,107 | +6.70% |
| Moody's Corp. (MCO) | Equity | -15.32% | 86,217 | 0.17% | $510.85 | $438.19 | $44,043,954 | $37,779,427 | -$6,264,527 | -14.22% |
| MSCI Inc. (MSCI) | Equity | -1.46% | 223,465 | 0.51% | $573.73 | $539.05 | $128,208,574 | $120,458,808 | -$7,749,766 | -6.04% |
| Nasdaq Inc. (NDAQ) | Equity | +1.87% | 1,147,947 | 0.44% | $97.13 | $84.89 | $111,500,092 | $97,449,221 | -$14,050,871 | -12.60% |
| Netease Inc. (NTES) | Equity | -14.29% | 15,000 | 0.01% | $137.62 | $111.76 | $2,064,300 | $1,676,400 | -$387,900 | -18.79% |
| Netflix Inc. (NFLX) | Equity | +871.75% | 561,099 | 0.21% | $93.76 | $96.12 | $52,608,642 | $53,932,836 | +$1,324,194 | +2.52% |
| Nike Inc. (NKE) | Equity | +29.26% | 12,753,317 | 3.22% | $63.71 | $52.84 | $812,513,826 | $673,885,270 | -$138,628,556 | -17.06% |
| Nu Holdings Ltd. (NU) | Equity | -12.50% | 700,000 | 0.05% | $16.74 | $14.39 | $11,718,000 | $10,073,000 | -$1,645,000 | -14.04% |
| Nvidia Corp. (NVDA) | Equity | -28.94% | 295,832 | 0.22% | $186.50 | $174.21 | $55,172,668 | $51,536,893 | -$3,635,775 | -6.59% |
| O'Reilly Automotive Inc. (ORLY) | Equity | +8.00% | 74,429 | 0.03% | $91.21 | $92.23 | $6,788,669 | $6,864,215 | +$75,546 | +1.11% |
| Old Dominion Freight Line Inc. (ODFL) | Equity | -11.53% | 118,843 | 0.07% | $156.80 | $195.23 | $18,634,582 | $23,201,125 | +$4,566,543 | +24.51% |
| Paypal Holdings Inc. (PYPL) | Equity | -0.82% | 253,538 | 0.06% | $58.38 | $45.19 | $14,801,548 | $11,456,115 | -$3,345,433 | -22.60% |
| Pepsico Inc. (PEP) | Equity | +3.89% | 6,107,676 | 3.48% | $143.52 | $155.09 | $876,573,660 | $947,208,932 | +$70,635,272 | +8.06% |
| PDD Holdings Inc. (PDD) | Equity | +33.45% | 5,665 | 0.00% | $113.39 | $102.18 | $642,354 | $578,850 | -$63,504 | -9.89% |
| The Procter & Gamble Company (PG) | Equity | +2.29% | 3,167,654 | 1.80% | $143.31 | $144.42 | $453,956,495 | $457,472,591 | +$3,516,096 | +0.77% |
| Ralliant corp | Equity | -27.15% | 3,025,421 | 0.61% | $50.91 | $0.00 | $154,024,183 | $0 | -$154,024,183 | -100% |
| Roper Technologies Inc. (ROP) | Equity | +27.75% | 1,144,835 | 2.02% | $445.13 | $353.70 | $509,600,404 | $404,928,140 | -$104,672,265 | -20.54% |
| Ross Stores Inc. (ROST) | Equity | +3.96% | 120,637 | 0.09% | $180.14 | $216.49 | $21,731,549 | $26,116,704 | +$4,385,155 | +20.18% |
| S&P Global Inc. (SPGI) | Equity | -3.64% | 704,687 | 1.46% | $522.59 | $426.27 | $368,262,379 | $300,386,927 | -$67,875,452 | -18.43% |
| Salesforce Inc. (CRM) | Equity | -5.81% | 870,327 | 0.91% | $264.91 | $186.39 | $230,558,326 | $162,221,120 | -$68,337,206 | -29.64% |
| Sea Limited (SE) | Equity | +100% | 15,000 | 0.01% | $127.57 | $82.54 | $1,913,550 | $1,238,100 | -$675,450 | -35.30% |
| The Sherwin-Williams Company (SHW) | Equity | -4.02% | 392,985 | 0.50% | $324.03 | $315.84 | $127,338,930 | $124,120,382 | -$3,218,548 | -2.53% |
| Spotify Technology S.A. (SPOT) | Equity | +7.56% | 10,854 | 0.02% | $580.71 | $485.45 | $6,303,026 | $5,269,074 | -$1,033,952 | -16.40% |
| Starbucks Corp. (SBUX) | Equity | +137.46% | 304,611 | 0.10% | $84.21 | $89.59 | $25,651,292 | $27,290,099 | +$1,638,807 | +6.39% |
| Stryker Corp. (SYK) | Equity | +3.20% | 284,245 | 0.40% | $351.47 | $328.57 | $99,903,590 | $93,394,380 | -$6,509,210 | -6.52% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -2.74% | 737,228 | 0.89% | $303.89 | $337.70 | $224,036,217 | $248,961,896 | +$24,925,679 | +11.13% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -13.40% | 2,178,901 | 5.01% | $579.45 | $492.01 | $1,262,564,184 | $1,072,030,187 | -$190,533,997 | -15.09% |
| The Tjx Companies Inc. (TJX) | Equity | +8.40% | 121,907 | 0.07% | $153.61 | $159.73 | $18,726,134 | $19,472,205 | +$746,071 | +3.98% |
| Totalenergies Se | Equity | +100% | 953,936 | 0.25% | $65.30 | N/A | $62,288,218 | N/A | N/A | N/A |
| Trane Technologies PLC (TT) | Equity | +108.33% | 25,000 | 0.04% | $389.20 | $416.81 | $9,730,000 | $10,420,125 | +$690,125 | +7.09% |
| Trip.Com Group Limited (TCOM) | Equity | 0% | 45,000 | 0.01% | $71.91 | $49.81 | $3,235,950 | $2,241,225 | -$994,725 | -30.74% |
| Uber Technologies Inc. (UBER) | Equity | +4.85% | 757,668 | 0.25% | $81.71 | $71.89 | $61,909,052 | $54,468,753 | -$7,440,299 | -12.02% |
| Union Pacific Corp. (UNP) | Equity | +4.62% | 52,779 | 0.05% | $231.32 | $242.22 | $12,208,838 | $12,783,865 | +$575,027 | +4.71% |
| Verisk Analytics Inc. (VRSK) | Equity | +344.76% | 239,560 | 0.21% | $223.69 | $189.73 | $53,587,176 | $45,451,719 | -$8,135,457 | -15.18% |
| Verizon Communications Inc. (VZ) | Equity | +6.14% | 378,055 | 0.06% | $40.73 | $50.18 | $15,398,180 | $18,970,800 | +$3,572,620 | +23.20% |
| Visa Inc. (V) | Equity | -1.28% | 2,144,231 | 2.98% | $350.71 | $301.42 | $752,003,254 | $646,303,387 | -$105,699,867 | -14.06% |
| Walmart Inc. (WMT) | Equity | -18.71% | 335,126 | 0.15% | $111.41 | $124.22 | $37,336,388 | $41,629,352 | +$4,292,964 | +11.50% |
| The Walt Disney Company (DIS) | Equity | -37.73% | 142,799 | 0.06% | $113.77 | $96.32 | $16,246,242 | $13,754,400 | -$2,491,842 | -15.34% |
| Yum China Holdings Inc. (YUMC) | Equity | -18.75% | 65,000 | 0.01% | $47.74 | $48.79 | $3,103,100 | $3,171,025 | +$67,925 | +2.19% |
| Snap | Bond | +100% | 900,000 | N/A | $0.94 | N/A | $841,626 | N/A | N/A | N/A |
| Snap | Bond | +100% | 300,000 | N/A | $0.91 | N/A | $273,722 | N/A | N/A | N/A |
| Etsy | Bond | +100% | 1,400,000 | N/A | $0.89 | N/A | $1,252,274 | N/A | N/A | N/A |
| Halozyme Therapeutics | Bond | +100% | 1,050,000 | N/A | $1.08 | N/A | $1,136,860 | N/A | N/A | N/A |
| Akamai Technologies | Bond | +100% | 900,000 | N/A | $1.01 | N/A | $907,227 | N/A | N/A | N/A |
| Uber Technologies | Bond | +100% | 700,000 | N/A | $1.30 | N/A | $910,531 | N/A | N/A | N/A |
| Akamai Technologies | Bond | +100% | 1,700,000 | N/A | $0.99 | N/A | $1,690,004 | N/A | N/A | N/A |
| Jazz Investments | Bond | +100% | 700,000 | N/A | $1.16 | N/A | $812,629 | N/A | N/A | N/A |